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:
2009
Frequency:
Daily, except Sunday
daily
normalized irregular
Language:
English
Physical Description:
v. : ill. ; 58 cm.

Subjects

Genre:
newspaper ( marcgt )
newspaper ( sobekcm )
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 )

Downloads

This item has the following downloads:


Full Text





TRY OUR
SOUTHERN



HIGH
LOW



ESTORM

$5m fund targe
‘upside’ abroad! |

VT Wael

CHICKEN BISCUIT ?m lovin’ it

S8F
SOF

CLOUDS, SUN,





The Tribune













RC
targets

‘upside’

abroad —

ANY TIME...ANY PLACE, WE’RE # 1



BAHAMAS EDITION

www.tribune242.com

FRIDAY, JUNE 12, 2009"

ea ys
HELP WANTED

Fears ow for ©

nissing bathers -

No sign after two
days of searching.

FEARS were growing last night
for the safety of two brothers who
disappeared while erabbing in
South Andros.

Two days of desperate searching
has produced no sign of the two

youngsters and family members ©

are worried that time may be run-
ning out.

Up until press time last night
two search parties were moving.
through the bushes and, after a
short break, had planned to con-
tinue their work throughout the
‘night.

A Teenie in Nassau told The

Tribune last night that several fam-

~ ily members had flown to Andros

to join the search, but have found
“no trace of” Deangelo Clarke,

mine, and five- -year- -old. Marcelo

Clarke.
- On Wednesday, a family mem-

ber said, he feared time was run-’
_ning out and criticised the response

of the police stationed in Andros,
but yesterday a spokesperson for
the force said officers are doing

‘ everything they can,

_SEE page 10

PMH tight-lipped on questions
over alleged baby molestation

@ By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net —

PRINCESS Margaret Hospital is remaining tight-lipped on questions

surrounding the alleged molestation of five-month-old Lynera Saun-_

ders, maintaining all patient care is confidential.
Health bosses maintain medical staff followed protocol when they
alerted police of their concerns that the infant might have been sexu-

ally abused after she was. admitted to hospital on Friday and died two

hours later.

But the criminal investigation came toa halt when the infant’s
death certificate affirmed she had died of respiratory failure.
The alleged abuse:had sparked public outrage and the infant’s fam-

SEE page 10

-verse Pageant seems to.

cata Suste ste





Bahamas Junior

National team
gets set for

FIBA Americas

SEE PAGE THIRTEEN}





Si i

| riiplovers protest

‘unfavourable’
remarks by PM



TOURISTS ; EXAMINE conch shells vestorday at cai Barta After a.couple of mn of rain, n the St sun Fas
returned to the capital giving visitors a chance to see the Bahamas at its best.

Miss Bahamas Universe
Pageant results stand

‘ONE aspect of the.
controversy trailing
this year’s tumultuous
Miss Bahamas Uni

pering of the prelimi-
| nary scores and appar-
ent impropriety of hav-
ing pageant official
Monalisa Thompson
| sit.as head judge of the
competition.
Miss Bahamas Uni-
lverse president
Gaynell Rolle-Stubbs
admitted that pageant
| Officials held the pre-
liminary scores before

have been laid to rést
after the International
body overseeing the
pageant verified the
local pageant’s judging
system. a
Last month heated |
arguments erupted

(jara Sherman


















during a tumultuous

press conference held by Miss

Bahamas Universe officials to
validate the scores of the
ballots cast in the recent
pageant.

Questions were raised over
pageant officials' practice of

adding cumulative preliminary

numbers to the final scores, con-
cerns over possible ballot tam-

APPLIED BLUE...DRIES ULTRA WHITE

* 100% Elastomeric Acrylic Silicone
* 90% Heat Emissivity/ASTM C-1371 ‘
* Seals Cracks & prevents Leaks

+ 78% Sun Refectivity/ASTM C-1549

APPROVED for High Velocity

they were turned over

to the accounting firm, but

insisted there was no ballot tam-
ering.

"We held the scores prior to
the accounting firm receiving
them — the score sheets are a
true reflection of what we

‘received from the judges —

_ SEE page 10

Hurricane Zone





















mn TCT TLL
TRC
SAUCE

NEARLY a year after a
local Scotiabank branch
robbed of more than $20,000,
two of the three men charged
in the armed robbery and
shooting of a woman. police
officer have been found guilty.

‘James Miller, Anthony
Williams and Janquo Mackey
were charged in the armed
‘robbery that occurred at Sco-
tiabank, Soldier Road. and
East Street South, last July.

Miller, Williams and Mack-
ey, were accused of robbing
the Scotiabank branch of
almost $22,000 on July 2, 2008
and attempting to murder
Corporal.Natasha Black who
was struck in the head with
shotgun pellets upon arrival
at the scene. The men were

SEE page 10





WATER and Sewerage
Corporation employees
held a sick-out yesterday to
protest what they described
as “unfavourable” remarks
by Prime Minister Hubert
Ingraham during his con-
tribution to the budget
debate Monday.

While operations contin-
ued at the Water and Sew-
erage Corporation (WSC),
sources within the corpora-
tion said:the distribution
department was hit hard by
the sick-out.

The action taken by
‘members of the Bahamas
Utility Service and Allied
Workers Union reportedly
closed WSC offices in Aba-
co and Eleuthera, and
severely affected services in
Andros.

In New Providence the
electrical department,
garage and construction
areas were closed, and only
one employee was Srorie
at the sewage. plant, The
Tribune was told.
~ WSC executives did not

SEE page 10

to iallesations |
_of contracts
impropriety

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

GOVERNMENT sought to
defend itself against allegations
of impropriety centred around
multi-million dollar contracts
awarded to a company. in which
an FNM MP has an interest.

Works Minister Neko Grant
yesterday presented to parliament
evidence that the company'-—
Bahamas Hot Mix — had been
“doing business with the govern-
ment for a long time” before the
FNM came to power in 2007 as,
justification for it: continuing to
be considered for public works
under the Ingraham administra-
tion.

Specifically, he outlined sever-
al contracts awarded to the com-
pany during the former Christic
administration.

Meanwhile, as evidence against
any unjustified favouring of
Bahamas Hot Mix over other
potential bidders, Mr Gran!

SEE page 19

THE BEST ROOF SEALER |

‘PROFESSIONAL GRADE/S. UPERIOR ADHESION |

ENERGY STAR
PARTNER





Wulff Road - Opposite Mackey Street
Tel: 393-051
Open Monday to Friday

393-8006 OR 39 os cea





PAGE 2, FRIDAY, JUNE 12, 2009

3 wwoNE



LOCAL NEWS



Public have their say on the



By MEGAN REYNOLDS
and TIM CLARKE



THE Tribune took to the
streets to ask the public for their
views on Government’s fiscal
plans this year and public health
nurses taking industrial action
over pay and health insurance
not included in the budget this
year.
Anthony Conyres, 60, a truck-
er, said: “I think the Govern-
ment is treating them wrong.
The nurses are really the life of
the Bahamas and the whole
world. I think they should pay
them more money.”

Leander Davis, 32, adminis-
trator, said: “I really believe the
nurses should get their raise and
health insurance because the
public health system is very
important in this county: If you
don’t assist the nurses then how
can the sick people be attended
to?

“TI believe that both sides
should be able to sit down at the
table and discus this as adults.”

Malachi Hopkins, 70, said:
“Tt’s really poor for the nurses to
be striking, but at the same time
health and education should be
given the first priority in the
budget. They should have it
down in something else. It’s a
shame for the nurses but health
and education in any country
should be number one.”

‘Van’, 36, a computer pro-
‘ grammer, said: “Everybody
knows we are in a recession and

AAMC

Bronte Rd - Mack n Bled



everybody needs to make a little
sacrifice in this period because
realistically we can’t afford it,
so if they are giving them a time-
line when they could revise the
matter that should make sense.

“Basically the only people
who are suffering are the peo-
ple who have to-go to the hospi-
tal, so it’s not hurting the people
in government, we just have a
lot of people waiting in line.”

Sam Williams, 57, president
Bahamas Loving Care Associa-
tion, said: “I think they have
done something for the police
to get health insurance, now they
should do something for the
nurses. The nurses are very
important. Health is the nation
and that’s very important.”

Alice Farrington, 34, Clean-
er, Rawson Square, said: “We
see the economy right now
everybody should realise that
the economy really needs to be
cutting back.

“We can’t look at just this
year, we have to look out for the
next couple of years coming up,
and see how. things go with that.
We can see all over the world
people are cutting back right
now.

“The nurses. are dealing with
a lot of sick people and they
really need health insurance
because we don’t know what
could happen when you are
dealing with patients.”

Ozzie Johnson, 44, taxi dri-
ver, Said: “I feel as if because of
the recession the Government
had to make cuts, and it’s com-
mendable that they are still giv-
ing where priority needs to be
given, and it’s just that they need
to buckle down and tighten up in
areas where there were excesses.
I commend the government for
even trying to keep us afloat.

“J depend on nursing staff
because of being overweight and
because of my prostate, and they
need to be there, and on the oth-
er hand they are in a volatile
position because they could get
sick and what happens if they
get sick? =;

“They should give the nurses.
-something because they are on

LEANDER DAVIS

the front line and they have to
be protected too.”

Alexis Williams, 28, tour
guide, said: “I think the nurses
deserve the raise. The police
don’t need a raise, because some
of them don’t do their job.

“They need to first cut out the
bad apples and then I think the
Bahamas will be better.

“Some of the nurses deserve
the raise and some of them
don’t.

“Those who work hard
deserve it.”

Prince Fawkes, 80, tennis
instructor, said: “Teachers and
nurses should have got their rais-

- es because that’s health, and

they should take care of the
nurses because they are the ones
who really take care of the peo-
ple.

“The teachers take care of the

’ children and they are entitled to

the best when comes to the mon-
ey, they should come before the
people in office.”

OZZIE JOHNSON

Renewin

SCENT PEARL,



Nie ca iTHU)’S

i

¢

ovt’s fiscal plans for the year

0)

_ PRINCE FAWKES





THE TRIBUNE

FRIDAY, JUNE 12, 2009, PAGE 3



Sentencing of
entertainer —
is postponed =

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

FREEPORT - The sentenc- :
ing of popular Bahamian enter- :
tainer Stevie S has been post- :
poned for a second time by the :
Supreme Court. :

Bimini native Lemuel Smith, :
47, aka Stevie S, was convicted :
in April of raping a 13-year-old ;
girl in Grand Bahama four
years ago. i

Lawyer K Brian Hanna, who :
represented the entertainer at :
his trial, appeared in court just :
before a bomb scare cleared the :
building on Tuesday. i

He told The Tribune. that :
Smith had not been flown down }
for sentencing, which had been :
initially postponed on May 29. }

A probation officer from the :
Department of Rehabilitation :
and Welfare Services was also }
in court on Tuesday. ;

Smith is now expected to -

appear on June 23.

Man sentenced
for marijuana —
and weapons
charges

A 60-YEAR-OLD
Eleuthera man has been
sentenced to two-and-a-half
years imprisonment on mar-
ijuana and weapons charges.

James Adam Brown was
charged in 2005 with pos- :
session of marijuana with. :
the intent to supply, three
counts of possession of unli-:
censed firearm and two
counts of possession of mar-
ijuana.

Police, while executing a
search warrant on Brown’s
residence on March 25,
2005, reportedly found 12
pounds of marijuana, two
.9mm pistols and a .38 char-
ter arms revolver in a wood
shed in his, yard. The:
found 27 rounds of :380:
ammunition and 16 rounds
of 9mm ammunition.

Brown, who stood trial on
the charges before Magis-
trate Carolita Bethel, was
sentenced to 30 months
imprisonment on each
count. The sentences are to
run concurrently.

Ministry reviews
energy projects

THE Ministry of the Envi-
ronment in conjunction with
the Inter-American Devel-
opment Bank and the Glob-
al Environment Facility
(GEF) is reviewing proposals
for ‘sustainable energy pro-
jects, Environment Minister
Earl Deveaux said during his
contribution to the budget
debate.

“We expect to reduce the
use of energy derived from '}
fossil fuels. We are now con-
sidering waste to energy pro-
posals, and will, over the next
fiscal period, launch the ;
National Energy Efficiency :
Programme,” he said.

Pilot projects for photo-
voltaic cells and light bulb
replacement drives will be
funded by the GEF to the
tune of $1 million.

By December, the ministry
will outline a number of pilot





MP calls for compensation

over Quieting of Title Act.

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

WEALTHY Bahamians whose pre-
decessors claimed thousands of acres of
land from poor Cat Islanders using the
Quieting of Titles Act should compen-
sate the families of those who were left
with little, Cat Island MP Phillip Davis
told parliament.

Mr Davis, speaking in parliament yes-
terday during the budget debate, said
the Quieting of Title Act is the law which
has “visited the most egregious wrong
on the Bahamian people.” .

Noting in particular the actions of
now-deceased businessman Sir Harold

Christie — founder of HG Christie real -
estate company and former MP for Cat |

Island — Mr Davis :called on the prime
minister to “persuade” Sir Harold’s heirs
to compensate Cat Islanders in some
form for the land allegedly taken from
their predecessors through this law.

He described how Sir Harold, while
one of the “wealthiest men in the coun-
try” and the area’s MP, was able to
obtain title to thousands of acres of land

on the island “occupied by a
group of poor Bahamians.”

Mr Davis said that “some-
thing is wrong” with the fact
that today, Sir Harold’s heirs
are allegedly “getting millions
of dollars” from selling the land
“while persons who had an
interest in that land are still suf-
fering, still trying to eke out a
living.” ;

The plots of land quieted by
Sir Harold include some which
were recently sold to the devel-
opers of Cat Island’s first major
development — the PGA Vil-
lage — for around $30 million, alleged
Mr Davis.

He said that also claimed by the
Christie family was Little San Salvador —
now known as Half Moon Cay — which

the Stubbs and Newbold families of Cat.

Islands are alleged to have had a claim
to.

Accompanying the MP to parliament
yesterday was one of the “poor Bahami-
ans”, now 88 year-old Adlean Armbris-

ter, who, he said, was taken from her ‘
‘ children in 1964 and put in jail for 28

PME



days for resisting Sir Harold’s
move to obtain a large tract of
land she and several others had

- farmed for many years to sup-
port their families.

The MP claimed that Mrs
Armbrister, along with two
other women, Virginia and
Genette Rolle, were granted
leave by the Privy Council to
appeal the decision to award
Sir Harold title to the land. ~

“They were allowed to
appeal on the grounds that, on

“the face of it, there may have
been a miscarriage of justice,”
said Mr Davis.

However, the records of the case
“mysteriously” went missing, denying
the.women their day before the high
court, said the MP.

Mrs Armbrister was accompanied by
her daughter, 61 year-old Zearier
Munroe - who recalled her mother being
taken away in handcuffs, leaving her in
the care of her older sister — her grand
daughter Elva Woodside, and her two
great grand daughters,

“They didn’t have nobody (to look’

after them),” said Mrs Armbrister of her
children when she was arrested in 1964.

Mr Davis said: “Cat Islanders and their
descendants have been wronged by this
(Quieting of Titles) Act. And whereas
legally nothing can be done about it, I am

‘obliged to speak about it because of what
- has been perpetuated upon my people,

my people who struggle today .. . versus
those who have gotten their millions and
live ... the hunky dory life, without
care.” . : :

Adding, that he welcomes the PGA
Village. development “and the jobs it
will create” Mr Davis called on the prime
minister “to intervene with the special
intereststhat he represents” to get some
restitution for those affected.

On its website, HG Christie states that
the family “owned more than 2,000
acres” in Eleuthera and Cat Island at
one point. , af

Mr Davis suggested that the heirs of
Sir Harold — who was awarded a CBE in
1949 and a Knighthood in 1964 — set
aside some of the millions made from
the sale of their Cat Island land to set up
a scholarship fund at the College of the
Bahamas for the island’s children.

‘Economic, environmental considerations’ behind container port move



SERIOUS economic and
environmental considerations

-are behind the government’s

decision to move the container
port from Bay Street to Arawak
Cay, Environment Minister Earl
Deveaux told the House of
Assembly during his contribu-
tion to the budget debate.

Mr Deveaux said that the esti-
mated cost of building a port in
the southwest is between $200
and $400 million. He said the
government has: a firm offer
from a private company to build
a port.at Arawak Cay for just

. $50 million. |

“The port group that is now
together believe that they can
get it done for between $70 to

- $80 million with public partici-

pation in the shareholding. We
believe that is a huge factor, in

addition to the envi-
ronmental impact and
protection of public
and private stake-
holder interest. As
significant was the
allowance for tremen-
dous touristic and res-
idential development
to occur unimpeded
in southwestern New
Providence,” the min-
ister said.

Mr Deveaux said
that the southwest
port idea had signifi-
cant public sector support that
has never been publicly
acknowledged.

“It was a government directed
initiative and it depended on thé

‘government to make it function

and to make it work — the own-

Sunday June 14th 2009

2:30 pm & 5:30pm
» Paradise Island



Earl Deveaux

ership, the structure
and the operations.
The proposal for
Arawak Cay is private
with the state making
the land available an
ensuring the average
Joe Public member can
have a share in the
returns from it with all
the benefits of reduced
freight cost, greater
efficiency and utilising
© the already existing
harbour,” he said.

The minister assured



. the house that the Arawak Cay

fish fry. will not be negatively
impacted and that the port
group would use less than half of
the existing land at Arawak Cay.

“The government has many
options to expand Bahamian



SW

ownership, create a container
port, remove traffic from down-

town, improve downtown,

improve opportunities to be on
the.water, and address all envi-

ronmental issues, without cut-

ting into the island of New Prov-
idence. The western end of New
Providence in the next three to
10 years will see a shift in popu-

‘ lation like we saw to the south-

west and Carmichael area over
the last-10 years. It will have a
huge impact on any kind of
activity there.

“The centre of Lyford Cay is
going to move opposite to Char-
lottesville. Moving traffic around
in that area, planning for schools
and for the commercial devel-

opment of that area is as impor-

tant as what we are seeking to
do downtown,” he said.

The minister said that evi-
dence of how cruise ships,
resorts, container ships and

small businesses can coexist can .

be seen in Miami and Ft Laud-
erdale. In the Caribbean, Bar-

_ bados is another example.

“From the seventh or tenth
floor of the Intercontinental

RRA,

Hotel, you see the Betty K, Mia-
mi Arena, Fisher Island; Bis-
cayne, Collins Avenue‘and Hait-
ian vessels — all coexisting right
in Miami. Just ask the questions,
but make them, non-political.

- Make. them economic. Make

them scientific.

“Make them community-
based. Then and ask yourself
what will likely happen to the

‘southwestern end of this island

in 10 years with a port and all
the other developments. What is
likely to happen here'and how
do you mitigate it and how do

you manage it?”

“We chose public participa-
tion. We chose environmental
stewardship and a more efficient
process and greater and better

. utilisation of the existing, idle

resources, especially land,” he

: said.

TROPICAL
TUR LRU StS
Weed eh




PHONE: 322-2157

alleria Cinemas _

The Mall-at-Marathon

BOX OFFICE OPENS AT 10:00 AM DAILY _

SSeeGeeeeeeeeesen eee eee ease cee eee eee eee eee eee eC eRe ET

SS

~ EFFECTIVE JUNE 1 2TH, Perr d

projects to the public, he said. ; : ene we sgnees ol bere
ome Fa rics,will feature

leading designer,in
The'Bahamas,with an.

ay of their creations

Acs AS dnc rece Gal pe Kl Mel
MAGNE THAT NEW] P06 ar [WH] 660] wa] ee

LLANDOFTHELOsT ——_T_[ 115 [5 | wa | 68 | 035] 10-0
THE HANGOVER __©_| 1:00 | 320 wa [6:00 | 9:0 | 10:45 |
UR A fe [enum [neo | wa
[DRAGMETOHELL ———_T_| 1:10 [3:05 | wa |sx10 | exes | 10:55
[TERMINATOR SALVATION _T_| 1:00 | 3:00 wa {6:00 | 8:20 | 10:45 |
NIGHT ATTHEMUSEUM 4 [ato | 3:0 | wa [exo [9:30 | 10:35 |
[DANCE FLICK _|asts [aus | wa | 6x5 | 8:35| 1055|

JANGELS&DEMONS —_¢_|100 | wa | 400 | 7:80 wa | roxo
oD 5 nf [ae [os]
jem 71 a

SVB AN DRIVE

OUR E-CARD TO A KETS AT 380-3649 OR WWW AUINE MA. OM

faunncoreeinan new] [oan [wa [6x0 | exo | tos
fmacinerwar New| ei0 [oa [WA | im
THE HANGOVER TT wa

oe

co
Be on ee eae | ee
omenevowenn 1 fee | [WA

A

pas Tsil

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.

PAYER vfs A any

Ue CLE

Madeira St. [242] 325-8233 * Robinson Rd.[242] 322-3080

NIGHT AT THE MUSEUM i190 [3:35 | 0

e 5% 9404





PAGE 4, FRIDAY, JUNE 12, 2009

THE TRIBUNE



; EDITORIAL/LETTERS TO THE EDITOR oe ;

The Tribune Limited

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

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

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

(Hon.) LED. 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

WEBSITE
www.tribune242.com — updated daily at 2pm

Euro-Socialism has pluses and minuses

WASHINGTON — Don’t look now, but
there’s a monster hiding in the attic; or is it
crouching behind the garden wall? Maybe it’s
lurking with a troll under the bridge?

There are a growing number of Americans
who think that socialism is a threat to our free-
market.economy.

Now, the U.S. Chamber of Commerce says it
will commit millions of dollars — maybe as

much as $100 million — to a long-term cam- -

paign to teach the verities of capitalism and
free markets.

“Supporters and critics alike agree that cap-
_ italism-is at a crossroads,” said U.S. Chamber

President and CEO Thomas J. Donohue. “It’s
time to remind all Americans that it was a free
enterprise system based on the values of indi-
vidual ‘initiative, hard work, risk, innovation,
and profit that built our great country. We must
take immediate action to reaffirm the spirit of
enterprise in America.”

In his statement, Donohue did not mention
socialism; but the implication is that it is coming
in with the policies of the Obama administra-
tion.

Indeed, President Obama has not been squea-
mish about government intervention in the mar-
ket: The economic stimulus package, the bailout
of the banks, General Motors and possibly some
states, the wishful “green” energy bill on Capi-
tol Hill; and, front and centre, health care
reform all add up to a fear by many Americans
that the United States is headed toward euros

pean-style democratic socialism.

The U.S. Chamber’s “Campaign for rBiee . |
Enterprise” will feature a grass-roots move--

ment, a “vigorous” media and public education
campaign, focusing on the “economic literacy of
younger Americans,” and issue-advocacy pro-

gramme, leading up to the 2010 elections and, of — :

course, lobbying. It reflects a deep concern by
the board of the chamber that the country real-

-ly is heading down the path of Euro-socialism.
’ This concern begs the question: Is that. so
bad?

Putting aside those who think Europe’s social
contracts of today are a kind of Marxism (they
are not), what are the fears? Mostly, Europeans
like their system and Organisation for Eco-
nomic : Cooperation and: Development finds.the
countries of Western Europe out-score the Unit-
ed States in terms of national happiness. .

The socializéd service most feared in the
United States — nationalized medicine — is
both criticized, particularly in the United King-
‘ dom and Italy, and loved. No politicians dare
suggest privatizing it. The same goes for subsi-
dized and pervasive public transportation.

The real problem for Europe is rigidity. Busi-

¢ ROLL erat

Aluminum rolling shutters are custom-fitted
and available in-a choice of colours. They
provide security and hurricane protection.
Easily operated by hand crank or electric
motor, Roll shutters add beauty, security and
convenience to any home. :
¢ We guarantee motors for 5 years, material
and labour for two years and respond to
service calls within 48 hours, usually on the
same day.

| Don Stainton (Protection) Ltd.
SERVING THE BAHAMAS SINCE 1978
HILLSIDE PLAZA, THOMPSON BOULEVARD
FREE ESTIMATES 322-8160/322-8219

HURRICANE cab

ness has no freedom to act, and successive gov-
ernments have mortgaged themselves to public
service unions in country after country.

When she was prime minister, Margaret
Thatcher loosened some of those bonds in
Britain; but compared to the United States,
business is still shackled in a way that would be
hard to swallow here. Particularly, the American
employment model is at odds with the Euro-
pean one.

U.S. employment law is built on the concept
of employment “at will.” In Britain, and most of
the rest of Western Europe, a fired employee
can drag the employer before a labor tribunal
and force an arbitration that usually will side
with the worker..-

This may be noble in concept, but it is dev-
astating in reality. Even in good times, employ-
ers fear increasing payrolls. So permanent jobs
are treated as temporary, and contract employ-

ees are favoured over regular ones to protect ’

employers from the rigors of hiring.

European governments do try to fix every-
thing, and pass laws and rules to implement the
fixes. I have heard social workers complain that
they have to tell people who rip off the-system
how to do it more efficiently.

In Britain, welfare, unemployment insurance,
and other welfare-state handouts are known as
“benefit” — and it can work like an annuity,
especially in disability cases. I have heard British
social workers complain that they feel com-
plicit in abusing the system.

‘In Scandinavia the father, as well as the moth-
er, can get a year of maternity leave. The “cod-
dled society,” you might say. Yet as Harold
Meyerson, a declared liberal, writes in The
Washington Post, conservative parties embrace
most of the same goals as the left-of-centre par-
ties. Certainly cradle-to-grave Euro- socialism
is expensive. It also stifles the business dynam-
ic; business just has so much more to overcome

’ to succeed and to survive in Europe. If you

want to start a business, better do it in the Unit-
ed States. But if you want your opera produced,
try Europe. Good and bad things come in the
European package.

The U.S. Chamber of Commerce will get
something for its efforts and its money if it
admits that the door to more government was
opened not by incipient socialists but by the
excesses of capital managers, and that the threat
to American business is wrong regulation —
not regulation itself. The spectre of socialism in
the U.S. context is a poled device to frighten
the gullible. :

(This article was written by Llewellyn King
. 2009 Hearst Newspapers).







Enlightened
critiques of

capitalism needed.
Dawe

EDITOR, The Tribune

I would like to thank some-

_ one called "Avid Reader" for

attempting to critique my support
of Capitalism. Unfortunately he
or she only confirms what The
Nassau Institute has been saying
for the past 15 years. We need
more free market and capitalism
not more government and social-
ism.

First, Avid Reader asks if I
have read Fhe Shock Doctrine.
Having read most of Naomi
Klein's book, The Shock Doc-
trine: The Rise of Disaster Capi-
talism, it is clear to me that she
was simply out to make a quick
buck (could she be greedy?) by
instilling fear into people that
might not be familiar with eco-

- nomic principles.

Specifically, Klein uses an
awful lot of ink trying to convince.
us that crisis benefit free markets
and limited government. For as
long as I can remember crisis has
given the world more government
involvement in the economy. The
exact opposite of what Ms. Klein
attempts to sell us. The most
recent examples, 9/11 and the pre-
sent economic crisis serve my
argument well.

As Johan Norberg pointed out

- in a review of The Shock Doc-

trine, "In the absence of serious
arguments against free markets,
we are left with Klein's reason-
able critiques of torture, dicta-

. torships, corruption, and corpo-

rate welfare. In essence, her book
says that Milton Friedman's lim-
ited government ideals are bad
because governments are incom-
petent, corrupt and cruel." So one
must ask, why should we want
more government as opposed to a
more free market?

Second, with regard to the

. point that "politicians no longer

address real issues," Avid Reader
will get no argument from these
quarters. He or she confirms
another reason why we need»
more ofa free market and: not-
more government.

The Nassau Institute has pro-
vided volumes of enlightened

letters@tribunemedia.net



food for thought.on public policy |

and its unintended consequences.
Please see stitute.org> .

Third, Avid Reader asserts .

that Unemployment Insurance
terrifies me. Not really.

What does concern me greatly -

though is another government
Ponzi Scheme like'the’country's
National Insurance scheme. A
programme where the present
generation leaves debt for future
generations to pay because we
lived off their future prospects
for an enjoyable life. The Nation-

‘al Insurance scheme is going

bankrupt because, not unlike
Bernard Madoff, it pays current
retirees from the payments of
present day workers. As the work
force shrinks and benefits
increase, new entrants into the
scheme are left with little or noth-
ing or ever increasing taxes to
sustain it. The same thing will
happen with the unemployment
scheme now in place.

Surely Avid Reader is not
advocating we should not be con-
cerned about what we leave
future generations?

Fourth, the letter writer sug-
gests that Capitalism and free
markets are bad, but Socialism as
in Cuba is worse because as he
or she admits, ‘they could not live
there. Avid Reader then recom-
mends the democratic socialism
found in Scandinavian countries
as a solution.

But let's look at the so-called
Nordic Model for a moment or
two.

It is important for us to decide
if economic growth is important
to our nation. As Dr. Dan
Mitchell pointed out in a Cato
Institute Policy Analysis, the
claim that the Nordic Model of
big government and good eco-
nomic growth as being the best
of both worlds; "“doés not stand
up to serutiny.”

human spirit, ..."

As Dr. Mitchell's analysis tells
us, the bigger burden of govern-
ment "hurts Nordic competitive-
ness", however, the Nordic Mod-
el countries manage to have
“open markets" with "low levels
of regulation, strong property
rights, stable currencies, and
many other policies associated
with growth and prosperity."

,- Interestingly, every Nordic
nation is moving toward free mar-
ket policies like low corporate tax
rates and flat taxes. Countries like
Iceland and Sweden have already
"partially privatized their social
security retirement systems."

So even the Nordic countries
that pursue so-called democratic
socialism are moving toward
more capitalist or free market
reforms.

Fifth, Avid Reader suggests
that the "world economy is in
considerable difficulty at present
as a result of unfettered and large-
ly unregulated capitalism which
feeds off human greed and self-
ishness."

To paraphrase Dr. Milton
Friedman, is/was there no greed
in Communist, Socialist or Fas-
cist systems? Does Capitalism
cause greed, or is greed a normal
human attribute?

Furthermore, there is mount-
ing evidence that there was a
huge failure of those government
entities that supposedly monitor
the very highly regulated bank-
ing industry, not to mention the
responsibility the Central Banks
of the US and the world bear for
their excessive monetary policies
to feed the voracious state.

. Capitalism is by no means per-
fect, it's just the best economic
system available, but before we
jump off all bleary-eyed into the
mist of Socialism, one of the
“most ambitious creations of the
(Ludwig von
Mises), shouldn't we at least offer
enlightened critiques of Capital-
ism?

RICK LOWE,
Vice President,
The Nassau Institute,
June 11, 2009 B

We need to ensure land is utilised properly

. EDITOR, The Tribune.

Over the past few weeks I
have been reading, in the media
that there are some people who
are calling for a committee to
investigate the Crown lands
Office Records from 1992 until
the present to uncover what has
taken place.

Well I suggest if ‘icy are going
to investigate then go back to
1970 and then we will all be able
to see who was given hundreds
of acres of Crown Land simply
for political reasons.

I have been suggesting for
years that all Crown land that is

sold should have a clause which

states that if this land is to be
resold before it is developed then
the Crown should be given the
first right of. refusal and the

.. Crown should be able to buy back

Quality Auto Sales
TAN ral

For the best deal in town on
pre-owned cars, with wey!
Trade-ins on new car sales





the land for 5 ta 8 per cent above
what was paid to the Crown.

If the land has been devel-
oped then there should be two
independent appraisers to give a

-\ proper appraisal and if the Crown

wants to buy it back then that
should be the price it has to pay.

This method I am sure would
stop all and sundry from trying
to pull fast deals with Crown land,
the only people who would want
it would be those who. are going

' to use it legitimately. Then

Bahamians who need land to
build on would be able to do so.

Land is not like fruit, it does |

not grow, so we need to make
sure that when it is sold or given it
is going to be utilised properly.
Owning a piece of land gives
most people a feeling of self pride
of knowing that they have perse-
vered and progressed in this life
which is not easy to do. ©
Our children and grandchildren
and theirs may be around for
quite some time so they will need

‘land to utilize.

ABNER PINDER
Spanish Wells,
Eleuthera,

June 7, 2009

NOTICE

Notice is hereby given that the Twenty-ninth
(29th) Annual General Meeting of THE

PUBLIC WORKERS’

-CO-OPERATIVE

CREDIT UNION LIMITED will be held at

The British Colonial

Hilton Hotel, West

Bay Street, on Friday, June 12th, 2009
commencing at 6:30 p.m. for the following

purposes:

* To receive the report of the Board

of Directors

-To receive the Audited Report for 2008

IN sTockK!
~ ‘01 TOYOTA CAMRY
‘05 TOYOTA CAMRY oF
‘07 TOYOTA YARIS
‘06 HYUNDAI TERRACAN
‘01 HYUNDAI COUPE _
‘04 HYUNDAI SANTA FE
‘06 HYUNDAI ELANTRA
‘06 HYUNDAI SONATA
‘01 HYUNDAI HD-65 TRUCK
‘94 MITSUBISHI DIAMANTE
‘94 TOYOTA CAMRY

QUALITY: 2

#1 AUTO DEALER INTHEBAHAMAS
IRLEY STREET - 322-3775 q ‘SA5 0029)



¢ ALUMINUM LOUVERED SHUTTERS

he look of colonial wooden shutters, but with
he strength and maintenance - free qualities of

luminum, Add a finishing architectural touch to
our home with these functional yet decorative
shutters. Provides protection against storms,
sun and vandals. - :

: To elect members of the Board
of Directors, Supervisory Committee
and Credit Committee






- To discuss and approve the budget
for 2010





¢ ALUMINUM ACCORDION SHUTTERS

Light enough to slide easily, yet strong enough to
withstand severe storm conditions. Heavy-duty
key lock mechanisms. for secure fastening.

¢ ALUMINUM HURRICANE AWNINGS

Economical and convenient, these easy-to-use
awnings are permanently installed and close
quickly for storm protection. They give everyday
protection from heat and rain, and help prevent
fading of carpets and drapes.



All eligible. members, wishing to run for
a position on the Board of Directors,





Supervisory Committee or Credit
Committee, are asked to submit their names
to the Credit Union’s offices in Nassau or
Freeport, no later than Monday, June 8th,
2009 by 4:00 p.m.



All members are urged to attend and
Exciting door prizes will be offered.
Refreshments will be served!

* CLIP-LOCK ALUMINUM STORM PANELS

The most cost-effective protection available.
Lightweight, easy to store and to use. We give you
10% extra spring steel clips and use closed-end
headers to prevent the panels "creeping".



a
o
£
>
cc
7)
©
c
G
9
Fe
2
L
Ye
6
”
®
|
} a
G
>
oO
2
Ge
Ym
0 3
“” :
=
Ga
©
c
o |
Q
oO
cf
ed
s
x
0
0
oO
Yn
©
-
0
o
Q
>
oD
2
c
fF




CHOOSING HURRICANE SHUTTERS

or Abaco Matar Mall, Den MacKoy Blvd, Aa6?- 29 { 4





THE TRIBUNE



In brief |

senceccccsccccncccscesocsencessesscscsccnceccncsesssscscsscoe’s

Immigration = —
unable to verify
legal status of
charged man

THE HAITIAN man
charged with child pornogra- :
phy and indecently assaulting :
an eight-year-old girl will i
remain on remand for at
least another week as immi-
gration officers were unable
to verify his legal status yes-
terday. i

Jean Pount Du Joun, 46, of :
Butler Street, was arraigned:
in Magistrate’s Court on ;
Wednesday in Court 1, Bank :
Lane, where he pleaded not :
guilty to the charges.

It is alleged that on Sun-
day, June 7, the accused
intentionally caused a child
under the age of 18 to be
involved in child pornogra-
phy.

On the second charge,
court dockets state thaton =}
the same day, Pount Du Joun :
indecently assaulted an
eight-year-old girl.

Pount Du Joun has been
remanded to Her Majesty’s
Prison. He is expected back
in court on June 17, when
immigration officers are
expected to verify whether
Pount Du Joun has legal sta-
tus in the country. Bail will
be considered at that time.

Home invasion, —
armed robbery
investigated =

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



FREEPORT - Grand
Bahama Police are
investigating a home
invasion and.armed ..’

LOCAL NEWS

decide disciplinary measures

lm By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

AN INVESTIGATION into the alleged beat-
ing of Miami-based reporter Mario Vallejo by
Defence Force officers at the Detention Centre
did not lead to criminal prosecution, according to
the police.

However the outcome of the investigation into
the high-profile incident which allegedly took
place in February 2006 remains a mystery.

Commissioner of Police Reginald Ferguson
said police took over the investigation, but did not
find enough evidence to charge Royal Bahamas
Defence Force (RBDF) officers suspected of
beating the US journalist outside the Detention
Centre.

Mr Ferguson said the matter was passed on to
the RBDF to decide on disciplinary measures.

The alleged beating of Mr Vallejo demanded an

‘investigation when it caused a stir in the United

States and damaged the Bahamas’ reputation.

Refugees

Mr Vallejo, a reporter for Univision, was at
the Detention Centre in Nassau with his film
crew to document the reunion of seven Cuban
refugees who had been stranded in Elbow Cay.

When another journalist attempted to capture
the reunion on film and was detained, Mr Valle-
jo is said to have stepped away from the Deten-
tion Centre gate to make a phone call, presumably
to inform his superiors that a fellow journalist
had been taken into custody. -

It is alleged Defence Force guards then
attacked the reporter, throwing him to the ground
and then against a car, leaving a gash in his head.

Tribune reporters arrived at the scene as para-

medics treated the bloodied Mr Vallejo.

Protests were held outside Bahamas govern-
ment offices in Florida, three US Congressmen
called for an investigation into the matter, and
hundreds of Americans cancelled their plans to
visit the country in protest.

At theheight of the controversy a bomb scare
was called in to the Bahamas Consulate in Miami.

The PLP government was condemned by then
FNM chairman Desmond Bannister for not deal-
ing with the matter, as he said the Bahamas’
image had been affected.

Officials from the Ministry of National Securi-
ty said a report would be released, but nothing
was made public.

And six months after the incident Deputy
Prime Minister Cynthia Pratt admitted she had
“no idea” what stage the investigation was_at.

When the FNM came to power in 2007, Minis-
ter of National Security Tommy Turnquest said
there was no investigation whatsoever, and he
failed to respond to 11 e-mails from The Tribune
containing photagraphs, articles and official state-
ments on the Vallejo case.

Nothing has been made public about any inves-
tigation thus far. -

When Director of Immigration Jack Thompson
was asked about it yesterday, he said he did not
know what stage the investigation was at, and
that he would be interested to find out.

Mr Thompson said the matter had been passed
on to the police, and Mr Ferguson said police
passed it on to the RBDF.

The commissioner said: “I am almost certain
that should have been concluded by now.

“The police did what they were supposed to
have done, but there was not enough evidence to
substantiate the charges and files went to the
Defence Force with recommendations.”

The RBDF did not respond to calls before The
Tribune went to press.

27-year-old man is

Police: no prosecution
alleged beating of reporter

Matter passed on to RBDF to

MIAMI-BASED reporter Mario
Vallejo (centre) was allegedly
beaten by Deferice Force guards
in February 2006.

FOR 3 IN 1 LAWN SERVICE
Fertilizer, Fungicide,
Pest Control

Tropical Exterminators
822-2157



fr Mey, ode OR
ACS pete, ab









Love Beach
Cottage

Gated, Newly refurbished,
3 Bed, 2 bath, furnished,
private beach access
across road, private deck
and tropical garden

$2,100 per month
Call 356-3462

Ce hk)

weekdays

ROYAL BANK OF CANADA TRUST COMPANY
(BAHAMAS) LIMITED |

is considering suitable applications for the role of

| Manager, Trust and
Corporate Services

Description of role and key responsibilities:

¢ Lead and manage a team of trust officers and other
staff: this includes providing advice in respect of clients
and cases, coaching staff and ensuring the effective

charged with murder

: mi By DENISE MAYCOCK
’ Tribune Freeport
' Reporter
dmaycock@tribunemedia.net

robbery that.occurred
in Bootle Bay, West
Asst Supt Welbourne
Bootle said that a
woman reported to
police that armed men

Accused appears in court in
connection with shooting death

éntered her home just
before 3pm on Tuesday.

She said the intruders
were armed with hand-
guns and had cloths
around their faces.
They robbed her of
$1,500 cash and a TV
monitor valued at $300.

Mr Bootle said the
men were described as
being heavily built and
weighing about 200 lbs
each. One of the men
was wearing blue cover-
alls and a black cap.
They escaped in a blue
Ford Explorer.

BUILDING FIRE

Traffic Police officers
spotted a fire on
Wednesday in the
Freeport Bonded Area
off Queen’s Highway.

Firemen were dis-
patched to scene, and
found flames rising _
from the garage of the
18-unit single story
stone business complex
which houses Carmacho '
Auto.

The fire was extin-
guished but one area
sustained about $4,000
worth of damage.

VISIT US ON THE WEB
aebahamas.com

FREEPORT -— A 27-year-
old Grand Bahama man was
chargéd with murder in the
Freeport Magistrate’s Court
on Wednesday.

Renaldo Bernard Hall was
arraigned before Magistrate
Debbie Ferguson in court one
in connection with the shoot-
ing death of Sidney Brice, 42,
at Redwood Lane.

It is alleged that on June 6,
the accused intentionally
caused the death of Mr Brice.

-Hall was represented by
Carlson Shurland. »

He was not required to

- enter a plea.

Mr Shurland told the court
he felt that the charge against
his client was not appropri-
ate in view of the informa-
tion, and suggested that the
lesser charge of manslaugh-
ter should have been applied.

He also informed Magis-
trate Ferguson that his client
is a diabetic who requires
doses of insulin twice a day.

Mr Shurland complained
that a police officer denied
him the right to see his client,
and that his client was denied
his medication while in police
custody.

“He was going into insulin
shock at the time and any
statements he gave I intend

to challenge,” he informed

the court. .

Expressing concern about
his client’s welfare and the
conditions at Her Majesty’s
Prison, Mr Shurland request-
ed that bail be granted
because of his client’s med-
ical condition.

“The condition of Her
Majesty’s Prison is bad. He
is a sick man and his immuni-
ty to certain diseases is not
virulent,” he said.

Under the Bail Act, any-
one charged with murder is
automatically denied bail.

However, Mr Shurland
referred to a recent judgment
by the Court of Appeal which
granted bail to three persons
charged with murder.

He also noted that magis-







954.578.4120
info@sham

15.% Off

ALL CLOTHING

Sale on Selected items
Up to 50.% Off

Sizes XS to 3XL

For Fashion news & specials

trates have the right to exer-
cise their discretion when
granting bail.

' The prosecutor said he
would look into whether the
charge against Hall should be
changed.

The magistrate remanded |

Hall to Fox Hill Prison until
August 26, but assured Mr
Shurland and his client that
she will write a letter to the
prison explaining Hall’s med-

-ical condition and his special

needs.

Magistrate Ferguson said
that she will review the
case submitted by Mr Shur-
land.

“Tf there is a decision to
change, I will send for you
before the adjourned date,”
she told Hall.

ly furnished and equipped apartments |
. by the day, week or month in |



utilisation of other resources. Instrumental in developing
and implementing company procedures within

appropriate frameworks.
Possess a superior knowl

edge of Trust (complex and

simple), Company and Fiduciary structures, and tax
and legal issues affecting the administration of Trusts

and Companies.

Ensure that strong technical knowledge of all aspects
of trust and company administration is delivered: this
includes attending client meetings and
supervising/assisting in respect of the preparation of
accounting and investment information prior to

. submission to clients

Experience with the preparation and presentation of
financial and estate planning proposais to high net

worth individuals

Providing assistance to increase profitability of the
company/sharehoider value by identifying
opportunities to extend the trust services, and to use
the bank offering to implement solutions for clients

- where appropriate

Proven superior sales acumen. With ability to attract,
build and strengthen relationships with key clients and
intermediaries and identify new ideas in relation to
products and services that may be offered by the |

company

Core skills and knowledge:

« A University degree in business, accounting, or other

related discipline

¢ A minimum of ten years' relevant experience
Professionally qualified, e.g. accounting/finance
qualification, STEP ICSA, TER ACCA
Self-motivation with excellent project management

Demonstrably strong technical

owledge of all aspects

of trust and company administration, including the
nuances and statutory requirements of the major
offshore jurisdictions used in connection with clients’

structures

¢ Strong analytical and problem-solving skills
Methodical, thorough and attentive to detail
¢ Strong SIP ERIE OT skills coupled with the ability to lead

by ae e€

Strong s

ills in time management and prioritisation

Excellent oral and written communication skills

Microsoft Office skills

Cultural awareness and sensitivity on both an individual

and corporate basis

Interested persons should apply by June 15, 2009 to:

Royal Bank of Canada Trust Company

(Bahamas) Limited

PO Box N-3024

Nassau, NP Bahamas

Attention: Human Resource Manager

Via Email: paul.lewis @rbc.com or
elizabeth.dorsch@rbc.com

Only applications from suitabl qualified candidates

will be acknowle

www. rberoyalbank.com/caribbean/bahamas

SINE on aed

ged

RBC
| Royal Bank
C| of Canada





THE TRIBUNE



Accusations made against the

Royal Bahamas Police Force

@ By ADRIAN GIBSON
ajbahama@hotmail.com

VER TIME, the Roy-
al Bahamas Police
Force has been accused of near
systemic patterns of police bru-
tality, verbal abuse and outright

misconduct in violation of citi-_

zens’ rights,

The death of 15-year-old -

Michael Knowles, who was
found dead in a cell—hanging
from a cord—while in police cus-
tody, has caused much hoopla,
politically and socially. Accord-
ing to the police, Michael
Knowles committed suicide
while being held under suspicion
of housebreaking and stealing.
Our society has been inundated
with allegations of police brutal-
ity where certain officers are
accused of having cultivated an
air of terror and having dis-
played behaviour that has laid
bare the flaws in police recruit-
ment and training as well as a
lack of professionalism. That
being said, there are still some
who are sincere, hardworking
officers whose professionalism
is second to none.

Last week, Englerston MP
Glenys Hanna-Martin attempted
to accelerate the investigative
process into the death of the
teenager, particularly as the case
has engendered much public
outcry. In her zeal to shine light
on the issue, Mrs Martin—whose
inner-city constituency is next
door to that of the deceased teen
(St Cécilia)—did not comply
with.a directive of the Speaker
and as a result was “named” and
suspended for two sittings.
Although the issue may have
earned Mrs Martin and her par-
ty political mileage, and while
parliamentary rules should
always be adhered to, the PLP
chair-woman knew that had she
given the Speaker notice of her
intent to speak on such a con-
tentious issue, her request was
likely to be denied. Frankly, con-

_ Suspension, state-

sidering the nature of her con-
tribution, it would have been jus-
tifiable to have allowed her to
speak on an issue’ that sparked
national outrage and public sym-
pathy, which would have avoid-
ed the unnecessary
histrionics and
political theatre of
late. In fact, the
issue continues to
be suspect.

While defiance
of the Speaker’s
authority or breach
of House rules
(House Rules and ~
Procedure Manu-
al) is intolerable,
the death of a
young boy in
police custody has
become a political
football. In the
wake of Martin’s

ments such as that
of the Torchbear-
ers, the PLP and
their youth arm
(Progressive
Young Liberals),
all appear to be
nothing short of
politically-charged, partisan rub-
bish. I have met Michael
Knowles’ distraught mother
who, in the face of the political
uproar, says she “only wants jus-
tice” and only seeks scientific
confirmation of and an inquest
into her son’s death. I wonder if
both major political parties have
forgotten that!

Some Bahamian police offi-
cers have gained a reputation
‘for using excessive force, carry-
ing out false arrests, psychologi-
cal intimidation and expletive-
filled verbal assaults. The alleged

‘lawlessness in local law enforce-



YOUNG MAN’s VIEW





ENGLERSTON MP Glenys
Hanna-Martin attempted
.to accelerate the inves-
* tigative process into the
death of Michael Knowles.



ment is further underscored by
allegations of intensive, cruel
interrogation tactics claimed to
be used to obtain involuntary
confessions that disregard the
concept of due process.

Instances of
police brutality
/misconduct seem-
ingly contradict the
concept that sus-
pected persons can
‘only be proven
guilty in a court of
law, not through
the use of black-
jacks and extreme
force.

It is because of
cases.of brutality
and shoddy police
work that some evi-
dence is disregard-
ed and some per-
sons, who may very
well be guilty, are
set free. The Attor-
ney General’s
office . has had
numerous cases
rejected on claims
of false confessions
obtained by police
coercion or beating

and also because of the destruc-
tion, contamination and fabrica-
tion of evidence in their haste
to close a case.

In the Bahamas, it appears
that from the moment certain
young officers don the uniform
they adopt an authoritative, con-
frontational attitude, riding
roughshod as if they are the lone
authority over society. I have
also discovered that many vic-
tims of police brutality are
underprivileged, seemingly pow-
erless individuals whose socio-
economic status is of no account.

An independent commission |

4

or civilian review board must be
established to investigate the
police and restore public confi-
dence, particularly since I believe
that internal commissions lack
accountability and it is nearly
impossible for the police to ade-
quately police themselves.

In the wake of the controver-

sial death of Michael Knowles,

the government should hastily
enforce the aspect of the Police
Act, 2009, that calls for a board
of civilians, appointed by the
Governor General and hopeful-
ly bipartisan, to oversee all inves-
tigations into complaints against
police officers. Furthermore,

community activists should
adopt the approach of the North
America-based Copwatch
groups that, according to the
online encyclopedia Wikipedia,
observe and document police
activity while looking for signs of
police misconduct and/or police
brutality.

Establishing an independent
commission and a branch of
Copwatch locally would ensure
that protection of persons
against search and seizures that
ara not judicially authorised or
supported by probable cause or
a substantiated suspicion of crim-
inal activity, protect against arbi-
trary detainment and protect an
individual’s legal rights. The
Ministry of National Security
and the private sector should
collaborate in the purchase and
installation of CCTV—not just
to deter criminals but also to
provide visual evidence to con-
firm or contradict police and oth-
er reports—and mount video

_ cameras in cop cars. That said,

the police must not be handi-
capped and should be able to
employ force when appropriate.
Locally is there a force continu-
um in place to set the levels of
appropriate force in response to
someone’s behaviour?

As cases of alleged police bru-
tality are investigated, investiga-

tors must no doubt.account for..:
the wall of silence that has per-

vaded police culture, particular-
ly the failure of officers to report
another police officer’s miscon-
duct/brutality in an attempt to
honour the officers’ unwritten
code of silence. In such cases,
those officers must be made
aware of their liabilities and the
Complaints and Corruption Unit
must confront those officers who



“It is because of ©

cases of brutality
and shoddy
police work that
some evidence is
disregarded and
some persons,
who may very

well be guilty,
are set free.”



- are a part of that criminal sub-

culture. without leniency. Any
mafia-type code of silence to
subvert justice is unacceptable
and can only affirm the impres-
sion of certain officers as being
no more than gangsters in uni-
form, with a license to carry a
firearm and patrol their old turfs
with impunity.

It is unquestionable that lead-

ers should follow rules and set
positive examples for the
nation’s youth, however, I also
believe that MP Martin’s defi-

ance may have also been an

attempt to prevent the entomb-
ment of young Mr Knowles’ case
in the growing backlog of coro-
ner’s cases and to ensure trans-
parency.

The police have yet to explain
the death of Kristoff Cooper, 22,
whose car crashed through a wall
and into a house following a
police chase.

Lately, an autopsy revealed ©

that Mr Cooper died from a bul-
let wound to the head. Who shot

The Administration And The Faculty Of

Mr Cooper and why was he
shot? Why was the impression
given that Mr Cooper died in a
car crash?

Although the publication of
Michael Knowles’ autopsy
report is expected and will
remove any doubt that the pub-
lic might have about his death, in
concluding I wish to reiterate

‘the valid questions asked by the

National Development Party (a
new political group) concerning
Knowles’ death, namely:

When was the last time that
Knowles was seen alive by police
officers on duty at the East
Street South Police Station? Was
Michael Knowles afforded his
legally mandated right to have
either his parent, legal guardian
or legal counsel present while
he underwent questioning at the
station?

Why was Michael Knowles, a
minor according to law, alleged-
ly not permitted to be seen by his
mother at any time during the
course of his detention?

Was Michael Knowles actual-
ly charged by police for stealing
and housebreaking?

“Why was Michael Knowles

not afforded police bail on Fri-

day, May 30, although he was
not reported to have been found
in possession of a weapon at the
time of his arrest?

Were there any signs during
his detention, which suggested
that Michael Knowles was in a
state of depression, thereby pos-
ing a risk to his personal safety?

Was a psychologist or psychi-
atrist ever requested to evaluate
Michael Knowles, due to any
such perceived risk?

What clothing was Michael
Knowles wearing at the time of
his arrest and did he at any time
change his clothing?

Is there any closed circuit tele-
vision recording within the police
station that could provide
footage of those who entered
and left the holding area where
Michael.Knowles was being

..detained?

ee

ST ANDREW’S SCHOOL <

ongratulate

xs AND RE,
SX scHooL ©

“ty,
ly,

‘tit,
Hy
ny

a
“Cony

Mee

poet,

we is
oo
7

The international School of The Babamas
POUNDED 1948

Brittany Sweeting
Patrice Theophilus -
Kathryn Thibeault
Ricardo Turner
Elizabeth Turner
Ashleigh Uriasz
Megan Virgill
Holly Wallace
Ryan Weech
Samuel Wilkinson
Nichola Wilkinson
Brolin Xavier

‘Benjamin Myers
Danielle Nairn
Benjamin Pinder
Selena Pinder
Stefano Pral
Malcolm Rahming
Patreka Romer
Erica Russell
Lauren Sands
Chelsea Saunders
Christopher Sherman
Sherzel Smith
Jade-Evette Strachan
Angela Sughrue

Jamie Gibson
Sade Gordon
Phylese Hanna
Khadra Hassan
Stefan Hudson
Kylie Hutton
Rico Johnson
Tony Joudi
Candice Knowles
Benjamin Lavin
Melissa Lotmore
Herman Maycock
Sasha Mihas
Bianca Minnis

Molly Coyle
Stephanie Darville
Charltoneia Deal
Jonathan Deal
Arthur Diennet
Neil Dillette
Amanda Dilworth
Bryanne Evans
Keith Evans
Georgia Eyers
Chris Fadely
Marcus Farrington
George Galantis
Andrew Gardiner

Connor Albury
Gene-Ryan Albury
Rachael Albury
Victoria Albury
Latoya Bethell:
Johanna Broughton
Denning Campbell
Nicolette Campbell
Samuel Campbell
Shomekhan Cargill
Nathan Cartwright
Brian Cates
Carlyle Chriswell
Alex Constantakis







THE TRIBUNE

.

Faia

re Telephone 242 393 2007
'O Box N 123 : Fax 242 393 1772
Montague Sterling Centre Internet www. kpmg.com.bs

East Bay Street
Nassau, Bahamas

INDEPENDENT AUDITORS’ REPORT

To the Shareholder of Scotiabank Caribbean Treasury Limited

We have audited the accompanying balance sheet of Scotiabank Caribbean Treasury Limited
(‘the Company”) as at October 31, 2008, and a summary of significant accounting policies and
other explanatory notes (together “financial statement”).

Management's Responsibility for the Financial Statement

Management is responsible for the preparation and fair presentation of this financial statement in
accordance with International Financial Reporting Standards (“IFRS”). . This responsibility
includes: designing, implemerting and maintaining internal control relevant to the preparation
and fair presentation of the financial statement that is free from material misstatement, whether
due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to:express an opinion on this finaucial statement based on our audit. We
conducted our audit in accordance with International Standa. !s on Auditing. Those standards

require that we comply with ethical requirements and plan and perform the audit to obtain .

reasonable assurance whether the financial statement is free of material misstatement.

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

We believe that the audit evidence we have obtained is sufficient and appropriate to provide.a

basis for our audit opinion.

Opinion

‘In our opinion, the financial statement presents fairly, in all material respects, the financial

position of the Company as at October 31, 2008 in accordance with IFRS.
Emphasis of Matter

Without. qualifying our opinion we emphasize that this financial statement does not comprise a
complete set of financial statements prepared in accordance with IFRS. Information on results of
operations, cash flows and changes in equity is necessary to obtain a complete understanding of
the financial position, performance and cash flows of the Company.

KPMG

Nassau, Bahamas
June 4, 2009

SCOTIABANK CARIBBEAN TREASURY LIMITED

Balance Sheet

* October 31, 2008, with corresponding figures for 2007

(Expressed in United States dollars)



2008 2007
Note ($'000s) _ ($'000s)
Assets
Loans and advances to banks oo : 3, 11,14 : 2,815,857 2,242,089
Derivative financial instruments 14, 15 "154,312 2.646
Unrealized gains on open forward :
currency contracts : 14, 16 4,135 -
Investments in funds , 4,14 1,172,897 53,597
(Cost — $1,267,764; 2007: $53,588) :
Investments pending settlement 14 2,877 32,000
Property and equipment : “. 5,14 293 . 313
Accrued interest receivable and other assets 6, 14 ; 46,869 . . 24,964

A

4,197,240 2,355,609

‘Liabilities and Equity

Liabilities
Derivative financial instruments 14,15 62,322. 4,476
Unrealized loss on open forward ,
currency contracts 14, 16 6,787 -
Deposits 7,11, 14 3,878,795 2,263,603
Accrued interest payable and other liabilities 8, 14 41,156 15,424
. ; 3,989,060 2,283,503
Equity
Share capital _ “g" 10,000. — 10,000
Share premium ‘ 10.0: 15,000 15,000
Retained earnings i 183,180 47,106
208,180 72,106
Commitment “cy ead 3B



4,197,240 2,355,609

See accompanying notes to balance sheet.

This balance sheet was approved on behalf of the Board of Directors on June 4, 2009 by the
following: ;

oe gpa eee) 7 C fos ite ge,
oae02 N one, Director nent CLs Director

SCOTIABANK CARIBBEAN TREASURY LIMITED

Notes to Balance Sheet (

October 31, 2008 ‘
(Expressed in United States dollars)



1. Reporting entity !
Scotiabank Caribbean Treasury Limited (‘the Company”) was incorporated on May 29, 2006
under the Companies Act, 1992 of the Commonwealth of The Bahamas and is licensed under
The Bank and Trust Companies Regulation Act, 2000. The Company is wholly owned by
The Bank of Nova Scotia International Limited “the Parent”, a company also incorporated in

the Commonwealth of The Bahamas. The ultimate parent of the Company is the Bank of

Nova Scotia (““BNS”), a company incorporated in Canada.

The Company manages the US dollar treasury function for the Bank of Nova Scotia’s
subsidiaries -and branches within the Caribbean and: Central American region. The
Company’s registered office is located at 404 East Bay Street, Nassau, The Bahamas.

2. Basis of preparation and significant accounting policies

(a) Statement of compliance ok
This balance sheet has been prepared in accordance with International . Financial
Reporting Standards (“IFRS”). The accounting policies set out below have been applied

consistently to all periods presented in these financial statements.

In preparing this balance sheet, the Company has adopted IFRS 7 (Financial Instruments:
Disclosures) and IAS 1 (Presentation of Financial Statements - Capital Disclosures). The.
adoption of IFRS 7 and the amendment. to IAS 1 impacted the type. and amount of .
disclosures made in the balance sheet, but had no impact on the reported profits or
financial position of the Company. In accordance with the transitional requirements of
the standards, the Company has provided full comparative information where the
information is readily available.

(b) Basis of measurement ;
This balance sheet has been prepared on the historical cost basis except where otherwise
noted below.

(c) Functional and presentation currency

This balance sheet is presented in United States dollars (“US$”), which is the Company’s
functional currency. Except as indicated, financial information presented in US$ has
been rounded to the nearest thousand. ,

)

FRIDAY, JUNE 12, 2009, PAGE 7

(d) Use of estimates and judgements *

The preparation of the balance sheet in conformity with IFRS requires management to
make judgments, estimates and assumptions that affect the application of accounting
policies and the amounts reported in the balance sheet and the accompanying notes
These estimates are based on relevant information available at the balance sheet date ae
as such, actual results may differ from these estimates. -

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and
in any future periods affected.

In particular, information about significant areas of estimation uncertainty and critical
judgements in applying accounting policies that have the most significant effect on the
amount recognized in the balance sheet are described in notes 14 and 15.

(e) New standards and interpretations not yet adopted

®

Up to the date of issue of the balance sheet, the International Accounting Standards

_ Board has issued a number of amendments, new standards and interpretations which are

not yet effective for the year ended October 31, 2008 and which have not been adopted in
the balance sheet.

The Company is in the process of making an assessment of what the impact of these
amendments, new standards and new interpretations is expected to be in the period of
initial application. So far it has concluded that the adoption of them is unlikely to have a
significant impact on the Company’s results of operation and financial position.

Foreign currency translation

. Transactions in foreign currencies are translated at exchange rates prevailing at the dates
’ of the transactions. Monetary ‘assets and liabilities denominated in foreign currencies at

* the reporting date are translated to the functional currency at the mid-market exchange

rates’ at that date. The foreign currency exchange gain or loss on monetary items is the -
difference between amortised cost in the functional currency at the beginning of the

period, adjusted for effective interest and payments during the period, and the amortised

cost in foreign currency translated at the exchange rates at the end of the period.

(g) Property and equipment

Property and equipment are stated at cost less accumulated’ depreciation and provisions
for impairment losses.

The estimated useful lives are as follows:

Leasehold improvements - Term of lease plus one renewal option period
Furniture and equipment - 3 to 10 years

’ Property and equipment are periodically reviewed for impairment. Where the carrying

value amount of an item of property and equipment is greater.than its estimated
recoverable amount, it is written down immediately to its recoverable amount.

_ Depreciation methods, useful lives and residual values are reassessed at each reporting

date.

(h) Financial assets and liabilities

(i) Classification

Financial assets that are loans and advances to banks and.accrued interest receivable
are classified as loans and receivables.
ve tt .

Derivative financial instruments include interest rate swaps, total return swaps and
credit default swaps that are held for risk management. Financial assets and

liabilities that are derivative financial instruments and open forward foreign currency

contracts are considered to be financial instruments held-for-trading and are

classified as at fair value through profit and loss. .

Financial assets that are investments in funds have been designated as at fair value
through profit and loss.

Financial liabilities that are not held-for-trading include deposits and accrued interest
payable and other liabilities.

e

(ii) Recognition

The Company initially recognizes loans and advances and deposits on the date that
they are originated or accepted, as applicable. All other financial assets and liabilities
(including assets and liabilities designated at fair value through profit or loss) are
initially recognized on the date that the Company becomes a party to the contractual
provisions of the instrument.

(iii) Derecognition

The Company derecognizes a financial asset when the contractual rights to the cash |
flows from the asset expire, or it transfers the rights to, receive ‘the contractual cash
flows on the financial asset in a transaction in which substantially all the risks and
rewards of ownership of the financial asset are transferred. Any interest in
‘transferred financial assets that is created or retained by the Company is recognized
as a separate asset or liability. :

The Company derecognizes a financial liability when its contractual obligations are
discharged, cancelled or expire. = ~~--

(iv) Measurement

Financial instruments are measured initially at fair value plus, in the case of a .
financial asset or financial liability not at fair value through profit or loss, transaction
costs that are directly attributable to the acquisition or issue of the financial asset or
financial liability. ;

"Subsequent to initial recognition, loans and receivables and financial liabilities that
are not held-for-trading are carried at amortized cost less impairment losses where ‘ —
applicable using the effective interest rate method.

The amortised cost of a financial eee or liability is the amount at which the financial ,
asset. or liability is measured at initial recognition, minus principal repayments, plus
or minus the cumulative amortization using the effective interest method of any
difference between the initial amount recognized and the maturity amount, minus any
reduction for impairment where applicable. }

Subsequent to initial recognition, investments in funds, derivative . financial
- jnstruments, and forward currency contracts are valued at their fair values.

The fair-values of investments funds are determined by management based on the net
asset values per share as advised by the administrators of the funds.

- The fair value of forward currency contracts is the product of the difference between
"the. contract rate and the forward currericy rate from the reporting date to the
. settlement date and the notional amount of the contract.

The fair values of derivative financial instruments are determined by management
based on internal valuation techniques. Valuation techniques used include net
present value calculations, the discounted cash flow method, comparison to similar
instruments for which market observable prices exist, and valuation models. The
Company uses widely recognized valuation models for determining the fair value of
common and more simple instruments like interest rate swaps. For these financial
instruments, inputs into models are market observable.

Derivative instruments designated as “asset/liability management” are those used to’
manage the Company's interest rate and foreign currency exposures.

(v) Identification and measurement of impairment.

At each balance sheet date, the Company assesses whether there is objective
evidence that financial assets not carried at fair value through profit or loss are
impaired. ‘

Financial assets are impaired when objective evidence demonstrates ‘that a loss
event has occurred after the initial recognition of the asset, and that the loss event
has an impact on the future cash flows on the asset that can be estimated reliably.

The Company considers evidence of impairment at both a specific asset and
collective level. All individually significant financial assets are assessed for
specific impairment. All significant assets found not to be specifically impaired
are then collectively assessed for any impairment that has been incurred but not
yet identified. Assets that are not individually significant are then collectively
assessed for impairment by grouping together financial assets (carried at
amartised cost) with similar risk characteristics. :

Objective evidence that financial assets are impaired can include default or
delinquency by a borrower, restructuring of a loan or advance by. the Company
on terms that the Company would not otherwise consider, or other observable
data relating to.a group of assets such as adverse changes in the payment status of
borrowers.

Impairment. losses on assets’ carried at amortised cost are measured as the
difference between the carrying amtount of the financial assets and the present
value of estimated cash flows discounted at the assets’ original effective interest
rate.

. (i) Related parties

a

A party is related:to the Company if:

(i): Directly, or indirectly through one or more intermediaries, the party:

- Controls, is controlled by, or is under common control with, the Company
< Has an interest in the Company that gives it significant influence over the
Company;
(ii) The party is a member of the key management personnel, including directors and
officers of the Company and its shareholders.



PAGE 8, FRIDAY, JUNE 12, 2009 THE TRIBUNE

* (iii) The party is an entity that is controlled, jointly controlled or significantly influenced, . The Group Audit Committee is responsible for monitoring compliance with the Company's ;
by, or for which significant voting power in such entities resides with, directly or : tisk management policies and procedures. and for reviewing the adequacy of the: risk
indirectly, any individual referred to above. management framework in relation to risks faced by the Company. The Group Audit ©

Committee is assisted in this function by the Internal. Audit department of BNS. Internal
Audit undertakes ad-hoc reviews of the risk management controls and procedures. The
results are reported to the Board and the Group Audit Committee. ,

Credit risk

. A number of transactions are entered into with related parties in the normal course of
business. Balances resulting from such transactions are described as balances with
affiliates.

(j) Cash and cash equivalents
Credit risk is the risk of financial loss to the Company. if a counterparty to a financial
instrument fails to meet its contractual obligations, and arises principally from the Company’s
loans and advances to banks. The Company structures the levels of credit risk it undertakes
by placing limits on the amount of risk accepted in relation to each counterparty and

Cash and cash equivalents are financial assets with original maturities of less than three
months, which are subject to insignificant risk of changes in their fair value, and are used
by the Company in the management of its short-term commitments.





Cash and cash equivalents are carried at amortised cost in the balance sheet: , investment. Credit disciplines are-based on a division of authority, a centralized credit review
ae” VioaweQud advances banks system, a committee system for dealing with all major.exposures, and periodic independent
review by BNS. “
anointing i artisan . ;
2008 2007 Due to the nature of the Company’s business, concentration of credit. risk is managed by
($*000s) ($'000s) individual counter party limits and product limits: As.substantially-all of the Company’s
: loans and advances to banks are with affiliates, the risk of financial loss is considered low.
Loans and advances to banks : : : , a ls :
- affiliates . 2,575,973 - 1,996,715 ; . Market risk
~ other _ 239,884 245,374 Market risk is the risk that changes in market prices, such as interest rates, equity prices,
. 2,815,857 2,242,089 : or foreign exchange rates and credit spreads (not relating to changés in the obligor’s or issuer’s. -

credit standing) will affect the Company's income. or the value of its holdings of financial
instruments.- The objective of market risk management is to manage and‘control market risk. .
exposures within acceptable patameters, while optimizing the return on risk.

The effective interest rate earned on the loan portfolio for the current period was 3.69% (2007
— 4.39%). : , ,
4. Investment in funds

The Company’s objective with respect to its investments iin hedge funds'is to generate
attractive long term investment returns, as well as to hedge various derivative transactions
undertaken with affiliated companies. The Company may redeem its investments in funds

- Interest rate risk.” ; : Se ea :

“Interest rate risk arises when there is a mismatch between positions that aré subject to interest

according to’ the redemption policy of each fund. F-demptions are generally allowed oak _° rate adjustment within a specified period. It is the risk of loss from fluctuations in the future
monthly or quarterly depending on the fund. ; _ |. gash flows or fair values of financial instruments because. of a change in market interest rates.
. - Jaterest rate risk.is managed by gapping limits. which measure the term of the loans and :

5. Property and equipment d :
eposits.

Leasehold Furniture and The rates of interest, which approximate the effective yields of these balance sheet assets and







Improvements Equipment _- Total liabilities, were as follows:
. ($"000s) ($'000s) ($'000s) 4 i tees : ae eee : :
October 31, 2007 181 145 326 Pape gee eo er takin Sgt Me D5 hats ie Samia eg tae OORT EEE eae Te
Additions ; 8 B 8 / re : ; yeas ee {
October 31,2008 8S 88 gates Oye
re "0.25% - 6.10% © 4.28% -6.10% ©
Accumulated depreciation : : . Loans aad og ater ee , e ze : : :
October 31, 2007 4 9 13 * Liabilities ;.
Charge for the period 16 12 28 oo Lee 6.10% —-—-3.00% - 6.10%
October 31, 2008 20 a 7 Deposits DOL 6.10% ae ae Fi
/ Sensitivity of Market Risk Variable ir
al SON eal 169 124 293 . The changes in the interest rates'as noted: below are based on recently observed market
: ; . movements.. This. analysis assumes that all other variables, in particular foreign exchange
Net book value October 31, 2007 177 136 313 rates, remain constant. If interest rates decrease, net interest profits will decrease and

shareholders equity will decrease. If interest rates increase, net interest profits will increase

6. Accrued interest receivable and other assets : and shareholders equity will increase.



— Sr eT : a Increase/Decrease by 100bps 2008 Tncresse/Decrease by 100bps 2007 }
($'000s) ($'000s) : -Effect on Equity ie $ 2,300,000, : 1,800,000
Accrued interest receivable: , : ae tN NN
- Affiliates 18,146 18,325 , : Ps ress 2
- Other - 35 estes a : ,; fe any
Othrrassets: 28723 6,604 Currency risk is the risk that the fair value or future cash flows of a financial instrument will |
: 46,869 24,964 ; fluctuate because of changes in foreign exchange rates. Oe Be : e
; The table below shows the Company’s assets and liabilities at carrying amounts, categorized ° :
7. Deposits * : by currency. ava ee TE ge os |
* . : oe : ti
ak. oF : : BSD USD EUR.. ‘Total:
oo SOS) = . ($'000s).__-($7000s) __($'000s)__($"000s)
Deposits from affiliates 3,737,669 2,091,531 ~ October 31, 2008: A
Deposits from other banks ay 141,126 172,072
; Assets : ‘
‘ Loans and advances to banks = 2,815,857 - 2,815,857
es eee ae ee eile SIS 27203 00). Derivative financial instruments | hat “a 1 10,525 2 ‘43,787 154,312
Ashe Unrealized gain on open forward : : :
Cha : : Bsa : currency contracts. SS ERIS eS 4,135
The effective interest rate paid on deposits for the current period was 3.28% (2007 — 4.39%). Investments in funds ; =e 855,382 317,515 1,172,897
8. Accrued interest payable and other liabilities " Investments pending settlement 7 COS ZBIT. Soe. esi: 2877
: Property and equipment ; : - 293 : a;Pve : 293
Ta yy yo Accrued interest receivable and other assets = “41,032... -.5,837 46,869
* 2008 2007 Total assets me 293 3,829,808 367,139 4,197,
: ($'000s) ($’000s) : : : stata : '
: - ; Liabilities eps thesia ns .
Accrued interest payable: iS ; : : Derivative financial instruments : - 62,322 as 62,322
~ affiliate banks 13,259 12,596 Unrealized loss on open forward TPP a BS te tad SE, ae
— other ; i 1,415 * 2,083 _ currency contracts Sh Seay “6,787 => 2) 6,787
Other liabilities : ~ 26,482 _ TAS ; y ; Deposits : ; saat = °° 3,984;425° 294,370. .3,878,795
41,156 15,424 : : Accrued interest payable and other liabilities 94 39,555 1,507. 41,156
9. Share capital as Set | Net exposure 199 36,719 208,180
: 2008 2007. Cc sek NS3
($'000s) ($'000s) urrency risk |
= 3 s ete LS
Authorized, issued and fully paid: ; . . : . BSD. USD ~ Other Total
10,000,000 ordinary shares of par value US$1.00 each 10,000 10,000. oe : ($:000s) ($°000s) - ($'000s) ($'000s)
10. Share premium \ : : October 31, 2007:
—$— — Assets : PLP . ate
2008 2007 Loans and advances to banks a=. 2,242,089: = 2,242,089
($’000s) ($'000s) ~ " - Derivative financial instruments ee ~ 2,646. - 2,646
, ; . Investments in funds - _ + 42,009 - 11,588 53,597,
10,000,000 shares issued at a premium of US$1.50 each 15,000 15,000 ‘Investments pending settlement = 2) 32,0000. = 32,000
; : Property and equipment : 313 * fs mare Tonge 313
Accrued interest receivable and other assets 55 _ - 24,662 247: - :.24,964
Total assets ~ 368 2,343,406 11,835 2,355,609

11. Geographical analysis of assets.and liabilities

Significant assets and liabilities at October 31 may be analyzed by geographical area, based
on the residence of the counterparty, as follows: a “

|



BSD- 0). USD. 6 Other... Total
; ; ; ($0008) ($000s)_- ($'000s) ($'000s)
The ; North 4 i : Ty a Ge eee
Bahamas Europe America Other Total ; : October 31, 2007:
($'000s) ($7000s) _- ($'000s) ($°000s) ($°000s) ; :

Liabilities
October 31, 2008: ; Derivative financial instruments 2 SREIG I oS 4,476
: Deposits from banks ' LL .9.952,015 11,588 2,263,603
nhac ecadch 541,810" 236,000_ 739,884 1,798,163 28550 Accrued interest payable and other liabilities 13 15,300 Ill. 15,424
; as tal liabilities "43. 2,271,791_-11,699 283,503.
Deposits _. 760,537 20,000 154,873 2,943,385 3,878,795 . Total bites eee
October 31, 2007: Net exposure 355. : 71,615 .. 136 72,106
ober ? : : i
Loans and advances to banks 590,474. 150,000 245,374—_—-_1,256,241”_ 2,242,089

Deposits 719,390 - 125,492 1,418,721 2,263,603

Liquidity risk :
+ avidity risk is the ri i ifficulty in meeting obligations
Substantially all of the Company’s employees are members of BNS’ defined benefit pension Liquidity risk is the risk that the Conan pated coe Dead Nat . 3 Cons at)
plan. The plan provides pension benefits based on length of service and final earnings with : from its financial liabilities. The aera they fal tig. aivder both sorvial-and
contributions being made by BNS on an ongoing basis to keep the plan fully funded. All : is able to honour all oe cin . vdgndptablé Tosses “or YiskINg diihaae’ 40 the
rights and obligations of the defined benefit pension plan are borne by BNS. The last : stressed conitons; bik ee aay fteadats Ticuidity Gaing the followitig policies:
actuarial valuation of the plan was as of November 1, 2006 and based on that independent Company’s reputation. The Company
valuation, the plan was fully funded. An actuarial valuation is performed on the plan at least
once every three years. All actuarial information relating to this scheme can be found in the. ; sia ple ines stable base of core deposits from counterp a iecand

consolidated financial statements of BNS.

12. Pension plan ; :

© measuring and forecasting cash commitments;

; iversifying funding sources
The Company also participates in a contributory plan established by BNS covering some e diversifying 8
employees. As of October 31, 2008, this plan is also fully funded.

13. Global Employee Share Ownership Plan

The Company participates in the Global Employee Share Ownership Plan (““GESOP”) of , Liquidity risk

BNS, which allows employees of the’ Company to contribute between 1% and 6% of their : ; : : ; ‘ . ; : hes

annual salary. The contributions are used to purchase shares in BNS, on the Toronto Stock, ba alas Acneae ee ee as. tS-primary, eae of funding. These

Exchange at the prevailing market prices on a semi-monthly basis. The Company. matches ; / ; : a a eae eee t ‘ ani r large eat ° them are reeevalle .

fifty percent (50%) of the employees’ contributions and this vests. with the employees after ; : mand. 1) ; ese leposits increases U 1e ompany s liqui ity Tis an
‘cipation in GESOP: se ss ae the Company: actively manages this risk through maintaining competitive pricing and

pga , constant monitoring of market trends. : : :

; : : . oe The key measure used by the Company for managing liquidity risk is the ratio of net liquid
14. Financial risk management ; woe ; assets to deposits from customers. For this purpose, net liquid assets are considered as
including cash and cash equivalents and investment securities for which there is an active and

The Company has exposure to various types of risks from its use of financial instruments. men
The most important types of financial risk to which the Company is exposed are market risk, liquid market less any deposits from banks, other borrowings and commitments maturing
within the next month. A similar, but not identical, calculation is used to measure the .

credit risk, liquidity risk and operational risk.
Company’s compliance with liquidity limits established by the Company’s lead regulator, the

The nature and extent of the financial instruments outstanding at the balance sheet date and Central Bank.of The Bahamas (‘‘the Central Bank”). Details of the reported Company ratio
the risk management policies employed by the Company are discussed below. of net liquid assets to deposits from customers at the reporting date and during the reporting
The Board of Directors (‘the Board”) has overall responsibility for the establishment and period were as follows:

oversight of the Company's risk management framework. The Company has an Investment
Committee which identifies and recommends investments which are passed on to BNS Risk
Management Committee for advice and counsel. The Board is responsible for developing

. and monitoring the Conipany’s risk management policies. The Board has both executive and
non-exécutive members. , .





THE TRIBUNE

15.



1-3 3-12 1-S 5 Years

Months Months ~* Years & Over Total

($'000s) ($°'000s) ($°000s) — ($'000s) ($°000s)
October 31, 2008:
Assets
Loans and advances to banks 2,065,305 318.420 343,999 88.133 2.815.857
Liabilities
Deposits 3,295,564 544,916 36,823 1,492 3,878,795
Net Liquidity gap (1,230,259) (226,496) 307,176 86,641 (1,062,938)
October 31, 2007:
Assets
Loans and advances to banks 1,558,527 . 413,669 213,909 55,984 2.242.089
Liabilities
Deposits 1,806,555 322,154 133,402 1,492 2,263.603
Net Liquidity gap (248,028) 91,515 80,507 54,492 (21,514)

Operational risk
Operational risk is the risk of direct or indirect loss arising froma wide variety of causes
associated with the Company’s processes, personnel, technology and infrastructure and from
external factors other than credit, market and liquidity risks such as those arising from legal
and regulatory requirements and generally accepted standards of corporate behaviour.
Operational risks arise from all of the Company’s operations.
The Company's objective is to manage operational risk so as to balance. the avoidance of
financial losses and damage to the Company’s reputation with overall cost effectiveness and
to avoid control procedures that restrict initiative and-creativity.
The primary responsibility for the developing and implementation of controls to address
operational risk is assigned to senior management within each business unit, This
responsibility is supported by the development of overall Company standards for the
management of operational risk in the following areas: ~ .

© requirements for appropriate segregation of duties, including the independent

authorization of transactions
e requirements for the reconciliation and monitoring of transactions

¢ compliance with regulatory and other legal requirements

e documentation of controls and procedures

e requirements for the periodic assessment of operational risks faced and the adequacy

of controls and procedures to address the risks identified

e requirements for the reporting of operational losses and proposed remedial action

e development of contingency plans

e training and professional development

e ethical and business standards

e risk mitigation, including insurance where this is effective.
Compliance with Company standards’ is supported by a programme of periodic reviews
undertaken by Internal Audit. The results of Internal Audit reviews are discussed with the
management of the business unit to which they relate, with summaries submitted to the Group
Audit committee and Board of Directors.

Derivative financial instruments

Derivative financial instruments are financial contracts whose. value is derived from interest
rates, foreign exchange rates or other financial or commodity indices. Most derivative
instruments can be characterized as interest rate contracts, foreign exchange contracts or
equity contracts. Derivative instruments are negotiated over- -the- counter contracts and include
swaps and forwards. These transactions are primarily facilitated through Scotia Capital
Market (USA) Inc. (“SCM”). The Derivative Products Group of SCM also provides internal
hedges in the form of swaps or options to minimize the Company’s net market risk.

The Comipany enters into these derivative instruments to accommodate the risk management
needs of its customers and for asset/liability management purposes.

The following table provides the aggregate notional and fair value amounts of derivative
financial instruments outstanding:











Notional Fair Values
Amount Assets Liabilities
($‘000s) . ($000) ($‘000)
October 31, 2008:
: Interest rate swaps 94,536 227 3,794
Total return swaps 1,379,573 150,279 54,776
. Credit default swaps o..¢ peo s ae 40,000 3,806. ; 3,752
Seeaticsie cua eaten patente | “1,514,109°> © 154;312-~ 62.322
Notional _ Fair Values
Amount ° Assets Liabilities
($‘000s) ($‘000) ($‘000)
October 31, 2007:
Interest rate swaps 81,034 - 930
Total return swaps 176,022° 2,646 3,546
257,056 - ‘ 2,646 4,476

>

FRIDAY, JUNE 12, 2009, PAGE.

During the year, the Company entered into intermediated derivative contracts with affiliated
companies, BNS Toronto and Barbados, to assist both parties with hedging various interest
rate, credit default and total return risks. The fair value-of- these derivative financial
instruments at October 3i, 2008 is as follows and is included in derivative financial |
instruments above:





Fair Values
Assets Liabilities
($‘000) ($‘000)
Instrument Type ,
Interest rate swaps 94 iz
Credit default swaps 3,806 3,752
Total return swaps \ ‘ 3,625 -

Forward ,Currency Contracts

The Company entered into non-deliverable forward currency contracts at October 31, 2008:







Currency Amounts Currency Amounts Settlement Unrealised
sold sold purchased purchased dates Gain/Loss” .
($°000s) ©
CAD 130,000 JMD 8,662,573 _ Apr - Oct, 2009 2,134
CAD 100,000 USD 77,736. Jan— Apr, 2009 2,001
Total unrealized gains on open forward currency contracts ; 4,135
CAD 90,000 JMD 6,064,746 Jan -Apr, 2009. 2,507
CAD 122,000 PEN 333,521.‘ Jan - Jul, 2009 4,280
Total unrealized loss on open forward currency contracts . 6,787

17. Fair value of financial instruments

Fair value amounts represent estimates of the consideration that would be agreed upon
between knowledgeable willing parties who are under no compulsion to act ‘and. is best
evidenced by a quoted market price if one exists. The majority of the Company’s financial
instruments are carried at fair, value and are adjusted to reflect increases or decreases in fair
value due to market fluctuations, including those due to interest rate changes.

Derivative financial instruments, forward currency contracts, and investment in funds are
carried at:their market values, which are considered to equate to their fair values.

The fair values of loans and‘advances to banks and deposits approximate their carrying
values, which are at amortised cost, due to the fact that, their short term nature and interest
rates earned or paid approximate rates otherwise available to the Company for similar
facilities. : _

All other financial -assets and liabilities are short term in nature and their carrying values are,
considered to equate to their fair values.

18. Lease commitments

The Company has obligations under a commercial lease for office space for a five year term
expiring February 28, 2012 with two consecutive options to renew for a further 4 and 5 year
term respectively. The future minimum basic rent under this agreement is $138,276 per year
for the first three years of the lease.

SSS SS



2008 2007

($’000s) ($’000s)
1 year or less 138,276 138,276
Over 1 year to 5 years 322,644 491,648
460,920 629,924

SS SSS SS SS

19, Capital Management

Regulatory Capital -
The Company’s lead regulator, the Central Bank, sets-capital Feiquirernenta for the ona.

In implementing current capital requirements, the Central Bank requires the Company to
maintain a prescribed ratio of total capital (including contributed capital and retained

earnings) to total risk weighted assets or total assets.

The Company's policy is to maintain a strong capital base so: as to maintain creditor and
market confidence and to sustain future development of the business. The Board of Directors
monitors compliance with the capital requirements on a quarterly basis.

19. Capital Management (continued)

y
o

The Company has secured a letter of comfort from the Parent to bolster its capital if fenarea’
The Company’s capital base, together with the letter of comfort, was sufficient to satisfy all
externally imposed capital requirements throughout ‘the period. There have been no material
changes in the Company’s management of capital during the period. :

. Corresponding figures ‘
Certain corresponding figures relating to investments in funds and derivative financial
instruments have been reclassified to coptord with the financial statement presentation
adopted? in the current year.

Come ety

AS

ee

CES

emia
Sales Department
502-2394





PAGE 10, FRIDAY, JUNE 12, 2009

THE TRIBUNE



Two men found guilty
of armed robbery,

shooting woman officer 3

FROM page one

also charged with causing griev- :
ous harm; possession of a:
firearm with intent to endanger :
the life of another; possession :
of a firearm with intent to resist :
lawful arrest and causing harm. }

On Wednesday, Miller and :
Williams were found guilty of :
the offences. Mackey, who pros- :
ecutors alleged aided in their :
getaway, was unanimously ;

found not guilty.

The trial was heard before :
Justice Jon Isaacs. Mackey was :
represented by attorney Mur- :
rio Ducille, Williams was rep- :
resented by Dorsey McPhee :
and Miller represented himself. :
Vernal Collie, Ambrose Brown }
and Lennox Coleby prosecuted :

the case. Miller and Williams :
are expected to be sentenced }

on June 25.

FROM page one

comment on the impact of the
sick-out yesterday.

Mr Ingraham chastised the
union’s leadership during his
contribution to the budget
debate, saying he was confused
as to why the union was
demanding pay increases in such
dire economic circumstances.

Mr Ingraham said that in
order for him to give these rais-
es he would have to cut costs
elsewhere.

However, there is some sug-
gestion that not all of the union’s
membership are entirely sup-
portive of the sick-out.

Some members claim that at
a meeting yesterday, some of
the union executives said work-
ers who refused to support the
union, whether by opting out of
the industrial action or-other-
wise, would be “dealt with most
severely.”

Members also claimed that

Sick-out

union leaders also said they
would do everything in their
power to “grind” them if they
fail to lend support.

Bahamas Utility Service and

Allied Workers Union president
Carmen Kemp took responsi-
bility for both remarks, but said
union members misunderstood
her.

She said: “They took it out of
context and I understand that a
portion of what I said was cir-
culated.

“But I know exactly what I
said, and all I said was that
something has to happen in
order for us to get this matter
resolved, and if it means that we
have to take industrial action
we have to take it.”

Delgardo Forbes, a water
quality technician who said he
ran for president of the union
in June and lost to Ms Kemp by
just over 20 votes, admitted to

sending an e-mail to union
members informing them of Ms
Kemp’s comments.

He said: “What she is doing is
threatening members with
action if they don’t support her,
and the basic perception is that
she’s going for the members’
support in the wrong way.

“She’s basically putting the
members in a position where if
they don’t support, she’s going
to take action against them —
that.is blatantly what she said

in the meeting and it is against
the industrial relations act.”
Mr Forbes added: “I support
the union 100 per cent but my
problem is with what they are
trying to achieve, in an eco-
noniic downturn it’s not realistic.
“We want the anomalies to
be fixed so everyone is getting a
fair day’s pay for a fair day’s
work, and the government has

. already said they are willing to

fix the anomalies so there is no
need for action.”

Ms Kemp said. she simply
wants government to meet with
the union to conclude contract
negotiations.

“Right now we are not ask-
ing anything except that we
return to the table, so we can
conclude our contract, and

' things can return to normal,”

she said.

Industrial action came after
government failed to respond
to two letters from the union,
Ms Kemp said.

FROM page one Government responds to allegations

pointed to a case where a

Freeport company was awarded a con-
tract to provide “hydro-seeding” for the
Marsh Harbour International Airport
over Bahamas Hot Mix because its bid:
was over a million dollars cheaper.

Mr Grant was responding to com-
ments made on Wednesday by PLP
chairman Glenys Hanna Martin and PLP
MP for West End and Bimini, Obie
Wilchcombe in the House of Assembly
on Wednesday as he contributed to the

2009/2010 budget debate.

Mrs Hanna Martin had earlier said
that the PLP is “concerned that the mem-

Neko Grant



the payment of any mobilisation or oth-
er payment” — not necessarily before
the contract is awarded.

Meanwhile, he emphasised that
Freeport Nursery and Garden Supplies
‘Co. Ltd (FNGS) was initially selected
because its bid was less than the $1.4
million offered by Bahamas Hot Mix, as
; well as cheaper than the in-house esti-
mate by the Ministry of Works of
$553,000 for this work.

“These bids went to the tenders board
and were subsequently approved by Cab-
inet, and the reason is obvious,” he said.

In an interview outside parliament,

ber for St Anne’s (Brent Symonette), who I am
advised is a beneficial owner of Bahamas Hot Mix,
sits around a Cabinet table which has over the last
several months awarded millions of dollars in pre-
cious public funds to that company for public works
in our country.”

Meanwhile, speaking on a separate matter, Mr
Wilchcombe alleged on Wednesday that the
Freeport company — Freeport Nursery and Gar-
den Supplies Co. Ltd — to whom the Ministry of
Works had awarded the $392,552 “hydro-seeding”
contract over Bahamas Hot Mix, had not presented
the Ministry with a valid business license or evi-
dence of registration with the National Insurance .
Board.

But Mr Grant responded that it is the Ministry of
Finance and the Ministry of Works’ policies that
contractors present them with a valid business
license and evidence of NIB registration “prior to

Mr Grant questioned how the Grand Bahama MP
“could possibly suggest” he had “his hand in the
cookie jar” when the contract awarded to FNGS
was $162,000 cheaper than what the Ministry of
Works had estimated it to cost and over a million
dollars less than the next bid.

“There was nothing untoward,” he said.

Inside parliament he read a letter sent to him on
the same day that Mr Wilchcombe made his alle-
gations, from Knox Russell, the owner of FNGS, in
which Mr Russell said he “wished to confirm” that
he was requested to provide his business license
and NIB registration letter.

Noting that he intended to “take the steps nec-
essary to bring the job in on time, according to
specifications and within budget,” Mr Russell
announced in the letter that he wished to “with-
draw” his bid in light of “recent developments” —
apparently referring to the parliamentary ruckus.

_ A statement from PMH chief
hospital administrator Coralie

ily have spoken out about their
humiliation over the claims.

Police Commissioner Reginald
Ferguson told The Tribune yes-
terday: “Whatever allegations
were made are no longer valid so
there is no need to pursue that.

“IT don’t want to comment on
why the hospital made the rec-
ommendation.

‘We did what we had to do and
I am sure we were correct in what
we did.”

Police are now awaiting the.

pathologist’s report with details
of the baby’s condition when she
died.

Mr Ferguson said: “We have
the death certificate. that says
what was wrong with the baby

and it didn’t say anything about’

molestation, but certainly I think
the pathologist's report will have
more details.

“That is the only vital informa-

FROM page one —— PMH tight-lipped

tion we are awaiting, and IJ think
given the circumstances, we can
see where that’s going,

“But I don’t want to be speak-

ing out of turn before I comment

on it.”

Lynera Saunders’ mother
Indera Minns, 20, her grand-
mother and great-grandmother,
told the press on Wednesday how
they were devastated by the
claims, and maintain the child was
never vulnerable to abuse.

Family attorney Paul Moss said

the child was taking antibiotics’

and had been suffering from diar-
thoea. Irritation caused by the ill-
ness may have been: misinter-
preted as a sign of sexual abuse,
he said.

However, the hospital has so
far failed to supply details about
how medical staff could have
made such a mistake.

Adderley said: “The Princess
Margaret Hospital wishes the
public to.know that we respect
the rights and privacy of all
patients and clients who receive
care at our hospital.

“Issues directly related to the
patient care are discussed only
with the patient, their caregivers,
other parties with prior authori-
sation from the patient, and oth-
er appropriate agencies.

“On June 5, the five month old
in question was cared for by a
team of senior house officers and
consultants from the paediatric
and emergency room at the hos
pital.

“The medical team followed
established clinical protocol with
respect to treatment and contact-
ing the police.

“The autopsy report, when
completed, will be forwarded to
the appropriate agencies.”

Electrojack Business Centre Rose Ln. -
West of KFC(Mackey St.) Drive Thru 395- 6897 ©

Also Available @:

FROM page one

there were no alterations," she said.

She maintained that the scoring process was not
flawed, insisting the whole process was "impartial"
and "transparent" while pageant media director
Clint Watson said it was not uncommon in the
pageant world for members of a pageant committee
to sit on the judging panel.

Despite these objections 25-year-old singer Kiara
Sherman remains the current Miss Bahamas Uni-
verse.

“After independently reviewing the ballots and
methodology from the 2009 Miss Bahamas Uni-
verse Competition we have been able to verify the
results of this year’s competition. Keira Sherman is
the winner and will represent the Bahamas at the

Miss Bahamas Universe Pageant

2009 Miss Universe Competition at Atlantis,
Paradise Island,” a statement from Paula
Shugart, President of the Miss Universe Organi-
sation read.

A flurry of controversy erupted immediately
after the airing of the local pageant, with officials at
the centre of claims that the results were rigged
and that the scoring process was not transparent —

-these claims were denied by Ms Rolle.

A photograph of Miss Bahamas Universe Kiara
Sherman was also circulated after the pageant,
showing her with what appeared to be a wardrobe

‘malfunction. Pageant officials later said the image
-was doctored and they were investigating its release

and circulation.

Electrojack Town Centre Mall 3566206
Cynerjack-Mall@ Marathon - 3946254 /5
Gadgets & Gears- Mall@ Marathon - 3937781/2

GEOFFREY

ED — to reduce cost: and
| convenient option to stack or

wash basket, this dynamic |
duo gets ‘the job done in half
) the time and with half the
energy while utilizing space.



jivering Coating - you.
increase efficiency. With the

sit side by side, anda king size _ |

Come in. to Geoffrey Jones
today, with 4 exciting colours
to choose from (metallic red,
metallic silver, black & white)
we are sure to find what works



\

FROM page one

He said. officers have joined
locals and the Defence Force in a
wide-ranging search of the area
around the remote Smith’s Hill
settlement, and that K-9 units had
been flown:in from Nassau.

©2008 CreativeRelations.net

Missing brothers

“We take this situation very
seriously, and let me assure the
family that no effort will be
spared. We know-how critical the
situation is, and we are searching
vigorously and hoping and pray-
ing that they are found — alive if
possible,” the officer said.

Deangelo, 9, the elder of the -

two boys, lives in Andros with his
grandparents, while his little

brother, Marcelo, 5, who lives in
Nassau with his parents, was vis-
iting for a few days.

On Tuesday night, the two
boys left the house to hunt for
crabs. They have not been seen or
heard from since. ;

When night fell, worry began to
set in.and the grandparents and
members of the community
began to search.for them.

Officers from the Kemp’s Bay
police station were alerted and
joined the search the next morn-
ing.

Royal Bahamian Resort & Offshore Island

Invites application for the following position:

GROUNDS MANAGER

‘The successful candidate should have the

following qualifications

* Supervise the day to day maintenance of the

grounds

Work directly with landscape contractor
Report to General Manager & Hotel Manager
Knowledge of plants, insects, disease,
Irrigation pesticides, fertilizers

Minimum 3 years experience

Sales & Full Service Department Rosetta & Montgomery Streets 322-2188/9

JONES & CO

Applications should be email to:
mrcampbell@grp.sandals.com

— You'll wonder how NL ALLS LLL





TRIBUNE SPORTS

FRIDAY, JUNE 12, 2009, PAGE 11
SPORTS



Bain drafted
to the Majors

FROM page 13

milestone.

“We pray God’s continued
blessing in his future endeav-
ors, whether its at the colle-
giate level or in the profes-
sional ranks,” Sweeting said.

In August, 2007, Bain Jr.
left the Bahamas to enroll at
Trinity Christian Academy.
He performed exceptionally
well down the stretch after
coming off an injury at the

beginning of the season.

Prior to leaving, Bain
attended CV Bethel. He had
transferred from Nassau
Christian Academy where he
guided the Crusaders to the
Bahamas Association of
Independent Secondary
Schools’ junior boys softball
championship.

As he look ahead to his
future, Bain, who moved to
the outfield when he went to
Trinity, admits that he need
to work on his “all-around
game, both defensively and
mentally.”

Right now, he’s working
‘out with his peers at Free-
dom Farm in preparation for
their trip to the Little
League Caribbean Zone Big
League Tournament from
June 19-28 in Maracaibo,
Venezuela.

Has all of this accolade
changed Bain, who will
probably get a little more
attention at practice?

“Not at all,” he insisted.
“I don’t feel any different. I
still feel the same. ’'m not
looking at myself as any dif-
ferent from any other player.

“T just want to go out
there and be the best player
that I can be.”

The trip to Venezuela
should just add to his
resume, especially if the
team can successfully win the
title. | ,

When asked about his
expectations for the team,
Bain noted:

“I’m looking forward to
going to Venezuela and I’m
looking. forward to us win-

ning. We should be able to . :

walk away from the tourna-
ment with the title because
we have been together.for a
while and we know each oth-
er and we compliment each
other very well.” —~

Although he have a major
decision to make for his
future, Bain said he will take
it in his stride.

“T want to focus on going
to Venezuela and winning
the title,” he ‘said. “Once I
get back, the Philadelphia
Phillies and I will decide on
what direction we will go in.”

Bain, one of 49 players
selected by Philadelphia, is
listed on the Phillies’ web-
site as a right-hander, who
bats right hand. He stands at
6-feet, 3-inches and weighs
180 pounds.

INSIGHT

For the stories

behind the news,
ic=Â¥-lo Mp K(0 01g
on Mondays








@ BASEBALL
ATLANTA
Associated Press

ANDY LaRoche hit a two-out, two-

run single in the ninth inning and the

Pittsburgh Pirates beat the Atlanta

Braves 3-1 Thursday to split the four-

game series.
LaRoche leaned forward to slap a 3-

2 pitch from Rafael Soriano (1-1) up

the middle for the tiebreaking hit.
Steven Jackson (2-1) pitched a score-

less eighth and Matt Capps worked a’

perfect ninth for his 15th save.

Atlanta’s Javier Vazquez gave up
only two hits and one run in eight
innings. He matched his season high
with 12 strikeouts and took over the
NL lead with 105.

Andrew McCutchen led off the Pitts-
burgh ninth with a single, moved up
on a sacrifice and took third on a
groundout. Adam LaRoche was inten-
tionally walked and advanced to second
without a throw on ball three to his
brother.

Andy LaRoche followed with his go-
ahead hit.

Braves manager Bobby Cox was
ejected by first-base umpire Brian
Knight in the bottom of the ninth fora
call that Kelly Johnson ‘was out at first.
Cox was tossed after throwing his cap
to the ground, and it was the second
time he came out of the dugout to
argue a call by Knight.

Vazquez, who did not walk a batter
for the second straight start, gave up a
fifth-inning homer to Delwyn Young

$3 WWW] QQ 0 5” 6 :"® lvl.’ WE vv" .,w.q]DD, 0Q 0 o ° ”” °° ° 8 I ° ee ee ?°FP '"'B' wvynynyy_ 1 rr 9

- Kirsty Wigglesworth/AP Photo

Despite bomb threat,
Roddick wins at Queen's

”

@ TENNIS
LONDON =:
Associated Press

AFTER the start of the
match was delayed by a bomb
threat, Andy Roddick defeated
Lleyton Hewitt 7-6, 7-6 Thurs-
day to advance to the quarter-
finals at Queen’s Club.

Tournament officials, who
initially said the match was °
being delayed because of tech-

Visit the AUTO MALL on Shirley Street
and test drive the new Toyota Camry.

Andy LaRoche’s
- 9th-inning hit
~ leads Pirates



nical issues, disclosed that a
spectator had discovered a
bomb threat message pinned
to a wall. However, a security
sweep found nothing.

While waiting for about 20
minutes, the two former cham-
pions chatted at the net.

“Obviously, your concern is
making sure everyone is safe,”
Roddick said. “There wasn’t
really much to be done, and I
know they were trying to
decide what they were going

All new Toyota vehicles are backed by a 3-year/60,000-mile factory warranty.

anda second-inning single to Andy

LaRoche. °

Vazquez, who has a 3.31 ERA, has a
loss and two no-decisions in his last
three starts despite allowing a com-
bined total of four runs.

Paul Maholm gave up four hits and
one unearned run in seven innings. He
set a season high with eight strikeouts
and walked three in his sixth no-deci-
sion in his last eight starts.

An error helped the Braves take a 1-
0 lead in the fourth. With two outs,
shortstop Jack Wilson couldn’t field a °
grounder by Matt Diaz. Diaz stole sec-
ond and scored on Jeff Francoeur’s sin-
gle.

The Pirates pulled even in the fifth
on Young’s first homer of the season.



e Pirates RHP Charlie Morton, who
lasted only one inning against the
Braves on Wednesday night before
leaving with tightness in his right
hamstring, said he still felt minor dis
comfort on Thursday. He hopes to
make his scheduled start on Tuesday
-at Minnesota.

¢ Young’s homer was the fourth of his
career. His only homer with the Los
Angeles Dodgers in 2008 came on.
June 24 against the Chicago White Sox.



¢ Diaz had two steals. His only other

game with two stolen bases came on
May 24, 2006, at San Diego. He has

three steals this season.

John Amis/AP Photo

PITTSBURGH Pirates’ Paul Maholm works against the Atlanta Braves during the first
inning of a baseball game, Thursday, June, 11, 2009, in Atlanta.



ANDY Roddick i

oF USA Hives Bahamas Junior

ior ea as National team gets set
return to Ley- for FIBA Americas ©
ton Hewitt of

Australia during

FROM page 13
their Queen's . J

Club grass as a member of a junior
court champi- national team after a silver

i medal winning performanice
pnsius Garter. in the high jump at the Carif-
match in Lon- ta Games in April.

“T feel good because mak-
ing this. national team will
help my overall game to
improve and make me focus
on my weakness when I get
on the floor,” he said, “I
heard the competition is very
tough because we are going

‘ against the best in our region
like the USA, Puerto Rico,
Canada, but I will do my part,
the team will come together
and hopefully we will come
back with the gold.”

The team will be led by
Head Coach Quentin Hall
who will be assisted by Scott
Forbes.

Michael Carey Sr. will trav-
el as team manager while
Leah Rolle will‘serve as the
team nurse.

BBF executives Jurelle
Nairn and Sean Bastian along
with referee Lafred Gaitor
will also accompany the team.

The Bahamas opens the
tournament June 17th against
Argentina, followed by
games against Canada and
Mexico on the ensuing days.

Playoff rounds begin
June 20th.

don, Thursday,
June 11, 2009.
Roddick won 7-
6, 7-6.

\

Querrey 6-4, 4-6, 6-3 in an all-
-American match. Andy Mur-
ray also reached the quarterfi-
nals with a 6-4, 6-4 win over
Guillermo Garcia-Lopez.

American Mardy Fish
defeated Feliciano Lopez 6-1,
6-4, and Juan Carlos Ferrero
advanced with a 6-4, 7-6 win
over Xavier Malisse.

Neither Roddick or Hewitt
was able to gain an edge, with
only one break point in the
entire match.

Roddick was taken to deuce
twice before holding to lead 4-
3. In the second set, the sec-
ond-seeded American faced a
break point as Hewitt led 4-3,
but the 15th seed was pres-
sured into hitting a forehand
long.

to do. p

“Obviously, we were hoping
we were going to get a chance
to stay out there and play the
match, but that was a first for
me.”

After trailing 3-1 in the
tiebreaker, Roddick closed out
the match with his 18th ace to
earn a meeting with former
finalist Ivo Karlovic. The Croat
had 19 aces in a 6-3, 6-4 win
over Nicolas Mahut.

, James Blake outlasted Sam

. . .

>) TOYOTA moving forward

Wy

\
N Ny \

>

YY
ZA

\

7a

KS

When: a car becomes more.

Tea
SE

The Toyota Camry sets a new
global standard for safety. A
more comfortable cabin offers
superior design amenities,
generous legroom and a bigger
trunk. And the fuel-efficient
4-cylinder, 2400 cc engine
gives up to 34 mpg (EPA
highway rating). Available
options include V-6 engine,
and right or left hand drive.

Uilltttyyy
LZ

Vl

J

Wlltittiroe.

.
7
ss

.

Li
ZZ

a

AGN
bh

LZ
ZZ

ZZ
Ma ///

N





Auto Mall, Shirley Street (opp. St. Matthew's Church)
Open Mon to Fri 8am - 5:30pm ae
Sat 8am - 12ndon—

EXECUTIVE
MOTORS LTD

AUTHORISED TOYOTA, DEALER: |
Available in Grand Bahama at Quality Auto Sales (Freeport) * Queens Hwy, 352-6122 * Abaco Motor Mall, Don MacKay Blvd, 367-2916





PAGE 12, FRIDAY, JUNE 12, 2009

SPORTS

TRIBUNE SPORTS































AS the Bahan

ANDRAE WILLIAMS 92

EVENT: 200/400

PERSONAL BEST: 20.81/ 44.90

SEASON BEST: no mark/ 44.98

HEIGHT: 6' 1” (1.85cm)

WEIGHT: 185 Ibs (84 kg)

D.0.B.: July 12th 1983

AGE: 25

FAVOURITE BOOK: 7 steps to living at your
full potential, by Joel Osteen

FAVOURITE MOVIE: Mask of Jet Lee
FAVOURITE FOOD: curry chicken, white rice,
corn, macaroni, coleslaw, potato salad and
plantain.

MOM'S-NAME: Icelyn Williams

DAD'S NAME: D/C

HOMETOWN: Grand Bahama, Bahamas
NAME OF COLLEGE: South Plains Junior
College, transfer to Texas Tech University.
(Bachelors degree)

NAME OF HIGH SCHOOL: Jack Hayward
High

sociation of A
letic Associations’ National Open
Track and Field Championships drew
nigh, the public relations department -

HIGH SCHOOL COACH: Lender Malcolm, and
Emit Higgins

COLLEGE COACH: Lanch Bingham, and
Steve Silvey -

FAVOURITE FOOTBALL TEAM: none
FAVOURITE BASKETBALL TEAM: none
FAVOURITE TV SHOW: Martin

HARDEST WORKOUT: 600 break down
EASIEST WORKOUT: resting
Andrae Williams’ first national team for the
Bahamas was made in 2003 at the world
championship in Paris, France. Also that year
he made the Senior CAC and Pan American
Games team.

In 2004, Andrae made the Bahamas under 23
team, placing second in the men's 400m and
he was also apart of the 4x400m that finshed
second. -

Later that year, Williams ran in the 2004
Olympic Games in Athens, Greece where he
was a part of the men’s relay team that fin-

: wil featuite a number of the top ath-
letes as they prepare to compete from.
June 26-27 at the Thomas A. Robin-
son Track and Field Stadium.

f

ished seventh.

His next team was the 2005 CAC Games that
were held in Nassau where Williams finished
sixth in the open men's 400m, but came back
and helped the Bahamas to win gold in the
men's 4x400m.

That same year Williams ran the 400m at the
2005 World Championship in Helsinki. He did
not advance to the final, but he was apart of
the men's 4x400m that won the silver medal.
In 2006, Williams did not compete due to
injury. But in 2007 while running the first leg,
Williams helped the men's 4x400m relay to
clinch the gold at the Pan American Games in
Brazil.

Later that year, Williams ran the open 400m
at the 2007 World Championship in Osaka,
Japan where he made the semifinals, but did
not advance to the finals,

- However, once again at the same champi-

onships, Williams was apart of the men's





4x400m team that finished second.

Last year at the Beijing Olympic Games,
. Williams ran the third leg on the Bahamas
“men's 4x400m team that won the silver





















CHRIS BROWN 99

EVENT: 400m

PERSONAL BEST: 44.40 sec
SEASON BEST: 45.03sec
HEIGHT: 5'9”

AGE: 30
HOMETOWN: Trapan Bay, Eleuthera

NAME OF COLLEGE: Norfolk State Universi-
ty; Virginia

NAME OF HIGH SCHOOL: R.M. Bailey.

At the 2001 World’s in Edmonton, Canada,
Brown finished fourth in his heat, but did
not advance to the next round. In the 2003
World’s in Paris Saint-Denis, France, Brown
finished fourth in the semi-finals and again
did not advance to the 400m finals.

But in the 2005 World’s in Helsinki, Fin- final.

land, Brown made it to the finals, finishing Brown took home a pair of gold medals
fourth. At the 2007 World’s in Osaka, from the 2007 Pan-American Games in Rio
Japan, Brown, found himself chasing a de Janeiro. He finished first in the 400m in
pack of Americans and landing in the 44.85 and teamed with Andrae Williams,
Bahamian national record books. Avard Moncur and Michael Matheau to run
Chris Brown is hoping his fifth trip to the a 3:01.94. in the 4x400 relay, beating a
World Championship will be his charm to team from the United States (3:02.44).

win a medal. Since the 2004 Olympics in Athens, Brown
Also at the 2000 Olympic Games in Syd- has reached the 400m final in five major
ney, Brown finished. second in his heat of international competitions, but has yet to
the men's 400m in 45.80 but did not post a victory. In 2006, he took third at the
advance. In Athens in 2004, he finished World Indoor Championships in Moscow
third in his semifinal heat of the 400m in and fourth at the Commonwealth Games in
45.31, but again did not advance to the Melbourne.





D.OB.: May 28th 1988

AGE: 21

FAVOURITE BOOK: The Bible
FAVOURITE MOVIE: American Pie [all]
FAVOURITE FOOD: Curry

MOM'S NAME: Norma Williams
DAD'S NAME: John Williams

’ HOMETOWN: Grand Bahama,
Bahamas

NAME OF COLLEGE: South Plains Col-
lege

NAME OF HIGH SCHOOL: St Georges
High School

HIGH SCHOOL COACH: Kenton Rolle
COLLEGE COACH: Blaine Wiley
FAVOURITE FOOTBALL TEAM: Dallas
Cowboys -—

FAVOURITE BASKETBALL TEAM:
LAKERS!!!
FAVOURITE TV SHOW: Family Guy
HARDEST WORKOUT: 600 400 200

g
%
Z
CLALIT IT



LATOY WILLIAMS

EVENT: 200/400
PERSONAL BEST: 44.73
SEASON BEST: 21.66/ 44.73 400 600

HEIGHT: 6' 0” (1.86cm) EASIEST WORKOUT: DNNT HAVE
WEIGHT: 185 Ibs (84 kg) NONE

What are the highlights and shortcomings of the
2009/2010 Budget Communication?

How will it impact our economy, our edlucation,
health and security?
What does it mean to YOU?
What can we expect over the next six months?

Don't miss
THE FINANCIAL VOICE |
TOWN MEETING
On the 2009/2010 Budget Communication

Wednesday, June 17 at 8 p.m.

at Choices Restaurant, ,
COB School of Hospitality, Thompson Blvd.

Host: Jeff Lloyd

Panellists

Wendy Warren, CEO & Executive Director, BFSB
Anthony Ferguson, President, CFAL
Dr Duane Sands, President, Bahamas Medical Council
Capt. Randy Butler, President & CEO, Sky Bahamas
Frank Comito, Executive Director, Bahamas Hotel Association
Belinda Wilson, President, Bahamas Union of Teachers
Peter Blair, Ph.D. candidate, Harvard University
Vaughn Delaney, Deputy Managing Director, Bank of The Bahamas

.....complemented by the convenience
and practicality of a versatile station wagon.

Nissan Wingroads sporty new look is an
added bonus to the functionally superior
station wagon. With great features like a
fold down table for the driver and modern
_ Safety systems like Electronic Brake Force
distribution (EBD), this is the best solution
to your driving needs.

ABS Rear Reclining
Anti-lock Braking Seats

System
"SHIFT _the way you move usec

ON THE SPOT FINANCING WITH
_ COMMONWEALTH BANK

Headlamps

WINGROAD

ELITE MOTORS LTD. SANPIN MOTORS LIMITED
#289 Wulff Road Thompson Blvd. ¢ Oakes Field
PO. Box N-4904 t. 242.326.6377° f. 242.326.6315
t. (242) 394.4442 f.(242) 393-8238 e. sanpin@coralwave.com

Presented by The Counsellors Ltd.

INSURANCE AVAILABLE WITH
ADVANTAGE INSURANCE
BROKERS & AGENTS LTD.





Say
Say

THE TRIBUNE













gets set for FIBA

l™§ By RENALDO DORSETT
Sports Reporter

rdorsett@tribunemedia.net

A BUSY summer of interna:

tional competition for the

Bahamas Basketball Federation
begins with under 16 Boys’
squad which will test its mettle
against the best in the western
hemisphere.
The Junior National tea
begins play in the FIBA- Ameri-
cas Under 16 Championship,

_June 17-21 in Mendoza, Argenti- :

na. ‘

The eight team tournament

will feature eight teams with
Group A including the United
States, Puerto Rico, Venezuela,
Brazil and Group B includes the

Bahamas, Argentina, Canada

and Mexico.

Team Bahamas is led by
Houston, Texas prodigies 6’8”
forward Wannah Bail and 6’3”
point guard Michael Carey Jr.

Both players star at The Vil-

lage School in Houston are .

amongst the top ranked high
school players in the state are
also featured on ESPN.com as
two of its top 15 recruits in the
state for the class of 2012.

The team will also feature sev-
en players from Grand Bahama
and a trio of players from the
capital.

The Grand Bahama contin-

gent will be led by 2009 Hugh -

Campbell Tournament MVP,










Bain drafted to the Majors

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

WHEN Richard Bain Jr. came home
from school, he was contemplating
entry into his freshman year at Palm
Beach Community College.

Yesterday, the 18-year-old’s life was
turned upside down when he got a call
around 1:30 pm that he was drafted in
the Major League by the 2008 world
champions Philadelphia Phillies.

He was picked number 1,367 in the
45th round on the last of the two-day
draft.

“All my hard work has finally paid
off,” said Bain Jr. when contacted yes-

terday as he was preparing to head to
Freedom Farm for practice with the
national team. :

“My dream came through.”

Bain, who just completed his two-
year tenure at Trinity Christian Acad-
emy High School in Lakewood, Flori-
da, said he hasn’t decided on what
decision he will make as yet. -

“I don’t know what I intend to do

just yet,” he said. “I will have to wait .

and see what they offer because I
make the decision on what I will do.”

His mother, Mildred, said she was so
pleased 6n hearing the news. But she
admitted that if it was her choice, she
would prefer for JR, as he’s affection-
ately called, to “complete his education

Astin Lewis of the Tabernacle
Baptist Falcons. ,
Lewis will by joined by fellow
Falcons teammates Garth
Brown and Travis Wildgoase.
The Eight Mile Rock Blue-
jays will also field three mem-
bers for team Bahamas, Ervin
Lewis, Devardo Adderley, and
Ramon Dames while Philip

' Jones of Sir Jack Hayward High

will complete the list of Grand
Bahama players.

Players from New Providence

include Geno Bullard Jr of the
Westminster Diplomats, Roo-
‘sevelt Whylly of the C.C Sweet-
ing Scorpions and Jabari
Wilmott of the St. Augustine’s
College Big Red Machine.
Bullard, lead guard for the
BAISS champion Diplomats in.
his first year in the senior divi-
sion, said he looks forward to

keeping pace with the perfor- |

mances of past teams and learn-
ing from head coach Quentin
Hall.

“T heard they have done well
at the tournament in the past
and we have a lot of good play-
ers coming back like Michael

' [Carey] so going away this year

we should have a good team and
good leaders to help us to win.
Playing time does not mean
much to me, I just want to come
out with the victory that is my
main goal so just to get the gold
medal is the most important
thing to me,” he said. “Being a
part of this team can help my



ericas

Bahamas Junior National team

game tremendously. Our coach
is a point guard, he coaches the
game, plays the game, he played
at a high level in college and pro-
fessionally so if there is anything
he knows about being a point
guard he can help me to be bet-
ter as well.”

‘Bullard said while he feels the
team will be ready to face the
competition from around the
globe, it will take nothing short
of a full team effort to make the
trip successful. '

“The competition is pretty .
deep and-there are alot of good
players from around the world,”
he said, “so we just have to bring
our ‘A’ game.” ‘

Whylly, who led his Scorpions
to a runners-up finish in the
GSSSA junior division said he
felt additional pressure as a first
time national team member but
sees it as an opportunity to
improve his overall game.

“It is a lot to deal with being
my first time and going to a tour-
nament this big but I will be
ready, Hopefully I can get a
good amount of playing time so
I can get a better experience
playing against those players,”
he said, “Being on the team can
help my weaknesses like my
defense and rebounding. Once
we execute and play well we
should go pretty good.”

Wilmott, a two sport star will
make his second trip this year

SEE page 11



US UNENUAE RR

first.
“But the final decision is his. What-
ever he decide, I will support him and
I know that his father (Richard Bain
Sr, also known as Mackey Bain and a
softball/baseball player himself) will
support him too.”

Over the Labor Day weekend, Bain
played with the Freedom Farm Base-
ball League in the Bahamas Baseball
Federation’s Andre Rodgers Junior
National Championships.

BBF secretary general Theodore
Sweeting, on behalf of president Craig
‘Salty’ Kemp and the rest of the exec-
utive board, congratulated Bain on his

SEE page 11 _



Phillies
pick up 18-
year-old
player in
45th round

De

JABARI WILMOTT
(left), Geno Bullard Jr
(middle), Roosevelt -
Whylly (right), three
members of the
Bahamas’ FIBA
Americas Under 16
team take a break
during practice yes-
terday at the Kendal
Isaacs Gymnasium.



DELLE



Felipe Major/Tribune staff

torsbahamas.com

PARNER U NERA RRR



PAGE 14, FRIDAY, JUNE 12, 2009

THE TRIBUNE.





Tim Clarke/T ribune staff

THIS NISSAN SENTRA was damaged after a trailer carring a 40ft container dragged it while it was s parked on Dowdeswell Street yesterday. Nobody

was injured.



Mount Moriah Baptist Church holds first annual speech competition

UNDER the direction of its
senior pastor Reverend Dr
Wilton Strachan, Mount Moriah
Baptist Church held its first
annual speech competition on
Sunday, June 7, at the church
on Farrington Road.

It was held under the theme,
‘A people With a Mind To
Work,’ taken from the book of
Nehemiah, chapter four, verse
Six.

Organisers say the speech
competition was a major suc-
cess as scores of young people
from Mount Moriah’s Youth
Department headed by Sister
Patricia Strachan-Clarke par-
ticipated.

Grace Russell emerged as the
overall winner in the primary
division.

In the Juniors (11 to 13 years

old), there was a tie for first
place, which went to both Jere-
miah Clarke and Benjamin



n
o
=>
@
cc
5
”
=
o
ua

SOME of the participants of Mount Moriah Baptist Church first annual

speech competition.

all winner of the 14 to 16 age
group.

Second place went to Ide
eee with third place

Peet. Tenisha Mackey came in
third place, and Renique Hanna
canie fourth.

Erica Trotman was the over-

going to Gerard Russell. In the
Youth Department, age 16 and
over, first place went to Rashan- -
da Forde and second place to
Darion Rahming.

Reverend Dr Strachan com-
mended the participants, and
predicted that a number of pas-
tors and religious leaders will
emerge from the dynamic group
of speakers.

Deacon Helen Rolle said, “It
was overwhelming, and most of
the participants were so excited
that many of them just did it on
their own — especially the
younger persons, who were just
so excited to take part.”

Deacon Rolle thanked the
judges, who included Dr Lina
Reyes, Anthony Lightbourne
and Anastasia Stubbs.

The scorekeeper for the
event was Dr Darville Walkine
and the timer was William
Weeks.





me : Linen and Sky



Souvenir
retail division
for Post Oftic

Department

PUBLIC WORKS
and Transport
Minister Neko
Grant delivers his:
contribution to

_the 2009/2010
Budget Debate in’
Parliament yes-
terday.



Letisha
Henderson



@ BY KATHRYN CAMPBELL

The creation of a souvenir retail division is among a series of
new initiatives planned to raise revenue for the Post Office
Department, Minister of Public Works and Transport Neko
Grant said.

“The more popular and appealing stamp programme will be
its central focus through the Philatelic Bureau, which has gained
the attention and sustained interest of stamp collectors inter:
nationally,” he said.

Mr Grant, who has ministerial responsibility for the Postal
Department, was speaking in the House of Assembly yesterday
during debate on the national 2009-2010 budget.

Stamps

He noted that the demand for collectible stamps has not
diminished although the general demand for stamp purchases
and related services have decreased.

The Post Office Department oversees’ approximately 34,000
private post office boxes and there i isa demand for an. additional
15,000.. ° i Oi

“We intend to, duplicate the chister box model as: provided of
the Sandy Port location, but on a smaller scale for new and exist
ing subdivisions,” said Mr Grant. ;

“This model is very cost effective and is regarded as the s solu-
tion to the outdated practice of mail delivery for : privats/resi-
dents as is still practised i in some Family Islands.”





t



Febreze Air Effects eliminates odors leaving a fresh scent.





SARS RE





‘A’ status key
blacklisting
MR caasleyn

HILLARY DEVEAUX

* Securities Commission
chief says becoming —
member of IOSCO’s top
table will ‘derive
substantial benefits’,
including boosting —
Bahamas’ attractiveness
for new business .

* Addressing deficiencies

through new Act and

regulations key to

reaching goal

By NEIL HARTNELL
Tribune Business Editor

Becoming a‘‘Signatory A’
member of the body repre-
senting global securities. reg-
ulators is critical to safe-
guarding the Bahamas against
a possible future ‘blacklisting’
and in attracting new finan-
cial services business to this
jurisdiction, the Securities
Commnission’s executive direc-
tor said yesterday. _

Hillary Deveaux told Tri-
bune Business that achieving
such status with the Interna-
tional Organisation of Secu-
rities Commissions (IOSCO)

would enable the Bahamas to

“derive substantial benefits”
for its capital markets and
investments funds industrieés,
enhancing their reputation
and making this nation more
attractive to Operators in those
sectors.

SEE page 5B
Marina industry
‘untapped antl
underservetl

@ By NEIL HARTNELL
Tribune Business Editor

The Bahamian marina
industry is “a tremendously
untapped and underserved
part of our tourism economy”,
the Bahamas Hotel Associa-
tion’s executive vice-president
said yesterday, with standards
and certification critical to
helping the sector achieve

international best practices. —

Frank Comito, speaking

ahead of next Thursday’s to:

formally ratify and launch the
Association of Marina Oper-
ators of the. Bahamas, said
that while 2009 first quarter
non-cruise boat arrivals were
down “considerably” for some
‘islands, anecdotal evidence
suggested that average marina
stays resulted in two-three
room nights in a resort.

This resulted in spin-off
benefits for Bahamian hotels
and the wider economy, Mr
Comito said, and given that at

SEE page 4B



FRIDAY,

SECTION B ¢ business@tribunemedia.net

5m fund targets
‘upside’ abroad.

a RoyalFidelity expects second index-linked sub-fund to be fully
subscribed, with returns in global equity markets better than
local due to swifter recovery:
(i Company says 80% of global equity m markets covered by fund,
as principal again protected

@ By NEIL HARTNELL
Tribune Business Editor

RoyalFidelity Merchant Bank

& Trust’s president yesterday’

said it expectéd its second $5
million index-linked sub-fund
to be “fully subscribed”,
explaining that the launch was
timed to give Bahamian
investors the opportunity to
benefit from a swifter recovery
in international stock markets
than the one likely to take place
in this nation’s equity markets.
‘Michael Anderson said Roy-
alFidelity believed “the down-
side is largely out” of most glob-
al equity markets, which were
either at or near bottom, giving
Bahamian institutional and

retail investors the chance to

benefit from the upside. on a:

recovery set to take place.
The RoyalFidelity president

’ said the four indices to which

the TIGRS Series 2 sub-fund
were linked - the iShares
Emerging Markets Index, the
S&P 500 Index, the Dow Jones
Euro STOXX Index, and
Nikkei 225 Index - together cov-
‘ered “80 per cent of global equi-
ty markets”, thus ensuring that
investors would not be disad-
vantaged if one country took
longer to recover than others.

“We anticipate it will be fully
subscribed,” Mr Anderson said
of the Series 2 sub-fund, which
was formally launched on Mon-
day.

Casino’s net loss
almost hits $3m

@ By NEIL HARTNELL
Tribune Business Editor

Isle of Capri’s Grand
Bahama-based casino suffered
a $2.934 million net operating
loss for the financial year to

April 26, 2009, a 7.7 per cent |

increase upon'the previous
year’s losses - not exactly the
required advertisement to
entice prospective new opera-
tors to take it over.

The operator of. Our
Lucaya’s casino unveiled a
slight increase to the $2.275
million net operating loss
incurred during its 2008 finan-
cial year, based on a 29.5 per
cent reduction in revenues for
the 12 months to end-April
2009. °°

The Isle-Our Lucaya casi-

no saw its net gaming rev-

enues drop from $15.548 mil-
lion to $10.969 million during

its 2009 financial year, with .
the gross operating loss more :

than tripling from $826,000 to
$2.917 million.

_A $17,000 depreciation
charge took Isle of Capri’s net
losses from its Grand
Bahama-based casino. to
$2.934 million.

For the 2009 fourth quarter,
the final three months to April
26, 2009, the Isle-Our Lucaya
casino saw net revenues
decline year-over-year by 43.4
per cent to $2.692 million,
compared to $4.578 million in

- fiscal 2008.

The Grand Bahama- based
casino suffered a $1.204 mil-
lion gross operating loss in the
2009 fourth quarter, compared

to a modest $299,000 operat- ©

ing profit the year before.
Isle of Capri’s financial

results were unveiled as the

Government and Hutchison

“Whampoa, Our Lucaya’s

owner, continue their search
for a new operator to replace
the US-based gaming compa-
ny, Which in March announced
its plans to withdraw from the
Grand Bahama market.
Failure to find a replace-
ment operator for Our
Lucaya’s casino would leave
some. 234 Bahamian jobs in

- jeopardy, but the Government

- via the Ministry of Tourism -
and Hutchison Whampoa
have reached an agreement
with Isle of Capri that has

‘seen it extend its Grand

SEE page 8B

* Isle of Capri’s red ink
increases by 7.7% as
government continues
search for replacement
* Net revenues nosedive
almost 30% for year to
April 26, with fourth
quarter net operating
loss totalling $1.208m

“We made some allowances
in case it was oversubscribed.
There is no minimum level we
need to get to, and if it’s not
fully subscribed it will be close
to.

“At this stage, we anticipate it
will be fully taken up, based on
the interest we’ve had, but you

never know.” |
Many are likely to question ”
' the timing of the TIGRS Series

2 launch, given that most

Bahamian institutional and ©

retail investors are focused
chiefly on protecting what they
have and easing their way
through the current. economic
downturn, rather than taking

SEE page 4B



FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

aR

Rise shows recession’s impact on
low and middle income Bahamians

@ By CHESTER ROBARDS

Business Reporter

crobards@tribunemedia.net

THE SALVATION Army yesterday said it had seen
a 25 per cent increase in purchases at its thrift store,
another sign of how the economic downturn is impact-
ing low and middle income Bahamians, although the
amount of money individuals and companies donate to

it has decreased.

Lester Ferguson, the, charity organisation’ s divisional
commander, confirmed that the Salvation Army had
seen about.a 25 per cent increase in the amount of pur-
chases at its’thrift stores. This increase, he explained, was
due to the large increase in individuals seeking assistance

from the organisation.

He said its thrift store typically earns about $10,000 in

revenues per month.

And Mr Ferguson suggested that the demographic of
thrift store customers has been changing. He said that
both vagrants and people who have fallen on hard times
have been frequenting the thrift stores.

SEE page 4B



Company's relaunch
shows We Do ‘more’

* Firm’s principal moves
to hand over to next
family generation, via

“new car fleet and

technology upgrades

* Business targets veture

with farmer, green
initiatives, new website
and advertising blitz




@ By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net

AFTER more than 20 years

‘in operation, We Do Messen-
ger service relaunched its busi-

ness this week with a new fleet
of cars and technological
upgrades to. position it for the
future, as its principal prepares
the next generation to take

’ the reigns.

We Do’s principal, Peter

SEE page 8B

, try your own savings strategy
7 bet on support from your kids
taal run. out of moves & nor til you re



PAGE 2B, FRIDAY, JUNE 12, 2009









WWW.VILLAGGIORESTAURANT.COM

REIESTORANTE

Wi lagqggio

COCKTAIL & WINE BAR
















































NASSAU'S sg

Premier

NOW FEATURING

3 Course Sunset Dining Menu
only $42 per person

Nightly Happy Hour 6-7pm

Italian

RESTAURANT



CAVES VILLAGE, WEST BAY STREET

PLEASE CALL FOR RESERVATIONS & INFORMATION
327 0965/327 0962

WOES WW a. I AA AOA- A- A- OAG-_sOs-—\ SSS MM

“Compliance”
The Lighthouse in the Perfect Storm

The Bahamas Association of Compliance Officers
MLRO Day 2009
Wednesday June 17" 2009
British Colonial Hilton
_ (Workshop eligle far BIGA & BACO CPE crediis)
» Cost: $100 members - $140 non members
REGISTER AT: WWE ACCHANANAS CON
Central Focus: All Presentations to hightight and discuss recent developments in the local and global financial services industry
which not only affect our day to day business but also threaten the viability of the industry.

MME



08:00-08:30 Registration and Introductions

INSIDE THE MINDS OF THE REGULATORS - Panel
+ New money laundering trends from the FIU’s perspective: Forget what you thought you ke ee

* Key Aspects of the new Central Bank Guidelines; Anticipating the Role of the Super Regulator What else is
on the Horizon?
Managing the Money Laundering Risks Posed by Hedge Funds and Other Investment Vehicles.

The Insurance Industry ~ What Have We Learned, If Anything? New ener Developments, How far ts far
enough?

The Special Focus: Responding to G20 Money Laundering Challenges

Discussion & Follow-up period

08:30-16:36

LE EEE EE OE

EVE OOOO

GL oe

i

LS

* 10:40-11:15 Accounting for The Accountants- AML/CFT issues re: the Accounting Profession

11:15-1200 MASTER CLASS - Case study -When to Make that STR- interactive al

12:00-01:00 TIEA’s; DT As; OECD Initiatives-What preparations should we na What does the future hold for The Ba-
haras?
01:00-02:00 -Luncheon- ‘

“The Role af Government in shaping the future of The Balamas Financial Serviews Indusiry & tn secur-
lng the best interests of is citizens” The Hon. Minister Zlirvargo Laing

02;00-02:05 -Break-

02:05-05:00 - THE CLOSED SESSIONS-Members’ Only:

« Adopting Business Management Skills to Optimize Your AML/CET Program
+ Focus on Training: Best Practices for Building a Securities Industry AML Training Program.
» BACO as an SRO, The new CCP CPD requirements; Preparing for the next Level -

REGISTER AT; WWW BACOBAHAMAS. COM | EMAIL: INFO@BIFS BAHAMAS COM (242 - 323-0871 or 2

“Committed fy Comphones :

wiew bacobakaras.com



dM OOOH

‘vie, HHIBUNE



ES ace re |

‘Undue scrutiny’
of Bahamas firm

@ By CHESTER
ROBARDS .
Business Reporter
crobards@tribunemedia.net

CARIBBEAN Construc-
tion Management Systems’
(CCMS) principal yesterday

‘said his company had under-

gone what it considered undue
scrutiny by certain govern-
ment agencies after a series of
articles published in the media

heralded its relationship with |

several foreign firms.
Robert Myers told Tribune
Business that he was recently

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.





HOME AWAY
FROM HOME
Safe and Comfortable






Company sets record straight in
relationship with overseas firms

contacted by government
agencies seeking to verify his
company’s relationship with
Downsview Kitchens, a firm
based in Canada, and Chelsea
Designs, an interior design
firm in based in Miami.

Mr Myers asserted that his
company was not in any way
associated with Chelsea
Designs, except from the con-
struction management role.

Installation

He said CCMS’s only cor-
respondence with the design

‘ firm was if there happened to

be a problem with the instal-
lation of one of their client’s
products.

Mr Myers also said CCMS

‘had opened a show room in

its Airport Industrial Park
office, and not brought the
Downsview business to the
Bahamas;. as has been
thought.

“CCMS recently opened a
showroom - not Downsview -
that features a number of our
product lines such as
Downsview Kitchens, Bald-
win Hardware, Marine &

Land Shutters, Master Tech —

Appliances, Hartman Win-
dows, Sat Sound Entertain-
ment, M&L Wood Floors and

«i. MID WEEK

PATNA

BAHAMAS

Have a DOCTOR'S
or BUSINESS
appointment ir in 1 Nassau?

RTT



HOME AWAY FROM HOME

cal: 3 2O=2.3 29

emial: bahamas.homewayfromhome@gmail.com-

Eanuay Doors,” said Mr
Myers.

“Our showroom allows our
clients to view, touch and bet-
ter understand the high quali-
ty of the products we suggest
for the homes we build.

Ultimately, it is our clients
that. decide what products they
wish to use in their homes,
and we are just there to advise -
them as to what holds up well
in our Bahamian environ-

_ment.”

Owner of Chelsea Designs,
Regina Agro, who also often
assigns Downsview’s products
to her jobs, confirmed her fir-

‘m’s relationship with CCMS.

She said they were both
hired by the owner of the Old
Fort Bay house, for which the
two firms received contracts,
and her firms had not been
hired by CCMS.

Chelsea Designs’ impend-
ing opening of a Nassau office
has sparked some outrage by

_ Bahamian design firms, who

s¢e their move. as unfair com-
petition.

They said they were

“appalled by the company’s
spokesman’s statement that
they came to the Bahamas
after a fall-off in business in
Florida”.







SCHOOL OF BUSINESS

ORIENTATION AND ADVISEMENT FOR
FALL SEMESTER 2009

ORIENTATION AND ADVISEMENT WILL TAKE PLACE FRIDAY, JUNE 12,
2009 FROM 10 AM TO 4 PM IN ROOMS B-5 AND B-6 FOR THE FOLLOWING
STUDENTS ACCEPTED IN THE SCHOOL OF BUSINESS ABBE) PRO-

GRAMMES:

1 STUDENTS WITH EARLY ACCEPTANCE
2 STUDENTS WHO HAVE COMPLETED COLLEGE PREP
3 STUDENTS WHO HAVE COMPLETED THE UPGRADING PROGRAM

(CEES)

ALL STUDENTS SHOULD BRING COPIES OF ACCEPTANCE LETTERS, COM-
PLETION LETTERS AND RELEVANT EXAM._RESULTS SUCH AS THE BGCSE.

Mann Judd

BDO is the fifth largest accountancy network in the world, a world wide network of
public accounting firms, called BDO Member Firms, serving international clients. BDO
Member Firms exist in 110 countries, and employ 44,000 people in 1,095 offices
worldwide. BDO Mann Judd is now seeking applications for assurance seniors/senior
accountants to work in the assurance department. The successful candidates will have a
bachelor’s degree in accounting and a CPA, ACCA, CA or any other qualification that is
recognized by the Bahamas Institute of Chartered Accountants.

The successful candidates will have 3 years experience in auditing, and beable to work.in
a challenging team driven environment. Attention to detail is a must.

Individuals. with the above-mentioned qualifications should fax or email their résumé’s

to:

info@bdomannjudd.com

Recruitment Manager
BDO Mann Judd
Nassau Bahamas

Fax: 242-325-6592

Absolutely no phone calls please.
Only the applicants with the above mentioned qualifications will be contacted.





THE TRIBUNE



poi, Ponta oP



@ By HARRY R. WEBER
AP Airlines Writer
ATLANTA

Corporate travel and ticket
sales of premium seats are down.
Overall demand is weak. And
fuel prices are rising — again. The

‘ one-two-three punch could be
bad news for consumers this fall,
as airlines face pressure to raise
fares or cut more capacity to cov-
er their costs.

Executives at several airlines,
including Delta, Southwest, US
Airways, Continental and Amer-
ican, gave bleak outlooks Thurs-
day during an investor conference
in New York, and there was little
talk from anyone of a near-term

rebound. AirTran offered a bright ©

spot amid the industry woes, as its
chief financial officer said the dis-
count carrier expects to have
“one of the best years in the com-
pany’s history.”

The rise in unemployment and
hits Americans have taken to the
value of their homes, coupled
with the meltdown in the financial
markets, has caused a significant

slowdown in air travel. Airlines .

also have lost business from the
swine flu, which has caused some
people to cancel travel plans to
Mexico.

Atlanta-based Delta Air Lines
Inc. projects it will take a $125
million to $150 million revenue
hit in the second quarter because
of the impact on air travel from
the swine flu virus. The quarter
ends June 30. The swine flu scare
also has hurt Delta sales to cus-
tomers in Asia, who may be wor-
ried about travel because of the
SARS outbreak-in 2003.

The overall drop in demand

has coincided with a recent
increase in fuel prices, which
means lower sales — one execu-
tive said industry passenger rev-
enues have declined nearly 20
percent in the first four months of
the year — are meeting higher
costs.

If fuel prices continue to climb
into the fall, airlines will be under
pressure to raise prices or cut
more capacity to cover their costs,
Delta President Ed Bastian said.
Delta has made a decision not to
“put seats out into the market-
place if we can’t recover the cost
of that seat,” he said.

Experts have said they don’t

expect fare sales to end anytime
soon, given weak demand for air

travel.

Fewer seats in the air translates
into fewer options for travelers, in
the form of routes not being
served anymore by.an airline or
an airline flying smaller planes to
a destination or cutting the num-
ber of flights to a destination.
Routes across the Atlantic are
expected to be significantly

impacted. Delta said Thursday it

will shave additional seats from

. the air and warned that more

than $6 billion in benefits it
expected from lower fuel prices,
its merger with Northwest Air-
lines and previous capacity reduc-
tions will be overtaken by declin-
ing revenues. American Airlines,
a unit of Fort Worth, Texas-based

’ AMR Coprp., also announced new

capacity and job cuts.
“I think it is crazy to assume

‘and bet on things improving any-

time soon,” Southwest Airlines
Co. Chief Executive Gary Kelly
said at the Bank of America-Mer-
rill Lynch Global Transportation

Bad. for r your Realth?

Dr Mahon Murphy
oY will explain

at The Yacht Cup



on June 17 /

: from 6: 30 PM.

More info at 328-6529
Admission Free



Legal Notice

NOTICE
FAROE VENTURES LIMITED

‘(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced |
on the 19th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
~ (Liquidator)



Legal Notice

NOTICE
GRENDISVALE LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 5th day of June 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

BUSINESS

Airline passengers face triple whammy

Conference. Delta said it will
reduce system capacity by 10 per-
cent this year compared to 2008.
That is up from Delta’s previous
plan to cut system capacity by 6
percent to. 8 percent. Delta also
will reduce international capacity
15 percent, up from a previous
plan to cut it by 10 percent.

Delta said capacity reductions
will begin in September.

The additional capacity reduc-
tions mean staffing levels will be
reassessed, Delta said.

Delta said staff levels will be
down more than 8,000 jobs by the
end of 2009 compared to spring
2008. A spokeswoman said the
figure reflects job reductions
already accounted for through
voluntary programs, as well as a
mixture of open jobs not filled
arid administrative job reductions

associated with Delta’s integra-

tion with Northwest. _
American said advance book-
ings through late summer are
down from last year, and it will
cut at least 1,600 jobs as it reduces
flights to contend with the lower
demand. Chief Executive Gerard
Arpey said American would cut
its full-year 2009 capacity about
7.5 percent. That’s up from an
earlier goal of cutting 6.5 percent,
and will require about a 2 per-
centage point reduction in flights
in the second half of the year.
The reductions will take effect
in late August. The job cuts rep-
resent about 2 percent of Ameri-
can’s work force. Flight atten-
dants will bear up to three-fourths
of the cuts, according to an
employee memo sent by senior
vice president Jeff Brundage.
Arpey said advance. bookings
through August were down about

' 2 percentage points from last

year. “That’s terribly alarming to
me,” he said.

Southwest’s Kelly said it’s a
very difficult time in the airline
industry, and earnings are going
to be very stressed until the econ-
omy changes. *

Business travel remains weak,




which is cutting into the number
of last-minute, full-fare tickets
and traffic on shorter routes, Kel-
ly said. Dallas-based Southwest
is responding by cutting unprof-
itable flights, adding fees for
unaccompanied minors and pets,
and offering incentives for
employees to leave the airline.
Southwest has lost money the
past three quarters.
Houston-based Continental
Airlines Inc. is pressing its cor-

‘ porate customers to step up their

travel, Chief Executive Larry
Kellner said.

“We’re working our business
(traveler) side very hard because

clearly this is where we could also

see a recovery much more quick-
er if we could get the business
traffic back on the airplanes,” he
said. Tempe, Ariz.-based US Air-
ways Group Inc. said the dropoff
in passenger revenue during the
current recession is even worse

than the decline that happened.

after Sept. 11. Its president, Scott
Kirby, said the outlook for this
year is highly. uncertain. He said
US Airways brought back a
domestic fuel surcharge on
Wednesday night, and raised its
fuel surcharge for flights across
the Atlantic. It wasn’t all bad
news for the airlines Thursday.

AirTran CFO Arne Haak said
AirTran expects to turn a profit
for the full year.

He didn’t offer a specific pro-
jection. He reiterated the com-
pany’s plans to cut capacity this
year by 4 percent, a smaller cut
than at other airlines. AirTran
Airways, a unit of Orlando, Fla.-
based AirTran Holdings Inc., has
benefited from its very low cost
structure.

Haak said AirTran’s costs are
nearly half of what Delta’s are on
a stagelength-adjusted basis.

Comparisons between carriers
are significantly affected. by the
distance flown. Adjusting for
stage length is designed to com-
pare results as if two carriers fly
the same flights.

Legal Notice

NOTICE
WESTWARD BOUNDS INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named

Company is in dissolution, which commenced: }

on the 21st day of May 2009. The Liquidator is:
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator) .



Legal Notice

NOTICE
MANDARIN VENTURES LTD.

(In Voluntary ee

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 5th day of June 2009. The Liquidator is
Argosa Corp. Inc., P. O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

NOTICE
RISING WIN ASSETS LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 1st day of June 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)









Obama’s tax
plan takes hit

@ By STEPHEN OHLEMACHER
WASHINGTON

President Barack Obama’s efforts to increase taxes on multina-
tional corporations took a hit Thursday when a new congressional
estimate showed his plan would raise only three-fourths of the
money the administration projected.

Obama promised sternly in May to crack down on companies
“that ship jobs overseas” and duck U.S. taxes with offshore havens.

The president’s plan would limit the ability of U.S. companies to
defer paying U.S. taxes on overseas profits. At the same time,
Obama would step up efforts to go after evaders who abuse offshore
tax shelters. ;

Obama said his plan would raise $210 billion over the next 10
years, though no tax increases would go into effect until 2011.

On Thursday, the Joint Committee on Taxation said the proposal
would raise only $160 billion over 10 years. Congress uses the com-
mittee’s estimates when crafting legislation.

“This shows why non-partisan, expert estimates matter,” ’ said
Sen. Chuck Grassley of Iowa, the top Republican on the Senate
Finance Committee. “If Congress promises to pay for something and
comes up $50 billion short, taxpayers make up the difference.”

A Treasury spokeswoman declined to comment Thursday on
the new estimate.

Both figures would put barely a nick in a federal budget deficit
that is projected to hit $1.2 trillion in 2010. But a coalition of busi-
ness groups has already stepped up lobbying efforts to kill attempts
to increase taxes on overseas profits, saying it would make Amer-
ican companies less competitive.

Obama has widespread support in Congress to crack down on tax
evaders who illegally hide assets in tax havens. But he faces stiff
opposition — even within his own party — to increasing taxes on the
legal transactions of U.S. multinational companies.’

One analyst said the tax increases — even at reduced amounts —
would still be a tough sell in Congress.

“The numbers on the international tax proposals are still very
large,” said Clint Stretch, managing principal of tax policy at
Deloitte Tax LLP. “The fact that they raise less money is not going
to make them any more acceptable to members (of Congress) who
are concerned about the health of U.S. businesses.”

At issue is the way the U.S. taxes the overseas profits of Amer-
ican companies. Under current law, American corporations with
subsidiaries in foreign countries can defer paying U.S. taxes on
the profits of those subsidiaries until the money is transferred back
to this country.

If companies leave the money overseas, where corporate tax
rates in most countries are lower than in the US., they can avoid
American taxes on those profits indefinitely. If the money is brought
to the U.S., corporations can subtract foreign taxes already paid.

Obama’s plan would prevent companies from writing off domes-
tic expenses that help generate profits abroad — until-those profits
are returned to the U.S. and subjected to American taxes. It would
also prohibit companies from receiving foreign tax credits on
income that is not subject to U.S. taxes.











: Legal Notice

NOTICE
VILLETTE LTD.

(In Voluntary Liquidation)

-Notice is hereby -given-that=the- above-named. 4.
Company is in: dissolution;.which commenet

“on the 4th day of June:2009-Fhe-Liquidator

Argosa Corp. Inc.,. P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
PLINTHOW INVESTMENTS LD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 5th day of June 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
_ TAUNTON VENTURES LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 3rd day of June 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)



raw rw, PMMVAT, VUINE 12, 20UY

THE TRIBUNE



5m fund targets
pside’ abroad

FROM page 1B

on new investment risk. -

In addition, many investors
are extremely skittish and wary
about making overseas invest-
ments, given the crash experi-
enced by most global equities
markets since September 2008.
The Bahamian economy’s frag-
ile state has also impacted
investor confidence.

However, Mr Anderson
pointed to the recent recovery
in all. the four indices in which
the TIGRS Series 2 will invest.
For the period June 2008 to
May 2009, the iShares Emerg-

FOR RENT

Executive home
ico} cclel Oli
West Bay Street,
three bedrooms, two

oycULA SMMC IVALOLEATCURSLOR
Access to pool.

$2,300 per month
Phone: 426-7405



ing Markets Index, the S&P 500
Index, the Dow Jones Euro
STOXX Index, and Nikkei 225
Index were down by 29 per
cent, 29 per cent, 26 per cent
and 30 per cent respectively.
Yet, for the three months
period from March 2009 to May
2009, the iShares Emerging
Markets Index, the S&P 500
Index, the Dow Jones Euro
STOXX Index, and Nikkei 225
Index were all up by 28 per
cent, 14 per cent, 20 per cent
and 17 per cent respectively.

“I think the timing [of the _

launch] is the link to when we
believe there is a recovery close
to taking place in the global
equity markets,” Mr Anderson
explained. “We think the large
downside to the global equity
markets has already taken
place. There are now signs of
recovery, and we want to take
advantage of that.

“Our view is that the reces-
sion we’ve seen over the last 18
months, and the: downside, is
largely out of the market, and
the issue now is what upside is
there in the market and how
long is it going to take.”

The five-year time horizon
for the TIGRS Series 2 fund,
Mr Anderson explained, was

Advanced Family Medicine
Wma INT

Family Hedicine &
Skin Care Clinic

Ph#-326-1111
Mon-Fri :.9-6, Sat 10-5
Shirley St.

Opp Doctor's oN Parking i



Sele CROC ORs

“Hobby Father's-Day’
“Free Health Checks tt”
Father's day week end

This pune: Fi. i?, Sat.208 Hon.22

Free: Blood pressure,

weight checks,

Bag Mass Index (BMI} Calculations,
Bloodsugar test,
Blood Cholesterol test

designed to ensure that
Bahamian investors benefited
from global equity markets
recovery - hedging against any
delays in that upside, and if
markets did not return to pre-
vious levels.

The RoyalFidelity president
added that Bahamian investors
were likely to experience quick-
er - and greater - returns by
investing in the TIGRS Series 2,
rather than equities listed on
the Bahamas International
Securities Exchange (BISX),
simply because there was usu-
ally a six-month time-lag
between US and Bahamian eco-
nomic recovery.

“The local market is going to
take a lot longer to recover, and

the upside potential in the mar- -

ket over the next year-and-a-
half will be significantly lower
than in the international mar-
ket,” Mr Anderson said. “We
feel Bahamians will get a better
return by participating in the

international markets with some .-

principal protection.”

He added that investors in
RoyalFidelity’s first index-
linked sub-fund, the TIGRS
Series I, which is invested in the
same indices as the Series 2,
could “average down their

costs” by buying into the latter
at a lower cost and then bene-
fiting from the upside and eco-
nomic recovery.

As with the TIGRS series 1
sub-fund, RoyalFidelity’s inau-
gural index-linked sub-fund that
was also launched under the
institution’s International
Investment Fund, the principal
invested in the Series 2 fund will
also be “protected” or guaran-
teed.

Some 25 per cent of investor
principal will be used by the
Series 2 sub-fund to invest in
the TIGRS series 2 fund’s

option basket, while some 75°

“per cent will be invested in
Bahamas-domiciled fixed
income securities, such as bonds
and certificates of deposit.

The interest earned on these
latter investments will ensure
that Bahamian investors recov-

er 100 per cent of their principal

when their.Series 2 investment
matures in five years’ time - on
June 30, 2014.

The TIGRS Series 2 mini-
mum investment is $5,000 and
multiples of $1,000 thereafter,
with a subscription price of $10
per share. The offering closes
on June 22, 2009, and the Series
2 shares will be listed on BISX.

25% increase in
Salvation Army
store purchases

FROM page 1B

“People are trying to live
within their means,” he said.
Mr Ferguson said the Army’ s

decreased as much as its rev-

.enues, which flow in through

cover for

ine Price® ©1 4 cere

per day! No medical
Qastelel acre!
OM ea ecentn



al

Act Dea ND ee

MEDICAL

*applies male age 30

ATLANTIC MEDICAL INSURANCE CO: LTD.
‘Atlantic House, 2nd Terrace. & Collins Avenue, PO. Box SS-5915, Nassau "

Tel. 356-5433 www.cgigroup.bm

A ener of Colonial-Group International: Insurance, Health, Pensions, Life

Os

Abaco Markets

af

Benchmark

Fidelity Bank

SNENNGNGOOsS

Famguard
Finco .

Bahamas Waste

Cable Bahamas

Colina Holdings
Commonwealth Bank (S1)
Consolidated Water BDRs
Doctor's Hospital

ROYAL =) FIDELITY

Money at Work

Bahamas Property Fund
Bank of Bahamas

FirstCaribbean Bank

. Focol (S)

Focol Class B Preference

Freeport Concrete

ICD Utilities
J. S. Johnson

1000.00
1000.00
1000.00"

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

Bahamas Supermarkets
Caribbean Crossings (Pref)

Fund Name

Colina Bond Fund

Colina MSI Preferred Fund

Colina Money Market Fund
Fidelity Bahamas G & | Fund
Fidelity.Prime Income Fund

CFAL Global Bond Fund

CFAL Global Equity Fund

CFAL High Grade Bond Fund
Fidelity International Investment Fund
FG Financial Preferred Income Fund
FG Financial Growth Fund

S2wk-Hi - Highest closing price in last 52 weeks

Bid S - Buying price of Colina

operational costs‘ have’ not

7T%

Prime + 1.75%

T%

Last 12 Months Div $

5.43
-13.90
5.80
0.56
-3.59
0.00
4.12
5.78
2.71

4s divided by closing price
and Fidelity

charitable donations.

However, he said the Salva-
tion Army finds creative ways
of serving the mission despite
the nominal decrease in cash.

“While people have a ten-
dency to give a lesser amount
when they make a charitable
donation, we do notice that
there is an increase in the
amount of persons who give,”
said Mr Ferguson.

“Hard times seem to bring
out compassion. Our income
has been fairly steady. There
are ways of doing more with
less.” ;

Mr Ferguson said volunteers
help to mitigate the Salvation
Army’s overhead, costs and
have served to keep its funds in
its coffers during tough eco-
nomic times.

Mr Ferguson said the Salva-
tion Army has been focused on

. keeping its food stocks suffi-
cient through assistance from
Hands for Hunger.

He added that the organisa-
tion is focused on being
extremely frugal with the dimin-
ishing donations coming in this
year, and has to spend every
dollar with “integrity” and

ensure the donating public. is

satisfied with the way their
money is spent.

EG CAPITAL

TS
BROKERAGE & ADVISORY SERVICES

crop bc NFA L

Bo
NOA2BO

a QWRO” NO:
onus saneypart

saezackesser

30°:

interost

19 October 2017

19 October 2022
30 May 2013

Yield %

31-Mar-09
29-May-09
30-Apr-09
30-Apr-09
31-Dec-08
31-Dec-08
31-Dec-O7
30-Apr-09
31-May-09
31-May-09
31-May-09 |

Marina industry
‘untapped and
underserved

FROM page 1B

least 13 BHA members also had marinas, there would be a
close association between that and the Marina Operators body
going forward.

“Even though we’ve not got hard core data, the typical mari-
na stay also results in two to three room nights in a hotel,” Mr
Comito told Tribune Business.

“Part of the purpose of the Association is to create a better
understanding of the current and potential impact the marina
industry has, and could have, on the Bahamas.”

Yacht and boat arrivals have been impacted by the global
financial crisis and economic downturn as much as any other
tourism sector, but the industry’s potential for the Bahamas is
obvious.

This nation, with its more than 700-island chain, is in the
perfect position to provide a variety of experiences to yacht and
boat owners, and their crews, as they make their way from
Florida through the Bahamas.

Bridgehead

This nation can also act as a bridgehead between Florida
and the rest of the Caribbean, thus positioning it perfectly to
exploit a market dominated by the high net-worth, big-spend-
ing tourists that represent the Bahamas’ ‘bread and butter’.
The marina sector also ties in to plans to. develop a mega yacht
registry in the Bahamas.

“We know non-cruise boat arrivals are down considerably in .
most of the islands,” Mr Comito said of early 2009, “Grand
Bahama, Abaco, Nassau and so on, and in Eleuthera. We know
that for a fact. We have heard that Bimini is holding its own. .
Abaco was down considerably in the first quarter.”

Yet on the sector’s future potential, Mr Comito added: “Our
sense is that it is a tremendously untapped and underserved part
of our tourism economy.

“We’re next to a huge market in Florida, and are an easy hop
away. It’s important we have standards in place, consistency and
standards to.protect the environment.”

Among the Marina Operators Association’s key goals was to’
“help to create standards and certification so that we’re adher-
ing to international best practices.

“The potential is tremendous,” Mr Comito added. “When you
look at the number of boats and marinas in Florida, and you
look at us being at the crossroads between the south-eastern US
and the Caribbean, it has tremendous potential. Nassau Harbour
has potential to be a marina hub.”

Mr Comito said the Marina Operators Association had some
20 items on its business plan, with the “most urgent concerns” ©
involving what individual marinas can do to attract business dur-
ing the current economic slump; looking ahead to strategically
position the sector and the Bahamas as a key marina centre
through policies, practices, services and amenities; and creating
more statistical data and a greater understanding of the sector.

The Government’s draft marina policy, which was conceived’
under the former Christie administration, and is being worked
on and refined by the current government, estimated back in
2007 that the marina industry generated $25 million per annum
in total revenues and 38,875 room nights.

John Bethell, chairman of the marina steering committee,
said the Articles of Association and the Work Plan for the
Association had been developed in the past year.

He added: "The Marina Association is now finally going to be
formally set up so that we can tackle some of the important
issues facing marinas and the boating industry in the Bahamas.
I look forward to a good turnout of marina operators at this
forum so that we can continue to plan our way forward."

NOTICE

NOTICE is hereby given that MORRIS CHARLES of 128B
- REDWOOD LANE, FREEPORT, GRAND BAHAMA is applying
to the Minister responsible for Nationality and . Citizenship,
for registration/naturalization as a citizen of The Bahamas,
and that any person whoiknows any reason why registration/
naturalization should not be granted, should send a written and
signed statement.of the facts within twenty-eight days from
the 12TH day of JUNE, 2009 to the Minister responsible for
Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

Job Opportunity for an

“ACCOUNTING CLERK

An established Bahamian Company is seeking an
Accounts Clerk
° Bachelor’s Degree or equivalent in Accounting
* Knowledge in Microsoft Word and Excel

Interested persons should send resumes to:
P.O. Box CR-55056
Nassau, Bahamas

LEGAL NOTICE

NOTICE
TCA CORPORATION

NOTICE IS HEREBY GIVEN as follows:

(a) The above Company is in voluntary dissolution
under the provisions of Section 137 (4) of the
International Business Companies Act 2000

(b) The Dissolution of the said Company commenced
on the 9th day of June, 2009, when its Articles of
Dissolution were submitted to and registered by
the Registrar General.

(c) The ae of the said company is Anthony B.
Dupuch of Kings Court, 3rd Floor, Bay Street,
Nassau, Bahamas

Dated this 10th of June, A.D. 2009.

Ask - Selling

Last Prico - Las
Weokly Vol. - Trading volume of the prior week
EPS $ - A company’s reported earnings per share for the last 12 mths
NAV’ - Net Asset Value
N/M - Not Meaningful

| FINDEX - The Fidelity Bahama

2e of Colina and fidelity
aded over-the-counter price

52wk-Low -'Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for dally volume
Today's Close - Current day's weighted price for dally volume
Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today
Olv ¢ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings
(S) - 4-for-1 Stock Split - Effective Date 8/8/2007
ee ants 7/11/2007

Anthony Dupuch
Liquidator

is Stock Index. January 1, 1994 = 100





THE TRIBUNE

FRIDAY, JUNE 12, 2009, PAGE 5B



FROM page 1B

Mr Deveaux, speaking to

Tribune Business from Tel.

Aviv, Israel, where is was
attending the 2009 IOSCO
annual general meeting,
explained that the Bahamas
had now become a ‘Signatory
B’ member of the organisa-
tion after signing on to its
Multilateral Memorandum of
Understanding Concerning
Consultation and Cooperation
and Exchange of Information
(MMOU).

This now commits the Secu-
rities Commission to making
the necessary legislative and
policy changes to enable it to
become a ‘Signatory A’ mem-
ber of IOSCO.

It, and by extension the
Bahamas, cannot achieve this
status yet because the infor-
mation sharing provisions of
the existing legislation gov-
erning how the Securities
Commission operates are not
in compliance with the
IOSCO MMOU.

Mr Deveaux said the
planned amendments to the
Securities Industry Act, and
its accompanying regulations,
would address this issue and
enable the Bahamas to
become a ‘Signatory A’
IOSCO member.

The Securities Commission
head explained that it was crit-
ical for the Bahamas to
achieve such status as a
defence against any future
attempts to ‘blacklist’ this
nation’s financial services
industry, since it would be in
line with global best prac-
tices/standards, thus giving the
likes of the G-20 no excuse



“It’s important for is to become
a signatory not only because it’s
a requirement of IOSCO, and for
membership’ in IOSCO, but the
fact is that a lot of countries are
not prepared to do business
with the Bahamas until it »
conforms to IOSCO principles.”



‘for acting against it.

“Tt’s really confirmation of

. the membership criteria for

IOSCO,” Mr Deveaux said of

‘Signatory A’ status, “and
while IOSCO claim there will
be no blacklisting we are not
sure about that and want to
be sure we’re operating at the
same level as all international
‘securities regulators - that we
in fact meet the standards set
by the global standard setter
for securities and global capi-
tal markets.

“In terms of blacklisting, '

while IOSCO claimed it is
going to deal with these things
differently from entities like
the Financial Action Task
Force and Organisation for
Economic Co-Operation and
Development (OECD), there
has been a change in the struc-
ture of financial services over-
sight.”

Mr Deveaux said this

involved the Financial Stabil-_,

ity Forum (FSF), which in
2000 had also criticised the
Bahamas for having alleged
deficiencies in its financial ser-

Hillary Deveaux

vices regulatory oversight.
The FSF, following the G-20
summit in London, is now
called the Financial Stability
Board (FSB),
Deveaux added: “It now has
directive powers to control the

oversight process. It could be,

a situation where IOSCO has
lost some of its independence,
based on decisions made by
the G-20 countries, and we
may have a situation where if
IOSCO is not prepared to
blacklist, the FSB may direct
them to do so.”

As for the other benefits,
Mr Deveaux explained: “It’s
important for is to become a
signatory not only because it’s
a requirement of IOSCO, and
for membership in IOSCO,
but the fact is that a lot of
countries are not prepared to
do business with the Bahamas
until it conforms to IOSCO
principles.

“We have to ensure we act
in the best interests of the
Bahamas. We have to attract
business to the jurisdiction.

“Once the [new Securities

and Mr’

Industry] Act is brought into
force, and we update our
application, we will become
an ‘A signatory’, which we will
derive substantial benefits
from.”

To achieve ‘Signatory b”
status, Mr Deveaux said the
Securities Commission had
applied to IOSCO, “we
acknowledge our position, and

that we will change our legis-

lation and some of our admin-
istrative practices to comply

with the requirements of the .

IOSCO MMOU to become'a
full signatory”.

The Commission and the
Bahamas had already under-
gone a full IOSCO review, in
which the global body had

“identified the deficiencies in

our legislation.
“We have acknowledged
those deficiencies and have

‘made commitments to address °

those deficiencies in a timely
fashion. The draft Securities
Industry Act legislation essen-

‘tially deals with the deficien-

cies. Once that legislation is
brought into place, we feel we
will become compliant with
the IOSCO MMOU.”

Mr Deveaux declined to
identify the specific areas that
IOSCO had found deficien-
cies in, but added that to
achieve Signatory A status
once the changes had been
made, the Securities Commis-
sion would have to go back to

the regulator, re-apply, and go.
through another review that
was “not as rugged and rigid”.

as the first.

Industry consultation over
the proposed Securities Indus-
try Act amendments and reg-
ulations is due to close on
June 24, 2009, and once the

legislation is passed, the Secu-
rities Commission believes
that ‘Signatory A’ status
would be imminent.

The MMOU has been
adopted by IOSCO as the
model for international co-
operation, and establishes

standards to be applied by its .

members when making or
responding to requests for
information.

At the April 2005 Osco
annual conference, a timetable
was agreed for all member
regulators, not already signa-
tories to the MMOU, to meet

the standards of the model by
January 1, 2010.

There are currently 188
members of IOSCO, of which
only 52 are Signatories ‘A’ and
19 have signed up as Signato-
ries ‘B’.

Once the Bahamas adheres
to the international standards
and progresses from a Signa-
tory ‘B’ to a Signatory ‘A’ of
the MMOU, it will be able to
access information from other
signatories and use its signa-
tory status as evidence of good
citizenship in the global finan-
cial industry.

A leading jewellery retailer is seeking a person for

this senior position:

Store Manager 3

The successful candidates will be responsible for
ensuring sales and profits are optimized through
excellent customer service and proper maintenance of
inventory controls according to established company

' procedures.

The ideal candidate should possess:

s

Assertiveness

Integrity, Energetic motivational ski lls and

A minimum of 5 years management cpgiainabs in

the jewellery, watch and luxury goods sectors.

2

Strong knowledge of luxury watches, buying,

merchandising, selling and repairs.

« An eye for detail.

Ability to manage, train and motivate staff.

* Good educational background. Professional
qualification (GIA or equivalent) or suitable work
experience would be an asset.

Legal Notice

NOTICE

‘UNITY STAR LIGHT INVESTMENTS LTD.
(In Voluntary Liquidation)

Notice. is hereby given that the above-named

«Company: is in dissolution, which commenced
on the 1st day of June’ 2009. The Liquidator is
Argosa Corp. Inc., P. O.-Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice ©

NOTICE -
-HEWDREES INVESTMENTS
LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named

Company is in dissolution, which commenced |

on the 4th day of June 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

SPRITZA INVESTMENT HOLDINGS LTD.
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 1st day of June 2009. The Liquidator is
Argosa Corp. Inc:, P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

NOTICE
SUNRISE MOUNTAIN INC.

(In Voluntary Liquidation)

=

Notice is hereby given that the above-named
Company is in dissolution, which commenced .
on the 1st day of June 2009. The Liquidator is

Argosa Corp, Inc., PO. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP: INC..
(Liquidator)



Legal Notice

NOTICE
MMV VERITAS INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 1st day of June 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

TILBURY PLAIN INVESTMENTS LTD.
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which-commenced
on the 4th day of June 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Interested person should submit your resume with
salary expectations to:

The Human Resources Manager
P.O. Box N-623
Nassau, Bahamas
Fax (242) 328-4211 |
E-Mail - hr@luxuryretaillimited.com

Are you a people person?
Join.a team where people.
‘come Tirst.

About Us —A leading player in the retail insurance sector and part
of Colonial Group international Limited, with over 280 employees
and offices in Bermuda, the Bahamas, the British Virgin islands and
the Cayman Islands, we offer a complete range of premier financial
and insurance services to our individual and corporate clients. We
know that our products make a real difference to our clients and

their families.

The Role — Reporting to the Assistant General Manager in

the Bahamas, you will accurately process information received

from Brokers to ensure the timely production and issuance of
commercial insurance policies. Other duties will include customer
service, administrative and clerical duties to support the primary
duties and the overall growth and retention of the commercial book

of business for the Company.

The Person — Ideally will have a Bachelors degree in, business,
economics or other related discipline along with a relevant
insurance qualification e.g.a Certificate in Insurance from the
ACIl or CPCU and 2 years work experience, preferably in a P&C
operation. Superior communication and organizational skills and
proficiency with the MS suite of products, the internet and email

software to intermediate level is required.
The Benefits —We offer an attractive salary and benefits package.

To Apply — Please send your resume/cv to our Group HR Manager
at hr_manager_bm@colonial.bm Closing date — June 22nd, 2009

SEG UBER TY
& GENERAL

SECURITY & GENERAL INSURANCE CO. LTD.
Atlantic House, 2nd Terrace & Collins Avenue, Nassau
P.O. Box N-3540, Nassau, Bahamas
tel, 326 7100 www.cgigroup.bm

A Member of Colonial Group International < Ce
Insurance, Health, Pensions, Life ins

Internati
rated - Geto dy aM Be:





THE TRIBUNE

PAGE 6B, FRIDAY, JUNE 12, 2009







JUDGE PARKER APT 3-G
I KNOW I MADE THE RIGHT XT UNDERSTAND, TOMMIE.
DECISION, BUT IT MAKES ME) 50... GUESS WHO T RAN
SAD, MARGO. I'D RATHER
NOT TALK ABOUT IT

ANYMORE.














HOLD ON, IT'S GABRIELLA. THE
PLOT THICKENS.

W



THEY'RE GOING TO TRY
TO INTIMIDATE SOPHIE
WHEN SHE TRIES OLIT!

THEY'RE PROTESTING |
SOPHIE'S TRYOUT?



ley”
{.y))














Hi

RG
| &




\






\Z Ari yj
> Vili,




z
¢
8
i 4
i 3
a x
~ THATS 8 &
RIGHT! MARY é
DAVIS HAS £
ORGANIZED A 3 6-5
cHeemlenper #
mower a MARVIN
ws THAT \
GOT THIS ee i \
[ OH, NO! ANOTHER MALL NO...I'LL JUST HAVE TO SHOP THEY SHOULD oT 1s ABOUT c
|S CUTTING ITS HARDER TO BUY MORE STUFF HAVE BAILOUTS STRANGE To BE 4“ Uf | EN
IN A SHORTER TIME! FOR HUSBANDS FEELING IRREVOCABLY J)
WE'LL SAVE
MONEY WITH 4 eA
LESS TIME a sacs
TO SHOP! oO
| i
5
AGENB- — i



‘©2009 by North America Byndicato, Inc. World rights reserved,

HAGAR THE HORRIBLE

yes Y when x
AR! Zap HUN,

a IT
ONE HUNDRED
You NEvER POUNDS AGO
KNOW WHAT
THE FUTURE
MIGHT HOLV

CHANGE THE
TV SCHEDULE

hy

I oy

©2009 by King Features Syndicate, inc. World rights reserved.

Nh)
rnin



HOW many words of four fetters
of more can you make from the



OK, (POOF)... I THINK WE'VE

The Target




POOF POOF POOF poor POOF











“How come RUFF SHEDS SO MUCH HAIR, BUT
HE DONT ENP UP LOOKIN’ LIke MR.WILSON2"

1

SAC ee

wwWowi, 1.

Across |

Two male animals bound
for cover (7)
One with no faith in father

Sunday








Sudoku. is a number-placing. puzzle based on a 9x9 grid with
several given numbers. ‘The object is to place the numbers 1 to
‘9 in the empty.squares so.the each.row; each.column and.each ...
3x3 box. contains the same number. only once.. The difficulty

level of the Conceptis Sudoku increases: from Monday to ©





CRYPTIC PUZZLE

Down

1
2

To live well is right (5)
One hundred and

two rings to make one ©

backing a horse (5) - call (3)
8 Inflowing currency (5,4) 3 Went on the right
9 It has a strong pull in the lines (4)
port trade (3) 4 Agirl to help people
10 Such a fuss getting to the out (6)
party (2-2) 5 Cleaning down (8)

12

14

No occasion for generosity
in the interim? (8)
These teeth are our

Well past one’s prime, ,
yet still: making progress
(7,2)

Difficulty Level * & & *&

last (6) 7 Slight oversight (7)
15 Think back about the 11 Adog'’s upset the
capital of Germany, sir (6) - paint. (9)
17 Dead estate agent (8) 13 The answer to a
18 Photograph without _ _ mix-up (8)
warning (4) _ 14 Breathes with difficulty and Ww
21 Energy with which an gags (7) ol
opening may be closed (3) 16 Cooperate with Italian N
22 Careless way to get into scoundrel (6) S
debt (9) 19 Sat when asked (5) a
24 Fascinating lady may stop 20 It’s usually beaten in >
people working (5) time (4) ”
25 Unkempt politician is ruled 23, Low form of gf
* out (7) night-life (3) Lud

Yesterday’s Cryptic Solution

Across: 1 Category, 5 Cafe, 9 Lorna,
10 Craving, 11 Persona grata, 13 Put

Yesterday’s Easy Solution

Across: 1 Cardinal, 5 Edge, 9
Bogus, 10 Protest, 11 Black and

off, 14 Writhe, 17 Preparations, 20
Entreat, 21 Niece, 22 Yard, 23
Idolatry.

Down: 1 Calf, 2 Torment, 3 Glass of
water, 4 Racing, 6 Anita, 7 Engraved,
8 Danger signal, 12 Apoplexy, 15
Tangent, 16 Parted, 18 Enter, 19 Very.

blue, 13 Larder, 14 Effect, 17
Gainsborough, 20 Affront, 21
Ocean, 22 Turn, 23:Glorious.
Down: 1 Cuba,.2 Regular, 3 In suc-
cession, 4 Appear, 6 Dwell, 7
Entreaty, 8 Word of honour, 12
Flagrant, 15 El Greco, 16 Mortal, 18
Infer, 19 Onus. :







Across

1



Venezuelan

- Capital (7)

Physically
unsound (5)
Attractive (9)
Remain (3)
Journey (4)

Lake in high
Andes (8):
Parentless child (6)
Squalid (6)
Fearless (8)

Stage ina

process (4)

Be in debt (3)
There and then
(2,3,4) .
Frequently (5)

Fast





©2009 Conceptis Puzzles, Dist. by King Features Syndicate, Inc. _



-GoT ENOUGH OF A HEAD uses fetters shown here? in making a
s| | START. -WE CAN RESTA d word, each letter may be used
z : ; once only. Each must contain the
i % words in centre fetter and there must be at
. the main least one nine-letter word,
: \ = b d f No plurals. ‘ ;
3| ° ; 4 malar =e :
6 wee 0 y 0 TODAY'S TARGET.
Chambers _ Gpod 13; very good 20; excefient.

26 (or more) Solution tomorrow. .

YESTERDAY'S SOLUTION
amen annul annulet ANNULMENT
ante aunt elan fament lane lean

2ist |
Century

Dictionary — ieant tent lumen lunate, mane
(1999 mantel mantie mean meant
mental. menu name neat numen
if tuna tune tunnel ufna unman
edition) unmeant junmet



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.











o
nh



[S[o|N)
=|
olen



























©2009 Conceptis Puzzles, Dist. by King Features Syndicate, Inc.

co|cn} no w/o
lola a. o
B/O|NI C—O =





a
N
oO

6/05



Bidding Quiz

doesn’t’ seem right that anyone
should be hidebound to a flat rule
when, in a given case, common sense
may dictate otherwise.

In the present case, a response of
some sort is clearly indicated
because the values held, meager as
they are, offer a prospect of game if
partner has support for hearts or
clubs, or a better-than-average open-
ing bid,

3. Three diamonds. By going one
level beyond game (two diamonds in
this case), you indicate mild interest
in a slam in diamonds. The opening
bidder is free to.pass unless he has
substantial extra values.

Partner bids One Diamond, and_
the next player passes, both sides
vulnerable. You have a partscore of
60, What would you bid with each of
the following four hands? ;

1. ®AQS 4 K76 4 952 & AK98

2. #652 ¥ Q963 © 7 # J8542

3. @ Q84 VAIS © KJ973 & K6

4. @ AJ VAS 4 3874 & AK632

xxx

| 1. Two notrump. Normally, the
| jump-response of two notrump

shows a balanced hand of 13 to 15
‘points. But where there is a partscore
|. of 60 or more, the jump to two







Down notrump.becomes a slam try, and the
1 Skilled trade (5) | required point range changes to 16 or 4. Three clubs. Regardless of the
2 Sharp blow (3). ’ , 17, partscore situation, a jump-shift
3 Rugged steep | .The opening bidder should con- (jump in a new suit) by responder
rock (4) tinue toward slam if he has extra — forces the opener to bid again, just as
4 Ghost (6) strength, The two-totrump bid is not though there were no partscore. The
5 Clumsy (8) forcing. s* jump-shift signals that there is a
6 Disintegrate (4,5) 2. One heart. It is a generally potential slam in the combined
7 Curative accepted practice to treat the opening hands.
treatment (7) bid of one in a suit as 100 percent The given hand contains 17 high-
44. Rociiéss under forcing upon the responder when the card points, plus a fit in diamonds. :
delay (9) bidding side has a partscore of 60. — Most opening one-diamond bids will
"43 Souther tip of | This of course means that the respon- produce a slam opposite this hand.
Americas (4,4) der. must bid even when his hand is The forcing jump to three clubs puts
44> Seuth-Amercan totally worthless, partner on notice that more than a
river (7) We subscribe to this practice in mere game is in the offing, and
16 “Actkponicus 6) principle, but reserve the right to enlists his cooperation in exploring
19 Trifling (6) pass every once in a great while. It the possibilities.
20 Pile (4) Tomorrow: The battle for trump control.
23 Cushion (3) \ / ©2009 King Features Syndicate Inc.





RANTLE TET IE TAT LTTE 1









os SAE rae oe

THE WEATHER REPORT eae

WAVES VISIBILITY WATER











SE at 5-10 Knots 0-2 Feet 5-10 Miles —~ 79°F
SE at 5-10 Knots 0-2 Feet 10-20 Miles 79° F
SE at 5-10 Knots 0-2 Feet 5-10 Miles 79° F

















SE at 5-10 Knots : 0-2 Feet 10-20 Miles
: : pe Bea 2 ee : a 4 SE at 5-10 Knots ©; ‘1° Q-2 Feet 5-10 Miles 79° F
Clouds and sun with Patchy clouds witha .. -Cloudsandsun,a 3 . Some sun. Mostly sunny, a Mostly’sunny. with a | The higher the AccuWeather UV index™ number, the SE at 5-10 Knots 0-2 Feet 40-20 Miles
a thunderstorm. few showers. __ t-storm; breezy. ~ ' t-storm possible. shower possible. seu the need for eye and skin protection. :

High: 91° ;
Low: 1

\ccu Weather Realk

High: 88° High: 88°
Low: TT | __ Low: 79°

AccuWeather Rea

’ High: 90°
Low: 79"





High: 88°



HTN EEN lalate gat













d . Ns : The exclusive AccuWeather eae cme Stes is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure, and, Today 11:32.a.m. 23 531 am. . 0.2 : - me A he ; NANAANS
elevation on the human body—everything that effects how. warm or cold a person-feels. Temperatures reflect the high and the low for the day. : Se 2 “44:51pm. 25 5:33pm. 04 eRe ; ; , ! y

12:14p.m.° 2.3 6:09am. 0.3~
Se ee” gag pm. 05







: Statistics are for Nassau through 2 p.m. esterday. Sun day 1232am. 24 6:48am. 03
ABACO — Temperature s 12:59pm. 2.4 7:10pm. 0.5
High sssssssersetserseenernersarsnerserneenets 91° F/33° Caza 93 7a0am. 03.
F/32°C Ses ‘Wam. 2. 30am. 0.
High: 89° F/32° cranes TFG Money s4Bp.m. 25 8:05pm. 05
Normal low Savseouttinee HAREIOS® C te











Last year's high . 90° F/32° C
Last year's low . 76° F/25° C:
Precipitation —. Sunrise.......6:20 a.m. Moonrise ... 11:40 p.m.



aiiaa en, Oi 00" Sunset. . . .. 8:00 p.m. Moonset .... . 10:22 a.m.

As of 2.p.m. yesterday













Year to date .. z . 12:53"; New F Full

High: 88° F/31°C Normal year to date . : aoe" eh
Low: 75° F/24°C

AccuWeather.com ;

Forecasts and graphics provided by : . = maven | EXSY Showers

AccuWeather, Inc. ©2009 Jun.15 = Jun. 22)0 Jun. 29s Jul. 7 0/21 . | E33] T-storms -
suaerrare a . |[o%4") Rain Fronts
gh: 0 on - : : : Z as basa Flurries a are noon positions of weather systems and il
F/25°C 9/20 p c Bl Snow p y i

- precipitation. Temperature bands are highs for the day. Warm italiani
Forecast high/low temperatures are for selected cities. Stationary gee



KEY WEST _ CATISLAND
High: 88° F/31°G ~ High: 86° F/30°C
Low: 78° F/26°C




jw: 74° eb

_ SAN SALVADOR
High: 88° F/31°C
Low: 77° F/25°C





Shown is today's weather. Temperatures are today's
highs and tonights's lows.



High: 93° F/34°C
Low: 79° F/26°C






Cea





Today Saturday Today Saturday oy Today

- Saturday
High Low W High = Low WwW High Low W High = Low Ww High Low W High = Low WwW
Fes FC Fe = FC Fe FC Fes FC











Albuquerque 83/28 60/15 po 88/31 59/15 s Indianapolis —
Anchorage 66/18 52/11 pe 68/20 52/11 pc Jacksonville



80/26. 63/
94/34 72122 po








93/33 71/24





















Atlanta «88/31 70/21 t —«-86/30 69/20 t Kansas City 78/25 63/1 : eee ‘Re Ae Anec it Katt
Atlantic City 76/24 64/17 t 80/26 63/17 pc _Las Vegas 89/31 67/19 jet sctat ey SS ° : poe es LLM E
Baltimore 85/29 64/17 t 83/28 GANT ~t _— Little Rock =—--90/32._ 74/21. Lon 76°F 24°C me Pee ie eudagy re ABT 3160 | =
Boston 72/22 6216 + 72/22 58/14 pc LosAngeles 70/21 58/14 .

Buffalo 72/22 55/12 + 72/22 5341 pe Louisville 82/27 66/18 84/28 68/20 t

Charleston, SC’ 90/32 73/22 t 92/33 73/22 t Memphis 88/31 72/22 -t 90/32 74/23 pe peter

Chicago 74/23 51/10 pe 73/22 5412 t Miami: 90/32 79/26 pe 80/31 78/05 t a

Cleveland 70/21 54/12 s 74/23. 54/12 pc = Minneapolis = 76/24 56/13 c — 75/23 59/15 pc

Dallas 97/36 78/25 t 97/36 75/23 s Nashville 84/28 68/20 t 85/29 69/20 t

Denver 73/22 50/10 pc 70/21 50/10 t New Orleans 91/32 74/23 pe 91/32 74/23 s 92/33 70/21 ‘

nen 7423-5613 s = 76/24 55/12 +t New York 80/26 67/19 t — 81/27 65/18 pc Tampa. f 92/33 76/24 ‘Winnipeg 5/tt t 70/21 51/10 pe

onolulu ——_—-87/30_ 75/23 s 87/30 74/23 s Oklahoma City 94/34 70/21 t 92/33 68/20 pc ‘Tucson 93/33 67/19 & ge on “Cloudy. eh: rs. 4-thunder:

Houston 98/36 77/25 pe 98/36 77/25 s Orlando - 94/34 74/23 t 94/34 74/23 t — Washington, DC 84/28 84/28 67/19 SID/Ins, HAI, SEED UTTIES SREHOK. Flee Prop prociohation: Wetec

storms, t-rain, sf-snow flurries, sn-snow, i-ice, Prcp-precipitation, Tr-trace



PAGE 8B, FRIDAY, JUNE 12, 2009

THE TRIBUNE





Casino’s net loss almost hits $3m
FROM page 1B

Bahama stay for several months to give time for a replace-
ment to be found. The operator’s lease expired on May 31,
2009. Isle of Capri was making annual rental payments of $1.9
million to Hutchison Whampoa under the terms of a two-year
lease that it signed on June 1, 2007. The property is a 19,000
square foot casino and offers 303 slot machines, 25 table games
and a 110-seat restaurant.



Company's relaunch

FROM page 1B

Skinner, who built the firm
from a single man operation in
‘1987 to one with now nine
employees, is preparing to
have his children succeed him
and expand the business.

Mr Skinner said We Do was
forced to downsize several
years ago after successive
years of business contraction.

However, after rebuilding
the company single-handed,
Mr Skinner’s children, upon
returning from college, moved
in to modernise their father’s
company and implement inno-

vative ‘ideas and services.

Tears

While addressing a crowded
room at the relaunch ceremo-
ny, Mr. Skinner could hardly
contain tears as he recounted
how We Do almost never was,
and how the chief executive
of the Organisation for Amer-
ican States (OAS) in Wash-
ington, Roy Thomasson,
drove him to move forward
with its implementation.

Mr Thomasson, who made
the keynote address during
the ceremony, called it a spe-
cial privilege to have been

w

CLL)

For the stories

behind the news,
read Insight
on Mondays



“Within the Chamber we are
always delighted to join in
celebrating the success of our
members. We highlight We Do
Messenger Service’s proud
membership, and reassure all
small businesses that are not

‘members to recognise the

significant value and strength

in numbers.”



invited back to the Bahamas
for We Do’s relaunch..

“I think Peter exaggerates
my role — though I am very
glad to have been there when
he asked about starting a busi-

ness, and have appreciated the.

many kind things he has said,”
said Mr Thomasson.

“T did what anyone can do S

take the time to listen to a
young person, encourage
them in finding their life’s
work, and show an interest in
their accomplishments.

“T asked Sasha what the
‘relaunch’: meant — since We
Do is already a successful
company with a sterling track
record of over 20 years of
serving high-level customers
in the Bahamas. |

“Her answer mentioned the
expanded services, new web-
site and new and expanded
services to come.

“To me, this sounds like We

The best rides are free!

Ride away either way from Esso.

One Kia Sportage and Six Sym Jet Scooters to be won.

Drive into participating Esso stations for the chance to win a brand

new 2009 Kia Sportage on August 7, 2009.

Your entry also qualifies you for weekly draws starting June 26th for

a Sym Jet Scooter.

Darron Cash

Do ‘More’ — and that I think
that is what this is all about.”
The company’s. website

’ went live last month, marking

the beginning of its move to
expand.

With the relaunch will come
radio and television ads, the
first in We Do’s 20-year his-
tory.

According to executive
assistant Sasha Skinner, the
company had tried advertis-
ing in the print media in the
past, but it was not effective.

The company also plans to

. invest in its community and

have envisaged a ‘Green’ pro-
gramme they hope will miti-
gate the existence of trash on
the streets.

Partnership

We Do is also mulling over
a partnership with Andros
farmers, but-is not prepared

shows We Do ‘more’

to comment on the venture at
present.

Honorary treasurer of the
Bahamas Chamber of Com:
merce, Darron Cash, lauded

. We Do for its vital role in the

Bahamian economy as a suc;
cessful small business. |

“It goes without saying that
your successes over thesd
many years demonstrate thé
vital role that small businesses
play in this and every econo;
my around the globe,” Ma
Cash said.

“Within the Chamber we
are always delighted to join in
celebrating the success of our
members. —

“We highlight We Do Mes!
senger Service’s proud mem4
bership, and reassure all small
businesses that are not mem:

‘bers to recognise the signifi;
-cant value and strength i in

numbers.”

Mr Thomasson said hig
organization was extremely
interested in expanding its
business in the Bahamas, and

‘will conduct a Business: Lab

workshop next week at the

‘Ministry of Youth..

He said he hopes We Do
and the ministry can help
recruit more young people for
its Young American’s Busi;
ness Trust programme. |

“In the end, the success of
We Do that we see here — J
can.only say that I am so
proud to know Peter and his
family and how much leader-
ship they show in their busi;
ness ethic, credibility, reliabil-
ity, attention to customers. |

“Today’s event proves their
potential for doing.more t
benefit this community,” said
Mr Thomasson.

For every $25 spent on fuel or $10 spent in the C-store you will get

an entry form. Drop your completed entry form into the box provided

and you could be a lucky winner.

Weekly Sym Jet Scooter Draws - June 26, July 3, 10, 17, 24, 31.
Kia Sportage Grand Prize Draw - August 7





Full Text


xml version 1.0 encoding UTF-8
REPORT xmlns http:www.fcla.edudlsmddaitss xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.fcla.edudlsmddaitssdaitssReport.xsd
INGEST IEID E8GQ3WE8A_7XAUJ0 INGEST_TIME 2012-01-27T14:34:29Z PACKAGE UF00084249_01334
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES







TRY OUR
SOUTHERN



HIGH
LOW



ESTORM

$5m fund targe
‘upside’ abroad! |

VT Wael

CHICKEN BISCUIT ?m lovin’ it

S8F
SOF

CLOUDS, SUN,





The Tribune













RC
targets

‘upside’

abroad —

ANY TIME...ANY PLACE, WE’RE # 1



BAHAMAS EDITION

www.tribune242.com

FRIDAY, JUNE 12, 2009"

ea ys
HELP WANTED

Fears ow for ©

nissing bathers -

No sign after two
days of searching.

FEARS were growing last night
for the safety of two brothers who
disappeared while erabbing in
South Andros.

Two days of desperate searching
has produced no sign of the two

youngsters and family members ©

are worried that time may be run-
ning out.

Up until press time last night
two search parties were moving.
through the bushes and, after a
short break, had planned to con-
tinue their work throughout the
‘night.

A Teenie in Nassau told The

Tribune last night that several fam-

~ ily members had flown to Andros

to join the search, but have found
“no trace of” Deangelo Clarke,

mine, and five- -year- -old. Marcelo

Clarke.
- On Wednesday, a family mem-

ber said, he feared time was run-’
_ning out and criticised the response

of the police stationed in Andros,
but yesterday a spokesperson for
the force said officers are doing

‘ everything they can,

_SEE page 10

PMH tight-lipped on questions
over alleged baby molestation

@ By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net —

PRINCESS Margaret Hospital is remaining tight-lipped on questions

surrounding the alleged molestation of five-month-old Lynera Saun-_

ders, maintaining all patient care is confidential.
Health bosses maintain medical staff followed protocol when they
alerted police of their concerns that the infant might have been sexu-

ally abused after she was. admitted to hospital on Friday and died two

hours later.

But the criminal investigation came toa halt when the infant’s
death certificate affirmed she had died of respiratory failure.
The alleged abuse:had sparked public outrage and the infant’s fam-

SEE page 10

-verse Pageant seems to.

cata Suste ste





Bahamas Junior

National team
gets set for

FIBA Americas

SEE PAGE THIRTEEN}





Si i

| riiplovers protest

‘unfavourable’
remarks by PM



TOURISTS ; EXAMINE conch shells vestorday at cai Barta After a.couple of mn of rain, n the St sun Fas
returned to the capital giving visitors a chance to see the Bahamas at its best.

Miss Bahamas Universe
Pageant results stand

‘ONE aspect of the.
controversy trailing
this year’s tumultuous
Miss Bahamas Uni

pering of the prelimi-
| nary scores and appar-
ent impropriety of hav-
ing pageant official
Monalisa Thompson
| sit.as head judge of the
competition.
Miss Bahamas Uni-
lverse president
Gaynell Rolle-Stubbs
admitted that pageant
| Officials held the pre-
liminary scores before

have been laid to rést
after the International
body overseeing the
pageant verified the
local pageant’s judging
system. a
Last month heated |
arguments erupted

(jara Sherman


















during a tumultuous

press conference held by Miss

Bahamas Universe officials to
validate the scores of the
ballots cast in the recent
pageant.

Questions were raised over
pageant officials' practice of

adding cumulative preliminary

numbers to the final scores, con-
cerns over possible ballot tam-

APPLIED BLUE...DRIES ULTRA WHITE

* 100% Elastomeric Acrylic Silicone
* 90% Heat Emissivity/ASTM C-1371 ‘
* Seals Cracks & prevents Leaks

+ 78% Sun Refectivity/ASTM C-1549

APPROVED for High Velocity

they were turned over

to the accounting firm, but

insisted there was no ballot tam-
ering.

"We held the scores prior to
the accounting firm receiving
them — the score sheets are a
true reflection of what we

‘received from the judges —

_ SEE page 10

Hurricane Zone





















mn TCT TLL
TRC
SAUCE

NEARLY a year after a
local Scotiabank branch
robbed of more than $20,000,
two of the three men charged
in the armed robbery and
shooting of a woman. police
officer have been found guilty.

‘James Miller, Anthony
Williams and Janquo Mackey
were charged in the armed
‘robbery that occurred at Sco-
tiabank, Soldier Road. and
East Street South, last July.

Miller, Williams and Mack-
ey, were accused of robbing
the Scotiabank branch of
almost $22,000 on July 2, 2008
and attempting to murder
Corporal.Natasha Black who
was struck in the head with
shotgun pellets upon arrival
at the scene. The men were

SEE page 10





WATER and Sewerage
Corporation employees
held a sick-out yesterday to
protest what they described
as “unfavourable” remarks
by Prime Minister Hubert
Ingraham during his con-
tribution to the budget
debate Monday.

While operations contin-
ued at the Water and Sew-
erage Corporation (WSC),
sources within the corpora-
tion said:the distribution
department was hit hard by
the sick-out.

The action taken by
‘members of the Bahamas
Utility Service and Allied
Workers Union reportedly
closed WSC offices in Aba-
co and Eleuthera, and
severely affected services in
Andros.

In New Providence the
electrical department,
garage and construction
areas were closed, and only
one employee was Srorie
at the sewage. plant, The
Tribune was told.
~ WSC executives did not

SEE page 10

to iallesations |
_of contracts
impropriety

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

GOVERNMENT sought to
defend itself against allegations
of impropriety centred around
multi-million dollar contracts
awarded to a company. in which
an FNM MP has an interest.

Works Minister Neko Grant
yesterday presented to parliament
evidence that the company'-—
Bahamas Hot Mix — had been
“doing business with the govern-
ment for a long time” before the
FNM came to power in 2007 as,
justification for it: continuing to
be considered for public works
under the Ingraham administra-
tion.

Specifically, he outlined sever-
al contracts awarded to the com-
pany during the former Christic
administration.

Meanwhile, as evidence against
any unjustified favouring of
Bahamas Hot Mix over other
potential bidders, Mr Gran!

SEE page 19

THE BEST ROOF SEALER |

‘PROFESSIONAL GRADE/S. UPERIOR ADHESION |

ENERGY STAR
PARTNER





Wulff Road - Opposite Mackey Street
Tel: 393-051
Open Monday to Friday

393-8006 OR 39 os cea


PAGE 2, FRIDAY, JUNE 12, 2009

3 wwoNE



LOCAL NEWS



Public have their say on the



By MEGAN REYNOLDS
and TIM CLARKE



THE Tribune took to the
streets to ask the public for their
views on Government’s fiscal
plans this year and public health
nurses taking industrial action
over pay and health insurance
not included in the budget this
year.
Anthony Conyres, 60, a truck-
er, said: “I think the Govern-
ment is treating them wrong.
The nurses are really the life of
the Bahamas and the whole
world. I think they should pay
them more money.”

Leander Davis, 32, adminis-
trator, said: “I really believe the
nurses should get their raise and
health insurance because the
public health system is very
important in this county: If you
don’t assist the nurses then how
can the sick people be attended
to?

“TI believe that both sides
should be able to sit down at the
table and discus this as adults.”

Malachi Hopkins, 70, said:
“Tt’s really poor for the nurses to
be striking, but at the same time
health and education should be
given the first priority in the
budget. They should have it
down in something else. It’s a
shame for the nurses but health
and education in any country
should be number one.”

‘Van’, 36, a computer pro-
‘ grammer, said: “Everybody
knows we are in a recession and

AAMC

Bronte Rd - Mack n Bled



everybody needs to make a little
sacrifice in this period because
realistically we can’t afford it,
so if they are giving them a time-
line when they could revise the
matter that should make sense.

“Basically the only people
who are suffering are the peo-
ple who have to-go to the hospi-
tal, so it’s not hurting the people
in government, we just have a
lot of people waiting in line.”

Sam Williams, 57, president
Bahamas Loving Care Associa-
tion, said: “I think they have
done something for the police
to get health insurance, now they
should do something for the
nurses. The nurses are very
important. Health is the nation
and that’s very important.”

Alice Farrington, 34, Clean-
er, Rawson Square, said: “We
see the economy right now
everybody should realise that
the economy really needs to be
cutting back.

“We can’t look at just this
year, we have to look out for the
next couple of years coming up,
and see how. things go with that.
We can see all over the world
people are cutting back right
now.

“The nurses. are dealing with
a lot of sick people and they
really need health insurance
because we don’t know what
could happen when you are
dealing with patients.”

Ozzie Johnson, 44, taxi dri-
ver, Said: “I feel as if because of
the recession the Government
had to make cuts, and it’s com-
mendable that they are still giv-
ing where priority needs to be
given, and it’s just that they need
to buckle down and tighten up in
areas where there were excesses.
I commend the government for
even trying to keep us afloat.

“J depend on nursing staff
because of being overweight and
because of my prostate, and they
need to be there, and on the oth-
er hand they are in a volatile
position because they could get
sick and what happens if they
get sick? =;

“They should give the nurses.
-something because they are on

LEANDER DAVIS

the front line and they have to
be protected too.”

Alexis Williams, 28, tour
guide, said: “I think the nurses
deserve the raise. The police
don’t need a raise, because some
of them don’t do their job.

“They need to first cut out the
bad apples and then I think the
Bahamas will be better.

“Some of the nurses deserve
the raise and some of them
don’t.

“Those who work hard
deserve it.”

Prince Fawkes, 80, tennis
instructor, said: “Teachers and
nurses should have got their rais-

- es because that’s health, and

they should take care of the
nurses because they are the ones
who really take care of the peo-
ple.

“The teachers take care of the

’ children and they are entitled to

the best when comes to the mon-
ey, they should come before the
people in office.”

OZZIE JOHNSON

Renewin

SCENT PEARL,



Nie ca iTHU)’S

i

¢

ovt’s fiscal plans for the year

0)

_ PRINCE FAWKES


THE TRIBUNE

FRIDAY, JUNE 12, 2009, PAGE 3



Sentencing of
entertainer —
is postponed =

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

FREEPORT - The sentenc- :
ing of popular Bahamian enter- :
tainer Stevie S has been post- :
poned for a second time by the :
Supreme Court. :

Bimini native Lemuel Smith, :
47, aka Stevie S, was convicted :
in April of raping a 13-year-old ;
girl in Grand Bahama four
years ago. i

Lawyer K Brian Hanna, who :
represented the entertainer at :
his trial, appeared in court just :
before a bomb scare cleared the :
building on Tuesday. i

He told The Tribune. that :
Smith had not been flown down }
for sentencing, which had been :
initially postponed on May 29. }

A probation officer from the :
Department of Rehabilitation :
and Welfare Services was also }
in court on Tuesday. ;

Smith is now expected to -

appear on June 23.

Man sentenced
for marijuana —
and weapons
charges

A 60-YEAR-OLD
Eleuthera man has been
sentenced to two-and-a-half
years imprisonment on mar-
ijuana and weapons charges.

James Adam Brown was
charged in 2005 with pos- :
session of marijuana with. :
the intent to supply, three
counts of possession of unli-:
censed firearm and two
counts of possession of mar-
ijuana.

Police, while executing a
search warrant on Brown’s
residence on March 25,
2005, reportedly found 12
pounds of marijuana, two
.9mm pistols and a .38 char-
ter arms revolver in a wood
shed in his, yard. The:
found 27 rounds of :380:
ammunition and 16 rounds
of 9mm ammunition.

Brown, who stood trial on
the charges before Magis-
trate Carolita Bethel, was
sentenced to 30 months
imprisonment on each
count. The sentences are to
run concurrently.

Ministry reviews
energy projects

THE Ministry of the Envi-
ronment in conjunction with
the Inter-American Devel-
opment Bank and the Glob-
al Environment Facility
(GEF) is reviewing proposals
for ‘sustainable energy pro-
jects, Environment Minister
Earl Deveaux said during his
contribution to the budget
debate.

“We expect to reduce the
use of energy derived from '}
fossil fuels. We are now con-
sidering waste to energy pro-
posals, and will, over the next
fiscal period, launch the ;
National Energy Efficiency :
Programme,” he said.

Pilot projects for photo-
voltaic cells and light bulb
replacement drives will be
funded by the GEF to the
tune of $1 million.

By December, the ministry
will outline a number of pilot





MP calls for compensation

over Quieting of Title Act.

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

WEALTHY Bahamians whose pre-
decessors claimed thousands of acres of
land from poor Cat Islanders using the
Quieting of Titles Act should compen-
sate the families of those who were left
with little, Cat Island MP Phillip Davis
told parliament.

Mr Davis, speaking in parliament yes-
terday during the budget debate, said
the Quieting of Title Act is the law which
has “visited the most egregious wrong
on the Bahamian people.” .

Noting in particular the actions of
now-deceased businessman Sir Harold

Christie — founder of HG Christie real -
estate company and former MP for Cat |

Island — Mr Davis :called on the prime
minister to “persuade” Sir Harold’s heirs
to compensate Cat Islanders in some
form for the land allegedly taken from
their predecessors through this law.

He described how Sir Harold, while
one of the “wealthiest men in the coun-
try” and the area’s MP, was able to
obtain title to thousands of acres of land

on the island “occupied by a
group of poor Bahamians.”

Mr Davis said that “some-
thing is wrong” with the fact
that today, Sir Harold’s heirs
are allegedly “getting millions
of dollars” from selling the land
“while persons who had an
interest in that land are still suf-
fering, still trying to eke out a
living.” ;

The plots of land quieted by
Sir Harold include some which
were recently sold to the devel-
opers of Cat Island’s first major
development — the PGA Vil-
lage — for around $30 million, alleged
Mr Davis.

He said that also claimed by the
Christie family was Little San Salvador —
now known as Half Moon Cay — which

the Stubbs and Newbold families of Cat.

Islands are alleged to have had a claim
to.

Accompanying the MP to parliament
yesterday was one of the “poor Bahami-
ans”, now 88 year-old Adlean Armbris-

ter, who, he said, was taken from her ‘
‘ children in 1964 and put in jail for 28

PME



days for resisting Sir Harold’s
move to obtain a large tract of
land she and several others had

- farmed for many years to sup-
port their families.

The MP claimed that Mrs
Armbrister, along with two
other women, Virginia and
Genette Rolle, were granted
leave by the Privy Council to
appeal the decision to award
Sir Harold title to the land. ~

“They were allowed to
appeal on the grounds that, on

“the face of it, there may have
been a miscarriage of justice,”
said Mr Davis.

However, the records of the case
“mysteriously” went missing, denying
the.women their day before the high
court, said the MP.

Mrs Armbrister was accompanied by
her daughter, 61 year-old Zearier
Munroe - who recalled her mother being
taken away in handcuffs, leaving her in
the care of her older sister — her grand
daughter Elva Woodside, and her two
great grand daughters,

“They didn’t have nobody (to look’

after them),” said Mrs Armbrister of her
children when she was arrested in 1964.

Mr Davis said: “Cat Islanders and their
descendants have been wronged by this
(Quieting of Titles) Act. And whereas
legally nothing can be done about it, I am

‘obliged to speak about it because of what
- has been perpetuated upon my people,

my people who struggle today .. . versus
those who have gotten their millions and
live ... the hunky dory life, without
care.” . : :

Adding, that he welcomes the PGA
Village. development “and the jobs it
will create” Mr Davis called on the prime
minister “to intervene with the special
intereststhat he represents” to get some
restitution for those affected.

On its website, HG Christie states that
the family “owned more than 2,000
acres” in Eleuthera and Cat Island at
one point. , af

Mr Davis suggested that the heirs of
Sir Harold — who was awarded a CBE in
1949 and a Knighthood in 1964 — set
aside some of the millions made from
the sale of their Cat Island land to set up
a scholarship fund at the College of the
Bahamas for the island’s children.

‘Economic, environmental considerations’ behind container port move



SERIOUS economic and
environmental considerations

-are behind the government’s

decision to move the container
port from Bay Street to Arawak
Cay, Environment Minister Earl
Deveaux told the House of
Assembly during his contribu-
tion to the budget debate.

Mr Deveaux said that the esti-
mated cost of building a port in
the southwest is between $200
and $400 million. He said the
government has: a firm offer
from a private company to build
a port.at Arawak Cay for just

. $50 million. |

“The port group that is now
together believe that they can
get it done for between $70 to

- $80 million with public partici-

pation in the shareholding. We
believe that is a huge factor, in

addition to the envi-
ronmental impact and
protection of public
and private stake-
holder interest. As
significant was the
allowance for tremen-
dous touristic and res-
idential development
to occur unimpeded
in southwestern New
Providence,” the min-
ister said.

Mr Deveaux said
that the southwest
port idea had signifi-
cant public sector support that
has never been publicly
acknowledged.

“It was a government directed
initiative and it depended on thé

‘government to make it function

and to make it work — the own-

Sunday June 14th 2009

2:30 pm & 5:30pm
» Paradise Island



Earl Deveaux

ership, the structure
and the operations.
The proposal for
Arawak Cay is private
with the state making
the land available an
ensuring the average
Joe Public member can
have a share in the
returns from it with all
the benefits of reduced
freight cost, greater
efficiency and utilising
© the already existing
harbour,” he said.

The minister assured



. the house that the Arawak Cay

fish fry. will not be negatively
impacted and that the port
group would use less than half of
the existing land at Arawak Cay.

“The government has many
options to expand Bahamian



SW

ownership, create a container
port, remove traffic from down-

town, improve downtown,

improve opportunities to be on
the.water, and address all envi-

ronmental issues, without cut-

ting into the island of New Prov-
idence. The western end of New
Providence in the next three to
10 years will see a shift in popu-

‘ lation like we saw to the south-

west and Carmichael area over
the last-10 years. It will have a
huge impact on any kind of
activity there.

“The centre of Lyford Cay is
going to move opposite to Char-
lottesville. Moving traffic around
in that area, planning for schools
and for the commercial devel-

opment of that area is as impor-

tant as what we are seeking to
do downtown,” he said.

The minister said that evi-
dence of how cruise ships,
resorts, container ships and

small businesses can coexist can .

be seen in Miami and Ft Laud-
erdale. In the Caribbean, Bar-

_ bados is another example.

“From the seventh or tenth
floor of the Intercontinental

RRA,

Hotel, you see the Betty K, Mia-
mi Arena, Fisher Island; Bis-
cayne, Collins Avenue‘and Hait-
ian vessels — all coexisting right
in Miami. Just ask the questions,
but make them, non-political.

- Make. them economic. Make

them scientific.

“Make them community-
based. Then and ask yourself
what will likely happen to the

‘southwestern end of this island

in 10 years with a port and all
the other developments. What is
likely to happen here'and how
do you mitigate it and how do

you manage it?”

“We chose public participa-
tion. We chose environmental
stewardship and a more efficient
process and greater and better

. utilisation of the existing, idle

resources, especially land,” he

: said.

TROPICAL
TUR LRU StS
Weed eh




PHONE: 322-2157

alleria Cinemas _

The Mall-at-Marathon

BOX OFFICE OPENS AT 10:00 AM DAILY _

SSeeGeeeeeeeeesen eee eee ease cee eee eee eee eee eee eC eRe ET

SS

~ EFFECTIVE JUNE 1 2TH, Perr d

projects to the public, he said. ; : ene we sgnees ol bere
ome Fa rics,will feature

leading designer,in
The'Bahamas,with an.

ay of their creations

Acs AS dnc rece Gal pe Kl Mel
MAGNE THAT NEW] P06 ar [WH] 660] wa] ee

LLANDOFTHELOsT ——_T_[ 115 [5 | wa | 68 | 035] 10-0
THE HANGOVER __©_| 1:00 | 320 wa [6:00 | 9:0 | 10:45 |
UR A fe [enum [neo | wa
[DRAGMETOHELL ———_T_| 1:10 [3:05 | wa |sx10 | exes | 10:55
[TERMINATOR SALVATION _T_| 1:00 | 3:00 wa {6:00 | 8:20 | 10:45 |
NIGHT ATTHEMUSEUM 4 [ato | 3:0 | wa [exo [9:30 | 10:35 |
[DANCE FLICK _|asts [aus | wa | 6x5 | 8:35| 1055|

JANGELS&DEMONS —_¢_|100 | wa | 400 | 7:80 wa | roxo
oD 5 nf [ae [os]
jem 71 a

SVB AN DRIVE

OUR E-CARD TO A KETS AT 380-3649 OR WWW AUINE MA. OM

faunncoreeinan new] [oan [wa [6x0 | exo | tos
fmacinerwar New| ei0 [oa [WA | im
THE HANGOVER TT wa

oe

co
Be on ee eae | ee
omenevowenn 1 fee | [WA

A

pas Tsil

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.

PAYER vfs A any

Ue CLE

Madeira St. [242] 325-8233 * Robinson Rd.[242] 322-3080

NIGHT AT THE MUSEUM i190 [3:35 | 0

e 5% 9404


PAGE 4, FRIDAY, JUNE 12, 2009

THE TRIBUNE



; EDITORIAL/LETTERS TO THE EDITOR oe ;

The Tribune Limited

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

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

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

(Hon.) LED. 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

WEBSITE
www.tribune242.com — updated daily at 2pm

Euro-Socialism has pluses and minuses

WASHINGTON — Don’t look now, but
there’s a monster hiding in the attic; or is it
crouching behind the garden wall? Maybe it’s
lurking with a troll under the bridge?

There are a growing number of Americans
who think that socialism is a threat to our free-
market.economy.

Now, the U.S. Chamber of Commerce says it
will commit millions of dollars — maybe as

much as $100 million — to a long-term cam- -

paign to teach the verities of capitalism and
free markets.

“Supporters and critics alike agree that cap-
_ italism-is at a crossroads,” said U.S. Chamber

President and CEO Thomas J. Donohue. “It’s
time to remind all Americans that it was a free
enterprise system based on the values of indi-
vidual ‘initiative, hard work, risk, innovation,
and profit that built our great country. We must
take immediate action to reaffirm the spirit of
enterprise in America.”

In his statement, Donohue did not mention
socialism; but the implication is that it is coming
in with the policies of the Obama administra-
tion.

Indeed, President Obama has not been squea-
mish about government intervention in the mar-
ket: The economic stimulus package, the bailout
of the banks, General Motors and possibly some
states, the wishful “green” energy bill on Capi-
tol Hill; and, front and centre, health care
reform all add up to a fear by many Americans
that the United States is headed toward euros

pean-style democratic socialism.

The U.S. Chamber’s “Campaign for rBiee . |
Enterprise” will feature a grass-roots move--

ment, a “vigorous” media and public education
campaign, focusing on the “economic literacy of
younger Americans,” and issue-advocacy pro-

gramme, leading up to the 2010 elections and, of — :

course, lobbying. It reflects a deep concern by
the board of the chamber that the country real-

-ly is heading down the path of Euro-socialism.
’ This concern begs the question: Is that. so
bad?

Putting aside those who think Europe’s social
contracts of today are a kind of Marxism (they
are not), what are the fears? Mostly, Europeans
like their system and Organisation for Eco-
nomic : Cooperation and: Development finds.the
countries of Western Europe out-score the Unit-
ed States in terms of national happiness. .

The socializéd service most feared in the
United States — nationalized medicine — is
both criticized, particularly in the United King-
‘ dom and Italy, and loved. No politicians dare
suggest privatizing it. The same goes for subsi-
dized and pervasive public transportation.

The real problem for Europe is rigidity. Busi-

¢ ROLL erat

Aluminum rolling shutters are custom-fitted
and available in-a choice of colours. They
provide security and hurricane protection.
Easily operated by hand crank or electric
motor, Roll shutters add beauty, security and
convenience to any home. :
¢ We guarantee motors for 5 years, material
and labour for two years and respond to
service calls within 48 hours, usually on the
same day.

| Don Stainton (Protection) Ltd.
SERVING THE BAHAMAS SINCE 1978
HILLSIDE PLAZA, THOMPSON BOULEVARD
FREE ESTIMATES 322-8160/322-8219

HURRICANE cab

ness has no freedom to act, and successive gov-
ernments have mortgaged themselves to public
service unions in country after country.

When she was prime minister, Margaret
Thatcher loosened some of those bonds in
Britain; but compared to the United States,
business is still shackled in a way that would be
hard to swallow here. Particularly, the American
employment model is at odds with the Euro-
pean one.

U.S. employment law is built on the concept
of employment “at will.” In Britain, and most of
the rest of Western Europe, a fired employee
can drag the employer before a labor tribunal
and force an arbitration that usually will side
with the worker..-

This may be noble in concept, but it is dev-
astating in reality. Even in good times, employ-
ers fear increasing payrolls. So permanent jobs
are treated as temporary, and contract employ-

ees are favoured over regular ones to protect ’

employers from the rigors of hiring.

European governments do try to fix every-
thing, and pass laws and rules to implement the
fixes. I have heard social workers complain that
they have to tell people who rip off the-system
how to do it more efficiently.

In Britain, welfare, unemployment insurance,
and other welfare-state handouts are known as
“benefit” — and it can work like an annuity,
especially in disability cases. I have heard British
social workers complain that they feel com-
plicit in abusing the system.

‘In Scandinavia the father, as well as the moth-
er, can get a year of maternity leave. The “cod-
dled society,” you might say. Yet as Harold
Meyerson, a declared liberal, writes in The
Washington Post, conservative parties embrace
most of the same goals as the left-of-centre par-
ties. Certainly cradle-to-grave Euro- socialism
is expensive. It also stifles the business dynam-
ic; business just has so much more to overcome

’ to succeed and to survive in Europe. If you

want to start a business, better do it in the Unit-
ed States. But if you want your opera produced,
try Europe. Good and bad things come in the
European package.

The U.S. Chamber of Commerce will get
something for its efforts and its money if it
admits that the door to more government was
opened not by incipient socialists but by the
excesses of capital managers, and that the threat
to American business is wrong regulation —
not regulation itself. The spectre of socialism in
the U.S. context is a poled device to frighten
the gullible. :

(This article was written by Llewellyn King
. 2009 Hearst Newspapers).







Enlightened
critiques of

capitalism needed.
Dawe

EDITOR, The Tribune

I would like to thank some-

_ one called "Avid Reader" for

attempting to critique my support
of Capitalism. Unfortunately he
or she only confirms what The
Nassau Institute has been saying
for the past 15 years. We need
more free market and capitalism
not more government and social-
ism.

First, Avid Reader asks if I
have read Fhe Shock Doctrine.
Having read most of Naomi
Klein's book, The Shock Doc-
trine: The Rise of Disaster Capi-
talism, it is clear to me that she
was simply out to make a quick
buck (could she be greedy?) by
instilling fear into people that
might not be familiar with eco-

- nomic principles.

Specifically, Klein uses an
awful lot of ink trying to convince.
us that crisis benefit free markets
and limited government. For as
long as I can remember crisis has
given the world more government
involvement in the economy. The
exact opposite of what Ms. Klein
attempts to sell us. The most
recent examples, 9/11 and the pre-
sent economic crisis serve my
argument well.

As Johan Norberg pointed out

- in a review of The Shock Doc-

trine, "In the absence of serious
arguments against free markets,
we are left with Klein's reason-
able critiques of torture, dicta-

. torships, corruption, and corpo-

rate welfare. In essence, her book
says that Milton Friedman's lim-
ited government ideals are bad
because governments are incom-
petent, corrupt and cruel." So one
must ask, why should we want
more government as opposed to a
more free market?

Second, with regard to the

. point that "politicians no longer

address real issues," Avid Reader
will get no argument from these
quarters. He or she confirms
another reason why we need»
more ofa free market and: not-
more government.

The Nassau Institute has pro-
vided volumes of enlightened

letters@tribunemedia.net



food for thought.on public policy |

and its unintended consequences.
Please see stitute.org> .

Third, Avid Reader asserts .

that Unemployment Insurance
terrifies me. Not really.

What does concern me greatly -

though is another government
Ponzi Scheme like'the’country's
National Insurance scheme. A
programme where the present
generation leaves debt for future
generations to pay because we
lived off their future prospects
for an enjoyable life. The Nation-

‘al Insurance scheme is going

bankrupt because, not unlike
Bernard Madoff, it pays current
retirees from the payments of
present day workers. As the work
force shrinks and benefits
increase, new entrants into the
scheme are left with little or noth-
ing or ever increasing taxes to
sustain it. The same thing will
happen with the unemployment
scheme now in place.

Surely Avid Reader is not
advocating we should not be con-
cerned about what we leave
future generations?

Fourth, the letter writer sug-
gests that Capitalism and free
markets are bad, but Socialism as
in Cuba is worse because as he
or she admits, ‘they could not live
there. Avid Reader then recom-
mends the democratic socialism
found in Scandinavian countries
as a solution.

But let's look at the so-called
Nordic Model for a moment or
two.

It is important for us to decide
if economic growth is important
to our nation. As Dr. Dan
Mitchell pointed out in a Cato
Institute Policy Analysis, the
claim that the Nordic Model of
big government and good eco-
nomic growth as being the best
of both worlds; "“doés not stand
up to serutiny.”

human spirit, ..."

As Dr. Mitchell's analysis tells
us, the bigger burden of govern-
ment "hurts Nordic competitive-
ness", however, the Nordic Mod-
el countries manage to have
“open markets" with "low levels
of regulation, strong property
rights, stable currencies, and
many other policies associated
with growth and prosperity."

,- Interestingly, every Nordic
nation is moving toward free mar-
ket policies like low corporate tax
rates and flat taxes. Countries like
Iceland and Sweden have already
"partially privatized their social
security retirement systems."

So even the Nordic countries
that pursue so-called democratic
socialism are moving toward
more capitalist or free market
reforms.

Fifth, Avid Reader suggests
that the "world economy is in
considerable difficulty at present
as a result of unfettered and large-
ly unregulated capitalism which
feeds off human greed and self-
ishness."

To paraphrase Dr. Milton
Friedman, is/was there no greed
in Communist, Socialist or Fas-
cist systems? Does Capitalism
cause greed, or is greed a normal
human attribute?

Furthermore, there is mount-
ing evidence that there was a
huge failure of those government
entities that supposedly monitor
the very highly regulated bank-
ing industry, not to mention the
responsibility the Central Banks
of the US and the world bear for
their excessive monetary policies
to feed the voracious state.

. Capitalism is by no means per-
fect, it's just the best economic
system available, but before we
jump off all bleary-eyed into the
mist of Socialism, one of the
“most ambitious creations of the
(Ludwig von
Mises), shouldn't we at least offer
enlightened critiques of Capital-
ism?

RICK LOWE,
Vice President,
The Nassau Institute,
June 11, 2009 B

We need to ensure land is utilised properly

. EDITOR, The Tribune.

Over the past few weeks I
have been reading, in the media
that there are some people who
are calling for a committee to
investigate the Crown lands
Office Records from 1992 until
the present to uncover what has
taken place.

Well I suggest if ‘icy are going
to investigate then go back to
1970 and then we will all be able
to see who was given hundreds
of acres of Crown Land simply
for political reasons.

I have been suggesting for
years that all Crown land that is

sold should have a clause which

states that if this land is to be
resold before it is developed then
the Crown should be given the
first right of. refusal and the

.. Crown should be able to buy back

Quality Auto Sales
TAN ral

For the best deal in town on
pre-owned cars, with wey!
Trade-ins on new car sales





the land for 5 ta 8 per cent above
what was paid to the Crown.

If the land has been devel-
oped then there should be two
independent appraisers to give a

-\ proper appraisal and if the Crown

wants to buy it back then that
should be the price it has to pay.

This method I am sure would
stop all and sundry from trying
to pull fast deals with Crown land,
the only people who would want
it would be those who. are going

' to use it legitimately. Then

Bahamians who need land to
build on would be able to do so.

Land is not like fruit, it does |

not grow, so we need to make
sure that when it is sold or given it
is going to be utilised properly.
Owning a piece of land gives
most people a feeling of self pride
of knowing that they have perse-
vered and progressed in this life
which is not easy to do. ©
Our children and grandchildren
and theirs may be around for
quite some time so they will need

‘land to utilize.

ABNER PINDER
Spanish Wells,
Eleuthera,

June 7, 2009

NOTICE

Notice is hereby given that the Twenty-ninth
(29th) Annual General Meeting of THE

PUBLIC WORKERS’

-CO-OPERATIVE

CREDIT UNION LIMITED will be held at

The British Colonial

Hilton Hotel, West

Bay Street, on Friday, June 12th, 2009
commencing at 6:30 p.m. for the following

purposes:

* To receive the report of the Board

of Directors

-To receive the Audited Report for 2008

IN sTockK!
~ ‘01 TOYOTA CAMRY
‘05 TOYOTA CAMRY oF
‘07 TOYOTA YARIS
‘06 HYUNDAI TERRACAN
‘01 HYUNDAI COUPE _
‘04 HYUNDAI SANTA FE
‘06 HYUNDAI ELANTRA
‘06 HYUNDAI SONATA
‘01 HYUNDAI HD-65 TRUCK
‘94 MITSUBISHI DIAMANTE
‘94 TOYOTA CAMRY

QUALITY: 2

#1 AUTO DEALER INTHEBAHAMAS
IRLEY STREET - 322-3775 q ‘SA5 0029)



¢ ALUMINUM LOUVERED SHUTTERS

he look of colonial wooden shutters, but with
he strength and maintenance - free qualities of

luminum, Add a finishing architectural touch to
our home with these functional yet decorative
shutters. Provides protection against storms,
sun and vandals. - :

: To elect members of the Board
of Directors, Supervisory Committee
and Credit Committee






- To discuss and approve the budget
for 2010





¢ ALUMINUM ACCORDION SHUTTERS

Light enough to slide easily, yet strong enough to
withstand severe storm conditions. Heavy-duty
key lock mechanisms. for secure fastening.

¢ ALUMINUM HURRICANE AWNINGS

Economical and convenient, these easy-to-use
awnings are permanently installed and close
quickly for storm protection. They give everyday
protection from heat and rain, and help prevent
fading of carpets and drapes.



All eligible. members, wishing to run for
a position on the Board of Directors,





Supervisory Committee or Credit
Committee, are asked to submit their names
to the Credit Union’s offices in Nassau or
Freeport, no later than Monday, June 8th,
2009 by 4:00 p.m.



All members are urged to attend and
Exciting door prizes will be offered.
Refreshments will be served!

* CLIP-LOCK ALUMINUM STORM PANELS

The most cost-effective protection available.
Lightweight, easy to store and to use. We give you
10% extra spring steel clips and use closed-end
headers to prevent the panels "creeping".



a
o
£
>
cc
7)
©
c
G
9
Fe
2
L
Ye
6
”
®
|
} a
G
>
oO
2
Ge
Ym
0 3
“” :
=
Ga
©
c
o |
Q
oO
cf
ed
s
x
0
0
oO
Yn
©
-
0
o
Q
>
oD
2
c
fF




CHOOSING HURRICANE SHUTTERS

or Abaco Matar Mall, Den MacKoy Blvd, Aa6?- 29 { 4


THE TRIBUNE



In brief |

senceccccsccccncccscesocsencessesscscsccnceccncsesssscscsscoe’s

Immigration = —
unable to verify
legal status of
charged man

THE HAITIAN man
charged with child pornogra- :
phy and indecently assaulting :
an eight-year-old girl will i
remain on remand for at
least another week as immi-
gration officers were unable
to verify his legal status yes-
terday. i

Jean Pount Du Joun, 46, of :
Butler Street, was arraigned:
in Magistrate’s Court on ;
Wednesday in Court 1, Bank :
Lane, where he pleaded not :
guilty to the charges.

It is alleged that on Sun-
day, June 7, the accused
intentionally caused a child
under the age of 18 to be
involved in child pornogra-
phy.

On the second charge,
court dockets state thaton =}
the same day, Pount Du Joun :
indecently assaulted an
eight-year-old girl.

Pount Du Joun has been
remanded to Her Majesty’s
Prison. He is expected back
in court on June 17, when
immigration officers are
expected to verify whether
Pount Du Joun has legal sta-
tus in the country. Bail will
be considered at that time.

Home invasion, —
armed robbery
investigated =

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



FREEPORT - Grand
Bahama Police are
investigating a home
invasion and.armed ..’

LOCAL NEWS

decide disciplinary measures

lm By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

AN INVESTIGATION into the alleged beat-
ing of Miami-based reporter Mario Vallejo by
Defence Force officers at the Detention Centre
did not lead to criminal prosecution, according to
the police.

However the outcome of the investigation into
the high-profile incident which allegedly took
place in February 2006 remains a mystery.

Commissioner of Police Reginald Ferguson
said police took over the investigation, but did not
find enough evidence to charge Royal Bahamas
Defence Force (RBDF) officers suspected of
beating the US journalist outside the Detention
Centre.

Mr Ferguson said the matter was passed on to
the RBDF to decide on disciplinary measures.

The alleged beating of Mr Vallejo demanded an

‘investigation when it caused a stir in the United

States and damaged the Bahamas’ reputation.

Refugees

Mr Vallejo, a reporter for Univision, was at
the Detention Centre in Nassau with his film
crew to document the reunion of seven Cuban
refugees who had been stranded in Elbow Cay.

When another journalist attempted to capture
the reunion on film and was detained, Mr Valle-
jo is said to have stepped away from the Deten-
tion Centre gate to make a phone call, presumably
to inform his superiors that a fellow journalist
had been taken into custody. -

It is alleged Defence Force guards then
attacked the reporter, throwing him to the ground
and then against a car, leaving a gash in his head.

Tribune reporters arrived at the scene as para-

medics treated the bloodied Mr Vallejo.

Protests were held outside Bahamas govern-
ment offices in Florida, three US Congressmen
called for an investigation into the matter, and
hundreds of Americans cancelled their plans to
visit the country in protest.

At theheight of the controversy a bomb scare
was called in to the Bahamas Consulate in Miami.

The PLP government was condemned by then
FNM chairman Desmond Bannister for not deal-
ing with the matter, as he said the Bahamas’
image had been affected.

Officials from the Ministry of National Securi-
ty said a report would be released, but nothing
was made public.

And six months after the incident Deputy
Prime Minister Cynthia Pratt admitted she had
“no idea” what stage the investigation was_at.

When the FNM came to power in 2007, Minis-
ter of National Security Tommy Turnquest said
there was no investigation whatsoever, and he
failed to respond to 11 e-mails from The Tribune
containing photagraphs, articles and official state-
ments on the Vallejo case.

Nothing has been made public about any inves-
tigation thus far. -

When Director of Immigration Jack Thompson
was asked about it yesterday, he said he did not
know what stage the investigation was at, and
that he would be interested to find out.

Mr Thompson said the matter had been passed
on to the police, and Mr Ferguson said police
passed it on to the RBDF.

The commissioner said: “I am almost certain
that should have been concluded by now.

“The police did what they were supposed to
have done, but there was not enough evidence to
substantiate the charges and files went to the
Defence Force with recommendations.”

The RBDF did not respond to calls before The
Tribune went to press.

27-year-old man is

Police: no prosecution
alleged beating of reporter

Matter passed on to RBDF to

MIAMI-BASED reporter Mario
Vallejo (centre) was allegedly
beaten by Deferice Force guards
in February 2006.

FOR 3 IN 1 LAWN SERVICE
Fertilizer, Fungicide,
Pest Control

Tropical Exterminators
822-2157



fr Mey, ode OR
ACS pete, ab









Love Beach
Cottage

Gated, Newly refurbished,
3 Bed, 2 bath, furnished,
private beach access
across road, private deck
and tropical garden

$2,100 per month
Call 356-3462

Ce hk)

weekdays

ROYAL BANK OF CANADA TRUST COMPANY
(BAHAMAS) LIMITED |

is considering suitable applications for the role of

| Manager, Trust and
Corporate Services

Description of role and key responsibilities:

¢ Lead and manage a team of trust officers and other
staff: this includes providing advice in respect of clients
and cases, coaching staff and ensuring the effective

charged with murder

: mi By DENISE MAYCOCK
’ Tribune Freeport
' Reporter
dmaycock@tribunemedia.net

robbery that.occurred
in Bootle Bay, West
Asst Supt Welbourne
Bootle said that a
woman reported to
police that armed men

Accused appears in court in
connection with shooting death

éntered her home just
before 3pm on Tuesday.

She said the intruders
were armed with hand-
guns and had cloths
around their faces.
They robbed her of
$1,500 cash and a TV
monitor valued at $300.

Mr Bootle said the
men were described as
being heavily built and
weighing about 200 lbs
each. One of the men
was wearing blue cover-
alls and a black cap.
They escaped in a blue
Ford Explorer.

BUILDING FIRE

Traffic Police officers
spotted a fire on
Wednesday in the
Freeport Bonded Area
off Queen’s Highway.

Firemen were dis-
patched to scene, and
found flames rising _
from the garage of the
18-unit single story
stone business complex
which houses Carmacho '
Auto.

The fire was extin-
guished but one area
sustained about $4,000
worth of damage.

VISIT US ON THE WEB
aebahamas.com

FREEPORT -— A 27-year-
old Grand Bahama man was
chargéd with murder in the
Freeport Magistrate’s Court
on Wednesday.

Renaldo Bernard Hall was
arraigned before Magistrate
Debbie Ferguson in court one
in connection with the shoot-
ing death of Sidney Brice, 42,
at Redwood Lane.

It is alleged that on June 6,
the accused intentionally
caused the death of Mr Brice.

-Hall was represented by
Carlson Shurland. »

He was not required to

- enter a plea.

Mr Shurland told the court
he felt that the charge against
his client was not appropri-
ate in view of the informa-
tion, and suggested that the
lesser charge of manslaugh-
ter should have been applied.

He also informed Magis-
trate Ferguson that his client
is a diabetic who requires
doses of insulin twice a day.

Mr Shurland complained
that a police officer denied
him the right to see his client,
and that his client was denied
his medication while in police
custody.

“He was going into insulin
shock at the time and any
statements he gave I intend

to challenge,” he informed

the court. .

Expressing concern about
his client’s welfare and the
conditions at Her Majesty’s
Prison, Mr Shurland request-
ed that bail be granted
because of his client’s med-
ical condition.

“The condition of Her
Majesty’s Prison is bad. He
is a sick man and his immuni-
ty to certain diseases is not
virulent,” he said.

Under the Bail Act, any-
one charged with murder is
automatically denied bail.

However, Mr Shurland
referred to a recent judgment
by the Court of Appeal which
granted bail to three persons
charged with murder.

He also noted that magis-







954.578.4120
info@sham

15.% Off

ALL CLOTHING

Sale on Selected items
Up to 50.% Off

Sizes XS to 3XL

For Fashion news & specials

trates have the right to exer-
cise their discretion when
granting bail.

' The prosecutor said he
would look into whether the
charge against Hall should be
changed.

The magistrate remanded |

Hall to Fox Hill Prison until
August 26, but assured Mr
Shurland and his client that
she will write a letter to the
prison explaining Hall’s med-

-ical condition and his special

needs.

Magistrate Ferguson said
that she will review the
case submitted by Mr Shur-
land.

“Tf there is a decision to
change, I will send for you
before the adjourned date,”
she told Hall.

ly furnished and equipped apartments |
. by the day, week or month in |



utilisation of other resources. Instrumental in developing
and implementing company procedures within

appropriate frameworks.
Possess a superior knowl

edge of Trust (complex and

simple), Company and Fiduciary structures, and tax
and legal issues affecting the administration of Trusts

and Companies.

Ensure that strong technical knowledge of all aspects
of trust and company administration is delivered: this
includes attending client meetings and
supervising/assisting in respect of the preparation of
accounting and investment information prior to

. submission to clients

Experience with the preparation and presentation of
financial and estate planning proposais to high net

worth individuals

Providing assistance to increase profitability of the
company/sharehoider value by identifying
opportunities to extend the trust services, and to use
the bank offering to implement solutions for clients

- where appropriate

Proven superior sales acumen. With ability to attract,
build and strengthen relationships with key clients and
intermediaries and identify new ideas in relation to
products and services that may be offered by the |

company

Core skills and knowledge:

« A University degree in business, accounting, or other

related discipline

¢ A minimum of ten years' relevant experience
Professionally qualified, e.g. accounting/finance
qualification, STEP ICSA, TER ACCA
Self-motivation with excellent project management

Demonstrably strong technical

owledge of all aspects

of trust and company administration, including the
nuances and statutory requirements of the major
offshore jurisdictions used in connection with clients’

structures

¢ Strong analytical and problem-solving skills
Methodical, thorough and attentive to detail
¢ Strong SIP ERIE OT skills coupled with the ability to lead

by ae e€

Strong s

ills in time management and prioritisation

Excellent oral and written communication skills

Microsoft Office skills

Cultural awareness and sensitivity on both an individual

and corporate basis

Interested persons should apply by June 15, 2009 to:

Royal Bank of Canada Trust Company

(Bahamas) Limited

PO Box N-3024

Nassau, NP Bahamas

Attention: Human Resource Manager

Via Email: paul.lewis @rbc.com or
elizabeth.dorsch@rbc.com

Only applications from suitabl qualified candidates

will be acknowle

www. rberoyalbank.com/caribbean/bahamas

SINE on aed

ged

RBC
| Royal Bank
C| of Canada


THE TRIBUNE



Accusations made against the

Royal Bahamas Police Force

@ By ADRIAN GIBSON
ajbahama@hotmail.com

VER TIME, the Roy-
al Bahamas Police
Force has been accused of near
systemic patterns of police bru-
tality, verbal abuse and outright

misconduct in violation of citi-_

zens’ rights,

The death of 15-year-old -

Michael Knowles, who was
found dead in a cell—hanging
from a cord—while in police cus-
tody, has caused much hoopla,
politically and socially. Accord-
ing to the police, Michael
Knowles committed suicide
while being held under suspicion
of housebreaking and stealing.
Our society has been inundated
with allegations of police brutal-
ity where certain officers are
accused of having cultivated an
air of terror and having dis-
played behaviour that has laid
bare the flaws in police recruit-
ment and training as well as a
lack of professionalism. That
being said, there are still some
who are sincere, hardworking
officers whose professionalism
is second to none.

Last week, Englerston MP
Glenys Hanna-Martin attempted
to accelerate the investigative
process into the death of the
teenager, particularly as the case
has engendered much public
outcry. In her zeal to shine light
on the issue, Mrs Martin—whose
inner-city constituency is next
door to that of the deceased teen
(St Cécilia)—did not comply
with.a directive of the Speaker
and as a result was “named” and
suspended for two sittings.
Although the issue may have
earned Mrs Martin and her par-
ty political mileage, and while
parliamentary rules should
always be adhered to, the PLP
chair-woman knew that had she
given the Speaker notice of her
intent to speak on such a con-
tentious issue, her request was
likely to be denied. Frankly, con-

_ Suspension, state-

sidering the nature of her con-
tribution, it would have been jus-
tifiable to have allowed her to
speak on an issue’ that sparked
national outrage and public sym-
pathy, which would have avoid-
ed the unnecessary
histrionics and
political theatre of
late. In fact, the
issue continues to
be suspect.

While defiance
of the Speaker’s
authority or breach
of House rules
(House Rules and ~
Procedure Manu-
al) is intolerable,
the death of a
young boy in
police custody has
become a political
football. In the
wake of Martin’s

ments such as that
of the Torchbear-
ers, the PLP and
their youth arm
(Progressive
Young Liberals),
all appear to be
nothing short of
politically-charged, partisan rub-
bish. I have met Michael
Knowles’ distraught mother
who, in the face of the political
uproar, says she “only wants jus-
tice” and only seeks scientific
confirmation of and an inquest
into her son’s death. I wonder if
both major political parties have
forgotten that!

Some Bahamian police offi-
cers have gained a reputation
‘for using excessive force, carry-
ing out false arrests, psychologi-
cal intimidation and expletive-
filled verbal assaults. The alleged

‘lawlessness in local law enforce-



YOUNG MAN’s VIEW





ENGLERSTON MP Glenys
Hanna-Martin attempted
.to accelerate the inves-
* tigative process into the
death of Michael Knowles.



ment is further underscored by
allegations of intensive, cruel
interrogation tactics claimed to
be used to obtain involuntary
confessions that disregard the
concept of due process.

Instances of
police brutality
/misconduct seem-
ingly contradict the
concept that sus-
pected persons can
‘only be proven
guilty in a court of
law, not through
the use of black-
jacks and extreme
force.

It is because of
cases.of brutality
and shoddy police
work that some evi-
dence is disregard-
ed and some per-
sons, who may very
well be guilty, are
set free. The Attor-
ney General’s
office . has had
numerous cases
rejected on claims
of false confessions
obtained by police
coercion or beating

and also because of the destruc-
tion, contamination and fabrica-
tion of evidence in their haste
to close a case.

In the Bahamas, it appears
that from the moment certain
young officers don the uniform
they adopt an authoritative, con-
frontational attitude, riding
roughshod as if they are the lone
authority over society. I have
also discovered that many vic-
tims of police brutality are
underprivileged, seemingly pow-
erless individuals whose socio-
economic status is of no account.

An independent commission |

4

or civilian review board must be
established to investigate the
police and restore public confi-
dence, particularly since I believe
that internal commissions lack
accountability and it is nearly
impossible for the police to ade-
quately police themselves.

In the wake of the controver-

sial death of Michael Knowles,

the government should hastily
enforce the aspect of the Police
Act, 2009, that calls for a board
of civilians, appointed by the
Governor General and hopeful-
ly bipartisan, to oversee all inves-
tigations into complaints against
police officers. Furthermore,

community activists should
adopt the approach of the North
America-based Copwatch
groups that, according to the
online encyclopedia Wikipedia,
observe and document police
activity while looking for signs of
police misconduct and/or police
brutality.

Establishing an independent
commission and a branch of
Copwatch locally would ensure
that protection of persons
against search and seizures that
ara not judicially authorised or
supported by probable cause or
a substantiated suspicion of crim-
inal activity, protect against arbi-
trary detainment and protect an
individual’s legal rights. The
Ministry of National Security
and the private sector should
collaborate in the purchase and
installation of CCTV—not just
to deter criminals but also to
provide visual evidence to con-
firm or contradict police and oth-
er reports—and mount video

_ cameras in cop cars. That said,

the police must not be handi-
capped and should be able to
employ force when appropriate.
Locally is there a force continu-
um in place to set the levels of
appropriate force in response to
someone’s behaviour?

As cases of alleged police bru-
tality are investigated, investiga-

tors must no doubt.account for..:
the wall of silence that has per-

vaded police culture, particular-
ly the failure of officers to report
another police officer’s miscon-
duct/brutality in an attempt to
honour the officers’ unwritten
code of silence. In such cases,
those officers must be made
aware of their liabilities and the
Complaints and Corruption Unit
must confront those officers who



“It is because of ©

cases of brutality
and shoddy
police work that
some evidence is
disregarded and
some persons,
who may very

well be guilty,
are set free.”



- are a part of that criminal sub-

culture. without leniency. Any
mafia-type code of silence to
subvert justice is unacceptable
and can only affirm the impres-
sion of certain officers as being
no more than gangsters in uni-
form, with a license to carry a
firearm and patrol their old turfs
with impunity.

It is unquestionable that lead-

ers should follow rules and set
positive examples for the
nation’s youth, however, I also
believe that MP Martin’s defi-

ance may have also been an

attempt to prevent the entomb-
ment of young Mr Knowles’ case
in the growing backlog of coro-
ner’s cases and to ensure trans-
parency.

The police have yet to explain
the death of Kristoff Cooper, 22,
whose car crashed through a wall
and into a house following a
police chase.

Lately, an autopsy revealed ©

that Mr Cooper died from a bul-
let wound to the head. Who shot

The Administration And The Faculty Of

Mr Cooper and why was he
shot? Why was the impression
given that Mr Cooper died in a
car crash?

Although the publication of
Michael Knowles’ autopsy
report is expected and will
remove any doubt that the pub-
lic might have about his death, in
concluding I wish to reiterate

‘the valid questions asked by the

National Development Party (a
new political group) concerning
Knowles’ death, namely:

When was the last time that
Knowles was seen alive by police
officers on duty at the East
Street South Police Station? Was
Michael Knowles afforded his
legally mandated right to have
either his parent, legal guardian
or legal counsel present while
he underwent questioning at the
station?

Why was Michael Knowles, a
minor according to law, alleged-
ly not permitted to be seen by his
mother at any time during the
course of his detention?

Was Michael Knowles actual-
ly charged by police for stealing
and housebreaking?

“Why was Michael Knowles

not afforded police bail on Fri-

day, May 30, although he was
not reported to have been found
in possession of a weapon at the
time of his arrest?

Were there any signs during
his detention, which suggested
that Michael Knowles was in a
state of depression, thereby pos-
ing a risk to his personal safety?

Was a psychologist or psychi-
atrist ever requested to evaluate
Michael Knowles, due to any
such perceived risk?

What clothing was Michael
Knowles wearing at the time of
his arrest and did he at any time
change his clothing?

Is there any closed circuit tele-
vision recording within the police
station that could provide
footage of those who entered
and left the holding area where
Michael.Knowles was being

..detained?

ee

ST ANDREW’S SCHOOL <

ongratulate

xs AND RE,
SX scHooL ©

“ty,
ly,

‘tit,
Hy
ny

a
“Cony

Mee

poet,

we is
oo
7

The international School of The Babamas
POUNDED 1948

Brittany Sweeting
Patrice Theophilus -
Kathryn Thibeault
Ricardo Turner
Elizabeth Turner
Ashleigh Uriasz
Megan Virgill
Holly Wallace
Ryan Weech
Samuel Wilkinson
Nichola Wilkinson
Brolin Xavier

‘Benjamin Myers
Danielle Nairn
Benjamin Pinder
Selena Pinder
Stefano Pral
Malcolm Rahming
Patreka Romer
Erica Russell
Lauren Sands
Chelsea Saunders
Christopher Sherman
Sherzel Smith
Jade-Evette Strachan
Angela Sughrue

Jamie Gibson
Sade Gordon
Phylese Hanna
Khadra Hassan
Stefan Hudson
Kylie Hutton
Rico Johnson
Tony Joudi
Candice Knowles
Benjamin Lavin
Melissa Lotmore
Herman Maycock
Sasha Mihas
Bianca Minnis

Molly Coyle
Stephanie Darville
Charltoneia Deal
Jonathan Deal
Arthur Diennet
Neil Dillette
Amanda Dilworth
Bryanne Evans
Keith Evans
Georgia Eyers
Chris Fadely
Marcus Farrington
George Galantis
Andrew Gardiner

Connor Albury
Gene-Ryan Albury
Rachael Albury
Victoria Albury
Latoya Bethell:
Johanna Broughton
Denning Campbell
Nicolette Campbell
Samuel Campbell
Shomekhan Cargill
Nathan Cartwright
Brian Cates
Carlyle Chriswell
Alex Constantakis




THE TRIBUNE

.

Faia

re Telephone 242 393 2007
'O Box N 123 : Fax 242 393 1772
Montague Sterling Centre Internet www. kpmg.com.bs

East Bay Street
Nassau, Bahamas

INDEPENDENT AUDITORS’ REPORT

To the Shareholder of Scotiabank Caribbean Treasury Limited

We have audited the accompanying balance sheet of Scotiabank Caribbean Treasury Limited
(‘the Company”) as at October 31, 2008, and a summary of significant accounting policies and
other explanatory notes (together “financial statement”).

Management's Responsibility for the Financial Statement

Management is responsible for the preparation and fair presentation of this financial statement in
accordance with International Financial Reporting Standards (“IFRS”). . This responsibility
includes: designing, implemerting and maintaining internal control relevant to the preparation
and fair presentation of the financial statement that is free from material misstatement, whether
due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to:express an opinion on this finaucial statement based on our audit. We
conducted our audit in accordance with International Standa. !s on Auditing. Those standards

require that we comply with ethical requirements and plan and perform the audit to obtain .

reasonable assurance whether the financial statement is free of material misstatement.

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

We believe that the audit evidence we have obtained is sufficient and appropriate to provide.a

basis for our audit opinion.

Opinion

‘In our opinion, the financial statement presents fairly, in all material respects, the financial

position of the Company as at October 31, 2008 in accordance with IFRS.
Emphasis of Matter

Without. qualifying our opinion we emphasize that this financial statement does not comprise a
complete set of financial statements prepared in accordance with IFRS. Information on results of
operations, cash flows and changes in equity is necessary to obtain a complete understanding of
the financial position, performance and cash flows of the Company.

KPMG

Nassau, Bahamas
June 4, 2009

SCOTIABANK CARIBBEAN TREASURY LIMITED

Balance Sheet

* October 31, 2008, with corresponding figures for 2007

(Expressed in United States dollars)



2008 2007
Note ($'000s) _ ($'000s)
Assets
Loans and advances to banks oo : 3, 11,14 : 2,815,857 2,242,089
Derivative financial instruments 14, 15 "154,312 2.646
Unrealized gains on open forward :
currency contracts : 14, 16 4,135 -
Investments in funds , 4,14 1,172,897 53,597
(Cost — $1,267,764; 2007: $53,588) :
Investments pending settlement 14 2,877 32,000
Property and equipment : “. 5,14 293 . 313
Accrued interest receivable and other assets 6, 14 ; 46,869 . . 24,964

A

4,197,240 2,355,609

‘Liabilities and Equity

Liabilities
Derivative financial instruments 14,15 62,322. 4,476
Unrealized loss on open forward ,
currency contracts 14, 16 6,787 -
Deposits 7,11, 14 3,878,795 2,263,603
Accrued interest payable and other liabilities 8, 14 41,156 15,424
. ; 3,989,060 2,283,503
Equity
Share capital _ “g" 10,000. — 10,000
Share premium ‘ 10.0: 15,000 15,000
Retained earnings i 183,180 47,106
208,180 72,106
Commitment “cy ead 3B



4,197,240 2,355,609

See accompanying notes to balance sheet.

This balance sheet was approved on behalf of the Board of Directors on June 4, 2009 by the
following: ;

oe gpa eee) 7 C fos ite ge,
oae02 N one, Director nent CLs Director

SCOTIABANK CARIBBEAN TREASURY LIMITED

Notes to Balance Sheet (

October 31, 2008 ‘
(Expressed in United States dollars)



1. Reporting entity !
Scotiabank Caribbean Treasury Limited (‘the Company”) was incorporated on May 29, 2006
under the Companies Act, 1992 of the Commonwealth of The Bahamas and is licensed under
The Bank and Trust Companies Regulation Act, 2000. The Company is wholly owned by
The Bank of Nova Scotia International Limited “the Parent”, a company also incorporated in

the Commonwealth of The Bahamas. The ultimate parent of the Company is the Bank of

Nova Scotia (““BNS”), a company incorporated in Canada.

The Company manages the US dollar treasury function for the Bank of Nova Scotia’s
subsidiaries -and branches within the Caribbean and: Central American region. The
Company’s registered office is located at 404 East Bay Street, Nassau, The Bahamas.

2. Basis of preparation and significant accounting policies

(a) Statement of compliance ok
This balance sheet has been prepared in accordance with International . Financial
Reporting Standards (“IFRS”). The accounting policies set out below have been applied

consistently to all periods presented in these financial statements.

In preparing this balance sheet, the Company has adopted IFRS 7 (Financial Instruments:
Disclosures) and IAS 1 (Presentation of Financial Statements - Capital Disclosures). The.
adoption of IFRS 7 and the amendment. to IAS 1 impacted the type. and amount of .
disclosures made in the balance sheet, but had no impact on the reported profits or
financial position of the Company. In accordance with the transitional requirements of
the standards, the Company has provided full comparative information where the
information is readily available.

(b) Basis of measurement ;
This balance sheet has been prepared on the historical cost basis except where otherwise
noted below.

(c) Functional and presentation currency

This balance sheet is presented in United States dollars (“US$”), which is the Company’s
functional currency. Except as indicated, financial information presented in US$ has
been rounded to the nearest thousand. ,

)

FRIDAY, JUNE 12, 2009, PAGE 7

(d) Use of estimates and judgements *

The preparation of the balance sheet in conformity with IFRS requires management to
make judgments, estimates and assumptions that affect the application of accounting
policies and the amounts reported in the balance sheet and the accompanying notes
These estimates are based on relevant information available at the balance sheet date ae
as such, actual results may differ from these estimates. -

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and
in any future periods affected.

In particular, information about significant areas of estimation uncertainty and critical
judgements in applying accounting policies that have the most significant effect on the
amount recognized in the balance sheet are described in notes 14 and 15.

(e) New standards and interpretations not yet adopted

®

Up to the date of issue of the balance sheet, the International Accounting Standards

_ Board has issued a number of amendments, new standards and interpretations which are

not yet effective for the year ended October 31, 2008 and which have not been adopted in
the balance sheet.

The Company is in the process of making an assessment of what the impact of these
amendments, new standards and new interpretations is expected to be in the period of
initial application. So far it has concluded that the adoption of them is unlikely to have a
significant impact on the Company’s results of operation and financial position.

Foreign currency translation

. Transactions in foreign currencies are translated at exchange rates prevailing at the dates
’ of the transactions. Monetary ‘assets and liabilities denominated in foreign currencies at

* the reporting date are translated to the functional currency at the mid-market exchange

rates’ at that date. The foreign currency exchange gain or loss on monetary items is the -
difference between amortised cost in the functional currency at the beginning of the

period, adjusted for effective interest and payments during the period, and the amortised

cost in foreign currency translated at the exchange rates at the end of the period.

(g) Property and equipment

Property and equipment are stated at cost less accumulated’ depreciation and provisions
for impairment losses.

The estimated useful lives are as follows:

Leasehold improvements - Term of lease plus one renewal option period
Furniture and equipment - 3 to 10 years

’ Property and equipment are periodically reviewed for impairment. Where the carrying

value amount of an item of property and equipment is greater.than its estimated
recoverable amount, it is written down immediately to its recoverable amount.

_ Depreciation methods, useful lives and residual values are reassessed at each reporting

date.

(h) Financial assets and liabilities

(i) Classification

Financial assets that are loans and advances to banks and.accrued interest receivable
are classified as loans and receivables.
ve tt .

Derivative financial instruments include interest rate swaps, total return swaps and
credit default swaps that are held for risk management. Financial assets and

liabilities that are derivative financial instruments and open forward foreign currency

contracts are considered to be financial instruments held-for-trading and are

classified as at fair value through profit and loss. .

Financial assets that are investments in funds have been designated as at fair value
through profit and loss.

Financial liabilities that are not held-for-trading include deposits and accrued interest
payable and other liabilities.

e

(ii) Recognition

The Company initially recognizes loans and advances and deposits on the date that
they are originated or accepted, as applicable. All other financial assets and liabilities
(including assets and liabilities designated at fair value through profit or loss) are
initially recognized on the date that the Company becomes a party to the contractual
provisions of the instrument.

(iii) Derecognition

The Company derecognizes a financial asset when the contractual rights to the cash |
flows from the asset expire, or it transfers the rights to, receive ‘the contractual cash
flows on the financial asset in a transaction in which substantially all the risks and
rewards of ownership of the financial asset are transferred. Any interest in
‘transferred financial assets that is created or retained by the Company is recognized
as a separate asset or liability. :

The Company derecognizes a financial liability when its contractual obligations are
discharged, cancelled or expire. = ~~--

(iv) Measurement

Financial instruments are measured initially at fair value plus, in the case of a .
financial asset or financial liability not at fair value through profit or loss, transaction
costs that are directly attributable to the acquisition or issue of the financial asset or
financial liability. ;

"Subsequent to initial recognition, loans and receivables and financial liabilities that
are not held-for-trading are carried at amortized cost less impairment losses where ‘ —
applicable using the effective interest rate method.

The amortised cost of a financial eee or liability is the amount at which the financial ,
asset. or liability is measured at initial recognition, minus principal repayments, plus
or minus the cumulative amortization using the effective interest method of any
difference between the initial amount recognized and the maturity amount, minus any
reduction for impairment where applicable. }

Subsequent to initial recognition, investments in funds, derivative . financial
- jnstruments, and forward currency contracts are valued at their fair values.

The fair-values of investments funds are determined by management based on the net
asset values per share as advised by the administrators of the funds.

- The fair value of forward currency contracts is the product of the difference between
"the. contract rate and the forward currericy rate from the reporting date to the
. settlement date and the notional amount of the contract.

The fair values of derivative financial instruments are determined by management
based on internal valuation techniques. Valuation techniques used include net
present value calculations, the discounted cash flow method, comparison to similar
instruments for which market observable prices exist, and valuation models. The
Company uses widely recognized valuation models for determining the fair value of
common and more simple instruments like interest rate swaps. For these financial
instruments, inputs into models are market observable.

Derivative instruments designated as “asset/liability management” are those used to’
manage the Company's interest rate and foreign currency exposures.

(v) Identification and measurement of impairment.

At each balance sheet date, the Company assesses whether there is objective
evidence that financial assets not carried at fair value through profit or loss are
impaired. ‘

Financial assets are impaired when objective evidence demonstrates ‘that a loss
event has occurred after the initial recognition of the asset, and that the loss event
has an impact on the future cash flows on the asset that can be estimated reliably.

The Company considers evidence of impairment at both a specific asset and
collective level. All individually significant financial assets are assessed for
specific impairment. All significant assets found not to be specifically impaired
are then collectively assessed for any impairment that has been incurred but not
yet identified. Assets that are not individually significant are then collectively
assessed for impairment by grouping together financial assets (carried at
amartised cost) with similar risk characteristics. :

Objective evidence that financial assets are impaired can include default or
delinquency by a borrower, restructuring of a loan or advance by. the Company
on terms that the Company would not otherwise consider, or other observable
data relating to.a group of assets such as adverse changes in the payment status of
borrowers.

Impairment. losses on assets’ carried at amortised cost are measured as the
difference between the carrying amtount of the financial assets and the present
value of estimated cash flows discounted at the assets’ original effective interest
rate.

. (i) Related parties

a

A party is related:to the Company if:

(i): Directly, or indirectly through one or more intermediaries, the party:

- Controls, is controlled by, or is under common control with, the Company
< Has an interest in the Company that gives it significant influence over the
Company;
(ii) The party is a member of the key management personnel, including directors and
officers of the Company and its shareholders.
PAGE 8, FRIDAY, JUNE 12, 2009 THE TRIBUNE

* (iii) The party is an entity that is controlled, jointly controlled or significantly influenced, . The Group Audit Committee is responsible for monitoring compliance with the Company's ;
by, or for which significant voting power in such entities resides with, directly or : tisk management policies and procedures. and for reviewing the adequacy of the: risk
indirectly, any individual referred to above. management framework in relation to risks faced by the Company. The Group Audit ©

Committee is assisted in this function by the Internal. Audit department of BNS. Internal
Audit undertakes ad-hoc reviews of the risk management controls and procedures. The
results are reported to the Board and the Group Audit Committee. ,

Credit risk

. A number of transactions are entered into with related parties in the normal course of
business. Balances resulting from such transactions are described as balances with
affiliates.

(j) Cash and cash equivalents
Credit risk is the risk of financial loss to the Company. if a counterparty to a financial
instrument fails to meet its contractual obligations, and arises principally from the Company’s
loans and advances to banks. The Company structures the levels of credit risk it undertakes
by placing limits on the amount of risk accepted in relation to each counterparty and

Cash and cash equivalents are financial assets with original maturities of less than three
months, which are subject to insignificant risk of changes in their fair value, and are used
by the Company in the management of its short-term commitments.





Cash and cash equivalents are carried at amortised cost in the balance sheet: , investment. Credit disciplines are-based on a division of authority, a centralized credit review
ae” VioaweQud advances banks system, a committee system for dealing with all major.exposures, and periodic independent
review by BNS. “
anointing i artisan . ;
2008 2007 Due to the nature of the Company’s business, concentration of credit. risk is managed by
($*000s) ($'000s) individual counter party limits and product limits: As.substantially-all of the Company’s
: loans and advances to banks are with affiliates, the risk of financial loss is considered low.
Loans and advances to banks : : : , a ls :
- affiliates . 2,575,973 - 1,996,715 ; . Market risk
~ other _ 239,884 245,374 Market risk is the risk that changes in market prices, such as interest rates, equity prices,
. 2,815,857 2,242,089 : or foreign exchange rates and credit spreads (not relating to changés in the obligor’s or issuer’s. -

credit standing) will affect the Company's income. or the value of its holdings of financial
instruments.- The objective of market risk management is to manage and‘control market risk. .
exposures within acceptable patameters, while optimizing the return on risk.

The effective interest rate earned on the loan portfolio for the current period was 3.69% (2007
— 4.39%). : , ,
4. Investment in funds

The Company’s objective with respect to its investments iin hedge funds'is to generate
attractive long term investment returns, as well as to hedge various derivative transactions
undertaken with affiliated companies. The Company may redeem its investments in funds

- Interest rate risk.” ; : Se ea :

“Interest rate risk arises when there is a mismatch between positions that aré subject to interest

according to’ the redemption policy of each fund. F-demptions are generally allowed oak _° rate adjustment within a specified period. It is the risk of loss from fluctuations in the future
monthly or quarterly depending on the fund. ; _ |. gash flows or fair values of financial instruments because. of a change in market interest rates.
. - Jaterest rate risk.is managed by gapping limits. which measure the term of the loans and :

5. Property and equipment d :
eposits.

Leasehold Furniture and The rates of interest, which approximate the effective yields of these balance sheet assets and







Improvements Equipment _- Total liabilities, were as follows:
. ($"000s) ($'000s) ($'000s) 4 i tees : ae eee : :
October 31, 2007 181 145 326 Pape gee eo er takin Sgt Me D5 hats ie Samia eg tae OORT EEE eae Te
Additions ; 8 B 8 / re : ; yeas ee {
October 31,2008 8S 88 gates Oye
re "0.25% - 6.10% © 4.28% -6.10% ©
Accumulated depreciation : : . Loans aad og ater ee , e ze : : :
October 31, 2007 4 9 13 * Liabilities ;.
Charge for the period 16 12 28 oo Lee 6.10% —-—-3.00% - 6.10%
October 31, 2008 20 a 7 Deposits DOL 6.10% ae ae Fi
/ Sensitivity of Market Risk Variable ir
al SON eal 169 124 293 . The changes in the interest rates'as noted: below are based on recently observed market
: ; . movements.. This. analysis assumes that all other variables, in particular foreign exchange
Net book value October 31, 2007 177 136 313 rates, remain constant. If interest rates decrease, net interest profits will decrease and

shareholders equity will decrease. If interest rates increase, net interest profits will increase

6. Accrued interest receivable and other assets : and shareholders equity will increase.



— Sr eT : a Increase/Decrease by 100bps 2008 Tncresse/Decrease by 100bps 2007 }
($'000s) ($'000s) : -Effect on Equity ie $ 2,300,000, : 1,800,000
Accrued interest receivable: , : ae tN NN
- Affiliates 18,146 18,325 , : Ps ress 2
- Other - 35 estes a : ,; fe any
Othrrassets: 28723 6,604 Currency risk is the risk that the fair value or future cash flows of a financial instrument will |
: 46,869 24,964 ; fluctuate because of changes in foreign exchange rates. Oe Be : e
; The table below shows the Company’s assets and liabilities at carrying amounts, categorized ° :
7. Deposits * : by currency. ava ee TE ge os |
* . : oe : ti
ak. oF : : BSD USD EUR.. ‘Total:
oo SOS) = . ($'000s).__-($7000s) __($'000s)__($"000s)
Deposits from affiliates 3,737,669 2,091,531 ~ October 31, 2008: A
Deposits from other banks ay 141,126 172,072
; Assets : ‘
‘ Loans and advances to banks = 2,815,857 - 2,815,857
es eee ae ee eile SIS 27203 00). Derivative financial instruments | hat “a 1 10,525 2 ‘43,787 154,312
Ashe Unrealized gain on open forward : : :
Cha : : Bsa : currency contracts. SS ERIS eS 4,135
The effective interest rate paid on deposits for the current period was 3.28% (2007 — 4.39%). Investments in funds ; =e 855,382 317,515 1,172,897
8. Accrued interest payable and other liabilities " Investments pending settlement 7 COS ZBIT. Soe. esi: 2877
: Property and equipment ; : - 293 : a;Pve : 293
Ta yy yo Accrued interest receivable and other assets = “41,032... -.5,837 46,869
* 2008 2007 Total assets me 293 3,829,808 367,139 4,197,
: ($'000s) ($’000s) : : : stata : '
: - ; Liabilities eps thesia ns .
Accrued interest payable: iS ; : : Derivative financial instruments : - 62,322 as 62,322
~ affiliate banks 13,259 12,596 Unrealized loss on open forward TPP a BS te tad SE, ae
— other ; i 1,415 * 2,083 _ currency contracts Sh Seay “6,787 => 2) 6,787
Other liabilities : ~ 26,482 _ TAS ; y ; Deposits : ; saat = °° 3,984;425° 294,370. .3,878,795
41,156 15,424 : : Accrued interest payable and other liabilities 94 39,555 1,507. 41,156
9. Share capital as Set | Net exposure 199 36,719 208,180
: 2008 2007. Cc sek NS3
($'000s) ($'000s) urrency risk |
= 3 s ete LS
Authorized, issued and fully paid: ; . . : . BSD. USD ~ Other Total
10,000,000 ordinary shares of par value US$1.00 each 10,000 10,000. oe : ($:000s) ($°000s) - ($'000s) ($'000s)
10. Share premium \ : : October 31, 2007:
—$— — Assets : PLP . ate
2008 2007 Loans and advances to banks a=. 2,242,089: = 2,242,089
($’000s) ($'000s) ~ " - Derivative financial instruments ee ~ 2,646. - 2,646
, ; . Investments in funds - _ + 42,009 - 11,588 53,597,
10,000,000 shares issued at a premium of US$1.50 each 15,000 15,000 ‘Investments pending settlement = 2) 32,0000. = 32,000
; : Property and equipment : 313 * fs mare Tonge 313
Accrued interest receivable and other assets 55 _ - 24,662 247: - :.24,964
Total assets ~ 368 2,343,406 11,835 2,355,609

11. Geographical analysis of assets.and liabilities

Significant assets and liabilities at October 31 may be analyzed by geographical area, based
on the residence of the counterparty, as follows: a “

|



BSD- 0). USD. 6 Other... Total
; ; ; ($0008) ($000s)_- ($'000s) ($'000s)
The ; North 4 i : Ty a Ge eee
Bahamas Europe America Other Total ; : October 31, 2007:
($'000s) ($7000s) _- ($'000s) ($°000s) ($°000s) ; :

Liabilities
October 31, 2008: ; Derivative financial instruments 2 SREIG I oS 4,476
: Deposits from banks ' LL .9.952,015 11,588 2,263,603
nhac ecadch 541,810" 236,000_ 739,884 1,798,163 28550 Accrued interest payable and other liabilities 13 15,300 Ill. 15,424
; as tal liabilities "43. 2,271,791_-11,699 283,503.
Deposits _. 760,537 20,000 154,873 2,943,385 3,878,795 . Total bites eee
October 31, 2007: Net exposure 355. : 71,615 .. 136 72,106
ober ? : : i
Loans and advances to banks 590,474. 150,000 245,374—_—-_1,256,241”_ 2,242,089

Deposits 719,390 - 125,492 1,418,721 2,263,603

Liquidity risk :
+ avidity risk is the ri i ifficulty in meeting obligations
Substantially all of the Company’s employees are members of BNS’ defined benefit pension Liquidity risk is the risk that the Conan pated coe Dead Nat . 3 Cons at)
plan. The plan provides pension benefits based on length of service and final earnings with : from its financial liabilities. The aera they fal tig. aivder both sorvial-and
contributions being made by BNS on an ongoing basis to keep the plan fully funded. All : is able to honour all oe cin . vdgndptablé Tosses “or YiskINg diihaae’ 40 the
rights and obligations of the defined benefit pension plan are borne by BNS. The last : stressed conitons; bik ee aay fteadats Ticuidity Gaing the followitig policies:
actuarial valuation of the plan was as of November 1, 2006 and based on that independent Company’s reputation. The Company
valuation, the plan was fully funded. An actuarial valuation is performed on the plan at least
once every three years. All actuarial information relating to this scheme can be found in the. ; sia ple ines stable base of core deposits from counterp a iecand

consolidated financial statements of BNS.

12. Pension plan ; :

© measuring and forecasting cash commitments;

; iversifying funding sources
The Company also participates in a contributory plan established by BNS covering some e diversifying 8
employees. As of October 31, 2008, this plan is also fully funded.

13. Global Employee Share Ownership Plan

The Company participates in the Global Employee Share Ownership Plan (““GESOP”) of , Liquidity risk

BNS, which allows employees of the’ Company to contribute between 1% and 6% of their : ; : : ; ‘ . ; : hes

annual salary. The contributions are used to purchase shares in BNS, on the Toronto Stock, ba alas Acneae ee ee as. tS-primary, eae of funding. These

Exchange at the prevailing market prices on a semi-monthly basis. The Company. matches ; / ; : a a eae eee t ‘ ani r large eat ° them are reeevalle .

fifty percent (50%) of the employees’ contributions and this vests. with the employees after ; : mand. 1) ; ese leposits increases U 1e ompany s liqui ity Tis an
‘cipation in GESOP: se ss ae the Company: actively manages this risk through maintaining competitive pricing and

pga , constant monitoring of market trends. : : :

; : : . oe The key measure used by the Company for managing liquidity risk is the ratio of net liquid
14. Financial risk management ; woe ; assets to deposits from customers. For this purpose, net liquid assets are considered as
including cash and cash equivalents and investment securities for which there is an active and

The Company has exposure to various types of risks from its use of financial instruments. men
The most important types of financial risk to which the Company is exposed are market risk, liquid market less any deposits from banks, other borrowings and commitments maturing
within the next month. A similar, but not identical, calculation is used to measure the .

credit risk, liquidity risk and operational risk.
Company’s compliance with liquidity limits established by the Company’s lead regulator, the

The nature and extent of the financial instruments outstanding at the balance sheet date and Central Bank.of The Bahamas (‘‘the Central Bank”). Details of the reported Company ratio
the risk management policies employed by the Company are discussed below. of net liquid assets to deposits from customers at the reporting date and during the reporting
The Board of Directors (‘the Board”) has overall responsibility for the establishment and period were as follows:

oversight of the Company's risk management framework. The Company has an Investment
Committee which identifies and recommends investments which are passed on to BNS Risk
Management Committee for advice and counsel. The Board is responsible for developing

. and monitoring the Conipany’s risk management policies. The Board has both executive and
non-exécutive members. , .


THE TRIBUNE

15.



1-3 3-12 1-S 5 Years

Months Months ~* Years & Over Total

($'000s) ($°'000s) ($°000s) — ($'000s) ($°000s)
October 31, 2008:
Assets
Loans and advances to banks 2,065,305 318.420 343,999 88.133 2.815.857
Liabilities
Deposits 3,295,564 544,916 36,823 1,492 3,878,795
Net Liquidity gap (1,230,259) (226,496) 307,176 86,641 (1,062,938)
October 31, 2007:
Assets
Loans and advances to banks 1,558,527 . 413,669 213,909 55,984 2.242.089
Liabilities
Deposits 1,806,555 322,154 133,402 1,492 2,263.603
Net Liquidity gap (248,028) 91,515 80,507 54,492 (21,514)

Operational risk
Operational risk is the risk of direct or indirect loss arising froma wide variety of causes
associated with the Company’s processes, personnel, technology and infrastructure and from
external factors other than credit, market and liquidity risks such as those arising from legal
and regulatory requirements and generally accepted standards of corporate behaviour.
Operational risks arise from all of the Company’s operations.
The Company's objective is to manage operational risk so as to balance. the avoidance of
financial losses and damage to the Company’s reputation with overall cost effectiveness and
to avoid control procedures that restrict initiative and-creativity.
The primary responsibility for the developing and implementation of controls to address
operational risk is assigned to senior management within each business unit, This
responsibility is supported by the development of overall Company standards for the
management of operational risk in the following areas: ~ .

© requirements for appropriate segregation of duties, including the independent

authorization of transactions
e requirements for the reconciliation and monitoring of transactions

¢ compliance with regulatory and other legal requirements

e documentation of controls and procedures

e requirements for the periodic assessment of operational risks faced and the adequacy

of controls and procedures to address the risks identified

e requirements for the reporting of operational losses and proposed remedial action

e development of contingency plans

e training and professional development

e ethical and business standards

e risk mitigation, including insurance where this is effective.
Compliance with Company standards’ is supported by a programme of periodic reviews
undertaken by Internal Audit. The results of Internal Audit reviews are discussed with the
management of the business unit to which they relate, with summaries submitted to the Group
Audit committee and Board of Directors.

Derivative financial instruments

Derivative financial instruments are financial contracts whose. value is derived from interest
rates, foreign exchange rates or other financial or commodity indices. Most derivative
instruments can be characterized as interest rate contracts, foreign exchange contracts or
equity contracts. Derivative instruments are negotiated over- -the- counter contracts and include
swaps and forwards. These transactions are primarily facilitated through Scotia Capital
Market (USA) Inc. (“SCM”). The Derivative Products Group of SCM also provides internal
hedges in the form of swaps or options to minimize the Company’s net market risk.

The Comipany enters into these derivative instruments to accommodate the risk management
needs of its customers and for asset/liability management purposes.

The following table provides the aggregate notional and fair value amounts of derivative
financial instruments outstanding:











Notional Fair Values
Amount Assets Liabilities
($‘000s) . ($000) ($‘000)
October 31, 2008:
: Interest rate swaps 94,536 227 3,794
Total return swaps 1,379,573 150,279 54,776
. Credit default swaps o..¢ peo s ae 40,000 3,806. ; 3,752
Seeaticsie cua eaten patente | “1,514,109°> © 154;312-~ 62.322
Notional _ Fair Values
Amount ° Assets Liabilities
($‘000s) ($‘000) ($‘000)
October 31, 2007:
Interest rate swaps 81,034 - 930
Total return swaps 176,022° 2,646 3,546
257,056 - ‘ 2,646 4,476

>

FRIDAY, JUNE 12, 2009, PAGE.

During the year, the Company entered into intermediated derivative contracts with affiliated
companies, BNS Toronto and Barbados, to assist both parties with hedging various interest
rate, credit default and total return risks. The fair value-of- these derivative financial
instruments at October 3i, 2008 is as follows and is included in derivative financial |
instruments above:





Fair Values
Assets Liabilities
($‘000) ($‘000)
Instrument Type ,
Interest rate swaps 94 iz
Credit default swaps 3,806 3,752
Total return swaps \ ‘ 3,625 -

Forward ,Currency Contracts

The Company entered into non-deliverable forward currency contracts at October 31, 2008:







Currency Amounts Currency Amounts Settlement Unrealised
sold sold purchased purchased dates Gain/Loss” .
($°000s) ©
CAD 130,000 JMD 8,662,573 _ Apr - Oct, 2009 2,134
CAD 100,000 USD 77,736. Jan— Apr, 2009 2,001
Total unrealized gains on open forward currency contracts ; 4,135
CAD 90,000 JMD 6,064,746 Jan -Apr, 2009. 2,507
CAD 122,000 PEN 333,521.‘ Jan - Jul, 2009 4,280
Total unrealized loss on open forward currency contracts . 6,787

17. Fair value of financial instruments

Fair value amounts represent estimates of the consideration that would be agreed upon
between knowledgeable willing parties who are under no compulsion to act ‘and. is best
evidenced by a quoted market price if one exists. The majority of the Company’s financial
instruments are carried at fair, value and are adjusted to reflect increases or decreases in fair
value due to market fluctuations, including those due to interest rate changes.

Derivative financial instruments, forward currency contracts, and investment in funds are
carried at:their market values, which are considered to equate to their fair values.

The fair values of loans and‘advances to banks and deposits approximate their carrying
values, which are at amortised cost, due to the fact that, their short term nature and interest
rates earned or paid approximate rates otherwise available to the Company for similar
facilities. : _

All other financial -assets and liabilities are short term in nature and their carrying values are,
considered to equate to their fair values.

18. Lease commitments

The Company has obligations under a commercial lease for office space for a five year term
expiring February 28, 2012 with two consecutive options to renew for a further 4 and 5 year
term respectively. The future minimum basic rent under this agreement is $138,276 per year
for the first three years of the lease.

SSS SS



2008 2007

($’000s) ($’000s)
1 year or less 138,276 138,276
Over 1 year to 5 years 322,644 491,648
460,920 629,924

SS SSS SS SS

19, Capital Management

Regulatory Capital -
The Company’s lead regulator, the Central Bank, sets-capital Feiquirernenta for the ona.

In implementing current capital requirements, the Central Bank requires the Company to
maintain a prescribed ratio of total capital (including contributed capital and retained

earnings) to total risk weighted assets or total assets.

The Company's policy is to maintain a strong capital base so: as to maintain creditor and
market confidence and to sustain future development of the business. The Board of Directors
monitors compliance with the capital requirements on a quarterly basis.

19. Capital Management (continued)

y
o

The Company has secured a letter of comfort from the Parent to bolster its capital if fenarea’
The Company’s capital base, together with the letter of comfort, was sufficient to satisfy all
externally imposed capital requirements throughout ‘the period. There have been no material
changes in the Company’s management of capital during the period. :

. Corresponding figures ‘
Certain corresponding figures relating to investments in funds and derivative financial
instruments have been reclassified to coptord with the financial statement presentation
adopted? in the current year.

Come ety

AS

ee

CES

emia
Sales Department
502-2394


PAGE 10, FRIDAY, JUNE 12, 2009

THE TRIBUNE



Two men found guilty
of armed robbery,

shooting woman officer 3

FROM page one

also charged with causing griev- :
ous harm; possession of a:
firearm with intent to endanger :
the life of another; possession :
of a firearm with intent to resist :
lawful arrest and causing harm. }

On Wednesday, Miller and :
Williams were found guilty of :
the offences. Mackey, who pros- :
ecutors alleged aided in their :
getaway, was unanimously ;

found not guilty.

The trial was heard before :
Justice Jon Isaacs. Mackey was :
represented by attorney Mur- :
rio Ducille, Williams was rep- :
resented by Dorsey McPhee :
and Miller represented himself. :
Vernal Collie, Ambrose Brown }
and Lennox Coleby prosecuted :

the case. Miller and Williams :
are expected to be sentenced }

on June 25.

FROM page one

comment on the impact of the
sick-out yesterday.

Mr Ingraham chastised the
union’s leadership during his
contribution to the budget
debate, saying he was confused
as to why the union was
demanding pay increases in such
dire economic circumstances.

Mr Ingraham said that in
order for him to give these rais-
es he would have to cut costs
elsewhere.

However, there is some sug-
gestion that not all of the union’s
membership are entirely sup-
portive of the sick-out.

Some members claim that at
a meeting yesterday, some of
the union executives said work-
ers who refused to support the
union, whether by opting out of
the industrial action or-other-
wise, would be “dealt with most
severely.”

Members also claimed that

Sick-out

union leaders also said they
would do everything in their
power to “grind” them if they
fail to lend support.

Bahamas Utility Service and

Allied Workers Union president
Carmen Kemp took responsi-
bility for both remarks, but said
union members misunderstood
her.

She said: “They took it out of
context and I understand that a
portion of what I said was cir-
culated.

“But I know exactly what I
said, and all I said was that
something has to happen in
order for us to get this matter
resolved, and if it means that we
have to take industrial action
we have to take it.”

Delgardo Forbes, a water
quality technician who said he
ran for president of the union
in June and lost to Ms Kemp by
just over 20 votes, admitted to

sending an e-mail to union
members informing them of Ms
Kemp’s comments.

He said: “What she is doing is
threatening members with
action if they don’t support her,
and the basic perception is that
she’s going for the members’
support in the wrong way.

“She’s basically putting the
members in a position where if
they don’t support, she’s going
to take action against them —
that.is blatantly what she said

in the meeting and it is against
the industrial relations act.”
Mr Forbes added: “I support
the union 100 per cent but my
problem is with what they are
trying to achieve, in an eco-
noniic downturn it’s not realistic.
“We want the anomalies to
be fixed so everyone is getting a
fair day’s pay for a fair day’s
work, and the government has

. already said they are willing to

fix the anomalies so there is no
need for action.”

Ms Kemp said. she simply
wants government to meet with
the union to conclude contract
negotiations.

“Right now we are not ask-
ing anything except that we
return to the table, so we can
conclude our contract, and

' things can return to normal,”

she said.

Industrial action came after
government failed to respond
to two letters from the union,
Ms Kemp said.

FROM page one Government responds to allegations

pointed to a case where a

Freeport company was awarded a con-
tract to provide “hydro-seeding” for the
Marsh Harbour International Airport
over Bahamas Hot Mix because its bid:
was over a million dollars cheaper.

Mr Grant was responding to com-
ments made on Wednesday by PLP
chairman Glenys Hanna Martin and PLP
MP for West End and Bimini, Obie
Wilchcombe in the House of Assembly
on Wednesday as he contributed to the

2009/2010 budget debate.

Mrs Hanna Martin had earlier said
that the PLP is “concerned that the mem-

Neko Grant



the payment of any mobilisation or oth-
er payment” — not necessarily before
the contract is awarded.

Meanwhile, he emphasised that
Freeport Nursery and Garden Supplies
‘Co. Ltd (FNGS) was initially selected
because its bid was less than the $1.4
million offered by Bahamas Hot Mix, as
; well as cheaper than the in-house esti-
mate by the Ministry of Works of
$553,000 for this work.

“These bids went to the tenders board
and were subsequently approved by Cab-
inet, and the reason is obvious,” he said.

In an interview outside parliament,

ber for St Anne’s (Brent Symonette), who I am
advised is a beneficial owner of Bahamas Hot Mix,
sits around a Cabinet table which has over the last
several months awarded millions of dollars in pre-
cious public funds to that company for public works
in our country.”

Meanwhile, speaking on a separate matter, Mr
Wilchcombe alleged on Wednesday that the
Freeport company — Freeport Nursery and Gar-
den Supplies Co. Ltd — to whom the Ministry of
Works had awarded the $392,552 “hydro-seeding”
contract over Bahamas Hot Mix, had not presented
the Ministry with a valid business license or evi-
dence of registration with the National Insurance .
Board.

But Mr Grant responded that it is the Ministry of
Finance and the Ministry of Works’ policies that
contractors present them with a valid business
license and evidence of NIB registration “prior to

Mr Grant questioned how the Grand Bahama MP
“could possibly suggest” he had “his hand in the
cookie jar” when the contract awarded to FNGS
was $162,000 cheaper than what the Ministry of
Works had estimated it to cost and over a million
dollars less than the next bid.

“There was nothing untoward,” he said.

Inside parliament he read a letter sent to him on
the same day that Mr Wilchcombe made his alle-
gations, from Knox Russell, the owner of FNGS, in
which Mr Russell said he “wished to confirm” that
he was requested to provide his business license
and NIB registration letter.

Noting that he intended to “take the steps nec-
essary to bring the job in on time, according to
specifications and within budget,” Mr Russell
announced in the letter that he wished to “with-
draw” his bid in light of “recent developments” —
apparently referring to the parliamentary ruckus.

_ A statement from PMH chief
hospital administrator Coralie

ily have spoken out about their
humiliation over the claims.

Police Commissioner Reginald
Ferguson told The Tribune yes-
terday: “Whatever allegations
were made are no longer valid so
there is no need to pursue that.

“IT don’t want to comment on
why the hospital made the rec-
ommendation.

‘We did what we had to do and
I am sure we were correct in what
we did.”

Police are now awaiting the.

pathologist’s report with details
of the baby’s condition when she
died.

Mr Ferguson said: “We have
the death certificate. that says
what was wrong with the baby

and it didn’t say anything about’

molestation, but certainly I think
the pathologist's report will have
more details.

“That is the only vital informa-

FROM page one —— PMH tight-lipped

tion we are awaiting, and IJ think
given the circumstances, we can
see where that’s going,

“But I don’t want to be speak-

ing out of turn before I comment

on it.”

Lynera Saunders’ mother
Indera Minns, 20, her grand-
mother and great-grandmother,
told the press on Wednesday how
they were devastated by the
claims, and maintain the child was
never vulnerable to abuse.

Family attorney Paul Moss said

the child was taking antibiotics’

and had been suffering from diar-
thoea. Irritation caused by the ill-
ness may have been: misinter-
preted as a sign of sexual abuse,
he said.

However, the hospital has so
far failed to supply details about
how medical staff could have
made such a mistake.

Adderley said: “The Princess
Margaret Hospital wishes the
public to.know that we respect
the rights and privacy of all
patients and clients who receive
care at our hospital.

“Issues directly related to the
patient care are discussed only
with the patient, their caregivers,
other parties with prior authori-
sation from the patient, and oth-
er appropriate agencies.

“On June 5, the five month old
in question was cared for by a
team of senior house officers and
consultants from the paediatric
and emergency room at the hos
pital.

“The medical team followed
established clinical protocol with
respect to treatment and contact-
ing the police.

“The autopsy report, when
completed, will be forwarded to
the appropriate agencies.”

Electrojack Business Centre Rose Ln. -
West of KFC(Mackey St.) Drive Thru 395- 6897 ©

Also Available @:

FROM page one

there were no alterations," she said.

She maintained that the scoring process was not
flawed, insisting the whole process was "impartial"
and "transparent" while pageant media director
Clint Watson said it was not uncommon in the
pageant world for members of a pageant committee
to sit on the judging panel.

Despite these objections 25-year-old singer Kiara
Sherman remains the current Miss Bahamas Uni-
verse.

“After independently reviewing the ballots and
methodology from the 2009 Miss Bahamas Uni-
verse Competition we have been able to verify the
results of this year’s competition. Keira Sherman is
the winner and will represent the Bahamas at the

Miss Bahamas Universe Pageant

2009 Miss Universe Competition at Atlantis,
Paradise Island,” a statement from Paula
Shugart, President of the Miss Universe Organi-
sation read.

A flurry of controversy erupted immediately
after the airing of the local pageant, with officials at
the centre of claims that the results were rigged
and that the scoring process was not transparent —

-these claims were denied by Ms Rolle.

A photograph of Miss Bahamas Universe Kiara
Sherman was also circulated after the pageant,
showing her with what appeared to be a wardrobe

‘malfunction. Pageant officials later said the image
-was doctored and they were investigating its release

and circulation.

Electrojack Town Centre Mall 3566206
Cynerjack-Mall@ Marathon - 3946254 /5
Gadgets & Gears- Mall@ Marathon - 3937781/2

GEOFFREY

ED — to reduce cost: and
| convenient option to stack or

wash basket, this dynamic |
duo gets ‘the job done in half
) the time and with half the
energy while utilizing space.



jivering Coating - you.
increase efficiency. With the

sit side by side, anda king size _ |

Come in. to Geoffrey Jones
today, with 4 exciting colours
to choose from (metallic red,
metallic silver, black & white)
we are sure to find what works



\

FROM page one

He said. officers have joined
locals and the Defence Force in a
wide-ranging search of the area
around the remote Smith’s Hill
settlement, and that K-9 units had
been flown:in from Nassau.

©2008 CreativeRelations.net

Missing brothers

“We take this situation very
seriously, and let me assure the
family that no effort will be
spared. We know-how critical the
situation is, and we are searching
vigorously and hoping and pray-
ing that they are found — alive if
possible,” the officer said.

Deangelo, 9, the elder of the -

two boys, lives in Andros with his
grandparents, while his little

brother, Marcelo, 5, who lives in
Nassau with his parents, was vis-
iting for a few days.

On Tuesday night, the two
boys left the house to hunt for
crabs. They have not been seen or
heard from since. ;

When night fell, worry began to
set in.and the grandparents and
members of the community
began to search.for them.

Officers from the Kemp’s Bay
police station were alerted and
joined the search the next morn-
ing.

Royal Bahamian Resort & Offshore Island

Invites application for the following position:

GROUNDS MANAGER

‘The successful candidate should have the

following qualifications

* Supervise the day to day maintenance of the

grounds

Work directly with landscape contractor
Report to General Manager & Hotel Manager
Knowledge of plants, insects, disease,
Irrigation pesticides, fertilizers

Minimum 3 years experience

Sales & Full Service Department Rosetta & Montgomery Streets 322-2188/9

JONES & CO

Applications should be email to:
mrcampbell@grp.sandals.com

— You'll wonder how NL ALLS LLL


TRIBUNE SPORTS

FRIDAY, JUNE 12, 2009, PAGE 11
SPORTS



Bain drafted
to the Majors

FROM page 13

milestone.

“We pray God’s continued
blessing in his future endeav-
ors, whether its at the colle-
giate level or in the profes-
sional ranks,” Sweeting said.

In August, 2007, Bain Jr.
left the Bahamas to enroll at
Trinity Christian Academy.
He performed exceptionally
well down the stretch after
coming off an injury at the

beginning of the season.

Prior to leaving, Bain
attended CV Bethel. He had
transferred from Nassau
Christian Academy where he
guided the Crusaders to the
Bahamas Association of
Independent Secondary
Schools’ junior boys softball
championship.

As he look ahead to his
future, Bain, who moved to
the outfield when he went to
Trinity, admits that he need
to work on his “all-around
game, both defensively and
mentally.”

Right now, he’s working
‘out with his peers at Free-
dom Farm in preparation for
their trip to the Little
League Caribbean Zone Big
League Tournament from
June 19-28 in Maracaibo,
Venezuela.

Has all of this accolade
changed Bain, who will
probably get a little more
attention at practice?

“Not at all,” he insisted.
“I don’t feel any different. I
still feel the same. ’'m not
looking at myself as any dif-
ferent from any other player.

“T just want to go out
there and be the best player
that I can be.”

The trip to Venezuela
should just add to his
resume, especially if the
team can successfully win the
title. | ,

When asked about his
expectations for the team,
Bain noted:

“I’m looking forward to
going to Venezuela and I’m
looking. forward to us win-

ning. We should be able to . :

walk away from the tourna-
ment with the title because
we have been together.for a
while and we know each oth-
er and we compliment each
other very well.” —~

Although he have a major
decision to make for his
future, Bain said he will take
it in his stride.

“T want to focus on going
to Venezuela and winning
the title,” he ‘said. “Once I
get back, the Philadelphia
Phillies and I will decide on
what direction we will go in.”

Bain, one of 49 players
selected by Philadelphia, is
listed on the Phillies’ web-
site as a right-hander, who
bats right hand. He stands at
6-feet, 3-inches and weighs
180 pounds.

INSIGHT

For the stories

behind the news,
ic=Â¥-lo Mp K(0 01g
on Mondays








@ BASEBALL
ATLANTA
Associated Press

ANDY LaRoche hit a two-out, two-

run single in the ninth inning and the

Pittsburgh Pirates beat the Atlanta

Braves 3-1 Thursday to split the four-

game series.
LaRoche leaned forward to slap a 3-

2 pitch from Rafael Soriano (1-1) up

the middle for the tiebreaking hit.
Steven Jackson (2-1) pitched a score-

less eighth and Matt Capps worked a’

perfect ninth for his 15th save.

Atlanta’s Javier Vazquez gave up
only two hits and one run in eight
innings. He matched his season high
with 12 strikeouts and took over the
NL lead with 105.

Andrew McCutchen led off the Pitts-
burgh ninth with a single, moved up
on a sacrifice and took third on a
groundout. Adam LaRoche was inten-
tionally walked and advanced to second
without a throw on ball three to his
brother.

Andy LaRoche followed with his go-
ahead hit.

Braves manager Bobby Cox was
ejected by first-base umpire Brian
Knight in the bottom of the ninth fora
call that Kelly Johnson ‘was out at first.
Cox was tossed after throwing his cap
to the ground, and it was the second
time he came out of the dugout to
argue a call by Knight.

Vazquez, who did not walk a batter
for the second straight start, gave up a
fifth-inning homer to Delwyn Young

$3 WWW] QQ 0 5” 6 :"® lvl.’ WE vv" .,w.q]DD, 0Q 0 o ° ”” °° ° 8 I ° ee ee ?°FP '"'B' wvynynyy_ 1 rr 9

- Kirsty Wigglesworth/AP Photo

Despite bomb threat,
Roddick wins at Queen's

”

@ TENNIS
LONDON =:
Associated Press

AFTER the start of the
match was delayed by a bomb
threat, Andy Roddick defeated
Lleyton Hewitt 7-6, 7-6 Thurs-
day to advance to the quarter-
finals at Queen’s Club.

Tournament officials, who
initially said the match was °
being delayed because of tech-

Visit the AUTO MALL on Shirley Street
and test drive the new Toyota Camry.

Andy LaRoche’s
- 9th-inning hit
~ leads Pirates



nical issues, disclosed that a
spectator had discovered a
bomb threat message pinned
to a wall. However, a security
sweep found nothing.

While waiting for about 20
minutes, the two former cham-
pions chatted at the net.

“Obviously, your concern is
making sure everyone is safe,”
Roddick said. “There wasn’t
really much to be done, and I
know they were trying to
decide what they were going

All new Toyota vehicles are backed by a 3-year/60,000-mile factory warranty.

anda second-inning single to Andy

LaRoche. °

Vazquez, who has a 3.31 ERA, has a
loss and two no-decisions in his last
three starts despite allowing a com-
bined total of four runs.

Paul Maholm gave up four hits and
one unearned run in seven innings. He
set a season high with eight strikeouts
and walked three in his sixth no-deci-
sion in his last eight starts.

An error helped the Braves take a 1-
0 lead in the fourth. With two outs,
shortstop Jack Wilson couldn’t field a °
grounder by Matt Diaz. Diaz stole sec-
ond and scored on Jeff Francoeur’s sin-
gle.

The Pirates pulled even in the fifth
on Young’s first homer of the season.



e Pirates RHP Charlie Morton, who
lasted only one inning against the
Braves on Wednesday night before
leaving with tightness in his right
hamstring, said he still felt minor dis
comfort on Thursday. He hopes to
make his scheduled start on Tuesday
-at Minnesota.

¢ Young’s homer was the fourth of his
career. His only homer with the Los
Angeles Dodgers in 2008 came on.
June 24 against the Chicago White Sox.



¢ Diaz had two steals. His only other

game with two stolen bases came on
May 24, 2006, at San Diego. He has

three steals this season.

John Amis/AP Photo

PITTSBURGH Pirates’ Paul Maholm works against the Atlanta Braves during the first
inning of a baseball game, Thursday, June, 11, 2009, in Atlanta.



ANDY Roddick i

oF USA Hives Bahamas Junior

ior ea as National team gets set
return to Ley- for FIBA Americas ©
ton Hewitt of

Australia during

FROM page 13
their Queen's . J

Club grass as a member of a junior
court champi- national team after a silver

i medal winning performanice
pnsius Garter. in the high jump at the Carif-
match in Lon- ta Games in April.

“T feel good because mak-
ing this. national team will
help my overall game to
improve and make me focus
on my weakness when I get
on the floor,” he said, “I
heard the competition is very
tough because we are going

‘ against the best in our region
like the USA, Puerto Rico,
Canada, but I will do my part,
the team will come together
and hopefully we will come
back with the gold.”

The team will be led by
Head Coach Quentin Hall
who will be assisted by Scott
Forbes.

Michael Carey Sr. will trav-
el as team manager while
Leah Rolle will‘serve as the
team nurse.

BBF executives Jurelle
Nairn and Sean Bastian along
with referee Lafred Gaitor
will also accompany the team.

The Bahamas opens the
tournament June 17th against
Argentina, followed by
games against Canada and
Mexico on the ensuing days.

Playoff rounds begin
June 20th.

don, Thursday,
June 11, 2009.
Roddick won 7-
6, 7-6.

\

Querrey 6-4, 4-6, 6-3 in an all-
-American match. Andy Mur-
ray also reached the quarterfi-
nals with a 6-4, 6-4 win over
Guillermo Garcia-Lopez.

American Mardy Fish
defeated Feliciano Lopez 6-1,
6-4, and Juan Carlos Ferrero
advanced with a 6-4, 7-6 win
over Xavier Malisse.

Neither Roddick or Hewitt
was able to gain an edge, with
only one break point in the
entire match.

Roddick was taken to deuce
twice before holding to lead 4-
3. In the second set, the sec-
ond-seeded American faced a
break point as Hewitt led 4-3,
but the 15th seed was pres-
sured into hitting a forehand
long.

to do. p

“Obviously, we were hoping
we were going to get a chance
to stay out there and play the
match, but that was a first for
me.”

After trailing 3-1 in the
tiebreaker, Roddick closed out
the match with his 18th ace to
earn a meeting with former
finalist Ivo Karlovic. The Croat
had 19 aces in a 6-3, 6-4 win
over Nicolas Mahut.

, James Blake outlasted Sam

. . .

>) TOYOTA moving forward

Wy

\
N Ny \

>

YY
ZA

\

7a

KS

When: a car becomes more.

Tea
SE

The Toyota Camry sets a new
global standard for safety. A
more comfortable cabin offers
superior design amenities,
generous legroom and a bigger
trunk. And the fuel-efficient
4-cylinder, 2400 cc engine
gives up to 34 mpg (EPA
highway rating). Available
options include V-6 engine,
and right or left hand drive.

Uilltttyyy
LZ

Vl

J

Wlltittiroe.

.
7
ss

.

Li
ZZ

a

AGN
bh

LZ
ZZ

ZZ
Ma ///

N





Auto Mall, Shirley Street (opp. St. Matthew's Church)
Open Mon to Fri 8am - 5:30pm ae
Sat 8am - 12ndon—

EXECUTIVE
MOTORS LTD

AUTHORISED TOYOTA, DEALER: |
Available in Grand Bahama at Quality Auto Sales (Freeport) * Queens Hwy, 352-6122 * Abaco Motor Mall, Don MacKay Blvd, 367-2916


PAGE 12, FRIDAY, JUNE 12, 2009

SPORTS

TRIBUNE SPORTS































AS the Bahan

ANDRAE WILLIAMS 92

EVENT: 200/400

PERSONAL BEST: 20.81/ 44.90

SEASON BEST: no mark/ 44.98

HEIGHT: 6' 1” (1.85cm)

WEIGHT: 185 Ibs (84 kg)

D.0.B.: July 12th 1983

AGE: 25

FAVOURITE BOOK: 7 steps to living at your
full potential, by Joel Osteen

FAVOURITE MOVIE: Mask of Jet Lee
FAVOURITE FOOD: curry chicken, white rice,
corn, macaroni, coleslaw, potato salad and
plantain.

MOM'S-NAME: Icelyn Williams

DAD'S NAME: D/C

HOMETOWN: Grand Bahama, Bahamas
NAME OF COLLEGE: South Plains Junior
College, transfer to Texas Tech University.
(Bachelors degree)

NAME OF HIGH SCHOOL: Jack Hayward
High

sociation of A
letic Associations’ National Open
Track and Field Championships drew
nigh, the public relations department -

HIGH SCHOOL COACH: Lender Malcolm, and
Emit Higgins

COLLEGE COACH: Lanch Bingham, and
Steve Silvey -

FAVOURITE FOOTBALL TEAM: none
FAVOURITE BASKETBALL TEAM: none
FAVOURITE TV SHOW: Martin

HARDEST WORKOUT: 600 break down
EASIEST WORKOUT: resting
Andrae Williams’ first national team for the
Bahamas was made in 2003 at the world
championship in Paris, France. Also that year
he made the Senior CAC and Pan American
Games team.

In 2004, Andrae made the Bahamas under 23
team, placing second in the men's 400m and
he was also apart of the 4x400m that finshed
second. -

Later that year, Williams ran in the 2004
Olympic Games in Athens, Greece where he
was a part of the men’s relay team that fin-

: wil featuite a number of the top ath-
letes as they prepare to compete from.
June 26-27 at the Thomas A. Robin-
son Track and Field Stadium.

f

ished seventh.

His next team was the 2005 CAC Games that
were held in Nassau where Williams finished
sixth in the open men's 400m, but came back
and helped the Bahamas to win gold in the
men's 4x400m.

That same year Williams ran the 400m at the
2005 World Championship in Helsinki. He did
not advance to the final, but he was apart of
the men's 4x400m that won the silver medal.
In 2006, Williams did not compete due to
injury. But in 2007 while running the first leg,
Williams helped the men's 4x400m relay to
clinch the gold at the Pan American Games in
Brazil.

Later that year, Williams ran the open 400m
at the 2007 World Championship in Osaka,
Japan where he made the semifinals, but did
not advance to the finals,

- However, once again at the same champi-

onships, Williams was apart of the men's





4x400m team that finished second.

Last year at the Beijing Olympic Games,
. Williams ran the third leg on the Bahamas
“men's 4x400m team that won the silver





















CHRIS BROWN 99

EVENT: 400m

PERSONAL BEST: 44.40 sec
SEASON BEST: 45.03sec
HEIGHT: 5'9”

AGE: 30
HOMETOWN: Trapan Bay, Eleuthera

NAME OF COLLEGE: Norfolk State Universi-
ty; Virginia

NAME OF HIGH SCHOOL: R.M. Bailey.

At the 2001 World’s in Edmonton, Canada,
Brown finished fourth in his heat, but did
not advance to the next round. In the 2003
World’s in Paris Saint-Denis, France, Brown
finished fourth in the semi-finals and again
did not advance to the 400m finals.

But in the 2005 World’s in Helsinki, Fin- final.

land, Brown made it to the finals, finishing Brown took home a pair of gold medals
fourth. At the 2007 World’s in Osaka, from the 2007 Pan-American Games in Rio
Japan, Brown, found himself chasing a de Janeiro. He finished first in the 400m in
pack of Americans and landing in the 44.85 and teamed with Andrae Williams,
Bahamian national record books. Avard Moncur and Michael Matheau to run
Chris Brown is hoping his fifth trip to the a 3:01.94. in the 4x400 relay, beating a
World Championship will be his charm to team from the United States (3:02.44).

win a medal. Since the 2004 Olympics in Athens, Brown
Also at the 2000 Olympic Games in Syd- has reached the 400m final in five major
ney, Brown finished. second in his heat of international competitions, but has yet to
the men's 400m in 45.80 but did not post a victory. In 2006, he took third at the
advance. In Athens in 2004, he finished World Indoor Championships in Moscow
third in his semifinal heat of the 400m in and fourth at the Commonwealth Games in
45.31, but again did not advance to the Melbourne.





D.OB.: May 28th 1988

AGE: 21

FAVOURITE BOOK: The Bible
FAVOURITE MOVIE: American Pie [all]
FAVOURITE FOOD: Curry

MOM'S NAME: Norma Williams
DAD'S NAME: John Williams

’ HOMETOWN: Grand Bahama,
Bahamas

NAME OF COLLEGE: South Plains Col-
lege

NAME OF HIGH SCHOOL: St Georges
High School

HIGH SCHOOL COACH: Kenton Rolle
COLLEGE COACH: Blaine Wiley
FAVOURITE FOOTBALL TEAM: Dallas
Cowboys -—

FAVOURITE BASKETBALL TEAM:
LAKERS!!!
FAVOURITE TV SHOW: Family Guy
HARDEST WORKOUT: 600 400 200

g
%
Z
CLALIT IT



LATOY WILLIAMS

EVENT: 200/400
PERSONAL BEST: 44.73
SEASON BEST: 21.66/ 44.73 400 600

HEIGHT: 6' 0” (1.86cm) EASIEST WORKOUT: DNNT HAVE
WEIGHT: 185 Ibs (84 kg) NONE

What are the highlights and shortcomings of the
2009/2010 Budget Communication?

How will it impact our economy, our edlucation,
health and security?
What does it mean to YOU?
What can we expect over the next six months?

Don't miss
THE FINANCIAL VOICE |
TOWN MEETING
On the 2009/2010 Budget Communication

Wednesday, June 17 at 8 p.m.

at Choices Restaurant, ,
COB School of Hospitality, Thompson Blvd.

Host: Jeff Lloyd

Panellists

Wendy Warren, CEO & Executive Director, BFSB
Anthony Ferguson, President, CFAL
Dr Duane Sands, President, Bahamas Medical Council
Capt. Randy Butler, President & CEO, Sky Bahamas
Frank Comito, Executive Director, Bahamas Hotel Association
Belinda Wilson, President, Bahamas Union of Teachers
Peter Blair, Ph.D. candidate, Harvard University
Vaughn Delaney, Deputy Managing Director, Bank of The Bahamas

.....complemented by the convenience
and practicality of a versatile station wagon.

Nissan Wingroads sporty new look is an
added bonus to the functionally superior
station wagon. With great features like a
fold down table for the driver and modern
_ Safety systems like Electronic Brake Force
distribution (EBD), this is the best solution
to your driving needs.

ABS Rear Reclining
Anti-lock Braking Seats

System
"SHIFT _the way you move usec

ON THE SPOT FINANCING WITH
_ COMMONWEALTH BANK

Headlamps

WINGROAD

ELITE MOTORS LTD. SANPIN MOTORS LIMITED
#289 Wulff Road Thompson Blvd. ¢ Oakes Field
PO. Box N-4904 t. 242.326.6377° f. 242.326.6315
t. (242) 394.4442 f.(242) 393-8238 e. sanpin@coralwave.com

Presented by The Counsellors Ltd.

INSURANCE AVAILABLE WITH
ADVANTAGE INSURANCE
BROKERS & AGENTS LTD.


Say
Say

THE TRIBUNE













gets set for FIBA

l™§ By RENALDO DORSETT
Sports Reporter

rdorsett@tribunemedia.net

A BUSY summer of interna:

tional competition for the

Bahamas Basketball Federation
begins with under 16 Boys’
squad which will test its mettle
against the best in the western
hemisphere.
The Junior National tea
begins play in the FIBA- Ameri-
cas Under 16 Championship,

_June 17-21 in Mendoza, Argenti- :

na. ‘

The eight team tournament

will feature eight teams with
Group A including the United
States, Puerto Rico, Venezuela,
Brazil and Group B includes the

Bahamas, Argentina, Canada

and Mexico.

Team Bahamas is led by
Houston, Texas prodigies 6’8”
forward Wannah Bail and 6’3”
point guard Michael Carey Jr.

Both players star at The Vil-

lage School in Houston are .

amongst the top ranked high
school players in the state are
also featured on ESPN.com as
two of its top 15 recruits in the
state for the class of 2012.

The team will also feature sev-
en players from Grand Bahama
and a trio of players from the
capital.

The Grand Bahama contin-

gent will be led by 2009 Hugh -

Campbell Tournament MVP,










Bain drafted to the Majors

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

WHEN Richard Bain Jr. came home
from school, he was contemplating
entry into his freshman year at Palm
Beach Community College.

Yesterday, the 18-year-old’s life was
turned upside down when he got a call
around 1:30 pm that he was drafted in
the Major League by the 2008 world
champions Philadelphia Phillies.

He was picked number 1,367 in the
45th round on the last of the two-day
draft.

“All my hard work has finally paid
off,” said Bain Jr. when contacted yes-

terday as he was preparing to head to
Freedom Farm for practice with the
national team. :

“My dream came through.”

Bain, who just completed his two-
year tenure at Trinity Christian Acad-
emy High School in Lakewood, Flori-
da, said he hasn’t decided on what
decision he will make as yet. -

“I don’t know what I intend to do

just yet,” he said. “I will have to wait .

and see what they offer because I
make the decision on what I will do.”

His mother, Mildred, said she was so
pleased 6n hearing the news. But she
admitted that if it was her choice, she
would prefer for JR, as he’s affection-
ately called, to “complete his education

Astin Lewis of the Tabernacle
Baptist Falcons. ,
Lewis will by joined by fellow
Falcons teammates Garth
Brown and Travis Wildgoase.
The Eight Mile Rock Blue-
jays will also field three mem-
bers for team Bahamas, Ervin
Lewis, Devardo Adderley, and
Ramon Dames while Philip

' Jones of Sir Jack Hayward High

will complete the list of Grand
Bahama players.

Players from New Providence

include Geno Bullard Jr of the
Westminster Diplomats, Roo-
‘sevelt Whylly of the C.C Sweet-
ing Scorpions and Jabari
Wilmott of the St. Augustine’s
College Big Red Machine.
Bullard, lead guard for the
BAISS champion Diplomats in.
his first year in the senior divi-
sion, said he looks forward to

keeping pace with the perfor- |

mances of past teams and learn-
ing from head coach Quentin
Hall.

“T heard they have done well
at the tournament in the past
and we have a lot of good play-
ers coming back like Michael

' [Carey] so going away this year

we should have a good team and
good leaders to help us to win.
Playing time does not mean
much to me, I just want to come
out with the victory that is my
main goal so just to get the gold
medal is the most important
thing to me,” he said. “Being a
part of this team can help my



ericas

Bahamas Junior National team

game tremendously. Our coach
is a point guard, he coaches the
game, plays the game, he played
at a high level in college and pro-
fessionally so if there is anything
he knows about being a point
guard he can help me to be bet-
ter as well.”

‘Bullard said while he feels the
team will be ready to face the
competition from around the
globe, it will take nothing short
of a full team effort to make the
trip successful. '

“The competition is pretty .
deep and-there are alot of good
players from around the world,”
he said, “so we just have to bring
our ‘A’ game.” ‘

Whylly, who led his Scorpions
to a runners-up finish in the
GSSSA junior division said he
felt additional pressure as a first
time national team member but
sees it as an opportunity to
improve his overall game.

“It is a lot to deal with being
my first time and going to a tour-
nament this big but I will be
ready, Hopefully I can get a
good amount of playing time so
I can get a better experience
playing against those players,”
he said, “Being on the team can
help my weaknesses like my
defense and rebounding. Once
we execute and play well we
should go pretty good.”

Wilmott, a two sport star will
make his second trip this year

SEE page 11



US UNENUAE RR

first.
“But the final decision is his. What-
ever he decide, I will support him and
I know that his father (Richard Bain
Sr, also known as Mackey Bain and a
softball/baseball player himself) will
support him too.”

Over the Labor Day weekend, Bain
played with the Freedom Farm Base-
ball League in the Bahamas Baseball
Federation’s Andre Rodgers Junior
National Championships.

BBF secretary general Theodore
Sweeting, on behalf of president Craig
‘Salty’ Kemp and the rest of the exec-
utive board, congratulated Bain on his

SEE page 11 _



Phillies
pick up 18-
year-old
player in
45th round

De

JABARI WILMOTT
(left), Geno Bullard Jr
(middle), Roosevelt -
Whylly (right), three
members of the
Bahamas’ FIBA
Americas Under 16
team take a break
during practice yes-
terday at the Kendal
Isaacs Gymnasium.



DELLE



Felipe Major/Tribune staff

torsbahamas.com

PARNER U NERA RRR
PAGE 14, FRIDAY, JUNE 12, 2009

THE TRIBUNE.





Tim Clarke/T ribune staff

THIS NISSAN SENTRA was damaged after a trailer carring a 40ft container dragged it while it was s parked on Dowdeswell Street yesterday. Nobody

was injured.



Mount Moriah Baptist Church holds first annual speech competition

UNDER the direction of its
senior pastor Reverend Dr
Wilton Strachan, Mount Moriah
Baptist Church held its first
annual speech competition on
Sunday, June 7, at the church
on Farrington Road.

It was held under the theme,
‘A people With a Mind To
Work,’ taken from the book of
Nehemiah, chapter four, verse
Six.

Organisers say the speech
competition was a major suc-
cess as scores of young people
from Mount Moriah’s Youth
Department headed by Sister
Patricia Strachan-Clarke par-
ticipated.

Grace Russell emerged as the
overall winner in the primary
division.

In the Juniors (11 to 13 years

old), there was a tie for first
place, which went to both Jere-
miah Clarke and Benjamin



n
o
=>
@
cc
5
”
=
o
ua

SOME of the participants of Mount Moriah Baptist Church first annual

speech competition.

all winner of the 14 to 16 age
group.

Second place went to Ide
eee with third place

Peet. Tenisha Mackey came in
third place, and Renique Hanna
canie fourth.

Erica Trotman was the over-

going to Gerard Russell. In the
Youth Department, age 16 and
over, first place went to Rashan- -
da Forde and second place to
Darion Rahming.

Reverend Dr Strachan com-
mended the participants, and
predicted that a number of pas-
tors and religious leaders will
emerge from the dynamic group
of speakers.

Deacon Helen Rolle said, “It
was overwhelming, and most of
the participants were so excited
that many of them just did it on
their own — especially the
younger persons, who were just
so excited to take part.”

Deacon Rolle thanked the
judges, who included Dr Lina
Reyes, Anthony Lightbourne
and Anastasia Stubbs.

The scorekeeper for the
event was Dr Darville Walkine
and the timer was William
Weeks.





me : Linen and Sky



Souvenir
retail division
for Post Oftic

Department

PUBLIC WORKS
and Transport
Minister Neko
Grant delivers his:
contribution to

_the 2009/2010
Budget Debate in’
Parliament yes-
terday.



Letisha
Henderson



@ BY KATHRYN CAMPBELL

The creation of a souvenir retail division is among a series of
new initiatives planned to raise revenue for the Post Office
Department, Minister of Public Works and Transport Neko
Grant said.

“The more popular and appealing stamp programme will be
its central focus through the Philatelic Bureau, which has gained
the attention and sustained interest of stamp collectors inter:
nationally,” he said.

Mr Grant, who has ministerial responsibility for the Postal
Department, was speaking in the House of Assembly yesterday
during debate on the national 2009-2010 budget.

Stamps

He noted that the demand for collectible stamps has not
diminished although the general demand for stamp purchases
and related services have decreased.

The Post Office Department oversees’ approximately 34,000
private post office boxes and there i isa demand for an. additional
15,000.. ° i Oi

“We intend to, duplicate the chister box model as: provided of
the Sandy Port location, but on a smaller scale for new and exist
ing subdivisions,” said Mr Grant. ;

“This model is very cost effective and is regarded as the s solu-
tion to the outdated practice of mail delivery for : privats/resi-
dents as is still practised i in some Family Islands.”





t



Febreze Air Effects eliminates odors leaving a fresh scent.


SARS RE





‘A’ status key
blacklisting
MR caasleyn

HILLARY DEVEAUX

* Securities Commission
chief says becoming —
member of IOSCO’s top
table will ‘derive
substantial benefits’,
including boosting —
Bahamas’ attractiveness
for new business .

* Addressing deficiencies

through new Act and

regulations key to

reaching goal

By NEIL HARTNELL
Tribune Business Editor

Becoming a‘‘Signatory A’
member of the body repre-
senting global securities. reg-
ulators is critical to safe-
guarding the Bahamas against
a possible future ‘blacklisting’
and in attracting new finan-
cial services business to this
jurisdiction, the Securities
Commnission’s executive direc-
tor said yesterday. _

Hillary Deveaux told Tri-
bune Business that achieving
such status with the Interna-
tional Organisation of Secu-
rities Commissions (IOSCO)

would enable the Bahamas to

“derive substantial benefits”
for its capital markets and
investments funds industrieés,
enhancing their reputation
and making this nation more
attractive to Operators in those
sectors.

SEE page 5B
Marina industry
‘untapped antl
underservetl

@ By NEIL HARTNELL
Tribune Business Editor

The Bahamian marina
industry is “a tremendously
untapped and underserved
part of our tourism economy”,
the Bahamas Hotel Associa-
tion’s executive vice-president
said yesterday, with standards
and certification critical to
helping the sector achieve

international best practices. —

Frank Comito, speaking

ahead of next Thursday’s to:

formally ratify and launch the
Association of Marina Oper-
ators of the. Bahamas, said
that while 2009 first quarter
non-cruise boat arrivals were
down “considerably” for some
‘islands, anecdotal evidence
suggested that average marina
stays resulted in two-three
room nights in a resort.

This resulted in spin-off
benefits for Bahamian hotels
and the wider economy, Mr
Comito said, and given that at

SEE page 4B



FRIDAY,

SECTION B ¢ business@tribunemedia.net

5m fund targets
‘upside’ abroad.

a RoyalFidelity expects second index-linked sub-fund to be fully
subscribed, with returns in global equity markets better than
local due to swifter recovery:
(i Company says 80% of global equity m markets covered by fund,
as principal again protected

@ By NEIL HARTNELL
Tribune Business Editor

RoyalFidelity Merchant Bank

& Trust’s president yesterday’

said it expectéd its second $5
million index-linked sub-fund
to be “fully subscribed”,
explaining that the launch was
timed to give Bahamian
investors the opportunity to
benefit from a swifter recovery
in international stock markets
than the one likely to take place
in this nation’s equity markets.
‘Michael Anderson said Roy-
alFidelity believed “the down-
side is largely out” of most glob-
al equity markets, which were
either at or near bottom, giving
Bahamian institutional and

retail investors the chance to

benefit from the upside. on a:

recovery set to take place.
The RoyalFidelity president

’ said the four indices to which

the TIGRS Series 2 sub-fund
were linked - the iShares
Emerging Markets Index, the
S&P 500 Index, the Dow Jones
Euro STOXX Index, and
Nikkei 225 Index - together cov-
‘ered “80 per cent of global equi-
ty markets”, thus ensuring that
investors would not be disad-
vantaged if one country took
longer to recover than others.

“We anticipate it will be fully
subscribed,” Mr Anderson said
of the Series 2 sub-fund, which
was formally launched on Mon-
day.

Casino’s net loss
almost hits $3m

@ By NEIL HARTNELL
Tribune Business Editor

Isle of Capri’s Grand
Bahama-based casino suffered
a $2.934 million net operating
loss for the financial year to

April 26, 2009, a 7.7 per cent |

increase upon'the previous
year’s losses - not exactly the
required advertisement to
entice prospective new opera-
tors to take it over.

The operator of. Our
Lucaya’s casino unveiled a
slight increase to the $2.275
million net operating loss
incurred during its 2008 finan-
cial year, based on a 29.5 per
cent reduction in revenues for
the 12 months to end-April
2009. °°

The Isle-Our Lucaya casi-

no saw its net gaming rev-

enues drop from $15.548 mil-
lion to $10.969 million during

its 2009 financial year, with .
the gross operating loss more :

than tripling from $826,000 to
$2.917 million.

_A $17,000 depreciation
charge took Isle of Capri’s net
losses from its Grand
Bahama-based casino. to
$2.934 million.

For the 2009 fourth quarter,
the final three months to April
26, 2009, the Isle-Our Lucaya
casino saw net revenues
decline year-over-year by 43.4
per cent to $2.692 million,
compared to $4.578 million in

- fiscal 2008.

The Grand Bahama- based
casino suffered a $1.204 mil-
lion gross operating loss in the
2009 fourth quarter, compared

to a modest $299,000 operat- ©

ing profit the year before.
Isle of Capri’s financial

results were unveiled as the

Government and Hutchison

“Whampoa, Our Lucaya’s

owner, continue their search
for a new operator to replace
the US-based gaming compa-
ny, Which in March announced
its plans to withdraw from the
Grand Bahama market.
Failure to find a replace-
ment operator for Our
Lucaya’s casino would leave
some. 234 Bahamian jobs in

- jeopardy, but the Government

- via the Ministry of Tourism -
and Hutchison Whampoa
have reached an agreement
with Isle of Capri that has

‘seen it extend its Grand

SEE page 8B

* Isle of Capri’s red ink
increases by 7.7% as
government continues
search for replacement
* Net revenues nosedive
almost 30% for year to
April 26, with fourth
quarter net operating
loss totalling $1.208m

“We made some allowances
in case it was oversubscribed.
There is no minimum level we
need to get to, and if it’s not
fully subscribed it will be close
to.

“At this stage, we anticipate it
will be fully taken up, based on
the interest we’ve had, but you

never know.” |
Many are likely to question ”
' the timing of the TIGRS Series

2 launch, given that most

Bahamian institutional and ©

retail investors are focused
chiefly on protecting what they
have and easing their way
through the current. economic
downturn, rather than taking

SEE page 4B



FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

aR

Rise shows recession’s impact on
low and middle income Bahamians

@ By CHESTER ROBARDS

Business Reporter

crobards@tribunemedia.net

THE SALVATION Army yesterday said it had seen
a 25 per cent increase in purchases at its thrift store,
another sign of how the economic downturn is impact-
ing low and middle income Bahamians, although the
amount of money individuals and companies donate to

it has decreased.

Lester Ferguson, the, charity organisation’ s divisional
commander, confirmed that the Salvation Army had
seen about.a 25 per cent increase in the amount of pur-
chases at its’thrift stores. This increase, he explained, was
due to the large increase in individuals seeking assistance

from the organisation.

He said its thrift store typically earns about $10,000 in

revenues per month.

And Mr Ferguson suggested that the demographic of
thrift store customers has been changing. He said that
both vagrants and people who have fallen on hard times
have been frequenting the thrift stores.

SEE page 4B



Company's relaunch
shows We Do ‘more’

* Firm’s principal moves
to hand over to next
family generation, via

“new car fleet and

technology upgrades

* Business targets veture

with farmer, green
initiatives, new website
and advertising blitz




@ By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net

AFTER more than 20 years

‘in operation, We Do Messen-
ger service relaunched its busi-

ness this week with a new fleet
of cars and technological
upgrades to. position it for the
future, as its principal prepares
the next generation to take

’ the reigns.

We Do’s principal, Peter

SEE page 8B

, try your own savings strategy
7 bet on support from your kids
taal run. out of moves & nor til you re
PAGE 2B, FRIDAY, JUNE 12, 2009









WWW.VILLAGGIORESTAURANT.COM

REIESTORANTE

Wi lagqggio

COCKTAIL & WINE BAR
















































NASSAU'S sg

Premier

NOW FEATURING

3 Course Sunset Dining Menu
only $42 per person

Nightly Happy Hour 6-7pm

Italian

RESTAURANT



CAVES VILLAGE, WEST BAY STREET

PLEASE CALL FOR RESERVATIONS & INFORMATION
327 0965/327 0962

WOES WW a. I AA AOA- A- A- OAG-_sOs-—\ SSS MM

“Compliance”
The Lighthouse in the Perfect Storm

The Bahamas Association of Compliance Officers
MLRO Day 2009
Wednesday June 17" 2009
British Colonial Hilton
_ (Workshop eligle far BIGA & BACO CPE crediis)
» Cost: $100 members - $140 non members
REGISTER AT: WWE ACCHANANAS CON
Central Focus: All Presentations to hightight and discuss recent developments in the local and global financial services industry
which not only affect our day to day business but also threaten the viability of the industry.

MME



08:00-08:30 Registration and Introductions

INSIDE THE MINDS OF THE REGULATORS - Panel
+ New money laundering trends from the FIU’s perspective: Forget what you thought you ke ee

* Key Aspects of the new Central Bank Guidelines; Anticipating the Role of the Super Regulator What else is
on the Horizon?
Managing the Money Laundering Risks Posed by Hedge Funds and Other Investment Vehicles.

The Insurance Industry ~ What Have We Learned, If Anything? New ener Developments, How far ts far
enough?

The Special Focus: Responding to G20 Money Laundering Challenges

Discussion & Follow-up period

08:30-16:36

LE EEE EE OE

EVE OOOO

GL oe

i

LS

* 10:40-11:15 Accounting for The Accountants- AML/CFT issues re: the Accounting Profession

11:15-1200 MASTER CLASS - Case study -When to Make that STR- interactive al

12:00-01:00 TIEA’s; DT As; OECD Initiatives-What preparations should we na What does the future hold for The Ba-
haras?
01:00-02:00 -Luncheon- ‘

“The Role af Government in shaping the future of The Balamas Financial Serviews Indusiry & tn secur-
lng the best interests of is citizens” The Hon. Minister Zlirvargo Laing

02;00-02:05 -Break-

02:05-05:00 - THE CLOSED SESSIONS-Members’ Only:

« Adopting Business Management Skills to Optimize Your AML/CET Program
+ Focus on Training: Best Practices for Building a Securities Industry AML Training Program.
» BACO as an SRO, The new CCP CPD requirements; Preparing for the next Level -

REGISTER AT; WWW BACOBAHAMAS. COM | EMAIL: INFO@BIFS BAHAMAS COM (242 - 323-0871 or 2

“Committed fy Comphones :

wiew bacobakaras.com



dM OOOH

‘vie, HHIBUNE



ES ace re |

‘Undue scrutiny’
of Bahamas firm

@ By CHESTER
ROBARDS .
Business Reporter
crobards@tribunemedia.net

CARIBBEAN Construc-
tion Management Systems’
(CCMS) principal yesterday

‘said his company had under-

gone what it considered undue
scrutiny by certain govern-
ment agencies after a series of
articles published in the media

heralded its relationship with |

several foreign firms.
Robert Myers told Tribune
Business that he was recently

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.





HOME AWAY
FROM HOME
Safe and Comfortable






Company sets record straight in
relationship with overseas firms

contacted by government
agencies seeking to verify his
company’s relationship with
Downsview Kitchens, a firm
based in Canada, and Chelsea
Designs, an interior design
firm in based in Miami.

Mr Myers asserted that his
company was not in any way
associated with Chelsea
Designs, except from the con-
struction management role.

Installation

He said CCMS’s only cor-
respondence with the design

‘ firm was if there happened to

be a problem with the instal-
lation of one of their client’s
products.

Mr Myers also said CCMS

‘had opened a show room in

its Airport Industrial Park
office, and not brought the
Downsview business to the
Bahamas;. as has been
thought.

“CCMS recently opened a
showroom - not Downsview -
that features a number of our
product lines such as
Downsview Kitchens, Bald-
win Hardware, Marine &

Land Shutters, Master Tech —

Appliances, Hartman Win-
dows, Sat Sound Entertain-
ment, M&L Wood Floors and

«i. MID WEEK

PATNA

BAHAMAS

Have a DOCTOR'S
or BUSINESS
appointment ir in 1 Nassau?

RTT



HOME AWAY FROM HOME

cal: 3 2O=2.3 29

emial: bahamas.homewayfromhome@gmail.com-

Eanuay Doors,” said Mr
Myers.

“Our showroom allows our
clients to view, touch and bet-
ter understand the high quali-
ty of the products we suggest
for the homes we build.

Ultimately, it is our clients
that. decide what products they
wish to use in their homes,
and we are just there to advise -
them as to what holds up well
in our Bahamian environ-

_ment.”

Owner of Chelsea Designs,
Regina Agro, who also often
assigns Downsview’s products
to her jobs, confirmed her fir-

‘m’s relationship with CCMS.

She said they were both
hired by the owner of the Old
Fort Bay house, for which the
two firms received contracts,
and her firms had not been
hired by CCMS.

Chelsea Designs’ impend-
ing opening of a Nassau office
has sparked some outrage by

_ Bahamian design firms, who

s¢e their move. as unfair com-
petition.

They said they were

“appalled by the company’s
spokesman’s statement that
they came to the Bahamas
after a fall-off in business in
Florida”.







SCHOOL OF BUSINESS

ORIENTATION AND ADVISEMENT FOR
FALL SEMESTER 2009

ORIENTATION AND ADVISEMENT WILL TAKE PLACE FRIDAY, JUNE 12,
2009 FROM 10 AM TO 4 PM IN ROOMS B-5 AND B-6 FOR THE FOLLOWING
STUDENTS ACCEPTED IN THE SCHOOL OF BUSINESS ABBE) PRO-

GRAMMES:

1 STUDENTS WITH EARLY ACCEPTANCE
2 STUDENTS WHO HAVE COMPLETED COLLEGE PREP
3 STUDENTS WHO HAVE COMPLETED THE UPGRADING PROGRAM

(CEES)

ALL STUDENTS SHOULD BRING COPIES OF ACCEPTANCE LETTERS, COM-
PLETION LETTERS AND RELEVANT EXAM._RESULTS SUCH AS THE BGCSE.

Mann Judd

BDO is the fifth largest accountancy network in the world, a world wide network of
public accounting firms, called BDO Member Firms, serving international clients. BDO
Member Firms exist in 110 countries, and employ 44,000 people in 1,095 offices
worldwide. BDO Mann Judd is now seeking applications for assurance seniors/senior
accountants to work in the assurance department. The successful candidates will have a
bachelor’s degree in accounting and a CPA, ACCA, CA or any other qualification that is
recognized by the Bahamas Institute of Chartered Accountants.

The successful candidates will have 3 years experience in auditing, and beable to work.in
a challenging team driven environment. Attention to detail is a must.

Individuals. with the above-mentioned qualifications should fax or email their résumé’s

to:

info@bdomannjudd.com

Recruitment Manager
BDO Mann Judd
Nassau Bahamas

Fax: 242-325-6592

Absolutely no phone calls please.
Only the applicants with the above mentioned qualifications will be contacted.


THE TRIBUNE



poi, Ponta oP



@ By HARRY R. WEBER
AP Airlines Writer
ATLANTA

Corporate travel and ticket
sales of premium seats are down.
Overall demand is weak. And
fuel prices are rising — again. The

‘ one-two-three punch could be
bad news for consumers this fall,
as airlines face pressure to raise
fares or cut more capacity to cov-
er their costs.

Executives at several airlines,
including Delta, Southwest, US
Airways, Continental and Amer-
ican, gave bleak outlooks Thurs-
day during an investor conference
in New York, and there was little
talk from anyone of a near-term

rebound. AirTran offered a bright ©

spot amid the industry woes, as its
chief financial officer said the dis-
count carrier expects to have
“one of the best years in the com-
pany’s history.”

The rise in unemployment and
hits Americans have taken to the
value of their homes, coupled
with the meltdown in the financial
markets, has caused a significant

slowdown in air travel. Airlines .

also have lost business from the
swine flu, which has caused some
people to cancel travel plans to
Mexico.

Atlanta-based Delta Air Lines
Inc. projects it will take a $125
million to $150 million revenue
hit in the second quarter because
of the impact on air travel from
the swine flu virus. The quarter
ends June 30. The swine flu scare
also has hurt Delta sales to cus-
tomers in Asia, who may be wor-
ried about travel because of the
SARS outbreak-in 2003.

The overall drop in demand

has coincided with a recent
increase in fuel prices, which
means lower sales — one execu-
tive said industry passenger rev-
enues have declined nearly 20
percent in the first four months of
the year — are meeting higher
costs.

If fuel prices continue to climb
into the fall, airlines will be under
pressure to raise prices or cut
more capacity to cover their costs,
Delta President Ed Bastian said.
Delta has made a decision not to
“put seats out into the market-
place if we can’t recover the cost
of that seat,” he said.

Experts have said they don’t

expect fare sales to end anytime
soon, given weak demand for air

travel.

Fewer seats in the air translates
into fewer options for travelers, in
the form of routes not being
served anymore by.an airline or
an airline flying smaller planes to
a destination or cutting the num-
ber of flights to a destination.
Routes across the Atlantic are
expected to be significantly

impacted. Delta said Thursday it

will shave additional seats from

. the air and warned that more

than $6 billion in benefits it
expected from lower fuel prices,
its merger with Northwest Air-
lines and previous capacity reduc-
tions will be overtaken by declin-
ing revenues. American Airlines,
a unit of Fort Worth, Texas-based

’ AMR Coprp., also announced new

capacity and job cuts.
“I think it is crazy to assume

‘and bet on things improving any-

time soon,” Southwest Airlines
Co. Chief Executive Gary Kelly
said at the Bank of America-Mer-
rill Lynch Global Transportation

Bad. for r your Realth?

Dr Mahon Murphy
oY will explain

at The Yacht Cup



on June 17 /

: from 6: 30 PM.

More info at 328-6529
Admission Free



Legal Notice

NOTICE
FAROE VENTURES LIMITED

‘(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced |
on the 19th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
~ (Liquidator)



Legal Notice

NOTICE
GRENDISVALE LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 5th day of June 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

BUSINESS

Airline passengers face triple whammy

Conference. Delta said it will
reduce system capacity by 10 per-
cent this year compared to 2008.
That is up from Delta’s previous
plan to cut system capacity by 6
percent to. 8 percent. Delta also
will reduce international capacity
15 percent, up from a previous
plan to cut it by 10 percent.

Delta said capacity reductions
will begin in September.

The additional capacity reduc-
tions mean staffing levels will be
reassessed, Delta said.

Delta said staff levels will be
down more than 8,000 jobs by the
end of 2009 compared to spring
2008. A spokeswoman said the
figure reflects job reductions
already accounted for through
voluntary programs, as well as a
mixture of open jobs not filled
arid administrative job reductions

associated with Delta’s integra-

tion with Northwest. _
American said advance book-
ings through late summer are
down from last year, and it will
cut at least 1,600 jobs as it reduces
flights to contend with the lower
demand. Chief Executive Gerard
Arpey said American would cut
its full-year 2009 capacity about
7.5 percent. That’s up from an
earlier goal of cutting 6.5 percent,
and will require about a 2 per-
centage point reduction in flights
in the second half of the year.
The reductions will take effect
in late August. The job cuts rep-
resent about 2 percent of Ameri-
can’s work force. Flight atten-
dants will bear up to three-fourths
of the cuts, according to an
employee memo sent by senior
vice president Jeff Brundage.
Arpey said advance. bookings
through August were down about

' 2 percentage points from last

year. “That’s terribly alarming to
me,” he said.

Southwest’s Kelly said it’s a
very difficult time in the airline
industry, and earnings are going
to be very stressed until the econ-
omy changes. *

Business travel remains weak,




which is cutting into the number
of last-minute, full-fare tickets
and traffic on shorter routes, Kel-
ly said. Dallas-based Southwest
is responding by cutting unprof-
itable flights, adding fees for
unaccompanied minors and pets,
and offering incentives for
employees to leave the airline.
Southwest has lost money the
past three quarters.
Houston-based Continental
Airlines Inc. is pressing its cor-

‘ porate customers to step up their

travel, Chief Executive Larry
Kellner said.

“We’re working our business
(traveler) side very hard because

clearly this is where we could also

see a recovery much more quick-
er if we could get the business
traffic back on the airplanes,” he
said. Tempe, Ariz.-based US Air-
ways Group Inc. said the dropoff
in passenger revenue during the
current recession is even worse

than the decline that happened.

after Sept. 11. Its president, Scott
Kirby, said the outlook for this
year is highly. uncertain. He said
US Airways brought back a
domestic fuel surcharge on
Wednesday night, and raised its
fuel surcharge for flights across
the Atlantic. It wasn’t all bad
news for the airlines Thursday.

AirTran CFO Arne Haak said
AirTran expects to turn a profit
for the full year.

He didn’t offer a specific pro-
jection. He reiterated the com-
pany’s plans to cut capacity this
year by 4 percent, a smaller cut
than at other airlines. AirTran
Airways, a unit of Orlando, Fla.-
based AirTran Holdings Inc., has
benefited from its very low cost
structure.

Haak said AirTran’s costs are
nearly half of what Delta’s are on
a stagelength-adjusted basis.

Comparisons between carriers
are significantly affected. by the
distance flown. Adjusting for
stage length is designed to com-
pare results as if two carriers fly
the same flights.

Legal Notice

NOTICE
WESTWARD BOUNDS INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named

Company is in dissolution, which commenced: }

on the 21st day of May 2009. The Liquidator is:
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator) .



Legal Notice

NOTICE
MANDARIN VENTURES LTD.

(In Voluntary ee

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 5th day of June 2009. The Liquidator is
Argosa Corp. Inc., P. O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

NOTICE
RISING WIN ASSETS LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 1st day of June 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)









Obama’s tax
plan takes hit

@ By STEPHEN OHLEMACHER
WASHINGTON

President Barack Obama’s efforts to increase taxes on multina-
tional corporations took a hit Thursday when a new congressional
estimate showed his plan would raise only three-fourths of the
money the administration projected.

Obama promised sternly in May to crack down on companies
“that ship jobs overseas” and duck U.S. taxes with offshore havens.

The president’s plan would limit the ability of U.S. companies to
defer paying U.S. taxes on overseas profits. At the same time,
Obama would step up efforts to go after evaders who abuse offshore
tax shelters. ;

Obama said his plan would raise $210 billion over the next 10
years, though no tax increases would go into effect until 2011.

On Thursday, the Joint Committee on Taxation said the proposal
would raise only $160 billion over 10 years. Congress uses the com-
mittee’s estimates when crafting legislation.

“This shows why non-partisan, expert estimates matter,” ’ said
Sen. Chuck Grassley of Iowa, the top Republican on the Senate
Finance Committee. “If Congress promises to pay for something and
comes up $50 billion short, taxpayers make up the difference.”

A Treasury spokeswoman declined to comment Thursday on
the new estimate.

Both figures would put barely a nick in a federal budget deficit
that is projected to hit $1.2 trillion in 2010. But a coalition of busi-
ness groups has already stepped up lobbying efforts to kill attempts
to increase taxes on overseas profits, saying it would make Amer-
ican companies less competitive.

Obama has widespread support in Congress to crack down on tax
evaders who illegally hide assets in tax havens. But he faces stiff
opposition — even within his own party — to increasing taxes on the
legal transactions of U.S. multinational companies.’

One analyst said the tax increases — even at reduced amounts —
would still be a tough sell in Congress.

“The numbers on the international tax proposals are still very
large,” said Clint Stretch, managing principal of tax policy at
Deloitte Tax LLP. “The fact that they raise less money is not going
to make them any more acceptable to members (of Congress) who
are concerned about the health of U.S. businesses.”

At issue is the way the U.S. taxes the overseas profits of Amer-
ican companies. Under current law, American corporations with
subsidiaries in foreign countries can defer paying U.S. taxes on
the profits of those subsidiaries until the money is transferred back
to this country.

If companies leave the money overseas, where corporate tax
rates in most countries are lower than in the US., they can avoid
American taxes on those profits indefinitely. If the money is brought
to the U.S., corporations can subtract foreign taxes already paid.

Obama’s plan would prevent companies from writing off domes-
tic expenses that help generate profits abroad — until-those profits
are returned to the U.S. and subjected to American taxes. It would
also prohibit companies from receiving foreign tax credits on
income that is not subject to U.S. taxes.











: Legal Notice

NOTICE
VILLETTE LTD.

(In Voluntary Liquidation)

-Notice is hereby -given-that=the- above-named. 4.
Company is in: dissolution;.which commenet

“on the 4th day of June:2009-Fhe-Liquidator

Argosa Corp. Inc.,. P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
PLINTHOW INVESTMENTS LD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 5th day of June 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
_ TAUNTON VENTURES LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 3rd day of June 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)
raw rw, PMMVAT, VUINE 12, 20UY

THE TRIBUNE



5m fund targets
pside’ abroad

FROM page 1B

on new investment risk. -

In addition, many investors
are extremely skittish and wary
about making overseas invest-
ments, given the crash experi-
enced by most global equities
markets since September 2008.
The Bahamian economy’s frag-
ile state has also impacted
investor confidence.

However, Mr Anderson
pointed to the recent recovery
in all. the four indices in which
the TIGRS Series 2 will invest.
For the period June 2008 to
May 2009, the iShares Emerg-

FOR RENT

Executive home
ico} cclel Oli
West Bay Street,
three bedrooms, two

oycULA SMMC IVALOLEATCURSLOR
Access to pool.

$2,300 per month
Phone: 426-7405



ing Markets Index, the S&P 500
Index, the Dow Jones Euro
STOXX Index, and Nikkei 225
Index were down by 29 per
cent, 29 per cent, 26 per cent
and 30 per cent respectively.
Yet, for the three months
period from March 2009 to May
2009, the iShares Emerging
Markets Index, the S&P 500
Index, the Dow Jones Euro
STOXX Index, and Nikkei 225
Index were all up by 28 per
cent, 14 per cent, 20 per cent
and 17 per cent respectively.

“I think the timing [of the _

launch] is the link to when we
believe there is a recovery close
to taking place in the global
equity markets,” Mr Anderson
explained. “We think the large
downside to the global equity
markets has already taken
place. There are now signs of
recovery, and we want to take
advantage of that.

“Our view is that the reces-
sion we’ve seen over the last 18
months, and the: downside, is
largely out of the market, and
the issue now is what upside is
there in the market and how
long is it going to take.”

The five-year time horizon
for the TIGRS Series 2 fund,
Mr Anderson explained, was

Advanced Family Medicine
Wma INT

Family Hedicine &
Skin Care Clinic

Ph#-326-1111
Mon-Fri :.9-6, Sat 10-5
Shirley St.

Opp Doctor's oN Parking i



Sele CROC ORs

“Hobby Father's-Day’
“Free Health Checks tt”
Father's day week end

This pune: Fi. i?, Sat.208 Hon.22

Free: Blood pressure,

weight checks,

Bag Mass Index (BMI} Calculations,
Bloodsugar test,
Blood Cholesterol test

designed to ensure that
Bahamian investors benefited
from global equity markets
recovery - hedging against any
delays in that upside, and if
markets did not return to pre-
vious levels.

The RoyalFidelity president
added that Bahamian investors
were likely to experience quick-
er - and greater - returns by
investing in the TIGRS Series 2,
rather than equities listed on
the Bahamas International
Securities Exchange (BISX),
simply because there was usu-
ally a six-month time-lag
between US and Bahamian eco-
nomic recovery.

“The local market is going to
take a lot longer to recover, and

the upside potential in the mar- -

ket over the next year-and-a-
half will be significantly lower
than in the international mar-
ket,” Mr Anderson said. “We
feel Bahamians will get a better
return by participating in the

international markets with some .-

principal protection.”

He added that investors in
RoyalFidelity’s first index-
linked sub-fund, the TIGRS
Series I, which is invested in the
same indices as the Series 2,
could “average down their

costs” by buying into the latter
at a lower cost and then bene-
fiting from the upside and eco-
nomic recovery.

As with the TIGRS series 1
sub-fund, RoyalFidelity’s inau-
gural index-linked sub-fund that
was also launched under the
institution’s International
Investment Fund, the principal
invested in the Series 2 fund will
also be “protected” or guaran-
teed.

Some 25 per cent of investor
principal will be used by the
Series 2 sub-fund to invest in
the TIGRS series 2 fund’s

option basket, while some 75°

“per cent will be invested in
Bahamas-domiciled fixed
income securities, such as bonds
and certificates of deposit.

The interest earned on these
latter investments will ensure
that Bahamian investors recov-

er 100 per cent of their principal

when their.Series 2 investment
matures in five years’ time - on
June 30, 2014.

The TIGRS Series 2 mini-
mum investment is $5,000 and
multiples of $1,000 thereafter,
with a subscription price of $10
per share. The offering closes
on June 22, 2009, and the Series
2 shares will be listed on BISX.

25% increase in
Salvation Army
store purchases

FROM page 1B

“People are trying to live
within their means,” he said.
Mr Ferguson said the Army’ s

decreased as much as its rev-

.enues, which flow in through

cover for

ine Price® ©1 4 cere

per day! No medical
Qastelel acre!
OM ea ecentn



al

Act Dea ND ee

MEDICAL

*applies male age 30

ATLANTIC MEDICAL INSURANCE CO: LTD.
‘Atlantic House, 2nd Terrace. & Collins Avenue, PO. Box SS-5915, Nassau "

Tel. 356-5433 www.cgigroup.bm

A ener of Colonial-Group International: Insurance, Health, Pensions, Life

Os

Abaco Markets

af

Benchmark

Fidelity Bank

SNENNGNGOOsS

Famguard
Finco .

Bahamas Waste

Cable Bahamas

Colina Holdings
Commonwealth Bank (S1)
Consolidated Water BDRs
Doctor's Hospital

ROYAL =) FIDELITY

Money at Work

Bahamas Property Fund
Bank of Bahamas

FirstCaribbean Bank

. Focol (S)

Focol Class B Preference

Freeport Concrete

ICD Utilities
J. S. Johnson

1000.00
1000.00
1000.00"

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

Bahamas Supermarkets
Caribbean Crossings (Pref)

Fund Name

Colina Bond Fund

Colina MSI Preferred Fund

Colina Money Market Fund
Fidelity Bahamas G & | Fund
Fidelity.Prime Income Fund

CFAL Global Bond Fund

CFAL Global Equity Fund

CFAL High Grade Bond Fund
Fidelity International Investment Fund
FG Financial Preferred Income Fund
FG Financial Growth Fund

S2wk-Hi - Highest closing price in last 52 weeks

Bid S - Buying price of Colina

operational costs‘ have’ not

7T%

Prime + 1.75%

T%

Last 12 Months Div $

5.43
-13.90
5.80
0.56
-3.59
0.00
4.12
5.78
2.71

4s divided by closing price
and Fidelity

charitable donations.

However, he said the Salva-
tion Army finds creative ways
of serving the mission despite
the nominal decrease in cash.

“While people have a ten-
dency to give a lesser amount
when they make a charitable
donation, we do notice that
there is an increase in the
amount of persons who give,”
said Mr Ferguson.

“Hard times seem to bring
out compassion. Our income
has been fairly steady. There
are ways of doing more with
less.” ;

Mr Ferguson said volunteers
help to mitigate the Salvation
Army’s overhead, costs and
have served to keep its funds in
its coffers during tough eco-
nomic times.

Mr Ferguson said the Salva-
tion Army has been focused on

. keeping its food stocks suffi-
cient through assistance from
Hands for Hunger.

He added that the organisa-
tion is focused on being
extremely frugal with the dimin-
ishing donations coming in this
year, and has to spend every
dollar with “integrity” and

ensure the donating public. is

satisfied with the way their
money is spent.

EG CAPITAL

TS
BROKERAGE & ADVISORY SERVICES

crop bc NFA L

Bo
NOA2BO

a QWRO” NO:
onus saneypart

saezackesser

30°:

interost

19 October 2017

19 October 2022
30 May 2013

Yield %

31-Mar-09
29-May-09
30-Apr-09
30-Apr-09
31-Dec-08
31-Dec-08
31-Dec-O7
30-Apr-09
31-May-09
31-May-09
31-May-09 |

Marina industry
‘untapped and
underserved

FROM page 1B

least 13 BHA members also had marinas, there would be a
close association between that and the Marina Operators body
going forward.

“Even though we’ve not got hard core data, the typical mari-
na stay also results in two to three room nights in a hotel,” Mr
Comito told Tribune Business.

“Part of the purpose of the Association is to create a better
understanding of the current and potential impact the marina
industry has, and could have, on the Bahamas.”

Yacht and boat arrivals have been impacted by the global
financial crisis and economic downturn as much as any other
tourism sector, but the industry’s potential for the Bahamas is
obvious.

This nation, with its more than 700-island chain, is in the
perfect position to provide a variety of experiences to yacht and
boat owners, and their crews, as they make their way from
Florida through the Bahamas.

Bridgehead

This nation can also act as a bridgehead between Florida
and the rest of the Caribbean, thus positioning it perfectly to
exploit a market dominated by the high net-worth, big-spend-
ing tourists that represent the Bahamas’ ‘bread and butter’.
The marina sector also ties in to plans to. develop a mega yacht
registry in the Bahamas.

“We know non-cruise boat arrivals are down considerably in .
most of the islands,” Mr Comito said of early 2009, “Grand
Bahama, Abaco, Nassau and so on, and in Eleuthera. We know
that for a fact. We have heard that Bimini is holding its own. .
Abaco was down considerably in the first quarter.”

Yet on the sector’s future potential, Mr Comito added: “Our
sense is that it is a tremendously untapped and underserved part
of our tourism economy.

“We’re next to a huge market in Florida, and are an easy hop
away. It’s important we have standards in place, consistency and
standards to.protect the environment.”

Among the Marina Operators Association’s key goals was to’
“help to create standards and certification so that we’re adher-
ing to international best practices.

“The potential is tremendous,” Mr Comito added. “When you
look at the number of boats and marinas in Florida, and you
look at us being at the crossroads between the south-eastern US
and the Caribbean, it has tremendous potential. Nassau Harbour
has potential to be a marina hub.”

Mr Comito said the Marina Operators Association had some
20 items on its business plan, with the “most urgent concerns” ©
involving what individual marinas can do to attract business dur-
ing the current economic slump; looking ahead to strategically
position the sector and the Bahamas as a key marina centre
through policies, practices, services and amenities; and creating
more statistical data and a greater understanding of the sector.

The Government’s draft marina policy, which was conceived’
under the former Christie administration, and is being worked
on and refined by the current government, estimated back in
2007 that the marina industry generated $25 million per annum
in total revenues and 38,875 room nights.

John Bethell, chairman of the marina steering committee,
said the Articles of Association and the Work Plan for the
Association had been developed in the past year.

He added: "The Marina Association is now finally going to be
formally set up so that we can tackle some of the important
issues facing marinas and the boating industry in the Bahamas.
I look forward to a good turnout of marina operators at this
forum so that we can continue to plan our way forward."

NOTICE

NOTICE is hereby given that MORRIS CHARLES of 128B
- REDWOOD LANE, FREEPORT, GRAND BAHAMA is applying
to the Minister responsible for Nationality and . Citizenship,
for registration/naturalization as a citizen of The Bahamas,
and that any person whoiknows any reason why registration/
naturalization should not be granted, should send a written and
signed statement.of the facts within twenty-eight days from
the 12TH day of JUNE, 2009 to the Minister responsible for
Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

Job Opportunity for an

“ACCOUNTING CLERK

An established Bahamian Company is seeking an
Accounts Clerk
° Bachelor’s Degree or equivalent in Accounting
* Knowledge in Microsoft Word and Excel

Interested persons should send resumes to:
P.O. Box CR-55056
Nassau, Bahamas

LEGAL NOTICE

NOTICE
TCA CORPORATION

NOTICE IS HEREBY GIVEN as follows:

(a) The above Company is in voluntary dissolution
under the provisions of Section 137 (4) of the
International Business Companies Act 2000

(b) The Dissolution of the said Company commenced
on the 9th day of June, 2009, when its Articles of
Dissolution were submitted to and registered by
the Registrar General.

(c) The ae of the said company is Anthony B.
Dupuch of Kings Court, 3rd Floor, Bay Street,
Nassau, Bahamas

Dated this 10th of June, A.D. 2009.

Ask - Selling

Last Prico - Las
Weokly Vol. - Trading volume of the prior week
EPS $ - A company’s reported earnings per share for the last 12 mths
NAV’ - Net Asset Value
N/M - Not Meaningful

| FINDEX - The Fidelity Bahama

2e of Colina and fidelity
aded over-the-counter price

52wk-Low -'Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for dally volume
Today's Close - Current day's weighted price for dally volume
Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today
Olv ¢ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings
(S) - 4-for-1 Stock Split - Effective Date 8/8/2007
ee ants 7/11/2007

Anthony Dupuch
Liquidator

is Stock Index. January 1, 1994 = 100


THE TRIBUNE

FRIDAY, JUNE 12, 2009, PAGE 5B



FROM page 1B

Mr Deveaux, speaking to

Tribune Business from Tel.

Aviv, Israel, where is was
attending the 2009 IOSCO
annual general meeting,
explained that the Bahamas
had now become a ‘Signatory
B’ member of the organisa-
tion after signing on to its
Multilateral Memorandum of
Understanding Concerning
Consultation and Cooperation
and Exchange of Information
(MMOU).

This now commits the Secu-
rities Commission to making
the necessary legislative and
policy changes to enable it to
become a ‘Signatory A’ mem-
ber of IOSCO.

It, and by extension the
Bahamas, cannot achieve this
status yet because the infor-
mation sharing provisions of
the existing legislation gov-
erning how the Securities
Commission operates are not
in compliance with the
IOSCO MMOU.

Mr Deveaux said the
planned amendments to the
Securities Industry Act, and
its accompanying regulations,
would address this issue and
enable the Bahamas to
become a ‘Signatory A’
IOSCO member.

The Securities Commission
head explained that it was crit-
ical for the Bahamas to
achieve such status as a
defence against any future
attempts to ‘blacklist’ this
nation’s financial services
industry, since it would be in
line with global best prac-
tices/standards, thus giving the
likes of the G-20 no excuse



“It’s important for is to become
a signatory not only because it’s
a requirement of IOSCO, and for
membership’ in IOSCO, but the
fact is that a lot of countries are
not prepared to do business
with the Bahamas until it »
conforms to IOSCO principles.”



‘for acting against it.

“Tt’s really confirmation of

. the membership criteria for

IOSCO,” Mr Deveaux said of

‘Signatory A’ status, “and
while IOSCO claim there will
be no blacklisting we are not
sure about that and want to
be sure we’re operating at the
same level as all international
‘securities regulators - that we
in fact meet the standards set
by the global standard setter
for securities and global capi-
tal markets.

“In terms of blacklisting, '

while IOSCO claimed it is
going to deal with these things
differently from entities like
the Financial Action Task
Force and Organisation for
Economic Co-Operation and
Development (OECD), there
has been a change in the struc-
ture of financial services over-
sight.”

Mr Deveaux said this

involved the Financial Stabil-_,

ity Forum (FSF), which in
2000 had also criticised the
Bahamas for having alleged
deficiencies in its financial ser-

Hillary Deveaux

vices regulatory oversight.
The FSF, following the G-20
summit in London, is now
called the Financial Stability
Board (FSB),
Deveaux added: “It now has
directive powers to control the

oversight process. It could be,

a situation where IOSCO has
lost some of its independence,
based on decisions made by
the G-20 countries, and we
may have a situation where if
IOSCO is not prepared to
blacklist, the FSB may direct
them to do so.”

As for the other benefits,
Mr Deveaux explained: “It’s
important for is to become a
signatory not only because it’s
a requirement of IOSCO, and
for membership in IOSCO,
but the fact is that a lot of
countries are not prepared to
do business with the Bahamas
until it conforms to IOSCO
principles.

“We have to ensure we act
in the best interests of the
Bahamas. We have to attract
business to the jurisdiction.

“Once the [new Securities

and Mr’

Industry] Act is brought into
force, and we update our
application, we will become
an ‘A signatory’, which we will
derive substantial benefits
from.”

To achieve ‘Signatory b”
status, Mr Deveaux said the
Securities Commission had
applied to IOSCO, “we
acknowledge our position, and

that we will change our legis-

lation and some of our admin-
istrative practices to comply

with the requirements of the .

IOSCO MMOU to become'a
full signatory”.

The Commission and the
Bahamas had already under-
gone a full IOSCO review, in
which the global body had

“identified the deficiencies in

our legislation.
“We have acknowledged
those deficiencies and have

‘made commitments to address °

those deficiencies in a timely
fashion. The draft Securities
Industry Act legislation essen-

‘tially deals with the deficien-

cies. Once that legislation is
brought into place, we feel we
will become compliant with
the IOSCO MMOU.”

Mr Deveaux declined to
identify the specific areas that
IOSCO had found deficien-
cies in, but added that to
achieve Signatory A status
once the changes had been
made, the Securities Commis-
sion would have to go back to

the regulator, re-apply, and go.
through another review that
was “not as rugged and rigid”.

as the first.

Industry consultation over
the proposed Securities Indus-
try Act amendments and reg-
ulations is due to close on
June 24, 2009, and once the

legislation is passed, the Secu-
rities Commission believes
that ‘Signatory A’ status
would be imminent.

The MMOU has been
adopted by IOSCO as the
model for international co-
operation, and establishes

standards to be applied by its .

members when making or
responding to requests for
information.

At the April 2005 Osco
annual conference, a timetable
was agreed for all member
regulators, not already signa-
tories to the MMOU, to meet

the standards of the model by
January 1, 2010.

There are currently 188
members of IOSCO, of which
only 52 are Signatories ‘A’ and
19 have signed up as Signato-
ries ‘B’.

Once the Bahamas adheres
to the international standards
and progresses from a Signa-
tory ‘B’ to a Signatory ‘A’ of
the MMOU, it will be able to
access information from other
signatories and use its signa-
tory status as evidence of good
citizenship in the global finan-
cial industry.

A leading jewellery retailer is seeking a person for

this senior position:

Store Manager 3

The successful candidates will be responsible for
ensuring sales and profits are optimized through
excellent customer service and proper maintenance of
inventory controls according to established company

' procedures.

The ideal candidate should possess:

s

Assertiveness

Integrity, Energetic motivational ski lls and

A minimum of 5 years management cpgiainabs in

the jewellery, watch and luxury goods sectors.

2

Strong knowledge of luxury watches, buying,

merchandising, selling and repairs.

« An eye for detail.

Ability to manage, train and motivate staff.

* Good educational background. Professional
qualification (GIA or equivalent) or suitable work
experience would be an asset.

Legal Notice

NOTICE

‘UNITY STAR LIGHT INVESTMENTS LTD.
(In Voluntary Liquidation)

Notice. is hereby given that the above-named

«Company: is in dissolution, which commenced
on the 1st day of June’ 2009. The Liquidator is
Argosa Corp. Inc., P. O.-Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice ©

NOTICE -
-HEWDREES INVESTMENTS
LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named

Company is in dissolution, which commenced |

on the 4th day of June 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

SPRITZA INVESTMENT HOLDINGS LTD.
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 1st day of June 2009. The Liquidator is
Argosa Corp. Inc:, P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

NOTICE
SUNRISE MOUNTAIN INC.

(In Voluntary Liquidation)

=

Notice is hereby given that the above-named
Company is in dissolution, which commenced .
on the 1st day of June 2009. The Liquidator is

Argosa Corp, Inc., PO. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP: INC..
(Liquidator)



Legal Notice

NOTICE
MMV VERITAS INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 1st day of June 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

TILBURY PLAIN INVESTMENTS LTD.
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which-commenced
on the 4th day of June 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Interested person should submit your resume with
salary expectations to:

The Human Resources Manager
P.O. Box N-623
Nassau, Bahamas
Fax (242) 328-4211 |
E-Mail - hr@luxuryretaillimited.com

Are you a people person?
Join.a team where people.
‘come Tirst.

About Us —A leading player in the retail insurance sector and part
of Colonial Group international Limited, with over 280 employees
and offices in Bermuda, the Bahamas, the British Virgin islands and
the Cayman Islands, we offer a complete range of premier financial
and insurance services to our individual and corporate clients. We
know that our products make a real difference to our clients and

their families.

The Role — Reporting to the Assistant General Manager in

the Bahamas, you will accurately process information received

from Brokers to ensure the timely production and issuance of
commercial insurance policies. Other duties will include customer
service, administrative and clerical duties to support the primary
duties and the overall growth and retention of the commercial book

of business for the Company.

The Person — Ideally will have a Bachelors degree in, business,
economics or other related discipline along with a relevant
insurance qualification e.g.a Certificate in Insurance from the
ACIl or CPCU and 2 years work experience, preferably in a P&C
operation. Superior communication and organizational skills and
proficiency with the MS suite of products, the internet and email

software to intermediate level is required.
The Benefits —We offer an attractive salary and benefits package.

To Apply — Please send your resume/cv to our Group HR Manager
at hr_manager_bm@colonial.bm Closing date — June 22nd, 2009

SEG UBER TY
& GENERAL

SECURITY & GENERAL INSURANCE CO. LTD.
Atlantic House, 2nd Terrace & Collins Avenue, Nassau
P.O. Box N-3540, Nassau, Bahamas
tel, 326 7100 www.cgigroup.bm

A Member of Colonial Group International < Ce
Insurance, Health, Pensions, Life ins

Internati
rated - Geto dy aM Be:


THE TRIBUNE

PAGE 6B, FRIDAY, JUNE 12, 2009







JUDGE PARKER APT 3-G
I KNOW I MADE THE RIGHT XT UNDERSTAND, TOMMIE.
DECISION, BUT IT MAKES ME) 50... GUESS WHO T RAN
SAD, MARGO. I'D RATHER
NOT TALK ABOUT IT

ANYMORE.














HOLD ON, IT'S GABRIELLA. THE
PLOT THICKENS.

W



THEY'RE GOING TO TRY
TO INTIMIDATE SOPHIE
WHEN SHE TRIES OLIT!

THEY'RE PROTESTING |
SOPHIE'S TRYOUT?



ley”
{.y))














Hi

RG
| &




\






\Z Ari yj
> Vili,




z
¢
8
i 4
i 3
a x
~ THATS 8 &
RIGHT! MARY é
DAVIS HAS £
ORGANIZED A 3 6-5
cHeemlenper #
mower a MARVIN
ws THAT \
GOT THIS ee i \
[ OH, NO! ANOTHER MALL NO...I'LL JUST HAVE TO SHOP THEY SHOULD oT 1s ABOUT c
|S CUTTING ITS HARDER TO BUY MORE STUFF HAVE BAILOUTS STRANGE To BE 4“ Uf | EN
IN A SHORTER TIME! FOR HUSBANDS FEELING IRREVOCABLY J)
WE'LL SAVE
MONEY WITH 4 eA
LESS TIME a sacs
TO SHOP! oO
| i
5
AGENB- — i



‘©2009 by North America Byndicato, Inc. World rights reserved,

HAGAR THE HORRIBLE

yes Y when x
AR! Zap HUN,

a IT
ONE HUNDRED
You NEvER POUNDS AGO
KNOW WHAT
THE FUTURE
MIGHT HOLV

CHANGE THE
TV SCHEDULE

hy

I oy

©2009 by King Features Syndicate, inc. World rights reserved.

Nh)
rnin



HOW many words of four fetters
of more can you make from the



OK, (POOF)... I THINK WE'VE

The Target




POOF POOF POOF poor POOF











“How come RUFF SHEDS SO MUCH HAIR, BUT
HE DONT ENP UP LOOKIN’ LIke MR.WILSON2"

1

SAC ee

wwWowi, 1.

Across |

Two male animals bound
for cover (7)
One with no faith in father

Sunday








Sudoku. is a number-placing. puzzle based on a 9x9 grid with
several given numbers. ‘The object is to place the numbers 1 to
‘9 in the empty.squares so.the each.row; each.column and.each ...
3x3 box. contains the same number. only once.. The difficulty

level of the Conceptis Sudoku increases: from Monday to ©





CRYPTIC PUZZLE

Down

1
2

To live well is right (5)
One hundred and

two rings to make one ©

backing a horse (5) - call (3)
8 Inflowing currency (5,4) 3 Went on the right
9 It has a strong pull in the lines (4)
port trade (3) 4 Agirl to help people
10 Such a fuss getting to the out (6)
party (2-2) 5 Cleaning down (8)

12

14

No occasion for generosity
in the interim? (8)
These teeth are our

Well past one’s prime, ,
yet still: making progress
(7,2)

Difficulty Level * & & *&

last (6) 7 Slight oversight (7)
15 Think back about the 11 Adog'’s upset the
capital of Germany, sir (6) - paint. (9)
17 Dead estate agent (8) 13 The answer to a
18 Photograph without _ _ mix-up (8)
warning (4) _ 14 Breathes with difficulty and Ww
21 Energy with which an gags (7) ol
opening may be closed (3) 16 Cooperate with Italian N
22 Careless way to get into scoundrel (6) S
debt (9) 19 Sat when asked (5) a
24 Fascinating lady may stop 20 It’s usually beaten in >
people working (5) time (4) ”
25 Unkempt politician is ruled 23, Low form of gf
* out (7) night-life (3) Lud

Yesterday’s Cryptic Solution

Across: 1 Category, 5 Cafe, 9 Lorna,
10 Craving, 11 Persona grata, 13 Put

Yesterday’s Easy Solution

Across: 1 Cardinal, 5 Edge, 9
Bogus, 10 Protest, 11 Black and

off, 14 Writhe, 17 Preparations, 20
Entreat, 21 Niece, 22 Yard, 23
Idolatry.

Down: 1 Calf, 2 Torment, 3 Glass of
water, 4 Racing, 6 Anita, 7 Engraved,
8 Danger signal, 12 Apoplexy, 15
Tangent, 16 Parted, 18 Enter, 19 Very.

blue, 13 Larder, 14 Effect, 17
Gainsborough, 20 Affront, 21
Ocean, 22 Turn, 23:Glorious.
Down: 1 Cuba,.2 Regular, 3 In suc-
cession, 4 Appear, 6 Dwell, 7
Entreaty, 8 Word of honour, 12
Flagrant, 15 El Greco, 16 Mortal, 18
Infer, 19 Onus. :







Across

1



Venezuelan

- Capital (7)

Physically
unsound (5)
Attractive (9)
Remain (3)
Journey (4)

Lake in high
Andes (8):
Parentless child (6)
Squalid (6)
Fearless (8)

Stage ina

process (4)

Be in debt (3)
There and then
(2,3,4) .
Frequently (5)

Fast





©2009 Conceptis Puzzles, Dist. by King Features Syndicate, Inc. _



-GoT ENOUGH OF A HEAD uses fetters shown here? in making a
s| | START. -WE CAN RESTA d word, each letter may be used
z : ; once only. Each must contain the
i % words in centre fetter and there must be at
. the main least one nine-letter word,
: \ = b d f No plurals. ‘ ;
3| ° ; 4 malar =e :
6 wee 0 y 0 TODAY'S TARGET.
Chambers _ Gpod 13; very good 20; excefient.

26 (or more) Solution tomorrow. .

YESTERDAY'S SOLUTION
amen annul annulet ANNULMENT
ante aunt elan fament lane lean

2ist |
Century

Dictionary — ieant tent lumen lunate, mane
(1999 mantel mantie mean meant
mental. menu name neat numen
if tuna tune tunnel ufna unman
edition) unmeant junmet



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.











o
nh



[S[o|N)
=|
olen



























©2009 Conceptis Puzzles, Dist. by King Features Syndicate, Inc.

co|cn} no w/o
lola a. o
B/O|NI C—O =





a
N
oO

6/05



Bidding Quiz

doesn’t’ seem right that anyone
should be hidebound to a flat rule
when, in a given case, common sense
may dictate otherwise.

In the present case, a response of
some sort is clearly indicated
because the values held, meager as
they are, offer a prospect of game if
partner has support for hearts or
clubs, or a better-than-average open-
ing bid,

3. Three diamonds. By going one
level beyond game (two diamonds in
this case), you indicate mild interest
in a slam in diamonds. The opening
bidder is free to.pass unless he has
substantial extra values.

Partner bids One Diamond, and_
the next player passes, both sides
vulnerable. You have a partscore of
60, What would you bid with each of
the following four hands? ;

1. ®AQS 4 K76 4 952 & AK98

2. #652 ¥ Q963 © 7 # J8542

3. @ Q84 VAIS © KJ973 & K6

4. @ AJ VAS 4 3874 & AK632

xxx

| 1. Two notrump. Normally, the
| jump-response of two notrump

shows a balanced hand of 13 to 15
‘points. But where there is a partscore
|. of 60 or more, the jump to two







Down notrump.becomes a slam try, and the
1 Skilled trade (5) | required point range changes to 16 or 4. Three clubs. Regardless of the
2 Sharp blow (3). ’ , 17, partscore situation, a jump-shift
3 Rugged steep | .The opening bidder should con- (jump in a new suit) by responder
rock (4) tinue toward slam if he has extra — forces the opener to bid again, just as
4 Ghost (6) strength, The two-totrump bid is not though there were no partscore. The
5 Clumsy (8) forcing. s* jump-shift signals that there is a
6 Disintegrate (4,5) 2. One heart. It is a generally potential slam in the combined
7 Curative accepted practice to treat the opening hands.
treatment (7) bid of one in a suit as 100 percent The given hand contains 17 high-
44. Rociiéss under forcing upon the responder when the card points, plus a fit in diamonds. :
delay (9) bidding side has a partscore of 60. — Most opening one-diamond bids will
"43 Souther tip of | This of course means that the respon- produce a slam opposite this hand.
Americas (4,4) der. must bid even when his hand is The forcing jump to three clubs puts
44> Seuth-Amercan totally worthless, partner on notice that more than a
river (7) We subscribe to this practice in mere game is in the offing, and
16 “Actkponicus 6) principle, but reserve the right to enlists his cooperation in exploring
19 Trifling (6) pass every once in a great while. It the possibilities.
20 Pile (4) Tomorrow: The battle for trump control.
23 Cushion (3) \ / ©2009 King Features Syndicate Inc.





RANTLE TET IE TAT LTTE 1






os SAE rae oe

THE WEATHER REPORT eae

WAVES VISIBILITY WATER











SE at 5-10 Knots 0-2 Feet 5-10 Miles —~ 79°F
SE at 5-10 Knots 0-2 Feet 10-20 Miles 79° F
SE at 5-10 Knots 0-2 Feet 5-10 Miles 79° F

















SE at 5-10 Knots : 0-2 Feet 10-20 Miles
: : pe Bea 2 ee : a 4 SE at 5-10 Knots ©; ‘1° Q-2 Feet 5-10 Miles 79° F
Clouds and sun with Patchy clouds witha .. -Cloudsandsun,a 3 . Some sun. Mostly sunny, a Mostly’sunny. with a | The higher the AccuWeather UV index™ number, the SE at 5-10 Knots 0-2 Feet 40-20 Miles
a thunderstorm. few showers. __ t-storm; breezy. ~ ' t-storm possible. shower possible. seu the need for eye and skin protection. :

High: 91° ;
Low: 1

\ccu Weather Realk

High: 88° High: 88°
Low: TT | __ Low: 79°

AccuWeather Rea

’ High: 90°
Low: 79"





High: 88°



HTN EEN lalate gat













d . Ns : The exclusive AccuWeather eae cme Stes is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure, and, Today 11:32.a.m. 23 531 am. . 0.2 : - me A he ; NANAANS
elevation on the human body—everything that effects how. warm or cold a person-feels. Temperatures reflect the high and the low for the day. : Se 2 “44:51pm. 25 5:33pm. 04 eRe ; ; , ! y

12:14p.m.° 2.3 6:09am. 0.3~
Se ee” gag pm. 05







: Statistics are for Nassau through 2 p.m. esterday. Sun day 1232am. 24 6:48am. 03
ABACO — Temperature s 12:59pm. 2.4 7:10pm. 0.5
High sssssssersetserseenernersarsnerserneenets 91° F/33° Caza 93 7a0am. 03.
F/32°C Ses ‘Wam. 2. 30am. 0.
High: 89° F/32° cranes TFG Money s4Bp.m. 25 8:05pm. 05
Normal low Savseouttinee HAREIOS® C te











Last year's high . 90° F/32° C
Last year's low . 76° F/25° C:
Precipitation —. Sunrise.......6:20 a.m. Moonrise ... 11:40 p.m.



aiiaa en, Oi 00" Sunset. . . .. 8:00 p.m. Moonset .... . 10:22 a.m.

As of 2.p.m. yesterday













Year to date .. z . 12:53"; New F Full

High: 88° F/31°C Normal year to date . : aoe" eh
Low: 75° F/24°C

AccuWeather.com ;

Forecasts and graphics provided by : . = maven | EXSY Showers

AccuWeather, Inc. ©2009 Jun.15 = Jun. 22)0 Jun. 29s Jul. 7 0/21 . | E33] T-storms -
suaerrare a . |[o%4") Rain Fronts
gh: 0 on - : : : Z as basa Flurries a are noon positions of weather systems and il
F/25°C 9/20 p c Bl Snow p y i

- precipitation. Temperature bands are highs for the day. Warm italiani
Forecast high/low temperatures are for selected cities. Stationary gee



KEY WEST _ CATISLAND
High: 88° F/31°G ~ High: 86° F/30°C
Low: 78° F/26°C




jw: 74° eb

_ SAN SALVADOR
High: 88° F/31°C
Low: 77° F/25°C





Shown is today's weather. Temperatures are today's
highs and tonights's lows.



High: 93° F/34°C
Low: 79° F/26°C






Cea





Today Saturday Today Saturday oy Today

- Saturday
High Low W High = Low WwW High Low W High = Low Ww High Low W High = Low WwW
Fes FC Fe = FC Fe FC Fes FC











Albuquerque 83/28 60/15 po 88/31 59/15 s Indianapolis —
Anchorage 66/18 52/11 pe 68/20 52/11 pc Jacksonville



80/26. 63/
94/34 72122 po








93/33 71/24





















Atlanta «88/31 70/21 t —«-86/30 69/20 t Kansas City 78/25 63/1 : eee ‘Re Ae Anec it Katt
Atlantic City 76/24 64/17 t 80/26 63/17 pc _Las Vegas 89/31 67/19 jet sctat ey SS ° : poe es LLM E
Baltimore 85/29 64/17 t 83/28 GANT ~t _— Little Rock =—--90/32._ 74/21. Lon 76°F 24°C me Pee ie eudagy re ABT 3160 | =
Boston 72/22 6216 + 72/22 58/14 pc LosAngeles 70/21 58/14 .

Buffalo 72/22 55/12 + 72/22 5341 pe Louisville 82/27 66/18 84/28 68/20 t

Charleston, SC’ 90/32 73/22 t 92/33 73/22 t Memphis 88/31 72/22 -t 90/32 74/23 pe peter

Chicago 74/23 51/10 pe 73/22 5412 t Miami: 90/32 79/26 pe 80/31 78/05 t a

Cleveland 70/21 54/12 s 74/23. 54/12 pc = Minneapolis = 76/24 56/13 c — 75/23 59/15 pc

Dallas 97/36 78/25 t 97/36 75/23 s Nashville 84/28 68/20 t 85/29 69/20 t

Denver 73/22 50/10 pc 70/21 50/10 t New Orleans 91/32 74/23 pe 91/32 74/23 s 92/33 70/21 ‘

nen 7423-5613 s = 76/24 55/12 +t New York 80/26 67/19 t — 81/27 65/18 pc Tampa. f 92/33 76/24 ‘Winnipeg 5/tt t 70/21 51/10 pe

onolulu ——_—-87/30_ 75/23 s 87/30 74/23 s Oklahoma City 94/34 70/21 t 92/33 68/20 pc ‘Tucson 93/33 67/19 & ge on “Cloudy. eh: rs. 4-thunder:

Houston 98/36 77/25 pe 98/36 77/25 s Orlando - 94/34 74/23 t 94/34 74/23 t — Washington, DC 84/28 84/28 67/19 SID/Ins, HAI, SEED UTTIES SREHOK. Flee Prop prociohation: Wetec

storms, t-rain, sf-snow flurries, sn-snow, i-ice, Prcp-precipitation, Tr-trace
PAGE 8B, FRIDAY, JUNE 12, 2009

THE TRIBUNE





Casino’s net loss almost hits $3m
FROM page 1B

Bahama stay for several months to give time for a replace-
ment to be found. The operator’s lease expired on May 31,
2009. Isle of Capri was making annual rental payments of $1.9
million to Hutchison Whampoa under the terms of a two-year
lease that it signed on June 1, 2007. The property is a 19,000
square foot casino and offers 303 slot machines, 25 table games
and a 110-seat restaurant.



Company's relaunch

FROM page 1B

Skinner, who built the firm
from a single man operation in
‘1987 to one with now nine
employees, is preparing to
have his children succeed him
and expand the business.

Mr Skinner said We Do was
forced to downsize several
years ago after successive
years of business contraction.

However, after rebuilding
the company single-handed,
Mr Skinner’s children, upon
returning from college, moved
in to modernise their father’s
company and implement inno-

vative ‘ideas and services.

Tears

While addressing a crowded
room at the relaunch ceremo-
ny, Mr. Skinner could hardly
contain tears as he recounted
how We Do almost never was,
and how the chief executive
of the Organisation for Amer-
ican States (OAS) in Wash-
ington, Roy Thomasson,
drove him to move forward
with its implementation.

Mr Thomasson, who made
the keynote address during
the ceremony, called it a spe-
cial privilege to have been

w

CLL)

For the stories

behind the news,
read Insight
on Mondays



“Within the Chamber we are
always delighted to join in
celebrating the success of our
members. We highlight We Do
Messenger Service’s proud
membership, and reassure all
small businesses that are not

‘members to recognise the

significant value and strength

in numbers.”



invited back to the Bahamas
for We Do’s relaunch..

“I think Peter exaggerates
my role — though I am very
glad to have been there when
he asked about starting a busi-

ness, and have appreciated the.

many kind things he has said,”
said Mr Thomasson.

“T did what anyone can do S

take the time to listen to a
young person, encourage
them in finding their life’s
work, and show an interest in
their accomplishments.

“T asked Sasha what the
‘relaunch’: meant — since We
Do is already a successful
company with a sterling track
record of over 20 years of
serving high-level customers
in the Bahamas. |

“Her answer mentioned the
expanded services, new web-
site and new and expanded
services to come.

“To me, this sounds like We

The best rides are free!

Ride away either way from Esso.

One Kia Sportage and Six Sym Jet Scooters to be won.

Drive into participating Esso stations for the chance to win a brand

new 2009 Kia Sportage on August 7, 2009.

Your entry also qualifies you for weekly draws starting June 26th for

a Sym Jet Scooter.

Darron Cash

Do ‘More’ — and that I think
that is what this is all about.”
The company’s. website

’ went live last month, marking

the beginning of its move to
expand.

With the relaunch will come
radio and television ads, the
first in We Do’s 20-year his-
tory.

According to executive
assistant Sasha Skinner, the
company had tried advertis-
ing in the print media in the
past, but it was not effective.

The company also plans to

. invest in its community and

have envisaged a ‘Green’ pro-
gramme they hope will miti-
gate the existence of trash on
the streets.

Partnership

We Do is also mulling over
a partnership with Andros
farmers, but-is not prepared

shows We Do ‘more’

to comment on the venture at
present.

Honorary treasurer of the
Bahamas Chamber of Com:
merce, Darron Cash, lauded

. We Do for its vital role in the

Bahamian economy as a suc;
cessful small business. |

“It goes without saying that
your successes over thesd
many years demonstrate thé
vital role that small businesses
play in this and every econo;
my around the globe,” Ma
Cash said.

“Within the Chamber we
are always delighted to join in
celebrating the success of our
members. —

“We highlight We Do Mes!
senger Service’s proud mem4
bership, and reassure all small
businesses that are not mem:

‘bers to recognise the signifi;
-cant value and strength i in

numbers.”

Mr Thomasson said hig
organization was extremely
interested in expanding its
business in the Bahamas, and

‘will conduct a Business: Lab

workshop next week at the

‘Ministry of Youth..

He said he hopes We Do
and the ministry can help
recruit more young people for
its Young American’s Busi;
ness Trust programme. |

“In the end, the success of
We Do that we see here — J
can.only say that I am so
proud to know Peter and his
family and how much leader-
ship they show in their busi;
ness ethic, credibility, reliabil-
ity, attention to customers. |

“Today’s event proves their
potential for doing.more t
benefit this community,” said
Mr Thomasson.

For every $25 spent on fuel or $10 spent in the C-store you will get

an entry form. Drop your completed entry form into the box provided

and you could be a lucky winner.

Weekly Sym Jet Scooter Draws - June 26, July 3, 10, 17, 24, 31.
Kia Sportage Grand Prize Draw - August 7