Citation
The Tribune.

Material Information

Title:
The Tribune.
Uniform Title:
Tribune. (Nassau, Bahamas).
Added title page title:
Nassau tribune
Place of Publication:
Nassau, Bahamas
Publisher:
Tribune
Publication Date:
Language:
English
Physical Description:
v. : ill. ; 58 cm.

Subjects

Genre:
newspaper ( sobekcm )
newspaper ( marcgt )
Spatial Coverage:
Bahamas

Notes

General Note:
Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
This item was contributed to the Digital Library of the Caribbean (dLOC) by the source institution listed in the metadata. This item may or may not be protected by copyright in the country where it was produced. Users of this work have responsibility for determining copyright status prior to reusing, publishing or reproducing this item for purposes other than what is allowed by applicable law, including any applicable international copyright treaty or fair use or fair dealing statutes, which dLOC partners have explicitly supported and endorsed. Any reuse of this item in excess of applicable copyright exceptions may require permission. dLOC would encourage users to contact the source institution directly or dloc@fiu.edu to request more information about copyright status or to provide additional information about the item
Resource Identifier:
09994850 ( OCLC )
9994850 ( OCLC )
UF00084249_02854 ( sobekcm )

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DOUBLE
FILET 0° FISH
FOR LENT




LOW



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WEATHER

i’m fovin’ it.

81F
68F

SUNNY AND




The Tribune







#1 PAPER IN
Che Miami Herald

BAHAMAS EDITION

CIRCULATION



Volume: 103 No.105

Gee LT 4
dodges S$330m
rte toe EL

SEE FRONT PAGE OF BUSINESS SECTION

Commissioner of Urban
Renewal gives warning

i By ALISON LOWE
Tribune Staff Reporter

THE murder rate in the
Bahamas has reached a "critical
point" and is threatening every
citizen's "basic instinctual need
for survival and security," said
psychiatrist and Commissioner
of Urban Renewal, Dr David
Allan.

He gave this warning yester-
day at the public launch of a
group, Family Against Murder
(FAM), formed in conjunction
with Urban Renewal to advo-
cate for the interests of, and
emotionally support, murder
victim's family members and
other loved ones.

The group's message is that
relatives and friends of murder
victims need more support from
society, government and their
church leaders, who are,on the
whole not sufficiently sensitised

‘to their plight.

They hope that the group will
play a part in changing this, and
yesterday announced several
major objectives, the achieve-
ment of which will be signifi-
cant steps forward in that direc-
tion.

"FAM are persons who have
been victims of murders and
persons who empathise with
us," explained Maria Scott,
founding member and mother

. of 31-year-old policeman Mar-

cion Scott who was shot five
times in the head in front of his
19-year-old sister last June. He
had been due,to testify at a tri-
al, she said.

At the time of her son's mur-
der, Mrs Scott said she "felt

more pain than I've ever felt in |
_ my life," and while she and her

daughter have subsequently

SEE page nine

Four in hospital after
two separate shootings

@ By ALISON LOWE
Tribune Staff Reporter

TWO separate shootings in the early hours of yesterday morning
have left four people in hospital in serious condition, and one in

police custody.

The first incident happened at 2am on Cordeaux Avenue when
a man was approached by another man who pulled out a gun and
shot him in the'side, said Assistant Superintendent Walter Evans

yesterday.

In this case, the gunman was picked up by Central Detective Unit
officers patrolling in the area within half an hour.

However, the drive-by assailant of three people — a woman
and two men — at 5am on Derby Road is still at large.

‘ According to police, this person shot at his three victims from the
rear seat of a car as it drove by them, hitting the woman in the chest,

and the two men in the back.

Police are investigating both attacks.
























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19 | eens |e tL GEE Coe
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UG Se

UESDAY, MARCH 27, 2007





@ THE Virgin Atlantic
flight at the Lynden Pin-
dling Airport yesterday.

| & By ALISON LOWE






| gin Atlantic flight from the
7 —at least until the redevel-

| completed — arrived in the
7; Bahamas yesterday.
f= "What Virgin really gave
us is the ability to get airlift
from another market and
therefore a diversified base
of our airlift," said Mr
Tyrone Sawyer, head of air-
lift at the Ministry of
Tourism yesterday, as he
explained the significance of
the service's withdrawal.

Mr Sawyer emphasised
that the pull out of the ser-
vice — which brought 12,366
passengers from the UK to
Nassau in its first year alone
— did not mean that Nas-
sau would have trouble find-
ing enough passengers to fill
its hotel rooms.

Instead, it simply means
some loss of diversity in the
Bahamas' visitor base which
the Ministry would ideally
not have, according to the
ministry official.

When Virgin first
announced that it would
begin flying non-stop to the
Bahamas once a week as of

SEE page nine



Tribune Staff Reporter
THE last scheduled Vir- [
United Kingdom to Nassau ~

opment of Cable Beach is p














Teen in court
accused of
his brother’s

Protest staged :
outside of |
The Tribune



stabbing death

A 19-YEAR-OLD accused of :
the stabbing death of his older ;
brother was arraigned before a }
local magistrate yesterday after- :

noon on the charge of murder.

tario Gaamal Lewis, of Compass :
Court off Mermaid Boulevard East, ;
is accused of causing the death of ;

Paul Woodside on Thursday,
March 23. According to reports,

21-year-old Woodside was stabbed :
during an altercation with his ;

younger brother outside their
home.

for the year.

SEE page 10

lM By PAUL G ©
TURNQUEST :
Tribune Staff Reporter:

: OVER 20 protesters gath- :
According to court dockets, Lat- | ered outside The Tribune yes- :
: terday demanding that its :
managing editor, John Mar- :
“cease and desist” his :
: “terrorist style” criticism of }
: Bahamian elected officials. :

The Concerned Citizens of :
: the Bahamas (CCB), lead by :
: Ricardo Smith, petitioned for :
2s : Mr Marquis to stop his assault :
Woodside reportedly died in hos- } on the “black leadership of the :

pital hours later, becoming the : Bahamas” and encouraged an }

country's twentieth murder victim all out boycott of the leading :

quis,

SEE page 10



PM criticised
for ratifying

Shane Gibson
as candidate

‘PRIME Minister Perry
Christie should be ashamed of
himself for ratifying former
Immigration Minister Shane
Gibson as an election candidate,
it was claimed last night.

Mr Gibson should recuse
himself until police investiga-
tions into his alleged gift of an
expensive watch from Anna
Nicole Smith are cleared up,
said fathers’ rights campaigner
Clever Duncombe.

“The prime minister doesn’t
want to run C B Moss, but he
doesn’t have a problem running
a political corpse who is now
under investigation allegedly for

SEE page 10

House marks
200th anniversary
of the abolition of
the trans-atlanti¢c

slave trade
m@By BRENT DEAN

AN OFFICIAL moment of
silence was marked yesterday
in the House of Assembly to
commemorate the 200th
anniversary of the abolition of
the trans-atlantic slave trade in
the British empire.

Foreign Affairs Minister
Fred Mitchell spoke in com-
memoration of the anniversary
and noted that the full list of
names, of those slaves that died,
will never be known.

“Millions of African peoples

SEE page nine

Darold Miller
radio show

taken off air

THE Darold Miller radio talk
show has been taken off the air
in the wake of a sexually-relat-
ed complaint being filed against
the well-known media person-
ality.

Fifteen minutes after the
show was due to start yester-
day morning it was announced
on GEMS 105.9 that the talk
show will not be broadcast
“until further notice.”

The Tribune contacted the

SEE page nine

Fidelity Free Financial Planning

Call to

LM

Nassau: T 356.77 CS

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—p—

PAGE 2, TUESDAY, MARCH 27, 2007

Time to think about the role |
of clergymen in our politics |

Someone once said that
there is no one more to be

despised than an inconstant saviour,
and there is no more intense hatred
than between comrades turned foes.
In the political arena, it seems, there
is no-one to be more vilified than a
defector.

Some politicians tend to see things
in an erstwhile colleague to which
they were previously blind. That may
be so because the defector is seen
as a more dangerous threat than the
regular opponent because he has
inside knowledge of the weaknesses
and bad habits of his former friends.

So in the face of a defection from
a political party the assassins are
likely to pounce with all the sav-
agery they can command. The PLP
is very good at this, perhaps because
they have had a long history of deal-
ing with defectors.

The first thing a defector should
expect is a full force frontal assault
on any perceived weaknesses. But
as devastating as this can be, the
defector still stands a chance because
he anticipates and is ready to deal
with the onslaught.

What is worse is the sly, covert
attack which usually comes in the
form of a co-ordinated and persistent
whispering campaign designed to
undermine the defector in the eyes
of the public.

This is infinitely more dangerous
because you have to repeat the slan-
der publicly in order to deal with it

_and at the same time run the risk of
giving credence to it in the minds of
some. The damage this kind of attack
does can last a lifetime.

he Rev Dr C B Moss must

have anticipated all of this
when he decided to leave the PLP
because he no longer thinks that the
leadership of that party is trustworthy.

The assault was led by no less a per-
son than Prime Minister Perry Christie
himself. He was backed up by Bradley
Roberts who has had much practice
maligning opponents of the PLP and
who took to the attack with finger-
wagging relish, apparently oblivious to
the irony of it.

Dr Moss has conducted his defence




















your
news

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

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



with vigour. He has responded to the
frontal attack but he has also gone pub-
lic against the whispering campaign. It
was a risky but courageous thing to do
and his friends can only wish him luck.

But Prime Minister Christie and Mr
Roberts also opened an unusual line of
attack on Dr Moss. After talking about
his lack of support in the party for a
nomination to run for the PLP in the
next election - all of which sounded
credible - the Prime Minister made this
astonishing statement:

“Further, at an even more profound
level, the party, including myself, had
for a long time been receiving very
firm and very clear representations
from many prominent clergymen that
the idea of having an ordained, prac-
tising member of the clergy serving
simultaneously on the political front-
lines in the House of Assembly was
abhorrent to the principles and prac-
tices of the church.”

he statement is cleverly word-

ed to target Dr Moss -
“ordained, practising member of the
clergy” — but it clearly opened up the
whole question of ordained ministers
participating in politics, offering as can-
didates and serving in political office.

Both Mr Christie and Mr Roberts
made a telling point when they referred



In the face of a defection from a

political party the assassins are likely

to pounce with all the savagery they
can command. The PLP is very good
at this, perhaps because they have
had a long history of dealing with

defectors.



to a letter written by Dr Moss in 1986

in connection with the candidacy of
Ruby Anne Darling. Mrs Darling
was at the time host of the Baptist
Radio Hour. Dr Moss said this:

“It is my opinion, however, that
your public confirmation of your can-
didacy in the upcoming general elec-
tions of one of the local political par-
ties made it mandatory that you
immediately withdraw from the pro-
gramme. Your failure to do this has
among other things, placed the Bap-
tist Convention and indeed individual
Baptists in an embarrassing position.
It has also cast a shadow upon your
Christian integrity, or your good
judgment; for surely you will agree
that a partisan speech on national
radio on Saturday, which is divisive
and creates wounds, then return on
Sunday as the voice of the church
which seeks to bridge divisions and
heal wounds is incompatible.”

I would be a good thing if Mr
A. Christie and his colleagues were
sincere, but this looks more like the
same old politics of expediency rather
than the politics of principle. Mr
Christie and Mr Roberts should not
have brought it up in this context
because it looks like just another
excuse to disqualify Dr Moss.

They cannot make a statement of
principle because they have no inten-
tion of applying it across.the board.
Mr Christie’s Deputy Prime Minster
is an ordained minister of religion, and
she never lets you forget it. The fact
that she is not a pastor of a church is
irrelevant because a member of par-
liament who becomes a minister of
government is required to give up pro-
fessional practice.

In most democratic countries there
has been a debate about whether it is a
good thing to have ministers of reli-
gion in elected political office. For
many years there was a prohibition
against priests running for the British
House of Commons even though bish-
ops sat in the House of Lords.

Most modern democratic constitu-
tions do not exclude ministers of reli-
gion from holding elected political
office but it seems the weight of opin-



Mr Christie’s Deputy Prime Minster is

an ordained minister of religion, and

she never lets you forget it. The fact
that she is not a pastor of a church is
irrelevant because a member of
parliament who becomes a minister of
government is required to give up
professional practice.

ion is growing in favour of those who
say it is not a good thing for the church
nor for the state.

Most churches today either frown
on the idea or have disciplinary rules
against members of their clergy run-
ning for office.

Rees clergymen have risen
to great heights in some coun-
tries. Some have become prime minis-
ters and presidents. Archbishop
Makarios of the Greek Orthodox
Church led the independence move-
ment in Cyprus and became the first
president of that country in 1959. ©

In the United States, Roman
Catholic priest Robert F Drinan,
became involved in the campaign
against the Vietnam War and in 1970
ran for the House of Representatives
as a Democrat. He won and was re-
elected several times.

Fr Drinan, a Jesuit scholar, was so
popular that the Republicans did not
bother to oppose him in the 1978 elec-
tion. But in 1980 Pope John Paul II
decided to invoke canon law against
clergymen running for political office
and Fr Drinan’s political career came
to an end. He chose to remain a priest
and to give up politics. One other priest
was affected by the order.

One of the great civil rights leaders
of the 20th century was the Rev Dr
Martin Luther King, a Southern Bap-
tist minister. Dr King led a powerful
non-violent movement against racial
discrimination in the United States and
he is celebrated around the world.
Although Dr King had a profound
impact on the political and social life of
America he never sat in the Congress.

n The Bahamas the Rev Dr H

W Brown, a Baptist minister,
played a major role in the struggle
against racial discrimination and for
majority rule back in the 1960s but he,
too, never occupied a seat in our par-
liament. Dr Brown was pastor of the
historic Bethel Baptist Church on
Meeting Street.

Other ministers of religion have sat
in, or offered for, election to our pat-
liament and they have been nominated
by both parliamentary parties. In 1987
Fr Addison Turnquest, an Anglican
priest, ran for the FNM but was unsuc-
cessful. His superiors were reportedly
not happy about his candidacy but said
nothing publicly.

Nobody would suggest a constitu-
tional bar against any qualified citizen
running for office in. The Bahamas but
it may be a good thing if, as Prime Min-
ister Christie indicates, more church
leaders are now coming around to the
view that practising ministers of reli-
gion should be discouraged from run-
ning for political office.

Leaders of the political parties
should think about it.

sirarthurfoulkes@hotmail.com
www.bahamapundit.typepad.com



New Vanilla or Cool,



THE TRIBUNE



Blow to
Jamaica

as Jockey
closes plant

@ JAMAICA
Kingston

UNDERWEAR _ maker
Jockey International Inc.
announced it will close a facto-
ry in Jamaica, dealing another
blow to the Caribbean nation’s
struggling garment sector and
leaving some 500 people with-
out jobs, according to Associat-
ed Press.

Jockey’s Sandy Bay plant in
the western Hanover parish will
close in September and relocate
to an unspecified country in
Central America, plant manag-
er Fayann Evans said on
KOOL-FM radio.

Another factory in Hanover
will remain open, Evans told
Associated Press. Jockey’s cor-
porate headquarters in
Kenosha, Wisconsin, could not
be reached Thursday evening
for comment.

Jockey, which has been in
Jamaica for more than 20 years,
is the latest garment company
to close operations in the island
in favor of cheaper labor and
production costs in regions such
as Asia and Mexico. In the past
three years, Hanesbrands Inc.
and China’s ARH Enterprises
have also shuttered facilities in
the island nation.

Once a thriving sector with
more than 25,000 employees in
the mid-1990s, Jamaica’s gar-
ment industry has declined con-
siderably in the last decade with
the loss of some 20,000 jobs.

Airline to offer
flights from
New York to
Grand Cayman

@ CAYMAN ISLANDS
George Town

CAYMAN Airways will begin
offering direct service between
Grand Cayman Island and New
York City in June, the British
dependency’s top tourism offi-
cial said Wednesday, according
to Associated Press.

The national airline will fly
the new nonstop route three
times a week starting June 23
and will be using the carrier’s
Boeing 737 planes, Tourism
Minister Charles Clifford said.
The price of the flights to John F
Kennedy International Airport
were not disclosed.

Clifford said the US north-
east is the single largest source
market for the Cayman’s
tourism industry, with more than

-30 per cent of all American air

visitors Coming from the New
York tri-state area.

Cayman Airways currently
has non-stop service between
Boston, Chicago, Houston, Fort
Lauderdale, Orlando, Miami,
Tampa and Grand Cayman, and
jet service to Havana and Cay-
man Brac, Kingston and Mon-
tego Bay in Jamaica.

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THE TRIBUNE TUESDAY, MARCH 27, 2007, PAGE 3

i eT ae Bd
ein brief Tnoraham and Christie clash.



Murder

convict’s
appeal is
set for May



Mi MAX Tido on his way to
court last year

THE appeal hearing of
murder convict Maxo Tido
has been adjourned to May
11, when his defence is
expected to submit further
arguments on his behalf.

Director of Public Prose-
‘cutions Bernard Turner
made submissions on behalf
of the prosecution yesterday.
Attorney Shaka Serville of
the law firm Lockhart and
Munroe appeared on behalf
of Tido’s attorney Wayne
Munroe.

Tido’s defence is appeal-
ing his death sentence and
the conviction upon which it

is based. said. “If you areaman,andthe the proceedings was the most _ resolution was introduced. by
In March last year, in a prime minister, why don’t you __ stupid point that he — Mr Ingra- Independent MP for Bamboo designer

unanimous decision, Tido stop it?” ham — had made in his history Town, Tennyson Wells, subse-

was found guilty of the mur- Mr Ingraham further asamember of parliament. quently accused Mr Ingraham Calvin Klein

der of then 16-year-old Don-
nell Conover.

Conover reportedly died
as a result of a crushed skull
and lacerations to the brain.
Her partially clothed body,
which reportedly also had
burns on it, was found in a

quarry pit off Cowpen Road.

ido was sentenced in i By KARIN HERIG 105 degrees on the day she died. a x
April by Justice Anita Allen, Tribune Staff Reporter Chief Charlie Tiger of the Exclusively
who, after citing that the a Seminole police department at

heinous nature and circum-
stances surrounding
Conover’s death, ruled that
the death penalty was appro-
priate.

It was the first time since
the Privy Council had ruled
against the Bahamas’ manda-
tory death penalty, leaving
sentencing to the discretion
of the trail judge, that a

Bahamian judge has handed >

down the death sentence.
Tido’s Appeal Court hear-
ing began last year.

DNA testing
firm to offer
free tests in
Bahamas

IN support of the Supreme
Court ruling in the Anna
Nicole Smith paternity case,
Masterscan DNA Testing
Ltd will be conducting free
DNA testing in the Bahamas
throughout the month of
April, it was announced yes-
terday.

Interested persons are
asked to contact the Com-
plete Family Practice on
Robinson Road for further
assistance.

Mavacuelicciuiesauvaeuaeey

SPORTS SECTION



in House over regulations

@ By BRENT DEAN

A WAR of words erupted

yesterday in the House of’

Assembly between Prime Min-
ister Christie and leader of the
opposition Hubert Ingraham —
foreshadowing the clash that is
expected between these political
heavyweights during the offi-
cial election campaign.

Tension rose in the House as
Mr Ingraham chastised the PM
for not providing copies of the
regulations attached to the res-
olution for the amendment of
the National Insurance Act ina
timely fashion.

Last week when the resolu-
tion was introduced by Mr
Christie, he indicated that the
opposition would receive the
regulations by the end of the
day.

However, Mr Ingraham and
the opposition stated that they
only received this information
yesterday in the House — and
were therefore left unaware of
all of the specifics of the reso-
lution they were to debate.

Mr Christie criticised Mr
Ingraham for delaying the
debate on the resolution stat-
ing — in reference to Mr Ingra-
ham = that it is disgraceful for a
man collecting over $120,000 a
year to attempt to prevent pen-
sioners from getting their mon-
ey.

Mr Ingraham responded by
levying a barrage of attacks
against the character and man-
hood of the prime minister.

Mr Ingraham dared the PM
to stop his pension payments.
“Why don’t you stop it,” he





a HUBER’ I crane

declared to Mr Christie, “don’t
complain — do something about
ity

The leader of the opposition
further stated on the floor of
the House that Mr Christie is
impotent as a leader: “You are
impotent, impotent,” he said.

Mr Ingraham stated that, “we

are tired of incompetence — -

promises that can’t be kept.
Don’t just promise. Deliver.
Deliver. Deliver.”

The prime minister respond-
ed by stating that Mr Ingraham
seems to have no sense of
shame. He also said that there is
no former prime minister in the
region that collects as much
from tax-payers as Mr Ingra-
ham.

Mr Christie declared to Mr
Ingraham that his objection to

Mr Ingraham retorted that
Mr Christie does not know how
to do the job.

Minister of Transport Glenys
Hanna-Martin intervened in the
criticisms of Mr Ingraham.

“As a matter of conscience, I
cannot sit in this house and
watch what is happening today.
We are endeavoring today to
improve the lot of people in our
country,” she said. |

Ms Hanna-Martin said that
political posturing should not
impede or delay the pension
increases in any way.

Attorney-General Allison
Maynard-Gibson, also inter-
vened in the debate. She
affirmed that the government
was not in breach of the rules of
the House having not attached
the regulations at the time the

Autopsy results confirm Anna
Nicole died of drug overdose

ANNA Nicole Smith died of
an accidental drug overdose, it
was revealed yesterday.

Just in time for the inquest into
the death of Daniel Smith —
which kicks off today in the
Bahamas with the first of 40 wit-
nesses — Florida officials finally
released the full autopsy results
for the former Playboy playmate.

Byoward County Medical
Examiner Joshua Perper told the
media yesterday morning that the
former Trimspa spokeswoman
died of a “combined drug intoxi-
cation”, which included an over-
dose of the sleeping medication

~ chloral hydrate — a sedative often

used to treat insomnia — and a
cocktail of at least eight other
prescription drugs.

Dr Perper emphasised that
Ms Smith did not have a lethal
dosage of chloral hydrate in her
system at the time of her death
and that she did not take
enough for it to be considered a
suicide attempt.

He reported that the former
cover girl was also taking a vari-
ety of drugs, including anti-
depressants and anti-anxiety
drugs, as well as vitamin B-12
and human growth hormones.

The medical examiner further
stated that Ms Smith had
recently suffered from a bacte-
rial infection from injecting





HANNA Nicole Smith

drugs into her buttocks.

He said that this infection,
which spread into her blood
stream, caused Ms Smith to
have temperature that spiked to

yesterday reiterated that
authorities “found nothing to
indicate any foul play” in the
case of Ms Smith’s death.

Ms Smith was pronounced
dead on February 8 after she
was found unresponsive in her
room at the Seminole Hard
Rock Hotel and Casino in Hol-
lywood, Florida.

Just five months prior to her
sudden death, Ms Smith’s 20-
year-old §on Daniel apparently
died from an overdose drugs at
Doctors Hospital.

Florida police have in recent
weeks been liaising with
Bahamian authorities in their
investigation of commonalties
between the deaths of mother
and son.



l! PERRY Christie

of attempting to deny pension-
ers their benefits.

“The member for North Aba-
co is trying to deny these poor
people their increase in pen-









Established in 1956 by an old Bahamian family

Parliament Street (near Bay St.) Tel:
¢ Fax: 326-9953

Crystal Court at Atlantis, Paradise Island Tel: 363-4161/2

Lyford Cay (next to Lyford Cay Real Estate in
Harbour Green House) Tel: 362-5235

sion,” he said.

The war of words between
Messieurs Christie and Ingra-
ham ended when the PM
informed Mr Ingraham that it’s
not too late for him to go back
to school, in response to his
comments and behaviour.

Mr Ingraham responded by
questioning the prime minister's
intelligence and again branding
Mr Christie incompetent.

Commentators said the con-
frontation between Mr Christie
by Mr Ingraham may indicate
that, during the campaign, the
FNM leader will attempt to
demonstrate to the electorate
that he possesses a greater force
of will as a leader.

“T walked out and allowed
you free hand. I had enough of
it. I will respond to you word
for, pound for pound,” Mr
Ingraham said at one point.

Mr Christie responded by
stating that the people of the
Bahamas will soon.determine
who has the intellectual ability

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PAGE 4, TUESDAY, MARCH 27, 2007

THE TRIBUNE



Christie administration

The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Slavery: Black and white

“YOUR DADDY used to be my slave mas-
ter,” a small school girl said accusingly to the
shocked surprise of her white school friend.
This exchange took place recently at a private
school in Nassau.

What this little black Bahamian did not
understand is that her daddy might also have
been a slave owner, and her white friend’s fam-
ily might have had nothing to do with slavery,
having settled in the Bahamas after the Aboli-
tion of Slavery Act (1807), which eventually
ended all slavery in the Bahamas by August 1,
1838.

It is, therefore, wrong to assume that all
white Bahamians are descended from white
slave owners, and that all black Bahamians are
descendants of slaves. It is also wrong to assume
that no black man or woman, having won their
own freedom, never became slave owners them-
selves.

We highly recommend the book, “Race
Relations in the Bahamas, 1784-1834”, written
by Dr Whittington B. Johnson, history professor
at the University of Miami in Coral Gables. Dr
Johnson’s roots are in the Bahamas, having as a
distant relative the Rt Rev Gilbert Thompson.

According to Dr Johnson, “in the British
West Indies colonies, black and coloured slave-
holders were heavily concentrated in the towns,
they seldom owned more than 10 slaves, and

-» females outnumbered males.”

However, in the Bahamas, although most
of the black slave owners were in New Provi-
dence, several lived on the Out Islands.

In New Providence, for example, said Dr
Johnson, “Timothy Cox, who owned 27 slaves at
one time, had reduced his holdings to six in
1834. He owned a head tradesman, but the oth-
er five slaves were domestics. James Rutherford,
overseer of the Wylly plantations, employed
his three slaves (two males and one female),
the total value of whom was £57 as field hands.”

And then there was Joseph Rumer. He was
a 42-year-old black, who “supervised 200 slaves
while he himself was a slave. After gaining his
freedom in the early 1820s he continued to
supervise slaves; this time the number was much
smaller, eight. It was not long after becoming a
freeman that Rumer began to prosper eco-
nomically, so much so that he was able to pur-
chase the freedom of his son and in 1834 owned
21 slaves.” /

Dr Johnson writes that James Weldon John-
son, a leading early-twentieth-century black
civil rights advocate and NAACP official,
proudly alluded to his grandfather in his auto-
biography, Along This Way, without mentioning
that his grandfather, the tailor Stephen Dillet,
was himself a slaveholder. “Doubtless,” wrote

Dr Johnson, “he was not aware of this.”

According to Dr Johnson “owning slaves
helped non-whites in a business, reduced the
workload, increased the output of the operation,
and could result in increased income by hiring
out the slaves.”

Non-white women were also slave owners.
Dr Johnson said that “free blacks and persons of
colour acquired their slaves through purchases
from private individuals (whites and non-whites)
and estates, as gifts, inheritances, and bequests,
through purchases from slave traders, and as a
result of their slaves giving birth.”

Race — using the excuse to celebrate the two
hundredth anniversary of the Abolition of the
Slave Trade Act (1807)— has become a part of
the PLP’s election campaign. As we have said
before — with the exception of the 2002 cam-
paign which accused the FNM of giving away
Bahamian land to foreigners — race has been
used in every PLP campaign to divide Bahami-
ans.

Yesterday evening we were told of school-
children who have been so upset by this cam-
paign that they have asked their teacher’s per-
mission to write letters to the press. We hope
they got that permission. Maybe this will be

‘the start of the grand debate that so many

Bahamians seem to want.

An exchange took place outside The Tri-
bune yesterday between a rabble rouser, who
was blocking traffic, and a white woman
motorist.

Immediately the black man assumed that the
white woman was a former UBP and became
abusive.

Because race is being used to arouse emo-
tions, some blacks are not seeing their white
compatriots as fellow Bahamians — they are
either UBP or descendants of white slave own-
ers who oppressed the blacks.

But what Bahamians on both sides must not
forget is that the slave trade would not have
flourished as it did, if black Africans were not
going into their villages and capturing their
countrymen to deliver for a price to the white
slave trader.

And, with the passage of time, on winning
their freedom some of these same blacks
climbed to economic success on the backs of
their own black brothers by enslaving them.

And so those who are so quick to point a fin-
ger, take a minute to look into your own fami-
ly tree and see if what you find there might not
embarrass you.

It is about time that we dropped race in this
election and deal with the real issues, the most
important of which is getting to the root of
crime and finding a solution.



has shown ‘gross disrespect
for its own people’

EDITOR, The Tribune.

I AM an expat who has been
living here for the full period of
the Christie administration to date.
I am married to a Bahamian; this is
my home because this is where her
children and our grandchildren
live. In my time here I have grown
more incredulous at what the
Bahamian people permit their
politicians to get away with. People
will only disrespect you as much
as you permit them to do so.

This Christie administration has
shown gross disrespect for its own
people, it has treated them like
fools and continues to do so. Don’t
get me wrong, Iam no FNM sym-
pathizer, nor a supporter of any
other political party. I have no axe
to grind.

Whilst touting that The
Bahamas is a developing nation
and making great strides towards
attaining first world status, the
Christie administration has deliv-
ered nothing short of appalling
third world politics, political inac-
tion and political ineptitude. It is
this administration that is holding
its nation and people back, yet the
eloquent speeches that continue
to be made by Christie belie the
facts of the matter. Christie is
clearly delusional if he believes a
fraction of the things that he
speaks.

The litany of failures of this
administration grows longer by the
day. Does Christie really think that
the Bahamian people have such
short memories that they cannot
recall the list of screw ups that he,
along with other members of his
administration, has presided over?
The lack of leadership, lack of
decisive action and the adminis-
tration’s reliance upon brushing
things under the carpet rather than
fixing problems are unfortunately
the hallmarks of this administra-
tion. Where does one start with a
list of their major mistakes, never
mind the everyday trivia? Where
will it end? - With this administra-
tion being given the treatment it
richly deserves at the polls.

Just a few examples: The Sid-
ney Stubbs saga - between being
declared a bankrupt, the endless
extensions granted by the admin-
istration whilst he attempted to get
his personal dealings in order,
rather than insisting on his resig-
nation from his government posi-
tionsewas early in its story. A few
months later, add the shenanigans
that led to the Korean fishing boat
story. The cracks were already
showing back then on how the
administration and its leadership
was not up to the task of good gov-
ernance. What about a few other
things like the condition of the
Nassau airport - an absolute sham-
bles by anyone’s standards?
Despite great promises ("talk” -
which Christie and his administra-
tion have devalued more each
day), there has been no substantive
change. What about the actions of
his cabinet ministers? The rape
allegation against Bradley Roberts;
the correct procedure under the
Westminster system of govern-
ment is to resign one’s post - stand
aside - whilst an investigation is
carried out; if one’s name is
cleared, then if the opportunity
arises in the future a cabinet post-
ing is resumed. The rape allega-
tion was quashed.



BEAUTY GUARD

Baws

letters@tribunemecdia.net



What about the much hyped
Code of Ethics, once the adminis-
tration finally got around to issuing
one? Have any of its ministers read
the code? If so, how can these
appalling laxes in judgment and
cock-ups continue to occur, if the
code is applied consistently and
governance is carried out correct-
ly? It’s the hit and miss approach
of this administration. What about
the saga in respect to the issuance
of a work permit for an editor of
one of the media outlets here? Yes
the permit was eventually issued,
but you can’t help but wonder
whether there would have been an
inordinate delay, had the person
in question not been the editor of
a mouthpiece that was correctly
holding the administration
accountable for its actions.

What about the fight that
occurred at the conclusion of a
meeting between various members
of the administration? Kenyatta
Gibson and Keod Smith, for what-
ever reasons behind their differ-
ence of opinion, should have
resigned promptly for their ridicu-
lous actions. The lack of backbone
shown by those two and Christie,
in firstly trying to deny any wrong-
doing had occurred, then trying to
minimize the extent of the wrong,
then finally having to come clean
and finally both resigned form
their posts, was another sideshow
that distracted the government
from getting on with the job at
hand. Christie holds up the situa-
tion as an example of his astute
leadership; rather it is an example
of how much this administration
resembles the keystone cops in the
execution of their duties.

The Anna Nicole Smith/Shane
Gibson saga has been a gigantic
embarrassment for the govern-
ment, its people and the country.
How any government official could
possibly think that Gibson’s han-
dling of the matter was appropriate
simply beggars belief. What did
Gibson think that he was doing?
As innocent as any photos might
be, the appalling lack of judgment
and the naivety he displayed by
encouraging the relationship shows
what a lightweight that he really
is. For Christie to then provide
support for Gibson, shows equally
appalling judgment on his part.

Throughout the term of this
administration, Christie has made
no secret of his intention to leave a
legacy - something by which he
wants his name recalled with
warm, fuzzy feelings in the future.
A noble aim but one in which
Christie’s own ego has been put
ahead of good governance. In time
the administration’s so-called
“anchor” projects will be shown
to either anchor economic pros-
perity for their respective family
island communities, or be shown to
be nothing but folly. It is said that
the devil is in the detail. When one
scrutinizes whichever agreement
is tabled, the detail speaks loudly
and clearly to this administration
being deficient in getting the detail
right. These supposed anchor pro-
jects are associated with huge con-
cessions made to foreign entities.
The concessions include access to
large tracts of land with minimal
spending by the foreign entities
and developments being promised
in environmentally sensitive areas.
Time will be the judge, but based
on the wholesale giveaways that
this administration has orchestrat-

ed, these projects are likely to
become “millstones” — weighing
down and holding back the com-
munities, rather than anchors on
which to build prosperity.

The Cable Beach redevelop-
ment falls into this category as
well. Oh what a cost to The
Bahamas and its people, for
Christie to have a “legacy”. In sim-
ilar vein is the proposed govern-
ment health scheme. Poor Bernard
Nottage has been given this hot
potato to get right - for whose ben-
efit - the much sought after
Christie legacy or the benefit of
the Bahamian people? How on
earth does this administration with
its “D” grade performers (at best)
think that it has the skills to get
such a government administered
scheme right, when far more com-
petent governments with much
greater access to revenues, med-
ical facilities, training and account-
ability of these systems, have —
failed? Is this to become another
millstone? The history of such gov-
ernment run schemes around the
world tells us this is a millstone
with a capital “M”. If you don’t
believe this, why do you think that
Nottage/Christie and Co continue
to hold back the details and the
true cost projections for such a
scheme? Detail again - this admin-
istration really has problems with
getting it right.

The education system with its
incredible ability to churn out vast

numbers of illiterate graduates .-

makes the system and all who par-
ticipate in it, a laughing stock. How
can prosperity be assured to a
country when the government sys-
tem fails to teach the basic — read-
ing and numeracy? There just
aren’t enough walls for all these
unemployed graduates to sit ~
around and shoot the breeze,
whilst they wait for someone to
tell them what they should do with
their lives. It’s not as though they
will make good unskilled labour
for the various anchor projects and
such like — because they lack the
work ethic needed to hold onto a
job. Does the administration not
see that screwing up the education
of its youth is setting the nation
toward moral and economic bank-
tuptcy? Without the skills to live
and earn a living, how can these
graduates handle the pressure that
life brings to bear upon them? Is it
any wonder that many lack the
skills to handle conflict resolution
with the result that violence
abounds and the best way of
“earning” an income is to look for
the easy way out of taking that
which doesn’t belong to them or
trading in illegal commodities?
This problem is not the sole
responsibility of this administra-
tion, but they have done too little
to arrest the downward spiral dur-
ing their term. Christie takes solace
in his much vaunted Urban
Renewal Project, but typical of this
administration its window dress-
ing rather than dealing with the
real problems in these “over the
hill” communities.

And so on and so forth. When
will it all end for this administra-
tion? That is entirely up to the peo-
ple of this beautiful country. Quite
frankly, I think the person to
whom I am married, those to
whom I am related here, those
with whom I work, those with
whom J attend church and my
neighbours, all deserve something
far better than what the Christie
administration has offered since
May 2002.

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THE TRIBUNE

TUESDAY, MARCH 27, 2007, PAGE 5



BP Ee a ee
New regulations to stop money

laundering after US concern

On brief

Events set
to mark
abolition
bicentennial

EVENTS that will be held
to commemorate the bicen-
tennial of the abolition of the
transatlantic slave trade:

Friday, March 30

Launch of the Bahamas
Learning Channel at 9am at
Choices Restaurant, the Col-
lege of the Bahamas

¢ Panel discussion with Dr
Gail Saunders (director gen-
eral of heritage) and Dr
Thaddeus McDonald (dean
of the school of education
and social sciences) at
10.30am at Choices Restau-
rant.

e Luncheon Lecture with
Hon. G. Naledi Pandor (Min-
ister of Education of the
Republic of South Africa) at
1:00 p.m. at the British Colo-
nial Hilton Hotel

e Lecture by George Lam-
ming at 6pm at the British
Colonial Hilton Hotel

Saturday, March 31

e Commemorative service
and cultural evening at 3pm
in collaboration with the Fox
Hill Festival Community
Organisation at the Fox Hill
Parade.

Two people
injured after
vehicle
overturns

TWO persons are in hos-
pital in stable condition after
their vehicle crashed and
overturned in bushes in the
Deadman’s Reef area on Fri-
day.

Police say that the accident
occurred around 11.30pm.

According to police,
around that time, a police
jeep was travelling along
West End Highway when
they were overtaken by a
white 1999 Honda Accord,
licence number 3061, upon
reaching the vicinity of
Bahama Beach.

A short time later the offi-

cers came upon the vehicle
in the area of Deadman’s
Reéf. The vehicle had over-

turned, and was resting onits 3

roof in bushes. The driver
Julius Green, 26, of Man-
groye Cay Andros and his
passenger Jamaal Grant, 19,
of East Sunrise Highway both
sustained injuries. They were
assisted from the wreck and
transported to hospital. Police
are investigating the incident.

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award.

If so, call us on 322-1986
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TUESDAY,
MARCH 27TH

6:00 Community page 1540am

11:00 Immediate Response

noon ZNS News Update

12:05 Immediate Response
(Cont'd)

1:00 Legends: Ezra Hepburn

2:00 Fast Forward

2:30 Turning Point

3:00 Practical Principles

3:30 _Emest Leonard

4:00 Lisa Knight

4:30 Cybernet

5:00 ZNS News Update

5:05 Healthy Lifestyles

5:30 Rescue

6:00 Baker's Bay

6:15 Seven Seas Informcial

6:30 News Night 13

7:00 The Bahamas Tonight

8:00 Introduction of PLP
Candidates

10:00 Caribbean Newsline

10:30 News Night 13

11:00 The Bahamas Tonight

Immediate Response

Community Page 1540AM

NOTE: ZNS-TV 13 reserves the
right to make last minute
programme. changes! ayes

x



@ By KARIN HERIG
Tribune Staff Reporter

NEW regulations to prevent
money laundering and the
financing of terrorism have
come into effect just weeks after
the Bahamas was once again
named as a “major money laun-
dering” country by the US.

Earlier this month, in the US
State Department’s Interna-
tional Narcotics Control Strat-
egy Report (INCSR) for 2007,
the Bahamas was again placed
on the list of countries that are
of “primary concern” in terms
of money laundering.

However, last week new
guidelines relating to the pre-
vention of money laundering
and the financing of terrorism
which apply to all financial insti-

Updated guidelines introduced by Financial Intelligence
Unit to combat twin threats of crime and terrorism



tutions in the Bahamas were
released by the Financial Intel-
ligence Unit (FIU) and came
into effect on March 19.

The updated guidelines
replace those which were ini-
tially issued by the FIU in July
of 2001.

“These guidelines have been
issued in recognition that the
financial services sector in the
Bahamas, as elsewhere, is
exposed to the risks of assist-
ing in laundering the proceeds
of criminal conduct and involve-

ment in the financing of terror-
ism. They are produced to
accord with the financial laws
and business practices of the
Bahamas,” the FIU said.

The FIU said that based on
new developments in worldwide
in anti-terrorist strategies, the
time is now appropriate to
update the guidelines to encom-
pass matters related to the
financing of terrorism and to
re-issue the same rules to the
financial services sector, “but
with a narrower focus on the

processes related to suspicious
transactions reports.”

Accordingly, the FIU said,
the revised guidelines attempt
“to explain the requirements of
Bahamian anti-money launder-
ing and anti-terrorism financ-
ing legislation and to provide a
practical interpretation of the
financial intelligence regulations
2001.”

The updated guidelines are
also aimed at providing an indi-
cation of “good industry prac-
tice” and a basis “for imple-

mentation of policies and pro-
cedures for the handling of sus-
picious transactions and explain
the process for reporting for
suspicious transactions to the
FIU.”

The guidelines were prepared
in consultation with local regu-
lators of the financial services
sector and those financial insti-
tutions and industry organisa-
tions that expressed an interest
in being consulted in the devel-
opment of the regulations, the
FIU stated.

Famed writer to attend abolition celebrations

A WELL-KNOWN Carib-
bean writer and a South African
Cabinet minister will head up
the series of distinguished guests
at the celebrations to com-
memorate the bicentennial of
the abolition of the transatlantic
slave trade.

The Ministry of Education,
Science and Technology in col-
laboration with Ministry of For-
eign Affairs and the Public Ser-
vice, the College of the Bahamas,
the Cultural Commission and the
Fox-Hill Festival Community
Organisation have organised the
celebrations, which will take
place on Friday March 30 and
Saturday March 31.

The Ministry of Education
announced yesterday that
Grace Naledi Mandisa Pandor,
Minister of Education of the
Republic of South Africa, will
give a view of the abolition of
the slave trade from the African
perspective, while George Lam-
ing — a Caribbean intellectual,
teacher, poet, novelist, broad-
caster and critic — will present
“Reflections on the meaning of
slavery.”

G Naledi Pandor was born in
1953 and at present holds the
positions of member of the
National Executive Committee
of the African National Congress
(ANC) and has been a member

of parliament since 1994.

She holds a bachelor of arts
degree in History from the Uni-
versity of Lesotho, Botswana
and Swaziland; a masters degree
in education from the Universi-
ty of London and a masters
degree in general linguistics
from the University of Stellen-
bosch.

She has held memberships
and positions in several areas,
including: deputy chair of the
Joint Education Fund of South
Africa (TEFSA), deputy chief
whip of the African National
Congress in parliament and
woman chancellor of Cape
Technikon.

Caribbean marks 200th anniversary of
end of Britain’s trans-Atlantic slave trade

H DOMINICA
Roseau

THE cries of African slaves
being led to cell blocks pierced
the air as their lives were re-
enacted by Dominicans to com-
memorate the 200th anniver-
sary of the end of Britain’s
transatlantic slave trade.

Re-enactors walked in chains
to Roseau’s Baraccoon build-
ing, where slaves were held
before being auctioned off to
plantation owners in the former
French and British colony, and
which now houses the City
Council.

Dominica’s tribute was one
of several across the Caribbean
on Sunday: In Jamaica, sym-
bolic funeral rites were per-
formed in Kingston Harbour
for slaves who died during the

. ocean journey. In Guyana, a

tribute was held in the parlia-
ment buildings where slaves
were beaten and sometimes
hanged. In St Lucia, students
re-enacted the slaves’ struggles
for freedom.

A regionwide moment of
silence was also held at 12pm.

“We must never forget,” said
Ralph Gonsalves, prime minis-
ter of St Vincent and the
Grenadines and chairman of the
Caribbean Community. “We
are collectively engaged in com-
memorating and paying tribute
to all those who triumphed over
the anguish of enslavement, of
injustice and disenfranchise-
ment, and who helped to bring
about the abolition of ... the
trading and transportation of
human cargo across the
Atlantic.”

Enacted on March 25, 1807,
the Slave Trade Act prohibit-
ed British ships from transport-
ing slaves, although Britain did
not abolish slavery in its terri-
tories until 1833.

Although estimates vary,
researchers say some tens of
millions of Africans were
enslaved and shipped to the



@ ISLANDERS perform during a cultural show to mark



the

beginning of year-long commemorative activities of the abolition
of the trans-Atlantic slave trade in the British Empire 200 years
ago on Sunday in Bridgetown, Barbados

Caribbean and the Americas,
with millions dying in holding
camps in Africa or during the
voyage.

“Slavery was based on crimi-
nality, callous greed and mur-
der,” said Violet Jean Baptiste,
a spokeswoman for the
Guyana-based African, Cultur-
al and Development Associa-
tion. “Members of royalty,
insurance companies and banks
... politicians, clergymen and

businessmen amassed fortunes

on their human animals.”
Blair

In a video message from
British Prime Minister Tony
Blair played Sunday at Ghana’s
Elmina Castle — where Africans
were held before they were
transported abroad — he
expressed regret for his coun-
try’s role in the slave trade and
for the “unbearable suffering,
individually and collectively, it
caused".

Blair also condemned the
slave trade earlier this year, but
stopped short of offering an
apology or compensation for

(AP Photo/Chris Brandis)

slaves’ descendants. Activists
criticised his careful language,
saying it reflected the govern-
ment’s fear of paying repara-
tions.

All major credit cards
accepted as cash!



George Laming was born in
Barbados in 1927 and is the
author of many award winning
publications, including: In the
Castle of My Skin, The Emi-
grants, Of Age and Innocence,
Enterprise of the Indies and
The Pleasure of Exile.

Mr Lamming has been the
recipient of numerous awards,
including: the Somerset Maugh-
am Award for Literature
(1958), a Doctor of Letters
degree from the University of
the West Indies for his contri-
bution to Literature (1980), an
award from Hunter College
(New York) for outstanding lit-
erary achievements in creative




























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arts (1984), a Martin Luther
King Junior Fellowship in
Michigan (1990) and an hon-
orary doctorate from City Uni-
versity in New York (2000).

In addition Maureen Denton,
vice president and associate
general counsel of Goldman,
Sachs and Company, will be
present and will assist Mr Lam-
ming in his presentations.

Dr Gail Saunders, the
Bahamas director general of
heritage and Dr Thaddeus
McDonald, the dean of social
and educational studies at COB,
who will discuss the impact of
the African presence in
Bahamian history.




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PAGE 6, TUESDAY, MARCH 27, 2007

THE TRIBUNE



(BSR Ta To
Young women ‘increasingly at risk’

YOUNG Bahamian women
are falling prey to “prostitution,
pornography, Internet or cyber
sex crimes and lesbianism,”
according to Social Services
Minister Melanie Griffin.

Mrs Griffin said the only way
families and society can fight
“this onslaught of social war-
fare” — other than locking up
children at home — is by equip-
ping children with the spiritu-

al, emotional and physical val-
ues they need to make the right
choices in life.

“In the final analysis, we are
the sum total of the choices we
make, whether good or bad,”

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Mrs Griffin said, “although this
does not negate the fact that
many persons have situations
forced upon them.”

Mrs Griffin also warned that
young girls who become teen
mothers outside of marriage
face a number of dangers —
including HIV/AIDS and other
sexually transmitted diseases.

Addressing a one-day com-
munication and leadership
workshop for teenage girls host-
ed by Toastmasters Club 7178,
Mrs Griffin said teen pregnan-
cies have further socio-eco-
nomic effects on the young
women as research shows that
teen mothers are less likely to
complete school.

She told the young women in
attendance that many of the
men who father the children of
teen mothers often leave the
relationship after learning of
the pregnancy, thereby leaving
the woman to fend for ‘herself
and the baby alone.

Mrs Griffin said research
from the 2000 Census indicates
that 56.8 per cent of children
born in the Bahamas are born
out of wedlock.

The minister said these fig-
ures, which are more than like-
ly even higher now, further indi-
cate that a large number of
those children are living in a
home with no permanent male
presence.

_ “Some children do not know
their fathers; some fathers sim-
ply do not care to have any



involvement with their children;
some may be involved in other
relationships (and) in other
instances, the mother and father
may still have unresolved issues
in their relationship which
impact the relationship the
father is able to maintain with
his children,” Mrs Griffin said.

The minister further said that
the social ills facing the
Bahamas are indicative of the
fact that there must be “some-
thing wrong with our teaching,
our training as parents.”

PIR:

@ SUNCHER Johnson, president of Toastmasters Club 7178,
presents Minister of Social Services and Community
development Melanie Griffin with a plaque following Mrs .
Griffin’s address at the Club’s second annual communication
and leadership workshop, held at the Cancer Society of the
Bahamas complex.

(Photo: BIS/Derek Smith)

“A child exposed to stealing
is more at risk to become a thief
than the child who is not,” she
said, “a child who is exposed to
prostitution, whether on the
street corner or in relationships
built solely on the exchange of
financial and material upkeep
for sexual favours, is more at
risk of doing the same.

“We need to make a con-
scious decision to get it right.
Our children and our country
depend on it,” Mrs Griffin
added.

Haitian-Bahamians encouraged
to pursue citizenship approval

@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - Haitian-
Bahamians born in the country
who are still awaiting citizen-
ship approval after many years
have a right to pressure the gov-
ernment, according to a local
lawyer.

Rawle Maynard pointed out
that Haitian-Bahamians in this
situation‘are entitled to certain
rights under the Bahamas Con-
stitution?!

He added that it goes against
the United Nation’s Charter to
render a person stateless.

Mr Maynard pointed out that
just as the constitution requires
persons of foreign parentage
born after 1973 to submit appli-
cation for citizenship within one
year of their 18th birthday, those
applicants are also entitled to
receive their citizenship in a
timely and expeditious manner.

“My interpretation of the
constitution is that since they
(government) put in a time
frame which persons must put
in application within a year.
Then, it is something that gov-
ernment should do expedi-
tiously; the government is duty
bound,” he said.

Mr Maynard was speaking on
Sunday to a group of Haitian-
Bahamians during a special
meeting held at the Bahamas
Public Services Union Hall in
Grand Bahama to address a
number of concerns relating to
citizenship.



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Jetta Baptiste-Polynice, a
Haitian Bahamian community
activist in Freeport, said that
many persons born in the
Bahamas of Haitian descent are
frustrated over how long it takes
for them to get their citizenship.

James Rolle, deputy director
of Immigration in Freeport, was
also present. He said that there
is a huge backlog of citizenship
applications.

Mr Rolle explained that the
final decision in terms of citi-
zenship still rests with the Cab-
inet — which is where the process
becomes “bogged down.”

Limbo

In the meantime, Mr May-
nard stated that many Haitian-
Bahamians are in a state of lim-
bo and are now experiencing
problems with travel documents
issued by Immigration Depart-
ment.

One young woman, who was
born in the Bahamas and made
application at age 18 for citi-
zenship, complained that at age
22 she is still waiting.

Mr Maynard noted that appli-
cants have the right to initiate a
judicial review, in which the
court can make a declaration
for the government to process
their citizenship application. He
said the only ground that the












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Interested persons can email their resumes

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government can deny citizen-
ship is if there is a real threat to
national security.

Another way to put pressure
on the government, according
to Mr Maynard, is for applicants
to fulfill the application process
properly.

He explained that persons
born after 1973 to foreign par-
ents, on reaching the age of 18,
have a right to claim Haitian
citizenship by virtue of their
parents. They also have a right
to claim Bahamian citizenship
because of their birth in the
Bahamas.

Mrs Baptiste-Polynice said
that another issue: confronting
persons is the law as it relates to
Bahamian men and women
married to foreigners.

“When a Bahamian man is
married to a foreign woman and
they have a child, that child is
immediately registered as a cit-
izen of the Bahamas. For us
Bahamian women, it is not so
and the child automatically
takes the nationality of the
man,” she said.

She also said that Haitians
married to Bahamians are enti-
tled to a resident spouse per-
mit, which costs $250, and is
valid for five years. However,
she noted that many are being
issued general work permits
that cost $500, and are only
valid for one year.





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THE TRIBUNE





LOCAL NEWS

MP visits school in his own constituency















B Minister of
Financial Services
and North Andros
and the Berry
Islands MP
Vincent Peet and
R N Gomez

| principal Cleveland
Ramsey view a
digital mosaic
artwork piece
created by
students assisted
by volunteer

# teacher Elena
Kallis, right, at the
RN Gomez All

§ Age School’s 29th
annual School Fair
on Friday at the
chool in Bullock’s
Harbour, the
Berry islands.

(Photos: BIS/
Tim Aylen)





‘Wellness centre’
planned for COB

lm By TAMARA FERGUSON

A ‘WELLNESS centre’ is
being constructed at the Col-
lege of the Bahamas in an effort
to promote a healthy lifestyle
among students and faculty.

College officials say the facil-
ity will provide weight loss and
training schemes, as well as oth-
er programmes and amenities
that can be found on any mod-
ern university campus.

COB vice-president for
finance and administration
Denton Brown said the centre,
which will be constructed at a
cost of $788,500, will include
showers for men and women, a
storage room and exercise
room, offices for athletic direc-
tors and an aerobics dance
room.

Mr Brown noted that the cen-
tre, which is being constructed
by ERKE Construction Com-
pany, will also be beneficial to
the Physical Education Depart-
ment, which will have access to
both the new athletic equip-
ment and the shower facilities.

“There will also be a general

wellness centre for the faculty
and staff who may wish to exer-
cise before work or take part in
aerobics early in the morning.
They will have a place to show-
er,” he added.

Mr Brown said the centre will
offer wellness programmes such
as weight loss and control, exer-
cise, aerobics and nutrition
management — for both the stu-
dents and faculty.

He said the college does not
expect to charge a fee for use of
the centre, explaining that the
cost may be covered by the
activity fee already paid by stu-
dents every semester. He noted
that there may be a fee to rent
towels.

The centre, which will cover
5,000 square feet, will be fully
air conditioned, with cushioned
floors for aerobic dance lessons
and karate classes, a storage
room and offices for athletic

. directors. '
-. It, will be located next to the

Portia Bain Building on Poin-
ciana Drive. Construction began
on January 15 and is expected to
be completed by this summer.

According to Mr Brown, oth-
er projects the college intends to
complete this year include a
state-of-the-art performing arts
centre, which is expected to be
completed by May, the renova-
tion of Dorm C and the reloca-
tion of the computer lab.

He said that work on Dorm
C, which is a student housing
facility located on Moss road
and College Avenue, begins in a
few weeks.

“We intend to provide air
conditioning, new furniture and
a new kitchen for that dorm.
We are going to perform a com-
plete renovation of the build-

_ ing. The block which houses the

computer room is also being
relocated to the C block to pro-
vide the capacity for additional
computers,” Mr Brown said.
Students have complained in
the past that the college’s com-

puter lab is not big enough for,,,,

the number; of students who

need to use it. Mr Brown said,;,.,

that the new location in the C-
block, which was formerly the
bookstore, should more than
meet the demand.

Receptions organised for COB alumni

COB president Janyne Hod-
der has organised a series of
receptions for college alumni
in an effort to share her vision
for the move to university sta-
tus.

The college also announced
that it is developing a new
Alumni Relations and Devel-
opment Department out of the
President’s Office, which is
expected to play “an integral
role” in the many changes that
lie ahead.

All the receptions will be
from 7 to 9pm at president
Hodder’s home, Seagrape
house, located on Pine Hill



Road off Eastern Road.

Alumni interested in attend-
ing were asked to RSVP by call-
ing 302-4301 or by emailing
alumni@cob.edu.bs

The receptions are scheduled
as follows:

e Thursday, March 29

President Janyne Hodder has
requested the company of alum-
ni from the Bahamas Hotel
Training College and the Col-
lege’s Culinary and Hospitality
management Institute.

e Thursday, May 3

President Hodder will wel-
come alumni from the schools
of communication and creative

arts, English and Social Sci-
ences.

e Thursday, April 26

President Hodder will wel-
come alumni from the school
of business.

e Thursday, May 10

President Hodder will host
alumni from the school of sci-
ences and technology and edu-
cation.

At each reception, the alum-
ni will be joined by members of
the Alumni Hall of Fame, exec-
utives of the Alumni Associa-
tion, members of the College
of the Bahamas Council, facul-
ty, staff and other friends.

Premier ealthy

TUESDAY, MARCH 27, 2007, PAGE 7







BH COMPUTER
teacher Jay
Cartwright, second
from left, shows off
the school's computer
section to (from left)
Vincent Peet; Harcourt
Davis, district
superintendent;
Maxine Forbes,
principal of Central
Andros High School:
and Cleveland Ram-
sey, principal of

R N Gomez

March 29th

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PAGE 8, TUESDAY, MARCH 27, 2007



/ TUESDAY EVENING MARCH 27, 2007

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the San Francisco Bay Area.

THE TRIBUNE

Let Charlie the
Bahamian Puppet and lay
his sidekick Derek put

some smiles on your

kids’s faces.

Bring your children to the
McHappy Hour at McDonald's in
Palmdale every Thursday
from 3:30pm to 4:30pm during the
month of March 2007.

Enjoy Great Food, Prizes and Lots of Fun.

ga
Pm lovin’ it





“fee TLRS

THE TRIBUNE




Claim that politicians
~ “peluctant' to act on
' Haitian slums in
- Marsh Harhour

POLITICIANS are reluc-
tant to act on Marsh Har-
bour’s increasingly hazardous
Haitian slum settlements
because of the votes they rep-
resent, it has been claimed.

About 200 voters live in
The Mud and Pigeon Pea, the
town’s shanty communities,
and they could hold the bal-
ance of power in an
“extremely marginal” seat,
said local campaigner Yvonne
Key.

She was commenting on
last week’s blaze at The Mud,
when more than 70 people
were left homeless after
flames devoured 20 shacks.

Mrs Key said: “Neither
major party wants to say any-
thing on this matter before
the election because they
‘know there are about 200
votes in those settlements.

“Not only are there Hait-
ian-Bahamians living in there,
but also Bahamian-Bahami-
ans who are married to or liv-
ing with Haitians.

. “In a constituency where
only a few votes separated the
candidates last time, those 200
votes mean a lot,” she said.

"°,, Last week’s blaze was the

- third in recent years at the

* shanty communities. Almost

~ two years ago, 70 homes went
up in smoke at The Mud,
which locals describe as a

‘major safety and health haz-

‘ard.

-». Makeshift homes on the

site are so congested that a

small fire can spread quickly.

The danger is made worse
because power lines hang
between houses without prop-
er support.

Mrs Key said “pick-ups and
deportations” of Haitians
were also likely to be sus-

' pended as the election

, approaches for fear of alienat-

._ing voters with Haitian links.
Meanwhile, it seems fami-

lies displaced by last week’s

fire have found shelter with
other Haitians.

Shelters set up by the Red
. €ross and Social Services

were not needed.

“Tt seems the Haitian com-
‘munity takes care of its own,”
Said a source. .

~ The Mud and Pigeon Pea
have been bones of con-

x yedention for many years now.

+“4ocals want the immigrants

*stleated into new low-cost sub-

(avisions

*, However, Mrs Key said the
“Haitians are now so well-
ygstablished that they sell on

«their shanty properties to

® arriving Haitians when they

,’tdanage to get status in the
United States.

a “Those who fly off to Flori-

®.da very often sell their homes

‘eto Haitians coming into the

* Bahamas for between $3,000

_and $5,000 a time,” she said.

ig ga e FOF Tt eS

FROM page one

perished in the middle passage —
the numbers exceed those who
died in the Holocaust. Their
names are not known and nev-
er will be. Even though they are
nameless, they must not be for-
gotten. Mr Speaker, some want
to act as if it (slavery) did not

LOCAL NEWS

Anniversary

also tell them, though, that his-
tory should not be used as an
excuse for their failings, but
rather as a source of inspiration
for their success,” he said.

Mr Mitchell said that the abo-
lition of slavery resulted not
from the English suddenly

“Lenglishmen a poodwill like
William Willberforce and those
who were leaders in the Angli-
can Church at the time, led the
way to end the practice,” he
said.

Mr Mitchell ended his
remarks by admonishing young
Bahamians to remember and
protect the legacy of these
islands. He said:

exist. We cannot do that. Our
history is our history; and, we
ought to be sure that the young
know their history. We must

FROM page one

July 2005, company founder Sir Richard Branson
said that the service would "bring increased compe-
tition and better value for money", ending the monop-
oly on non-stop flights to Nassau from the UK held by
British Airways.

Virgin blamed its decision to cut its service less
than a year and a half after its commencement on a
drop in all-inclusive rate rooms, popular with its cus-
tomers, attributed primarily to the property closures
associated with the multi-million dollar Cable Beach
redevelopment.

However the way in which the pull out was han-
dled "leaves room that we can re-visit that at some
point in the future and get (the service) to resume
when the opportunity presents itself," Mr Sawyer
said.
Passengers from Britain wishing to visit the islands

developing a conscience, but as
a result of young people press-
ing the moral rightness of the
case against slavery.

“We must never forget. This
is our history. Poday we are
free people ina free and sover-
eign nation. As we look our

Virgin Atlantic

through Florida.

The ease of visiting by way of Florida is increased
by relationships between Virgin and Bahamasair, for
example, which allow visitors to book a single ticket
from the UK to Nassau, including the Bahamasair leg
of the flight, through Virgin, rather than requiring
the purchase of two separate tickets through two
entities.

Furthermore, services from Canada and the US
in particular mean that airlift capacity will remain
high.

According to Mr Sawyer, the ministry ts "very con-
fident" that when additional all-inclusive rate rooms
come online Virgin will resume its non-stop flights.

He added that the Ministry is "looking forward" to
when additional rooms will be built, and hope that the

can still travel here non-stop with British Airways, or

FROM page one

Darold Miller

that they are investigating a
complaint against Mr Miller,
which was filed by three women
at Central Detective Unit head-

radio station yesterday for fur-
ther statements on the matter,
but was told that GEMS has
“no comment at this time.”
Police confirmed last Friday

Commissioner of Urban

Renewal gives warning
FROM page one

received a lot of support, from Urban Renewal representatives, and
her pastor, Dale Moss, she questioned how others without this
support network would deal with their loss and its long-term con-
sequences.

It was this that spurred her to form FAM, she explained, as a
means of addressing this isolation.

Ultimately, FAM aspire not only to offer support, but to lower
the rate of murder in the Bahamas through raising social awareness
of the lastingly devastating aftermath of murder on the lives of fam-
ily members and friends.

According to Dr Allan, relatives can withdraw from society, as
well as experiencing flashbacks, and "arousal" symptoms — lead-
ing them to feel permanently on edge and paranoid.

FAM has held weekly support meetings since last December
on Thursdays at 7pm at the activity centre of the Church of God of
Prophecy on East Shirley Street.

Additionally, they have established the objectives of ensuring the
creation of a "Victim's Desk" at the Attorney General's office
and the police headquarters to aid those seeking information with
regards to the status of their cases and starting a "Speaker's
Bureau" — which will see families going into the community to talk
about their experience.

They intend to lobby for certain rights for victim's families,
including the right to testify at sentencing hearings.

Mrs Scott said that many of those in her position have endured
problems seeking information from the police and the AG's office
about their murdered family member's case, both in terms of
inconvenience and the emotional difficulty of dealing with these
more administrative side effects of losing their loved one.

Director of Urban Renewal, Shelton Beneby, Dr Allan, and
several prominent church leaders also made a plea for all church-
es to do more to "silence the violence" in their communities, and

tend to the needs of those who have suffered a loss as a result.

Pastor Rex Major put out a call to all church leaders to attend a
conference organised by the group at the Hilton hotel this Thurs-
day, where relatives of murder victims will speak about their expe-
rience, so that they can gain a deeper appreciation of the suffering
of this sector of their community.



process is "fairly quick."

quarters on Thursday night.

However, as the complaint:
encompasses a time period of
many months and covers many
aspects, police said that they
were unable to comment any
further on the matter at this
time.

Mr Miller has for many years
been one of the country’s most
prominent personalities, attract-
ing large audiences with the var-
ious reincarnations of his talk
shows.

Before joining the new radio
station GEMS last year, Mr
Miller served as news director at
the radio station Love97 before
taking up a similar position at
ZNS, where he also hosted the
successful daily talk show
‘Immediate Response.’

He is currently GEMS’ chief —

operating officer and hosts a
daily morning talk show at
11am on that radio station.

TUFSDAY, MARCH 27, 2007, PAGE ¥Y



we say that this is the legacy
which is left to you and it is
yours to protect and guard, even
as it has been left to you from
your forefathers and foremoth-
ers. In the words of Patrice
Lumumba: ‘Forward ever,
backward never’.”

A series of events will be held
to commemorate the anniver-

young peuple in the face today,






sary. Some of these evenis
include, a panel discussion ©:

Friday at 10am by Dr Gail

Saunders and Dr Thaddeus
McDonald at the College of the
Bahamas; and, on Saturday at
the Fox Hill Parade, there will
be live music, lectures and tra-
ditional plating of the maypole,
along with the climbing of the
greasy pole.

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FROM page one

Lewis, who appeared before
Chief Magistrate Roger Gomez
at Court One, Bank Lane, did
* not have an attorney at his
arraignment. Sergeant Alexan-
der appeared for the prosecu-
tion.

The 19-year-old was
informed by the magistrate that
he was not required to plead to
the charge and would be
remanded to Her Majesty’s
prison until the start of a pre-

ee I tan Co., Ltd

WCU Lo
Phone:322-1722 ¢ Fax: 326-7452

Teen in court

liminary inquiry. The matter
was adjourned to April 2 and
transferred to Court 10, Nassau
Street.

On Friday another young
man, Tekoyo McKinney, 22, of
Moore’s Avenue was arraigned
on a murder charge. He was
charged with the shooting death
of Tyronne Deveaux at Mon-
tell Heights on Saturday, March
17.

TARGE SHIPMENT. OFU ED.
, -IN STOCK



LOCAL NEWS

Protest staged outside



THE TRIBUNE

of The Tribune office

FROM page one

daily newspaper.

Mr Smith, along with his supporters gath-
ered across from The Tribune on the south-
ern side of Shirley Street chanting “Marquis
gat to go. Marquis gat to go”.

“We came to this place almost a week
ago to request of John Marqui¥ to cease
and desist in his terrorist style of writing
as he continuously take an assault on black
leaders of the Bahamas. We have told Mr
John Marquis to cease and desist, to stop
this assault, and to stop his derogatory
attack on the black leadership of the
Bahamas.

“Mr Marquis has responded by saying
that he has made no racist statement, and
that he has made no terrorist statement.
And he has insulted the intelligence of the
Bahamian citizen to demand him to stop it.
Since Mr Marquis is in denial that he is a
racist, and since Mr Marquis is refusing to
apologize to the black decent people of the
Bahamas; and since Eileen Carron, and the
forces of evil, and Brent Symonette, and
Hubert Alexander Ingraham, have come
together with Uncle Toms to attack black
people in this country,” he said.

Mr Smith said that it is the plan of this

“dark danger force” to impose a “white
leader” in “a black country.”

Showing his agreement, one of Mr
Smith’s supporters shouted: “Where we are
90 per cent black, and 15 per cent white”.

Responding to this claim of a plot involv-
ing Mr Symonette or Mr Ingraham, Mr
Marquis said that as far as he can recall,
he has never met Mr Ingraham or Mr
Symonette.

“T am a free man living in a free soci-
ety,” Mr Marquis continued.

“One of my jobs as a professional jour-
nalist is to comment on political affairs,
which I will continue to do without fear or
favour,” he said.

Mr Smith, who refused to have his sup-
porters interviewed individually said he will
not allow The Tribune to do what “the old
white racist slave master use to do — to
try and divide and conquer.”

“We know your mission, we know who
sent you, and we know your master. So

John Marquis you can try every book. My:

brother your days in the Bahamas are num-
bered, and you are going back to the place
from whence you have come.

“The place where you are coming from,
the place where you’re hiding from, and
the place where we know you don’t want to
do,” he said.

In fact, Mr Smith said that the CCB had
photographs of Mr Marquis that they will be
releasing after they had a “general council”
meeting last night. A time, or date for when
the CCB will disseminate its information
has not been set.

However Mr Marquis has affirmed that

his life is “an open book” and is prepared to
discuss it with anyone at anytime.

Despite this, and his continued denial of *
being a racist, Mr Smith promised that Pee
will continue their protest, promising to -
return to The Tribune with larger numbers. *
Following this, a march will take place ©
where the CCB is expected to head to the
House of Assembly to continue their
protest of Mr Marquis.

.“We have taken the position of Presi-
dent George Bush. That we have to amass
a mighty coalition to fight this terrorist. To
fight this evil racist who seek to take us
back to pre-1960s,” he said.

A white Bahamian driving by in her vehi-
cle, objected to Mr Smith standing in the
road blocking the flow of traffic.

She voiced her displeasure, to which Mr
Smith responded, “You better go back
where you come from.”

“You see that, that’s what they are, UBP
people. They are UBP. They have that
white colour skin,” he said.

FROM page one

bribery,” said Mr Duncombe.

PM criticised

He added: “If the people of
Golden Gates give me the
opportunity to become part of
history, wherever I find peo-

“Mr Gibson should not be
standing at all. I believe that,
until this investigation is com-
plete, the ex-minister should
recuse himself, and the prime
minister should be ashamed of
himself for even ratifying him.

Mr Duncombe, who is chal-
lenging Mr Gibson for the
Golden Gates seat as an inde-
pendent, lashed out at the ex-
minister while outlining his
plans should he be elected.

He said many PLP voters in
Golden Gates had told him
they were not supporting Mr
Gibson because of his role in
the Anna Nicole saga.

“He is less arrogant than he
used to be,” said Mr Dun-
combe; “he is humbler now.
He has changed since all this
happened, but don’t be fooled
by this. Remember the arro-

gance and lack of judgment he
has been displaying over the
years.”

Whatever ministry Mr Gib-
son had been in, he had “left
clouds over it,” said Mr Dun-
combe.

Outlining his own electoral
priorities, Mr Duncombe said
he hoped to become the
Bahamas’ first champion of
children’s rights.

As a child’s rights advocate,
he would set out to tackle the
“horrendous” child abuse sta-
tistics in the country, he said.
“We have 520 child abuse cas-
es annually, but I could not find
one MP to sponsor a bill to
protect these children — and
that includes Shane Gibson.

“Gibson told me he had to
think about it, which I find very
discouraging. I had to single-

handedly convince the entire
government. Beating up on this
government is nothing new to
me.

“But Gibson is the last man
standing to prevent me going
where I need to go. I have been
challenging publicly for live
debates in Golden Gates, but
he doesn’t respond to those
challenges.

“I would be the first parlia-
mentarian in the history of the
Bahamas to back up the cause
of children.”

Mr Duncombe said he want-
ed to put the government on
notice that if they didn’t engage
in constructive live debates, as
opposed to holding rallies, he
would unleash a series of ques-
tions “that will send
shockwaves through this coun-
try.”

ple’s rights being trampled on I
will bring the perpetrators to
their knees.”

Apart from children’s right#
Mr Duncombe said he would
push for land reform, improved
old-age pensions, a new drive
for educational excellence, and
a requirement that MPs should
live in their constituencies.

“When you elect a sheriff for -

a county, that sheriff should be
living in that county,” he said.
“] find it insulting when some-
one like the former prime min-
ister calls for people to vote for
the torch.

“We need to look at the can-
didates and I think if people
look at what I’ve brought to
the table over the last four
and a half years, then I

e

o
4

~

believe I will have a good:

chance?’ 44



In Loving Memory 0

Is seeking candidates for the position of
Mianagement Trainee

* Candidates must be energetic, highly motivated and eager to learn

* Willing to work in a fast paced multi faceted environment

*Preferably should possess a Bachelor’s Degree in Business,
Technical or related fields, but as a minimum, must have an

Associates Degree

* Willing to work throughout the Bahamas and abroad as may
be necessary from time to time

_ Man who. ever lived.

This brother of ours said that there was

* Ability to make decisions and take ownership for assigned _Atime for everything under heaven.

responsibilities

And so it was with the life that was
Lived by Deron Bethel.

* Ability to multi-task and communicate effectively

* Must be a “people person” that will never compromise on
providing exceptional customer service

As fate would have it, this young man’s
Life was needlessly and brutally taken
Away from him.

* Be efficient in computer based programs including, Microsoft

; 3 : i Today his family, neighbours and
Excel, Microsoft Word, Powerpoint, and Publisher ; : _

Friends are still trying to find out why
He died the way he did.

if you are interested in a challenging career, that will bring out the ;
best in you, in an environment that is ever changing and evolving,
then, send your Resume, on or before April 13th, 2007 to:

They are convinced that their child,
Their neighbour and their freinds was
Robbed of a gift that God Almighty
Janice Fountain - Moss Alone had given; namely his life.
Human Resources Manager

P.O. Box N-1123

Nassau, Bahamas

ihe Family thanks everyone for keeping
them in your prayers and support.

Or by Email to:

jfountain-moss@cbcbahamas.com





| THE TRIBUNE iis | TUESDAY, MARCH 27, 2007, PAGE 11

4





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TUESDAY, MARCH 27, 2007

SECTION

business@tribunemedia.net




The Tribune





BUSINESS

Miami Herald Business, Stocks, Analysis, Wall Street





2) isa



HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE

Tel: (242) 356-7764

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Bahamas bank dodges’
_$330m damages claim

Leadenhall liquidator concerned Caledonia decided to liquidate fund without his input

@ By NEIL HARTNELL
‘ Tribune Business Editor

Bahamian bank

has
moment

dodged a $330

million dam-

ages claim, a US court awarding
three plaintiffs just $1.04 mil-
lion because it “had not certi-
fied the case as a class action”.
In his latest report to the
Supreme Court, Leadenhall
Bank & Trust’s liquidator,
Craig ‘Tony’ Gomez, said the
US District Court for the south-
ern District of Florida award-

for the

ed the $1.04 million in damages
against the Bahamian bank and
its former credit card processing
partner, Axxess International,
on February 12, 2007.

Former investors in Cash 4
Titles, a fraudulent US-based

Ponzi scheme for which Lead-,

enhall and Axxess had provided
services to, had attempted to
sue the Bahamas-based compa-
nies via a class-action lawsuit
for $100 million. They subse-
quently sought to triple the
damages award after Leaden-
hall failed to enter an appear-
ance befire the court.

The investors had sought to

Purpose trusts,
Foundations
are ‘clarified’

- MByNEILHARTNELL
Tribune Business Editor.

THE House ia
of Assembly | He
yesterday
passed amend-
ments designed
to “clarify” the
Purpose Trusts
and Founda-
tions Acts, with
the Govern-
ment acknowl-
edging that the
initial versions
of both Acts “didn’t make us
as competitive as we thought
we would be”.

Vincent Peet, minister of
financial services and invest-
ments, said that in regard to the

ose Trusts Act, the aim was
to “clarify how assets are dis-
tributed” from the trust.

This had become necessary
because executives in the
Bahamian financial services
industry had warned that there
had been “a loss of business
coming to the Bahamas”.

Clients who had wanted to
domicile their purpose trusts in
the Bahamas had not done so
because of concerns regarding
what they perceived as uncer-
tainties in the Bahamian legis-
lation.

Mr Peet said the amendments
to the Purpose Trust Acts were

@ PEET

e



Earlier Acts
‘didn’t make us
as competitive
as we thought
we would be’

“to ensure that purpose trusts, a
hybrid instrument, allow trust
capital and income to be dis-
tributed to persons for any pur-
pose, charitable or non-chari-
table”. :

In addition, the trust instru-
ment can use fixed interests, dis-
cretionaty interests or a combi-
nation of the two.

Mr Peet said of the Purpose
Trusts and Foundations Acts:
“It didn’t make us as competi-
tive as we thought we would
be.”

Allyson Maynard-Gibson, the
attorney general, said the
amendments to both Acts
would “make the Bahamas
more attractive as a financial
services jurisdiction”.

In the case of Foundations,
Mr Peet said the Bahamian
financial services industry was
“continually being made aware”

SEE page 12B

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obtain a $330.228 million
default judgement against Lead-
enhall and Axxess, but US Dis-
trict Judge Adalberto Jordan
awarded damages to just three
of the class-action plaintiffs
named in the lawsuit.

A Philip Madison received
$621,425; Robert Wolff was
awarded $255,520; and Edward
Turner received $168,132,
“which represents treble dam-
ages for each of their respec-
tive claims”.

Mr Gomez said nothing was
awarded to the two other plain-
tiffs in the action, Grey Wolf
Holdings and Paul Janssens, “as

the judge felt that no evidence
was produced to show that they
had suffered a loss due to the
actions of the bank and
Axxess”.

He added of the court award:
“This is considerably less than
the default judgement of $330
million due to-the fact that the
court had not certified the case
as a class action.” |

The ruling means that, for the

moment, the Leadenhall liqui-

dation and the bank’s creditors
and depositors have effective-
ly ‘dodged a bullet’ in Mr
Gomez’s efforts to recover their
funds.

There is no judicial comity
between the Bahamas and the
US, which means that the
judgement in the US District
Court for southern Florida can-
not be enforced here.

As it is in liquidation, Lead-
enhall has no ties to the US or
assets there that could be
frozen, meaning that the for-
mer Cash 4 Titles investors
would have no option to bring
an action against the bank here
if they wanted to pursue their
quest for damages.

The three investors who were
awarded damages by the Flori-
da court will also have to file

claims with Mr Gomez and
stand in line in the queue of
creditors to receive any payout.

Meanwhile, Mr Gomez said
he was concerned that Caledo-
nia Corporate Management
Group, the Bahamas-based
financial services provider, had
decided to liquidate an invest-
ment fund it managed, and in
which Leadenhall had a 78 per
cent stake worth $3 million,
without discussing it with him.

Mr Gomez said Caledonia
Fund Investments Ltd’s two

SEE page 2B.

John S George chief acquires Abaco Markets Turks’ outlet

s

@ By NEIL HARTNELL
Tribune Business Editor

JOHN S George’s chairman and chief.

executive, Ken Hutton, is part of an investor
group that is acquiring Abaco Markets’
Turks & Caicos-based Cost Right store for

_ $2.7 million, The Tribune can reveal.
The purchase, which is due to close at

the end of April, is understood to be a com- -

pletely separate venture from the John S
George business, which was acquired in
April 2004 via a leveraged buyout that was
led by Mr Hutton.

Multiple sources yesterday told The Tri-
bune about Mr Hutton’s involvement.
When contacted by this newspaper, Mr
Hutton replied: “I have no comment at this
time.”

Gavin Watchorn, Abaco Markets’ presi-
dent, said he could not confirm nor deny the
involvement of Mr Hutton in the deal to
purchase the Abaco Markets store, explain-
ing that the directors of the buying com-
pany had requested confidentiality.

The purchasing vehicle through which

Mr Hutton and his as-yet unidentified fel-
low investors are acquiring the Cost’Right
store is called Entervant Holdings (TCI)
Ltd, a Turks & Caicos-domiciled @@p)pa-
ny. a

Mr Hutton and his group are already
understood to have paid a deposit, the cru-
cial step in real estate transactions that
allowed Abaco Markets to announce the
sale, which is due to close in April 2007.

The purchase price is due to be paid in
US dollars, with $2.5 million in cash
received by Abaco Markets upfront, and
the remaining $200,000 payable over a
three-year period.

The acquisition by Mr Hutton and his
group means that they will takeover the
mantle from Abaco Markets of providing
Bahamian ownership of commercial assets
in the Turks & Caicos Islands, whose econ-
omy is growing rapidly. They will be one of
the few Bahamas-based groups to own
assets outside this nation.

It is unclear what Mr Hutton, who was
previously chief executive of BISX-listed
Freeport Concrete, is planning for the Cost



“(just got a lot loan

fo

Right store once the: acquisition is com-
pleted.

It is possible that he might look to re-
establish it'as a grocery wholesaler/distrib-
utor, as it was when Abaco Markets
acquired it and it was named TC Trading.
The strategy might also involve establishing .
it as a wholesaler and agent for a variety of
international named brands.

Mr Hutton has a background in hard-
ware, home furnishings, paint and automo-
tive supplies, having served as general man-
ager of Kelly’s (Freeport) before joining
Freeport Concrete.

It was he who led the. John S George
buyout through an acquisition vehicle, JSG
Holdings, in which his fellow shareholders
are Benchmark (Bahamas), the Pritchard
and Morley families, Robert Lotmore and
Mr Hutton’s relatives.

Mr Hutton and his team have had to
work hard over the past three years to revi-
talise the John S George brand, and retail
observers believe more work remains to be
done, although some objectives have been
accomplished.



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Pe

PAGE 2B, TUESDAY, MARCH 27, 2007

David.
Stockman
charged

NEW YORK (AP) — David
Stockman, the former budget
director in the Reagan White
House, was charged in an indict-
ment unsealed Monday with
overseeing a sweeping fraud at a
troubled auto parts supplier that
he led before the company col-
lapsed into bankruptcy.

Stockman, 60, was one of four
former top Collins & Aikman
Corp. executives named in the
federal indictment. Four other
former company employees
including a former treasurer have

already pleaded guilty in the case, —

prosecutors said. At a news con-
ference, U.S. Attorney Michael

Garcia said Stockman and his co-
defendants “resorted to lies, tricks
and fraud” from 2001 to 2005 to
hide the truth about his failing
company from investors and cred-
itors. Garcia said Stockman let

_the company’s employees mislead

creditors about the company’s
revenues and the ability of Collins
& Aikman to pay its bills until
the company was forced to enter
bankruptcy proceedings in May
2005. The government said Stock-
man personally decided which of
the company’s suppliers and cred-
itors would get paid and person-
ally managed all of C&A’s liq-
uidity during the crisis.

BUSINESS



= DAVID STOCKMAN, former budget director during President Reagan’s tenure exits Manhattan federal court in New York yesterday.

(AP Photo: Louis Lanzano)



Bahamas bank dodges $330m damages claim

FROM page 1B

directors were Matthew
McNeilly, a senior Caledonia
executive, and himself, having
replaced William Jennings,
Leadenhall’s managing direc-
tor, on December 15, 2005.

“T received verbal communi-
cation from Caledonia that the

fund was being liquidated,” Mr
Gomez said. “This was a matter
of concern for me due to the
fact that as a director of the
fund I had not been invited to
participate in or co-sign the res-
olution to terminate the fund.
“T met with the principal from
Caledonia on February 6, 2007,
to discuss my concerns and oth-
er matters related to the fund. It
was agreed between Caledonia

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and myself that all minutes, res-
olutions and statements of the
fund would in future be for-
warded to me for my review
beforehand.

“It was also suggested that
Caledonia investigate the pos-
sibility of forwarding proceeds
from the liquidation of the fund
to the liquidadtor of the bank.”
Some $3.828 million in assets
are contained in the fund.

In a previous report, Mr
Gomez had questioned whether
there had been “double dip-
ping” by investment managers,
as the $3 million investment in
the Caledonia fund also
appeared on the statement got a
$15 million policy that Leaden-
hall took out with Generali
International, a Guernsey-based
insurer.

This gave the appearance that
the same asset was being
charged twice for investment
management fees, although

“Caledonia ‘said it did not know

Public Utilities Commission

EXCELLENT JOB OPPORTUNITY
SENIOR ECONOMIST

The Public Utilities Commission (PUC) in its mandate to
regulate the telecommunications sector is seeking to strengthen

its capacity in regulatory economic analysis.

The PUC is

seeking a suitably qualified economist with drive and ambition
to fill the position of SENIOR ECONOMIST. The successful
candidate will provide specialist advice on the economic and
financial performance on regulated utilities. The candidate will
also. work as an integral part of a multidisciplinary team of
professionals to ensure effective oversight of the numerous
licensees in The Bahamas. The candidate will perform market
research and other economic studies relevant to the current and

future development of the telecommunications, electricity, and
water and sewerage sectors in The Bahamas.

Qualifications:

-Bachelor’s Degree in Economics or

whay the $3 million appeared
on the Generali balance sheet.

In addition, Mr Gomez said
previously that the investment
in the Generali policy did not
appear to have been in Lead-
enhall’s best interests. Gener-
ali received an annual fee of
$400,000, and the income
earned on the policy by Lead-
enhall in 2005 was less than
those fees.

The liquidator said that he
and his attorney, Sidney Cam-
bridge of Callenders & Co, had
met with Mr Jennings on the
Generali issue, who had told
them that all investment deci-
sions on it were approved by
the Board of Directors.

Mr Gomez said he was
reviewing Leadenhall’s records,
especially minutes of meetings
between the bank’s Board of
Directors and shareholders, to
confirm this.

Some $1.431 million in debts
remain owing to Leadenhall on

its former credit card portfolio,
for which it held the issuing
licence, while Axxess handled
the administration.

Mr Gomez said he had con-
tacted about 60 per cent of
those with outstanding credt
card debts, “and was not suc-
cessful in this effort to recover
any substantial amount. How-
ever, we have commitments for
significant receipts from local
debtors over the next few
weeks”.

Some 101 Bahamas-based
card customers owe a collective
$715,731, while 354 interna-
tional customers owe a further
$707,364. Mr Gomez said he
was engaging international par-
ties to assist with the collection
of funds from international card
holders.

Mr Gomez said some $3.316
million in loans made by Lead-
enhall remained outstanding,
although one client had sent a
letter outlining a payment

schedule to settle a $1.1 million
debt.

In relation to another loan,
Mr Gomez said a Canadian-
based company, Nuvo, former-
ly known. as Dimethaid
Research, had sold a property
to raise funds to pay-off the
debt, the monies from which
were placed in an interest-bear-
ing escrow account pending
Court approval of the settle-
ment.

Mr Gomez said that despite
this payment, there was likely to
be a shortfall that Leadenhall
may be forced to write-off.

But he added that a dispute
had arisen with Nuvo over the
interest rate applied to the loan,
claiming it should attract a 5 per
cent defaul rate, instead of the 2
per cent per month Leadenhall
had applied to it.

Nuvo has since hired Bahami-
an attorneys to oppose the
release of the funds to the liq- ~
uidation asset pool.

FIRSTCARIBBEAN

INTERNATIONAL BANK
CAREER OPPORTUNITY

for

SENIOR FINANCIAL ANALYST

Qualifications:

BAHAMAS

° Accounting designation (ACCA, CPA or other similar

designation)

Audit experience (Preferred)
Prior experience working in/with financial institutions

Proven analytical skills in reporting, modeling and forecasting
Proven team management skills

General Requitements/Responsibilities:

° Assist with the preparation of annual financial statements

with IFRS

° Assist with the preparation of accurate and timely quarterly
financial statements for publication as required by the
Securities Commission and BISX.
Ensures the integrity of financial information presented for

FirstCaribbean International Bank (Bahamas) Limited
Analyzes financial results and prepare variance explanations
for monthly reporting.

Ensures that financial and management reports are prepared
and distributed within established timelines

Consults with business units of the Bahamas entity, monitors
their performance and provides advice based on analyzed
results

Assist with facilitating the annual audits and the preparation
of requisite schedules.

Interpret changes in accounting and reporting standards and
recommend changes and enhancements to systems and reports.

Economics and Accounting;
-Master’s Degree in Economics or Finance; and
-Minimum of five (5) years relevant experience

The PUC offers a very attractive benefits package and excellent
opportunities for further development including specialist
training via short courses and seminars in The Bahamas and
overseas. Starting salary will be commensurate with relevant
experience. Further information about the PUC can be obtained
from its website: www.PUCBAHAMAS.gov.bs.

Applicants are requested to submit their resume with a cover letter
via email by April 4. 2007 to:
deangelia.deleveaux@ firstcaribbeanbank.com

Applications should be received by March 30, 2007.

Interested applicants may deliver or fax resumes to:
Executive Director, Public Utilities Commission
4th Terrace East, Collins Avenue
Fax No. (242) 323-7288

E-mail: PUC Gy ucbahamas.gov.bs

FirstCaribbean International Bank (Bahamas) Limited
thanks all applicants for their interest, however only those
under consideration will be contacted.
Vacancies are open to Bahamian residents only.





BUSINESS

Che Miami Herald



THE MARKETS

STOCKS, MUTUAL FUNDS, 8B
pow30 _—12,469.07.— -11.94 W
S&P 500 1,437.50 +139 A
NASDAQ 2,455.63 +670 AX
10-YR NOTE 466-01 W
CRUDE OIL 62.91 +63 Ad

Growth
doubts |
WOITY
markets

- BY JOE BEL BRUNO
Associated Press

NEW YORK — Wall Street
pared steep losses Monday to
end narrowly mixed after a sur-
prise drop in new home sales
for February dimmed hopes for —
a rebound in the troubled hous-
ing market.

Economists have been
watching the housing industry
for a hint about where the econ-
omy is heading. The disappoint-
ing report sent major indexes
down throughout most of the
session, with the Dow Jones
industrials racking up triple-
digit losses. Investors used the
decline to buy: some shares
before the second-quarter ends
on Friday, analysts said.

“The market is already wor-
ried more about economic
growth than inflation, so I think
you’re going to see reactions
like this,” said Todd Salamone,
of Schaeffer’s Investment —
Research in Cincinnati. “Over-
all, it’s impressive from the

comeback we've had. There’s
been a whirlwind of attention
about housing’s effects on the
economy, it isn’t anything new
and these pullbacks are buying
opportunities.”

The Dow fell 11.94, or 0.10
percent, to 12,469.07. Last week,
the benchmark index posted a
370 point gain, its best weekly
point rise in four years. It
dropped as much as 112 points
earlier on Monday.

Broader stock indicators
were slightly higher. The Stan-
dard & Poor’s 500 index rose
1,39, or 0.10 percent, to 1,437.50,
and the Nasdaq composite
index added 6.70, or 0.27 per-
cent, to 2,455.63.

Bonds rose, with the yield on
the benchmark 10-year Trea-
sury note falling to 4.60 percent
from 4.61 percent late Friday.

Bond investors have been hop- —

ing that a slowing economy will
cause the Federal Reserve to
lower interest rates.

The dollar traded mixed
against other major currencies,
while gold prices advanced.

Investors also are focused on
a spate of economic data due
this week, including Conference
Board’s consumer confidence
survey on Tuesday and the
gross domestic product report
due ‘on Wednesday.

“Investors are looking to fig-
ure out how things are going to
shake out after a big move
higher last week,” said Mike
Malone, a trading analyst at
Cowen & Co. “Given the magni-
tude of the move higher we had
last week, I don’t find this to be
overly surprising.”

Oil prices rose Monday, with
a barrel of light sweet crude up
63 cents to $62.91 on the New
York Mercantile Exchange.
Crude prices have risen steadily
on continued tensions between
Iran and the West following
Iran’s detention of British naval
personnel. Recent declines in
U.S. oil inventories also sup-
ported the market.

The Russell 2000 index of
smaller companies was fell 3.26,
or 0.40 percent, at 806.25.

Advancing issues outnum-

' bered decliners by about 3-to-2
on the New York Stock
Exchange, where consolidated
volume came to 2.69 billion
shares, up from 2.56 billion Fri-
day.

Overseas, Japan’s Nikkei
stock average closed up 0.24
percent. Britain’s FTSE 100
down 0.75 percent, Germany’s
DAX index was down 1.02 per-
cent, and France’s CAC-40 was
fell 1.04 percent.

Aa





saree

ECONOMY



i A government report said
that new home sales
unexpectedly declined,
sparking concern that the
housing market will remain ina
slump this year.

BY MARTIN CRUTSINGER
Associated Press

WASHINGTON — Sales of
new homes fell for a second con-
secutive month in February, dim-
ming hopes for a rebound soon in
the troubled housing market and

’ raising fears about the health of
the overall economy.

The Commerce Department
reported Monday that sales of sin-
gle-family homes dropped 3.9 per-
cent last month to a seasonally
adjusted annual rate of 848,000
units, the slowest pace in nearly
seven years.

The decline followed a 15.8 per-
cent plunge in January, the biggest
one-month decline in 13 years.

The weakness in sales was
accompanied by a drop in prices
with the median price of a new
home falling to $250,000 in Febru-
ary, down 0.3 percent from a year
ago.

The report was far weaker than
Wall Street had been expecting
and raised concerns that rising
mortgage delinquencies and fore-
closures, especially in the sub-
prime market, would further
depress housing activity in the
months ahead as nervous lenders
tighten their standards.





INSURANCE





DANNY JOHNSTON/AP
HOPEFUL: Work continues ona
new home in Sherwood, Ark.,
Monday.

MATT YORK/AP

WEAK PERFORMANCE: Sales of new homes fell sharply for a second consecutive month in February.
Above, workers unload raof tiles at a KB Home development in Gilbert, Ariz., last week.

New home sales slide to



slowest pace in 7 years

Seiders, chief economist for the
National Association of Home
Builders.

Sales were down in every
region of the country except the
West.

In addition, the government
revised sales information for the
previous three months ‘to show
weaker activity than previously
reported.

The number of unsold homes
shot up to 546,000 units. It would
take 8.1 months to eliminate that
backlog of unsold homes at the
February sales pace, the longest
period for this measurement in 16
years.

Economists predicted further
downward pressure on prices in
the months ahead until the num-
ber of unsold homes is lowered to
more normal levels.

Patrick Newport, senior econo-
mist at Global Insight, said he

‘expected that housing, which has

Concerns about financial diffi-
culties facing many lenders in the
subprime market, designed for
borrowers with weak credit rat-
ings, contributed to a 416-point
plunge in the Dow Jones industrial
average on Feb. 27.

“Lending standards apparently
are tightening not only in the sub-
prime market but in other compo-
nents of mortgage lending as well
and this is creating tremendous
uncertainties regarding the near-
term outlook for home sales and
housing production,” said David

As insurers reap big
profits, consumers —
complain of neglect

@ Insurance company critics say
that insurers are doing well
financially by shorting the people
who bought their products.

BY EILEEN ALT POWELL
Associated Press

NEW YORK — The headline
numbers were eye-popping: Allstate
reported a record $5 billion profit for
2006. State Farm Insurance’s profit
climbed 65 percent for the year. St.
Paul Travelers’ earnings rose sixfold
in the fourth quarter, American Inter-
national Group’s rose eightfold.

A year and a half after Hurricane
Katrina devastated the Gulf Coast,
profits at the nation’s major proper-
ty-casualty insurance companies
soared — and are expected to be
strong again in 2007, according to
estimates by the A.M. Best Co. rating
agency.

Critics charge that the insurers are
reaping big profits at the expense of
their customers — including hun-
dreds of consumers who still haven’t
gotten settlements for their Katrina
claims. The industry, in turn, denies
taking advantage of consumers, cred-

wT aE

oe

iting its growing profitability instead
to fewer storms last year and
improved business procedures.

One of the harshest critics, J. Rob-
ert Hunter, director of insurance for
the nonprofit Consumer Federation
of America in Washington, D.C.,
accuses the nation’s insurers of using
Katrine and other major hurricanes
to try to justify “overpricing insur-
ance, underpaying claims and reap-
ing unjustified profits” at the expense
of homeowners and business owners.

Hunter, a former Texas state
insurance commissioner, added that
he expects the industry to continue
to do exceptionally well because it is
pushing more risk and more cost
onto policyholders.

“They’re making homeowners and
business owners take on more of the
risk through high deductibles, caps
on replacement costs and other limi-
tations,” he said. “And they’re refus-
ing to renew tens of thousands of
homeowner and business property
policies, especially along the coasts.”

Hunter argues that state regula-
tors “have not done the job to control
excessive prices” charged by the

profits,

been a major factor reducing over-
all economic growth, will probably
trim growth rates by about 1 per-
centage point for all of 2007.

“The housing market is weak,”
he said. “Our view is that housing
will not turn around until next
year.”

Some analysts see the current
slowdown as a correction from a
period of speculative frenzy in
which investors were buying
second homes in hopes of
reselling them quickly to make



3B



INTERNATIONAL EDITION

TECHNOLOGY

Intel plans
to build
hew chip
factory

in China

@@ Intel’s plan to build a chip factory
in China is a victory for China’s
campaign to attract high-tech |
investment that it hopes will speed

development of its own technology
industries. —

BY TIM JOHNSON
McClatchy News Service

BEIJING — Intel announced plans
Monday to build a $2.5 billion computer
microchip plant in China, the largest
single investment by a U.S. company
here ever — but one that may face polit-
ical opposition on Capitol Hill.

Intel Chief Executive Paul S. Otellini
said the new plant in the northeastern
city of Dalian would become the low-
est-cost factory the company has ever
operated.

The plant will make microchips a
generation behind Intel’s most
advanced products, mostly for use in
computers. Since China assembles the
majority of the world’s computers, pro-
ducing the chips here “just makes a
whole lot of sense,” Otellini said.

Intel, the largest U.S. microchip man-
ufacturer, is likely to run into opposi-
tion on Capitol Hill on a variety of
grounds, including loss of jobs to China,

the export of manufacturing capacity .

and national security. Congress has
imposed limits on high-tech exports to

‘China for fear they could find their way

into military use.

“Given the atmosphere in Washing-
ton and given that there’s a new Demo-
cratic sheriff in town, I think the deal
will get a lot of scrutiny,” said David
Wolf, head of Wolf Group Asia, a strate-
gic marketing consultancy for high-tech
industries. “It’s going to be challenged.”

For now, though, Intel has won a
green light from the Commerce Depart-
ment to proceed. At a signing cere-
mony, U.S. Ambassador Clark Randt
called the deal “a milestone in Sino-
United States high-technology coopera-
tion.”

The Dalian plant will be Intel’s first
microchip plant in Asia and the first to
be built by Intel from the ground up in
15 years. It currently operates microchip
plants in Arizona, Oregon and New
Mexico, as well as in Ireland and Israel.

Otellini described the new plant as
crucial to the company’s future.

“China is our fastest-growing major
market, and we believe it’s critical that
we invest in markets that will provide
for future growth to better serve our
customers,” he said.



ALEX BRANDON/AP

STILL CAMPING: Joyce Ridgeway poses between her home and her
FEMA trailer in New Orleans earlier this month. Ridgeway’s
four-family house in the Esplanade Ridge neighborhood was
damaged when Katrina hit in August 2005.

insurers.

For consumers, the situation is
both frustrating and financially bur-
densome.

Joyce Ridgeway, whose four-fam-
ily house in the Esplanade Ridge
neighborhood of New Orleans was
damaged when Katrina hit in August
2005, is still waiting for a final settle-
ment from British-based insurer
Lloyd’s. She’s so far received just
$30,000 toward the $85,000 needed
to cover alternative living expenses
and to repair the roof, gutters and
wood siding wrecked by the storm.

Ridgeway, a 52-year-old public
health worker, is frustrated that she’s
still living on the property in a trailer
provided by the Federal Emergency
Management Agency. Tenants are
back in just two of the units.

“T’ve been doing bits and pieces as
I can to get repairs done,” she said. “I
took my savings.”

But, she added, “I’ve waited so
long. It just doesn’t seem fair.”

A Lloyd’s spokesman said that if a
claim couldn’t be resolved locally, it
could be referred to the company’s
dispute resolution department.





THE MIAMI HERALD | MiamiHerald.com

BUSINESS BRIEFS

e RETAIL





‘a
Pa eal

NICK UT/AP

PRICE OF SHARES: Even with good news about earnings,
Walgreen shares fell 47 cents, or 1 percent, to close at
$47.30 on the New York Stock Exchange Monday.

Strong Rx sales boost
Walgreen’s 2Q income

From Herald Wire Services

Robust prescription drug sales helped drugstore chain
Walgreen (WAG) earnings increase nearly 25 percent in the
second quarter, company officials said.

The nation’s biggest drugstore chain by revenue earned
$6519 million, or 65 cents per share, for the three months
ended Feb. 28. That’s up from $523.5 million, or 51 cents per
share, during the same period last year.

Revenue beat Wall Street expectations by growing
14.6 percent, to $13.93 billion, up from $12.16 billion last year.

e SOFTWARE

MICROSOFT SAYS 20M
COPIES OF VISTA SOLD

Microsoft (MSFT) said it
sold 20 million consumer
copies of the new Windows
Vista operating system
worldwide in February, but
analysts said the data shed
little light on the program’s
popularity during its first
month on the market.

By comparison, Windows
XP, Vista’s predecessor, sold
17 million copies in the two
months following its 2001
launch, Microsoft said.

But given that the per-
sonal computer market has
nearly doubled since XP

launched, Vista sales “prob- _

ably should be more,” said ‘
Michael Silver, vice presi-
--dent of research at Gartner,
a technology research
group.

‘e GERMANY

PORSCHE TO RAISE
STAKE IN VOLKSWAGEN

Porsche (PSEPF.PK)
said it had moved to
increase its stake in Volks-
wagen to nearly 31 percent
in a move aimed at shielding
Europe’s biggest automaker
from hostile takeovers.

The move to increase
Porsche’s influence, long
expected by analysts and
markets, triggered a manda-
tory takeover offer under
German law.

Stuttgart-based Porsche
said it paid $134.10 a share
and raised its stake in the
maker of the Jetta, Golf and
Polo by 3.6 percent. The
price per share was about 14
percent lower than Friday’s
closing price.

Shares of Porsche rose
0.58 percent to close at
$1,490.25 while Volkswagen
shares fell 3.19 percent to
$151.42 in Frankfurt.

e JAPAN

FUJI TV SUES LIVEDOOR
FOR $292M IN DAMAGES

The Japanese broadcaster
Fuji TV (FJTNF.PK) sued
former dot-com luminary
Livedoor (LVDRF) on
Monday for $292 million in
damages over losses it
absorbed after buying a
stake in the since disgraced
Internet portal company.

The lawsuit, filed by Fuji
Television Network in
Tokyo District Court, seeks
compensation for the loss in
value of nearly 134 million
Livedoor shares the Tokyo-
based broadcaster bought in
2005 for $373 million as part
of an alliance.

Fuji took a substantial
loss when it later sold the
shares to Livedoor’s new
partner, Usen (UNCTF.PK),
for about $80.5 million.

Livedoor shares plunged
after the company was
raided by prosecutors last
year, its top executives were
arrested on charges of secu-
rities laws violations,
including falsifying earn-
ings, and the shares were
delisted.

e DIVESTITURE

HEALTHSOUTH SELLS
SURGERY BUSINESS

Rehabilitation chain
HealthSouth (HLS) said it
has agreed to sell its surgery
division for about $920 mil-
lion in cash plus a stake in
the surgery business, its sec-
ond major divestiture this
year as it restructures after a
major financial scandal. Its
shares climbed more than
7 percent in premarket trad-

ing.
The sale to TPG, a pri-

vate equity firm, includes an _

equity stake in a newly
formed company that will
operate the surgery busi-

ness.

HealthSouth estimates”

-the equity interest will be

worth between $25 million
and $30 million in five years,

“pushing its estimate of the

value of the deal to $945 mil-
lion.

e TAKEOVER

GERMANY’S E.On RAISES
ENDESA BID TO $56B

Germany’s E.On
(EONAF.PK), fighting to -
salvage its proposed take-
over of Spanish utility
Endesa (ELE), raised its
bid by 3 percent to about
$56.3 billion — but Endesa’s
two biggest shareholders
said they would team up to
make an even higher offer.

E.On’s latest bid of $53.31
a share — valuing Endesa at
42.4 billion euros — came
after Endesa shareholders
Acciona (ACXIF.PK) of
Spain and Italy’s Enel (EN)
had said Friday they were in
advanced talks on a possible
joint bid for Spain’s biggest
utility.

Endesa’s board of direc-
tors recommended Monday
that shareholders accept the
latest German bid, noting it
was up from its previous
offer made in February of
$51.64 a share, or a total of
$54.64 billion.

e CALIFORNIA

DHL ESTABLISHES
NEW GATEWAY

DHL, the world’s leading
express delivery and logis- -
tics company, said it will
open its new international
gateway in Southern Cali-
fornia, to enhance service
quality and meet the grow-
ing needs of DHL customers
shipping to and from Asia-
Pacific and the Western
United States.

To establish the new
International Gateway oper-
ation, DHL has invested
nearly $3 million at its West
Coast Distribution Facility
in Riverside, Calif., adding
on-site offices specifically
for providing customs-pro-
cessing and clearance func-
tions related to DHL inter-
national shipments upon
arrival.

The newly expanded
operation will come fully
online with the arrival today
of a flight from DHL’s Cen-
tral Asia SuperHub in Hong
Kong into the facility.











PHARMACEUTICALS



JALEDITION TUESDAY, MARCH 27, 2007 | 4B,

Partners to develop new cholesterol drug

BY LINDA A. JOHNSON
Associated Press

TRENTON, N.J. — Merck
& Co. and Schering-Plough,
partners looking to grab more
of the $32 billion global cho-
lesterol-drug market, will
jointly develop a new medi-
cine combining their Zetia
with rival Pfizer’s blockbuster
Lipitor.

The planned drug, meant to
reduce bad cholesterol levels
in two ways, could hit the mar-
ket when Lipitor’s patent
expires in a few years, Merck
and Schering-Plough said.
Information on when human
testing would begin was not
disclosed.

News of the deal pushed up
Schering-Plough’s shares
more than 2 percent, while
Whitehouse Station, N.J.-
based Merck shares dipped
about 1 percent.

Merck and Schering-Plough _

have a seven-year-old joint
venture that markets two cho-
lesterol drugs: Schering-
Plough’s Zetia and a combo

BANK

pill launched in mid-2004
called Vytorin. It combines
Zetia and Zocor, Merck’s for-
mer blockbuster, which lost
patent protection in June
2006.

Zetia is the only drug on
sale that limits absorption of
cholesterol in the digestive
tract. Zocor, like other drugs
in a popular class call statins,
limits cholesterol production
in the liver.

The Merck-Schering-
Plough joint venture promotes
Vytorin heavily, stressing that
it fights cholesterol in two
ways.

“We anticipate that the Lip-
itor/Zetia combination may be
more effective than Vytorin
on cholesterol reduction and
could capture an even larger
share of the cholesterol-man-
agement market than Vyto-
rin,” analyst Joseph Tooley of
A.G. Edwards wrote in a
research note.

Halit Bander, the head of
New York-based Pfizer’s Lipi-
tor medical team, said the

Heart disease remains
the country’s No. 1
killer.

company can’t speculate on
how the new combination
would work.

Schering-Plough spokes-
woman Mary-Fran Faraji said
combining Zetia with any
statin reduces cholesterol
level about an extra 20 per-
cent, roughly three times as
much benefit as just doubling
a statin’s dose.

“This will present, if it’s
approved, an additional option
for physicians and patients,”
she said. “There are really tre-
mendous unmet needs in cho-
lesterol management.”

Heart disease remains the
country’s No. 1 killer and many
patients are unable to reduce
their level of bad cholesterol
— and with it cardiac risk —
as much as doctors recom-
mend.

Meanwhile, new studies

reported Monday a comple-
mentary strategy of trying to
stave off heart disease by
boosting good cholesterol
didn’t work well and had
safety problems.

Lipitor, the world’s top-sell-
ing drug, currently is pro-
tected by two patents, one fac-
ing a legal challenge,
according to Pfizer. It is not
‘expected to face generic com-
petition until March 2010 or
later.

Last year, Lipitor brought
Pfizer $12.9 billion in revenues
worldwide, more than three
times the combined sales for
Zetia and Vytorin of $3.86 bil-
lion. According to health data
company IMS Health, Zocor
had more than $3.2 billion in
2006 sales, down sharply from
2005 because of generic com-
petition. Prescriptions for a
cheaper generic version of
Zocor, simvastatin, exceeded
14 million just in the second
half of last year and are threat-
ening to erode sales of all the
brand-name cholesterol pills.

Citigroup may cut 15,000 job

NEW YORK — (AP) —
Citigroup expects to have
completed its corporate cost
review by mid-April, company
officials said, as published
reports suggested the nation’s
largest bank was considering
cutting about 15,000 jobs.

The Wall Street Journal
said the job cuts — which
would amount to about 5 per-
cent of Citigroup’s worldwide
work force — were part of the
New York-based bank’s

’ restructuring plan, which was

disclosed late last year and is
aimed at improving the bank’s
financial performance.
Citigroup’s chairman and
chief executive, Charles
Prince, has come under heavy
criticism from investors
because its expenses have
been growing faster than its

“yevenue; reducing’ profits.’

Prince, who.currently is on
a trip to India, told reporters
in New Delhi that he would
not comment on the Journal’s
report.

“We are going to announce
the results of our strategic
structural review on or before
our earnings announcement
on April 16,” he said.

Earlier, Citigroup spokes-
man Michael J. Hanretta
declined comment on the
report, also saying results of
the cost-cutting study would
be made available ‘on or
before earnings on April 16.”

The review is being led by
Chief Operating Officer Rob-
ert Druskin. The newspaper
said Druskin would report his
recommendations internally
by the end of the week. It cited
unidentified people familiar
with the matter.

The newspaper said the
cuts could result in a charge of
more than $1 billion against

THE ONION

BY SETH SUTEL
Associated Press

NEW YORK — Having
already blossomed as a news-
paper, website and book pub-
lisher, The Onion — perhaps
the most dominant provider of
fake news anywhere — is
bringing its brand of humor to
the hot medium of the
moment: Online video.

The dispatches on the
Onion News Network, which
goes live today, aren’t likely to
be causing much missed sleep
over at CNN and Fox News
Channel, unless those outlets
start covering fake news sto-
ries like Civil War re-enactors
being dispatched to Iraq.

But on the Web, The Onion
will be going up against sev-
eral others who have already
established themselves in
comedy video, including Com-
edy Central’s The Daily Show
with Jon Stewart.

Much of that awareness,
however, came from unautho-
rized clips being viewed on
Google’s YouTube, something
that Comedy Central’s parent
company Viacom is suing
YouTube over for $1 billion.

Sean Mills, the president of
the closely held company that
runs The Onion, says he has
“some tolerance” for unautho-



ae



MARK LENNIHAN/AP

COST REVIEW: Citigroup expects to have completed its corporate cost review by
mid-April, company officials said Monday.

earnings.

Citigroup shares fell 18
cents to close at $51.54 on the
New York Stock Exchange.

Analysts at Standard &
Poor’s Equity Research said
the savings from the job-cut-
ting regime “may not be mean-
ingful to near-term operating
results if the cuts come as a
result of attrition.”

It added that it will be
important to watch how other
cutbacks are scheduled, since
“the timing of the expected
savings are just as important
as overall size of the cuts.”

Charles Prince, the chair-
man and chief executive of
Citigroup, told a company-
sponsored financial services

rized use of clips, and is opti-
mistic that the company will
reach a mutually beneficial
arrangement with YouTube.

Clips from the Onion News
Network will also be available
for free downloads on Apple’s
iTunes store, and Mills said
the company is in talks with
other Web companies about
possible distribution deals.

In the meantime, The
Onion wanted to give its audi-
ence as much flexibility as
possible, and will allow fea-
tures that are popular on vid-
eo-sharing sites such as allow-
ing Web publishers to embed
clips into their blogs.

“We want as many people
to see our news reports as pos-
sible,” Mills said. “We can
work out a deal with YouTube
when they’re ready.”

The Onion’s network will
start out with two new video
clips per week, supported by
ads. An in-house staff of eight
people will work on the vid-
eos, which have a professional
look to them despite the buf-
foonery being discussed, such
as a top-level technology exec-
utive who is forced to sell his
estate and take a job managing

a TGI Friday’s after his job’

goes to an illegal immigrant.
Scott Dikkers, one of the

conference in late January that
the New York-based bank still
intended to grow by focusing
on increasing its existing retail
and commercial businesses
rather than by acquiring other
companies.

The Journal reported Mon-
day that one possibility that
Citigroup is considering is not
replacing some of the 30,000
to 50,000 Citigroup employees
who leave the company each
year. The paper said that the
cuts could slice through Citi-
group’s global banking empire.
It employs about 327,000 peo-
ple worldwide.

In January, Citigroup said it
earned $5.13 billion, or $1.03 a
share, in the October-Decem-

founders of The Onion who
returned about two years ago
and is now its editor, says the
company is frequently
approached with offers to do
television shows but so far has
turned them all down.

“What makes The Onion
what it is is that it’s a totally
uncensored voice. If you go
through a network filter, you
get a totally different vibe,”
Dikkers said.

“TI don’t need someone to
tell me what I can’t do.”

While the subject matter of
the videos is sure to be funny,
based on. samples reviewed
ahead of the launch, it’s also a
real business that a number of
advertisers have already
signed up for, including Dew-
ar’s Scotch, Hyundai and Red
Stripe Beer.

Mills said he expects the

ber period, down 26 percent
from $6.93 billion, or $1.37 a
share, a year earlier when it
had a $2 billion gain on the
sale of Citi’s asset manage-
ment business to Legg Maso:

Inc.

Quarterly revenue rose to
$23.83 billion, up from $20.78
billion in the same period in
2005. But while its revenue
was up 15 percent, expenses
rose an even greater 23 per-
cent.

For the full year, profits
totaled $21.54 billion, or $4.31 a
share, down 12 percent from
$24.6 billion, or $4.75 a share in
2005. Revenue was $89.6 bil-
lion for 2006, up from $83.6
billion in 2005.

Satirical newspaper taps into online video

online video operation to
become profitable by the end
of the year. .

All this comes as The
Onion’s print publications
continue to expand. In early
April it will launch an edition
in Washington, its llth, bring-
ing its total weekly circulation
to just over 700,000.

The Washington Post is
providing printing, distribu-
tion and help with advertising
sales in the Washington edi-
tion in exchange for a share of
revenue.

Its print publications
remain profitable, but The
Onion is moving more and
more toward the Web, where
it now draws about 60 percent
of its advertising revenue ver-
sus 40 percent from print,
about the reverse of where it
was four years ago, Mills said.

LATE TRADING

4p.m. 6:35 p.m. Late
Stock Tk. da close Chg. volume

Nasdl00Tr QQQQ 44.30 44,23 -.07 90624
Oracle ORCL = 18.39 18.40 +.01 79106
Cepheid CPHD = 10.87 11.95 41.08 75244
ClearChan CCU 35.44 35.44 * 23

CSXs CSX 40.09 40.09 ° 64898
CMGI CMGI 2.49 2.53 +.04 63124
Hallibtn's = HAL 31.37 3137 * 58596
Blockbstr — BBI 6.77 6.77 : 56569
Altria MO 84.95 84.93 -.02 = 53522
iShR2K nya IWM 80.02 80.02 ° 35620
Staples SPLS 26.41 26.39 -.02 3964
Microsoft 32363

MSFT — 28.22 28.21 = -.01

FannieM If FNM 56.55 56.55 28537

4 A 6:35 p.m. late
Stock Thr, _close_close_Chg_ volume
Mylanlab = MYL 20.22 20.22 A 28132
SPDR PY 143.20 143.20 26705
UtdhithGp UNH 56.88 56.88 26413
SunMicro SUNW 6.22 6.22 : 25330
FMCG FCX 64.70 64.99 +29 25181
FirstDatas FDC 26.50 26.50 * 25114
Mirant MIR 40.06 40.06 ° 23091
Symantec SYMC 17.61 17.53 -.08 21995
FifthThird = FITB 40.07 40.07 : 18351
MartMM MLM 135,01 135.01 18164

AEP 49.30 49.30

Bowatr BOW 23.44 23.44 16117





For up-to-date stock quotes, go to www.MiamiHerald.com and click on Business

|



THE TRIBUNE

TUESDAY, MARCH 27, 2007, PAGE 5B





VAT or sales tax
to reduce Bahamas
tax ‘regression’

"By NEIL HARTNELL
Tribune Business Editor

Value-Added Tax
(VAT) or retail sales
tax would reduce the
regressive nature of the
Bahamas’ current import
duties-based tax system, a
study for the CARICOM Sec-
retariat has revealed, through
broadening the tax base and

shifting the burden to higher-

income households.

The study on the fiscal
impact that trade liberalisation
will have on the Bahamas said
that consumption taxes, such
as VAT or a retail sales tax,
would encompass services as
well as physical goods.

Since higher-income house-
holds tended to devote a high-
er proportion of their monthly
income to services, the study
suggested that the introduction
of VAT or a retail sales tax
would shift the taxpaying bur-
den from lower income to
higher income households.

Authored

The paper, authored by Eric
Hutton, Don Augustin and
Lindsay Hodder, acknowl-
edged that consumption taxes
were often perceived as being
regressive, as lower income
households often had to divert
a higher proportion of their
income to goods purchases that
higher income households.

But in the Bahamian con-
text, they said: “In the case
where import tariffs are being

replaced by broad-based con-
sumption tax, the reform might
serve to reduce regressivity in
the tax system.

“Import tariffs are levied
strictly on goods, while a
broad-based consumption tax
might target services as well.
High-income households tend
to devote a greater proportion
of their income to the con-
sumption of services as com-
pared to low-income house-
holds, and so such a tax reform
could shift some of the burden
from low-income households
to high-income households.”

The study suggested that
VAT would be a better option
that a retail sales tax, for
although they both targeted
the same tax base, retail sales
taxes might cause ‘cascading’,
where the tax might end up in
the “intermediate production
stage” and thus create a ‘tax-
on-tax’ situation in the final
consumption stage.

In addition, the CARICOM
study said VAT could provide
tax administrators with better
audit and assessment informa-
tion, and “better extract tax
from the services sector”.

“Also, being a multi-stage
tax, when a taxpayer fails to
collect or submit the tax, some
portion of the taxes due still
have been collected; under a
retail sales tax, the full amount
of the tax would be at risk,”
the study said.

Income tax would require
major reforms of tax policy
and tax administration in. the
Bahamas, with this nation havy-

ing to “start from scratch” in
creating an income tax depart-
ment, laws, policies, regula-
tions and staffing.

In addition, “income taxes
tend to exhibit relatively poor
performance in small, island
economies in terms of rev-
enues collected compared to
potential revenue collections”.

Study

The study said the bulk of
the tax burden in these situa-
tions traditionally fell on the
middle-salaried employees of
large institutions, such as
hotels, hospitals, teachers and
government employees.

The CARICOM study
added that using Stamp Duties
as a replacement for import
duties was not advisable, as
these would “most likely con-
travene” any trade agreement
that the Bahamas entered into.

Existing Stamp Duties might
have to be reduced, and
although customes fees. were
still levied under trade agree-
ments, these were set at rates
just to cover the costs of pro-
cessing trade documents.

The CARICOM study also
hinted that “trade diversion”
might result from the Bahamas
signing up, via CARIFORUM,
to the Economic Partnership
Agreement (EPA) with the
European Union (EU).

Imports from countries such
as the US could be replaced in
favour of EU imports, as the
recprocal. nature of the-EPA
means that the Bahamas will

FIRSTCARIBBEAN

INTERNATIONAL BANK

CAREER OPPORTUNITY

fora

Treasurer — Bahamas and Cayman
Operating Companies
Treasury Sales & Trading (TST)

Key Activities and Deliverables:

e The Treasurer is a senior member of the TST leadership team that provide best-in-class
Balance sheet management, TST control and TST dealing support for the FirstCaribbean
Group. A key focus for TST is to enhance Group interest income and develop / market TST
products to the countries’ largest and most discerning clients. Countries include: Bahamas,
Turks and Caicos, Cayman, British Virgin Islands, St. Maarten, and Curacao.

¢ Successfully manage and extract maximum value from business projects and process
improvement initiatives designed to strengthen the operational infrastructure of FirstCaribbean

TST

¢ Build and improve the organizational structures and delivery platforms that support the
FirstCaribbean TST model and product lines

¢ Manage to successful completion, business projects and process improvement initiatives,
designed to strengthen the operational infrastructure of FirstCaribbean TST.

° Develop effective partnerships with all functional groups including Marketing, Finance,
Human Resources and Operations & Technology that directly benefit TST activities, customers

and day-to day operations.

¢ Key result areas include: balance sheet & liquidity management, product sales/marketing
function, product structured support, governance and market risk

Qualifications/Experience:

Graduate status with minimum of 7 years experience in the business/financia!

world

3 years of specific management experience in a TST environment
Association of Corporate Treasurers (ACT) or equivalent qualification preferred
Understanding of the local Bahamas markets, competition, geographic, macro

be required to give these goods
duty-free access to this nation,
making them relatively less
expensive.

“The fiscal impact of trade
diversion would likely only be
significant in the case where
the United States were exclud-
ed from the trade agreements,
and some other large manu-
facturing centre, such as the
EU, were included in the trade
agreement, due to the pre-
dominant role of the US as a
trading partner,” the study
said.

It aldso warned that the rel-
atively “small and closed”
Bahamian wholesale and retail
sector, where only Bahamian
ownership was allowed, could
see companies fail to pass say-
ings from reduced import
duties on to consumers.

While there were no monop-
olies or oligopolies in the sec-
tor, the study said there had
been allegations of “price col-
lusion” in the past.

INSIGHT

For the stories

behind the news,
read Insight
on Mondays



* Sate, family-like environment

¢ Private Elementary, Middle and

Secondary Schools
New residences
Small class sizes

Dedicated faculty

DIRECTOR CORPORATE BANKING

Beautiful campus near Niagara Falls

400 students trom 18 countries

1/3 international and 2/3 Canadian

Comprehensive co-curricular and

residential programs

[Distinguished university placements

Jestablished in 1932

Rich tradition and heritage

$18,000.00
14,000 miles, '

Jini

With origins in The Bahamas since 1978 and in the Cay man Islands and
the Turks and Caicos Islands since 1980, Fidelity is a financial services
group offering a comprehensive range of insurance services, domestic
and intemational banking, estate planning, pension services and corporate
finance as well as other financial products and services. Fidelity is now

inviting applications for a:

Director Corpo rate Banking

Reporting directly to the President, the successful candidate will have the
following minimum require ments:-

Bachelor Degree in Business, Banking or Finance

An MBA qualification would be an asset

5 years experience in intemational credit markets

10 years commercial credit experience at a managerial level
Comprehensive understanding of structured financing solutions
Strong financial and business analysis skills

Exceptional written and oral communication skills.

Proven record of delivery of presentations

The successful applicant will primarily be responsible forthe develop-
ment of Fidelity’s corporate finance business in The Bahamas and across
the Caribbean and will be expected to travel on a frequent basis.

An attractive compensation package, including a comprehensive range of

employee benefits is offered.

Please send applications no later than April 15th, 2007 to:
Director Corporate Banking
Director of Human Resources
P.O. Box N-4853
Nassau, Bahamas
Tel (242) 356 7764
' Fax (242) 326 3000



Email careers (@fidelitybah

amas. com...



About $04,000 USD per year!

includes tuition
~ modern residences
health insurance

Niagara

Be sil
Community of
Schools

NCC will be hosting personal
family visits at the British

Colonial Hilton in Nassau on

April2. Please contact Diane

Kon at NCC directly at
dianek@niagaracc.com or
drop in to the Hilton for a visit.

NCC
2619 Niagara Parkway
Fort Erie, Ontario CANADA

economic and global factors impacting TST activities

Seasoned director with a solid track record of success managing and growing
TST / Treasury Products business in international financial institutions

Solid operational experience in both a sales and a trading environment

Remuneration:

e Salary commensurate with the position’s seniority (FC Level 9 - the Bank has
11 pay levels)

¢ Benefits- includes a car allowance, variable incentive pay (bonus) and preferred
loan rates

Applicants are requested to submit their resume with a cover letter via email by
March 29, 2007 to: deangelia.deleveaux @FirstCaribbeanBank.com

www.niagaracc.com

- FirstCaribbean International Bank (Bahamas) Limited thanks
allapplicants for their interest, however only those under consideration
will be contacted.



AE FOE WE ERP EDEN UTA HS TCA OMNES YEO TURAN ENS PLATT NEA WR TYE LEY EE SOIT WT 2 PT ED



PAGE 6B, TUESDAY, MARCH 27, 2007 THE TRIBUNE



















































NOTICE

NOTICE is hereby given that JEANRENL JOSEPH OF
EAST STREET, COCO PLUM, Nassau, Bahamas, is

applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 27th day of March, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.

2 UBS

UBS (Bahamas) Ltd. is one of the world’s leading
financial institutions in the Caribbean. Our Business
Area Wealth Management International looks after
wealthy private clients by providing them with
comprehensive, value enhancing services. Our client
advisors combine strong personal relationships with
the resources that are available from across UBS,
helping, them provide a full range of wealth
management services.





For our team in Nassau we are looking to fill the
following positions:

Client Advisor Assistant-Brazil desk

In this challenging position you will be responsible for:

e Supporting the client advisors team in
administrative and organizational arrangements
as well as client related processes for optimal
service delivery support

Your tasks will include processing client orders,
dealing with client queries and requests,
preparing contact schedules and client files
before each visit.

With your specialized transactional process
knowledge you act as a troubleshooter

We are searching for an individual with;

Banking & Commerce experience and
qualification

At least 2 years experience in same or similar
function

Proficient knowledge of Office Program
(Windows, Excel, PowerPoint)

Portuguese and Spanish are essential

Written applications by Bahamian nationals only should
be addressed to:

hrbahamas@ubs.com or UBS (Bahamas) Ltd.
Human Resources
P.O. Box N-7757
Nassau, Bahamas



Walgreens:
Sales increase
COMMONWEALTH OF THE BAHAMAS -
IN THE SUPREME COURT on strong retail
FAMILY DIVISION FAM/div/30 1» Ko crip ti @) nN
business






BEWTEEN







NADINE ARLENE CURTIS nee MCPHEE
Petitioner

KALA Rathi shops at a
Walgreens drugstore in the
Respondent Hollywood selection of
NOTICE OF ADJOURNED HEARING Sa CEN

d : . ; March 26, 2007. Walgreen
TAKE NOTICE that the hearing in the above matter which was Co., the nation’s largest

schedule to be heard on the 8* day of February A.D., 2007 will now be heard on the UE STC Ce EL

— BRS AY er oe
i@* day of May A.D., 2007 at 2:30 p.m. in the afternoon before the Chief Justice Sir PIT TCO ea eo ato
income rose nearly 25 per
cent as sales at established
Providence with the Commonwealth of The Bahamas. stores increased on the

strength of a strong retail
Aig 16" ay ot iC EN prescription business.




LYNDEN O’BRIEN CURTIS












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‘ No. 10 Deveaux Street (AP Photo/Nick Ut)

Nassau, The Bahamas

R.M. BAILEY PARK q Attorneys for the Plaintiff
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is seeking a

PROJECT MANAGER

with skills in technical writing, for the production of a public document.
The successful candidate would be able to conduct interviews, gather data
and analyze information. The successful candidate would also be
knowledgeable about global Climate Change (CC) and the United Nations
Framework for climate Change.The successful candidate would be able to
articulate the implications and factors effecting small island states relative
to CC. The position offered is temporary and is contingent on the production
of the document. Interested persons should send their resumes before March
29th, 2007 to the Commission office.All applicants should be available for
interviews during the week of April 3rd 2007. Please contact the Commission
for further details at:



ian meee mum isan “Sm” ea se ee cae all

BEST Commission, Ministry of Utilities & Environment
Nassau Court, West Bay Street
Nassau, Bahamas
Tel: 322-4546 or 322-2576
Fax: 325-3509
Email: bestnbs@hotmail.com











THE TRIBUNE

TUESDAY, MARCH 27, 2007, PAGE 7B





Reebok gets back into the race

@ By JENN ABELSON
Globe Staff
c. 2007 The Boston
Globe

REEBOK, which launched
its brand riding the aerobics
craze, now wants you running
with them.

Over the past few years, the
Canton, Mass. sneaker maker
has reinvigorated its running
division, rolling out a new line
of high-tech sneakers and sign-
ing on more athletes as
endorsers. The company,
which has amassed 15 awards
globally from trade publica-
tions since 2003, is unveiling
next week its most ambitious
marketing campaign yet to win
over runners.

After years of trying to build
its lifestyle and entertainment
reputation, Reebok wants its
running credibility back. More
than that, the company wants
to improve its struggling over-
all brand, which saw United
States sales drop last year.
Running is its biggest category,
followed by basketball and ten-
nis.

Running is lucrative because
it is the biggest segment of the
athletic footwear market, with
US sales jumping five per cent
to $4.9 billion between 2004
and 2006 and average prices
increasing 9.5 per cent to
$40.47 over the same period,
according to market research

firm NPD Group in Port -

Washington, N.Y. But the
growing popularity of the sport
has attracted more rival sneak-
er brands, forcing companies
to battle to keep their market
share.

“It’s very congested now.
We have to come up with
something unique and com-
pelling that will attract people
to the brand,” said Mark
Bossardet, Reebok’s head of
global running.

Reebok, which German
sportswear firm Adidas Group
bought last year for $3.8 bil-
lion, is attempting to carve a
niche by focusing on comfort
and fit that appeals to the gen-
eral running population, not
just hard-core marathoners.
While other firms focus on the
blood, sweat, and tears of run-

ning, Reebok’s global “Run
Easy” campaign will celebrate
the sport’s camaraderie and
joy, Uli Becker, Reebok’s chief
marketing officer, said earlier
this year.

The company’s newest run-
ning technology, Kinetic Fit
System, focuses on the fit of
the entire shoe, rather than just
the ride - where competitors
have paid most attention
designing shocks and gels.
Reebok’s engineers have
strategically placed synthetic
panels of the upper shoe where
the foot flexes so that the bot-
tom and upper move in har-
mony.

Over the past few years,
Reebok has enlisted young
athletes to endorse its running
line - from Aries Merritt, a sev-
en-time NCAA All-American
men’s champion, to Monique
Henderson, a former
Olympian who ranked third
last year in the nation in 400
meters.

The Trinity KFS, launched
last fall, received a coveted
award from the magazine Run-

ner’s World USA, and sales of

the $115 sneakers have been
strong, Reebok said but
declined to provide more
details. Its newest sneakers
using the technology, Premier
Ultra KFS, also sell for about
$115 and will debut next
month during the Boston
Marathon Expo at the Hynes
Convention Center.

”T was really skeptical at
first,” said Warren Greene,
brand editor at Runner’s
World who picked the Trinity
KFS as an Editor’s Choice
award last fall. *But when I
put the shoe on I was totally
blown away by it. We heard
from our runners who tried
them out that Trinity KFS fit
great and was as comfortable a
shoe as they everranin.” %

Reebok’s attention to run-
ning comes as other rivals fine
tune their focus. New Balance
Athletic Shoe Inc. recently
launched NBx, an entire divi-
sion dedicated to the elite run-
ning industry. New Balance
chief executive Jim Davis said
the Boston firm used to domi-
nate the shelves of specialty
running stores, but it grew too



February: Sales of new
homes fall sharply for a
second consecutive month

WASHINGTON (AP) — Sales of new
homes fell sharply for a second consecu-
tive month in February, a weaker-than-
expected performance that dimmed hopes

for a rebound in the troubled housing mar-

ket.

The Commerce Department reported
Monday that sales of new single-family
homes fell by 3:9: per cent last month to a
seasonally adjusted annual rate of 848,000,
the slowest sales pace in nearly seven

‘

RESORT MARINA
THE BAHAMAS

years. All regions of the country except the
West experienced weakness last month.

Decline

The February decline followed an even
larger 15.8 per cent drop in sales in Janu-
ary, which had been the largest one-month
plunge tr 13' years, sisin se ye catsamegnctey
_. The back-to-back-declines provided evi-
dence that the housing market is.continu-

ing to struggle with lagging demand and a
glut of unsold homes.

The weakness in sales pushed the medi-
an price of a new home down to $250,000

in February, a drop of 0.3 per cent from a

year ago.

It marked the second straight month
that the median price fell compared with
the:same period a year ago. The median is
the point where half the homes sold for
moge and half for less.

Ambitious, hardworking and highly motivated Bahamian
couple sought to run established marina and restaurant
on Rum Cay. —

Montana Holdings Ltd owners of Rum Cay Resort
Marina, currently under development have just acquired a sister
property, on the island of Rum Cay. Sumner Point Marina extends
over 26acres across the south eastern corner of the island with docking
for 30 boats up to 160 ft in length, a newly refurbished 30 seater
restaurant and guest accommodation for up to 16 persons.

Responsibilities include but are not limited to:-

e all marina, restaurant and lodging operations;

e Full P+L and budgetary accountability including F+B,
reservations and inventory control.

e Oversee all maintenance and repairs

e Manage housekeeping of rental villas

e Supervision of staff and suppliers.

¢ Co-ordinate Montana client visits to Rum cay

e Manage Montana Sales Office on Rum Cay

Skills and Attributes

¢ minimum 5 years prior management in a similar establishment
e Excellent marine, general engineering and maintenance skills
e Experienced chef or professional qualification in hotel and
catering management
Superb organisational and administrative skills
Extremely computer proficient
Highly motivated self starters who have the will and talents to
operate a challenging business in a remote location with total
autonomy

Remuneration package commensurate with experience, will include
competitive salary and benefits, return flights to Nassau, fully subsidised
accommodation.

Closing date for applications 04/04/2007.
‘ H.R. Manager
Montana Holdings Ltd
P.O. Box N-9322
Nassau, Bahamas

Fax 677 3007

quickly and took its eye off the
market. Now, the company is
trying to step up its game.
”The running category is
also where you see innovative
technology launches and high-
er average price points, so it is
a very competitive area where
brands look to make a strategic
impact,” Davis said.
Executives from Nike Inc.,
which dominates the running
category, declined to comment.
Bob McGee, editor of indus-
try newsletter Sporting Goods
Intelligence, said Reebok’s
approach to go after the casu-
al runner will enable it to cap-
ture a bigger market beyond

serious marathoners.

”This softer approach might
play better with younger
demographics of females,” said
McGee. It’s many of the peo-
ple that wore the aerobics
shoes - they’re trying to reach
that same demographic.”

Reebok’s Bossardet said he
doesn’t expect to win over the
running public overnight.

*It’s an evolution, not a rev-
olution. It takes years to estab-
lish yourself as a credible run-
ning brand,” he said. ’But at
least we’re in the race.”

e Jenn Abelson can be
reached at:

abelson(AT)globe.com

KLG INVESTMENTS LTD./AQUAPURE

Applicants must be at least 23 years of age,
self-motivated, disciplined and possess the

following:

-¢ A valid driver’s license
e The ability to drive standard shift vehicles

Please visit out Bemard Road office
between the hours of 9:00am and 5:00 pm,
Monday - Friday to pick up an application

form.



DELTEC BANK & TRUST LIMITED

Invites applications for the position of

TRUST MANAGER

Responsibilities will include (but are not limited to):

Creating fiduciary structures that will service the needs of

clients

Marketing trust products
Ensuring that all fiduciary structures are administered at a
high professional standard and in accordance with Policies
& Procedures of Deltec and the laws of The Bahamas
Maintaining current knowledge of all issues (law and tax)
affecting fiduciary structures

Supervising the Company Department

The successful candidate should have the following:

> STEP Diploma

> 10 years trust experience
(minimum 5 years in a supervisory capacity)

> Excellent written, oral and presentation skills

Salary will be commensurate with experience.

Interested persons may submit resumes as follows:

Human Resources Manager

Deltec Bank & Trust Limited

P. O. Box N.3229
Nassau, Bahamas

Resumes may also be faxed c/o 362-4623 or emailed to

anh@deltecbank.com

ABSOLUTELY NO TELEPHONE
CALLS WILL BE ACCEPTED





PAS [

cemane or wane

Stocks rebound to end mixed after disappointing

8B, TUESDAY, MARCH 27, 2007



THE TRIBUNE

home sales report raises worries about economy

" By JOE BEL BRUNO





AP Business Writer

— Wall

NEW YORK (AP) -

_ FOR RENT
RADISE ISLAND

|uxurious harbour front Penthouse
Residence with spectacular views of
Nassau and its Harbour:

e 5,000+ sq ft. total area

e 4 Bedrooms with 4.5 baths

e Master bedroom with dressing area, Jacuzzi
and large walk-in closet

¢ Large balconies

e Elegantly furnished throughout with a
separate study

® Formal dining room

e Private elevator

e Heated pool and spa overlooking the harbor

e Private dock for a yacht up to 75 feet

e Dedicated storage and crew areas

e Exercise room

¢ Indoor Garage

e Private gated entry

e Lush tropical landscaping

Rent:

$18,500.00 per month net
NO PETS

For further information and viewing call:
363-2730

UBS
financial institutions in the Caribbean. Our Business
Area Wealth Management International looks after

(Bahamas) Ltd. is one of the world’s leading

comprehensive, ‘value enhancing services. Our client
advisors combine-strong personal relationships with
the resources that are available from across UBS,
helping them provide a full range of wealth management
services.

Street pared steep losses yes-
terday to end narrowly mixed
after a surprise drop in new
home sales for February trig-









gered further concern that eco-
nomic growth is slowing more
than expected.

The Commerce Department
reported that sales of new sin-
gle-family homes fell by 3.9 per
cent last month to a seasonally
adjusted annual rate of
848,000. It was the slowest
sales pace in nearly seven years
and dimmed hopes for a
rebound in the troubled hous-
ing market.

Economists have been
watching the housing industry
for a hint about where the
economy is heading. The dis-
appointing data came amid

«continued concern about the

il MAS)

Roath

OUR LUCAYA ¢

subprime mortgage market,
which has been slammed by an
increase in delinquencies in
recent months.

This sent major indexes
down throughout most of the
session, with the Dow Jones
industrials racking up triple-
digit losses. Investors used the
decline to buy some shares
before the second-quarter ends
on Friday, analysts said.

“The market is already wor-
ried more about economic
growth than inflation, so I
think you’re going to see reac-
tions like this,” said Todd Sala-
mone, director of trading at
Schaeffer’s Investment

Sheraton

Prva eMetitettai ra miirieee

OUR LECAYA
HS Det S25 a)

EXCELLENT CAREER
OPPORTUNITY EXISTS FOR

Executive Pastry Chef

The suecessful

Pier eetny

will manage and

coordinate pastry production of a volume food
operation with a minimum of eight restaurant
outlets and banquet operation in excess of 90,000

square feet

plated and modern buffet set up techniques.

position requires:

indoor/outdoor with emphasis on

This

* Excellent written and verbal communication

skills;

* Knowledgeable in computer programs, Excel

and Microsoft word;

* Extensive knowledge and experience in sugar
and chocolate work, pastille showpieces and
must be capable of preparing dessert, plated

Research in Cincinnati.

“Overall, its impressive from
the comeback we’ve had.
There’s been a whirlwind of
attention about housing’s
effects on the economy, it isn’t
anything new and these pull-
backs are buying opportuni-
ties.”

According to preliminary
calculations, the Dow fell
11.94, or 0.10 per cent, to
12,469.07. Last week, the
benchmark index posted a 370
point gain, its best weekly
point rise in four years. It
dropped as much as 112 points
earlier on Monday.

Broader stock indicators
were slightly higher. The Stan-
dard & Poor’s 500 index rose
1.39, or 0.10 per cent, to
1,437.50, and the Nasdaq com-
posite index added 6.70, or 0.27
per cent, to 2,455.63.

Bonds rose, with the yield
on the benchmark 10-year
Treasury note falling to 4.60
per cent from 4.61 per cent late
Friday. Bond investors have
been hoping that a slowing
economy will cause the Feder-
al Reserve to lower interest
rates.

The dollar traded mixed
against other major currencies,
while gold prices advanced.

Investors also are focused on
a spate of economic data due
this week, including the gross
domestic product report due
on Wednesday.

“Investors are looking to fig-
ure out how things are going to
shake out after a big move
higher last week,” said Mike
Malone, a trading analyst at
Cowen & Co. “Given the mag-
nitude of the move higher we
had last week, I don’t find this
to be overly surprising.”

Oil prices rose Monday, with
a barrel of light sweet crude
up 63 cents to $62.91 on the
New York Mercantile
Exchange. Crude prices have
risen steadily on continued ten-

sions between Iran and: the-
. West following Iran’s deten-

tion of British naval person-

nel. Recent declines in U.S. oil
inventories also supported the
market.

Citigroup Inc. fell 18 cents
to $51.54. The Wall Street
Journal reported Citigroup
might reduce its work force by «
about five per cent. The com-"
pany has been under pressure
during the past year to boost .
earnings to fend off rivals from *
eating into its global market,
share. 4

Dell Inc. rose 79 cents, or;
3.5 per cent, to $23.62 after as
Goldman Sachs analyst said*
the computer maker should.
see benefits from its turn-*
around efforts later this year.*

Walgreen Co. reported secs
ond-quarter profit surpassed®
Wall Street projections as the.
drug store chain posted robust*

‘revenue from retail prescrip-|

tions. The stock fell 47 cents
to $47.30.

Fiscal fourth-quarter profit?
at Tiffany & Co. remaineds
essentially flat as the luxury?
jewelry retailer recorded an.
impairment charge. Revenue;
however, rose 15 per cent to:
$986.4 million. Results came,
in ahead of Wall Street’ st
expectations. The stock rose}
13 cents to $45.63 after hitting,
a 52-week high of $46.09 at thet
open.

Kimberly-Clark Corp., the:
maker of consumer ‘brands like
Kleenex and Huggies, on Mon-
day said it still expects to meet’,.
its full-year profit target. «
Shares fell 5 cents to $68.94. °

Saudi Basic Industries Corp. ;* ‘
is planning a bid worth up to «,
$12 billion for General Elec- :
tric Co.’s plastics unit, the '
Financial Times reported Monr- “ 5
day. GE rose 18 cents to $36. °

The Russell :2000 index of" A
smaller companies was fell,
3.26, or 0.40 per cent, at 806.25. »

Overseas, Japan’s Nikkei“
stock average closed up 0.24;
per cent. Britain’s FTSE 100 ‘
down 0.75 per cent, Germany’s *,
DAX index was down 1.02 per ,
cent, and France’s CAC-40 was’.
fell 1.04 per cent.

kA SP

and buffet presentations.

* High school or equivalent education required.
GUE Tem Coteum ium Der uusciiiroim@ intel tice)
eae as! b






PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, MELANIE
MAURICE of Nassau, The Bahamas intend to change

my name to MELANIE MAREUS. If there are any

objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
P.O.Box SS-742, Nassau, Bahamas no later than thirty
(30) days after the date of publication of this notice.

4
| wealthy private clients by providing them with -
4

In order to strengthen our team in Nassau, we are
looking to fill the following positions:

_ Caribbean Desk Head / Client Advisor

lhe position holder will be responsible leading the
Caribbean Desk in Nassau, Bahamas or become a
client advisor on the desk. This includes supervising
of day-to-day activities and financial results, monitoring
market conditions, and assessing risk. The been Nye Mie PAL
holder has the task to identify new prospects and build- phe Hobe a an e
up the corresponding relationships. S/he works closely tamara.wilson@starwoodhotels.com
together with product specialists for analysing client or
needs and developing, marketing and implementing : = ; R
tailor-made investments strategies and solutions. The a

juisition of new clients will be a main focus. Human Resources Department
isoea : as ; Westin & Sheraton Grand Bahama Island Our
he candiclate will provide input to senior management é
rege wing client segmentation and marketing strategy TENE Tu at
for his/her region. S/he will assist in the process of P.O. Box F-42500

Freeport, Grand Bahama

Pos







We offer exceptional pay and benefits.
Resumes should be forwarded on or before






rar

NOTICE

NOTICE is hereby given that WINDY ST. VIL OF LINCOLN
| BLVD, NASSAU, BAHAMAS is applying to the Minister
responsible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any

person who knows any reason why registration/ naturalization
should not be granted, should send a written and signed
statement of the facts within twenty-eight days from the 20th
day of March, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau; Bahamas.

building and developing key accounts, leading this
process where appropriate. S/he maintains a direct
relationship with clients resolves and escalates client
issues arising from the team.

The position holder is -accountable for the
implementation of operating policy and standards.



Requirements for this position include:

e Minimum 5 years experience and a proven
successful track record in Wealth Management
Minimum 5 years experience in client acquisition

and relationship building

Qulgeing and personable with great social skills.

TTS Ty ke

*

Sa)
= sore i ; »
ae Se) *

Pricing Information As Of:

Securit y Previous Close Today's Close Change
Abaco Markets

Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

Colina Holdings
Commonwealth Bank
Consolidated Water BDRs
Doctor's Hospital
Famguard

Finco

FirstCaribbean

Focol

Freeport Concrete

In this challenging position you will be responsible for ICD Utilities

acquisition of new and advisory of existing clients, as Y eg CAR Ae ea
well as presentation and implementation of investment 3 wasps tare asus
‘solutions in the client’s mother tongue.

expected to:

e Use communication and negotiation skills to
attract new clients and identify client needs

e Meet with clients and potential clients in social
settings

e Travel to meet with clients and potential clients

Senior Client Advisor & Client Advisor

In this position, the successful candidate will be
| Latin America

Fidelity Overthe

Bid $
14.60
8.00
0.45

Colina OVEMTHEEE rite
41.00 43. 00
14.60 15.50
0.45 0.55

BISK Listed M
NA V

Symbol Weekly Vol.
Bahamas Supermarkets
Caribbean Crossings (Pref)

For this position we are searching for an individual who 20 RND Holdings
meets the following requirements:

| xtensive experience and a proven track record

in Wealth Management

ABL AB
Bahamas Supermarkets
F RND Holdings

® Specializing in the fields of Customer relations, es

investment advice and portfolio management.

f lent sales and advisory skills as well as solid
edge of investment products are key

requirements. Fluency in English, Portuguese

ind Spanish is essential.

Fund Name
Colina Money Market Fund 1.331194"
Fidelity Bahamas G & 1 Fund 3 0988***
Colina MSI Preferred Fund ? 625419**
Colina Bond Fund 1.233813****
Fidelity Prime Income Fund 11.3945**"** ioe eee eS NE
; FINDEX: CLOSE 789.27 7YTH G6i28% (2006

MARKET TERMS YIELD - last 12 month "dividends divided by Osi price

52wk-Hi 52wk-Low

10 ooo

JEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest ageing aay in last 52 weeks
52wk-Low - Lowe: s

Bid $ - Buying price of Colina and Fidelity

Ask $ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

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 Bahamas Stock Index. January 1, 1994 = 100

* -9 March 2007

Interested? Written applications should be sent to:



** . 8 February 2007



hs.com UBS (Bahamas) Ltd.
Human Resources
P.O. Box N-7757

NassauaBahamase ein cee Beet ew ce i cet sa RS RNS IN STR .

Daily Vol. - Number of total shares traded today ** . 31 January 2007

DIV $ - Dividends per share paid in the last 12 months

P/E - Closing price divided by the last 12 month earnings *** - 28 February 2007



a r SE Le SE TET AE ETA FE TT NT EE



THE TRIBUNE

4



TUESDAY, MARCH 27, 2007, PAGE 9B





Nasdaq: Applauds at the
- opening bell ceremony

‘

ee



FIRSTCARIBBEAN

INTERNATIONAL BANK

FirstCaribbean International Bank (Bahamas) Limited
Chairman’s Review
Of the Results
For the first quarter ended January 31, 2007

The consolidated net income of FirstCaribbean International Bank (Bahamas) Limited for the
first quarter of the 2007 fiscal year was $35.9 million, an increase of 24% over last year’s restated
net income of $29m. Included in the net income for this quarter was the impact of a change in
policy as described in note 4 to these interim statements which resulted in a gain of $7.2 million.
Last year’s net income included fees of $1.7 million which was earned from Barclays Capital,
with none being earned this year as the fee agreement expired. Earnings per share for the

> quarter-was 29.9 cents,an increase of 5.8.cents over last year. Excluding the gain from the...
‘change in policy, earnings per share was 23.9 cents for this quarter.

- The Bank’s net interest income continued to improve and for the three months. to January 31,-’
2007 amounted to $39 million, a 10% increase over the same period last year. This improvement
resulted from a 14% growth in total loans as well as an increase in the level of investments from

the. same period last year.

Operating expenses for the quarter were $8.2 million lower than the same period last year,
mainly because of the favorable adjustment with respect to change in policy,-as mentioned
above. Excluding the gain from this change in policy, operating expenses were $15.5 million.

The Bank’s total assets at January 31, 2007 stood at $4.7 billion representing a growth of $1.1
billion or 29% frorn last year. Total loans grew by $315 million to $2.5 billion as residential
mortgages and business loans together increased by $214 million from last year. Cash and
securities increased by 47% or $537 million from last year as additional investments were made

in our securities portfolios,
The return on assets and the return on tangible equity for the first quarter of this fiscal were
3.1% and 34% respectively.

We thank our customers and shareholders for their continuing loyalty and patronage
throughout the quarter and look forward to another successful year. :

Khan sen

Michael K. Mansoor
Chairman

FirstCaribbean International Bank (Bahamas) Limited
Consolidated Balance Shect

BS'000
Unaudited Unaudited Audited
January 31, 2007 January 31, 2006 October 31, 2006
te (Restated)

Cash and advances to banks
Securities 510,200 617,871 367,400
Snake 1,168,367 523,368 1,524,879
aac - 2,516,687 2,20J,913 2,444,830
Ried asses 187,747 187,747 187,747
Other auaces 28,346 31,138 29,209

244,832 37,561 137,409

Total assets "4 656.179 S00 SOR
4,656,179 3,599,598 4,691,474

Liabilities

Total deposits :
Other borrowed funds 3,506,721 2,966,589 3,503,903
Other liabilities 377,618 2 s
Debt securities in issue 142,301 79,694 582,165
20,305 - a“
Total liabilities a
4,046,945 3,046,283 4,086,068
Equity
Share capital & reserves
Retained earnings i 432,959 420,464 435,556 «
176,275 132,851 169,850
a
609,234 553,315 605,406
Total Habilities and equity
4,656,179 3,599,598 4,691,474
De ee
Director thy
Director

FirstCaribbean International Bank (Bahamas) Limited
Consolidated Statement of Changes in Equity

BS$'000
Share Capital & Retained Earnings Total
Reserves

Balance at October 31, 2005

a8 previously reported . * 417,281 162,439 579,720
Prior period adjustment : (18,481 (18,481)
Balance at October 31, 2005 as restated 417,281 143,958 561,239
Net income for the period

as previously reported - 29,201 29,201
Prior period. adjustment (244) : (244)
Net Income as restated : 28,957 28,957
Dividends (36,064) (36,064)
Revaluation gains/(losses) (817) (817)
Transfer to Statutory Reserve Fund - Turks & Caicos Islands 4,000 (4,000) =
Balance at January 31, 2006 420,464 132,851 553,315

—
Balance at October 31, 2006 435,556 169,850 605,406
Net income for the period 35,945 35,945
Dividends (30,054) (30,054)
Revaluation gains/(losses) (2,063) (2,063)
Transfer to Statutory Reserve Fund - Turks & Caicos Islands - -
Transfer to Statutory Loan Reserve (534) 534
Balance at January 31, 2007 432,959 176,275 609,234
i254

@ HAN Daging (right),
President and CEO of
Telestone Technologies
Corporation, attends the
opening bell ceremony at
the Nasdaq stock market on
March 26 in New York. The
Beijing-based company
supplies wireless technology
equipment and solutions to
Chinese telecommunica-
tions companies.





(AP Photo: Mark
Lennihan)
.
FirstCaribbean International Bank (Bahamas) Limited
Consolidated Statement of Income
BS'000
Unaudited Audited
Three Months Eaded Year Ended
January 31,2007 January 31,2006 October 31, 2006
(Qestated) :
Total interest income 73,863 eae papi
Total interest expense 091
Net interest income a rose 7 . eee
Operating income aA 181 B69
Operating expenses : ws Tae — pate
' ae x i mally tide : ‘ . e
Wiss — loss expense r on a 9328 7 71.197
one ‘ BCU anata + at
Net income 35,945 110,672
Weighted average number of common
shares outstanding for the period 120,216,204 120,216,204 120,216,205
Earnings per share (in cents) 29.9 24.1 92.1
FirstCaribbean International Bank (Bahamas) Limited
Consolidated Statement of Cash Flows
BS'000 Unaudited Unaudited
Three Moaths Ended Three Months Ended
Janvary 31,2007 = January 31, 2006
(Restated)
194, 117,510
Net cash used in operating activities a ( )
367,869 36,064
Net cash from (used in) financing activities ¢ )
441 20,216
Net cash used in investing activities
144,959 173,790
Net increase (decrease) in cash and cash equivalents ( )
180,684 742,111
Cash and cash equivalents, beginning of period
043 568,321

Cash and cash equivalents, end of period

FirstCaribbean International Bank (Bahamas) Limited
Notes to Consolidated Interim Financial Statements

Three Months Ended

January 31, 2007

1. Accounting Policies
The accounting policies used in the preparation of these consolidated interim financial statements are consistent with those weed in the annual financial
statements for the year ended October 31, 2006.

The consolidated interim financial statements include the accounts of the following wholly owned subsidiaries:
FirstCaribbean International Finance Corporation (Bahamas) Limited
FirstCaribbean International (Bahamas) Nominees Company Limited
FirstCaribbean International Land Holdings (TCI) Limited :

2. Comparatives

Where necessary, comparative figures have been adjusted to comply with changes in presentation in the current year,

In the prior year, in accordance with IAS 18 Revenue, loan fee income, which would have been considered to be an intergra! part of the effective interest rate
Of the financial instruments, was deferred and recognised as an adjustment to the effective interest yield on the loan, This edjustment was applied

retrospectively, and as such, the comparative statements for 2005 :
thivediustment were restated. The 2006 previously published comparatives have also been restated to reflect

3. Change in Accounting Estimate

Effective November 1, 2006, the Bank changed its estimate on the useful life of software which resulted in an increases in the depreciation charge for the first
quarter of 2007 in the amount of $232.

4. Change in Policy

Effective January 1, 2007 certain changes to the Bank's policy re: benefit schemes were made which resulted in the recognition of a curtailment gain of $7.2
million.

5. Related Party Transactions

The agreement with Barclays Bank PLC whereby the Bank would receive an annual payment from Barclay Bank PLC of $10 million as an incentive to retain
deposit placements with Barclays Capital expired on December 31, 2005. The comparative period January 31, 2006 would therefore include income for the
final two months in the amount of $1.7 million within operating income.



PAGE 10B, TUESDAY, MARCH 27, 2007 THE TRIBUNE BUSINESS




‘COMICS PAGE































JUST THAT... :

,
,
THE REPORTERS | i
ARE IN THE
LOBBY WAITING
FOR YOU, REG! ‘
f
/ I'll TAKE v ‘
! CELESTE TO ‘inl YOU GO TO THE ~~
| 3 THE LADIES' vag NEWSSTAND ANP GET :
Y ROOM, ROY! AS Y| SOME BREATH MINTS! ‘
NOT EVERNONE CAN GET A ‘
FULL ISOMETRIC WORKOUT
APARTMENT 3-G JUST BY YAWNING.
~~ 7 7 ;
| JN THE LOBBY OF HER BUILDING... | GINA AS THAT YOU } YES, I'M :
L- é wa MAKING THOSE _/ SORRY, :
| DISGUSTING J~ MARGO, ITS ;
4

sna mpage re at me



BLONDIE

| | CAN REMEMBER MY VERY FIRST
| DATE WITH CORA... | WAS IN HER




1 COULD NEVER FORGET A
DEOUCTIBLE ITEM LIKE THAT










WHY, JULIUS, I HAD NO IDEA
YOU WERE SO SENTIMENTAL



The Guess That Went to School



















*y HOMETOWN ON BUSINESS, AND 11!
| \. INVITED HER OUT TO DINNER JE
=
| 3 South dealer, low, or should he put up the king?
z= >
‘ g North-South vulnerable. i es be a in a actual TU ESDAY,
Up g NORTH deal, playing the king makes the con-
re i #9873 tract, while playing low loses the MARCH 27
ae i ¥A42 contract. The question is whether :
i 107 South can reasonably be expected to | ARIES — March 21/April 20
\ i #QI84 play East, who did not bid, for the | For too long you've put off dealing -
|} 3 WEST EAST ace, rather than West, who did bid. _ | With a particularly emotional issue,
Le é #Q6 oA4 The answer is that the king is the | Aties. However, what happens this
¥KQJ108 v7 proper play — and there is a very | Week will show you that you can’t
$Q3952 ©8643 good reason for it. The fact is that | 4V0id it forever.
MARVIN ; ; 7 #1096532 South has no chance to make the | TAURUS - April 21/May 21
r Pe SOUTH contract if East has the queen of | Stubborn as you are, Taurus, you tend
J AWWW... MOM THE PERFECT TIME FOR @KI1052 spades and West has the aoe This is | to prefer the statis quo, which is why
AND PAD ONE OF MY CLASSIC, TWo- 99653 because if West wins the nine with ] you won’t be too thrilled by what hap-
LOOK SO HOUR, RAISE- @AK the ace, he will surely continue with | pens this week. Nevertheless, don’t -
PEACEFUL THE-ROOF ; PAK the Q-J-10 of hearts, allowing East to | fight the tide; go with the flow.
eT A: D° TANTRUMS ! The bidding: overruff dummy with the queen and | GEMINI - May 22/June 21
ELAXE South West North East score the setting trick. Your feathers are ruffled and you’re «
: 1¢ 29% 2% Pass Declarer should therefore | looking for a fight this week,
4% assume, out of necessity, that West } Gemini. Before you take your best





4,
1 NY oBITURRY.
(IN NoT GONNA




(©2007 by Mort America Dymatasts, oe World righte reserved.



CRYPTIC PUZZLE

ACROSS
8 — You don't have to pay for it now (7)
9 Be under no delusions about your

DOWN

1

What teacher does, giving points (6)
Equally proficiently, to boot (2,4,2)







Opening lead — king of hearts.

Some of the guesses encountered
in the play can be solved by making
necessary assumptions dictated by
the particular circumstances of the
deal.

Take this case where South
reaches four spades after West has
overcalled in hearts. Declarer wins
West’s heart lead in dummy and
returns the nine of spades, on which
East follows low. Should South play

4

has the queen of trumps and East the
ace. Accordingly, he should rise with
the king at trick two and, when it
wins the trick, play another trump to
make the contract.

The principle that applies is that
it is incorrect to make an assumption
that is certain to lead to defeat. In the
present case, it is far better to assume
that East has the ace and West the
queen, because if that assumption
proves correct, the contract is
assured.

TARGET...



HOW many words of
four letters or more
can you make from the
letters shown here? In
making a word, each

or apostrophe
rinitted.

he first word of a phrase is permitted (e.g. inkjet in

Inkjet printer).
TODAY'S TARGET

Good 10; very good 15; excellent 19 (or more),

Solution tomorrow.



recount recto REDUCTION rice runic tonic trice

trounce trounced truce tunic uric

coin coined coir conduit cone coned cord cordite
counted counter court courted credit credo cretin
cried crone crud crude cruet cued curd cure
cured curet curio curt cute cuter dice direct
doctrine duct dunce ecru edict erotic eruct iced
icon incur induce inducer induct introduce
neurotic nice nicer notice noticed once ounce

cent cider cinder cite cited citron code coder
core cored corn corned cornet cote count

YESTERDAY'S SOLUTION

New

word

shot, make sure you’re fighting for
something worthwhile.

CANCER - June 22/July 22
If you find yourself disagreeing with

a friend this week, it may be wiser to .
walk away instead of picking a fight. »

It’s a good time to learn a new craft
— focus your energy creatively.

LEO - July 23/August 23

In all areas, but especially in |
romance, you will feel and act with ,

such intensity that no one can resist

you this week. Use your power '

wisely, Leo.

‘VIRGO — Aug 24/Sept 22

Bad things happen, Virgo. You can’t _

right every wrong in the world.
Instead of ranting, comfort the per-
son wronged. They’ll appreciate it.

LIBRA — Sept 23/Oct 23

You’ve been pushing yourself pretty
hard lately and you must take what
happens this week as a sign that you
must slow down. Look for creative

GE let ney be 4 oie ways to balance your life.
. Be ta
aaa g the centre letter and SCORPIO - Oct 24/Nov 22
WHEN I GROW LP I VONT BELIEVE pier ue Wea Everyone makes mistakes, Scorpio,
IM GOING BE A WoRP You plurals or verb forms even you, so don’t be so hard on
A FOLITICIAN! ending in “s”, no words yourself. After all, what’s life but a
oD with initial capitals and learning experience. You can grow
no words with a hyphen from this mishap.

SAGITTARIUS — Nov 23/Dec 21
You'll get a rousing reminder that life
truly is worth living this week,
Sagittarius. In fact, this is one of the

most exciting times of the year for :

you. Don’t let anyone talk you out of
living your dream!

CAPRICORN - Dec 22/Jan 20
You have things to do, and can ill
afford to have others waste your
time, You may have to be a bit gruff

-_e-m-e

with friends and colleagues to get _

the point across, but it’s worth it. |

AQUARIUS - Jan 21/Feb 18

Some things can’t be taken seriously,
Aquarius, and it’s high time you real-

ase <«

ize that. All of these distractions only .

looks? (4,5) 3 Cost one, when one drank (7,4)
13 Not the girl with the peaches and 4 Are rude to, when you check the ; 7 keep you from your goals.
cream complexion’? (5) attendance (4,5) pioneer PISCES — Feb 19/March 20

14 Stroke and toady to (5)
15 Young attendant in the

wn

Trickling, you notice, with a resonant
sound onto (7)

Ps Shp

A person who
does something



Something has piqued your interest °
this week, Pisces, but you must fully .

commit in order to reap the most

book shop? (7) 6 Onpublic display when one’s Ll ! i
| irst, preparing benefit. Look for an old friend in
16 Find another explanation for one’s frequenting (7,3) a a way for others Friday’s crowd. Cancer plays a role.
determination (7) 7 Gomad when stood up (4) ~ a

17 He wrote both (5)

18 Wrong to turn the errant son out (3,2)

20 Cuffs are sartorial etceteras (5)

22 Longed to send the vessel into the
bottom of the sea (6)

23 Follow to the last, though it is a bit of
a fag (3-3)

25 Not flush, which is a problem (7)

27 Biased and that's not all (7)

30 Aninducement to become a
vegetarian? (6)



31 Blue bird flying round the man (6) physically (4,5,2) ACROSS i English Attack (so called
32 Look happy, having caught the river 26 Astate of complete absorption in 8 — Divulges (7) DOWN because our top GMs
fish (5) the dark room? (5,5 9 Vicious person (9) 1 eee.) popularised it) which starts 1 e4
a 13 Film (5 3 Candee NFB d6 3 d4 cxd4 4 Nxd4
35 Dishit out, pet (5) 28 Warning that creates a real panicin 14 Furious (5) 7 ee tis} Se followed b
36 Change the notice outside the the company (4,5) 15 Baggage (7) Bema Ng eG oo ve Y A
gents (5) 29. It's a racket hang around ee with (7 Fe =
37 Adiscourse on dexterity? (7) distributing (7) : us Sp 8) (5) 6 Afraid l 0) eenca tint ae ae a bree de ee ee
ag eactan : 5 : castled king a : ; ; :
- ie - : ei (7) 30° Aman caught and since let out (6) a sy aay drunk (5) 7 Molten volcanic many victories, and it takes a diagram still looks good for Shirov,
fn a row for having provided 32 Look promising, though we do sat off N decorated (6) 10 Amongst (6) high-class player to launch a who plans a passed pawn by c5-c6
backing (5) an alarm outside (8) >. 23 Turkish capital (6) 11 Expert, successful pre-emptive strike and will meet d6xc5 by Bxc5 Nxcs
42 It's a question of location (5) 25 Wine informally (3,4) : en Qxc5 Qxc5 Nxc5 when White's d5
33 Sounds like the wife and the ai Qa chant (7 12. Hat type (6) against White’s own b1 or ci xC> Qxc .
43 And getting the list back in my oe “ ad on ee (6) > 27 Of the heat (7) 19 Swa ls (7) king. Here a little-known Pole pawn can advance. But Wojaszek's
keeping is obligatory (9) a4 Or broken pieces ie Mae) w 30 Golf club (6) oy mast t) on (5,6 caught out Spain's number one _next Black turn proved crushing,
44 Runt the double, dodging the big 38 They play for time (6) Pr 31 ieee (6) : 56 PHeon, a ie) Shirov by a fast advance of forcing White's early festgniationy
stone (7) 40 Aim to keep a diary on return (4) a2 EWOenes (>) 28 Besides (5, Black's a7 pawn, opening up What was Black's winning coup?
35 Sign up fora ae squares for his pieces. The LEONARD BARDEN
YESTERDAY'S CRYPTIC SOLUTIONS YESTERDAY'S EASY SOLUTIONS 36. pune 32 Locals gxactly (6)
a2 pumila CE
ACROSS: 1, |s-2-AC 6, Sin-ce 9, Low - ACROSS: 1, Scrap 6, Brass 9, 37. Cure bral is (7) 34 Feeling d deste ln
down 10, SN-obs 11, An-t-on 12, Compile 10, Tract 11, Alter 12, Crazy 39 Stutter (7) drink (7)
Plans 13, Pay-roll 15, (you) Bet 17, 13, Console 15, Ova 17, Unit 18, 41 Jumping insects (5) 38 Type of strong *
Hest 18, Be-Ware 19, In-Dl-a 20, S- Crater 19, Spars 20, Ethics 22, Peru x euvecr (5) i cord (6) Chess solution 8332: 1...Bb6! If 2 cxd6/c6 Bxe3 wins
Ch.-eme 22, Solo 24, Eat 25, Cleaner 24, She 25, Reverie 26, Greed 27, suniehiiven 9) 40 Prayer ending (4) apiece. Meanwhile Black threatens dxc5 followed by
26, Oidie 27, Ze-N-da 28, Mi-No.-r 29, Vital 28, Sight 29, Genesis 30, Beast 44 Gather roadie! (5,2) c5-c4 when his advancing pawns overrun the white

in-Fidel 30, S-ain't 31, Terse
BOWN: 2, Sundae 3, Al-Bert 4, CO's

ee —— —-
Nn



10 With the tribunals, is asking for it! (6)
11 Inmy plant, having complete

control (7)

12 How, verbally, one becomes a

legend? (6)

19 As before, hates working

with me (3,4)

21 Solongin the house here

I need to move (7)

24 Found, when one attacked

31, Chase
DOWN: 2, Carton 3, Accost 4, Pot 5,



Alexey Shirov v Radoslaw
Wojaszek, Pamplona, Spain
2006. Elite grandmasters regard
some openings as their home
patch, where lesser lights tread
at peril. An example is the

CHESS by Leonard Barden





king. The game ended 2 exb6 Nc3+ 3 Qxc3 (if 3 Kal
Rxa2 mate or 3 Kel Nxa2+ and Nxb4 or 3 Kb2 Rxa2+ 4

§, dy 6, Swan-sea 7, In-NS 8, Cooler Spare 6, Blazers 7, Rely 8, Swerve
12, Pla-N-E 13, P-H-ase 14, Ya-CH-T 12, Claps 13, Cubes 14, Niche 15, Kel Nxd1) Qxc3 and White soon resigned the lost
15, Bacon 16, Tenor 18, Bible 19, Other 16, Argue 18, Cried 19, Scarlet position.

Implant 21, Cam-era 22, Sav-I-L-e 23,
Lemons 25, CIVIL 26, Odin 28, Met.

21, Thrice 22, Perish 23, Rights 25,
Refer 26, Gags 28, Sic





THE TRIBUNE BUSINESS TUESDAY, MARCH 27, 2007, PAGE 11B

The Tribune’s & Kelly’s

EASTER

Coloring Contest a
FIRST PRIZE . SECONDPRIZE __ _THIRDPRIZE-

GIFT BASKET Value $125 cll ae BASKET Value $100 _ GIFT BASKET Value $75
In Each Age Group - InEachAgeGroup In Each Age Group







CONTEST RULES”

1 Children ages 4-5, 6-8, and 9-10. Staff members and relatives of The Tribune and Kelly’s are not eligible to enter.

2 Coloring may be done with crayons. Adults or an older child may assist the child in filling out the entry form, BUT NOT IN COLORING THE ENTRY.

3 Enter as many times as you wish. All entries must be in The Tribune by 5 pm on Friday March 30, 2007. Winners will be contacted April 3 and winners
published Thursday, April 5, 2007.

4 There will be one first-prize winner, one second-prize winner and one third-prize winner in each age group.

5 All entries become the property of The Tribune and may be used for any purpose including, but not limited to, publication in a future issue.

NO PHOTOCOPIES. USE NEWSPAPER AD ONLY











Child’s Name: | | Parent/Guardian Signature



Address: Tel: (hm) (cell) Age:



* Toys ; Egg Colouring Kits si Custom Made
¢ Stuffed Bunnies « Reading Books =, , \ tas)
* Easter Candies * Beach Toys — EPS (ak
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y * Party Goods —® Stickers ee Kelly's Home

7° Silk Flowers and much more! = “ia Te (242) 399400 » a (242) 3904096





PAGE 12B, TUESDAY, MARCH 27, 2007

THE TRIBUNE






: Ce t

BUSINESS



Government's handling of labour
_ dispute can hurt private sector



@ By NEIL HARTNELL
Tribune Business Editor



he Government can cause private
scetor employers and trade unions
to lose faith in industrial agree-
ments and processes to resolve labour dis-
putes if it gives into public sector worker
agitation while deals are in place, the min-
ister of state for finance told The Tribune.
Speaking in the wake of recent industrial
unrest at a number of government agen-
cies, including the Customs Department
and teachers, James Smith said: “It’s not
good for the private sector to see the Gov-
ernment resume labour negotiations after
you had an agreement, because it causes
them to question the process.”

He added that if
both sides had
signed up to a writ-
ten agreement,
then they should
abide by its terms
for the duration of
the contract,
“unless something |
changes dramati-
cally”.

In the context of
recent unrest, with
the public sector
unions looking to
impose pressure ;
on the Government during an election
year when it needs every vote, Mr Smith

B JAMES SMITH



said any impact on the public finances
from revised agreements would be felt
more in the 2007-2008 Budget, which is
due to be presented to Parliament in May.

The minister said that if disputes

‘occurred, then it was up to one side to file

a grievance, and there were a number of
routes to resolve it, such as the Depart-
ment of Labour.

Mr Smith said of the rerent disputes
and worker demands: “While they would
have some impact, taken together they’re
not large in relation to a budget of $1.4 bil-
lion.

“These things have already been fac-
tored into the Budget. The overall impact
is not likely to be dramatic, but we would
like it to be more predictable.”

Purpose trusts, Foundations are ‘clarified’

FROM page 1B

of client needs and rival legisla-
tion in other jurisdiction, with
the amendments again needed
to attract business to the
Bahamas through providing

‘greater clarity and certainty.

The amendments were need-
ed to make the Bahamas more
competitive he added, and had
been developed by his ministry
in consultation with the
Bahamas Financial Services
Board (BFSB), the BFSB’s
Working Group on Founda-
tions, the Ministry of Finance
and the Attorney General’s
Office. .

The amendments deal with
the appointment and qualifica-
tions of Foundation agents and
secretaries, the definitions of

foundation agents and legal
guardians, the rights of founda-
tion beneficiaries, record keep-
ing requirements, and agents’
fiduciary duties and liabilities.

Mrs Maynard-Gibson said
the Bahamas was the first com-
mon law jurisdiction to intro-
duce Foundations, traditionally
a civil law instrument, which is
used to estate planning and
asset protection.

She said the introduction of
Foundations increased the
Bahamas’ competitiveness, as
these products are especially
attractive to clients from civil
law jurisdictions, such as those
in Latin America and mainland
Europe. Clients from these
areas are more familiar with
Foundations, which also allow
them to have more control over
the assets.

“There was a great response
to the fact that we had common

aH yoNmeN Ine a

law Foundations,” Mrs May-
nard-Gibson said. “[But] it was
discovered that certain things
needed to be clarified for. cer-
tainty.”

Bahamian attorneys advising
their foreign clients needed cer-
tainty, she added, and “bring-
ing a civil law instrument into
common law, certain things
needed to be tweaked to make
it very clear whet we were doing
from the Bahamas”.

“There are persons in off-
shore banks waiting for these
amendments to be made so that
business can flourish using
Foundations,” Mrs Maynard-
Gibson said.

She added that increased
business also boosted the Reg-
istrar General’s Department
-and financial and corporate ser-

* vices providers, saying: “It has
an indirect impact that we
should not lose sight of as we



debate this Bill.”

Michael Halkitis, parliamen-
tary secretary in the Ministry of
Finance, said the Bahamas
needed to be “ever vigilant to
ensure we in this jurisdiction
remain competitive and comply
with international standards”.

He added that the amend-
ments would strengthen and
complete the two Acts, and
said: “At some point, we need.
to have a report card so that as’
we introduce legislation and
amendments, we can have some
report on business coming in,
so that we can see the effect of
legislation and Bills that we.
pass.
“It’s an effort to clarify and.
strengthen the legislation and
remove any doubts as far as we

- can.”

The amendments to both’
Acts were passed in their sec-._
ond and third readings.

>



Full Text




DOUBLE
FILET 0° FISH
FOR LENT




LOW



BREEZY

WEATHER

i’m fovin’ it.

81F
68F

SUNNY AND




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Gee LT 4
dodges S$330m
rte toe EL

SEE FRONT PAGE OF BUSINESS SECTION

Commissioner of Urban
Renewal gives warning

i By ALISON LOWE
Tribune Staff Reporter

THE murder rate in the
Bahamas has reached a "critical
point" and is threatening every
citizen's "basic instinctual need
for survival and security," said
psychiatrist and Commissioner
of Urban Renewal, Dr David
Allan.

He gave this warning yester-
day at the public launch of a
group, Family Against Murder
(FAM), formed in conjunction
with Urban Renewal to advo-
cate for the interests of, and
emotionally support, murder
victim's family members and
other loved ones.

The group's message is that
relatives and friends of murder
victims need more support from
society, government and their
church leaders, who are,on the
whole not sufficiently sensitised

‘to their plight.

They hope that the group will
play a part in changing this, and
yesterday announced several
major objectives, the achieve-
ment of which will be signifi-
cant steps forward in that direc-
tion.

"FAM are persons who have
been victims of murders and
persons who empathise with
us," explained Maria Scott,
founding member and mother

. of 31-year-old policeman Mar-

cion Scott who was shot five
times in the head in front of his
19-year-old sister last June. He
had been due,to testify at a tri-
al, she said.

At the time of her son's mur-
der, Mrs Scott said she "felt

more pain than I've ever felt in |
_ my life," and while she and her

daughter have subsequently

SEE page nine

Four in hospital after
two separate shootings

@ By ALISON LOWE
Tribune Staff Reporter

TWO separate shootings in the early hours of yesterday morning
have left four people in hospital in serious condition, and one in

police custody.

The first incident happened at 2am on Cordeaux Avenue when
a man was approached by another man who pulled out a gun and
shot him in the'side, said Assistant Superintendent Walter Evans

yesterday.

In this case, the gunman was picked up by Central Detective Unit
officers patrolling in the area within half an hour.

However, the drive-by assailant of three people — a woman
and two men — at 5am on Derby Road is still at large.

‘ According to police, this person shot at his three victims from the
rear seat of a car as it drove by them, hitting the woman in the chest,

and the two men in the back.

Police are investigating both attacks.
























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Smell tie canhie

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UG Se

UESDAY, MARCH 27, 2007





@ THE Virgin Atlantic
flight at the Lynden Pin-
dling Airport yesterday.

| & By ALISON LOWE






| gin Atlantic flight from the
7 —at least until the redevel-

| completed — arrived in the
7; Bahamas yesterday.
f= "What Virgin really gave
us is the ability to get airlift
from another market and
therefore a diversified base
of our airlift," said Mr
Tyrone Sawyer, head of air-
lift at the Ministry of
Tourism yesterday, as he
explained the significance of
the service's withdrawal.

Mr Sawyer emphasised
that the pull out of the ser-
vice — which brought 12,366
passengers from the UK to
Nassau in its first year alone
— did not mean that Nas-
sau would have trouble find-
ing enough passengers to fill
its hotel rooms.

Instead, it simply means
some loss of diversity in the
Bahamas' visitor base which
the Ministry would ideally
not have, according to the
ministry official.

When Virgin first
announced that it would
begin flying non-stop to the
Bahamas once a week as of

SEE page nine



Tribune Staff Reporter
THE last scheduled Vir- [
United Kingdom to Nassau ~

opment of Cable Beach is p














Teen in court
accused of
his brother’s

Protest staged :
outside of |
The Tribune



stabbing death

A 19-YEAR-OLD accused of :
the stabbing death of his older ;
brother was arraigned before a }
local magistrate yesterday after- :

noon on the charge of murder.

tario Gaamal Lewis, of Compass :
Court off Mermaid Boulevard East, ;
is accused of causing the death of ;

Paul Woodside on Thursday,
March 23. According to reports,

21-year-old Woodside was stabbed :
during an altercation with his ;

younger brother outside their
home.

for the year.

SEE page 10

lM By PAUL G ©
TURNQUEST :
Tribune Staff Reporter:

: OVER 20 protesters gath- :
According to court dockets, Lat- | ered outside The Tribune yes- :
: terday demanding that its :
managing editor, John Mar- :
“cease and desist” his :
: “terrorist style” criticism of }
: Bahamian elected officials. :

The Concerned Citizens of :
: the Bahamas (CCB), lead by :
: Ricardo Smith, petitioned for :
2s : Mr Marquis to stop his assault :
Woodside reportedly died in hos- } on the “black leadership of the :

pital hours later, becoming the : Bahamas” and encouraged an }

country's twentieth murder victim all out boycott of the leading :

quis,

SEE page 10



PM criticised
for ratifying

Shane Gibson
as candidate

‘PRIME Minister Perry
Christie should be ashamed of
himself for ratifying former
Immigration Minister Shane
Gibson as an election candidate,
it was claimed last night.

Mr Gibson should recuse
himself until police investiga-
tions into his alleged gift of an
expensive watch from Anna
Nicole Smith are cleared up,
said fathers’ rights campaigner
Clever Duncombe.

“The prime minister doesn’t
want to run C B Moss, but he
doesn’t have a problem running
a political corpse who is now
under investigation allegedly for

SEE page 10

House marks
200th anniversary
of the abolition of
the trans-atlanti¢c

slave trade
m@By BRENT DEAN

AN OFFICIAL moment of
silence was marked yesterday
in the House of Assembly to
commemorate the 200th
anniversary of the abolition of
the trans-atlantic slave trade in
the British empire.

Foreign Affairs Minister
Fred Mitchell spoke in com-
memoration of the anniversary
and noted that the full list of
names, of those slaves that died,
will never be known.

“Millions of African peoples

SEE page nine

Darold Miller
radio show

taken off air

THE Darold Miller radio talk
show has been taken off the air
in the wake of a sexually-relat-
ed complaint being filed against
the well-known media person-
ality.

Fifteen minutes after the
show was due to start yester-
day morning it was announced
on GEMS 105.9 that the talk
show will not be broadcast
“until further notice.”

The Tribune contacted the

SEE page nine

Fidelity Free Financial Planning

Call to

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Nassau: T 356.77 CS

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PAGE 2, TUESDAY, MARCH 27, 2007

Time to think about the role |
of clergymen in our politics |

Someone once said that
there is no one more to be

despised than an inconstant saviour,
and there is no more intense hatred
than between comrades turned foes.
In the political arena, it seems, there
is no-one to be more vilified than a
defector.

Some politicians tend to see things
in an erstwhile colleague to which
they were previously blind. That may
be so because the defector is seen
as a more dangerous threat than the
regular opponent because he has
inside knowledge of the weaknesses
and bad habits of his former friends.

So in the face of a defection from
a political party the assassins are
likely to pounce with all the sav-
agery they can command. The PLP
is very good at this, perhaps because
they have had a long history of deal-
ing with defectors.

The first thing a defector should
expect is a full force frontal assault
on any perceived weaknesses. But
as devastating as this can be, the
defector still stands a chance because
he anticipates and is ready to deal
with the onslaught.

What is worse is the sly, covert
attack which usually comes in the
form of a co-ordinated and persistent
whispering campaign designed to
undermine the defector in the eyes
of the public.

This is infinitely more dangerous
because you have to repeat the slan-
der publicly in order to deal with it

_and at the same time run the risk of
giving credence to it in the minds of
some. The damage this kind of attack
does can last a lifetime.

he Rev Dr C B Moss must

have anticipated all of this
when he decided to leave the PLP
because he no longer thinks that the
leadership of that party is trustworthy.

The assault was led by no less a per-
son than Prime Minister Perry Christie
himself. He was backed up by Bradley
Roberts who has had much practice
maligning opponents of the PLP and
who took to the attack with finger-
wagging relish, apparently oblivious to
the irony of it.

Dr Moss has conducted his defence




















your
news

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

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



with vigour. He has responded to the
frontal attack but he has also gone pub-
lic against the whispering campaign. It
was a risky but courageous thing to do
and his friends can only wish him luck.

But Prime Minister Christie and Mr
Roberts also opened an unusual line of
attack on Dr Moss. After talking about
his lack of support in the party for a
nomination to run for the PLP in the
next election - all of which sounded
credible - the Prime Minister made this
astonishing statement:

“Further, at an even more profound
level, the party, including myself, had
for a long time been receiving very
firm and very clear representations
from many prominent clergymen that
the idea of having an ordained, prac-
tising member of the clergy serving
simultaneously on the political front-
lines in the House of Assembly was
abhorrent to the principles and prac-
tices of the church.”

he statement is cleverly word-

ed to target Dr Moss -
“ordained, practising member of the
clergy” — but it clearly opened up the
whole question of ordained ministers
participating in politics, offering as can-
didates and serving in political office.

Both Mr Christie and Mr Roberts
made a telling point when they referred



In the face of a defection from a

political party the assassins are likely

to pounce with all the savagery they
can command. The PLP is very good
at this, perhaps because they have
had a long history of dealing with

defectors.



to a letter written by Dr Moss in 1986

in connection with the candidacy of
Ruby Anne Darling. Mrs Darling
was at the time host of the Baptist
Radio Hour. Dr Moss said this:

“It is my opinion, however, that
your public confirmation of your can-
didacy in the upcoming general elec-
tions of one of the local political par-
ties made it mandatory that you
immediately withdraw from the pro-
gramme. Your failure to do this has
among other things, placed the Bap-
tist Convention and indeed individual
Baptists in an embarrassing position.
It has also cast a shadow upon your
Christian integrity, or your good
judgment; for surely you will agree
that a partisan speech on national
radio on Saturday, which is divisive
and creates wounds, then return on
Sunday as the voice of the church
which seeks to bridge divisions and
heal wounds is incompatible.”

I would be a good thing if Mr
A. Christie and his colleagues were
sincere, but this looks more like the
same old politics of expediency rather
than the politics of principle. Mr
Christie and Mr Roberts should not
have brought it up in this context
because it looks like just another
excuse to disqualify Dr Moss.

They cannot make a statement of
principle because they have no inten-
tion of applying it across.the board.
Mr Christie’s Deputy Prime Minster
is an ordained minister of religion, and
she never lets you forget it. The fact
that she is not a pastor of a church is
irrelevant because a member of par-
liament who becomes a minister of
government is required to give up pro-
fessional practice.

In most democratic countries there
has been a debate about whether it is a
good thing to have ministers of reli-
gion in elected political office. For
many years there was a prohibition
against priests running for the British
House of Commons even though bish-
ops sat in the House of Lords.

Most modern democratic constitu-
tions do not exclude ministers of reli-
gion from holding elected political
office but it seems the weight of opin-



Mr Christie’s Deputy Prime Minster is

an ordained minister of religion, and

she never lets you forget it. The fact
that she is not a pastor of a church is
irrelevant because a member of
parliament who becomes a minister of
government is required to give up
professional practice.

ion is growing in favour of those who
say it is not a good thing for the church
nor for the state.

Most churches today either frown
on the idea or have disciplinary rules
against members of their clergy run-
ning for office.

Rees clergymen have risen
to great heights in some coun-
tries. Some have become prime minis-
ters and presidents. Archbishop
Makarios of the Greek Orthodox
Church led the independence move-
ment in Cyprus and became the first
president of that country in 1959. ©

In the United States, Roman
Catholic priest Robert F Drinan,
became involved in the campaign
against the Vietnam War and in 1970
ran for the House of Representatives
as a Democrat. He won and was re-
elected several times.

Fr Drinan, a Jesuit scholar, was so
popular that the Republicans did not
bother to oppose him in the 1978 elec-
tion. But in 1980 Pope John Paul II
decided to invoke canon law against
clergymen running for political office
and Fr Drinan’s political career came
to an end. He chose to remain a priest
and to give up politics. One other priest
was affected by the order.

One of the great civil rights leaders
of the 20th century was the Rev Dr
Martin Luther King, a Southern Bap-
tist minister. Dr King led a powerful
non-violent movement against racial
discrimination in the United States and
he is celebrated around the world.
Although Dr King had a profound
impact on the political and social life of
America he never sat in the Congress.

n The Bahamas the Rev Dr H

W Brown, a Baptist minister,
played a major role in the struggle
against racial discrimination and for
majority rule back in the 1960s but he,
too, never occupied a seat in our par-
liament. Dr Brown was pastor of the
historic Bethel Baptist Church on
Meeting Street.

Other ministers of religion have sat
in, or offered for, election to our pat-
liament and they have been nominated
by both parliamentary parties. In 1987
Fr Addison Turnquest, an Anglican
priest, ran for the FNM but was unsuc-
cessful. His superiors were reportedly
not happy about his candidacy but said
nothing publicly.

Nobody would suggest a constitu-
tional bar against any qualified citizen
running for office in. The Bahamas but
it may be a good thing if, as Prime Min-
ister Christie indicates, more church
leaders are now coming around to the
view that practising ministers of reli-
gion should be discouraged from run-
ning for political office.

Leaders of the political parties
should think about it.

sirarthurfoulkes@hotmail.com
www.bahamapundit.typepad.com



New Vanilla or Cool,



THE TRIBUNE



Blow to
Jamaica

as Jockey
closes plant

@ JAMAICA
Kingston

UNDERWEAR _ maker
Jockey International Inc.
announced it will close a facto-
ry in Jamaica, dealing another
blow to the Caribbean nation’s
struggling garment sector and
leaving some 500 people with-
out jobs, according to Associat-
ed Press.

Jockey’s Sandy Bay plant in
the western Hanover parish will
close in September and relocate
to an unspecified country in
Central America, plant manag-
er Fayann Evans said on
KOOL-FM radio.

Another factory in Hanover
will remain open, Evans told
Associated Press. Jockey’s cor-
porate headquarters in
Kenosha, Wisconsin, could not
be reached Thursday evening
for comment.

Jockey, which has been in
Jamaica for more than 20 years,
is the latest garment company
to close operations in the island
in favor of cheaper labor and
production costs in regions such
as Asia and Mexico. In the past
three years, Hanesbrands Inc.
and China’s ARH Enterprises
have also shuttered facilities in
the island nation.

Once a thriving sector with
more than 25,000 employees in
the mid-1990s, Jamaica’s gar-
ment industry has declined con-
siderably in the last decade with
the loss of some 20,000 jobs.

Airline to offer
flights from
New York to
Grand Cayman

@ CAYMAN ISLANDS
George Town

CAYMAN Airways will begin
offering direct service between
Grand Cayman Island and New
York City in June, the British
dependency’s top tourism offi-
cial said Wednesday, according
to Associated Press.

The national airline will fly
the new nonstop route three
times a week starting June 23
and will be using the carrier’s
Boeing 737 planes, Tourism
Minister Charles Clifford said.
The price of the flights to John F
Kennedy International Airport
were not disclosed.

Clifford said the US north-
east is the single largest source
market for the Cayman’s
tourism industry, with more than

-30 per cent of all American air

visitors Coming from the New
York tri-state area.

Cayman Airways currently
has non-stop service between
Boston, Chicago, Houston, Fort
Lauderdale, Orlando, Miami,
Tampa and Grand Cayman, and
jet service to Havana and Cay-
man Brac, Kingston and Mon-
tego Bay in Jamaica.

FOR 3 IN 1 LAWN SERVICE

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ru e
THE TRIBUNE TUESDAY, MARCH 27, 2007, PAGE 3

i eT ae Bd
ein brief Tnoraham and Christie clash.



Murder

convict’s
appeal is
set for May



Mi MAX Tido on his way to
court last year

THE appeal hearing of
murder convict Maxo Tido
has been adjourned to May
11, when his defence is
expected to submit further
arguments on his behalf.

Director of Public Prose-
‘cutions Bernard Turner
made submissions on behalf
of the prosecution yesterday.
Attorney Shaka Serville of
the law firm Lockhart and
Munroe appeared on behalf
of Tido’s attorney Wayne
Munroe.

Tido’s defence is appeal-
ing his death sentence and
the conviction upon which it

is based. said. “If you areaman,andthe the proceedings was the most _ resolution was introduced. by
In March last year, in a prime minister, why don’t you __ stupid point that he — Mr Ingra- Independent MP for Bamboo designer

unanimous decision, Tido stop it?” ham — had made in his history Town, Tennyson Wells, subse-

was found guilty of the mur- Mr Ingraham further asamember of parliament. quently accused Mr Ingraham Calvin Klein

der of then 16-year-old Don-
nell Conover.

Conover reportedly died
as a result of a crushed skull
and lacerations to the brain.
Her partially clothed body,
which reportedly also had
burns on it, was found in a

quarry pit off Cowpen Road.

ido was sentenced in i By KARIN HERIG 105 degrees on the day she died. a x
April by Justice Anita Allen, Tribune Staff Reporter Chief Charlie Tiger of the Exclusively
who, after citing that the a Seminole police department at

heinous nature and circum-
stances surrounding
Conover’s death, ruled that
the death penalty was appro-
priate.

It was the first time since
the Privy Council had ruled
against the Bahamas’ manda-
tory death penalty, leaving
sentencing to the discretion
of the trail judge, that a

Bahamian judge has handed >

down the death sentence.
Tido’s Appeal Court hear-
ing began last year.

DNA testing
firm to offer
free tests in
Bahamas

IN support of the Supreme
Court ruling in the Anna
Nicole Smith paternity case,
Masterscan DNA Testing
Ltd will be conducting free
DNA testing in the Bahamas
throughout the month of
April, it was announced yes-
terday.

Interested persons are
asked to contact the Com-
plete Family Practice on
Robinson Road for further
assistance.

Mavacuelicciuiesauvaeuaeey

SPORTS SECTION



in House over regulations

@ By BRENT DEAN

A WAR of words erupted

yesterday in the House of’

Assembly between Prime Min-
ister Christie and leader of the
opposition Hubert Ingraham —
foreshadowing the clash that is
expected between these political
heavyweights during the offi-
cial election campaign.

Tension rose in the House as
Mr Ingraham chastised the PM
for not providing copies of the
regulations attached to the res-
olution for the amendment of
the National Insurance Act ina
timely fashion.

Last week when the resolu-
tion was introduced by Mr
Christie, he indicated that the
opposition would receive the
regulations by the end of the
day.

However, Mr Ingraham and
the opposition stated that they
only received this information
yesterday in the House — and
were therefore left unaware of
all of the specifics of the reso-
lution they were to debate.

Mr Christie criticised Mr
Ingraham for delaying the
debate on the resolution stat-
ing — in reference to Mr Ingra-
ham = that it is disgraceful for a
man collecting over $120,000 a
year to attempt to prevent pen-
sioners from getting their mon-
ey.

Mr Ingraham responded by
levying a barrage of attacks
against the character and man-
hood of the prime minister.

Mr Ingraham dared the PM
to stop his pension payments.
“Why don’t you stop it,” he





a HUBER’ I crane

declared to Mr Christie, “don’t
complain — do something about
ity

The leader of the opposition
further stated on the floor of
the House that Mr Christie is
impotent as a leader: “You are
impotent, impotent,” he said.

Mr Ingraham stated that, “we

are tired of incompetence — -

promises that can’t be kept.
Don’t just promise. Deliver.
Deliver. Deliver.”

The prime minister respond-
ed by stating that Mr Ingraham
seems to have no sense of
shame. He also said that there is
no former prime minister in the
region that collects as much
from tax-payers as Mr Ingra-
ham.

Mr Christie declared to Mr
Ingraham that his objection to

Mr Ingraham retorted that
Mr Christie does not know how
to do the job.

Minister of Transport Glenys
Hanna-Martin intervened in the
criticisms of Mr Ingraham.

“As a matter of conscience, I
cannot sit in this house and
watch what is happening today.
We are endeavoring today to
improve the lot of people in our
country,” she said. |

Ms Hanna-Martin said that
political posturing should not
impede or delay the pension
increases in any way.

Attorney-General Allison
Maynard-Gibson, also inter-
vened in the debate. She
affirmed that the government
was not in breach of the rules of
the House having not attached
the regulations at the time the

Autopsy results confirm Anna
Nicole died of drug overdose

ANNA Nicole Smith died of
an accidental drug overdose, it
was revealed yesterday.

Just in time for the inquest into
the death of Daniel Smith —
which kicks off today in the
Bahamas with the first of 40 wit-
nesses — Florida officials finally
released the full autopsy results
for the former Playboy playmate.

Byoward County Medical
Examiner Joshua Perper told the
media yesterday morning that the
former Trimspa spokeswoman
died of a “combined drug intoxi-
cation”, which included an over-
dose of the sleeping medication

~ chloral hydrate — a sedative often

used to treat insomnia — and a
cocktail of at least eight other
prescription drugs.

Dr Perper emphasised that
Ms Smith did not have a lethal
dosage of chloral hydrate in her
system at the time of her death
and that she did not take
enough for it to be considered a
suicide attempt.

He reported that the former
cover girl was also taking a vari-
ety of drugs, including anti-
depressants and anti-anxiety
drugs, as well as vitamin B-12
and human growth hormones.

The medical examiner further
stated that Ms Smith had
recently suffered from a bacte-
rial infection from injecting





HANNA Nicole Smith

drugs into her buttocks.

He said that this infection,
which spread into her blood
stream, caused Ms Smith to
have temperature that spiked to

yesterday reiterated that
authorities “found nothing to
indicate any foul play” in the
case of Ms Smith’s death.

Ms Smith was pronounced
dead on February 8 after she
was found unresponsive in her
room at the Seminole Hard
Rock Hotel and Casino in Hol-
lywood, Florida.

Just five months prior to her
sudden death, Ms Smith’s 20-
year-old §on Daniel apparently
died from an overdose drugs at
Doctors Hospital.

Florida police have in recent
weeks been liaising with
Bahamian authorities in their
investigation of commonalties
between the deaths of mother
and son.



l! PERRY Christie

of attempting to deny pension-
ers their benefits.

“The member for North Aba-
co is trying to deny these poor
people their increase in pen-









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sion,” he said.

The war of words between
Messieurs Christie and Ingra-
ham ended when the PM
informed Mr Ingraham that it’s
not too late for him to go back
to school, in response to his
comments and behaviour.

Mr Ingraham responded by
questioning the prime minister's
intelligence and again branding
Mr Christie incompetent.

Commentators said the con-
frontation between Mr Christie
by Mr Ingraham may indicate
that, during the campaign, the
FNM leader will attempt to
demonstrate to the electorate
that he possesses a greater force
of will as a leader.

“T walked out and allowed
you free hand. I had enough of
it. I will respond to you word
for, pound for pound,” Mr
Ingraham said at one point.

Mr Christie responded by
stating that the people of the
Bahamas will soon.determine
who has the intellectual ability

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PAGE 4, TUESDAY, MARCH 27, 2007

THE TRIBUNE



Christie administration

The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Slavery: Black and white

“YOUR DADDY used to be my slave mas-
ter,” a small school girl said accusingly to the
shocked surprise of her white school friend.
This exchange took place recently at a private
school in Nassau.

What this little black Bahamian did not
understand is that her daddy might also have
been a slave owner, and her white friend’s fam-
ily might have had nothing to do with slavery,
having settled in the Bahamas after the Aboli-
tion of Slavery Act (1807), which eventually
ended all slavery in the Bahamas by August 1,
1838.

It is, therefore, wrong to assume that all
white Bahamians are descended from white
slave owners, and that all black Bahamians are
descendants of slaves. It is also wrong to assume
that no black man or woman, having won their
own freedom, never became slave owners them-
selves.

We highly recommend the book, “Race
Relations in the Bahamas, 1784-1834”, written
by Dr Whittington B. Johnson, history professor
at the University of Miami in Coral Gables. Dr
Johnson’s roots are in the Bahamas, having as a
distant relative the Rt Rev Gilbert Thompson.

According to Dr Johnson, “in the British
West Indies colonies, black and coloured slave-
holders were heavily concentrated in the towns,
they seldom owned more than 10 slaves, and

-» females outnumbered males.”

However, in the Bahamas, although most
of the black slave owners were in New Provi-
dence, several lived on the Out Islands.

In New Providence, for example, said Dr
Johnson, “Timothy Cox, who owned 27 slaves at
one time, had reduced his holdings to six in
1834. He owned a head tradesman, but the oth-
er five slaves were domestics. James Rutherford,
overseer of the Wylly plantations, employed
his three slaves (two males and one female),
the total value of whom was £57 as field hands.”

And then there was Joseph Rumer. He was
a 42-year-old black, who “supervised 200 slaves
while he himself was a slave. After gaining his
freedom in the early 1820s he continued to
supervise slaves; this time the number was much
smaller, eight. It was not long after becoming a
freeman that Rumer began to prosper eco-
nomically, so much so that he was able to pur-
chase the freedom of his son and in 1834 owned
21 slaves.” /

Dr Johnson writes that James Weldon John-
son, a leading early-twentieth-century black
civil rights advocate and NAACP official,
proudly alluded to his grandfather in his auto-
biography, Along This Way, without mentioning
that his grandfather, the tailor Stephen Dillet,
was himself a slaveholder. “Doubtless,” wrote

Dr Johnson, “he was not aware of this.”

According to Dr Johnson “owning slaves
helped non-whites in a business, reduced the
workload, increased the output of the operation,
and could result in increased income by hiring
out the slaves.”

Non-white women were also slave owners.
Dr Johnson said that “free blacks and persons of
colour acquired their slaves through purchases
from private individuals (whites and non-whites)
and estates, as gifts, inheritances, and bequests,
through purchases from slave traders, and as a
result of their slaves giving birth.”

Race — using the excuse to celebrate the two
hundredth anniversary of the Abolition of the
Slave Trade Act (1807)— has become a part of
the PLP’s election campaign. As we have said
before — with the exception of the 2002 cam-
paign which accused the FNM of giving away
Bahamian land to foreigners — race has been
used in every PLP campaign to divide Bahami-
ans.

Yesterday evening we were told of school-
children who have been so upset by this cam-
paign that they have asked their teacher’s per-
mission to write letters to the press. We hope
they got that permission. Maybe this will be

‘the start of the grand debate that so many

Bahamians seem to want.

An exchange took place outside The Tri-
bune yesterday between a rabble rouser, who
was blocking traffic, and a white woman
motorist.

Immediately the black man assumed that the
white woman was a former UBP and became
abusive.

Because race is being used to arouse emo-
tions, some blacks are not seeing their white
compatriots as fellow Bahamians — they are
either UBP or descendants of white slave own-
ers who oppressed the blacks.

But what Bahamians on both sides must not
forget is that the slave trade would not have
flourished as it did, if black Africans were not
going into their villages and capturing their
countrymen to deliver for a price to the white
slave trader.

And, with the passage of time, on winning
their freedom some of these same blacks
climbed to economic success on the backs of
their own black brothers by enslaving them.

And so those who are so quick to point a fin-
ger, take a minute to look into your own fami-
ly tree and see if what you find there might not
embarrass you.

It is about time that we dropped race in this
election and deal with the real issues, the most
important of which is getting to the root of
crime and finding a solution.



has shown ‘gross disrespect
for its own people’

EDITOR, The Tribune.

I AM an expat who has been
living here for the full period of
the Christie administration to date.
I am married to a Bahamian; this is
my home because this is where her
children and our grandchildren
live. In my time here I have grown
more incredulous at what the
Bahamian people permit their
politicians to get away with. People
will only disrespect you as much
as you permit them to do so.

This Christie administration has
shown gross disrespect for its own
people, it has treated them like
fools and continues to do so. Don’t
get me wrong, Iam no FNM sym-
pathizer, nor a supporter of any
other political party. I have no axe
to grind.

Whilst touting that The
Bahamas is a developing nation
and making great strides towards
attaining first world status, the
Christie administration has deliv-
ered nothing short of appalling
third world politics, political inac-
tion and political ineptitude. It is
this administration that is holding
its nation and people back, yet the
eloquent speeches that continue
to be made by Christie belie the
facts of the matter. Christie is
clearly delusional if he believes a
fraction of the things that he
speaks.

The litany of failures of this
administration grows longer by the
day. Does Christie really think that
the Bahamian people have such
short memories that they cannot
recall the list of screw ups that he,
along with other members of his
administration, has presided over?
The lack of leadership, lack of
decisive action and the adminis-
tration’s reliance upon brushing
things under the carpet rather than
fixing problems are unfortunately
the hallmarks of this administra-
tion. Where does one start with a
list of their major mistakes, never
mind the everyday trivia? Where
will it end? - With this administra-
tion being given the treatment it
richly deserves at the polls.

Just a few examples: The Sid-
ney Stubbs saga - between being
declared a bankrupt, the endless
extensions granted by the admin-
istration whilst he attempted to get
his personal dealings in order,
rather than insisting on his resig-
nation from his government posi-
tionsewas early in its story. A few
months later, add the shenanigans
that led to the Korean fishing boat
story. The cracks were already
showing back then on how the
administration and its leadership
was not up to the task of good gov-
ernance. What about a few other
things like the condition of the
Nassau airport - an absolute sham-
bles by anyone’s standards?
Despite great promises ("talk” -
which Christie and his administra-
tion have devalued more each
day), there has been no substantive
change. What about the actions of
his cabinet ministers? The rape
allegation against Bradley Roberts;
the correct procedure under the
Westminster system of govern-
ment is to resign one’s post - stand
aside - whilst an investigation is
carried out; if one’s name is
cleared, then if the opportunity
arises in the future a cabinet post-
ing is resumed. The rape allega-
tion was quashed.



BEAUTY GUARD

Baws

letters@tribunemecdia.net



What about the much hyped
Code of Ethics, once the adminis-
tration finally got around to issuing
one? Have any of its ministers read
the code? If so, how can these
appalling laxes in judgment and
cock-ups continue to occur, if the
code is applied consistently and
governance is carried out correct-
ly? It’s the hit and miss approach
of this administration. What about
the saga in respect to the issuance
of a work permit for an editor of
one of the media outlets here? Yes
the permit was eventually issued,
but you can’t help but wonder
whether there would have been an
inordinate delay, had the person
in question not been the editor of
a mouthpiece that was correctly
holding the administration
accountable for its actions.

What about the fight that
occurred at the conclusion of a
meeting between various members
of the administration? Kenyatta
Gibson and Keod Smith, for what-
ever reasons behind their differ-
ence of opinion, should have
resigned promptly for their ridicu-
lous actions. The lack of backbone
shown by those two and Christie,
in firstly trying to deny any wrong-
doing had occurred, then trying to
minimize the extent of the wrong,
then finally having to come clean
and finally both resigned form
their posts, was another sideshow
that distracted the government
from getting on with the job at
hand. Christie holds up the situa-
tion as an example of his astute
leadership; rather it is an example
of how much this administration
resembles the keystone cops in the
execution of their duties.

The Anna Nicole Smith/Shane
Gibson saga has been a gigantic
embarrassment for the govern-
ment, its people and the country.
How any government official could
possibly think that Gibson’s han-
dling of the matter was appropriate
simply beggars belief. What did
Gibson think that he was doing?
As innocent as any photos might
be, the appalling lack of judgment
and the naivety he displayed by
encouraging the relationship shows
what a lightweight that he really
is. For Christie to then provide
support for Gibson, shows equally
appalling judgment on his part.

Throughout the term of this
administration, Christie has made
no secret of his intention to leave a
legacy - something by which he
wants his name recalled with
warm, fuzzy feelings in the future.
A noble aim but one in which
Christie’s own ego has been put
ahead of good governance. In time
the administration’s so-called
“anchor” projects will be shown
to either anchor economic pros-
perity for their respective family
island communities, or be shown to
be nothing but folly. It is said that
the devil is in the detail. When one
scrutinizes whichever agreement
is tabled, the detail speaks loudly
and clearly to this administration
being deficient in getting the detail
right. These supposed anchor pro-
jects are associated with huge con-
cessions made to foreign entities.
The concessions include access to
large tracts of land with minimal
spending by the foreign entities
and developments being promised
in environmentally sensitive areas.
Time will be the judge, but based
on the wholesale giveaways that
this administration has orchestrat-

ed, these projects are likely to
become “millstones” — weighing
down and holding back the com-
munities, rather than anchors on
which to build prosperity.

The Cable Beach redevelop-
ment falls into this category as
well. Oh what a cost to The
Bahamas and its people, for
Christie to have a “legacy”. In sim-
ilar vein is the proposed govern-
ment health scheme. Poor Bernard
Nottage has been given this hot
potato to get right - for whose ben-
efit - the much sought after
Christie legacy or the benefit of
the Bahamian people? How on
earth does this administration with
its “D” grade performers (at best)
think that it has the skills to get
such a government administered
scheme right, when far more com-
petent governments with much
greater access to revenues, med-
ical facilities, training and account-
ability of these systems, have —
failed? Is this to become another
millstone? The history of such gov-
ernment run schemes around the
world tells us this is a millstone
with a capital “M”. If you don’t
believe this, why do you think that
Nottage/Christie and Co continue
to hold back the details and the
true cost projections for such a
scheme? Detail again - this admin-
istration really has problems with
getting it right.

The education system with its
incredible ability to churn out vast

numbers of illiterate graduates .-

makes the system and all who par-
ticipate in it, a laughing stock. How
can prosperity be assured to a
country when the government sys-
tem fails to teach the basic — read-
ing and numeracy? There just
aren’t enough walls for all these
unemployed graduates to sit ~
around and shoot the breeze,
whilst they wait for someone to
tell them what they should do with
their lives. It’s not as though they
will make good unskilled labour
for the various anchor projects and
such like — because they lack the
work ethic needed to hold onto a
job. Does the administration not
see that screwing up the education
of its youth is setting the nation
toward moral and economic bank-
tuptcy? Without the skills to live
and earn a living, how can these
graduates handle the pressure that
life brings to bear upon them? Is it
any wonder that many lack the
skills to handle conflict resolution
with the result that violence
abounds and the best way of
“earning” an income is to look for
the easy way out of taking that
which doesn’t belong to them or
trading in illegal commodities?
This problem is not the sole
responsibility of this administra-
tion, but they have done too little
to arrest the downward spiral dur-
ing their term. Christie takes solace
in his much vaunted Urban
Renewal Project, but typical of this
administration its window dress-
ing rather than dealing with the
real problems in these “over the
hill” communities.

And so on and so forth. When
will it all end for this administra-
tion? That is entirely up to the peo-
ple of this beautiful country. Quite
frankly, I think the person to
whom I am married, those to
whom I am related here, those
with whom I work, those with
whom J attend church and my
neighbours, all deserve something
far better than what the Christie
administration has offered since
May 2002.

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THE TRIBUNE

TUESDAY, MARCH 27, 2007, PAGE 5



BP Ee a ee
New regulations to stop money

laundering after US concern

On brief

Events set
to mark
abolition
bicentennial

EVENTS that will be held
to commemorate the bicen-
tennial of the abolition of the
transatlantic slave trade:

Friday, March 30

Launch of the Bahamas
Learning Channel at 9am at
Choices Restaurant, the Col-
lege of the Bahamas

¢ Panel discussion with Dr
Gail Saunders (director gen-
eral of heritage) and Dr
Thaddeus McDonald (dean
of the school of education
and social sciences) at
10.30am at Choices Restau-
rant.

e Luncheon Lecture with
Hon. G. Naledi Pandor (Min-
ister of Education of the
Republic of South Africa) at
1:00 p.m. at the British Colo-
nial Hilton Hotel

e Lecture by George Lam-
ming at 6pm at the British
Colonial Hilton Hotel

Saturday, March 31

e Commemorative service
and cultural evening at 3pm
in collaboration with the Fox
Hill Festival Community
Organisation at the Fox Hill
Parade.

Two people
injured after
vehicle
overturns

TWO persons are in hos-
pital in stable condition after
their vehicle crashed and
overturned in bushes in the
Deadman’s Reef area on Fri-
day.

Police say that the accident
occurred around 11.30pm.

According to police,
around that time, a police
jeep was travelling along
West End Highway when
they were overtaken by a
white 1999 Honda Accord,
licence number 3061, upon
reaching the vicinity of
Bahama Beach.

A short time later the offi-

cers came upon the vehicle
in the area of Deadman’s
Reéf. The vehicle had over-

turned, and was resting onits 3

roof in bushes. The driver
Julius Green, 26, of Man-
groye Cay Andros and his
passenger Jamaal Grant, 19,
of East Sunrise Highway both
sustained injuries. They were
assisted from the wreck and
transported to hospital. Police
are investigating the incident.

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TUESDAY,
MARCH 27TH

6:00 Community page 1540am

11:00 Immediate Response

noon ZNS News Update

12:05 Immediate Response
(Cont'd)

1:00 Legends: Ezra Hepburn

2:00 Fast Forward

2:30 Turning Point

3:00 Practical Principles

3:30 _Emest Leonard

4:00 Lisa Knight

4:30 Cybernet

5:00 ZNS News Update

5:05 Healthy Lifestyles

5:30 Rescue

6:00 Baker's Bay

6:15 Seven Seas Informcial

6:30 News Night 13

7:00 The Bahamas Tonight

8:00 Introduction of PLP
Candidates

10:00 Caribbean Newsline

10:30 News Night 13

11:00 The Bahamas Tonight

Immediate Response

Community Page 1540AM

NOTE: ZNS-TV 13 reserves the
right to make last minute
programme. changes! ayes

x



@ By KARIN HERIG
Tribune Staff Reporter

NEW regulations to prevent
money laundering and the
financing of terrorism have
come into effect just weeks after
the Bahamas was once again
named as a “major money laun-
dering” country by the US.

Earlier this month, in the US
State Department’s Interna-
tional Narcotics Control Strat-
egy Report (INCSR) for 2007,
the Bahamas was again placed
on the list of countries that are
of “primary concern” in terms
of money laundering.

However, last week new
guidelines relating to the pre-
vention of money laundering
and the financing of terrorism
which apply to all financial insti-

Updated guidelines introduced by Financial Intelligence
Unit to combat twin threats of crime and terrorism



tutions in the Bahamas were
released by the Financial Intel-
ligence Unit (FIU) and came
into effect on March 19.

The updated guidelines
replace those which were ini-
tially issued by the FIU in July
of 2001.

“These guidelines have been
issued in recognition that the
financial services sector in the
Bahamas, as elsewhere, is
exposed to the risks of assist-
ing in laundering the proceeds
of criminal conduct and involve-

ment in the financing of terror-
ism. They are produced to
accord with the financial laws
and business practices of the
Bahamas,” the FIU said.

The FIU said that based on
new developments in worldwide
in anti-terrorist strategies, the
time is now appropriate to
update the guidelines to encom-
pass matters related to the
financing of terrorism and to
re-issue the same rules to the
financial services sector, “but
with a narrower focus on the

processes related to suspicious
transactions reports.”

Accordingly, the FIU said,
the revised guidelines attempt
“to explain the requirements of
Bahamian anti-money launder-
ing and anti-terrorism financ-
ing legislation and to provide a
practical interpretation of the
financial intelligence regulations
2001.”

The updated guidelines are
also aimed at providing an indi-
cation of “good industry prac-
tice” and a basis “for imple-

mentation of policies and pro-
cedures for the handling of sus-
picious transactions and explain
the process for reporting for
suspicious transactions to the
FIU.”

The guidelines were prepared
in consultation with local regu-
lators of the financial services
sector and those financial insti-
tutions and industry organisa-
tions that expressed an interest
in being consulted in the devel-
opment of the regulations, the
FIU stated.

Famed writer to attend abolition celebrations

A WELL-KNOWN Carib-
bean writer and a South African
Cabinet minister will head up
the series of distinguished guests
at the celebrations to com-
memorate the bicentennial of
the abolition of the transatlantic
slave trade.

The Ministry of Education,
Science and Technology in col-
laboration with Ministry of For-
eign Affairs and the Public Ser-
vice, the College of the Bahamas,
the Cultural Commission and the
Fox-Hill Festival Community
Organisation have organised the
celebrations, which will take
place on Friday March 30 and
Saturday March 31.

The Ministry of Education
announced yesterday that
Grace Naledi Mandisa Pandor,
Minister of Education of the
Republic of South Africa, will
give a view of the abolition of
the slave trade from the African
perspective, while George Lam-
ing — a Caribbean intellectual,
teacher, poet, novelist, broad-
caster and critic — will present
“Reflections on the meaning of
slavery.”

G Naledi Pandor was born in
1953 and at present holds the
positions of member of the
National Executive Committee
of the African National Congress
(ANC) and has been a member

of parliament since 1994.

She holds a bachelor of arts
degree in History from the Uni-
versity of Lesotho, Botswana
and Swaziland; a masters degree
in education from the Universi-
ty of London and a masters
degree in general linguistics
from the University of Stellen-
bosch.

She has held memberships
and positions in several areas,
including: deputy chair of the
Joint Education Fund of South
Africa (TEFSA), deputy chief
whip of the African National
Congress in parliament and
woman chancellor of Cape
Technikon.

Caribbean marks 200th anniversary of
end of Britain’s trans-Atlantic slave trade

H DOMINICA
Roseau

THE cries of African slaves
being led to cell blocks pierced
the air as their lives were re-
enacted by Dominicans to com-
memorate the 200th anniver-
sary of the end of Britain’s
transatlantic slave trade.

Re-enactors walked in chains
to Roseau’s Baraccoon build-
ing, where slaves were held
before being auctioned off to
plantation owners in the former
French and British colony, and
which now houses the City
Council.

Dominica’s tribute was one
of several across the Caribbean
on Sunday: In Jamaica, sym-
bolic funeral rites were per-
formed in Kingston Harbour
for slaves who died during the

. ocean journey. In Guyana, a

tribute was held in the parlia-
ment buildings where slaves
were beaten and sometimes
hanged. In St Lucia, students
re-enacted the slaves’ struggles
for freedom.

A regionwide moment of
silence was also held at 12pm.

“We must never forget,” said
Ralph Gonsalves, prime minis-
ter of St Vincent and the
Grenadines and chairman of the
Caribbean Community. “We
are collectively engaged in com-
memorating and paying tribute
to all those who triumphed over
the anguish of enslavement, of
injustice and disenfranchise-
ment, and who helped to bring
about the abolition of ... the
trading and transportation of
human cargo across the
Atlantic.”

Enacted on March 25, 1807,
the Slave Trade Act prohibit-
ed British ships from transport-
ing slaves, although Britain did
not abolish slavery in its terri-
tories until 1833.

Although estimates vary,
researchers say some tens of
millions of Africans were
enslaved and shipped to the



@ ISLANDERS perform during a cultural show to mark



the

beginning of year-long commemorative activities of the abolition
of the trans-Atlantic slave trade in the British Empire 200 years
ago on Sunday in Bridgetown, Barbados

Caribbean and the Americas,
with millions dying in holding
camps in Africa or during the
voyage.

“Slavery was based on crimi-
nality, callous greed and mur-
der,” said Violet Jean Baptiste,
a spokeswoman for the
Guyana-based African, Cultur-
al and Development Associa-
tion. “Members of royalty,
insurance companies and banks
... politicians, clergymen and

businessmen amassed fortunes

on their human animals.”
Blair

In a video message from
British Prime Minister Tony
Blair played Sunday at Ghana’s
Elmina Castle — where Africans
were held before they were
transported abroad — he
expressed regret for his coun-
try’s role in the slave trade and
for the “unbearable suffering,
individually and collectively, it
caused".

Blair also condemned the
slave trade earlier this year, but
stopped short of offering an
apology or compensation for

(AP Photo/Chris Brandis)

slaves’ descendants. Activists
criticised his careful language,
saying it reflected the govern-
ment’s fear of paying repara-
tions.

All major credit cards
accepted as cash!



George Laming was born in
Barbados in 1927 and is the
author of many award winning
publications, including: In the
Castle of My Skin, The Emi-
grants, Of Age and Innocence,
Enterprise of the Indies and
The Pleasure of Exile.

Mr Lamming has been the
recipient of numerous awards,
including: the Somerset Maugh-
am Award for Literature
(1958), a Doctor of Letters
degree from the University of
the West Indies for his contri-
bution to Literature (1980), an
award from Hunter College
(New York) for outstanding lit-
erary achievements in creative




























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arts (1984), a Martin Luther
King Junior Fellowship in
Michigan (1990) and an hon-
orary doctorate from City Uni-
versity in New York (2000).

In addition Maureen Denton,
vice president and associate
general counsel of Goldman,
Sachs and Company, will be
present and will assist Mr Lam-
ming in his presentations.

Dr Gail Saunders, the
Bahamas director general of
heritage and Dr Thaddeus
McDonald, the dean of social
and educational studies at COB,
who will discuss the impact of
the African presence in
Bahamian history.




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PAGE 6, TUESDAY, MARCH 27, 2007

THE TRIBUNE



(BSR Ta To
Young women ‘increasingly at risk’

YOUNG Bahamian women
are falling prey to “prostitution,
pornography, Internet or cyber
sex crimes and lesbianism,”
according to Social Services
Minister Melanie Griffin.

Mrs Griffin said the only way
families and society can fight
“this onslaught of social war-
fare” — other than locking up
children at home — is by equip-
ping children with the spiritu-

al, emotional and physical val-
ues they need to make the right
choices in life.

“In the final analysis, we are
the sum total of the choices we
make, whether good or bad,”

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Payable Personnel

Minimum requirements:














¢ An Associate Degree in Accounting
° 3-5 years experience in Senior Accounts Payable position

¢ Experience in Reconciling Vendor Balances and Bank Reconciliation

¢ Experience with Posting Journal Entries and Updating the General Ledger

The applicant must also be a Christian.

The job offers competitive salary, group medical and pension saving benefits.



Please send resume to hrresourcemanager @ yahoo.com.
Or write to: The Human Resource Manager

P.O. Box N-9583

Nassau, Bahamas

JOB OPPORTUNITY

ARE YOU INTERESTED IN AN EXCITING CAREER?

RESTAURANT GENERAL MANAGERS

¢ The successful applicant must have at least five
(5) years management experience.

¢ Must have excellent organizational and planning skills.

¢ Must have strong interpersonal skills, ability to work
under pressure.

¢ Must be able to implement and maintain standards
and procedures.

¢ Ability to develop, train and motivate a team.
¢ Must be computer literate.
¢ College level or specialized training preferred.

SALARY COMMENSURATE WITH
EXPERIENCE AND QUALIFICATIONS

INTERESTED PERSONS SHOULD SEND RESUME TO
humanresources@restaurants.bs
or mail to
HUMAN RESOURCES DEPARTMENT
P.O. Box N-8425
Nassau, Bahamas





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Thompson Blvd.« Oaks Field
t. 242.326.6377 f. 242.326.6315
e. sanpin@coralwave.com

SANPIN MOTORS LIMITED

Mrs Griffin said, “although this
does not negate the fact that
many persons have situations
forced upon them.”

Mrs Griffin also warned that
young girls who become teen
mothers outside of marriage
face a number of dangers —
including HIV/AIDS and other
sexually transmitted diseases.

Addressing a one-day com-
munication and leadership
workshop for teenage girls host-
ed by Toastmasters Club 7178,
Mrs Griffin said teen pregnan-
cies have further socio-eco-
nomic effects on the young
women as research shows that
teen mothers are less likely to
complete school.

She told the young women in
attendance that many of the
men who father the children of
teen mothers often leave the
relationship after learning of
the pregnancy, thereby leaving
the woman to fend for ‘herself
and the baby alone.

Mrs Griffin said research
from the 2000 Census indicates
that 56.8 per cent of children
born in the Bahamas are born
out of wedlock.

The minister said these fig-
ures, which are more than like-
ly even higher now, further indi-
cate that a large number of
those children are living in a
home with no permanent male
presence.

_ “Some children do not know
their fathers; some fathers sim-
ply do not care to have any



involvement with their children;
some may be involved in other
relationships (and) in other
instances, the mother and father
may still have unresolved issues
in their relationship which
impact the relationship the
father is able to maintain with
his children,” Mrs Griffin said.

The minister further said that
the social ills facing the
Bahamas are indicative of the
fact that there must be “some-
thing wrong with our teaching,
our training as parents.”

PIR:

@ SUNCHER Johnson, president of Toastmasters Club 7178,
presents Minister of Social Services and Community
development Melanie Griffin with a plaque following Mrs .
Griffin’s address at the Club’s second annual communication
and leadership workshop, held at the Cancer Society of the
Bahamas complex.

(Photo: BIS/Derek Smith)

“A child exposed to stealing
is more at risk to become a thief
than the child who is not,” she
said, “a child who is exposed to
prostitution, whether on the
street corner or in relationships
built solely on the exchange of
financial and material upkeep
for sexual favours, is more at
risk of doing the same.

“We need to make a con-
scious decision to get it right.
Our children and our country
depend on it,” Mrs Griffin
added.

Haitian-Bahamians encouraged
to pursue citizenship approval

@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - Haitian-
Bahamians born in the country
who are still awaiting citizen-
ship approval after many years
have a right to pressure the gov-
ernment, according to a local
lawyer.

Rawle Maynard pointed out
that Haitian-Bahamians in this
situation‘are entitled to certain
rights under the Bahamas Con-
stitution?!

He added that it goes against
the United Nation’s Charter to
render a person stateless.

Mr Maynard pointed out that
just as the constitution requires
persons of foreign parentage
born after 1973 to submit appli-
cation for citizenship within one
year of their 18th birthday, those
applicants are also entitled to
receive their citizenship in a
timely and expeditious manner.

“My interpretation of the
constitution is that since they
(government) put in a time
frame which persons must put
in application within a year.
Then, it is something that gov-
ernment should do expedi-
tiously; the government is duty
bound,” he said.

Mr Maynard was speaking on
Sunday to a group of Haitian-
Bahamians during a special
meeting held at the Bahamas
Public Services Union Hall in
Grand Bahama to address a
number of concerns relating to
citizenship.



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Jetta Baptiste-Polynice, a
Haitian Bahamian community
activist in Freeport, said that
many persons born in the
Bahamas of Haitian descent are
frustrated over how long it takes
for them to get their citizenship.

James Rolle, deputy director
of Immigration in Freeport, was
also present. He said that there
is a huge backlog of citizenship
applications.

Mr Rolle explained that the
final decision in terms of citi-
zenship still rests with the Cab-
inet — which is where the process
becomes “bogged down.”

Limbo

In the meantime, Mr May-
nard stated that many Haitian-
Bahamians are in a state of lim-
bo and are now experiencing
problems with travel documents
issued by Immigration Depart-
ment.

One young woman, who was
born in the Bahamas and made
application at age 18 for citi-
zenship, complained that at age
22 she is still waiting.

Mr Maynard noted that appli-
cants have the right to initiate a
judicial review, in which the
court can make a declaration
for the government to process
their citizenship application. He
said the only ground that the












The Manager will



Benefits include: ;








¢ Pension Plan.

to:

ec
BUSINESS OPERATIONS MANAGER



An establish, international company is
seeking Operations Manager.

be responsible for over-
sight of various business units in effectively
execuling operations to ensure excellent customer
service, expense control, and revenue growth.

The applicant must have:
¢ BA or BS in Business related studies,
inclusive of Accounting and Economics.

¢ Strong Communication, Leadership,
and Computer skills.
e Must be a professing Christian.

¢ Competitive Salary
e Subsidized Health Plan

Interested persons can email their resumes

hrresourcemanager@ yahoo.com

government can deny citizen-
ship is if there is a real threat to
national security.

Another way to put pressure
on the government, according
to Mr Maynard, is for applicants
to fulfill the application process
properly.

He explained that persons
born after 1973 to foreign par-
ents, on reaching the age of 18,
have a right to claim Haitian
citizenship by virtue of their
parents. They also have a right
to claim Bahamian citizenship
because of their birth in the
Bahamas.

Mrs Baptiste-Polynice said
that another issue: confronting
persons is the law as it relates to
Bahamian men and women
married to foreigners.

“When a Bahamian man is
married to a foreign woman and
they have a child, that child is
immediately registered as a cit-
izen of the Bahamas. For us
Bahamian women, it is not so
and the child automatically
takes the nationality of the
man,” she said.

She also said that Haitians
married to Bahamians are enti-
tled to a resident spouse per-
mit, which costs $250, and is
valid for five years. However,
she noted that many are being
issued general work permits
that cost $500, and are only
valid for one year.





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LOCAL NEWS

MP visits school in his own constituency















B Minister of
Financial Services
and North Andros
and the Berry
Islands MP
Vincent Peet and
R N Gomez

| principal Cleveland
Ramsey view a
digital mosaic
artwork piece
created by
students assisted
by volunteer

# teacher Elena
Kallis, right, at the
RN Gomez All

§ Age School’s 29th
annual School Fair
on Friday at the
chool in Bullock’s
Harbour, the
Berry islands.

(Photos: BIS/
Tim Aylen)





‘Wellness centre’
planned for COB

lm By TAMARA FERGUSON

A ‘WELLNESS centre’ is
being constructed at the Col-
lege of the Bahamas in an effort
to promote a healthy lifestyle
among students and faculty.

College officials say the facil-
ity will provide weight loss and
training schemes, as well as oth-
er programmes and amenities
that can be found on any mod-
ern university campus.

COB vice-president for
finance and administration
Denton Brown said the centre,
which will be constructed at a
cost of $788,500, will include
showers for men and women, a
storage room and exercise
room, offices for athletic direc-
tors and an aerobics dance
room.

Mr Brown noted that the cen-
tre, which is being constructed
by ERKE Construction Com-
pany, will also be beneficial to
the Physical Education Depart-
ment, which will have access to
both the new athletic equip-
ment and the shower facilities.

“There will also be a general

wellness centre for the faculty
and staff who may wish to exer-
cise before work or take part in
aerobics early in the morning.
They will have a place to show-
er,” he added.

Mr Brown said the centre will
offer wellness programmes such
as weight loss and control, exer-
cise, aerobics and nutrition
management — for both the stu-
dents and faculty.

He said the college does not
expect to charge a fee for use of
the centre, explaining that the
cost may be covered by the
activity fee already paid by stu-
dents every semester. He noted
that there may be a fee to rent
towels.

The centre, which will cover
5,000 square feet, will be fully
air conditioned, with cushioned
floors for aerobic dance lessons
and karate classes, a storage
room and offices for athletic

. directors. '
-. It, will be located next to the

Portia Bain Building on Poin-
ciana Drive. Construction began
on January 15 and is expected to
be completed by this summer.

According to Mr Brown, oth-
er projects the college intends to
complete this year include a
state-of-the-art performing arts
centre, which is expected to be
completed by May, the renova-
tion of Dorm C and the reloca-
tion of the computer lab.

He said that work on Dorm
C, which is a student housing
facility located on Moss road
and College Avenue, begins in a
few weeks.

“We intend to provide air
conditioning, new furniture and
a new kitchen for that dorm.
We are going to perform a com-
plete renovation of the build-

_ ing. The block which houses the

computer room is also being
relocated to the C block to pro-
vide the capacity for additional
computers,” Mr Brown said.
Students have complained in
the past that the college’s com-

puter lab is not big enough for,,,,

the number; of students who

need to use it. Mr Brown said,;,.,

that the new location in the C-
block, which was formerly the
bookstore, should more than
meet the demand.

Receptions organised for COB alumni

COB president Janyne Hod-
der has organised a series of
receptions for college alumni
in an effort to share her vision
for the move to university sta-
tus.

The college also announced
that it is developing a new
Alumni Relations and Devel-
opment Department out of the
President’s Office, which is
expected to play “an integral
role” in the many changes that
lie ahead.

All the receptions will be
from 7 to 9pm at president
Hodder’s home, Seagrape
house, located on Pine Hill



Road off Eastern Road.

Alumni interested in attend-
ing were asked to RSVP by call-
ing 302-4301 or by emailing
alumni@cob.edu.bs

The receptions are scheduled
as follows:

e Thursday, March 29

President Janyne Hodder has
requested the company of alum-
ni from the Bahamas Hotel
Training College and the Col-
lege’s Culinary and Hospitality
management Institute.

e Thursday, May 3

President Hodder will wel-
come alumni from the schools
of communication and creative

arts, English and Social Sci-
ences.

e Thursday, April 26

President Hodder will wel-
come alumni from the school
of business.

e Thursday, May 10

President Hodder will host
alumni from the school of sci-
ences and technology and edu-
cation.

At each reception, the alum-
ni will be joined by members of
the Alumni Hall of Fame, exec-
utives of the Alumni Associa-
tion, members of the College
of the Bahamas Council, facul-
ty, staff and other friends.

Premier ealthy

TUESDAY, MARCH 27, 2007, PAGE 7







BH COMPUTER
teacher Jay
Cartwright, second
from left, shows off
the school's computer
section to (from left)
Vincent Peet; Harcourt
Davis, district
superintendent;
Maxine Forbes,
principal of Central
Andros High School:
and Cleveland Ram-
sey, principal of

R N Gomez

March 29th

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March 30th

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PAGE 8, TUESDAY, MARCH 27, 2007



/ TUESDAY EVENING MARCH 27, 2007

6:00 | 8:30 | 9:00 | 9:30 | 10:00 | 10:30

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the San Francisco Bay Area.

THE TRIBUNE

Let Charlie the
Bahamian Puppet and lay
his sidekick Derek put

some smiles on your

kids’s faces.

Bring your children to the
McHappy Hour at McDonald's in
Palmdale every Thursday
from 3:30pm to 4:30pm during the
month of March 2007.

Enjoy Great Food, Prizes and Lots of Fun.

ga
Pm lovin’ it


“fee TLRS

THE TRIBUNE




Claim that politicians
~ “peluctant' to act on
' Haitian slums in
- Marsh Harhour

POLITICIANS are reluc-
tant to act on Marsh Har-
bour’s increasingly hazardous
Haitian slum settlements
because of the votes they rep-
resent, it has been claimed.

About 200 voters live in
The Mud and Pigeon Pea, the
town’s shanty communities,
and they could hold the bal-
ance of power in an
“extremely marginal” seat,
said local campaigner Yvonne
Key.

She was commenting on
last week’s blaze at The Mud,
when more than 70 people
were left homeless after
flames devoured 20 shacks.

Mrs Key said: “Neither
major party wants to say any-
thing on this matter before
the election because they
‘know there are about 200
votes in those settlements.

“Not only are there Hait-
ian-Bahamians living in there,
but also Bahamian-Bahami-
ans who are married to or liv-
ing with Haitians.

. “In a constituency where
only a few votes separated the
candidates last time, those 200
votes mean a lot,” she said.

"°,, Last week’s blaze was the

- third in recent years at the

* shanty communities. Almost

~ two years ago, 70 homes went
up in smoke at The Mud,
which locals describe as a

‘major safety and health haz-

‘ard.

-». Makeshift homes on the

site are so congested that a

small fire can spread quickly.

The danger is made worse
because power lines hang
between houses without prop-
er support.

Mrs Key said “pick-ups and
deportations” of Haitians
were also likely to be sus-

' pended as the election

, approaches for fear of alienat-

._ing voters with Haitian links.
Meanwhile, it seems fami-

lies displaced by last week’s

fire have found shelter with
other Haitians.

Shelters set up by the Red
. €ross and Social Services

were not needed.

“Tt seems the Haitian com-
‘munity takes care of its own,”
Said a source. .

~ The Mud and Pigeon Pea
have been bones of con-

x yedention for many years now.

+“4ocals want the immigrants

*stleated into new low-cost sub-

(avisions

*, However, Mrs Key said the
“Haitians are now so well-
ygstablished that they sell on

«their shanty properties to

® arriving Haitians when they

,’tdanage to get status in the
United States.

a “Those who fly off to Flori-

®.da very often sell their homes

‘eto Haitians coming into the

* Bahamas for between $3,000

_and $5,000 a time,” she said.

ig ga e FOF Tt eS

FROM page one

perished in the middle passage —
the numbers exceed those who
died in the Holocaust. Their
names are not known and nev-
er will be. Even though they are
nameless, they must not be for-
gotten. Mr Speaker, some want
to act as if it (slavery) did not

LOCAL NEWS

Anniversary

also tell them, though, that his-
tory should not be used as an
excuse for their failings, but
rather as a source of inspiration
for their success,” he said.

Mr Mitchell said that the abo-
lition of slavery resulted not
from the English suddenly

“Lenglishmen a poodwill like
William Willberforce and those
who were leaders in the Angli-
can Church at the time, led the
way to end the practice,” he
said.

Mr Mitchell ended his
remarks by admonishing young
Bahamians to remember and
protect the legacy of these
islands. He said:

exist. We cannot do that. Our
history is our history; and, we
ought to be sure that the young
know their history. We must

FROM page one

July 2005, company founder Sir Richard Branson
said that the service would "bring increased compe-
tition and better value for money", ending the monop-
oly on non-stop flights to Nassau from the UK held by
British Airways.

Virgin blamed its decision to cut its service less
than a year and a half after its commencement on a
drop in all-inclusive rate rooms, popular with its cus-
tomers, attributed primarily to the property closures
associated with the multi-million dollar Cable Beach
redevelopment.

However the way in which the pull out was han-
dled "leaves room that we can re-visit that at some
point in the future and get (the service) to resume
when the opportunity presents itself," Mr Sawyer
said.
Passengers from Britain wishing to visit the islands

developing a conscience, but as
a result of young people press-
ing the moral rightness of the
case against slavery.

“We must never forget. This
is our history. Poday we are
free people ina free and sover-
eign nation. As we look our

Virgin Atlantic

through Florida.

The ease of visiting by way of Florida is increased
by relationships between Virgin and Bahamasair, for
example, which allow visitors to book a single ticket
from the UK to Nassau, including the Bahamasair leg
of the flight, through Virgin, rather than requiring
the purchase of two separate tickets through two
entities.

Furthermore, services from Canada and the US
in particular mean that airlift capacity will remain
high.

According to Mr Sawyer, the ministry ts "very con-
fident" that when additional all-inclusive rate rooms
come online Virgin will resume its non-stop flights.

He added that the Ministry is "looking forward" to
when additional rooms will be built, and hope that the

can still travel here non-stop with British Airways, or

FROM page one

Darold Miller

that they are investigating a
complaint against Mr Miller,
which was filed by three women
at Central Detective Unit head-

radio station yesterday for fur-
ther statements on the matter,
but was told that GEMS has
“no comment at this time.”
Police confirmed last Friday

Commissioner of Urban

Renewal gives warning
FROM page one

received a lot of support, from Urban Renewal representatives, and
her pastor, Dale Moss, she questioned how others without this
support network would deal with their loss and its long-term con-
sequences.

It was this that spurred her to form FAM, she explained, as a
means of addressing this isolation.

Ultimately, FAM aspire not only to offer support, but to lower
the rate of murder in the Bahamas through raising social awareness
of the lastingly devastating aftermath of murder on the lives of fam-
ily members and friends.

According to Dr Allan, relatives can withdraw from society, as
well as experiencing flashbacks, and "arousal" symptoms — lead-
ing them to feel permanently on edge and paranoid.

FAM has held weekly support meetings since last December
on Thursdays at 7pm at the activity centre of the Church of God of
Prophecy on East Shirley Street.

Additionally, they have established the objectives of ensuring the
creation of a "Victim's Desk" at the Attorney General's office
and the police headquarters to aid those seeking information with
regards to the status of their cases and starting a "Speaker's
Bureau" — which will see families going into the community to talk
about their experience.

They intend to lobby for certain rights for victim's families,
including the right to testify at sentencing hearings.

Mrs Scott said that many of those in her position have endured
problems seeking information from the police and the AG's office
about their murdered family member's case, both in terms of
inconvenience and the emotional difficulty of dealing with these
more administrative side effects of losing their loved one.

Director of Urban Renewal, Shelton Beneby, Dr Allan, and
several prominent church leaders also made a plea for all church-
es to do more to "silence the violence" in their communities, and

tend to the needs of those who have suffered a loss as a result.

Pastor Rex Major put out a call to all church leaders to attend a
conference organised by the group at the Hilton hotel this Thurs-
day, where relatives of murder victims will speak about their expe-
rience, so that they can gain a deeper appreciation of the suffering
of this sector of their community.



process is "fairly quick."

quarters on Thursday night.

However, as the complaint:
encompasses a time period of
many months and covers many
aspects, police said that they
were unable to comment any
further on the matter at this
time.

Mr Miller has for many years
been one of the country’s most
prominent personalities, attract-
ing large audiences with the var-
ious reincarnations of his talk
shows.

Before joining the new radio
station GEMS last year, Mr
Miller served as news director at
the radio station Love97 before
taking up a similar position at
ZNS, where he also hosted the
successful daily talk show
‘Immediate Response.’

He is currently GEMS’ chief —

operating officer and hosts a
daily morning talk show at
11am on that radio station.

TUFSDAY, MARCH 27, 2007, PAGE ¥Y



we say that this is the legacy
which is left to you and it is
yours to protect and guard, even
as it has been left to you from
your forefathers and foremoth-
ers. In the words of Patrice
Lumumba: ‘Forward ever,
backward never’.”

A series of events will be held
to commemorate the anniver-

young peuple in the face today,






sary. Some of these evenis
include, a panel discussion ©:

Friday at 10am by Dr Gail

Saunders and Dr Thaddeus
McDonald at the College of the
Bahamas; and, on Saturday at
the Fox Hill Parade, there will
be live music, lectures and tra-
ditional plating of the maypole,
along with the climbing of the
greasy pole.

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FROM page one

Lewis, who appeared before
Chief Magistrate Roger Gomez
at Court One, Bank Lane, did
* not have an attorney at his
arraignment. Sergeant Alexan-
der appeared for the prosecu-
tion.

The 19-year-old was
informed by the magistrate that
he was not required to plead to
the charge and would be
remanded to Her Majesty’s
prison until the start of a pre-

ee I tan Co., Ltd

WCU Lo
Phone:322-1722 ¢ Fax: 326-7452

Teen in court

liminary inquiry. The matter
was adjourned to April 2 and
transferred to Court 10, Nassau
Street.

On Friday another young
man, Tekoyo McKinney, 22, of
Moore’s Avenue was arraigned
on a murder charge. He was
charged with the shooting death
of Tyronne Deveaux at Mon-
tell Heights on Saturday, March
17.

TARGE SHIPMENT. OFU ED.
, -IN STOCK



LOCAL NEWS

Protest staged outside



THE TRIBUNE

of The Tribune office

FROM page one

daily newspaper.

Mr Smith, along with his supporters gath-
ered across from The Tribune on the south-
ern side of Shirley Street chanting “Marquis
gat to go. Marquis gat to go”.

“We came to this place almost a week
ago to request of John Marqui¥ to cease
and desist in his terrorist style of writing
as he continuously take an assault on black
leaders of the Bahamas. We have told Mr
John Marquis to cease and desist, to stop
this assault, and to stop his derogatory
attack on the black leadership of the
Bahamas.

“Mr Marquis has responded by saying
that he has made no racist statement, and
that he has made no terrorist statement.
And he has insulted the intelligence of the
Bahamian citizen to demand him to stop it.
Since Mr Marquis is in denial that he is a
racist, and since Mr Marquis is refusing to
apologize to the black decent people of the
Bahamas; and since Eileen Carron, and the
forces of evil, and Brent Symonette, and
Hubert Alexander Ingraham, have come
together with Uncle Toms to attack black
people in this country,” he said.

Mr Smith said that it is the plan of this

“dark danger force” to impose a “white
leader” in “a black country.”

Showing his agreement, one of Mr
Smith’s supporters shouted: “Where we are
90 per cent black, and 15 per cent white”.

Responding to this claim of a plot involv-
ing Mr Symonette or Mr Ingraham, Mr
Marquis said that as far as he can recall,
he has never met Mr Ingraham or Mr
Symonette.

“T am a free man living in a free soci-
ety,” Mr Marquis continued.

“One of my jobs as a professional jour-
nalist is to comment on political affairs,
which I will continue to do without fear or
favour,” he said.

Mr Smith, who refused to have his sup-
porters interviewed individually said he will
not allow The Tribune to do what “the old
white racist slave master use to do — to
try and divide and conquer.”

“We know your mission, we know who
sent you, and we know your master. So

John Marquis you can try every book. My:

brother your days in the Bahamas are num-
bered, and you are going back to the place
from whence you have come.

“The place where you are coming from,
the place where you’re hiding from, and
the place where we know you don’t want to
do,” he said.

In fact, Mr Smith said that the CCB had
photographs of Mr Marquis that they will be
releasing after they had a “general council”
meeting last night. A time, or date for when
the CCB will disseminate its information
has not been set.

However Mr Marquis has affirmed that

his life is “an open book” and is prepared to
discuss it with anyone at anytime.

Despite this, and his continued denial of *
being a racist, Mr Smith promised that Pee
will continue their protest, promising to -
return to The Tribune with larger numbers. *
Following this, a march will take place ©
where the CCB is expected to head to the
House of Assembly to continue their
protest of Mr Marquis.

.“We have taken the position of Presi-
dent George Bush. That we have to amass
a mighty coalition to fight this terrorist. To
fight this evil racist who seek to take us
back to pre-1960s,” he said.

A white Bahamian driving by in her vehi-
cle, objected to Mr Smith standing in the
road blocking the flow of traffic.

She voiced her displeasure, to which Mr
Smith responded, “You better go back
where you come from.”

“You see that, that’s what they are, UBP
people. They are UBP. They have that
white colour skin,” he said.

FROM page one

bribery,” said Mr Duncombe.

PM criticised

He added: “If the people of
Golden Gates give me the
opportunity to become part of
history, wherever I find peo-

“Mr Gibson should not be
standing at all. I believe that,
until this investigation is com-
plete, the ex-minister should
recuse himself, and the prime
minister should be ashamed of
himself for even ratifying him.

Mr Duncombe, who is chal-
lenging Mr Gibson for the
Golden Gates seat as an inde-
pendent, lashed out at the ex-
minister while outlining his
plans should he be elected.

He said many PLP voters in
Golden Gates had told him
they were not supporting Mr
Gibson because of his role in
the Anna Nicole saga.

“He is less arrogant than he
used to be,” said Mr Dun-
combe; “he is humbler now.
He has changed since all this
happened, but don’t be fooled
by this. Remember the arro-

gance and lack of judgment he
has been displaying over the
years.”

Whatever ministry Mr Gib-
son had been in, he had “left
clouds over it,” said Mr Dun-
combe.

Outlining his own electoral
priorities, Mr Duncombe said
he hoped to become the
Bahamas’ first champion of
children’s rights.

As a child’s rights advocate,
he would set out to tackle the
“horrendous” child abuse sta-
tistics in the country, he said.
“We have 520 child abuse cas-
es annually, but I could not find
one MP to sponsor a bill to
protect these children — and
that includes Shane Gibson.

“Gibson told me he had to
think about it, which I find very
discouraging. I had to single-

handedly convince the entire
government. Beating up on this
government is nothing new to
me.

“But Gibson is the last man
standing to prevent me going
where I need to go. I have been
challenging publicly for live
debates in Golden Gates, but
he doesn’t respond to those
challenges.

“I would be the first parlia-
mentarian in the history of the
Bahamas to back up the cause
of children.”

Mr Duncombe said he want-
ed to put the government on
notice that if they didn’t engage
in constructive live debates, as
opposed to holding rallies, he
would unleash a series of ques-
tions “that will send
shockwaves through this coun-
try.”

ple’s rights being trampled on I
will bring the perpetrators to
their knees.”

Apart from children’s right#
Mr Duncombe said he would
push for land reform, improved
old-age pensions, a new drive
for educational excellence, and
a requirement that MPs should
live in their constituencies.

“When you elect a sheriff for -

a county, that sheriff should be
living in that county,” he said.
“] find it insulting when some-
one like the former prime min-
ister calls for people to vote for
the torch.

“We need to look at the can-
didates and I think if people
look at what I’ve brought to
the table over the last four
and a half years, then I

e

o
4

~

believe I will have a good:

chance?’ 44



In Loving Memory 0

Is seeking candidates for the position of
Mianagement Trainee

* Candidates must be energetic, highly motivated and eager to learn

* Willing to work in a fast paced multi faceted environment

*Preferably should possess a Bachelor’s Degree in Business,
Technical or related fields, but as a minimum, must have an

Associates Degree

* Willing to work throughout the Bahamas and abroad as may
be necessary from time to time

_ Man who. ever lived.

This brother of ours said that there was

* Ability to make decisions and take ownership for assigned _Atime for everything under heaven.

responsibilities

And so it was with the life that was
Lived by Deron Bethel.

* Ability to multi-task and communicate effectively

* Must be a “people person” that will never compromise on
providing exceptional customer service

As fate would have it, this young man’s
Life was needlessly and brutally taken
Away from him.

* Be efficient in computer based programs including, Microsoft

; 3 : i Today his family, neighbours and
Excel, Microsoft Word, Powerpoint, and Publisher ; : _

Friends are still trying to find out why
He died the way he did.

if you are interested in a challenging career, that will bring out the ;
best in you, in an environment that is ever changing and evolving,
then, send your Resume, on or before April 13th, 2007 to:

They are convinced that their child,
Their neighbour and their freinds was
Robbed of a gift that God Almighty
Janice Fountain - Moss Alone had given; namely his life.
Human Resources Manager

P.O. Box N-1123

Nassau, Bahamas

ihe Family thanks everyone for keeping
them in your prayers and support.

Or by Email to:

jfountain-moss@cbcbahamas.com


| THE TRIBUNE iis | TUESDAY, MARCH 27, 2007, PAGE 11

4





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TUESDAY, MARCH 27, 2007

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The Tribune





BUSINESS

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Bahamas bank dodges’
_$330m damages claim

Leadenhall liquidator concerned Caledonia decided to liquidate fund without his input

@ By NEIL HARTNELL
‘ Tribune Business Editor

Bahamian bank

has
moment

dodged a $330

million dam-

ages claim, a US court awarding
three plaintiffs just $1.04 mil-
lion because it “had not certi-
fied the case as a class action”.
In his latest report to the
Supreme Court, Leadenhall
Bank & Trust’s liquidator,
Craig ‘Tony’ Gomez, said the
US District Court for the south-
ern District of Florida award-

for the

ed the $1.04 million in damages
against the Bahamian bank and
its former credit card processing
partner, Axxess International,
on February 12, 2007.

Former investors in Cash 4
Titles, a fraudulent US-based

Ponzi scheme for which Lead-,

enhall and Axxess had provided
services to, had attempted to
sue the Bahamas-based compa-
nies via a class-action lawsuit
for $100 million. They subse-
quently sought to triple the
damages award after Leaden-
hall failed to enter an appear-
ance befire the court.

The investors had sought to

Purpose trusts,
Foundations
are ‘clarified’

- MByNEILHARTNELL
Tribune Business Editor.

THE House ia
of Assembly | He
yesterday
passed amend-
ments designed
to “clarify” the
Purpose Trusts
and Founda-
tions Acts, with
the Govern-
ment acknowl-
edging that the
initial versions
of both Acts “didn’t make us
as competitive as we thought
we would be”.

Vincent Peet, minister of
financial services and invest-
ments, said that in regard to the

ose Trusts Act, the aim was
to “clarify how assets are dis-
tributed” from the trust.

This had become necessary
because executives in the
Bahamian financial services
industry had warned that there
had been “a loss of business
coming to the Bahamas”.

Clients who had wanted to
domicile their purpose trusts in
the Bahamas had not done so
because of concerns regarding
what they perceived as uncer-
tainties in the Bahamian legis-
lation.

Mr Peet said the amendments
to the Purpose Trust Acts were

@ PEET

e



Earlier Acts
‘didn’t make us
as competitive
as we thought
we would be’

“to ensure that purpose trusts, a
hybrid instrument, allow trust
capital and income to be dis-
tributed to persons for any pur-
pose, charitable or non-chari-
table”. :

In addition, the trust instru-
ment can use fixed interests, dis-
cretionaty interests or a combi-
nation of the two.

Mr Peet said of the Purpose
Trusts and Foundations Acts:
“It didn’t make us as competi-
tive as we thought we would
be.”

Allyson Maynard-Gibson, the
attorney general, said the
amendments to both Acts
would “make the Bahamas
more attractive as a financial
services jurisdiction”.

In the case of Foundations,
Mr Peet said the Bahamian
financial services industry was
“continually being made aware”

SEE page 12B

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f 242.322.2033

obtain a $330.228 million
default judgement against Lead-
enhall and Axxess, but US Dis-
trict Judge Adalberto Jordan
awarded damages to just three
of the class-action plaintiffs
named in the lawsuit.

A Philip Madison received
$621,425; Robert Wolff was
awarded $255,520; and Edward
Turner received $168,132,
“which represents treble dam-
ages for each of their respec-
tive claims”.

Mr Gomez said nothing was
awarded to the two other plain-
tiffs in the action, Grey Wolf
Holdings and Paul Janssens, “as

the judge felt that no evidence
was produced to show that they
had suffered a loss due to the
actions of the bank and
Axxess”.

He added of the court award:
“This is considerably less than
the default judgement of $330
million due to-the fact that the
court had not certified the case
as a class action.” |

The ruling means that, for the

moment, the Leadenhall liqui-

dation and the bank’s creditors
and depositors have effective-
ly ‘dodged a bullet’ in Mr
Gomez’s efforts to recover their
funds.

There is no judicial comity
between the Bahamas and the
US, which means that the
judgement in the US District
Court for southern Florida can-
not be enforced here.

As it is in liquidation, Lead-
enhall has no ties to the US or
assets there that could be
frozen, meaning that the for-
mer Cash 4 Titles investors
would have no option to bring
an action against the bank here
if they wanted to pursue their
quest for damages.

The three investors who were
awarded damages by the Flori-
da court will also have to file

claims with Mr Gomez and
stand in line in the queue of
creditors to receive any payout.

Meanwhile, Mr Gomez said
he was concerned that Caledo-
nia Corporate Management
Group, the Bahamas-based
financial services provider, had
decided to liquidate an invest-
ment fund it managed, and in
which Leadenhall had a 78 per
cent stake worth $3 million,
without discussing it with him.

Mr Gomez said Caledonia
Fund Investments Ltd’s two

SEE page 2B.

John S George chief acquires Abaco Markets Turks’ outlet

s

@ By NEIL HARTNELL
Tribune Business Editor

JOHN S George’s chairman and chief.

executive, Ken Hutton, is part of an investor
group that is acquiring Abaco Markets’
Turks & Caicos-based Cost Right store for

_ $2.7 million, The Tribune can reveal.
The purchase, which is due to close at

the end of April, is understood to be a com- -

pletely separate venture from the John S
George business, which was acquired in
April 2004 via a leveraged buyout that was
led by Mr Hutton.

Multiple sources yesterday told The Tri-
bune about Mr Hutton’s involvement.
When contacted by this newspaper, Mr
Hutton replied: “I have no comment at this
time.”

Gavin Watchorn, Abaco Markets’ presi-
dent, said he could not confirm nor deny the
involvement of Mr Hutton in the deal to
purchase the Abaco Markets store, explain-
ing that the directors of the buying com-
pany had requested confidentiality.

The purchasing vehicle through which

Mr Hutton and his as-yet unidentified fel-
low investors are acquiring the Cost’Right
store is called Entervant Holdings (TCI)
Ltd, a Turks & Caicos-domiciled @@p)pa-
ny. a

Mr Hutton and his group are already
understood to have paid a deposit, the cru-
cial step in real estate transactions that
allowed Abaco Markets to announce the
sale, which is due to close in April 2007.

The purchase price is due to be paid in
US dollars, with $2.5 million in cash
received by Abaco Markets upfront, and
the remaining $200,000 payable over a
three-year period.

The acquisition by Mr Hutton and his
group means that they will takeover the
mantle from Abaco Markets of providing
Bahamian ownership of commercial assets
in the Turks & Caicos Islands, whose econ-
omy is growing rapidly. They will be one of
the few Bahamas-based groups to own
assets outside this nation.

It is unclear what Mr Hutton, who was
previously chief executive of BISX-listed
Freeport Concrete, is planning for the Cost



“(just got a lot loan

fo

Right store once the: acquisition is com-
pleted.

It is possible that he might look to re-
establish it'as a grocery wholesaler/distrib-
utor, as it was when Abaco Markets
acquired it and it was named TC Trading.
The strategy might also involve establishing .
it as a wholesaler and agent for a variety of
international named brands.

Mr Hutton has a background in hard-
ware, home furnishings, paint and automo-
tive supplies, having served as general man-
ager of Kelly’s (Freeport) before joining
Freeport Concrete.

It was he who led the. John S George
buyout through an acquisition vehicle, JSG
Holdings, in which his fellow shareholders
are Benchmark (Bahamas), the Pritchard
and Morley families, Robert Lotmore and
Mr Hutton’s relatives.

Mr Hutton and his team have had to
work hard over the past three years to revi-
talise the John S George brand, and retail
observers believe more work remains to be
done, although some objectives have been
accomplished.



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THE TRIBUNE



Pe

PAGE 2B, TUESDAY, MARCH 27, 2007

David.
Stockman
charged

NEW YORK (AP) — David
Stockman, the former budget
director in the Reagan White
House, was charged in an indict-
ment unsealed Monday with
overseeing a sweeping fraud at a
troubled auto parts supplier that
he led before the company col-
lapsed into bankruptcy.

Stockman, 60, was one of four
former top Collins & Aikman
Corp. executives named in the
federal indictment. Four other
former company employees
including a former treasurer have

already pleaded guilty in the case, —

prosecutors said. At a news con-
ference, U.S. Attorney Michael

Garcia said Stockman and his co-
defendants “resorted to lies, tricks
and fraud” from 2001 to 2005 to
hide the truth about his failing
company from investors and cred-
itors. Garcia said Stockman let

_the company’s employees mislead

creditors about the company’s
revenues and the ability of Collins
& Aikman to pay its bills until
the company was forced to enter
bankruptcy proceedings in May
2005. The government said Stock-
man personally decided which of
the company’s suppliers and cred-
itors would get paid and person-
ally managed all of C&A’s liq-
uidity during the crisis.

BUSINESS



= DAVID STOCKMAN, former budget director during President Reagan’s tenure exits Manhattan federal court in New York yesterday.

(AP Photo: Louis Lanzano)



Bahamas bank dodges $330m damages claim

FROM page 1B

directors were Matthew
McNeilly, a senior Caledonia
executive, and himself, having
replaced William Jennings,
Leadenhall’s managing direc-
tor, on December 15, 2005.

“T received verbal communi-
cation from Caledonia that the

fund was being liquidated,” Mr
Gomez said. “This was a matter
of concern for me due to the
fact that as a director of the
fund I had not been invited to
participate in or co-sign the res-
olution to terminate the fund.
“T met with the principal from
Caledonia on February 6, 2007,
to discuss my concerns and oth-
er matters related to the fund. It
was agreed between Caledonia

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and myself that all minutes, res-
olutions and statements of the
fund would in future be for-
warded to me for my review
beforehand.

“It was also suggested that
Caledonia investigate the pos-
sibility of forwarding proceeds
from the liquidation of the fund
to the liquidadtor of the bank.”
Some $3.828 million in assets
are contained in the fund.

In a previous report, Mr
Gomez had questioned whether
there had been “double dip-
ping” by investment managers,
as the $3 million investment in
the Caledonia fund also
appeared on the statement got a
$15 million policy that Leaden-
hall took out with Generali
International, a Guernsey-based
insurer.

This gave the appearance that
the same asset was being
charged twice for investment
management fees, although

“Caledonia ‘said it did not know

Public Utilities Commission

EXCELLENT JOB OPPORTUNITY
SENIOR ECONOMIST

The Public Utilities Commission (PUC) in its mandate to
regulate the telecommunications sector is seeking to strengthen

its capacity in regulatory economic analysis.

The PUC is

seeking a suitably qualified economist with drive and ambition
to fill the position of SENIOR ECONOMIST. The successful
candidate will provide specialist advice on the economic and
financial performance on regulated utilities. The candidate will
also. work as an integral part of a multidisciplinary team of
professionals to ensure effective oversight of the numerous
licensees in The Bahamas. The candidate will perform market
research and other economic studies relevant to the current and

future development of the telecommunications, electricity, and
water and sewerage sectors in The Bahamas.

Qualifications:

-Bachelor’s Degree in Economics or

whay the $3 million appeared
on the Generali balance sheet.

In addition, Mr Gomez said
previously that the investment
in the Generali policy did not
appear to have been in Lead-
enhall’s best interests. Gener-
ali received an annual fee of
$400,000, and the income
earned on the policy by Lead-
enhall in 2005 was less than
those fees.

The liquidator said that he
and his attorney, Sidney Cam-
bridge of Callenders & Co, had
met with Mr Jennings on the
Generali issue, who had told
them that all investment deci-
sions on it were approved by
the Board of Directors.

Mr Gomez said he was
reviewing Leadenhall’s records,
especially minutes of meetings
between the bank’s Board of
Directors and shareholders, to
confirm this.

Some $1.431 million in debts
remain owing to Leadenhall on

its former credit card portfolio,
for which it held the issuing
licence, while Axxess handled
the administration.

Mr Gomez said he had con-
tacted about 60 per cent of
those with outstanding credt
card debts, “and was not suc-
cessful in this effort to recover
any substantial amount. How-
ever, we have commitments for
significant receipts from local
debtors over the next few
weeks”.

Some 101 Bahamas-based
card customers owe a collective
$715,731, while 354 interna-
tional customers owe a further
$707,364. Mr Gomez said he
was engaging international par-
ties to assist with the collection
of funds from international card
holders.

Mr Gomez said some $3.316
million in loans made by Lead-
enhall remained outstanding,
although one client had sent a
letter outlining a payment

schedule to settle a $1.1 million
debt.

In relation to another loan,
Mr Gomez said a Canadian-
based company, Nuvo, former-
ly known. as Dimethaid
Research, had sold a property
to raise funds to pay-off the
debt, the monies from which
were placed in an interest-bear-
ing escrow account pending
Court approval of the settle-
ment.

Mr Gomez said that despite
this payment, there was likely to
be a shortfall that Leadenhall
may be forced to write-off.

But he added that a dispute
had arisen with Nuvo over the
interest rate applied to the loan,
claiming it should attract a 5 per
cent defaul rate, instead of the 2
per cent per month Leadenhall
had applied to it.

Nuvo has since hired Bahami-
an attorneys to oppose the
release of the funds to the liq- ~
uidation asset pool.

FIRSTCARIBBEAN

INTERNATIONAL BANK
CAREER OPPORTUNITY

for

SENIOR FINANCIAL ANALYST

Qualifications:

BAHAMAS

° Accounting designation (ACCA, CPA or other similar

designation)

Audit experience (Preferred)
Prior experience working in/with financial institutions

Proven analytical skills in reporting, modeling and forecasting
Proven team management skills

General Requitements/Responsibilities:

° Assist with the preparation of annual financial statements

with IFRS

° Assist with the preparation of accurate and timely quarterly
financial statements for publication as required by the
Securities Commission and BISX.
Ensures the integrity of financial information presented for

FirstCaribbean International Bank (Bahamas) Limited
Analyzes financial results and prepare variance explanations
for monthly reporting.

Ensures that financial and management reports are prepared
and distributed within established timelines

Consults with business units of the Bahamas entity, monitors
their performance and provides advice based on analyzed
results

Assist with facilitating the annual audits and the preparation
of requisite schedules.

Interpret changes in accounting and reporting standards and
recommend changes and enhancements to systems and reports.

Economics and Accounting;
-Master’s Degree in Economics or Finance; and
-Minimum of five (5) years relevant experience

The PUC offers a very attractive benefits package and excellent
opportunities for further development including specialist
training via short courses and seminars in The Bahamas and
overseas. Starting salary will be commensurate with relevant
experience. Further information about the PUC can be obtained
from its website: www.PUCBAHAMAS.gov.bs.

Applicants are requested to submit their resume with a cover letter
via email by April 4. 2007 to:
deangelia.deleveaux@ firstcaribbeanbank.com

Applications should be received by March 30, 2007.

Interested applicants may deliver or fax resumes to:
Executive Director, Public Utilities Commission
4th Terrace East, Collins Avenue
Fax No. (242) 323-7288

E-mail: PUC Gy ucbahamas.gov.bs

FirstCaribbean International Bank (Bahamas) Limited
thanks all applicants for their interest, however only those
under consideration will be contacted.
Vacancies are open to Bahamian residents only.


BUSINESS

Che Miami Herald



THE MARKETS

STOCKS, MUTUAL FUNDS, 8B
pow30 _—12,469.07.— -11.94 W
S&P 500 1,437.50 +139 A
NASDAQ 2,455.63 +670 AX
10-YR NOTE 466-01 W
CRUDE OIL 62.91 +63 Ad

Growth
doubts |
WOITY
markets

- BY JOE BEL BRUNO
Associated Press

NEW YORK — Wall Street
pared steep losses Monday to
end narrowly mixed after a sur-
prise drop in new home sales
for February dimmed hopes for —
a rebound in the troubled hous-
ing market.

Economists have been
watching the housing industry
for a hint about where the econ-
omy is heading. The disappoint-
ing report sent major indexes
down throughout most of the
session, with the Dow Jones
industrials racking up triple-
digit losses. Investors used the
decline to buy: some shares
before the second-quarter ends
on Friday, analysts said.

“The market is already wor-
ried more about economic
growth than inflation, so I think
you’re going to see reactions
like this,” said Todd Salamone,
of Schaeffer’s Investment —
Research in Cincinnati. “Over-
all, it’s impressive from the

comeback we've had. There’s
been a whirlwind of attention
about housing’s effects on the
economy, it isn’t anything new
and these pullbacks are buying
opportunities.”

The Dow fell 11.94, or 0.10
percent, to 12,469.07. Last week,
the benchmark index posted a
370 point gain, its best weekly
point rise in four years. It
dropped as much as 112 points
earlier on Monday.

Broader stock indicators
were slightly higher. The Stan-
dard & Poor’s 500 index rose
1,39, or 0.10 percent, to 1,437.50,
and the Nasdaq composite
index added 6.70, or 0.27 per-
cent, to 2,455.63.

Bonds rose, with the yield on
the benchmark 10-year Trea-
sury note falling to 4.60 percent
from 4.61 percent late Friday.

Bond investors have been hop- —

ing that a slowing economy will
cause the Federal Reserve to
lower interest rates.

The dollar traded mixed
against other major currencies,
while gold prices advanced.

Investors also are focused on
a spate of economic data due
this week, including Conference
Board’s consumer confidence
survey on Tuesday and the
gross domestic product report
due ‘on Wednesday.

“Investors are looking to fig-
ure out how things are going to
shake out after a big move
higher last week,” said Mike
Malone, a trading analyst at
Cowen & Co. “Given the magni-
tude of the move higher we had
last week, I don’t find this to be
overly surprising.”

Oil prices rose Monday, with
a barrel of light sweet crude up
63 cents to $62.91 on the New
York Mercantile Exchange.
Crude prices have risen steadily
on continued tensions between
Iran and the West following
Iran’s detention of British naval
personnel. Recent declines in
U.S. oil inventories also sup-
ported the market.

The Russell 2000 index of
smaller companies was fell 3.26,
or 0.40 percent, at 806.25.

Advancing issues outnum-

' bered decliners by about 3-to-2
on the New York Stock
Exchange, where consolidated
volume came to 2.69 billion
shares, up from 2.56 billion Fri-
day.

Overseas, Japan’s Nikkei
stock average closed up 0.24
percent. Britain’s FTSE 100
down 0.75 percent, Germany’s
DAX index was down 1.02 per-
cent, and France’s CAC-40 was
fell 1.04 percent.

Aa





saree

ECONOMY



i A government report said
that new home sales
unexpectedly declined,
sparking concern that the
housing market will remain ina
slump this year.

BY MARTIN CRUTSINGER
Associated Press

WASHINGTON — Sales of
new homes fell for a second con-
secutive month in February, dim-
ming hopes for a rebound soon in
the troubled housing market and

’ raising fears about the health of
the overall economy.

The Commerce Department
reported Monday that sales of sin-
gle-family homes dropped 3.9 per-
cent last month to a seasonally
adjusted annual rate of 848,000
units, the slowest pace in nearly
seven years.

The decline followed a 15.8 per-
cent plunge in January, the biggest
one-month decline in 13 years.

The weakness in sales was
accompanied by a drop in prices
with the median price of a new
home falling to $250,000 in Febru-
ary, down 0.3 percent from a year
ago.

The report was far weaker than
Wall Street had been expecting
and raised concerns that rising
mortgage delinquencies and fore-
closures, especially in the sub-
prime market, would further
depress housing activity in the
months ahead as nervous lenders
tighten their standards.





INSURANCE





DANNY JOHNSTON/AP
HOPEFUL: Work continues ona
new home in Sherwood, Ark.,
Monday.

MATT YORK/AP

WEAK PERFORMANCE: Sales of new homes fell sharply for a second consecutive month in February.
Above, workers unload raof tiles at a KB Home development in Gilbert, Ariz., last week.

New home sales slide to



slowest pace in 7 years

Seiders, chief economist for the
National Association of Home
Builders.

Sales were down in every
region of the country except the
West.

In addition, the government
revised sales information for the
previous three months ‘to show
weaker activity than previously
reported.

The number of unsold homes
shot up to 546,000 units. It would
take 8.1 months to eliminate that
backlog of unsold homes at the
February sales pace, the longest
period for this measurement in 16
years.

Economists predicted further
downward pressure on prices in
the months ahead until the num-
ber of unsold homes is lowered to
more normal levels.

Patrick Newport, senior econo-
mist at Global Insight, said he

‘expected that housing, which has

Concerns about financial diffi-
culties facing many lenders in the
subprime market, designed for
borrowers with weak credit rat-
ings, contributed to a 416-point
plunge in the Dow Jones industrial
average on Feb. 27.

“Lending standards apparently
are tightening not only in the sub-
prime market but in other compo-
nents of mortgage lending as well
and this is creating tremendous
uncertainties regarding the near-
term outlook for home sales and
housing production,” said David

As insurers reap big
profits, consumers —
complain of neglect

@ Insurance company critics say
that insurers are doing well
financially by shorting the people
who bought their products.

BY EILEEN ALT POWELL
Associated Press

NEW YORK — The headline
numbers were eye-popping: Allstate
reported a record $5 billion profit for
2006. State Farm Insurance’s profit
climbed 65 percent for the year. St.
Paul Travelers’ earnings rose sixfold
in the fourth quarter, American Inter-
national Group’s rose eightfold.

A year and a half after Hurricane
Katrina devastated the Gulf Coast,
profits at the nation’s major proper-
ty-casualty insurance companies
soared — and are expected to be
strong again in 2007, according to
estimates by the A.M. Best Co. rating
agency.

Critics charge that the insurers are
reaping big profits at the expense of
their customers — including hun-
dreds of consumers who still haven’t
gotten settlements for their Katrina
claims. The industry, in turn, denies
taking advantage of consumers, cred-

wT aE

oe

iting its growing profitability instead
to fewer storms last year and
improved business procedures.

One of the harshest critics, J. Rob-
ert Hunter, director of insurance for
the nonprofit Consumer Federation
of America in Washington, D.C.,
accuses the nation’s insurers of using
Katrine and other major hurricanes
to try to justify “overpricing insur-
ance, underpaying claims and reap-
ing unjustified profits” at the expense
of homeowners and business owners.

Hunter, a former Texas state
insurance commissioner, added that
he expects the industry to continue
to do exceptionally well because it is
pushing more risk and more cost
onto policyholders.

“They’re making homeowners and
business owners take on more of the
risk through high deductibles, caps
on replacement costs and other limi-
tations,” he said. “And they’re refus-
ing to renew tens of thousands of
homeowner and business property
policies, especially along the coasts.”

Hunter argues that state regula-
tors “have not done the job to control
excessive prices” charged by the

profits,

been a major factor reducing over-
all economic growth, will probably
trim growth rates by about 1 per-
centage point for all of 2007.

“The housing market is weak,”
he said. “Our view is that housing
will not turn around until next
year.”

Some analysts see the current
slowdown as a correction from a
period of speculative frenzy in
which investors were buying
second homes in hopes of
reselling them quickly to make



3B



INTERNATIONAL EDITION

TECHNOLOGY

Intel plans
to build
hew chip
factory

in China

@@ Intel’s plan to build a chip factory
in China is a victory for China’s
campaign to attract high-tech |
investment that it hopes will speed

development of its own technology
industries. —

BY TIM JOHNSON
McClatchy News Service

BEIJING — Intel announced plans
Monday to build a $2.5 billion computer
microchip plant in China, the largest
single investment by a U.S. company
here ever — but one that may face polit-
ical opposition on Capitol Hill.

Intel Chief Executive Paul S. Otellini
said the new plant in the northeastern
city of Dalian would become the low-
est-cost factory the company has ever
operated.

The plant will make microchips a
generation behind Intel’s most
advanced products, mostly for use in
computers. Since China assembles the
majority of the world’s computers, pro-
ducing the chips here “just makes a
whole lot of sense,” Otellini said.

Intel, the largest U.S. microchip man-
ufacturer, is likely to run into opposi-
tion on Capitol Hill on a variety of
grounds, including loss of jobs to China,

the export of manufacturing capacity .

and national security. Congress has
imposed limits on high-tech exports to

‘China for fear they could find their way

into military use.

“Given the atmosphere in Washing-
ton and given that there’s a new Demo-
cratic sheriff in town, I think the deal
will get a lot of scrutiny,” said David
Wolf, head of Wolf Group Asia, a strate-
gic marketing consultancy for high-tech
industries. “It’s going to be challenged.”

For now, though, Intel has won a
green light from the Commerce Depart-
ment to proceed. At a signing cere-
mony, U.S. Ambassador Clark Randt
called the deal “a milestone in Sino-
United States high-technology coopera-
tion.”

The Dalian plant will be Intel’s first
microchip plant in Asia and the first to
be built by Intel from the ground up in
15 years. It currently operates microchip
plants in Arizona, Oregon and New
Mexico, as well as in Ireland and Israel.

Otellini described the new plant as
crucial to the company’s future.

“China is our fastest-growing major
market, and we believe it’s critical that
we invest in markets that will provide
for future growth to better serve our
customers,” he said.



ALEX BRANDON/AP

STILL CAMPING: Joyce Ridgeway poses between her home and her
FEMA trailer in New Orleans earlier this month. Ridgeway’s
four-family house in the Esplanade Ridge neighborhood was
damaged when Katrina hit in August 2005.

insurers.

For consumers, the situation is
both frustrating and financially bur-
densome.

Joyce Ridgeway, whose four-fam-
ily house in the Esplanade Ridge
neighborhood of New Orleans was
damaged when Katrina hit in August
2005, is still waiting for a final settle-
ment from British-based insurer
Lloyd’s. She’s so far received just
$30,000 toward the $85,000 needed
to cover alternative living expenses
and to repair the roof, gutters and
wood siding wrecked by the storm.

Ridgeway, a 52-year-old public
health worker, is frustrated that she’s
still living on the property in a trailer
provided by the Federal Emergency
Management Agency. Tenants are
back in just two of the units.

“T’ve been doing bits and pieces as
I can to get repairs done,” she said. “I
took my savings.”

But, she added, “I’ve waited so
long. It just doesn’t seem fair.”

A Lloyd’s spokesman said that if a
claim couldn’t be resolved locally, it
could be referred to the company’s
dispute resolution department.


THE MIAMI HERALD | MiamiHerald.com

BUSINESS BRIEFS

e RETAIL





‘a
Pa eal

NICK UT/AP

PRICE OF SHARES: Even with good news about earnings,
Walgreen shares fell 47 cents, or 1 percent, to close at
$47.30 on the New York Stock Exchange Monday.

Strong Rx sales boost
Walgreen’s 2Q income

From Herald Wire Services

Robust prescription drug sales helped drugstore chain
Walgreen (WAG) earnings increase nearly 25 percent in the
second quarter, company officials said.

The nation’s biggest drugstore chain by revenue earned
$6519 million, or 65 cents per share, for the three months
ended Feb. 28. That’s up from $523.5 million, or 51 cents per
share, during the same period last year.

Revenue beat Wall Street expectations by growing
14.6 percent, to $13.93 billion, up from $12.16 billion last year.

e SOFTWARE

MICROSOFT SAYS 20M
COPIES OF VISTA SOLD

Microsoft (MSFT) said it
sold 20 million consumer
copies of the new Windows
Vista operating system
worldwide in February, but
analysts said the data shed
little light on the program’s
popularity during its first
month on the market.

By comparison, Windows
XP, Vista’s predecessor, sold
17 million copies in the two
months following its 2001
launch, Microsoft said.

But given that the per-
sonal computer market has
nearly doubled since XP

launched, Vista sales “prob- _

ably should be more,” said ‘
Michael Silver, vice presi-
--dent of research at Gartner,
a technology research
group.

‘e GERMANY

PORSCHE TO RAISE
STAKE IN VOLKSWAGEN

Porsche (PSEPF.PK)
said it had moved to
increase its stake in Volks-
wagen to nearly 31 percent
in a move aimed at shielding
Europe’s biggest automaker
from hostile takeovers.

The move to increase
Porsche’s influence, long
expected by analysts and
markets, triggered a manda-
tory takeover offer under
German law.

Stuttgart-based Porsche
said it paid $134.10 a share
and raised its stake in the
maker of the Jetta, Golf and
Polo by 3.6 percent. The
price per share was about 14
percent lower than Friday’s
closing price.

Shares of Porsche rose
0.58 percent to close at
$1,490.25 while Volkswagen
shares fell 3.19 percent to
$151.42 in Frankfurt.

e JAPAN

FUJI TV SUES LIVEDOOR
FOR $292M IN DAMAGES

The Japanese broadcaster
Fuji TV (FJTNF.PK) sued
former dot-com luminary
Livedoor (LVDRF) on
Monday for $292 million in
damages over losses it
absorbed after buying a
stake in the since disgraced
Internet portal company.

The lawsuit, filed by Fuji
Television Network in
Tokyo District Court, seeks
compensation for the loss in
value of nearly 134 million
Livedoor shares the Tokyo-
based broadcaster bought in
2005 for $373 million as part
of an alliance.

Fuji took a substantial
loss when it later sold the
shares to Livedoor’s new
partner, Usen (UNCTF.PK),
for about $80.5 million.

Livedoor shares plunged
after the company was
raided by prosecutors last
year, its top executives were
arrested on charges of secu-
rities laws violations,
including falsifying earn-
ings, and the shares were
delisted.

e DIVESTITURE

HEALTHSOUTH SELLS
SURGERY BUSINESS

Rehabilitation chain
HealthSouth (HLS) said it
has agreed to sell its surgery
division for about $920 mil-
lion in cash plus a stake in
the surgery business, its sec-
ond major divestiture this
year as it restructures after a
major financial scandal. Its
shares climbed more than
7 percent in premarket trad-

ing.
The sale to TPG, a pri-

vate equity firm, includes an _

equity stake in a newly
formed company that will
operate the surgery busi-

ness.

HealthSouth estimates”

-the equity interest will be

worth between $25 million
and $30 million in five years,

“pushing its estimate of the

value of the deal to $945 mil-
lion.

e TAKEOVER

GERMANY’S E.On RAISES
ENDESA BID TO $56B

Germany’s E.On
(EONAF.PK), fighting to -
salvage its proposed take-
over of Spanish utility
Endesa (ELE), raised its
bid by 3 percent to about
$56.3 billion — but Endesa’s
two biggest shareholders
said they would team up to
make an even higher offer.

E.On’s latest bid of $53.31
a share — valuing Endesa at
42.4 billion euros — came
after Endesa shareholders
Acciona (ACXIF.PK) of
Spain and Italy’s Enel (EN)
had said Friday they were in
advanced talks on a possible
joint bid for Spain’s biggest
utility.

Endesa’s board of direc-
tors recommended Monday
that shareholders accept the
latest German bid, noting it
was up from its previous
offer made in February of
$51.64 a share, or a total of
$54.64 billion.

e CALIFORNIA

DHL ESTABLISHES
NEW GATEWAY

DHL, the world’s leading
express delivery and logis- -
tics company, said it will
open its new international
gateway in Southern Cali-
fornia, to enhance service
quality and meet the grow-
ing needs of DHL customers
shipping to and from Asia-
Pacific and the Western
United States.

To establish the new
International Gateway oper-
ation, DHL has invested
nearly $3 million at its West
Coast Distribution Facility
in Riverside, Calif., adding
on-site offices specifically
for providing customs-pro-
cessing and clearance func-
tions related to DHL inter-
national shipments upon
arrival.

The newly expanded
operation will come fully
online with the arrival today
of a flight from DHL’s Cen-
tral Asia SuperHub in Hong
Kong into the facility.











PHARMACEUTICALS



JALEDITION TUESDAY, MARCH 27, 2007 | 4B,

Partners to develop new cholesterol drug

BY LINDA A. JOHNSON
Associated Press

TRENTON, N.J. — Merck
& Co. and Schering-Plough,
partners looking to grab more
of the $32 billion global cho-
lesterol-drug market, will
jointly develop a new medi-
cine combining their Zetia
with rival Pfizer’s blockbuster
Lipitor.

The planned drug, meant to
reduce bad cholesterol levels
in two ways, could hit the mar-
ket when Lipitor’s patent
expires in a few years, Merck
and Schering-Plough said.
Information on when human
testing would begin was not
disclosed.

News of the deal pushed up
Schering-Plough’s shares
more than 2 percent, while
Whitehouse Station, N.J.-
based Merck shares dipped
about 1 percent.

Merck and Schering-Plough _

have a seven-year-old joint
venture that markets two cho-
lesterol drugs: Schering-
Plough’s Zetia and a combo

BANK

pill launched in mid-2004
called Vytorin. It combines
Zetia and Zocor, Merck’s for-
mer blockbuster, which lost
patent protection in June
2006.

Zetia is the only drug on
sale that limits absorption of
cholesterol in the digestive
tract. Zocor, like other drugs
in a popular class call statins,
limits cholesterol production
in the liver.

The Merck-Schering-
Plough joint venture promotes
Vytorin heavily, stressing that
it fights cholesterol in two
ways.

“We anticipate that the Lip-
itor/Zetia combination may be
more effective than Vytorin
on cholesterol reduction and
could capture an even larger
share of the cholesterol-man-
agement market than Vyto-
rin,” analyst Joseph Tooley of
A.G. Edwards wrote in a
research note.

Halit Bander, the head of
New York-based Pfizer’s Lipi-
tor medical team, said the

Heart disease remains
the country’s No. 1
killer.

company can’t speculate on
how the new combination
would work.

Schering-Plough spokes-
woman Mary-Fran Faraji said
combining Zetia with any
statin reduces cholesterol
level about an extra 20 per-
cent, roughly three times as
much benefit as just doubling
a statin’s dose.

“This will present, if it’s
approved, an additional option
for physicians and patients,”
she said. “There are really tre-
mendous unmet needs in cho-
lesterol management.”

Heart disease remains the
country’s No. 1 killer and many
patients are unable to reduce
their level of bad cholesterol
— and with it cardiac risk —
as much as doctors recom-
mend.

Meanwhile, new studies

reported Monday a comple-
mentary strategy of trying to
stave off heart disease by
boosting good cholesterol
didn’t work well and had
safety problems.

Lipitor, the world’s top-sell-
ing drug, currently is pro-
tected by two patents, one fac-
ing a legal challenge,
according to Pfizer. It is not
‘expected to face generic com-
petition until March 2010 or
later.

Last year, Lipitor brought
Pfizer $12.9 billion in revenues
worldwide, more than three
times the combined sales for
Zetia and Vytorin of $3.86 bil-
lion. According to health data
company IMS Health, Zocor
had more than $3.2 billion in
2006 sales, down sharply from
2005 because of generic com-
petition. Prescriptions for a
cheaper generic version of
Zocor, simvastatin, exceeded
14 million just in the second
half of last year and are threat-
ening to erode sales of all the
brand-name cholesterol pills.

Citigroup may cut 15,000 job

NEW YORK — (AP) —
Citigroup expects to have
completed its corporate cost
review by mid-April, company
officials said, as published
reports suggested the nation’s
largest bank was considering
cutting about 15,000 jobs.

The Wall Street Journal
said the job cuts — which
would amount to about 5 per-
cent of Citigroup’s worldwide
work force — were part of the
New York-based bank’s

’ restructuring plan, which was

disclosed late last year and is
aimed at improving the bank’s
financial performance.
Citigroup’s chairman and
chief executive, Charles
Prince, has come under heavy
criticism from investors
because its expenses have
been growing faster than its

“yevenue; reducing’ profits.’

Prince, who.currently is on
a trip to India, told reporters
in New Delhi that he would
not comment on the Journal’s
report.

“We are going to announce
the results of our strategic
structural review on or before
our earnings announcement
on April 16,” he said.

Earlier, Citigroup spokes-
man Michael J. Hanretta
declined comment on the
report, also saying results of
the cost-cutting study would
be made available ‘on or
before earnings on April 16.”

The review is being led by
Chief Operating Officer Rob-
ert Druskin. The newspaper
said Druskin would report his
recommendations internally
by the end of the week. It cited
unidentified people familiar
with the matter.

The newspaper said the
cuts could result in a charge of
more than $1 billion against

THE ONION

BY SETH SUTEL
Associated Press

NEW YORK — Having
already blossomed as a news-
paper, website and book pub-
lisher, The Onion — perhaps
the most dominant provider of
fake news anywhere — is
bringing its brand of humor to
the hot medium of the
moment: Online video.

The dispatches on the
Onion News Network, which
goes live today, aren’t likely to
be causing much missed sleep
over at CNN and Fox News
Channel, unless those outlets
start covering fake news sto-
ries like Civil War re-enactors
being dispatched to Iraq.

But on the Web, The Onion
will be going up against sev-
eral others who have already
established themselves in
comedy video, including Com-
edy Central’s The Daily Show
with Jon Stewart.

Much of that awareness,
however, came from unautho-
rized clips being viewed on
Google’s YouTube, something
that Comedy Central’s parent
company Viacom is suing
YouTube over for $1 billion.

Sean Mills, the president of
the closely held company that
runs The Onion, says he has
“some tolerance” for unautho-



ae



MARK LENNIHAN/AP

COST REVIEW: Citigroup expects to have completed its corporate cost review by
mid-April, company officials said Monday.

earnings.

Citigroup shares fell 18
cents to close at $51.54 on the
New York Stock Exchange.

Analysts at Standard &
Poor’s Equity Research said
the savings from the job-cut-
ting regime “may not be mean-
ingful to near-term operating
results if the cuts come as a
result of attrition.”

It added that it will be
important to watch how other
cutbacks are scheduled, since
“the timing of the expected
savings are just as important
as overall size of the cuts.”

Charles Prince, the chair-
man and chief executive of
Citigroup, told a company-
sponsored financial services

rized use of clips, and is opti-
mistic that the company will
reach a mutually beneficial
arrangement with YouTube.

Clips from the Onion News
Network will also be available
for free downloads on Apple’s
iTunes store, and Mills said
the company is in talks with
other Web companies about
possible distribution deals.

In the meantime, The
Onion wanted to give its audi-
ence as much flexibility as
possible, and will allow fea-
tures that are popular on vid-
eo-sharing sites such as allow-
ing Web publishers to embed
clips into their blogs.

“We want as many people
to see our news reports as pos-
sible,” Mills said. “We can
work out a deal with YouTube
when they’re ready.”

The Onion’s network will
start out with two new video
clips per week, supported by
ads. An in-house staff of eight
people will work on the vid-
eos, which have a professional
look to them despite the buf-
foonery being discussed, such
as a top-level technology exec-
utive who is forced to sell his
estate and take a job managing

a TGI Friday’s after his job’

goes to an illegal immigrant.
Scott Dikkers, one of the

conference in late January that
the New York-based bank still
intended to grow by focusing
on increasing its existing retail
and commercial businesses
rather than by acquiring other
companies.

The Journal reported Mon-
day that one possibility that
Citigroup is considering is not
replacing some of the 30,000
to 50,000 Citigroup employees
who leave the company each
year. The paper said that the
cuts could slice through Citi-
group’s global banking empire.
It employs about 327,000 peo-
ple worldwide.

In January, Citigroup said it
earned $5.13 billion, or $1.03 a
share, in the October-Decem-

founders of The Onion who
returned about two years ago
and is now its editor, says the
company is frequently
approached with offers to do
television shows but so far has
turned them all down.

“What makes The Onion
what it is is that it’s a totally
uncensored voice. If you go
through a network filter, you
get a totally different vibe,”
Dikkers said.

“TI don’t need someone to
tell me what I can’t do.”

While the subject matter of
the videos is sure to be funny,
based on. samples reviewed
ahead of the launch, it’s also a
real business that a number of
advertisers have already
signed up for, including Dew-
ar’s Scotch, Hyundai and Red
Stripe Beer.

Mills said he expects the

ber period, down 26 percent
from $6.93 billion, or $1.37 a
share, a year earlier when it
had a $2 billion gain on the
sale of Citi’s asset manage-
ment business to Legg Maso:

Inc.

Quarterly revenue rose to
$23.83 billion, up from $20.78
billion in the same period in
2005. But while its revenue
was up 15 percent, expenses
rose an even greater 23 per-
cent.

For the full year, profits
totaled $21.54 billion, or $4.31 a
share, down 12 percent from
$24.6 billion, or $4.75 a share in
2005. Revenue was $89.6 bil-
lion for 2006, up from $83.6
billion in 2005.

Satirical newspaper taps into online video

online video operation to
become profitable by the end
of the year. .

All this comes as The
Onion’s print publications
continue to expand. In early
April it will launch an edition
in Washington, its llth, bring-
ing its total weekly circulation
to just over 700,000.

The Washington Post is
providing printing, distribu-
tion and help with advertising
sales in the Washington edi-
tion in exchange for a share of
revenue.

Its print publications
remain profitable, but The
Onion is moving more and
more toward the Web, where
it now draws about 60 percent
of its advertising revenue ver-
sus 40 percent from print,
about the reverse of where it
was four years ago, Mills said.

LATE TRADING

4p.m. 6:35 p.m. Late
Stock Tk. da close Chg. volume

Nasdl00Tr QQQQ 44.30 44,23 -.07 90624
Oracle ORCL = 18.39 18.40 +.01 79106
Cepheid CPHD = 10.87 11.95 41.08 75244
ClearChan CCU 35.44 35.44 * 23

CSXs CSX 40.09 40.09 ° 64898
CMGI CMGI 2.49 2.53 +.04 63124
Hallibtn's = HAL 31.37 3137 * 58596
Blockbstr — BBI 6.77 6.77 : 56569
Altria MO 84.95 84.93 -.02 = 53522
iShR2K nya IWM 80.02 80.02 ° 35620
Staples SPLS 26.41 26.39 -.02 3964
Microsoft 32363

MSFT — 28.22 28.21 = -.01

FannieM If FNM 56.55 56.55 28537

4 A 6:35 p.m. late
Stock Thr, _close_close_Chg_ volume
Mylanlab = MYL 20.22 20.22 A 28132
SPDR PY 143.20 143.20 26705
UtdhithGp UNH 56.88 56.88 26413
SunMicro SUNW 6.22 6.22 : 25330
FMCG FCX 64.70 64.99 +29 25181
FirstDatas FDC 26.50 26.50 * 25114
Mirant MIR 40.06 40.06 ° 23091
Symantec SYMC 17.61 17.53 -.08 21995
FifthThird = FITB 40.07 40.07 : 18351
MartMM MLM 135,01 135.01 18164

AEP 49.30 49.30

Bowatr BOW 23.44 23.44 16117





For up-to-date stock quotes, go to www.MiamiHerald.com and click on Business

|
THE TRIBUNE

TUESDAY, MARCH 27, 2007, PAGE 5B





VAT or sales tax
to reduce Bahamas
tax ‘regression’

"By NEIL HARTNELL
Tribune Business Editor

Value-Added Tax
(VAT) or retail sales
tax would reduce the
regressive nature of the
Bahamas’ current import
duties-based tax system, a
study for the CARICOM Sec-
retariat has revealed, through
broadening the tax base and

shifting the burden to higher-

income households.

The study on the fiscal
impact that trade liberalisation
will have on the Bahamas said
that consumption taxes, such
as VAT or a retail sales tax,
would encompass services as
well as physical goods.

Since higher-income house-
holds tended to devote a high-
er proportion of their monthly
income to services, the study
suggested that the introduction
of VAT or a retail sales tax
would shift the taxpaying bur-
den from lower income to
higher income households.

Authored

The paper, authored by Eric
Hutton, Don Augustin and
Lindsay Hodder, acknowl-
edged that consumption taxes
were often perceived as being
regressive, as lower income
households often had to divert
a higher proportion of their
income to goods purchases that
higher income households.

But in the Bahamian con-
text, they said: “In the case
where import tariffs are being

replaced by broad-based con-
sumption tax, the reform might
serve to reduce regressivity in
the tax system.

“Import tariffs are levied
strictly on goods, while a
broad-based consumption tax
might target services as well.
High-income households tend
to devote a greater proportion
of their income to the con-
sumption of services as com-
pared to low-income house-
holds, and so such a tax reform
could shift some of the burden
from low-income households
to high-income households.”

The study suggested that
VAT would be a better option
that a retail sales tax, for
although they both targeted
the same tax base, retail sales
taxes might cause ‘cascading’,
where the tax might end up in
the “intermediate production
stage” and thus create a ‘tax-
on-tax’ situation in the final
consumption stage.

In addition, the CARICOM
study said VAT could provide
tax administrators with better
audit and assessment informa-
tion, and “better extract tax
from the services sector”.

“Also, being a multi-stage
tax, when a taxpayer fails to
collect or submit the tax, some
portion of the taxes due still
have been collected; under a
retail sales tax, the full amount
of the tax would be at risk,”
the study said.

Income tax would require
major reforms of tax policy
and tax administration in. the
Bahamas, with this nation havy-

ing to “start from scratch” in
creating an income tax depart-
ment, laws, policies, regula-
tions and staffing.

In addition, “income taxes
tend to exhibit relatively poor
performance in small, island
economies in terms of rev-
enues collected compared to
potential revenue collections”.

Study

The study said the bulk of
the tax burden in these situa-
tions traditionally fell on the
middle-salaried employees of
large institutions, such as
hotels, hospitals, teachers and
government employees.

The CARICOM study
added that using Stamp Duties
as a replacement for import
duties was not advisable, as
these would “most likely con-
travene” any trade agreement
that the Bahamas entered into.

Existing Stamp Duties might
have to be reduced, and
although customes fees. were
still levied under trade agree-
ments, these were set at rates
just to cover the costs of pro-
cessing trade documents.

The CARICOM study also
hinted that “trade diversion”
might result from the Bahamas
signing up, via CARIFORUM,
to the Economic Partnership
Agreement (EPA) with the
European Union (EU).

Imports from countries such
as the US could be replaced in
favour of EU imports, as the
recprocal. nature of the-EPA
means that the Bahamas will

FIRSTCARIBBEAN

INTERNATIONAL BANK

CAREER OPPORTUNITY

fora

Treasurer — Bahamas and Cayman
Operating Companies
Treasury Sales & Trading (TST)

Key Activities and Deliverables:

e The Treasurer is a senior member of the TST leadership team that provide best-in-class
Balance sheet management, TST control and TST dealing support for the FirstCaribbean
Group. A key focus for TST is to enhance Group interest income and develop / market TST
products to the countries’ largest and most discerning clients. Countries include: Bahamas,
Turks and Caicos, Cayman, British Virgin Islands, St. Maarten, and Curacao.

¢ Successfully manage and extract maximum value from business projects and process
improvement initiatives designed to strengthen the operational infrastructure of FirstCaribbean

TST

¢ Build and improve the organizational structures and delivery platforms that support the
FirstCaribbean TST model and product lines

¢ Manage to successful completion, business projects and process improvement initiatives,
designed to strengthen the operational infrastructure of FirstCaribbean TST.

° Develop effective partnerships with all functional groups including Marketing, Finance,
Human Resources and Operations & Technology that directly benefit TST activities, customers

and day-to day operations.

¢ Key result areas include: balance sheet & liquidity management, product sales/marketing
function, product structured support, governance and market risk

Qualifications/Experience:

Graduate status with minimum of 7 years experience in the business/financia!

world

3 years of specific management experience in a TST environment
Association of Corporate Treasurers (ACT) or equivalent qualification preferred
Understanding of the local Bahamas markets, competition, geographic, macro

be required to give these goods
duty-free access to this nation,
making them relatively less
expensive.

“The fiscal impact of trade
diversion would likely only be
significant in the case where
the United States were exclud-
ed from the trade agreements,
and some other large manu-
facturing centre, such as the
EU, were included in the trade
agreement, due to the pre-
dominant role of the US as a
trading partner,” the study
said.

It aldso warned that the rel-
atively “small and closed”
Bahamian wholesale and retail
sector, where only Bahamian
ownership was allowed, could
see companies fail to pass say-
ings from reduced import
duties on to consumers.

While there were no monop-
olies or oligopolies in the sec-
tor, the study said there had
been allegations of “price col-
lusion” in the past.

INSIGHT

For the stories

behind the news,
read Insight
on Mondays



* Sate, family-like environment

¢ Private Elementary, Middle and

Secondary Schools
New residences
Small class sizes

Dedicated faculty

DIRECTOR CORPORATE BANKING

Beautiful campus near Niagara Falls

400 students trom 18 countries

1/3 international and 2/3 Canadian

Comprehensive co-curricular and

residential programs

[Distinguished university placements

Jestablished in 1932

Rich tradition and heritage

$18,000.00
14,000 miles, '

Jini

With origins in The Bahamas since 1978 and in the Cay man Islands and
the Turks and Caicos Islands since 1980, Fidelity is a financial services
group offering a comprehensive range of insurance services, domestic
and intemational banking, estate planning, pension services and corporate
finance as well as other financial products and services. Fidelity is now

inviting applications for a:

Director Corpo rate Banking

Reporting directly to the President, the successful candidate will have the
following minimum require ments:-

Bachelor Degree in Business, Banking or Finance

An MBA qualification would be an asset

5 years experience in intemational credit markets

10 years commercial credit experience at a managerial level
Comprehensive understanding of structured financing solutions
Strong financial and business analysis skills

Exceptional written and oral communication skills.

Proven record of delivery of presentations

The successful applicant will primarily be responsible forthe develop-
ment of Fidelity’s corporate finance business in The Bahamas and across
the Caribbean and will be expected to travel on a frequent basis.

An attractive compensation package, including a comprehensive range of

employee benefits is offered.

Please send applications no later than April 15th, 2007 to:
Director Corporate Banking
Director of Human Resources
P.O. Box N-4853
Nassau, Bahamas
Tel (242) 356 7764
' Fax (242) 326 3000



Email careers (@fidelitybah

amas. com...



About $04,000 USD per year!

includes tuition
~ modern residences
health insurance

Niagara

Be sil
Community of
Schools

NCC will be hosting personal
family visits at the British

Colonial Hilton in Nassau on

April2. Please contact Diane

Kon at NCC directly at
dianek@niagaracc.com or
drop in to the Hilton for a visit.

NCC
2619 Niagara Parkway
Fort Erie, Ontario CANADA

economic and global factors impacting TST activities

Seasoned director with a solid track record of success managing and growing
TST / Treasury Products business in international financial institutions

Solid operational experience in both a sales and a trading environment

Remuneration:

e Salary commensurate with the position’s seniority (FC Level 9 - the Bank has
11 pay levels)

¢ Benefits- includes a car allowance, variable incentive pay (bonus) and preferred
loan rates

Applicants are requested to submit their resume with a cover letter via email by
March 29, 2007 to: deangelia.deleveaux @FirstCaribbeanBank.com

www.niagaracc.com

- FirstCaribbean International Bank (Bahamas) Limited thanks
allapplicants for their interest, however only those under consideration
will be contacted.



AE FOE WE ERP EDEN UTA HS TCA OMNES YEO TURAN ENS PLATT NEA WR TYE LEY EE SOIT WT 2 PT ED
PAGE 6B, TUESDAY, MARCH 27, 2007 THE TRIBUNE



















































NOTICE

NOTICE is hereby given that JEANRENL JOSEPH OF
EAST STREET, COCO PLUM, Nassau, Bahamas, is

applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 27th day of March, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.

2 UBS

UBS (Bahamas) Ltd. is one of the world’s leading
financial institutions in the Caribbean. Our Business
Area Wealth Management International looks after
wealthy private clients by providing them with
comprehensive, value enhancing services. Our client
advisors combine strong personal relationships with
the resources that are available from across UBS,
helping, them provide a full range of wealth
management services.





For our team in Nassau we are looking to fill the
following positions:

Client Advisor Assistant-Brazil desk

In this challenging position you will be responsible for:

e Supporting the client advisors team in
administrative and organizational arrangements
as well as client related processes for optimal
service delivery support

Your tasks will include processing client orders,
dealing with client queries and requests,
preparing contact schedules and client files
before each visit.

With your specialized transactional process
knowledge you act as a troubleshooter

We are searching for an individual with;

Banking & Commerce experience and
qualification

At least 2 years experience in same or similar
function

Proficient knowledge of Office Program
(Windows, Excel, PowerPoint)

Portuguese and Spanish are essential

Written applications by Bahamian nationals only should
be addressed to:

hrbahamas@ubs.com or UBS (Bahamas) Ltd.
Human Resources
P.O. Box N-7757
Nassau, Bahamas



Walgreens:
Sales increase
COMMONWEALTH OF THE BAHAMAS -
IN THE SUPREME COURT on strong retail
FAMILY DIVISION FAM/div/30 1» Ko crip ti @) nN
business






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Petitioner

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Respondent Hollywood selection of
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schedule to be heard on the 8* day of February A.D., 2007 will now be heard on the UE STC Ce EL

— BRS AY er oe
i@* day of May A.D., 2007 at 2:30 p.m. in the afternoon before the Chief Justice Sir PIT TCO ea eo ato
income rose nearly 25 per
cent as sales at established
Providence with the Commonwealth of The Bahamas. stores increased on the

strength of a strong retail
Aig 16" ay ot iC EN prescription business.




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is seeking a

PROJECT MANAGER

with skills in technical writing, for the production of a public document.
The successful candidate would be able to conduct interviews, gather data
and analyze information. The successful candidate would also be
knowledgeable about global Climate Change (CC) and the United Nations
Framework for climate Change.The successful candidate would be able to
articulate the implications and factors effecting small island states relative
to CC. The position offered is temporary and is contingent on the production
of the document. Interested persons should send their resumes before March
29th, 2007 to the Commission office.All applicants should be available for
interviews during the week of April 3rd 2007. Please contact the Commission
for further details at:



ian meee mum isan “Sm” ea se ee cae all

BEST Commission, Ministry of Utilities & Environment
Nassau Court, West Bay Street
Nassau, Bahamas
Tel: 322-4546 or 322-2576
Fax: 325-3509
Email: bestnbs@hotmail.com








THE TRIBUNE

TUESDAY, MARCH 27, 2007, PAGE 7B





Reebok gets back into the race

@ By JENN ABELSON
Globe Staff
c. 2007 The Boston
Globe

REEBOK, which launched
its brand riding the aerobics
craze, now wants you running
with them.

Over the past few years, the
Canton, Mass. sneaker maker
has reinvigorated its running
division, rolling out a new line
of high-tech sneakers and sign-
ing on more athletes as
endorsers. The company,
which has amassed 15 awards
globally from trade publica-
tions since 2003, is unveiling
next week its most ambitious
marketing campaign yet to win
over runners.

After years of trying to build
its lifestyle and entertainment
reputation, Reebok wants its
running credibility back. More
than that, the company wants
to improve its struggling over-
all brand, which saw United
States sales drop last year.
Running is its biggest category,
followed by basketball and ten-
nis.

Running is lucrative because
it is the biggest segment of the
athletic footwear market, with
US sales jumping five per cent
to $4.9 billion between 2004
and 2006 and average prices
increasing 9.5 per cent to
$40.47 over the same period,
according to market research

firm NPD Group in Port -

Washington, N.Y. But the
growing popularity of the sport
has attracted more rival sneak-
er brands, forcing companies
to battle to keep their market
share.

“It’s very congested now.
We have to come up with
something unique and com-
pelling that will attract people
to the brand,” said Mark
Bossardet, Reebok’s head of
global running.

Reebok, which German
sportswear firm Adidas Group
bought last year for $3.8 bil-
lion, is attempting to carve a
niche by focusing on comfort
and fit that appeals to the gen-
eral running population, not
just hard-core marathoners.
While other firms focus on the
blood, sweat, and tears of run-

ning, Reebok’s global “Run
Easy” campaign will celebrate
the sport’s camaraderie and
joy, Uli Becker, Reebok’s chief
marketing officer, said earlier
this year.

The company’s newest run-
ning technology, Kinetic Fit
System, focuses on the fit of
the entire shoe, rather than just
the ride - where competitors
have paid most attention
designing shocks and gels.
Reebok’s engineers have
strategically placed synthetic
panels of the upper shoe where
the foot flexes so that the bot-
tom and upper move in har-
mony.

Over the past few years,
Reebok has enlisted young
athletes to endorse its running
line - from Aries Merritt, a sev-
en-time NCAA All-American
men’s champion, to Monique
Henderson, a former
Olympian who ranked third
last year in the nation in 400
meters.

The Trinity KFS, launched
last fall, received a coveted
award from the magazine Run-

ner’s World USA, and sales of

the $115 sneakers have been
strong, Reebok said but
declined to provide more
details. Its newest sneakers
using the technology, Premier
Ultra KFS, also sell for about
$115 and will debut next
month during the Boston
Marathon Expo at the Hynes
Convention Center.

”T was really skeptical at
first,” said Warren Greene,
brand editor at Runner’s
World who picked the Trinity
KFS as an Editor’s Choice
award last fall. *But when I
put the shoe on I was totally
blown away by it. We heard
from our runners who tried
them out that Trinity KFS fit
great and was as comfortable a
shoe as they everranin.” %

Reebok’s attention to run-
ning comes as other rivals fine
tune their focus. New Balance
Athletic Shoe Inc. recently
launched NBx, an entire divi-
sion dedicated to the elite run-
ning industry. New Balance
chief executive Jim Davis said
the Boston firm used to domi-
nate the shelves of specialty
running stores, but it grew too



February: Sales of new
homes fall sharply for a
second consecutive month

WASHINGTON (AP) — Sales of new
homes fell sharply for a second consecu-
tive month in February, a weaker-than-
expected performance that dimmed hopes

for a rebound in the troubled housing mar-

ket.

The Commerce Department reported
Monday that sales of new single-family
homes fell by 3:9: per cent last month to a
seasonally adjusted annual rate of 848,000,
the slowest sales pace in nearly seven

‘

RESORT MARINA
THE BAHAMAS

years. All regions of the country except the
West experienced weakness last month.

Decline

The February decline followed an even
larger 15.8 per cent drop in sales in Janu-
ary, which had been the largest one-month
plunge tr 13' years, sisin se ye catsamegnctey
_. The back-to-back-declines provided evi-
dence that the housing market is.continu-

ing to struggle with lagging demand and a
glut of unsold homes.

The weakness in sales pushed the medi-
an price of a new home down to $250,000

in February, a drop of 0.3 per cent from a

year ago.

It marked the second straight month
that the median price fell compared with
the:same period a year ago. The median is
the point where half the homes sold for
moge and half for less.

Ambitious, hardworking and highly motivated Bahamian
couple sought to run established marina and restaurant
on Rum Cay. —

Montana Holdings Ltd owners of Rum Cay Resort
Marina, currently under development have just acquired a sister
property, on the island of Rum Cay. Sumner Point Marina extends
over 26acres across the south eastern corner of the island with docking
for 30 boats up to 160 ft in length, a newly refurbished 30 seater
restaurant and guest accommodation for up to 16 persons.

Responsibilities include but are not limited to:-

e all marina, restaurant and lodging operations;

e Full P+L and budgetary accountability including F+B,
reservations and inventory control.

e Oversee all maintenance and repairs

e Manage housekeeping of rental villas

e Supervision of staff and suppliers.

¢ Co-ordinate Montana client visits to Rum cay

e Manage Montana Sales Office on Rum Cay

Skills and Attributes

¢ minimum 5 years prior management in a similar establishment
e Excellent marine, general engineering and maintenance skills
e Experienced chef or professional qualification in hotel and
catering management
Superb organisational and administrative skills
Extremely computer proficient
Highly motivated self starters who have the will and talents to
operate a challenging business in a remote location with total
autonomy

Remuneration package commensurate with experience, will include
competitive salary and benefits, return flights to Nassau, fully subsidised
accommodation.

Closing date for applications 04/04/2007.
‘ H.R. Manager
Montana Holdings Ltd
P.O. Box N-9322
Nassau, Bahamas

Fax 677 3007

quickly and took its eye off the
market. Now, the company is
trying to step up its game.
”The running category is
also where you see innovative
technology launches and high-
er average price points, so it is
a very competitive area where
brands look to make a strategic
impact,” Davis said.
Executives from Nike Inc.,
which dominates the running
category, declined to comment.
Bob McGee, editor of indus-
try newsletter Sporting Goods
Intelligence, said Reebok’s
approach to go after the casu-
al runner will enable it to cap-
ture a bigger market beyond

serious marathoners.

”This softer approach might
play better with younger
demographics of females,” said
McGee. It’s many of the peo-
ple that wore the aerobics
shoes - they’re trying to reach
that same demographic.”

Reebok’s Bossardet said he
doesn’t expect to win over the
running public overnight.

*It’s an evolution, not a rev-
olution. It takes years to estab-
lish yourself as a credible run-
ning brand,” he said. ’But at
least we’re in the race.”

e Jenn Abelson can be
reached at:

abelson(AT)globe.com

KLG INVESTMENTS LTD./AQUAPURE

Applicants must be at least 23 years of age,
self-motivated, disciplined and possess the

following:

-¢ A valid driver’s license
e The ability to drive standard shift vehicles

Please visit out Bemard Road office
between the hours of 9:00am and 5:00 pm,
Monday - Friday to pick up an application

form.



DELTEC BANK & TRUST LIMITED

Invites applications for the position of

TRUST MANAGER

Responsibilities will include (but are not limited to):

Creating fiduciary structures that will service the needs of

clients

Marketing trust products
Ensuring that all fiduciary structures are administered at a
high professional standard and in accordance with Policies
& Procedures of Deltec and the laws of The Bahamas
Maintaining current knowledge of all issues (law and tax)
affecting fiduciary structures

Supervising the Company Department

The successful candidate should have the following:

> STEP Diploma

> 10 years trust experience
(minimum 5 years in a supervisory capacity)

> Excellent written, oral and presentation skills

Salary will be commensurate with experience.

Interested persons may submit resumes as follows:

Human Resources Manager

Deltec Bank & Trust Limited

P. O. Box N.3229
Nassau, Bahamas

Resumes may also be faxed c/o 362-4623 or emailed to

anh@deltecbank.com

ABSOLUTELY NO TELEPHONE
CALLS WILL BE ACCEPTED


PAS [

cemane or wane

Stocks rebound to end mixed after disappointing

8B, TUESDAY, MARCH 27, 2007



THE TRIBUNE

home sales report raises worries about economy

" By JOE BEL BRUNO





AP Business Writer

— Wall

NEW YORK (AP) -

_ FOR RENT
RADISE ISLAND

|uxurious harbour front Penthouse
Residence with spectacular views of
Nassau and its Harbour:

e 5,000+ sq ft. total area

e 4 Bedrooms with 4.5 baths

e Master bedroom with dressing area, Jacuzzi
and large walk-in closet

¢ Large balconies

e Elegantly furnished throughout with a
separate study

® Formal dining room

e Private elevator

e Heated pool and spa overlooking the harbor

e Private dock for a yacht up to 75 feet

e Dedicated storage and crew areas

e Exercise room

¢ Indoor Garage

e Private gated entry

e Lush tropical landscaping

Rent:

$18,500.00 per month net
NO PETS

For further information and viewing call:
363-2730

UBS
financial institutions in the Caribbean. Our Business
Area Wealth Management International looks after

(Bahamas) Ltd. is one of the world’s leading

comprehensive, ‘value enhancing services. Our client
advisors combine-strong personal relationships with
the resources that are available from across UBS,
helping them provide a full range of wealth management
services.

Street pared steep losses yes-
terday to end narrowly mixed
after a surprise drop in new
home sales for February trig-









gered further concern that eco-
nomic growth is slowing more
than expected.

The Commerce Department
reported that sales of new sin-
gle-family homes fell by 3.9 per
cent last month to a seasonally
adjusted annual rate of
848,000. It was the slowest
sales pace in nearly seven years
and dimmed hopes for a
rebound in the troubled hous-
ing market.

Economists have been
watching the housing industry
for a hint about where the
economy is heading. The dis-
appointing data came amid

«continued concern about the

il MAS)

Roath

OUR LUCAYA ¢

subprime mortgage market,
which has been slammed by an
increase in delinquencies in
recent months.

This sent major indexes
down throughout most of the
session, with the Dow Jones
industrials racking up triple-
digit losses. Investors used the
decline to buy some shares
before the second-quarter ends
on Friday, analysts said.

“The market is already wor-
ried more about economic
growth than inflation, so I
think you’re going to see reac-
tions like this,” said Todd Sala-
mone, director of trading at
Schaeffer’s Investment

Sheraton

Prva eMetitettai ra miirieee

OUR LECAYA
HS Det S25 a)

EXCELLENT CAREER
OPPORTUNITY EXISTS FOR

Executive Pastry Chef

The suecessful

Pier eetny

will manage and

coordinate pastry production of a volume food
operation with a minimum of eight restaurant
outlets and banquet operation in excess of 90,000

square feet

plated and modern buffet set up techniques.

position requires:

indoor/outdoor with emphasis on

This

* Excellent written and verbal communication

skills;

* Knowledgeable in computer programs, Excel

and Microsoft word;

* Extensive knowledge and experience in sugar
and chocolate work, pastille showpieces and
must be capable of preparing dessert, plated

Research in Cincinnati.

“Overall, its impressive from
the comeback we’ve had.
There’s been a whirlwind of
attention about housing’s
effects on the economy, it isn’t
anything new and these pull-
backs are buying opportuni-
ties.”

According to preliminary
calculations, the Dow fell
11.94, or 0.10 per cent, to
12,469.07. Last week, the
benchmark index posted a 370
point gain, its best weekly
point rise in four years. It
dropped as much as 112 points
earlier on Monday.

Broader stock indicators
were slightly higher. The Stan-
dard & Poor’s 500 index rose
1.39, or 0.10 per cent, to
1,437.50, and the Nasdaq com-
posite index added 6.70, or 0.27
per cent, to 2,455.63.

Bonds rose, with the yield
on the benchmark 10-year
Treasury note falling to 4.60
per cent from 4.61 per cent late
Friday. Bond investors have
been hoping that a slowing
economy will cause the Feder-
al Reserve to lower interest
rates.

The dollar traded mixed
against other major currencies,
while gold prices advanced.

Investors also are focused on
a spate of economic data due
this week, including the gross
domestic product report due
on Wednesday.

“Investors are looking to fig-
ure out how things are going to
shake out after a big move
higher last week,” said Mike
Malone, a trading analyst at
Cowen & Co. “Given the mag-
nitude of the move higher we
had last week, I don’t find this
to be overly surprising.”

Oil prices rose Monday, with
a barrel of light sweet crude
up 63 cents to $62.91 on the
New York Mercantile
Exchange. Crude prices have
risen steadily on continued ten-

sions between Iran and: the-
. West following Iran’s deten-

tion of British naval person-

nel. Recent declines in U.S. oil
inventories also supported the
market.

Citigroup Inc. fell 18 cents
to $51.54. The Wall Street
Journal reported Citigroup
might reduce its work force by «
about five per cent. The com-"
pany has been under pressure
during the past year to boost .
earnings to fend off rivals from *
eating into its global market,
share. 4

Dell Inc. rose 79 cents, or;
3.5 per cent, to $23.62 after as
Goldman Sachs analyst said*
the computer maker should.
see benefits from its turn-*
around efforts later this year.*

Walgreen Co. reported secs
ond-quarter profit surpassed®
Wall Street projections as the.
drug store chain posted robust*

‘revenue from retail prescrip-|

tions. The stock fell 47 cents
to $47.30.

Fiscal fourth-quarter profit?
at Tiffany & Co. remaineds
essentially flat as the luxury?
jewelry retailer recorded an.
impairment charge. Revenue;
however, rose 15 per cent to:
$986.4 million. Results came,
in ahead of Wall Street’ st
expectations. The stock rose}
13 cents to $45.63 after hitting,
a 52-week high of $46.09 at thet
open.

Kimberly-Clark Corp., the:
maker of consumer ‘brands like
Kleenex and Huggies, on Mon-
day said it still expects to meet’,.
its full-year profit target. «
Shares fell 5 cents to $68.94. °

Saudi Basic Industries Corp. ;* ‘
is planning a bid worth up to «,
$12 billion for General Elec- :
tric Co.’s plastics unit, the '
Financial Times reported Monr- “ 5
day. GE rose 18 cents to $36. °

The Russell :2000 index of" A
smaller companies was fell,
3.26, or 0.40 per cent, at 806.25. »

Overseas, Japan’s Nikkei“
stock average closed up 0.24;
per cent. Britain’s FTSE 100 ‘
down 0.75 per cent, Germany’s *,
DAX index was down 1.02 per ,
cent, and France’s CAC-40 was’.
fell 1.04 per cent.

kA SP

and buffet presentations.

* High school or equivalent education required.
GUE Tem Coteum ium Der uusciiiroim@ intel tice)
eae as! b






PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, MELANIE
MAURICE of Nassau, The Bahamas intend to change

my name to MELANIE MAREUS. If there are any

objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
P.O.Box SS-742, Nassau, Bahamas no later than thirty
(30) days after the date of publication of this notice.

4
| wealthy private clients by providing them with -
4

In order to strengthen our team in Nassau, we are
looking to fill the following positions:

_ Caribbean Desk Head / Client Advisor

lhe position holder will be responsible leading the
Caribbean Desk in Nassau, Bahamas or become a
client advisor on the desk. This includes supervising
of day-to-day activities and financial results, monitoring
market conditions, and assessing risk. The been Nye Mie PAL
holder has the task to identify new prospects and build- phe Hobe a an e
up the corresponding relationships. S/he works closely tamara.wilson@starwoodhotels.com
together with product specialists for analysing client or
needs and developing, marketing and implementing : = ; R
tailor-made investments strategies and solutions. The a

juisition of new clients will be a main focus. Human Resources Department
isoea : as ; Westin & Sheraton Grand Bahama Island Our
he candiclate will provide input to senior management é
rege wing client segmentation and marketing strategy TENE Tu at
for his/her region. S/he will assist in the process of P.O. Box F-42500

Freeport, Grand Bahama

Pos







We offer exceptional pay and benefits.
Resumes should be forwarded on or before






rar

NOTICE

NOTICE is hereby given that WINDY ST. VIL OF LINCOLN
| BLVD, NASSAU, BAHAMAS is applying to the Minister
responsible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any

person who knows any reason why registration/ naturalization
should not be granted, should send a written and signed
statement of the facts within twenty-eight days from the 20th
day of March, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau; Bahamas.

building and developing key accounts, leading this
process where appropriate. S/he maintains a direct
relationship with clients resolves and escalates client
issues arising from the team.

The position holder is -accountable for the
implementation of operating policy and standards.



Requirements for this position include:

e Minimum 5 years experience and a proven
successful track record in Wealth Management
Minimum 5 years experience in client acquisition

and relationship building

Qulgeing and personable with great social skills.

TTS Ty ke

*

Sa)
= sore i ; »
ae Se) *

Pricing Information As Of:

Securit y Previous Close Today's Close Change
Abaco Markets

Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

Colina Holdings
Commonwealth Bank
Consolidated Water BDRs
Doctor's Hospital
Famguard

Finco

FirstCaribbean

Focol

Freeport Concrete

In this challenging position you will be responsible for ICD Utilities

acquisition of new and advisory of existing clients, as Y eg CAR Ae ea
well as presentation and implementation of investment 3 wasps tare asus
‘solutions in the client’s mother tongue.

expected to:

e Use communication and negotiation skills to
attract new clients and identify client needs

e Meet with clients and potential clients in social
settings

e Travel to meet with clients and potential clients

Senior Client Advisor & Client Advisor

In this position, the successful candidate will be
| Latin America

Fidelity Overthe

Bid $
14.60
8.00
0.45

Colina OVEMTHEEE rite
41.00 43. 00
14.60 15.50
0.45 0.55

BISK Listed M
NA V

Symbol Weekly Vol.
Bahamas Supermarkets
Caribbean Crossings (Pref)

For this position we are searching for an individual who 20 RND Holdings
meets the following requirements:

| xtensive experience and a proven track record

in Wealth Management

ABL AB
Bahamas Supermarkets
F RND Holdings

® Specializing in the fields of Customer relations, es

investment advice and portfolio management.

f lent sales and advisory skills as well as solid
edge of investment products are key

requirements. Fluency in English, Portuguese

ind Spanish is essential.

Fund Name
Colina Money Market Fund 1.331194"
Fidelity Bahamas G & 1 Fund 3 0988***
Colina MSI Preferred Fund ? 625419**
Colina Bond Fund 1.233813****
Fidelity Prime Income Fund 11.3945**"** ioe eee eS NE
; FINDEX: CLOSE 789.27 7YTH G6i28% (2006

MARKET TERMS YIELD - last 12 month "dividends divided by Osi price

52wk-Hi 52wk-Low

10 ooo

JEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest ageing aay in last 52 weeks
52wk-Low - Lowe: s

Bid $ - Buying price of Colina and Fidelity

Ask $ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

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 Bahamas Stock Index. January 1, 1994 = 100

* -9 March 2007

Interested? Written applications should be sent to:



** . 8 February 2007



hs.com UBS (Bahamas) Ltd.
Human Resources
P.O. Box N-7757

NassauaBahamase ein cee Beet ew ce i cet sa RS RNS IN STR .

Daily Vol. - Number of total shares traded today ** . 31 January 2007

DIV $ - Dividends per share paid in the last 12 months

P/E - Closing price divided by the last 12 month earnings *** - 28 February 2007



a r SE Le SE TET AE ETA FE TT NT EE
THE TRIBUNE

4



TUESDAY, MARCH 27, 2007, PAGE 9B





Nasdaq: Applauds at the
- opening bell ceremony

‘

ee



FIRSTCARIBBEAN

INTERNATIONAL BANK

FirstCaribbean International Bank (Bahamas) Limited
Chairman’s Review
Of the Results
For the first quarter ended January 31, 2007

The consolidated net income of FirstCaribbean International Bank (Bahamas) Limited for the
first quarter of the 2007 fiscal year was $35.9 million, an increase of 24% over last year’s restated
net income of $29m. Included in the net income for this quarter was the impact of a change in
policy as described in note 4 to these interim statements which resulted in a gain of $7.2 million.
Last year’s net income included fees of $1.7 million which was earned from Barclays Capital,
with none being earned this year as the fee agreement expired. Earnings per share for the

> quarter-was 29.9 cents,an increase of 5.8.cents over last year. Excluding the gain from the...
‘change in policy, earnings per share was 23.9 cents for this quarter.

- The Bank’s net interest income continued to improve and for the three months. to January 31,-’
2007 amounted to $39 million, a 10% increase over the same period last year. This improvement
resulted from a 14% growth in total loans as well as an increase in the level of investments from

the. same period last year.

Operating expenses for the quarter were $8.2 million lower than the same period last year,
mainly because of the favorable adjustment with respect to change in policy,-as mentioned
above. Excluding the gain from this change in policy, operating expenses were $15.5 million.

The Bank’s total assets at January 31, 2007 stood at $4.7 billion representing a growth of $1.1
billion or 29% frorn last year. Total loans grew by $315 million to $2.5 billion as residential
mortgages and business loans together increased by $214 million from last year. Cash and
securities increased by 47% or $537 million from last year as additional investments were made

in our securities portfolios,
The return on assets and the return on tangible equity for the first quarter of this fiscal were
3.1% and 34% respectively.

We thank our customers and shareholders for their continuing loyalty and patronage
throughout the quarter and look forward to another successful year. :

Khan sen

Michael K. Mansoor
Chairman

FirstCaribbean International Bank (Bahamas) Limited
Consolidated Balance Shect

BS'000
Unaudited Unaudited Audited
January 31, 2007 January 31, 2006 October 31, 2006
te (Restated)

Cash and advances to banks
Securities 510,200 617,871 367,400
Snake 1,168,367 523,368 1,524,879
aac - 2,516,687 2,20J,913 2,444,830
Ried asses 187,747 187,747 187,747
Other auaces 28,346 31,138 29,209

244,832 37,561 137,409

Total assets "4 656.179 S00 SOR
4,656,179 3,599,598 4,691,474

Liabilities

Total deposits :
Other borrowed funds 3,506,721 2,966,589 3,503,903
Other liabilities 377,618 2 s
Debt securities in issue 142,301 79,694 582,165
20,305 - a“
Total liabilities a
4,046,945 3,046,283 4,086,068
Equity
Share capital & reserves
Retained earnings i 432,959 420,464 435,556 «
176,275 132,851 169,850
a
609,234 553,315 605,406
Total Habilities and equity
4,656,179 3,599,598 4,691,474
De ee
Director thy
Director

FirstCaribbean International Bank (Bahamas) Limited
Consolidated Statement of Changes in Equity

BS$'000
Share Capital & Retained Earnings Total
Reserves

Balance at October 31, 2005

a8 previously reported . * 417,281 162,439 579,720
Prior period adjustment : (18,481 (18,481)
Balance at October 31, 2005 as restated 417,281 143,958 561,239
Net income for the period

as previously reported - 29,201 29,201
Prior period. adjustment (244) : (244)
Net Income as restated : 28,957 28,957
Dividends (36,064) (36,064)
Revaluation gains/(losses) (817) (817)
Transfer to Statutory Reserve Fund - Turks & Caicos Islands 4,000 (4,000) =
Balance at January 31, 2006 420,464 132,851 553,315

—
Balance at October 31, 2006 435,556 169,850 605,406
Net income for the period 35,945 35,945
Dividends (30,054) (30,054)
Revaluation gains/(losses) (2,063) (2,063)
Transfer to Statutory Reserve Fund - Turks & Caicos Islands - -
Transfer to Statutory Loan Reserve (534) 534
Balance at January 31, 2007 432,959 176,275 609,234
i254

@ HAN Daging (right),
President and CEO of
Telestone Technologies
Corporation, attends the
opening bell ceremony at
the Nasdaq stock market on
March 26 in New York. The
Beijing-based company
supplies wireless technology
equipment and solutions to
Chinese telecommunica-
tions companies.





(AP Photo: Mark
Lennihan)
.
FirstCaribbean International Bank (Bahamas) Limited
Consolidated Statement of Income
BS'000
Unaudited Audited
Three Months Eaded Year Ended
January 31,2007 January 31,2006 October 31, 2006
(Qestated) :
Total interest income 73,863 eae papi
Total interest expense 091
Net interest income a rose 7 . eee
Operating income aA 181 B69
Operating expenses : ws Tae — pate
' ae x i mally tide : ‘ . e
Wiss — loss expense r on a 9328 7 71.197
one ‘ BCU anata + at
Net income 35,945 110,672
Weighted average number of common
shares outstanding for the period 120,216,204 120,216,204 120,216,205
Earnings per share (in cents) 29.9 24.1 92.1
FirstCaribbean International Bank (Bahamas) Limited
Consolidated Statement of Cash Flows
BS'000 Unaudited Unaudited
Three Moaths Ended Three Months Ended
Janvary 31,2007 = January 31, 2006
(Restated)
194, 117,510
Net cash used in operating activities a ( )
367,869 36,064
Net cash from (used in) financing activities ¢ )
441 20,216
Net cash used in investing activities
144,959 173,790
Net increase (decrease) in cash and cash equivalents ( )
180,684 742,111
Cash and cash equivalents, beginning of period
043 568,321

Cash and cash equivalents, end of period

FirstCaribbean International Bank (Bahamas) Limited
Notes to Consolidated Interim Financial Statements

Three Months Ended

January 31, 2007

1. Accounting Policies
The accounting policies used in the preparation of these consolidated interim financial statements are consistent with those weed in the annual financial
statements for the year ended October 31, 2006.

The consolidated interim financial statements include the accounts of the following wholly owned subsidiaries:
FirstCaribbean International Finance Corporation (Bahamas) Limited
FirstCaribbean International (Bahamas) Nominees Company Limited
FirstCaribbean International Land Holdings (TCI) Limited :

2. Comparatives

Where necessary, comparative figures have been adjusted to comply with changes in presentation in the current year,

In the prior year, in accordance with IAS 18 Revenue, loan fee income, which would have been considered to be an intergra! part of the effective interest rate
Of the financial instruments, was deferred and recognised as an adjustment to the effective interest yield on the loan, This edjustment was applied

retrospectively, and as such, the comparative statements for 2005 :
thivediustment were restated. The 2006 previously published comparatives have also been restated to reflect

3. Change in Accounting Estimate

Effective November 1, 2006, the Bank changed its estimate on the useful life of software which resulted in an increases in the depreciation charge for the first
quarter of 2007 in the amount of $232.

4. Change in Policy

Effective January 1, 2007 certain changes to the Bank's policy re: benefit schemes were made which resulted in the recognition of a curtailment gain of $7.2
million.

5. Related Party Transactions

The agreement with Barclays Bank PLC whereby the Bank would receive an annual payment from Barclay Bank PLC of $10 million as an incentive to retain
deposit placements with Barclays Capital expired on December 31, 2005. The comparative period January 31, 2006 would therefore include income for the
final two months in the amount of $1.7 million within operating income.
PAGE 10B, TUESDAY, MARCH 27, 2007 THE TRIBUNE BUSINESS




‘COMICS PAGE































JUST THAT... :

,
,
THE REPORTERS | i
ARE IN THE
LOBBY WAITING
FOR YOU, REG! ‘
f
/ I'll TAKE v ‘
! CELESTE TO ‘inl YOU GO TO THE ~~
| 3 THE LADIES' vag NEWSSTAND ANP GET :
Y ROOM, ROY! AS Y| SOME BREATH MINTS! ‘
NOT EVERNONE CAN GET A ‘
FULL ISOMETRIC WORKOUT
APARTMENT 3-G JUST BY YAWNING.
~~ 7 7 ;
| JN THE LOBBY OF HER BUILDING... | GINA AS THAT YOU } YES, I'M :
L- é wa MAKING THOSE _/ SORRY, :
| DISGUSTING J~ MARGO, ITS ;
4

sna mpage re at me



BLONDIE

| | CAN REMEMBER MY VERY FIRST
| DATE WITH CORA... | WAS IN HER




1 COULD NEVER FORGET A
DEOUCTIBLE ITEM LIKE THAT










WHY, JULIUS, I HAD NO IDEA
YOU WERE SO SENTIMENTAL



The Guess That Went to School



















*y HOMETOWN ON BUSINESS, AND 11!
| \. INVITED HER OUT TO DINNER JE
=
| 3 South dealer, low, or should he put up the king?
z= >
‘ g North-South vulnerable. i es be a in a actual TU ESDAY,
Up g NORTH deal, playing the king makes the con-
re i #9873 tract, while playing low loses the MARCH 27
ae i ¥A42 contract. The question is whether :
i 107 South can reasonably be expected to | ARIES — March 21/April 20
\ i #QI84 play East, who did not bid, for the | For too long you've put off dealing -
|} 3 WEST EAST ace, rather than West, who did bid. _ | With a particularly emotional issue,
Le é #Q6 oA4 The answer is that the king is the | Aties. However, what happens this
¥KQJ108 v7 proper play — and there is a very | Week will show you that you can’t
$Q3952 ©8643 good reason for it. The fact is that | 4V0id it forever.
MARVIN ; ; 7 #1096532 South has no chance to make the | TAURUS - April 21/May 21
r Pe SOUTH contract if East has the queen of | Stubborn as you are, Taurus, you tend
J AWWW... MOM THE PERFECT TIME FOR @KI1052 spades and West has the aoe This is | to prefer the statis quo, which is why
AND PAD ONE OF MY CLASSIC, TWo- 99653 because if West wins the nine with ] you won’t be too thrilled by what hap-
LOOK SO HOUR, RAISE- @AK the ace, he will surely continue with | pens this week. Nevertheless, don’t -
PEACEFUL THE-ROOF ; PAK the Q-J-10 of hearts, allowing East to | fight the tide; go with the flow.
eT A: D° TANTRUMS ! The bidding: overruff dummy with the queen and | GEMINI - May 22/June 21
ELAXE South West North East score the setting trick. Your feathers are ruffled and you’re «
: 1¢ 29% 2% Pass Declarer should therefore | looking for a fight this week,
4% assume, out of necessity, that West } Gemini. Before you take your best





4,
1 NY oBITURRY.
(IN NoT GONNA




(©2007 by Mort America Dymatasts, oe World righte reserved.



CRYPTIC PUZZLE

ACROSS
8 — You don't have to pay for it now (7)
9 Be under no delusions about your

DOWN

1

What teacher does, giving points (6)
Equally proficiently, to boot (2,4,2)







Opening lead — king of hearts.

Some of the guesses encountered
in the play can be solved by making
necessary assumptions dictated by
the particular circumstances of the
deal.

Take this case where South
reaches four spades after West has
overcalled in hearts. Declarer wins
West’s heart lead in dummy and
returns the nine of spades, on which
East follows low. Should South play

4

has the queen of trumps and East the
ace. Accordingly, he should rise with
the king at trick two and, when it
wins the trick, play another trump to
make the contract.

The principle that applies is that
it is incorrect to make an assumption
that is certain to lead to defeat. In the
present case, it is far better to assume
that East has the ace and West the
queen, because if that assumption
proves correct, the contract is
assured.

TARGET...



HOW many words of
four letters or more
can you make from the
letters shown here? In
making a word, each

or apostrophe
rinitted.

he first word of a phrase is permitted (e.g. inkjet in

Inkjet printer).
TODAY'S TARGET

Good 10; very good 15; excellent 19 (or more),

Solution tomorrow.



recount recto REDUCTION rice runic tonic trice

trounce trounced truce tunic uric

coin coined coir conduit cone coned cord cordite
counted counter court courted credit credo cretin
cried crone crud crude cruet cued curd cure
cured curet curio curt cute cuter dice direct
doctrine duct dunce ecru edict erotic eruct iced
icon incur induce inducer induct introduce
neurotic nice nicer notice noticed once ounce

cent cider cinder cite cited citron code coder
core cored corn corned cornet cote count

YESTERDAY'S SOLUTION

New

word

shot, make sure you’re fighting for
something worthwhile.

CANCER - June 22/July 22
If you find yourself disagreeing with

a friend this week, it may be wiser to .
walk away instead of picking a fight. »

It’s a good time to learn a new craft
— focus your energy creatively.

LEO - July 23/August 23

In all areas, but especially in |
romance, you will feel and act with ,

such intensity that no one can resist

you this week. Use your power '

wisely, Leo.

‘VIRGO — Aug 24/Sept 22

Bad things happen, Virgo. You can’t _

right every wrong in the world.
Instead of ranting, comfort the per-
son wronged. They’ll appreciate it.

LIBRA — Sept 23/Oct 23

You’ve been pushing yourself pretty
hard lately and you must take what
happens this week as a sign that you
must slow down. Look for creative

GE let ney be 4 oie ways to balance your life.
. Be ta
aaa g the centre letter and SCORPIO - Oct 24/Nov 22
WHEN I GROW LP I VONT BELIEVE pier ue Wea Everyone makes mistakes, Scorpio,
IM GOING BE A WoRP You plurals or verb forms even you, so don’t be so hard on
A FOLITICIAN! ending in “s”, no words yourself. After all, what’s life but a
oD with initial capitals and learning experience. You can grow
no words with a hyphen from this mishap.

SAGITTARIUS — Nov 23/Dec 21
You'll get a rousing reminder that life
truly is worth living this week,
Sagittarius. In fact, this is one of the

most exciting times of the year for :

you. Don’t let anyone talk you out of
living your dream!

CAPRICORN - Dec 22/Jan 20
You have things to do, and can ill
afford to have others waste your
time, You may have to be a bit gruff

-_e-m-e

with friends and colleagues to get _

the point across, but it’s worth it. |

AQUARIUS - Jan 21/Feb 18

Some things can’t be taken seriously,
Aquarius, and it’s high time you real-

ase <«

ize that. All of these distractions only .

looks? (4,5) 3 Cost one, when one drank (7,4)
13 Not the girl with the peaches and 4 Are rude to, when you check the ; 7 keep you from your goals.
cream complexion’? (5) attendance (4,5) pioneer PISCES — Feb 19/March 20

14 Stroke and toady to (5)
15 Young attendant in the

wn

Trickling, you notice, with a resonant
sound onto (7)

Ps Shp

A person who
does something



Something has piqued your interest °
this week, Pisces, but you must fully .

commit in order to reap the most

book shop? (7) 6 Onpublic display when one’s Ll ! i
| irst, preparing benefit. Look for an old friend in
16 Find another explanation for one’s frequenting (7,3) a a way for others Friday’s crowd. Cancer plays a role.
determination (7) 7 Gomad when stood up (4) ~ a

17 He wrote both (5)

18 Wrong to turn the errant son out (3,2)

20 Cuffs are sartorial etceteras (5)

22 Longed to send the vessel into the
bottom of the sea (6)

23 Follow to the last, though it is a bit of
a fag (3-3)

25 Not flush, which is a problem (7)

27 Biased and that's not all (7)

30 Aninducement to become a
vegetarian? (6)



31 Blue bird flying round the man (6) physically (4,5,2) ACROSS i English Attack (so called
32 Look happy, having caught the river 26 Astate of complete absorption in 8 — Divulges (7) DOWN because our top GMs
fish (5) the dark room? (5,5 9 Vicious person (9) 1 eee.) popularised it) which starts 1 e4
a 13 Film (5 3 Candee NFB d6 3 d4 cxd4 4 Nxd4
35 Dishit out, pet (5) 28 Warning that creates a real panicin 14 Furious (5) 7 ee tis} Se followed b
36 Change the notice outside the the company (4,5) 15 Baggage (7) Bema Ng eG oo ve Y A
gents (5) 29. It's a racket hang around ee with (7 Fe =
37 Adiscourse on dexterity? (7) distributing (7) : us Sp 8) (5) 6 Afraid l 0) eenca tint ae ae a bree de ee ee
ag eactan : 5 : castled king a : ; ; :
- ie - : ei (7) 30° Aman caught and since let out (6) a sy aay drunk (5) 7 Molten volcanic many victories, and it takes a diagram still looks good for Shirov,
fn a row for having provided 32 Look promising, though we do sat off N decorated (6) 10 Amongst (6) high-class player to launch a who plans a passed pawn by c5-c6
backing (5) an alarm outside (8) >. 23 Turkish capital (6) 11 Expert, successful pre-emptive strike and will meet d6xc5 by Bxc5 Nxcs
42 It's a question of location (5) 25 Wine informally (3,4) : en Qxc5 Qxc5 Nxc5 when White's d5
33 Sounds like the wife and the ai Qa chant (7 12. Hat type (6) against White’s own b1 or ci xC> Qxc .
43 And getting the list back in my oe “ ad on ee (6) > 27 Of the heat (7) 19 Swa ls (7) king. Here a little-known Pole pawn can advance. But Wojaszek's
keeping is obligatory (9) a4 Or broken pieces ie Mae) w 30 Golf club (6) oy mast t) on (5,6 caught out Spain's number one _next Black turn proved crushing,
44 Runt the double, dodging the big 38 They play for time (6) Pr 31 ieee (6) : 56 PHeon, a ie) Shirov by a fast advance of forcing White's early festgniationy
stone (7) 40 Aim to keep a diary on return (4) a2 EWOenes (>) 28 Besides (5, Black's a7 pawn, opening up What was Black's winning coup?
35 Sign up fora ae squares for his pieces. The LEONARD BARDEN
YESTERDAY'S CRYPTIC SOLUTIONS YESTERDAY'S EASY SOLUTIONS 36. pune 32 Locals gxactly (6)
a2 pumila CE
ACROSS: 1, |s-2-AC 6, Sin-ce 9, Low - ACROSS: 1, Scrap 6, Brass 9, 37. Cure bral is (7) 34 Feeling d deste ln
down 10, SN-obs 11, An-t-on 12, Compile 10, Tract 11, Alter 12, Crazy 39 Stutter (7) drink (7)
Plans 13, Pay-roll 15, (you) Bet 17, 13, Console 15, Ova 17, Unit 18, 41 Jumping insects (5) 38 Type of strong *
Hest 18, Be-Ware 19, In-Dl-a 20, S- Crater 19, Spars 20, Ethics 22, Peru x euvecr (5) i cord (6) Chess solution 8332: 1...Bb6! If 2 cxd6/c6 Bxe3 wins
Ch.-eme 22, Solo 24, Eat 25, Cleaner 24, She 25, Reverie 26, Greed 27, suniehiiven 9) 40 Prayer ending (4) apiece. Meanwhile Black threatens dxc5 followed by
26, Oidie 27, Ze-N-da 28, Mi-No.-r 29, Vital 28, Sight 29, Genesis 30, Beast 44 Gather roadie! (5,2) c5-c4 when his advancing pawns overrun the white

in-Fidel 30, S-ain't 31, Terse
BOWN: 2, Sundae 3, Al-Bert 4, CO's

ee —— —-
Nn



10 With the tribunals, is asking for it! (6)
11 Inmy plant, having complete

control (7)

12 How, verbally, one becomes a

legend? (6)

19 As before, hates working

with me (3,4)

21 Solongin the house here

I need to move (7)

24 Found, when one attacked

31, Chase
DOWN: 2, Carton 3, Accost 4, Pot 5,



Alexey Shirov v Radoslaw
Wojaszek, Pamplona, Spain
2006. Elite grandmasters regard
some openings as their home
patch, where lesser lights tread
at peril. An example is the

CHESS by Leonard Barden





king. The game ended 2 exb6 Nc3+ 3 Qxc3 (if 3 Kal
Rxa2 mate or 3 Kel Nxa2+ and Nxb4 or 3 Kb2 Rxa2+ 4

§, dy 6, Swan-sea 7, In-NS 8, Cooler Spare 6, Blazers 7, Rely 8, Swerve
12, Pla-N-E 13, P-H-ase 14, Ya-CH-T 12, Claps 13, Cubes 14, Niche 15, Kel Nxd1) Qxc3 and White soon resigned the lost
15, Bacon 16, Tenor 18, Bible 19, Other 16, Argue 18, Cried 19, Scarlet position.

Implant 21, Cam-era 22, Sav-I-L-e 23,
Lemons 25, CIVIL 26, Odin 28, Met.

21, Thrice 22, Perish 23, Rights 25,
Refer 26, Gags 28, Sic


THE TRIBUNE BUSINESS TUESDAY, MARCH 27, 2007, PAGE 11B

The Tribune’s & Kelly’s

EASTER

Coloring Contest a
FIRST PRIZE . SECONDPRIZE __ _THIRDPRIZE-

GIFT BASKET Value $125 cll ae BASKET Value $100 _ GIFT BASKET Value $75
In Each Age Group - InEachAgeGroup In Each Age Group







CONTEST RULES”

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2 Coloring may be done with crayons. Adults or an older child may assist the child in filling out the entry form, BUT NOT IN COLORING THE ENTRY.

3 Enter as many times as you wish. All entries must be in The Tribune by 5 pm on Friday March 30, 2007. Winners will be contacted April 3 and winners
published Thursday, April 5, 2007.

4 There will be one first-prize winner, one second-prize winner and one third-prize winner in each age group.

5 All entries become the property of The Tribune and may be used for any purpose including, but not limited to, publication in a future issue.

NO PHOTOCOPIES. USE NEWSPAPER AD ONLY











Child’s Name: | | Parent/Guardian Signature



Address: Tel: (hm) (cell) Age:



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¢ Stuffed Bunnies « Reading Books =, , \ tas)
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y * Party Goods —® Stickers ee Kelly's Home

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PAGE 12B, TUESDAY, MARCH 27, 2007

THE TRIBUNE






: Ce t

BUSINESS



Government's handling of labour
_ dispute can hurt private sector



@ By NEIL HARTNELL
Tribune Business Editor



he Government can cause private
scetor employers and trade unions
to lose faith in industrial agree-
ments and processes to resolve labour dis-
putes if it gives into public sector worker
agitation while deals are in place, the min-
ister of state for finance told The Tribune.
Speaking in the wake of recent industrial
unrest at a number of government agen-
cies, including the Customs Department
and teachers, James Smith said: “It’s not
good for the private sector to see the Gov-
ernment resume labour negotiations after
you had an agreement, because it causes
them to question the process.”

He added that if
both sides had
signed up to a writ-
ten agreement,
then they should
abide by its terms
for the duration of
the contract,
“unless something |
changes dramati-
cally”.

In the context of
recent unrest, with
the public sector
unions looking to
impose pressure ;
on the Government during an election
year when it needs every vote, Mr Smith

B JAMES SMITH



said any impact on the public finances
from revised agreements would be felt
more in the 2007-2008 Budget, which is
due to be presented to Parliament in May.

The minister said that if disputes

‘occurred, then it was up to one side to file

a grievance, and there were a number of
routes to resolve it, such as the Depart-
ment of Labour.

Mr Smith said of the rerent disputes
and worker demands: “While they would
have some impact, taken together they’re
not large in relation to a budget of $1.4 bil-
lion.

“These things have already been fac-
tored into the Budget. The overall impact
is not likely to be dramatic, but we would
like it to be more predictable.”

Purpose trusts, Foundations are ‘clarified’

FROM page 1B

of client needs and rival legisla-
tion in other jurisdiction, with
the amendments again needed
to attract business to the
Bahamas through providing

‘greater clarity and certainty.

The amendments were need-
ed to make the Bahamas more
competitive he added, and had
been developed by his ministry
in consultation with the
Bahamas Financial Services
Board (BFSB), the BFSB’s
Working Group on Founda-
tions, the Ministry of Finance
and the Attorney General’s
Office. .

The amendments deal with
the appointment and qualifica-
tions of Foundation agents and
secretaries, the definitions of

foundation agents and legal
guardians, the rights of founda-
tion beneficiaries, record keep-
ing requirements, and agents’
fiduciary duties and liabilities.

Mrs Maynard-Gibson said
the Bahamas was the first com-
mon law jurisdiction to intro-
duce Foundations, traditionally
a civil law instrument, which is
used to estate planning and
asset protection.

She said the introduction of
Foundations increased the
Bahamas’ competitiveness, as
these products are especially
attractive to clients from civil
law jurisdictions, such as those
in Latin America and mainland
Europe. Clients from these
areas are more familiar with
Foundations, which also allow
them to have more control over
the assets.

“There was a great response
to the fact that we had common

aH yoNmeN Ine a

law Foundations,” Mrs May-
nard-Gibson said. “[But] it was
discovered that certain things
needed to be clarified for. cer-
tainty.”

Bahamian attorneys advising
their foreign clients needed cer-
tainty, she added, and “bring-
ing a civil law instrument into
common law, certain things
needed to be tweaked to make
it very clear whet we were doing
from the Bahamas”.

“There are persons in off-
shore banks waiting for these
amendments to be made so that
business can flourish using
Foundations,” Mrs Maynard-
Gibson said.

She added that increased
business also boosted the Reg-
istrar General’s Department
-and financial and corporate ser-

* vices providers, saying: “It has
an indirect impact that we
should not lose sight of as we



debate this Bill.”

Michael Halkitis, parliamen-
tary secretary in the Ministry of
Finance, said the Bahamas
needed to be “ever vigilant to
ensure we in this jurisdiction
remain competitive and comply
with international standards”.

He added that the amend-
ments would strengthen and
complete the two Acts, and
said: “At some point, we need.
to have a report card so that as’
we introduce legislation and
amendments, we can have some
report on business coming in,
so that we can see the effect of
legislation and Bills that we.
pass.
“It’s an effort to clarify and.
strengthen the legislation and
remove any doubts as far as we

- can.”

The amendments to both’
Acts were passed in their sec-._
ond and third readings.

>



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