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.

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University of Florida
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University of Florida
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Full Text





THEYRE BACK
MIGHTY WINGS

LOW



“Volume: 103 No.129

WEATHER

i'm lovin’ it.

72F

MOSTLY
SUNNY







F





The Tribune

#1 PAPER IN CIRCULATION

Che Miami Herald

BAHAMAS EDITION








$67m South Ocean hotel
ma salah in principle

Insiders allege more
than half disappeared
in last two months

@ By TRIBUNE STAFF

NEARLY $1.5 million is miss-
ing from the Bahamas Electricity
Corporation, insiders claimed last
night.

More than half of it - around
$800,000 — has disappeared in the
last two months, according to
well-placed BEC sources.

Two accounts clerks have been
dismissed, but furious staff say
the real cause of the thefts is
“slack control” at management
level.

The disclosure will deal a mas-
sive blow to the PLP in the run-
up to next week’s general elec-
tion. Inefficiency and lax attitudes
are two of the main charges laid
at the government’s door by its
critics.

But alleged theft of this scale
over a period of months suggests
major management failure within
the corporation.

Last night, a government
source confirmed unofficially that
“a lot of money” had vanished
from BEC. But no figure was
mentioned.

_However, BEC insiders say the
total loss is close to $1.5 million,
with more than half of it vanish-
ing in recent weeks.

“Low level people are being
fired, but this raises questions
about higher ranking officials
within the BEC and their over-
sight procedures,” said one
observer,

“It seems that they (manage-
ment) are not following up as dili-
gently as they should.”

Minister of Energy and Envi-
ronment Dr Marcus Bethel said
he is aware that there is an ongo-
ing investigation into allegations
that money is missing from BEC.

However, he could not say how

SEE page 13

Campaign workers’ fears
after windshield smashed

@ By KARIN HERIG
Tribune Staff Reporter



CAMPAIGN workers at the FNM Montagu headquarters fear they
have become the target of election violénce after a windshield of one
of their supporter’s cars was smashed yesterday morning.

The damaged vehicle was parked at the Montagu constituency
office and is owned by a known FNM supporter.

According to the supporter, her windshield was smashed by persons
who then sped off in a white Nissan Maxima with tinted windows.

Speaking with The Tribune yesterday, FNM candidate for Mon-
tagu Loretta Butler-Turner described the act as “absolutely despicable.”

Mrs Butler-Turner said she believes that the act was politically

motivated.

“I strongly believe that it had a political reason. The car was parked
on the premises of the Montagu constituency office — which is clearly

SEE page 13





FRIDAY, APRIL 27, 2007





Cras





PRICE - 75¢




Dato) acre]. Cs

Win at last -

TOU CU)

$1.5m missing’ from BEC claim

Driver Saeco truck retanty



As Opposition leader Hubert Ingra-
ham sat on the platform at an FNM
rally in Mathew Town, Inagua, last
night waiting to take the microphone,
a rumour had started to circulate in
Nassau that he had suffered a heart
attack,

A call to Tribune reporter Brent
Dean, who is with Mr Ingraham on his

‘Significant lead’ in
missing aircraft case

@ By KARIN HERIG
Tribune Staff Reporter

POLICE are following a “significant lead” in the
case of the missing Western Air aircraft and are
hoping to bring the matter to an early close.

Acting General Manager of the Airport Author-
ity Mervin Hutchinson told The Tribune yesterday
that although he has no details on the investigation
into the disappearance of the missing 19-seater
commuter plane, police have informed him that a

lead has crystallised.

Meanwhile, the US has expressed concern over
the sudden and mysterious disappearance of the
aircraft from the Lynden Pindling International
Airport (LPIA) on Thursday morning.

SEE page 13



m By PAUL G TURNQUEST
Tribune Staff Reporter _

Hubert Tehama rumour untrue

ee (aay ee MEL RL EL ne voles

tality,
Beach,

@ THE driver of
this Central Gas
truck survived this
accident yesterday
after his vehicle
turned over on .
John F Kennedy
Drive. The man
was taken to






six-island tour of the southern
Bahamas, confirmed that Mr Ingra-
ham was sitting in front of him on the |







platform. “He’s in good form,” our
reporter said.

Mr Ingraham returns to Nassau i oe
today. The Mathew Town rally was | hospital and is in
carried live on the FNM’s website — | Stable condition.
freenationalmovement.org os

Reports of police unable
to vote due to names not
on election register

; THE TRIBUNE received reports yesterday atter-

~ noon that a number of police officers showed up to

vote yesterday, only to find that their names were
not on the official election register,

A source on the scene at the Kendal Isaacs Gym,
where law enforcement officers were to vote yes-
terday ahead of the general population, said that at
around 1,30pm, as many as 30 officers found them-
selves unable to vote,

He said that election officials told the officers
to go to the Kendal Isaacs Gymnasium, but most
found that their names were not recorded on the list
there either.

“Many of these officers work on the Family

SEE page 13



Golden Isles, South
Golden Gates,






















POLICE, Defence Force offi-
cers and Parliamentary stall cast
their votes yesterday in the
advance polling of the May 2
general elections.

Three stations were created,
one at the Michael Eldon Com-
plex opposite the College of the
Bahamas, the second at the Col-
lege of the Bahamas’ Culinary
and Hospitality centre, and the
third and largest station was the
Kendal G L Isaacs Stadium.

At the Michael Eldon build-
ing,
Pinewood, Elizabeth, and Blue
Hills were housed, At the
school of Culinary and Hospi-

the constituencies of

Carmichael and Bamboo Town
were held. And finally, in the
stadium, the constituencies of
Kennedy, Marathon, Montagu,
Mt Moriah, St Cecilia, St
Annes, St Thomas More, Sea
Breeze, Bain and Grants Town,
Killarney, Clifton, Englerston,
Farm Road and Centreville,
Fort Charlotte, Fox Hill, and
Garden Hills,

At all the stations, the various
PLP, FNM, BDM, or Indepen-
dent candidate as in the case of
Bamboo ‘Town, were predomi-
nately present to oversee and
gauge their respective support

SEE page 13



AN FNM and a PLP sup-
porter show some unity outside
of the advance polling station
yesterday,

(Photo: Tim Clarke/
Tribune staff

GARAGE







Christian Council
president voices
concern over
ad linking vote
for PLP to a vote
for Jesus Christ

@ By MARK HUMES

ONLY days after criticising the
lack of accountability in politics,
the newly elected president of the
Bahamas Christian Council, Bish-
op John Humes, expressed con-
cern about a local advertisment
that suggestively links a vote for
the PLP to a vote for Jesus Christ.

In an interview with The Tri-
bune yesterday, Bishop Humes,
who is also the national overseer
of the Church of God, said that
any attempts to link the PLP to
Jesus Christ was “bordering on
sacrilege.”

“A vote for the PLP is not a
vote for Christ,” said Bishop
Humes. “It is only a vote for Per-
ry Christie and his party. It has
nothing to do with Jesus Christ,
and I think whoever is responsi-
ble for putting that ad out should
be ashamed of themselves.”

Without having personally seen

SEE page 13

Ingraham says
his govt would
construct
3,000 homes
in five years

& By BRENT DEAN

COCKBURN Town, San Sal-
vador ~ In one of the most robust
proposals during the election
campaign, FNM leader Hubert
Ingraham declared that his goy-
ernment would facilitate the con-
struction of 3000 homes in five
years, an average of 600 per year,
if he is re-elected prime minister
of the Bahamas.

Mr Ingraham made this pledge
on Wednesday during a tour of
San Salvador,

The FNM plan is to a mixed
model proposal in which the gov-
ernment sells lots to Bahamians
ata nominal fee, allowing indi-
viduals to use the contractor of
their choice in the construction
of homes. Or, if needed, the gov-
ernment would assist in the erec-
tion of the building, as is current-
ly the case in many new subdivi-
sions.

"Those persons who need the
government, the government can
build some for them, But most

SEE page 13

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PAGE 2, FRIDAY, APRIL 27, 2007 . THE TRIBUNE



Rally fever comes to the Family Islands"

NO TURK):

BACK.



@ ABOVE: Prime Minister Perry Christie speaks at the PLP rally in Eleuthera on Wednesday night
@ BELOW: PLP supporters in Spanish Wells at their party's rally this week
(Photos: Felipé Major/Tribune staff)

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THE TRIBUNE

FRIDAY, APRIL 27, 2007, PAGE 3



ie co
‘Moss outlines plan to cut down
on number of school drop outs

© In brief |

Moss pledges
to hold
conference
on crime

THE Rev C B Moss has
pledged to stage a special con-
ference on crime if elected as
MP for Bain and Grants Town.

Within 100 days of his elec-
tion, he would convene talks to
devise a crime-beating plan for
the area, he says in his election
manifesto.

Rev, Moss, who entered the
race as an independent after
claiming he was betrayed by the
PLP, has also promised to set
up a food bank as part of a “No
Child Should Go Hungry” pro-
gramme.

“Needy residents will be able
to get food for themselves and
their families in emergencies,”
he said.

Rev Moss has picked crime
as a major campaign issue
because “crime and the fear of
crime is of tremendous concern
to residents.”

Of his conference plan, he
said: “I have successfully done
this before with Hands Across
the Bahamas, and 1 will do it
again.”

Rev Moss also plans to
launch a website for the area to
feature the culture and history
of the Bain Town and Grants
‘Town communities.

And he wants a radio pro-
gramme to promote the people
and places of the community
with a view to building collec-
tive pride and a strong sense of
community.

The ideas are part of a wide-
ranging ‘policy statement from
the pastor, whose manifesto
theme is “A New Vision”.

The main planks of his plat-
form are strong families, quali-
ty education, reduced crime and
violence, community building
and economic empowerment.

He will also tackle substance
abuse, legal aid matters and
environmental improvement as
part of his community aims.

A day care centre would also
be provided so parents can
leave children in a safe envi-
ronment while they go out to
work,

-Rev Moss also wants to

revive and expand the commu-.

nity’s youth development pro-
gramme, which teaches young
people personal and civic pride.

The pastor is running against
the PLP’s Dr Bernard Nottage
and the FNM’s David Jordine.

Man fined as
he admits to
marijuana
possession

A MAN was fined $1,000
after pleading guilty to a mari-
juana possession charge yester-
day.

Dedrick Bethel, 20, appeared
before Magistrate Carolita
Bethel on the charge of posses-
sion of marijuana.

According to the prosecution,
Bethel was found in possession
of 20 grams of marijuana on
April 24.

Failure to pay his fine will
result in a six month prison sen-
tence.

INSIGHT

ONLY ONE WAY
AHEAD

Don’t miss
- Insight’s
“hard-hitting and
provocative
general elec-
tion preview

See Monday’s
edition of
The Tribune

FOR 3 IN 1 LAWN SERVICE
Fertilizer, Fungicide,
Pest Control
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RY a2 2 07



A PLAN to stop students
becoming school “drop outs” has
been devised by Rev C B Moss,
who is contesting Bain and
Grants Town as an independent.

The pastor claims the pro-
gramme, to be held in primary
and high schools if he is elect-
ed, would “greatly impact”
children’s education.

“A committee will work
jointly with the schools and
other government agencies as
well as with private organisa-
tions to ensure that, as much
as is possible, no student will be
allowed to drop out of school,”
says Rev Moss in his election
manifesto.

The plan is part of a wide-
ranging community pro-
gramme which Rev Moss has
pledged to implement tf he
wins a seat.

The pastor, a community
activist for many years, is also
proposing a literacy project for

residents over school age.

And he wants two scholar-
ships to be granted — one aca-
demic, one vocational — to
qualified high school students
in the community.

A computer lab programme
would, he pledges, also be
introduced to equip “every
willing resident, old or young”
with basic computer skills.



This, he believes, will
increase local people’s chances
in the workplace, and their
earning power.

Apart from education, Rev
Moss has ideas in several other
areas, including sports, eco-
nomic empowerment and
youth development.

His 10-page manifesto lists
several projects he hopes to tack-

le, including a small business
development centre, a museum-
gallery, youth choir, marching
band and sports association.

As part of his economic
empowerment scheme, Rev
Moss wants a tourism project
to lure visitors over-the-hill.

“Bain and Grants Town are
old communities and are
extremely rich in history and
culture, exactly what the visitors
want to experience,” he says.

“In addition, the close loca-
tion to the main tourism centres
of Bay Street and Cable Beach
makes the area ripe for touristic
development,” he adds.

Rev Moss’s scheme would
create jobs for tour guides,
refreshment stand operators,
craft and souvenir stallholders,
entertainers and others.

“This project, once opera-
tional, will turn Bain and
Grants Town into one of the
most successful financial areas

in New Providence,”
statement.

Rev Moss claims his five-
year plan for the area, which
he calls a contract with the peo-
ple, is “within my personal abil-
ity to do” but he says the gov-
ernment needs to improve
infrastructure.

There is urgent need for
improved housing, poverty
reduction, new and better-
maintained parks, improved
potable water supply, training
and retraining of residents, and

says his

. better police services, he said.

“I pledge to work very hard
in conjunction with the gov-
ernment to ensure that these
items of need be adequately
addressed and resolved as
quickly as possible,” he added.

He said he wanted to forge a.
strong partnership with the
community to make Bain and
Grants Town “a model for the
Bahamas.”

Christie accuses FNM of holding Eleuthera back

THE FNM government
deliberately stood in the way
of Eleuthera’s development
according to Prime Minister
Perry Christie.

Speaking at a rally in Goy-
ernor’s Harbour on Wednes-
day, Mr Christie said that
because of the PLP, the island
is now poised for the most
prosperous stage in its modern
history.

He told the crowd that FNM
government didn’t just neglect
them. “They deliberately
denied you. In fact, they pun-
ished you.”

Mr Christie said the FNM
stood in the way of a number
of developments, including pro-
posals by Franklyn Wilson and
the late Albert Sands, “when
they tried to bring the economy
of South Eleuthera back from
the dead”.

“The FNM outright vic-
timised -Eleuthera:Ehey inflict-
ed econamic.pain pon. you.
They made*you'suffer. They

denied you jobs. They denied
you business opportunities,”
the prime minister claimed.

Mr Christie told the crowd
that they had gathered in “in
mighty numbers to proclaim
that you are standing strong
with Oswald Ingraham and the
PLP”.

He said the PLP has only
had five years, but has already
laid the foundation for a new
Eleuthera.

“Your PLP government has
been working hard on great
economic plans for all of the
Eleutheras — from Harbour
Island and Spanish Wells in the
north to Bannerman Town in
the South, and all of the set-
tlements in between.

“Our aim is to systematically
restore all of Eleuthera to its
former status as one of most
prosperous islands in our entire
Commonwealth.”

He said the, government has
prepared a master plan to the
guide the development of

@ PERRY Christie

Eleuthera, making it the first
island in the Bahamas to be
developed in such a way.
“Already we have anchored
the ‘deep south’ with the land-
mark major Bahamian invest-
ment project of Eleuthera
Properties. They are creating
the upscale Cotton Bay Estates



and Villas.

“Also, in the south, is the
Cape Eleuthera Properties
Development Limited project
in the vicinity of the settlement
of Deep Creek. This develop-
ment is destined to contribute
in a major way to the econom-
ic revival of South Eleuthera.

“The north has -been
anchored by the world class
Royal Island resort project.

“Here in Governors Har-
bour, work has started on the
Skybeach project at Hut Point.

“My government is also in
advanced negotiations with
major investors on three of the
largest resort/residential mixed
use projects ever to be under-
taken in Eleuthera, at Half
Sound, at Winding Bay, at
Governor’s Harbour Airport,
and in the vicinity of Hatchet
Bay.

“We have also just approved

Tarpum Bay.

Mr Christie said these pro-
jects collectively represent over
$2 billion of new development
and over time will generate
thousands of jobs and count-
less business opportunities for
Eleutherans.

He also spoke about the
development of agriculture,
which he said should be poised
to benefit from access to new
markets that are being creat-
ed by the resorts.

He said that the government

’ will fully cover the cost of land

clearing, reduce lease payments
to $15 on land already being
farmed, and ensure the avail-
ability of the necessary materi-
als for growing pineapples.
“Additionally, as it takes a
minimum of three to five years
for a farm to become prof-
itable, the next PLP govern-
ment will waive the lease pay-

projects with respect=to baygament on agricultural land for
Bougainvillea outside Palmet-‘ ‘the first five years,” Mr Christie
to Point, and dslatidia: nealy “said.



PLP accused of victimising Cat Islanders as major employer

@ By BRENT DEAN

SAN Salvador — The gov-
ernment has used its position
as the major employer to “vic-
timise”, “threaten” and “con-
trol” the people of Cat Island
according to Gladys Sands.

Ms Sands, the FNM candi-
date for Cat Island, Rum Cay
and San Salvador, was speak-
ing a rally on Tuesday night in
United Estates, San Salvador.

“In Cat Island there is hard-
ly no economy,” she said.
Echoing the remarks of one of
her Cat Island constituents, Ms
Sands told her attentive sup-
porters that the PLP has

! . erased almost all the develop-

mental gains on that island.
This constituent, she said,
feels as if he is living in a
“communist country” — afraid
to speak freely out of fear that
PLPs will take away his only
possible source of income.

The lack of economic oppor-
tunity in Cat Island has also
led to a diaspora, as young
people are forced to leave
their homes like nomads in
search ot opportunity else-
where, Ms Sands declared.

"People have to see their
children leave because there
is not sufficient employment;
there is not sufficient develop-
ment; there is not sufficient
security; and we want to see
that changed," she said.

Ms Sands described the
alleged atmosphere of victim-
isation and intimidation as “a
sad situation for men who
claim that they want to see the
development of a people.”

Regarding San Salvador, Ms
Sands said that Club Med
alone is not enough to sustain
the entire island economy.

In addition to economic
diversification, the FNM can-
didate added that proper

Fy

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schools — fully serviced with
the necessary equipment and
skilled teachers — are crucial
to making people in this part
of the Bahamas more compet-
itive in the modern world.

Ms Sands also revealed that
there are no storage facilities
for mail-boat deliveries of essen-
tial goods in her constituency —
especially in Cat Island.

Consequently, items are
dumped on to the dock where
they sometimes disappear
before residents can retrieve
them, she said.

Ms Sands, who served as a
senator in the last parliament,
is the daughter of Oscar John-
son, a former representative
for Cat Island.

She told The Tribune that

‘her father is on the ground

assisting her campaign, and
that she is confident that she
can deliver the seat for the
FNM.

















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PAGE 4, FRIDAY, APRIL 27, 2007 THE TRIBUNE

. EDITORIAL/LETTERS TO THE EDITOR | :

The Tribune Limited | 'Talkke politics
out of health

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



PLP’s scandalous pamphlet

BAHAMIANS were scandalised in the
eighties when a PLP cabinet minister took to
the podium to declare that God had given
this country to the PLP.

However, not only has the “New” PLP
dragged us back to its party’s scandal-ridden
years, but it has taken us a leap further — it
is now displaying messianic dreams.

It is difficult to know how to interpret
the party’s latest pamphlet, which first sur-
faced in Freeport. It set off frantic phone
dialling by scandalised Bahamians’ who
called friends throughout the islands to get
their opinion on the sanity of the governing
party. Before we had seen the pamphlet,
we received calls asking our opinion.
According to each caller, the pamphlet read:
“A vote for the PLP, is a vote for Jesus.”

When a pamphlet eventually arrived on
our desk, we discovered that “a vote for the
PLP, is a vote for Jesus” were not the actu-
al words used. However, what was printed
was even more troubling. Had Prime Min-
ister Perry Christie suddenly been trans-
formed into Jesus Christ?

“Vote for Jesus Christ as the Lord and
Saviour or your life,” was what the pam-
phlet said. (We believe that the word ‘or’
must have been a typographical error. What
was probably intended was the word ‘of’.
In other words ‘Vote for Jesus Christ as the
Lord.and Saviour of your life”).

As Bahamians are going to the polls next
Wednesday to elect either Perry Christie or
Hubert Ingraham as prime minister, are we
now to believe that the name on the ballot is
not really Perry Christie’s, but that of Jesus
Christ, son of the Living God?

“Thus by this vote,” the pamphlet con-
tinues, “we are to let the People of God
Live the life that Promotes peace and har-
mony amongst all faithful and noble mem-
bers of the church.” (A copy of the pam-
Dhlet is published on page 13 of today’s Tri-
bune. Our readers can interpret it for them-
selves).

This suggests that only the PLP are the
people of God who can promote peace
among the faithful. Of course, this leaves
the rest of us — possibly the majority — in

- the barbaric wilderness. Obviously, if the
“people of God” are returned on May 2,
the rest of us will be left to rot in the wilder-
ness. Bahamians would do well to give this
matter great consideration before they cast

their ballot.

This pamphlet is really no trifling matter.
It is scandalous! It is blasphemous! It is sac-
rilegious!

At last the Bahamas Christian Council
has put its right foot forward in the person of
newly-elected Bishop John Humes. On
learning of the pamphlet, Bishop Humes
condemned it as “bordering on sacrilege.”

“A vote for the PLP is not a vote for
Christ,” said Bishop Humes. “It is only a
vote for Perry Christie and his party. It has
nothing to do with Jesus Christ, and I think
whoever is responsible for putting that ad
out should be ashamed of themselves.”

The Bishop then took half a step back.
He said that although he had not seen the
pamphlet/advertisement he wanted the pub-
lic to know that his comments only reflected
his personal views and were not the views of
the Christian Council.

We do not understand why the Bishop is
qualifying his statement. The Christian
Council with one voice should condemn the
blasphemy.

The church has always been a shrinking
violet about getting into the political arena
— all but Bishop Neil Ellis, who, in the 2002
election scandalised the church by telling
his congregation that those who did not vote
PLP could take their “backsides” elsewhere.
However, the politicians have now tres-
passed on the church’s territory. If church-
men are indeed representatives of God, and
not Mammon, they cannot take to the hills
and hide under the nearest dilly tree. They
have to put on their spiritual armour and
fight the good fight.

And if they have any doubts about God’s
commandments and their duty, they should
turn to Exodus 20:2-7 and Deuteronomy
5:6-12.

Briefly put God tells his people: “I am the
Lord your God. You shall have no other
gods before me. You shall not make yourself
an idol. You shall not make wrongful use of
the name of your God.”

The PLP should beg God’s forgiveness
for dragging him into the Bahamas’ political
mud. and breaking his commandments. They
should also apologise to the citizens of this
country who call themselves Christian.

On Wednesday Bahamians go to the polls
to vote for fellow Bahamians to represent
them. Jesus Christ should not be insulted.

care subject

EDITOR, The Tribune.

WORLD class health care
or world class chaos?

‘During the ten days that I
recently spent in Ireland I was
hearing a lot about their
National health plan so I gath-
ered as much information as I
could. Ireland is now one of
the richest countries in the
world and their Government
is many years into their exper-
iment in health care and the
system is now in total chaos
and they are asking them-
selves: "How did we get it so
wrong and how can we put it
right?"

One of the books that I ref-
erenced was "Emergency —
Irish hospitals in chaos" by
Marie O'Conner.

Most of the health stories
make for difficult reading —
the account of the inquest into
the death of a baby born pre-
maturely by Caesarean sec-
tion, repeated attempts by the
mother to get her dues dates
corrected in her file having
failed.

There was another mother
who was about to give birth
and was being driven to
another hospital. She gave
birth on the side of the road
with no oxygen available. The
baby died within three hours.

Then there are the two and
three day waits in Accident
and Emergency (A & E) and
the four and five day waits for
public patients to see a spe-
cialist and the interminable
wait for surgery — 22,000
operations in public hospitals
cancelled at the last count.

There are some hospitals
that have had patients on trol-
leys in the halls, on either side,
end to end and blocking emer-
gency doors and fire hoses.
Some have been there for two
and three weeks and are often
examined in the open effec-
tively stripping them of what-
ever measure of dignity they
had left.

Overcrowding is an open
invitation for infection and it is
a constant battle in the hospi-
tals in Ireland. We already
have our own version at the
PMH in the dialysis unit
where catheters have been lit-
tle more than a water slide for
the transfer of bacteria.

There is the chronic short-
age of beds, consultants, nurs-
es, physiotherapists — the list
is endless.






LETTERS

letters@tribunemedia.net

Yet, money is being poured
into the system as never
before — 14 billion euros at
the last count, and rising. Yet
the system seems to stagger
from one crisis to another
without any sign of improve-
ment. (Just a week ago I heard
a report on the BBC that in
the past year £150 million had
been pumped into the British
health care system with no vis-
ible improvement).

History has shown that in
every case, without exception,
where the health care of a
country is a Government
monopoly, it has been an
abject failure. Yet our Gov-
ernment is rushing in that
direction.

If this Government is given
the mandate to continue I
have no doubt that they will
build a clinic here and there
and maybe an extension to the
PMH. but that will only be
like adding another deck to
the Titanic.

So, why am I so concerned
about this. I cannot be accused
of acting out of self-interest,
dentistry is not included in the
plan. I simply believe that it

is my patriotic duty. I know
that this particular plan that
has been the subject of so
much rosy rhetoric would
reach a point, sooner rather
than later of patients realiz-
ing that the system will be
more important than they are
— cost-effectiveness will rule.

So, what this Government
is pushing forward as a cher-
ished dream will be a health
care nightmare and we will be
asking, like the Irish, "How
did we get this so wrong and
what can we do to make it
right?"

How much better to get it
right by simply putting the
proper infrastructure in place,
work with the insurance com-
panies and determine that
everyone has access to health
care without going to a Soviet
style system — everyone to
have care but at lower stan-
dards.

Most of all, let's take poli-
tics out of this very important
subject. Let us not look for
the politician who thinks of
the next election but let us
search for the statesmen who
think of the next generation.

SIDNEY T SWEETIING,
DDS

Nassau,

April 24, 2007.

Appalled by ‘lack of
coverage’ of FNM on ZNS

EDITOR, The Tribune.

I AM absolutely appalled at the lack of coverage being giv-

en the FNM in relation to the PLP by ZNS. No one in the out-
side world would believe the way this radio and TV station is
operated. Darrold Miller told us how the news was manipulated
by Fred Mitchell and others when he was there.

Can you imagine when a live FNM rally is going on that ZNS
would replay at the same time a PLP rally from the night
before? On Saturday morning ZNS radio had 10 minutes of
reports on the PLP activities of the day before with two minutes
of FNM activities. Is this fair?

I appeal to Perry Christie if he has any decency in him to give
equal time to the FNM. If he cannot control ZNS then I have
to agree with Algernon Allen that he is a "do nothing, lazy
man."

MIKE LIGHTBOURN
Nassau,
April 22, 3007

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THE TRIBUNE

FRIDAY, APRIL 27, 2007, PAGE 5



Dae a ET
Bastian says both FNM and PLP |

have failed in South Andros

ln brief

Police and
poll workers:
turn out to
vote on GB

FREEPORT —- PLP and
FNM supporters converged
at the Pro-Cathedral of Christ
the King yesterday, where
hundreds of police officers
and poll workers on Grand
Bahama turned out to vote
in the Advance Poll.

Cecil Thompson the
Returning Officer, said the
voting went very well at the
church hall, but expressed
some disappointment that the
names of some officers were
not on the advance register.

“The staff was well pre-
pared, and the agents repre-
senting the major parties, the
PLP and FNM, and the inde-
pendent candidate for Mar-
co City, were on top of their
game. They had their best
persons, their A-teams rep-
resented, and there was no
argument,” he reported.

Mr Thompson said that
police officers at the polls did
an outstanding job of main-
taining order and peace.

“The one disappointment
is that not all of the police
officers who came to the six
polling stations were able to
vote because their names
were not on the advance reg-
ister. And, the Parliamentary
Department and the Royal
Bahamas Police Force would
have that matter corrected for
the general election, to ensure
that those officers are allowed
to vote,” he said.

Mr Thompson explained
that some reconfiguration
would have to be made
because some officers in
Grand Bahama travel all over
the northern Bahamas.

“I am sure Mr (Eugene)
Cartwright will deal with that,
and would make sure those
officers whose names did not
appear on the advance regis-
ter will be allowed to remain
out of work in Grand
Bahama at the polling divi- :
sions that they are going to :
vote at (on May 2),” he said. °:

' Tents were erected outside *
the church premises, and :
members of the FNM and
PLP assembled just outside
the hall to watch the pro-
ceedings.

“There is no question that
hundreds of officers, as well
as poll workers such as pre-
siding officers, assistant pre-
siding officers and clerks,
came out today,” Mr Thomp-
son said.

He said those persons
whose names were not on the
advance register, and those
who did not show up to vote,
will have an opportunity to
vote on May 2.

Birkhead
hopes to
leave ‘soon’
for States

ANNA Nicole Smith’s ex-
boyfriend said Wednesday
that efforts were under way to
change his seven-month-old
daughter’s birth certificate to
list him as the father, accord-
ing to Associated Press.

Larry Birkhead was
revealed as the father by
DNA tests earlier this month.
He and other participants in a
private custody hearing
Wednesday said they could
not discuss the proceedings,
but Birkhead said he was
pleased.

“I guess all I can say really
is that it was a good day for
me in court,” he said.

Virgie Arthur, the mother
of the dead reality TV star,
has been trying to reach a vis-
itation agreement with him
that would end her legal chal-
lenge for custody of the girl.
After the Supreme Court
hearing, she left in a taxi with-
out speaking to reporters.

The judge scheduled anoth-
er hearing in the custody case
for June 8.

Birkhead, a 34-year-old
photographer based in Los
Angeles, California, said
efforts were “in the works”
to obtain a passport for Dan-
nielynn and change her birth
certificate to remove the
name of Howard K Stern,
Smith’s last companion. He
said he hoped to leave the
Bahamas for the United
States with her “pretty soon".

Birkhead left the court-
house in a black Cadillac
sport utility vehicle with
Stern, who has been caring
for the infant since her moth-
er died in February, and sup-
ports Birkhead in the custody
battle.



@ By ALEXANDRIO MORLEY
Tribune Staff Reporter

DESPITE the best efforts of
both the PLP and the FNM, the
people of South Andros have
decided to move in a different
direction, it is being claimed.

On Wednesday night, The
Tribune attended a rally in
Fresh Creek, Andros where
dozens of lime green T-shirt-
wearing supporters came out to
listen to their incumbent, South
Andros MP Whitney Bastian.

The independent member of
parliament predicted that he
would win the South Andros
seat by more than 300 votes this
time around.

The South Andros seat has
historically been a PLP strong-
hold. Before 1967, the people
of Kemp’s Bay voted for the
late Cyril Stevenson.

In 1953, Mr Stevenson was
one of the founders of the Pro-
gressive Liberal Party with Sir
Henry Taylor and William
Cartwright.

But it was in the 1956 gener-
al election, under the umbrella
of the newly-formed PLP, that
Mr Stevenson was first elected
to the House of Assembly.

Former Prime Minister Sir
Lynden Pindling won South
Andros in 1967 and remained
its member of parliament until
1997.

Then, in 2002, longtime PLP
campaigner, turned indepen-
dent candidate, Whitney Bast-
ian, won the South Andros seat.

According to his supporters,
under Mr Bastian’s representa-
tion — among other things —



BTC introduced the Digital

Subscriber Line (DSL) and the
internet in South Andras, the
roof of the Congo Town Inter-



@ WHITNEY Bastian chats with supporters

national Airport was repaired,
renovation work was done at

both primary schools, and secu-,

rity personnel were hired to
guard the Congo Town Inter-
national Airport.

Before Mr Bastian took the
stage on Wednesday night, the
people of Fresh Creek were told
that Mr Bastian was a “freedom
fighter because he is not oblig-
ated to a political party.”

“He is obligated to his con-
stituents,” said Pastor Keith
Robertson, a fiery clergyman

_ from Mangrove Cay.

Mr Bastian warned the peo-
ple of the Central Andros dis-
trict not to waste their vote on
May 2.

“The FNM and the PLP have
been spreading lies and saying
that they are going to win this
seat,” Mr Bastian said.

Referring to the PLP’s can-
didate, Picewell Forbes, Mr
Bastian alleged that the former
popular radio host was having

problems funding his campaign.

In fact, he claimed, Mr
Forbes resorted to asking a PLP
minister for $400 to assist with
the campaign.

According to Mr Bastian, the
PLP minister told Forbes:
“Don’t you know that am sup-
porting Whitney Bastian?”

Mr Bastian also spoke about
the opposition, noting that in
1997, the entire FNM cabinet
visited Andros.

“They promised the people
of the South Andros con-
stituency everything, and guess
what; absolutely nothing hap-
pened for the people in South
Andros,” Mr Bastian said.

He said that both the FNM
and the PLP had failed to deliv-
er on their promises and he told
voters not to be fooled again.

“What has she (FNM candi-
date Majorie Nairn-Johnson)
done in the last three months
to show that she has any interest
in the people of South Andros?

Woman frustrated in police complaint

@ By PAUL TURNQUEST
Tribune Staff Reporter

» A WOMAN trying to lodge
an official complaint against a
police officer, was frustrated
by the bureaucracy of the Com-
plaints and Corruption Unit
yesterday — all witnessed by The
Tribune.

The lady, who did not want to
have her name published, filed
the report against Assistant
Superintendent of Police Oscar
Sands, who she claims verbally
harassed her over the weekend.

Reportedly the lady was dri-
ving with her lights out behind a
group of friends, all heading to
a local nightclub. The lady
admitted that she did not know
that her lights were off as she
had just left a very lighted area,
and was following closely
behind her friends.

It was at this time that the offi-
cer pulled her over and ordered
her from her car, she claims.

The lady, who said she was
dressed appropriately for a
nightclub, was forced to stand in



the road while the officer wrote
up his forms, becoming the
brunt of lewd and inappropriate
remarks from drivers as they
passed.

When she tried to get the « offi-
cer’s name or identification
number — as he was not wear-
ing an official uniform only a
black outfit — she claims she
was told to “shut up” as she
“didn’t know her rights”.

Yesterday The Tribune
accompanied the lady to Police
Headquarters. After filing the
complaint, she was then encour-
aged to sign the document. How-
ever, before doing so, the lady
asked if she would be given a
copy of the complaint to ensure
that there was no tampering.

Even after explaining to
Woman Sergeant Hanna, the
officer taking the report, that it
would be “most foolish” of her
to sign a document that later
could be manipulated and still
show her signature, she was told
that it was “normal operating
procedure” to deny persons a
copy of their actual complaint.



Suspicious of the proceedings,
the lady asked to speak to
Superintendent
Dames or Assistant Commis-
sioner Kirkland Hutchinson, the
new head of the CCU. She was
told that both men were out of
oftice.

Speaking next with Inspector
Felix Beneby, the lady pleaded
with him for half an hour to
understand that without a cer-
tified copy, the document could
be manipulated.

*“Ma’am, that’s the system we
have,” is all he would say.

Deputy Commissioner John
Rolle said that the only course
of action that the lady had open
to her was to write to Commis-
sioner of Police Paul Farqhar-
son for his authorization for a
copy to be released to her.

However other senior police
officers have said that she
should have been given a copy
as it is her report that is being
filed and signed by her.

At last report, the lady in
question was seeking legal
counsel.

Franklyn



@ A BASTIAN supporter gets into the spirit of the rally.

Absolutely nothing. A vote for
Majorie Johnson is a vote for
Picewell Forbes. A vote for
Majorie Johnson is a wasted
vote. Do not throw away your
vote. Vote for the clock,” he
said. ;

The South Andros MP said
that if re-elected, it would be
his last term serving as a mem-
ber of parliament.

He promised to spend the

next five years creating a
farmer’s union and fisherman’s
co-operative.

On May 2, South Androsians
will have to decide between
three candidates — the indepen-
dent Whitney Bastian, Picewell
Forbes, who is running for the
Progressive Liberal Party, and
Majorie Nairn-Johnson, the
candidate for the Free National
Movement.

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PAGE 6, FRIDAY, APRIL 27, 2007

aa a
Anger as graves are left exposed.
to the elements and desecration

@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - A con-
cerned Grand Bahama resi-
dent expressed dismay over
the condition of the Holmes
Rock Cemetery, where graves
continue to lay exposed and
vulnerable to further dese-
cration.

Alice Rolle, a long-time resi-
dent of Grand Bahama, fears
that the graves of her Bahamian
husband’s family and other res-
idents at Holmes Rock would
be washed out to sea should a
major storm threaten the island.

The cemetery, which is situ-
ated only feet from the shore-
line, was destroyed during Hur-
ricane Wilma.

The storm surge unearthed
many graves, and residents say
their loved ones’ plots have
become unrecognisable.

Mrs Rolle, who recently vis-
ited the cemetery, said she was
shocked and saddened by the
condition of the graves.

“It is so sad. I honestly, cried
when I seen it again today,” she
told The Tribune. “You have to
go out there to know what I am
talking about. Hqnest to God,
you can’t even tell one person’s
grave out there.”

“It is just terrible and the next





hurricane that comes this way
the graves will be washed
away;” she said.

Although Mrs Rolle said she
made her concerns public in a
local newspaper last June, noth-
ing much has been done to pro-
tect graves from possible tides
or surge.

“I feel that Holmes Rock is a
forgotten town,” said the elder-
ly woman. “They fixed the road
to the cemetery, but work at the
cemetery has not been com-

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pleted.”

When The Tribune visited the
Holmes Rock Cemetery, it
appeared that some work had
been carried out at the site.

Northern and eastern perime-
ter walls had been constructed,
however, there was no wall on
the west or south side of the
cemetery — which are the sides
exposed to the ocean.

With the hurricane season
approaching, Mrs Rolle said
that something must be done
before the storms begin.

“They put up cement blocks,
but the cemetery is open to the
ocean, and the caskets are lying
on top of one another and you
can’t even tell hardly who is
who in there.”

“I feel like our government
should be the one to take care
of this. Two years is too long
for bodies to be out of the
ground,” said Mrs Rolle.

She said that her husband’s
mother, grandmother, sister,
and brothers, are buried at the
cemetery. :

“I will soon be 82. | am from
Texas, and I married a
Bahamian and have been here
since 1991 doing volunteer
work on Grand Bahama for
many years.

“I had always tried to help
the Bahamian people for years,
and I feel like this is my family
too. My husband’s people are
my family and there are other
people who have families there
too.

“I don’t know the represen-
tative for this area because |
don’t know politics that well . .
. [hope to God we can get them
to fix it. | am getting old and
before I die, I love to see my
husband's people back in the
ground,” she said.

The government had signed



millions in contracts for the
restoration of cemeteries in
southern settlements that were
destroyed by hurricanes. It has
also announced plans for the
relocation of some cemeteries
and graves from southern side
of the island.

As Minister of Works
Bradley Roberts was in a meet-
ing, The Tribune was referred to
the director of works, Melanie
Roach.

When questioned about the
works to Holmes Rock Ceme-
tery, Ms Roach refused to
answer questions over the tele-
phone. She seemed to become
annoyed and instructed the
reporter to send the questions
to her by e-mail.

When asked why she could
not provide information over
the telephone, she replied, “I
don’t do that on the phone.”
When asked why, she said,

THE TRIBUNE

“Ask your boss at The Tri-
bune.”

Mrs Roach responded to the
e-mail yesterday, explaining that
a contract to fix the cemetery
was awarded to WG&S Con-
struction on September 13,
2006.

The scope of work included
clearing the site of debris and
rubble, demolition of the exist-
ing walls, structures, and other
obstacles, erection of perime-
ter and sea walls, installation of
access gates and a final clean-
up.
Mrs Roach said the work °
remains incomplete because the
site conditions were challeng-
ing for the contractor to work
in, as some of the cemetery
walls are located in a swamp.
“Thus a greater level of care,
as well as a different approach
to the work was required after
the initial attempts proved inef-
fective.”

She said delays were experi-
enced as a result of the untime-
ly delivery of rental equipment
and that weather conditions also
had an impact.

“Theft of materials left on site
has had to be repurchased,
resulting in loss of productivity,”
Mrs Roach added.

She said that during the exca- |
vation process, it was discov-
ered that there were coffins
buried outside the originally
defined perimeter of the ceme-
tery.

“After this was realised,
exploratory work was required,
so that the final position of the
cemetery walls could be located,

-ensuring that the existing coffins

were all captured within the
boundary walls of the ceme-
tery,” she said.

Poll on Grand Bahama predicts FNM victory

THE FNM looks set to get
nearly 70 per cent of the vote in
Grand Bahama, beating the
PLP by more than two-to-one,
according to a street poll con-
ducted this week.

The Workers Party poll, car-
ried out in Freeport town cen-
tre, showed male support for
the FNM at 69.5 per cent, easi-
ly outstripping the PLP’s 30.5
per cent.

Among women, the FNM

scored almost as well, with 68.6
per cent vowing to support the
opposition party, leaving the
PLP trailing at 31.4 per cent.

The results accorded with a
media observer’s prediction yes-
terday that the FNM nationally
“will sweep home with at least
24 seats.”

“The poll result in the
nation’s second city means that
Mr Ingraham’s leadership is for-
midable and is welcomed

throughout the Bahamas,” said
the party’s secretary-general
Brian Smith.

“Bahamians in their thou-
sands are grateful and happy
that he has sacrificed his pri-
vate life to return to rescue the
nation.”

The poll, ‘conducted in the
Winn Dixie Shopping Centre
on Wednesday, sought response
from 320 voters, 167 of them
men. A total of 221 registered

voters surveyed supported the
FNM, with only 99 backing the
PIP:

Overall, said Mr Smith, the
poll suggested that the FNM
“holds a decisive advantage” in
Grand Bahama among males
and females.

And he felt it showed that the
FNM holds “a dominant lead”
over the PLP heading into next
week’s general election.

Businessman expresses confience in GB economy

A PROMINENT Freeport
businessman is expressing opti-
mism in Grand Bahama’s eco-
nomic future, predicting many
spin-offs from the Ginn Corpo-
ration’s multi million dollar
investment.

He pointed out that as a
result of the commitment by
Ginn at West End, many cur-
rent businesses are poised to
“reap great economic bene-
fits” by offering goods and ser-
vices.

Sheldon Collie, president and
CEO of Arising Courier Ser-
vices at the International Build-
ing in Freeport, said that while
many people are complaining

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about a decline in a certain sec-
tor of Grand Bahama’s econo-
my, many other areas such as
construction, are “in a state of
boom.”

Mr Collie, who is in his early
30s, has been working on his
own for six years, having
worked in all areas of another
major courier for a decade.

He said that he is doing
exceptionally well running his
business along with 10 employ-
ees.

Pointing out that Ginn’s pro-
ject will eventually transform
the western portion of Grand
Bahama into an upscale multi
functioning resort, Mr Collie
urged other Freeport-based
business owners to start prepar-
ing to get their share of the eco-
nomic pie.








The Bahamas.

nephews, Jose, Thomas, Antonic

He said persons with entre-
preneurial skills, should begin
putting them to use now in
order to reap economic rewards
“that are sure to come, once the
project reaches fever pitch.”

“Personally,” he said, “I have
set both short and long term
goals for our company, adding
that one of them is to acquire
our own space.”

Eventually, Mr Collie said his
long term goal is to construct a
full service modern building
that will house postal, air freight
and shipping branches of his
business.

“At present business is
good,” said Mr Collie, who also
operates a subsidiary public
relations business.

“As a licensee of the Grand
Bahama Port Authority

KEMP’S FUNERAL HOME LIMITED

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

DEATH NOTICE _

MS. ROSEMARY
CLOTILDA AGEEB

of Nassau, N.P., The Bahamas died peacefully
at home on Tuesday, 24th April, 2007.

Ms. Ageeb is survived by one son, Bernard
Franklin Ageeb; one daughter-in-law, Jennifer
Ageeb; two grandsons, Joshua and Zachary
eorge and Charles Agech;
one sister, Kathleen Winchell; three sisters-in-
law, Gloria, LaVerne and Karen Agecb; four
nieces, EJ. Maria Ageeb, Lupita Agecb-Rolle,
Angelique Priore and Michaelene Ageeb; ten
», John, Gregory, Ashley, Mark, Edward, Brian
and Christopher Ageeb; nine great-nieces, Jazmin and Isabella Ageeb-Rolle; Lizbeth
Ageeb, Heather Priore, Sephanie, Rebecca, Dana, Erin and Jenna Ageeb, eight
great nephews, Shelton and Jonathon Agecb Rolle, Thomas, Joseph, Daniel, Andrew
and Jordan Ageeb and Michael Priore.

She was predeceased by her parents, John and Mary Ageeb; two sisters, Gloria
and Theresa Ageeb and two brothers Anthony and Arnold Ageeb.

A funeral service will be held at Sacred Heart Roman Catholic Church, East Shirley,
Nassau on Thursday, 3rd May, 2007 at 11:00am.

Arrangements by Kemp's Funeral Home Limited, 22 Palmdale Avenue, Nassau,

Agech; two brothers, G

(GBPA), I am looking forward
to bigger and better progress in
Freeport.”

“Grand Bahama is about to
experience one of the biggest
business booms in our history
with many other projects cur-
rently coming out of the pipe,”
he predicted. “I am ready to
take advantage of all of them
by providing our company’s ser-
vices.”

Mr Collie mentioned Pega-
sus Wireless, the International
Grocers Distributors and Grand
Bahama Brewery as examples
of investor confidence in
Freeport.

“Many of the shipping needs
of these investors must be
moved by air or sea, he said,”
and I am sure that economic
conditions here is improving.”

















Wy

THE TRIBUNE







SEA hauler victims surround Glenys Hanna-Martin’s vehicle on Wednesday in an effort to pre-

vent her leaving

@ By KARIN HERIG
Tribune Staff Reporter

MEMBERS of the Bahamas
Democratic Movement and
independent candidate Paul
Rolle are being accused of
hijacking the plight of the Sea
Hauler victims to gain political
mileage.

Men and women who
became the victims of the trag-
ic collision at sea in 2003 said
they are upset that their situa-
tion is being bandied about by
politicians as part of their elec-
tion campaigns.

Spokesperson for the Sea
Hauler victims, Lincoln Bain,
and several of the victims them-
selves contacted The Tribune
yesterday emphasising that their
situation and their quest for
compensation and assistance
from the government is not a
political issue.

They said that neither Mr
Rolle nor any member of the
BDM party is speaking for

‘them.

One Sea Hauler victim,
Stephen Rose, said he feels that
independent candidate Mr
Rolle is speaking out about

MIAMI FL - NASSAU - MARSH HARBOUR, ABACO

MIAMI WAREHOUSE

BDM ‘hijacking’ Sea
Hauler tragedy claim

their grievances, at least par-
tially because he is running
against Transport and Aviation
Minister Glenys Hanna- Martin
in the upcoming election.

Earlier this week, Mr Rolle
criticised the local churches for
being “unconcerned” about the
poor in the community. He
named the Sea Hauler victims
as an example of those poor.

“For instance”, he said, “the
Sea Hauler boat tragedy victims
have not been taken care of
despite the efforts of me and
my colleagues to assist them.”

The Sea Hauler victims said
that they were concerned that
some politicians were inadver-
tently giving the public incor-
rect information about their sit-
uation.

They said that they fear these
politicians will ultimately hurt
their cause.

Cedric Hart, who has been
reduced to begging on the
streets due to his inability to
work following the collision,
said that he feels some politi-
cians are spreading “propagan-
da” about the Sea Hauler vic-
tims.

“I appreciate their helping

hand, but I think that they
should not do or say anything
that would interfere in any way
with what I’m supposed to get,”
Mr Hart said.

Another Sea Hauler victim

said that although members of

the BDM have supported them
and have sometimes sat in on
their meetings, they are in no
way connected to their group.

Spokesperson for the victims,
Mr Bain, said that he does want
the government and Minister
Hanna-Martin to “get the
wrong message” due to the
statements by the alternative
election candidates.

“Personally I don’t want it to
be a political thing. I told Paul
Rolle and Omar Smith that this
is not political, that it cannot be
political,” he said.

The BDM have in the past
several months advocated the
cause of the Sea Hauler victims,
calling on the government to
make good on its promises.

Just this week, deputy BDM
leader Omar Smith demanded
that the government “step up
to the plate” and follow through
on the assurances of assistance
it gave the victims.

FRIDAY, APRIL 27, 2007, PAGE 7

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PAGE 8, FRIDAY, APRIL 27, 2007

THE TRIBUNE



DE. £44 #8 eae :
Film series continues at Rawson Square _

ml By JASON DONALD

‘THE Bahamas International
Film Festival continues its suc-
cessful Monthly Film Series on
Saturday with the showing of
the thriller Chronicle of an
Eycape at Rawson Square.

Set in Argentina in 1977,
Chronicle of an Escape is the
true story of amateur soccer
goalkeeper Claudio Tamburrini,
who was kidnapped by coun-
try’s secret military police and

accused — mistakenly — of being
an anti-government terrorist.
Taken to a derelict mansion
which serves as a detention cen-
tre, Tamburrini is subject to
continual mental and physical
torture by his captors for
months on end. Seeing no end
to his situation, he decides to

plan an escape with his fellow |

captives.

This is intense drama of
the highest order with taut
direction and strong perfor-

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mances all round.

By allowing almost no sentt-
ment between the captives,
their plight seems all too real.
Often there is little conversa-
tion, just a palpable sense of
dread as they lie on the floor —
handcuffed and blindfolded —
in silence, awaiting their next
torture session.

The captors are also well por-
trayed — dressed in civilian
clothes and arguing among,
themselves — thereby avoiding
caricature and adding to the
realism.

And, despite the subject mat-
ter, there is little reference to
politics — keeping the focus of
the film on purely on ordinary
human beings surviving in hor-
rendous circumstances.

This all builds up to an
unbearably tense climax, made
all the more powerful with the
knowledge that this is based on
fact.

Highly recommended.

Chronicle of an Escape will
be screened on Saturday April
28, 8.00pm in Rawson Square

BIC unveils GSM service in Long

BTC continued its series of
Family Island roll-outs on
Wednesday with a formal cere-
mony introducing its GSM cel-
lular and BlackBerry service on
Long Island.

Minister of Energy and Envi-
ronment Dr Marcus Bethel and
Lawrence Cartwright, former
MP for Long Island and Ragged
Island, were on hand for the
unveiling. They joined BTC
president Leon Williams and
other senior company officials.

“For Long Island, known as
the fishing and boat-building
capital of the Bahamas, the
launch was a sign of progress,”
said BTC in a statement.
“Hailed as the most beautiful
island Christopher Colombus
ever laid eyes on, Long Island is
divided by the tropic of Cancer
and consists of contrasting
postercard-perfect coastlines.
Boasting one of the country’s
most popular regattas, it is also
known as a land of industrious-
ness.

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a :
@ THE Bahamas International Film Festival’s Monthly Film Series at Rawson Square has proved
to be popular with film lovers in Nassau. It continues this weekend with the showing of Chronicle

of an Escape.



Island =:

%



@ THE Original, Long Island’s most popular band, played strictly Bahamian music: rake n scrape :
and goombay to the delight of the crowd 7

come news for Long Island’s gOS
3,000 plus residents,” the state- > AU
ment said. 4

lar form of mobile telecommu-
nications, GSM cellular, along
with BlackBerry... was wel-

“With so many living on the
sea, BT'C’s launch of what has
become the world’s most popu-

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THE TRIBUNE

FRIDAY, APRIL 27, 2007, PAGE 9





HE present government
has been one of great

promises and little to no action.
Their promised fresh wind went
stale from their first year in power.

Victimisation, an old PLP trade-
mark, came back in living colour.
The Registrar General debacle illus-
trated just how low this government
will stoop to exert control. The Reg-
istrar General’s office no longer had
any credibility as the Supreme
Court ruled that Elizabeth Thomp-
son (former Registrar General) was
improperly dismissed, then denied a
request by the Attorney General's
office for a stay of the ruling, but
yet the government had not taken
any action to resolve the matter.
After much legal wrangling, Ms
Thompson settled with the govern-
ment and resigned.

Today, the public service has
become the hub of political victim-
isation. Political victimisation in gov-
ernment ministries has been a gov-
ernmental plague stemming from
the Pindling era. Further, even Sen-
ator Ricardo Whylly said that he
had heard the “complaints of vic-
timisation and undermining” of pub-
lic servants by abusive permanent
secretaries and under-secretaries.
He had promised that the political
victimisers would answer for their
acts, but did they?

Almost immediately after assum-
ing power in May, 2002, the PLP
became scandal-ridden. Certain
PLP ministers did not seem to learn
how to avoid looking as if they were
involved in scandalous behaviour.

The ‘Harachji incident’ was the
first shameful chapter of the PLP’s
book of shame. Here, they initially
denied receiving $10 million in cam-
paign donations from Iranian busi-
nessman Mohammed Harachji, but
then later admitted to receiving
some contributions trom Mr
Harachji, whose bank was black-

‘ listed under the FNM administra-
tion. After this scandal broke, the
PM said that he didn’t think that it
was significant whether they had
received $10 million or $3 million.

More scandalous events were yet
to come. Soon came the rape alle-
gations and the refusal of a senior
Cabinet minister to resign amidst
these accusations, then the BAIC
debacle, the Sidney Stubbs bank-
ruptcy fiasco, the Korean boat
affair, Neville Wisdom’s bleachers
scandal and then the secretive, land
snatching Baha Mar deal.

While Phil Ruffin might have
received his $147 million for the Crys-
tal Palace properties, the government
negotiated and sold the Radisson
Hotel, a contingent of buildings and
beachfront property—an estimated
500 acres—for a mere $45 million.
The developers also stand to receive
concessions such as stamp tax exemp-
tions, customs duties exemptions on
building materials, casino and prop-
erty tax exemptions for several years,
and marketing and promotional assis-
tance from the government. What
was the government thinking?

What’s more, Bahamar has yet
to get off the ground. All I see is
about 40 trailers on the side of
Cable Beach (road), presumably
with construction material for
restoration work.

Under this government, there has
been a great giveaway of Bahamian
crown land for a bag of promises
and a plethora of concessions to
land promoters without one verifi-
able investment to show for it.

The PLP says that they have
brought $20 billion to the Bahamas,



YOUNG MAN’S VIEW

ADRIAN

but where is it? Could it be in the
closet?

The CSME and LNG debates
have yet to be resolved and are still
hotly disputed among proponents
and opponents of both matters.

Then came the Western Air fias-
co, Which raised many questions
about former Immigration Minister
Vincent Peet’s motives for reject-
ing the applications of six Argen-
tinian pilots and then deporting
them.

It was speculated that Mr Peet
was upset that Shandrice Rolle, one
of the principals of Western Air,
would have potentially challenged
him as an FNM candidate in the
upcoming general election.
Although Mr Peet’s decision was
reversed, was Vincent Peet using
his ministerial portfolio to advance
his personal political agenda?

What happened to Sir Jack Hay-
ward and Edward St George’s one
million dollar donation to the hur-
ricane relief fund?

| ast year. the government
was further embarrassed

when Keod Smith and Kenyatta
Gibson, two ‘honourable MPs’,
resorted to schoolyard tactics and
engaged in bulltighting in the Cabi-
net Room. During the fisticuffs, two
windows were smashed and the
glass top of a large mahogany table
in the Cabinet Room was broken.

Even more insulting was what
appeared to be Prime Minister Per-
ry Christie’s attempt to hoodwink
the Bahamian public and downplay
this matter as if we are collectively
stupid!

More scandal came to the fore
when former Minister of Immigra-
tion Shane Gibson hurried through

a permanent residency permit for
his friend, the infamous Anna
Nicole Smith.

Mr Gibson attained residency sta-
tus for Ms Smith in three weeks,
although more deserving people had
to wait for months and years. Even
more insulting was Mr Gibson’s
attempt to fool the public by claiming
that Ms Smith’s hasty residency
approval was an example of improved
efficiency in his department.

Earlier this year, The Tribune's
ultra-explosive front-page pho-
tographs of Shane Gibson and the
late Ms Smith stunned thousands
of Bahamians, leaving many with
wide eyes and dropped jaws as they
stared at pictures showing a Cabinet

_minister embracing a woman to

whom he had recently granted per-
manent residency status.

In January, legislation passed in
the US requiring all American citi-
zens returning to the states from the
Bahamas and the Caribbean region
to have passports was enforced.
Although the country had two years
to prepare for the implementation
of these new requirements, the gov-
ernment seems to have dropped the
ball as there were unaddressed
questions about whether the coun-
try’s tourism market and economy
could remain buoyant, concerns
about whether the country had con-
ducted an effective promotional
campaign and whether or not more
could have been done with regard to

LNT

GIBSON

foreign relations

The government also missed the
boat on several other important for-
eign affairs matters. Phere was the
indecision about the Cuban den-
tists, secret votes at the UN and the
government's failure to ummediate-
ly engage in the EPA negotiations
with the European Union. Their
breakdown in such (EU) talks could
possibly lead to Bahamian goods
that are exported to Europe sud-
denly losing their duty-free status,

Although the Urban Renewal
programme has given children in
inner-cily communities an opportu-
nity to engage in extra-curricular
activities. over the last five years
crime has soared in the urban areas.

Under this administration, the edu-
cation and healthcare systems have
also been neglected, with schools in
poor condition and not opening on
time and medicines and other essen-
tial items being unavailable at the
hospitals and local clinies. Ln fact, the
mortality rate has drastically
increased over the last lew years.

Bahamians will nol soon forget
Supreme Court Justice John Lyons’
ruling that the Bahamian judiciary
was not independent and was there-
fore being unfairly infringed upon
by the executive branch of govern-
ment. Justice Lyons claimed that
judges were not being fairly remu-
nerated and claimed that a Consti-
tution Review commission's report
was not followed by the government.

Following Justice Lyons? ruling,
Mts Gibson responded, calling the
ruling a “scurrilous and venomous
attack” that she felt was “unwar-
ranted”. This year, Mis Gibson qui-
etly withdrew a motion that object-
ed to Justice Lyons’ sentiments.

There has also been mass union
unrest over the past tive years.
Amidst the scandal, the teachers,
nurses, police, defence force, prison
officers, baggage handlers, utility
workers and Bahamasair statf were
all upset and either walked off their
jobs or demonstrated,

Whatever happened to an expla-
nation about the bag full of US $100
bills found in Vincent Peet's clos-

7A Bahamian who happens to
be the Minister of Financial Ser-
vices and Investments
to being in possession of more than
$10,000 in US currency and he has
yel to disclose whether or not he
got exchange control approval!

Since the election is days away,
will there be clarification on anoth-
er brewing scandal, that the PEP is
buying votes?

I predict that there will be sev-
eral major upsets and lots of seatless
wonders following the Mav 2 clee-
tions. Phe boys were back tn town,
but. from the looks of things. this
time next week, they could be gone!
Only time will tell

ajbahama@hotmail.com

contessed

MESSAGE FROM:

THE CLEARING
BANKS ASSOCIATION

The Clearing Banks of the
Bahamas advise that

Election Da

Banking hours will be as follows:

WEDNESDAY, MAY 2"
9:30 a.m. - 1:00 p.m.

Regular banking hours will resume on
THURSDAY, May 34 from
9:30 a.m. — 3:00 p.m.”



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PAGE 10, FRIDAY, APRIL 27, 2007

| mans

KPMG Telephone 242 393 2007
PO Box N 123 Fax 242 393 1772
Montague Sterling Centra ‘ Internet www.kpmg com.bs

East Bay Street
Nassau, Bahamas

AUDITORS' REPORT TO THE SHAREHOLDERS

We have audited the accompanying balance sheet of WESTRUST BANK
(INTERNATIONAL) LIMITED (the "Bank") as of December 31, 2006. This balance sheet
is the responsibility of the Bank's management. Our responsibility is to express an
opinion on this balance sheet based on our audit.

We conducted our audit in accordance with International Standards on Auditing as
promulgated by the International Federation of Accountants. Those standards require
that we plan and perform the audit to obtain reasonable assurance as to whether this
balance sheet is free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in this balance sheet. An audit
also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall balance sheet presentation. We believe
that our audit provides a reasonable basis for our opinion.

In our opinion, the balance sheet presents fairly, in all material respects, the financial
position of the Bank as of December 31, 2006, in accordance with International Financial
Reporting Standards as promulgated by the International Accounting Standards Board.

i Cll

Chartered Accountants

Nassau, Bahamas
February 12, 2007

! NESTRUST BANK (INTERNATIONAL) LIMITED

Balance Sheet

December 31, 2006, with corresponding figures for 2005
‘ (Expressed in United States dollars)













2006 2005
' Assets
Cash and due from banks (notes 3 and 11) $ 59,971,485 41,268,511
Loans and advances to customers (note 4) 340,024,811 274,243,554
Accrued interest receivable 2,677,381 3,110,365
Other accounts receivable 49,746 61,120
¥ . ‘
Prepaid expenses 23,361 29,699
1 Investments (notes 5 and 11) 192,215,567 253,312,153 ©
Foreclosed assets (note, 6) 402,614 245,058
Property, plant and equipment (note 7) 567,380 516,973
Total assets $ 595,932,345 572,787,433
ret TOT ASS
Liabilities and Shareholder’s Equity
Liabilities:
Customers' deposits (notes 8 and 11) $ 534,325,383 517,281,185
Accrued interest payable 6,272,136 5,377,941
Accounts payable and other liabilities 5,117,790 3,660,253
Total liabilities 545,715,309 526,319,379
Shareholder’s equity:
Share capital (note 9) 33,000,000 33,000,000
Retained earnings / 15,376,466 12,229,212
Unrealized gain on available-for-sale investments (note 5) 1,840,570 1,238,842
: _ 50,217,036 46,468,054
Commitments and contingencies (note 10)
Total liabilities and shareholder's equity $ 595,932,345 $72,787,433
787,

See accompanying notes to balance sheet.

The balance sheet was a’

proved on behalf of the Board of D
aearer eer ) of Directors on February 12, 2007




‘a Grojec Director

Notes to Balance Sheet

December 31, 2006
(Expressed in United States dollars)



1. General information

WESTRUST BANK (INTERNATIONAL) LIMITED ("the Bank") was incorporated
under the laws of The Commonwealth of the Bahamas on October 21, 1991 and is
licensed to carry on banking and trust business.

The Bank finances its operations through its capital and customers’ deposits which
generally do not exceed one year in duration

The Bank is a wholly owned subsidiary of Banco Industrial, S.A., a bank incorporated
in Guatemala. :

The address of the registered office of the Bank is Marlborough House, third floor,
Cumberland and Marlborough Street, P.O. Box N-1419, Nassau, Bahamas.

2. Summary of significant accounting policies
2.1 Basis of preparation

The balance sheet has been prepared in accordance with International Financial
Reporting Standards (“IFRS”) issued by the International Accounting Standards Board
("IASB").

The balance sheet is prepared on a fair value basis for available-for-sale assets.
Other financial assets and liabilities and non-financial assets and liabilities are stated
at amortized cost or historical cost.

The accounting policies have been consistently applied and are consistent with those
NS Xp used in the previous year, except that the Bank changed its accounting policy for
Sy accounting for foreclosed assets as described in notes 2.4 and 6.

2.2° Financial instruments
(i) Classification

Originated loans and receivables are created by the Bank providing money to a
debtor other than those created with the intention of short-term profit taking.
Originated loans and receivables comprise due from banks, loans and advances
to customers other than purchased loans, accrued interest receivable and other
accounts receivable.

Available-for-sale assets are financial assets that are not held for trading
purposes, originated by the Bank, or held-to-maturity. Available-for-sale
instruments include debt securities and negotiable certificates of deposit, included
in investments.

(ii) Recognition

The Bank initially recognizes originated loans and receivables on the date that
they are originated. All other financial assets and liabilities are initially recognized
on the trade date at which time the Bank becomes a party to the contractual
provisions of the instrument.

(ili) Measurement
Financial instruments are measured initially at cost, including transaction costs

Subsequent to initial recognition all available-for-sale assets are measured at fair
ray value, except that any instrument that does not have a quoted market price in an
ns active market and whose fair value cannot be reliably measured is stated at cost
including transaction costs, less impairment losses

1a The change in fair value of available-for-sale assets is recognized directly in
equity When the availaple-for-sale assets are sold, collected or otherwise
an disposed of, the cumuiative gain or loss recognized in equity 1s recognized in

bee profit and loss
- All non-trading financial assets and liabilities and originated loans and receivables
Dye are measured at amortized cost less impairment losses Amortized cost is

calculated using the effective interest rate method Premiums and discounts,
including initial transaction costs, are included in the carrying amount of the
related instrument and amortized based on the effective interest rate of the
instrument

ok (iv) Fair value measurement principles

2. The fair value of financial instruments 1s based on their last quoted market price
: at the balance sheet date without any deduction for transaction costs. If a quoted
market price is not available the fair value of the instrument 1s estimated using
pricing models or discounted cash flow techniques

ue (v) Derecognition

vf The Bank derecognizes a financial asset when the contractual rights to the cash

a flows from the asset expire, or it transfers the rights to receive the contractual

cash flows on the financial asset in a transaction in which substantially all the

: risks and rewards of ownership of the financial asset are transferred. Any interest

in transferred financial assets that 1s created or retained by the Bank is
recognized as a separate asset or liability

' The Bank derecognizes a financial lability when its contractual obligations are

discnarged or cancelled or expire

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(vi) Specific instruments
Cash and cash equivalents

Cash and cash equivalents in the statement ot cash flows include cash and due
from banks and interest bearing deposits with banks which have originally
maturities of less than three months

Loans and advances to customers

Loans and advances to customers are stated at outstanding principal plus
accrued interest, net of provision for loan losses. Interest continues to be
accrued on non-performing loans until such time as management determines that
a provision for loan losses is required, in which case, the provision will cover all
unpaid interest. The provision for loan losses is based on an analysis by
management of the outstanding loan portfolio, in order to determine the amount
sufficient to cover estimated losses and takes into consideration the political and
economic environment and the specific and general portfolio risks of the countries
of origin of the customers

2.3 Property, plant and equipment

Property, plant and equipment is stated at cost less accumulated depreciation.
Depreciation is provided on a straight-line basis over a period of five years.

2.4 Foreclosed assets

Foreclosed assets have been assigned to the Bank in payment of loans. The Bank
has legal title to these assets, which primarily represent undeveloped land. These
assets are recorded at fair value determined on the basis of an independent
valuation. Undeveloped land is not depreciated. In years prior to 2006, foreclosed
assets were carried at cost less impairment losses, if applicable. Cost was
determined as the lower of the carrying amount of the loan and accrued interest on
the date prior to foreclosure or net realizable value.

2.5 Use of estimates

The preparation of the balance sheet in conformity with IFRS requires management
to make judgments, estimates and assumptions that affect the application of policies
and reported amounts of assets ‘and liabilities. The estimates and associated
assumptions are based on historical experience and various other: factors that are
believed to be reasonable under the circumstances, the results of which form the
basis of making the judgments about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from these
estimates

The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognized in the period in which the estimate
is revised if the revision affects only that period, or in the period of the revision and
future periods if the revision affects both current and future periods.

In particular, information about significant areas of estimation uncertainty and critical
judgments in applying accounting policies that have the most significant effect on the
amounts recognized in the balance sheet is described in the following notes:

e Note 4 ~ Loans and advances to customers (reserve for doubtful accounts)

e Note 5- Investments (valuation of financial instruments)

2.6 Foreign currency

The Bank's measurement currency is the United States dollar. Transactions in
foreign currencies are translated to United States dollars at the foreign exchange
rates prevailing at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date are translated to United
States dollars at the foreign exchange rate ruling at that date. :

3. Cash and due from banks

Cash and due from banks comprise the following:





2006 » 2005

Overnight deposits $ 41,200,054 6,150,044
Demand accounts 18,771,431 35,118,467
‘ $ 59,971,485 41,268,511

Cash and due from bank balances mature within three months on the balance sheet

date. The balances earn interest at rates ranging from 1% to 5% per annum (2005:
1% to 4.17%)

Cash and due from banks includes amounts denominated in Euros equivalent to
$679/233 (2005: $240,637). This is the only amount in the balance sheet
denominated in a currency other than the United States dollar.

The geographical distribution of cash and due from banks is as follows:







- a 2006 2005
United States of America $ 55,489,234 20,015,885
Central America 3,803,018 21,011,989
Europe 679,233 240,637

$59,971,485 41,268,511



Loans and advances to customers

Loans and advances to customers represent amounts due from individuals and
corporations in Guatemala and Central America as summarized below:











2006 2005
Manufacturing $ 124,761,145 80,991,197
Financia 42,338,981 31,813,877
Service 79,161,668 62,957,342
Electricity ¢ : a 30,868,284 35,203,917
Utilities 19,842,690 22,295,249
Retail 15,860,999 8,949,002
Agriculture 12,796,042 25,912,902
Construction 8,651,537 1,418,000
Tounsm 8,227,281 7,177,021

Other = 702,461 -
343,211,088 276,718,507
Less reserve for doubtful accounts (3,186,277) (2,474,953)
$ 340,024,811 274,243,554

The movement in the reserve for doubtful accounts is shown below:

- 2006 2005
Opening balance $ 2,474,953 1,489,212
Provisions established 712,996 1,202,283
Doubtful accounts written-off (1,672) (216,542)



Closing balance $ 3,186,277 2,474,953

The maturity of loans and advances to customers is as follows:





2006 2005

Up to three months $ 27,593,386 18,562,522

From three to six months 30,181,850 18,399,635

From six months to one year 25,809,384 25,428,473

Over one year : 259,626,468 214,327,877
$ 343,211,088 276,718,507 ©

The above summary represents the legal maturities of the loans. The Bank renews
the terms of a significant amount of its loans on an annual basis.

At December 31, 2006, $36,612,575 (2005: $24,983,961) of loans were collateralized
by customers’ deposits, $34,003,708 (2005: $27,385,378) were collateralized by
mortgages over property and equipment and the remainder had fiduciary guaranties.

Loans and advances earn interest at rates varying from 4.25% to 12.55% (2005:
3.5% to 10.25%) per annum.

As the effective rate for the loan portfolio as of December 31, 2006 and 2005
approximates the prevailing market rate, the Bank has determined that the net
carrying value of the portfolio approximates fair value.

A loan is considered to be non-performing when it becomes delinquent and the
foreclosure process and/or collection by legal means commences. As of December

31, 2006, the loan portfolio included non-performing loans with a carrying value of
$166,023 (2005: $94,292)

Investments

Investments represent available-for-sale assets which comprise the following:





_ San 2006 2005
Debt securities $ 99,890,997 179,573,311
Negotiable certificates of deposit 90,484,000 72,500,000
CO 190,374,997 252,073,311
Unrealized gain 1,840,570 1,238,842
192,218,567 253,312,153

The investments at December 31, 2006 and 2005 are denominated in United Sates
dollars :

The geographical distribution of investments, at cost, is as follows:













_ — 2006 2005
Latin America : $ 180,374,997 212,073,311
United States - 30,000,000
Bahamas | _____ 10,000,000 10,000,000

So $490 ,374,997 252,073,311

The maturity of investments, at cost, 1s as follows:
2006 2005
Up to three months $14,000,000 36,200,000
From three’to six months 9,004,350 84,000,000
From six months to one year 7,975,000 16,659,100
From one to three years - 17,048,826
Over three years _ 159,395 647 98,165,385
Se $ 190,374,997 252,073,314



Investments earn interest at rates varying from 5.71% to 10.25% (2005: 3.85% to
10.25%) per annum
Foreclosea avsuis

At December 31, 2006, this account includes land and buildings located in Guatemala
assigned to the Bank in payment of loans. The fair value and the carrying value is
estimated at $402,614 (2005 $513,340 fair value and $245,058 carrying value). The
estimate is based on a real estate appraisal of the market value of the land and
buildings without deduction for selling costs as of April 5, 2006 (2005 December 31,
2004) performed by Avaluos Industriales y Comerciales, S.A real estate appraiser
licensed in Guatemala These properties do not earn rental income and no significant
expenses have been incurred in maintaining them.

As described in note 24, during the current year the Bank changed its policy for
accounting for foreclosed assets from cost less impairment losses to fair value, The
impact of this change is not considered to be material to the balance sheet and has
therefore been accounted for in 2006 and not retrospectively

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Property, plant and equipment

This account comprises the following

Cost

Leasehold Computer Computer

Balance at January 1, 2005 348.678 91 587 170.699 311,880 15,409
Aaditions 11,788 38.482 16,000 27,908 1,979

Disposals
Balance at December 31, 2005

Disposals : (16 585)
Transters 34 548_
Balance at December 31 2006 403,167

— 360.466 119,161 67972 319,281 15,157

____improvements __equipment__software__ Furniture _ Equipment Vehicles.

(10,908) _(118.727) (20,507) (2,231) (39,9'3)

Advances for
asset
acquisitions Total

70,304 1,008,557
96,157
(192,286)
30391 912,426

ee SS Te Ee eS OE
Balance at January 1, 2006 360,466 119.161 67.972 319,281 “15,157
Additions 8153 47 469 7.407 60.244 13,450

30.391 912.428
52 478 47,209 236.410

(16.811) (22,041) (6,891) (31.412) (93,740)

(34,548) _

150.045 «58,568 357,484 21,716 «81,487 12,661 __ 1,055,098

a eee SSE eS SESS

Oepreciation
Balance at January 1, 2005 101,491 30,320 131,122 91,435 8,877
Additions 70,927 33,535 21,217 33,094 3,016

Disposals

-_____ (10,908) __ (118,727) __ (20,507)

Balance at December 31. 2005 172,418 52,947 33,612 104,022 9,662

(2,231) ___ (40,061)
22,794 395,455

53,968 : 417,213

8,887 : 170,676
(192,434)

Balance at January 1, 2006 172,418 52,947 33,612 104,022 9,662 22,794 395,455
Additions 74,062 42,327 18,531 33,211 4,109

Disposals
Balance at December 31 2006

8.

246,480 78,689 35,332 115,192 6,880
At December 31, 2005 188,048 66,214 34,360 215,259 5.495

10,218 182,458
- = 4. (16,585) __(16,811)__(22,041) ___(6,891)____ (27,867)

: .—- (90,195)
5,145 : 487,718
7,597 : 516,973

At December 31, 2006 156,687 71,356 23,236 242,292 14,836 46,312 12,661 567,380

Customers’ deposits

- of the customers’ deposits are due to customers geographically located in Central
merica

The maturity of customers’ deposits is as follows:
2006 2005

255,521,497 267,692,581
93,617,718 89,573,235
169,830,732 152,085,593
15,355,436 7,929,776
$ 534,325,383 517,281,185

Up to three months $
From three to six months

From six months to one year

Over one years



«

Customers’ deposits bear interest at rates varying from 0.50% to 7.25% (2005: 0.75%
to 4.5%), per annum

9. Share capital

The authorized share capital of the Bank comprises 330,000 shares of par value
$100 each, all of which have been issued and paid for

10. Commitments and contingencies

In the normal course of business, the Bank has outstanding contingent liabilities that

involve elements of credit risk. These contingent liabilities represent the following:

eee g_sns seem OS OE OE mw IN:
2006 2005

Letters of credit $ 2,200,178 3,637,125

Management does not anticipate any losses with respect to these contingent
liabilities

At December 31 2006, the Bank had unused open lines of credit with several
financial institutions up to an amount to $9,846,000 (2005: $5,500,000).

The Bank leases office space in the Bahamas and Guatemala. The leases are
renewable annually. The monthly lease payments as of December 31, 2006 are
$17,182 (2005: $16,230)

11. Related party balances

Related parties include entities and individuals with the ability to control or exercise
significant influence over the Bank in making financial and operating decisions.
These include, but are not limited to, the Bank's shareholder, directors and officers,
and other entities under the shareholder's common control as well as their directors
and officers ;

The balance sheet includes the following related party balances:
2006 2005



Assets
Cash and due from banks
Investments

Liabilities:
Customers’ deposits

$ 2,187,638
69,975,000

20,899,148
30,000,000

16,668,089 17,262,690

12. Dividends

During the year ended, December 31, 2006, the Bank paid dividends of $8,200,000
(2005: $8,075,000)

13. Risk management

Credit risk

Financial assets which potentially subject the Bank to concentration of credit risk
consist primarily of loans and advances and investments. These assets are
substantially all U.S. dollar denominated primarily due from companies located in

~ Guatemala, Panama; Costa Rica and E! Salvador. The Bank maintains a permanent
Credit Committee which evaluates rates and grants credit limits to all corporate
customers and only approves loans and advances after ensuring that these credit
monitoring techniques are adhered to and that adequate collateral and guarantees
are received whenever necessary.

Price risk
Price risk comprises currency, interest rate risk and market risk.
Currency risk

Currency risk arises from the possibility that the value of a financial instrument will
fluctuate due to changes in foreign exchange rates. The Bank minimizes this risk by
carrying out the major portion of its asset and liability transactions denominated in
U.S. dollars

Interest rate risk

Interest rate risk is the risk that the value of a financial instrument may fluctuate

significantly as a result of changes in market interest rates. The Bank's exposure is
monitored through ensuring that the asset and liability transactions are contracted
over similar average terms and with a spread which provides the Bank with an
adequate return ‘

Market risk

Market risk is the risk that there will bea change in the value of a financial instrument
due to changes in market conditions. The Bank tends to minimize this risk through
various control policies, monitoring procedures and hedging strategies.

14, Authorization to Operate in Guatemala

Under the Law of Banks and Financial Groups and the Regulation on the
Authorization for the Operation of Off-Shore Entities in Guatemala approved by the
Monetary Board of Guatemala, Off-Shore institutions must obtain authorization for
performing operations within Guatemala from the Superintendence of Banks, which is
granted only if the Off-Shore entity is part of an approved Financial Group. The Bank
ohtained this authorization on June 25, 2003 according to the Resolution of the
Monetary Board of Guatemala No. JM-85-2003

. Formation of the Financial Group

Article 27 of the “Banking and Financial Groups Law" Decree No. 19-2002 stipulates

the formation of the Financial Group, which must be organized under the common .-

control of an entity incorporated in Guatemala specifically for that purpose or an entity
comprising tne Financial Group

At an extraordinary meeting held on July 4. 2003 the Monetary Board of Guatemala
issued Resolution No. JM-82-2003, authorizing the formation of Grupo Financiero
Corporacion BI. Banco Industrial, S.A. will be the responsible entity of the Financial
Group

The companies comprising the Financial Group are:

Banco Industrial, S.A. (responsible entity)
Financiera Industrial, SA

Contecnica, S.A

Servicios Multiples de Inversion, S.A
Mercado de Transacciones, SA
Almacenadora Integrada, S.A
Almacenes Generales, S.A. ~

Seguros El Roble, SA

Fianzas El Roble, S.A

Westrust Bank (International) Limited

+ nro your Legal Notices

and Balance Sheets

in

The Tribune

Call: 502-2352



FRIDAY, APRIL 27, 2007, PAGE 11

LOCAL NEWS





PLP ‘just talk’ in
plans for farming,
claims URP leader

THE PLP’s plans for the agri-
culture industry are “just talk”
according to Bamboo Town
candidate P A Strachan.

Mr Strachan, leader of the
newly formed United Reform
Party (URP), said that the gov-
erning party’s plan will not
address the most fundamental
problems of farming in the
Bahamas.

“There are approximately 700
islands in the Bahamas and not
a single island can feed the
Bahamas for one single day,”
he noted.

He asked if the PLP has
abandoned the “Feed Our-
selves” philosophy espoused by
Sir Lynden Pindling.

“It appears that this PLP gov-
ernment is not interested in the
welfare of the farmers,” he said.
“This is demonstrated by the
fact that the PLP has continued
to give farmers a raw deal.

He noted that the first PLP
government allowed farm pro-
duce to rot in the Produce
Exchange, paying farmers “pit-
tance” for the goods.

“The FNM charged the farm-
ers $10 to accept the produce
from farmers for sale in the
packing houses or produce
exchange.

“When the PLP came to
power they increased the
amount to the poor farmers to
$100, The poor farmers are
unable to afford the $100. We
must vote them out, vote them
out,” Mr Strachan said.

“What are the farmers sup-
posed to do? Who are they to

look to? How are they to sur-
vive? The exchange opens at
7am and closes at 10am. this is
not right and therefore the PLP
must be voted out. :

Mr Strachan claimed that
although the PLP claims to be
for the poor man, all its poli-
cies have been “geared towards
helping the middle class or their
friends and families or associ-
ates.

“They have given themselves
or party officials prestigious
jobs, made them consultants
and paid them hefty salaries.
This PLP government has
expanded the size of govern-
ment resulting in more burdens
on the tax payers. If you want
more expanded government
and more consultants and com-
mittees that very seldom report
then vote PLP.”

Mr Strachan said the coun-
try’s first priority should be agri-
culture, but successive ministers
have ignored the sector.

He pointed to the disastrous
effect of the sale of produce
from Morgan Farms in Miami,
Florida to Bahamians, at prices
local farmers could not com-
pete with. /

This, he said, was established
under his current opponent in
Bamboo Town, incumbent inde-
pendent candidate Tennyson
Wells, when Wells was the
FNM’s minister of agriculture.

“Mr Wells did not care for
the Bahamian farmers,” Mr
Strachan said.

Meanwhile, the PLP’s elec-
tion manifesto “Action Agen-

da” does give some attention to
the agricultural sector.

The party said that its vision
for the next five years includes
an increased role for agricul-
ture and fisheries “in the con-
tribution to gross domestic
product”.

“We recognise that these sec-
tors are vital to a sustainable
economy and the social stabili-
sation of many Family Islands,”
the manifesto reads.

The party said it would implé-
ment a “Grow Agriculture” ini-
tiative, intended to ensure
improved earnings and quality
of life for small and medium
farmers by providing technical,
financial and marketing sup-
port. 2
While the PLP goes on to
outline plans for expanding
farming into Andros, ensuring
that agricultural science features
on the school curriculum, and
providing tax concessions, it
does not address Mr Strachan’s
concerns about the $100 pro-
duce sale fee, or the ongoing
problems at the struggling Pro-
duce Exchange.

The party did undertake to
ensure that mutton production
will triple by 2010. "

“With expert guidance, tax
concessions and subsidies, gov-
ernment policy will be further
reshaped to guarantee resulis.
The PLP remains steadfastly
committed to the creation ofa
national herd programme that
provides specific breeding pro-
tocols for sheep rearing,” the
manifesto said. :

Speech competition —

reaches semi-finals

FOR the sixth straight year,
Chevron Bahamas will host the
Texaco 6th annual National
Safety Speech Competition.

The semi finals begin tonight
at 6pm at the British Colonial
Hilton Resort. The finals are
expected to take place May 26
at the Dundas Centre for the
Performing Arts on Mackey
Street.

Drawing from a talent pool
that includes students from
throughout the Bahamas, and
from a diverse number of edu-
cational institutions and civic
organisations, the competition is
set to bring exposure to 34
young people who have mas-
tered the art of communication.

Fredricka Hamilton,
spokesperson for the Bahamas
Debutante Cotillion Ball Foun-
dation, one of the organisations
from which the competitors are
drawn, said that in preparing to
become debutantes, the young
women receive training in sev-
eral areas: public speaking,
career choice, cultural aware-
ness, road safety, and spiritual
development. ‘

Earlier this year, 48 debu-
tantes, participated in a prelim-
inary round for the speech com-
petition, “Preparing to make a
positive difference”.

Nine were chosen as finalists,
and out of that number, Tiffany
Donaldson, a 17-year-old St
John's student, will participate
in the Texaco Bahamas speech
competition.

“When they finish school
they need to be able to speak
properly in any situation,
whether it is a job interview or
speaking with family and
friends. We teach them how to
use good English, not to use
hand gestures, to look the per-
son in the eye, to stand prop-
erly, and what type of language
to use in different situations,”
Ms Hamilton said.

In existence for over 25 years,
the Bahamas Debutante Cotil-
lion Ball Foundation is a non
profit organisation that looks
to enhance the social skills of
the country’s brightest young
women, and encourage them to
further their educational devel-
opment. The foundation draws
its membership from both pub-
lic and private schools in New
Providence.

Young women who will be
graduating at the end of the
school term are eligible for
membership.

“We encourage family sup-



port, and we do that by encour-
aging mothers and fathers to
participate through our activi-
ties,” Ms Hamilton said.

In terms of the Texaco
Bahamas competition, Ms
Hamilton said that the founda-
tion has participated in the
speech contest for years — and
with great success. “The girls
have done well, we had a win-
ner — they've all done well —
they've all placed in the top 10.”

Central Andros High will also
be sending a representative to
the Texaco Bahamas Speech
Competition. Sixteen-year-old
Marcel Gibson, an eleventh
grade student, won the local
speech competition and now the
hopes of his district are riding
on his shoulders.

The school’s principal Maxine
Forbes said there is little doubt
that Marcel will bring home the
gold. “He's a natural, deter-
mined, a brilliant young man, a
people person, very talented.
Marcel is definitely focused and
knows what he is doing and
what he wants to do. The
Cougar family is definitely sup-
porting him, and hopefully he



@ SHIREEN Hanna, last year’s winner

will do nothing but the best,
we're excited about it.”

Ms Forbes said that once
Marcel was selected as the win-
ner of the Central Andros High
speech contest, his language arts
teacher McDonald Leadon, and
the subject co-ordinator for the
Language Department Denis
Nicolls, worked closely with him
in preparation for the district
competition. With that win
behind them, Marcel and his
teachers are now preparing for
the upcoming Texaco Bahamas
national competition.

“Our school is not very big
so we are able to detect gifted
kids quickly and he was one of
them,” she said.

The Texaco National Safety
Speech Competition was started
in 2002 as a means of increasing
awareness about Road Safety
among young people and the
wider community.

The competition attracts the
best young speakers from
throughout the Bahamas, who
have already distinguished
themselves as outstanding
speakers and leaders among
their peers.

$e 4 ee



SrA

Beh Ns

GE

RB

(Incorporated under of the laws of the Commonwealth of The Bahamas)

cL PORN TERS Ns tb SS cr

\2, FRIDAY, APRIL 27, 2007

ANDBANC (BAHAMAS) LIMITED

Balance Sheet as of 31 December 2006
(Expressed in thousands Euros)

ASSETS Notes 2006 2005
Due from banks Jand4 35,918 35,749
Loans and advances to customeis 4 - 9
Other assets 3 and 4 217 326
Furniture and equipment 4and5 212 289 __
Total assets 36,347 36,373

LIABILITIES AND EQUITY

Liabilities

Due to customers 3 and 4 28,725 29,144
Accrued expenses and cihei liabtitics sand 4 52 49
Total liabilities 28,777 29,193
Equity

Share capital , 6 6,500 6,500
General banking reserve 7 680 336
Accumulated Surplus 390 344
Total Equity . 7,570 7,180_
Total Liabilities and Equity 36,347 36,373

Signed as approved on behalf of the Board on 22 March 2007:

Director



Director

Notes to Balance Sheet
For the Year Ended 31 December 2006

1.

2.

3.

General Information

ANDBANC (BAHAMAS) LIMITED was incorporated on 7 September 2000, under
the Companies Act, 1992 of The Commonwealth of The Bahamas and is licensed
under tbe Banks and Trust Companies Regulation Act, 2000, to carry on banking
and trust business within The Bahamas. The principal activities of the Bank are
providing banking, investment management and financial services. The Bank
commenced operations on 9 July 2001 and it is a wholly owned subsidiary of
Andorra Banc Agricol Reig, SA, (the parent company) which is incorporated in the
Principality of Andorra. All significant balances with the parent company and
companies in which the parent company controls 20% or more of the issued share
capital (affiliates) are disclosed in this balance sheet (see Note 3).

The registered office of the Bank is located at Suite 304, 1 Bay Street, Nassau,
Bahamas.

Summary of Significant Accounting Policies

The principal accounting policies applied in the preparation of this balance sheet
are set out below. These policies have been consistently applied to all the years
presented, unless otherwise stated.

a) Basis of Presentation

The Bank prepares its balance sheet in accordance with International
Financial Reporting Standards (IFRS) and under the historical cost
convention, except for all derivative contracts which are at fair value. The
preparation ‘of~'the= balance sheet in conformity with IFRS requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities’ at the’ date of the baldnce sheet. Actual results could differ from
those estimates.

b) | Cash and cash equivalents

Cash and cash equivalents consist of cash and demand deposit balances
with banks.
°

c) Loans and advances to customers

Loans and advances to customers are stated at the principal amount
outstanding less any specific provisions for impairment and uncollectibility
which the directors consider necessary. All outstanding loans and advances
are originally granted by the Bank and are recognized when cash is
advanced to the borrowers. All loans and advances to customers are
adequately collateralized by investment securities and deposits held by the
Bank on behalf of the borrowers. Accordingly, the Bank has not established
a provision for impairment or uncollectibility with :espect to loans and
advances.

d) Furniture and equipment

All furniture and equipment is stated at historical cost less accumulated
depreciation. Historical cost includes expenditure that is directly attributable
to the acquisition of the items.

Subsequent costs are included in the asset's carrying amount or are
recognized as a separate asset, as appropriate, only when it is probable that
future economic benefits associated with the item will flow to the Bank and
the cost of the item can be measured reliably.

Depreciation is provided on a straight-line basis at the following annual rates:

- Software 20%
-. Vehicles 20%
- Furniture and fixtures 10%
- Computer equipment 33.33%

Leasehold improvements are depreciated over a period of 10 years. -

The assets’ residual values and useful lives are reviewed, and adjusted if
appropriate, at each balance shéet date. Assets that are subject to
amortization are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An
asset's carrying amount is written down immediately to its recoverable
amount if the asset's carrying amaunt is greater than its estimated
recoverable amount. The recoverable amount is the higher of the asset's fair
value less costs to sell and value in use.

e) Valuation of derivative financial instruments



Forward currency contracts are valued using the forward rate for the
remaining period to maturity as of the last business day of the financial year.

Summary of Significant Accounting Policies (Continued)

f) Translation of foreign currencies
Functional and Presentation Currency
The currency of The Bahamas is the Bahamian dollar. However, items
included in the balance sheet are measured using the currency of the primary
economic environment in which the Bank operates (“the functional currency”).

The financial statements are presented in Euros, which is the Bank's
functional and presentation currency.

Balances

Monetary assets and liabilities in currencies other than the Euros are
translated at the rales of excharige pievailing at the year-end.

g) Assets under administration

No account is takwi: i) these financial statements of assets and liabilities of

clients administered by the Bank, other than those assets and liabilities which
relate to the banking services provided by the Bank for its clients. Assets
under administration as of 31 December 2006 are approximately Euros
57,237 thousand (2005. 43,962 thousand)



Related Parties

Related parties comprise the parent company, its directors, its affiliates and the
Bank's own directors. Tlie balance sheet includes the following balances with

related parties:

2006 2005
g00's => 00's
Assets
Due from banks 35,902 35,732
Other assets 26 13
Liabilities .
- Due to customers 4 5
- Accrued expenses and other liabilities vc) 21

4.

4.

THE TRIBUNE

Risk Management

Market risk

The Bank engages in transactions that expose it to market risks in the normal
course of business. These market risks include interest rate, liquidity, currency and
credit risks. The Bank's financial performance is dependent on its ability to
understand and effectively manage these risks.

Interest rate risk

Interest rate risk is the risk that the value of a financial instrument may fluctuate
significantly as a result of changes in market interest rates. The Bank's exposure
to this is minimal as the relevant financial instruments are usually at fixed interest
rates and are therefore repriced on maturity.

Liquidity risk

This is the risk that the Bank might not have the necessary liquidity to meet its
contractual obligations. The Bank manages its liquidity by matching liabilities with
assets of similar maturity periods. All of the Bank's most significant banking assets
and liabilities mature within three months of the balance sheet date as summarized
in the table below:

Three months

or less
000’s
As of 31 December 2006
Assets
Due from banks 35,918
Total assets 35,918
iti
Due to customers 28,725
Total liabilities 28,725
Net liquidity gap L193
Three months
or less
—____000’s
As of 31 Dece © 200:
Assets
Due from banks 35,749
Total assets 35.749
Liabilities
Due to customers 29,144
Total liabilities 29,144
Net liquidity gap 6,805

Currency risk

Currency risk is the risk that the Bank's financial position and cash flows may .
fluctuate significantly as a result of changes in foreign currency exchange rates.
The tables below summarize the Bank's exposure to foreign currency exchange
rate risk. ,

USD EUR Other Total
000's 000’s 000's . 000's
As of 31 December 2006
Assets
Due from banks 32 35,843 43 35,918
Loans and advances to customers - - . -
Other assets ‘ 3 212 2 217
Furniture and equipment : 212 . . 212
Total assets 35 36,267 45 36,347
Liabilities
Due to customers 34 28,663 28 28,725
Accrued expenses and other liabilities = 52 : 52
Total liabilities 34 28,715 28 28.777
Net exposure i L552 1Z L579
Risk Management (Continued) 7
Currency risk (Continued)
USD EUR Other Total
000’s 00's 900's 000's
As of 31 December 2005
Assets
Due from banks 80 35,614 55 35,749
Loans and advances to customers - 9 : 9
Other assets 11 309 6 326
Furniture and equioment - :
Total assets —OL_36.221_ 61 36.373
Liabilities .
Due to customers 80 29,022 42 29,144
Accrued expenses and other liabilities ih 36 2 49
Total liabilities —21__ 29.058 44 20,193
Net exposure eet ed ee
Credit risk

Credit risk arises from the failure of a counterparty to perform according to the
terms of the contract. From this perspective, the Bank's credit risk exposure is
primarily concentrated in its deposits placed with the parent company. The Bank's
deposit in The Bahamas, has been placed with a high quality international banking
institution.

The significant assets and liabilities of the Bank are geographically located as
follows: ; .

2006 2005
Assets
Due from bank — Europe 35,902 » 35,735
Due from bank — Bahamas 16 14
Liabilities
Due to customers — Latin America. 5,482 6,884
Due to customers — Europe 23,243 22,260

Furniture and equipment

Furniture Computer Leasehold
Software Vehicles & Fixtures Equipment Improvement Total





000's 000's 000's 000's 000's 000's

COST
Balance as of

1 January 2006 171 26 31 42 308 578 : ‘
Additions : : : = : =
Balance as of

31 December 2006 2 1 42 0!
ACCUMULATED
DEPRECIATION
Balance as of

1 January 2006 (124) (11) (21) (42) (91) (289)
Charge for the year (34) (5) (6) 8) 7)
Balance as of

31 December 2006 (198) (16) 27) 4A) (123) (368)
Net Book Value as of ‘
31 Dacember 2006 NN ee enn BH LS
COST

Balance as of .

1 January 2005 171 26 29 42 308 576
Additions a es
Balance as of

31 December 2005 171. 26 _31 42.308 «S578
ACCUMULATED
DEPRECIATION
Balance as of

1 January 2005 (90) (6) (15) (36) (G0) (207
Charge for the year (34) (5) (6) (6) (31) (82.

Balance as of

31 December 2005 (124) (U4). (2.1) _(42) _ (91) (289

Net Book Value as
of 31December 2005 47 18 1 ANT BD

Share Capital

1 February 2002, the Board of Directors received approval
at The Sanemas to convert the authorized and issued share capital of the tno
from US$ 5,000,000, comprising 5,000,000 of US$1.00, to Euros ene
comprising 5,000,000 shares of Euros 1.30 each. Each share carries one vo oc
order to effect this conversion, the initial shareholders’ capital of US$5,000,
was returned and simultaneously the initial shareholders reinvested Euros
6,500,000. The authorized, issued and fully paid share capital as at 31 Decomber

2006 and 2005 is Euros 6,500,000.

from The Central Bank

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FRIDAY, APRIL 27, 2007, PAGE 13

ee

THE TRIBUNE

General Banking Reserve

The Bank has appropriated a general banking reserve for unforeseeable risk and
future losses. General banking reserves can only be distributed following approval
from the Board of Directors.

Re Ea a

ST”

Commitments an ntingencies
a) Derivative financia

The Bank enters into forward currency contracts as part of its client-related
trading activities. Forward currency contracts are contracts to purchase or
sell foreign currencies at specified rates of exchange on specific dates in the
future. Risk arises from the potential inability of counterparties to perform
under the terms of the contracts (credit risk) and from fluctuations in the
foreign exchange rates (market risk). The Bank manages its market risk of
client-related positions by taking offsetting positions with its affiliates,
resulting in minimal market exposure.

PAA IL PRE Be”

a2 &2t&

The contract amounts of the 31 December 2006 and 2005 instruments
reflects the extent of the Bank’s involvement in forward currency contracts
and do not represent the Bank's risk of loss due to counterparty non-
performance. The replacement value of these client-related derivatives are
included in other assets on the balance sheet. The credit risk is limited to
those contracts with a positive fair value. As of 31 December 2006 and 2005
these commitments are as follows: ;

se

2006 2005
000’s 000’s

Commitments to purchase forward currency contracts - 22
-Commitments to sell forward currency contracts - 22
As of 31 December 2006 and 2005, the credit risk is limited to those contracts

with a positive fair value that amounted Euros nil thousand and 2 thousand,
respectively.

Commitments and Contingencies (Continued)

b) Lease

Te a te ES LO RE a a a OE PLS

The Bank has a lease agreement for its office space. The basic rent is paid in
equal monthly payments in advance for a period of ten years, commencing
on 1 December 2005 and expiring on 30 November 2015.

Taxation

At present, no corporate or capital gains taxes are levied in the Commonwealth of
The Bahamas and accordingly, no provision for such taxes has been recorded.

Fair Value of Financial Instruments

Financial instruments utilized by the Bank include recorded assets and liabilities,
as well as items that principally involve off-balance sheet risk. The majority of the
Bank’s financial instruments, are either short-term in nature or have interest rates
that automatically reset to market on a periodic basis. Accordingly, the estimated
fair value is not significantly different from the carrying value for each major
category of the Bank's recorded assets and liabilities.

PRICEWATERHOUSE(COPERS



PricewaterhouseCoopers
Providence House

East Hill Street

P.O. Box N-3910

Nassau, Bahamas

Website: www.pwe.com
E-mail: pwebs@bs.pwe.com
Telephone (242) 302-5300
Facsimile (242) 302-5350

INDEPENDENT AUDITORS’ REPORT
To the Shareholders of ANDBANC (BAHAMAS) LIMITED

We have audited the accompanying balance sheet of Andbanc (Bahamas) Limited as of
31 December 2006 and a summary of significant accounting policies and other
explanatory notes.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of this balance
sheet in accordance with Interriational Financial Reporting Standards. This responsibility
includes: designing, implementing and maintaining internal control relevant to the
preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the
circumstances.

CRT FES Ae SEN OD SPF a OT tt a a OE EO SE 8 ee 2D

Auditors’ Responsibility

Our responsibility is to express an opinion on this balance sheet based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those
standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance whether the balance sheet is free from material
misstatement.

eo Cie eee

“ar

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors’
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the

Ls

auditors consider internal control relevant to the entity's preparation and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the entity's internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.

2

We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion. :

Opinion
In our opinion, the accompanying balance sheet presents fairly, in all material respects,

the financial position of Andbanc (Bahamas) Limited as of 31 December 2006, in
accordance with International Financial Reporting Standards.

a ee ee a ta

Emphasis of Matter

ae ee

Without qualifying our opinion, we emphasise that the accompanying balance sheet

does not comprise a complete set of financial statements in accordance with
International Financial Reporting Standards. Information on results of operations, cash

flows and changes in equity is necessary to obtain a complete understanding of the

oe position, performance and changes in financial position of Andbanc (Bahamas)
imited.

1
Chartered Accountants

Nassau, Bahamas
22 March 2007

PP PRET a a EE RRS



Soe FP OF

‘Publish your Legal Notices and

‘Balance Sheets in The Bahamas
leading newspaper

~The Tribune

: Call 502-2352 thru 7 or
502-2376

2.

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FROM page one

the ad in question, Bishop Humes wanted the pub-
lic to know that his comments only reflected his
personal views and not the views of the Christian
Council.

He reiterated his call for integrity in the political
process, and joined Catholic Archbishop Patrick
Pinder in calling for Bahamians to reject any candi-
date who secks to sway public opinion through
fraud.

With allegations of vote buying mounting daily
against government MPs, Bishop Humes said: “I
think that vote buying is primitive, and I think any-
one who does it should be rejected.”

“You don’t buy your seat in Parliament,” the
Bishop continued, “and I stand by the Archbishop of
the Catholic faith. It is a primitive practice that
should be Jong gone, and we should be matured
past that stage.”

“Democracy is not practised by buying votes.
That is bribery. It is criminal, it is a sin, and it is
wickedness,” said the Bishop.

Archbishop Patrick Pinder has advised his parish-
ioners, in an election advisory letter, not to sell their
votes.

This recent public outcry by religious leaders for
voters to reject vote buying MPs comes in the wake
of an increasing number of incidents that have sur-
faced in recent weeks where some government MPs,
or their representatives, have been accused of hand-
ing out hundreds of dollars in cash and other gifts.

“There is very little accountability in this country,”
said Bishop Humes in an interview with The Tribune
Wednesday. “When candidates are nominated by
the political parties, these men and women should be
above board. There should never be a question of
anyone’s integrity.”

‘$1.5m missing’ claim

FROM page one

much is suspected of being missing.

Dr Bethel noted that BEC general manager Kevin Basden
made the existence of the investigation public earlier this year.
He said The Tribune would have to speak to Mr Basden for fur-

ther information.

However, numerous attempts to contact Mr Basden for com-
ment on the matter proved unsuccessful up to press time yester-

day.

The Tribune also contacted a senior police official on the

matter.

“We have some reports from BEC about some funds being mis-
appropriated,” Chief Superintendent Glenn Miller said.

Mr Miller could not say exactly how much money had been
reported missing or over what period, as he did not have the file

immediately available to him.

- “We do have some reports coming in as early as this year from
BEC. In fact there were a number of different scenarios report-

ed to us,” Mr Miller said.

Mr Miller attempted to assist with further details by directing
The Tribune to the officer in charge of the Commercial Crime sec-
tion, however calls were not returned up to press time.

Hubert Ingraham
FROM page one

people, when they get land with utilities, can build
their own houses, make their own arrangements and
not be bothered by the government's bureaucracy,"
he said.

As the government is the biggest land owner in the
country, Mr Ingraham's plan seeks to transfer an
adequate amount of state held land to Bahamians,
not only for housing, but also for business and indus-
trial purposes — while the state retains ownership of
water bearing land.

“We can house Bahamians; we can provide oppor-
tunities for them to go into business all over the
Bahamas, without depleting the government’s vast
land holdings," he said.

To further assist:in empowering Bahamians, Mr
Ingraham's plan would make land available to private
contractors to assist in meeting the ever growing
need for housing demand.

The former prime minister also used the occasion
to scold the PLP for not fulfilling its pledge to com-
plete some 10 homes in Cockburn Town. Mr Ingra-
ham, accompanied by the media and FNM support-
ers, toured these home sites, which are still at foun-
dation level, even though construction began late
last year. Residents told The Tribune that no work
has been done in months.

FROM page one

Although US embassy officials

Christian Council










ASTER IS THE HOLIEST
OF ALL CHRISTIAN
CELEBRATIONS.

Rk














If IS THE GLORIOUS TIME IN THE CHURCH'S
YEAR WHEN CHRISTIANS CELEBRATE THE
"VICTORY OF OUR LORD
AND
SAVIOR JESUS CHRIST
OVER THE FORCES OF SIN AND DEATH, BY
RISING FROM THE GRAVE.

VOTE
FOR

JESUS CHRIST AS THE LORD AND
SAVIOR OR YOUR LIFE.

UST THE P EOPLE OF GOD oes LIFE THAT Pp ROMOTES |.

PEACE AND HARMONY AMONGST ALL

FACMIFUL AND NOBLE MEMBERS
OF THE CHURCH.



@ THE advert which sparked concern

Voting reports
FROM page one -

Islands and have to travel back in
time for the election, so they won't be
able to vote on May 2 either, and as-a
result, have been disenfranchised.*
‘The source said he could not be
sure why the names were left off the
list, but said many put it down to the
confusion caused by the prime min-
ister’s decision to call the election
with such short notice. .
However Parliamentary Registrar
general Mr Errol Bethel told The Tri-
bune yesterday that this occurrence
was nothing too out of the ordinary as
sometimes persons’ names would not
be on the advanced polling list +
due mostly to simple human error:
Despite this, these persons he said,
can rest assured that they will still be
able to vote in the May 2 general
election.

Police, Defence Force

FROM page one

from members of law enforcement and the
parliamentary department.

The Tribune spoke to each candidate pre-
sent at the various stations, and each in their
own right claimed to have the edge over their
opponent. Some FNM candidates gave them-
selves an 80 per cent winning edge, with their
PLP counterparts claiming this prediction for
themselves.

Independent candidate for Bamboo Town,
Tennyson Wells said he feels he had a three to
one lead over his FNM opponent Branville
McCartney. Whereas Mr McCartney says that
he is extremely confident that he has beaten Mr
Wells. However, BDM candidate Omar Smith,
claims to be the leader in the three-way race for
Bamboo Town.

In every constituency the reports remain the
same, in the Blue Hills area, incumbent MP
Leslie Miller is already claiming victory over his
FNM opponent Sidney Collie — with Mr Col-
lie, who was sitting next to Mr Miller, voicing
the opposite — a “comfortable” win over
Miller.

Missing aircraft case

yesterday did not wish to further
comment on the incident until the
circumstances surrounding the
disappearance are better known,
they said that cases like this are
always of concern because the
Bahamas is in easy flying distance
of the US.

Chief political, economic and
public affairs officer Dan O’Con-
nor said that this incident is a very
“unique sort happenstance”, and
that the Transportation Security
Administration (TSA) and the
Federal Aviation Administration
(FAA) were immediately advised
on it.

Mr O'Connor could not say if
the Bahamas’ Civil Aviation
Department is working together
with American authorities to
locate the missing aircraft using
radar or other tracking technolo-
BY. ;

Neither the Ministry of Trans-
port and Aviation nor Civil Avi-

FROM page one

marked,” she said.

ation officials returned The Tri-
bune’s calls yesterday.

Deputy Prime Minister Cyn-
thia Pratt was also unavailable to
comment on the significance of
this incident to the country’s
national security.

On Thursday, Desmond Ban-
nister — whose law firm is repre-
senting Western Air — said that
the theft validates many of the
concerns raised in recent months,
by persons such as former US
ambassador John Rood, about
security at the airport.

_ Mr Bannister said that this inci-

dent raises “safety implications
for Bahamians, about the safety
of our airports and the safety of
our skies.”

Speaking with The Tribune yes-
terday, Mr Bannister said that
“we are very fortunate that that
plane didn’t land in some US
building by now.”

According to reports, the West-

ern Air plane — coloured red.
white and blue — was discovered
missing from its spot on the tar-
mac, close to the terminal build-
ing, at 6am yesterday by employ-
ees from that company.

So far only one security offi-
cer, who reported having heard
an engine start at around L.13am,
has come forward claiming to be
aware of how, when, or in the
hands of whom, the plane left
Nassau.

Director of air traffic services,
Joseph Albury, told the media
that Air Traffic Control has no
official record of the plane having
left LPIA.

He explained that “‘a legal pilot
would call us, file a flight plan,
then when he's ready to fly he
would call us, we'll issue clear-
ance and clear him for take off.
Now a pilot operating illegally —
he'll just enter the runway and
take off.”

Campaign workers

“Anyone who saw me driving in the constituency



This comes after several reported incidents of
violence, which police are now investigating to deter-
mine if they were politically motivated — including a
fire at Tommy Turnquest’s Mount Moriah head-
quarters and a bullet shot through the window of a
PLP strategy office on East Bay Street.

The FNM supporter, who is a resident of Blair,
yesterday said that “alarm bells” went off in her
head because two other people in her area also had
their windshields smashed last Friday. tn both cases
witnesses saw a white Nissan Maxima with tinted
windows in the vicinity.

The supporter said she noted the Nissan’s licence
plate and has passed this information on to police.

She said there is a possibility that she was tar-
geted because she is an avid FNM supporter.

Explaining that although her vehicle is currently
not decorated with any FNM paraphernalia, it was
adorned with red, white and blue pom-poms last
week.

would have seen that, and plus I’ve been to every ral-
ly, carrying like eight people in my car,” she said.

Mrs Butler-Turner yesterday said she and her
campaign workers have been experiencing prob-
lems with PLP supporters in the past few weeks.

The FNM candidate said that the police had to be
called to her constituency last week after supporters
of her opponent, Senator Yvette Turnquest, took
down her party’s posters or covered them up with
their own.

Shooting death reports

REPORTS came in late last night that a man
was shot dead by two men while he sat in his car
at the ESSO gas station on Wulff Road.

This takes the murder total for the year to 31.



PAGE 14,



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im



THE TRIBUNE

let Charlie the | r
Bahamian Puppet and by
his sidekick Derek put Ay

some smiles On your



kids’s faces.

Bring your children to the
McHappy tour at McDonald's in
Malborough Street every Thursday

from 3:30pm to 4:300m during the
month of April 9007.

Enjoy Great Food, Prizes and Lots of Fun,

i'm lovir’ it

RET

Simply the Best”

wy





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THE TRIBUNE



FRIDAY, APRIL 27, 2007, PAGE 15

PLP continues rallies with event in Clifford Park.



S THE PLP contined their series of mass rallies on Tuesday night with thouands turning out to an
event in Clifford Park. Tension in mounting in the build-up to the general election on May 2, with
huge crowds turning out to the rallies of both the F NM and the PLP and exchanges between

politicians becoming increasingly rancorous





B VENEZUELA
Caracas

MAJOR international oil
companies agreed to cede con-
trol of Venezuela’s last private-
ly run oil projects to President
Hugo Chavez’s government, but
ConocoPhillips _ resisted,
prompting warnings its fields
could be taken over outright,
according to Associated Press.

Chavez decreed last month
that four heavy-oil projects in
the Orinoco River basin, con-
sidered Venezuela’s most lucra-
tive, be brought under govern-
ment control on May 1. The
president has said soldiers will
accompany Officials to the fields
on that day ;

Officials from Chevron Corp.,
BP PLC, France’s Total SA and
Norway’s Statoil ASA s:yned
memorandums of understand-
ing Wednesday agreeing to give
state oil company Petroicus de
Venezuela SA a majority stake
in three of the projects. Exxon
Mobil Corp. signed earlier in
private, officials said.

But Venezuelan Energy Min-
ister Rafael Ramirez said at the
ceremony that Houston-based
ConocoPhillips has yet to sign
an agreement.

ConocoPhillips is the most
exposed: It is involved in two
of the four projects, Ameriven
and Petrozuata, and has the sin-
gle largest stake of any compa-
ny — a 50.1 per cent interest in
Petrozuata.

Ramirez said if Cono-
coPhillips does not sign by May
1, the state will take control of
its two projects, but added that
Venezuela remains open to dia-
logue with the company.

"I think (ConocoPhillips) is
willing” to sign eventually,
Ramirez told reporters. “What’s
going on is that it is not dealing
with the issue in the best terms.”

He declined to say what
would happen with Cono-
coPhillips’ assets — including
equipment and infrastructure —
if it refuses to sign.

ConocoPhillips spokesman
Charlie Rowton told Associated
Press that “discussions are
ongoing”.

“Every company has to
decide for itself,” Ali Moshiri,

head of Chevron’s Latin Amer-

ican operations, said when
asked if ConocoPhillips had
informed Chevron of why it had
yet to sign. ConocoPhillips and
Chevron are partners in
Ameriven, holding 40 per cent
and 30 per cent stakes respec-
tively. PDVSA has the remain-
ing 30 per cent.

PDVSA will take a minimum
60 per cent stake in the four
Orinoco projects, which
upgrade heavy, tar-like crude
into more marketable oils and
are considered Venezuela’s
most promising. As older fields
elsewhere go into decline,
development of the Orinoco is
seen as key to Venezuela’s
future production.

Terms

The companies have until
June 26 to negotiate the terms
of the takeover, including com-
pensation, their new stakes and
operational control for the pro-
jects, which they have run inde-
pendently until now.

The private companies have
more than US$17 billion in
investments and loans in the
projects.

Wednesday’s signing cere-
mony also included agreements
giving the state control over
some smaller projects outside
of the Orinoco: Exxon Mobil’s





Hoe PACARAL 8 honda»

edi





La Ceiba oil field and the Gulf
of Paria East offshore oil field
that Chinese company Sinopec
plans to develop, according to
Ramirez.

IANS Ut

CRANBERRY JUICE
FREE! |

Ramirez said Italian oil com-
pany Eni SpA also did not sign,
which raises questions about
plans to develop the Corocoro
offshore oil field, where it is

partnered with ConocoPhillips.
Eni had another oil field seized
by Venezuela last year and has
taken the matter to interna-
tional arbitration.



Shares of the six. oil compar
nies in the Orinoco, as well as-
Eni ended up between 1.4 and
1.8 per cent Wednesday on the
New York Stock Exchange. =

aes








BUY2 |

BOTTLES |

GET
| FREE!

{tr



THE TRIBUNE

PAGE 16, FRIDAY, APRIL 27, 2007

& 2 Qe



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AIN'T LONG NOW!



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FRIDAY, APRIL 27, 2007

SECTION



business@tribunemedia.net

The Tribune

BUSINESS

Miami Herald Business, Stocks, Analysis, Wall Street





$867m South Ocean hotel
gets approval in principle

@ By NEIL HARTNELL

Tribune Business Editor

he $867 million

South Ocean

resort project has

been approved in

principle by the
Government, The Tribune was
told yesterday, a crucial step
in the hotel’s transformation
into a major tourist and enter-
tainment destination that aims
to enliven southwestern New
Providence.



Ministry to tackle
Grand Bahama’s

Roger Stein, of RHS Ven-
tures and the multi-million dol-
lar investment project’s man-
aging director, confirmed to
The Tribune that he had been
told the Government had giv-
en South Ocean’s redevelop-
ment its approval in principle,
after this newspaper contacted
him upon being tipped off
about the decision.

“I’m thrilled to focus the
next five years of my life on
making this one of the top des-
tinations in the world,” Mr

high airport costs

Reducing turnaround fees crucial
to attracting airlift and tourist
numbers to fill Ginn, Morgan

Stanley and re-opened Royal Oasis

@ By CARA BRENNEN-BETHEL
Tribune Business Reporter

THE Ministry of Tourism is set to holds meetings with Grand
Bahama International Airport’s management to discuss ways
the burden of the airport’s high turnaround costs can be eased,
The Tribune was told yesterday, as this could present an obstacle
to attract airlift and tourists to the island’s investment projects.

Grand Bahama International Airport, which is owned in a
50/50 joint venture by the Grand Bahama Port Authority’s affil-
iate, Port Group Ltd, and Hutchison Whampoa, has one of the

highest turnaround costs in the
region, making it a huge imped-
iment to the growth of tourism

SEE page 6

Stein said.

He added that all studies rel-
evant to the project.and its var-
ious components, including its
economic and environmental
impacts, traffic and feasibility,
had been submitted to the
Government.

Approval in principle is just
the first step - albeit an impor-
tant one - for major investment
projects to make in obtaining
all the necessary permits,
approvals and final go-ahead
from the Government.

The South Ocean project
will now have to conclude its
Heads of Agreement with the
Government, and obtain all
necessary construction per-
mits, plus have its environ-
mental impact assessment
(EIA) vetted and approved by
the Bahamas Envrionment,
Science and Technology
(BEST) Commission.

Mr Stein confirmed to The
Tribune yesterday that such
processes were already under-
way, saying: “All my studies

have been done, We’ll be
before the BEST Commission
on the environment, and are
just fine-tuning the Heads of
Agreement document itself.”

The project to revitalise the

South Ocean Golf & Beach,

Resort is projected to generate
1,358 full-time jobs when fully
open, in addition to 1,200
direct construction jobs dur-
ing peak build-out, according
to a study done by Oxford
Economics, the same consul-
tancy that recently completed

Banks to decide on ACH software ‘by early May

a survey of the financial ser-
vices industry’s overall impact
on the Bahamian economy.
Mr Stein said the project
would create “jobs at all lev-
els” during both construction
and full-time operations.
Among the amenities creating
employment would be, apart
from the five-star and four-star
hotels, retail, restaurant and,
cafe outlets, the golf course,

SEE page 5



Process ‘several months’ behind schedule, but working group head

says ‘new dynamics’ mean it wants to get selection right first time

we ee ee ee ee ee ew ee ee ee en ee ee ee ee meee eee ee seen eee tesa me ee ew ewe ee ee eee eee nee essere
: i

@ By NEIL HARTNELL
Tribune Business Editor

€

evaluation of some positions we’d previ-
_. ously taken.” sat caeanis pedi ce ceas ins
He declined to detail what these dynam-

THE Clearing Banks Association’s
(CBA) working group on the Automated
Clearing House (ACH) is expected to
make a decision on the project’s software
provider “by the early part of May’, The
Tribune was told yesterday, the group’s
head acknowledging that the process was
“several months” behind schedule.

But Paul McWeeney, who is also Bank
of the Bahamas International’s managing
director, said that while the selection
process was running slightly behind his
“latest” timetable, this was because several
unexpected issues had arisen and the
group wanted to make sure it got it right



a ics were, but added: “We’re still several
<; months behind my latests schedule, but

we're confident a decision will be made by
the early part of May.”

Mr McWeeney had told The Tribune
in early March that the software provider
for the ACH had been selected, with the
working group’s choice only awaiting rat-
ification by the full CBA and Wendy
Craigg, the Central Bank of the Bahamas

- governor.

Providence Technology Group, the
Bahamian IT services and solutions
provider, has already been selected as the
ACH project manager and started to



first time.

Describing the process as “moving”, Mr
McWeeney said: “Some new dynamics
entered the equation, which required re-



â„¢ PAULMcWEENEY

make preparations needed for its role.

SEE page 7

Business licence,
bond woes hit

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firm’s Bahamas
based earnings

® By NEIL HARTNELL

Tribune Business Editor

A NASDAQ-listed compa-
ny yesterday attributed “diffi-
culties” in obtaining bid bonds
and temporary business
licences, as a foreign compa-
ny doing business in the
Bahamas, for a 10.5 per cent
or $4.1 million decrease in its
construction division’s rev-
enues during fiscal 2006.

Devcon International, which
has since agreed to sell its con-

_struction division, after failing

*to conclude the unit’s sale to
Craig Symonette’s Symonette
Group, said it had also suffered
an $2.6 million decrease in
gross profit recognised on an
unnamed construction project
in the Bahamas due to prob-
lems with a “non-performing”
sub-contractor,

In its form 10-K, filed with
the Securities & Exchange
Commission (SEC), Devcon
attributed the revenue decline
suffered by its construction
division “primarily” to “diffi-
culties in obtaining bid bonds
and temporary business licens-
es, as a foreign corporation, in
the Commonwealth of the
Bahamas”.

The company added that for
the year to December 31, 2006,
‘the construction, division’s
operating loss rose’ to $7.6 mil-

lion from $2.9 million the year
before, a more than 100 per
cent increase.

Devcon said: “There was a
$2.6 million comparative
decrease in gross profit recog-
nised on a project in the
Bahamas due primarily to
delays and costs associated
with a non-performing sub-
contractor, and costs associat-
ed.with securing final accep-
tance of our underground util-
ity work.......

“Lastly, there was a $1.1 mil-
lion comparative decrease in
gross profit recognised on
another project in the
Bahamas due to it being sub-
stantially complete in 2005.”

However, Devcon had
rediced the backlog of unful-
filled construction contracts
from 18 projects and $17 mil- _
lion in 2005 to 14 projects and
$7.1 million at year-end
December 31, 2006. One pro-
ject in the Bahamas represent-
ed 7 per cent of the remaining
backlog. F

Revenues earned from its
Bahamas-based operations fell
by more than one-third during
fiscal 2006, declining to $17.565
million compared to $26.917
million the year-before. Total
Bahamas-based assets also
declined by almost 50 per cent,
from $5.414 million to'$2.773
million.







PAGE 2B, FRIDAY, APRIL 27, 2007 THE TRIBUNE.

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Isn’t it time for a change?

A new FNM government will construct new schools
and school additions to meet the demand of communities _
and prepare Bahamian children for the future.

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FRIDAY, APRIL 27, 2007

Che Miami Herald






THE MARKETS PETROLEUM
STOCKS, MUTUAL FUN
DOW 30. 05.
S&P 500
NASDAQ
10-YRNOTE 470.
CRUDE OIL 65.06



Exxon 10

i Exxon Mobil said earnings
climbed 10 percent to a
first-quarter record after rising
gasoline and diesel prices
increased refining profit.

BY JOHN PORRETTO
Associated Press

NEW YORK — Exxon Mobil, the
world’s largest publicly traded oil
company, said Thursday its net
income grew 10 percent in the first
quarter, as higher refining, marketing
and chemical profit margins over-
came lower crude oil and natural gas
prices from a year ago.

The earnings of $9.3 billion were
the company’s highest ever for the
first quarter and beat Wall Street
expectations, but revenue ‘slipped
and fell well short of analysts’s
foreacsts.

fail to
stimul ms
sto os :

BY TIMPARADIS .
Associated Press - < .
NEW YORK — wall: Stre
paused Thursday, with stock
little changed as strong profit
reports from names like Apple

_ and 3M Corp. failed to §





$9.3B earnings an

record

Investors pushed Exxon Mobil
shares to a new 52-week high of
$80.49 a share in morning trading on
the New York Stock Exchange. By
early afternoon, the shares were up
23 cents to $80.15 a share. They’ve
traded as low as $56.64 in the past
year.

Net income amounted to $1.62 per
share for the January-March period.
That was up from $8.4 billion, or $1.37
per share, a year ago. Analysts polled
by Thomson Financial were looking
for a profit of $1.52 per share.

Revenue fell to $87.2 billion from
$88.9 billion a year earlier, well below
the $100 billion analysts had forecast.
Like other major oil companies,
Exxon Mobil was hurt by lower oil
and natural gas prices to start 2007
compared with a year ago.



Last year, the Irving, Texas-based
company posted the largest annual
profit by a U.S. company — $39.5 bil-
lion. That result topped the previous
record, also by Exxon Mobil, of $36.13
billion set in 2005.

Last month, Exxon Mobil said it
will spend some of that money on
more than 20 new global projects in
the next three years, investments
expected to add 1 million oil-equiva-
lent barrels a day to the company’s
volumes at peak production.

the market a day after the Dot
Jones industrials crossed 13,00
Still, a modest advance in the
Dow gave. the,
another record close.

Beyond the Dow’s
investors were also.
watch over the Standar

Poor’s 500 index, which has in,

recent sessions crept closer t

news, which heipeds {vault |
Dow into record ‘territo

Wednesday and to a new trad-
ing high Thursday, continued —
but with less effect than in the

Previous session.

pleased investors. oe
~ “Once you go through:
people consider a milestone:

are often going to have a little

rest,” said Ron Kiddoo, chief

investment officer at Seca
Asset Management.

The Dow rose 15.6], or 0.1 M
: percent, to 13,105.50 after hitting —
1132. oy a



a fresh trading high of 13
Thursday marked





18th rise in the past 20 sessions e
and its 36th record close since





the: start-of-Octo
Broader |

he S
& Poor’s 500 index slipped i

or 0.08 percent, to 1,494.25, S
while the Nasdaq composite
index rose 6.57, or 0.26’ percep a

to 2,554.46.

Bonds fell amid the continua-
tion of strong earnings reports.
The yield on the 10-year note
rose to 4.69 percent from 4. G5,

percent late Wednesday. —

The Dow swept past its latest :
milestone Wednesday amid bet--
ter-than-expected earnings and |

economic data. But the question

on investors’ minds is whether |
upcoming data will prove the
market’s recent rally. was justi- |

fied, or overdone.
While the economic calendar

is busier next week, Kiddoo
contends earnings will continue .

to drive stocks until midweek or

so when investors begin to |
focus on the governments —
employment report, due May 4.
‘In other corporate news,
Apple’s profit report beat ana- ©
lysts’ estimates, and the stock at
times surpassed $100 a share. _
Apple closed up $3.49, or 3.7

percent, at $98.84.

A light flow of. eeanerie.
news Thursday didn’t appear to.
hold much sway over stocks. _
Among the reports, the Labor —
Department said applications i
for jobless benefits fell last —
week by 20,000, the biggest —




decrease in nearly two months.

Gold fell on Thursday, while
the dollar was mixed against —

_ other major currencies.

Declining issues outpaced

advancers by about 9 to 7 on the
New York Stock Exchange,
where consolidated volume
totaled 3.14 billion shares, com-
pared with 3.17 billion traded
Wednesday.

Overseas, Japan’s Nikkei
stock average rose 1.12 percent,
Britain’s FTSE 100 closéd up
0.12 percent, Germany’s DAX

index rose 0.60 percent, and —

France’s CAC-40 ended aon
0.05 Bee















rrr cet renee nner ne sane setntenet nner




















AUTOMOTIVE





BILL BUciANoyARe cere maaan
STRUGGLING: Ford’s new vehicle sales in the United States fell more than 13 percent for the quarter,
however, the Edge performed well. Above, George Harabedian looks over a Ford Edge at Royal
Oak Ford in Royal Oak, Michigan. Below, the Ford logo is shown on the wheel of a new vehicle.

Ford’s loss narrows to
$282M as revenue rises

@ Plunging sales of big pickup trucks and
sport-utility vehicles increased losses in North
America for Ford. But the loss was less than
expected as redesigned autos boosted profits in
Europe. ;

BY TOM KRISHER
Associated Press

DEARBORN, Mich. — At $282 million, Ford
Motor’s first-quarter loss was much improved over the
$1.4 billion in red ink it posted during the same quarter
last year.

Company officials touted the results as a sign that
its restructuring plans were taking hold, but Ford still
is struggling to make money on its core business —
selling cars and trucks in North America.

The first-quarter loss, announced Thursday, was
Ford’s seventh consecutive negative quarter, but the

automaker said the smaller deficit reflected its efforts

aimed at cutting costs and rolling out new products to
compete with Asian automakers.

Ford’s revenue rose 5 percent, its loss excluding
special items was smaller than Wall Street expected
and its shares rose more than 4 percent on the New
York Stock Exchange.

CEO Alan Mulally said in a conference call with
reporters and industry analysts that Ford was making
progress.

“Although these first-quarter results are encourag-
ing, we still have a long way to go to turn around this
business,” he said. “The basics of our business are
improving,” he said.

Ford’s new vehicle sales in the United States fell
more than 13 percent for the quarter and its market
share dropped from 17.2 percent in the first quarter of
2006 to 15.1 percent.

The Ford Edge and Lincoln MKX crossover vehicles
were performing well, but sales fell in the company’s
flagship F-Series pickup truck line and its Explorer
sport utility vehicle. Both had been huge profit centers
for the company in the past.

Revenue rose to $43 billion from $40.8 billion a year
ago.

Although Ford’s cash flow improved in the first
quarter, it is still on track to burn up $17 billion through
2009 to cover losses and restructuring costs, Chief
Financial Officer Don Leclair said.

Although the new crossovers and heavy-duty



BEN MARGOT/AP

pickup trucks are off to a good start, Healy attributed .

Ford’s sales decline to its plan to reduce low-profit
sales to rental car companies and to sluggish sales of
its older models.

Despite the overall improvement, Ford said its core
business in North America lost $614 million on auto-
motive operations before taxes for the quarter, wider
than the $442 million it lost in the first quarter of last
year. North American automotive revenue dropped
from $19.8 billion in the first quarter of last year to
$18.2 billion.

Ford also posted a pretax loss in its Asia Pacific and
Africa operations, but it made a pretax profit in Europe
and South America, and in its financial services sector.

“We continue to take the necessary steps to imple-
ment our turnaround plan and remain committed to
our goal of achieving profitability no later than 2009,”
Mulally said.

Ford is trying to fend off Toyota Motor to keep the
title of the nation’s No. 2 automaker. The Dearborn-
based company lost $12.7 billion last year and is .n the
midst of slashing thousands of jobs, closing plants and
rolling out new products in an effort to return to prof-
itability.

Ford said Thursday that it shed 18,000 hourly and
salaried workers in the first quarter, mainly through
early retirement and buyout offers. The separation
programs cost the company $874 million for the quar-
ter in North America.

Ford shares rose 32 cents, or 4.1 percent, to close at
$8.20 on the New York Stock Exchange. They have
traded in a 52-week range of $6.06 to $9.48.





3B

INTERNATIONAL EDITION

DONNA MCWILLIAM/AP FILE
SPURT: Exxon Mobil said Ttiursday its net income grew in the first

quarter, as higher refining, marketing and chemical profit margins
overcame lower crude oil and natural gas prices.

The company said its spending tab
for capital and exploration projects in
the first quarter was $4.3 billion and
that its plans to spend roughly $20
billion this year on such projects
were on track.

“In the first quarter, Exxon Mobil
continued to actively invest, bringing
additional crude oil, finished prod-
ucts and natural gas to market,”
Exxon Mobil Chairman and Chief
Executive Rex Tillerson said in a
statement.

Vista sales
help boost

Microsoft
profit

& Microsoft said third-quarter
earnings rose 65 percent on sales
of its new Windows and Office
programs.

BY JESSICA MINTZ
Associated Press

SEATTLE — Microsoft fiscal
third-quarter profit jumped 65 per-
cent, buoyed by sales of its new ver-
sions of Windows and Office and by
upgrade coupons for the operating
system issued over the holidays.

Earnings for the quarter ended
March 31 rose to $4.93 billion, or 50
cents per share, from $2.98 billion, or
29 cents per share in same period last
year.

Results included legal charges
amounting to 1 cent per share, but tax
benefits boosted profit by 2 cents per
share.

Analysts surveyed by Thomson
Financial forecast a profit of 46 cents
per share.

Revenue for the quarter rose 32
percent to $14.4 billion. Wall Street
was looking for $13.89 billion in sales.

Microsoft started selling its new-
est operating system, Windows Vista,
to consumers at the end of January.
Its “client” division, responsible for
Windows, brought in $5.27 billion in
sales, 67 percent higher than a year
ago.

Analysts estimate Microsoft
deferred $1 billion to $1.5 billion in
Windows Vista revenue to the third
quarter, to account for upgrade cou-
pons given to PC buyers during the
holiday season, before the consumer
launch of the new operating system.

Microsoft Chief Financial Officer
Chris Liddell said the “excellent
quarter” was because of better-than-
expected sales of Vista and Office.

Liddell said Vista beat internal
forecasts by $300 million to $400 mil-
lion, and Office 2007 sales were $200
million better than expected.

The client division sales “are sur-
prisingly ahead of where we thought
they would come in,” said Sid Parakh,
an analyst at McAdams Wright
Ragen. “They might indicate Vista is
doing fine.”

Microsoft’s entertainment and
devices division, which includes the
Xbox 360 game console and the Zune
music player, posted a 21 percent
drop in sales to $929 million.

Liddell said the company is still on
track to sell 1 million Zunes this fiscal
year, and reach the 12 million mark in
Xbox 360 units sold since the product
hit store shelves.

Microsoft trails Google and Yahoo
in making money from Web searches,
but online services revenue edged up
ll percent to $653 million in the quar-
ter. Online advertising revenue grew
23 percent year-over-year, Liddell
said. .

Shares of Microsoft jumped $1.05,
or 3.6 percent, to $30.15 in after-hours
electronic trading, after adding 11
cents to close at $29.10 on the Nasdaq
Stock Market.



pa ee



yon th

INTERNATIONAL EDITION MiamiHerald.com | THE MIAMI HERALD

4B Epipay, APRIL 27, 2007








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New Highs 337 167 Russell2000 835.17 827.00 833.80 +173 +0.21% A A A +5.86% StateStr 69.34 -.38 Unleaded Gas (gal) 2.29 2.28 +044 +42.9
New Lows 18 57 Wilshire 5000 15139.85 15064.68 15108.03 2.38 — -0.02% A A & +5.97% Statoil 28.15 -.65 Crude Oil (bbl) 65.06 65.84 -1.18 +6.6
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ACE Ltd 60.03 1.25 © BrMySq «29.23 -a7?_~—« EchoStar = 46.65.02, TW 5146 +21 Nabors 32.60 15 Sunoco 77.16 +2.23
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AMoviIA 54.15 +199 Chinalfes 4826 -.Al Hokey oak a LehmanBr 76.68 -50 Pearson 17.14 -.10 te aN en 2
AmCapStr 4852 +.35 ChinaMbie 46.59 -73 France is ‘ LeucNatis . 31.08 +.08 PennWstgn 30.00 -.22 otalsys . “
AEagleOs 30.46 +.53 ChinaNet 51.02 —--.07 FrankRes = .130.66 = -.35 Level3 5.73 -45 Penney gn 82.32 «ll Toyota 122.35 -.58 Largest Mutual Funds
AEP 50.25 -46 ChinaPet 89.36 +.06 FredMac = 65.50 +10 LibGlobA 36.60 -.04 ~—pepsiBott ©3254 +06 ‘WCdag = 35.68 -.26 ‘aia aud aie
AmExp 62.14 -.18 ~—ChinaTel «48.75. -.40. «= FMCG 68.46 1.54 — LibGlobB 36.40 -46 = Pepsico §— 66.41.«S «57 ansocn. 86.41 +7200 sit er eae sink elle Sarl, Wonk “ay Gansiie
AmintGpIf 69.79 -19 ChinaUni 15.19 +11 —-FresenM = 50.04 -.18—LibGlobC 34.20.20. Petrocg «= 43.84 «= -.82—Ss‘Travelers, = 53.92 -.83
AREst 109.00 -1.25 Chubb = 54.35 -.60 cael 41.8023 LibMintAn 25.60 +13 Petchina 11628 -28 Tribune = 32.81 +03 aay Fidelity Putnam
AmStand 56.33.43. «= ChungTel «19.89 -.20 nett §— 57.22 -.03LibMCapAn 113.21 -2.04 ~—petrbrsA «91.84 -2.46 «= ‘Turkcell «= 14.78.24 ConctollA m 28.08 +.03 45.6 CapDevO 13.38 -.01 414.5 GrowincA m 21.02 +.02 +162
AmTower 3858 -49 CinnFin 4584 -S1 Gap 18.37 +23 LillyEli 59.73 +22 Ppetrobrs 103.61 -2.02 ycolntL 3252 03 aarnerican Cent DivintlA m 2474 -.09+11.7 VoyagerA m 19.06 +.01 +7.4
Ameriprise 61.29 +.09 Cisco 2655-23 «© Garmins, 57.96 +167 Limited 28.81 = -.49_~— Pfizer 26.72 +49 ~~ ‘Tyson 21.20 -20 Uitralny —=-28.50 +.04 42.3 Fidelity RiverSource
AmeriBrg 50.79 -1.53 _—Citigrp 53.56 -24 Genentch 81.02 -38 LincNat 71.75 +.57 —_—~PIILD 54.17 -.44 UBSAGS 66.15 +59 american Funds 500indxAd 103.77 -.07 +16.6 pivreginA m 1367 ... +142
Amgen 62.55 +86 ClearChan 3580 -.09 GenDynam 79.10 -29 LinearTch 38.74 +.03 philipsEL 4.90 «47, UPM Ky = 25.00.04 = AmcapA m 21.28. 11.6 USEqIndxl 52.91 03 +166 LgcpEqA m 6.18 +.01 +15.1
Amphenols 35.73 +15 Clearch 29.78 +102 Genflec 3584 +43 LioydTSB 46.66 --47_—sPitnyBw 0 48.41 -.25—S«UST Inc 58.28 -1.41 — BalA m 19.67 -.01+123 First Eagle Russell
Amvescp 23.95 +.64 Clorox 66.42 -14¢ © GnG 64.62 -15 LockhdM 93.50 -2.00 plainsAA 59.28 -.15.—Ss«CiitraPtg = 57.90.05 BondA m_——13.41 -.02 +81. GIbA m 48.41 -.04+14.9 wuistrads 10.37 -.02 +68
Anadarks 47.47. +31 Coach $1.28 +.53 GenMmills 60.01 +.11 Loews s 46,94 +21 Plumcrk 4033 +.07 UUniao 99.57 +.67 CapIncBuA m 64.36 -.09+21.0 OverseasA m 26.89 . ... +15.5 Schwat :
AnalogDev 39.85 -25 CocaCE 22.40 +13 GnMotr 3245 +138 igwess «30.97 S18 Polo RL 0453-64 © —-UMilevNVs 30.91 ~.01.- CpWIdGrlA m45.06 09 +19.7_ FrankTemp-Frankdin YidPlsSel 9.69 +58
AngloAm 26.64 -.60 CCFemsa 38.80 +1.05 GenuPrt = 50.30 Luxottica 3466 -.66 Portolrel +1422 «08 = Uilevers 31.76 = +.02 «= EurPacGrA m50.41 -.13+17.1 CATFAm 7.34 +64 oS
‘ ‘ a5 : : rtgiTe , FundminvA m43.11 -.07+16.0 FedTFA m 1210 -.01 +58 Selected .
é Genworth 35.79 17 UnionPac 114.77 -1.59
AnglogldA 45.36 94 CCHellen 44.02 +.30 y Lyondell 32.74 +.05 Potash 189.14 +1.25 GrowAmerA m34.99 -.06 +11.1 AmerShS b 4850 -.18 +17.1
i * + 7 f : . . * .
\nheusr . 5060 30 CocaCl + ««52.08 +34 «© Genzyme «64.5641 MaTBk © 1124265 pwshsQQQ 4655 +24 UNBNCal «6162 HOLA MG “opt TFA mo A a *¥ eowe Brice oo
AonCorp 39.48 +1.03 Cogtech 89.17 -41 Gerdau = 20.15.26 BIA 7093 +168 Praxair 66.20 +26 «© UtdMicro, «3.29.04 incamerA m 2130 +199 SmMACpGrA m42.20+21 4112 BlchpGr 3833 +.17 +136
Apache . 74.42 -198 - ColgPal 66.56 -68 GlleadSci_ 83.98 24 = MeMc 67.15 28 PrecCastpt 104.80 +23 UPSB 71.91 -1.09 — |nycoAmA m 35.24 -05+415.2 USGovA m 643 .. +66 CapApprec 21.76 -.01 +154
ApolloGif 48.78 +12 Comcasts 27.10 -99 GlaxoSKin 5842-37 = MGMMir 70.53 +91 —priceTRs 50.02. -.53. «.«USBancrp = 34.55.02 MutualA m 30.99 -.03+18.0 FrankTemp-Mutual Eqindex - 40.10 -.02 +16.3
Apple inc 98.84 +349 Comcsps 2682 -77 GlobalSFe 64.18 +.02 = Macerich 96.56 15 PrinFnel. «63.87 «+.08«—«‘US Cellular 73.42. -1.27/ NewEconA m 28.51 ~02 +154 piscov A m 33.00 -.03 +21.0 Eqtyinc 31.03 -.03 +191
ApldMatl 19.30 -.19 Comerica 6287 . «28 GOMdFLtd = 1834-45 Magnalg «79.77 «+20 °~—sproctGam 62.99 -.54_-—«*USSteel «=««:103.93_ 90 NewPerspA 34.07 -.07 +16.6 SharesZ 27.93 +.02 +18.0 GrowStk 33.97 +.16 +17.2
ArcelorMit 53.60 -.65 Golderpg 2451-86 = Manpwil=—79.61.-«-19.—progrssEn 51.70 52 -—-‘UtdTech = 67.65.39 NWWHIGA m 53.37 -.19 425.3 FrankTemp-Templeton IntIStk 17.96 ~.05 +144
archDan 39.03 ««-.49.-«S«CCMCBN. «33.9317 GoldmanS 22481 -.79— anulifgs 35.78 48 ~~ progcps. «23.19 -20-~—«(UtdUtils. «29.81 -.26 — SmCPWIA M4336 AB +176 Fan ym — 14.61 4.064158 MidCapVa 27.47 02 +208
ArchstnSm 5345 41 CVRDS 4149.94 = Goodrich 56.12 42.19 Marathon. 103.20 +65 protogis. 66.20 -«-09~=«(tdhithGp 5271-23 ere re ott sine ForEgls 29.09 +.10 #266 MidCpGr 59.58 +.35 +108
Assurant 5827 -35 CVRDpfs 3486 -86 Google 481.18 +319 MarintAs 46.19 -.69 prudent) 9541. «-33.-=«(«NUMGp = 24.90 -.46 ay ae > Growth A m 27.14 +.05+18.6 NewHoriz 34.82 +.11 +3.7
AstraZen 54.94 -.64 CompsBc 68.91 -51 Graingr 84.02 MarshM 32.13 +.08 Prud UK 29.94 -.60 VF Cp 88.49 —--.58 Artisan WorldA m 20.56 +.04+17.0 Newincome 894 -.02 +7.5
AustNZ 12841 -231 CompSci 55.83 -14 GrantPrde 53.23 +35 Marshils 4848 «+45 «= psEG aes6 -195 ValeroE = 71.74 +1.42 Intl 31.51 -16 +186 Franklin SmCpStk 36.37 +.08 +7.8
Autodesk If 41.76 +.72 ConAgra 2482 -27 GpTelevisa 28.84 -.50 MartMM 145.11. +1.68 PubStrg 95,83 42 VeoliaEnv 79.87 —-.63 Baron FndAll[A m=: 14.62 +.08 +187 SmCpVal 44.44, $8.4
AutoData 4450 -.41 + ConocPhil «70.73 «09 HDFCBK = 74.66.26 = Marvell sif 16.70 -.05 —publicis. 48.27. ««-33.—~St«eTisign = 26.9008 Growth b 52.97 +.11 +9.7 Harbor Value 29.00 -.04 +19.0
AutoZone 133.88 -1.61 ConsolEs 42.35 -.68 HSBC 92.73 «71 Masco 28.14 +50 PulteH 28.82 +92 VerizonCm 37.97 +.32 oo 28.35 17 +16.5 CapApinst 35.13 +.01 +7.2 Third Avenue
AvalonBay 128.99 -2.21 ConEd $2.22 +41. Hallibtns 31.63 +.09 MasterCdn 108.56 -.78 Qualcom 45.30 ~04 ViacomB 42.50 — -.25 si : k oo > Intlinstl 67.56 52 +21.1 Value 63.84 +.04 +13.0
AveryD 63.43 --.57 ConstellEn 91.13 +212. . Hanson 86.38 = +.83 Matsush 19.62 -.13 QstDlag 50.20 +B VimpelCm 96.40 +.05 oun Ain 1914-06 12.2 Hartford Thomburg ,
avon 3996 +10 Coopers 50.27 +27 HarleyD 65.34 -21 Mattel 2867 +17 " VirgnMdah 25.99 +.07 AE 00 FEE AGVHLSIA = 23.74 02 +13.0 intivalA m 3117 +.11 +19.7
. o ; 4 5 . Questar 98.70 +2.37 Calamos CapAprA m 39.88 -.10 +11.8
3ASF 116.60 -3.17 Corning 24.91 07 .. Harman 122.50 +19.94 Maxim If 32.81 “10 Qwestcm 8.93 “10 Vodafone 28.60 -.08 GrowA m 58.04 +.30 +1.6 CpA Tweedy Browne
. : 04 +30 +1.6 CpApHLSIA 56.79 -.21 +133
3B&T Cp 41.88 “ll Costco 54.04 -.23, HarmonyG 16.12 +46 McDnids 49.23 +.60 Raytheon 53.42 -1.58 Volvo 95.01 -1.87 Columbia DVGrHLSIA 24.31. -.05 +19.8 GlobVal 33.90 +.06 +19.5
3CE-gn 3458 -54 CntwdFn «38.92 +1.20°‘HarrahE = 85.44 +.04 = McGrwH 66.71 +.28 ~—sReedEIsNV 3735 -11. -VOMado «121.5020 gegrnz 32.52 +11 +129 JPMorgan VALIC
3G Grp 73.04 -.66 - CoventryH += 57.94 +.12 “HarrisCorp 52.47 +47 = McKesson 58.98 -1.65 ReedEls ple 50.15 VulcanM = 121.54 +177 pga IntrAmerS 29.91 -.07 +17.3. Stockldx 38.78 -.03 +16.2
3HP BillLt 49.23 -1.02 CredSuiss 78.61 -42- ‘HartfdFn = 100.66 9-71’ = Medimun 56.51 RegionsFn 35.40 09 WPPGp 74.62 -.76 EmgMktVal 37.41 -.33 +316 Janus Van Kampen
3HPBil plc 45.96 -.95 CrwnCstle 3511 -05 ° HithCrPr = 35.94 -.01_ = MedcoHIth 78.60 -.78 Relianten 2344 -17 Wachovia 55.87 +13 IntiSmCap 23.65. -.18 +23.9 Contrarian 19.46 +.15 +29.3 ComstockA m20.18 -.08 +18.3
3) Svcs 29.59 +12 Cumminss 85.99 +1.64 . HealthNet 56.95 +1.00 Medtrnic 54.07. +.49 Repsol 34.00 -31 WalMart 48.70 -11 IntISmCo 21.59 -.12+21.0 Growinc 40.84 +.02 +7.4 EqlncomeA m 9.49 -.01 +14.6
3MCSft «32.90 +40 DJIADIam 131.20 +.58 . HSCardDvn 25.77 -.04 = MelcoPBLn 18.26 +.06 RschMotn 13526 -27 —Walgrn 45.83 15 — IntlValu 25.68 -.17+26.9 Janus 30.73... $14.2 GrowincA m 23.35. -.04 +18.0
3P PLC 68.02 98 DRHorton 2349 +84 HSDiagn 25.67 +.02 —Mellonfne. 43.30 -.08~—ReutrGrp. 57.22 -106 «© WAMuth = 4225 +50 USLoVal = 27.16.07 +191. MidCapval 25.93 +.01 +183
3 Grp 6375 -0] OTE 51.46 +02, HSECancn 26.75 -58 Merck 52.43 +.04 ReynAms 6525 +35 WsteMInc 35.35 -.06 USMicro 16.54 +.03 +7.3 Overseas 51.16 -.10 +29.8 599 137.70 -.10 +16.5
JakrHu «80.82 -+2.31 «©—«~DalmirC«=— 82.14, +1.00 HSETechn 26.86 = -.39—warkSerono 22.72 Rinker 7755 39 ~~ Weathfdint 51.99 +.31 UssmVal 31.74 +.04 +121 Twenty 59.47 -.20 +183 Asseta 30.35 -.01 +16.5
3cBilVArg 2442 -35 Danaher 70.13 -69 MSPatCren 27.68 +15 Merrililyn 91.00 ~65 —RioTinto 24615-5190 © WellPoint’ «79.02 +.18 DWS-Scudder John Hancock CapOp 38.42 -.03 +10.7
3cBradess 2157 «24 Danone 32.70 -2.76 Helnz 47.03 -~61 Metlife 65.84 +.27 sl ; WellsFgos 36.07 -.21.~=——‘DremHRtEA m52.44 -.07 +16.0 ClsscValA m 29.27. -.05 +17.2 EmerMktld m 26.39 -.15 +17.7
‘ Dassault 5484 -65 HellnTel 15.02. -.12 Metis ee ee ee +10 Davis LifBal b 15.02 -.02 +13.1 Energy «69.31 -.32 $9.2
3ncoltau 39.54 +10 assau 1 Metso 57.01 -1.11 WstnUnn 21.69 "9
Dah abe te Dacre 113.61 -05 Hershey 5480-31 Microchp Bes eg RockColl 67.40 —--.02 Westpac 113.10 -11g NYVentA m 40.78 -.14 +17.5 LifGrl b 15.61 -.02 +13.1 Eyropeldx 39.91 -.24 +27.5
iesanchile 5022 57 at ieit Gl “ae ae 22.13 -113 Micront «1.97 +.20 ae ot a Weyer.» {L253 a is -.24 +138 intent ie 47.88 -.26 +22.8 Eralti 2c? oo aa
3kofam = 50.72 --51 —«Dellincif, 2491 ess s 57.47 -157 Microsoft 29.10 +11 —Rostele 59.27 -.03,-—=| Whirl! 07.05 3° income 12.65 -.01 +75 Legg Mason GNMA 10.20 02 +69
3kirelnd 88.41 1.49 -—«~DeutschBk 154.75 -1.21 .HewlettP = 42.04 +.17 — willeas 37.49 1.15 RoyalBkg 52.39 «4g «= WholeFd = 47.41 -.50intistx 47.77 -.06 +205 OpportnPr m 21.19 +.20 +162 GibEq. ll 14 +202
3kMontg 63.53 -83 Deuttel 18.33 +18 Hilton 35.19 07 Millicomint 85.46 -94 Ryicarb -4239-«-+.23.-«S WmsCos_ 29.98.23 Stack 161.24 -.57+17.3 ValuePr b 76.46 +.79+12.8 Groinc 38.01 -.06 +157
3KNY 40.83 -07 —‘DevDv 66.13. .-01 Hitachi 76.47 °-1.63 — Mirant 4482-76 — RoyDShilB. «71.44 «65 —CWlllisGp_ 41.20 +1.00 Excelsior Longleaf Partners Growthidx 31,69 -02 +123
3kNovag 48.20 -30 «-«dDevonE«— 73.56 -1.25 = HomeDp 3899-51 += MitsuUF). «10.73.25 ——sRoyDShiIA 70.05 -51_-~—«Windstrm = 14.82.06 aiRestrA 57.93 +.08+14.6 LongPart 37.01 -.28 +16.3 HYCor 629... +10.0
Barclay 57.18 -1.40 —Diageo 83.65 -19 Honda 34.20 +08 Mitsui 354.18 +153 Ryanairs 47.95 -1.61 ~~ WiPro 16.74 +25 . Fidelity Loomis Sayles HithCare 156.60 -.45 +19.3
3ard 84.17 -.24 «©—-dDJaOffs = 86.95 +145 — Honwilintl 53.69 -30 MizuhoFn 12.01 -~19 sapaG 48.95 -.92.-~—«“Wolseleys 24.53 +11 AstMgr50 16.81 -.01 +11.7 Bond 14.64 ~05+115 InflaPro 12.00 -.04 +64
JarrickG = «28.37 -.7_~—Ss«éC eV: «= 23.89 -.26 = Hospira. «41.04 -.14. =~ MobileTel 56.45 71 = SKTicm =—24.63« +53. WooriFn = 75.63, -.85 Bal 20.72 +.01 413.2 Lord Abbett Instldx 136.67 -.10 +16.6
3axter 57.86 +46 — Disney 35.17 -15 MostHotis 2641-02 Mohawk 93.42 +34 SiGreen 141.45 09 Wrigley «= 55.44 +13 BIChGrow 46.67 +.03 +84 AffiliatA m 15.97 -.01 +141 InstTBdid 50.36 -.09 +7.3
3ayerAG 68.45 +15 DollarG 21.42 +.02 HuanPwr 41.54 +.17 MolsCoorsB. 96.56 +2.75 SLM Cp 53.88 “14 Wyeth 56.00 -.12 CapApr 29.05 -.10 ae MidCpValA m 24.35 +.04 +20.2 InstTStPl 32.60 -.01 +16.1
Bearst. «157.74 65 + DomRes«=—«92.33 ~09 HudsCity 13.33 -12~—s Monsantos 59.97 -12 st MSTech 59.77 +29 Wyndhamn 3549-24 apine eo me IntlGr 25.95 -.18 +19.1
3ectDck 77191 -.62 DonlleyRR 41.95 = -.03 Humana 65.02 +.86 Moodys 67.94 -.52 STMicro 19.72 49 Wynn 105.93 +.46 Discea 3159-01 +174 TotRetA m 16.92 -.01 +143 IntiVal 43.56 -.28 +18.1
3edBath «41.28 «= -.35.~—S«éover 49.01 +32 HutchTel 30.74 +37 «== MorgStan 8438 «14s Safeco. e919 XE CaP 78.19 36a ©3398 cag aie ValueA m 2854 -11+198 Lifecon 17.16 ~.02 +11.8
erkley 32.67 -33«;DowChm = 45.60 -A7-—aCinter «38.70 «+31 «= Mosaicif 31.77 +121 Safeway 3699-101» XTOEMGY © 55.29 -1.29 pivrinty §—4o.19. -.10 +168 Morgan Stanley Inst LifeGro 25.33. -.03 +15.8
3erkHaA 109400 +650 DuPont = 49.58 -39CICIBk «= 46.45 «= «-.07-~=s Motorola. «17.90.01. Stlude, «=a. -agSCelEMGy = 24.6012 Eine 61.10 -07 +192 IMtIEGA 22.17 -.13 +18.0 LifeMod 21.39 -.03 +14.0
3erkHB «-3628.«S +8 ~=—Ss«éukeEgys ©2068 «32 NG 46.03 -19 MurphO 56.42. 1.85 57‘ Xerox 18.47 +10 — Eqincil 24.84 -.01 +15.2. Neuberger Berman micop ah 16 tee Ia2
ZestBuy 48.16 «8 «= Erade = 21.93 +13 ightapan 1447 —-07.=SNCRCp «50.25 +45 ee ay a 30.18 +98 — FF2015 eee Genesisir 52.20 +04 +89 Morg 20.26 -.01 +114
Ziogenidc 4811 +11 §EONAG 4882 -49 jishpiDv 7436 -.09 —NEC BAL --03 : ; YPFSoc 42.85 = +.23—«FF2040 10.17 +.01 +13.9 Oakmark MulntAdml — 13.28 -.01 +5.4
i : eBa 34.22 +45 ‘ ! : : SaraLee 16.46 = -.35 Yahoo 28.49 +.43 Fidelity 38.35 -.04+14.5 Eqincl 27.67 -.09 +14.9 Pacificld 13.06 -.10 +5.9
Ziomet If 43.13 = -.13 y & iShSP500 =: 149.88 —+.17 NII Hidg 81.07 +2.77 Sasol 34.76 -.66 ; ‘ Free2010 15.36 +11,0 Intl! 27.65 +.08 +23.2 Prmcp 73.48 -.05 +10.1
3lackRock 15291 +.09 EMCCp 1557 -.17 — iShEmMkt 123.84 -.20=NISGrp 5.21 -.04 Satyams 2503-35 «= YUMBrds_ 62.40 +39 td = 1g49 412.5 Oakmark! 48.73 -.09+19.7 REITIdK 26.77.06 +29.8
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Growinc 32.65 +.03 +11.2 DevMktA m 44.98 -.18+16.9 Star 21.99 -.04 +12.4
IntBond 10.29 -.02 +6.7 egal 78.57 -.13 414.2 StratgcEq 26.05 +.04 +13.0
IntIDisc 41.09 -.11 +17.6 IntlBondA m 6.24 -.03 +103 TgtRe2015 13.10 -.02 +13.9
TorontoStockExchange InvGrdBd 737-02 +7.4 MainStrA m 42.86 -.05 +14.3 rgtet2025 13.81 -.02 +15.4
Name Last Chg Name last Chg Name Last Chg Name Last Chg Name Last Chg Name Last Chg — LevCost 33.26 +.02 +202. RocMuniA m 18.77 -.01 +84 Totpdid 9.99 +02 +7.3
sabrielReso 403-16 Wirelesso «12 +.02-—-PetroCanada 49.14 -45 —LoblawCo 52.85 +2.60 —KinrossGold 14.84 -34 —Crystallexo 4.30 -.10-—‘LowPLIStk 46.67 #07 414.1 QOCHNEIMM MIA “OY TOT Totintl 19.24 -13 +19.9
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dynatec 445 +.06 HighRiver 2.49 -.06 MilagroEnergy .17 +.02 CalderaReso 08 -+.01 ~~ GlobalAlumUS 1.70 +.13 — FirstNickelo 1.49 -.08 Overseas 49.23 -.18 17.6 ComRIRStl 14.62 -.23 +17 Wndsr 19.66 03 4177
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NuinscoReso 50 = -.04 Xillixtech 03 MiramarMing 4.99 +.42 TalismanEgy 21.46 -.27 Birchcliff—eng 460 ... CGIGrpASV 10.40 -.15 shtmBond 886 ~01 +53 TotRetls 10.38 “03 +6.7 Westem Asset
SamecoCorp 50.73 -1.66 LionoreMng 18.71 -.14 ChariotReso 94 +.05 SprottMolybdn 5.86 +.14 Royal Bnk 58.75 -.18 BombdrBSV 4.65 +.05 USBdiIndx 10.89 -.02 +7.3 pioneer CrBdinst 11.35 -.03 +93
racificStrts 12.80 +1.00 EqnoxMnrlso 2.25 FirstClgryo 4.21 «+.01 = CanWestUn = 8.49. CelesticaSV 7.23 02 ~— EldoradoGld «6.45 -.23~—‘Vallue 89.10 +.37 +186 pioneerA m 51.13 -.11+15.8 CrPIBdIns 10.53 -.02 +9.3



f

THE TRIBUNE

FRIDAY, APRIL 27, 2007, PAGE 5B



Six areas that can
cause catastrophe

etting control over
your corporate
issues iS more

important than you think.
There are many areas you
need to keep an eye on. Fail-
ure to address one of the fol-
lowing six areas can cause dis-
ruption to your business.

' The first system you need is
a system for Drafting and
Negotiation of Contracts.
Whether you are going to be a
partnership, a limited compa-
ny or some other entity, you
will need to document your
business arrangement to avoid
any issues down the line.
Things invariably go wrong in
any business arrangement, so
prepare yourself for the fol-
lowing eventualities and give
yourself a method for resolv-
ing them.

When you draft your docu-
ment, make sure you include
the purpose and duration of
the arrangement; the respon-
sibilities, contributions, remu-
neration and performance
standards of those involved; a
process for admission and
withdrawal of new
partners/directors; financial
and accounting arrangements,
such as cheque signing and
drawing money; conflict reso-
lution and arbitration where
deadlock occurs; and the
method of dissolution, buyout
processes and valuation.

The second system you
need is a system for Protecting
Intellectual Property (IP).
Regardless of what product
your business makes, or what
service it provides, it is likely
that it is regularly using and

‘creating a great deal of intel-

lectual property, such as your
name, domain name, trade
name, trademarks, valuable
confidential business informa-
tion, customer lists, sales tac-
tics, original designs, publica-
tions, inventions and improve-
ments of products or services.
You need a system of protect-
ing, managing and enforcing
your IP, so that others will not
be tempted to steal it or pass it
off as their own.

Have a process for patenting
your intellectual property. A



. ‘

| Business
\: Sense
Ban






patent is an exclusive right
granted for a product or
process that provides a new
way of doing something, or
offers a new technical solution
to a problem. In some coun-
tries, inventions may also be
protected by less stringent
patents called utility models,
so check out what the situa-
tion is by talking to a compe-
tent patent attorney.

Have a process for trade
marking your intellectual
property. A trade or service
mark is a distinctive sign,
which identifies your product
or service, allowing the con-
sumer to distinguish them
from goods or services sup-
plied by others. There are sev-
eral online services, such as
legalzoom, that can do this
cheaply for you.

Have a process for copy-
righting your intellectual prop-
erty. Copyright protection cov-
ers Original creations in the lit-
erary, musical and artistic
domain (including software).
Copyright protection is usual-
ly automatic once your work is
fixed in some material form.

The third system you need
is a system for Insurance for
Business. Whether you run
your business out of your base-
ment or have corporate
offices, a disaster could wipe
you out. Make sure you pro-
tect yourself by getting cover
for the following:

* You should have insur-
ance cover for buildings and
content, as this will cover you
against damage to your build-
ings and your contents, such
as furniture, equipment, stock,
fixtures and fittings within
those buildings.

* You should have business
interruption insurance cover,
as this will cover you against
loss of income as a result of
any catastrophe that stops the
operation of your business. It

can even pay for the cost of
operating out of temporary
premises.

* You should have liability
protection cover, as this will
cover you for any bodily injury
or property damage that your
business operation or employ-
ees may cause due to defec-
tive products, poor services,
or if something goes wrong.

The fourth system you need
is a system for Auto Insurance.
It is a legal requirement that
your vehicles are covered by
auto insurance, which can cov-

er injuries caused to someone ©

else; treatment of injuries;
property damage; damage to
your car; damage to your car
other than through collision;
and cover if you are hit by an
underinsured driver. Make
sure you get sufficient cover-
age for your purposes.

The fifth system you need
is a system for Employee
Insurance Cover. This is a
wide area, so make sure you
meet with an insurance spe-
cialist to advise you on the fol-
lowing:

* You should consider
health insurance cover, as this
will cover your employees for
private medical, surgical and
hospital expenses and, in some
cases, dental.

* You should consider life
insurance coverage, as this will
cover them in the event of
dying. You can purchase
either term policy, which cov-
ers them for a particular time,
or whole life.

* You should consider key
man insurance, as this will coy-

. Vea a &
er you against the death of

your key employees, with the
1 Ts e2.c ~ Py
beneficiary being the busingss.

* You should consider
worker’s compensation insur-
ance, as this will cover your
employees against workplace
accidents.

* And, finally, you should
also consider disability insur-

hotel gets approval
in principle

FROM page 1

marina and family estate resi-
dences.

He added that he was “just
getting ready to close on the
land” purchase required to
make an expanded South
Ocean viable, and putting
together a team of Bahamas-
based and foreign personnel
to start on the utilities and
infrastructure build-out as
soon as possible once all nec-
essary approvals were in place.

“It'll have a significant
impact by really putting on the
map the other side of the
island, which until now has not
had much attention,” Mr Stein
said of his South Ocean plans.
“It will have cafes, restaurants,
retail, a marina, a high level
golf course that will be open to
everyone, and should be open
by the final quarter of this
year.”

New

He added that the new
South Ocean would help cre-
ate “a vibrant, energetic”
southern side of New Provi-
dence, complementing the
$1.4 billion Albany project,
which is focused more on a
high-end, upscale residential

community as opposed to a
resort. All shipping facilities
are supposed to be relocated
to southwestern New Provi-
dence also, paving the way for
Bay Street and downtown
Nassau’s revitalisation.

Impact

The draft economic impact
study performed for the South
Ocean project by Oxford Eco-
nomics had projected that the
development, scheduled to
open in 2010 with construc-
tion hopefully beginning this
year, would inject $172 mil-
lion in visitor spending into
the Bahamian economy dur-
ing its first full operational
year.

Hard construction spending,
which would involve the con-
struction of new buildings and
renovations to others, would
total $541 million by 2015,
with the total investment by
Mr Stein, RHS and their part-
ners via the New South Ocean

Development Company
reaching $867 million by that
year.

Construction employment,
Mr Stein said, would average
877 persons over the 2007-
2010 period, peaking in 2009.

The $541 million construc-
tion spending had been fore-
cast to inject $217 million into
the Bahamas’ GDP over nine
years, and generate $105 mil-
lion in wages. On the opera-

tional side, South Ocean was
forecast to produce a $3.7 bil-
lion GDP impact over its first
20 years, generating $1.5 bil-
lion in direct wages and
salaries for its employees.

In addition, the project was
forecast to generate $1.8 bil-
lion in revenues for the Gov-
ernment in the 23 years to
2030.

Mr Stein indicated to The
Tribune that the projected
economic impact from South
Ocean’s redevelopment and
revitalisation could be more

‘than the initial drafts had pro-

jected, as it did not account
for all the facilities that could
be constructed.

South

South Ocean’s redevelop-
ment will take place in two
phases, the first involving util-
ities and infrastructure such
as the installation of roads,
sewerage, telephone, electric-
ity, reverse osmosis and water
storage facilities.

That is likely to cost “a little
over $200 million”, with the
second phase, involving the
construction of the 400-room
four-star hotel; 140-room five-
star hotel; fractional villas; 180
timeshare units; second
homes; 40,000 square foot
casino; convention centre;
marina; tennis facilities; spa
and other facilities set to cost
around $500 million.

ance, as this will pay your
employees an income if they
are unable to work because of
an accident or illness.

The sixth system you need is
a system for Data Protection.
If you are subject to a Data
Protection Act, you will need
to find out what your respon-
sibility is regarding the per-
sonal information in your pos-
session. The Act will normally
cover how you process that
information; what you use it
for; how accurate it is; how
long you keep it for; where
you keep it; how securely it is
kept; and who you intend to
transfer it to.

Whatever business you are
in, there will be a lot of things
you need to do to keep on top
of corporate issues. I know of
several successful businesses
that failed because they for-
got to renew their insurance,
or had insufficient cover.
Don’t be an antipreneur and
forget to implement systems
for this important area. In
order to avoid the trap of
antipreneurship, make sure
you spend sufficient time set-
ting up systems for managing
corporate issues, as it could be
the best insurance policy you
can buy for your business.

NB: This column is available
as an eBook at
www.antipreneurship.com

Mark draws on 20 years of
top-level business, marketing
and communications experi-
ence in London and The
Bahamas. He is Chief Oper-
ating Officer of www.ezpze-
mail.com, currently lives in
Nassau, and can be contacted
at markalexpalmer@mac.com

© Mark Palmer. All rights
reserved






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is please to show the 2006 BIFF Grand Jury
Award Film CHRONICLES OF AN ESCAPE |

Saturday, April 28th @ 8:00pm

Free of charge

Location: Rawson Square, Downtown Bay
Street

CHRONICLES OF AN ESCAPE
(Argentina)
Saturday, April 28th @ 8:00pm

*Directed by Israel Adrian Caetano

*Starring: Rodrigo De la Serna, Pablo
Echarri, Nazareno Casero

*Runtime: 103 mins

*Rated PG

*English subtitles

Synopsis:

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kidnapped by a Argentinean government squad and
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plots his escape with three other young men.

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PAGE 6B, FRIDAY, APRIL 27, 2007 THE TRIBUNE .

Development Bank in
new financing initiative



2s Om aw'¢g

Se

-

@ By CARA BRENNEN-BETHEL
Tribune Business Reporter



he Bahamas Development
Bank (BDB) yesterday
unveiled a new initiative
designed to assist Bahamian entre-
preneurs in gaining the capital they
required to finance business ventures,
with the funding ceiling placed at
$50,000.
The BDB’s chairman, K Neville
Adderley, explained that the Youth
Entrepreneurial Programme is



designed for Bahamians aged
between 18-30 years-old, and who
are recommended by an educational
institution or community-based ser-
vice.

Once approved, these persons can
receive funding up to the ceiling of
$50,000. However, a vital component
of the programme is that all recipients
must have completed specific training
in business management with a part-
ner learning institute. This training
will include: specified formal busi-
ness training; assistance with devel-

oping their business plan; funding for
their business; mentorship during
implementation and initial opera-
tions; as well as networking opera-
tions to support growth.

Chamber

The Bahamas Chamber of Com-
merce is assisting with the mentor-
ship aspect of the programme.

With 80 per cent of businesses fail-
ing in their first year of operation,
Mr Adderley said the BDB wanted to

ensure young Bahamians they assist
have a thorough understanding of
exactly what it takes to make a suc-
cessful business. He said that hope-
fully the BDB will be able to aid in
the creation of a new breed of suc-
cessful entrepreneurs.

Mr Adderley added that the BDB
will be open to innovative business
ideas, particularly since they are com-
ing from young people. They will also
be flexible in repayment plans and
the level of capital required on an
individual basis.

Each case will be considered on its
own merit, with the BDB relying
heavily on government guarantees.

Both Mr Adderley and Calvin
Knowles, the BDB’s managing direc-
tor, stressed the timing of the
announcement was purely coinci-
dental with respect to the looming
May 2 general election.

Mr Adderley said the initiative had
been approved last month, and the
announcement simply was held until
the next Board meeting, which was
yesterday.

FROM page 1

on Grand Bahama.
Speaking

Speaking with The Tribune
yesterday, David Johnson,
deputy director-general at the
Ministry of Tourism, said he
will be holding meetings with
the airport’s management in
the next few days to discuss
ways they can work together
to increase passenger volume
while decreasing turnaround
costs.

At present, the privately-
owned airport charges airlines
$34 per passenger more to
operate than at Lynden Pin-
dling International in Nassau.

At last year’s Grand
Bahama Business Outlook
Seminar, Mr Johnson used this

“On a 50- seat aircraft, with
average loads of 75 per cent,
Grand Bahama’s cost is $1,275
more to turn around a Dash 8
like Bahamasair than in New
Providence. On a jet with a
125-seat capacity and a 75 per
cent load factor, Grand
Bahama cost $3,187 more per
turn around, or well over $1
million if the aircraft operat-
ed a daily service,” he said.

Mr Johnson told The Tri-
bune yesterday that the Min-
istry and the airport “are on
the same page” when it comes
to addressing the issue.

Reducing

He noted that reducing the
turnaround cost would be a
huge motivating factor to
encourage more airlines to fly
into Grand Bahama, which
would boost the island’s econ-

Low cost carriers such as Jet-
Blue and Spirit have already
expressed a hesitation to pro-
vide service to Grand Bahama
because of the prohibitive

costs.
Addition

In addition to the turn-
around costs, airlines are also
faced with ever increasing fuel
costs. Mr Johnson said that last
year, for example, between Air
Tran and US Airways, the two
most important jet carriers ser-
vicing Grand Bahama, are
faced with a combined $10 mil-
lion increase in flight costs as a
result of the two factors.

Mr Johnson said the Royal
Oasis’s two-and-a-half year
closure had negatively impact-
ed visitor arrivals and airlift to
Grand Bahama. The island lost
a great deal of exposure, mar-



Ministry to tackle Grand
Bahama’s high airport costs"

tory when the resort closed,
reducing the island’s attrac-
tiveness as a tourism destina-
tion.

It is crucial that airlift to
Grand Bahama be addressed,
given the investment projects
slated for the island, including
the $4.9 billion Ginn Clubs &
Resorts project in West End,
Morgan Stanley’s 2,000-acre
Barbary Bay resort, retail, res-
idential and commercial com-
plex, and the possible sale of
the Royal Oasis to Harcourt
Developments and Isle of
Capri extending its stay in
Grand Bahama by two years.

Tourists

Without airlift, tourists will
not be able to travel to Grand
Bahama, and the high turn-
around costs may be passed on
to travellers; again reducing

fii DAVID JOHNSON example to detail the impact

keting thrust and room inven- __ the island’s attractiveness.

(FILE photo) of the turnaround cost. omy.
















NOTICE

TAYLOR INDUSTRIES LTD

WILL BE CLOSED
at 1:00 P.M.

KILBANE ENTERPRISES LTD.

In Voluntary Liquidation :

Notice is hereby given that in accordance with Section 138 .
(4) of the International Business Companies Act, 2000, \ co
KILBANE ENTERPRISES LTD. is in dissolution as of
April 20, 2007.

S : se
sag

legthar in brund eew cundhiua, Dual GT
et aig fa ry

ON ELECTION DAY
WEDNESDAY, MAY 2nd, 2007

Internaional Liquidator Services Inc. situated at 35A
Regent Street, P.O. Box 1777, Belize City, Belize is the
Liquidator.

JULIUS BAR

Julius Baer, a leading global wealth manager is ai
seeking to employ an experienced professional to yt
join their team as: *



We regret any inconvenience
this will cause to our customers



LIQUIDATOR



Bist

Portfolio Specialist

—. . The main tasks of this position are: ie
id

Abaco Markets
Bahamas Property Fund 3 : 0.00
Bank of Bahamas i 7 0.02
Benchmark A : 0.00
Bahamas Waste : : 0.00
Fidelity Bank ‘ : 0.00
Cable Bahamas ‘ : 0.00
Colina Holdings : 0.00
Commonwealth Bank ; : 0.00 600
Consolidated Water BDRs : ‘ 0.06
Doctor's Hospital 5 2 0.00
Famguard é : 0.00
Finco z é 0.00
FirstCaribbean A : 0.00
Focol . 7 0.00
Freeport Concrete : 0.00
ICD Utilities : : 0.00
J. S. Johnson : iu 0.00
0.00
ef Securities |
Last Price

Monitor and implement global investment

templates and systems for wealth management

client;
Execute trades and control procedures to portfolio
managed client base across fixed-income, equity
and FX ‘markets;

Implement Portfolio Management policies,
procedures from head office:

Market Portfolio Management services to
prospective and current clients.

The successful candidate will have:
Weekly Vol.
Minimum three years experience in portfolio

management or product specialist function in a
wealth management context;
Bachelors Degree in Finance or Economics, further z
education is plus (e.g. Series 7 or CFA:) ee
Strong analytical skills 4

Bahamas Supermarkets
Caribbean Crossings (Pref)
RND Holdings f
Or The-COt OCUATES:
ABDAB i 43.00 41.00
Bahamas Supermarkets 15.50 14.00
RND Holdings rsp aariyscs oO snssmaarie icine cosa
SX Listed Mutual Funda — “
YTD% Last 12 Months Div $

Yield %

1.337393"
3.1424***
2.649189**
1.238600°*"*

:
796.14 1 YTD 07.28% / 2006 BA.ATY%
YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
Ask § - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price
Weekly Vol. - Trading volume of the prior week
EPS §$ - Acompany'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

Colina Money Market Fund
Fidelity Bahamas G & | Fund
Colina MSI Preferred Fund
Colina Bond Fund

0.7674 Fidelity Prime Income Fun

Interested person meeting the above criteria should
apply in writing, on or before May 10, 2007 enclosing
a full résumé with cover letter to:

NAV KEY.
52wk-Hi - Highest closing price In last 52 weeks

52wk-Low - Lowest closing price In last 52 weeks

Previous Close - Previous day's weighted price for dally volume
Today's Close - Current day's weighted price for dally volume
Change - Change In closing price from day to day

Daily Vol. - Number of total shares traded today

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

P/E - Closing price divided by the last 12 month earings

* = 20 April 2007

BY MAIL

Personal & Confidential
Resident Manager

P.O. Box N-4890
Nassau, Bahamas

BY HAND

Personal & Confidential

Resident Manager

Julius Baer Bank & Trust (Bahamas) Ltd.
Ocean Centre, Montagu Foreshore
Nassau, Bahamas

** 31 March 2007

*** 31 March 2007

se** 34 March 2007

*- 31 March 2007





THE TRIBUNE

FRIDAY, APRIL 27, 2007, PAGE 7B



Siemens alert on
bribery allegations

@ By MATT MOORE
AP Business Writer

FRANKFURT, Germany
(AP) — Siemens AG said
Thursday it faces a widening
investigation into bribery alle-
gations that have spurred both
its chief executive and the
chairman to say they would
step down, and warned that
the money in question could
be bigger than earlier thought.

The disclosure came as
Europe’s biggest engineering
company by sales said all of its
units either met or exceeded
their profit targets on the back
of stronger sales, particularly
for factory and medical equip-
ment. It had previously said its
earnings rose 36.5 percent for
the second quarter.

“We are firing on all cylin-
ders now — there is not one
single cylinder anymore that is
stuttering,” said CEO Klaus
Kleinfeld, who announced
Wednesday that he would not
renew his contract expiring
Sept. 30 with Siemens.

“We significantly strength-
ened our strongest businesses,
better aligned the company to
take full advantage of global
demographic and urbanization
trends and reached or exceed-
ed our margin targets at all
groups,” he added.

Kleinfeld, who has not been
a target of any of the corrup-
tion inquiries at the industrial
and engineering conglomerate,
had pledged to restore the

company’s reputation.

But after reports that some
members of the supervisory
board — which is the equiva-
lent of a U.S. board of direc-
tors — wanted to oust him, he
said Wednesday that he would
leave after his contract expires.
No successor has been named
for the 49-year-old, who has
been with the company for 20
years and CEO since January
2005.

Former board Chairman
Heinrich von Pierer, who also
has not been accused of any
wrongdoing, stepped down at
Wednesday’s board meeting.

Siemens — which makes
products ranging from cell-
phone network components to
trains — has been rocked by
investigations in Germany,
Italy and Switzerland over
whether money totaling hun-
dreds of millions of dollars was
taken from corporate accounts
and used to pay bribes to help
land telecommunications deals.
The scandal has enveloped the
company, a pillar of the Ger-
man corporate world.

Munich-based Siemens said
Thursday that the SEC and the
Department of Justice are also
investigating the allegations of
bribery. It said the SEC had
upgraded its informal inquiry
into possible bribery into a for-
mal investigation. The U.S.
Justice Department is already
investigating possible criminal
violations.

Siemens also said it was

widening its internal investiga-
tion into suspicious payments
made under what are known
as business consultants agree-
ments, or BCAs.

“An analysis of BCAs and
related payments at the other
groups will begin,” the compa-
ny said as it released its com-
plete second-quarter results.
“As a result, the company
expects a significant increase
in total amount of BCA pay-
ments under review.”

So far, Siemens has identi-
fied 420 million euros ($572.9
million) in suspicious payments
made at its telecommunica-
tions unit in recent years, but
warned the amount could grow
and, possibly, affect its
finances. The company warned
that the investigations could
lead to what it called “sub-
stantial uncertainties” but
added that so far it has not
affected its bottom line.

“There is a risk that the com-
pany will have to make (such)
changes ... including by record-
ing additional tax charges in
respect of prior periods,”
Siemens said. “Such changes,
as well as further results from
the ongoing investigations,
could be material.”

Siemens reiterated figures it
released earlier this week that
it earned 1.26 billion euros

($1.71 billion) in the second

quarter compared with 923
million euros in the same peri-
od a year earlier. That was bet-
ter than what analysts had

Banks to decide on ACH
software ‘by early May’

FROM page 1

Explaining why the process
appeared to be taking longer
than anticipated, Mr
McWeeney told The Tribune:
“It is a very significant step for-
ward for the financial services
industry, and I want to make
sure all options and all issues
are adequately addressed. I
understand the urgency behind
it, but I don’t want to make a
hasty decision.”

He said the ACH working
group had a duty to ensure that

- whatever decision it made in

regard to the software provider
was reasonable and “in the
best interests of the financial
services sector’s future”.

The ACH is seen as a “long
overdue" upgrade to the
Bahamian financial services
system's infrastructure, and Mr
McWeeney had originally
hoped to have it implemented

by end-June 2007, with the’

software provider’s selection
the, last piece in the jigsaw.

Tanya Wright, the Bahamas
Chamber of Commerce’s pres-
ident, and other members of
the Bahamian business com-
munity, notably Superwash’s
Dionisio D’Aguilar, have
repeatedly urged the ACH’s
introduction.

This is because it will lessen
the business community’s
reliance on a primarily cash-
based system to pay for goods
and services, reducing the
attractiveness of many compa-
nies as armed robbery targets.

In addition, the ACH will
improve the integrity of the
Bahamian banking system by
enabling businesses to learn
about bounced customer
cheques much earlier, boost
overall cash flows in the econ-
omy, and reduce the time
Bahamians spend in bank
queues waiting to deposit their
cheques.

Commonwealth Bank said
in its 2006 annual report that it
and other commercial banks
were eagerly awaiting the
ACH’s introduction, as it
would provide a platform for
them to launch enhanced deb-
it and credit card services.

The ACH is being viewed as
-a mechanism to boost the effi-
ciency and integrity of the
Bahamian commercial bank-

ing and payments system. The
first phase will provide all
Bahamian clearing banks with
an interlinked system for the
electronic processing of
cheques, in addition to direct
debits and credits.

The latter two functions will
enable Bahamians to credit
and debit funds electronically,
and instead of providing
employees with their pay in
the form of cheques, compa-
nies can credit employee
accounts even if they are
housed at a different bank.

The ACH second phase will
involve the development of an
automatic teller machine
(ATM) SWITCH network,

which will allow Bahamians to
access their money at any bank
ATM machine in this nation.

The ACH third phase is
intended to lead to "full trun-
cation", and the potential of
creating a National Archiving
or National Processing Centre
for the entire Bahamian com-
mercial banking system.

Currently, all the commer-
cial banks have their own pro-
cessing centres to deal with the
clearing and settlement of
monetary transactions, and the
creation of one unified centre
via the ACH could lead to
reduced further costs, efficien-
cies and greater economies of
scale.

Bahamas Co-operative League Limited

Bahamas Co-operative League
insurance Brokerage Limited

will be relocating
to our new office complex at
Russell Road

(Oakes Field across from COB campus through
the corner of McDonald's-we’re right next door)

On Monday April 23, 2007

Our new telephone number is

302-0100

We look forward to serving you
at our new location.



~~

forecast. Sales rose 10 percent
to 20.63 billion euros ($28.16
billion), also beating expecta-
tions.

The growth came at all the
company’s major units, includ-
ing its industrial automation,
medical, power transmission
and automotive units.

Kleinfeld also dismissed
speculation that Siemens
would sell its VDO Automo-
tive auto parts unit. “Our mes-
sage is clear. We will continue
to pursue an IPO in any case,”
he said. Siemens shares rose
nearly 2 percent to 90.09 euros
($122.96) in Frankfurt. Since
Kleinfeld took over as CEO,
they have risen by some 40
percent.

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.



NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

AGAPE UNITY LIMITED
LIQUIDATOR’S NOTICE

PURSUANT TO SECTION 137 (6) OF THE
INTERANTIONAL BUSINESS COMPANIES, AC T

We, Sovereign Managers Limited, Liquidator of
AGAPE UNITY LIMITED, hereby certify that
the winding-up and dissolution of AGAPE UNITY
LIMITED, has been completed in accordance with
the Articles of Dissolution.

Dated the 24th day of April, 2007.

Sovereign Mahdph's Limited

Liquidator







firancal
services
FUND ADMINISTRATOR

Swiss Financial Services (Bahamas) Ltd. is a leading investment funds
administrator in The Bahamas seeking a professional, reliable,
hardworking, and motivated individual to join our staff.







Duties/Responsibilities:




Manage a diverse portfolio of funds with varying complexities to include:



1. Understanding assigned portfolio of funds (PPM, Agreements,
Due Diligence, Resolutions)

2. Trade processing (subscriptions, redemptions, etc.)

3. Execution of trade confirmations

4. Liaising with fund partners (investment managers, third party
administrators, private bankers, etc.)

5. Proper Reporting to the Securities Commission of The Bahamas

6

7

8



Preparation of annual fund audits
Preparation of reports and special projects
Other miscellaneous duties

Skills & Qualifications:



Bachelors degree in a business related subject
Minimum 3-5 years experience in similar position

Team player with the ability to function with minimum supervision
Computer proficiency in MS Office - Word, Excel, Outlook
Professional written and oral communication skills

Excellent time management and organizational skills

Detailed analytical and problem solving skills










Benefits include competitive salary commensurate with experience,
pension and group medical insurance.



If you meet the requirements specified above, pleased send cover letter
and resume with reference: FASWISS, by May 11th, 2007 to:




Swiss Financial Services (Bahamas) Ltd, Human Resources,
P.O. Box EE-17758,
Nassau, Bahamas
Fax: (242) 394-9250 ¢ Email: vking @swiss-financial.bs




XL LAMM R KKK LEMAR MELE MRM MRAMRKAAA MRAM MAMA AL MAAK KARA LA AAA MA LA



NN NNN NNN NN RN NNN

FIRSTCARIBBEAN

INTERNATIONAL BANK

ENTRY-LEVEL POSITIONS
FIRSTCARIBBEAN INTERNATIONAL BANK
(BAHAMAS) LIMITED

FirstCaribbean International Bank (Bahamas) Limited is accepting applications for various
entry-level full-time positions. These include:

¢ Customer Service Representatives (Tellers)
¢ Wallets Processing Officers & other Clerical & Administrative positions

If you possess the following skills and qualifications, here’s your opportunity to work
with the Bahamas’ most dynamic banking organization:

¢ Minimum of 5 BGCSE Certificates inclusive of Mathematics & English Language
(Grades of ‘C’ or better)

¢ General PC Knowledge - Microsoft Excel, Microsoft Word

¢ Fast & Accurate Keyboarding Skills

° Prior banking experience, though not required would be an asset

¢ Applicants should also possess excellent:

¢ Written & Verbal Communication Skills

¢ Interpersonal & Organizational Skills

e Analytical & Problem Solving Skills

If you believe that you’ve got what it takes and want to join our team, please submit
a detailed resume, including your email address, along with copies of all *relevant
documents to the address listed below:

Miss Deangelia Deleveaux - Business Associate

Human Resources Department

FirstCaribbean International Bank (Bahamas) Limited

P.O.Box N - 7125

Nassau, Bahamas

(Important: Please ensure that you include your return email address)

*Relevant Documents must include:

° Copies of your high school diploma, certificates, professional qualifications, etc.
¢ Three (3) written character references on your behalf

e Acopy of your valid police certificate

¢ Two of your most recent (2) passport-sized photos

e First 4 pages of your valid passport.

¢ Copy of your valid National Insurance Board Card

Note:

- Resumes submitted without copies of certificates will not be considered.
- Candidates who are contacted for an interview will be requested to provide original
documents/certificates for verification.

FirstCaribbean Bank offers a full range of market-leading financial services in Corporate,
Retail Banking, Credit Cards, Wealth Management, Capital Markets and Treasury. We
are the largest, regionally listed bank in the English-speaking Caribbean, with over 3,500
staff. FirstCaribbean offers a very competitive remuneration package, a medical/health
program, a pension scheme and an Employee Stock Ownership Plan to all of our employees.
Additionally, we have a clear talent management strategy, which ensures to prepare you
effectively to take on a leadership role within the business and provide a solid foundation

for your future career.

FirstCaribbean International Bank is an affiliate of CIBC





PAGE 8B, FRIDAY, APRIL 27, 2007

Citco Bank and Trust Company (Bahamas) Limited

Balance sheet as at December 31, 2006



fe
(after appropriation of result) :
Note 2006 2005
’ USD 000 USD 000
Assets
Bank balances and cash
Demand - others 173 179
Demand - related parties 28,154 17,707
Time - others 180,000 0
Time - related parties 41,580 40,346
Other receivables and prepayments 4 2,956 2,285
Customer advances 5 51,607 32,968
Due from related parties 6 2 3,052
Derivative financial assets held for clients 7 704 47
Property, plant and equipment 8 2 0
: 305,248 6,694
Liabilities
Customer deposits
Demand - others 7 22,114 10,564
Demand - related parties 6 1
Time - others 256,627 65,693
Time - related parties 1,555 2,467
Due to banks - related parties 1,822 0
Derivative financial liabilities held for clients 7 694 47
Provisions 9 297 278
Other payables 10 437 332
Due to related parties 6 447 AT
___ 283,999 79,861
Equity
Share capital
Authorized, issued and fully paid:
5,000,000 shares of USD | each 5,000 5,000
Retained earnings 16,249 11,833
21,249, 16,833,
305,248 96,694
Notes to the balance sheet
1 General
1a) General Information
Citco Bank and Trust Company (Bahamas) Limited.(the “Bank”) was incorporated under the Jaws of
The Commonwealth of The Bahamas on October 10, 1997 and is licensed by the Central Bank of
The Bahamas to conduct unrestricted banking and trust business from within and in The Bahamas. 7
The Bank’s registered office is located at One Montague Place, East Bay Street, P.O. Box N-4906,
Nassau, Bahamas. :
Ib) Activities
The products and services of the Bank are to protect, preserve and enhance assets in a secure and
confidential environment. The Bank offers custodial services for investments in offshore funds,
trading services in global markets and account administration for international banks.
The principle activities of the Bank comprise the provision of banking, custody, fiduciary, corporate
and other professional services to its clients.
1c) Group Structure
The direct shareholder of the Bank is Citco Banking Corporation N.V. Ultimately the Bank is a
wholly owned subsidiary of Citco III Ltd., located in Grand Cayman, Cayman Islands. All
transactions and balances described in the balance sheet as “related parties” relate to Citco II] Ltd.
and its subsidiaries and their directors and officers.
As per September 5, 2006 as part of a Debt Restructuring process the parent company has entered
into two loan agreements with a financial institution. In these agreements, the Bank has been
included as obligor for these facilities. The Bank has individually guaranteed up to 10% of its equity
and a combined guarantee together with its affiliates up to 20% of the combined equity with a
maximum of USD 15 million.
1d) Currency
‘The Bank uses the United States dollars as functionall currency and reporting currency since that is
the currency in which the majority of the Bank’s transactions are denominated,
le) Approval of the Board
The balance sheet has been approved for issue by the Board of Directors on February 9, 2007.
2. Principal accounting policies
The balance sheet has been prepared in accordance with applicable International Financial Reporting
Standards (IFRS) and its interpretations adopted by the International Accounting Standards Board
(IASB). The balance sheet has been prepared on the historical cost basis, except for the revaluation
of certain financial instruments. The principle accounting policies adopted are set out below. These
policies have been applied consistently during the year and the preceding year.
2a) Adoption of new and revised International Financial Reporting Standards
In the current year, the Bank has adopted all of the new and revised Standards and Interpretations
issued by the IASB and the Intemational Financial Reporting Interpretations Committee (IFRIC) of
the IASB that are relevant to its operations and effective for accounting periods beginning on January
1, 2006.
At the date of authorization of the balance sheet, the following Standards anc Interpretations were in
issue but not yet effective:
: IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary
Economies
IFRIC 8 Scope of IFRS 2
IFRIC 9 Reassessment of Embedded Derivatives
IFRIC 10 Jnterim Financial Reporting and Impairment
IFRIC 11 JFRS 2: Group and Treasury Share Transactions
IFRIC 12 Consolidation - Special Purpose Entities
Following amendments to JAS 39 Financial Instruments: Recognition and Measurement in June
he 2005, the ability of entities to designate any financial asset or financial liability as ‘at fair value
through profit or loss’ has been limited. These amendments had no impact on the designation of
financial assets and liabilities by the Bank.
Management anticipates that the adoption of these Standards and Interpretations in future periods
will have no material impact on the balance sheet of the Bank.
The Bank will adopt IFRS 7 Financial Instruments: Disclosures as of January 1, 2007. Management
anticipates that the impact of disclosing financial risks wil] be minor.
* 2b) Use of estimates in the preparation of the balance sheet
\-
us In the preparation of the balance sheet, management is required to make estimates and assumptions
ic that affect reported income, expenses, asscts, liabilities and disclosure of contingent assets and
liabilities. Use of available information and application of judgment are inherent in the formation of
' estimates. Although these estimates are based on management’s best knowledge of current events
® and actions, actual results in the future could differ from such estimates and the differences may be
, 7 matcrial to the balance sheet.
2c) Foreign currency translation
Transactions in foreign currencies are initially recorded at the rates of exchange prevailing on the
dates of the transactions.
2d) Bank balances and cash
Bank balances and cash comprise casli and short term deposits. The carrying value approximates fair
market value.
2e) Loans and advances to customers
Loans and advances to customers include loans where money is provided directly to the borrower.
Leans and advances to customers are initially recorded at fair value, Interest on loans originated by
the Bank is included in interest income and is recognized on an accrual basis. Fees and direct costs
relating to loan origination, refinancing or to Joan commitments are directly recorded in the profit
and loss account due to the short-term nature of the loans. All loans bear floating interest rates,
implying no impairment risk that relates to any potential interest rate movement.
~ 2f) Allowance for credit losses
ks An allowance for credit losses is established if there is objective evidence that the Bank will be
unable to collect all amounts due on a claim according to the original contractual terms or the
equivalent value. A “claim” means a Joan, a commitment such as a letter of credit, a guarantee, a
commitment to extend credit, or other credit product.
- An allowance for credit losses is reported as a reduction of the carrying value of a claim on the
balance sheet. Additions to the allowances for credit losses are made through valuc adjustments.

If the amount of the impairment subsequently decreases duc to an event occurring after the write-
down, the release of the allowance is credited as a reduction of the allowance for loan losses.

Auowances tor credit losses are evaluated at a counterparty-specific level,
Counterparty-specific:

fe A claim is considered impaired when management determines that i is probable that the Bank will
not be able to collect all amounts due according to the original contractual terms or the equivalent
value. Individual credit exposures are evaluated based upon the borrower's character, overall
financial condition, resources and payment record, original contractual term, exit possibilities, and,
where applicable, the realizable value of any collateral. The estimated recoverable amount is the
present value of expected future cash flows, which may result from restructuring or liquidation.
Impairment is measured and allowances for credit losses are established for the difference between
the carrying amount and the estimated recoverable amount,

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THE TRIBUNE BUSINESS

2g) Financial instruments

Financial assets and financial liabilities are recognized in the Bank’s balance sheet when the Bank
has become a party to the contractual provisions of the instrument. Financial assets and liabilities are
offset and the net amounts is reported in the balance sheet only when there is a legally enforceable
right to set off the recognized amounts and there is an intention to settle on a net basis, or realize the

net asset and settle the liability simultaneously.

2h) Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there
is a legally enforceable right to offset the recognized amounts and there is an intention to settle ona
het basis, or realize the asset and settle the liability simultaneously.

2i) Impairment

At each balance sheet date, the Bank reviews the carrying amounts of its tangible assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of
the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying
amount of the asset is reduced to its recoverable amount. /

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the
revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed
the carrying amount that would have been determined had no impairment loss been recognized for
the asset in prior years.

As at December 31, 2006, the Bank suffered no impairment loss.

2j) Property and equipment

Machinery and equipment, leasehold improvements and other tangible fixed assets are slated at cost
less accumulated depreciation and any accumulated impairment. :

If an item of property and equipment is comprised of several major components with different useful
lives, cach component is accounted for separately.

Depreciation is charged so as to write off the cost over their estimated useful lives, using the straight-
line method, on the following bases:

Machinery and equipment 3-4 years
Leasehold improvements Term of the lease (maximum 10 years)
Other tangible fixed assets 3-10 years

The gain or Joss arising on the disposal or retirement of an asset is determined as the difference
between the sales proceeds and the carrying amount of the asset and is recognized in income.

2k) Other receivables

Other receivables are stated at their nominal value as reduced by appropriate allowances for
estimated irrecoverable amounts.

21) Deposits from banks

The funding of the bank consists of entrusted money as demand deposits and short-time deposits
taken from banks and the fund industry. The nominal value reflects fair market value.

2m) Other liabilities and payables

Other liabilities and payables are stated at their carrying value. The carrying value approximates fair
market value,

2n) Provisions

Provisions are recognized when the Bank has a present obligation as a result of a past event which is
probable and will result in an outflow of economic benefits that can be reasonably estimated.

20) Comparatives

All comparative figures are now reflected to the nearest thousand, in accordance with group reporting
policies. In addition, the comparative figures for derivative financial assets held for clients and
derivative financial liabilities held for clients have been reclassified to conform to current year
presentation, in accordance with group accounting policies. :

3. Financial risk management
3a) Strategy in using financial instruments

In its operating environment and daily activities, the Bank encounters various risks and constantly
strives to mitigate related risks. The main risks identified by the Bank, related to their activities, are:

(a) Market risk, which includes two types of risk:

(i) ,currency risk: the risk that the value of a financial instrument will fluctuate because of
changes in foreign exchange rates;

(ii) interest rate risk: the risk that the value of a financial instruppent will fluctuate because of
changes in market interest rates;

(b) Credit risk: the risk that one party to a financial instrument will fail to discharge an obligation
and cause the other party to incur a financial loss.

Market risk

The Bank’s policy is to reduce market risk to a minimum. Market risk embodies not only the
potential for loss but also the potential for gain. The treasury instruments available to manage and
reduce these risks have been approved by Board of Directors. This policy serves to set a framework
of limits and to ensure clearly defined limits within that framework. :

Currency risk

Within the Banking and Custody Services Division, it is the Bank’s policy not to actively enter into
currency risk positions and consequently the Bank refinances such positions or transactions in the
same currency with the same maturity. Therefore, the risk position is limited if not entirely

eliminated.

Interest rate risk

Interest rate risk is controlled through the monitoring of deposits and loans with the use of the
interest balance sheet and maturity profile. The Bank does not intentionally run interest rate
mismatches. Funding is short term in nature and placements (exclusive of loans) are generally on an
overnight basis.

Credit risk

The Bank mitigates credit risk by choosing reputable banks as counterparty for forward contracts or
deposits.

Advances to clients are fully secured, usually by a pledge agreement covering the clients underlying
securities portfolio held by the Bank. Valuations of these underlying securities are made on a regular
basis against industry norms and the provision to make margin calls on the client is available. The
credit risk on liquid funds and derivative financial instruments is limited because the counterparties
are banks with high credit ratings assigned by international credit-rating agencies.

3b) Capital adequacy

To monitor the adequacy of its capital, the Bank uses prudential norms ratios established by the
Central Bank of The Bahamas. These ratios measure the Bank’s capital adequacy to oc, as a
minimum, the lower of 5% of total assets or 8% of risk assets. Risk assets are measured by
comparing the Bank’s eligible capital with its balance sheet assets, off-balance sheet commitments,
and market and other risk positions at weighted amounts to reflect the relative risk of those asset

groupings.

The market risk approach covers the general market risk and the risk of open positions in currencies
and debt and equity securities. Assets are weighted according to broad categories of notional risk,
being assigned a risk weighting according to the amount of capital deemed to be necessary to support
them. Four categories of risk weights (0%, 20%, 50%, 100%) are applied; for example, cash and
money market instruments have a zero risk weighting which means that no capital is required to
supp ‘1 the holding of these assets. Property and equipment carries a 100% risk weighting, meaning
that it must be supported by capital equal to 8% of the carrying amount.

Off-balance shcet credit-related commitments and forwards and options-based derivative instruments
are taken into account by applying different categories of conversion factors, designed to convert
these items into balance sheet equivalents. The resulting equivalent amounts are then weighted for
risk using the same percentages as for on-balance sheet assets.

Notes to specific items of the balance shect

4, Other receivables and prepayments

Other receivables and prepayments comprise the following:

2006 2005

USD 000 USD 000
Accounts receivable from clients 521 517
Disbursements recoverable from clients 17 18
Accrued custody fees 1,791 1,399
Other receivables 538 286
Prepaid expenses 89 65

2,956 2,285

5. Customer advances

2006 _2005__
USD 000 USD 000

Customer advances - gross 62,881 44,067

Less: risk share agreement (11,274) (11,099)

51,607 32,968

Pursuant to an apreement between the Bank and one of its related parties, the related party agrees to
assume from the Bank a portion of the risk of the credit facilities the Bank grants to certain of the
Bank’s customers. The amount assumed by the affiliate is determined on the credit facility extended
by the Bank (o its customer. The risk amount assumed by the affiliate bears an interest rate of 1,25%

per annum on risk-shared portion of the drawn down balances. The agreement expires when the
credit facility between the Bank and its customer expires. Such facilities are granted for periods of
ho more than one year, but may be renewed annually if both parties agree to extend for a further one
year period. At December 31, 2006, the risk amount assumed by the affiliate is USD 11,274,000

(2005: USD 11,099,000) and the interest amount paid to the affiliate during the year is USD 136,000
(2005: USD 219,000). Included in Bank balances and cash - demand - related parties is USD
11,274,000 (2005: USD 11,099,000) being restricted cash balance held by the Bank against these

obligations.

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‘HE TRIBUNE

6. Due to/from related parties

The amounts due from related parties are made up as follows:

2006 2005
USD 000 USD 000
Amounts due from related parties 2 3,052
2 3,052

These amounts, which are due from other members of the Citco Group, relate to costs incurred by the
Bank on behalf of these entities. The balances are non-interest bearing and there are no specified
terms of repayment.

The amounts due to related parties are made up as follows:

USD 000 USD 000

Amounts due to related parties 447 479
447 479

7. Derivative financial instruments held for clients
The Bank utilizes the following derivative instruments for both hedging and non-hedging purposes:
Forward exchange contracts represent commitments to purchase foreign and domestic currency,

including undelivered spot transactions. Since all contracts with clients (non-banks) are
collateralized by cash or securities, the credit risk is negligible.

Contract/
notional Fair value Fair value
amount assets liabilities

USD 000 USD 000 USD 000
Balance as at December 31, 2006:

Forward exchange contracts 92,150 704 694



Balance as at December 31, 2005:



FRIDAY, APRIL 27, 2007, PAGE 9B

ea CO



12. Concentration of assets and liabilities

As at December 31, 2006, the primary concentration of the Bank’s assets is in the United States,
where approximately 59% of the Bank’s assets are invested. At December 31, 2005, the primary
concentrations of the Bank's assets are in the Netherlands Antilles and The Bahamas, where
approximately 83% of the Bank’s assets are invested. More than 23% (2005: 63%) of the Bank’s
assets are with related parties.

The primary source of the Bank’s liabilities as at December 31, 2006 are in The Bahamas and the
Caribbean, where 98% (2005: 97%) of the Bank’s depositors are registered, representing 97% (2005:
95%) of total liabilities.




Off-balance sheet information
13. Contingent liabilities

During the reporting period, no legal proceedings were instigated against the Bank. The Bank has no
other contingent liabilities. Therefore, no provisions have been made in this balance sheet.



14. Operating lease arrangements

On May 5, 2001, the Bank entered into an agreement to lease office space for a period of six years
commencing on July 1, 2001, with options to renew the lease for two.additional five-year periods.
Pursuant to an agreement dated January 1, 2004 between the Bank and a related party, the related
party agreed to assume the obligations under the lease. The Bank has agreed to pay the related party
its pro-rata share of the usage.

15. Undrawn loan commitments

The contractual amounts of the Bank’s off-balance sheet financial instruments that commit it to
extend credit to customers are as follows:

2006 2005
USD 000 USD 000

Commitment to extend credit:
Original term to maturity of one year or less 84,267 107,451

Other note



Forward exchange contracts 33,385 47 , 47




Signing of the balance sheet

The balance sheet was approved by the Board of Directors and authorized for issuance on February
9, 2007 and are signed on its behalf by:

8. Property, plant and equipment : "
The Board of Directors: ps








Property, plant and equipment comprise the following:



Machinery Leasehold
and improvements = « Director '
equipment and others Total —
USD 000 USD 000 USD 000
Cost: / AA . :
As at January 1, 2006 158 165 323 aetiinres Director '
Disposals (35) 0 (35) .
As at December 31, 2006 123 165 288










Accumulated depreciation:

As at January 1, 2006 138 75 213 a

Depreciation charge for the year 1 27 38 De | re) I tte

Disposals (35) 0 (35)

As at December 31, 2006 114 102 216 Chataed Met eaaits
and Ma

: 2nd Te

Carrying amount: . | Ze Yerace, Cate

As at December 31, 2006 9 63 72 Nassau, Bahamas
Tel: + 1 (242) 302-4800

As at December 31, 2005 20 90 110 Fax: +1 (242) 322-3101



http://www. deloitte.com.bs

9. Provisions






















2005
USD 000 USD 000
Independent Auditors’ report

Balance as at January 1 278 192
Provisions made during the year 24 86 Yo the shareholders of Citco Bank and Trust Company (Bahamas) Limited:
Provisions used during the year (5) 0

297 278 We have audited the balance sheet of Citco Bank and Trust Company (Bahamas) Limited (the

“Bank”) as at December 31, 2006. This balance sheet is the responsibility of the Bank’s

Nonearrent 273 192 management. Our responsibility is to express an opinion on this balance sheet based on our audit.
Current —- — 2 We conducted our audit in accordance with International Standards on Auditing. Those Standards
ee require that we plan and perform the audit to obtain reasonable assurance about whether the balance
sheet is free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also includes assessing the
; accounting principles used and significant estimates made by management, as well as evaluating the
; 10. Other payables overall presentation of the balance sheet. We believe that our audit provides a reasonable basis for

our opinion.
Other payables comprise the following: .
In our opinion, the balance sheet presents fairly, in all material respects, the financial position of the
2006 2005 Bank as at December 31, 2006, in accordance with International Financial Reporting Standards.

USD 000 USD 000 : ona i ;
Without qualifying our opinion, we emphasize that the balance sheet does not comprise a complete

set of financial statements in accordance with International Financial Reporting Standards.
Information on results of operations, cash flows and changes in equity is necessary to obtain a
complete understanding of the financial position, performance and changes in financial position of
the Bank.

Accounts payable 161 88
Payable to clients 276 244
: 437 332

11. Maturities of Assets and Liabilities

7 OF
Slot © / Beche

February 9, 2007

The scheduled maturities of the Bank’s fixed term assets and liabilities from December 31, 2006 to
the contracted maturity are as follows:

Assets Liabilities |
USD 000 USD 000






Due within one month



221,580 258,182
——————— A member firm
The assets comprise due from banks - time. Liabilities include customer deposits - time. With the Deloitte Touche
exception of off-balance sheet forward foreign exchange contracts, there are no fixed term assets or

liabilities with maturities of more than eight (8) days.

PUBLIC NOTICE NOTICE



1 EMPLOYMENT OPPORTUNITY













. Computer Company Seeks Person to fill the position of
Receptionist Sales Clerk.

‘ Applicants should possess the following: -
¢ Good Organization Skills

¢ Be Computer Literate

¢ Be Punctual




Previous experience in computer equipment sales industry a
. plus.

Interested applications should send resumes
and other information to

nassautechjob@ yahoo.com

Legal Notice

NOTICE

DEVILS MOUNTAIN LTD.

Notice is hereby given that in accordance with
Section 138 (8) of the International Business

Companies = Act ——-.2000, the = dissolution — of
b DEVILS MOUNTAIN LTD. has been completed; a
_ Certificate of Dissolution has been issued and_ the
Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)



INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I], CLEQPATHRA
LYNETTE GRAY of #14 Abaco Drive Hawksbill, 40941
Freeport, Grand Bahama, Bahamas intend to change
my child’s name from ERIN TORI FORBES to ERIN TORI
STUART 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 F-43536, Grand Bahama,
Bahamas no later than thirty (30) days after the date of

publication of this notice.

TAYLOR

INDUSTRIES LID.
111 Shirley Street











WILL BE CLOSED FOR
ANNUAL STOCKTAKING

Thursday, April 26
Friday, April 27
Saturday, April 28

We regret any inconvenience this
will cause to our customers.

NOTICE is hereby given that SHILPA GOPAL KSHATRIYA
. OF 15 TREASURE STREET, LITTLE BLAIR, P.O. BOX
N-4013, 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 April, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



To Our Valued Customers:

Please be advised that Prime Bahamas
Ltd. will close at 1pm on Wednesday
May 2nd, 2007 in order to allow our
employees the opportunity to vote.

We sincerely apologize for any
inconvenience this may cause and thank
you for your patronage and understanding.





PAGE 10B, FRIDAY, APRIL 27, 2007

at fastest two-month pac



@ By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON (AP) — The num-
ber of laid-off workers filing claims
for unemployment benefits fell last

week by the sharpest amount in near- —

ly two months, indicating the labor
market remains healthy despite the
sluggish economy.

The Labor Department reported
Thursday that applications for jobless
benefits totaled 321,000 last week, a
decline of 20,000 from the previous
week.

That was the biggest decline in
claims in nine weeks and was more
than double what economists had been
expecting. Analysts said part of the

Florida medical firm targets Cuban market

improvement reflected trouble adjust-
ing the weekly claims data around
Easter, which does not fall in the same
week every year.

It marked the second straight week-
ly decline after the claims data had hit
a two-month high, another jump that
was blamed on seasonal adjustment
problems around Easter.

The number of laid-off workers
receiving unemployment benefits
totaled 2.59 million for the week end-
ing April 14, the highest level since
the week of Feb. 17.

The economy has been growing at
sub-par rates for the past year, but
that weakness has not triggered wide-
spread layoffs, in part because con-
sumer demand has remained strong

BUSINESS

Unemployment claims f:

despite the troubles in housing and
parts of manufacturing.

The government is scheduled to give
its first estimate of economic growth in
the January-March quarter on Friday.
Analysts expect that report will show
the gross domestic product was grow-
ing at an annual rate of just 1.8 percent
in the first quarter, the weakest per-
formance since late 2005, when the
country was struggling to cope with
the devastation from Hurricane Kat-
rina.

Even in the midst of the yearlong -

slowdown, the unemployment rate
dipped in March to 4.4 percent, match-
ing a five-year low, as employers
boosted hiring by 180,000 workers.
The combination of weak growth

and low unemployment has surprised
economists, who had expected the job-

less rate to be rising at this point, fol-.

lowing a script written by the Federal
Reserve which pushed interest rates
up for two straight years in an effort to
slow the economy enough to take pres-
sures off inflation.

The Fed, which has not changed
rates since last June, is expected to
remain on hold at its next meeting on
May 9 as Fed officials continue to sig-
nal that their biggest worry remains
whether inflation will slow enough. -

For the week ending April 14, the
seasonally adjusted claims figure
dropped by 2,000.

A total of 37 states and territories
reported decreases in claims while 16

THE TRIBUNE..1,

states had increases.

The state with the largest increase’
was New York, which reported a jump .*
of 16,037 claim filings, which it attrilers
uted to higher layoffs in transportwx» “#
tion, trade, services and public admin“ 94
istration. 29.190

Other states and territories with big/90
increases were New Jersey, up 2.944). '&
and Puerto Rico, up 1,880. WI

The state with the biggest decline
in claims was California, a drop of-fe
5,309, which was attributed to fewer 19
layoffs in service industries. Other big": **
declines occurred in Pennsylvania. +7
down 5,150, and Ilinois, down 3.319

The state figures, unlike the nation-
al data, are not adjusted for seasonal
variations. ie

@ By ANITA SNOW

Associated Press Writer

HAVANA (AP) — A Flor-
da medical supply company
opened two days of meetings
with Cuban authorities Thurs-
day, showing off an anesthesia
machine and other equipment
in hopes of whetting the
island’s appetite for American
medical goods.

~Cuba appreciates the high
quality of American medical

rer

er i

. TEACHING VACANCIES

supplies,” said Pedro Alvarez,

chairman of the Cuban food -

import company Alimport.
“But the (U.S.) embargo
affects the ability to export
these supplies to Cuba.”
Alvarez said at the small
exhibition by Mercury Med-
ical of Clearwater, Fla., that
companies have lost billions of
dollars in sales over the years.
U.S. companies can sell
medicine and medical supplies
directly to the communist

OF 8 4 va hoy . id OS U3 Vjui
The Anglican Centre. Education Authority
invites applications from qualified Teachers for the
following positions available in Anglican Schools

for September 2007. The

ublic is advised that

these positions are being advertised in accordance
with the policies of the Immigration Authorities
beforeA pplication for the renewal of Work Permits is
submitted. Bahamians are encouraged to apply.

Spanish Teachers
rench Teachers
Home Economics Teacher
Commerce/Economics Teacher
Social Studies Teachers
Primary Teachers
Language/Literature Teachers
Mathematics Teachers
Computer Teachers

Chemistr

Teachers

Physics Teachers
Physical Education Teacher
Religious Knowledge Teacher
Biology Teacher

General

cience Teacher

Music Teacher
Art Teacher

Application must be received by Friday, May 11, 2007

Only qualified Teachers with Bachelor’s Degree and
Teacher Training need apply. A minimum of two years
teaching experience is required. Teachers should have a
working knowledge of computers.

For

further details please
Central Education avi

at telephone (242) 322-3015 or write to:

contact the Anglican

ority on Sands and East Street

The Director of Education
The Anglican Central Education Authority
P.O.Box N-656
Nassau, Bahamas








country under the 1992 Cuban
Democracy Act. A law in 2000

authorized U.S. export of food |

and agricultural products to
the island. ‘

But the rules and required
paperwork make the transac-
tions tedious. Alvarez did not
offer figures on medical

exports to Cuba, but officials

have said the amount is small,
mostly because of high cost of
U.S. medical goods.

U.S. food and farm goods
have fared better. Earlier this
year, Alvarez said that Cuba
had spent more than $100 mil-
lion during the first quarter to
import American foodstuffs.

Mercury Medical brought an

estimated $100,000 worth of its


















Family 3 or more person - $250.00

Saturday May 12th, 6:30 pm to 8:30 pm



Explore: The Solar System

Discover, The Constellations

See: Jupiter, Venus, Mars and Satu
Search For, Comets, Satellites, Meteors

The Cosmos Observatory, Has 360 degree panoramic view of the sky

"| When: June 19 to August 24th, 6:30 pm to 8:30 pm
once weekly for 10 weeks, Monday, Wednesday, or Friday
Fee 5.90 p visit (9900 id in advance) only $00 pid by Api 28

10% off for siblings, Fees inlude memberhi fee forthe whole year,
($10.00 value) Pick up drop off service on request. Make enquires.

No charge for adults accompanying students under age 7yrs.

To Find Out More

An Exhibit at The Marathon Mall, Find out about the club and see the
Telescopes we will be using. Saturday April 28th, 10:00 am to 6:00 pm

Open House at Cosmos Observatory. See the Facility and sign up fr the camp,

Astro Club at
Cosmos Observatory
The Medical Arts Building
Dean’s Lane, Fort Charlotte

P.O, Box N3122, Nassau, Bahamas
\, Ph: 323-8879, Fax: 325-7162, Mobile 427-1420, E-mail; sands.de@gmail.com

Club Director - Dr. David Sands

own and other U.S. manufac-
turers’ goods to display at the
gathering hosted by Alimport
and Cuba’s Health Ministry.

Along with the $25,000 anes-
thesia machine, the goods
included devices for monitor-
ing blood pressure and respi-
ratory equipment.

The equipment will be
donated to the Health Ministry
for distribution to hospitals and
clinics after the gathering, said
event organizer Pamela Ann
Martin, of Molimar Export
Consultants Inc. of Ambler,
Pa.

Martin said it took months
to obtain U.S. government per-
mission to ship the equipment

to Cuba. —

SUMMER CAMP
FOR ASTRONOMY

The Astro Club is designed to explore the wonders of the Cosmos with stedents with
the use of their eyes, binoculars and telescopes, We believe that science cau be

fun. This summer camp will introduce them to an adventare with the stars,

This unique experience is available sowhere else in the Babamas. The camp will
appeal to students 7 years and elder, It's a life time adventure
















The Caribbean-Atlantic 21st Century Learning
Conference is being held on May 4th at the New
Providence Community Centre (Blake Road)

Nassau, Bahamas.

At this conference you will have the opportunity to acquire the latest information about Brain
Based Learning, how neuroscience research has been used to improve language, reading and
comprehension skills inn student and how Fast ForWord® has had a positive impact on the lives
of struggling readers around the world.
The Key Note speaker at this conference will be Ms. Sherrelle Jiggitts Walker, Chief Education
Officer of Scientific Learning Corporation of Oakland, California.
workshop entitled ‘Brain Based Learning’,

Contact: Jennifer Alexiou at The Speech Clinic
Tel: 394-8588 Email: fastforward@bercon.bm





If Paying by Credit Card call: 1-441-238-7534
U.S. Dollar Bank Draft or Money Orders accepted

Ms. Walker will host a










| The Tribune

Everywhere The Buye

Po Va RW a a ES. SW w,

SAP . ‘
‘

for ad rates .
re

1











NOTICE

NOTICE is hereby given that OSARUMWENSE IDAH of
COLONY VILLAGE, P.O. BOX N-7536, 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 April, 2007 to the ©
Minister responsible for Nationality and Citizenship, P.O.130x
N- 7147, Nassau, Bahamas.

eas:
o

ie” aes Fe

4
5
i

NOTICE

NOTICE is hereby given that RICARDO LEE SAINTIL O!
50 MUTTON FISH DRIVE, P.O. BOX SB- 51210, NASSAU,
BAHAMAS, is applying to the Minister responsible {ol
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
April, 2007 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas








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mw I ET OE

*








NOTICE

NOTICE is hereb ave that PATRICK SIMON OF
PINEDALE, EIGH ILE ROCK, GRAND BAHAMA,
BAHAMAS, is applying to the Minister responsible for |
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why en naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the’ 20TH day o!
APRIL, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas

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NOTICE

NOTICEis hereby given that ELEFTHERIOS MITROGIANNIS OF
NO.109, SANDYPORT DRIVE, P.O. BOX CB-11493, NASSAU,
BAHAMAS, is applying to the Minister responsible [ol
Nationality and Citizenship, for registration/natutalicavon
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 stateme!|
of the facts within twenty-eight days from the 26th day o!
April, 2007 to the Minister responsible for National

Citizenship, P.O.Box N- 7147, Nassau, Bahamas










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THE TRIBUNE

FRIDAY, APRIL 27, 2007, PAGE 11B





Long-term US mortgage
rates edge downwards

@ By MARTIN |
CRUTSINGER
AP Economics Writer

WASHINGTON (AP) —
Rates on 30-year mortgages
edged down for a second week
as financial markets interpreted
weakness in consumer confi-
dence and home sales as evi-
dence the US economy is still
mired in a period of lackluster

‘ growth.

In its weekly survey, mort-
gage giant Freddie Mac report-
ed Thursday that 30-year, fixed-
rate mortgages averaged 6.16
percent nationwide this week,

down slightly from 6.17 percent
last week.

The decline put the 30-year’

rate very close to its low of the
year of 6.14 percent in early
March. :

Analysts attributed the slight
decline to reports showing that
consumer confidence dropped
in April to the lowest level in

‘eight months while sales of

existing homes fell by the
largest amount in 18 years.
“Recent economic data ...
caused the market to pause and
reevaluate the potential growth
of the economy this year,” said
Frank Nothaft, chief economist

at Freddie Mac. “This allowed
all mortgage rates to decline
slightly this week.”

He noted that mortgage rates
so far this year have been rela-
tively stable with the 30-year
fluctuating in a narrow range
that saw it go as high as 6.34
percent in early February and as
low as 6.14 percent for the first
two weeks in March.

Other mortgage rates also fell
this week, Freddie Mac said in
its nationwide survey.

Rates on 15-year fixed-rate
mortgages, a popular choice for
refinancing, dipped to 5.87 per-
cent, down from 5.89 percent

last week.

Five-year adjustable-rate
mortgages averaged 5.88 per-
cent, compared with 5.92 per-
cent last week.. One-year
adjustable-rate mortgages
edged down to 5.43 percent
from 5.45 percent last week.

The mortgage rates do not
include add-on fees known as
points. Thirty-year and 15-year
mortgages both carried a
nationwide average fee of 0.5
point. Five-year and one-year
ARMs carried an average fee
of 0.7 point.

A year ago, rates on 30-year
mortgages stood at 6.58 percent

Two US regions targeted for
power lines development

@ By DEVLIN BARRETT
Associated Press Writer

WASHINGTON (AP) —
- Federal regulators on Thursday
declared two swaths of the
country critical to the nation’s
electricity grid, hoping to spur
construction of major power
lines in southern California and
the mid-Atlantic states.

The Department of Energy
proposed two “national inter-
est electric transmission corri-

dors,” the first of their kind
under a 2005 law designed to
relieve bottlenecks in the elec-
tricity grid, according to a notice
sent to lawmakers Thursday.

The proposed Southwest cor-
ridor would be composed of
seven counties in southern Cal-
ifornia, three in Arizona and
one in Nevada.

The mid-Atlantic corridor
would run north from Virginia
and Washington, D.C., and
include most of Maryland, all

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) WILLCOX INVESTMENTS MANAGEMENT LIMITED. is in
dissolution under the provisions of the international Business Companies

Act 2000.

(b) The Dissolution of said Company commenced on April 25th 2007
when its Artcles of Dissolution were submitted and registered by the

Registrar General.

(c) The Liquidator of the said compnay is Shakira Burrows of 2nd
Terrace West, Centreville, Nassau, Bahamas.

(d) All persons having Claims against the above-named Company are
required on or before the day of 4th June, 2007 to send their names and
addresses and particulars of their debts or claims to the Liquidator of the
company or in default thereof, they may be excluded from the benefit of
any distribution made before such debts are proved.

of New Jersey and Delaware,
and large swaths of New York,
Ohio, Pennsylvania and West
Virginia.

The proposed corridors were
announced a day after some

House Democrats criticized the,

2005 law’s possible effects.

The law gave the federal gov-
ernment greater say on where
high-priority transmission lines
should be built. If states and
regional groups fail to build
such lines, the federal govern-
ment could order them built.

Concerns about congestion
in the electrical grid were
heightened after a major black-
out swept from Ohio to Canada
and New York City.

But local representatives
fighting proposed towers in
their communities were
incensed by the announcement.

“The federal government is

continuing to try to usurp staté* ©

authority and override the Con-
stitution,” said Rep. Maurice
Hinchey, D-N.Y., who is fight-
ing a proposed transmission line
through his upstate district.
The corridor designations
could help private industry
obtain permits from state regu-
lators or to work in conjunction

with regional groups to build
new lines. Utilities in New York
and other states have long
accused state authorities of
being reluctant to approve new
lines, often because of local
opposition.

Authorities will hold public
meetings on the corridors in San
Diego, Arlington, Va., and New
York City.

Once the 60-day comment
period ends, the law calls for
state regulators to try to strike
an agreement on where new
lines should be built.

If state authorities do not
approve any construction after a
year, the Federal Energy Reg-
ulatory Commission has the
authority to intervene and
approve a grid project if the
new line is deemed necessary
to satisfy national power needs.

While the two corridors pro-
posed Thursday are the first,
they may not be the last.

A report last year identified
several other potential corri-
dors, including sections of New
England, the Phoenix-Tuscon
area in Arizona, the Seattle-
Portland area in the Pacific
Northwest, and the San Fran-
cisco Bay area.

while 15-year mortgages were
at 6.21 percent. Five-year
adjustable-rate mortgages aver-

April 26, 2007
SHAKIRA BURROWS

LIQUIDATOR OF THE ABOVE-NAMED COMPANY



EFG @ Bank & Trust (Bahamas) Ltd

CLIENT RELATIONSHIP OFFICER, VICE PRESIDENT

EFG International - a global private banking group headquartered
in Zurich - is Switzerland’s 3rd largest public bank as measured
by Tier One Capital, with over $70 billion in clients’ assets
under our care. We operate in over 40 locations around the globe
with more than 400 experienced client relationship officers. EFG
offers a unique and compelling value proposition that is ideally
suited to provide solutions for the sophisticated private and
institutional investors.

EFG Bank & Trust (Bahamas) Ltd, with one full year of operation
in The Bahamas, continues to expand as evidenced by its new
premises at the Centre of Commerce, 1 Bay Street. EFG Bahamas
has over 30 experienced professionals and offers a full suite of
private client solutions for wealthy clients around the globe. Our
unique corporate culture attracts the most entrepreneurial and
most experienced professionals in the industry. To learn more
about our unprecedented growth over the past few years, please
visit www.efginternational.com

We are looking for seasoned financial professionals with at least
10 years of sales and marketing experience in providing financial
solutions to high net worth clients and companies. The candidates
must possess a solid knowledge of investments, banking and
trust services. The ability to service and grow your own client
book is extremely important. EFG provides a unique and
uninhibited global marketing opportunity, an open architecture
platform and multiple booking centres.

The successful candidates must have a university degree and
possess either the Series 7 qualification, CSC, or UK equivalent.
The individuals must have the required qualifications and
accreditations to be registered with The Securities Commission
of The Bahamas. The flexibility to go on frequent business

‘ development trips and work within very tight deadlines is also
a necessity.

EFG offers an attractive compensation plan that includes salary,
benefits and a bonus structure directly related to profitability.
‘Salary will be determined by experience and qualifications.

Interested and qualified applicants must submit applications by
May 4, 2007, to:

Fax No. (242) 502-5428

Attn: Human Resources Manager (Re: CRO/VP)
Centre of Commerce, 2nd Floor

1 Bay Street

P.O. Box SS 6289

Nassau, Bahamas

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, JACKIE GIBSON of

Kenwood St.,Mt Royal Ave. Nassau,Bahamas intend to
change my name to HOSSANA EVE ZION | AM. If there
are ary objections to this change of name by Deed Poll,
you may write such objections to the Chief Passport |
Officer, PO.Box SS-742, Nassau, Bahamas no later
than thirty (80) days after the date of publication of this

notice.

JULIUS BAER BANK & TRUST
(BAHAMAS) LIMITED

Julius Baer Bank & Trust (Bahamas) Limited, a leading
financial institution, is seeking candidates for the following
position:

COMPLIANCE / MONEY LAUNDERING
REPORTING OFFICER

Requirements:

At least 5 years banking experience

CPA designation or equivalent

A broad understanding of Bahamian laws and regulations
applicable to banking and trust administration

Excellent communication and computer skills

Ability to work with strict deadlines and little supervision

Duties include:

Oversight and review of the Bank’s AML/KYC policies,
porcedures and transaction monitoring systems

Liaising with regulators and auditors including follow-
up on findings

Conducting investigations

Regular interaction with the Bank’s legal counsel
Reporting on compliance issues to management and the
Board of Directors

Coordinating and administering compliance training for
key regulations

Maintaining the Bank’s compliance with Group’s standards
Rviewing new products, business relationships and
contracts

Interested person meeting the above criteria should apply in
writing, on or before May 4th, 2007 enclosing a full résumé
with cover letter to:

BY MAIL

Personal & Confidential
Deputy Resident Manager
P.O. Box N-4890

Nassau, Bahamas

BY HAND
Personal & Confidential
Deputy Resident Manager

Ocean Centre, Montagu Foreshore
Nassau, Bahamas



——

Julius Baer Bank & Trust (Bahamas) Ltd.



aged 6.21 percent and one-year
adjustable-rate mortgages were
at 5.68 percent.

COMMONWEALTH OF THE BAHAMAS 2006
IN THE SUPREME COURT CLE/QUI/1248
Common Law and Equity Division

IN THE MATTER OF ALL THAT
piece parcel or lot of land containing
10,723 square feet situate on the Northern.
side of Bernard Road and immediately
West and South of the Ministryof Housing
“Cockburn Street Close” approximately
296 feet Northwesterly from Cockburn
Street, Fox Hill, New Providence.

AND IN THE MATTER OF THE
PETITION of Philip Armbrister and his wife
Carla Armbrister. ‘

AND IN THE MATTER OF the
Quieting Titles Act 1959 (Chapter 393)

NOTICE OF PETITION

Notice is hereby given that Philip Armbrister
and his wife Carla Armbrister both of the Eastern
District of the Island of New Providence, one of
the Islands of the Commonwealth of The
Bahamas (hereinafter called “the Petitioners”)
claims to be the Owners of the unincumbered
fee simple estate in possession of the land
hereinafter described that is to say:-

All that tract of land situate in the Eastern District
of the Island of New Providence one of the
Islands of the Commonwealth of The Bahamas
containing 10,723 square feet bounded on the
SOUTH by Bernard Road and running thereon
Eighty-three and Eighteen Hundredths (83.18)
feet on the WEST by land now or formerly the
property of George Turnquest and running
thereon One Hundred Sixty-two and Fifty-seven
Hundredths (162.57) feet on the NORTH by
land now or formerly the property of Cecil Smith
and running thereon Sixty and Fifty Hundredths
(60.50) feet and on the EAST by land now or
formerly the property of Steven Barr and running
thereon Ninety-eight and Fifty-two Hundredths
(98.52) feet and by land now or formerly the
property of Earlin Humes and a Buffer Zone
Fifteen (15) feet wide running thereon Fifty-two
and Seventy Hundredths (52.70) feet and has
made application to the Supreme Court of the
said Commonwealth of The Bahamas under
Section 3 of the Quieting Title Act, 1959 to have
their title to the said land investigated and the
nature and extent thereof determined and declared
in a Certificate of Title to be granted by the Court
in accordance with the provisions of the said
Act.

A Plan of the said land may be inspected during
the hours of 9:30am to 4:30pm, Monday thru
Friday at: 4

1. The Registry of the Supreme Court,
Nassau, Bahamas;

The Chambers of W. E. Olander & Co.,
No. 10 Market Street (South of Bay Steet),
Nassau, The Bahamas.

NOTICE IS HEREBY GIVEN that any person
having Dower or right to Dower or an Adverse
Claim or a claim not recognized in the Petition
shall on or before the 16th day of July, A.D,
2007, file in the Supreme Court and serve on
the Petitioners, or the undersigned, a Statement
of their claim in the prescribed form verified by
an affidavit to be filed therewith. Failure of any
such person to file and serve a Statement of
Claim on or before the said 16th day of July,
A.D., 2007 will operate as a bar to such Claim.

Dated this 3rd day of April, A.D., 2007.

W. E. Olander & Co.
Chambers

No. 10 Market Street North
Nassau, The Bahamas

Attorneys for the Petitioners



PAGE 12B, FRIDAY, APRIL 27, 2007 THE TRIBUNE BUSINESS

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West dealer.
Both sides vulnerable.

1& Dble 24 294
3 & 49%
Opening lead — ace of hearts.

In bridge, the participants see only
26 cards when the play starts and not
the 52 cards seen in the diagram.
Naturally, seeing only 26 cards, they
might not play their cards as per-
fectly as if they saw all four hands.
Being human, they might err.

The declarer, and the defenders
likewise, frequently trade upon this
deficiency. They sometimes make
plays they would not make if all 52
cards were in plain view, and they do
this because they might induce a mis-
take by the opponents.

Consider this deal where South
stole the contract by making an

You Can Win, But You Can’t Lose

unnatural play. West led the ace and
another trump. Declarer, after sizing

king and retumed a club to put South
down one.

The beauty of South’s play is that
it gives him a chance to make the
contract regardless of where the king
of spades is located. If West has it,
the hand is sure to make because
dummy’s queen becomes established
for a vital club discard.

If East has the king, then it is just
as well not to attempt the losing
finesse. In fact, it is much better to
cash the ace and lead toward the jack
because East has a chance to go
wrong.

It is true that South might cost

himself 30 points if it turns out that.

West has the king of spades, but who
wouldn't pay a 30-point premium to
ensure a game?

FRIDAY,

responsibilities, but rest of you knows
this isn’t a good idea this week. What
can you do? For starters, do the job
right the first time. Then, go play.

CANCER - June 22/July 22

There’s an old saying that knowledge
is power, but secrets are more powerful
still, Cancer. Be tmue to your nature this
week and don’t let on that you have in-
sider information about a family friend.

LEO - July 23/August 23

It’s usually paid off for you to trust
your lion’s instincts, Leo. However,
you're not quite thinking straight
this week, so it may be a better idea
to avoid making any major decisions
without more evidence.

VIRGO — Aug 24/Sept 22

You're in demand this week, Virgo.

NORTH up his chances, won the second APRIL 27
#AQ643 trump in dummy, cashed the ace of
VÂ¥KQ84 spades and retumed a low spade
e AD toward his hand. j 4;
i #72 East assumed from this line of ARTES ceeren 20 Ap we
} WEST EAST play that declarer had a singleton | ¢.01 and what is ficti BA ae k
He @75 #K 1098 spade and therefore played low |... eo ea
s j . : : Aries, but one thing is for sure — it’:
vA2 v7 instead of going up with the king. | time to slow down a bit at work. The
#3864 #Q1032 South won with the jack and eventu- } pectic pace is wearing you down
&AQT106 9853 ally established dummy’s fifth spade ae y :
EGON SOUTH as a trick to finish with 11 tricks in ae — April aay. 21
MANY - aJ2 all. everyone around you is fussing
BLOCKS YoU CAN I'M NOT SURE IM aia ¥3 109653 Now let’s suppose declarer had | 274 fretting over minor concerns, you
IN FAVOR, OF FN , ae . will be quietly doing what you have tc
STACK, MINGS! HOME SCHO #K75 won the heart in his hand at trick two do thi x
i OLING #K 4 and led the jack of spades for a | 20 this week, Taurus. Good for you:
( The bidding: finesse, as most players would do.In | GEMINI- May 22/June 21
a is West North East South that case, East would have taken the | Part of you wants to escape you
: ° ¥,
Fas) D

Everyone wants something, but they
may not be so willing to give some-
thing in return. No matter how
aggravating this gets for you, don’t
give in to your temper.

LIBRA — Sept 23/Oct 23
Don’t take everything you hear so
seriously this week, Libra. It will only




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The TODAY'S TARGET

T E ’ - Target 7 ‘ Vent 1
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LOOK AT ALL THE FUN babes tomorrow. that special someone on Thursday.



body of SCORPIO -— Oct 24/Nov 22
Chambers. Pretend your enemies don’t exist this
21st week, Scorpio. You’re in a good

JACK AN? THE BEANSTALK
KAD WITH HIS;



VEGETABLES ! i a YESTERDAY'S SOLUTION mood, so don’t let anything spoil it.
(1999 baleen bane barn bean been Instead, take a walk in the park or
edition) bran earn elan eleven enable visit a museum. Enjoy yourself.

enabler even lane lean leaner
learn leaven nave navel near
nerve neve never raven renal
vane venal veneer

VENERABLE verbena vernal

SAGITTARIUS- Nov 23/Dec 21

‘} Romance has muddled your senses a bit
recently, but it’s important to take a look
at all the facts. That’s not to say that any
thing is wrong — just watch your back.
People aren’t always what they seem.

CAPRICORN - Dec 22/Jan 20
This appears to be very busy week
for you, Capricorn. Delegate some
of the smaller tasks so that you can -
get on with the serious work. Dont
forget to get some rest! :
AQUARIUS — Jan 21/Feb 18 ~~
Now’s the time to take a good, hard
look at your finances, Aquarius. You
may want to scale back some of
those luxury items, then invest your

HOW many words of four
letters or more can you make
from the letters shown here? In
making a word, each letter may
be used once only. Each must
contain the centre letter and
there must be at least one nine-
letter word. No plurals

PAE SURE
GOT OLT OF
EATING THEM!

)
ee

CRYPTIC PUZZLE

DOWN
Source of a sensation (5)
Pick up something exclusive (5)
As adjusted by a canny Scot? (4)










How they
SAY it in...

ACROSS EARTH
He washed his hands with one in
a dish (6)

Cover one, by arrangement, for a

English:
Spanish: TIERRA











quick check (4-4) Peeane reno SF italian: TERRA savings for the future. 2
Reject a region at random (6) preoennas? (5 PISCES — Feb 19/March 20-~
Forelgner with potential as Annual occasion for some French: TERRE Feelings are running high this week,
Valentines? (4) which may result in an argument with
miecer (5) a close friend. While you both ma
: . y y
You may have seen three men in one Just happen to arrive? (4,2) German: ERDE say some nasty things, remember the
on the river (4) I's like @ bridge over the railway (6) importance of your friendship.
14 Flights around the housetops? (4) The protester’s rubbish? (3)
15 Give sound advice though t's only Where to change coats? (5) CHESS by Leonard Barden
second-hand (4) Variety of lobster on the bed (7)
16 Porridge vessel? (3) For cooking, It's good to a point (3) Viktor Korchnoi v Simen
17 Self-possessed when out Headpiece with hinges (3) Agdestein, Haninge 1988.
Korchnoi, now aged 76 yet still * ”
of control (4) State of a piece of an active competitor, hashad =; Pia ote
19 Dangerous vehicle? (4) work gone wrong (6) the ne incident packed its of ; °"
Plant fresh trees at the second any modern grandmaster. He 5 <
21 Ittums up with the stopper! (8) survived the siege of Leningrad . 2 | °
eSan ane saat ACROSS in 1941 by collecting ration :
24 Plays around with a bit of Tolstoy (4) The transport bureau? (3) Chopped (6) Musty (8) books from the bodies ofdead 4 ee :
26 Catchin an untenable situation (3) Reserved for the commanding officer, Mexican pancake (8) Felony (5) at cise boii Rt 1 | -
Trepidation (6) Lack (4 w ess bo '
27 Early tea colour? (4) avers) be al (5) referred the young Anatoly 2
Ww capital (5) p you ;
29 Didhis archery give him a Simply to call It a stopper would ba rus Stiff paper (4) Karpov, then twice qualified to te SS ae
back? (4) a ropy clue (6) N Regularly (6) challenge Karpov for the world bs ‘y
es " Make beloved (6) title. His lifestyle of caviar, uw oboe doe f g fh r
32 The wood In the hole in the wall (4) His double isin prison for arzon (3) =) Wonder (3) jogging, yoga and continual material in today’s puzzle, which oy
33 Smelt like rotten tanks (5) Has he a jolly bony head? (5) = Catch sight of (4) 2 Note valus (5) tournaments inspires other looks a close call between his Se
Ironed (7) veterans, and in between taking attack and Black's strong d3 ?
Norma’ xaggerate (9 ’ 9 : ‘4
34 Party's of questionable length (6) ie Sparta boy ©) a) ee Manner (3) onGMs athird of his age he knight. How did White force :
35 May there be nothing in Vermeer to tshhie among the riskier sports? (5) uu Painful (4) Mimic (3) won the world senior (over-60) victory? . “4?
sult It to etemity? (8) A possibly wounding fellow? (4) Shoot (3) Logic (6) championship at his first of
36 Arelatively impacunious dealer? (6) The kind type? (4) ts Ete ae eer *
fe :
si hoo (2-2) Summ (3) White, to move) has level LEONARD BARDEN ‘:
Forest clearing (5) Small basket (6) af
___| Yesterday's cryptic solutions JeReray-s easy somninnis Chart (6) Wicked (3) ‘
ACROSS:1, Points 7, W--sea-cre 8, Pita 10, A-bac-an 11, | ACROSS: 1, Sparta 7, Corridor 8, Lash 10, Chaste 11, a ) re (5) ;
Greece 14, ee D-at-a 19, Pedal 21,- Facade 14, Toy 16, Tales 17, Seen 19, Valet 21, Timid 22, Ona (5) {
H-one- 22 ’
ad moira Guat enact oe oe ai — 29, Cranny 30, Canopy Monotary disc (4) Chess solution 8341: 1 d5! Bxd5 2 Qd4 (threat 3 Qxq7 te
4 ‘ a ities aed 4 mate) g6 (if Qf7 3 Nh6+ wi
DOWN: 1, Potand 2, No Idea 3, S-wan 4, Hears-a-y 5, DOWN: 1, Sauces 2, Reason 3, Ache 4, Created 5, Ideal 6, aoe waioe : Nee HA con al s
Acted 6, S-even 8, Pa's-T 9, TA-X 12, E@l 13,Canon 15, | Urges 8, Late 9, Sty 12, Cat 13, Debit 15, Camel 18, Mensa quiz: Knight " °
|_| Teno-A 18, Admit 19, Pot 20, Den 21, Hatchet 22, B-n 23, | Ember 19, Vim 20, Lit 21, Tomado 22, Con 23, Banana (re pasenieuend inidaradet uy ”
Tonner 24, (the) Oaks 25, Serves 26, Large 27, Mound 28, | 24, Idol 25, Styles 26, Score 27, Nadir 28, Car ouif cul bul bell BALL lon is: PUFF, guff, i”
Law w, Boys 90, Cord : : ae " " A - -
*



ae ad nae een eg ET PT EET

—*&
2

—_S





Shown is today's weather. Temperatures are today's



Albuquerque
Anchorage
Atlanta
Atlantic City
Baltimore
3oston
Buffalo
Charleston, SC
Chicago
Cleveland
Dallas
Denver
Detroit
Honolulu
Heuston

High
F/C
T1125
50/10
73/22
66/18

74/23

54/12
62/16
83/28
60/15
62/16
79/26
66/18
61/16
85/29
82/27

t hee Pe

Today



KEY WEST

High: 84° F/29°C
Low: 77° F/25°C

2



highs and tonights's lows.

5.2

Low W
F/C

5110 s
36/2 pc
510 pe
53/11 t
52/41 ¢
48/8 +
45/7 sh
57/13. c¢
41/5 ¢
45/7 pc
59/15 pe
41/5 s
42/6 ¢
71/21 $s

62/16 .s :-/ 80/26 G4AT*

High
F/C
78/25
51/10
69/20
67/19
71/24
60/15
54/12
81/27
70/21
60/15
80/26
78/25
70/21
85/29

Low

F/C
52/14
36/2
50/10
47/8
48/8
46/7
41/5
54/12
45/7
45/7
57A3
48/8
47/8
72/22



High Low. W High Low WwW

FC F/C FIC FC
Indianapolis 62H6 43/6 pe 69/20 50/10 pc
Jacksonville 85/29 57/13 pce :83/28 55/12 pe
Kansas City. 68/20 47/8 pe 76/24 53/11 pe
Las Vegas 92/33 65/18 s 95/35 72/22 s
Little Rock 75/23 S42 > s ~~ 75/23 54/42 - pe
Los Angeles 80/26 59/15 pc 80/26 58/14 pc
Louisville 6648 5040 pe 71/21 51/10 pe
Memphis 74/23 57/13 s 73/22 56/13 pc
Miami = ——=— 8B 73/22 pe = 87/386 72/22 pe
Minneapolis 72/22 50/10 pe 71/21 51/10 s
Nashville 679 51/0 pe 69/20 53/11 “pe
New Orleans 83/28 61/16 s 80/26 63/17 pc
New York 64/17 542° F. 67/19 50/10 6°
Oklahoma City 68/20 50/10 t 78/25 52/11 pe
Orlando ~ ~ - “87/30-668 “pe - 87/30 6246 ~peé

High: 85°

AccuWeather RealFee}

Mostly sunny.



feats meter

~ High: 85° F/29°C

Mainly clear.

Low: 72°

AccuWeather

Low: 72° F/22°C “age

Telesis)



FREEPORT





Sao

iw





Some sun.

High

: 85°

Low: 74°

AccuWeath

: 92°-80° F



|

Sabeisr:



ABACO

High: 84° F/29° C
~ Low: 72° F/22°C



High: 85° F/29° C
Low: 70° F/21°G



High: 85° F/29°C
Low: 74° F/23°C

Philadelphia
Phoenix
Pittsburgh
Portland, OR
Raleigh-Durham
St. Louis

Salt Lake City
San Antonio
San Diego

San Francisco
Seattle
Tallahassee
Tampa
Tucson
Washington, DC

NASSAU
High: 65° F/29°C

94/34 68/20
67/9 46/7
68/20 50/10
80/26 54/12
68/20 52/11
70/21 50/10
80/26 63/17

72/22) GOS

70/21 51/10

“B47 48/8

88/31 54/12

85/29" 68/20





pe 82/27 65/18

a

ane Sau hs:






REPORT

eh?











apts
ergs D.



Low MODERATE



Mostly cloudy, a Partly sunny. Intervals of clouds The higher the AccuWeather UV Indexâ„¢ number, the
shower possible. and sunshine. greater the need for eye and skin protection.
High: 83° High: 83° High: 83°
Low: 72° Low: 72° Low: 70° -
TAATRN cellist mat ctl Lact \ccuWeather RealF AccuWeather HealFeel
[eee | errr | * | E, _





Statistics are for Nassau through 2 p.m. yesterday

Temperature
Hitsarstesi ta emeaiectOR FILO



_ ELEUTHERA
2 Wigh:05°F/29°C



Saturday

Ww High Low WwW
F/C F/C

t 68/20 50/10 pe

s 100/37 72/22 s
pe 64/17 44/6 ¢
pe 66/18 46/7 ¢
pe 77/25 52/1 pe
pe 72/22 53/11 pe

518/25 S528
81/27 61/16 pc
70/21 58A4 pe
68/20 51/10 s
pe” 62/16° 45/7 “c
pe 82/27 52/11 pe
pe



89/31 58/14 s 91/32 65/18 pc

74/23 55/12 t. . 74/21 SIMO pe <:



r

~~ Low: 74° F/23°C

Normal low ..



AccuWeather, inc. ©2007 <

. SAN SALVADOR
i High: 85° F/29° C
; Low: 73° F/23°C
ge
i
High: 85° F/29° M
ea MAYAGUANA
-High: 85° F/29° C
Bae Low: 74° F/23°C
CROOKEDISLAND/ACKLINS “=
RAGGEDISLAND "st:88°F/20"C
Highses*ryzarc | LOM TS°F/24°C
Low: 71° F/22°C
GREAT INAGUA
High: 86° F/30° C
Low: 74°F/23"¢ ss



Today

82° F/28° C
70° F/21° C



Last year’s high . 88° F/31° C

Last year’s low sv FO” FI22°C
Precipitation Sunrise
As of 2 p.m. yesterday 0.00" Sunset

Year to date .. 13.73"

Normal year to date *e tae

AccuWeather.com

All forecasts and maps provided by

T







5:20 a.m.
5:40 p.m.

Saturday 9:06 a.m.

6:24 p.m.

Sunday 9:47 a.m.

7:03 p.m.

Monday 7:26 a.m.

7:41 p.m.

....., 6:38 a.m.







24 11:19am. 0.4
2.6 11:50p.m. 0.3

2.4 12:01p.m. 0.3
2.7 —-

2.4 12:36am. 0.3
2.8 12:40p.m. 0.3

24 1:18am. 0.2
29 1:17pm. 0.2









Moonrise ... . 3:53 p.m.
Moonset..... 3:56 a.m.

First



Saturday



High Low W High Low W

F/C F/C F/C F/C
Acapulco 88/31 73/22 s 88/381 74/23 pe
Amsterdam 75/23 54/12 s 77/25 54/12 s
Ankara, Turkey 68/20 41/5 pc 61/16 38/3 sh
Athens 68/20 54/12 pc 70/21 54/12 pe
Auckland — i 6447 58/14¢ = 637 =52/1 pe
Bangkok 93/33 79/26 c 92/33 80/26 t
Barbados $8/31 77/25 6c 85/29 76/24 pc
Barcelona 66/18 55/12 pc 67/19 54/12 sh
Beijing 72/22 «53/11 pe 72/22 56/13 ¢
Beirut 70/21 66/18 pc 69/20 66/18 pc
Belgrade. 70/21 45/7 5 73/22 56/13 pe
Berlin 79/26. 54/12 s 77/25 «52/11 s
Bermuda = 74/23 «64/17 pe 74/23 “66/18 pec
Bogota 64/17 48/8 pc 67/19 47/8 sh
Brussels 79/26 «52/11 s 79/26 GING s
Budapest 75/23 50/10 s 78/25 55/12 pc
Buenos Aires 66/18 48/8 s 68/20 50/10 s
Cairo 91/32 70/21 s 88/31 64/17 pc
Calcutta 99/37 79/26 pe 101/38 82/27 pe
Calgary 6417 43/6 c 66/18 37/2 ¢
Cancun 86/30 73/22 pc 87/35 71/21 pe
Caracas 86/30 70/21 pc 86/30 68/20 pc
Casablanca 6417 55/12 pe 65/18 53/11 s
Copenhagen 61/16 46/7 s 64/17 47/8 pc
Dublin 59/15 48/8 sh 63/17 48/8 pc
Frankfurt 81/27 48/8 s 80/26 61/16 s
Geneva 73/22 46/7 pc 73/22 50/10 pe
Halifax 5110 33/0 r 5512 37/2 6
Havana 90/32 72/22 pe 87/30 65/18 pe
Helsinki 5713 39/3 pe 48/8 34/1 pc
Hong Kong 83/28 76/24 ¢ 83/28 75/23 ¢
Islamabad 95/35 78/25 s 108/42 80/26 s
Istanbul 6417 48/8 s 62/16 51/10 c
Jerusalem 76/24 56/13 s 72/22 52/11 pe
Johannesburg 417 «426 c 59/15 37/2 s
Kingston 88/31 77/25 t 88/31 77/25 pc
Lima ‘75/23 63/17 ¢ 77/25 “66/18 ¢
London 70/21 50/10 pc 72/22 54/12 pc
Madrid 6317 46/7 5 66/18 48/8 sh
Manila 87/30 77/25 ¢c 92/33 77/25 pc
Mexico City - 79/26 55/12 pe 79/26 54/12 pe
Monterrey 93/33 70/21 pc 89/31 70/21 pc
Montreal Ti) TSS SS5AZ = -44/6-sh 5613 45/7
Moscow 64/17 46/7 pc 52/11 32/0 c
Munich — 73/22 45/7 s 77/25 45/7 s
Nairobi 79/26 S713 ¢ 80/26 57/13 pc
New Delhi _ 110/43 84/28 s 109/42 84/28 s
Oslo - 6116 39/3 s 55/12 39/3 ¢
Paris ne : 79/26 §5/12 pe 77/25 S412 pe
Prague 75/23 «46/7 s 77/25 50/10 s
Rio de Janeiro 76/24 (70/21 + 76/24 70/21 +
Riyadh 97/36 79/26 s 99/37 78/25 s
Rome - 72/22“ 52/11 pe 72/22 50/10 pe
St. Thomas _ 87/30 77/25 pe 85/29 77/25 pe
San Juan 72/22 AGF Ss 74/23 «49/9 s
San Salvador 91/32 72/22 t 88/31 71/21 pc
Santiago =i ( sti(iti‘é‘z OD AS 73/22. 45/7 s
Santo Domingo 88/31 72/22 pc 84/28 71/21 pc
a0. ee Sb ) 5995, GANG GAG





67/19 45/7 s
56S 35/1 |
70/21

me 322 48/8 s 68/20 43/6 pe
Winnipeg 69/20 42/5 pc 69/20 45/7 pc
Weather (W): s-sunny, pe-partly cloudy, ¢-cloudy. sh-showers, t-thunder-

f]

storms, r-rain, sf-snow flurries, sn-snow, i-ice, Prcp-precipitation, Tr-trace

_WwINDs





WAVES _VISIBILITY __ WATER TEMPS.














MASSAU Today: ~ €Eat6-12 Knots 1-2 Feet 6-7 Miles te Fk
Saturday: _E at 5-10 Knots 0-1 Feet 6-7 Miles ITE

FREEPORT Today: ESE at 5-10 Knots 1-2 Feet EEE
SSE at 5-10 Knots 0-1 Feet TIE

ABACO = Today: ESE at 5-10 Knots 1-3 Feet tor



c

[ee]
eae
f=
Pe

Showers
T-storms
Rain
Flurries
Snow



SSE at 5-10 Knots 1-2 Feet



SARS
MARAIS. Ay
AXNNANS S38

se SNA SRASN NS

CNR

:
:
*
3
4
:
RS
g
a
ss
&
Es
&
a
2
g
=
P|

Shown are noon positions of weather systems and
precipitation. Temperature bands are highs for the day.
Forecast high/low temperatures are for selected cities.

Cold w= 5
Warm Meni ©
Stationary Menge ©

UTO INSURANCE

e

Auto Insurance,
Choice iS

CE BROKERS & AGENTS

Fluvthers =] = bum =f
WDD) 3-062 (HD 6008









THE TRIBUNE BUSINESS

APRIL 27, 2007

PAGE 14B, FRIDA

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Full Text





THEYRE BACK
MIGHTY WINGS

LOW



“Volume: 103 No.129

WEATHER

i'm lovin’ it.

72F

MOSTLY
SUNNY







F





The Tribune

#1 PAPER IN CIRCULATION

Che Miami Herald

BAHAMAS EDITION








$67m South Ocean hotel
ma salah in principle

Insiders allege more
than half disappeared
in last two months

@ By TRIBUNE STAFF

NEARLY $1.5 million is miss-
ing from the Bahamas Electricity
Corporation, insiders claimed last
night.

More than half of it - around
$800,000 — has disappeared in the
last two months, according to
well-placed BEC sources.

Two accounts clerks have been
dismissed, but furious staff say
the real cause of the thefts is
“slack control” at management
level.

The disclosure will deal a mas-
sive blow to the PLP in the run-
up to next week’s general elec-
tion. Inefficiency and lax attitudes
are two of the main charges laid
at the government’s door by its
critics.

But alleged theft of this scale
over a period of months suggests
major management failure within
the corporation.

Last night, a government
source confirmed unofficially that
“a lot of money” had vanished
from BEC. But no figure was
mentioned.

_However, BEC insiders say the
total loss is close to $1.5 million,
with more than half of it vanish-
ing in recent weeks.

“Low level people are being
fired, but this raises questions
about higher ranking officials
within the BEC and their over-
sight procedures,” said one
observer,

“It seems that they (manage-
ment) are not following up as dili-
gently as they should.”

Minister of Energy and Envi-
ronment Dr Marcus Bethel said
he is aware that there is an ongo-
ing investigation into allegations
that money is missing from BEC.

However, he could not say how

SEE page 13

Campaign workers’ fears
after windshield smashed

@ By KARIN HERIG
Tribune Staff Reporter



CAMPAIGN workers at the FNM Montagu headquarters fear they
have become the target of election violénce after a windshield of one
of their supporter’s cars was smashed yesterday morning.

The damaged vehicle was parked at the Montagu constituency
office and is owned by a known FNM supporter.

According to the supporter, her windshield was smashed by persons
who then sped off in a white Nissan Maxima with tinted windows.

Speaking with The Tribune yesterday, FNM candidate for Mon-
tagu Loretta Butler-Turner described the act as “absolutely despicable.”

Mrs Butler-Turner said she believes that the act was politically

motivated.

“I strongly believe that it had a political reason. The car was parked
on the premises of the Montagu constituency office — which is clearly

SEE page 13





FRIDAY, APRIL 27, 2007





Cras





PRICE - 75¢




Dato) acre]. Cs

Win at last -

TOU CU)

$1.5m missing’ from BEC claim

Driver Saeco truck retanty



As Opposition leader Hubert Ingra-
ham sat on the platform at an FNM
rally in Mathew Town, Inagua, last
night waiting to take the microphone,
a rumour had started to circulate in
Nassau that he had suffered a heart
attack,

A call to Tribune reporter Brent
Dean, who is with Mr Ingraham on his

‘Significant lead’ in
missing aircraft case

@ By KARIN HERIG
Tribune Staff Reporter

POLICE are following a “significant lead” in the
case of the missing Western Air aircraft and are
hoping to bring the matter to an early close.

Acting General Manager of the Airport Author-
ity Mervin Hutchinson told The Tribune yesterday
that although he has no details on the investigation
into the disappearance of the missing 19-seater
commuter plane, police have informed him that a

lead has crystallised.

Meanwhile, the US has expressed concern over
the sudden and mysterious disappearance of the
aircraft from the Lynden Pindling International
Airport (LPIA) on Thursday morning.

SEE page 13



m By PAUL G TURNQUEST
Tribune Staff Reporter _

Hubert Tehama rumour untrue

ee (aay ee MEL RL EL ne voles

tality,
Beach,

@ THE driver of
this Central Gas
truck survived this
accident yesterday
after his vehicle
turned over on .
John F Kennedy
Drive. The man
was taken to






six-island tour of the southern
Bahamas, confirmed that Mr Ingra-
ham was sitting in front of him on the |







platform. “He’s in good form,” our
reporter said.

Mr Ingraham returns to Nassau i oe
today. The Mathew Town rally was | hospital and is in
carried live on the FNM’s website — | Stable condition.
freenationalmovement.org os

Reports of police unable
to vote due to names not
on election register

; THE TRIBUNE received reports yesterday atter-

~ noon that a number of police officers showed up to

vote yesterday, only to find that their names were
not on the official election register,

A source on the scene at the Kendal Isaacs Gym,
where law enforcement officers were to vote yes-
terday ahead of the general population, said that at
around 1,30pm, as many as 30 officers found them-
selves unable to vote,

He said that election officials told the officers
to go to the Kendal Isaacs Gymnasium, but most
found that their names were not recorded on the list
there either.

“Many of these officers work on the Family

SEE page 13



Golden Isles, South
Golden Gates,






















POLICE, Defence Force offi-
cers and Parliamentary stall cast
their votes yesterday in the
advance polling of the May 2
general elections.

Three stations were created,
one at the Michael Eldon Com-
plex opposite the College of the
Bahamas, the second at the Col-
lege of the Bahamas’ Culinary
and Hospitality centre, and the
third and largest station was the
Kendal G L Isaacs Stadium.

At the Michael Eldon build-
ing,
Pinewood, Elizabeth, and Blue
Hills were housed, At the
school of Culinary and Hospi-

the constituencies of

Carmichael and Bamboo Town
were held. And finally, in the
stadium, the constituencies of
Kennedy, Marathon, Montagu,
Mt Moriah, St Cecilia, St
Annes, St Thomas More, Sea
Breeze, Bain and Grants Town,
Killarney, Clifton, Englerston,
Farm Road and Centreville,
Fort Charlotte, Fox Hill, and
Garden Hills,

At all the stations, the various
PLP, FNM, BDM, or Indepen-
dent candidate as in the case of
Bamboo ‘Town, were predomi-
nately present to oversee and
gauge their respective support

SEE page 13



AN FNM and a PLP sup-
porter show some unity outside
of the advance polling station
yesterday,

(Photo: Tim Clarke/
Tribune staff

GARAGE







Christian Council
president voices
concern over
ad linking vote
for PLP to a vote
for Jesus Christ

@ By MARK HUMES

ONLY days after criticising the
lack of accountability in politics,
the newly elected president of the
Bahamas Christian Council, Bish-
op John Humes, expressed con-
cern about a local advertisment
that suggestively links a vote for
the PLP to a vote for Jesus Christ.

In an interview with The Tri-
bune yesterday, Bishop Humes,
who is also the national overseer
of the Church of God, said that
any attempts to link the PLP to
Jesus Christ was “bordering on
sacrilege.”

“A vote for the PLP is not a
vote for Christ,” said Bishop
Humes. “It is only a vote for Per-
ry Christie and his party. It has
nothing to do with Jesus Christ,
and I think whoever is responsi-
ble for putting that ad out should
be ashamed of themselves.”

Without having personally seen

SEE page 13

Ingraham says
his govt would
construct
3,000 homes
in five years

& By BRENT DEAN

COCKBURN Town, San Sal-
vador ~ In one of the most robust
proposals during the election
campaign, FNM leader Hubert
Ingraham declared that his goy-
ernment would facilitate the con-
struction of 3000 homes in five
years, an average of 600 per year,
if he is re-elected prime minister
of the Bahamas.

Mr Ingraham made this pledge
on Wednesday during a tour of
San Salvador,

The FNM plan is to a mixed
model proposal in which the gov-
ernment sells lots to Bahamians
ata nominal fee, allowing indi-
viduals to use the contractor of
their choice in the construction
of homes. Or, if needed, the gov-
ernment would assist in the erec-
tion of the building, as is current-
ly the case in many new subdivi-
sions.

"Those persons who need the
government, the government can
build some for them, But most

SEE page 13

RESIDENTIAL

DOORS

NEED THEM INSTALLED?
LET OUR SERVICE DEPARTMENT HANDLE IT!

y 2505 FPT: 351-1310 SY chs Ocbsbohamas.cam


bs iA



PAGE 2, FRIDAY, APRIL 27, 2007 . THE TRIBUNE



Rally fever comes to the Family Islands"

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@ ABOVE: Prime Minister Perry Christie speaks at the PLP rally in Eleuthera on Wednesday night
@ BELOW: PLP supporters in Spanish Wells at their party's rally this week
(Photos: Felipé Major/Tribune staff)

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THE TRIBUNE

FRIDAY, APRIL 27, 2007, PAGE 3



ie co
‘Moss outlines plan to cut down
on number of school drop outs

© In brief |

Moss pledges
to hold
conference
on crime

THE Rev C B Moss has
pledged to stage a special con-
ference on crime if elected as
MP for Bain and Grants Town.

Within 100 days of his elec-
tion, he would convene talks to
devise a crime-beating plan for
the area, he says in his election
manifesto.

Rev, Moss, who entered the
race as an independent after
claiming he was betrayed by the
PLP, has also promised to set
up a food bank as part of a “No
Child Should Go Hungry” pro-
gramme.

“Needy residents will be able
to get food for themselves and
their families in emergencies,”
he said.

Rev Moss has picked crime
as a major campaign issue
because “crime and the fear of
crime is of tremendous concern
to residents.”

Of his conference plan, he
said: “I have successfully done
this before with Hands Across
the Bahamas, and 1 will do it
again.”

Rev Moss also plans to
launch a website for the area to
feature the culture and history
of the Bain Town and Grants
‘Town communities.

And he wants a radio pro-
gramme to promote the people
and places of the community
with a view to building collec-
tive pride and a strong sense of
community.

The ideas are part of a wide-
ranging ‘policy statement from
the pastor, whose manifesto
theme is “A New Vision”.

The main planks of his plat-
form are strong families, quali-
ty education, reduced crime and
violence, community building
and economic empowerment.

He will also tackle substance
abuse, legal aid matters and
environmental improvement as
part of his community aims.

A day care centre would also
be provided so parents can
leave children in a safe envi-
ronment while they go out to
work,

-Rev Moss also wants to

revive and expand the commu-.

nity’s youth development pro-
gramme, which teaches young
people personal and civic pride.

The pastor is running against
the PLP’s Dr Bernard Nottage
and the FNM’s David Jordine.

Man fined as
he admits to
marijuana
possession

A MAN was fined $1,000
after pleading guilty to a mari-
juana possession charge yester-
day.

Dedrick Bethel, 20, appeared
before Magistrate Carolita
Bethel on the charge of posses-
sion of marijuana.

According to the prosecution,
Bethel was found in possession
of 20 grams of marijuana on
April 24.

Failure to pay his fine will
result in a six month prison sen-
tence.

INSIGHT

ONLY ONE WAY
AHEAD

Don’t miss
- Insight’s
“hard-hitting and
provocative
general elec-
tion preview

See Monday’s
edition of
The Tribune

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A PLAN to stop students
becoming school “drop outs” has
been devised by Rev C B Moss,
who is contesting Bain and
Grants Town as an independent.

The pastor claims the pro-
gramme, to be held in primary
and high schools if he is elect-
ed, would “greatly impact”
children’s education.

“A committee will work
jointly with the schools and
other government agencies as
well as with private organisa-
tions to ensure that, as much
as is possible, no student will be
allowed to drop out of school,”
says Rev Moss in his election
manifesto.

The plan is part of a wide-
ranging community pro-
gramme which Rev Moss has
pledged to implement tf he
wins a seat.

The pastor, a community
activist for many years, is also
proposing a literacy project for

residents over school age.

And he wants two scholar-
ships to be granted — one aca-
demic, one vocational — to
qualified high school students
in the community.

A computer lab programme
would, he pledges, also be
introduced to equip “every
willing resident, old or young”
with basic computer skills.



This, he believes, will
increase local people’s chances
in the workplace, and their
earning power.

Apart from education, Rev
Moss has ideas in several other
areas, including sports, eco-
nomic empowerment and
youth development.

His 10-page manifesto lists
several projects he hopes to tack-

le, including a small business
development centre, a museum-
gallery, youth choir, marching
band and sports association.

As part of his economic
empowerment scheme, Rev
Moss wants a tourism project
to lure visitors over-the-hill.

“Bain and Grants Town are
old communities and are
extremely rich in history and
culture, exactly what the visitors
want to experience,” he says.

“In addition, the close loca-
tion to the main tourism centres
of Bay Street and Cable Beach
makes the area ripe for touristic
development,” he adds.

Rev Moss’s scheme would
create jobs for tour guides,
refreshment stand operators,
craft and souvenir stallholders,
entertainers and others.

“This project, once opera-
tional, will turn Bain and
Grants Town into one of the
most successful financial areas

in New Providence,”
statement.

Rev Moss claims his five-
year plan for the area, which
he calls a contract with the peo-
ple, is “within my personal abil-
ity to do” but he says the gov-
ernment needs to improve
infrastructure.

There is urgent need for
improved housing, poverty
reduction, new and better-
maintained parks, improved
potable water supply, training
and retraining of residents, and

says his

. better police services, he said.

“I pledge to work very hard
in conjunction with the gov-
ernment to ensure that these
items of need be adequately
addressed and resolved as
quickly as possible,” he added.

He said he wanted to forge a.
strong partnership with the
community to make Bain and
Grants Town “a model for the
Bahamas.”

Christie accuses FNM of holding Eleuthera back

THE FNM government
deliberately stood in the way
of Eleuthera’s development
according to Prime Minister
Perry Christie.

Speaking at a rally in Goy-
ernor’s Harbour on Wednes-
day, Mr Christie said that
because of the PLP, the island
is now poised for the most
prosperous stage in its modern
history.

He told the crowd that FNM
government didn’t just neglect
them. “They deliberately
denied you. In fact, they pun-
ished you.”

Mr Christie said the FNM
stood in the way of a number
of developments, including pro-
posals by Franklyn Wilson and
the late Albert Sands, “when
they tried to bring the economy
of South Eleuthera back from
the dead”.

“The FNM outright vic-
timised -Eleuthera:Ehey inflict-
ed econamic.pain pon. you.
They made*you'suffer. They

denied you jobs. They denied
you business opportunities,”
the prime minister claimed.

Mr Christie told the crowd
that they had gathered in “in
mighty numbers to proclaim
that you are standing strong
with Oswald Ingraham and the
PLP”.

He said the PLP has only
had five years, but has already
laid the foundation for a new
Eleuthera.

“Your PLP government has
been working hard on great
economic plans for all of the
Eleutheras — from Harbour
Island and Spanish Wells in the
north to Bannerman Town in
the South, and all of the set-
tlements in between.

“Our aim is to systematically
restore all of Eleuthera to its
former status as one of most
prosperous islands in our entire
Commonwealth.”

He said the, government has
prepared a master plan to the
guide the development of

@ PERRY Christie

Eleuthera, making it the first
island in the Bahamas to be
developed in such a way.
“Already we have anchored
the ‘deep south’ with the land-
mark major Bahamian invest-
ment project of Eleuthera
Properties. They are creating
the upscale Cotton Bay Estates



and Villas.

“Also, in the south, is the
Cape Eleuthera Properties
Development Limited project
in the vicinity of the settlement
of Deep Creek. This develop-
ment is destined to contribute
in a major way to the econom-
ic revival of South Eleuthera.

“The north has -been
anchored by the world class
Royal Island resort project.

“Here in Governors Har-
bour, work has started on the
Skybeach project at Hut Point.

“My government is also in
advanced negotiations with
major investors on three of the
largest resort/residential mixed
use projects ever to be under-
taken in Eleuthera, at Half
Sound, at Winding Bay, at
Governor’s Harbour Airport,
and in the vicinity of Hatchet
Bay.

“We have also just approved

Tarpum Bay.

Mr Christie said these pro-
jects collectively represent over
$2 billion of new development
and over time will generate
thousands of jobs and count-
less business opportunities for
Eleutherans.

He also spoke about the
development of agriculture,
which he said should be poised
to benefit from access to new
markets that are being creat-
ed by the resorts.

He said that the government

’ will fully cover the cost of land

clearing, reduce lease payments
to $15 on land already being
farmed, and ensure the avail-
ability of the necessary materi-
als for growing pineapples.
“Additionally, as it takes a
minimum of three to five years
for a farm to become prof-
itable, the next PLP govern-
ment will waive the lease pay-

projects with respect=to baygament on agricultural land for
Bougainvillea outside Palmet-‘ ‘the first five years,” Mr Christie
to Point, and dslatidia: nealy “said.



PLP accused of victimising Cat Islanders as major employer

@ By BRENT DEAN

SAN Salvador — The gov-
ernment has used its position
as the major employer to “vic-
timise”, “threaten” and “con-
trol” the people of Cat Island
according to Gladys Sands.

Ms Sands, the FNM candi-
date for Cat Island, Rum Cay
and San Salvador, was speak-
ing a rally on Tuesday night in
United Estates, San Salvador.

“In Cat Island there is hard-
ly no economy,” she said.
Echoing the remarks of one of
her Cat Island constituents, Ms
Sands told her attentive sup-
porters that the PLP has

! . erased almost all the develop-

mental gains on that island.
This constituent, she said,
feels as if he is living in a
“communist country” — afraid
to speak freely out of fear that
PLPs will take away his only
possible source of income.

The lack of economic oppor-
tunity in Cat Island has also
led to a diaspora, as young
people are forced to leave
their homes like nomads in
search ot opportunity else-
where, Ms Sands declared.

"People have to see their
children leave because there
is not sufficient employment;
there is not sufficient develop-
ment; there is not sufficient
security; and we want to see
that changed," she said.

Ms Sands described the
alleged atmosphere of victim-
isation and intimidation as “a
sad situation for men who
claim that they want to see the
development of a people.”

Regarding San Salvador, Ms
Sands said that Club Med
alone is not enough to sustain
the entire island economy.

In addition to economic
diversification, the FNM can-
didate added that proper

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schools — fully serviced with
the necessary equipment and
skilled teachers — are crucial
to making people in this part
of the Bahamas more compet-
itive in the modern world.

Ms Sands also revealed that
there are no storage facilities
for mail-boat deliveries of essen-
tial goods in her constituency —
especially in Cat Island.

Consequently, items are
dumped on to the dock where
they sometimes disappear
before residents can retrieve
them, she said.

Ms Sands, who served as a
senator in the last parliament,
is the daughter of Oscar John-
son, a former representative
for Cat Island.

She told The Tribune that

‘her father is on the ground

assisting her campaign, and
that she is confident that she
can deliver the seat for the
FNM.

















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PAGE 4, FRIDAY, APRIL 27, 2007 THE TRIBUNE

. EDITORIAL/LETTERS TO THE EDITOR | :

The Tribune Limited | 'Talkke politics
out of health

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



PLP’s scandalous pamphlet

BAHAMIANS were scandalised in the
eighties when a PLP cabinet minister took to
the podium to declare that God had given
this country to the PLP.

However, not only has the “New” PLP
dragged us back to its party’s scandal-ridden
years, but it has taken us a leap further — it
is now displaying messianic dreams.

It is difficult to know how to interpret
the party’s latest pamphlet, which first sur-
faced in Freeport. It set off frantic phone
dialling by scandalised Bahamians’ who
called friends throughout the islands to get
their opinion on the sanity of the governing
party. Before we had seen the pamphlet,
we received calls asking our opinion.
According to each caller, the pamphlet read:
“A vote for the PLP, is a vote for Jesus.”

When a pamphlet eventually arrived on
our desk, we discovered that “a vote for the
PLP, is a vote for Jesus” were not the actu-
al words used. However, what was printed
was even more troubling. Had Prime Min-
ister Perry Christie suddenly been trans-
formed into Jesus Christ?

“Vote for Jesus Christ as the Lord and
Saviour or your life,” was what the pam-
phlet said. (We believe that the word ‘or’
must have been a typographical error. What
was probably intended was the word ‘of’.
In other words ‘Vote for Jesus Christ as the
Lord.and Saviour of your life”).

As Bahamians are going to the polls next
Wednesday to elect either Perry Christie or
Hubert Ingraham as prime minister, are we
now to believe that the name on the ballot is
not really Perry Christie’s, but that of Jesus
Christ, son of the Living God?

“Thus by this vote,” the pamphlet con-
tinues, “we are to let the People of God
Live the life that Promotes peace and har-
mony amongst all faithful and noble mem-
bers of the church.” (A copy of the pam-
Dhlet is published on page 13 of today’s Tri-
bune. Our readers can interpret it for them-
selves).

This suggests that only the PLP are the
people of God who can promote peace
among the faithful. Of course, this leaves
the rest of us — possibly the majority — in

- the barbaric wilderness. Obviously, if the
“people of God” are returned on May 2,
the rest of us will be left to rot in the wilder-
ness. Bahamians would do well to give this
matter great consideration before they cast

their ballot.

This pamphlet is really no trifling matter.
It is scandalous! It is blasphemous! It is sac-
rilegious!

At last the Bahamas Christian Council
has put its right foot forward in the person of
newly-elected Bishop John Humes. On
learning of the pamphlet, Bishop Humes
condemned it as “bordering on sacrilege.”

“A vote for the PLP is not a vote for
Christ,” said Bishop Humes. “It is only a
vote for Perry Christie and his party. It has
nothing to do with Jesus Christ, and I think
whoever is responsible for putting that ad
out should be ashamed of themselves.”

The Bishop then took half a step back.
He said that although he had not seen the
pamphlet/advertisement he wanted the pub-
lic to know that his comments only reflected
his personal views and were not the views of
the Christian Council.

We do not understand why the Bishop is
qualifying his statement. The Christian
Council with one voice should condemn the
blasphemy.

The church has always been a shrinking
violet about getting into the political arena
— all but Bishop Neil Ellis, who, in the 2002
election scandalised the church by telling
his congregation that those who did not vote
PLP could take their “backsides” elsewhere.
However, the politicians have now tres-
passed on the church’s territory. If church-
men are indeed representatives of God, and
not Mammon, they cannot take to the hills
and hide under the nearest dilly tree. They
have to put on their spiritual armour and
fight the good fight.

And if they have any doubts about God’s
commandments and their duty, they should
turn to Exodus 20:2-7 and Deuteronomy
5:6-12.

Briefly put God tells his people: “I am the
Lord your God. You shall have no other
gods before me. You shall not make yourself
an idol. You shall not make wrongful use of
the name of your God.”

The PLP should beg God’s forgiveness
for dragging him into the Bahamas’ political
mud. and breaking his commandments. They
should also apologise to the citizens of this
country who call themselves Christian.

On Wednesday Bahamians go to the polls
to vote for fellow Bahamians to represent
them. Jesus Christ should not be insulted.

care subject

EDITOR, The Tribune.

WORLD class health care
or world class chaos?

‘During the ten days that I
recently spent in Ireland I was
hearing a lot about their
National health plan so I gath-
ered as much information as I
could. Ireland is now one of
the richest countries in the
world and their Government
is many years into their exper-
iment in health care and the
system is now in total chaos
and they are asking them-
selves: "How did we get it so
wrong and how can we put it
right?"

One of the books that I ref-
erenced was "Emergency —
Irish hospitals in chaos" by
Marie O'Conner.

Most of the health stories
make for difficult reading —
the account of the inquest into
the death of a baby born pre-
maturely by Caesarean sec-
tion, repeated attempts by the
mother to get her dues dates
corrected in her file having
failed.

There was another mother
who was about to give birth
and was being driven to
another hospital. She gave
birth on the side of the road
with no oxygen available. The
baby died within three hours.

Then there are the two and
three day waits in Accident
and Emergency (A & E) and
the four and five day waits for
public patients to see a spe-
cialist and the interminable
wait for surgery — 22,000
operations in public hospitals
cancelled at the last count.

There are some hospitals
that have had patients on trol-
leys in the halls, on either side,
end to end and blocking emer-
gency doors and fire hoses.
Some have been there for two
and three weeks and are often
examined in the open effec-
tively stripping them of what-
ever measure of dignity they
had left.

Overcrowding is an open
invitation for infection and it is
a constant battle in the hospi-
tals in Ireland. We already
have our own version at the
PMH in the dialysis unit
where catheters have been lit-
tle more than a water slide for
the transfer of bacteria.

There is the chronic short-
age of beds, consultants, nurs-
es, physiotherapists — the list
is endless.






LETTERS

letters@tribunemedia.net

Yet, money is being poured
into the system as never
before — 14 billion euros at
the last count, and rising. Yet
the system seems to stagger
from one crisis to another
without any sign of improve-
ment. (Just a week ago I heard
a report on the BBC that in
the past year £150 million had
been pumped into the British
health care system with no vis-
ible improvement).

History has shown that in
every case, without exception,
where the health care of a
country is a Government
monopoly, it has been an
abject failure. Yet our Gov-
ernment is rushing in that
direction.

If this Government is given
the mandate to continue I
have no doubt that they will
build a clinic here and there
and maybe an extension to the
PMH. but that will only be
like adding another deck to
the Titanic.

So, why am I so concerned
about this. I cannot be accused
of acting out of self-interest,
dentistry is not included in the
plan. I simply believe that it

is my patriotic duty. I know
that this particular plan that
has been the subject of so
much rosy rhetoric would
reach a point, sooner rather
than later of patients realiz-
ing that the system will be
more important than they are
— cost-effectiveness will rule.

So, what this Government
is pushing forward as a cher-
ished dream will be a health
care nightmare and we will be
asking, like the Irish, "How
did we get this so wrong and
what can we do to make it
right?"

How much better to get it
right by simply putting the
proper infrastructure in place,
work with the insurance com-
panies and determine that
everyone has access to health
care without going to a Soviet
style system — everyone to
have care but at lower stan-
dards.

Most of all, let's take poli-
tics out of this very important
subject. Let us not look for
the politician who thinks of
the next election but let us
search for the statesmen who
think of the next generation.

SIDNEY T SWEETIING,
DDS

Nassau,

April 24, 2007.

Appalled by ‘lack of
coverage’ of FNM on ZNS

EDITOR, The Tribune.

I AM absolutely appalled at the lack of coverage being giv-

en the FNM in relation to the PLP by ZNS. No one in the out-
side world would believe the way this radio and TV station is
operated. Darrold Miller told us how the news was manipulated
by Fred Mitchell and others when he was there.

Can you imagine when a live FNM rally is going on that ZNS
would replay at the same time a PLP rally from the night
before? On Saturday morning ZNS radio had 10 minutes of
reports on the PLP activities of the day before with two minutes
of FNM activities. Is this fair?

I appeal to Perry Christie if he has any decency in him to give
equal time to the FNM. If he cannot control ZNS then I have
to agree with Algernon Allen that he is a "do nothing, lazy
man."

MIKE LIGHTBOURN
Nassau,
April 22, 3007

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SUNDAY SERVICES
7:00am, 9:00am, 11:15am
PASTOR EARLE FRANCIS J.P.,D.D.
Marriage Officer, Counsellor, Intercessor

Phone: 323-6452 ¢ 393-5798
Fax: 326-4488/394-4819



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THE TRIBUNE

FRIDAY, APRIL 27, 2007, PAGE 5



Dae a ET
Bastian says both FNM and PLP |

have failed in South Andros

ln brief

Police and
poll workers:
turn out to
vote on GB

FREEPORT —- PLP and
FNM supporters converged
at the Pro-Cathedral of Christ
the King yesterday, where
hundreds of police officers
and poll workers on Grand
Bahama turned out to vote
in the Advance Poll.

Cecil Thompson the
Returning Officer, said the
voting went very well at the
church hall, but expressed
some disappointment that the
names of some officers were
not on the advance register.

“The staff was well pre-
pared, and the agents repre-
senting the major parties, the
PLP and FNM, and the inde-
pendent candidate for Mar-
co City, were on top of their
game. They had their best
persons, their A-teams rep-
resented, and there was no
argument,” he reported.

Mr Thompson said that
police officers at the polls did
an outstanding job of main-
taining order and peace.

“The one disappointment
is that not all of the police
officers who came to the six
polling stations were able to
vote because their names
were not on the advance reg-
ister. And, the Parliamentary
Department and the Royal
Bahamas Police Force would
have that matter corrected for
the general election, to ensure
that those officers are allowed
to vote,” he said.

Mr Thompson explained
that some reconfiguration
would have to be made
because some officers in
Grand Bahama travel all over
the northern Bahamas.

“I am sure Mr (Eugene)
Cartwright will deal with that,
and would make sure those
officers whose names did not
appear on the advance regis-
ter will be allowed to remain
out of work in Grand
Bahama at the polling divi- :
sions that they are going to :
vote at (on May 2),” he said. °:

' Tents were erected outside *
the church premises, and :
members of the FNM and
PLP assembled just outside
the hall to watch the pro-
ceedings.

“There is no question that
hundreds of officers, as well
as poll workers such as pre-
siding officers, assistant pre-
siding officers and clerks,
came out today,” Mr Thomp-
son said.

He said those persons
whose names were not on the
advance register, and those
who did not show up to vote,
will have an opportunity to
vote on May 2.

Birkhead
hopes to
leave ‘soon’
for States

ANNA Nicole Smith’s ex-
boyfriend said Wednesday
that efforts were under way to
change his seven-month-old
daughter’s birth certificate to
list him as the father, accord-
ing to Associated Press.

Larry Birkhead was
revealed as the father by
DNA tests earlier this month.
He and other participants in a
private custody hearing
Wednesday said they could
not discuss the proceedings,
but Birkhead said he was
pleased.

“I guess all I can say really
is that it was a good day for
me in court,” he said.

Virgie Arthur, the mother
of the dead reality TV star,
has been trying to reach a vis-
itation agreement with him
that would end her legal chal-
lenge for custody of the girl.
After the Supreme Court
hearing, she left in a taxi with-
out speaking to reporters.

The judge scheduled anoth-
er hearing in the custody case
for June 8.

Birkhead, a 34-year-old
photographer based in Los
Angeles, California, said
efforts were “in the works”
to obtain a passport for Dan-
nielynn and change her birth
certificate to remove the
name of Howard K Stern,
Smith’s last companion. He
said he hoped to leave the
Bahamas for the United
States with her “pretty soon".

Birkhead left the court-
house in a black Cadillac
sport utility vehicle with
Stern, who has been caring
for the infant since her moth-
er died in February, and sup-
ports Birkhead in the custody
battle.



@ By ALEXANDRIO MORLEY
Tribune Staff Reporter

DESPITE the best efforts of
both the PLP and the FNM, the
people of South Andros have
decided to move in a different
direction, it is being claimed.

On Wednesday night, The
Tribune attended a rally in
Fresh Creek, Andros where
dozens of lime green T-shirt-
wearing supporters came out to
listen to their incumbent, South
Andros MP Whitney Bastian.

The independent member of
parliament predicted that he
would win the South Andros
seat by more than 300 votes this
time around.

The South Andros seat has
historically been a PLP strong-
hold. Before 1967, the people
of Kemp’s Bay voted for the
late Cyril Stevenson.

In 1953, Mr Stevenson was
one of the founders of the Pro-
gressive Liberal Party with Sir
Henry Taylor and William
Cartwright.

But it was in the 1956 gener-
al election, under the umbrella
of the newly-formed PLP, that
Mr Stevenson was first elected
to the House of Assembly.

Former Prime Minister Sir
Lynden Pindling won South
Andros in 1967 and remained
its member of parliament until
1997.

Then, in 2002, longtime PLP
campaigner, turned indepen-
dent candidate, Whitney Bast-
ian, won the South Andros seat.

According to his supporters,
under Mr Bastian’s representa-
tion — among other things —



BTC introduced the Digital

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roof of the Congo Town Inter-



@ WHITNEY Bastian chats with supporters

national Airport was repaired,
renovation work was done at

both primary schools, and secu-,

rity personnel were hired to
guard the Congo Town Inter-
national Airport.

Before Mr Bastian took the
stage on Wednesday night, the
people of Fresh Creek were told
that Mr Bastian was a “freedom
fighter because he is not oblig-
ated to a political party.”

“He is obligated to his con-
stituents,” said Pastor Keith
Robertson, a fiery clergyman

_ from Mangrove Cay.

Mr Bastian warned the peo-
ple of the Central Andros dis-
trict not to waste their vote on
May 2.

“The FNM and the PLP have
been spreading lies and saying
that they are going to win this
seat,” Mr Bastian said.

Referring to the PLP’s can-
didate, Picewell Forbes, Mr
Bastian alleged that the former
popular radio host was having

problems funding his campaign.

In fact, he claimed, Mr
Forbes resorted to asking a PLP
minister for $400 to assist with
the campaign.

According to Mr Bastian, the
PLP minister told Forbes:
“Don’t you know that am sup-
porting Whitney Bastian?”

Mr Bastian also spoke about
the opposition, noting that in
1997, the entire FNM cabinet
visited Andros.

“They promised the people
of the South Andros con-
stituency everything, and guess
what; absolutely nothing hap-
pened for the people in South
Andros,” Mr Bastian said.

He said that both the FNM
and the PLP had failed to deliv-
er on their promises and he told
voters not to be fooled again.

“What has she (FNM candi-
date Majorie Nairn-Johnson)
done in the last three months
to show that she has any interest
in the people of South Andros?

Woman frustrated in police complaint

@ By PAUL TURNQUEST
Tribune Staff Reporter

» A WOMAN trying to lodge
an official complaint against a
police officer, was frustrated
by the bureaucracy of the Com-
plaints and Corruption Unit
yesterday — all witnessed by The
Tribune.

The lady, who did not want to
have her name published, filed
the report against Assistant
Superintendent of Police Oscar
Sands, who she claims verbally
harassed her over the weekend.

Reportedly the lady was dri-
ving with her lights out behind a
group of friends, all heading to
a local nightclub. The lady
admitted that she did not know
that her lights were off as she
had just left a very lighted area,
and was following closely
behind her friends.

It was at this time that the offi-
cer pulled her over and ordered
her from her car, she claims.

The lady, who said she was
dressed appropriately for a
nightclub, was forced to stand in



the road while the officer wrote
up his forms, becoming the
brunt of lewd and inappropriate
remarks from drivers as they
passed.

When she tried to get the « offi-
cer’s name or identification
number — as he was not wear-
ing an official uniform only a
black outfit — she claims she
was told to “shut up” as she
“didn’t know her rights”.

Yesterday The Tribune
accompanied the lady to Police
Headquarters. After filing the
complaint, she was then encour-
aged to sign the document. How-
ever, before doing so, the lady
asked if she would be given a
copy of the complaint to ensure
that there was no tampering.

Even after explaining to
Woman Sergeant Hanna, the
officer taking the report, that it
would be “most foolish” of her
to sign a document that later
could be manipulated and still
show her signature, she was told
that it was “normal operating
procedure” to deny persons a
copy of their actual complaint.



Suspicious of the proceedings,
the lady asked to speak to
Superintendent
Dames or Assistant Commis-
sioner Kirkland Hutchinson, the
new head of the CCU. She was
told that both men were out of
oftice.

Speaking next with Inspector
Felix Beneby, the lady pleaded
with him for half an hour to
understand that without a cer-
tified copy, the document could
be manipulated.

*“Ma’am, that’s the system we
have,” is all he would say.

Deputy Commissioner John
Rolle said that the only course
of action that the lady had open
to her was to write to Commis-
sioner of Police Paul Farqhar-
son for his authorization for a
copy to be released to her.

However other senior police
officers have said that she
should have been given a copy
as it is her report that is being
filed and signed by her.

At last report, the lady in
question was seeking legal
counsel.

Franklyn



@ A BASTIAN supporter gets into the spirit of the rally.

Absolutely nothing. A vote for
Majorie Johnson is a vote for
Picewell Forbes. A vote for
Majorie Johnson is a wasted
vote. Do not throw away your
vote. Vote for the clock,” he
said. ;

The South Andros MP said
that if re-elected, it would be
his last term serving as a mem-
ber of parliament.

He promised to spend the

next five years creating a
farmer’s union and fisherman’s
co-operative.

On May 2, South Androsians
will have to decide between
three candidates — the indepen-
dent Whitney Bastian, Picewell
Forbes, who is running for the
Progressive Liberal Party, and
Majorie Nairn-Johnson, the
candidate for the Free National
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PAGE 6, FRIDAY, APRIL 27, 2007

aa a
Anger as graves are left exposed.
to the elements and desecration

@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - A con-
cerned Grand Bahama resi-
dent expressed dismay over
the condition of the Holmes
Rock Cemetery, where graves
continue to lay exposed and
vulnerable to further dese-
cration.

Alice Rolle, a long-time resi-
dent of Grand Bahama, fears
that the graves of her Bahamian
husband’s family and other res-
idents at Holmes Rock would
be washed out to sea should a
major storm threaten the island.

The cemetery, which is situ-
ated only feet from the shore-
line, was destroyed during Hur-
ricane Wilma.

The storm surge unearthed
many graves, and residents say
their loved ones’ plots have
become unrecognisable.

Mrs Rolle, who recently vis-
ited the cemetery, said she was
shocked and saddened by the
condition of the graves.

“It is so sad. I honestly, cried
when I seen it again today,” she
told The Tribune. “You have to
go out there to know what I am
talking about. Hqnest to God,
you can’t even tell one person’s
grave out there.”

“It is just terrible and the next





hurricane that comes this way
the graves will be washed
away;” she said.

Although Mrs Rolle said she
made her concerns public in a
local newspaper last June, noth-
ing much has been done to pro-
tect graves from possible tides
or surge.

“I feel that Holmes Rock is a
forgotten town,” said the elder-
ly woman. “They fixed the road
to the cemetery, but work at the
cemetery has not been com-

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pleted.”

When The Tribune visited the
Holmes Rock Cemetery, it
appeared that some work had
been carried out at the site.

Northern and eastern perime-
ter walls had been constructed,
however, there was no wall on
the west or south side of the
cemetery — which are the sides
exposed to the ocean.

With the hurricane season
approaching, Mrs Rolle said
that something must be done
before the storms begin.

“They put up cement blocks,
but the cemetery is open to the
ocean, and the caskets are lying
on top of one another and you
can’t even tell hardly who is
who in there.”

“I feel like our government
should be the one to take care
of this. Two years is too long
for bodies to be out of the
ground,” said Mrs Rolle.

She said that her husband’s
mother, grandmother, sister,
and brothers, are buried at the
cemetery. :

“I will soon be 82. | am from
Texas, and I married a
Bahamian and have been here
since 1991 doing volunteer
work on Grand Bahama for
many years.

“I had always tried to help
the Bahamian people for years,
and I feel like this is my family
too. My husband’s people are
my family and there are other
people who have families there
too.

“I don’t know the represen-
tative for this area because |
don’t know politics that well . .
. [hope to God we can get them
to fix it. | am getting old and
before I die, I love to see my
husband's people back in the
ground,” she said.

The government had signed



millions in contracts for the
restoration of cemeteries in
southern settlements that were
destroyed by hurricanes. It has
also announced plans for the
relocation of some cemeteries
and graves from southern side
of the island.

As Minister of Works
Bradley Roberts was in a meet-
ing, The Tribune was referred to
the director of works, Melanie
Roach.

When questioned about the
works to Holmes Rock Ceme-
tery, Ms Roach refused to
answer questions over the tele-
phone. She seemed to become
annoyed and instructed the
reporter to send the questions
to her by e-mail.

When asked why she could
not provide information over
the telephone, she replied, “I
don’t do that on the phone.”
When asked why, she said,

THE TRIBUNE

“Ask your boss at The Tri-
bune.”

Mrs Roach responded to the
e-mail yesterday, explaining that
a contract to fix the cemetery
was awarded to WG&S Con-
struction on September 13,
2006.

The scope of work included
clearing the site of debris and
rubble, demolition of the exist-
ing walls, structures, and other
obstacles, erection of perime-
ter and sea walls, installation of
access gates and a final clean-
up.
Mrs Roach said the work °
remains incomplete because the
site conditions were challeng-
ing for the contractor to work
in, as some of the cemetery
walls are located in a swamp.
“Thus a greater level of care,
as well as a different approach
to the work was required after
the initial attempts proved inef-
fective.”

She said delays were experi-
enced as a result of the untime-
ly delivery of rental equipment
and that weather conditions also
had an impact.

“Theft of materials left on site
has had to be repurchased,
resulting in loss of productivity,”
Mrs Roach added.

She said that during the exca- |
vation process, it was discov-
ered that there were coffins
buried outside the originally
defined perimeter of the ceme-
tery.

“After this was realised,
exploratory work was required,
so that the final position of the
cemetery walls could be located,

-ensuring that the existing coffins

were all captured within the
boundary walls of the ceme-
tery,” she said.

Poll on Grand Bahama predicts FNM victory

THE FNM looks set to get
nearly 70 per cent of the vote in
Grand Bahama, beating the
PLP by more than two-to-one,
according to a street poll con-
ducted this week.

The Workers Party poll, car-
ried out in Freeport town cen-
tre, showed male support for
the FNM at 69.5 per cent, easi-
ly outstripping the PLP’s 30.5
per cent.

Among women, the FNM

scored almost as well, with 68.6
per cent vowing to support the
opposition party, leaving the
PLP trailing at 31.4 per cent.

The results accorded with a
media observer’s prediction yes-
terday that the FNM nationally
“will sweep home with at least
24 seats.”

“The poll result in the
nation’s second city means that
Mr Ingraham’s leadership is for-
midable and is welcomed

throughout the Bahamas,” said
the party’s secretary-general
Brian Smith.

“Bahamians in their thou-
sands are grateful and happy
that he has sacrificed his pri-
vate life to return to rescue the
nation.”

The poll, ‘conducted in the
Winn Dixie Shopping Centre
on Wednesday, sought response
from 320 voters, 167 of them
men. A total of 221 registered

voters surveyed supported the
FNM, with only 99 backing the
PIP:

Overall, said Mr Smith, the
poll suggested that the FNM
“holds a decisive advantage” in
Grand Bahama among males
and females.

And he felt it showed that the
FNM holds “a dominant lead”
over the PLP heading into next
week’s general election.

Businessman expresses confience in GB economy

A PROMINENT Freeport
businessman is expressing opti-
mism in Grand Bahama’s eco-
nomic future, predicting many
spin-offs from the Ginn Corpo-
ration’s multi million dollar
investment.

He pointed out that as a
result of the commitment by
Ginn at West End, many cur-
rent businesses are poised to
“reap great economic bene-
fits” by offering goods and ser-
vices.

Sheldon Collie, president and
CEO of Arising Courier Ser-
vices at the International Build-
ing in Freeport, said that while
many people are complaining

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about a decline in a certain sec-
tor of Grand Bahama’s econo-
my, many other areas such as
construction, are “in a state of
boom.”

Mr Collie, who is in his early
30s, has been working on his
own for six years, having
worked in all areas of another
major courier for a decade.

He said that he is doing
exceptionally well running his
business along with 10 employ-
ees.

Pointing out that Ginn’s pro-
ject will eventually transform
the western portion of Grand
Bahama into an upscale multi
functioning resort, Mr Collie
urged other Freeport-based
business owners to start prepar-
ing to get their share of the eco-
nomic pie.








The Bahamas.

nephews, Jose, Thomas, Antonic

He said persons with entre-
preneurial skills, should begin
putting them to use now in
order to reap economic rewards
“that are sure to come, once the
project reaches fever pitch.”

“Personally,” he said, “I have
set both short and long term
goals for our company, adding
that one of them is to acquire
our own space.”

Eventually, Mr Collie said his
long term goal is to construct a
full service modern building
that will house postal, air freight
and shipping branches of his
business.

“At present business is
good,” said Mr Collie, who also
operates a subsidiary public
relations business.

“As a licensee of the Grand
Bahama Port Authority

KEMP’S FUNERAL HOME LIMITED

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

DEATH NOTICE _

MS. ROSEMARY
CLOTILDA AGEEB

of Nassau, N.P., The Bahamas died peacefully
at home on Tuesday, 24th April, 2007.

Ms. Ageeb is survived by one son, Bernard
Franklin Ageeb; one daughter-in-law, Jennifer
Ageeb; two grandsons, Joshua and Zachary
eorge and Charles Agech;
one sister, Kathleen Winchell; three sisters-in-
law, Gloria, LaVerne and Karen Agecb; four
nieces, EJ. Maria Ageeb, Lupita Agecb-Rolle,
Angelique Priore and Michaelene Ageeb; ten
», John, Gregory, Ashley, Mark, Edward, Brian
and Christopher Ageeb; nine great-nieces, Jazmin and Isabella Ageeb-Rolle; Lizbeth
Ageeb, Heather Priore, Sephanie, Rebecca, Dana, Erin and Jenna Ageeb, eight
great nephews, Shelton and Jonathon Agecb Rolle, Thomas, Joseph, Daniel, Andrew
and Jordan Ageeb and Michael Priore.

She was predeceased by her parents, John and Mary Ageeb; two sisters, Gloria
and Theresa Ageeb and two brothers Anthony and Arnold Ageeb.

A funeral service will be held at Sacred Heart Roman Catholic Church, East Shirley,
Nassau on Thursday, 3rd May, 2007 at 11:00am.

Arrangements by Kemp's Funeral Home Limited, 22 Palmdale Avenue, Nassau,

Agech; two brothers, G

(GBPA), I am looking forward
to bigger and better progress in
Freeport.”

“Grand Bahama is about to
experience one of the biggest
business booms in our history
with many other projects cur-
rently coming out of the pipe,”
he predicted. “I am ready to
take advantage of all of them
by providing our company’s ser-
vices.”

Mr Collie mentioned Pega-
sus Wireless, the International
Grocers Distributors and Grand
Bahama Brewery as examples
of investor confidence in
Freeport.

“Many of the shipping needs
of these investors must be
moved by air or sea, he said,”
and I am sure that economic
conditions here is improving.”














Wy

THE TRIBUNE







SEA hauler victims surround Glenys Hanna-Martin’s vehicle on Wednesday in an effort to pre-

vent her leaving

@ By KARIN HERIG
Tribune Staff Reporter

MEMBERS of the Bahamas
Democratic Movement and
independent candidate Paul
Rolle are being accused of
hijacking the plight of the Sea
Hauler victims to gain political
mileage.

Men and women who
became the victims of the trag-
ic collision at sea in 2003 said
they are upset that their situa-
tion is being bandied about by
politicians as part of their elec-
tion campaigns.

Spokesperson for the Sea
Hauler victims, Lincoln Bain,
and several of the victims them-
selves contacted The Tribune
yesterday emphasising that their
situation and their quest for
compensation and assistance
from the government is not a
political issue.

They said that neither Mr
Rolle nor any member of the
BDM party is speaking for

‘them.

One Sea Hauler victim,
Stephen Rose, said he feels that
independent candidate Mr
Rolle is speaking out about

MIAMI FL - NASSAU - MARSH HARBOUR, ABACO

MIAMI WAREHOUSE

BDM ‘hijacking’ Sea
Hauler tragedy claim

their grievances, at least par-
tially because he is running
against Transport and Aviation
Minister Glenys Hanna- Martin
in the upcoming election.

Earlier this week, Mr Rolle
criticised the local churches for
being “unconcerned” about the
poor in the community. He
named the Sea Hauler victims
as an example of those poor.

“For instance”, he said, “the
Sea Hauler boat tragedy victims
have not been taken care of
despite the efforts of me and
my colleagues to assist them.”

The Sea Hauler victims said
that they were concerned that
some politicians were inadver-
tently giving the public incor-
rect information about their sit-
uation.

They said that they fear these
politicians will ultimately hurt
their cause.

Cedric Hart, who has been
reduced to begging on the
streets due to his inability to
work following the collision,
said that he feels some politi-
cians are spreading “propagan-
da” about the Sea Hauler vic-
tims.

“I appreciate their helping

hand, but I think that they
should not do or say anything
that would interfere in any way
with what I’m supposed to get,”
Mr Hart said.

Another Sea Hauler victim

said that although members of

the BDM have supported them
and have sometimes sat in on
their meetings, they are in no
way connected to their group.

Spokesperson for the victims,
Mr Bain, said that he does want
the government and Minister
Hanna-Martin to “get the
wrong message” due to the
statements by the alternative
election candidates.

“Personally I don’t want it to
be a political thing. I told Paul
Rolle and Omar Smith that this
is not political, that it cannot be
political,” he said.

The BDM have in the past
several months advocated the
cause of the Sea Hauler victims,
calling on the government to
make good on its promises.

Just this week, deputy BDM
leader Omar Smith demanded
that the government “step up
to the plate” and follow through
on the assurances of assistance
it gave the victims.

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THE TRIBUNE



DE. £44 #8 eae :
Film series continues at Rawson Square _

ml By JASON DONALD

‘THE Bahamas International
Film Festival continues its suc-
cessful Monthly Film Series on
Saturday with the showing of
the thriller Chronicle of an
Eycape at Rawson Square.

Set in Argentina in 1977,
Chronicle of an Escape is the
true story of amateur soccer
goalkeeper Claudio Tamburrini,
who was kidnapped by coun-
try’s secret military police and

accused — mistakenly — of being
an anti-government terrorist.
Taken to a derelict mansion
which serves as a detention cen-
tre, Tamburrini is subject to
continual mental and physical
torture by his captors for
months on end. Seeing no end
to his situation, he decides to

plan an escape with his fellow |

captives.

This is intense drama of
the highest order with taut
direction and strong perfor-

FOCOL
HOLDINGS LIMITED

DIVIDEND PAYMENT

FOCOL is pleased to announce a

dividend payment of 12 cents

per share to all shareholders

of record

as of April 30, 2007

payable May 11, 2007.

"Fuelling Growth For People”



mances all round.

By allowing almost no sentt-
ment between the captives,
their plight seems all too real.
Often there is little conversa-
tion, just a palpable sense of
dread as they lie on the floor —
handcuffed and blindfolded —
in silence, awaiting their next
torture session.

The captors are also well por-
trayed — dressed in civilian
clothes and arguing among,
themselves — thereby avoiding
caricature and adding to the
realism.

And, despite the subject mat-
ter, there is little reference to
politics — keeping the focus of
the film on purely on ordinary
human beings surviving in hor-
rendous circumstances.

This all builds up to an
unbearably tense climax, made
all the more powerful with the
knowledge that this is based on
fact.

Highly recommended.

Chronicle of an Escape will
be screened on Saturday April
28, 8.00pm in Rawson Square

BIC unveils GSM service in Long

BTC continued its series of
Family Island roll-outs on
Wednesday with a formal cere-
mony introducing its GSM cel-
lular and BlackBerry service on
Long Island.

Minister of Energy and Envi-
ronment Dr Marcus Bethel and
Lawrence Cartwright, former
MP for Long Island and Ragged
Island, were on hand for the
unveiling. They joined BTC
president Leon Williams and
other senior company officials.

“For Long Island, known as
the fishing and boat-building
capital of the Bahamas, the
launch was a sign of progress,”
said BTC in a statement.
“Hailed as the most beautiful
island Christopher Colombus
ever laid eyes on, Long Island is
divided by the tropic of Cancer
and consists of contrasting
postercard-perfect coastlines.
Boasting one of the country’s
most popular regattas, it is also
known as a land of industrious-
ness.

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features, and gives amazing fuel economy!





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Visit our showroom at Quality Auto Sales (Freeport) Ltd for similar deals, Queens Hwy, 352-6122
or Abaco Motor Mall, Don MacKay Blvd, 367-2916







a :
@ THE Bahamas International Film Festival’s Monthly Film Series at Rawson Square has proved
to be popular with film lovers in Nassau. It continues this weekend with the showing of Chronicle

of an Escape.



Island =:

%



@ THE Original, Long Island’s most popular band, played strictly Bahamian music: rake n scrape :
and goombay to the delight of the crowd 7

come news for Long Island’s gOS
3,000 plus residents,” the state- > AU
ment said. 4

lar form of mobile telecommu-
nications, GSM cellular, along
with BlackBerry... was wel-

“With so many living on the
sea, BT'C’s launch of what has
become the world’s most popu-

Citco Fund Services is a division of the Citco Group of Companies and is
the largest independent administrator of Hedge Funds in the world with
offices in Curacao, Amsterdam, Dublin, London, Luxembourg, Miami, New
York, Toronto, Cayman Islands, the British Virgin Islands, the Bahamas, ie
Bermuda, San Francisco and Sydney. The division provides full service
administration to over 2,000 Hedge Funds for multinational banks and
international Investment Managers, totaling over $420 billion in net assets.

7 ee & ty
CPOo4 +> 6 «'
be ee - 6 4!
+.% Ot» ° ‘n'y

-%,
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Le Ae
———

oq = %
eee

As part of our continued expansion in our office in the Bahamas, we are
looking for a number of motivated and pro-active

(Senior) Investor Relations Administrators

who are capable of providing excellent customer service, in an international
and dynamic environment, for our clients who consist of shareholders and
international investment managers within those Hedge Funds. The Investor
Relations Administrator is the main contact for the shareholder, investor,
investment managers, advisors, and third parties, as appropriate.

Your most important tasks and responsibilities are:

¢ perform shareholder record keeping and report shareholder information
to the appropriate parties
maintain contact with shareholders/investors, investment managers,
banks and brokers »
supervise and guide the Assistant Investor Relations Administrators
handle payment transactions
liaise with clients and other Citco offices, to ensure that client needs are
met

The successful candidate should meet the following criteria:
a bachelors degree in administration, economics or business related area
affinity with figures ,

a team player, able to cope with individual responsibilities

ability to multi-task and operate in a fast-paced working environment
highly accurate with outstanding communication skills

working experience in the financial area is an advantage

We offer you: a challenging job in a rapidly expanding international company,
with an informal company culture. You will have the opportunity to broaden
your knowledge with excellent prospects for a further international career.

If you are interested in this opportunity, please send your Curriculum Vitae
and covering letter via e-mail at the latest on May 4, 2007 to: Citco Fund
Services (Bahamas) Ltd., att. Managing Director, Human Resources Manager: me
hrbahamas@citco.com You can find more information about our ‘
organization, on our website: www.citco.com
THE TRIBUNE

FRIDAY, APRIL 27, 2007, PAGE 9





HE present government
has been one of great

promises and little to no action.
Their promised fresh wind went
stale from their first year in power.

Victimisation, an old PLP trade-
mark, came back in living colour.
The Registrar General debacle illus-
trated just how low this government
will stoop to exert control. The Reg-
istrar General’s office no longer had
any credibility as the Supreme
Court ruled that Elizabeth Thomp-
son (former Registrar General) was
improperly dismissed, then denied a
request by the Attorney General's
office for a stay of the ruling, but
yet the government had not taken
any action to resolve the matter.
After much legal wrangling, Ms
Thompson settled with the govern-
ment and resigned.

Today, the public service has
become the hub of political victim-
isation. Political victimisation in gov-
ernment ministries has been a gov-
ernmental plague stemming from
the Pindling era. Further, even Sen-
ator Ricardo Whylly said that he
had heard the “complaints of vic-
timisation and undermining” of pub-
lic servants by abusive permanent
secretaries and under-secretaries.
He had promised that the political
victimisers would answer for their
acts, but did they?

Almost immediately after assum-
ing power in May, 2002, the PLP
became scandal-ridden. Certain
PLP ministers did not seem to learn
how to avoid looking as if they were
involved in scandalous behaviour.

The ‘Harachji incident’ was the
first shameful chapter of the PLP’s
book of shame. Here, they initially
denied receiving $10 million in cam-
paign donations from Iranian busi-
nessman Mohammed Harachji, but
then later admitted to receiving
some contributions trom Mr
Harachji, whose bank was black-

‘ listed under the FNM administra-
tion. After this scandal broke, the
PM said that he didn’t think that it
was significant whether they had
received $10 million or $3 million.

More scandalous events were yet
to come. Soon came the rape alle-
gations and the refusal of a senior
Cabinet minister to resign amidst
these accusations, then the BAIC
debacle, the Sidney Stubbs bank-
ruptcy fiasco, the Korean boat
affair, Neville Wisdom’s bleachers
scandal and then the secretive, land
snatching Baha Mar deal.

While Phil Ruffin might have
received his $147 million for the Crys-
tal Palace properties, the government
negotiated and sold the Radisson
Hotel, a contingent of buildings and
beachfront property—an estimated
500 acres—for a mere $45 million.
The developers also stand to receive
concessions such as stamp tax exemp-
tions, customs duties exemptions on
building materials, casino and prop-
erty tax exemptions for several years,
and marketing and promotional assis-
tance from the government. What
was the government thinking?

What’s more, Bahamar has yet
to get off the ground. All I see is
about 40 trailers on the side of
Cable Beach (road), presumably
with construction material for
restoration work.

Under this government, there has
been a great giveaway of Bahamian
crown land for a bag of promises
and a plethora of concessions to
land promoters without one verifi-
able investment to show for it.

The PLP says that they have
brought $20 billion to the Bahamas,



YOUNG MAN’S VIEW

ADRIAN

but where is it? Could it be in the
closet?

The CSME and LNG debates
have yet to be resolved and are still
hotly disputed among proponents
and opponents of both matters.

Then came the Western Air fias-
co, Which raised many questions
about former Immigration Minister
Vincent Peet’s motives for reject-
ing the applications of six Argen-
tinian pilots and then deporting
them.

It was speculated that Mr Peet
was upset that Shandrice Rolle, one
of the principals of Western Air,
would have potentially challenged
him as an FNM candidate in the
upcoming general election.
Although Mr Peet’s decision was
reversed, was Vincent Peet using
his ministerial portfolio to advance
his personal political agenda?

What happened to Sir Jack Hay-
ward and Edward St George’s one
million dollar donation to the hur-
ricane relief fund?

| ast year. the government
was further embarrassed

when Keod Smith and Kenyatta
Gibson, two ‘honourable MPs’,
resorted to schoolyard tactics and
engaged in bulltighting in the Cabi-
net Room. During the fisticuffs, two
windows were smashed and the
glass top of a large mahogany table
in the Cabinet Room was broken.

Even more insulting was what
appeared to be Prime Minister Per-
ry Christie’s attempt to hoodwink
the Bahamian public and downplay
this matter as if we are collectively
stupid!

More scandal came to the fore
when former Minister of Immigra-
tion Shane Gibson hurried through

a permanent residency permit for
his friend, the infamous Anna
Nicole Smith.

Mr Gibson attained residency sta-
tus for Ms Smith in three weeks,
although more deserving people had
to wait for months and years. Even
more insulting was Mr Gibson’s
attempt to fool the public by claiming
that Ms Smith’s hasty residency
approval was an example of improved
efficiency in his department.

Earlier this year, The Tribune's
ultra-explosive front-page pho-
tographs of Shane Gibson and the
late Ms Smith stunned thousands
of Bahamians, leaving many with
wide eyes and dropped jaws as they
stared at pictures showing a Cabinet

_minister embracing a woman to

whom he had recently granted per-
manent residency status.

In January, legislation passed in
the US requiring all American citi-
zens returning to the states from the
Bahamas and the Caribbean region
to have passports was enforced.
Although the country had two years
to prepare for the implementation
of these new requirements, the gov-
ernment seems to have dropped the
ball as there were unaddressed
questions about whether the coun-
try’s tourism market and economy
could remain buoyant, concerns
about whether the country had con-
ducted an effective promotional
campaign and whether or not more
could have been done with regard to

LNT

GIBSON

foreign relations

The government also missed the
boat on several other important for-
eign affairs matters. Phere was the
indecision about the Cuban den-
tists, secret votes at the UN and the
government's failure to ummediate-
ly engage in the EPA negotiations
with the European Union. Their
breakdown in such (EU) talks could
possibly lead to Bahamian goods
that are exported to Europe sud-
denly losing their duty-free status,

Although the Urban Renewal
programme has given children in
inner-cily communities an opportu-
nity to engage in extra-curricular
activities. over the last five years
crime has soared in the urban areas.

Under this administration, the edu-
cation and healthcare systems have
also been neglected, with schools in
poor condition and not opening on
time and medicines and other essen-
tial items being unavailable at the
hospitals and local clinies. Ln fact, the
mortality rate has drastically
increased over the last lew years.

Bahamians will nol soon forget
Supreme Court Justice John Lyons’
ruling that the Bahamian judiciary
was not independent and was there-
fore being unfairly infringed upon
by the executive branch of govern-
ment. Justice Lyons claimed that
judges were not being fairly remu-
nerated and claimed that a Consti-
tution Review commission's report
was not followed by the government.

Following Justice Lyons? ruling,
Mts Gibson responded, calling the
ruling a “scurrilous and venomous
attack” that she felt was “unwar-
ranted”. This year, Mis Gibson qui-
etly withdrew a motion that object-
ed to Justice Lyons’ sentiments.

There has also been mass union
unrest over the past tive years.
Amidst the scandal, the teachers,
nurses, police, defence force, prison
officers, baggage handlers, utility
workers and Bahamasair statf were
all upset and either walked off their
jobs or demonstrated,

Whatever happened to an expla-
nation about the bag full of US $100
bills found in Vincent Peet's clos-

7A Bahamian who happens to
be the Minister of Financial Ser-
vices and Investments
to being in possession of more than
$10,000 in US currency and he has
yel to disclose whether or not he
got exchange control approval!

Since the election is days away,
will there be clarification on anoth-
er brewing scandal, that the PEP is
buying votes?

I predict that there will be sev-
eral major upsets and lots of seatless
wonders following the Mav 2 clee-
tions. Phe boys were back tn town,
but. from the looks of things. this
time next week, they could be gone!
Only time will tell

ajbahama@hotmail.com

contessed

MESSAGE FROM:

THE CLEARING
BANKS ASSOCIATION

The Clearing Banks of the
Bahamas advise that

Election Da

Banking hours will be as follows:

WEDNESDAY, MAY 2"
9:30 a.m. - 1:00 p.m.

Regular banking hours will resume on
THURSDAY, May 34 from
9:30 a.m. — 3:00 p.m.”



Bahamas Bus & Truck Co., Ltd
Montrose Avenue
Phone:322-1722 ¢ Fax: |

LARGE SHIPMENT OF USED CARS
IN STOCK
COME CHECK US OUT

NEW SHIPMENTS |
ARRIVING MONTHLY

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e NO EXCHANGES

Back Door |
MADEIRA CASH ONLY!

SHOPPING
PLAZA STORE
ONLY!

bank And Insurance

’

On Premises
Check Our Price

Before buying
Bahamas Bus & Yruck

Madeira Shopping Plaza ¢ Tel: 328-0703


PAGE 10, FRIDAY, APRIL 27, 2007

| mans

KPMG Telephone 242 393 2007
PO Box N 123 Fax 242 393 1772
Montague Sterling Centra ‘ Internet www.kpmg com.bs

East Bay Street
Nassau, Bahamas

AUDITORS' REPORT TO THE SHAREHOLDERS

We have audited the accompanying balance sheet of WESTRUST BANK
(INTERNATIONAL) LIMITED (the "Bank") as of December 31, 2006. This balance sheet
is the responsibility of the Bank's management. Our responsibility is to express an
opinion on this balance sheet based on our audit.

We conducted our audit in accordance with International Standards on Auditing as
promulgated by the International Federation of Accountants. Those standards require
that we plan and perform the audit to obtain reasonable assurance as to whether this
balance sheet is free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in this balance sheet. An audit
also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall balance sheet presentation. We believe
that our audit provides a reasonable basis for our opinion.

In our opinion, the balance sheet presents fairly, in all material respects, the financial
position of the Bank as of December 31, 2006, in accordance with International Financial
Reporting Standards as promulgated by the International Accounting Standards Board.

i Cll

Chartered Accountants

Nassau, Bahamas
February 12, 2007

! NESTRUST BANK (INTERNATIONAL) LIMITED

Balance Sheet

December 31, 2006, with corresponding figures for 2005
‘ (Expressed in United States dollars)













2006 2005
' Assets
Cash and due from banks (notes 3 and 11) $ 59,971,485 41,268,511
Loans and advances to customers (note 4) 340,024,811 274,243,554
Accrued interest receivable 2,677,381 3,110,365
Other accounts receivable 49,746 61,120
¥ . ‘
Prepaid expenses 23,361 29,699
1 Investments (notes 5 and 11) 192,215,567 253,312,153 ©
Foreclosed assets (note, 6) 402,614 245,058
Property, plant and equipment (note 7) 567,380 516,973
Total assets $ 595,932,345 572,787,433
ret TOT ASS
Liabilities and Shareholder’s Equity
Liabilities:
Customers' deposits (notes 8 and 11) $ 534,325,383 517,281,185
Accrued interest payable 6,272,136 5,377,941
Accounts payable and other liabilities 5,117,790 3,660,253
Total liabilities 545,715,309 526,319,379
Shareholder’s equity:
Share capital (note 9) 33,000,000 33,000,000
Retained earnings / 15,376,466 12,229,212
Unrealized gain on available-for-sale investments (note 5) 1,840,570 1,238,842
: _ 50,217,036 46,468,054
Commitments and contingencies (note 10)
Total liabilities and shareholder's equity $ 595,932,345 $72,787,433
787,

See accompanying notes to balance sheet.

The balance sheet was a’

proved on behalf of the Board of D
aearer eer ) of Directors on February 12, 2007




‘a Grojec Director

Notes to Balance Sheet

December 31, 2006
(Expressed in United States dollars)



1. General information

WESTRUST BANK (INTERNATIONAL) LIMITED ("the Bank") was incorporated
under the laws of The Commonwealth of the Bahamas on October 21, 1991 and is
licensed to carry on banking and trust business.

The Bank finances its operations through its capital and customers’ deposits which
generally do not exceed one year in duration

The Bank is a wholly owned subsidiary of Banco Industrial, S.A., a bank incorporated
in Guatemala. :

The address of the registered office of the Bank is Marlborough House, third floor,
Cumberland and Marlborough Street, P.O. Box N-1419, Nassau, Bahamas.

2. Summary of significant accounting policies
2.1 Basis of preparation

The balance sheet has been prepared in accordance with International Financial
Reporting Standards (“IFRS”) issued by the International Accounting Standards Board
("IASB").

The balance sheet is prepared on a fair value basis for available-for-sale assets.
Other financial assets and liabilities and non-financial assets and liabilities are stated
at amortized cost or historical cost.

The accounting policies have been consistently applied and are consistent with those
NS Xp used in the previous year, except that the Bank changed its accounting policy for
Sy accounting for foreclosed assets as described in notes 2.4 and 6.

2.2° Financial instruments
(i) Classification

Originated loans and receivables are created by the Bank providing money to a
debtor other than those created with the intention of short-term profit taking.
Originated loans and receivables comprise due from banks, loans and advances
to customers other than purchased loans, accrued interest receivable and other
accounts receivable.

Available-for-sale assets are financial assets that are not held for trading
purposes, originated by the Bank, or held-to-maturity. Available-for-sale
instruments include debt securities and negotiable certificates of deposit, included
in investments.

(ii) Recognition

The Bank initially recognizes originated loans and receivables on the date that
they are originated. All other financial assets and liabilities are initially recognized
on the trade date at which time the Bank becomes a party to the contractual
provisions of the instrument.

(ili) Measurement
Financial instruments are measured initially at cost, including transaction costs

Subsequent to initial recognition all available-for-sale assets are measured at fair
ray value, except that any instrument that does not have a quoted market price in an
ns active market and whose fair value cannot be reliably measured is stated at cost
including transaction costs, less impairment losses

1a The change in fair value of available-for-sale assets is recognized directly in
equity When the availaple-for-sale assets are sold, collected or otherwise
an disposed of, the cumuiative gain or loss recognized in equity 1s recognized in

bee profit and loss
- All non-trading financial assets and liabilities and originated loans and receivables
Dye are measured at amortized cost less impairment losses Amortized cost is

calculated using the effective interest rate method Premiums and discounts,
including initial transaction costs, are included in the carrying amount of the
related instrument and amortized based on the effective interest rate of the
instrument

ok (iv) Fair value measurement principles

2. The fair value of financial instruments 1s based on their last quoted market price
: at the balance sheet date without any deduction for transaction costs. If a quoted
market price is not available the fair value of the instrument 1s estimated using
pricing models or discounted cash flow techniques

ue (v) Derecognition

vf The Bank derecognizes a financial asset when the contractual rights to the cash

a flows from the asset expire, or it transfers the rights to receive the contractual

cash flows on the financial asset in a transaction in which substantially all the

: risks and rewards of ownership of the financial asset are transferred. Any interest

in transferred financial assets that 1s created or retained by the Bank is
recognized as a separate asset or liability

' The Bank derecognizes a financial lability when its contractual obligations are

discnarged or cancelled or expire

ar | REAR ORLA RSMO PE! ROEHL IEE ITLN COS PN STVE OD TN a NM LOLY ATP TESTE WSOPE ST ETE PUT PMLA ATS COM PSL PROMS RENT LEAT”

orm

SSE LRT TE

(vi) Specific instruments
Cash and cash equivalents

Cash and cash equivalents in the statement ot cash flows include cash and due
from banks and interest bearing deposits with banks which have originally
maturities of less than three months

Loans and advances to customers

Loans and advances to customers are stated at outstanding principal plus
accrued interest, net of provision for loan losses. Interest continues to be
accrued on non-performing loans until such time as management determines that
a provision for loan losses is required, in which case, the provision will cover all
unpaid interest. The provision for loan losses is based on an analysis by
management of the outstanding loan portfolio, in order to determine the amount
sufficient to cover estimated losses and takes into consideration the political and
economic environment and the specific and general portfolio risks of the countries
of origin of the customers

2.3 Property, plant and equipment

Property, plant and equipment is stated at cost less accumulated depreciation.
Depreciation is provided on a straight-line basis over a period of five years.

2.4 Foreclosed assets

Foreclosed assets have been assigned to the Bank in payment of loans. The Bank
has legal title to these assets, which primarily represent undeveloped land. These
assets are recorded at fair value determined on the basis of an independent
valuation. Undeveloped land is not depreciated. In years prior to 2006, foreclosed
assets were carried at cost less impairment losses, if applicable. Cost was
determined as the lower of the carrying amount of the loan and accrued interest on
the date prior to foreclosure or net realizable value.

2.5 Use of estimates

The preparation of the balance sheet in conformity with IFRS requires management
to make judgments, estimates and assumptions that affect the application of policies
and reported amounts of assets ‘and liabilities. The estimates and associated
assumptions are based on historical experience and various other: factors that are
believed to be reasonable under the circumstances, the results of which form the
basis of making the judgments about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from these
estimates

The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognized in the period in which the estimate
is revised if the revision affects only that period, or in the period of the revision and
future periods if the revision affects both current and future periods.

In particular, information about significant areas of estimation uncertainty and critical
judgments in applying accounting policies that have the most significant effect on the
amounts recognized in the balance sheet is described in the following notes:

e Note 4 ~ Loans and advances to customers (reserve for doubtful accounts)

e Note 5- Investments (valuation of financial instruments)

2.6 Foreign currency

The Bank's measurement currency is the United States dollar. Transactions in
foreign currencies are translated to United States dollars at the foreign exchange
rates prevailing at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date are translated to United
States dollars at the foreign exchange rate ruling at that date. :

3. Cash and due from banks

Cash and due from banks comprise the following:





2006 » 2005

Overnight deposits $ 41,200,054 6,150,044
Demand accounts 18,771,431 35,118,467
‘ $ 59,971,485 41,268,511

Cash and due from bank balances mature within three months on the balance sheet

date. The balances earn interest at rates ranging from 1% to 5% per annum (2005:
1% to 4.17%)

Cash and due from banks includes amounts denominated in Euros equivalent to
$679/233 (2005: $240,637). This is the only amount in the balance sheet
denominated in a currency other than the United States dollar.

The geographical distribution of cash and due from banks is as follows:







- a 2006 2005
United States of America $ 55,489,234 20,015,885
Central America 3,803,018 21,011,989
Europe 679,233 240,637

$59,971,485 41,268,511



Loans and advances to customers

Loans and advances to customers represent amounts due from individuals and
corporations in Guatemala and Central America as summarized below:











2006 2005
Manufacturing $ 124,761,145 80,991,197
Financia 42,338,981 31,813,877
Service 79,161,668 62,957,342
Electricity ¢ : a 30,868,284 35,203,917
Utilities 19,842,690 22,295,249
Retail 15,860,999 8,949,002
Agriculture 12,796,042 25,912,902
Construction 8,651,537 1,418,000
Tounsm 8,227,281 7,177,021

Other = 702,461 -
343,211,088 276,718,507
Less reserve for doubtful accounts (3,186,277) (2,474,953)
$ 340,024,811 274,243,554

The movement in the reserve for doubtful accounts is shown below:

- 2006 2005
Opening balance $ 2,474,953 1,489,212
Provisions established 712,996 1,202,283
Doubtful accounts written-off (1,672) (216,542)



Closing balance $ 3,186,277 2,474,953

The maturity of loans and advances to customers is as follows:





2006 2005

Up to three months $ 27,593,386 18,562,522

From three to six months 30,181,850 18,399,635

From six months to one year 25,809,384 25,428,473

Over one year : 259,626,468 214,327,877
$ 343,211,088 276,718,507 ©

The above summary represents the legal maturities of the loans. The Bank renews
the terms of a significant amount of its loans on an annual basis.

At December 31, 2006, $36,612,575 (2005: $24,983,961) of loans were collateralized
by customers’ deposits, $34,003,708 (2005: $27,385,378) were collateralized by
mortgages over property and equipment and the remainder had fiduciary guaranties.

Loans and advances earn interest at rates varying from 4.25% to 12.55% (2005:
3.5% to 10.25%) per annum.

As the effective rate for the loan portfolio as of December 31, 2006 and 2005
approximates the prevailing market rate, the Bank has determined that the net
carrying value of the portfolio approximates fair value.

A loan is considered to be non-performing when it becomes delinquent and the
foreclosure process and/or collection by legal means commences. As of December

31, 2006, the loan portfolio included non-performing loans with a carrying value of
$166,023 (2005: $94,292)

Investments

Investments represent available-for-sale assets which comprise the following:





_ San 2006 2005
Debt securities $ 99,890,997 179,573,311
Negotiable certificates of deposit 90,484,000 72,500,000
CO 190,374,997 252,073,311
Unrealized gain 1,840,570 1,238,842
192,218,567 253,312,153

The investments at December 31, 2006 and 2005 are denominated in United Sates
dollars :

The geographical distribution of investments, at cost, is as follows:













_ — 2006 2005
Latin America : $ 180,374,997 212,073,311
United States - 30,000,000
Bahamas | _____ 10,000,000 10,000,000

So $490 ,374,997 252,073,311

The maturity of investments, at cost, 1s as follows:
2006 2005
Up to three months $14,000,000 36,200,000
From three’to six months 9,004,350 84,000,000
From six months to one year 7,975,000 16,659,100
From one to three years - 17,048,826
Over three years _ 159,395 647 98,165,385
Se $ 190,374,997 252,073,314



Investments earn interest at rates varying from 5.71% to 10.25% (2005: 3.85% to
10.25%) per annum
Foreclosea avsuis

At December 31, 2006, this account includes land and buildings located in Guatemala
assigned to the Bank in payment of loans. The fair value and the carrying value is
estimated at $402,614 (2005 $513,340 fair value and $245,058 carrying value). The
estimate is based on a real estate appraisal of the market value of the land and
buildings without deduction for selling costs as of April 5, 2006 (2005 December 31,
2004) performed by Avaluos Industriales y Comerciales, S.A real estate appraiser
licensed in Guatemala These properties do not earn rental income and no significant
expenses have been incurred in maintaining them.

As described in note 24, during the current year the Bank changed its policy for
accounting for foreclosed assets from cost less impairment losses to fair value, The
impact of this change is not considered to be material to the balance sheet and has
therefore been accounted for in 2006 and not retrospectively

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Property, plant and equipment

This account comprises the following

Cost

Leasehold Computer Computer

Balance at January 1, 2005 348.678 91 587 170.699 311,880 15,409
Aaditions 11,788 38.482 16,000 27,908 1,979

Disposals
Balance at December 31, 2005

Disposals : (16 585)
Transters 34 548_
Balance at December 31 2006 403,167

— 360.466 119,161 67972 319,281 15,157

____improvements __equipment__software__ Furniture _ Equipment Vehicles.

(10,908) _(118.727) (20,507) (2,231) (39,9'3)

Advances for
asset
acquisitions Total

70,304 1,008,557
96,157
(192,286)
30391 912,426

ee SS Te Ee eS OE
Balance at January 1, 2006 360,466 119.161 67.972 319,281 “15,157
Additions 8153 47 469 7.407 60.244 13,450

30.391 912.428
52 478 47,209 236.410

(16.811) (22,041) (6,891) (31.412) (93,740)

(34,548) _

150.045 «58,568 357,484 21,716 «81,487 12,661 __ 1,055,098

a eee SSE eS SESS

Oepreciation
Balance at January 1, 2005 101,491 30,320 131,122 91,435 8,877
Additions 70,927 33,535 21,217 33,094 3,016

Disposals

-_____ (10,908) __ (118,727) __ (20,507)

Balance at December 31. 2005 172,418 52,947 33,612 104,022 9,662

(2,231) ___ (40,061)
22,794 395,455

53,968 : 417,213

8,887 : 170,676
(192,434)

Balance at January 1, 2006 172,418 52,947 33,612 104,022 9,662 22,794 395,455
Additions 74,062 42,327 18,531 33,211 4,109

Disposals
Balance at December 31 2006

8.

246,480 78,689 35,332 115,192 6,880
At December 31, 2005 188,048 66,214 34,360 215,259 5.495

10,218 182,458
- = 4. (16,585) __(16,811)__(22,041) ___(6,891)____ (27,867)

: .—- (90,195)
5,145 : 487,718
7,597 : 516,973

At December 31, 2006 156,687 71,356 23,236 242,292 14,836 46,312 12,661 567,380

Customers’ deposits

- of the customers’ deposits are due to customers geographically located in Central
merica

The maturity of customers’ deposits is as follows:
2006 2005

255,521,497 267,692,581
93,617,718 89,573,235
169,830,732 152,085,593
15,355,436 7,929,776
$ 534,325,383 517,281,185

Up to three months $
From three to six months

From six months to one year

Over one years



«

Customers’ deposits bear interest at rates varying from 0.50% to 7.25% (2005: 0.75%
to 4.5%), per annum

9. Share capital

The authorized share capital of the Bank comprises 330,000 shares of par value
$100 each, all of which have been issued and paid for

10. Commitments and contingencies

In the normal course of business, the Bank has outstanding contingent liabilities that

involve elements of credit risk. These contingent liabilities represent the following:

eee g_sns seem OS OE OE mw IN:
2006 2005

Letters of credit $ 2,200,178 3,637,125

Management does not anticipate any losses with respect to these contingent
liabilities

At December 31 2006, the Bank had unused open lines of credit with several
financial institutions up to an amount to $9,846,000 (2005: $5,500,000).

The Bank leases office space in the Bahamas and Guatemala. The leases are
renewable annually. The monthly lease payments as of December 31, 2006 are
$17,182 (2005: $16,230)

11. Related party balances

Related parties include entities and individuals with the ability to control or exercise
significant influence over the Bank in making financial and operating decisions.
These include, but are not limited to, the Bank's shareholder, directors and officers,
and other entities under the shareholder's common control as well as their directors
and officers ;

The balance sheet includes the following related party balances:
2006 2005



Assets
Cash and due from banks
Investments

Liabilities:
Customers’ deposits

$ 2,187,638
69,975,000

20,899,148
30,000,000

16,668,089 17,262,690

12. Dividends

During the year ended, December 31, 2006, the Bank paid dividends of $8,200,000
(2005: $8,075,000)

13. Risk management

Credit risk

Financial assets which potentially subject the Bank to concentration of credit risk
consist primarily of loans and advances and investments. These assets are
substantially all U.S. dollar denominated primarily due from companies located in

~ Guatemala, Panama; Costa Rica and E! Salvador. The Bank maintains a permanent
Credit Committee which evaluates rates and grants credit limits to all corporate
customers and only approves loans and advances after ensuring that these credit
monitoring techniques are adhered to and that adequate collateral and guarantees
are received whenever necessary.

Price risk
Price risk comprises currency, interest rate risk and market risk.
Currency risk

Currency risk arises from the possibility that the value of a financial instrument will
fluctuate due to changes in foreign exchange rates. The Bank minimizes this risk by
carrying out the major portion of its asset and liability transactions denominated in
U.S. dollars

Interest rate risk

Interest rate risk is the risk that the value of a financial instrument may fluctuate

significantly as a result of changes in market interest rates. The Bank's exposure is
monitored through ensuring that the asset and liability transactions are contracted
over similar average terms and with a spread which provides the Bank with an
adequate return ‘

Market risk

Market risk is the risk that there will bea change in the value of a financial instrument
due to changes in market conditions. The Bank tends to minimize this risk through
various control policies, monitoring procedures and hedging strategies.

14, Authorization to Operate in Guatemala

Under the Law of Banks and Financial Groups and the Regulation on the
Authorization for the Operation of Off-Shore Entities in Guatemala approved by the
Monetary Board of Guatemala, Off-Shore institutions must obtain authorization for
performing operations within Guatemala from the Superintendence of Banks, which is
granted only if the Off-Shore entity is part of an approved Financial Group. The Bank
ohtained this authorization on June 25, 2003 according to the Resolution of the
Monetary Board of Guatemala No. JM-85-2003

. Formation of the Financial Group

Article 27 of the “Banking and Financial Groups Law" Decree No. 19-2002 stipulates

the formation of the Financial Group, which must be organized under the common .-

control of an entity incorporated in Guatemala specifically for that purpose or an entity
comprising tne Financial Group

At an extraordinary meeting held on July 4. 2003 the Monetary Board of Guatemala
issued Resolution No. JM-82-2003, authorizing the formation of Grupo Financiero
Corporacion BI. Banco Industrial, S.A. will be the responsible entity of the Financial
Group

The companies comprising the Financial Group are:

Banco Industrial, S.A. (responsible entity)
Financiera Industrial, SA

Contecnica, S.A

Servicios Multiples de Inversion, S.A
Mercado de Transacciones, SA
Almacenadora Integrada, S.A
Almacenes Generales, S.A. ~

Seguros El Roble, SA

Fianzas El Roble, S.A

Westrust Bank (International) Limited

+ nro your Legal Notices

and Balance Sheets

in

The Tribune

Call: 502-2352



FRIDAY, APRIL 27, 2007, PAGE 11

LOCAL NEWS





PLP ‘just talk’ in
plans for farming,
claims URP leader

THE PLP’s plans for the agri-
culture industry are “just talk”
according to Bamboo Town
candidate P A Strachan.

Mr Strachan, leader of the
newly formed United Reform
Party (URP), said that the gov-
erning party’s plan will not
address the most fundamental
problems of farming in the
Bahamas.

“There are approximately 700
islands in the Bahamas and not
a single island can feed the
Bahamas for one single day,”
he noted.

He asked if the PLP has
abandoned the “Feed Our-
selves” philosophy espoused by
Sir Lynden Pindling.

“It appears that this PLP gov-
ernment is not interested in the
welfare of the farmers,” he said.
“This is demonstrated by the
fact that the PLP has continued
to give farmers a raw deal.

He noted that the first PLP
government allowed farm pro-
duce to rot in the Produce
Exchange, paying farmers “pit-
tance” for the goods.

“The FNM charged the farm-
ers $10 to accept the produce
from farmers for sale in the
packing houses or produce
exchange.

“When the PLP came to
power they increased the
amount to the poor farmers to
$100, The poor farmers are
unable to afford the $100. We
must vote them out, vote them
out,” Mr Strachan said.

“What are the farmers sup-
posed to do? Who are they to

look to? How are they to sur-
vive? The exchange opens at
7am and closes at 10am. this is
not right and therefore the PLP
must be voted out. :

Mr Strachan claimed that
although the PLP claims to be
for the poor man, all its poli-
cies have been “geared towards
helping the middle class or their
friends and families or associ-
ates.

“They have given themselves
or party officials prestigious
jobs, made them consultants
and paid them hefty salaries.
This PLP government has
expanded the size of govern-
ment resulting in more burdens
on the tax payers. If you want
more expanded government
and more consultants and com-
mittees that very seldom report
then vote PLP.”

Mr Strachan said the coun-
try’s first priority should be agri-
culture, but successive ministers
have ignored the sector.

He pointed to the disastrous
effect of the sale of produce
from Morgan Farms in Miami,
Florida to Bahamians, at prices
local farmers could not com-
pete with. /

This, he said, was established
under his current opponent in
Bamboo Town, incumbent inde-
pendent candidate Tennyson
Wells, when Wells was the
FNM’s minister of agriculture.

“Mr Wells did not care for
the Bahamian farmers,” Mr
Strachan said.

Meanwhile, the PLP’s elec-
tion manifesto “Action Agen-

da” does give some attention to
the agricultural sector.

The party said that its vision
for the next five years includes
an increased role for agricul-
ture and fisheries “in the con-
tribution to gross domestic
product”.

“We recognise that these sec-
tors are vital to a sustainable
economy and the social stabili-
sation of many Family Islands,”
the manifesto reads.

The party said it would implé-
ment a “Grow Agriculture” ini-
tiative, intended to ensure
improved earnings and quality
of life for small and medium
farmers by providing technical,
financial and marketing sup-
port. 2
While the PLP goes on to
outline plans for expanding
farming into Andros, ensuring
that agricultural science features
on the school curriculum, and
providing tax concessions, it
does not address Mr Strachan’s
concerns about the $100 pro-
duce sale fee, or the ongoing
problems at the struggling Pro-
duce Exchange.

The party did undertake to
ensure that mutton production
will triple by 2010. "

“With expert guidance, tax
concessions and subsidies, gov-
ernment policy will be further
reshaped to guarantee resulis.
The PLP remains steadfastly
committed to the creation ofa
national herd programme that
provides specific breeding pro-
tocols for sheep rearing,” the
manifesto said. :

Speech competition —

reaches semi-finals

FOR the sixth straight year,
Chevron Bahamas will host the
Texaco 6th annual National
Safety Speech Competition.

The semi finals begin tonight
at 6pm at the British Colonial
Hilton Resort. The finals are
expected to take place May 26
at the Dundas Centre for the
Performing Arts on Mackey
Street.

Drawing from a talent pool
that includes students from
throughout the Bahamas, and
from a diverse number of edu-
cational institutions and civic
organisations, the competition is
set to bring exposure to 34
young people who have mas-
tered the art of communication.

Fredricka Hamilton,
spokesperson for the Bahamas
Debutante Cotillion Ball Foun-
dation, one of the organisations
from which the competitors are
drawn, said that in preparing to
become debutantes, the young
women receive training in sev-
eral areas: public speaking,
career choice, cultural aware-
ness, road safety, and spiritual
development. ‘

Earlier this year, 48 debu-
tantes, participated in a prelim-
inary round for the speech com-
petition, “Preparing to make a
positive difference”.

Nine were chosen as finalists,
and out of that number, Tiffany
Donaldson, a 17-year-old St
John's student, will participate
in the Texaco Bahamas speech
competition.

“When they finish school
they need to be able to speak
properly in any situation,
whether it is a job interview or
speaking with family and
friends. We teach them how to
use good English, not to use
hand gestures, to look the per-
son in the eye, to stand prop-
erly, and what type of language
to use in different situations,”
Ms Hamilton said.

In existence for over 25 years,
the Bahamas Debutante Cotil-
lion Ball Foundation is a non
profit organisation that looks
to enhance the social skills of
the country’s brightest young
women, and encourage them to
further their educational devel-
opment. The foundation draws
its membership from both pub-
lic and private schools in New
Providence.

Young women who will be
graduating at the end of the
school term are eligible for
membership.

“We encourage family sup-



port, and we do that by encour-
aging mothers and fathers to
participate through our activi-
ties,” Ms Hamilton said.

In terms of the Texaco
Bahamas competition, Ms
Hamilton said that the founda-
tion has participated in the
speech contest for years — and
with great success. “The girls
have done well, we had a win-
ner — they've all done well —
they've all placed in the top 10.”

Central Andros High will also
be sending a representative to
the Texaco Bahamas Speech
Competition. Sixteen-year-old
Marcel Gibson, an eleventh
grade student, won the local
speech competition and now the
hopes of his district are riding
on his shoulders.

The school’s principal Maxine
Forbes said there is little doubt
that Marcel will bring home the
gold. “He's a natural, deter-
mined, a brilliant young man, a
people person, very talented.
Marcel is definitely focused and
knows what he is doing and
what he wants to do. The
Cougar family is definitely sup-
porting him, and hopefully he



@ SHIREEN Hanna, last year’s winner

will do nothing but the best,
we're excited about it.”

Ms Forbes said that once
Marcel was selected as the win-
ner of the Central Andros High
speech contest, his language arts
teacher McDonald Leadon, and
the subject co-ordinator for the
Language Department Denis
Nicolls, worked closely with him
in preparation for the district
competition. With that win
behind them, Marcel and his
teachers are now preparing for
the upcoming Texaco Bahamas
national competition.

“Our school is not very big
so we are able to detect gifted
kids quickly and he was one of
them,” she said.

The Texaco National Safety
Speech Competition was started
in 2002 as a means of increasing
awareness about Road Safety
among young people and the
wider community.

The competition attracts the
best young speakers from
throughout the Bahamas, who
have already distinguished
themselves as outstanding
speakers and leaders among
their peers.

$e 4 ee
SrA

Beh Ns

GE

RB

(Incorporated under of the laws of the Commonwealth of The Bahamas)

cL PORN TERS Ns tb SS cr

\2, FRIDAY, APRIL 27, 2007

ANDBANC (BAHAMAS) LIMITED

Balance Sheet as of 31 December 2006
(Expressed in thousands Euros)

ASSETS Notes 2006 2005
Due from banks Jand4 35,918 35,749
Loans and advances to customeis 4 - 9
Other assets 3 and 4 217 326
Furniture and equipment 4and5 212 289 __
Total assets 36,347 36,373

LIABILITIES AND EQUITY

Liabilities

Due to customers 3 and 4 28,725 29,144
Accrued expenses and cihei liabtitics sand 4 52 49
Total liabilities 28,777 29,193
Equity

Share capital , 6 6,500 6,500
General banking reserve 7 680 336
Accumulated Surplus 390 344
Total Equity . 7,570 7,180_
Total Liabilities and Equity 36,347 36,373

Signed as approved on behalf of the Board on 22 March 2007:

Director



Director

Notes to Balance Sheet
For the Year Ended 31 December 2006

1.

2.

3.

General Information

ANDBANC (BAHAMAS) LIMITED was incorporated on 7 September 2000, under
the Companies Act, 1992 of The Commonwealth of The Bahamas and is licensed
under tbe Banks and Trust Companies Regulation Act, 2000, to carry on banking
and trust business within The Bahamas. The principal activities of the Bank are
providing banking, investment management and financial services. The Bank
commenced operations on 9 July 2001 and it is a wholly owned subsidiary of
Andorra Banc Agricol Reig, SA, (the parent company) which is incorporated in the
Principality of Andorra. All significant balances with the parent company and
companies in which the parent company controls 20% or more of the issued share
capital (affiliates) are disclosed in this balance sheet (see Note 3).

The registered office of the Bank is located at Suite 304, 1 Bay Street, Nassau,
Bahamas.

Summary of Significant Accounting Policies

The principal accounting policies applied in the preparation of this balance sheet
are set out below. These policies have been consistently applied to all the years
presented, unless otherwise stated.

a) Basis of Presentation

The Bank prepares its balance sheet in accordance with International
Financial Reporting Standards (IFRS) and under the historical cost
convention, except for all derivative contracts which are at fair value. The
preparation ‘of~'the= balance sheet in conformity with IFRS requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities’ at the’ date of the baldnce sheet. Actual results could differ from
those estimates.

b) | Cash and cash equivalents

Cash and cash equivalents consist of cash and demand deposit balances
with banks.
°

c) Loans and advances to customers

Loans and advances to customers are stated at the principal amount
outstanding less any specific provisions for impairment and uncollectibility
which the directors consider necessary. All outstanding loans and advances
are originally granted by the Bank and are recognized when cash is
advanced to the borrowers. All loans and advances to customers are
adequately collateralized by investment securities and deposits held by the
Bank on behalf of the borrowers. Accordingly, the Bank has not established
a provision for impairment or uncollectibility with :espect to loans and
advances.

d) Furniture and equipment

All furniture and equipment is stated at historical cost less accumulated
depreciation. Historical cost includes expenditure that is directly attributable
to the acquisition of the items.

Subsequent costs are included in the asset's carrying amount or are
recognized as a separate asset, as appropriate, only when it is probable that
future economic benefits associated with the item will flow to the Bank and
the cost of the item can be measured reliably.

Depreciation is provided on a straight-line basis at the following annual rates:

- Software 20%
-. Vehicles 20%
- Furniture and fixtures 10%
- Computer equipment 33.33%

Leasehold improvements are depreciated over a period of 10 years. -

The assets’ residual values and useful lives are reviewed, and adjusted if
appropriate, at each balance shéet date. Assets that are subject to
amortization are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An
asset's carrying amount is written down immediately to its recoverable
amount if the asset's carrying amaunt is greater than its estimated
recoverable amount. The recoverable amount is the higher of the asset's fair
value less costs to sell and value in use.

e) Valuation of derivative financial instruments



Forward currency contracts are valued using the forward rate for the
remaining period to maturity as of the last business day of the financial year.

Summary of Significant Accounting Policies (Continued)

f) Translation of foreign currencies
Functional and Presentation Currency
The currency of The Bahamas is the Bahamian dollar. However, items
included in the balance sheet are measured using the currency of the primary
economic environment in which the Bank operates (“the functional currency”).

The financial statements are presented in Euros, which is the Bank's
functional and presentation currency.

Balances

Monetary assets and liabilities in currencies other than the Euros are
translated at the rales of excharige pievailing at the year-end.

g) Assets under administration

No account is takwi: i) these financial statements of assets and liabilities of

clients administered by the Bank, other than those assets and liabilities which
relate to the banking services provided by the Bank for its clients. Assets
under administration as of 31 December 2006 are approximately Euros
57,237 thousand (2005. 43,962 thousand)



Related Parties

Related parties comprise the parent company, its directors, its affiliates and the
Bank's own directors. Tlie balance sheet includes the following balances with

related parties:

2006 2005
g00's => 00's
Assets
Due from banks 35,902 35,732
Other assets 26 13
Liabilities .
- Due to customers 4 5
- Accrued expenses and other liabilities vc) 21

4.

4.

THE TRIBUNE

Risk Management

Market risk

The Bank engages in transactions that expose it to market risks in the normal
course of business. These market risks include interest rate, liquidity, currency and
credit risks. The Bank's financial performance is dependent on its ability to
understand and effectively manage these risks.

Interest rate risk

Interest rate risk is the risk that the value of a financial instrument may fluctuate
significantly as a result of changes in market interest rates. The Bank's exposure
to this is minimal as the relevant financial instruments are usually at fixed interest
rates and are therefore repriced on maturity.

Liquidity risk

This is the risk that the Bank might not have the necessary liquidity to meet its
contractual obligations. The Bank manages its liquidity by matching liabilities with
assets of similar maturity periods. All of the Bank's most significant banking assets
and liabilities mature within three months of the balance sheet date as summarized
in the table below:

Three months

or less
000’s
As of 31 December 2006
Assets
Due from banks 35,918
Total assets 35,918
iti
Due to customers 28,725
Total liabilities 28,725
Net liquidity gap L193
Three months
or less
—____000’s
As of 31 Dece © 200:
Assets
Due from banks 35,749
Total assets 35.749
Liabilities
Due to customers 29,144
Total liabilities 29,144
Net liquidity gap 6,805

Currency risk

Currency risk is the risk that the Bank's financial position and cash flows may .
fluctuate significantly as a result of changes in foreign currency exchange rates.
The tables below summarize the Bank's exposure to foreign currency exchange
rate risk. ,

USD EUR Other Total
000's 000’s 000's . 000's
As of 31 December 2006
Assets
Due from banks 32 35,843 43 35,918
Loans and advances to customers - - . -
Other assets ‘ 3 212 2 217
Furniture and equipment : 212 . . 212
Total assets 35 36,267 45 36,347
Liabilities
Due to customers 34 28,663 28 28,725
Accrued expenses and other liabilities = 52 : 52
Total liabilities 34 28,715 28 28.777
Net exposure i L552 1Z L579
Risk Management (Continued) 7
Currency risk (Continued)
USD EUR Other Total
000’s 00's 900's 000's
As of 31 December 2005
Assets
Due from banks 80 35,614 55 35,749
Loans and advances to customers - 9 : 9
Other assets 11 309 6 326
Furniture and equioment - :
Total assets —OL_36.221_ 61 36.373
Liabilities .
Due to customers 80 29,022 42 29,144
Accrued expenses and other liabilities ih 36 2 49
Total liabilities —21__ 29.058 44 20,193
Net exposure eet ed ee
Credit risk

Credit risk arises from the failure of a counterparty to perform according to the
terms of the contract. From this perspective, the Bank's credit risk exposure is
primarily concentrated in its deposits placed with the parent company. The Bank's
deposit in The Bahamas, has been placed with a high quality international banking
institution.

The significant assets and liabilities of the Bank are geographically located as
follows: ; .

2006 2005
Assets
Due from bank — Europe 35,902 » 35,735
Due from bank — Bahamas 16 14
Liabilities
Due to customers — Latin America. 5,482 6,884
Due to customers — Europe 23,243 22,260

Furniture and equipment

Furniture Computer Leasehold
Software Vehicles & Fixtures Equipment Improvement Total





000's 000's 000's 000's 000's 000's

COST
Balance as of

1 January 2006 171 26 31 42 308 578 : ‘
Additions : : : = : =
Balance as of

31 December 2006 2 1 42 0!
ACCUMULATED
DEPRECIATION
Balance as of

1 January 2006 (124) (11) (21) (42) (91) (289)
Charge for the year (34) (5) (6) 8) 7)
Balance as of

31 December 2006 (198) (16) 27) 4A) (123) (368)
Net Book Value as of ‘
31 Dacember 2006 NN ee enn BH LS
COST

Balance as of .

1 January 2005 171 26 29 42 308 576
Additions a es
Balance as of

31 December 2005 171. 26 _31 42.308 «S578
ACCUMULATED
DEPRECIATION
Balance as of

1 January 2005 (90) (6) (15) (36) (G0) (207
Charge for the year (34) (5) (6) (6) (31) (82.

Balance as of

31 December 2005 (124) (U4). (2.1) _(42) _ (91) (289

Net Book Value as
of 31December 2005 47 18 1 ANT BD

Share Capital

1 February 2002, the Board of Directors received approval
at The Sanemas to convert the authorized and issued share capital of the tno
from US$ 5,000,000, comprising 5,000,000 of US$1.00, to Euros ene
comprising 5,000,000 shares of Euros 1.30 each. Each share carries one vo oc
order to effect this conversion, the initial shareholders’ capital of US$5,000,
was returned and simultaneously the initial shareholders reinvested Euros
6,500,000. The authorized, issued and fully paid share capital as at 31 Decomber

2006 and 2005 is Euros 6,500,000.

from The Central Bank

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FRIDAY, APRIL 27, 2007, PAGE 13

ee

THE TRIBUNE

General Banking Reserve

The Bank has appropriated a general banking reserve for unforeseeable risk and
future losses. General banking reserves can only be distributed following approval
from the Board of Directors.

Re Ea a

ST”

Commitments an ntingencies
a) Derivative financia

The Bank enters into forward currency contracts as part of its client-related
trading activities. Forward currency contracts are contracts to purchase or
sell foreign currencies at specified rates of exchange on specific dates in the
future. Risk arises from the potential inability of counterparties to perform
under the terms of the contracts (credit risk) and from fluctuations in the
foreign exchange rates (market risk). The Bank manages its market risk of
client-related positions by taking offsetting positions with its affiliates,
resulting in minimal market exposure.

PAA IL PRE Be”

a2 &2t&

The contract amounts of the 31 December 2006 and 2005 instruments
reflects the extent of the Bank’s involvement in forward currency contracts
and do not represent the Bank's risk of loss due to counterparty non-
performance. The replacement value of these client-related derivatives are
included in other assets on the balance sheet. The credit risk is limited to
those contracts with a positive fair value. As of 31 December 2006 and 2005
these commitments are as follows: ;

se

2006 2005
000’s 000’s

Commitments to purchase forward currency contracts - 22
-Commitments to sell forward currency contracts - 22
As of 31 December 2006 and 2005, the credit risk is limited to those contracts

with a positive fair value that amounted Euros nil thousand and 2 thousand,
respectively.

Commitments and Contingencies (Continued)

b) Lease

Te a te ES LO RE a a a OE PLS

The Bank has a lease agreement for its office space. The basic rent is paid in
equal monthly payments in advance for a period of ten years, commencing
on 1 December 2005 and expiring on 30 November 2015.

Taxation

At present, no corporate or capital gains taxes are levied in the Commonwealth of
The Bahamas and accordingly, no provision for such taxes has been recorded.

Fair Value of Financial Instruments

Financial instruments utilized by the Bank include recorded assets and liabilities,
as well as items that principally involve off-balance sheet risk. The majority of the
Bank’s financial instruments, are either short-term in nature or have interest rates
that automatically reset to market on a periodic basis. Accordingly, the estimated
fair value is not significantly different from the carrying value for each major
category of the Bank's recorded assets and liabilities.

PRICEWATERHOUSE(COPERS



PricewaterhouseCoopers
Providence House

East Hill Street

P.O. Box N-3910

Nassau, Bahamas

Website: www.pwe.com
E-mail: pwebs@bs.pwe.com
Telephone (242) 302-5300
Facsimile (242) 302-5350

INDEPENDENT AUDITORS’ REPORT
To the Shareholders of ANDBANC (BAHAMAS) LIMITED

We have audited the accompanying balance sheet of Andbanc (Bahamas) Limited as of
31 December 2006 and a summary of significant accounting policies and other
explanatory notes.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of this balance
sheet in accordance with Interriational Financial Reporting Standards. This responsibility
includes: designing, implementing and maintaining internal control relevant to the
preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the
circumstances.

CRT FES Ae SEN OD SPF a OT tt a a OE EO SE 8 ee 2D

Auditors’ Responsibility

Our responsibility is to express an opinion on this balance sheet based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those
standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance whether the balance sheet is free from material
misstatement.

eo Cie eee

“ar

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors’
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the

Ls

auditors consider internal control relevant to the entity's preparation and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the entity's internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.

2

We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion. :

Opinion
In our opinion, the accompanying balance sheet presents fairly, in all material respects,

the financial position of Andbanc (Bahamas) Limited as of 31 December 2006, in
accordance with International Financial Reporting Standards.

a ee ee a ta

Emphasis of Matter

ae ee

Without qualifying our opinion, we emphasise that the accompanying balance sheet

does not comprise a complete set of financial statements in accordance with
International Financial Reporting Standards. Information on results of operations, cash

flows and changes in equity is necessary to obtain a complete understanding of the

oe position, performance and changes in financial position of Andbanc (Bahamas)
imited.

1
Chartered Accountants

Nassau, Bahamas
22 March 2007

PP PRET a a EE RRS



Soe FP OF

‘Publish your Legal Notices and

‘Balance Sheets in The Bahamas
leading newspaper

~The Tribune

: Call 502-2352 thru 7 or
502-2376

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FROM page one

the ad in question, Bishop Humes wanted the pub-
lic to know that his comments only reflected his
personal views and not the views of the Christian
Council.

He reiterated his call for integrity in the political
process, and joined Catholic Archbishop Patrick
Pinder in calling for Bahamians to reject any candi-
date who secks to sway public opinion through
fraud.

With allegations of vote buying mounting daily
against government MPs, Bishop Humes said: “I
think that vote buying is primitive, and I think any-
one who does it should be rejected.”

“You don’t buy your seat in Parliament,” the
Bishop continued, “and I stand by the Archbishop of
the Catholic faith. It is a primitive practice that
should be Jong gone, and we should be matured
past that stage.”

“Democracy is not practised by buying votes.
That is bribery. It is criminal, it is a sin, and it is
wickedness,” said the Bishop.

Archbishop Patrick Pinder has advised his parish-
ioners, in an election advisory letter, not to sell their
votes.

This recent public outcry by religious leaders for
voters to reject vote buying MPs comes in the wake
of an increasing number of incidents that have sur-
faced in recent weeks where some government MPs,
or their representatives, have been accused of hand-
ing out hundreds of dollars in cash and other gifts.

“There is very little accountability in this country,”
said Bishop Humes in an interview with The Tribune
Wednesday. “When candidates are nominated by
the political parties, these men and women should be
above board. There should never be a question of
anyone’s integrity.”

‘$1.5m missing’ claim

FROM page one

much is suspected of being missing.

Dr Bethel noted that BEC general manager Kevin Basden
made the existence of the investigation public earlier this year.
He said The Tribune would have to speak to Mr Basden for fur-

ther information.

However, numerous attempts to contact Mr Basden for com-
ment on the matter proved unsuccessful up to press time yester-

day.

The Tribune also contacted a senior police official on the

matter.

“We have some reports from BEC about some funds being mis-
appropriated,” Chief Superintendent Glenn Miller said.

Mr Miller could not say exactly how much money had been
reported missing or over what period, as he did not have the file

immediately available to him.

- “We do have some reports coming in as early as this year from
BEC. In fact there were a number of different scenarios report-

ed to us,” Mr Miller said.

Mr Miller attempted to assist with further details by directing
The Tribune to the officer in charge of the Commercial Crime sec-
tion, however calls were not returned up to press time.

Hubert Ingraham
FROM page one

people, when they get land with utilities, can build
their own houses, make their own arrangements and
not be bothered by the government's bureaucracy,"
he said.

As the government is the biggest land owner in the
country, Mr Ingraham's plan seeks to transfer an
adequate amount of state held land to Bahamians,
not only for housing, but also for business and indus-
trial purposes — while the state retains ownership of
water bearing land.

“We can house Bahamians; we can provide oppor-
tunities for them to go into business all over the
Bahamas, without depleting the government’s vast
land holdings," he said.

To further assist:in empowering Bahamians, Mr
Ingraham's plan would make land available to private
contractors to assist in meeting the ever growing
need for housing demand.

The former prime minister also used the occasion
to scold the PLP for not fulfilling its pledge to com-
plete some 10 homes in Cockburn Town. Mr Ingra-
ham, accompanied by the media and FNM support-
ers, toured these home sites, which are still at foun-
dation level, even though construction began late
last year. Residents told The Tribune that no work
has been done in months.

FROM page one

Although US embassy officials

Christian Council










ASTER IS THE HOLIEST
OF ALL CHRISTIAN
CELEBRATIONS.

Rk














If IS THE GLORIOUS TIME IN THE CHURCH'S
YEAR WHEN CHRISTIANS CELEBRATE THE
"VICTORY OF OUR LORD
AND
SAVIOR JESUS CHRIST
OVER THE FORCES OF SIN AND DEATH, BY
RISING FROM THE GRAVE.

VOTE
FOR

JESUS CHRIST AS THE LORD AND
SAVIOR OR YOUR LIFE.

UST THE P EOPLE OF GOD oes LIFE THAT Pp ROMOTES |.

PEACE AND HARMONY AMONGST ALL

FACMIFUL AND NOBLE MEMBERS
OF THE CHURCH.



@ THE advert which sparked concern

Voting reports
FROM page one -

Islands and have to travel back in
time for the election, so they won't be
able to vote on May 2 either, and as-a
result, have been disenfranchised.*
‘The source said he could not be
sure why the names were left off the
list, but said many put it down to the
confusion caused by the prime min-
ister’s decision to call the election
with such short notice. .
However Parliamentary Registrar
general Mr Errol Bethel told The Tri-
bune yesterday that this occurrence
was nothing too out of the ordinary as
sometimes persons’ names would not
be on the advanced polling list +
due mostly to simple human error:
Despite this, these persons he said,
can rest assured that they will still be
able to vote in the May 2 general
election.

Police, Defence Force

FROM page one

from members of law enforcement and the
parliamentary department.

The Tribune spoke to each candidate pre-
sent at the various stations, and each in their
own right claimed to have the edge over their
opponent. Some FNM candidates gave them-
selves an 80 per cent winning edge, with their
PLP counterparts claiming this prediction for
themselves.

Independent candidate for Bamboo Town,
Tennyson Wells said he feels he had a three to
one lead over his FNM opponent Branville
McCartney. Whereas Mr McCartney says that
he is extremely confident that he has beaten Mr
Wells. However, BDM candidate Omar Smith,
claims to be the leader in the three-way race for
Bamboo Town.

In every constituency the reports remain the
same, in the Blue Hills area, incumbent MP
Leslie Miller is already claiming victory over his
FNM opponent Sidney Collie — with Mr Col-
lie, who was sitting next to Mr Miller, voicing
the opposite — a “comfortable” win over
Miller.

Missing aircraft case

yesterday did not wish to further
comment on the incident until the
circumstances surrounding the
disappearance are better known,
they said that cases like this are
always of concern because the
Bahamas is in easy flying distance
of the US.

Chief political, economic and
public affairs officer Dan O’Con-
nor said that this incident is a very
“unique sort happenstance”, and
that the Transportation Security
Administration (TSA) and the
Federal Aviation Administration
(FAA) were immediately advised
on it.

Mr O'Connor could not say if
the Bahamas’ Civil Aviation
Department is working together
with American authorities to
locate the missing aircraft using
radar or other tracking technolo-
BY. ;

Neither the Ministry of Trans-
port and Aviation nor Civil Avi-

FROM page one

marked,” she said.

ation officials returned The Tri-
bune’s calls yesterday.

Deputy Prime Minister Cyn-
thia Pratt was also unavailable to
comment on the significance of
this incident to the country’s
national security.

On Thursday, Desmond Ban-
nister — whose law firm is repre-
senting Western Air — said that
the theft validates many of the
concerns raised in recent months,
by persons such as former US
ambassador John Rood, about
security at the airport.

_ Mr Bannister said that this inci-

dent raises “safety implications
for Bahamians, about the safety
of our airports and the safety of
our skies.”

Speaking with The Tribune yes-
terday, Mr Bannister said that
“we are very fortunate that that
plane didn’t land in some US
building by now.”

According to reports, the West-

ern Air plane — coloured red.
white and blue — was discovered
missing from its spot on the tar-
mac, close to the terminal build-
ing, at 6am yesterday by employ-
ees from that company.

So far only one security offi-
cer, who reported having heard
an engine start at around L.13am,
has come forward claiming to be
aware of how, when, or in the
hands of whom, the plane left
Nassau.

Director of air traffic services,
Joseph Albury, told the media
that Air Traffic Control has no
official record of the plane having
left LPIA.

He explained that “‘a legal pilot
would call us, file a flight plan,
then when he's ready to fly he
would call us, we'll issue clear-
ance and clear him for take off.
Now a pilot operating illegally —
he'll just enter the runway and
take off.”

Campaign workers

“Anyone who saw me driving in the constituency



This comes after several reported incidents of
violence, which police are now investigating to deter-
mine if they were politically motivated — including a
fire at Tommy Turnquest’s Mount Moriah head-
quarters and a bullet shot through the window of a
PLP strategy office on East Bay Street.

The FNM supporter, who is a resident of Blair,
yesterday said that “alarm bells” went off in her
head because two other people in her area also had
their windshields smashed last Friday. tn both cases
witnesses saw a white Nissan Maxima with tinted
windows in the vicinity.

The supporter said she noted the Nissan’s licence
plate and has passed this information on to police.

She said there is a possibility that she was tar-
geted because she is an avid FNM supporter.

Explaining that although her vehicle is currently
not decorated with any FNM paraphernalia, it was
adorned with red, white and blue pom-poms last
week.

would have seen that, and plus I’ve been to every ral-
ly, carrying like eight people in my car,” she said.

Mrs Butler-Turner yesterday said she and her
campaign workers have been experiencing prob-
lems with PLP supporters in the past few weeks.

The FNM candidate said that the police had to be
called to her constituency last week after supporters
of her opponent, Senator Yvette Turnquest, took
down her party’s posters or covered them up with
their own.

Shooting death reports

REPORTS came in late last night that a man
was shot dead by two men while he sat in his car
at the ESSO gas station on Wulff Road.

This takes the murder total for the year to 31.
PAGE 14,



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itt, Angelina Jolie. A husband and wife are assassins |Drama) Aaron Eckhart. A tobacco lobbyist tries to be a
for rival organizations. ‘PG-13' good role model for his son. 1 'R’ (CC)

Bulls..,! Immigra-

(i) The Tudors:|This American |This American |The Tudors “Episode 4” Henry —_|Penn & Teller:
Life Effecting Life (iTV) Innova-|schemes to replace Katharine with /Bulls...! “Exor-
positive change. |tion. © (CC) — Anne Boleyn. (oc) cism’ Exorcism. |tion. (CC)

loyal Stylemak-
ers (iTV)
(:15) % & & DIRTY DANCING (1987, Romance) Jen- | « & COACH CARTER (2005, Drama) Samuel L. Jackson, Robert
nifer Grey, Patrick Swayze. A sheltered teen falls for a |Ri'chard, Rob Brown. A high-school basketball coach pushes his team to
street-wise dance instructor. ‘PG-13' (CC) excel. ( ‘PG-13' (CC)

x FANTASTIC FOUR (2005, Ac-

tion) loan Gruffudd, Jessica Alba.

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Penn & Teller:




























Scrubs ‘My — |The Daily Show |The Colbert Re- |Chappelle’s [Mind of Mencia |Jim Gaffigan: Beyond the Pale
|Roommates” “ |With Jon Stew- |port (CC) Show Negro- —|(CC) The comic performs. (CC)

(CC) art (CC) damus; Cee-Lo. |
The Suite Life of] x xx HIGH SCHOOL MUSICAL (2006, Musical Comedy) Zac Efron, |Hannah Mon- /Hannah Mon-
Zack & Cody —_|Vanessa Anne Hudgens, Ashley Tisdale. Students conspire against two jtana (CC) — tana 1 (CC)
Sickness. (CC) teenage singers. ( (CC)

(10) Cardio _|Ice Diaries “On the Edge” (CC) —_|Ice Diaries ‘The Nationals Spot- | Fit Family “Sorority” Sorority sisters.
last 1 (C light” (CC) (CC) |
im



THE TRIBUNE

let Charlie the | r
Bahamian Puppet and by
his sidekick Derek put Ay

some smiles On your



kids’s faces.

Bring your children to the
McHappy tour at McDonald's in
Malborough Street every Thursday

from 3:30pm to 4:300m during the
month of April 9007.

Enjoy Great Food, Prizes and Lots of Fun,

i'm lovir’ it

RET

Simply the Best”

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THE TRIBUNE



FRIDAY, APRIL 27, 2007, PAGE 15

PLP continues rallies with event in Clifford Park.



S THE PLP contined their series of mass rallies on Tuesday night with thouands turning out to an
event in Clifford Park. Tension in mounting in the build-up to the general election on May 2, with
huge crowds turning out to the rallies of both the F NM and the PLP and exchanges between

politicians becoming increasingly rancorous





B VENEZUELA
Caracas

MAJOR international oil
companies agreed to cede con-
trol of Venezuela’s last private-
ly run oil projects to President
Hugo Chavez’s government, but
ConocoPhillips _ resisted,
prompting warnings its fields
could be taken over outright,
according to Associated Press.

Chavez decreed last month
that four heavy-oil projects in
the Orinoco River basin, con-
sidered Venezuela’s most lucra-
tive, be brought under govern-
ment control on May 1. The
president has said soldiers will
accompany Officials to the fields
on that day ;

Officials from Chevron Corp.,
BP PLC, France’s Total SA and
Norway’s Statoil ASA s:yned
memorandums of understand-
ing Wednesday agreeing to give
state oil company Petroicus de
Venezuela SA a majority stake
in three of the projects. Exxon
Mobil Corp. signed earlier in
private, officials said.

But Venezuelan Energy Min-
ister Rafael Ramirez said at the
ceremony that Houston-based
ConocoPhillips has yet to sign
an agreement.

ConocoPhillips is the most
exposed: It is involved in two
of the four projects, Ameriven
and Petrozuata, and has the sin-
gle largest stake of any compa-
ny — a 50.1 per cent interest in
Petrozuata.

Ramirez said if Cono-
coPhillips does not sign by May
1, the state will take control of
its two projects, but added that
Venezuela remains open to dia-
logue with the company.

"I think (ConocoPhillips) is
willing” to sign eventually,
Ramirez told reporters. “What’s
going on is that it is not dealing
with the issue in the best terms.”

He declined to say what
would happen with Cono-
coPhillips’ assets — including
equipment and infrastructure —
if it refuses to sign.

ConocoPhillips spokesman
Charlie Rowton told Associated
Press that “discussions are
ongoing”.

“Every company has to
decide for itself,” Ali Moshiri,

head of Chevron’s Latin Amer-

ican operations, said when
asked if ConocoPhillips had
informed Chevron of why it had
yet to sign. ConocoPhillips and
Chevron are partners in
Ameriven, holding 40 per cent
and 30 per cent stakes respec-
tively. PDVSA has the remain-
ing 30 per cent.

PDVSA will take a minimum
60 per cent stake in the four
Orinoco projects, which
upgrade heavy, tar-like crude
into more marketable oils and
are considered Venezuela’s
most promising. As older fields
elsewhere go into decline,
development of the Orinoco is
seen as key to Venezuela’s
future production.

Terms

The companies have until
June 26 to negotiate the terms
of the takeover, including com-
pensation, their new stakes and
operational control for the pro-
jects, which they have run inde-
pendently until now.

The private companies have
more than US$17 billion in
investments and loans in the
projects.

Wednesday’s signing cere-
mony also included agreements
giving the state control over
some smaller projects outside
of the Orinoco: Exxon Mobil’s





Hoe PACARAL 8 honda»

edi





La Ceiba oil field and the Gulf
of Paria East offshore oil field
that Chinese company Sinopec
plans to develop, according to
Ramirez.

IANS Ut

CRANBERRY JUICE
FREE! |

Ramirez said Italian oil com-
pany Eni SpA also did not sign,
which raises questions about
plans to develop the Corocoro
offshore oil field, where it is

partnered with ConocoPhillips.
Eni had another oil field seized
by Venezuela last year and has
taken the matter to interna-
tional arbitration.



Shares of the six. oil compar
nies in the Orinoco, as well as-
Eni ended up between 1.4 and
1.8 per cent Wednesday on the
New York Stock Exchange. =

aes








BUY2 |

BOTTLES |

GET
| FREE!

{tr
THE TRIBUNE

PAGE 16, FRIDAY, APRIL 27, 2007

& 2 Qe



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AIN'T LONG NOW!
Ke




FRIDAY, APRIL 27, 2007

SECTION



business@tribunemedia.net

The Tribune

BUSINESS

Miami Herald Business, Stocks, Analysis, Wall Street





$867m South Ocean hotel
gets approval in principle

@ By NEIL HARTNELL

Tribune Business Editor

he $867 million

South Ocean

resort project has

been approved in

principle by the
Government, The Tribune was
told yesterday, a crucial step
in the hotel’s transformation
into a major tourist and enter-
tainment destination that aims
to enliven southwestern New
Providence.



Ministry to tackle
Grand Bahama’s

Roger Stein, of RHS Ven-
tures and the multi-million dol-
lar investment project’s man-
aging director, confirmed to
The Tribune that he had been
told the Government had giv-
en South Ocean’s redevelop-
ment its approval in principle,
after this newspaper contacted
him upon being tipped off
about the decision.

“I’m thrilled to focus the
next five years of my life on
making this one of the top des-
tinations in the world,” Mr

high airport costs

Reducing turnaround fees crucial
to attracting airlift and tourist
numbers to fill Ginn, Morgan

Stanley and re-opened Royal Oasis

@ By CARA BRENNEN-BETHEL
Tribune Business Reporter

THE Ministry of Tourism is set to holds meetings with Grand
Bahama International Airport’s management to discuss ways
the burden of the airport’s high turnaround costs can be eased,
The Tribune was told yesterday, as this could present an obstacle
to attract airlift and tourists to the island’s investment projects.

Grand Bahama International Airport, which is owned in a
50/50 joint venture by the Grand Bahama Port Authority’s affil-
iate, Port Group Ltd, and Hutchison Whampoa, has one of the

highest turnaround costs in the
region, making it a huge imped-
iment to the growth of tourism

SEE page 6

Stein said.

He added that all studies rel-
evant to the project.and its var-
ious components, including its
economic and environmental
impacts, traffic and feasibility,
had been submitted to the
Government.

Approval in principle is just
the first step - albeit an impor-
tant one - for major investment
projects to make in obtaining
all the necessary permits,
approvals and final go-ahead
from the Government.

The South Ocean project
will now have to conclude its
Heads of Agreement with the
Government, and obtain all
necessary construction per-
mits, plus have its environ-
mental impact assessment
(EIA) vetted and approved by
the Bahamas Envrionment,
Science and Technology
(BEST) Commission.

Mr Stein confirmed to The
Tribune yesterday that such
processes were already under-
way, saying: “All my studies

have been done, We’ll be
before the BEST Commission
on the environment, and are
just fine-tuning the Heads of
Agreement document itself.”

The project to revitalise the

South Ocean Golf & Beach,

Resort is projected to generate
1,358 full-time jobs when fully
open, in addition to 1,200
direct construction jobs dur-
ing peak build-out, according
to a study done by Oxford
Economics, the same consul-
tancy that recently completed

Banks to decide on ACH software ‘by early May

a survey of the financial ser-
vices industry’s overall impact
on the Bahamian economy.
Mr Stein said the project
would create “jobs at all lev-
els” during both construction
and full-time operations.
Among the amenities creating
employment would be, apart
from the five-star and four-star
hotels, retail, restaurant and,
cafe outlets, the golf course,

SEE page 5



Process ‘several months’ behind schedule, but working group head

says ‘new dynamics’ mean it wants to get selection right first time

we ee ee ee ee ee ew ee ee ee en ee ee ee ee meee eee ee seen eee tesa me ee ew ewe ee ee eee eee nee essere
: i

@ By NEIL HARTNELL
Tribune Business Editor

€

evaluation of some positions we’d previ-
_. ously taken.” sat caeanis pedi ce ceas ins
He declined to detail what these dynam-

THE Clearing Banks Association’s
(CBA) working group on the Automated
Clearing House (ACH) is expected to
make a decision on the project’s software
provider “by the early part of May’, The
Tribune was told yesterday, the group’s
head acknowledging that the process was
“several months” behind schedule.

But Paul McWeeney, who is also Bank
of the Bahamas International’s managing
director, said that while the selection
process was running slightly behind his
“latest” timetable, this was because several
unexpected issues had arisen and the
group wanted to make sure it got it right



a ics were, but added: “We’re still several
<; months behind my latests schedule, but

we're confident a decision will be made by
the early part of May.”

Mr McWeeney had told The Tribune
in early March that the software provider
for the ACH had been selected, with the
working group’s choice only awaiting rat-
ification by the full CBA and Wendy
Craigg, the Central Bank of the Bahamas

- governor.

Providence Technology Group, the
Bahamian IT services and solutions
provider, has already been selected as the
ACH project manager and started to



first time.

Describing the process as “moving”, Mr
McWeeney said: “Some new dynamics
entered the equation, which required re-



â„¢ PAULMcWEENEY

make preparations needed for its role.

SEE page 7

Business licence,
bond woes hit

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SALES OFFICES: NASSAU, FREEPORT, ABACO & ELEUTHERA CORPORATE CENTRE: EAST BAY STREET, NASSAU P.O. BOX SS 6232

firm’s Bahamas
based earnings

® By NEIL HARTNELL

Tribune Business Editor

A NASDAQ-listed compa-
ny yesterday attributed “diffi-
culties” in obtaining bid bonds
and temporary business
licences, as a foreign compa-
ny doing business in the
Bahamas, for a 10.5 per cent
or $4.1 million decrease in its
construction division’s rev-
enues during fiscal 2006.

Devcon International, which
has since agreed to sell its con-

_struction division, after failing

*to conclude the unit’s sale to
Craig Symonette’s Symonette
Group, said it had also suffered
an $2.6 million decrease in
gross profit recognised on an
unnamed construction project
in the Bahamas due to prob-
lems with a “non-performing”
sub-contractor,

In its form 10-K, filed with
the Securities & Exchange
Commission (SEC), Devcon
attributed the revenue decline
suffered by its construction
division “primarily” to “diffi-
culties in obtaining bid bonds
and temporary business licens-
es, as a foreign corporation, in
the Commonwealth of the
Bahamas”.

The company added that for
the year to December 31, 2006,
‘the construction, division’s
operating loss rose’ to $7.6 mil-

lion from $2.9 million the year
before, a more than 100 per
cent increase.

Devcon said: “There was a
$2.6 million comparative
decrease in gross profit recog-
nised on a project in the
Bahamas due primarily to
delays and costs associated
with a non-performing sub-
contractor, and costs associat-
ed.with securing final accep-
tance of our underground util-
ity work.......

“Lastly, there was a $1.1 mil-
lion comparative decrease in
gross profit recognised on
another project in the
Bahamas due to it being sub-
stantially complete in 2005.”

However, Devcon had
rediced the backlog of unful-
filled construction contracts
from 18 projects and $17 mil- _
lion in 2005 to 14 projects and
$7.1 million at year-end
December 31, 2006. One pro-
ject in the Bahamas represent-
ed 7 per cent of the remaining
backlog. F

Revenues earned from its
Bahamas-based operations fell
by more than one-third during
fiscal 2006, declining to $17.565
million compared to $26.917
million the year-before. Total
Bahamas-based assets also
declined by almost 50 per cent,
from $5.414 million to'$2.773
million.




PAGE 2B, FRIDAY, APRIL 27, 2007 THE TRIBUNE.

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Isn’t it time for a change?

A new FNM government will construct new schools
and school additions to meet the demand of communities _
and prepare Bahamian children for the future.

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FRIDAY, APRIL 27, 2007

Che Miami Herald






THE MARKETS PETROLEUM
STOCKS, MUTUAL FUN
DOW 30. 05.
S&P 500
NASDAQ
10-YRNOTE 470.
CRUDE OIL 65.06



Exxon 10

i Exxon Mobil said earnings
climbed 10 percent to a
first-quarter record after rising
gasoline and diesel prices
increased refining profit.

BY JOHN PORRETTO
Associated Press

NEW YORK — Exxon Mobil, the
world’s largest publicly traded oil
company, said Thursday its net
income grew 10 percent in the first
quarter, as higher refining, marketing
and chemical profit margins over-
came lower crude oil and natural gas
prices from a year ago.

The earnings of $9.3 billion were
the company’s highest ever for the
first quarter and beat Wall Street
expectations, but revenue ‘slipped
and fell well short of analysts’s
foreacsts.

fail to
stimul ms
sto os :

BY TIMPARADIS .
Associated Press - < .
NEW YORK — wall: Stre
paused Thursday, with stock
little changed as strong profit
reports from names like Apple

_ and 3M Corp. failed to §





$9.3B earnings an

record

Investors pushed Exxon Mobil
shares to a new 52-week high of
$80.49 a share in morning trading on
the New York Stock Exchange. By
early afternoon, the shares were up
23 cents to $80.15 a share. They’ve
traded as low as $56.64 in the past
year.

Net income amounted to $1.62 per
share for the January-March period.
That was up from $8.4 billion, or $1.37
per share, a year ago. Analysts polled
by Thomson Financial were looking
for a profit of $1.52 per share.

Revenue fell to $87.2 billion from
$88.9 billion a year earlier, well below
the $100 billion analysts had forecast.
Like other major oil companies,
Exxon Mobil was hurt by lower oil
and natural gas prices to start 2007
compared with a year ago.



Last year, the Irving, Texas-based
company posted the largest annual
profit by a U.S. company — $39.5 bil-
lion. That result topped the previous
record, also by Exxon Mobil, of $36.13
billion set in 2005.

Last month, Exxon Mobil said it
will spend some of that money on
more than 20 new global projects in
the next three years, investments
expected to add 1 million oil-equiva-
lent barrels a day to the company’s
volumes at peak production.

the market a day after the Dot
Jones industrials crossed 13,00
Still, a modest advance in the
Dow gave. the,
another record close.

Beyond the Dow’s
investors were also.
watch over the Standar

Poor’s 500 index, which has in,

recent sessions crept closer t

news, which heipeds {vault |
Dow into record ‘territo

Wednesday and to a new trad-
ing high Thursday, continued —
but with less effect than in the

Previous session.

pleased investors. oe
~ “Once you go through:
people consider a milestone:

are often going to have a little

rest,” said Ron Kiddoo, chief

investment officer at Seca
Asset Management.

The Dow rose 15.6], or 0.1 M
: percent, to 13,105.50 after hitting —
1132. oy a



a fresh trading high of 13
Thursday marked





18th rise in the past 20 sessions e
and its 36th record close since





the: start-of-Octo
Broader |

he S
& Poor’s 500 index slipped i

or 0.08 percent, to 1,494.25, S
while the Nasdaq composite
index rose 6.57, or 0.26’ percep a

to 2,554.46.

Bonds fell amid the continua-
tion of strong earnings reports.
The yield on the 10-year note
rose to 4.69 percent from 4. G5,

percent late Wednesday. —

The Dow swept past its latest :
milestone Wednesday amid bet--
ter-than-expected earnings and |

economic data. But the question

on investors’ minds is whether |
upcoming data will prove the
market’s recent rally. was justi- |

fied, or overdone.
While the economic calendar

is busier next week, Kiddoo
contends earnings will continue .

to drive stocks until midweek or

so when investors begin to |
focus on the governments —
employment report, due May 4.
‘In other corporate news,
Apple’s profit report beat ana- ©
lysts’ estimates, and the stock at
times surpassed $100 a share. _
Apple closed up $3.49, or 3.7

percent, at $98.84.

A light flow of. eeanerie.
news Thursday didn’t appear to.
hold much sway over stocks. _
Among the reports, the Labor —
Department said applications i
for jobless benefits fell last —
week by 20,000, the biggest —




decrease in nearly two months.

Gold fell on Thursday, while
the dollar was mixed against —

_ other major currencies.

Declining issues outpaced

advancers by about 9 to 7 on the
New York Stock Exchange,
where consolidated volume
totaled 3.14 billion shares, com-
pared with 3.17 billion traded
Wednesday.

Overseas, Japan’s Nikkei
stock average rose 1.12 percent,
Britain’s FTSE 100 closéd up
0.12 percent, Germany’s DAX

index rose 0.60 percent, and —

France’s CAC-40 ended aon
0.05 Bee















rrr cet renee nner ne sane setntenet nner




















AUTOMOTIVE





BILL BUciANoyARe cere maaan
STRUGGLING: Ford’s new vehicle sales in the United States fell more than 13 percent for the quarter,
however, the Edge performed well. Above, George Harabedian looks over a Ford Edge at Royal
Oak Ford in Royal Oak, Michigan. Below, the Ford logo is shown on the wheel of a new vehicle.

Ford’s loss narrows to
$282M as revenue rises

@ Plunging sales of big pickup trucks and
sport-utility vehicles increased losses in North
America for Ford. But the loss was less than
expected as redesigned autos boosted profits in
Europe. ;

BY TOM KRISHER
Associated Press

DEARBORN, Mich. — At $282 million, Ford
Motor’s first-quarter loss was much improved over the
$1.4 billion in red ink it posted during the same quarter
last year.

Company officials touted the results as a sign that
its restructuring plans were taking hold, but Ford still
is struggling to make money on its core business —
selling cars and trucks in North America.

The first-quarter loss, announced Thursday, was
Ford’s seventh consecutive negative quarter, but the

automaker said the smaller deficit reflected its efforts

aimed at cutting costs and rolling out new products to
compete with Asian automakers.

Ford’s revenue rose 5 percent, its loss excluding
special items was smaller than Wall Street expected
and its shares rose more than 4 percent on the New
York Stock Exchange.

CEO Alan Mulally said in a conference call with
reporters and industry analysts that Ford was making
progress.

“Although these first-quarter results are encourag-
ing, we still have a long way to go to turn around this
business,” he said. “The basics of our business are
improving,” he said.

Ford’s new vehicle sales in the United States fell
more than 13 percent for the quarter and its market
share dropped from 17.2 percent in the first quarter of
2006 to 15.1 percent.

The Ford Edge and Lincoln MKX crossover vehicles
were performing well, but sales fell in the company’s
flagship F-Series pickup truck line and its Explorer
sport utility vehicle. Both had been huge profit centers
for the company in the past.

Revenue rose to $43 billion from $40.8 billion a year
ago.

Although Ford’s cash flow improved in the first
quarter, it is still on track to burn up $17 billion through
2009 to cover losses and restructuring costs, Chief
Financial Officer Don Leclair said.

Although the new crossovers and heavy-duty



BEN MARGOT/AP

pickup trucks are off to a good start, Healy attributed .

Ford’s sales decline to its plan to reduce low-profit
sales to rental car companies and to sluggish sales of
its older models.

Despite the overall improvement, Ford said its core
business in North America lost $614 million on auto-
motive operations before taxes for the quarter, wider
than the $442 million it lost in the first quarter of last
year. North American automotive revenue dropped
from $19.8 billion in the first quarter of last year to
$18.2 billion.

Ford also posted a pretax loss in its Asia Pacific and
Africa operations, but it made a pretax profit in Europe
and South America, and in its financial services sector.

“We continue to take the necessary steps to imple-
ment our turnaround plan and remain committed to
our goal of achieving profitability no later than 2009,”
Mulally said.

Ford is trying to fend off Toyota Motor to keep the
title of the nation’s No. 2 automaker. The Dearborn-
based company lost $12.7 billion last year and is .n the
midst of slashing thousands of jobs, closing plants and
rolling out new products in an effort to return to prof-
itability.

Ford said Thursday that it shed 18,000 hourly and
salaried workers in the first quarter, mainly through
early retirement and buyout offers. The separation
programs cost the company $874 million for the quar-
ter in North America.

Ford shares rose 32 cents, or 4.1 percent, to close at
$8.20 on the New York Stock Exchange. They have
traded in a 52-week range of $6.06 to $9.48.





3B

INTERNATIONAL EDITION

DONNA MCWILLIAM/AP FILE
SPURT: Exxon Mobil said Ttiursday its net income grew in the first

quarter, as higher refining, marketing and chemical profit margins
overcame lower crude oil and natural gas prices.

The company said its spending tab
for capital and exploration projects in
the first quarter was $4.3 billion and
that its plans to spend roughly $20
billion this year on such projects
were on track.

“In the first quarter, Exxon Mobil
continued to actively invest, bringing
additional crude oil, finished prod-
ucts and natural gas to market,”
Exxon Mobil Chairman and Chief
Executive Rex Tillerson said in a
statement.

Vista sales
help boost

Microsoft
profit

& Microsoft said third-quarter
earnings rose 65 percent on sales
of its new Windows and Office
programs.

BY JESSICA MINTZ
Associated Press

SEATTLE — Microsoft fiscal
third-quarter profit jumped 65 per-
cent, buoyed by sales of its new ver-
sions of Windows and Office and by
upgrade coupons for the operating
system issued over the holidays.

Earnings for the quarter ended
March 31 rose to $4.93 billion, or 50
cents per share, from $2.98 billion, or
29 cents per share in same period last
year.

Results included legal charges
amounting to 1 cent per share, but tax
benefits boosted profit by 2 cents per
share.

Analysts surveyed by Thomson
Financial forecast a profit of 46 cents
per share.

Revenue for the quarter rose 32
percent to $14.4 billion. Wall Street
was looking for $13.89 billion in sales.

Microsoft started selling its new-
est operating system, Windows Vista,
to consumers at the end of January.
Its “client” division, responsible for
Windows, brought in $5.27 billion in
sales, 67 percent higher than a year
ago.

Analysts estimate Microsoft
deferred $1 billion to $1.5 billion in
Windows Vista revenue to the third
quarter, to account for upgrade cou-
pons given to PC buyers during the
holiday season, before the consumer
launch of the new operating system.

Microsoft Chief Financial Officer
Chris Liddell said the “excellent
quarter” was because of better-than-
expected sales of Vista and Office.

Liddell said Vista beat internal
forecasts by $300 million to $400 mil-
lion, and Office 2007 sales were $200
million better than expected.

The client division sales “are sur-
prisingly ahead of where we thought
they would come in,” said Sid Parakh,
an analyst at McAdams Wright
Ragen. “They might indicate Vista is
doing fine.”

Microsoft’s entertainment and
devices division, which includes the
Xbox 360 game console and the Zune
music player, posted a 21 percent
drop in sales to $929 million.

Liddell said the company is still on
track to sell 1 million Zunes this fiscal
year, and reach the 12 million mark in
Xbox 360 units sold since the product
hit store shelves.

Microsoft trails Google and Yahoo
in making money from Web searches,
but online services revenue edged up
ll percent to $653 million in the quar-
ter. Online advertising revenue grew
23 percent year-over-year, Liddell
said. .

Shares of Microsoft jumped $1.05,
or 3.6 percent, to $30.15 in after-hours
electronic trading, after adding 11
cents to close at $29.10 on the Nasdaq
Stock Market.



pa ee
yon th

INTERNATIONAL EDITION MiamiHerald.com | THE MIAMI HERALD

4B Epipay, APRIL 27, 2007








sap 500 GY _, ,7 NASDAQ hr +6 Dow @ 6-MO T-BILLS 4@ 30-YR T-BONDS @&+,03 | GOLD -9.20 EURO CRUDE OIL
1,494.25 “1.17 9554.46 +6.57 1310550 Ma +15.61 4.84% ot +.01 4.86% $674.90 1.3601 -0039 “$65.06 78
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Shinhan 114.75 +2.25 Me) 2-year T-note 4.64 461 +003 A A VW 4,99
Sie see aes SyearT-note 4.58 4.53 +005 A A VW 5.06
Siemens 121.40 +3.65 10-year T-note 4.68 4.64 +004 A A VW 5.11
pe ee pes ey 30-year T-bond 4.86 4.83 +003 A A A 5.19
; : : Close: 1,494.25 ‘ Close: 2,554.46 Smithintl 52.14 -.13
: : es F . NET 1YR
eases: ; : Change: -1.17 (-0.1%) Saed us ; Change: +6.57 (+0.3%) eel Les ae BONDS YEST -PVS CHG WK MOQTR AGO
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N D J F ] A N D J F M A SouthnCo 38.49 -.16 Lehman Bros Bond Idx4.88 484 +004 A A A 5.29
‘ SthnCopps 81.68 — -1.78 Bond Buyer Munildx 4.61 4,59 +0.02 A = VW 4.85
Secu Steere Ace Lehman US Inv Grade 528 5.26 +002 V A V 5.65
StocksRecap WOH = LOW «CLOSE: «CHG. «%CHG. WK MOQTR YID Somnen 2244a 202 PRIME FED. lehmanUSHigh Yield7.47 747 =. V ¥ ¥ 818
Dow 13132.80 13068.12 13105.50 +1561 +0.12% & A A +5,15% SpectraEn 26.60 -.52 Moodys Bond Index 5.42 5,39 +0.03 & A VW 593
NYSE NASD DOW Trans. 5245.65 5174.54 9 S176.17 67.43 1.29% = A A +13.51% SprintNex 20.27 -.14 Mey B32 egg Bank Index 117.04 117.20 -0.16 & A & 10855
DOW Util. 532.03 527.17 $27.33 375 -0.71% & A A +15.45% SPDR 14965 4.17 8.25 5. retains SE A UE ce Lk Mat
Vol. (in mil.) 3,136 2,365 NYSEComp. 974657 9693.35 9715.49 -31.08 -0.32% & A A +6,31% SPMid 162.10 +91 WKAGO 8.25 5.20 : ween ;
Pvs. Volume 3,166 2,578 NASDAQ 2560.64 2544.12 2554.46 46.57 40.26% A A A +5,76% Staples 2579-25
Advanced 1524 1463 S&P 500 1498.02 1491.17 1494.25 -L.17s 0.08% «= Ai 5.36% Starbucks 3182 -.02 w .
Declined 1739 1593 S&P 400 890.86 884.03 890.06 +206 +0.23% A A A 10.65% StarwdHt) 69.29 +25 Commodities COMMODITY CLOSE PVS. %CH. ‘%YTD
New Highs 337 167 Russell2000 835.17 827.00 833.80 +173 +0.21% A A A +5.86% StateStr 69.34 -.38 Unleaded Gas (gal) 2.29 2.28 +044 +42.9
New Lows 18 57 Wilshire 5000 15139.85 15064.68 15108.03 2.38 — -0.02% A A & +5.97% Statoil 28.15 -.65 Crude Oil (bbl) 65.06 65.84 -1.18 +6.6
, StoraEnso 18.09 +.64 Gold (0z) 674.90 684.10 1.34 +6.3
. Stryker 66.08 -.64 Platinum (0z) 1303.60 1317.20 -1.03 +14.4
WidelyHeldStocks Suez 56.60 -.43 Silver (02) 13.32 13.75 -3.13 +40
Name Last Chg Name Last = Chg Name Last Chg = Name Last Chg = Name last =6Chg = Sunlffng = 47.61_—-.37 Coffee (Ib) 1.04 1.04 717.6
ABB Ltd 20.30 +.83 BostProp 117.47 +.25 SunMicro 5.25 -.02 Orange Juice (Ib) 1.59 1.61 -1.24 = -21.0
ABN Amro 49.53 -.33 —-BostonSci 15.89 +08 Eaton 88.63 +23 iTTCorp 62.97 -.03 NYSEEur 84.51 -1.92 Suncorg 80.86 -1.01 Sugar (Ib) 0.10 0.10 714.9
ACE Ltd 60.03 1.25 © BrMySq «29.23 -a7?_~—« EchoStar = 46.65.02, TW 5146 +21 Nabors 32.60 15 Sunoco 77.16 +2.23
AESCpIif 2290 -12 BritAir 101.85 «= -.89-«=— «Ecolab 4410-07 {cy 4250 -48 Naspers 25.70 -47 SunTrst 84.75 +.55
AFLAC 51.16 -29 BritATob 61.65. -79 Edisonint 53.57 -46 |mpoilgs 3835 -78 NtAust 178.76 -3.76 Supvalu 46.24 +.84
AMR 27.69 1.33 © BritSky 45.60. -.18 a 1538-14 ImpTob 85.49 -1.52_—NBKGreece 11.78 +.04 Swisscom 3548.03 Foreign emo. 1YR
ASMLHid 27.53. -.19 Broadcom 34.86 -+.57 ” Indotel 46.70 +«--.27-~—Ss«CNattiCity. «37.85 = 05 = Symantec 17.71 +.1 NTRY CLOSE CHG
AT&TInc 3896 -18 —-BrkfidAsgs 5671 -72. FlectArts 52.35 -.12—infineon ©= 16.33 +35 ~=NatGrid = 78.20» 82 Syngenta 40.43 -.35 Exchange COUNTRY CHG. MEL
AUOptron 1619 -17 BrkfidPrp + 40.99 «+39 «| «=EDS 29.89 +25 Infosyss 53.10 -.49 = NOilVarco 82.81 +1.40 Synovus 32.22, -.01 ‘ Argent (Peso) 3238 «= 0005 = -.15 = 3238 -.0050
AXA -46.19 -33 Bungelt 77.79 -91 . Embarqn 59.96 +241 ingerRd 46,06. «+52 sNatSemi = 27.11. -.10 = Sysco. 34.69 +119 Brazil (Real) 4932-0019 -.39-=S 4683 +.0214
AbtLab 5691 65 BurlNSF 87.85 -L.72.-: Emersn€ls 47.47 +2.02 intel 22.09 -17 NetwkAp 37.24 +112 TD Ameritr 16.83 +.25 » Britain (Pound) 1.9910 -.0110 -55 1.8907 +.2059
AberFitc 84.36 +146 © CAInc 27.51, +25. EEIChile = = 49.17 +59 intcntlEx 129.17 -1.34 = NewellRub 31.22 +.17 TDK 87.43 -1.07 Canada (Dollar) 8924 -.0045 50 «8905 +.0058
Accenture 3872 -62 CBRElliss 35.52 -16 Enbridge 33.26 -.16 —intctiHtirs 2448 -.18 NewmtM 43.18 -1.05 = UX 28.17 -.15 WA chile (Peso) 001895 -.000000 -.00 .001907 -.000036
Adecco «16.4222, CBOT)=—s«189.20, -251 ° EnCana = 53.3491 iM 100.90 -56 Mewsted -2809 cdg CTNTNV = 45390017 Colombia (Peso) .000472 -.000001—-.21- .000430 +.000051
AdobeSy 43.26 «+55 © CBSB 32.05 4.05 Endesa =» 54.51.48 intiGame 39.20 - — Nexeng 59.25 -2.32 +©«*‘TXUCorp «64.85.38 Dominican Rep (Peso) 0307 -.0002 -.65 .0299 -.0005
AMD 1450-15 CHRobins 55.52 1.24 Enel 56.80 -.86—intPap 38.21 +40 NiSource 24.92 TaiwSemi 11.03 +.08 Euro (Euro) 13601 0039 -.29—«1.2693 +.1148
Advantst rs 45.29 -161 CIGNA 15379 +37. EngyTEq = 37.80.26 intiPower 86.01.29 Nidec 15.74 +35 TalismEgs 19.15 -.38 Japan (Yen) 008359 -.000066 -.79 .008447 -.000359
Aegon 20.86 -08 CiTGp 60.02 +67 EngyTsfr = 62.92 +.38—intntHTr = 59.91 +153 NikeBwi = 53.84 +.22-~—‘Target 60.95 +43 Mexico (Peso) .091512 +.000038 +.04 .093227 +.001806
Netra =” «47.22«+2.22.2«CNAPN «= 46.63.24 Enersis, ©1878 = +12 intuits = 29.169 -.21_—NippnTT = 25.23. -.27_-~—=«TataMotors 19.09 +.24 Uruguay (New Peso) .0418 +.0002 +48 0420 +.0001
Agilent 35.07 -.10 CNNGbI 4426 -56 ENSCO 55.75 +07 Ipscog 148.64 -2.61 Nissan 20.57 +02 ‘Technip = 79.91 -.95
Ahold 1262 -09 CNOOC 987.28. +10 Entergy 115.10 -1.36 = JpMorgCh 52.94 +.12 — NobleCorp 86.28 | +.55 ‘TeckCmgn 76.32 -2.04
AFrance 51.00 -1.06 CPFLEn 48.04 +39 ~ EntPrPt 32.60.07 = Johnun 6424 -44 NobleEn 59.15 -.52 _—‘TelcNZ 28.31 0-77
\irProd = 77.94 -.25.—=SCRH 4459 +52 «-EqtRes = 52.75 +118 — Johnsnct 103.90 +78 NokiaCp 25.68 +33 ~=—‘Teelitalia’ «30.79 +.31 GlobalMarkets
AkamaiT 46.55 -242 —-CSXs 43.26 -1.49 = EqtyRsd = 47.3544 nprNtwk = 22.31.74 = Nomura = s'19.28-— 69 -~—Ss‘JeelitaliaA = 23.87.06
Akzo 79.96 -47 CVSCare 3686 +.18 hac rp a8 KLATnc 55.58 +78 Nordstrm 56.15 +.27 Liesl ee INDEX YEST CHG %CHG WK MO QTR YTD
‘s; < EsteeL .' . le +,
Mestekin® asea: ¢ Alcoa 35.81 +.05 Cadence 22.75 +19 Exelon 76.45 +.81 Kellogg 52.76 -14 Nortel Ifrs 24.05 “12 TelMexi 35.62 +.76 Frankfurt DAX 7387.02 +43.94 +0.60% A A A +11.98%
Alcon 141.90 +95 Camecogs 45.34 -1.73 Expedia = 2393 +19 Keycorp §=-36.08S-.38-——sNorTrst 6443 -43 ‘TAustria. © 57.76 +211 | London FTSE 100 6461.40 -050 -0.01% A A A +3,87%
AllgEngy 53.64 +36 Cameron 66.85 +31 Expdintls 42.71 -.60 = KeySpan 41.46 = .15—NorthropG = 73.69««-.96~——elenor 56.56 +.06 Hong Kong Hang Seng 20667.29 +130.51 +0.64% A A A. +3.52%
AllegTch 11459 +1.70 CampSp 39.93 -.04.-ExpScripts 9646 = -.60 = Kimbclk = 71.71 «= =17— Novartis, «5876 «0+39 «= ‘TelData’ «58.74.87 —paris CAC-40 5944.44 -2.89 -0.05% A A A +7.27%
Allergan 12098 +19 CIBCg _—«-87.90 «90 « ExxonMbl_ 80.55 +63 Kimco = 49.18.22, NovoNdk §=— 98.61 -1.14 = Telkom = 99.51 2.26 Tokyo Nikkei 225 17429.17 +193.01 +1.12% A A A +1.18%
alliBern 92.38 +=-.60 ©CdnNRyg 50.47 FPLGrp = 64.31.20 KindME =» «56.06 +19 = Nucors «66.18 = -.68—~Ss«*elusg 56.32 +.48
Allianz 22.46 -11 CdnNRsg 59.58. -64 FannieMif 59.10 +56 — KindMorg 106.41 -.12 Nvidia 3352 +41 ‘Templein 60.97 = -33 Cos AMERICA / CANADA
Aldirish 62.07 -31 CPRwyg 6411 -55 Fastenal = 41.57 39 Kohis 77.14 -59 = QcciPets 51.19 -1.00 «= Temariss «46.48.91 :
Allstate 63.31 +.03 Canons 57.11 -1.09 FedExCp 10827 +.15 Kookmin 91.16 +2.60 OffcDpt 3475-175 Terex s 78.53 -1.88 Buenos Aires Merval 2188.81 +335 +0.15% VW A & +4.70%
Alltel 62.88 +1.24 One 75.49 + FedrDs s 45.23 +.15 KoreaElc 20.69 +08 ; 2 Tesoro 118.86 +2.31 Mexico City Bolsa 29342.70 -101.45 -0.34% VV A & +10.94%
Cap' 1.54 Omnicom 106.30 = -.81
\itanaAG 72.26 «+46 = Cardnilith 71.15 -3.93 Fiat oe 29.61 12 Kraft 33.56 +09 Oracle 1895 +05 TevaPhrm 39.10 +138 © Sao PaoloBovespa 49067.69 -607.90 -1.22% A & & +10.33%
AiteraCp If - 23.09 02 Carnival «=. 48.47 «08 FINI 50.79, +222 Kroger 29.49. 42 Orrix 133.25 -3.79. ‘Texinst = 35.16 = -.10 Toronto S&P/TSX «3597.52, -75.33 -0.55% A & A +5.34%
aitrias 6933 -114 CamUK 50.03 -34 —“FifthThird 940.67 +26 = Kubota «= 47.49 +17 pGRECp «= 51.55 «56° Textron = 102.67 -.44
Alumina -23.76 = -.26~=—SsCarolinaGp 76.55 -.63 Hidomncane pe gg Kyocera 98.70 +.01 PN 74.76 -.08 wien a . ASIA
AmBevC 57.59 -40 Caterpillar 73.00 -.23 rstEngy i “< L-3 Com 89.89 -1.06 POSC “1 jomson . +. i
leas Boe: coe ceigene sie eH Fiserv $334 -151 Laphilips 2052 +58 poo 0 vie oe 3M Co 80.45 +348 Seoul Composite _ 1553.13 +7.58 +0.49% A A A +8.27%
Amazon 62.78 +5.97 Cemex s 33.06 -.23 Flextrn 11.26 +10 — Labcp 7895 +647 pPpLCorp 4478 -49 Tiffany 48.98 +41 Singapore Straits Times 3406.89 +44.21 +131% & A A +14.10%
AmbacF 92.65 +.07 Cemig 56.24 +22 Fluor 9858 +.92 LafargeSA 39.71 -26 Paccar s 84.29 -.89 TWCablen 36.77 42 Sydney All Ordinaries 6197.80 +24.50 +0.40% A A A +9.81%
Amdocs 37.82 +.88 ChesEng 33.60 14 FEMSA 106.22 -1.88 LamRsch 54.91 +.90 ParkHan 9057 +.63 TimeWarn 20.98 17 Taipei Taiex 8000.04 +15.39 +0.19% A A A 2.25%
Ameren 5227. -06 Chevron 7818 -14 ‘FordM 820 +32 Lvsands 90.61 +40 Paychex 3637-68 «= rehmrk = 68.18 +.15 = Shanghai ShanghaiB 213.61 -+5.13+2.46% A A & +64.18%
AMovill 54.20 +205 ChiMerc 518.75 -1195 Forestlab 5446 --22 ~— LeggMason 100.03 -.67 PeabdyE 49.29 40S «JOrDBkg = 60.85.43
AMoviIA 54.15 +199 Chinalfes 4826 -.Al Hokey oak a LehmanBr 76.68 -50 Pearson 17.14 -.10 te aN en 2
AmCapStr 4852 +.35 ChinaMbie 46.59 -73 France is ‘ LeucNatis . 31.08 +.08 PennWstgn 30.00 -.22 otalsys . “
AEagleOs 30.46 +.53 ChinaNet 51.02 —--.07 FrankRes = .130.66 = -.35 Level3 5.73 -45 Penney gn 82.32 «ll Toyota 122.35 -.58 Largest Mutual Funds
AEP 50.25 -46 ChinaPet 89.36 +.06 FredMac = 65.50 +10 LibGlobA 36.60 -.04 ~—pepsiBott ©3254 +06 ‘WCdag = 35.68 -.26 ‘aia aud aie
AmExp 62.14 -.18 ~—ChinaTel «48.75. -.40. «= FMCG 68.46 1.54 — LibGlobB 36.40 -46 = Pepsico §— 66.41.«S «57 ansocn. 86.41 +7200 sit er eae sink elle Sarl, Wonk “ay Gansiie
AmintGpIf 69.79 -19 ChinaUni 15.19 +11 —-FresenM = 50.04 -.18—LibGlobC 34.20.20. Petrocg «= 43.84 «= -.82—Ss‘Travelers, = 53.92 -.83
AREst 109.00 -1.25 Chubb = 54.35 -.60 cael 41.8023 LibMintAn 25.60 +13 Petchina 11628 -28 Tribune = 32.81 +03 aay Fidelity Putnam
AmStand 56.33.43. «= ChungTel «19.89 -.20 nett §— 57.22 -.03LibMCapAn 113.21 -2.04 ~—petrbrsA «91.84 -2.46 «= ‘Turkcell «= 14.78.24 ConctollA m 28.08 +.03 45.6 CapDevO 13.38 -.01 414.5 GrowincA m 21.02 +.02 +162
AmTower 3858 -49 CinnFin 4584 -S1 Gap 18.37 +23 LillyEli 59.73 +22 Ppetrobrs 103.61 -2.02 ycolntL 3252 03 aarnerican Cent DivintlA m 2474 -.09+11.7 VoyagerA m 19.06 +.01 +7.4
Ameriprise 61.29 +.09 Cisco 2655-23 «© Garmins, 57.96 +167 Limited 28.81 = -.49_~— Pfizer 26.72 +49 ~~ ‘Tyson 21.20 -20 Uitralny —=-28.50 +.04 42.3 Fidelity RiverSource
AmeriBrg 50.79 -1.53 _—Citigrp 53.56 -24 Genentch 81.02 -38 LincNat 71.75 +.57 —_—~PIILD 54.17 -.44 UBSAGS 66.15 +59 american Funds 500indxAd 103.77 -.07 +16.6 pivreginA m 1367 ... +142
Amgen 62.55 +86 ClearChan 3580 -.09 GenDynam 79.10 -29 LinearTch 38.74 +.03 philipsEL 4.90 «47, UPM Ky = 25.00.04 = AmcapA m 21.28. 11.6 USEqIndxl 52.91 03 +166 LgcpEqA m 6.18 +.01 +15.1
Amphenols 35.73 +15 Clearch 29.78 +102 Genflec 3584 +43 LioydTSB 46.66 --47_—sPitnyBw 0 48.41 -.25—S«UST Inc 58.28 -1.41 — BalA m 19.67 -.01+123 First Eagle Russell
Amvescp 23.95 +.64 Clorox 66.42 -14¢ © GnG 64.62 -15 LockhdM 93.50 -2.00 plainsAA 59.28 -.15.—Ss«CiitraPtg = 57.90.05 BondA m_——13.41 -.02 +81. GIbA m 48.41 -.04+14.9 wuistrads 10.37 -.02 +68
Anadarks 47.47. +31 Coach $1.28 +.53 GenMmills 60.01 +.11 Loews s 46,94 +21 Plumcrk 4033 +.07 UUniao 99.57 +.67 CapIncBuA m 64.36 -.09+21.0 OverseasA m 26.89 . ... +15.5 Schwat :
AnalogDev 39.85 -25 CocaCE 22.40 +13 GnMotr 3245 +138 igwess «30.97 S18 Polo RL 0453-64 © —-UMilevNVs 30.91 ~.01.- CpWIdGrlA m45.06 09 +19.7_ FrankTemp-Frankdin YidPlsSel 9.69 +58
AngloAm 26.64 -.60 CCFemsa 38.80 +1.05 GenuPrt = 50.30 Luxottica 3466 -.66 Portolrel +1422 «08 = Uilevers 31.76 = +.02 «= EurPacGrA m50.41 -.13+17.1 CATFAm 7.34 +64 oS
‘ ‘ a5 : : rtgiTe , FundminvA m43.11 -.07+16.0 FedTFA m 1210 -.01 +58 Selected .
é Genworth 35.79 17 UnionPac 114.77 -1.59
AnglogldA 45.36 94 CCHellen 44.02 +.30 y Lyondell 32.74 +.05 Potash 189.14 +1.25 GrowAmerA m34.99 -.06 +11.1 AmerShS b 4850 -.18 +17.1
i * + 7 f : . . * .
\nheusr . 5060 30 CocaCl + ««52.08 +34 «© Genzyme «64.5641 MaTBk © 1124265 pwshsQQQ 4655 +24 UNBNCal «6162 HOLA MG “opt TFA mo A a *¥ eowe Brice oo
AonCorp 39.48 +1.03 Cogtech 89.17 -41 Gerdau = 20.15.26 BIA 7093 +168 Praxair 66.20 +26 «© UtdMicro, «3.29.04 incamerA m 2130 +199 SmMACpGrA m42.20+21 4112 BlchpGr 3833 +.17 +136
Apache . 74.42 -198 - ColgPal 66.56 -68 GlleadSci_ 83.98 24 = MeMc 67.15 28 PrecCastpt 104.80 +23 UPSB 71.91 -1.09 — |nycoAmA m 35.24 -05+415.2 USGovA m 643 .. +66 CapApprec 21.76 -.01 +154
ApolloGif 48.78 +12 Comcasts 27.10 -99 GlaxoSKin 5842-37 = MGMMir 70.53 +91 —priceTRs 50.02. -.53. «.«USBancrp = 34.55.02 MutualA m 30.99 -.03+18.0 FrankTemp-Mutual Eqindex - 40.10 -.02 +16.3
Apple inc 98.84 +349 Comcsps 2682 -77 GlobalSFe 64.18 +.02 = Macerich 96.56 15 PrinFnel. «63.87 «+.08«—«‘US Cellular 73.42. -1.27/ NewEconA m 28.51 ~02 +154 piscov A m 33.00 -.03 +21.0 Eqtyinc 31.03 -.03 +191
ApldMatl 19.30 -.19 Comerica 6287 . «28 GOMdFLtd = 1834-45 Magnalg «79.77 «+20 °~—sproctGam 62.99 -.54_-—«*USSteel «=««:103.93_ 90 NewPerspA 34.07 -.07 +16.6 SharesZ 27.93 +.02 +18.0 GrowStk 33.97 +.16 +17.2
ArcelorMit 53.60 -.65 Golderpg 2451-86 = Manpwil=—79.61.-«-19.—progrssEn 51.70 52 -—-‘UtdTech = 67.65.39 NWWHIGA m 53.37 -.19 425.3 FrankTemp-Templeton IntIStk 17.96 ~.05 +144
archDan 39.03 ««-.49.-«S«CCMCBN. «33.9317 GoldmanS 22481 -.79— anulifgs 35.78 48 ~~ progcps. «23.19 -20-~—«(UtdUtils. «29.81 -.26 — SmCPWIA M4336 AB +176 Fan ym — 14.61 4.064158 MidCapVa 27.47 02 +208
ArchstnSm 5345 41 CVRDS 4149.94 = Goodrich 56.12 42.19 Marathon. 103.20 +65 protogis. 66.20 -«-09~=«(tdhithGp 5271-23 ere re ott sine ForEgls 29.09 +.10 #266 MidCpGr 59.58 +.35 +108
Assurant 5827 -35 CVRDpfs 3486 -86 Google 481.18 +319 MarintAs 46.19 -.69 prudent) 9541. «-33.-=«(«NUMGp = 24.90 -.46 ay ae > Growth A m 27.14 +.05+18.6 NewHoriz 34.82 +.11 +3.7
AstraZen 54.94 -.64 CompsBc 68.91 -51 Graingr 84.02 MarshM 32.13 +.08 Prud UK 29.94 -.60 VF Cp 88.49 —--.58 Artisan WorldA m 20.56 +.04+17.0 Newincome 894 -.02 +7.5
AustNZ 12841 -231 CompSci 55.83 -14 GrantPrde 53.23 +35 Marshils 4848 «+45 «= psEG aes6 -195 ValeroE = 71.74 +1.42 Intl 31.51 -16 +186 Franklin SmCpStk 36.37 +.08 +7.8
Autodesk If 41.76 +.72 ConAgra 2482 -27 GpTelevisa 28.84 -.50 MartMM 145.11. +1.68 PubStrg 95,83 42 VeoliaEnv 79.87 —-.63 Baron FndAll[A m=: 14.62 +.08 +187 SmCpVal 44.44, $8.4
AutoData 4450 -.41 + ConocPhil «70.73 «09 HDFCBK = 74.66.26 = Marvell sif 16.70 -.05 —publicis. 48.27. ««-33.—~St«eTisign = 26.9008 Growth b 52.97 +.11 +9.7 Harbor Value 29.00 -.04 +19.0
AutoZone 133.88 -1.61 ConsolEs 42.35 -.68 HSBC 92.73 «71 Masco 28.14 +50 PulteH 28.82 +92 VerizonCm 37.97 +.32 oo 28.35 17 +16.5 CapApinst 35.13 +.01 +7.2 Third Avenue
AvalonBay 128.99 -2.21 ConEd $2.22 +41. Hallibtns 31.63 +.09 MasterCdn 108.56 -.78 Qualcom 45.30 ~04 ViacomB 42.50 — -.25 si : k oo > Intlinstl 67.56 52 +21.1 Value 63.84 +.04 +13.0
AveryD 63.43 --.57 ConstellEn 91.13 +212. . Hanson 86.38 = +.83 Matsush 19.62 -.13 QstDlag 50.20 +B VimpelCm 96.40 +.05 oun Ain 1914-06 12.2 Hartford Thomburg ,
avon 3996 +10 Coopers 50.27 +27 HarleyD 65.34 -21 Mattel 2867 +17 " VirgnMdah 25.99 +.07 AE 00 FEE AGVHLSIA = 23.74 02 +13.0 intivalA m 3117 +.11 +19.7
. o ; 4 5 . Questar 98.70 +2.37 Calamos CapAprA m 39.88 -.10 +11.8
3ASF 116.60 -3.17 Corning 24.91 07 .. Harman 122.50 +19.94 Maxim If 32.81 “10 Qwestcm 8.93 “10 Vodafone 28.60 -.08 GrowA m 58.04 +.30 +1.6 CpA Tweedy Browne
. : 04 +30 +1.6 CpApHLSIA 56.79 -.21 +133
3B&T Cp 41.88 “ll Costco 54.04 -.23, HarmonyG 16.12 +46 McDnids 49.23 +.60 Raytheon 53.42 -1.58 Volvo 95.01 -1.87 Columbia DVGrHLSIA 24.31. -.05 +19.8 GlobVal 33.90 +.06 +19.5
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f

THE TRIBUNE

FRIDAY, APRIL 27, 2007, PAGE 5B



Six areas that can
cause catastrophe

etting control over
your corporate
issues iS more

important than you think.
There are many areas you
need to keep an eye on. Fail-
ure to address one of the fol-
lowing six areas can cause dis-
ruption to your business.

' The first system you need is
a system for Drafting and
Negotiation of Contracts.
Whether you are going to be a
partnership, a limited compa-
ny or some other entity, you
will need to document your
business arrangement to avoid
any issues down the line.
Things invariably go wrong in
any business arrangement, so
prepare yourself for the fol-
lowing eventualities and give
yourself a method for resolv-
ing them.

When you draft your docu-
ment, make sure you include
the purpose and duration of
the arrangement; the respon-
sibilities, contributions, remu-
neration and performance
standards of those involved; a
process for admission and
withdrawal of new
partners/directors; financial
and accounting arrangements,
such as cheque signing and
drawing money; conflict reso-
lution and arbitration where
deadlock occurs; and the
method of dissolution, buyout
processes and valuation.

The second system you
need is a system for Protecting
Intellectual Property (IP).
Regardless of what product
your business makes, or what
service it provides, it is likely
that it is regularly using and

‘creating a great deal of intel-

lectual property, such as your
name, domain name, trade
name, trademarks, valuable
confidential business informa-
tion, customer lists, sales tac-
tics, original designs, publica-
tions, inventions and improve-
ments of products or services.
You need a system of protect-
ing, managing and enforcing
your IP, so that others will not
be tempted to steal it or pass it
off as their own.

Have a process for patenting
your intellectual property. A



. ‘

| Business
\: Sense
Ban






patent is an exclusive right
granted for a product or
process that provides a new
way of doing something, or
offers a new technical solution
to a problem. In some coun-
tries, inventions may also be
protected by less stringent
patents called utility models,
so check out what the situa-
tion is by talking to a compe-
tent patent attorney.

Have a process for trade
marking your intellectual
property. A trade or service
mark is a distinctive sign,
which identifies your product
or service, allowing the con-
sumer to distinguish them
from goods or services sup-
plied by others. There are sev-
eral online services, such as
legalzoom, that can do this
cheaply for you.

Have a process for copy-
righting your intellectual prop-
erty. Copyright protection cov-
ers Original creations in the lit-
erary, musical and artistic
domain (including software).
Copyright protection is usual-
ly automatic once your work is
fixed in some material form.

The third system you need
is a system for Insurance for
Business. Whether you run
your business out of your base-
ment or have corporate
offices, a disaster could wipe
you out. Make sure you pro-
tect yourself by getting cover
for the following:

* You should have insur-
ance cover for buildings and
content, as this will cover you
against damage to your build-
ings and your contents, such
as furniture, equipment, stock,
fixtures and fittings within
those buildings.

* You should have business
interruption insurance cover,
as this will cover you against
loss of income as a result of
any catastrophe that stops the
operation of your business. It

can even pay for the cost of
operating out of temporary
premises.

* You should have liability
protection cover, as this will
cover you for any bodily injury
or property damage that your
business operation or employ-
ees may cause due to defec-
tive products, poor services,
or if something goes wrong.

The fourth system you need
is a system for Auto Insurance.
It is a legal requirement that
your vehicles are covered by
auto insurance, which can cov-

er injuries caused to someone ©

else; treatment of injuries;
property damage; damage to
your car; damage to your car
other than through collision;
and cover if you are hit by an
underinsured driver. Make
sure you get sufficient cover-
age for your purposes.

The fifth system you need
is a system for Employee
Insurance Cover. This is a
wide area, so make sure you
meet with an insurance spe-
cialist to advise you on the fol-
lowing:

* You should consider
health insurance cover, as this
will cover your employees for
private medical, surgical and
hospital expenses and, in some
cases, dental.

* You should consider life
insurance coverage, as this will
cover them in the event of
dying. You can purchase
either term policy, which cov-
ers them for a particular time,
or whole life.

* You should consider key
man insurance, as this will coy-

. Vea a &
er you against the death of

your key employees, with the
1 Ts e2.c ~ Py
beneficiary being the busingss.

* You should consider
worker’s compensation insur-
ance, as this will cover your
employees against workplace
accidents.

* And, finally, you should
also consider disability insur-

hotel gets approval
in principle

FROM page 1

marina and family estate resi-
dences.

He added that he was “just
getting ready to close on the
land” purchase required to
make an expanded South
Ocean viable, and putting
together a team of Bahamas-
based and foreign personnel
to start on the utilities and
infrastructure build-out as
soon as possible once all nec-
essary approvals were in place.

“It'll have a significant
impact by really putting on the
map the other side of the
island, which until now has not
had much attention,” Mr Stein
said of his South Ocean plans.
“It will have cafes, restaurants,
retail, a marina, a high level
golf course that will be open to
everyone, and should be open
by the final quarter of this
year.”

New

He added that the new
South Ocean would help cre-
ate “a vibrant, energetic”
southern side of New Provi-
dence, complementing the
$1.4 billion Albany project,
which is focused more on a
high-end, upscale residential

community as opposed to a
resort. All shipping facilities
are supposed to be relocated
to southwestern New Provi-
dence also, paving the way for
Bay Street and downtown
Nassau’s revitalisation.

Impact

The draft economic impact
study performed for the South
Ocean project by Oxford Eco-
nomics had projected that the
development, scheduled to
open in 2010 with construc-
tion hopefully beginning this
year, would inject $172 mil-
lion in visitor spending into
the Bahamian economy dur-
ing its first full operational
year.

Hard construction spending,
which would involve the con-
struction of new buildings and
renovations to others, would
total $541 million by 2015,
with the total investment by
Mr Stein, RHS and their part-
ners via the New South Ocean

Development Company
reaching $867 million by that
year.

Construction employment,
Mr Stein said, would average
877 persons over the 2007-
2010 period, peaking in 2009.

The $541 million construc-
tion spending had been fore-
cast to inject $217 million into
the Bahamas’ GDP over nine
years, and generate $105 mil-
lion in wages. On the opera-

tional side, South Ocean was
forecast to produce a $3.7 bil-
lion GDP impact over its first
20 years, generating $1.5 bil-
lion in direct wages and
salaries for its employees.

In addition, the project was
forecast to generate $1.8 bil-
lion in revenues for the Gov-
ernment in the 23 years to
2030.

Mr Stein indicated to The
Tribune that the projected
economic impact from South
Ocean’s redevelopment and
revitalisation could be more

‘than the initial drafts had pro-

jected, as it did not account
for all the facilities that could
be constructed.

South

South Ocean’s redevelop-
ment will take place in two
phases, the first involving util-
ities and infrastructure such
as the installation of roads,
sewerage, telephone, electric-
ity, reverse osmosis and water
storage facilities.

That is likely to cost “a little
over $200 million”, with the
second phase, involving the
construction of the 400-room
four-star hotel; 140-room five-
star hotel; fractional villas; 180
timeshare units; second
homes; 40,000 square foot
casino; convention centre;
marina; tennis facilities; spa
and other facilities set to cost
around $500 million.

ance, as this will pay your
employees an income if they
are unable to work because of
an accident or illness.

The sixth system you need is
a system for Data Protection.
If you are subject to a Data
Protection Act, you will need
to find out what your respon-
sibility is regarding the per-
sonal information in your pos-
session. The Act will normally
cover how you process that
information; what you use it
for; how accurate it is; how
long you keep it for; where
you keep it; how securely it is
kept; and who you intend to
transfer it to.

Whatever business you are
in, there will be a lot of things
you need to do to keep on top
of corporate issues. I know of
several successful businesses
that failed because they for-
got to renew their insurance,
or had insufficient cover.
Don’t be an antipreneur and
forget to implement systems
for this important area. In
order to avoid the trap of
antipreneurship, make sure
you spend sufficient time set-
ting up systems for managing
corporate issues, as it could be
the best insurance policy you
can buy for your business.

NB: This column is available
as an eBook at
www.antipreneurship.com

Mark draws on 20 years of
top-level business, marketing
and communications experi-
ence in London and The
Bahamas. He is Chief Oper-
ating Officer of www.ezpze-
mail.com, currently lives in
Nassau, and can be contacted
at markalexpalmer@mac.com

© Mark Palmer. All rights
reserved






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PAGE 6B, FRIDAY, APRIL 27, 2007 THE TRIBUNE .

Development Bank in
new financing initiative



2s Om aw'¢g

Se

-

@ By CARA BRENNEN-BETHEL
Tribune Business Reporter



he Bahamas Development
Bank (BDB) yesterday
unveiled a new initiative
designed to assist Bahamian entre-
preneurs in gaining the capital they
required to finance business ventures,
with the funding ceiling placed at
$50,000.
The BDB’s chairman, K Neville
Adderley, explained that the Youth
Entrepreneurial Programme is



designed for Bahamians aged
between 18-30 years-old, and who
are recommended by an educational
institution or community-based ser-
vice.

Once approved, these persons can
receive funding up to the ceiling of
$50,000. However, a vital component
of the programme is that all recipients
must have completed specific training
in business management with a part-
ner learning institute. This training
will include: specified formal busi-
ness training; assistance with devel-

oping their business plan; funding for
their business; mentorship during
implementation and initial opera-
tions; as well as networking opera-
tions to support growth.

Chamber

The Bahamas Chamber of Com-
merce is assisting with the mentor-
ship aspect of the programme.

With 80 per cent of businesses fail-
ing in their first year of operation,
Mr Adderley said the BDB wanted to

ensure young Bahamians they assist
have a thorough understanding of
exactly what it takes to make a suc-
cessful business. He said that hope-
fully the BDB will be able to aid in
the creation of a new breed of suc-
cessful entrepreneurs.

Mr Adderley added that the BDB
will be open to innovative business
ideas, particularly since they are com-
ing from young people. They will also
be flexible in repayment plans and
the level of capital required on an
individual basis.

Each case will be considered on its
own merit, with the BDB relying
heavily on government guarantees.

Both Mr Adderley and Calvin
Knowles, the BDB’s managing direc-
tor, stressed the timing of the
announcement was purely coinci-
dental with respect to the looming
May 2 general election.

Mr Adderley said the initiative had
been approved last month, and the
announcement simply was held until
the next Board meeting, which was
yesterday.

FROM page 1

on Grand Bahama.
Speaking

Speaking with The Tribune
yesterday, David Johnson,
deputy director-general at the
Ministry of Tourism, said he
will be holding meetings with
the airport’s management in
the next few days to discuss
ways they can work together
to increase passenger volume
while decreasing turnaround
costs.

At present, the privately-
owned airport charges airlines
$34 per passenger more to
operate than at Lynden Pin-
dling International in Nassau.

At last year’s Grand
Bahama Business Outlook
Seminar, Mr Johnson used this

“On a 50- seat aircraft, with
average loads of 75 per cent,
Grand Bahama’s cost is $1,275
more to turn around a Dash 8
like Bahamasair than in New
Providence. On a jet with a
125-seat capacity and a 75 per
cent load factor, Grand
Bahama cost $3,187 more per
turn around, or well over $1
million if the aircraft operat-
ed a daily service,” he said.

Mr Johnson told The Tri-
bune yesterday that the Min-
istry and the airport “are on
the same page” when it comes
to addressing the issue.

Reducing

He noted that reducing the
turnaround cost would be a
huge motivating factor to
encourage more airlines to fly
into Grand Bahama, which
would boost the island’s econ-

Low cost carriers such as Jet-
Blue and Spirit have already
expressed a hesitation to pro-
vide service to Grand Bahama
because of the prohibitive

costs.
Addition

In addition to the turn-
around costs, airlines are also
faced with ever increasing fuel
costs. Mr Johnson said that last
year, for example, between Air
Tran and US Airways, the two
most important jet carriers ser-
vicing Grand Bahama, are
faced with a combined $10 mil-
lion increase in flight costs as a
result of the two factors.

Mr Johnson said the Royal
Oasis’s two-and-a-half year
closure had negatively impact-
ed visitor arrivals and airlift to
Grand Bahama. The island lost
a great deal of exposure, mar-



Ministry to tackle Grand
Bahama’s high airport costs"

tory when the resort closed,
reducing the island’s attrac-
tiveness as a tourism destina-
tion.

It is crucial that airlift to
Grand Bahama be addressed,
given the investment projects
slated for the island, including
the $4.9 billion Ginn Clubs &
Resorts project in West End,
Morgan Stanley’s 2,000-acre
Barbary Bay resort, retail, res-
idential and commercial com-
plex, and the possible sale of
the Royal Oasis to Harcourt
Developments and Isle of
Capri extending its stay in
Grand Bahama by two years.

Tourists

Without airlift, tourists will
not be able to travel to Grand
Bahama, and the high turn-
around costs may be passed on
to travellers; again reducing

fii DAVID JOHNSON example to detail the impact

keting thrust and room inven- __ the island’s attractiveness.

(FILE photo) of the turnaround cost. omy.
















NOTICE

TAYLOR INDUSTRIES LTD

WILL BE CLOSED
at 1:00 P.M.

KILBANE ENTERPRISES LTD.

In Voluntary Liquidation :

Notice is hereby given that in accordance with Section 138 .
(4) of the International Business Companies Act, 2000, \ co
KILBANE ENTERPRISES LTD. is in dissolution as of
April 20, 2007.

S : se
sag

legthar in brund eew cundhiua, Dual GT
et aig fa ry

ON ELECTION DAY
WEDNESDAY, MAY 2nd, 2007

Internaional Liquidator Services Inc. situated at 35A
Regent Street, P.O. Box 1777, Belize City, Belize is the
Liquidator.

JULIUS BAR

Julius Baer, a leading global wealth manager is ai
seeking to employ an experienced professional to yt
join their team as: *



We regret any inconvenience
this will cause to our customers



LIQUIDATOR



Bist

Portfolio Specialist

—. . The main tasks of this position are: ie
id

Abaco Markets
Bahamas Property Fund 3 : 0.00
Bank of Bahamas i 7 0.02
Benchmark A : 0.00
Bahamas Waste : : 0.00
Fidelity Bank ‘ : 0.00
Cable Bahamas ‘ : 0.00
Colina Holdings : 0.00
Commonwealth Bank ; : 0.00 600
Consolidated Water BDRs : ‘ 0.06
Doctor's Hospital 5 2 0.00
Famguard é : 0.00
Finco z é 0.00
FirstCaribbean A : 0.00
Focol . 7 0.00
Freeport Concrete : 0.00
ICD Utilities : : 0.00
J. S. Johnson : iu 0.00
0.00
ef Securities |
Last Price

Monitor and implement global investment

templates and systems for wealth management

client;
Execute trades and control procedures to portfolio
managed client base across fixed-income, equity
and FX ‘markets;

Implement Portfolio Management policies,
procedures from head office:

Market Portfolio Management services to
prospective and current clients.

The successful candidate will have:
Weekly Vol.
Minimum three years experience in portfolio

management or product specialist function in a
wealth management context;
Bachelors Degree in Finance or Economics, further z
education is plus (e.g. Series 7 or CFA:) ee
Strong analytical skills 4

Bahamas Supermarkets
Caribbean Crossings (Pref)
RND Holdings f
Or The-COt OCUATES:
ABDAB i 43.00 41.00
Bahamas Supermarkets 15.50 14.00
RND Holdings rsp aariyscs oO snssmaarie icine cosa
SX Listed Mutual Funda — “
YTD% Last 12 Months Div $

Yield %

1.337393"
3.1424***
2.649189**
1.238600°*"*

:
796.14 1 YTD 07.28% / 2006 BA.ATY%
YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
Ask § - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price
Weekly Vol. - Trading volume of the prior week
EPS §$ - Acompany'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

Colina Money Market Fund
Fidelity Bahamas G & | Fund
Colina MSI Preferred Fund
Colina Bond Fund

0.7674 Fidelity Prime Income Fun

Interested person meeting the above criteria should
apply in writing, on or before May 10, 2007 enclosing
a full résumé with cover letter to:

NAV KEY.
52wk-Hi - Highest closing price In last 52 weeks

52wk-Low - Lowest closing price In last 52 weeks

Previous Close - Previous day's weighted price for dally volume
Today's Close - Current day's weighted price for dally volume
Change - Change In closing price from day to day

Daily Vol. - Number of total shares traded today

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

P/E - Closing price divided by the last 12 month earings

* = 20 April 2007

BY MAIL

Personal & Confidential
Resident Manager

P.O. Box N-4890
Nassau, Bahamas

BY HAND

Personal & Confidential

Resident Manager

Julius Baer Bank & Trust (Bahamas) Ltd.
Ocean Centre, Montagu Foreshore
Nassau, Bahamas

** 31 March 2007

*** 31 March 2007

se** 34 March 2007

*- 31 March 2007


THE TRIBUNE

FRIDAY, APRIL 27, 2007, PAGE 7B



Siemens alert on
bribery allegations

@ By MATT MOORE
AP Business Writer

FRANKFURT, Germany
(AP) — Siemens AG said
Thursday it faces a widening
investigation into bribery alle-
gations that have spurred both
its chief executive and the
chairman to say they would
step down, and warned that
the money in question could
be bigger than earlier thought.

The disclosure came as
Europe’s biggest engineering
company by sales said all of its
units either met or exceeded
their profit targets on the back
of stronger sales, particularly
for factory and medical equip-
ment. It had previously said its
earnings rose 36.5 percent for
the second quarter.

“We are firing on all cylin-
ders now — there is not one
single cylinder anymore that is
stuttering,” said CEO Klaus
Kleinfeld, who announced
Wednesday that he would not
renew his contract expiring
Sept. 30 with Siemens.

“We significantly strength-
ened our strongest businesses,
better aligned the company to
take full advantage of global
demographic and urbanization
trends and reached or exceed-
ed our margin targets at all
groups,” he added.

Kleinfeld, who has not been
a target of any of the corrup-
tion inquiries at the industrial
and engineering conglomerate,
had pledged to restore the

company’s reputation.

But after reports that some
members of the supervisory
board — which is the equiva-
lent of a U.S. board of direc-
tors — wanted to oust him, he
said Wednesday that he would
leave after his contract expires.
No successor has been named
for the 49-year-old, who has
been with the company for 20
years and CEO since January
2005.

Former board Chairman
Heinrich von Pierer, who also
has not been accused of any
wrongdoing, stepped down at
Wednesday’s board meeting.

Siemens — which makes
products ranging from cell-
phone network components to
trains — has been rocked by
investigations in Germany,
Italy and Switzerland over
whether money totaling hun-
dreds of millions of dollars was
taken from corporate accounts
and used to pay bribes to help
land telecommunications deals.
The scandal has enveloped the
company, a pillar of the Ger-
man corporate world.

Munich-based Siemens said
Thursday that the SEC and the
Department of Justice are also
investigating the allegations of
bribery. It said the SEC had
upgraded its informal inquiry
into possible bribery into a for-
mal investigation. The U.S.
Justice Department is already
investigating possible criminal
violations.

Siemens also said it was

widening its internal investiga-
tion into suspicious payments
made under what are known
as business consultants agree-
ments, or BCAs.

“An analysis of BCAs and
related payments at the other
groups will begin,” the compa-
ny said as it released its com-
plete second-quarter results.
“As a result, the company
expects a significant increase
in total amount of BCA pay-
ments under review.”

So far, Siemens has identi-
fied 420 million euros ($572.9
million) in suspicious payments
made at its telecommunica-
tions unit in recent years, but
warned the amount could grow
and, possibly, affect its
finances. The company warned
that the investigations could
lead to what it called “sub-
stantial uncertainties” but
added that so far it has not
affected its bottom line.

“There is a risk that the com-
pany will have to make (such)
changes ... including by record-
ing additional tax charges in
respect of prior periods,”
Siemens said. “Such changes,
as well as further results from
the ongoing investigations,
could be material.”

Siemens reiterated figures it
released earlier this week that
it earned 1.26 billion euros

($1.71 billion) in the second

quarter compared with 923
million euros in the same peri-
od a year earlier. That was bet-
ter than what analysts had

Banks to decide on ACH
software ‘by early May’

FROM page 1

Explaining why the process
appeared to be taking longer
than anticipated, Mr
McWeeney told The Tribune:
“It is a very significant step for-
ward for the financial services
industry, and I want to make
sure all options and all issues
are adequately addressed. I
understand the urgency behind
it, but I don’t want to make a
hasty decision.”

He said the ACH working
group had a duty to ensure that

- whatever decision it made in

regard to the software provider
was reasonable and “in the
best interests of the financial
services sector’s future”.

The ACH is seen as a “long
overdue" upgrade to the
Bahamian financial services
system's infrastructure, and Mr
McWeeney had originally
hoped to have it implemented

by end-June 2007, with the’

software provider’s selection
the, last piece in the jigsaw.

Tanya Wright, the Bahamas
Chamber of Commerce’s pres-
ident, and other members of
the Bahamian business com-
munity, notably Superwash’s
Dionisio D’Aguilar, have
repeatedly urged the ACH’s
introduction.

This is because it will lessen
the business community’s
reliance on a primarily cash-
based system to pay for goods
and services, reducing the
attractiveness of many compa-
nies as armed robbery targets.

In addition, the ACH will
improve the integrity of the
Bahamian banking system by
enabling businesses to learn
about bounced customer
cheques much earlier, boost
overall cash flows in the econ-
omy, and reduce the time
Bahamians spend in bank
queues waiting to deposit their
cheques.

Commonwealth Bank said
in its 2006 annual report that it
and other commercial banks
were eagerly awaiting the
ACH’s introduction, as it
would provide a platform for
them to launch enhanced deb-
it and credit card services.

The ACH is being viewed as
-a mechanism to boost the effi-
ciency and integrity of the
Bahamian commercial bank-

ing and payments system. The
first phase will provide all
Bahamian clearing banks with
an interlinked system for the
electronic processing of
cheques, in addition to direct
debits and credits.

The latter two functions will
enable Bahamians to credit
and debit funds electronically,
and instead of providing
employees with their pay in
the form of cheques, compa-
nies can credit employee
accounts even if they are
housed at a different bank.

The ACH second phase will
involve the development of an
automatic teller machine
(ATM) SWITCH network,

which will allow Bahamians to
access their money at any bank
ATM machine in this nation.

The ACH third phase is
intended to lead to "full trun-
cation", and the potential of
creating a National Archiving
or National Processing Centre
for the entire Bahamian com-
mercial banking system.

Currently, all the commer-
cial banks have their own pro-
cessing centres to deal with the
clearing and settlement of
monetary transactions, and the
creation of one unified centre
via the ACH could lead to
reduced further costs, efficien-
cies and greater economies of
scale.

Bahamas Co-operative League Limited

Bahamas Co-operative League
insurance Brokerage Limited

will be relocating
to our new office complex at
Russell Road

(Oakes Field across from COB campus through
the corner of McDonald's-we’re right next door)

On Monday April 23, 2007

Our new telephone number is

302-0100

We look forward to serving you
at our new location.



~~

forecast. Sales rose 10 percent
to 20.63 billion euros ($28.16
billion), also beating expecta-
tions.

The growth came at all the
company’s major units, includ-
ing its industrial automation,
medical, power transmission
and automotive units.

Kleinfeld also dismissed
speculation that Siemens
would sell its VDO Automo-
tive auto parts unit. “Our mes-
sage is clear. We will continue
to pursue an IPO in any case,”
he said. Siemens shares rose
nearly 2 percent to 90.09 euros
($122.96) in Frankfurt. Since
Kleinfeld took over as CEO,
they have risen by some 40
percent.

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.



NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

AGAPE UNITY LIMITED
LIQUIDATOR’S NOTICE

PURSUANT TO SECTION 137 (6) OF THE
INTERANTIONAL BUSINESS COMPANIES, AC T

We, Sovereign Managers Limited, Liquidator of
AGAPE UNITY LIMITED, hereby certify that
the winding-up and dissolution of AGAPE UNITY
LIMITED, has been completed in accordance with
the Articles of Dissolution.

Dated the 24th day of April, 2007.

Sovereign Mahdph's Limited

Liquidator







firancal
services
FUND ADMINISTRATOR

Swiss Financial Services (Bahamas) Ltd. is a leading investment funds
administrator in The Bahamas seeking a professional, reliable,
hardworking, and motivated individual to join our staff.







Duties/Responsibilities:




Manage a diverse portfolio of funds with varying complexities to include:



1. Understanding assigned portfolio of funds (PPM, Agreements,
Due Diligence, Resolutions)

2. Trade processing (subscriptions, redemptions, etc.)

3. Execution of trade confirmations

4. Liaising with fund partners (investment managers, third party
administrators, private bankers, etc.)

5. Proper Reporting to the Securities Commission of The Bahamas

6

7

8



Preparation of annual fund audits
Preparation of reports and special projects
Other miscellaneous duties

Skills & Qualifications:



Bachelors degree in a business related subject
Minimum 3-5 years experience in similar position

Team player with the ability to function with minimum supervision
Computer proficiency in MS Office - Word, Excel, Outlook
Professional written and oral communication skills

Excellent time management and organizational skills

Detailed analytical and problem solving skills










Benefits include competitive salary commensurate with experience,
pension and group medical insurance.



If you meet the requirements specified above, pleased send cover letter
and resume with reference: FASWISS, by May 11th, 2007 to:




Swiss Financial Services (Bahamas) Ltd, Human Resources,
P.O. Box EE-17758,
Nassau, Bahamas
Fax: (242) 394-9250 ¢ Email: vking @swiss-financial.bs




XL LAMM R KKK LEMAR MELE MRM MRAMRKAAA MRAM MAMA AL MAAK KARA LA AAA MA LA



NN NNN NNN NN RN NNN

FIRSTCARIBBEAN

INTERNATIONAL BANK

ENTRY-LEVEL POSITIONS
FIRSTCARIBBEAN INTERNATIONAL BANK
(BAHAMAS) LIMITED

FirstCaribbean International Bank (Bahamas) Limited is accepting applications for various
entry-level full-time positions. These include:

¢ Customer Service Representatives (Tellers)
¢ Wallets Processing Officers & other Clerical & Administrative positions

If you possess the following skills and qualifications, here’s your opportunity to work
with the Bahamas’ most dynamic banking organization:

¢ Minimum of 5 BGCSE Certificates inclusive of Mathematics & English Language
(Grades of ‘C’ or better)

¢ General PC Knowledge - Microsoft Excel, Microsoft Word

¢ Fast & Accurate Keyboarding Skills

° Prior banking experience, though not required would be an asset

¢ Applicants should also possess excellent:

¢ Written & Verbal Communication Skills

¢ Interpersonal & Organizational Skills

e Analytical & Problem Solving Skills

If you believe that you’ve got what it takes and want to join our team, please submit
a detailed resume, including your email address, along with copies of all *relevant
documents to the address listed below:

Miss Deangelia Deleveaux - Business Associate

Human Resources Department

FirstCaribbean International Bank (Bahamas) Limited

P.O.Box N - 7125

Nassau, Bahamas

(Important: Please ensure that you include your return email address)

*Relevant Documents must include:

° Copies of your high school diploma, certificates, professional qualifications, etc.
¢ Three (3) written character references on your behalf

e Acopy of your valid police certificate

¢ Two of your most recent (2) passport-sized photos

e First 4 pages of your valid passport.

¢ Copy of your valid National Insurance Board Card

Note:

- Resumes submitted without copies of certificates will not be considered.
- Candidates who are contacted for an interview will be requested to provide original
documents/certificates for verification.

FirstCaribbean Bank offers a full range of market-leading financial services in Corporate,
Retail Banking, Credit Cards, Wealth Management, Capital Markets and Treasury. We
are the largest, regionally listed bank in the English-speaking Caribbean, with over 3,500
staff. FirstCaribbean offers a very competitive remuneration package, a medical/health
program, a pension scheme and an Employee Stock Ownership Plan to all of our employees.
Additionally, we have a clear talent management strategy, which ensures to prepare you
effectively to take on a leadership role within the business and provide a solid foundation

for your future career.

FirstCaribbean International Bank is an affiliate of CIBC


PAGE 8B, FRIDAY, APRIL 27, 2007

Citco Bank and Trust Company (Bahamas) Limited

Balance sheet as at December 31, 2006



fe
(after appropriation of result) :
Note 2006 2005
’ USD 000 USD 000
Assets
Bank balances and cash
Demand - others 173 179
Demand - related parties 28,154 17,707
Time - others 180,000 0
Time - related parties 41,580 40,346
Other receivables and prepayments 4 2,956 2,285
Customer advances 5 51,607 32,968
Due from related parties 6 2 3,052
Derivative financial assets held for clients 7 704 47
Property, plant and equipment 8 2 0
: 305,248 6,694
Liabilities
Customer deposits
Demand - others 7 22,114 10,564
Demand - related parties 6 1
Time - others 256,627 65,693
Time - related parties 1,555 2,467
Due to banks - related parties 1,822 0
Derivative financial liabilities held for clients 7 694 47
Provisions 9 297 278
Other payables 10 437 332
Due to related parties 6 447 AT
___ 283,999 79,861
Equity
Share capital
Authorized, issued and fully paid:
5,000,000 shares of USD | each 5,000 5,000
Retained earnings 16,249 11,833
21,249, 16,833,
305,248 96,694
Notes to the balance sheet
1 General
1a) General Information
Citco Bank and Trust Company (Bahamas) Limited.(the “Bank”) was incorporated under the Jaws of
The Commonwealth of The Bahamas on October 10, 1997 and is licensed by the Central Bank of
The Bahamas to conduct unrestricted banking and trust business from within and in The Bahamas. 7
The Bank’s registered office is located at One Montague Place, East Bay Street, P.O. Box N-4906,
Nassau, Bahamas. :
Ib) Activities
The products and services of the Bank are to protect, preserve and enhance assets in a secure and
confidential environment. The Bank offers custodial services for investments in offshore funds,
trading services in global markets and account administration for international banks.
The principle activities of the Bank comprise the provision of banking, custody, fiduciary, corporate
and other professional services to its clients.
1c) Group Structure
The direct shareholder of the Bank is Citco Banking Corporation N.V. Ultimately the Bank is a
wholly owned subsidiary of Citco III Ltd., located in Grand Cayman, Cayman Islands. All
transactions and balances described in the balance sheet as “related parties” relate to Citco II] Ltd.
and its subsidiaries and their directors and officers.
As per September 5, 2006 as part of a Debt Restructuring process the parent company has entered
into two loan agreements with a financial institution. In these agreements, the Bank has been
included as obligor for these facilities. The Bank has individually guaranteed up to 10% of its equity
and a combined guarantee together with its affiliates up to 20% of the combined equity with a
maximum of USD 15 million.
1d) Currency
‘The Bank uses the United States dollars as functionall currency and reporting currency since that is
the currency in which the majority of the Bank’s transactions are denominated,
le) Approval of the Board
The balance sheet has been approved for issue by the Board of Directors on February 9, 2007.
2. Principal accounting policies
The balance sheet has been prepared in accordance with applicable International Financial Reporting
Standards (IFRS) and its interpretations adopted by the International Accounting Standards Board
(IASB). The balance sheet has been prepared on the historical cost basis, except for the revaluation
of certain financial instruments. The principle accounting policies adopted are set out below. These
policies have been applied consistently during the year and the preceding year.
2a) Adoption of new and revised International Financial Reporting Standards
In the current year, the Bank has adopted all of the new and revised Standards and Interpretations
issued by the IASB and the Intemational Financial Reporting Interpretations Committee (IFRIC) of
the IASB that are relevant to its operations and effective for accounting periods beginning on January
1, 2006.
At the date of authorization of the balance sheet, the following Standards anc Interpretations were in
issue but not yet effective:
: IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary
Economies
IFRIC 8 Scope of IFRS 2
IFRIC 9 Reassessment of Embedded Derivatives
IFRIC 10 Jnterim Financial Reporting and Impairment
IFRIC 11 JFRS 2: Group and Treasury Share Transactions
IFRIC 12 Consolidation - Special Purpose Entities
Following amendments to JAS 39 Financial Instruments: Recognition and Measurement in June
he 2005, the ability of entities to designate any financial asset or financial liability as ‘at fair value
through profit or loss’ has been limited. These amendments had no impact on the designation of
financial assets and liabilities by the Bank.
Management anticipates that the adoption of these Standards and Interpretations in future periods
will have no material impact on the balance sheet of the Bank.
The Bank will adopt IFRS 7 Financial Instruments: Disclosures as of January 1, 2007. Management
anticipates that the impact of disclosing financial risks wil] be minor.
* 2b) Use of estimates in the preparation of the balance sheet
\-
us In the preparation of the balance sheet, management is required to make estimates and assumptions
ic that affect reported income, expenses, asscts, liabilities and disclosure of contingent assets and
liabilities. Use of available information and application of judgment are inherent in the formation of
' estimates. Although these estimates are based on management’s best knowledge of current events
® and actions, actual results in the future could differ from such estimates and the differences may be
, 7 matcrial to the balance sheet.
2c) Foreign currency translation
Transactions in foreign currencies are initially recorded at the rates of exchange prevailing on the
dates of the transactions.
2d) Bank balances and cash
Bank balances and cash comprise casli and short term deposits. The carrying value approximates fair
market value.
2e) Loans and advances to customers
Loans and advances to customers include loans where money is provided directly to the borrower.
Leans and advances to customers are initially recorded at fair value, Interest on loans originated by
the Bank is included in interest income and is recognized on an accrual basis. Fees and direct costs
relating to loan origination, refinancing or to Joan commitments are directly recorded in the profit
and loss account due to the short-term nature of the loans. All loans bear floating interest rates,
implying no impairment risk that relates to any potential interest rate movement.
~ 2f) Allowance for credit losses
ks An allowance for credit losses is established if there is objective evidence that the Bank will be
unable to collect all amounts due on a claim according to the original contractual terms or the
equivalent value. A “claim” means a Joan, a commitment such as a letter of credit, a guarantee, a
commitment to extend credit, or other credit product.
- An allowance for credit losses is reported as a reduction of the carrying value of a claim on the
balance sheet. Additions to the allowances for credit losses are made through valuc adjustments.

If the amount of the impairment subsequently decreases duc to an event occurring after the write-
down, the release of the allowance is credited as a reduction of the allowance for loan losses.

Auowances tor credit losses are evaluated at a counterparty-specific level,
Counterparty-specific:

fe A claim is considered impaired when management determines that i is probable that the Bank will
not be able to collect all amounts due according to the original contractual terms or the equivalent
value. Individual credit exposures are evaluated based upon the borrower's character, overall
financial condition, resources and payment record, original contractual term, exit possibilities, and,
where applicable, the realizable value of any collateral. The estimated recoverable amount is the
present value of expected future cash flows, which may result from restructuring or liquidation.
Impairment is measured and allowances for credit losses are established for the difference between
the carrying amount and the estimated recoverable amount,

ALSIP NLRC TPT OO mC LETTS NATAL CMT RTA TEN PLOT LINC HAT SP ONE COTE TR NTL NDS ONS NENT IER EB UIVET UL TUP RD MTNA ER De POU CC TED ET 1 TR

THN

AME NTTT DS
HTN NT

THE TRIBUNE BUSINESS

2g) Financial instruments

Financial assets and financial liabilities are recognized in the Bank’s balance sheet when the Bank
has become a party to the contractual provisions of the instrument. Financial assets and liabilities are
offset and the net amounts is reported in the balance sheet only when there is a legally enforceable
right to set off the recognized amounts and there is an intention to settle on a net basis, or realize the

net asset and settle the liability simultaneously.

2h) Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there
is a legally enforceable right to offset the recognized amounts and there is an intention to settle ona
het basis, or realize the asset and settle the liability simultaneously.

2i) Impairment

At each balance sheet date, the Bank reviews the carrying amounts of its tangible assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of
the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying
amount of the asset is reduced to its recoverable amount. /

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the
revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed
the carrying amount that would have been determined had no impairment loss been recognized for
the asset in prior years.

As at December 31, 2006, the Bank suffered no impairment loss.

2j) Property and equipment

Machinery and equipment, leasehold improvements and other tangible fixed assets are slated at cost
less accumulated depreciation and any accumulated impairment. :

If an item of property and equipment is comprised of several major components with different useful
lives, cach component is accounted for separately.

Depreciation is charged so as to write off the cost over their estimated useful lives, using the straight-
line method, on the following bases:

Machinery and equipment 3-4 years
Leasehold improvements Term of the lease (maximum 10 years)
Other tangible fixed assets 3-10 years

The gain or Joss arising on the disposal or retirement of an asset is determined as the difference
between the sales proceeds and the carrying amount of the asset and is recognized in income.

2k) Other receivables

Other receivables are stated at their nominal value as reduced by appropriate allowances for
estimated irrecoverable amounts.

21) Deposits from banks

The funding of the bank consists of entrusted money as demand deposits and short-time deposits
taken from banks and the fund industry. The nominal value reflects fair market value.

2m) Other liabilities and payables

Other liabilities and payables are stated at their carrying value. The carrying value approximates fair
market value,

2n) Provisions

Provisions are recognized when the Bank has a present obligation as a result of a past event which is
probable and will result in an outflow of economic benefits that can be reasonably estimated.

20) Comparatives

All comparative figures are now reflected to the nearest thousand, in accordance with group reporting
policies. In addition, the comparative figures for derivative financial assets held for clients and
derivative financial liabilities held for clients have been reclassified to conform to current year
presentation, in accordance with group accounting policies. :

3. Financial risk management
3a) Strategy in using financial instruments

In its operating environment and daily activities, the Bank encounters various risks and constantly
strives to mitigate related risks. The main risks identified by the Bank, related to their activities, are:

(a) Market risk, which includes two types of risk:

(i) ,currency risk: the risk that the value of a financial instrument will fluctuate because of
changes in foreign exchange rates;

(ii) interest rate risk: the risk that the value of a financial instruppent will fluctuate because of
changes in market interest rates;

(b) Credit risk: the risk that one party to a financial instrument will fail to discharge an obligation
and cause the other party to incur a financial loss.

Market risk

The Bank’s policy is to reduce market risk to a minimum. Market risk embodies not only the
potential for loss but also the potential for gain. The treasury instruments available to manage and
reduce these risks have been approved by Board of Directors. This policy serves to set a framework
of limits and to ensure clearly defined limits within that framework. :

Currency risk

Within the Banking and Custody Services Division, it is the Bank’s policy not to actively enter into
currency risk positions and consequently the Bank refinances such positions or transactions in the
same currency with the same maturity. Therefore, the risk position is limited if not entirely

eliminated.

Interest rate risk

Interest rate risk is controlled through the monitoring of deposits and loans with the use of the
interest balance sheet and maturity profile. The Bank does not intentionally run interest rate
mismatches. Funding is short term in nature and placements (exclusive of loans) are generally on an
overnight basis.

Credit risk

The Bank mitigates credit risk by choosing reputable banks as counterparty for forward contracts or
deposits.

Advances to clients are fully secured, usually by a pledge agreement covering the clients underlying
securities portfolio held by the Bank. Valuations of these underlying securities are made on a regular
basis against industry norms and the provision to make margin calls on the client is available. The
credit risk on liquid funds and derivative financial instruments is limited because the counterparties
are banks with high credit ratings assigned by international credit-rating agencies.

3b) Capital adequacy

To monitor the adequacy of its capital, the Bank uses prudential norms ratios established by the
Central Bank of The Bahamas. These ratios measure the Bank’s capital adequacy to oc, as a
minimum, the lower of 5% of total assets or 8% of risk assets. Risk assets are measured by
comparing the Bank’s eligible capital with its balance sheet assets, off-balance sheet commitments,
and market and other risk positions at weighted amounts to reflect the relative risk of those asset

groupings.

The market risk approach covers the general market risk and the risk of open positions in currencies
and debt and equity securities. Assets are weighted according to broad categories of notional risk,
being assigned a risk weighting according to the amount of capital deemed to be necessary to support
them. Four categories of risk weights (0%, 20%, 50%, 100%) are applied; for example, cash and
money market instruments have a zero risk weighting which means that no capital is required to
supp ‘1 the holding of these assets. Property and equipment carries a 100% risk weighting, meaning
that it must be supported by capital equal to 8% of the carrying amount.

Off-balance shcet credit-related commitments and forwards and options-based derivative instruments
are taken into account by applying different categories of conversion factors, designed to convert
these items into balance sheet equivalents. The resulting equivalent amounts are then weighted for
risk using the same percentages as for on-balance sheet assets.

Notes to specific items of the balance shect

4, Other receivables and prepayments

Other receivables and prepayments comprise the following:

2006 2005

USD 000 USD 000
Accounts receivable from clients 521 517
Disbursements recoverable from clients 17 18
Accrued custody fees 1,791 1,399
Other receivables 538 286
Prepaid expenses 89 65

2,956 2,285

5. Customer advances

2006 _2005__
USD 000 USD 000

Customer advances - gross 62,881 44,067

Less: risk share agreement (11,274) (11,099)

51,607 32,968

Pursuant to an apreement between the Bank and one of its related parties, the related party agrees to
assume from the Bank a portion of the risk of the credit facilities the Bank grants to certain of the
Bank’s customers. The amount assumed by the affiliate is determined on the credit facility extended
by the Bank (o its customer. The risk amount assumed by the affiliate bears an interest rate of 1,25%

per annum on risk-shared portion of the drawn down balances. The agreement expires when the
credit facility between the Bank and its customer expires. Such facilities are granted for periods of
ho more than one year, but may be renewed annually if both parties agree to extend for a further one
year period. At December 31, 2006, the risk amount assumed by the affiliate is USD 11,274,000

(2005: USD 11,099,000) and the interest amount paid to the affiliate during the year is USD 136,000
(2005: USD 219,000). Included in Bank balances and cash - demand - related parties is USD
11,274,000 (2005: USD 11,099,000) being restricted cash balance held by the Bank against these

obligations.

1 SUTVN LTA TENNENT TORSION VT TT



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‘HE TRIBUNE

6. Due to/from related parties

The amounts due from related parties are made up as follows:

2006 2005
USD 000 USD 000
Amounts due from related parties 2 3,052
2 3,052

These amounts, which are due from other members of the Citco Group, relate to costs incurred by the
Bank on behalf of these entities. The balances are non-interest bearing and there are no specified
terms of repayment.

The amounts due to related parties are made up as follows:

USD 000 USD 000

Amounts due to related parties 447 479
447 479

7. Derivative financial instruments held for clients
The Bank utilizes the following derivative instruments for both hedging and non-hedging purposes:
Forward exchange contracts represent commitments to purchase foreign and domestic currency,

including undelivered spot transactions. Since all contracts with clients (non-banks) are
collateralized by cash or securities, the credit risk is negligible.

Contract/
notional Fair value Fair value
amount assets liabilities

USD 000 USD 000 USD 000
Balance as at December 31, 2006:

Forward exchange contracts 92,150 704 694



Balance as at December 31, 2005:



FRIDAY, APRIL 27, 2007, PAGE 9B

ea CO



12. Concentration of assets and liabilities

As at December 31, 2006, the primary concentration of the Bank’s assets is in the United States,
where approximately 59% of the Bank’s assets are invested. At December 31, 2005, the primary
concentrations of the Bank's assets are in the Netherlands Antilles and The Bahamas, where
approximately 83% of the Bank’s assets are invested. More than 23% (2005: 63%) of the Bank’s
assets are with related parties.

The primary source of the Bank’s liabilities as at December 31, 2006 are in The Bahamas and the
Caribbean, where 98% (2005: 97%) of the Bank’s depositors are registered, representing 97% (2005:
95%) of total liabilities.




Off-balance sheet information
13. Contingent liabilities

During the reporting period, no legal proceedings were instigated against the Bank. The Bank has no
other contingent liabilities. Therefore, no provisions have been made in this balance sheet.



14. Operating lease arrangements

On May 5, 2001, the Bank entered into an agreement to lease office space for a period of six years
commencing on July 1, 2001, with options to renew the lease for two.additional five-year periods.
Pursuant to an agreement dated January 1, 2004 between the Bank and a related party, the related
party agreed to assume the obligations under the lease. The Bank has agreed to pay the related party
its pro-rata share of the usage.

15. Undrawn loan commitments

The contractual amounts of the Bank’s off-balance sheet financial instruments that commit it to
extend credit to customers are as follows:

2006 2005
USD 000 USD 000

Commitment to extend credit:
Original term to maturity of one year or less 84,267 107,451

Other note



Forward exchange contracts 33,385 47 , 47




Signing of the balance sheet

The balance sheet was approved by the Board of Directors and authorized for issuance on February
9, 2007 and are signed on its behalf by:

8. Property, plant and equipment : "
The Board of Directors: ps








Property, plant and equipment comprise the following:



Machinery Leasehold
and improvements = « Director '
equipment and others Total —
USD 000 USD 000 USD 000
Cost: / AA . :
As at January 1, 2006 158 165 323 aetiinres Director '
Disposals (35) 0 (35) .
As at December 31, 2006 123 165 288










Accumulated depreciation:

As at January 1, 2006 138 75 213 a

Depreciation charge for the year 1 27 38 De | re) I tte

Disposals (35) 0 (35)

As at December 31, 2006 114 102 216 Chataed Met eaaits
and Ma

: 2nd Te

Carrying amount: . | Ze Yerace, Cate

As at December 31, 2006 9 63 72 Nassau, Bahamas
Tel: + 1 (242) 302-4800

As at December 31, 2005 20 90 110 Fax: +1 (242) 322-3101



http://www. deloitte.com.bs

9. Provisions






















2005
USD 000 USD 000
Independent Auditors’ report

Balance as at January 1 278 192
Provisions made during the year 24 86 Yo the shareholders of Citco Bank and Trust Company (Bahamas) Limited:
Provisions used during the year (5) 0

297 278 We have audited the balance sheet of Citco Bank and Trust Company (Bahamas) Limited (the

“Bank”) as at December 31, 2006. This balance sheet is the responsibility of the Bank’s

Nonearrent 273 192 management. Our responsibility is to express an opinion on this balance sheet based on our audit.
Current —- — 2 We conducted our audit in accordance with International Standards on Auditing. Those Standards
ee require that we plan and perform the audit to obtain reasonable assurance about whether the balance
sheet is free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also includes assessing the
; accounting principles used and significant estimates made by management, as well as evaluating the
; 10. Other payables overall presentation of the balance sheet. We believe that our audit provides a reasonable basis for

our opinion.
Other payables comprise the following: .
In our opinion, the balance sheet presents fairly, in all material respects, the financial position of the
2006 2005 Bank as at December 31, 2006, in accordance with International Financial Reporting Standards.

USD 000 USD 000 : ona i ;
Without qualifying our opinion, we emphasize that the balance sheet does not comprise a complete

set of financial statements in accordance with International Financial Reporting Standards.
Information on results of operations, cash flows and changes in equity is necessary to obtain a
complete understanding of the financial position, performance and changes in financial position of
the Bank.

Accounts payable 161 88
Payable to clients 276 244
: 437 332

11. Maturities of Assets and Liabilities

7 OF
Slot © / Beche

February 9, 2007

The scheduled maturities of the Bank’s fixed term assets and liabilities from December 31, 2006 to
the contracted maturity are as follows:

Assets Liabilities |
USD 000 USD 000






Due within one month



221,580 258,182
——————— A member firm
The assets comprise due from banks - time. Liabilities include customer deposits - time. With the Deloitte Touche
exception of off-balance sheet forward foreign exchange contracts, there are no fixed term assets or

liabilities with maturities of more than eight (8) days.

PUBLIC NOTICE NOTICE



1 EMPLOYMENT OPPORTUNITY













. Computer Company Seeks Person to fill the position of
Receptionist Sales Clerk.

‘ Applicants should possess the following: -
¢ Good Organization Skills

¢ Be Computer Literate

¢ Be Punctual




Previous experience in computer equipment sales industry a
. plus.

Interested applications should send resumes
and other information to

nassautechjob@ yahoo.com

Legal Notice

NOTICE

DEVILS MOUNTAIN LTD.

Notice is hereby given that in accordance with
Section 138 (8) of the International Business

Companies = Act ——-.2000, the = dissolution — of
b DEVILS MOUNTAIN LTD. has been completed; a
_ Certificate of Dissolution has been issued and_ the
Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)



INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I], CLEQPATHRA
LYNETTE GRAY of #14 Abaco Drive Hawksbill, 40941
Freeport, Grand Bahama, Bahamas intend to change
my child’s name from ERIN TORI FORBES to ERIN TORI
STUART 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 F-43536, Grand Bahama,
Bahamas no later than thirty (30) days after the date of

publication of this notice.

TAYLOR

INDUSTRIES LID.
111 Shirley Street











WILL BE CLOSED FOR
ANNUAL STOCKTAKING

Thursday, April 26
Friday, April 27
Saturday, April 28

We regret any inconvenience this
will cause to our customers.

NOTICE is hereby given that SHILPA GOPAL KSHATRIYA
. OF 15 TREASURE STREET, LITTLE BLAIR, P.O. BOX
N-4013, 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 April, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



To Our Valued Customers:

Please be advised that Prime Bahamas
Ltd. will close at 1pm on Wednesday
May 2nd, 2007 in order to allow our
employees the opportunity to vote.

We sincerely apologize for any
inconvenience this may cause and thank
you for your patronage and understanding.


PAGE 10B, FRIDAY, APRIL 27, 2007

at fastest two-month pac



@ By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON (AP) — The num-
ber of laid-off workers filing claims
for unemployment benefits fell last

week by the sharpest amount in near- —

ly two months, indicating the labor
market remains healthy despite the
sluggish economy.

The Labor Department reported
Thursday that applications for jobless
benefits totaled 321,000 last week, a
decline of 20,000 from the previous
week.

That was the biggest decline in
claims in nine weeks and was more
than double what economists had been
expecting. Analysts said part of the

Florida medical firm targets Cuban market

improvement reflected trouble adjust-
ing the weekly claims data around
Easter, which does not fall in the same
week every year.

It marked the second straight week-
ly decline after the claims data had hit
a two-month high, another jump that
was blamed on seasonal adjustment
problems around Easter.

The number of laid-off workers
receiving unemployment benefits
totaled 2.59 million for the week end-
ing April 14, the highest level since
the week of Feb. 17.

The economy has been growing at
sub-par rates for the past year, but
that weakness has not triggered wide-
spread layoffs, in part because con-
sumer demand has remained strong

BUSINESS

Unemployment claims f:

despite the troubles in housing and
parts of manufacturing.

The government is scheduled to give
its first estimate of economic growth in
the January-March quarter on Friday.
Analysts expect that report will show
the gross domestic product was grow-
ing at an annual rate of just 1.8 percent
in the first quarter, the weakest per-
formance since late 2005, when the
country was struggling to cope with
the devastation from Hurricane Kat-
rina.

Even in the midst of the yearlong -

slowdown, the unemployment rate
dipped in March to 4.4 percent, match-
ing a five-year low, as employers
boosted hiring by 180,000 workers.
The combination of weak growth

and low unemployment has surprised
economists, who had expected the job-

less rate to be rising at this point, fol-.

lowing a script written by the Federal
Reserve which pushed interest rates
up for two straight years in an effort to
slow the economy enough to take pres-
sures off inflation.

The Fed, which has not changed
rates since last June, is expected to
remain on hold at its next meeting on
May 9 as Fed officials continue to sig-
nal that their biggest worry remains
whether inflation will slow enough. -

For the week ending April 14, the
seasonally adjusted claims figure
dropped by 2,000.

A total of 37 states and territories
reported decreases in claims while 16

THE TRIBUNE..1,

states had increases.

The state with the largest increase’
was New York, which reported a jump .*
of 16,037 claim filings, which it attrilers
uted to higher layoffs in transportwx» “#
tion, trade, services and public admin“ 94
istration. 29.190

Other states and territories with big/90
increases were New Jersey, up 2.944). '&
and Puerto Rico, up 1,880. WI

The state with the biggest decline
in claims was California, a drop of-fe
5,309, which was attributed to fewer 19
layoffs in service industries. Other big": **
declines occurred in Pennsylvania. +7
down 5,150, and Ilinois, down 3.319

The state figures, unlike the nation-
al data, are not adjusted for seasonal
variations. ie

@ By ANITA SNOW

Associated Press Writer

HAVANA (AP) — A Flor-
da medical supply company
opened two days of meetings
with Cuban authorities Thurs-
day, showing off an anesthesia
machine and other equipment
in hopes of whetting the
island’s appetite for American
medical goods.

~Cuba appreciates the high
quality of American medical

rer

er i

. TEACHING VACANCIES

supplies,” said Pedro Alvarez,

chairman of the Cuban food -

import company Alimport.
“But the (U.S.) embargo
affects the ability to export
these supplies to Cuba.”
Alvarez said at the small
exhibition by Mercury Med-
ical of Clearwater, Fla., that
companies have lost billions of
dollars in sales over the years.
U.S. companies can sell
medicine and medical supplies
directly to the communist

OF 8 4 va hoy . id OS U3 Vjui
The Anglican Centre. Education Authority
invites applications from qualified Teachers for the
following positions available in Anglican Schools

for September 2007. The

ublic is advised that

these positions are being advertised in accordance
with the policies of the Immigration Authorities
beforeA pplication for the renewal of Work Permits is
submitted. Bahamians are encouraged to apply.

Spanish Teachers
rench Teachers
Home Economics Teacher
Commerce/Economics Teacher
Social Studies Teachers
Primary Teachers
Language/Literature Teachers
Mathematics Teachers
Computer Teachers

Chemistr

Teachers

Physics Teachers
Physical Education Teacher
Religious Knowledge Teacher
Biology Teacher

General

cience Teacher

Music Teacher
Art Teacher

Application must be received by Friday, May 11, 2007

Only qualified Teachers with Bachelor’s Degree and
Teacher Training need apply. A minimum of two years
teaching experience is required. Teachers should have a
working knowledge of computers.

For

further details please
Central Education avi

at telephone (242) 322-3015 or write to:

contact the Anglican

ority on Sands and East Street

The Director of Education
The Anglican Central Education Authority
P.O.Box N-656
Nassau, Bahamas








country under the 1992 Cuban
Democracy Act. A law in 2000

authorized U.S. export of food |

and agricultural products to
the island. ‘

But the rules and required
paperwork make the transac-
tions tedious. Alvarez did not
offer figures on medical

exports to Cuba, but officials

have said the amount is small,
mostly because of high cost of
U.S. medical goods.

U.S. food and farm goods
have fared better. Earlier this
year, Alvarez said that Cuba
had spent more than $100 mil-
lion during the first quarter to
import American foodstuffs.

Mercury Medical brought an

estimated $100,000 worth of its


















Family 3 or more person - $250.00

Saturday May 12th, 6:30 pm to 8:30 pm



Explore: The Solar System

Discover, The Constellations

See: Jupiter, Venus, Mars and Satu
Search For, Comets, Satellites, Meteors

The Cosmos Observatory, Has 360 degree panoramic view of the sky

"| When: June 19 to August 24th, 6:30 pm to 8:30 pm
once weekly for 10 weeks, Monday, Wednesday, or Friday
Fee 5.90 p visit (9900 id in advance) only $00 pid by Api 28

10% off for siblings, Fees inlude memberhi fee forthe whole year,
($10.00 value) Pick up drop off service on request. Make enquires.

No charge for adults accompanying students under age 7yrs.

To Find Out More

An Exhibit at The Marathon Mall, Find out about the club and see the
Telescopes we will be using. Saturday April 28th, 10:00 am to 6:00 pm

Open House at Cosmos Observatory. See the Facility and sign up fr the camp,

Astro Club at
Cosmos Observatory
The Medical Arts Building
Dean’s Lane, Fort Charlotte

P.O, Box N3122, Nassau, Bahamas
\, Ph: 323-8879, Fax: 325-7162, Mobile 427-1420, E-mail; sands.de@gmail.com

Club Director - Dr. David Sands

own and other U.S. manufac-
turers’ goods to display at the
gathering hosted by Alimport
and Cuba’s Health Ministry.

Along with the $25,000 anes-
thesia machine, the goods
included devices for monitor-
ing blood pressure and respi-
ratory equipment.

The equipment will be
donated to the Health Ministry
for distribution to hospitals and
clinics after the gathering, said
event organizer Pamela Ann
Martin, of Molimar Export
Consultants Inc. of Ambler,
Pa.

Martin said it took months
to obtain U.S. government per-
mission to ship the equipment

to Cuba. —

SUMMER CAMP
FOR ASTRONOMY

The Astro Club is designed to explore the wonders of the Cosmos with stedents with
the use of their eyes, binoculars and telescopes, We believe that science cau be

fun. This summer camp will introduce them to an adventare with the stars,

This unique experience is available sowhere else in the Babamas. The camp will
appeal to students 7 years and elder, It's a life time adventure
















The Caribbean-Atlantic 21st Century Learning
Conference is being held on May 4th at the New
Providence Community Centre (Blake Road)

Nassau, Bahamas.

At this conference you will have the opportunity to acquire the latest information about Brain
Based Learning, how neuroscience research has been used to improve language, reading and
comprehension skills inn student and how Fast ForWord® has had a positive impact on the lives
of struggling readers around the world.
The Key Note speaker at this conference will be Ms. Sherrelle Jiggitts Walker, Chief Education
Officer of Scientific Learning Corporation of Oakland, California.
workshop entitled ‘Brain Based Learning’,

Contact: Jennifer Alexiou at The Speech Clinic
Tel: 394-8588 Email: fastforward@bercon.bm





If Paying by Credit Card call: 1-441-238-7534
U.S. Dollar Bank Draft or Money Orders accepted

Ms. Walker will host a










| The Tribune

Everywhere The Buye

Po Va RW a a ES. SW w,

SAP . ‘
‘

for ad rates .
re

1











NOTICE

NOTICE is hereby given that OSARUMWENSE IDAH of
COLONY VILLAGE, P.O. BOX N-7536, 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 April, 2007 to the ©
Minister responsible for Nationality and Citizenship, P.O.130x
N- 7147, Nassau, Bahamas.

eas:
o

ie” aes Fe

4
5
i

NOTICE

NOTICE is hereby given that RICARDO LEE SAINTIL O!
50 MUTTON FISH DRIVE, P.O. BOX SB- 51210, NASSAU,
BAHAMAS, is applying to the Minister responsible {ol
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
April, 2007 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas








¢

mw I ET OE

*








NOTICE

NOTICE is hereb ave that PATRICK SIMON OF
PINEDALE, EIGH ILE ROCK, GRAND BAHAMA,
BAHAMAS, is applying to the Minister responsible for |
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why en naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the’ 20TH day o!
APRIL, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas

3

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4

a

4

4

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1

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NOTICE

NOTICEis hereby given that ELEFTHERIOS MITROGIANNIS OF
NO.109, SANDYPORT DRIVE, P.O. BOX CB-11493, NASSAU,
BAHAMAS, is applying to the Minister responsible [ol
Nationality and Citizenship, for registration/natutalicavon
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 stateme!|
of the facts within twenty-eight days from the 26th day o!
April, 2007 to the Minister responsible for National

Citizenship, P.O.Box N- 7147, Nassau, Bahamas










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THE TRIBUNE

FRIDAY, APRIL 27, 2007, PAGE 11B





Long-term US mortgage
rates edge downwards

@ By MARTIN |
CRUTSINGER
AP Economics Writer

WASHINGTON (AP) —
Rates on 30-year mortgages
edged down for a second week
as financial markets interpreted
weakness in consumer confi-
dence and home sales as evi-
dence the US economy is still
mired in a period of lackluster

‘ growth.

In its weekly survey, mort-
gage giant Freddie Mac report-
ed Thursday that 30-year, fixed-
rate mortgages averaged 6.16
percent nationwide this week,

down slightly from 6.17 percent
last week.

The decline put the 30-year’

rate very close to its low of the
year of 6.14 percent in early
March. :

Analysts attributed the slight
decline to reports showing that
consumer confidence dropped
in April to the lowest level in

‘eight months while sales of

existing homes fell by the
largest amount in 18 years.
“Recent economic data ...
caused the market to pause and
reevaluate the potential growth
of the economy this year,” said
Frank Nothaft, chief economist

at Freddie Mac. “This allowed
all mortgage rates to decline
slightly this week.”

He noted that mortgage rates
so far this year have been rela-
tively stable with the 30-year
fluctuating in a narrow range
that saw it go as high as 6.34
percent in early February and as
low as 6.14 percent for the first
two weeks in March.

Other mortgage rates also fell
this week, Freddie Mac said in
its nationwide survey.

Rates on 15-year fixed-rate
mortgages, a popular choice for
refinancing, dipped to 5.87 per-
cent, down from 5.89 percent

last week.

Five-year adjustable-rate
mortgages averaged 5.88 per-
cent, compared with 5.92 per-
cent last week.. One-year
adjustable-rate mortgages
edged down to 5.43 percent
from 5.45 percent last week.

The mortgage rates do not
include add-on fees known as
points. Thirty-year and 15-year
mortgages both carried a
nationwide average fee of 0.5
point. Five-year and one-year
ARMs carried an average fee
of 0.7 point.

A year ago, rates on 30-year
mortgages stood at 6.58 percent

Two US regions targeted for
power lines development

@ By DEVLIN BARRETT
Associated Press Writer

WASHINGTON (AP) —
- Federal regulators on Thursday
declared two swaths of the
country critical to the nation’s
electricity grid, hoping to spur
construction of major power
lines in southern California and
the mid-Atlantic states.

The Department of Energy
proposed two “national inter-
est electric transmission corri-

dors,” the first of their kind
under a 2005 law designed to
relieve bottlenecks in the elec-
tricity grid, according to a notice
sent to lawmakers Thursday.

The proposed Southwest cor-
ridor would be composed of
seven counties in southern Cal-
ifornia, three in Arizona and
one in Nevada.

The mid-Atlantic corridor
would run north from Virginia
and Washington, D.C., and
include most of Maryland, all

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) WILLCOX INVESTMENTS MANAGEMENT LIMITED. is in
dissolution under the provisions of the international Business Companies

Act 2000.

(b) The Dissolution of said Company commenced on April 25th 2007
when its Artcles of Dissolution were submitted and registered by the

Registrar General.

(c) The Liquidator of the said compnay is Shakira Burrows of 2nd
Terrace West, Centreville, Nassau, Bahamas.

(d) All persons having Claims against the above-named Company are
required on or before the day of 4th June, 2007 to send their names and
addresses and particulars of their debts or claims to the Liquidator of the
company or in default thereof, they may be excluded from the benefit of
any distribution made before such debts are proved.

of New Jersey and Delaware,
and large swaths of New York,
Ohio, Pennsylvania and West
Virginia.

The proposed corridors were
announced a day after some

House Democrats criticized the,

2005 law’s possible effects.

The law gave the federal gov-
ernment greater say on where
high-priority transmission lines
should be built. If states and
regional groups fail to build
such lines, the federal govern-
ment could order them built.

Concerns about congestion
in the electrical grid were
heightened after a major black-
out swept from Ohio to Canada
and New York City.

But local representatives
fighting proposed towers in
their communities were
incensed by the announcement.

“The federal government is

continuing to try to usurp staté* ©

authority and override the Con-
stitution,” said Rep. Maurice
Hinchey, D-N.Y., who is fight-
ing a proposed transmission line
through his upstate district.
The corridor designations
could help private industry
obtain permits from state regu-
lators or to work in conjunction

with regional groups to build
new lines. Utilities in New York
and other states have long
accused state authorities of
being reluctant to approve new
lines, often because of local
opposition.

Authorities will hold public
meetings on the corridors in San
Diego, Arlington, Va., and New
York City.

Once the 60-day comment
period ends, the law calls for
state regulators to try to strike
an agreement on where new
lines should be built.

If state authorities do not
approve any construction after a
year, the Federal Energy Reg-
ulatory Commission has the
authority to intervene and
approve a grid project if the
new line is deemed necessary
to satisfy national power needs.

While the two corridors pro-
posed Thursday are the first,
they may not be the last.

A report last year identified
several other potential corri-
dors, including sections of New
England, the Phoenix-Tuscon
area in Arizona, the Seattle-
Portland area in the Pacific
Northwest, and the San Fran-
cisco Bay area.

while 15-year mortgages were
at 6.21 percent. Five-year
adjustable-rate mortgages aver-

April 26, 2007
SHAKIRA BURROWS

LIQUIDATOR OF THE ABOVE-NAMED COMPANY



EFG @ Bank & Trust (Bahamas) Ltd

CLIENT RELATIONSHIP OFFICER, VICE PRESIDENT

EFG International - a global private banking group headquartered
in Zurich - is Switzerland’s 3rd largest public bank as measured
by Tier One Capital, with over $70 billion in clients’ assets
under our care. We operate in over 40 locations around the globe
with more than 400 experienced client relationship officers. EFG
offers a unique and compelling value proposition that is ideally
suited to provide solutions for the sophisticated private and
institutional investors.

EFG Bank & Trust (Bahamas) Ltd, with one full year of operation
in The Bahamas, continues to expand as evidenced by its new
premises at the Centre of Commerce, 1 Bay Street. EFG Bahamas
has over 30 experienced professionals and offers a full suite of
private client solutions for wealthy clients around the globe. Our
unique corporate culture attracts the most entrepreneurial and
most experienced professionals in the industry. To learn more
about our unprecedented growth over the past few years, please
visit www.efginternational.com

We are looking for seasoned financial professionals with at least
10 years of sales and marketing experience in providing financial
solutions to high net worth clients and companies. The candidates
must possess a solid knowledge of investments, banking and
trust services. The ability to service and grow your own client
book is extremely important. EFG provides a unique and
uninhibited global marketing opportunity, an open architecture
platform and multiple booking centres.

The successful candidates must have a university degree and
possess either the Series 7 qualification, CSC, or UK equivalent.
The individuals must have the required qualifications and
accreditations to be registered with The Securities Commission
of The Bahamas. The flexibility to go on frequent business

‘ development trips and work within very tight deadlines is also
a necessity.

EFG offers an attractive compensation plan that includes salary,
benefits and a bonus structure directly related to profitability.
‘Salary will be determined by experience and qualifications.

Interested and qualified applicants must submit applications by
May 4, 2007, to:

Fax No. (242) 502-5428

Attn: Human Resources Manager (Re: CRO/VP)
Centre of Commerce, 2nd Floor

1 Bay Street

P.O. Box SS 6289

Nassau, Bahamas

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, JACKIE GIBSON of

Kenwood St.,Mt Royal Ave. Nassau,Bahamas intend to
change my name to HOSSANA EVE ZION | AM. If there
are ary objections to this change of name by Deed Poll,
you may write such objections to the Chief Passport |
Officer, PO.Box SS-742, Nassau, Bahamas no later
than thirty (80) days after the date of publication of this

notice.

JULIUS BAER BANK & TRUST
(BAHAMAS) LIMITED

Julius Baer Bank & Trust (Bahamas) Limited, a leading
financial institution, is seeking candidates for the following
position:

COMPLIANCE / MONEY LAUNDERING
REPORTING OFFICER

Requirements:

At least 5 years banking experience

CPA designation or equivalent

A broad understanding of Bahamian laws and regulations
applicable to banking and trust administration

Excellent communication and computer skills

Ability to work with strict deadlines and little supervision

Duties include:

Oversight and review of the Bank’s AML/KYC policies,
porcedures and transaction monitoring systems

Liaising with regulators and auditors including follow-
up on findings

Conducting investigations

Regular interaction with the Bank’s legal counsel
Reporting on compliance issues to management and the
Board of Directors

Coordinating and administering compliance training for
key regulations

Maintaining the Bank’s compliance with Group’s standards
Rviewing new products, business relationships and
contracts

Interested person meeting the above criteria should apply in
writing, on or before May 4th, 2007 enclosing a full résumé
with cover letter to:

BY MAIL

Personal & Confidential
Deputy Resident Manager
P.O. Box N-4890

Nassau, Bahamas

BY HAND
Personal & Confidential
Deputy Resident Manager

Ocean Centre, Montagu Foreshore
Nassau, Bahamas



——

Julius Baer Bank & Trust (Bahamas) Ltd.



aged 6.21 percent and one-year
adjustable-rate mortgages were
at 5.68 percent.

COMMONWEALTH OF THE BAHAMAS 2006
IN THE SUPREME COURT CLE/QUI/1248
Common Law and Equity Division

IN THE MATTER OF ALL THAT
piece parcel or lot of land containing
10,723 square feet situate on the Northern.
side of Bernard Road and immediately
West and South of the Ministryof Housing
“Cockburn Street Close” approximately
296 feet Northwesterly from Cockburn
Street, Fox Hill, New Providence.

AND IN THE MATTER OF THE
PETITION of Philip Armbrister and his wife
Carla Armbrister. ‘

AND IN THE MATTER OF the
Quieting Titles Act 1959 (Chapter 393)

NOTICE OF PETITION

Notice is hereby given that Philip Armbrister
and his wife Carla Armbrister both of the Eastern
District of the Island of New Providence, one of
the Islands of the Commonwealth of The
Bahamas (hereinafter called “the Petitioners”)
claims to be the Owners of the unincumbered
fee simple estate in possession of the land
hereinafter described that is to say:-

All that tract of land situate in the Eastern District
of the Island of New Providence one of the
Islands of the Commonwealth of The Bahamas
containing 10,723 square feet bounded on the
SOUTH by Bernard Road and running thereon
Eighty-three and Eighteen Hundredths (83.18)
feet on the WEST by land now or formerly the
property of George Turnquest and running
thereon One Hundred Sixty-two and Fifty-seven
Hundredths (162.57) feet on the NORTH by
land now or formerly the property of Cecil Smith
and running thereon Sixty and Fifty Hundredths
(60.50) feet and on the EAST by land now or
formerly the property of Steven Barr and running
thereon Ninety-eight and Fifty-two Hundredths
(98.52) feet and by land now or formerly the
property of Earlin Humes and a Buffer Zone
Fifteen (15) feet wide running thereon Fifty-two
and Seventy Hundredths (52.70) feet and has
made application to the Supreme Court of the
said Commonwealth of The Bahamas under
Section 3 of the Quieting Title Act, 1959 to have
their title to the said land investigated and the
nature and extent thereof determined and declared
in a Certificate of Title to be granted by the Court
in accordance with the provisions of the said
Act.

A Plan of the said land may be inspected during
the hours of 9:30am to 4:30pm, Monday thru
Friday at: 4

1. The Registry of the Supreme Court,
Nassau, Bahamas;

The Chambers of W. E. Olander & Co.,
No. 10 Market Street (South of Bay Steet),
Nassau, The Bahamas.

NOTICE IS HEREBY GIVEN that any person
having Dower or right to Dower or an Adverse
Claim or a claim not recognized in the Petition
shall on or before the 16th day of July, A.D,
2007, file in the Supreme Court and serve on
the Petitioners, or the undersigned, a Statement
of their claim in the prescribed form verified by
an affidavit to be filed therewith. Failure of any
such person to file and serve a Statement of
Claim on or before the said 16th day of July,
A.D., 2007 will operate as a bar to such Claim.

Dated this 3rd day of April, A.D., 2007.

W. E. Olander & Co.
Chambers

No. 10 Market Street North
Nassau, The Bahamas

Attorneys for the Petitioners
PAGE 12B, FRIDAY, APRIL 27, 2007 THE TRIBUNE BUSINESS

Seen a
| oro eM. \cl 3 | ae








THESE CANAPES
ARE PELICIOUS!
DIP GROVES MAKE





HEAVENS NO!
GROVES IS A
CHEESE AND
CRACKERS





NONE FOR ME---
I WANT TO HIT
THE STREETS!



NOTHEY ARENT. THATS || GUESS I'D BETTER
JUST SUPERSTITION. qa







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THE RIGHT J,





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THIS 1S. THE RIGHT
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IT WAS SWEET. OF
‘| GINA TO GIVE ME

A TICKET TO

HER PLAY.

"WHO ARE YOU?! WHERE

“OH, I FORGOT. MY TEACHER SENT YOU THIS
NOTE LAST NOVEMBER,MoM.”

A SHOCKING HEALTH
EXPOSE ON CLOGGED








I'M READING







ARTERIES!





LISTEN! THIS NEW 1,200 CALORIE
TRIPLE CLOWN BURGER HAS 150

TAKE DOWN A
BULL ELEPHANT!





I KNOW! I'VE GOTTA
RESEARCH THIS MYSELF!
SHOULD | GET you
ONE, TOO?



(O2007 by hare hmarics Bynticets, inc. World regis remerred.












West dealer.
Both sides vulnerable.

1& Dble 24 294
3 & 49%
Opening lead — ace of hearts.

In bridge, the participants see only
26 cards when the play starts and not
the 52 cards seen in the diagram.
Naturally, seeing only 26 cards, they
might not play their cards as per-
fectly as if they saw all four hands.
Being human, they might err.

The declarer, and the defenders
likewise, frequently trade upon this
deficiency. They sometimes make
plays they would not make if all 52
cards were in plain view, and they do
this because they might induce a mis-
take by the opponents.

Consider this deal where South
stole the contract by making an

You Can Win, But You Can’t Lose

unnatural play. West led the ace and
another trump. Declarer, after sizing

king and retumed a club to put South
down one.

The beauty of South’s play is that
it gives him a chance to make the
contract regardless of where the king
of spades is located. If West has it,
the hand is sure to make because
dummy’s queen becomes established
for a vital club discard.

If East has the king, then it is just
as well not to attempt the losing
finesse. In fact, it is much better to
cash the ace and lead toward the jack
because East has a chance to go
wrong.

It is true that South might cost

himself 30 points if it turns out that.

West has the king of spades, but who
wouldn't pay a 30-point premium to
ensure a game?

FRIDAY,

responsibilities, but rest of you knows
this isn’t a good idea this week. What
can you do? For starters, do the job
right the first time. Then, go play.

CANCER - June 22/July 22

There’s an old saying that knowledge
is power, but secrets are more powerful
still, Cancer. Be tmue to your nature this
week and don’t let on that you have in-
sider information about a family friend.

LEO - July 23/August 23

It’s usually paid off for you to trust
your lion’s instincts, Leo. However,
you're not quite thinking straight
this week, so it may be a better idea
to avoid making any major decisions
without more evidence.

VIRGO — Aug 24/Sept 22

You're in demand this week, Virgo.

NORTH up his chances, won the second APRIL 27
#AQ643 trump in dummy, cashed the ace of
VÂ¥KQ84 spades and retumed a low spade
e AD toward his hand. j 4;
i #72 East assumed from this line of ARTES ceeren 20 Ap we
} WEST EAST play that declarer had a singleton | ¢.01 and what is ficti BA ae k
He @75 #K 1098 spade and therefore played low |... eo ea
s j . : : Aries, but one thing is for sure — it’:
vA2 v7 instead of going up with the king. | time to slow down a bit at work. The
#3864 #Q1032 South won with the jack and eventu- } pectic pace is wearing you down
&AQT106 9853 ally established dummy’s fifth spade ae y :
EGON SOUTH as a trick to finish with 11 tricks in ae — April aay. 21
MANY - aJ2 all. everyone around you is fussing
BLOCKS YoU CAN I'M NOT SURE IM aia ¥3 109653 Now let’s suppose declarer had | 274 fretting over minor concerns, you
IN FAVOR, OF FN , ae . will be quietly doing what you have tc
STACK, MINGS! HOME SCHO #K75 won the heart in his hand at trick two do thi x
i OLING #K 4 and led the jack of spades for a | 20 this week, Taurus. Good for you:
( The bidding: finesse, as most players would do.In | GEMINI- May 22/June 21
a is West North East South that case, East would have taken the | Part of you wants to escape you
: ° ¥,
Fas) D

Everyone wants something, but they
may not be so willing to give some-
thing in return. No matter how
aggravating this gets for you, don’t
give in to your temper.

LIBRA — Sept 23/Oct 23
Don’t take everything you hear so
seriously this week, Libra. It will only




Ost. BN WINGS ORES SYHO CITE

TY a



WILEY@ 10 -SEQUTUR COM.

The TODAY'S TARGET

T E ’ - Target 7 ‘ Vent 1
a A = uses Se, Bot yao increase your fears. Have fun with
LOOK AT ALL THE FUN babes tomorrow. that special someone on Thursday.



body of SCORPIO -— Oct 24/Nov 22
Chambers. Pretend your enemies don’t exist this
21st week, Scorpio. You’re in a good

JACK AN? THE BEANSTALK
KAD WITH HIS;



VEGETABLES ! i a YESTERDAY'S SOLUTION mood, so don’t let anything spoil it.
(1999 baleen bane barn bean been Instead, take a walk in the park or
edition) bran earn elan eleven enable visit a museum. Enjoy yourself.

enabler even lane lean leaner
learn leaven nave navel near
nerve neve never raven renal
vane venal veneer

VENERABLE verbena vernal

SAGITTARIUS- Nov 23/Dec 21

‘} Romance has muddled your senses a bit
recently, but it’s important to take a look
at all the facts. That’s not to say that any
thing is wrong — just watch your back.
People aren’t always what they seem.

CAPRICORN - Dec 22/Jan 20
This appears to be very busy week
for you, Capricorn. Delegate some
of the smaller tasks so that you can -
get on with the serious work. Dont
forget to get some rest! :
AQUARIUS — Jan 21/Feb 18 ~~
Now’s the time to take a good, hard
look at your finances, Aquarius. You
may want to scale back some of
those luxury items, then invest your

HOW many words of four
letters or more can you make
from the letters shown here? In
making a word, each letter may
be used once only. Each must
contain the centre letter and
there must be at least one nine-
letter word. No plurals

PAE SURE
GOT OLT OF
EATING THEM!

)
ee

CRYPTIC PUZZLE

DOWN
Source of a sensation (5)
Pick up something exclusive (5)
As adjusted by a canny Scot? (4)










How they
SAY it in...

ACROSS EARTH
He washed his hands with one in
a dish (6)

Cover one, by arrangement, for a

English:
Spanish: TIERRA











quick check (4-4) Peeane reno SF italian: TERRA savings for the future. 2
Reject a region at random (6) preoennas? (5 PISCES — Feb 19/March 20-~
Forelgner with potential as Annual occasion for some French: TERRE Feelings are running high this week,
Valentines? (4) which may result in an argument with
miecer (5) a close friend. While you both ma
: . y y
You may have seen three men in one Just happen to arrive? (4,2) German: ERDE say some nasty things, remember the
on the river (4) I's like @ bridge over the railway (6) importance of your friendship.
14 Flights around the housetops? (4) The protester’s rubbish? (3)
15 Give sound advice though t's only Where to change coats? (5) CHESS by Leonard Barden
second-hand (4) Variety of lobster on the bed (7)
16 Porridge vessel? (3) For cooking, It's good to a point (3) Viktor Korchnoi v Simen
17 Self-possessed when out Headpiece with hinges (3) Agdestein, Haninge 1988.
Korchnoi, now aged 76 yet still * ”
of control (4) State of a piece of an active competitor, hashad =; Pia ote
19 Dangerous vehicle? (4) work gone wrong (6) the ne incident packed its of ; °"
Plant fresh trees at the second any modern grandmaster. He 5 <
21 Ittums up with the stopper! (8) survived the siege of Leningrad . 2 | °
eSan ane saat ACROSS in 1941 by collecting ration :
24 Plays around with a bit of Tolstoy (4) The transport bureau? (3) Chopped (6) Musty (8) books from the bodies ofdead 4 ee :
26 Catchin an untenable situation (3) Reserved for the commanding officer, Mexican pancake (8) Felony (5) at cise boii Rt 1 | -
Trepidation (6) Lack (4 w ess bo '
27 Early tea colour? (4) avers) be al (5) referred the young Anatoly 2
Ww capital (5) p you ;
29 Didhis archery give him a Simply to call It a stopper would ba rus Stiff paper (4) Karpov, then twice qualified to te SS ae
back? (4) a ropy clue (6) N Regularly (6) challenge Karpov for the world bs ‘y
es " Make beloved (6) title. His lifestyle of caviar, uw oboe doe f g fh r
32 The wood In the hole in the wall (4) His double isin prison for arzon (3) =) Wonder (3) jogging, yoga and continual material in today’s puzzle, which oy
33 Smelt like rotten tanks (5) Has he a jolly bony head? (5) = Catch sight of (4) 2 Note valus (5) tournaments inspires other looks a close call between his Se
Ironed (7) veterans, and in between taking attack and Black's strong d3 ?
Norma’ xaggerate (9 ’ 9 : ‘4
34 Party's of questionable length (6) ie Sparta boy ©) a) ee Manner (3) onGMs athird of his age he knight. How did White force :
35 May there be nothing in Vermeer to tshhie among the riskier sports? (5) uu Painful (4) Mimic (3) won the world senior (over-60) victory? . “4?
sult It to etemity? (8) A possibly wounding fellow? (4) Shoot (3) Logic (6) championship at his first of
36 Arelatively impacunious dealer? (6) The kind type? (4) ts Ete ae eer *
fe :
si hoo (2-2) Summ (3) White, to move) has level LEONARD BARDEN ‘:
Forest clearing (5) Small basket (6) af
___| Yesterday's cryptic solutions JeReray-s easy somninnis Chart (6) Wicked (3) ‘
ACROSS:1, Points 7, W--sea-cre 8, Pita 10, A-bac-an 11, | ACROSS: 1, Sparta 7, Corridor 8, Lash 10, Chaste 11, a ) re (5) ;
Greece 14, ee D-at-a 19, Pedal 21,- Facade 14, Toy 16, Tales 17, Seen 19, Valet 21, Timid 22, Ona (5) {
H-one- 22 ’
ad moira Guat enact oe oe ai — 29, Cranny 30, Canopy Monotary disc (4) Chess solution 8341: 1 d5! Bxd5 2 Qd4 (threat 3 Qxq7 te
4 ‘ a ities aed 4 mate) g6 (if Qf7 3 Nh6+ wi
DOWN: 1, Potand 2, No Idea 3, S-wan 4, Hears-a-y 5, DOWN: 1, Sauces 2, Reason 3, Ache 4, Created 5, Ideal 6, aoe waioe : Nee HA con al s
Acted 6, S-even 8, Pa's-T 9, TA-X 12, E@l 13,Canon 15, | Urges 8, Late 9, Sty 12, Cat 13, Debit 15, Camel 18, Mensa quiz: Knight " °
|_| Teno-A 18, Admit 19, Pot 20, Den 21, Hatchet 22, B-n 23, | Ember 19, Vim 20, Lit 21, Tomado 22, Con 23, Banana (re pasenieuend inidaradet uy ”
Tonner 24, (the) Oaks 25, Serves 26, Large 27, Mound 28, | 24, Idol 25, Styles 26, Score 27, Nadir 28, Car ouif cul bul bell BALL lon is: PUFF, guff, i”
Law w, Boys 90, Cord : : ae " " A - -
*



ae ad nae een eg ET PT EET

—*&
2

—_S


Shown is today's weather. Temperatures are today's



Albuquerque
Anchorage
Atlanta
Atlantic City
Baltimore
3oston
Buffalo
Charleston, SC
Chicago
Cleveland
Dallas
Denver
Detroit
Honolulu
Heuston

High
F/C
T1125
50/10
73/22
66/18

74/23

54/12
62/16
83/28
60/15
62/16
79/26
66/18
61/16
85/29
82/27

t hee Pe

Today



KEY WEST

High: 84° F/29°C
Low: 77° F/25°C

2



highs and tonights's lows.

5.2

Low W
F/C

5110 s
36/2 pc
510 pe
53/11 t
52/41 ¢
48/8 +
45/7 sh
57/13. c¢
41/5 ¢
45/7 pc
59/15 pe
41/5 s
42/6 ¢
71/21 $s

62/16 .s :-/ 80/26 G4AT*

High
F/C
78/25
51/10
69/20
67/19
71/24
60/15
54/12
81/27
70/21
60/15
80/26
78/25
70/21
85/29

Low

F/C
52/14
36/2
50/10
47/8
48/8
46/7
41/5
54/12
45/7
45/7
57A3
48/8
47/8
72/22



High Low. W High Low WwW

FC F/C FIC FC
Indianapolis 62H6 43/6 pe 69/20 50/10 pc
Jacksonville 85/29 57/13 pce :83/28 55/12 pe
Kansas City. 68/20 47/8 pe 76/24 53/11 pe
Las Vegas 92/33 65/18 s 95/35 72/22 s
Little Rock 75/23 S42 > s ~~ 75/23 54/42 - pe
Los Angeles 80/26 59/15 pc 80/26 58/14 pc
Louisville 6648 5040 pe 71/21 51/10 pe
Memphis 74/23 57/13 s 73/22 56/13 pc
Miami = ——=— 8B 73/22 pe = 87/386 72/22 pe
Minneapolis 72/22 50/10 pe 71/21 51/10 s
Nashville 679 51/0 pe 69/20 53/11 “pe
New Orleans 83/28 61/16 s 80/26 63/17 pc
New York 64/17 542° F. 67/19 50/10 6°
Oklahoma City 68/20 50/10 t 78/25 52/11 pe
Orlando ~ ~ - “87/30-668 “pe - 87/30 6246 ~peé

High: 85°

AccuWeather RealFee}

Mostly sunny.



feats meter

~ High: 85° F/29°C

Mainly clear.

Low: 72°

AccuWeather

Low: 72° F/22°C “age

Telesis)



FREEPORT





Sao

iw





Some sun.

High

: 85°

Low: 74°

AccuWeath

: 92°-80° F



|

Sabeisr:



ABACO

High: 84° F/29° C
~ Low: 72° F/22°C



High: 85° F/29° C
Low: 70° F/21°G



High: 85° F/29°C
Low: 74° F/23°C

Philadelphia
Phoenix
Pittsburgh
Portland, OR
Raleigh-Durham
St. Louis

Salt Lake City
San Antonio
San Diego

San Francisco
Seattle
Tallahassee
Tampa
Tucson
Washington, DC

NASSAU
High: 65° F/29°C

94/34 68/20
67/9 46/7
68/20 50/10
80/26 54/12
68/20 52/11
70/21 50/10
80/26 63/17

72/22) GOS

70/21 51/10

“B47 48/8

88/31 54/12

85/29" 68/20





pe 82/27 65/18

a

ane Sau hs:






REPORT

eh?











apts
ergs D.



Low MODERATE



Mostly cloudy, a Partly sunny. Intervals of clouds The higher the AccuWeather UV Indexâ„¢ number, the
shower possible. and sunshine. greater the need for eye and skin protection.
High: 83° High: 83° High: 83°
Low: 72° Low: 72° Low: 70° -
TAATRN cellist mat ctl Lact \ccuWeather RealF AccuWeather HealFeel
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Statistics are for Nassau through 2 p.m. yesterday

Temperature
Hitsarstesi ta emeaiectOR FILO



_ ELEUTHERA
2 Wigh:05°F/29°C



Saturday

Ww High Low WwW
F/C F/C

t 68/20 50/10 pe

s 100/37 72/22 s
pe 64/17 44/6 ¢
pe 66/18 46/7 ¢
pe 77/25 52/1 pe
pe 72/22 53/11 pe

518/25 S528
81/27 61/16 pc
70/21 58A4 pe
68/20 51/10 s
pe” 62/16° 45/7 “c
pe 82/27 52/11 pe
pe



89/31 58/14 s 91/32 65/18 pc

74/23 55/12 t. . 74/21 SIMO pe <:



r

~~ Low: 74° F/23°C

Normal low ..



AccuWeather, inc. ©2007 <

. SAN SALVADOR
i High: 85° F/29° C
; Low: 73° F/23°C
ge
i
High: 85° F/29° M
ea MAYAGUANA
-High: 85° F/29° C
Bae Low: 74° F/23°C
CROOKEDISLAND/ACKLINS “=
RAGGEDISLAND "st:88°F/20"C
Highses*ryzarc | LOM TS°F/24°C
Low: 71° F/22°C
GREAT INAGUA
High: 86° F/30° C
Low: 74°F/23"¢ ss



Today

82° F/28° C
70° F/21° C



Last year’s high . 88° F/31° C

Last year’s low sv FO” FI22°C
Precipitation Sunrise
As of 2 p.m. yesterday 0.00" Sunset

Year to date .. 13.73"

Normal year to date *e tae

AccuWeather.com

All forecasts and maps provided by

T







5:20 a.m.
5:40 p.m.

Saturday 9:06 a.m.

6:24 p.m.

Sunday 9:47 a.m.

7:03 p.m.

Monday 7:26 a.m.

7:41 p.m.

....., 6:38 a.m.







24 11:19am. 0.4
2.6 11:50p.m. 0.3

2.4 12:01p.m. 0.3
2.7 —-

2.4 12:36am. 0.3
2.8 12:40p.m. 0.3

24 1:18am. 0.2
29 1:17pm. 0.2









Moonrise ... . 3:53 p.m.
Moonset..... 3:56 a.m.

First



Saturday



High Low W High Low W

F/C F/C F/C F/C
Acapulco 88/31 73/22 s 88/381 74/23 pe
Amsterdam 75/23 54/12 s 77/25 54/12 s
Ankara, Turkey 68/20 41/5 pc 61/16 38/3 sh
Athens 68/20 54/12 pc 70/21 54/12 pe
Auckland — i 6447 58/14¢ = 637 =52/1 pe
Bangkok 93/33 79/26 c 92/33 80/26 t
Barbados $8/31 77/25 6c 85/29 76/24 pc
Barcelona 66/18 55/12 pc 67/19 54/12 sh
Beijing 72/22 «53/11 pe 72/22 56/13 ¢
Beirut 70/21 66/18 pc 69/20 66/18 pc
Belgrade. 70/21 45/7 5 73/22 56/13 pe
Berlin 79/26. 54/12 s 77/25 «52/11 s
Bermuda = 74/23 «64/17 pe 74/23 “66/18 pec
Bogota 64/17 48/8 pc 67/19 47/8 sh
Brussels 79/26 «52/11 s 79/26 GING s
Budapest 75/23 50/10 s 78/25 55/12 pc
Buenos Aires 66/18 48/8 s 68/20 50/10 s
Cairo 91/32 70/21 s 88/31 64/17 pc
Calcutta 99/37 79/26 pe 101/38 82/27 pe
Calgary 6417 43/6 c 66/18 37/2 ¢
Cancun 86/30 73/22 pc 87/35 71/21 pe
Caracas 86/30 70/21 pc 86/30 68/20 pc
Casablanca 6417 55/12 pe 65/18 53/11 s
Copenhagen 61/16 46/7 s 64/17 47/8 pc
Dublin 59/15 48/8 sh 63/17 48/8 pc
Frankfurt 81/27 48/8 s 80/26 61/16 s
Geneva 73/22 46/7 pc 73/22 50/10 pe
Halifax 5110 33/0 r 5512 37/2 6
Havana 90/32 72/22 pe 87/30 65/18 pe
Helsinki 5713 39/3 pe 48/8 34/1 pc
Hong Kong 83/28 76/24 ¢ 83/28 75/23 ¢
Islamabad 95/35 78/25 s 108/42 80/26 s
Istanbul 6417 48/8 s 62/16 51/10 c
Jerusalem 76/24 56/13 s 72/22 52/11 pe
Johannesburg 417 «426 c 59/15 37/2 s
Kingston 88/31 77/25 t 88/31 77/25 pc
Lima ‘75/23 63/17 ¢ 77/25 “66/18 ¢
London 70/21 50/10 pc 72/22 54/12 pc
Madrid 6317 46/7 5 66/18 48/8 sh
Manila 87/30 77/25 ¢c 92/33 77/25 pc
Mexico City - 79/26 55/12 pe 79/26 54/12 pe
Monterrey 93/33 70/21 pc 89/31 70/21 pc
Montreal Ti) TSS SS5AZ = -44/6-sh 5613 45/7
Moscow 64/17 46/7 pc 52/11 32/0 c
Munich — 73/22 45/7 s 77/25 45/7 s
Nairobi 79/26 S713 ¢ 80/26 57/13 pc
New Delhi _ 110/43 84/28 s 109/42 84/28 s
Oslo - 6116 39/3 s 55/12 39/3 ¢
Paris ne : 79/26 §5/12 pe 77/25 S412 pe
Prague 75/23 «46/7 s 77/25 50/10 s
Rio de Janeiro 76/24 (70/21 + 76/24 70/21 +
Riyadh 97/36 79/26 s 99/37 78/25 s
Rome - 72/22“ 52/11 pe 72/22 50/10 pe
St. Thomas _ 87/30 77/25 pe 85/29 77/25 pe
San Juan 72/22 AGF Ss 74/23 «49/9 s
San Salvador 91/32 72/22 t 88/31 71/21 pc
Santiago =i ( sti(iti‘é‘z OD AS 73/22. 45/7 s
Santo Domingo 88/31 72/22 pc 84/28 71/21 pc
a0. ee Sb ) 5995, GANG GAG





67/19 45/7 s
56S 35/1 |
70/21

me 322 48/8 s 68/20 43/6 pe
Winnipeg 69/20 42/5 pc 69/20 45/7 pc
Weather (W): s-sunny, pe-partly cloudy, ¢-cloudy. sh-showers, t-thunder-

f]

storms, r-rain, sf-snow flurries, sn-snow, i-ice, Prcp-precipitation, Tr-trace

_WwINDs





WAVES _VISIBILITY __ WATER TEMPS.














MASSAU Today: ~ €Eat6-12 Knots 1-2 Feet 6-7 Miles te Fk
Saturday: _E at 5-10 Knots 0-1 Feet 6-7 Miles ITE

FREEPORT Today: ESE at 5-10 Knots 1-2 Feet EEE
SSE at 5-10 Knots 0-1 Feet TIE

ABACO = Today: ESE at 5-10 Knots 1-3 Feet tor



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Showers
T-storms
Rain
Flurries
Snow



SSE at 5-10 Knots 1-2 Feet



SARS
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CNR

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Shown are noon positions of weather systems and
precipitation. Temperature bands are highs for the day.
Forecast high/low temperatures are for selected cities.

Cold w= 5
Warm Meni ©
Stationary Menge ©

UTO INSURANCE

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Auto Insurance,
Choice iS

CE BROKERS & AGENTS

Fluvthers =] = bum =f
WDD) 3-062 (HD 6008






THE TRIBUNE BUSINESS

APRIL 27, 2007

PAGE 14B, FRIDA

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