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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Source Institution:
University of Florida
Holding Location:
University of Florida
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This item was contributed to the Digital Library of the Caribbean (dLOC) by the source institution listed in the metadata. This item may or may not be protected by copyright in the country where it was produced. Users of this work have responsibility for determining copyright status prior to reusing, publishing or reproducing this item for purposes other than what is allowed by applicable law, including any applicable international copyright treaty or fair use or fair dealing statutes, which dLOC partners have explicitly supported and endorsed. Any reuse of this item in excess of applicable copyright exceptions may require permission. dLOC would encourage users to contact the source institution directly or dloc@fiu.edu to request more information about copyright status or to provide additional information about the item
Resource Identifier:
09994850 ( OCLC )
9994850 ( OCLC )
UF00084249_02886 ( sobekcm )

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Full Text





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Volume: 103 No.138





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9

FNM won hy just 3,910 votes

Popular vote shows electorate
is virtually split in halt

@ By BRENT DEAN
DESPITE the large shift in

seat totals from the 2002 elec- —

tion, the FNM won last week’s
popular vote count by a mere
3,910 — indicating that the

‘Bahamian electorate is virtu-

ally split in half between the
two main parties.

According to results from
the parliamentary commis-
sioner’s office, the PLP gained
64,637 votes, having run in 39
out of 41 constituencies; while
the FNM, which ran in all 41
constituencies, received 68,547.
votes.

This slim margin differs sig-
nificantly from the last two
elections where in 1997 the
FNM won the popular vote
by 18,834; and in 2002 the PLP
did-the same by 14,094.

In the 2002 election, the
PLP gained 66,897 votes,
meaning that over the last five
years, the party lost 2,260 vot-
ers or about three per cent of
its support.

The more interesting trend,
however, is the surge of the
FNM.

In 2002, under the direction
of leader-designate
Tommy Turnquest, and the
then official and outgoing
party leader, Hubert Ingra-
ham, the FNM polled 52,803
votes. .

With Mr Ingraham's return
as the unquestioned leader,
and five years of observing Mr
Christie's style of governance,
Bahamians added 15,744
votes, or a 29.8 per cent
increase, to the FNM's total
from 2002.

Ingraham suggests McKinney
could leave talk show on ZNS

CONTROVERSIAL media personality Steve McKinney
may have come to the end of his career as the host of the ZNS
talk show “Immediate Response”, Prime Minister Hubert Ingra-
ham indicated during the FNM’s victory rally on Saturday

night.

Speaking to the crowd gathered at Clifford Park to celebrate
the FNM’s triumph at the polls, Mr Ingraham heavily criti-
cised those PLP supporters who throughout the day last Thurs-
day spread rumours that the PLP had, in fact, won the 2007 gen-

eral election.

“All day Thursday they permitted their lackeys to gather all
over the country to stir up trouble among the people and to tell
their supporters they had won the election.

“They (also) had a radio talk show host, who I assume you
heard for the last time last week. I assume that she and Steve

SEE page 14

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Derelict vehicles ablaze in huge fire

eh

B

@ MASSES of derelict vehicles were ablaze for most of Saturday afternoon after a fire broke
out at Strachan's auto repair yard, creating huge clouds of black smoke.
The fire began at around 11am and was not fully overcome by the fire services - represented
+ by trucks from four units, according to police - until around 8pm Saturday night.
Firefighters struggled, ultimately successfully, to ensure that none of the surrounding prop-

erties were damaged.

No-one was injured. Police investigations are ongoing.
(Photo: Felipé Major/Tribune staff)



PLP reviewing all close seats

@ By ALISON LOWE
Tribune Staff Reporter

THE PLP is unable to say

exactly how many seats it will con-

test, as officials are in discussions
with their legal counsel, said PLP
campaign organiser Philip Galanis
yesterday.

"We are still reviewing all of
those that were close," he said,
"with a view to putting our case

forward if we think one is appro-
priate."

PLP lawyers are assessing the
evidence that the party has "accu-
mulated", and until that process is
over, the party will not speculate
about which results may end up
being disputed in election court.

He said both parties are bound
by a legal time constraint to put
their cases forward before a cer-
tain amount of time is up, or else

will be unable to do so.

A suggestion has been made in
a popular political website that
the PLP must "carefully consider"
contesting seats as they may not
have enough money to do so.

However, Mr Galanis denied
that this is a concern for the party.

In 2002, the FNM was forced
to pay over $213,000 in costs after

SEE page 15

|



Ingraham:
reports of voting
irregularities are
being looked into

@ By KARIN HERIG
Tribune Staff Reporter

AUTHORITIES are look-
ing into reports of voting irreg- |
ularities in at least five con-
stituencies, Prime Minister

‘. Hubert Ingraham told his sup-

porters during the FNM’s vic-
tory rally on Saturday.

Once again addressing a
“sea of red” at Clifford Park,
Mr Ingraham called the 2007
election the most interfered
with election in Bahamian his-
tory.

“T am ashamed that on Per-
ry Christie’s watch there was
more political interference in
the electoral process than at
any time, even under Pindling.

“Let history record that
Perry Christie is no democrat
—he is out, he must stay out,”
he said.

Mr Christie, in addressing
his supporters and conceding
defeat outside of Gambier
House last Thursday night,
indicated that the PLP’s

SEE page 15

PM claims PLP
came to secret

agreement
to sell BTC

THE PLP came to a
secret agreement to sell
Bahamas Telecommunica-
tion Corporation (BTC)
before they left office,
Prime Minister Hubert
Ingraham has charged.

Mr Ingraham, speaking
at the FNM’s victory rally
on Saturday night, accused
the former PLP Cabinet of
cutting a secret deal to sell
the BTC while the FNM
was busy campaigning.

“During the campaign
they were telling the
employees of BTC that
Ingraham will sell BTC and
they would lose their jobs.
Well they agreed to sell
BTC last week,” he said.

However, Mr Ingraham
assured the public that the
FNM will review “every
line of the deal.”

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PAGE 2, MONDAY, MAY 7, 2007 THETRIBUNE





Fire burns
throughout
Saturday

. DRAMATIC scenes from
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repair yard on Saturday after-
noon.

The fire burned from 8am
until fire services eventually got
it totally under control at 11pm.
e SEE STORY PAGE ONE

(Photos: Felipé Major/
Tribune staff)





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THE TRIBUNE

MONDAY, MAY 7, 2007, PAGE 3



@ In brief

Coast Guard asked
to suspend search
for migrants

@ SOUTH DOCK, Turks
and Caicos Islands

THE U.S. Coast Guard
suspended its search Satur-
day for more than 40 missing
Haitian migrants after local
authorities said it was no
longer needed as hopes faded
of finding more survivors,
according to Associated Press.

Several boats and heli-
copters belonging to the
Turks and Caicos, near where
the boat sank Friday, contin-
ued to search the turquoise
Caribbean waters. But police
Inspector Sharon Whitaker
said the island may also sus-
pend its search early Sunday
if no more survivors or bodies
are found.

Roughly 160. Haitian
migrants were packed aboard
a 25-foot (7.6-meter) boat
when it ran into stormy
weather before dawn Friday
off the coast of this British
territory. Thirty six people —
23 women and 13 men — were
confirmed dead in addition
to the more than 40 missing.

Searchers found no-sur-
vivors or bodies on Saturday,
dimming hopes for the res-
cue effort.

U.S. Coast Guard Petty
Officer 3rd Class Barry Bena
told The Associated Press on
Saturday that Turks and
Caicos authorities asked the
U.S. Coast Guard to suspend
its search, "apparently
because they believed the
likelihood of finding more
survivors was very slim."

A survivor said the migrant
ship sank after passengers
panicked and shifted to one
side, overturning the vessel
and spilling most of the pas-
sengers into the shark-infest-
ed waters. But Turks and
Caicos police initially noti-
fied the U.S. Coast Guard
early Friday that the Haitian
sloop capsized while a police
boat was towing the inter-
cepted vessel to shore,
according to Bena.

It was notimmediately pos-

sible to reconcile the differing 3 £5

accounts of the sinking.

China severs
relations with

Caribbean island

for switching
ties to Taiwan
@ CASTRIES, St. Lucia

CHINA officially severed
a 10-year diplomatic rela-
tionship with St. Lucia, a
week after the tiny
Caribbean nation restored
ties with rival Taiwan,
according to Associated
Press.

The Chinese Embassy in
St. Lucia issued a terse
statement Saturday saying
all agreements between the
tropical island and the
Asian superpower would be
"suspended immediately"
due to the April 30 switch,
ending Beijing's financing
for a nearly finished psychi-
atric hospital and scuttling
plans for a cultural center.

China and Taiwan — the
self-governing island that
Beijing claims is a renegade
province — have for years
waged a battle of "dollar
diplomacy," offering coun-
tries aid and trade induce-
ments to switch diplomatic
recognition from one to the
other.

Tiny St. Lucia, with a
population of 168,000, had
long maintained diplomatic
relations with Taipei under
Prime Minister John Comp-
ton, until the country
switched to Beijing shortly
after Compton's United
Workers Party was defeat-
ed in 1996.

But Compton's party
returned to power last
December, and Chinese
pledges of more money and
technical assistance failed to
persuade St. Lucia from re-
establishing ties with Tai-
wan. ,

On Saturday, the Chinese
Embassy said the switch
undermined Beijing's One
China policy and had done
"serious harm" to relations.

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2007 election
closest in Bahamia

@ By BRENT DEAN

WITH ten seats won by less
than 100 votes, the 2007 election
was one of the closest in Bahamian
history.

The number of tight races last
week, which led to recounts into
the early hours of Friday morning,
indicates just how close the elec-
tion was.

The ten seats won by less than
100 votes were: Blue Hills (PLP,
47), Elizabeth (PLP, 45), Fox Hill
(PLP, 63), Golden Isles (FNM. 62),
Pinewood (FNM, 64), Seabreeze
(FNM, 64), Marco City (FNM, 47),
North Eleuthera (FNM, 71), Exu-
ma (PLP, 65), and MICAL (PLP,
39), which again was the
closest race, with Mr Alfred Gray
having won by four votes in
2002.

Additionally, the results of this
election reveal that Bahamians
focused their full attention on the
main parties, rather than indepen-
dents.

In 2002, four independents won ©

seats — Whitney Bastian, Pierre
Dupuch, Tennyson Wells and Lar-
ry Cartwright - with Mr Cartwright
joining the FNM when Mr Ingra-
ham regained the leadership of the
party.

In this election no independents
were elected, with Tennyson Wells
being unseated after 20 years by
the FNM’s Branville McCartney;
Whitney Bastian losing by 440
votes to the 'down home boy'
Picewell 'Soca' Forbes; and promi-

’ nent preacher Rev C B Moss going

out on a whimper, receiving a mere
564 votes as compared to the 1,807
votes secured by the potential new
leader of the PLP, Dr Bernard
Nottage.

In this election, too, three PLP
cabinet ministers were unseated —
Neville Wisdom, Leslie Miller and,
most surprisingly, former Attor-
ney General Allyson Maynard-
Gibson.

Ms Maynard-Gibson, who was
touted by many as an aspirant to
the PLP throne, lost a 1,000-vote

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BINDEPENDENT Tennyson M& THE PLP’s Dr Bernard Noi-

Wells (above) was unseated by — tage (above) unseated Inde-

the FNM’s Branville McCart- pendent Rey CB Moss

ney

advantage in 2002, going down to candid and politically incorrect

defeat to an unknown, Byran Leslie Miller came as a surprise to

Woodside, by a razor thin margin many.

of 64 votes. Mr Miller won in 2002 by 640
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regardless of whether the PLP won Blue Hills MP went down to defeat

or lost, the Blue Hills defeat of the to Sidney Collie by 47 votes.

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PAGE 4, MONDAY, MAY 7, 2007



EDITORIAL/LETTERS TO THE EDITOR

cama SNe a AA oa 0

PHE TRIBUNE

Abts manana



The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

Shirley Street, PRO. 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

Proper accountability now needed

THE ‘NEW’ PLP hardly had time to clea
their desks and vacate their offices before they
were back at their old truth-twisting tactics.
They seemed to have already forgotten that
one of the reasons for their electoral loss was
that most Bahamians had grown tired of the
scandals, the half truths and the unkept promis-
es.

“Bahamians,
release in opposition, “are keenly aware of the
Hubert Ingraham style of leadership — dicia-
torship.”

Yes, Bahamians now have had an opportu-
nity to compare both types of leadership. The
Christie leadership — a leadership by commit-
tee that seldom seemed to report. A leader-
ship that tried to protect friends and make
excuses for their wrong-doing, resulting in the
lowering of the community’s moral standards. A
leadership that, drifting from crisis to crisis,
seemed to find it impossible to control its cabi-
net and make decisions. A leadership that
appeared to be confused at whose desk the
buck stopped. .

Even former PLP Attorney General Paul
Adderley commented in 2004 that he did not
think that Bahamidns were ready for the kind of
“participatory democracy” favoured by Mr
Christie. Neither were his ministers. They took
advantage of their easy-going boss. Mr Adder-
ley believed that Bahamians favoured strong
leaders.

And this is where Mr Ingraham came in.
The Ingraham leadership style is decisive, no
nonsense, with decisions made in the best inter-
est of the Bahamian people rather than for the
protection of special friends. The PLP call this
dictatorship. We call it accountability.

The Bahamian people had a choice and they
made it — they want an even playing field
where all men and women are equal before the
law. They also want equal access to all oppor-
tunities that the country has to offer.

At his Saturday night rally, said the PLP
press release, Mr Ingraham “went as far as to
tell his own party supporters that most of them
that ran in the election, will not get a post in the
governance circle which he will lead. ‘I just
have to do what I have to do.”

Thank God, no more jobs for the boys at the
expense of the Bahamian taxpayer.

Mr Ingraham stated the obvious. In fact this
is what he said:

“All persons elected by us cannot be minis-
ters. Whenever you make a choice you please
one and displease the other. Be assured I do the
best I can, but there are too many government
ministries and I am going to reduce the number
of ministries in the government.

“Which means I have too many permanent
secretaries. I have too many this and that, so I
have to do what I have to do.”

Isn’t this in essence what Sean McWeeney
said about the civil service way back then? At
the time Mr McWeeney was in the Cabinet of

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” said the PLP in its first press.

the late Sir Lynden Pindling. He said then that
the civil service was bloated and the tree need-
ed a good shake to bring it back to good health.

No one ever had the courage to shake the
over-burdened tree. If Mr Ingraham plans to cut

back on his ministries, it is obvious that he has .

too many permanent secretaries. It is also obvi-
ous, if he is to run a leaner government to pro-
vide funds for schools, health and social ser-
vices, and to maintain infrastructure, he has
to trim a civil service that has become too cost-
ly for such a small country. It makes good busi-
ness sense. Either that or raise taxes.

Also, if, as an election vote getter, it is found
that the PLP in fact stacked the civil service
with extra bodies, as alleged, and wrote unnec-
essary contracts to give jobs to their friends,
then those too will be scrutinised. And if found
not to be in the best interest of the public, they
too will have to go. ;

Mr Ingraham made it clear that the “reports
they have received of illegal activities by the
former governing party in buying votes; intim-
idating voters or interfering with individual's
rights to exercise their free will in choosing
their parliamentary representatives on Elec-
tion Day — whether in Bimini and West End; in
Fort Charlotte; in Exuma; in MICAL; in Fox
Hill or elsewhere around our country — the
chips will fall where they may.”

And this has to happen. Never before have
we seen election tricks so bold, so blatant and so
in your face.

If it is not stopped now, and if examples are
not made of those responsible, regardless of
who they are, then there will never be another
free election — democracy will have been
snatched from the people.

Election laws have to be changed. A strict
code of ethics has to be chiseled in granite. The
conduct of elections has to be taken out of the
hands of politicians and put under a committee
of responsible and trustworthy citizens who can
be relied upon to do what is right and best for
the country.

Over the years this country has wasted its
resources on commissions of inquiry without

results. Much has been found to be wrong, but |

the wrongdoers have walked away without so
much as aslap on the wrist.

That has to stop. This election has exposed
the rot. Demands now have to be made to raise
the bar of accountability and respect for the
law and our public institutions.

“Too many members in the former govern-
ment have no respect for the law,” Mr Ingraham

claimed, “they disrespected our democratic
institutions and believed they had a divine right
to govern.”

Hopefully, this will be the year that all
Bahamians, whatever their political party, what-
ever their skin tone will learn that this country

embraces all of us — that God gave the.

Bahamas to all citizens to hold in trust for future
generations.



Health care
accountability

EDITOR, The Tribune.

TOMORROW we get to
elect the next government of
this country. This is a once-in-
five-year chance to retire
those elected politicians who
have not served their con-
stituents or the country well,
and replace them with others
who perhaps will.

The next government of this
country, whichever party it
may be, is likely to bring into
effect a National Health Insur-
ance scheme. We will all pay
for this by payroll deduction.
Will it be effective?

Mr Stanley Lalta on behalf
of the PLP government, has
assured us, that it will be qual-
ity health care. with account-
ability. Let’s look at the gov-
ernment record on account-
ability in the health care sec-
tor, just briefly, since it is
indeed a brief record.

On the public health side:
What was the result of the
investigation into the prob-
lematic dialysis unit at PMH?

On the private health side,
we know the Hospital and
Health Care Facilities Board
(the Board) will not investi-
gate the Complaint of a fatal-
ity at one of the private hos-
pitals that it licenses.

The Hospital and Health

LETTERS

letters@tribunemedia.net



Care Facilities Act requires
the Board to investigate com-
plaints, to ensure that the pri-
vate hospitals meet the stan-
dard of “appropriate care”, in
the public interest. The Min-
ister of Health directed the
Chairman to do an investiga-
tion into that Complaint three
years ago. But the AG has
other directions.

Why is the Attorney Gen-
eral’s office apparently advis-
ing the Board not to investi-
gate a fatality? Why is it inter-
fering in the proper function-
ing of a statutory board?

An impartial investigation
could produce recommenda-
tions that would save other

lives. Is this not the purpose of

the Board? If the Board does
not investigate serious com-
plaints, then the facilities it
licenses are basically unregu-
lated.

In whose interest is the,

Attorney General’s office act-
ing? Certainly not in the inter-
est of members of the public
whose lives may be at risk. Is
this a case where the private

interest in not being investi-
gated, in the minds of those
in power, outweighs the public
right to an investigation?

So then, where is the quali-
ty assurance and accountabil-
ity that the.Government
promises to deliver with the
National Health Insurance
Scheme? If the current regu-
latory regime for accountabil-
ity is not functioning, will a
new regime function?

Only when those responsi-
ble are prepared to do what
they must. This requires some
courage, and knowledge of
their duty as a public servant
to the public. Great politicians
in the past knew that great-
ness is not made by holding
the largest rally, but by
achievements that win a home
in the hearts and minds of the
men and women they claim to
serve. We look forward to
those achievements.

BAHAMAS
PATIENTS
ALLIANCE
Nassau,
May, 2007.

(This letter was written
before the May 2 general elec-
tion. —Ed).

‘Give former Gladstone Farms
workers what they were promised’

EDITOR, The Tribune.

IF YOU would allow this letter to be printed
in your paper it would be very much appreci-
ated. I am hoping that someone would be able
to positively address and correct the grave
injustice and neglect of the former workers of
Gladstone Farms.

To make a long story short, it has been
promised and documented that after the clo-
sure of Gladstone Farms in 2002, the workers
there would be given their severance pay.

I am just writing to remind the public and the
powers that be that these people have not yet
been given what was promised to them.
Instead, the property has been sold and pay-
ments have been made to the previous owner
and major shareholder, but nothing has been
done for the over 180 Bahamian former
employees.

Mr V Alfred Gray, the Minister of Agricul-
ture and Fisheries at that time said via the local
papers that they would receive their pay with-
in the next six weeks, (that was October of
2002).

This did not happen. The Rt Hon Perry
Christie, said via the local media that, the Glad-
stone Farm workers would not be left on the
rocks.

Can you imagine the frustration, anger,

despair these people have to endure? Some
of them, because of their age find it hard to
obtain employment and have to deal with los-
ing their house because they were not able to
pay their mortgage.

It has been about three years since all of the
properties and equipment of Gladstone Farms

.have been sold and these people have not

received their severance pay.

It is also frustrating to witness the govern-
ment taking eight million dollars out of the
treasury to pay the former employees of The
Royal Oasis and not pay attention to the for-
mer workers of Gladstone Farms also.

I am appealing to the government to please
give these people what you have promised in an
effort to bring closure, and fairness to this long
and drawn out ordeal. It is hard to trust and
support a government that does not live up to
its promises.

CONCERNED
CITIZEN
AGE 19
Nassau,

April, 2007.

(This letter was directed to the Christie gov-
ernment before its defeat at the polls last
week.— Ed).

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THE TRIBUNE






Guyana forms

special unit to
prevent human
trafficking

@ GEORGETOWN,
Guyana

GUYANA has formed
a special anti-smuggling
unit to prevent trafficking
in people, a government
official said Saturday,
according to Associated
Press.

Interior Minister
Clement Rohee said the
law enforcement unit will
devise a national plan to
prevent future victims of
human traffickers in the
South American country.

Human trafficking is not
perceived to be a major
problem in Guyana but
the government was estab-
lishing the special unit in
advance of Washington's
next annual survey of
human rights practices,
Rohee said.

The United States has
previously praised
Guyana's efforts to battle
the scourge.

Flight 587
families invited
to crypts with
last remains

m NEW YORK

THE last remains of those
who died in the 2001 crash of
American Airlines Flight 587
have been placed in two Bronx
crypts, officials said Saturday,
according to Associated Press.

Families of the 265 victims
of the flight bound for the
Dominican Republic have been
invited to a Sunday dedication
ceremony at Woodlawn Ceme-
tery in the Bronx, said Susan
Olsen, a cemetery official.

Olsen said the remains were
entombed on Friday in granite
and marble crypts in the ceme-
tery's Garden Conservatory
Mausoleum.

Officials placed 889 frag-
ments that either were uniden-
tified or identified but never
claimed in four caskets. All 265
victims of the 2001 crash have
been identified by their bodies
or at least some remains, said
Ellen Borakove, spokeswoman
for the medical examiner.

Flignt 587 crashed in the qui-
et neighborhood of Belle Har-
be., Queens, after taking off
from John F. Kennedy Inter-
national Airport. Many of the
victims were Dominican-born
New York residents on
their way to visit their native
land.

In November, on the fifth
anniversary of the crash, May-
or Michael Bloomberg dedi-
cated a memorial wall bearing
the victims' names.

Overlooking the ocean
about 15 blocks away from the
crash site, the $9.2 million
memorial was designed by
Dominican Republic native
Freddy Rodriguez and funded
with private and public

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PLP camp
job of getting our

@ By ALISON LOWE
Tribune Staff

IT WAS the PLP's lack of
success in projecting its "mes-
sage" to the Bahamian people
about its achievements, and in
countering claims made by the
FNM about Mr Perry Christie's
leadership, that became a sig-
nificant and regrettable factor
in their election defeat, PLP
national campaign co-ordinator
Phillip Galanis admitted.

"We ought not to have lost,"
he said, adding: "We did a pret-
ty bad job of getting our mes-
sage out to the Bahamian peo-
ple."

Furthermore, the party
should have released their slate
of candidates earlier, and have
"no-one to blame" for this mis-
take, said Mr Galanis.

He was speaking as a guest,
along with law lecturer at the
College of the Bahamas,
Michael Stevenson, on Island



LOCAL NEWS

aign chief: we



“We ought not to have lost.
We did a pretty bad job of
getting our message out to
the Bahamian people."



PLP national campaign

co-ordinator Phillip Galanis

FM's Real Talk Live show,
where the discussion focused
on why the PLP lost the gener-
al election - and in particular
the role Mr Christie’s leader-
ship had played in the defeat.
The campaign co-ordinator
also thirks it is a distinct possi-
bility that Prime Minister
Hubert Ingraham may, after a
year of "solidifying his govern-
ment" by, among other means,
"increasing salaries", call anoth-
er election in an attempt to

Turnquest looking forward to
national security challenge

m By ALISON LOWE
Tribune Staff Reporter

NEWLY-APPOINTED Min-
ister for National Security Tom-
my Turnquest said yesterday that
he is looking forward to carry-
ing out his duties.

"Tam looking forward to it,
it's going to be a challenge, it's
going to be a lot of work, but I
am prepared for it and I'm will-
ing to give it my all," he told The
Tribune.

Asked what he foresees his
greatest challenges being, Mr
Turnquest said he will seek to
ensure that Bahamians feel
secure.

"Bahamians must feel safe in
their country, in their homes, in
their communities, iri their work,
Bahamians must feel safe and
that's my number one priority."

However, Mr Turnquest





2 MINISTER for National
Security Tommy Turnquest

would not venture to say how his style of handling the portfolio will
differ from that of former PLP minister, Cynthia 'Mother' Pratt.
"I would never get into that, I'll leave that for others to do," he

said.

Mr Turnquest was sworn in as Minister of National Security on
Friday afternoon at a ceremony held in the lower gardens of Gov-
ernment House, at the same time as Brent Symonette, deputy
leader of the FNM, became Minister of Foreign Affairs.

Contacted yesterday about his new portfolio, Mr Symonette said
he was awaiting his "briefing notes", and therefore would prefer not

to speak on his new role as yet.

National Security is considered one of the most challenging

and crucial portfolios.

During her tenure, numerous commentators suggested that

perhaps it was a job to which former minister Mrs Pratt was not
best-suited.

In recent months, she was beleaguered with numerous difficul-
ties, including a three-day strike by prison officers in February, who

alleged their patience had run out over poor working conditions and

pay.

The minister also got in hot water with union officials after she
suggested that prison staff who participated in the "wildcat" strike
may have to apologise and have vacation time docked. She ulti-
mately had to back down on this penalty. i

The ministry, while under the control of the PLP, was further
criticised by Prime Minister Hubert Ingraham for allowing the
Defence Force to fall into a state where it is "unable to carry out its
mandate."

Mr Ingraham proposed while on the campaign trail that the force

will be significantly upgraded under an FNM government.

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increase his party's majority in
the House of Assembly.

It is for this reason, said Mr
Galanis, that the PLP, now in

opposition, has to "stay solid",

and close to the people.

In the run-up to the election,
the FNM's "propaganda
machine" had been effective in
portraying Mr Christie as an
"indecisive leader" in the face
of a perception that the country
was undergoung "social decay,"
claimed Mr Stevenson.

Meanwhile, Ingraham was
put forward as a leader who was

"decisive, ready to be pragmat-

ic and make hard decisions" -
ultimately making the public
feel "insecure" about keeping
Mr Christie as a leader.

The law lecturer added that
he felt this criticism was unfair,
as there was space for a "con-
sensus" style of politics - refer-
ring to Mr Christie's style - but

' said that the PLP did not effec-

tively counter the FNM's con-
stant criticism.

Host Fayne Thompson rein-
forced this point, querying why
the party had not "seen the dan-
ger" earlier on, and put in place
strategies to counter the FNM's
statements about Mr Christie.

He said the FNM's propa-
ganda machine was "much
more sophisticated", adding
that the PLP "did not respond
to the body blows for months" -
something to which Mr Gala-
nis responded "J agree."

PLP achievements, such as
passing legislation to create a

National Health Insurance’

scheme, "should've been the
lynchpin" of the PLP's cam-

¢

Hh
)

Rosetta St.

MONDAY, MAY 7, 2007, PAGE 5



paign, but were not focused on
enough in reality, said Mr
Thompson.

It was also suggested that the ©

economic "trickle down" effect
had not had enough time to
kick in.

According to Mr Stevenson,
the former government did not
do enough to project the mes-
sage of their "fiscally responsi-
ble" economic policies, which
brought the country out of
debt.

Mr Galanis alleged that the
party had been "locked out" of
the print media, as when they
called to buy advertising space
in newspapers they were told
that the papers were "sold out"
of space.

He defended Mr Christie's
leadership, stating that his
record in government proved

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he was not an indecisive figure.

"People may mistake Mr
Christie's style of leader-
ship...his easy going manner...as
a sign of a person who lacks the
ability to be firm but fair...I
think that is incorrect," he
said.

Mr Galanis said the fact that
Mr Christie "signed off" on 144
contracts in five years, and
implemented the urban renew-
al programme, which he
claimed is "the envy of the
region", among other things,
proved that he was an effective
leader.

-The PLP stalwart said there
would be a meeting of the
PLP's National General Coun-
cil this evening, following which
the media should expect a state-
ment to emerge affirming Mr
Christie's leadership.



~~
KF

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PAGE 6, MONDAY, MAY 7, 2007











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THE TRIBUNE



Empowered about choosing

future direction of country

@ By ADRIAN GIBSON
ajbahama@ hotmail.com

()s WEDNESDAY,
May 3. the Bahamian

people woke up to the smell of

baked crabs —- PLP crab! Hur-
ricane season came early, as a
category five storm swept
through the Bahamas on May 2
and proved to be a rude awak-
ening for many people.

I would like to formally say

goodbye to the double-dealing, .

morally bankrupt, scandal-rid-
den band that led our country
for the past five years.

At age 22. this was my first
time voting and I felt empow-
ered about choosing the future
direction of my country.

The Bahamian electorate has
matured and become more dis-
cerning. Gone are the days when
one party Stays in power for 25
years, whether they are corrupt
or fail to perform —-- 1f you flop,
then you will be dropped. ‘The
Bahamian people have sent a
message to all present and future
politicians — I, for one, got it!

Neither the PLP’s abuse and
prostitution of ZNS ‘EY — which
limited the FNM’s time, but yet
aired all the PLP rallies — nor
the FNM’s struggle to find a
staging ground for their rallies
after allegations that the PLP
was attempting to book locations
so as to obstruct rallies, could
save them

Among the good things that
came out of this election was a
significant opposition. For the
first time since 1967, the
‘Bahamas will have what appears
to be an‘effective opposition,
comprising experienced and/or
aggressive MPs who will truly
question the government and
ensure that no legislation is
rammed through parliament
without proper dialogue and
consultation.

In our modern political cul-
ture, with a sizeable opposition
and a government with a small
majority, the tnterests of all



Swigeddand

Giftware



YOUNG MAN’S VIEW

ADRIAN

Bahamians could truly be pro-
tected. Indeed, an opposition
comprised of strong personali-
ties, firecrackers and provoca-
teurs such as Obie Wilchcombe,
Perry Christie, Glenys Hanna-
Martin and others, could pro-
vide a true opposition and be
just what the Bahamas needs.

At present, the election >

results stand at 23 for the FNM
to 18 for the PLP. The five seats
in Grand Bahama that the FNM
won was the kicker and the
deciding factor of the election, as
those seats went five to one in
favour of the FNM.

I was taken aback by some of
the election results as it appears
that several of my election pre-
dictions may have been way off
base — eg, Picewell Forbes
(PLP) easily crushed incumbent
Whitney Bastian and the FNM’s
Marjorie Johnson in South
Andros.

I thought that Mr Bastian
would have retained his seat.
This seems to have been an elec-
tion strictly between the major
parties, proving there is little
chance of a third party succeed-
ing and that perception among
the populace doesn’t appear to
be changing anytime soon.

It was a great surprise that
Malcolm Adderley, an invisible
man in the House of Assembly
during the past five years,
retained his seat. I can truly say
that I was shocked out of my
pants! Mr Adderley must have
been doing something in Eliza-
beth that the rest of us missed,
because his victory is mystifying.

A website associated with
Fred Mitchell predicted last year
that hell would freeze over
before Mitchell loses. By all indi-
cations, Mr Mitcehll extin-
guished the torch in Fox Hill and
held on to his seat. I had forecast





GIBSON

that Mr Mitchell would taste the
bitterness of defeat, but I
applaud him on his jaw-drop-
ping victory.

Shane Gibson also convinc-
ingly defeated my good friend
Donald Saunders in Golden
Gates. Even after the Anna
Nicole Smith residency permit
scandal, questions about hous-
ing contracts and the publica-
tion of controversial photos of
Gibson and Smith embracing on
her bed, Mr Gibson was victori-
ous. Astoundingly, Mr Gibson’s
electoral hopes were not daunt-
ed by the ghost of Anna Nicole
— he’s a lucky fella!

I: Kennedy, another friend,
Michael Turnquest, fell in
defeat to Kenyatta Gibson and
Dion Foulkes lost to Alfred
Gray in MICAL. These youthful
candidates all ran very com-
pelling campaigns, but this was
not their time.

Several giant killers graced

the political horizon this elec-
tion. In Bamboo Town,
Branville McCartney (FNM)
KO’d Tennyson Wells, even
though Mr Wells had occupied
his seat for 20 years and was pre-
viously thought to have had a
stranglehold on that constituen-
cy.
Before his announcement
of his retirement from frontline
pilitics, it was widely thought
that Mr Wells may never be a
member of the House of Assem-
bly again, unless he had re-
joined the FNM or joined the
PLP. It appears that he has offi-
cially been relegated to the polit-
ical boneyard.

Byron Woodside, who I pre-
dicted would lose to Allyson
Maynard-Gibson, scored a shock
win. Mrs Gibson, the former

Royal Bahamian Resort & Offshore Island

Attorney General, who is no
stranger to controversy, seems
to have taken a spanking in
Pinewood.

It is also stunning that Leslie
Miller, one of the better Cabinet
ministers and PLP MPs, went
down in defeat to Sidney Col-
lie. I previously predicted that
Mr Miller was a shoo-in, and
while it does appear that he has
been routed, the closeness of the
vote in Blue Hills could lead to
that constituency being contest-
ed in election court.

Neville Wisdom must have

been sedated after he was polit-
ically annihilated by Dr Hubert
Minnis in Killarney. Dr Minnis,
the man who delivered Anna
Nicole’s controversial baby
(Dannielyn), also delivered Mr
Wisdom to the political bone-
yard.

Although I respect Dr Earl
Deveaux’s political aptitude, it
was staggering that he could
move from the North Andros
constituency to Marathon and
crush incumbent MP Ron
Pinder. Mr Pinder was consid-
ered to be a good MP and a

hardworking parliamentary sec- »

retary.

On May 2, the Bahamian
people rejected Perry Christie’s
government of broken promises,
scandals and indisposition for
one that they hope would
be more productive, less ethi-
cally challenged and more deci-
sive. )

In a clash of the titans, the
people chose Hubert Ingraham’s
decisive leadership over Perry
Christie’s fumbling, bumbling,
nice but feeble leadership style.

Although Mr Christie touted
the slogan “so said, so done”, in
a tight race, the Bahamian peo-
ple responded “so said, not
done!” In a game of political sur-
vival, Hubert Ingraham outwit-

ted, outmanoeuvered and out- ;:
played a dishevelled Perry.

Christie, in what will go down

as an historic face-off between

two of Sir Lynden Pindling’s
most illustrious protégés.

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THE TRIBUNE

MONDAY, MAY 7, 2007, PAGE 7



The culprits of harmful tax

m@ By SIR RONALD
SANDERS

(The writer is a business
consultant and former
Caribbean diplomat)

B ACK in 2000, the
Organisation for

Economic Cooperation and
Development (OECD),
delivered a body blow to
small countries that oper-
ated offshore financial ser-
vices by blacklisting them
as “non cooperative”. Now
it seems that OECD coun-
tries are the non coopera-
tive culprits over their own
rules.

According to the OECD
report in 2000, thirty-five
countries with offshore
jurisdictions had tax prac-
tices that were “harmful”
presumably to them.
Among these practices
were low or no tax, bearer
share companies, poor reg-
ulation and an absence of
tax information exchange
agreements.

Now a report, written by
Camille Stoll-Davey of
Oxford University and
entitled “Assessing the
Playing Field”, suggests
that OECD member coun-
tries do not operate to a



by OECD countries to dis-
credit them.

There appeared to be
two objectives: the first was
to coerce small jurisdic-
tions into handing over
financial information on
OECD nationals and com-
panies that could be used
to tax them in their domes-
tic jurisdictions; and the
second was to cripple the
offshore financial services
sector in small countries so
that they could not offer
competition to OECD
member states.

But the OECD had not
counted on a robust reac-
tion from several small
jurisdictions which pooled
their resources to counter
the OECD effort.

Nor, did it bargain for
dissension within its ranks
as Switzerland, Austria and
Luxembourg broke away
from the others, arguing
that their economies had
more to lose.

The OECD was forced



“According to the OECD
report in 2000, thirty-five
countries with offshore
jurisdictions hadtax
practices that were ‘harmful’
presumably to them.”



higher standard than so-
called offshore centres and
in important cases they
operate to a lower stan-
dard.

Among the observations
made in the _ report
are:

Many US states, includ-
ing Delaware and Nevada,
do not require companies
to provide beneficial own-
ership information. Yet
Delaware companies are
arguably the corporate
vehicles most frequently
used by non-residents of
the United States for so-
called offshore transac-
tions.

The USA, UK, Canada,
France, Germany, Italy,
Switzerland, Austria, Lux-
embourg and Costa Rica
still permit bearer share
companies and therefore
accept a reduction in trans-
parency.

Major players in interna-
tional finance like Hong
Kong and Singapore
restrict exchanging tax
information to domestic
interests and Switzerland
restricts it to cases of tax
fraud and the like."

The report, published by
the Commonwealth Secre-
tariat in London, was com-
missioned by the Interna-
tional Trade and Invest-
ment Organisation (ITIO),
a grouping of small coun-

tries with international

finance centres.

From the outset of the
OECD initiative on so-
called “harmful tax compe-
tition”, small jurisdictions
had recognised it as a ploy

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.



to invent a _ so-called
“Global Forum” to which
they invited participation

from non-OECD countries .

seeking “to ensure the
implementation of high
standards of transparency
and information exchange
in a way that is fair, equi-
table and permits fair com-

petition between all
countries, large and
small, OECD and non-
OECD”.

Non-OECD countries
viewed the purpose of the
Global Forum differently.
Many of them argued that
what was necessary in
international financial ser-
vices was a level playing
field; not one set of rules
and practices for OECD
countries and another set
for smaller jurisdictions.

What the latest report:

shows is that for the
OECD, business’ has
remained as usual. While
the OECD has insisted that
small jurisdictions remove
banking secrecy laws,
strengthen regulation, end
bearer shares for compa-
nies, and adopt tax infor-
mation exchange agree-
ments, many of their own
member states have not
done so.

It seems, therefore, that
the Global Forum still has
much work to do before
the playing field for com-
petition in financial ser-



computers

anniversary

a Se Se Mae es
ay Pe Sy

printers

vices will be anywhere near
level.

But, the attacks on the
offshore financial services
sectors of small jurisdic-
tions have not stopped
even though many OECD
countries continue to break
or ignore their own rules.

For instance a bill was
sponsored in the US Sen-
ate last February designed
to stop perceived “tax shel-
ter abuses”.

The sponsors of the bill
claimed that the US Trea-
sury was losing $100bn in
revenue annually, and they
identified three Caribbean
territories among the so-
called shelters — Cayman
Islands, the British Virgin
Islands and Anguilla.

This caused the Cayman
Minister for international
financial services Alden
McNee McLaughlin to
declare: "We do deeply
resent and seek to dispel
the idea that somehow
because we are not locat-
ed onshore we are illegiti-
mate”.

| he reality is that
Caribbean jurisdic-

tions have so greatly
strengthened their legal
and regulatory framework
that they are fighting a los-
ing battle in the effort to
compete in international
financial services with
Switzerland, Austria, and
certain states in the United
States whose arrangements
are far less stringent.

Further, while many
OECD countries have
insisted on tax information
exchange agreements with
small jurisdictions they
have not been willing to
provide complementary
double taxation agree-
ments.

Consequently, the gain

‘has all been one sided. The

OECD countries are able
to get information on their
nationals and companies
for tax purposes, but small
countries have not been
able to secure investment
from OECD nationals and
countries that might be
encouraged by double tax-
ation agreements.

In the Caribbean, Bar-
bados appears to bean
exception to this rule
because it has aggressive-
ly pursued tax and invest-
ment treaties, including
double taxation agree-
ments, with several coun-
tries.

A recent report by inter-
national tax expert Bruce
Zagaris, says that “over the
last year new tax and
investment treaties have
propelled the growth of
Barbados international
financial services sector”.

Meanwhile, Singapore
has taken a different tact.
Almost ignoring the
OECD on banking laws
and taxes, Singapore has






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PAGE 8, MONDAY, MAY 7, 2007

THE TRIBUNE





Safety speech
finalists are
announced

THE nine finalists in the Texa-
co sixth annual National Safety
Speech competition, hosted by
Chevron Bahamas Limited, were
named during a special breakfast





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And in an interesting twist,
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including Inagua, Andros and
Eleuthera.

Calling the participants, “the
future leaders of the Bahamas,”
Casey Wood, commercial and
industrial district sales manager,
Chevron Bahamas, said the com-
petition and its theme, ‘Road
Safety: a Way of Life’, is linked to
one of Chevron’s worldwide man-
dates - safety and the intentional
commitment to educate, inform,
and to change the behaviour of
young and future drivers.

According to Mr Wood,
Chevron has, over the years, rede-
fined its approach toward com-
munity engagement and invest-
ment. Increasingly, he noted, the
company is focusing its efforts on
helping to create sustained eco-
nomic growth by building human
and institutional capacity.

“In practice, this means tar-
geting our resources toward the
three capacity building areas that
we consider critical to economic
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Prince Charles Drive (Second Building

east of St. Augustine’s College entrance)
E-mail: newlife@batelnet.bs

TIMES OF MINISTRY

The Ministry of Reconciliation

Attend and experience the power of Almighty God





@ THE TEXACO NINE: Seated from left: Rashad Rolle, Doris Johnson High School; Colton Jones,
San Salvador High School; Shorneka Thompson, Inagua All Age High School; Brooke Sherman, Bish-
op Michael Eldon School; Cliffrielle Sands, Central Eleuthera High; Samuel Brown, Grand Bahama
Catholic High and Marcel Gibson, Central Andros High School.

Standing from left: Lionel Elliott, representative for Junior Achievement; Philip Simon, executive
director, Bahamas Chamber of Commerce; George Taylor, assistant division governor, Bahamas Toast-
masters Division I; Corbin Darling, St Augustine's College; Tanya Wright, president of the Bahamas
Chamber of Commerce; Lancelot Darville Jr, Grand Bahama Catholic High; Casey Wood, commercial
and industrial district sales manager, Chevron Corporation; Debbie Ferguson, director of human
resources, British Colonial Hilton; and Archie Nairn, permanent secretary, Ministry of Transport and

Aviation.

human needs, supporting educa-
tion and training, and aiding small
and medium-sized business devel-
opments.”

It is against the backdrop of
this mandate that Chevron con-
tinues to support the annual
speech competition, he noted.

The top three winners of the
finals, which will be held May 26
at the Dundas Centre of the Per-
forming Arts, will receive schol-
arships in the amount of $10,000,
$6,000 and $3,000 respectively.
This doubles the prize monies





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ck

COMMONWEALTH BANK

Manager, Training er Development

Commonwealth Bank is committed to training and developing its
employees. This is a key management position and the successful
applicanc will play an integral role in the development, and training

of the Bank’s human resources.

PRINCIPAL DUTIES (Core Responsibilities)

¢ Managing and leading the Training and Development Unit of the

organization

Conferring with management to gain knowledge of work

situations requiring training and conducting needs analysis of
skills to ensure training is provided to address all skill gaps
Developing, writing and coordinating training manuals and

materials

Handling the effectiveness of training programs develaped and

administered bank-wide so as to develop higher skills within the

organization

Monitoring and measuring the success of training programs and

development plans in line with the organization’ strategic plans

and objectives

REQUIREMENTS & PERSONAL ATTRIBUTES
Candidates should meet the following criteria:
* Bachelors degree or higher in Human Resources Management,

Comniunications or Teaching

Minimum of five (5) years experience in training, teaching at the
adule education level, or relaced Human Resources experience at

a large financial institution

Excellent written and oral communication skills

Excellent cechnical writing skills and creative abilicy
Excellent PC skills (Microsoft Office suite)
Excellent visual graphics design skills

Strong organizational skills

REMUNERATION PACKAGE

The position offers an attractive salary and benefits package reflecting
y B §

the successful applicane’s experience and qualifications, including

pension plan, medical, dental, vision and life insurance coverage.

allowances and performance based incentives.

Interested persons should submit their resumes in WRITING or E-mail
along with copies of their certificates before May 15, 2007 to:

CratvaBiebstons 12%

S6:007



“HUMAN RESOURCES DEPARTMENT
Re: Manager, Training & Development
PO. Box SS-6263
Nassau Bahamas
Telefax: 393-8073
E-mail address: H R@combankltd.com

from received in past years.
Each of the nine semi-finalists

’ will receive lap-top computers,

along with the Sharon R Wilson
Award. During the ceremony, all
of the participants in the compe-
tition were presented with tro-
phies and certificates.

Joining Mr Wood at the early
morning ceremony was Archie
Nairn, permanent secretary, Min-
istry of Transport and Aviation;
Tanya Wright, president,
Bahamas Chamber of Commerce;
Lionel Elliott, executive director,
Junior Achievement Bahamas
and George Taylor, assistant divi-
sion governor, Bahamas Toast-
masters Division I.

Some 31 senior students from
across the Bahamas came togeth-
er last month to participate in the
Texaco annual National Speech
Competition.

Drawing from a talent pool
that included students who
advanced to the finals in Toast-
master organised speech contests,
the Rotary Club of Abaco annu-
al speech contest, the annual
National Debate Competition,
sponsored by the Ministry of
Education, and other civic organ-
isations, the speech competition
brings exposure to those young
people who have mastered the
art of communication,,and have
excelled in their efforts as ora-
tors.

Making it to 2007 finals, 15-
year-old Shorneka Thompson is
the top debater at Inagua All-
Age School. The 11th grader said
that, despite some setbacks in her
preparation, she was able to push
past the obstacles, use her expe-
rience, and perform to the best
of her ability.

During her presentation, she
looked at various traffic accidents
that had occured in the Bahamas
and tried to get the audience to
understand the danger of not
practising road safety, and
emphasised the importance of
wearing seat-belts and other steps
drivers can take to be safe on the
streets of the Bahamas.

The daughter of David
Thompson, pastor of the Church
of God of Prophecy, Shorneka
describes herself as a Christian.
She said that public speaking is
a hobby and that she loves singing
and dancing. Looking forward,
she intends to study computer
technology and someday be a
business manager.

A member of the Governor
General’s Youth Award, 15-year-
old Marcel Gibson, a student of
Central Andros High, said the
Texaco competition was his first
national speech competition.

Going out on a limb, as he
described it, Marcel took on the
role of a news reporter as he pre-
sented his speech. He further list-
ed actual statistics on the num-
ber of deaths that occurred on
Bahamian streets for 2006/2007.

Brooke Sherman, a 17-year-

old 12th grade student at Bishop

Michael Eldon High School in
Freeport, said she arrived at the
national competition as a result
of her first place finish in the
Freeport Junior Achievement
Speech Competition.

In terms of her preparation,
Brooke said she initially was
unsure of the angle she would
take in her speech on road safety,
but ultimately decided to focus
on ignorance as the reason for
most traffic fatalities. She looked

at the ways the government/pri-
vate sector could educate young

Bahamians and better prepare
them for a life filled with road
safety.

Upon graduation, Brooke
plans to attend the College of the
Bahamas, where she will study
tourism and accounting, and
maybe political science.

She aspires to be Minister of
Tourism.

Chevron Bahamas Limited,
formerly Texaco Bahamas Limit-
ed, has historically been recog-
nised for its commitment to social
responsibility, with a 50-year lega-
cy in the Bahamas and 23 service
stations and a solid roster of com-
mercial and industrial customers.

BAHAMAS TECHNICAL AND VOCATIONAL INSTITUTE
JOB VACANCY

Applications are invited from suitably qualified persons
for the position of Evening Coordinator at the Bahamas
Technical and Vocational Institute.

Requirement for the post:

* Bachelor's Degree in Education with at least three years
administrative experience or relevant experience.

Specific duties of the post include the following:

* The overall responsibility of the Evening Coordinator is to
provide supervision and administration of the institution

during the evenings.

+ Monitor and evaluate the performance of instructional
personnel, including their punctuality and attendance.

+ Serve as the contact person for all students and personnel
working and attending classes in the evening.

* To ensure that all buildings are secure at the of the

teaching day.

* To report incidents of violence, criminal activity to Security
immediately,then notify the police and the Manager, in
order. The verbal report is to be followed by a written report
of the incident.

* Supervise all evening classes.

Salary for the post is $31,400.00 x 700 - $36, 300. Salary will
commensurate with qualifications an experience.

Application forms can be obtained from the Bahamas
Technical & Vocational Institute, Old Trail Road and should be
returned completed with copies of qualifications to the Human
Resources Department at P.O. Box N-4934, Nassau, Bahamas

no later than May 11, 2007.



@-*



THE TRIBUNE



helps

THE Salvation Army’s Hot
Meals Programme is getting
much-needed assistance,
thanks to the generous con-
tributions of Paradise Fish-
eries.

President of Paradise Fish-
eries’ board of directors
Anthony McKinney pledged
to donate products to sustain
the programme for two weeks
of each month, for one year.

He has since presented the
first contribution to Salvation
Army divisional commander
Major Lester Ferguson.

“The board of directors is
honoured and pleased to
make this donation in memo-
ry of one of our own - Mr
Patrick Bain, a noted traded
unionist and social activist,”
said McKinney. ;

“Pat was an important part
of the success of Paradise
Fisheries and his advice and
counsel will be sorely missed

@ PRESIDENT of Paradise Fisheries, Anthony McKinney (

MONDAY, MAY 7, 2007, PAGE 9





‘by management and the direc- -

tors of the company.”

Mr McKinney. further
acknowledged Mr Bain’s con-
tributions to the Hotel Work-
ers’ Union and Hotel Employ-
ers’ Association, describing
him as having an “infectious
positive attitude toward all
human endeavours, whether
they were hard or easy, flawed
or successful.”

Major Ferguson thanked
Paradise Fisheries for con-
tributing to the Hot Meals
Programme.

“We are always grateful for
support to our programmes,”
said Major Ferguson. “Our
programme provides meals to
scores of persons who would
not otherwise have anything
to eat if it.

“We welcome Paradise
Fisheries’ offer to assist us for
two weeks per month. It will
certainly go a long way.”

Monday May 7th 6:30 at Gal

Screening Rigoberto Lope

award wii

“Roble de Olor (Scent of Oak) af 7pm.

Come see the best in Caribbean films, from

classic gems to riveting new
features, documentaries and cartoons.
For more information call-
NAGB at 328-5800 or the Montaque Group at 356-6133





left) presents Salvation Army divi-
sional commander Major Lester Ferguson (right) with a donation in honour of the late Pat Bain.

(Photo courtesy: DP and A)

Paradise Fisheries
Salvation
Army programme














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PAGE 10, MONDAY, MAY 7, 2007 THE TRIBUNE



Ree FNM supporters

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* Bathtub Liners are designed to fit over worn-out bathtubs
“Vall Surrounds to cover existing bath walls: In simulated Tile and Marble
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Visit our Showroom & Office located at the Red Carpet Inn, East Bay Street





orters at Cooper’s Town, Abaco on Friday.
(Photo courtesy of the FNM News Service) ||

4

@ PRIME Minister Hubert Ingraham addresses supp





















Compose an Original Song
Record it to CD
Deliver to the Ministry of Tourism, George Street
Nassau, Bahamas
And you could win:

Adult Category Junior Category
* 48 and over * Under 12
First place $5,000 First place $3,000
Second place $3,000 Second place $2,000
Third place $2,000 Third place $1,000

Participating Recording Studios:
Real Time Tel: 328-0520 Whitehouse Studio Tel. 323-5985
Commonwealth Studio Tel: 394-6510
Mackey Media (Grand Bahama) Tel. 352-6608
Songs must be in Junkanoo, Goombay or Rake ‘n Scrape style.

Deadline: May 14, 2007
Contact Raquel Horton at 302-2070, 302-2000 for further information.

Songs publicly released prior to June, 2006 are ineligible.



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ay NOT Oe
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‘



THE TRIBUNE

MONDAY, MAY 7, 2007, PAGE 11



arty holds victory
rallies in Clifford
Park and Abaco



@ FNM supporters in Cooper’s Town, Abaco.
(Photo courtesy of the FNM News Service)

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PAGE 12, MONDAY, MAY 7, 2007 | THE TRIBUNE



LOCAL NEWS



Commonwealth Bank is offering ten (10) Scholarship Awards to
Bahamian Students to attend The College of The Bahamas ‘

















Applications are available at any Commonwealth Bank branch or at
the Financial Aid & Housing Department, 2nd Floor, Portia Smith
Building, The College of The Bahamas

APPLICATIONS MUST BE SUBMITTED TO:

OFFICE OF THE DIRECTOR
FINANCIAL AID & HOUSING

THE COLLEGE.OF THE BAHAMAS
P 0. BOX N-4912
NASSAU, BAHAMAS





(Students from the Family Islands are invited to apply)

C

COMMONWEALTH BANK




_ DEADLINE FOR APPLICATIONS IS JULY 13, 2007

©2007 CreativeRelations.net








“Leader in Personal Banking Services” www.combankltd.com

- B EUGENE Bonamy, principal, Jordan Prince William High School; Ms Gloria Grant, senior
mistress, Jordon Prince William Primary School; Portia Sweeting, Bahamas Environmental
Education Programme - MOEST; Derek Ramsey, head boy; Tramaine Poiter, deputy head
girl; Nicolas Ferguson, deputy head boy; Jennimae Cox, principal, Jordan Prince William Primary














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dents’ attention to the envi-
ronment continued when
The Tribune and the
Bahamas Environmental
Education Programme pre-
sented a Lignum Vitae tree
to Jordan Prince William
Primary School.

Jennimae Cox, principal of
the school, received the tree
and said: "The present and
former administration of this
school have worked tireless-
ly to make this campus as
green as possible.

“The Lignum Vitae tree
adds to the green spaces of
the school and is a living,
accessible reminder to stu-
dents about the national
tree.

their campus. They can
become more aware of it
due to its physical location,
opposed to only the pages
of an almanac or textbook.
Thank you for including our
school in this initiative.”

Sean Moore, marketing
manager of The Tribune,
said: "Trees are vital to our
community life in several
ways. They increase proper-
ty values, help to
mitigate soil erosion, and
add beauty to our environ-
ment.

“It's important for chil-
dren to grow knowing
about these facts, as well as
others, so that they can
actively demonstrate a

trees. a

Presently, too many propa
erty owners decimate vast
areas of land in the name of
development. This initiative!
is meant to literally and fig-:
uratively plant trees of life
for future generations of
Bahamians and residents,",
said Mr Moore.

The Bahamas Environ-
mental Education Pro-
gramme envisions a school
populace of environmentally
knowledgeable, skilled and
dedicated citizens who aré
willing to work individually
and collectively towards
effecting dynamic changes in
the management of the envi-
ronment. :

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THE TRIBUNE



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FROM page one

McKinney will find their own
ZNS,” he said.

Responding to this state-
ment by the new prime minis-
ter, the PLP accused Mr
Ingraham of “unleashing his
venom of victimisation.”

“Just hours after taking the
oath of office, Prime Minister
Hubert Ingraham went against
his word to civil servants, say-
ing he would not victimise
hard-working civil servants.

“Hubert Ingraham also
turned his angry attack on
staff at the Broadcasting Cor-
poration of the Bahamas,
telling his supporters that
“You have heard from some
of them for the last time’.”

The PLP claimed that the
Bahamas had turned back to
the “dark days of Hubert
Ingraham, Brent Symonette
and the FNM where broad
victimisation reigned against
the innocent of the Bahamas.”

ZNS talk show host Mr
McKinney came under con-
tinuous fire for his perceived





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offence to equity and fairness
in this country in the past sev-
eral months.

“TI expected better of him
and he has not delivered bet-
ter and it is awful, it is terrible
what he’s been about and I
cannot imagine a man who
regards himself as a profes-
sional continuing to do what
Steve McKinney has been
doing. I can’t believe he has
to sing for his supper in that
way,” Mr Laing said.

Mr Laing further said that
the FNM had already made it
clear that when they resume

@ PRIME MINISTER
Hubert Ingraham

bias in the weeks leading up to
the general election.

FNM candidate-elect for
Marco City, Zhivago Laing,
in an earlier interview with
The Tribune, described Mr

McKinney’s talk show as a -

“disgrace.”

“No matter how Steve tries
to shroud what he is doing in
any kind of sense of logic, or
any kind of decency, Steve
McKinney has been a great

office they will transform ZNS
into a station similar to the

-US’s non-profit television sta-

tion PBS.

“ZNS will in future be used
to educate, to inform the peo-
ple of the Bahamas. We do
not need a ZNS that is the
political tool of any govern-
ing party. I expect of us to
make of ZNS what it ought to
be in service of the public. It
certainly will not be what it is
today, the media arm of an
PLP election campaign,” he
said.



Balia Mar congratulates
Ingraham and the FINIV

BAHA MAR yesterday congratulated Prime Minister Hubert
Ingraham and the FNM on their victory in the 2007 general elec-
tion and declared their hopes for a close and constructive work-
ing relationship between the two parties.

In a press statement, Sarkis Izmirlian, chairman and CEO of
Baha Mar, said: “On behalf of our entire team here at Baha
Mar, I want to congratulate the people of the Commonwealth
of the Bahamas for their show of democracy in the recent gen-
eral elections which resulted in the new Free National Move-
ment government.”

Mr Izmirlian said Baha Mar is looking forward to working
closely with the new government and also “establishing a con-
structive dialogue which would facilitate a successful conclusion
to negotiations, beneficial both for the Bahamas and Baha
Mar.”

Baha Mar had lately run into some problems regarding the
timely signing of heads of agreement necessary to the further
development of the Cable Beach strip.

The former PLP government missed the March 15, 2007,
deadline to sign with Baha Mar’s partner Harrahs Entertain-
ment.

Baha Mar announced that despite over two months of nego-
tiations, an agreement with the government had not been
reached.

Due to the missed deadline, Harrahs Entertainment now has
the right to withdraw from the project.

However, Baha Mar said that it is not currently aware of
any plan by its partner to exercise these withdrawal rights.

ee

BY JOHN ISSA

Free and fair

THE fact that the people of
The Bahamas have changed their
government three times in the
last fifteen years proves that the
system works. Democracy works.

Compared with how elections
are generally conducted around
the world The Bahamas can take




satisfaction that their elections
were peaceful and generally fair.
However that is not good enough
for this great little nation.

The delay that the country had
to endure while they awaited the
results is not acceptable in a
nation of small size with a literate
population and a high level of
technological development.

Additionally the many con-
stituencies in which the candi-
dates are challenging the results
shine a spotlight on weaknesses in
the system.

Now therefore is the time for
reform of the system and the
macheniry. Now, not when the
next general election is approach-
ing.

The disagreements started even
before the election date was set
when the new constituencies were
announced and continued during
the time leading up to election,
on Election Day and since then.
The various complaints came
from many quarters.

These situations are unhealthy
for the nation and thus action is
needed to prevent their recur-
rence.

This column therefore respect-
fully suggests that the new par-
liament enact the necessary
changes to the electoral system
by way of legislation that will
depoliticize the drawing of con-
stituencies, the preparation of lists
of electors and the conducting of
elections.

Regardless of the results, it is
most important that the people
have full confidence in the
results.

This can be achieved by the
appropriate systemic change
which can be entrenched by the
necessary legislation.

The elections will be even more
free and fair.

? ao "es

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2.9. 9.F

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THE TRIBUNE



MONDAY, MAY 7, 2007, PAGE 15--



Ingraham: reports of JPY pP reviewin

voting irregularities

are being looked into

FROM page one

lawyers were looking into the possibility of contesting sever-
al constituencies in the election court.

Responding to this, Prime Minister Ingraham said on
Saturday night: .

“And I want Perry Christie and his legal team to know
that if the appropriate legal authorities are satisfied that
the reports they have received of illegal activities by the
former governing party in buying votes, intimidating voters
or interfering with individuals’ rights to exercise their free
will in choosing their parliamentary representatives on
Election Day — whether in Bimini and West End, in Fort
Charlotte, in Exuma, in MICAL, in Fox Hill or elsewhere
around our country — the chips will fall where they may.”

Mr Ingraham said he also wants Mr Christie and the
entire PLP to know that “their legal team can do whatever
they like in this land,” but that the legal authorities in the
Bahamas “will do their jobs without direction from the
political directorate, as has been the custom in recent
times.” ,

The prime minister further seemed to indicate that,
should it prove necessary, he would put the issue into the
hands of the people once again.

“Let me say this as clearly and as slowly as I can: the
FNM won the election. Period. We will defend our victory
against any and all. If the need arises we will return to you
for a bigger majority,” he said.



MALL AT MARATHON 393-5036

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FROM page one

the PLP won an election court
case contesting the MICAL con-
stituency outcome, which origi-
nally saw FNM candidate John-
ley Ferguson win.

This seat is again in dispute in |

2007, as FNM candidate Dion
Foulkes has alleged numerous
irregularities took place in the
run-up to and during the election,
and claims that the seat will again
end up in court.

It has been suggested that the
FNM will also contest a number
of seats.

On Friday, FNM candidate for
Fox Hill, Dr Jacinta Higgs, made
it known that she is seeking legal
counsel in the wake of her 63 vote
defeat by incumbent Fred
Mitchell, describing the run-up to
the election as "one of the most
insidious political experiences"
she has known. ‘

Addressing the crowd at the
FNM's victory rally in Clifford
Park on Saturday, Prime Minis-
ter Hubert Ingraham stated: "If

the appropriate legal authorities
are satisfied that the reports they
have received of illegal activities
by the former governing party in
buying votes, intimidating or inter-
fering with individual's rights to
exercise their free will in choosing
their parliamentary representa-
tives on election day, whether in
Bimini and West End and Fort
Charlotte and Exuma, MICAL
and Fox Hill or elsewhere around
the country, the chips will fall
where they may."

He said "legal authorities" are
investigating election conduct in
five constituencies.

Speaking on Island FM's Real
Talk Live show yesterday, law lec-
turer at the College of the
Bahamas, and son of PLP founder
Cyril Stevenson, Michael Steven-
son, said that an independent
commission should be established
to inquire into election conduct.

"It is the independence of the
commission that will validate the
process of deciding who will be
tried for election irregularities,"
he explained.

| aie
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rAUE 160, MMUINDAY, MIAY /, 20U/





MONDAY, MAY 7, 2007

SECTION -



business@tribunemedia.net



The Tribune

BUSINESS

Miami Herald Business, Stocks, Analysis, Wall Street





ColinalImperial.

Confidence For Life



OECD ‘endangers’ Bahamas
financial sector via EU’s EPA

* Bahamian financial industry in ‘dangerous’ position on trade talks, as EU wants it to ‘rapidly implement OECD standards
on transparency and the effective exchange of information for tax purposes, and to eliminate harmful tax practices’
* Nation may face trade-off between financial sector and market access for Bacardi, seafoods
* OECD says Bahamas fifth largest ‘offshore’ centre for mutual and trust funds

pbs coed ereiuckteteardesccesccsecckes eeweeccosee se seecseseeadeseoesse eee se sss ose Meese sss S sR Re ee ee ee ee ee ee ee Se ns

B@ By NEIL HARTNELL
Tribune Business Editor

he Economic Part-

nership Agreement

(EPA) the Bahamas

is negotiating with
the European Union (EU) is
attempting to force this nation
to sign up to the OECD’s tax
information exchange and
greater transparency goals, a
“dangerous” agenda that could
have dire consequences for this
nation’s financial services indus-
try, driving away business and
threatening the 22,000 jobs the
sector underpins.

Jeffrey Owens, director of the
Organisation for Economic Co-
Operation and Development’s
(OECD) tax policy and admin-
istration unit, illustrated just
how vulnerable the Bahamas is
to its ‘harmful tax practices’ ini-

‘tiative as it negotiates trade
agreements such as the EPA
with the EU.

In testimony on ‘offshore tax
evasion’ before the US Senate
Finance Committee last week,

Ingraham:

BIC stake

1 By NEIL HARTNELL
Tribune Business Editor

NEWLY-elected Prime Min-
ister Hubert Ingraham said the
former Christie administration
last week agreed to sell a strate-
gic stake in the Bahamas
Telecommunications Company
(BTC) to Bluewater Commu-
nications Holdings, the bidder
that it was locked in talks with
for the best part of two years.

Addressing FNM supporters
at the party’s victory rally on
Saturday, Mr Ingraham indi-
cated that his administration
would review the terms of the
deal reached by the outgoing
PLP government.

Mr Owens directly linked com-
pliance with the OECD’s
‘harmful tax practices’ goals to
the EPA negotiations, which
are attempting to preserve
‘duty-free’ market access for
Bahamian exporters to the EU,
and access to free grant funding
contained in the European
Development Fund (EDF).

Mr Owens said: “The EU has
linked the good governance
agenda, tax compliance and
development by including in
their partnership agreements
with developing countries in
Africa, the Caribbean and the
Pacific, goals on transparency
and effective exchange of infor-
mation. These agreements have
almost 3 billion Euros in the
10th European Development
Fund allocated to incentives for
implementing good gover-
nance.”

Quoting directly from an EU
document on its goals for the
EPA, Mr Owens said: “For the
Caribbean and Pacific regions,
the Community’s priority will
be to promote good financial,

PLP ‘sold
last week’

He hinted that Bluewater had
agreed to pay the purchase
price in instalments, something
his administration objected to.

Mr Ingraham said: “While we —

were out here campaigning,
they were busy at Cabinet
agreeing to sell BTC secretly.

“During the campaign they
were telling the employees of
_BTC that Ingraham will sell
BTC and they would lose their
jobs. Well, they agreed to sell
BTC last week. .

“Don’t be concerned. We will
review every line of the deal.
And there is no circumstance

SEE page 14

Bahamas urged to avoid
new tax exchange deals

@ By NEIL HARTNELL
Tribune Business Editor

THE Financial Services Con-
sultative Forum’s chairman has
urged the Bahamas to avoid
signing any other Tax Informa-
tion Exchange Agreements
(TIEAs), saying this nation
“would have to identify definite
advantages” before agreeing to
any such information exchanges
with European Union (EU)
states under the Economic Part-
nership Agreement (EPA).

Brian Moree, senior partner
at McKinney, Bancroft &
Hughes, told The Tribune that

Nation must ‘identify -
definite advantages’ from
such agreements with EU
states, as pressure comes
from OECD’s EPA ‘
Trojan Horse’

the EU’s determination to use
the EPA - currently being nego-

tiated by the Bahamas and 76
other states - to force this nation

SEE page 5

Toshiba Makes
Color History
with 4 Prestigious Awards

OPCS

memes

RST



@ JOHN DELANEY

fiscal and judicial governance.

“These regions need to rapid-
ly implement OECD standards
on transparency and the effec-
tive exchange of information
for tax purposes, and to elimi-
nate harmful tax practices. Spe-
cial attention will be paid to
such problems as money laun-





Life and Health Insurance

dering, organised crime and ter-
rorist financing.”

The threat was not far
behind, Mr Owens saying that
2008 “will be crucial in assessing
the willingness of jurisdictions
to conclude and implement Tax
Information Exchange Agree-
ments (TIEAs). A failure to
effectively implement trans-
parency and exchange of infor-
mation standards will force
OECD counteries to examine
alternative strategies vis-a-vis
these countries”.

The Bahamas has adhered to
the position that the former
FNM administration took in
2002, namely that it would only
act on commitments of greater

transparency and a willingness

to negotiate TIEAs with OECD
members if there was a ‘level
playing field’ on global tax and
fiscal affairs issues. The last five
years have shown that ‘level

' playing field’ is a long way from

being achieved.

Yet Mr Owens’ revealing
comments show how the
OECD is using the EPA talks

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as a ‘Trojan Horse’ to force its
‘harmful tax practices’ goals on
the Bahamas and other inter-
national financial services cen-
tres.

The Tribune has repeatedly
warned that the EU might seek
to use the EPA talks, and the
issues of preserving duty-free
access for Bahamian exporters
and access to grant funding, as
leverage to push this nation into
signing up to its Savings Tax
Directive.

Trade negotiations often
expose vulnerable nations, such
as the Bahamas, to initiatives

they would rather not have any ~

part in, and it appears the
OECD has recognised this and
is prepared to exploit it to the
max.

John Delaney, attorney and
managing partner at Higgs &
Johnson, agreed that Mr
Owens’ comments indicated
that the OECD ‘harmful tax

practices’ initiative was “mor- ©

‘phing” into the EPA.
He described this as a “dan-
gerous” development for the

si

One family with many needs. For

Bahamas anf its finaacial ser-
vices industry, the nation’s sec-
ond largest behind tourism, and
which a recent study estimated
accounted for between 26.2-27.4
per cent of per annum GDP
and 13 per cent (22,000) of total
jobs.

“The EPA offers certain
advantages to the Bahamas,”
said Mr Delaney, a former
FNM Senator who is close to
the new government. “It is a
dangerous thing for us to par-
ticipate in the EPA if we’re
being threatened in a very
important aspect of our busi-
ness with the international com-
munity.”

When asked whether the
Bahamas might be pushed into
a situation where it had to make
a choice, or trade-off, between
safeguarding its financial ser-
vices industry and duty-free
access to the European markets
for the likes of Bacardi and the
seafoods industry, Mr Delaney

SEE page 10

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BUSINESS TECHNOLOGY



=





PAGE 2B, MONDAY, MAY 7, 2007

THE TRIBUNE



©) FIDELITY MARKET WRAP

was Abaco Markets (AML),
up $0.08 or 7.27 per cent to
close at $1.18.

Year-to-date, AML’s share
price has risen by 93.44 per
cent to $1.18 versus $0.61 at
the end of 2006.

For the week, the FINDEX
increased by 0.82 points, to
close at 797.10.

@ By Fidelity Capital
Markets

A MODERATE level of
trading activity took place in
the Bahamian market this past
week, with 24,202 shares
changing hands. The market
saw eight out of its 19 listed
stocks trade, of which five
advanced and three remained

unchanged. COMPANY NEWS
Volume leader for the week Bahamas Property Fund
was Bank of the Bahamas Limited (BPF) -

For fiscal 2006, BPF posted
net income of $3.7 million, rep-
resenting a decline of $49,000
or 1.3 per cent over fiscal 2005.

Total income, including a

International (BOB) with
10,500 shares changing hands,
accounting for 43.38 per cent
of the total shares traded. The
big advancer for the week

FAMGUARD

The Board of Directors
of
FamGuard Corporation Limited
is pleased to advise that
the first quarterly dividend
for 2007
of 6 cents per share
has been declared to be paid on
May 18, 2007
to Shareholders of record as at
May 11, 2007

FAMGUARD CORPORATION LIMITED

The RBC Royal Bank of Canada
Swimming Nationals begin on

May 10 and run through May 13, 2007 marks RBC’s aan yeat of 41 Boys 11-12 50 Breaststroke
2007, at the Betty Kelly Kenning sponsoring this event. ”At Royal «42. Girls 13-14 50 Breaststroke
National Swim Complex. Run by Bank of Canada we have a 43 Boys 13-14 50 Breaststroke
the Bahamas Swimming tradition of giving back to the - Session 3 6:00 p.m.
Federation (BSF), the event communities we serve,” said 38 Girls 9-10 50 Breaststroke
features seven swim clubs and Nathaniel Beneby, Vice President a wena Boys 9-10 50 Breaststroke
300 swimmers. and Country Head of RBC Royal fg ooaee Girls 11-12 50 Breaststroke

Bank of Canada in The Bahamas.
“Our ongoing sponsorship of the
Bahamas Swimming Federation

“This year’s Swimming Nationals
feature a highly talented pool of

RBC Royal Bank of Canada
2007 Swimming Nationals

Pietured left to right: John Bradley, first vice president, BSF; Jan Knowles, regional public
relations manager, RBC Royal Bank of Canada; and Algernon Cargill, president, BSF.

add to the excitement.”



December 31, 2006, net
income stood at $7.8 million,
which represents an increase
of $6.01 million over 2005. Net
income attributable to com-
mon shareholders was $7.6 mil-
lion versus $218,000 in 2005.

Total revenues increased by
$2.9 million or 1.85 per cent to
total $162.4 million, while ben-
efits and expenses declined by
$3.2 million or 2 per cent to
total $154.5 million.

Total assets as at December
31, 2006, was $454.6 million,
up $34.9 million over $419.6
million in total assets for fis-
cal 2005.

$1.4 million net gain from
investment properties, was $5.7
million versus $6.1 million in
2005, while expenses decreased
by $154,000 or 15.33 per cent
to total $853,000.

Total assets as at December
31, 2006, were $47.7 million,
an increase of $2.5 million or
5.5 per cent over 2005.

Colina Holdings (CHL) -

The touted synergies from
the Colina/Imperial merger
seem to be coming to fruition,
if the financial results for fiscal
2006 are any indication.

For the period ending

International Markets

FOREX Rates










Weekly % Change





-0.78
-0.24
-0.42

1.1074
1.9931
1.3594

CAD$
GBP
EUR












Commodities



Weekly % Change

-6.99
0.86



$61.78
$690.70 ©

Crude Oil
Gold



International Stock Market Indexes:







Weekly % Change
DJIA 13,264.62 1.10
S & P 500 1,505.62 0.77
2,572.15 0.58
17,394.92 -0.03

For Sate By Owner

Indigo - Gated Community
(Just West of Orange Hill)
Vacant residential lot. 7,200 square feet
Infrastructure already in place,
just down the hill is the beach.
Will contain swimming pool and tennis court.

$185,000. Contact Ms Johnson 393-3725 or 395-3368 (cell)






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42 Girls 13-14 50 Breaststroke
43 Boys 13-14 50 Breaststroke

Boys 15 & Over 200 Freestyle
Girls 8 & Under 50 Breaststroke
oys 8 & Under 50 Breaststroke 56 Girls 11-12 100 Butterfly
| Girls 9-10.50 Breaststroke
39 Boys 9-10 50 Breaststroke
40 Girls 11-12 50 Breaststroke

The Bahamian Stock Market

FINDEX 797.10 YTD 7.41%








CLOSING CHANGE
PRICE

VOLUME YTD PRICE
CHANGE

BISX
SYMBOL







































AML $1.18 $0.08 2500 93.44%
BAB _ $1.30 $- 0 4.00%
BBL _ $0.85 $. 0 11.84%
BOB $9.02 $- 10500 12.33%
BPF $11.60 $0.01 5300 2.65%
BSL $14.60 $. 0 0.00%
BWL $2.60 $0.10 1902 48.57%
CAB $10.42 $0.01 1000 4.20%
CBL $14.26 $- 400 13.99%
CHL $2.10 ¢. 0 10.53%
CIB $14.62 f. 0 332%
CWCB $5.20 $0.01 0 0.19%
DHS $2.43 $- 0 -2.80%
FAM $5.94 $- 1000 2.59%
FCC $0.54 . -1.82%
FCL _‘$17.18 $0.07 1600 36.89%
FIN _ $12.49 ‘ 0 3.91%
ICD $7.25 $- 0 1.40%
ISJ $9.05 - 0 5.23%
PRE $10.00 $ 0 0.00%





DIVIDEND/AGM NOTES:

¢ CWCB has declared dividends of $0.013 per BDR, payable
on May 7, 2007, to all shareholders of record date March 30,
2007.

¢ FCL has declared dividends of $0.12 per share, payable on
May 11, 2007, to all shareholders of record date April 30,
2007. ; :

e Commonwealth Bank will hold its Annual General Meet-
ing on May 16, 2007, at Spm at SuperClubs Breezes, West Bay
Street, Nassau, Bahamas. ;

e Freeport Concrete Company will hold its Annual General
Meeting on May 16, 2007, at 10am at Westin at Our Lucaya,
Freeport, Grand Bahama.

e Bahamas Waste (BWL) will hold its Annual General
Meeting on May 23, 2007, at 6pm at the National Tennis
Centre, Queen Elizabeth Sports Centre, Oakes Field, Nassau,
Bahamas.




e J. S. Johnson & Company will hold its Annual General
Meeting on May 30, 2007, at 6pm at the British Colonial
Hilton Hotel, Number 1, Bay Street, Nassau, Bahamas.

e Doctors Hospital Health Systems will hold its Annual
General Meeting on June 28, 2007, at 5.30pm in Doctors
Hospital conference room, Collins Avenue, Nassau, Bahamas.

For the stories behind iat a=) ee
read Insight on Mondays

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Che Miami Herald |

WALL STREET

MONDAY, MAY 7, 2007



3B



Worries arise of another dot-com implosion

BY JOE BEL BRUNO
Associated Press

NEW YORK — It was impossible
to escape the comparisons with 2000
on Wall Street this past week.

Not only did the Standard &
Poor’s 500 index pass 1,500, a level
the market has not seen since the
dot-com boom, but the Dow Jones
industrial average also ratcheted
higher. Rising stock prices — which
come amid a slowing economy —
have some on Wall Street wondering
if investors are making the same mis-
takes they made during the high-tech
bubble.

Market watchers believe stocks
have more juice in them, but not like
the late 1990s, when investors indis-
criminately snapped up shares as if
there was no end in sight to the big
rally. This time around, Wall Street is

taking a more measured approach —
and showing signs that a long-
awaited, and perhaps needed, correc-
tion is beginning to form.

“Pullbacks are healthy and gets rid
of the froth in the market,” said
Quincy Krosby, chief investment
strategist for The Hartford. “There’s
conviction out there, and big orders
are coming in from people who don’t
want to miss out. But, it’s the correc-
tion that will bring back the retail
investors.”

Indeed, -the biggest difference
between the go-go 90s and the cur-
rent market’s momentum rests on the
retail investor.

With stocks having risen steadily
since recovering from a late-Febru-
ary plunge, many analysts believe
Wall Street is overdue for a correc-
tion. But, institutional investors and

hedge funds show no signs of com-
plying — sending stocks up on good
news or bad. The latest example
came Friday after a government
report showed disappointing job

growth in April, and major indexes.

still finished higher.

But retail investors have largely
missed out on the rally. And there is
mounting evidence — such as more
volume pouring into the market —
that they are beginning to come back
in. And that’s interpreted as both a
negative and positive for the market.

Peter Cardillo, chief market econ-
omist at New York-based brokerage
Avalon Partners, said the rush back
into stocks by individual investors
might be another sign the market is
approaching a near-term peak. This

investor class is typically the last

group to join a rally before consolida-

ARCHAEOLOGY









BROOKS TROPICALS

DIG IT: An archaeological team, above, excavates one of three Mayan structures found on the
Brooks Tropicals site. An uncovered tomb, below, holds ancient remains.

PRESERVING THE PAST

A FRUIT DISTRIBUTOR WORKS TO
PRESERVE AN ANCIENT MAYAN RUIN

BY TERE FIGJERAS NEGRETE
tfigueras@MiamiHerald.com

When Brooks Tropicals began work on a new
headquarters for its papaya-growing operation in
_ Belize, executives for the produce distributor never
_ imagined the project would thrust them into
‘unfamiliar terrain: archaeology.

Soon after the groundbreaking on the site of the
new corporate offices in December, construction
crews unearthed what looked like the foundation of a
long-buried building — and halted work for about two
months to allow Brooks Tropicals to work with Beliz-
ean officials to excavate the site, located in the north-
ernmost district of Corazal.

Government archaeologists soon discovered a clus-
ter of ancient Mayan structures and the remains of
three people buried in the traditional Mayan fashion,
all believed to be between 1,500 and 1,800 years old.

Brooks Tropicals now plans to incorporate some of
the artifacts in an exhibit within the office complex,
and incorporate one of the excavated structures —
believed to be a home built for a relatively well-to-do
Mayan family — into a community park on the Brooks
property. “It’s a way for them to see how their ances-
tors lived,” said Mary Ostlund, spokeswoman for
Brooks Tropicals, which employs 1,200 in Belize. The
new building will serve as headquarters for the 1,700
acres of papaya groves, which Brooks Tropicals leases
from local farmers. The site will include the grove
operation offices and packing facilities for Brooks
Tropicals, which bills itself as the largest papaya
importer in North America. Brooks Tropicals has been
marketing papayas from Belize since 1988, and began
growing the fruit in 1993.

The fruit is shipped to facilities in Homestead, Fla.,
where the company was founded in 1928. Brooks Trop-
icals also grows star fruit and avocadoes in Florida, as
well as importing and distributing tropical fruits and
vegetables from other growers.

The human remains have been turned over to the
the Institute of Archaeology. The excavation revealed
the remains of a man and a woman buried in a crypt.
Archaeologists have uncovered four rooms and ornate
pottery. Two other structures have been partially
excavated, but their original purposes are still
unknown.

A third crypt, holding the remains of a man, was
found just outside the home.

Belizean law requires businesses to tread carefully
when dealing with archaeological finds. Failing to

allow archaeologists
to survey sites can
lead to hefty fines or
prompt officials to
shut down projects.

Some disputes
have ended only after
prolonged legal bat-
tles, said Jaime Awe,
director of Belize’s
Institute of Archaeol-
ogy, a branch of the |
National Institute of }
Culture and History.

“I wish more
developers were as
willing to work with
us as Brooks,” said
Awe.

Brooks Tropicals
has footed the bill for
the initial excavation,
about $10,000, said
Awe.

Ostlund said the
company is financially committed to the project. The
headquarters should be completed by February. The
community park will be finished by the end of next
year, said Ostlund.

The Belizean countryside is dotted with countless
similar sites. The ancient Mayans numbered more
than a million in 600 AD, said Awe. The current popu-
lation of Belize is around 300,000. “We have more pre-
historic buildings than modern ones,” he said.

But preserving Mayan history in Belize, a former
British colony that became an independent country in
1981, has been difficult.

“The best known sites were all looted early on.
There is a lot of bitterness in Belize,” said Victor Bul-
mer-Thomas, professor emeritus at London University
and a visiting professor at the Latin American and
Caribbean Center at Florida International University.
“When it was a British colony the rules over what you
could take favored foreign museums. And in the last 20
or 30 years, it’s been straightforward looting and sell-
ing on the black market.”

The excavation on the Brooks Tropicals site has
already had a ripple effect in the area.

Government archaeologists working on the site
were able to persuade nearby crews working on a road
between the Belizean and Mexican border to tempo-
rarily halt work, giving them enough time to salvage
what they could.

“Cooperating is a win-win,” he said. “It helps pre-
serve our heritage, and fosters incredibly good rela-
tions between companies and communities — that
you’re not just here to make a quick buck.”









tion begins.

But, it’s those pullbacks — which
analysts say should average about 10
percent — that set up the markets for
further advances. A broad swath of
retail investors are mindful of what
happened at the market’s peak in
2000, when a tech-driven rally
became overvalued in a frenzied
environment.

Timing is everything as investors
now try to determine how much i
left out of the bull run.

“I think we’re looking at an aging
bull here, and can expect a pull
back,” Cardillo said. “Are we looking
at stocks becoming unfashionable?
No, I don’t think so. The market
needs to rest and take a breather
before it can continue to climb higher
this year.”

Strong catalysts like corporate

SMALL BUSINESS

earnings growth convince bulls that
this year the Dow will touch 14,000,
while the broader S&P 500 index
reach 1,600. Technical analysts
believe stock prices, relative to how
much companies are projected to
earn this year, are still in a comfort-
able zone — unlike the over-inflated
stock prices rampant in the late ’90s.

U.S. companies are still turning in
fairly robust results as made evident
when first-quarter results managed
to impress Wall Street. Stock prices
for these companies still remain
fairly valued since the market’s run
has been more measured, and far less
volatile than the years leading up to
the tech crash.

Also powering stocks is continued
acquisition activity, like speculation
on Friday about Microsoft’s interest
in Internet portal Yahoo.

Sometimes you
have to say ‘No’

BY JOYCE M. ROSENBERG
Associated Press .

The idea of saying no to a cus-
tomer ‘or client may seem unthink-
able for a new small-business owner.
Turn down business? Get rid of a big
account?

Yes, say veterans who have
learned that trying to take care of a
difficult customer or one whose
needs don’t mesh with those of the
business can be costly in terms of
money, stomach lining and future
revenue.

Business owners often turn down
_a client. or customer request, and

sometimes take the more drastic step *

of putting an end to the business rela-
tionship, because the customer may
be too demanding given the size of
the project or contract.

Abusive behavior toward an
owner or his or her staff is another

reason why a customer could be sent’

packing.

And sometimes, it’s because a
business has to be honest and say the
company just can’t do the work that
the customer wants, and so maybe it
would be better to go elsewhere.

Chris Carmon, CEO of the execu-
tive recruiter The Carmon Group,
said owners and also employees need
to consider not only the revenue that
a client can bring in now, but the
overall impact this account will have
on the company.

“People see a big company name
or the ability to generate revenue in

the short term and they jump on that ©

bandwagon,” said Carmon, whose
company is located in Independence,
Ohio.

“Great. salespeople are the ones
who see how that will impact them
not just now but in the future.”

For example, will trying to serve
one customer’s needs distract the
owner and other employees from
developing other business or serving
other customers?

Or, Carmon noted, sometimes the
problem is that the customer needs
something from a company that it’s
just not set up to handle.

“We've had to discuss this with
the client,” he said.

“It’s a difficult conversation to say,
‘This is not a good fit for us, and this
why.’ ”

But Carmon said having to tell a
client no in such a situation is more
likely to turn out to be positive in the
end.

“The business has grown dramati-
cally because we have the better cli-
ent base that fits us,” he said. And,
some of these clients, appreciating
the fact that his firm didn’t want to
deliver unsatisfactory service, came
back later on when they had other
projects more suited to his line of
work.

Business owners agree that saying
no or firing a client is hard to do. But
Michael Frenkel, owner of MFC PR
in New York, said a little perspective
is called for.

“It’s not the last client on earth
and there’s something to be said for
peace of mind at the end of the day,”
he said.

“It helps to take a step back and
say, there are more clients around the
corner.”

Frenkel has ended relationships
with clients who were verbally abu-
sive, and when a customer’s demands
escalated to the point where the con-
tract was going to hurt the rest of his

‘It’s not the last client on
earth and there’s
something to be said for
peace of mind at the end of
the day.’

- MICHAEL FRENKEL, owner of MFC PR In New York

business.

“It’s not fair to you and it’s not fair
to-your-other clients,” he said.

Some business owners don’t wait
until there’s a problem to broach the
idea of “this isn’t working.” __

~ Mike Paul, president of New York-
based MGP & Associates, includes a
clause in his public relations firm’s
contracts that allows him to cancel
the deal if he feels the client isn’t
working out.

Paul, who said his firm specializes
in damage control and reputation
repair work, said he needs to be sure
his clients are serious about ethics.

If he doesn’t get the cooperation
he needs from a client, “I don’t care if
a million dollars is on the table, I'll
walk away.”

Carmon, Frenkel and Paul deal
with other business people. Firms
that deal with the public also have to
say no and watch a customer walk
away.

Chery] Smith, president of Kansas
City Home Care, said every client is
important in a service business, but
she’s said no when it just doesn’t
make economic sense for her com-
pany, which places home healthcare
aides. *

For example, she said, families that
want help for only one or two hours a
day just can’t make the job worth-
while to her business.

If they’re located too far from the
metropolitan Kansas City area, she’ll
also say no.

When families become abusive to
her staff, she said she needs to end
the relationship.

And when a family needs care that
goes beyond the scope of what home
health aides are able to do, she cannot
legally or ethically agree.

“We turn people down not a
whole lot, but we do it if we can’t doa
good job,” she said.

In retailing, where the mantra is
“the customer is always right,” Debo-
rah McCoy had to tell customers they
were wrong even if it meant her com-
pany was then bad-mouthed to oth-
ers.

McCoy, president of the American
Academy of Wedding Professionals,
used to own a bridal shop in Boca
Raton, Fla.

She recalled that a persistent prob-
lem was customers who expected her
to absorb the cost of bridesmaids’
dresses that had been made, but that
no one wanted because bridesmaids
had pulled out of a wedding.

She said the brides didn’t see why
they should pay for the dresses, and
some outright refused.

“It was a terrible situation over
and over again,” she said.

But McCoy couldn’t afford to let
the dresses go unpaid for, and she
ended up playing hardball — the
brides didn’t get their gowns until all
the dresses were paid for.

“You have to understand — we’re
business people and we have to sup-
port our families,” she said.



me



tl ak

THE MIAMI HERALD | MiamiHerald.com

MAILING COSTS

Be ready for a
postal rate hike

BY JOYCE M. ROSENBERG
Associated Press

When postal rates go up on
May 14, many small business
owners will be looking for
ways to save on their mailing
costs. Many will switch to
e-mail and other high-tech
methods, while others will opt
for smaller envelopes or thin-
ner packages.

And some will take more
drastic steps — such as aban-
doning higher-cost, low-mar-
gin parts of their businesses.

Steve Weber, who sells
books online, already stopped
shipping some lower-priced
books in recent years because
he simply couldn’t make
enough of a profit as mailing
costs increased.

When rates rise again, he
expects to pare his inventory
further, discarding or donating
books that would sell for $5 or
less. “I’ll probably downsize
quite a bit and focus in on the
items that are worth more
money,” said Weber, adding
that he’ll also be shipping
fewer books overseas.

RATE CHANGE

The postal rate change that
will send the cost of a first-
class stamp up 2 cents to 41
cents will also make it more
expensive for businesses to
send most of their letters and
packages. Evan Bloom, who
co-owns a Sir Speedy printing
franchise in Westbury, N.Y.,
said that while in the past the
U.S. Postal Service based its
prices on weight and size, now
thickness of a letter or package
is being thrown into the mix.

He noted, for example, that

WORKPLACE

a business sending out a letter
with a complimentary pen to a
prospective customer has only
had to worry about the weight
of the package. But as of May
14, the thickness of such an
envelope will figure into the
cost because the pen will make
it harder for the package to be
sorted.

SAVING ON COSTS

Bloom said many compa-
nies will be able to save on
postage costs by using differ-
ent size envelopes or making
smaller mailings. But, he said
of the increase, “there’s no
way to avoid it entirely.”

He expects his clients to do
what his company has already
been doing to contain its own
costs — culling mailing lists to
target the best sales prospects.
“It makes me think more in
detail about how I’m mailing,
whether it will reach the peo-
ple we need to,” Bloom said.

The postal rate hike follows
by several months rate
increases at package delivery
services including FedEx and
UPS. And so the higher cost of
mailing and shipping is likely
to make many small busi-
nesses turn to e-mail and
Web-based mail to send out
letters, reports, presentations,
projects and more.

Andy Abramson, chief
executive of Comunicano, a
Del Mar, Calif.-based market-
ing firm, said his company
uses e-mail and the Web to
send and receive most of its
documents, bills and letters.
For larger mailings that are too
big for some Internet service
providers or servers to handle,

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The higher cost of mailing and shipping is likely
to make many small firms turn to e-mail and

. Web-based mail.

FREE RESOURCE GUIDE
AT MIAMIHERALD.COM

Go to MiamiHerald.com/Business and click on Small Busi-

ness. There you will find:
e@ Special reports and news

@ Small-business resource lists

e Information on financing a small business

e Advice for start-ups

e A Q&A on marketing your business

Comunicano relies on compa-
nies that deliver PDF files.
Business owners wanting to
learn about the various high-
tech ways of mailing need only
talk to other, more tech-savvy
entrepreneurs, or to search the
Web. While there are many
sites run by companies want-
ing to sell you services, you
can still learn about your
options without signing up.
You can also get some help
from SCORE, the organization
of retired executives who
counsel small businesses for

free; its website is
Wwww.score.org.

But Abramson, who noted
that he is the son of a postal
worker, said businesses
shouldn’t expect to abandon
regular mail altogether. Some
pieces of mail can have an
impact — especially an emo-
tional impact — that e-mail
and PDF files just can’t
deliver.

“There is something special
about receiving a card, or a

calendar that goes on your

wall,” he said.

Disability rates are on the rise

BY M.P. MCQUEEN
The Wall Street Journal

Disabilities among Ameri-
can workers are growing at an
accelerating pace, prompting
employers to accommodate
more maladies in the work-
place, according to govern-
ment and industry studies.

The problem is increasingly
related to unhealthy lifestyles,
including poor eating habits
and lack of exercise, insurers
and researchers say.

Also, an aging workforce
and rising rates of obesity lead
to ailments such as back pain,
knee and hip injuries and dia-
betes.

And improved treatments
for diseases such as cancer
and heart disease have meant
that some patients who other-
wise would have died survive,
but with disabilities.

The Council for Disability
Awareness, an insurance
industry group, found in a
soon-to-be-released survey
that more than 500,000 indi-
viduals received long-term
disability payments from the
council’s member firms in
2006, up 4.4 percent from a
year earlier. In 2005, the first
year of the survey, the number
of claims rose 1.4 percent.
Insurers paid $7.5 billion in
claims last year, up 7.5 percent
from 2005.

The data don’t necessarily
include workplace-related
injuries, which are covered by
workers’ compensation insur-
ance.

Federal government figures
show even steeper increases.
Recipients of Social Security
Disability Income, or SSDI,
grew 4.4 percent to 6.8 million
last year and was up 51 percent
over the past decade, with
women filing claims at nearly
twice the rate as men, accord-
ing to an analysis of federal
data by the insurance industry
group.

Rising disability claims are
expected to pose a growing
challenge to employers
because of labor shortages that
are developing as the popula-
tion ages. Studies show that
more baby boomers expect to
continue working past the age
of 65 or 70, but given current
health trends many will
develop impairments that will
require special accommoda-
tions if they are to continue to
be productive.

Many employees are
already finding their employ-



ers increasingly accommodat-
ing. OSRAM Sylvania, a light-
ing manufacturer in Danvers,
Mass., allowed Tricia Cham-
bers, 45, to work from home
during her year-long treat-
ment for breast cancer. Cham-
bers, an occupational health
manager, says that despite her
illness she was able to put in as
much as 70 percent of her nor-
mal working hours by tele-
commuting with a laptop com-
puter.

“J found working very ther-
apeutic because it was the one
thing that took my mind off
cancer,” she says.

COMMON PROBLEMS

Sylvania says it has seen
increasing numbers of disabil-
ity claims, especially for lower
back and shoulder pain,
depression and heart disease.
To accommodate such situa-
tions, the company, a unit of
Siemens AG, recently began
offering greater flexibility for
employees with impairments
to work flexible hours, tele-

commute, change work shifts
to accommodate doctor
appointments or change
assignments.

“In the future, there will be
more pressure on employers
... to keep as many people at
work as you can,” says Chris-
tine Sheedy, a risk manager at
Sylvania.

“Replacing employees costs
a lot of money,” she says.

American Express says it
has altered the company cafe-
teria at its Greensboro, N.C.,
call center to accommodate
wheelchair-bound workers,
enabling them to access
microwaves and bus their
trays on carts. Company
employees who rely on public
transportation because of
medical reasons, such as para-
transit transportation, can get
flexible work schedules to
accommodate their needs.

Back and joint problems,
cancer, and heart disease were
among the leading causes of
disability, according to the
insurance industry survey and

MICHAEL HOGUE/MCT

a recent study by the federal
government’s Institute of
Medicine of the National
Academy of Sciences. Chronic
bronchitis, congestive heart
failure and diabetes also are
growing among adults of
working age.

MENTAL HEALTH

“Another reason for the
accelerating growth in disabil-
ity claims in recent years is
that more claims are being
tiled for depression and other
mental and nervous condi-
tions, insurers say. Such diag-
noses were often excluded in
the past. Also, insurers say
that the larger number of
women that began working
outside the home in past years
is behind the fact that they are
now filing claims at a rate
twice as fast as men.

“The general health of the
workforce is declining” says
Robert Taylor, executive
director of the insurance
industry’s Council for Disabil-
ity Awareness.







ud NTERNATIONAL EDITION

TRAVEL

MONDAY, MAY 7, 2007 | 4B

'

Trans-Atlantic
treasures to be
discovered

BY JOE SHARKEY
New York Times Service

How about some good
news for a change? Business-
class fares on trans-Atlantic
routes are coming down.
Major airlines are improving
their international routes and
reducing capacity on domes-
tic routes as lower-fare com-
petition becomes more
aggressive.

Two low-fare start-ups —
MaxJet and Silverjet — say
they are creating a bigger
pool of business-class pas-
sengers who are willing (or
able, under corporate poli-
cies) to pay a little more for a
lot more comfort.

Meanwhile, the third low-
fare all-business-class
start-up, Eos, says it has set-
tled comfortably into a dis-
count-fare niche in the top
quality business-class market
across the Atlantic.

The New York to London
route, the most lucrative in
the industry for premium-
class travel, is in flux. It’s still
possible to pay a fortune for
a walk-up business class seat,.

of course.

On Monday, I checked
walk-up fares on two inter-

national airlines that have.

what are considered to be
top business-class service,
British Airways and Virgin
Atlantic. They were slightly
more than $10,000.

“They’re offering a superb
product, but that is really an
incredibly large amount of
money,” said Joshua Marks,
the vice president for plan-
ning at MaxjJet, which pur-
ports to be generating a good
part of its market from busi-
ness passengers who used to
fly coach or premium coach:

U.S. airlines used to
closely match walk-up fares
on competitors like British
Airways, but not any more.

The walk-up New York to
London round-trip fare on
American Airlines on Mon-
day was $7,723. And if
booked Monday for a flight
in three weeks, business-
class fares on major U.S. air-
lines dropped to the $3,500
level, while British Air was
charging about $7,000.

PROFIT DRAIN

Airlines make most of
their money on trans-Atlan-
tic routes in first and busi-
ness class. Coach is usually a
drain on profits, which is
why an all-business-class air-
line with an enticing fare
structure can compete, even
without the sort of schedul-
ing frequency that major air-
lines offer.

“We're not subsidizing
cheapskates like me, who
used to travel only in econ-
omy,” said Lawrence Hunt,
the chief executive officer
and a founder of Silverjet, a
British-based airline that has
been flying New York to
London (actually Newark to
London) for about two
months or so.

Silverjet flies a 767 with
100 all business-class seats.

The average fare from
New York to London is
“slightly over $2,000,” Hunt
said.



Business-class fares
on trans-Allantic
routes are falling.

On major carriers, the
average fare on that route is
around $5,500, which takes
into account volume dis-
counts negotiated by major
customers. A major Ameri-
can investment bank, consid-
ered one of the highest-vol-
ume customers, pays around
$3,000 round trip on Ameri- .
can Airlines, Hunt says. Typ-
ical high-volume corporate
discount rates are about
$6,000, but small-business
travelers and entrepreneurs
who don’t book well in
advance often end up paying |
the walk-up fare.

On Silverjet, the walk-up
fare can go as high as $4,000
in peak-demand periods. But,
Hunt said, ‘on some days
you'll be paying $1,700 round
trip.”

Silverjet recently bought a
second 767 aircraft. “I took
the keys Thursday,” Hunt
said. It will be used for a sec-
ond New York to London
flight starting in July.

The company expects to
take delivery of a third air-
craft in November and use it
either for New York to Lon-
don service, or to provide
London service from another
U.S. city, such as Miami, Los
Angeles or Chicago.

A STRONG START

Silverjet says it had a load
factor — the percentage of
seats full — of 59 percent in
March. “That’s almost
unprecedented for a carrier
in its second month of opera-
tion,” Hunt said.

MaxJet flies between New
York and Loridon and Las
Vegas and London and is
about to resume its flights
between Washington and
London, which were sus-
pended for the winter. .

Average fares are about
$2,000, Marks said. MaxJet
says its business-class ser-
vice is comparable to that on
US. airlines. “We’re not try-
ing to compete with the best
of the best,” Marks said.

“But we are showing that
with a good product, people
will pay more to get out of
economy class,” Marks said.

Eos, on the other hand,
competes with the luxury
service on top-level business
and first-class airlines like
British Airways and Virgin
Atlantic on the trans-Atlantic
route.

ItEos flies 757s, which typ-
ically carry more than 200
passengers, outfitted with
just 48 lie-flat seats. Its new
schedule between New York
and London has three flights
on most days, for a total of 32
flights a week.

If you booked a flight yes-
terday, the walk-up fare
would have been $7,500. In

‘advance, the fare is $3,200 or

less.

Meanwhile, Eos also just
introduced an advertising
campaign with a strange key-
word for air travel:
“Uncrowded.”



a

6

s

4
RICK STEINHAUSER/ MCT





(oN we |

bet por
ea br
ye

THE TRIBUNE

MONDAY, MAY 7, 2007, PAGE 5B







Bahamas urged
to avoid new tax

FROM page 1

to implement the OECD’s
transparency and tax infor-
mation exchange standards
was “yet another wake-up
call” for this nation when it
came to negotiating interna-
tional trade agreements.

“I think this is yet
another example of
why we have to
remain extremely vig-
ilant in negotiating
these various agree-
ments, because other
countries clearly - in
this case, the EU -
have an agenda which
they are trying to
impose through this



EPA,” Mr Moree
said.

He added that trade talks
such as the EPA were “multi-
faceted”, and signing up to
them could come “at a con-
siderable price”.

“Tt’s up to us as a country to
decide what that price is and
negotiate the best deal we
can,” Mr Moree said. “They
[the OECD] are really trying
to get an exchange of infor-
mation on fiscal matters, and
tacking it on to the back of
this EPA.”

In this case, the price for
the Bahamian financial ser-
vices industry and the wider
economy, if it signed up to
TIEAs and the Organisation
for Economic Co-Operation
and Development (OECD)
agenda being pushed through
the EPA, could be high.

An economic impact assess-
ment of the financial services
industry's value to the
Bahamian economy, con-
ducted by Oxford Economics
and commissioned by the
Bahamas Financial Services
Board (BFSB), estimated that
the Bahamian financial ser-
vices industry boosts this
nation's gross domestic prod-
uct (GDP) by an extra 2.2-3.4
per cent through its spin-off
benefits for industries such as
construction and real estate.

The Oxford Economics
study estimated that the
Bahamian financial services
industry had a total economic
impact of between 26.2 per
cent and 27.4 per cent, direct-
ly generating nearly $850 mil-
lion or 15 per cent of GDP in



2004.
And for 2004, financial ser-
vices supported some 22,000



8 MOREE

exchange deals

ing for 13 per cent of the
workforce. Direct employ-
ment created by the industry
was some 9,300 in 2004,
amounting to 6.2 per cent of
employment.

Entering into TIEAs could
blunt this nation’s competi-
tive advantages in financial
services, especially given its
reliance on private
wealth management
for the bulk of its
business.

The Bahamas
signed a TIEA with
the US in 2000, the
only one it has agreed
to date. In this partic-
ular case, the
Bahamas received an
obvious reciprocal
benefit - the conven-
tion tax break that
boosted this nation’s tourism
competitiveness for US con-
vention and conference busi-
ness - but the benefits of such
an agreement with any EU
state do not seem quite so
obvious.

“We will have to be
extremely careful about sign-
ing additional TIEAs, and
that will be something that
requires the most careful and
mature consideration before
we commit,” Mr Moree said.

“To the extent that we will
have to give up some
exchange of information in
return for the benefits under
the EPA, we have to make
sure the deal is transparent
and in our interests.

“IT certainly don’t think the
answer is to enter into a
whole raft of TIEAs with oth-
er countries. We would have
to identify definite advantages
before signing a TIEA with
any EU state.

“This is indicative of the
challenges that lie ahead for
us. It does re-emphasise the
complex world we are living
in with regard to these nego-
tiations, and we have to be
very focused and have age-
quate resources protecting
our interests. There are mo
easy answers.”

Mr Moree said of trade
talks such as the EPA: “The
issues being addressed, the

“agendas being pushed, go way

beyond free trade. They affect
your social life, your tax sys-

tem, your judicial system.

“Countries are using these
treaties and opportunities to
initiate initiatives that go far
beyond economic and trade
opportunities.”



‘Sustained
weakness’ in
cruise sector

@ By NEIL HARTNELL
Tribune Business Editor

idespreads weak-
ness in the cruise
industry sector

caused tourist arrivals to decline
by 4.7 per cent for the first 10
months of 2006, with the Central
Bank of the Bahamas annual
report warning that this nation
“will continue to face increased
competition in the coming
years” as the major cruise lines
shift ships to Europe and other
destinations.

The Central Bank said there
was “sustained weakness in sea
arrivals” during 2006, “as the
local cruise industry appeared
to be adversely affected by
increased competition from oth-
er Caribbean and extra-region-
al markets”.

While cruise ship calls in the
Bahamas actually increased by
2.3 per cent during the first 10

months of 2006, sea visitors -
the largest segment of the
Bahamas’ tourism visitor market
- fell by 7 per cent to 2.7.mil-
lion.

Total arrivals to New Provi-
dence fell by 6.7 per cent during
the 10 months to October 2006,
driven by an 11.1 per cent fall in
sea arrivals.

Fears

This is likely to further fuel
fears that the Bahamas is losing
its competitive edge in the cruise
business, despite its proximity
to the US, with concerns about
the quality of the product on
offer -especially in downtown
Bay Street, Nassau - paramount.

Per capita cruise passenger
spending fell from $83 per head
in 1995 to just $74 per head in
2005, indicating decreasing
yields and net returns per visitor.

On the other side, there is the

increasing use of their private
islands by the cruise ships, deny-
ing Bahamian-owned businesses
in Nassau and Grand Bahama
the economic trickledown effect,
and the fact that passengers
often stay on board in port asa
result of bars, shops and restau-
rants being allowed to stay open.

Between 1989 and 2005, pri-
vate island calls by the cruise
ships are understood to have
doubled from 17 per cent to 34
per cent of their Bahamas calls,
a percentage that may have hit
more than 45 per cent last year.

Meanwhile, the Central
Bank’s annual report said
Bahamian hotel revenue per-
formance “weakened” during
the first 10 months of 2006, as
rising room rates were “over-
shadowed” by “marginal” occu-
pancy declines.

Hotel revenues increased by
4.2 per cent, a growth rate well
below the 9.2 per cent increase

in 2005. Average daily room
rates rose by 6.3 per cent to
$166.38, but average occupan-
cy rates fell by 2.2 per cent to
68.2 per cent due to increases
in available room nights.

On New Providence, room
revenues rose by 4.1 per cent
due to a 4.5 per cent increase in
average daily rates, offsetting
the 0.4 per cent decline in occu-
pied room nights.

Hotel earnings on Grand
Bahama rose by 5.5 per cent, as
room rates increased by 14.1 per
cent. While available room
nights increased by 13 9 per cent
following the recovery from the
2004 and 2005 hurricanes, the
total number of room nights
dropped by 7.5 per cent.

On the Family Islands, hotel
revenues grew by 3.2 per cent,
driven by a 9.3 per cent rise in
average daily rates, which over-
shadowed the 5.6 per cent
decline in occupied room nights. '

The Bahamas Institute of Financial Services

‘opening:
3 30 am ~ 10: 60 am

| Morning
10: 30 am~ 12:00 pm

“Luncheon
12:30 pm ~ 2:00 pm .

Afternoon

vs

Introduction to Seminar and Welcome Remarks

Stimulating The Workforce Through Kewl:
Learning and Opportunities”

. : “Stimulating and Sustaining Growth In Financial

: Services”

i "The Need for Professionals to become diversified
: in the Financial Services industry”

KS Pa ay

TBA

: Min, James Smith

_ Mr. Michael Allen
: Ms. Tanya Wright
"Mr. Michael Fields

: Mr. Nathaniel Beneby Jr.

jobs in the Bahamas, account- | 2:30 pm ~ 4:30 pm i PANEL

TUESDAY, May 15, 2007

' Morning
_ 10:00 am ~ 12:00 pm_

| Afternoon
_ 4230 pm — 4:30 pm

Justice John Lyons

' “Litigious Environment*

" “Strategies For Marketing Private Trust
Sl, ke

S Scotiatrust

ASSISTANT MANAGER,
TRUST SERVICES

(Senior Client Relationship Officer)

AIBT
WEDNESDAY, May 16, 2007

: “International Agreements & Their Impact
on The Bahamas”
PANEL

“Transparency in in Company Formation
_ Activities; Is there a level playing field”

~ “The impact of Hague Trust Agreement on
Bahamian Trusts”

HE A. Leonard Archer
Mr. Bruce Zagaris

: Morning
. 10:00 am — 12:00 pm

~The Bank of Nova Scotia Trust Company
(Bahamas) Limited invites applications from
qualified Bahamians for the position of Assistant
Manager, Trust Services.

Luncheon

, 12:30 pm ~ 2:00 pm Ms. Rowena Bethel

' Afternoon STEP
_ 2:30 pm ~ 4:30 pm |
The successful candidate will act as a Senior
Relationship Officer for high net worth clients
of the Trust Company and will be a part of the
Trust Department Management Team. Advanced
knowledge in areas of trust, company, and agency
management is required. As the candidate will
be involved in the administration of complex
trusts, companies and other fiduciary vehicles, a
good level of accounting knowledge is required,
as well as the ability to assimilate legal documents.
The person appointed should hold a Bachelor’s
Degree or equivalent and have a professional
qualification such as STEP, ACIB and/or a law
degree. A minimum of ten years trust experience
is required. Analytical and communication skills
as well as familiarity with PC software are
essential. Preference will be given to applicants
with Spanish language skills. Interested persons
should submit applications in writing marked
Private and Confidential to:

THURSDAY, May 7, 2007

SPEAKER COST No, Tickets _
' Mr. Antoine Bastian
: Mr. Hillary Deveaux

| Ms. Pamela Klonaris

, “Is the Funds Business Dying or Dead?”

“Morning !
; PANEL

10:00 am ~ 12:00 pm
- Mr. Julian Francis

Mr. Arthur Chase
_ Mrs, Pauline Allen Dean

“Entrepreneur”
. PANEL

“The Link Between Pension & Long Term
_ Social Financial Stability”:

Lunch
12:30 pm ~ 2:00 pm

Afternoon

Mr. Gibso
_ 2:30 pm ~ 4:30 pm Mr. Larry Gibson

FRIDAY, May 18, 2007
s SESSION DIC



Te spencer (2 cost os
“Harmonizing of the Regulators and The
Power to Work Together”

-*The Compliance Officers Role In Risk
Management: Insurance, Credit Unions,
Gaming Board, Accountants, Lawyers etc.”

Morning

- 10:00 am ~ 12:00 pm Ms. Rochelle Deleveaux $50

‘Lunch

12:30 pm ~ 2:00 pm BACO | $60

oT

viease make Cheques payabie to: The Bahamas Institute of Financial Services | Schedule subject to change

Please fax completed form to: 242-325-5674
‘Building Professionals in the Financial Services Sector
www. bifs-bahamas.com

Manager, Operations
P.O. Box N-3016
Nassau, Bahamas

or Fax to (242) 326-0991

Applications should be received no later than
Wednesday, 16th May, 2007.





PAGE 6B, MONDAY, MAY 7, 2007

THE TRIBUNE





AREER OPPORTUNITY

ee CC ele a6

A leading Law Firm is seeking qualified candidates
to fill the position of Jr. Accounts Clerk. The
successful candidate must:















¢ Hold an Associate’s degree or equivalent in
Accounts;

¢ Possess strong organizational skills;

¢ Be able to meet deadlines;

e Possess excellent communication skills;

. © Be computer literate; and

¢ Be able to work as part of a team

Remuneration & benefits are commensurate with
qualifications and experience. Qualifying persons
may send resume to:















' Fax 502-5092
Attn: Human Resources Department

De
Foreign Institution Needs:




a) 2 Administrative Assistants and 1

Executive Secretary (should be computer
literate and, preferably, have some knowledge of

Spanish or Portuguese)

b) 1 driver, 1 Handyman with driving
license, 1 cook,1 gardener and 1
maid. (References needed)



Please send resume to P.O.Box CR-56766, suite 524
or deliver to the British Colonial Hilton Hotel, Room

676 or e-mail to: brasembnassau@yahoo.com.br

Salaries, wages and benefits will be in accordance
with normal expectations. Answers to candidates will |
take time.








| Scholarship





The Bahamas Co-operative
League is offering a partial
two-year scholarship to the
College of The Bahamas or other list
approved tertiary institutions to pursue an
Associate Degree in selected disciplines.



or Producer/ Supplier Co-operative.
Deadline for applications is May 31, 2007.






throughout The Bahamas.








- Preferred Courses of Study:

Business Management
Computer Science

Accounting/Finance
Tourism

P.O. Box SS-6314 ° Nassau, The Bahamas

The Bahamas Co-operative
League Limited

' Applications Invited

The scholarship is awarded annually to a Bahamian student
on the basis of academic achievement and financial need.

The Bahamas Co-operative League is the Apex body
for 15 Credit Unions and 5 Producer/Supplier Co-operatives

Government
fuel revenues
orow 17.7%

@ By NEIL HARTNELL

Tribune Business Editor

ahamian businesses
and residents have
been hard hit from

increasing car gasoline and
Bahamas Electricity Corpora-
tion (BEC) bills over the past
two years, but one sector that
has done quite nicely is the
Public Treasury, as revenue
receipts from imported fuel
rose by 17.7 per cent to $106.7
million during fiscal 2005-2006.

Bank

The Central Bank of the
Bahamas 2006 annual report
noted that global oil prices
“had a positive effect” on gov-
ernment revenues, with Cus-
toms Department revenue
showing that receipts on fuel
imports in 2005-2006 had out-
paced the previous year for
both growth rate and total col-
lections.

For 2004-2005, the Govern-

ment saw revenue receipts on
fuel imports rise by 11.5 per
cent to $90.6 million.

Reported

The Central Bank reported

that revenue from duty on fuel.

imports, generating more than
80 per cent of this category’s
revenue, stood at $77.4 mil-
lion for the fiscal year 2004-
2005. This figure then grew by
12.5 per cent in fiscal 2005-
2006 to reach $87 million.

And associated stamp tax-
es rose by 48 per cent to $19.2
million in fiscal 2005-2006,
while bonding taxes almost
doubled to $0.5 million.

While beneficial for the
Public Treasury, the Central
Bank noted that the spike in
global crude oil prices since
2001 “had a considerable
impact” on the Bahamian
economy, with its effects
“exacerbated” in 2006.

The Central Bank’s annual
report: “There has been a sig-

nificant expansion in the
domestic economy’s oil import
bill, leading to a rise in fuel
prices at the pump, an increase
in the electricity surcharge,
and a deterioration in the
country’s merchandise trade
deficit.” ’

The BEC fuel surcharge, for
instance, rose from an aver-
age $0.0736 per kilowatt hour
in 2005 to $0.105 per kilowatt
hour in 2006.

And the volume of locally-
consumed fuel products rose
by 18.3 per cent to nine million
barrels in 2006, compared to
7.6 million barrels in 2005.

The total value of fuel prod-
ucts consumed in the Bahamas
during 2006 increased by 34.6
per cent to $705.8 million, a
growth rate below the 43.5 per
cent hike to $524.3 million in
2005.

Figures

The figures again show the
need for the Bahamas to intro-

duce and fully implement a
National Energy Policy, focus-
ing on energy efficiency and
the use of alternative forms of
energy to combat rising global
oil prices. Such a policy was
being worked on by the for-
mer PLP administration:

During 2006, the worl mar-
ket’s average price per’ barrel
of crude oil rose by 19.6 per
cent to $66.55, from $55.63 in
2005. It peaked at $72.44 per
barrel in June 2006.

Market

In the Bahamian market,
adjusted for transportation,
duties and other costs, \the
average price per barrel for
refined fuel products rose by’
14.6 per cent to $78.7, com-
pared to $68.7 in 2005S.

Average prices at the pump
for car gas rose by $0.51 in
2006 to $4.12 per gallon, while
diesel prices rose from an
$2.94 per gallon average to
$3.32 per gallon.

To atlvertise in The Tribune - the #1 newspaper

in circulation, just call 322-1986 today!

Applications are available at The Bahamas Co-operative
League office on Jerome Avenue, or from any Credit Union

Agriculture
Marketing
Banking



#25 Jerome Avenue ¢ Tel: 242-393-3691 * Fax: 242-394-5834


















* Manage MDaemon

Client Access)

following:

* Wireless networking

¢ AS400\iSeries

Experience





Deloitte

Network Administrator.

* Manage and configure WebSphere
* Manage and configure DNS, DHCP and patch deployment
* Application support and deployment (Microsoft Office Suite and IBM

¢ Maintain telecommunications infrastructure

¢ Microsoft Windows Server 2000 and 2003
* Cisco routers and switches

¢ Microsoft Exchange 2003

¢ Blackberry Enterprise Server

* Networking — TCP/IP, ICMP, SNMP, Routing, IPv6

e Firewalls / DMZ / VPN

Our client, an insurance company, is seeking applications for the position of
Network Administrator.

The Network Administrator will be responsible for the following duties:
* Setup and support desktops, laptops and servers (W2K, XP, W2K3,
Vista, AD, AS400\iSeries)
¢ Setup and support Cisco routers and switches
* Microsoft Exchange 2000 and 2003 troubleshooting
¢ Monitor and maintain backups (Veritas)
* Manage Symantec Antivirus Corporate Edition and Sophos antivirus .
software (O/S, SMTP, Exchange)

Preference will be given to individuals with experience in any of the

* Minimum 3 years related experience in a system support environment

The position offers attractive salary and benefits package, reflecting the
successful applicant’s experience and qualifications, including a pension
plan, profit sharing and medical coverage.

Qualified individuals should submit complete resumes including references
before May 18, 2007 to:

Sean I. Rolle, Senior Manager

Deloitte & Touche

P.O. Box N-7120

Nassau, Bahamas
Or

serolle

(@deloitte.com.bs









THE TRIBUNE

MONDAY, MAY 7, 2007, PAGE 7B





Central Bank in
co-operation talks
with three regulators

The Central Bank said the number

@ By NEIL HARTNELL
Tribune Business Editor

he Central Bank of the
| Bahamas is negotiating Mem-
orandums of Understanding
(MOU) over international regulatory
co-operation with its counterparts in
Canada, Argentina and Qatar, having
received 33 requests for assistance from
regulators in 14 different countries in
2006.
In its 2006 annual report, the Central
Bank said most regulatory requests for
assistance had been received from

supervisors in the US and Canada, and
usually related to “queries for infor-
mation arising out of cases of insider
trading or market manipulation” that
were under investogation.

Market

And during the past year, banking
regulators from Panama and Switzer-
land had been able to perform consol-
idated supervision in the Bahamas by
examining Bahamian-based bank and
trust companies that were subsidiaries
of institutions based in those countries.

of bank and trust company licencees in
the Bahamas fell by two to 248 in 2006,
as mergers and consolidation in the
industry generally, as well as the depar-
ture of former managed banks that did
not elect to establish a physical pres-
ence in the Bahamas, outweighed the
10 new licences granted.

Of remaining licencees, some 215
operate through a physical presence,
compared to 213 in 2005S. The other 33
retained restrictive management oper-
ations in compliance with the Central
Bank of the Bahamas.

The regulator has also proposed
amendments to the Banks and Trust
Companies [Licence Application] Reg-
ulations 2002, “in an effort to reduce
the compliance burden, where appro-
priate, on prospective licensees and
improve the application process for
directorship and the acquisition of
shares of the Central Bank’s licensees”.

Market

The proposed amendments remove
from those seeking to acquire a stake
of less than 10 per cent in a Bahamas-

based bank and trust company, the
burden of submitting the former
detailed net worth statement, a more
concise one certified by an accountant
- and showing that net worth is at least
five times the value of shares being
acquired - the suggested substitute.

The Central Bank added that a sur-
vey conducted using licensees’ 2005
audited financial statements showed
that the average capital risk-weighted
ratio for Bahamas-based bank and
trust companies was 27 per cent, well
above the minimum Basel requirement
of 8 per cent.

Bahamas investment WLUW

JEWELLERY SALES ASSOCIATES

Must be...

Honest, Reliable, Dedicated,
Professional, Energetic &

fund assets rise 17%

@ By NEIL HARTNELL
Tribune Business Editor

TOTAL assets under management in
Bahamas-domiciled investment funds
increased in value by 17 per cent during
2006 to total $205 billion at year-end,
with the number of funds registered in
this nation increasing from 699 the year-
before to 725.

The Central Bank of the Bahamas
annual report for 2006 noted that
Bahamas-based investment funds were

broken down into 293 professional funds,
169 recognised foreign funds, 138 stan-
dard funds and 125 Specific Mandate
Alternative Regulatory Test (SMART)
funds.

Insurance

In the insurance industry, the number
of licensed insurance operations in the
Bahamas rose by 15 to 205 at the end of
2006, with domestic brokers and agents

I
i
I
I
I
I
I
The Central Bank of the Bahamas !
added that its real time gross settlement |
(RTGS) system, which facilitates the real- |
time processing of high value and time- 4
critical payments between financial insti- \
tutions - especially inter-bank payments
and cheque clearing — during 2006 han- I
dled 31,438 transactions that totalled $9.3 I
billion in value. I
This represented 65 per cent and 19 |
per cent increases, respectively, on what
the system handled in 2005.

SELF MOTIVATED
Excellent $$$ Bonus Potential

DO YOU HAVE WHAT IT TAKES?

If the answer is YES then take the next step.
FAX RESUME TO 326-2824

totalling 99 at year-end.

Wag



of The Bahamas

Bank
L I M I
“A growing and dynamic Bahamian institution”

Vacancy For The Position Of:

Core responsibilities:

Perform operational and compliance audits in finance, operations
and credit areas of all branches and departments

Preparation of audit reports for review by Management and
Audit Committee

Review financial data and reports

Assist external auditors during year-end audits and any special
reviews,

Perform audit reviews and audit testing for any new system
implemented

Performs a variety of other related duties, such as assisting
with special audit review projects and investigations.

Knowledge, Skills and Abilities:

A minimum of three years experience with an international
public accounting firm.

A Certified Public Accountant, Certified Internal Auditor or
Equivalent designation.

Detailed understanding of commercial banking, The Central
Bank of The Bahamas Acts and Regulations, and The
Professional Standards of the Institute of Internal Auditors
Strong accounting and auditing skills to analyze financial
statements

Computer literate - Ability to use Electronic Working papers,
MS Word and Excel

Benefits include: Competitive salary commensurate with experience
and qualifications; Group Medical (includes dental and vision) and
life insurance; pension scheme.

Interested persons should apply no later than 27th May 2007 to:

The Senior Manager, Human Resources & T raining
Bank Of The Bahamas International
P.O. Box N-7118
Nassau, Bahamas












BAHAMAS CHAMBER OF



AGENDA
8:00 Registration/Networking
Invocation

introduction/ Maderators

e

Welcome Remarks



Bahamas











9:00 EDUCATION AND THE SMALL BUSINESS









- enlerpnses in developing econamies.

agreements, ingenuity/ invention, and access fo capital, Emphosis wil!
economic development.

10:00 COFFEE BREAK

10:15 USING CULTURE AND HERITAGE TO
CREATE BUSINESS OPPORTUNITY












11:18 GLOBALIZATION AND
THE SMALL BUSINESS



| Epstein hos
_ enrepreneurship in sustained economic development.

12:30 LUNCHEON PRESENTATION

Robert “Sandy” Sands

seth e seminar participants with relevan

4:00 EXECUTIVE ROUNDTABLE - PANEL DISCUSSION

highlighting potential pitfalls.
§:30

For more information:

Email: info@thebahamaschamber.com
Phone: 242-322-2145

Visit: www.thebahamaschamber.com

Closing





ees



BUSINESS EDUCATION AND DEVELOPMENT SEMINAR
BRITISH COLONIAL HILTON
Monday, May 14th, 2007 « 8:00 a.m. -
a

Prayer and National Anthems

Philip Simon,
Executive Director,
Bahamas Chamber of Commerce

Don O'Conner, Chief, Political/Economic
Public Diplomacy Section
US Embassy 4

Tanya Wright, President

K. Neville Adderly, Chairman
Bahamas Development Bank

Dr. Brent Hardt, Charge de Affaires
U.S, Embassy :

Janyne Hodder, President
College of The Bahamas

This opening session is designed fo address the impact of education upon the advancement of small. medium and micro-sized

; " Ms. Hodder has been asked fo speak fo the role and opportunities of a knowle

economy in the creation of wealth. This will include the use of fechncegy. exploitation of new markets, the impact of trade
ploced on ihe role of entrepreneurship in sustained

Keith Stokes. a
Executive Director,
Newport Chamber of Commerce

Dr. Brent Goldfarb, Assistant Professor
Dingman Center For Entrepreneurship,
Robert H, Smith School of Business,
University of Maryland

3

Jerome Gomez, Fund Administrator
Bahamas Entrepreneurial Venture Fund Lid,

resentations seek to outline the ee of successful venture creation, The presenters will
\ r f information on setiing up a business; developing the right
usiness plan; and the various options available for enterprise financing.
“Doing Business, Doing Business in The Bahamas - Lessons Learnedi"
Jerome Fitzgerald / Juan Bacardi / Fritz Stubbs / Franklyn Butler
The Bahamas may be one of the best places in the word to live, but some would say it’s not the easiest ploce fo do or grow a

sustained business. in this panel discussion, successful Bahamian entrepreneurs and business executives are asked fo speak
frankly about their successes and disappoinimenis during their careers; encouraging participants fo pursue their dreams, while

§:00 p.m.

hamber of Commerce






e driven

This cpening session is designed to address the impact of globalization upon the small medium and micro-sized enterprise. Mr,
as been osked fo speak fo the new challenges faced by such businesses and entrepreneurs while highlighting
o prone for growth ond/ or speciatization, Factors such as limited economies, use of fechnology, new markels, the Impact
2 OFM

the

ade agreements, ingenuily/ invention, and access fo capital will be discussed, Emphasis will be placed on the role o!

"Tourism as a Tool in Business Development/ Creating Entrepreneurship”
Senior Vice President External/Government Affairs, Cable Beach Resorts

Calvin Knowles, Managing Director
Bahamos Development Bank

Philip Stubbs, Managing Partner

2:30 NEW VENTURE CREATION: DEVELOPING A WINNING BUSINESS
“An Overview"
“Planning the Business”
Ernst & Young
“Marketing the Business” Royann Dean
The Method Group
“Small & Medium Enterprise Financing”
These







PAGE 8B, MONDAY, MAY 7, 2007



THE TRIBUNE





MINISTRY OF LOCAL GOVERNMENT AND CONSUMER AFFAIRS
THE PRICE CONTROL ACT, 1971
CHAPTER 339
THE PRICE CONTROL (GASOLINE & DIESEL OIL)
(AMENDMENT) ( ) REGULATIONS, 2002

The public is advised that prices as shown in the Schedule for DIESEL ODL
sold by ESSO will become effective on Monday, 7” May, 2007,

GASOLINE SCHEDULE

MAXIMUM WHOLESALE
SELLING PRICE PER U.S.
GALLON

PART A
NEW PROVIDENCE

IINCLUDING SEA FREIGHT

INCLUDING SEA FREIGHT

NOT INCLUDING SEA FREIGHT

NOT INCLUDING SEA FREIGHT

soxpitvcen paeisanyy &
“3 é 4

B S00 J tome’

Security group
wants to address

‘fair prices’ and
liability insurance

@ By NEIL HARTNELL
Tribune Business Editor

G G Fair competition”, a “level playing field”
for the prices private guard services can
charge and liability insurance are some of

the most pressing issues the fledgling Bahamas
Security Industry Association has identified as
priorities to be tackled, with members expected
to ratify its constitution at a late May/early June
2007 meeting.

Gamal Newry, the Association’s co-chairman

and a Tribune Business columnist, told this
newspaper that 40 Bahamian private security
companies and individuals had joined the new-
ly-formed organisation as members.

It was now on a “membership drive”, and Mr
Newry said: “The Association has been formed.
It’s just a matter of the members accepting the
constitution.”

Among the Association’s membership were
private security guard providers and security
technology suppliers, Mr Newry explaining that

the diverse membership meant they had a broad:

range of concerns, issues and suggestions to be
tackled.

Among the more common ones he identified
were the availability of liability insurance to
protect companies from the actions of individual
guards, plus “a level playing field for pricing
for guard services”.

Mr Newry explained that the Police Staff
Association was often able to charge prices of
$23 per hour, per person, for off-duty police
officers to provide security and various func-
tions and events, but private security guard
companies were only able to charge prices of $7
per hour, per event.

“There are a lot of different issues out there,”
Mr Newry said. He added that the Association
and its members had shown they were “willing

to build this industry into something that will ~

benefit the entire country, reducing crime and
reducing the loss of assets.



@ GAMAL NEWRY

accountants, the attorneys and the architects,
and form a network to implement standards
from the profession.

“We think we’re just as qualified as any oth-
er professionals in building this country.”

Training standards and the quality of securi-'
ty guards coming into the profession were oth-
er issues the Association wanted to address, Mr
Newry said, along with establishing a definition
of “who is a security professional”?

He explained: “It brings definition to what
we are, and presents ourselves to the public as a
group of persons qualified and trained to reduce
loss and crime events.

“The. recognition of the security person is

-very: much downplayed, as they:don’t see‘ the

security persons as a professional. .
“The industry is going to ensure and provide

the investor with confidence about what is going



“The professionals are reacly to come togeth-

er. They oninthe Bahamas, to feel their assets are pro-
want to be — tected. Every person, whether they are an
like the investor or an employee, when you create
compliance wealth your ability to protect wealth is very

officers, the important.”




ele






Pricing Information As Of:
Thursday, 3 May 200 7



















| JEWELLERY STORE MANAGERS
52wk-Low Previous Close Today's Close | Change Daily Vol. EPS$ Div$ I : 3 I
Abaco Markets I Discover a rewarding and I
Bahamas Property Fund I challenging career catering to the I
Bank of Bahamas 9.02 - 9.02 0.00 0.737 I country’s visitors in the exciting I
Benchmark 0.85 0.85 0.00 0.129 retail jewelry business!!! i
Fey Bank i ial 0092 mati 91
cable Baber 10.41 10.41 0.00 0.915 ! Do You Have What it Takes: I
Colina Holdings 2.10 2.10 0.00 0.245 i ARE YOU... !
Commonweal: Bank 14.26 14.26 0.00 1.084 ; Confident? * A Leader? « Self Motivated? I
Consolidated Water BDRs 9.08 9.19 0.11 0.118 e Professional? ¢ Mature (25 yrs or older)? ¢ Dedicated?
ee ay a a aa se I If the answer isYES then take the next step I
ora a | a ae ce SALARY idee ee e aaa
Fepat Cont tte as TT VaCLE
ICD Utilities a 7.25 7.25 0.00 0.532




J. S. Johnson

Ministry of Finance







52wk-Low

Weekly Vol. EPS $
12.25 Bahamas Supermarkets 14.60 15.60 16.00













































40.00 Caribbean Crossings (Pref) 8.00 8.25 10.00
0.20 RND Holdings 55 020
g unter Securities
28.00 ABDAB . 41.00
14.00 Bahamas Supermarkets 14.60 15.50 14.00
0.35 RND Hold a i a th ac
LC
. YTO% _Last 12 Months __Div$ The Banks and Trust Companies Regulations Act, 2000
Colina Money Market Fund 1.338308"
Fidelity Bahamas G &1!Fund 3.1424***
Colina MSI Preferred Fund 2.649189** Notice is hereby given that the Governor,
Colina Bond Fund 1.238600**** pursuant to Section 18(1)(a)(i11) of the Banks and Trust
Fidelity Prime Income Fund 11.4467***** ai Companies Regulation Act, 2000, has revoked by
ee YTD 07.34% / 2006 34.47%

Order dated 24th April, 2007 the bank and trust

NAV KEY 18th December, 1992 to

“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

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
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 daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day

Daily Vol. - Number of total shares traded today

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

PIE - Closing price divided by the last 12 month eamings



license

granted on
Security Atlantic Bank Limited, on the grounds that the
company has been dissolved.

*~ 27 April 2007
Weekly Vol. - Trading volume of the prior week ** 31 March 2007
EPS $ - A company's reported earnings per share for the last 12 mths
NAV - Net Asset Value :

N/M - Not Meaningful

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

*** 314 March 2007

**** 34 March 2007 Wendy Ciiee
Governor
The Central Bank of The Bahamas

***** 34 March 2007



764 / FOR MORE DATA &





+ ee ee
2 >

a!

Tage a ea

“ow BER OT See eens

gsc epetorys

THE TRIBUNE BUSINESS

COMMONWEALTH





BANK

Commonwealth Bank consolidated its position as a Billion Dollar Bank as it grew to $1.075 Billion
at the end of March 2007. This was an increase of $57 million’over December 31, 2006.

Net income for the quarter was $11.6 million up from $11.4 million or 1.7% for the fourth quarter
of 2006 and an increase from $8.8 million for the first quarter of 2006. Earnings per share
increased from 30 cents per share for the fourth quarter of 2006 to 31 cents per share for the first
quarter of 2007. Earnings per share for the quarter ended March 2006 was 24 cents per share.

Annualized Return on Common Shareholders’ Equity was 36.3% up from 32.3% for the same
period last year and annualized Return on Assets was 3.9% compared to 3.5% for the first
quarter of March 2006 and 3.76% for 2006 as a whole.

The Bank has been overwhelmed by the warm reception from the public to our new Golden
Gates Branch. The Branch has shown excellent growth since it opened in January 2007.

COMMONWEALTH BANK LIMITED

CONSOLIDATED BALANCE SHEET
(Expressed in B$ ‘000s) (Unaudited)

March 31, 2007 December 31, 2006

ASSETS
Cash and deposits with banks $ 22,973 $ 31,380
Balances with Central Bank 86,001 60,915
Government Stock, Investments and Treasury Bills 95,139 86,057
Loans Receivable (net) 840,131 809,606
Premises and equipment 30,299 29,669
Other assets 782 1,016
TOTAL $ 1,075,325 $ 1,018,643
LIABILITIES AND SHAREHOLDERS’ Equity
Liabilities:
Deposits $ 845,905 $ 798,394
Life assurance fund 13,947 13,353
Other liabilities 17,327 15,435
Total liabilities 877,179 827,182
Sharehoider’s Equity:
Share capital 86,949 86,947
Share premium 26,889 26,429
General Reserve 10,000 10,000
Retained earnings 74,308 68,085
Total shareholders’ equity 198,146 191,461

TOTAL

$___ 1,075,325 $1,018,643

See accompanying notes to unaudited interim consolidated financial statements.

- COMMONWEALTH BANK LIMITED
CONSOLIDATED STATEMENT OF INCOME —
(Expressed in B$ ‘000s) (Unaudited) : ‘

3 months ending
March 31, 2006

3 months ending
March 31, 2007
INCOME:

Interest income $ 28,286 $ 24,288
Interest expense (9,399) (7,152)
Net interest income 18,887 17,136
Loan loss provision (2,080) __ (3,073)
16,807 14,063
Life assurance, net 1,211 999
Fees and other income 4,167 3,955
22,185 19,017
’ Non-INTEREST EXPENSES: _
General and administrative 9,876 9,570
Depreciation and amortization 623 597
Directors’ fees ! 43 43
10,542 10,210
NeT INCOME 11,643 8,807
Preference Share Dividends (1,487) (1,065)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 10,156 $ 7,742
AVERAGE NUMBER OF COMMON SHARES 32,771 32,486
(Thousands) .
EARNINGS PER SHARE (3 months) $ 0.31 $ 0.24

COMMONWEALTH BANK LIMITED

NoTEs TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Three Months Ended March 31, 2007

(Expressed in B$ ‘O00s) (Unaudited)

1. ACCOUNTING POLICIES

These consolidated interim condensed financial statements have been prepared in accord

z
2

a

MONDAY, MAY 7, 2007, PAGE 88

CHAIRMAN’S REPORT ON UNAUDITED RESULTS MARCH 31, 2007 |

On April 30th, the Bank paid an extra-ordinary dividend of 12 cents per common share.

The outlook for the second quarter of the year is favourable.

Our dedicated and loyal employees continue to write the success story of Commonweaith Bank.
They make it possible to provide the services and products that attract and retain our customers.
It is to our customers we express our gratitude for the opportunity to serve them.

af Ut

Chairman

COMMONWEALTH BANK LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ Equ

(Expressed in B$ ‘000s) (Unaudited)

PREFERENCE SHARES
Balance at the beginning and end of period

ComMoN SHARES

Balance at beginning of period
Issuance of common shares
Balance at end of period

SHARE PREMIUM

Balance at beginning of period
Issuance of common shares
Balance at end of period

GENERAL RESERVE
Balance at beginning and end of period

RETAINED EARNINGS

Balance at beginning of period

Net income

Common share dividends

Preference share dividends

Balance at end of period
SHAREHOLDERS’ Equity AT END OF PERI

COMMONWEALTH BANK LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS.
“us 3 months ending

(Expressed in B$ ‘000s) (Unaudited) .

CASH FLowsS FROM OPERATING ACTIVITIES:

Interest Receipts

Interest Payments

Life assurance premiums received

Life assurance claims and expenses paid
Fees and commissions received
Recoveries

Cash payments to employees and suppliers

Increase in loans receivable
Increase in deposits
Net cash from operating activities

. CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of Government Stock, investments
and Treasury Bills

Interest receipts and repayment of
Government Stock and Treasury Bills
Purchases of premises and equipment

Net cash (used in)/from investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid

Proceeds from Issue of common shares
Net cash used in financing activities
NET INCREASE IN CASH EQUIVALENTS
CasH EQuIvVALENTS, BEGINNING OF PERIOD
Caso EquivaALents, END OF PERIOD

See accompanying notes to unaudited interim consolidated financial statements.

. 3 months ending

March 31, 2007 ©

84,983

1,964
2
1,966

26,429
460
26,889

10,000

68,085
11,643
(3,933)
(1,487)
74,308

$198,146

“giarch 31, 2007

$ 25,556
(9,399)

2,215

(808)

4,565

1,502

(7,793)

15,838
(32,605)

47,511

30,744

(19,198)

11,344
(1,253)
9,107

(5,420)
462
(4,958)
16,679
92,295
$___ 108,974 _

3 months ending
March 31, 2006

60,858

1,915
34
1,949

21,725
3,423
25,148

10,000

54,948

8,807
(3,898)
(1,065)

$8,792

$__ 156,747

3 months ending
March 31, 2006

$ 21,685
(7,152)

2,115

(848)

4,499

1,748

(6,015)

16,032
(31,683)
32,701
——__12.050_

(9,150)

22,800
(1,385)

(4,963)
3,457
(1,506)
27,809
60,418
$__ 88.227

ance with International Accounting Standards 34 Interim Financial Reporting. The
December

accounting policies used in the preparation of the interim financial statements are consistent with those used in the annual financial statement for the year ended

31, 2006.

The consolidated financial statements include the accounts of Commonwealth Bank Limited (“the Bank”) and its wholly owned subsidiary companies. The subsidiaries are
Laurentide Insurance and Mortgage Company Limited, C.B. Securities Ltd. and C.B. Holding Co. Ltd.

2. BUSINESS SEGMENT

For management purposes, the Bank including its subsidiaries is organized into two major operating units - Bank and Real Estate. The following table shows financial

information by business segment:

Banking revenue

Banking results




Real Estate results

3. DIVIDENDS

March 31, 2007

March 31, 2006

JOU'SUORRPOYOANBAD £0029

The Directors have approved interim quarterly dividends in the amount of 12 cents per common share (2006: 12 cents). The dividends are declared on a quarterly calendar _
basis. The interim financial statements only reflect the dividends accrued for the interim period.



PAGE 10B, MONDAY, MAY 7, 2007

THE TRIBUNE



fertw OECD ‘endangers’ financial sector

For the stories
behind the news,
meme ce Wale a) 3
on Mondays



FROM page 1

would have to weigh. I hope it
doesn’t come to that, but it’s a
weighing exercise.

said: “If it were to come to that,
that is something a responsible
government of the Bahamas

how much trade in other areas
would be adversely affected if

REAL ESTATE
DIRECTOR OF SALES

(with extensive travel throughout The Bahamas, United States and Europe)

' Description
An international property development company is seeking a highly qualified Real Estate Director of
Sales to develop the business through sales presentations, client entertainment, industry networking, and
effective channel management in The Bahamas, US and Europe. The developer is based in Nassau, the
Bahamas with a number of projects in various sages of development. The primary project is a mixed
use development, anchored by a five star hotel, at pre-sales stages as well as ready for sale single family
home-sites.

Responsible

Develop the sales strategy and processes to attain the determined sales targets

Maintain and develop relationships with prospective real estate purchase, real estate brokers and
agents.

Assist in the compilation of marketing plans and material for sellable products

Assist in the day to day control of the sales cycle, including but not limited to cold calling,
financial modeling, database creation and management,

Creating sales proposals and packages and gathering necessary document from third parties,

Work with CFO and COO to determine sales objectives and quotes to tie into cash flow projections.
Work with land development and construction teams to coordinate land lot, condos and home sales
programmes.

Assist with market research in targeted sales areas.

Manage and follow up on sales leads from external sources and company website.

Requirement

¢ Experience managing a real estate sales team that has sold at least $50 mil in luxury real estates
within a 12-month seasonal sales cycle

° An existing networking of connections and contacts in the area real estate market

¢ The ability to work with management in the development of sales strategies for residential real

estate.

° A proven track record selling high-end property to include building lots, single family and
condominium residences as well as in orchestrating ‘experience selling programs’ demonstrating
active luxury lifestyle.

° Prior experience with sales in high-end luxury resorts that include golf, boating, as a portfolio of

activities supporting a luxury life-style.

e An aggressive, ambitious attitude and have an entrepreneurial split, possessing strong sales
development skills.

e Real estate license is preferred

¢ Ability to address difficult issues and guide team toward the accomplishment of identified goals.
(Lead train, and motivate sales teams and sales channels)

¢ A solid sales and negotiation experience, closing, organizational and communication skills

¢ A minimum of 4 years hands on sales experience in the developer and /or broker arena

* Good process orientation and project management skills from development to implementation

e Proven sales success and experience is essential

° College degree in marketing or related field preferred

Highly competitive compensation package-with un-caped commission and with on target annual
earning potential in excess of $200,00

Please summit your qualifications to bahamasdeveloper@ yahoo.com prior to May 15th, 2007



gd

CH

WinoIinGe Bay
ABACIR BAHAMAS

STAFF VACANCIES

Assistant Controller - B, Development Accounting

Reporting to the Director of Finance, Development Accounting, the
Assistant Controller, Development Accounting accumulates and monitors
all financial data for smaller, less complex resort development projects
and communicates financial data and information to appropriate
personnel on a periodic basis. The Assistant Controller acts as an
intermediary between the Regional Director of Finance (RDOF), Director
of Finance (DOF) and various financial departments with Marriott
Vacation Club International, e.g., Fixed Assets, Financial Planning and
Reporting, Marketing and Sales, etc., that require financial information
related to specific projects and project components.



Assistant Controller, Joint Venture Sales & Marketing &
Operations

The Assistant Controller ensures accurate reporting, accounting, billing,
and forecasting for joint venture projects and activities. The incumbent
interacts with multiple teams and assists site Director of Finance in
providing timely information to joint venture projects and activities.
The incumbent interacts with multiple teams and assists site Director
of Finance in providing timely information to joint venture team in
addition to addressing questions that may arise as partner packages
are completed.

Site Director of Finance, Marketing and Sales

The Director of Finance provides finance and accounting leadership
and support for site marketing and sales efforts and new product to
market initiatives. The incumbent ensures accurate and timely on-site
financial management, reporting, forecasting, and budgeting of all
on-site Ritz-Carlton Club business units (sales & marketing and
development). The Director of Finance safeguards company assets
and maintains and maintains a strong environment of financial control.

Please send resumes to:
Human Resources Director
The Abaco Club on Winding Bay
P.O. Box AB 20571
Marsh Harbour, Abaco
Or
Fax: (242) 367-0392



Pee et ee et er ere

“We would have to assess ~

we didn’t sign up to an EPA
agreement on transparency and
tax information, as opposed to
not doing so.

“This OECD initiative, which
seems to be morphing into the
EPA, is a trade competition
issue that the Bahamas will
have to be vigilant on to ensure
we protect out interests in the
international marketplace, in
this regard the trade in interna-
tional financial services.”

Mr Delaney said Prime Min-
ister Hubert Ingraham and the
FNM had “a great deal of expe-
rience on the OECD issue”
from the last time they were in
government.

Added

He added: “The Bahamas
needs to be, and I have no
doubt the Bahamas is, alive to
the fact this is a trade issue. We
do have an interest in ensuring
that our financial services prod-
uct maintains a competitive
base, and for us that means
maintaining a tax neutral plat-
form.”

The Bahamas is negotiating
the EPA with the EU through
CARIFORUM, the body rep-

Security & General,

resenting CARICOM and the
Dominican Republic, and Mr
Delaney said he hoped it would
take the Bahamian financial ser-
vices industry’s needs into
account during the talks, which
are supposed to be wrapped up
by September 2007.

Bahamian private sector rep-
resentatives had privately con-
ceded to The Tribune before
that the financial services indus-
try should have been brought
into the EPA preparations
much sooner, with some gov-
ernment officials understood to
believe that the tax information
exchange aspects had not been
adequately addressed.

It is unclear who will get

responsibility for trade in the
Ingraham administration, but is
thought the change of govern-
ment will remove any suspicion
that the previous minister
responsible, Fred Mitchell, was
using the closer CARICOM
integration that the EU wants
to see via the EPA as a ‘back
door route’ to moving the
Bahamas into the CSME
(CARICOM Single Market &
Economy). ,
If the Bahamas failed to sign
on to the EPA, and exporters

a local Property & Casualty

Insurance Company seeks to employ a mature, ambitious

individual for the role of

BCC eC eile

Qualifications:

e 2-3 years Bookkeeping experience
e At least an Associates Degree in Accounting or

equivalent

e Good oral and written communication skills

° Computer literate

The company offers a competitive remuneration package,
salary commensurate with experience.

Resumes should be sent to: The Human Resources
Manager, at P.O.Box N-3540 or faxed to 323-2880 by
May16, 2007





Employment Opportunity

lost duty-free access to EU mar-
kets, the Government would
lose about $13 million in export
taxes from Bacardi, which has
said loss of EU preferences
would force it to relocate from
the Bahamas due to increases
in the price of its product.

Cost oe

Such a move would cost more, :
than 180 Bahamian jobs, while’ |

some $35 million in seafood.

’

product exports and $7 million" °

in Polymers sales would also be’
threatened. The Bahamas has
a positive $20 million trade bal-
ance with the EU, based on

2004 figures, but this nation, ©

might have to weigh these

adverse consequences with the ~.

damage signing on to the EPA
would do to financial services,
if it contained agreement to
implement the OECD initiative:
and EU Savings Tax Directive.

The previous government
said financial services was “off,
the table” when it came to the
EPA talks, but there is no doubt
that the Bahamas remains in’
the OECD’s sights.

Mr Owens told the US Sen-
ate that the Bahamas ranked"

‘among the world’s top five off-

shore centres for mutual funds
and trust funds, and had devel-
oped “a significant inter-bank
market”. .

He also indicated that the
OECD might abandon pursuit

of the ‘level playing field’ ideal

and take a more aggressive
stance once again on the issue
of tax information exchange.

Mr Owens said some inter-
national financial centres had
“systematically refused”
requests by OECD members to
enter into talks on TIEAs,
despite committting to do so,
while others were “prolonging
the negotiations in the hope of
obtaining full tax treaties, even
where the jurisdiction does not
impose income taxes”.

He added: “It is now critical
to ensure that all negotiations
come to a successful conclusion
within a reasonable time peri-
od.” >

Many high-tax EU member
states, especially France and
Germany, are the key drivers
of the OECD initiative.









and loss targets.



goals.





Requirements:





Please send resume to:

P. O. Box N-3004
Nassau, Bahamas

Only Bahamians Need Apply

Applicants are invited from suitably qualified Bahamians to fill the position
of General Manager in an international beverage firm. Applicant will be
responsible for managing the overall operation in Nassau and Freeport.

Applicant must be able to develop and execute strategic operating plans
for all aspects of the Business Operation. Must develop and adhere to
established budgets through management and achievement of annual profit

Must be able to achieve marketplace growth through the development and
execution of key initiatives, including trade development, key account sales
and service, cold drink and fountain sales and service. Providing a high
level of customer service to existing accounts, analyzing the customer base
within the region and identifying potential major sales while ensuring high
quality products with efficient distribution.

This incumbent will have all financial reporting, budgeting and P & L
responsibilities including achieving sales volume, profitability and margin

Additional responsibilities include implementing high quality training
programs for route sales, providing timely and accurate sales forecasts,
identifying trends and opportunities and creating a supportive selling

environment within the region.

For successful performance in this position, this incumbent must possess

a Bachelor’s Degree minimum; a Master’s Degree is preferred. A
minimum of 10 years experience in a soft drink and manufacturing industry
including regional management sales & marketing with budgeting P & L
responsibilities included. This incumbent must possess strong leadership
skills, excellent written and verbal communication skills and proven
organization and planning skills. Applicant must be highly motivated with
the ability to handle stress and meet established deadlines as set by the
Caribbean region. Applicant must be competent in the use of Microsoft
Excel, Word, PowerPoint, and Outlook.

Human Resources Department










































4

°
1
r



THE TRIBUNE BUSINESS





OF 7,
ee He by,
%

tt

-ADVISEMENT AND REGISTRATION 2
| Summer Session IJ and Fall Semester 2007 —

Summer Session II, 2007

May 14 Advisement begins.
June 13 - 14 Registration

June 27 Classes begin
August 10 Last day Session II



Fall Registration, 2007

z

April 30 Schedule for Fall registration posted to web.

May. 14 Registration begins. |

June 4 Registration for students given early acceptance for
a Fall

June 29 Last day for fee payment early registration.

Online Registration — Transition Phase

The College of The Bahamas is transitioning to on-line registration
in phases. For the current registration period (for Fall Semester)
ONLY the following schools will be involved:

* The School of Business (BAST)

= Culinary Hospitality Management Institute (CHMI)
= School of Nursing and Allied Health Professions (SNAHP) |
= School of Communication and Creative Arts (SCCA)

School of English Studies (SES)

For further information, please contact:
Records Department
Telephone: 302-43 12/4523/4522
E-mail: recordsdept@cob.edu.bs

The College of The Bahamas
Presents

- The UNESCO Travelling Film Showcase
An extraordinary collection of regional films

SCREENING SCHEDULE
f Monday, May 7 through Saturday, May 12, 2007

4 Lecture Theatre, Michael Eldon Complex, Thompson Boulevard



Monday, May 7
Section 1 Showtime 12noon

RIBBONS OF BLUE, 2003; 112 Minutes; Director: MATHURINE EMMANUEL

Country: St. Lucia

| Section 2 Showtime: 3pm
‘DIA DE LOS MUERTOS (Day of The Dead), 2002; 11 mins;
Director: SUZETTE ZAYDEN Country: Belize
s SHOW ME YOUR MOTION: The Ring Play Games of the Bahamas, 2006:
88 Min.
Rirector: IAN GREGORY STRACHAN; Country: The Bahamas

it

Section 3 Showtime: 7:00pm ;
ROBLE DE OLOR- (SCENT OF OAK), 2003: 125 min.
Director: RIGOBERTO LOPEZ Country: Cuba

|

Tuesday, May 8
7 Section 4 Showtime: 12noon

STEPS TO FORGIVENESS, 2005: 7 min. Director: PAMELA WHITEHALL

§ Country: Barbados

WHAT MY MOTHER TOLD ME, 1995: 55 Min.

Director: FRANCES-ANNE SOLOMON;

§ ountry: Trinidad and Tobago

i;

Section 5 Showtime: 3pm

salt in my eyes, 2002: 39.48 Min.

Director: SHAMIRA RAPHAELA; Country : Aruba
VIVA CUBA, 2005: 80 min.

Director: JUAN C. CREMATA; Country: Cuba

Wednesday, May 9
Section 7 Showtime: 12noon
NOSOTROS Y EL JAZZ, 2004: 45 minutes;
§ Pirector: GLORIA ROLANDO
g @ountry: Cuba
JUNKANOO: Director: MARIA GOVAN

Section 8 Showtime: 3pm

JAB! The Blue Devils of Paramin, 2006:

47 Minutes;

Director: ALEX D’ VERTUIL

Country: Trinidad and Tobago

CALYPSO DREAMS, 2004: 90 min.;

Directors: GEOFFREY DUNN/MICHAEL HORN
Country: Trinidad and Tobago

1. Bahamian Cuisine





2. Gourmet Cooking 1




1 Section 9 Showtime: 8pm
| RISE UP: 16 Min. Director Luciano Blotta:
} Country: Jamaica
Caribbean Gem
THE HARDER THEY COME, 1972: 100 Min.;
§ [irector: PERRY HENZEL
d rountry: Jamaica

Thursday, May 10
Section 10 Showtime: 12noon

f tETE GRENE, 2002: 66 Min.; Director:
@HRISTIAN GRANDMAN

2 Country: Guadaloupe

4. Cake & Pastry Making I



S. Cake & Pastry Making II

8. Cake Decoration I





Culinary & Hospitality Management Institute
INDUSTRY TRAINING DEPARTMENT

SUMMER SEMESTER 022007

— a -

|
: i S weeks 6:00-9:00pm | $225.00

For further information please contact the Industry Training Department of the
Culinary & Hospitality Management Institute at 323-5804, 323-6804 or fax 325-8175.

MONDAY, MAY 7, 2007, PAGE 11B.



Section 11 Showtime: 3pm

MEN AND GODS, 2002: 52 Min; Director: ANNE LESCOT/ LAURENCE
MAGLOIRE

Country: Haiti

Friday, May 11

Section 13 Showtime: 12noon :

El Campeon: 23 minutes; Director: RAFAEL MADERA RODRIGUEZ
Country: Dominican Republic

LIFE AND DEBT, 2001: 90 Min.; Director: STEPHANIE BLACK; Country:
Jamaica

Section 14 Showtime: 3pm .

LA CARTA (The Letter), 2005: 2.38 min.; Director: FRANCISCO RODRIGUEZ
Country: Dominican Republic

A cien mil, 2006: 10 min.; Director: AMAURIS PERES

Country: Dominican Republic

PORT AU PRINCE SE PAM, 2000: 57
Country: Haiti

Saturday, May 12

Section 16 Showtime: 12 noon

Children and Youth Focused Films
ZULAIKA, 1990: 78 min.; Director: DIEDERIK VAAN ROIJEN; Country: Curacao
THE BAOBAB TREE, 2005: 27 min.; Director: CLEARE INCE ;

Country: Barbados

HERMAN TALES: THE BANANA ROBBER, 2006: 16 Min.;

Director: ROGER ALEXIS

Country: Trinidad and Tobago

Section 17. Showtime: 12 noon

Caribbean Gems

LA ULTIMA CENA (THE LAST SUPPER), 1976:120 min.
Director: TOMAS GUTIERREZ ALEA Country: Cuba

RUE CASES NEGRES (Sugarcane Alley), 1982: 100 Min.
Director: EUZHAN PALCY, Country: Martinique.

Section 18 Showtime 3pm

Caribbean Gems

L‘HOMME SUR LES QUAY (Man by the Shore), 1993:100 Min.

Director: RAOUL PECK; Country: Haiti

AVA & GABRIEL, 1990: 110 Min.; Director: FELIX DE ROOY; Country: Curacao

The Public is invited to attend.

CENTRE FOR CONTINUING EDUCATION AND EXTENSION SERVICES
PERSONAL DEVELOPMENT - SUMMER SEMESTER

L COURSE i! SEC | COURSE
: ._| DESCRIPTION

~| ACCOUNTING

Min.; Director: RIGOBERTO LOPEZ
































ACCA900 01 | ACCAFOR BEGINNERS | 6:00pm-8:00pm
ACCAS01___| 01__| ACCA FOR BEGINNERS I! pm |Mon/iWed _7-May | 10wks_ | $275 |
ACCA902 01. _| ACCA FOR BEGINNERS lI 6:00pm-8:00pm | Tues/Thurs _8- $300

| [BUSINESS | ae r——
CUST900 02. | SUPERIOR CUSTOMER SER. W/S | 9:30am-4:30pm $170
CUST900 01__| SUPERIOR CUSTOMER SER. W/S_| 9:30am-4:30pm.|, Thurs - 31May_ | 1 da’ $170
Busi900____—=«| 01_‘(| CREDIT AND COLLECTIONS} 6:00-9:00PM _| Thurs 10 May $225
BUSI901 CREDIT AND COLLECTIONS I! Tue 8-Ma $250

6:00-9:00PM



8 wks

7-May | 9wks | $450 |



COMPUTERS
COMP901






Mon













COMPUTER APPLICATIONS | Hwan








































| COMP901 [02 | COMPUTER APPLICATIONS | 1:30pm Sat 5-May {| 9wks _| $450
COMP902__—| 01_ | COMPUTER APPLICATIONS 1! 6:00pm-9:30pm | Thurs 10May | 9wks _| $550
COMP941 for | QuicKBooKS 6:00pm-9:00pm | Tues 8-May |Gwks | $330
COMP953 01 | PC UPGRADE & REPAIR 6:00pm-8:00pm | MonWWed __7-May | 9wks | $500
| COMP960 01 | EFFECTIVE POWERPOINT 9:30am-4:30pm | Thurs 31May | 1 da $170
COMP930 O1 | WEB PAGE DESIGN WORKSHOP __| 930am-4:30pm_| Thurs 14-Jun $550
DECORATING | —
FLOR800 01 _ | FLORAL DESIGN | 6:00pm-9:00pm | Thurs 10May | 10wks | $225
FLOR801 01 | FLORAL DESIGN Il 6:00pm-9:00pm | Tues 8-May | 10 wks | $250
FLOR802 01 | FLORAL DESIGN III 6:00pm-9:00pm | Mon 7-Ma
DECO800 | 01 | INTERIOR DECORATING | _.| §:00pm-9:00pm | Wed _9-May | 10 wks | $225
LENGLISH setae oe = Ls Jest Z sac
ENG 900 01 | EFFECTIVE WRITING SKILLS 6:00pm-9:00pm | Tues 8-May | 8 wks



HEALTH AND































FITNESS
| MASG900 i 01 MASSAGE THERAPY ESSENTIALS | | 6:00pm-9:00pm | Thurs
MASSAGE THERAPY ESSENTIALS
MASG901 Ot iit 6:00pm-9:00pm | Mon 7-May | 10 wks
HLTH800 01__| GROUP FITNESS INSTRUCTOR |__| 6:00pm-9:00pm | Wed '_9-May | 10 wks












MANAGEMENT |
_| 6:00pm-9:30pm _|- Thurs

























| MGMT901____ [01 | HUMAN RESOURCE MGMT I S:00pm-8:0em | Mon
SEWING . |
SEW 800 01 _| BASIC FREEHAND CUTTING | 6:00pm-9:00pm | Mon
“SEW 802__|01__| BASIC FREEHAND CUTTING Il 6:00pm-9:00pm | Thurs
SEW805 01 | DRAPERY MAKING | 6:00pm-9:00pm | Tues






ENQUIRIES: Contact the Co-ordinator at Tel: (242) 325-5714 (242) 328-0093/328-1936/302-4300 ext
5202 or email: persdev@cob.edu.bs :

All fees are included with the exception of the application fee of $40.00 (one time).
CEES reserves the right to change Tuition, Fees, Course Content, Course Schedule and Course materials.



CULINARY COURSES

















TUITION & RESOURCE

FEE MATERIALS
(ADDITIONAL

Kitchen
May I4 6 weeks 6:00-9:00pm CHMI Main
Kitchen

May 17 6 weeks Thurs. 6:00-9:00pm 4 $225.00 $10 - $12 per week | CHMI Main
Kitchen

May 15 5 weeks Tues/Thurs | 6:00-9:00pm | $225.00 $10 -$15 per week | CHMI Larder | 15
Kitchen

6:00-9:00pm | $250.00 $10-$15 per week | CHMI Pastry | 1
Kitchen
fe :00-9: yee CHMI Larder J 15
Kitchen

5 weeks Mon/Wed | 6:00-9:00pm_ | $225.00 $10- $15 per week } CHMI Larder
Kitchen

x. Enrol.
15
15
15
5
15

May 14

$10 - $15 per week | CHMI Pastry
Kitchen





PAGE 12B, MONDAY, MAY 7, 2007

aa)



CENTRE FOR CONTINUING EDUCATION AND
EXTENSION SERVICES

Computer Offerings — Summer 2007

J COMPUTER APPLICATIONS I

” Course Description: This course is for the beginner who knows very little about computers

5

ie

and does not understand how it works. This course covers the major
computer concepts with extensive hands on practice of various software using:

(I) Microsoft Office — Word Processing (ii) Microsoft Excel — Spreadsheet (iti)

Microsoft Access — Database Management.

Pre-requisite: , None

Begins: Monday, 7" ‘May 2007 6:00pm _ - 9:30pm Section 01 (CEES)
Saturday, 5" May 2007 10:00am_ - 1:30pmSection 02 (CEES)

Duration: 9 weeks

Venue: CEES Computer Lab

Tuition: $450.00

COMPUTER APPLICATIONS II

Course Description: This course covers the major advanced concepts with extensive hands on practice
of various software using: (I) Microsoft Office — Word Processing (ii) Microsoft

Excel — Spreadsheet (iii) Microsoft Access — Database Management.

Ss Pre-requisite: Computer Applications |
@ Begins: Thursday, 10 May 2007
Time: 6:00pm - 9:30pm
Duration: 9 weeks
Venue: CEES Computer Lab
Fees $550.00

EFFECTIVE POWERPOINT PRESENTATIONS

. This workshop is designed to provide participants with an overview of the fundamentals of Microsoft

to

vv

€
or

Pre-requisite: None
: Begins: Monday 7th May 2007
Time: 6:00pm — 8:00pm Monday & ae
.f: Duration: 9 weeks
_, Venue: BHTC Computer Lab
~ Fees: $500.00
- QUICKBOOKS
’ Course Description: - This course is designed to train new and existing small business entrepreneurs

FON

ws

vt

PowerPoint. It focuses on developing effective and dynamic PowerPoint presentations.

Pre-requisite: None

Begins: Thursday, 31° May 2007

Time: 9:30am - 4:30pm

Duration: 1 day

Venue: CEES Computer Lab

Fees: $160.00

PC UPGRADE AND REPAIR

Course Description: This course is a hands-on introduction to technology systems for use in information

environments. The course will cover the following topics: Basic Hardware,
Operating Systems, Troubleshooting and Repaits.

(fewer than 20 employees) how to organize and manage their accounting
activities using QuickBooks Pro software. Students will learn how to set-up

their company files, chart of accounts, budget, customers, vendors and employees.

‘Pre-requisite: None
, Begins: Tuesday, 8 May 2007
, Time: 6:00pm — 9:00pm

, Duration: 6 weeks
_ Venue: CEES cost Lab
Fees: $330.

Mi i[ WEprace DESIGN WORKSHOP

‘Course Description: This course, which targets persons who would like to create their personal web
pages will cover Web page creation, Web site management, and HTML. Specific

topics will include Formatting, Graphics, Multimedia, Forms and Tables and
hosting of web pages.

*’Pre-requisite: Participants must be computer literate and have a basic knowledge of word-
processing

‘Begins: Thursday, 14" & 15" June 2007

. Time: 9:30am — 4:30pm

Duration: 2 days

.: Venue: CEES Computer Lab



Fees: $550.00

ENQUIRIES: Contact the Co-coordinator at Tel: (242) 302-4300 ext 5201 5202 5205 or email
ees are included with the exception of the application fee of $40.00 (one time). When submitting

| application, kindly provide copies of the first four pages of your passport. CEES reserves the right to

change Tuition, Fees, Course Content, Course Schedule and Course

NOTICE TO SCHOOL OF EDUCATION MAJORS

ADVISEMENT AND REGISTRATION
FOR FALL 2007

Advisement for all School of Education Majors for Fall Semester 2007
will be held Wednesday May 9, 2007 through Friday, May 11, 2007
from 10:00 am to 6:00 pm. To be advised, students must bring along
their Programme Form/Contract of Study and a copy of their most
recent transcript. In the event the designated advisor is not available,
another advisor will be able to assist you. Students are asked to make
every effort to be advised during this period, as Registration for Fall
2007 begins on Monday, May 14, 2007.

For further information, please contact the School of Education at.
telephone 397-2603.

NOTICE

All residents of South Andros interested in taking the Single Phase
Electrical course with The College of The Bahamas, which begins
on 8 June, 2007 are asked to contact Rev. Dorinda Dean at 368-
2676 concerning registration.

All residents of North and Central Andros interested in taking
the Journeyman Plumbing course with The College of The Bahamas,
which begins on 8 June 2007 are asked to contact Rev. Dorinda
Dean at 368-2676 concerning registration.



begins o = os 2007, are asked to contact Tomacena Noo at
‘Spanish Wells et School at 335-1732 or 333-4052 concerning
te gistration. _



Visit our website at www.cob.edu.bs EDuc :

THE TRIBUNE BUSINESS




STAFF VACAN CIES

Legal Counsel

The College/University of the Bahamas seeks an individual to serve as the Legal Counsel in the
Office of the Secretary-General.

Specific responsibilities include:

¢ To plan, direct and administer activities of the Office of the Secretary General

¢ To work in concert with other members of the legal team in order to deliver to all areas of the
College, the best legal advice and services, following best practices

e To assist the Secretary General in the effective fulfillment of all duties and responsibilities more
specifically as set out in the Mandate and Remit for the Office of the Secretary General.

¢ To provide assistance and expertise in arrangements for Faculty or College-wide seminars,
special events, special projects or lectures

¢ To act specifically as legal research assistant to the Secretary General

¢ To work to establish and maintain a compendium of Policies and Procedures for the
College/University with respect to all areas of College/University activities.

¢ To work to establish and maintain a credible, working library for the Office of the Secretary
General.

¢ To assist in and execute details relevant to effecting matters of protocol in all College functions*
supervised by the Office of the Secretary General

° To take specific charge of all matters relating to student affairs and the Union of Students
(COBUS) on campus and related Clubs, their constitutions and matters related thereto and/or
specific charge of employee-relations matters and all matters concerning disputes/insurance
claims

* To execute all other assignments concerning the College’s legal matters as are referred by the
Secretary General

° To work in a collegial fashion with all other members of the Office of the Secretary General.

The successful candidate must have a minimum of a Bachelor of Laws Degree, a Council of Legal
Education Certificate and no less than 5 years post qualification and relevant experience. Additionally,
the successful candidate should possess the following:

e Strong Supervisory skills
¢ Good organizational skills

e Excellent oral and written communication skills
e Excellent interpersonal skills

LIBRARIAN, Northern Bahamas Campus

The College of The Bahamas seeks to fill a Librarian position for its Northern Bahamas Campus.
The position reports to the College Librarian, but liaises closely with the Associate Vice President
for the Northern Campus in respect to day-to-day matters.

The incumbent:should be a dynamic, innovative individual with a strong commitment to service
in a growing and diverse community. The Librarian will demonstrate successful professional and
administrative experience in a library, have sound knowledge and understanding of emerging
technologies and their application within library settings and show evidence of a commitment to
developing a strong integrated library service within an academic environment.

The duties of the Librarian will include: management of the Northern Bahamas Library Branch,
leadership in short and long-range planning to expand library services at the Northern Campus,
development and promotion of library resources and services, budget and personnel management,
initiation and management of appropriate emerging technologies, and liaison with relevant internal
and external groups.

The'Librarian must possess a Master’s Degree in Library and Information Science from an accredited
institution and at least five years post-Master’s professional library experience, showing evidence
of expanding responsibilities and growth. The incumbent will demonstrate strong communication
and interpersonal skills that engender an excellent customer-friendly and professional environment.
Evening and weekend work (on rotation), research, professional service to the community and
delivery of library instruction will also be required.

To ensure consideration, application materials must be received by May 21, 2007. A complete
application packet consists of an application letter, a College of The Bahamas’ Application
Form, a detailed curriculum vita, copies of transcripts (original transcripts required upon
employment) and the names and contact infermation of three references addressed to: .

The Director
Human Resources
The College of The Bahamas
Oakes Field Campus
Thompson Boulevard & Poinciana Drive
P. O. Box N-4912
Nassau, Bahamas

The College of the Bahamas Application Form can be downloaded from the website at
www.cob.edu.bs

THE COLLEGE OF THE BAHAMAS
Graduate Programmes Office

TOWN MEETING

The College of The Bahamas is launching the Master’s in Business Administration
programme in collaboration with the Edinburgh Business School. A town meeting
will be held to provide information about the new master’s on Saturday, May

19th from 10:00 a.m. — 12 p.m. in the Lecture Theatre, 4th floor, Michael
H. Eldon Complex.

A representative from Edinburgh Business School will make a presentation and
receive questions from the audience. The public is invited to attend. Further
information may be obtained from the Graduate Programmes Office at telephone
397-2601.

ILCI

THE INTERNATIONAL LANGUAGES AND
CULTURES INSTITUTE

of The College of The Bahamas
presents

AN EVENING WITH THE DICEY-DO SINGERS
Friday, May 18th, 2007, at 7:00 PM

* WINE TASTING * ART EXHIBIT
LOCATION: Room 2, Munnings Building, next to KFC at COB roundabout

ADMISSION: $10 - Students: $5
CONTACT: For further information, call 302-4587 or 302-4584



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Visit our website at www.cob.edu.bs

ospective A

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Programm

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in collaboration

Mea rue Ce

aste r’s De
Progr

‘Michael Hartley Eldon Complex
‘Thompson Boulevard
— Room306

in collaboration
with

KENT STATE.

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Bes Orne



THE TRIBUNE

MONDAY, MAY 7, 2007, PAGE 13B








@ By NEIL HARTNELL
Tribune Business Earto:

vhanians were
responsible for + com
- 7 hined +? 6 he 1)



SESS

Bahamians

incre lit card debt at year-end
2906 the Central Bank of the
Bahanias has revealed, a sum
that increased more than
three-and-a-half times from the
$60 million at 1996 year-end.

POPSET AN A RYRRRTO LOR ARTETA ADAIR EMO ARE PT ROVER ORY ) IY EC IY

csusnueccrasaxsss sp @ REREWAUSREARLEERLSALEGSE SALES



NOTICE

NOTICE is hereby given fiat ALEXANDER JOHN
WHITELAND of #3 PARK PLACE BLAIR , P.O. BOX
$S$-19335, NASSAU. BAHAMAS, is applying to the Minister
responsible jor Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas. and that any
person who knows any feascii wliy regisiration/ naturalization
should not be granted, should send a written and signed
statement of the facis within twenty-eighi days from the 7th
day of May, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

NOTICE

ABLELINK
COMMUNICATIONS LTD.

(In Veluntary Liquidation)

| Notice is hereby given that the above-named

Company is in disolution, which commenced on the
3RD day of March 2007. The Liquidator is Argosa
Corp. Inc., RO.Box N-7757 Nassau, Bahamas.

ARGOSA CORP. IINC.
(Liquidator)





ta

The monteary regukator. in
its 2006 annual report,texposed
how popular credit card pay-
ments are with the majority of
Bahamians, even thotégh they
they attract the highesfiintcrest
rates and have been rgsponsi-
ble for large numbers3ul peo-
ple getting into incr@asingly
unsustainable personaj debts.

Since 2000, the number of
credit cards issuedvin the
Bahamas has increased by 16.5
per cent to 111,666.

The Central Bank of the
Bahamas said that in 2006,
consumer credit growth
increased by 2.8 perscent to
14.5 per cent, but thésrate of
mortgage credit ere eneey
slowed from 17.4 percent to
16.3 per cent. ”

=

ea

Still, the commercial‘banking
system was keeping%a close
track on credit quality, as the
ratio of non-performing loans -
as a total percentage of loans -
declined from 4.5 pergcent in
2005 to 4.2 per cent gr 2006.
Non-performing logns are
defined as those that were 90
days or more past dues

Another popular payment
method for Bahamian con-
sumers and businesses is
cheques, with the total num-
ber of cheques clearedhrough
the banking system ingreasing
by 25.6 per cent betwe¥n 1997-
2006. :

In 2006, the Centrg@l Bank
said the total nuntber of
cheques cleared was 3982,332.
for a collective sum of $8.7 bil-
lion, compared to the 32947,218
cheques for a total surg of $7.8
billion that were clefred in
2005. . #8

ns
ia





i
m
ma
4
&
va

SEVP CLELESRES

>~ ere






WINDING Bay

ABACYO, BAHAMAS

BS a ey Ue
a (External) —

(3) Transport Assistant

Drive, park and retrieve guest/visitor vehicles as they arrive and depart
from the hotel, courteously, safely and efficiently according to the hotel's
standards. Provide internal transportation of guest, members and staff as
required within Club estate or as authorized off-property. Maintenance
and cleaning of carts as required. Lateral Service to other departments
as required.

(1) Spa Therapist ;

Primary responsibility is to deliver excellence in quality Spa services to
guests/visitors/members in a timely, courteous and efficient manner.
Escorts clients to and from treatment rooms, attending to any immediate
needs throughout Spa visit. Assists in providing information to any inquiries
and helps to coordinate all guest requests for services. Must be certified
with a minimum 2 years experience in a luxury spa environment and
appropriate protocols.

{1) Spa Attendant

Answer all incoming calls | a friendly and efficient manner. Process all

incoming reservations received. Receive guests, and direct to appointments.
Perform treatments when required on the beach or in the spa. Issue

clothing and maintain locker rooms. Responsible for linen supply, stocking,

‘and product dispensation. Maintain upkeep of spa, gym, and locker room

areas during hours of operation.

(1) Accounts Payable Clerk

Responsible for processing all invoices and authorized check payments
‘to hotel vendors. in accordance with hotel standards. Reconciles daily

statements and month-end balancing of payables.

(1)Linen Room Attendant / Presser

Organize and stock all clean hotel linen in designated areas, shelves and
also removing substandard hotel linens from circulating inventory. Issue
designated table linens to F&B personnel according to departmental
procedures. Machine wash, dry and press linen service for F&B and
Housekeeping as required. Report all shortages, damages, maintenance
requests, problems and linen/uniform availability to manager. Monitor and
maintain the clean and orderly condition of the linen room; ensure security
of all hotel property. ;

(2) Housemen

Clean and maintain all corridors, vending areas, elevators and landings
and service areas on guest room floors, ensuring hotel's standards of
cleanliness. Provide linen supplies for Room Attendants and stock floor
closets. Deliver and retrieve items requested by guests and Floor Supervisor.

(3) Room Attendants ‘i

Responsible for assisting the Director of Housekeeping, Assistant Director

--of Housekeeping, Housekeeping Manager and all housekeeping supervisors
in the successful ownership and operational execution of the Housekeeping
Department. Responsible for assisting the Housekeeping Team Leader

‘in providing genuine care and comfort to the ladies and gentlemen of the
respective departments and maintaining a sense of urgency in handling
all related matters.

(1) Loss Prevention Cfficer

Represents the management/supervisors of the company in ensuring the
safety, security and well being of the quests and employees in accordance
with hotel standards and philosophy.

(1) Asst. Housekeeping Manager

A Leadership role responsible for assisting the Director of Housekeeping
and all Managers in the successful ownership and operational execution
of Housekeeping. Responsible for assisting the Director of Housekeeping
in providing genuine care and comfort to the ladies and gentlemen of the
respective departments and maintaining a sense of urgency in handling
all related matters. Minimum 3 years experience in a luxury resort
environment. ;

(1) Pantry Prep-Cook

Plan, prep, set up and provide quality service in all areas of cold food
production to include, but not limited to cold menu items, cold line specials,
displays/ presentations of cheeses, fruits, salads, dressings, compotes,
vegetables, sandwiches and desserts in accordance with standards and
plating guide specifications. Direct, train and monitor performance of

Pantry Persons. Maintain organization, cleanliness and sanitation of work §&

areas and equipment.

(1) Chief Kitchen Steward
Supervise, train, and inspect the performance of assigned Stewarding
Staff, ensuring that all procedures are completed to the Hotel and R.C.

Standards, while working within the budgeted guidelines. Assist where.

necessary to ensure optimum service to guests. Understanding of, and
minimum 3 years experience in, the stewarding processes of a gourmet
kitchen. .

(4) Kitchen Steward (Males preferred)

Adhere to hotel specifications and standards in operating the dishwashing
machine to wash designated restaurant and kitchen wares, clean and
maintain equipment and dishwashing/kitchen/cafeteria/compactor/storage
areas. Assist in washing pots, pans and other kitchen utensils/equipment.
Complete other special cleaning projects as assigned. Deep cleaning of
kitchen equipment and designated areas after service hours of operation
as required.

(2) Beach Attendants

To help coordinate a comprehensive program of recreational activities for
children and adults. Responsible for leading all adult and children’s activity
programs. Helping guests with the implementation of special activity
events. Promoting guest activities and events. Interfacing with resorts
departments concerning programs which require their assistance.

(4) Golf Course / Greens keepers

The Greens keeper performs a combination of duties as directed to maintain
grounds and turf on the Golf Course in optimum condition, including
aoperating all types of motorized mowing equipment and hand tools to
cut a variety of areas of turf-grass, identification of stressed and diseased
areas, identification of irrigation problem areas, and preventative
maintenance on all equipment

Persons desirous of interviewing for theses positions are advised to
collect and return application to Labour Board or mail application to:
The Abaco Club Ritz Carlton, Ltd, c/o Human Resources Department,
P.O. Box AB20571, Marsh Harbour, Abaco Bahamas or fax 242-367-
0392.



PAGE 14B, MONDAY, MAY 7, 2007

BUSINESS

THE TRIBUNE



Ingraham: PLP ‘sold

FROM page 1

under which BTC can be sold
on credit — no deal about install-
ment payments.”

James Smith, minister of state
for finance in the outgoing
administration, and who had
direct responsibility for the
BTC privatisation process,
could not be contacted before
press time last night for com-
ment.

However, he told The Tri-
bune towards the end of April
that the Government was then
reviewing Bluewater’s offer and
preparing a “final reaction”.

He added that the Govern-
ment's negotiating committee
had made its recommendations
to the Cabinet, and the Cabi-
net sub-committee dealing with
the BTC privatisation, with the
decision still lying firmly in the
Government's hands.

"The recommendation has
been made to the Government.
The Government has to review
it, and it will be sending back
its final reaction,” Mr Smith
said.

That "final:reaction" will be
an answer on whether the Gov-
ernment feels a deal in principle
can be done with Bluewater,
and that the two sides have a
‘meeting of minds’.

That indicates that the
Christie administration is likely
to last week have signed the ini-
tial ‘sales agreement’, agreeing
a deal in principle with Blue-
water, but the sale of what is
likely to at least be a 49 per cent
stake in BTC has not closed.

It will now be up to the Ingra-
ham administration to review
the work done by the Christie
government and decide whether
it wants to proceed on closing
the BTC sale.

Mr Smith previously said that
if an agreement in principle was
signed, the PLP government
and Bluewater would have
gone into a final round of
intense negotiations involving
the price the group will pay for
a staké in BTC, the composi-
tion of the new BTC Board and

Ss









NOTICE

NOTICE is hereby given that MATTHEW ARTHUR
WHITELAND of #3 PARK PLACE BLAIR , P.O. BOX
SS-19335, 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 frorn the 7th
day of May, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

other technical details.

These would include amend-
ments to BTC'’s Memorandum
and Articles of Association, and
a shareholders’ agreement
between the Government and
Bluewater.

The PLP Government had
vested the current privatisation
process with heavy secrecy, due
in part to the failed 'open beau-
ty contest' method that was
tried in 2003, when it decided
none of the three offers made
for a 49 per cent stake in BTC
matched its own valuation.

Yet that led to criticism of
the process as lacking trans-
parency, and Mr Ingraham -
whose first administration start-
ed the BTC privatisation ball
rolling in 1998 - will now have
the job of completing that task.

The best offer in the 2003 pri-

- vatisation process came from

the BahamaTel consortium,
backed by Citigroup and JP
Morgan Chase's private equity
arms, which was prepared to
pay $130 million for the 49 per
cent stake, valuing the company
at just over $260 million.

- It is unclear what BTC would
fetch today, although many feel
its valuation would have
declined since then, given the
competition it now faces in
fixed-line from IndiGo Net-
works, not to mention callback
and Voice over Internet Proto-
col (VoIP), plus Cable Bahamas
on Internet.

The most valuable part of
BTC is still is cellular monopoly,
a prized asset for any bidder. -

The protracted BTC privati-
zation process, which has
spanned almost a decade, cost
the taxpayer close to $200 mil-
lion, and seen the rejection of
the three bidders, was supposed
to be "the first stage" in liber-
alising the Bahamian telecom-
munications market.

However, the Government
has been forced to pursue pri-
vatisation and liberalisation at
the same time, and the two
strategies have often been in
conflict, given the frequent



NOTICE

NOTICE is hereby given that MATTHIEU PRIVILLION of
FIRE TRAIL ROAD, P.O. BOX SB-50076, 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 7th day of May, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box

N- 7147, Nassau, Bahamas.

ouand us.Awinning partnership

‘BTC stake last week’

attempts to restrict the compe-
tition provided by the likes of
IndiGo Networks and Cable
Bahamas to preserve BTC's
market share and value to any
bidder.

The protracted privatisation,
preservation of BTC's cellular
monopoly and restrictions on
legal competition have all
impacted the provision of effi-
cient services and technologies,
consumer choice and reduced
prices.

Bluewater seems to have
been a bid vehicle created
specifically for the purpose of
trying to buy into and privatise

BTC. It is likely to be backed by - «

private equity financing.
Among Bluewater's princi-

pals are Roger Ames, former |

chairman and chief executive
of Warner Music Group, and
president of Warner Music

International from August 1999

to August 2004.

Also involved is the former
chief financial officer of a UK-
based cable operator called
NTL, John Gregg. He was fot-
merly managing director of two
European broadband cable
operators, Cablecom GmbH
and iesy Hessen GmbH.

Mr Gregg was also managing
director of the Cellular Com-
munications Inc group of com-
panies, which operated cell
phone networks in the US,
Puerto Rico, the US Virgin
Islands and Italy.

Mr Smith previously pointed
out that the Telecommunica-
tions Sector Policy drafted by
the previous FNM government
allowed, from the date privati-
sation was completed, for BTC
to retain its cellular monopoly
for 12 months and fixed-line for
two years.

The dates and objectives
would have long passed, Mr
Smith said, adding that "tech-
nically speaking the telecom-
munications sector should have
been liberalised by now" and it

would be interesting to assess,

the cost impact to; theiremai
der of the Bahamian e¢

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.



ou organization and olfer them superd career opportunities {0 mac

UBS Weaith
prererably with relevant previous

and extracurricular ech

cast Bay Street, or

Wealth Glo
Management Ma



vy e-mail tc hrbahamas@ubs.com.

deliver your resume and

ihe apgica

Investment

Â¥ank

5 (Bahamas) Lid., Human Resources,

e position 1s Friday May18, 2007.

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PAGE 16B, MONDAY, MAY 7, 2007

THE TRIBUNE.



Coalition seeks ‘more |

meaningful’ NHI talks

Still has concerns on ‘employment levels and the cost of employment’

@ By NEIL HARTNELL
Tribune Business Editor

he National Coalition for
Healthcare Reform, the pri-
vate sector and trade union
group formed to develop
alternatives to the PLP administration’s
National Health Insurance (NHI) plan,
said it was hoping for “more meaning-
ful” discussions with Prime Minister
Hubert Ingraham’s administration,
again expressing concerns about the
existing plan’s impact on “employment

t

levels and the cost of employment”.
Winston Rolle, a former Bahamas
Chamber of Commerce president and
consultant to the Coalition, said it was
“too early to tell” what healthcare
reforms and NHI plan the Ingraham
administration is likely to bring for-
ward, although many observers believes
it is likely to go back towards the cata-
strophic insurance model it was looking
at before it demitted office in 2002.
Mr Rolle said: “Our hope is, that as
we’ve said all along, that whatever
administration is in office will be more

meaningful in sitting down at the table
with the Coalition to see how we can
best form a health plan that is in the
interests of all, and is sustainable and
appropriate to future generations as
well as our generation.”

He added that the personnel involved
in the NHI implementation team, which
is headed by Stanley Lalta, were unlike-
ly to change.

“We'd like to hope that where they
may have been restricted from dia-
loguing with us in the way they would
have desired, that will change now,”

Mr Rolle said.

He added that the Coalition Hoped
Mr Ingraham’s campaign promise that
the FNM would be prepared to consult
with all stakeholders, and come up with
the appropriate plan for all, was not
just an electoral platform.

Mr Rolle said the Coalition was also
awaiting the release of two studies being
conducted on NHI, one relating to its
economic impact by Washington-based
DAH Consulting, the other on its pro-
posed benefits package.

He said the Coalition’s findings had

‘
1

> Rn mee a ©

been developed by its own private sec-
tor survey, “where employers indicated,
that NHI’s impact would make them
rethink their hiring pragtices, and that,
any staff added would have to make a’
contribution to the bottom line”. :

NHI would also impact consumer,
prices, as employers were likely to pass;
on extra employment costs in the form*
of higher prices for the goods and sér-’
vices they sold. ‘

“Employment levels and the cost of

employment, they'll definitely be the, .

things affected,” Mr Rolle said. ‘

a
o

‘Commonwealth Bank’s profits rise 24.2 per cent in first quarter

COMMONWEALTH Bank’s 2007 first quarter
income rose by 24.2 per cent year-on-year, reach-
ing $11.6 million compared to $8.8 million last
year, while total assets increased by $57 million
during the period.

The BISX-listed commercial bank added that
net income for the first quarter was up 1.7 per
cent over the 2006 fourth quarter’s $11.4 million,

with chairman T. B. Donaldson attributing the
growth to “consumer confidence, diligent man-
agement and marketing:, plus the opening of the
bank’s Golden Gates branch. For the three months
ended on March 31, 2006, Commonwealth Bank
saw its total assets reach a high of $1.075 billion, an
increase on the 2006 year-end’s $1.018 billion.
For the 2007 first quarter, earnings per share

(EPS) increased to $0.31 per share compared to
$0.3 per share the quarter before. Annualised
return on common shareholder equity was 36.3
per cent, up from 32.3 per cent in the 2006 first
quarter, while the annualised return on assets was
3.9 per cent, up from 3.5 per cent in the 2006 com-
parative period and above the 3.7 per cent 2006
year average. “We have been overwhelmed by

the warm reception from the public to our new
Golden Gates branch, which has shown excellent
growth since it opened in January,” said Mr Don-
aldson. The branch is a modern state-of-the-art
facility at Golden Gates Shopping Centre and ful-
fils the bank’s pledge to “take full-service banking
to the people and be the number one choice in per-
sonal banking services.”

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MONDAY, MAY 7, 2007



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9

FNM won hy just 3,910 votes

Popular vote shows electorate
is virtually split in halt

@ By BRENT DEAN
DESPITE the large shift in

seat totals from the 2002 elec- —

tion, the FNM won last week’s
popular vote count by a mere
3,910 — indicating that the

‘Bahamian electorate is virtu-

ally split in half between the
two main parties.

According to results from
the parliamentary commis-
sioner’s office, the PLP gained
64,637 votes, having run in 39
out of 41 constituencies; while
the FNM, which ran in all 41
constituencies, received 68,547.
votes.

This slim margin differs sig-
nificantly from the last two
elections where in 1997 the
FNM won the popular vote
by 18,834; and in 2002 the PLP
did-the same by 14,094.

In the 2002 election, the
PLP gained 66,897 votes,
meaning that over the last five
years, the party lost 2,260 vot-
ers or about three per cent of
its support.

The more interesting trend,
however, is the surge of the
FNM.

In 2002, under the direction
of leader-designate
Tommy Turnquest, and the
then official and outgoing
party leader, Hubert Ingra-
ham, the FNM polled 52,803
votes. .

With Mr Ingraham's return
as the unquestioned leader,
and five years of observing Mr
Christie's style of governance,
Bahamians added 15,744
votes, or a 29.8 per cent
increase, to the FNM's total
from 2002.

Ingraham suggests McKinney
could leave talk show on ZNS

CONTROVERSIAL media personality Steve McKinney
may have come to the end of his career as the host of the ZNS
talk show “Immediate Response”, Prime Minister Hubert Ingra-
ham indicated during the FNM’s victory rally on Saturday

night.

Speaking to the crowd gathered at Clifford Park to celebrate
the FNM’s triumph at the polls, Mr Ingraham heavily criti-
cised those PLP supporters who throughout the day last Thurs-
day spread rumours that the PLP had, in fact, won the 2007 gen-

eral election.

“All day Thursday they permitted their lackeys to gather all
over the country to stir up trouble among the people and to tell
their supporters they had won the election.

“They (also) had a radio talk show host, who I assume you
heard for the last time last week. I assume that she and Steve

SEE page 14

Arc Glass & Crystal

Portmeirion
Jewelry Boxes
Flowers
Godinger Silver

Anchor Hocking

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and much morel =

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Derelict vehicles ablaze in huge fire

eh

B

@ MASSES of derelict vehicles were ablaze for most of Saturday afternoon after a fire broke
out at Strachan's auto repair yard, creating huge clouds of black smoke.
The fire began at around 11am and was not fully overcome by the fire services - represented
+ by trucks from four units, according to police - until around 8pm Saturday night.
Firefighters struggled, ultimately successfully, to ensure that none of the surrounding prop-

erties were damaged.

No-one was injured. Police investigations are ongoing.
(Photo: Felipé Major/Tribune staff)



PLP reviewing all close seats

@ By ALISON LOWE
Tribune Staff Reporter

THE PLP is unable to say

exactly how many seats it will con-

test, as officials are in discussions
with their legal counsel, said PLP
campaign organiser Philip Galanis
yesterday.

"We are still reviewing all of
those that were close," he said,
"with a view to putting our case

forward if we think one is appro-
priate."

PLP lawyers are assessing the
evidence that the party has "accu-
mulated", and until that process is
over, the party will not speculate
about which results may end up
being disputed in election court.

He said both parties are bound
by a legal time constraint to put
their cases forward before a cer-
tain amount of time is up, or else

will be unable to do so.

A suggestion has been made in
a popular political website that
the PLP must "carefully consider"
contesting seats as they may not
have enough money to do so.

However, Mr Galanis denied
that this is a concern for the party.

In 2002, the FNM was forced
to pay over $213,000 in costs after

SEE page 15

|



Ingraham:
reports of voting
irregularities are
being looked into

@ By KARIN HERIG
Tribune Staff Reporter

AUTHORITIES are look-
ing into reports of voting irreg- |
ularities in at least five con-
stituencies, Prime Minister

‘. Hubert Ingraham told his sup-

porters during the FNM’s vic-
tory rally on Saturday.

Once again addressing a
“sea of red” at Clifford Park,
Mr Ingraham called the 2007
election the most interfered
with election in Bahamian his-
tory.

“T am ashamed that on Per-
ry Christie’s watch there was
more political interference in
the electoral process than at
any time, even under Pindling.

“Let history record that
Perry Christie is no democrat
—he is out, he must stay out,”
he said.

Mr Christie, in addressing
his supporters and conceding
defeat outside of Gambier
House last Thursday night,
indicated that the PLP’s

SEE page 15

PM claims PLP
came to secret

agreement
to sell BTC

THE PLP came to a
secret agreement to sell
Bahamas Telecommunica-
tion Corporation (BTC)
before they left office,
Prime Minister Hubert
Ingraham has charged.

Mr Ingraham, speaking
at the FNM’s victory rally
on Saturday night, accused
the former PLP Cabinet of
cutting a secret deal to sell
the BTC while the FNM
was busy campaigning.

“During the campaign
they were telling the
employees of BTC that
Ingraham will sell BTC and
they would lose their jobs.
Well they agreed to sell
BTC last week,” he said.

However, Mr Ingraham
assured the public that the
FNM will review “every
line of the deal.”

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PAGE 2, MONDAY, MAY 7, 2007 THETRIBUNE





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MONDAY, MAY 7, 2007, PAGE 3



@ In brief

Coast Guard asked
to suspend search
for migrants

@ SOUTH DOCK, Turks
and Caicos Islands

THE U.S. Coast Guard
suspended its search Satur-
day for more than 40 missing
Haitian migrants after local
authorities said it was no
longer needed as hopes faded
of finding more survivors,
according to Associated Press.

Several boats and heli-
copters belonging to the
Turks and Caicos, near where
the boat sank Friday, contin-
ued to search the turquoise
Caribbean waters. But police
Inspector Sharon Whitaker
said the island may also sus-
pend its search early Sunday
if no more survivors or bodies
are found.

Roughly 160. Haitian
migrants were packed aboard
a 25-foot (7.6-meter) boat
when it ran into stormy
weather before dawn Friday
off the coast of this British
territory. Thirty six people —
23 women and 13 men — were
confirmed dead in addition
to the more than 40 missing.

Searchers found no-sur-
vivors or bodies on Saturday,
dimming hopes for the res-
cue effort.

U.S. Coast Guard Petty
Officer 3rd Class Barry Bena
told The Associated Press on
Saturday that Turks and
Caicos authorities asked the
U.S. Coast Guard to suspend
its search, "apparently
because they believed the
likelihood of finding more
survivors was very slim."

A survivor said the migrant
ship sank after passengers
panicked and shifted to one
side, overturning the vessel
and spilling most of the pas-
sengers into the shark-infest-
ed waters. But Turks and
Caicos police initially noti-
fied the U.S. Coast Guard
early Friday that the Haitian
sloop capsized while a police
boat was towing the inter-
cepted vessel to shore,
according to Bena.

It was notimmediately pos-

sible to reconcile the differing 3 £5

accounts of the sinking.

China severs
relations with

Caribbean island

for switching
ties to Taiwan
@ CASTRIES, St. Lucia

CHINA officially severed
a 10-year diplomatic rela-
tionship with St. Lucia, a
week after the tiny
Caribbean nation restored
ties with rival Taiwan,
according to Associated
Press.

The Chinese Embassy in
St. Lucia issued a terse
statement Saturday saying
all agreements between the
tropical island and the
Asian superpower would be
"suspended immediately"
due to the April 30 switch,
ending Beijing's financing
for a nearly finished psychi-
atric hospital and scuttling
plans for a cultural center.

China and Taiwan — the
self-governing island that
Beijing claims is a renegade
province — have for years
waged a battle of "dollar
diplomacy," offering coun-
tries aid and trade induce-
ments to switch diplomatic
recognition from one to the
other.

Tiny St. Lucia, with a
population of 168,000, had
long maintained diplomatic
relations with Taipei under
Prime Minister John Comp-
ton, until the country
switched to Beijing shortly
after Compton's United
Workers Party was defeat-
ed in 1996.

But Compton's party
returned to power last
December, and Chinese
pledges of more money and
technical assistance failed to
persuade St. Lucia from re-
establishing ties with Tai-
wan. ,

On Saturday, the Chinese
Embassy said the switch
undermined Beijing's One
China policy and had done
"serious harm" to relations.

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2007 election
closest in Bahamia

@ By BRENT DEAN

WITH ten seats won by less
than 100 votes, the 2007 election
was one of the closest in Bahamian
history.

The number of tight races last
week, which led to recounts into
the early hours of Friday morning,
indicates just how close the elec-
tion was.

The ten seats won by less than
100 votes were: Blue Hills (PLP,
47), Elizabeth (PLP, 45), Fox Hill
(PLP, 63), Golden Isles (FNM. 62),
Pinewood (FNM, 64), Seabreeze
(FNM, 64), Marco City (FNM, 47),
North Eleuthera (FNM, 71), Exu-
ma (PLP, 65), and MICAL (PLP,
39), which again was the
closest race, with Mr Alfred Gray
having won by four votes in
2002.

Additionally, the results of this
election reveal that Bahamians
focused their full attention on the
main parties, rather than indepen-
dents.

In 2002, four independents won ©

seats — Whitney Bastian, Pierre
Dupuch, Tennyson Wells and Lar-
ry Cartwright - with Mr Cartwright
joining the FNM when Mr Ingra-
ham regained the leadership of the
party.

In this election no independents
were elected, with Tennyson Wells
being unseated after 20 years by
the FNM’s Branville McCartney;
Whitney Bastian losing by 440
votes to the 'down home boy'
Picewell 'Soca' Forbes; and promi-

’ nent preacher Rev C B Moss going

out on a whimper, receiving a mere
564 votes as compared to the 1,807
votes secured by the potential new
leader of the PLP, Dr Bernard
Nottage.

In this election, too, three PLP
cabinet ministers were unseated —
Neville Wisdom, Leslie Miller and,
most surprisingly, former Attor-
ney General Allyson Maynard-
Gibson.

Ms Maynard-Gibson, who was
touted by many as an aspirant to
the PLP throne, lost a 1,000-vote

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PAGE 4, MONDAY, MAY 7, 2007



EDITORIAL/LETTERS TO THE EDITOR

cama SNe a AA oa 0

PHE TRIBUNE

Abts manana



The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

Shirley Street, PRO. 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

Proper accountability now needed

THE ‘NEW’ PLP hardly had time to clea
their desks and vacate their offices before they
were back at their old truth-twisting tactics.
They seemed to have already forgotten that
one of the reasons for their electoral loss was
that most Bahamians had grown tired of the
scandals, the half truths and the unkept promis-
es.

“Bahamians,
release in opposition, “are keenly aware of the
Hubert Ingraham style of leadership — dicia-
torship.”

Yes, Bahamians now have had an opportu-
nity to compare both types of leadership. The
Christie leadership — a leadership by commit-
tee that seldom seemed to report. A leader-
ship that tried to protect friends and make
excuses for their wrong-doing, resulting in the
lowering of the community’s moral standards. A
leadership that, drifting from crisis to crisis,
seemed to find it impossible to control its cabi-
net and make decisions. A leadership that
appeared to be confused at whose desk the
buck stopped. .

Even former PLP Attorney General Paul
Adderley commented in 2004 that he did not
think that Bahamidns were ready for the kind of
“participatory democracy” favoured by Mr
Christie. Neither were his ministers. They took
advantage of their easy-going boss. Mr Adder-
ley believed that Bahamians favoured strong
leaders.

And this is where Mr Ingraham came in.
The Ingraham leadership style is decisive, no
nonsense, with decisions made in the best inter-
est of the Bahamian people rather than for the
protection of special friends. The PLP call this
dictatorship. We call it accountability.

The Bahamian people had a choice and they
made it — they want an even playing field
where all men and women are equal before the
law. They also want equal access to all oppor-
tunities that the country has to offer.

At his Saturday night rally, said the PLP
press release, Mr Ingraham “went as far as to
tell his own party supporters that most of them
that ran in the election, will not get a post in the
governance circle which he will lead. ‘I just
have to do what I have to do.”

Thank God, no more jobs for the boys at the
expense of the Bahamian taxpayer.

Mr Ingraham stated the obvious. In fact this
is what he said:

“All persons elected by us cannot be minis-
ters. Whenever you make a choice you please
one and displease the other. Be assured I do the
best I can, but there are too many government
ministries and I am going to reduce the number
of ministries in the government.

“Which means I have too many permanent
secretaries. I have too many this and that, so I
have to do what I have to do.”

Isn’t this in essence what Sean McWeeney
said about the civil service way back then? At
the time Mr McWeeney was in the Cabinet of

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” said the PLP in its first press.

the late Sir Lynden Pindling. He said then that
the civil service was bloated and the tree need-
ed a good shake to bring it back to good health.

No one ever had the courage to shake the
over-burdened tree. If Mr Ingraham plans to cut

back on his ministries, it is obvious that he has .

too many permanent secretaries. It is also obvi-
ous, if he is to run a leaner government to pro-
vide funds for schools, health and social ser-
vices, and to maintain infrastructure, he has
to trim a civil service that has become too cost-
ly for such a small country. It makes good busi-
ness sense. Either that or raise taxes.

Also, if, as an election vote getter, it is found
that the PLP in fact stacked the civil service
with extra bodies, as alleged, and wrote unnec-
essary contracts to give jobs to their friends,
then those too will be scrutinised. And if found
not to be in the best interest of the public, they
too will have to go. ;

Mr Ingraham made it clear that the “reports
they have received of illegal activities by the
former governing party in buying votes; intim-
idating voters or interfering with individual's
rights to exercise their free will in choosing
their parliamentary representatives on Elec-
tion Day — whether in Bimini and West End; in
Fort Charlotte; in Exuma; in MICAL; in Fox
Hill or elsewhere around our country — the
chips will fall where they may.”

And this has to happen. Never before have
we seen election tricks so bold, so blatant and so
in your face.

If it is not stopped now, and if examples are
not made of those responsible, regardless of
who they are, then there will never be another
free election — democracy will have been
snatched from the people.

Election laws have to be changed. A strict
code of ethics has to be chiseled in granite. The
conduct of elections has to be taken out of the
hands of politicians and put under a committee
of responsible and trustworthy citizens who can
be relied upon to do what is right and best for
the country.

Over the years this country has wasted its
resources on commissions of inquiry without

results. Much has been found to be wrong, but |

the wrongdoers have walked away without so
much as aslap on the wrist.

That has to stop. This election has exposed
the rot. Demands now have to be made to raise
the bar of accountability and respect for the
law and our public institutions.

“Too many members in the former govern-
ment have no respect for the law,” Mr Ingraham

claimed, “they disrespected our democratic
institutions and believed they had a divine right
to govern.”

Hopefully, this will be the year that all
Bahamians, whatever their political party, what-
ever their skin tone will learn that this country

embraces all of us — that God gave the.

Bahamas to all citizens to hold in trust for future
generations.



Health care
accountability

EDITOR, The Tribune.

TOMORROW we get to
elect the next government of
this country. This is a once-in-
five-year chance to retire
those elected politicians who
have not served their con-
stituents or the country well,
and replace them with others
who perhaps will.

The next government of this
country, whichever party it
may be, is likely to bring into
effect a National Health Insur-
ance scheme. We will all pay
for this by payroll deduction.
Will it be effective?

Mr Stanley Lalta on behalf
of the PLP government, has
assured us, that it will be qual-
ity health care. with account-
ability. Let’s look at the gov-
ernment record on account-
ability in the health care sec-
tor, just briefly, since it is
indeed a brief record.

On the public health side:
What was the result of the
investigation into the prob-
lematic dialysis unit at PMH?

On the private health side,
we know the Hospital and
Health Care Facilities Board
(the Board) will not investi-
gate the Complaint of a fatal-
ity at one of the private hos-
pitals that it licenses.

The Hospital and Health

LETTERS

letters@tribunemedia.net



Care Facilities Act requires
the Board to investigate com-
plaints, to ensure that the pri-
vate hospitals meet the stan-
dard of “appropriate care”, in
the public interest. The Min-
ister of Health directed the
Chairman to do an investiga-
tion into that Complaint three
years ago. But the AG has
other directions.

Why is the Attorney Gen-
eral’s office apparently advis-
ing the Board not to investi-
gate a fatality? Why is it inter-
fering in the proper function-
ing of a statutory board?

An impartial investigation
could produce recommenda-
tions that would save other

lives. Is this not the purpose of

the Board? If the Board does
not investigate serious com-
plaints, then the facilities it
licenses are basically unregu-
lated.

In whose interest is the,

Attorney General’s office act-
ing? Certainly not in the inter-
est of members of the public
whose lives may be at risk. Is
this a case where the private

interest in not being investi-
gated, in the minds of those
in power, outweighs the public
right to an investigation?

So then, where is the quali-
ty assurance and accountabil-
ity that the.Government
promises to deliver with the
National Health Insurance
Scheme? If the current regu-
latory regime for accountabil-
ity is not functioning, will a
new regime function?

Only when those responsi-
ble are prepared to do what
they must. This requires some
courage, and knowledge of
their duty as a public servant
to the public. Great politicians
in the past knew that great-
ness is not made by holding
the largest rally, but by
achievements that win a home
in the hearts and minds of the
men and women they claim to
serve. We look forward to
those achievements.

BAHAMAS
PATIENTS
ALLIANCE
Nassau,
May, 2007.

(This letter was written
before the May 2 general elec-
tion. —Ed).

‘Give former Gladstone Farms
workers what they were promised’

EDITOR, The Tribune.

IF YOU would allow this letter to be printed
in your paper it would be very much appreci-
ated. I am hoping that someone would be able
to positively address and correct the grave
injustice and neglect of the former workers of
Gladstone Farms.

To make a long story short, it has been
promised and documented that after the clo-
sure of Gladstone Farms in 2002, the workers
there would be given their severance pay.

I am just writing to remind the public and the
powers that be that these people have not yet
been given what was promised to them.
Instead, the property has been sold and pay-
ments have been made to the previous owner
and major shareholder, but nothing has been
done for the over 180 Bahamian former
employees.

Mr V Alfred Gray, the Minister of Agricul-
ture and Fisheries at that time said via the local
papers that they would receive their pay with-
in the next six weeks, (that was October of
2002).

This did not happen. The Rt Hon Perry
Christie, said via the local media that, the Glad-
stone Farm workers would not be left on the
rocks.

Can you imagine the frustration, anger,

despair these people have to endure? Some
of them, because of their age find it hard to
obtain employment and have to deal with los-
ing their house because they were not able to
pay their mortgage.

It has been about three years since all of the
properties and equipment of Gladstone Farms

.have been sold and these people have not

received their severance pay.

It is also frustrating to witness the govern-
ment taking eight million dollars out of the
treasury to pay the former employees of The
Royal Oasis and not pay attention to the for-
mer workers of Gladstone Farms also.

I am appealing to the government to please
give these people what you have promised in an
effort to bring closure, and fairness to this long
and drawn out ordeal. It is hard to trust and
support a government that does not live up to
its promises.

CONCERNED
CITIZEN
AGE 19
Nassau,

April, 2007.

(This letter was directed to the Christie gov-
ernment before its defeat at the polls last
week.— Ed).

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Guyana forms

special unit to
prevent human
trafficking

@ GEORGETOWN,
Guyana

GUYANA has formed
a special anti-smuggling
unit to prevent trafficking
in people, a government
official said Saturday,
according to Associated
Press.

Interior Minister
Clement Rohee said the
law enforcement unit will
devise a national plan to
prevent future victims of
human traffickers in the
South American country.

Human trafficking is not
perceived to be a major
problem in Guyana but
the government was estab-
lishing the special unit in
advance of Washington's
next annual survey of
human rights practices,
Rohee said.

The United States has
previously praised
Guyana's efforts to battle
the scourge.

Flight 587
families invited
to crypts with
last remains

m NEW YORK

THE last remains of those
who died in the 2001 crash of
American Airlines Flight 587
have been placed in two Bronx
crypts, officials said Saturday,
according to Associated Press.

Families of the 265 victims
of the flight bound for the
Dominican Republic have been
invited to a Sunday dedication
ceremony at Woodlawn Ceme-
tery in the Bronx, said Susan
Olsen, a cemetery official.

Olsen said the remains were
entombed on Friday in granite
and marble crypts in the ceme-
tery's Garden Conservatory
Mausoleum.

Officials placed 889 frag-
ments that either were uniden-
tified or identified but never
claimed in four caskets. All 265
victims of the 2001 crash have
been identified by their bodies
or at least some remains, said
Ellen Borakove, spokeswoman
for the medical examiner.

Flignt 587 crashed in the qui-
et neighborhood of Belle Har-
be., Queens, after taking off
from John F. Kennedy Inter-
national Airport. Many of the
victims were Dominican-born
New York residents on
their way to visit their native
land.

In November, on the fifth
anniversary of the crash, May-
or Michael Bloomberg dedi-
cated a memorial wall bearing
the victims' names.

Overlooking the ocean
about 15 blocks away from the
crash site, the $9.2 million
memorial was designed by
Dominican Republic native
Freddy Rodriguez and funded
with private and public

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2:00
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PLP camp
job of getting our

@ By ALISON LOWE
Tribune Staff

IT WAS the PLP's lack of
success in projecting its "mes-
sage" to the Bahamian people
about its achievements, and in
countering claims made by the
FNM about Mr Perry Christie's
leadership, that became a sig-
nificant and regrettable factor
in their election defeat, PLP
national campaign co-ordinator
Phillip Galanis admitted.

"We ought not to have lost,"
he said, adding: "We did a pret-
ty bad job of getting our mes-
sage out to the Bahamian peo-
ple."

Furthermore, the party
should have released their slate
of candidates earlier, and have
"no-one to blame" for this mis-
take, said Mr Galanis.

He was speaking as a guest,
along with law lecturer at the
College of the Bahamas,
Michael Stevenson, on Island



LOCAL NEWS

aign chief: we



“We ought not to have lost.
We did a pretty bad job of
getting our message out to
the Bahamian people."



PLP national campaign

co-ordinator Phillip Galanis

FM's Real Talk Live show,
where the discussion focused
on why the PLP lost the gener-
al election - and in particular
the role Mr Christie’s leader-
ship had played in the defeat.
The campaign co-ordinator
also thirks it is a distinct possi-
bility that Prime Minister
Hubert Ingraham may, after a
year of "solidifying his govern-
ment" by, among other means,
"increasing salaries", call anoth-
er election in an attempt to

Turnquest looking forward to
national security challenge

m By ALISON LOWE
Tribune Staff Reporter

NEWLY-APPOINTED Min-
ister for National Security Tom-
my Turnquest said yesterday that
he is looking forward to carry-
ing out his duties.

"Tam looking forward to it,
it's going to be a challenge, it's
going to be a lot of work, but I
am prepared for it and I'm will-
ing to give it my all," he told The
Tribune.

Asked what he foresees his
greatest challenges being, Mr
Turnquest said he will seek to
ensure that Bahamians feel
secure.

"Bahamians must feel safe in
their country, in their homes, in
their communities, iri their work,
Bahamians must feel safe and
that's my number one priority."

However, Mr Turnquest





2 MINISTER for National
Security Tommy Turnquest

would not venture to say how his style of handling the portfolio will
differ from that of former PLP minister, Cynthia 'Mother' Pratt.
"I would never get into that, I'll leave that for others to do," he

said.

Mr Turnquest was sworn in as Minister of National Security on
Friday afternoon at a ceremony held in the lower gardens of Gov-
ernment House, at the same time as Brent Symonette, deputy
leader of the FNM, became Minister of Foreign Affairs.

Contacted yesterday about his new portfolio, Mr Symonette said
he was awaiting his "briefing notes", and therefore would prefer not

to speak on his new role as yet.

National Security is considered one of the most challenging

and crucial portfolios.

During her tenure, numerous commentators suggested that

perhaps it was a job to which former minister Mrs Pratt was not
best-suited.

In recent months, she was beleaguered with numerous difficul-
ties, including a three-day strike by prison officers in February, who

alleged their patience had run out over poor working conditions and

pay.

The minister also got in hot water with union officials after she
suggested that prison staff who participated in the "wildcat" strike
may have to apologise and have vacation time docked. She ulti-
mately had to back down on this penalty. i

The ministry, while under the control of the PLP, was further
criticised by Prime Minister Hubert Ingraham for allowing the
Defence Force to fall into a state where it is "unable to carry out its
mandate."

Mr Ingraham proposed while on the campaign trail that the force

will be significantly upgraded under an FNM government.

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increase his party's majority in
the House of Assembly.

It is for this reason, said Mr
Galanis, that the PLP, now in

opposition, has to "stay solid",

and close to the people.

In the run-up to the election,
the FNM's "propaganda
machine" had been effective in
portraying Mr Christie as an
"indecisive leader" in the face
of a perception that the country
was undergoung "social decay,"
claimed Mr Stevenson.

Meanwhile, Ingraham was
put forward as a leader who was

"decisive, ready to be pragmat-

ic and make hard decisions" -
ultimately making the public
feel "insecure" about keeping
Mr Christie as a leader.

The law lecturer added that
he felt this criticism was unfair,
as there was space for a "con-
sensus" style of politics - refer-
ring to Mr Christie's style - but

' said that the PLP did not effec-

tively counter the FNM's con-
stant criticism.

Host Fayne Thompson rein-
forced this point, querying why
the party had not "seen the dan-
ger" earlier on, and put in place
strategies to counter the FNM's
statements about Mr Christie.

He said the FNM's propa-
ganda machine was "much
more sophisticated", adding
that the PLP "did not respond
to the body blows for months" -
something to which Mr Gala-
nis responded "J agree."

PLP achievements, such as
passing legislation to create a

National Health Insurance’

scheme, "should've been the
lynchpin" of the PLP's cam-

¢

Hh
)

Rosetta St.

MONDAY, MAY 7, 2007, PAGE 5



paign, but were not focused on
enough in reality, said Mr
Thompson.

It was also suggested that the ©

economic "trickle down" effect
had not had enough time to
kick in.

According to Mr Stevenson,
the former government did not
do enough to project the mes-
sage of their "fiscally responsi-
ble" economic policies, which
brought the country out of
debt.

Mr Galanis alleged that the
party had been "locked out" of
the print media, as when they
called to buy advertising space
in newspapers they were told
that the papers were "sold out"
of space.

He defended Mr Christie's
leadership, stating that his
record in government proved

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he was not an indecisive figure.

"People may mistake Mr
Christie's style of leader-
ship...his easy going manner...as
a sign of a person who lacks the
ability to be firm but fair...I
think that is incorrect," he
said.

Mr Galanis said the fact that
Mr Christie "signed off" on 144
contracts in five years, and
implemented the urban renew-
al programme, which he
claimed is "the envy of the
region", among other things,
proved that he was an effective
leader.

-The PLP stalwart said there
would be a meeting of the
PLP's National General Coun-
cil this evening, following which
the media should expect a state-
ment to emerge affirming Mr
Christie's leadership.



~~
KF

,




PAGE 6, MONDAY, MAY 7, 2007











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THE TRIBUNE



Empowered about choosing

future direction of country

@ By ADRIAN GIBSON
ajbahama@ hotmail.com

()s WEDNESDAY,
May 3. the Bahamian

people woke up to the smell of

baked crabs —- PLP crab! Hur-
ricane season came early, as a
category five storm swept
through the Bahamas on May 2
and proved to be a rude awak-
ening for many people.

I would like to formally say

goodbye to the double-dealing, .

morally bankrupt, scandal-rid-
den band that led our country
for the past five years.

At age 22. this was my first
time voting and I felt empow-
ered about choosing the future
direction of my country.

The Bahamian electorate has
matured and become more dis-
cerning. Gone are the days when
one party Stays in power for 25
years, whether they are corrupt
or fail to perform —-- 1f you flop,
then you will be dropped. ‘The
Bahamian people have sent a
message to all present and future
politicians — I, for one, got it!

Neither the PLP’s abuse and
prostitution of ZNS ‘EY — which
limited the FNM’s time, but yet
aired all the PLP rallies — nor
the FNM’s struggle to find a
staging ground for their rallies
after allegations that the PLP
was attempting to book locations
so as to obstruct rallies, could
save them

Among the good things that
came out of this election was a
significant opposition. For the
first time since 1967, the
‘Bahamas will have what appears
to be an‘effective opposition,
comprising experienced and/or
aggressive MPs who will truly
question the government and
ensure that no legislation is
rammed through parliament
without proper dialogue and
consultation.

In our modern political cul-
ture, with a sizeable opposition
and a government with a small
majority, the tnterests of all



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YOUNG MAN’S VIEW

ADRIAN

Bahamians could truly be pro-
tected. Indeed, an opposition
comprised of strong personali-
ties, firecrackers and provoca-
teurs such as Obie Wilchcombe,
Perry Christie, Glenys Hanna-
Martin and others, could pro-
vide a true opposition and be
just what the Bahamas needs.

At present, the election >

results stand at 23 for the FNM
to 18 for the PLP. The five seats
in Grand Bahama that the FNM
won was the kicker and the
deciding factor of the election, as
those seats went five to one in
favour of the FNM.

I was taken aback by some of
the election results as it appears
that several of my election pre-
dictions may have been way off
base — eg, Picewell Forbes
(PLP) easily crushed incumbent
Whitney Bastian and the FNM’s
Marjorie Johnson in South
Andros.

I thought that Mr Bastian
would have retained his seat.
This seems to have been an elec-
tion strictly between the major
parties, proving there is little
chance of a third party succeed-
ing and that perception among
the populace doesn’t appear to
be changing anytime soon.

It was a great surprise that
Malcolm Adderley, an invisible
man in the House of Assembly
during the past five years,
retained his seat. I can truly say
that I was shocked out of my
pants! Mr Adderley must have
been doing something in Eliza-
beth that the rest of us missed,
because his victory is mystifying.

A website associated with
Fred Mitchell predicted last year
that hell would freeze over
before Mitchell loses. By all indi-
cations, Mr Mitcehll extin-
guished the torch in Fox Hill and
held on to his seat. I had forecast





GIBSON

that Mr Mitchell would taste the
bitterness of defeat, but I
applaud him on his jaw-drop-
ping victory.

Shane Gibson also convinc-
ingly defeated my good friend
Donald Saunders in Golden
Gates. Even after the Anna
Nicole Smith residency permit
scandal, questions about hous-
ing contracts and the publica-
tion of controversial photos of
Gibson and Smith embracing on
her bed, Mr Gibson was victori-
ous. Astoundingly, Mr Gibson’s
electoral hopes were not daunt-
ed by the ghost of Anna Nicole
— he’s a lucky fella!

I: Kennedy, another friend,
Michael Turnquest, fell in
defeat to Kenyatta Gibson and
Dion Foulkes lost to Alfred
Gray in MICAL. These youthful
candidates all ran very com-
pelling campaigns, but this was
not their time.

Several giant killers graced

the political horizon this elec-
tion. In Bamboo Town,
Branville McCartney (FNM)
KO’d Tennyson Wells, even
though Mr Wells had occupied
his seat for 20 years and was pre-
viously thought to have had a
stranglehold on that constituen-
cy.
Before his announcement
of his retirement from frontline
pilitics, it was widely thought
that Mr Wells may never be a
member of the House of Assem-
bly again, unless he had re-
joined the FNM or joined the
PLP. It appears that he has offi-
cially been relegated to the polit-
ical boneyard.

Byron Woodside, who I pre-
dicted would lose to Allyson
Maynard-Gibson, scored a shock
win. Mrs Gibson, the former

Royal Bahamian Resort & Offshore Island

Attorney General, who is no
stranger to controversy, seems
to have taken a spanking in
Pinewood.

It is also stunning that Leslie
Miller, one of the better Cabinet
ministers and PLP MPs, went
down in defeat to Sidney Col-
lie. I previously predicted that
Mr Miller was a shoo-in, and
while it does appear that he has
been routed, the closeness of the
vote in Blue Hills could lead to
that constituency being contest-
ed in election court.

Neville Wisdom must have

been sedated after he was polit-
ically annihilated by Dr Hubert
Minnis in Killarney. Dr Minnis,
the man who delivered Anna
Nicole’s controversial baby
(Dannielyn), also delivered Mr
Wisdom to the political bone-
yard.

Although I respect Dr Earl
Deveaux’s political aptitude, it
was staggering that he could
move from the North Andros
constituency to Marathon and
crush incumbent MP Ron
Pinder. Mr Pinder was consid-
ered to be a good MP and a

hardworking parliamentary sec- »

retary.

On May 2, the Bahamian
people rejected Perry Christie’s
government of broken promises,
scandals and indisposition for
one that they hope would
be more productive, less ethi-
cally challenged and more deci-
sive. )

In a clash of the titans, the
people chose Hubert Ingraham’s
decisive leadership over Perry
Christie’s fumbling, bumbling,
nice but feeble leadership style.

Although Mr Christie touted
the slogan “so said, so done”, in
a tight race, the Bahamian peo-
ple responded “so said, not
done!” In a game of political sur-
vival, Hubert Ingraham outwit-

ted, outmanoeuvered and out- ;:
played a dishevelled Perry.

Christie, in what will go down

as an historic face-off between

two of Sir Lynden Pindling’s
most illustrious protégés.

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THE TRIBUNE

MONDAY, MAY 7, 2007, PAGE 7



The culprits of harmful tax

m@ By SIR RONALD
SANDERS

(The writer is a business
consultant and former
Caribbean diplomat)

B ACK in 2000, the
Organisation for

Economic Cooperation and
Development (OECD),
delivered a body blow to
small countries that oper-
ated offshore financial ser-
vices by blacklisting them
as “non cooperative”. Now
it seems that OECD coun-
tries are the non coopera-
tive culprits over their own
rules.

According to the OECD
report in 2000, thirty-five
countries with offshore
jurisdictions had tax prac-
tices that were “harmful”
presumably to them.
Among these practices
were low or no tax, bearer
share companies, poor reg-
ulation and an absence of
tax information exchange
agreements.

Now a report, written by
Camille Stoll-Davey of
Oxford University and
entitled “Assessing the
Playing Field”, suggests
that OECD member coun-
tries do not operate to a



by OECD countries to dis-
credit them.

There appeared to be
two objectives: the first was
to coerce small jurisdic-
tions into handing over
financial information on
OECD nationals and com-
panies that could be used
to tax them in their domes-
tic jurisdictions; and the
second was to cripple the
offshore financial services
sector in small countries so
that they could not offer
competition to OECD
member states.

But the OECD had not
counted on a robust reac-
tion from several small
jurisdictions which pooled
their resources to counter
the OECD effort.

Nor, did it bargain for
dissension within its ranks
as Switzerland, Austria and
Luxembourg broke away
from the others, arguing
that their economies had
more to lose.

The OECD was forced



“According to the OECD
report in 2000, thirty-five
countries with offshore
jurisdictions hadtax
practices that were ‘harmful’
presumably to them.”



higher standard than so-
called offshore centres and
in important cases they
operate to a lower stan-
dard.

Among the observations
made in the _ report
are:

Many US states, includ-
ing Delaware and Nevada,
do not require companies
to provide beneficial own-
ership information. Yet
Delaware companies are
arguably the corporate
vehicles most frequently
used by non-residents of
the United States for so-
called offshore transac-
tions.

The USA, UK, Canada,
France, Germany, Italy,
Switzerland, Austria, Lux-
embourg and Costa Rica
still permit bearer share
companies and therefore
accept a reduction in trans-
parency.

Major players in interna-
tional finance like Hong
Kong and Singapore
restrict exchanging tax
information to domestic
interests and Switzerland
restricts it to cases of tax
fraud and the like."

The report, published by
the Commonwealth Secre-
tariat in London, was com-
missioned by the Interna-
tional Trade and Invest-
ment Organisation (ITIO),
a grouping of small coun-

tries with international

finance centres.

From the outset of the
OECD initiative on so-
called “harmful tax compe-
tition”, small jurisdictions
had recognised it as a ploy

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.



to invent a _ so-called
“Global Forum” to which
they invited participation

from non-OECD countries .

seeking “to ensure the
implementation of high
standards of transparency
and information exchange
in a way that is fair, equi-
table and permits fair com-

petition between all
countries, large and
small, OECD and non-
OECD”.

Non-OECD countries
viewed the purpose of the
Global Forum differently.
Many of them argued that
what was necessary in
international financial ser-
vices was a level playing
field; not one set of rules
and practices for OECD
countries and another set
for smaller jurisdictions.

What the latest report:

shows is that for the
OECD, business’ has
remained as usual. While
the OECD has insisted that
small jurisdictions remove
banking secrecy laws,
strengthen regulation, end
bearer shares for compa-
nies, and adopt tax infor-
mation exchange agree-
ments, many of their own
member states have not
done so.

It seems, therefore, that
the Global Forum still has
much work to do before
the playing field for com-
petition in financial ser-



computers

anniversary

a Se Se Mae es
ay Pe Sy

printers

vices will be anywhere near
level.

But, the attacks on the
offshore financial services
sectors of small jurisdic-
tions have not stopped
even though many OECD
countries continue to break
or ignore their own rules.

For instance a bill was
sponsored in the US Sen-
ate last February designed
to stop perceived “tax shel-
ter abuses”.

The sponsors of the bill
claimed that the US Trea-
sury was losing $100bn in
revenue annually, and they
identified three Caribbean
territories among the so-
called shelters — Cayman
Islands, the British Virgin
Islands and Anguilla.

This caused the Cayman
Minister for international
financial services Alden
McNee McLaughlin to
declare: "We do deeply
resent and seek to dispel
the idea that somehow
because we are not locat-
ed onshore we are illegiti-
mate”.

| he reality is that
Caribbean jurisdic-

tions have so greatly
strengthened their legal
and regulatory framework
that they are fighting a los-
ing battle in the effort to
compete in international
financial services with
Switzerland, Austria, and
certain states in the United
States whose arrangements
are far less stringent.

Further, while many
OECD countries have
insisted on tax information
exchange agreements with
small jurisdictions they
have not been willing to
provide complementary
double taxation agree-
ments.

Consequently, the gain

‘has all been one sided. The

OECD countries are able
to get information on their
nationals and companies
for tax purposes, but small
countries have not been
able to secure investment
from OECD nationals and
countries that might be
encouraged by double tax-
ation agreements.

In the Caribbean, Bar-
bados appears to bean
exception to this rule
because it has aggressive-
ly pursued tax and invest-
ment treaties, including
double taxation agree-
ments, with several coun-
tries.

A recent report by inter-
national tax expert Bruce
Zagaris, says that “over the
last year new tax and
investment treaties have
propelled the growth of
Barbados international
financial services sector”.

Meanwhile, Singapore
has taken a different tact.
Almost ignoring the
OECD on banking laws
and taxes, Singapore has






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THE TRIBUNE





Safety speech
finalists are
announced

THE nine finalists in the Texa-
co sixth annual National Safety
Speech competition, hosted by
Chevron Bahamas Limited, were
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and institutional capacity.

“In practice, this means tar-
geting our resources toward the
three capacity building areas that
we consider critical to economic
development - providing for



Ke)

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Christian Center




Saturday Morning
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An Apostolic Church
P.O. Box N-8852 * Phone: 324-5493
Prince Charles Drive (Second Building

east of St. Augustine’s College entrance)
E-mail: newlife@batelnet.bs

TIMES OF MINISTRY

The Ministry of Reconciliation

Attend and experience the power of Almighty God





@ THE TEXACO NINE: Seated from left: Rashad Rolle, Doris Johnson High School; Colton Jones,
San Salvador High School; Shorneka Thompson, Inagua All Age High School; Brooke Sherman, Bish-
op Michael Eldon School; Cliffrielle Sands, Central Eleuthera High; Samuel Brown, Grand Bahama
Catholic High and Marcel Gibson, Central Andros High School.

Standing from left: Lionel Elliott, representative for Junior Achievement; Philip Simon, executive
director, Bahamas Chamber of Commerce; George Taylor, assistant division governor, Bahamas Toast-
masters Division I; Corbin Darling, St Augustine's College; Tanya Wright, president of the Bahamas
Chamber of Commerce; Lancelot Darville Jr, Grand Bahama Catholic High; Casey Wood, commercial
and industrial district sales manager, Chevron Corporation; Debbie Ferguson, director of human
resources, British Colonial Hilton; and Archie Nairn, permanent secretary, Ministry of Transport and

Aviation.

human needs, supporting educa-
tion and training, and aiding small
and medium-sized business devel-
opments.”

It is against the backdrop of
this mandate that Chevron con-
tinues to support the annual
speech competition, he noted.

The top three winners of the
finals, which will be held May 26
at the Dundas Centre of the Per-
forming Arts, will receive schol-
arships in the amount of $10,000,
$6,000 and $3,000 respectively.
This doubles the prize monies





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New Life
Christian Center




















APOSTLE
S. DOUGLAS CLEARE



ck

COMMONWEALTH BANK

Manager, Training er Development

Commonwealth Bank is committed to training and developing its
employees. This is a key management position and the successful
applicanc will play an integral role in the development, and training

of the Bank’s human resources.

PRINCIPAL DUTIES (Core Responsibilities)

¢ Managing and leading the Training and Development Unit of the

organization

Conferring with management to gain knowledge of work

situations requiring training and conducting needs analysis of
skills to ensure training is provided to address all skill gaps
Developing, writing and coordinating training manuals and

materials

Handling the effectiveness of training programs develaped and

administered bank-wide so as to develop higher skills within the

organization

Monitoring and measuring the success of training programs and

development plans in line with the organization’ strategic plans

and objectives

REQUIREMENTS & PERSONAL ATTRIBUTES
Candidates should meet the following criteria:
* Bachelors degree or higher in Human Resources Management,

Comniunications or Teaching

Minimum of five (5) years experience in training, teaching at the
adule education level, or relaced Human Resources experience at

a large financial institution

Excellent written and oral communication skills

Excellent cechnical writing skills and creative abilicy
Excellent PC skills (Microsoft Office suite)
Excellent visual graphics design skills

Strong organizational skills

REMUNERATION PACKAGE

The position offers an attractive salary and benefits package reflecting
y B §

the successful applicane’s experience and qualifications, including

pension plan, medical, dental, vision and life insurance coverage.

allowances and performance based incentives.

Interested persons should submit their resumes in WRITING or E-mail
along with copies of their certificates before May 15, 2007 to:

CratvaBiebstons 12%

S6:007



“HUMAN RESOURCES DEPARTMENT
Re: Manager, Training & Development
PO. Box SS-6263
Nassau Bahamas
Telefax: 393-8073
E-mail address: H R@combankltd.com

from received in past years.
Each of the nine semi-finalists

’ will receive lap-top computers,

along with the Sharon R Wilson
Award. During the ceremony, all
of the participants in the compe-
tition were presented with tro-
phies and certificates.

Joining Mr Wood at the early
morning ceremony was Archie
Nairn, permanent secretary, Min-
istry of Transport and Aviation;
Tanya Wright, president,
Bahamas Chamber of Commerce;
Lionel Elliott, executive director,
Junior Achievement Bahamas
and George Taylor, assistant divi-
sion governor, Bahamas Toast-
masters Division I.

Some 31 senior students from
across the Bahamas came togeth-
er last month to participate in the
Texaco annual National Speech
Competition.

Drawing from a talent pool
that included students who
advanced to the finals in Toast-
master organised speech contests,
the Rotary Club of Abaco annu-
al speech contest, the annual
National Debate Competition,
sponsored by the Ministry of
Education, and other civic organ-
isations, the speech competition
brings exposure to those young
people who have mastered the
art of communication,,and have
excelled in their efforts as ora-
tors.

Making it to 2007 finals, 15-
year-old Shorneka Thompson is
the top debater at Inagua All-
Age School. The 11th grader said
that, despite some setbacks in her
preparation, she was able to push
past the obstacles, use her expe-
rience, and perform to the best
of her ability.

During her presentation, she
looked at various traffic accidents
that had occured in the Bahamas
and tried to get the audience to
understand the danger of not
practising road safety, and
emphasised the importance of
wearing seat-belts and other steps
drivers can take to be safe on the
streets of the Bahamas.

The daughter of David
Thompson, pastor of the Church
of God of Prophecy, Shorneka
describes herself as a Christian.
She said that public speaking is
a hobby and that she loves singing
and dancing. Looking forward,
she intends to study computer
technology and someday be a
business manager.

A member of the Governor
General’s Youth Award, 15-year-
old Marcel Gibson, a student of
Central Andros High, said the
Texaco competition was his first
national speech competition.

Going out on a limb, as he
described it, Marcel took on the
role of a news reporter as he pre-
sented his speech. He further list-
ed actual statistics on the num-
ber of deaths that occurred on
Bahamian streets for 2006/2007.

Brooke Sherman, a 17-year-

old 12th grade student at Bishop

Michael Eldon High School in
Freeport, said she arrived at the
national competition as a result
of her first place finish in the
Freeport Junior Achievement
Speech Competition.

In terms of her preparation,
Brooke said she initially was
unsure of the angle she would
take in her speech on road safety,
but ultimately decided to focus
on ignorance as the reason for
most traffic fatalities. She looked

at the ways the government/pri-
vate sector could educate young

Bahamians and better prepare
them for a life filled with road
safety.

Upon graduation, Brooke
plans to attend the College of the
Bahamas, where she will study
tourism and accounting, and
maybe political science.

She aspires to be Minister of
Tourism.

Chevron Bahamas Limited,
formerly Texaco Bahamas Limit-
ed, has historically been recog-
nised for its commitment to social
responsibility, with a 50-year lega-
cy in the Bahamas and 23 service
stations and a solid roster of com-
mercial and industrial customers.

BAHAMAS TECHNICAL AND VOCATIONAL INSTITUTE
JOB VACANCY

Applications are invited from suitably qualified persons
for the position of Evening Coordinator at the Bahamas
Technical and Vocational Institute.

Requirement for the post:

* Bachelor's Degree in Education with at least three years
administrative experience or relevant experience.

Specific duties of the post include the following:

* The overall responsibility of the Evening Coordinator is to
provide supervision and administration of the institution

during the evenings.

+ Monitor and evaluate the performance of instructional
personnel, including their punctuality and attendance.

+ Serve as the contact person for all students and personnel
working and attending classes in the evening.

* To ensure that all buildings are secure at the of the

teaching day.

* To report incidents of violence, criminal activity to Security
immediately,then notify the police and the Manager, in
order. The verbal report is to be followed by a written report
of the incident.

* Supervise all evening classes.

Salary for the post is $31,400.00 x 700 - $36, 300. Salary will
commensurate with qualifications an experience.

Application forms can be obtained from the Bahamas
Technical & Vocational Institute, Old Trail Road and should be
returned completed with copies of qualifications to the Human
Resources Department at P.O. Box N-4934, Nassau, Bahamas

no later than May 11, 2007.



@-*
THE TRIBUNE



helps

THE Salvation Army’s Hot
Meals Programme is getting
much-needed assistance,
thanks to the generous con-
tributions of Paradise Fish-
eries.

President of Paradise Fish-
eries’ board of directors
Anthony McKinney pledged
to donate products to sustain
the programme for two weeks
of each month, for one year.

He has since presented the
first contribution to Salvation
Army divisional commander
Major Lester Ferguson.

“The board of directors is
honoured and pleased to
make this donation in memo-
ry of one of our own - Mr
Patrick Bain, a noted traded
unionist and social activist,”
said McKinney. ;

“Pat was an important part
of the success of Paradise
Fisheries and his advice and
counsel will be sorely missed

@ PRESIDENT of Paradise Fisheries, Anthony McKinney (

MONDAY, MAY 7, 2007, PAGE 9





‘by management and the direc- -

tors of the company.”

Mr McKinney. further
acknowledged Mr Bain’s con-
tributions to the Hotel Work-
ers’ Union and Hotel Employ-
ers’ Association, describing
him as having an “infectious
positive attitude toward all
human endeavours, whether
they were hard or easy, flawed
or successful.”

Major Ferguson thanked
Paradise Fisheries for con-
tributing to the Hot Meals
Programme.

“We are always grateful for
support to our programmes,”
said Major Ferguson. “Our
programme provides meals to
scores of persons who would
not otherwise have anything
to eat if it.

“We welcome Paradise
Fisheries’ offer to assist us for
two weeks per month. It will
certainly go a long way.”

Monday May 7th 6:30 at Gal

Screening Rigoberto Lope

award wii

“Roble de Olor (Scent of Oak) af 7pm.

Come see the best in Caribbean films, from

classic gems to riveting new
features, documentaries and cartoons.
For more information call-
NAGB at 328-5800 or the Montaque Group at 356-6133





left) presents Salvation Army divi-
sional commander Major Lester Ferguson (right) with a donation in honour of the late Pat Bain.

(Photo courtesy: DP and A)

Paradise Fisheries
Salvation
Army programme














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PAGE 10, MONDAY, MAY 7, 2007 THE TRIBUNE



Ree FNM supporters

fi OVER YOUR
OLD ONE”™

“The Affordable Solution
“to Worn-Out Bathtubs

* Bathtub Liners are designed to fit over worn-out bathtubs
“Vall Surrounds to cover existing bath walls: In simulated Tile and Marble
* Shower Base Liners to go over existing Shower bases

* Cultured Marble Vanity Tops and Sinks
* Great Shower Door selection
* Quality Faucets, All-Wood Vanities

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Open Monday - Friday, 9:00am - 5:00pm
By Appointment Saturday - 11:00am - 4:00pm

(242) 393-8501

Visit our Showroom & Office located at the Red Carpet Inn, East Bay Street





orters at Cooper’s Town, Abaco on Friday.
(Photo courtesy of the FNM News Service) ||

4

@ PRIME Minister Hubert Ingraham addresses supp





















Compose an Original Song
Record it to CD
Deliver to the Ministry of Tourism, George Street
Nassau, Bahamas
And you could win:

Adult Category Junior Category
* 48 and over * Under 12
First place $5,000 First place $3,000
Second place $3,000 Second place $2,000
Third place $2,000 Third place $1,000

Participating Recording Studios:
Real Time Tel: 328-0520 Whitehouse Studio Tel. 323-5985
Commonwealth Studio Tel: 394-6510
Mackey Media (Grand Bahama) Tel. 352-6608
Songs must be in Junkanoo, Goombay or Rake ‘n Scrape style.

Deadline: May 14, 2007
Contact Raquel Horton at 302-2070, 302-2000 for further information.

Songs publicly released prior to June, 2006 are ineligible.



ppy Mother’s

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ay NOT Oe
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‘
THE TRIBUNE

MONDAY, MAY 7, 2007, PAGE 11



arty holds victory
rallies in Clifford
Park and Abaco



@ FNM supporters in Cooper’s Town, Abaco.
(Photo courtesy of the FNM News Service)

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PAGE 12, MONDAY, MAY 7, 2007 | THE TRIBUNE



LOCAL NEWS



Commonwealth Bank is offering ten (10) Scholarship Awards to
Bahamian Students to attend The College of The Bahamas ‘

















Applications are available at any Commonwealth Bank branch or at
the Financial Aid & Housing Department, 2nd Floor, Portia Smith
Building, The College of The Bahamas

APPLICATIONS MUST BE SUBMITTED TO:

OFFICE OF THE DIRECTOR
FINANCIAL AID & HOUSING

THE COLLEGE.OF THE BAHAMAS
P 0. BOX N-4912
NASSAU, BAHAMAS





(Students from the Family Islands are invited to apply)

C

COMMONWEALTH BANK




_ DEADLINE FOR APPLICATIONS IS JULY 13, 2007

©2007 CreativeRelations.net








“Leader in Personal Banking Services” www.combankltd.com

- B EUGENE Bonamy, principal, Jordan Prince William High School; Ms Gloria Grant, senior
mistress, Jordon Prince William Primary School; Portia Sweeting, Bahamas Environmental
Education Programme - MOEST; Derek Ramsey, head boy; Tramaine Poiter, deputy head
girl; Nicolas Ferguson, deputy head boy; Jennimae Cox, principal, Jordan Prince William Primary














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dents’ attention to the envi-
ronment continued when
The Tribune and the
Bahamas Environmental
Education Programme pre-
sented a Lignum Vitae tree
to Jordan Prince William
Primary School.

Jennimae Cox, principal of
the school, received the tree
and said: "The present and
former administration of this
school have worked tireless-
ly to make this campus as
green as possible.

“The Lignum Vitae tree
adds to the green spaces of
the school and is a living,
accessible reminder to stu-
dents about the national
tree.

their campus. They can
become more aware of it
due to its physical location,
opposed to only the pages
of an almanac or textbook.
Thank you for including our
school in this initiative.”

Sean Moore, marketing
manager of The Tribune,
said: "Trees are vital to our
community life in several
ways. They increase proper-
ty values, help to
mitigate soil erosion, and
add beauty to our environ-
ment.

“It's important for chil-
dren to grow knowing
about these facts, as well as
others, so that they can
actively demonstrate a

trees. a

Presently, too many propa
erty owners decimate vast
areas of land in the name of
development. This initiative!
is meant to literally and fig-:
uratively plant trees of life
for future generations of
Bahamians and residents,",
said Mr Moore.

The Bahamas Environ-
mental Education Pro-
gramme envisions a school
populace of environmentally
knowledgeable, skilled and
dedicated citizens who aré
willing to work individually
and collectively towards
effecting dynamic changes in
the management of the envi-
ronment. :

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PAGE 14, MONDAY, MAY 7, 2007

THE TRIBUNE



— Saree eee eee ee eee
Ingraham suggests McKinney

could leave talk show on ZNS

Executive Director

Requirements & Responsibilities:
e Management of daily operations as well as future
development.
e Background in business with prior experience in

supervising staff, strong organizational skills, and
excellent people and communication skills.
e Financial experience would be an asset.

Interested and qualified candidates should send their resume to
“Executive Director Position”
at P. O. Box SS 5256, Nassau, Bahamas or e-mail to
dpaoffice @ coralwave.com.





AA Celebration of You, Wlom!

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FROM page one

McKinney will find their own
ZNS,” he said.

Responding to this state-
ment by the new prime minis-
ter, the PLP accused Mr
Ingraham of “unleashing his
venom of victimisation.”

“Just hours after taking the
oath of office, Prime Minister
Hubert Ingraham went against
his word to civil servants, say-
ing he would not victimise
hard-working civil servants.

“Hubert Ingraham also
turned his angry attack on
staff at the Broadcasting Cor-
poration of the Bahamas,
telling his supporters that
“You have heard from some
of them for the last time’.”

The PLP claimed that the
Bahamas had turned back to
the “dark days of Hubert
Ingraham, Brent Symonette
and the FNM where broad
victimisation reigned against
the innocent of the Bahamas.”

ZNS talk show host Mr
McKinney came under con-
tinuous fire for his perceived





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offence to equity and fairness
in this country in the past sev-
eral months.

“TI expected better of him
and he has not delivered bet-
ter and it is awful, it is terrible
what he’s been about and I
cannot imagine a man who
regards himself as a profes-
sional continuing to do what
Steve McKinney has been
doing. I can’t believe he has
to sing for his supper in that
way,” Mr Laing said.

Mr Laing further said that
the FNM had already made it
clear that when they resume

@ PRIME MINISTER
Hubert Ingraham

bias in the weeks leading up to
the general election.

FNM candidate-elect for
Marco City, Zhivago Laing,
in an earlier interview with
The Tribune, described Mr

McKinney’s talk show as a -

“disgrace.”

“No matter how Steve tries
to shroud what he is doing in
any kind of sense of logic, or
any kind of decency, Steve
McKinney has been a great

office they will transform ZNS
into a station similar to the

-US’s non-profit television sta-

tion PBS.

“ZNS will in future be used
to educate, to inform the peo-
ple of the Bahamas. We do
not need a ZNS that is the
political tool of any govern-
ing party. I expect of us to
make of ZNS what it ought to
be in service of the public. It
certainly will not be what it is
today, the media arm of an
PLP election campaign,” he
said.



Balia Mar congratulates
Ingraham and the FINIV

BAHA MAR yesterday congratulated Prime Minister Hubert
Ingraham and the FNM on their victory in the 2007 general elec-
tion and declared their hopes for a close and constructive work-
ing relationship between the two parties.

In a press statement, Sarkis Izmirlian, chairman and CEO of
Baha Mar, said: “On behalf of our entire team here at Baha
Mar, I want to congratulate the people of the Commonwealth
of the Bahamas for their show of democracy in the recent gen-
eral elections which resulted in the new Free National Move-
ment government.”

Mr Izmirlian said Baha Mar is looking forward to working
closely with the new government and also “establishing a con-
structive dialogue which would facilitate a successful conclusion
to negotiations, beneficial both for the Bahamas and Baha
Mar.”

Baha Mar had lately run into some problems regarding the
timely signing of heads of agreement necessary to the further
development of the Cable Beach strip.

The former PLP government missed the March 15, 2007,
deadline to sign with Baha Mar’s partner Harrahs Entertain-
ment.

Baha Mar announced that despite over two months of nego-
tiations, an agreement with the government had not been
reached.

Due to the missed deadline, Harrahs Entertainment now has
the right to withdraw from the project.

However, Baha Mar said that it is not currently aware of
any plan by its partner to exercise these withdrawal rights.

ee

BY JOHN ISSA

Free and fair

THE fact that the people of
The Bahamas have changed their
government three times in the
last fifteen years proves that the
system works. Democracy works.

Compared with how elections
are generally conducted around
the world The Bahamas can take




satisfaction that their elections
were peaceful and generally fair.
However that is not good enough
for this great little nation.

The delay that the country had
to endure while they awaited the
results is not acceptable in a
nation of small size with a literate
population and a high level of
technological development.

Additionally the many con-
stituencies in which the candi-
dates are challenging the results
shine a spotlight on weaknesses in
the system.

Now therefore is the time for
reform of the system and the
macheniry. Now, not when the
next general election is approach-
ing.

The disagreements started even
before the election date was set
when the new constituencies were
announced and continued during
the time leading up to election,
on Election Day and since then.
The various complaints came
from many quarters.

These situations are unhealthy
for the nation and thus action is
needed to prevent their recur-
rence.

This column therefore respect-
fully suggests that the new par-
liament enact the necessary
changes to the electoral system
by way of legislation that will
depoliticize the drawing of con-
stituencies, the preparation of lists
of electors and the conducting of
elections.

Regardless of the results, it is
most important that the people
have full confidence in the
results.

This can be achieved by the
appropriate systemic change
which can be entrenched by the
necessary legislation.

The elections will be even more
free and fair.

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THE TRIBUNE



MONDAY, MAY 7, 2007, PAGE 15--



Ingraham: reports of JPY pP reviewin

voting irregularities

are being looked into

FROM page one

lawyers were looking into the possibility of contesting sever-
al constituencies in the election court.

Responding to this, Prime Minister Ingraham said on
Saturday night: .

“And I want Perry Christie and his legal team to know
that if the appropriate legal authorities are satisfied that
the reports they have received of illegal activities by the
former governing party in buying votes, intimidating voters
or interfering with individuals’ rights to exercise their free
will in choosing their parliamentary representatives on
Election Day — whether in Bimini and West End, in Fort
Charlotte, in Exuma, in MICAL, in Fox Hill or elsewhere
around our country — the chips will fall where they may.”

Mr Ingraham said he also wants Mr Christie and the
entire PLP to know that “their legal team can do whatever
they like in this land,” but that the legal authorities in the
Bahamas “will do their jobs without direction from the
political directorate, as has been the custom in recent
times.” ,

The prime minister further seemed to indicate that,
should it prove necessary, he would put the issue into the
hands of the people once again.

“Let me say this as clearly and as slowly as I can: the
FNM won the election. Period. We will defend our victory
against any and all. If the need arises we will return to you
for a bigger majority,” he said.



MALL AT MARATHON 393-5036

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FROM page one

the PLP won an election court
case contesting the MICAL con-
stituency outcome, which origi-
nally saw FNM candidate John-
ley Ferguson win.

This seat is again in dispute in |

2007, as FNM candidate Dion
Foulkes has alleged numerous
irregularities took place in the
run-up to and during the election,
and claims that the seat will again
end up in court.

It has been suggested that the
FNM will also contest a number
of seats.

On Friday, FNM candidate for
Fox Hill, Dr Jacinta Higgs, made
it known that she is seeking legal
counsel in the wake of her 63 vote
defeat by incumbent Fred
Mitchell, describing the run-up to
the election as "one of the most
insidious political experiences"
she has known. ‘

Addressing the crowd at the
FNM's victory rally in Clifford
Park on Saturday, Prime Minis-
ter Hubert Ingraham stated: "If

the appropriate legal authorities
are satisfied that the reports they
have received of illegal activities
by the former governing party in
buying votes, intimidating or inter-
fering with individual's rights to
exercise their free will in choosing
their parliamentary representa-
tives on election day, whether in
Bimini and West End and Fort
Charlotte and Exuma, MICAL
and Fox Hill or elsewhere around
the country, the chips will fall
where they may."

He said "legal authorities" are
investigating election conduct in
five constituencies.

Speaking on Island FM's Real
Talk Live show yesterday, law lec-
turer at the College of the
Bahamas, and son of PLP founder
Cyril Stevenson, Michael Steven-
son, said that an independent
commission should be established
to inquire into election conduct.

"It is the independence of the
commission that will validate the
process of deciding who will be
tried for election irregularities,"
he explained.

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MONDAY, MAY 7, 2007

SECTION -



business@tribunemedia.net



The Tribune

BUSINESS

Miami Herald Business, Stocks, Analysis, Wall Street





ColinalImperial.

Confidence For Life



OECD ‘endangers’ Bahamas
financial sector via EU’s EPA

* Bahamian financial industry in ‘dangerous’ position on trade talks, as EU wants it to ‘rapidly implement OECD standards
on transparency and the effective exchange of information for tax purposes, and to eliminate harmful tax practices’
* Nation may face trade-off between financial sector and market access for Bacardi, seafoods
* OECD says Bahamas fifth largest ‘offshore’ centre for mutual and trust funds

pbs coed ereiuckteteardesccesccsecckes eeweeccosee se seecseseeadeseoesse eee se sss ose Meese sss S sR Re ee ee ee ee ee ee ee Se ns

B@ By NEIL HARTNELL
Tribune Business Editor

he Economic Part-

nership Agreement

(EPA) the Bahamas

is negotiating with
the European Union (EU) is
attempting to force this nation
to sign up to the OECD’s tax
information exchange and
greater transparency goals, a
“dangerous” agenda that could
have dire consequences for this
nation’s financial services indus-
try, driving away business and
threatening the 22,000 jobs the
sector underpins.

Jeffrey Owens, director of the
Organisation for Economic Co-
Operation and Development’s
(OECD) tax policy and admin-
istration unit, illustrated just
how vulnerable the Bahamas is
to its ‘harmful tax practices’ ini-

‘tiative as it negotiates trade
agreements such as the EPA
with the EU.

In testimony on ‘offshore tax
evasion’ before the US Senate
Finance Committee last week,

Ingraham:

BIC stake

1 By NEIL HARTNELL
Tribune Business Editor

NEWLY-elected Prime Min-
ister Hubert Ingraham said the
former Christie administration
last week agreed to sell a strate-
gic stake in the Bahamas
Telecommunications Company
(BTC) to Bluewater Commu-
nications Holdings, the bidder
that it was locked in talks with
for the best part of two years.

Addressing FNM supporters
at the party’s victory rally on
Saturday, Mr Ingraham indi-
cated that his administration
would review the terms of the
deal reached by the outgoing
PLP government.

Mr Owens directly linked com-
pliance with the OECD’s
‘harmful tax practices’ goals to
the EPA negotiations, which
are attempting to preserve
‘duty-free’ market access for
Bahamian exporters to the EU,
and access to free grant funding
contained in the European
Development Fund (EDF).

Mr Owens said: “The EU has
linked the good governance
agenda, tax compliance and
development by including in
their partnership agreements
with developing countries in
Africa, the Caribbean and the
Pacific, goals on transparency
and effective exchange of infor-
mation. These agreements have
almost 3 billion Euros in the
10th European Development
Fund allocated to incentives for
implementing good gover-
nance.”

Quoting directly from an EU
document on its goals for the
EPA, Mr Owens said: “For the
Caribbean and Pacific regions,
the Community’s priority will
be to promote good financial,

PLP ‘sold
last week’

He hinted that Bluewater had
agreed to pay the purchase
price in instalments, something
his administration objected to.

Mr Ingraham said: “While we —

were out here campaigning,
they were busy at Cabinet
agreeing to sell BTC secretly.

“During the campaign they
were telling the employees of
_BTC that Ingraham will sell
BTC and they would lose their
jobs. Well, they agreed to sell
BTC last week. .

“Don’t be concerned. We will
review every line of the deal.
And there is no circumstance

SEE page 14

Bahamas urged to avoid
new tax exchange deals

@ By NEIL HARTNELL
Tribune Business Editor

THE Financial Services Con-
sultative Forum’s chairman has
urged the Bahamas to avoid
signing any other Tax Informa-
tion Exchange Agreements
(TIEAs), saying this nation
“would have to identify definite
advantages” before agreeing to
any such information exchanges
with European Union (EU)
states under the Economic Part-
nership Agreement (EPA).

Brian Moree, senior partner
at McKinney, Bancroft &
Hughes, told The Tribune that

Nation must ‘identify -
definite advantages’ from
such agreements with EU
states, as pressure comes
from OECD’s EPA ‘
Trojan Horse’

the EU’s determination to use
the EPA - currently being nego-

tiated by the Bahamas and 76
other states - to force this nation

SEE page 5

Toshiba Makes
Color History
with 4 Prestigious Awards

OPCS

memes

RST



@ JOHN DELANEY

fiscal and judicial governance.

“These regions need to rapid-
ly implement OECD standards
on transparency and the effec-
tive exchange of information
for tax purposes, and to elimi-
nate harmful tax practices. Spe-
cial attention will be paid to
such problems as money laun-





Life and Health Insurance

dering, organised crime and ter-
rorist financing.”

The threat was not far
behind, Mr Owens saying that
2008 “will be crucial in assessing
the willingness of jurisdictions
to conclude and implement Tax
Information Exchange Agree-
ments (TIEAs). A failure to
effectively implement trans-
parency and exchange of infor-
mation standards will force
OECD counteries to examine
alternative strategies vis-a-vis
these countries”.

The Bahamas has adhered to
the position that the former
FNM administration took in
2002, namely that it would only
act on commitments of greater

transparency and a willingness

to negotiate TIEAs with OECD
members if there was a ‘level
playing field’ on global tax and
fiscal affairs issues. The last five
years have shown that ‘level

' playing field’ is a long way from

being achieved.

Yet Mr Owens’ revealing
comments show how the
OECD is using the EPA talks

THE DAVIS FAMILY

SS ColinaImperial. 4 .

Confidence For Life

Weveieee tenes
for Business }
OL eRes ay

CHOICE,

“Quite franxiy it takes the business color
market into unchartered territories with
some output being much closer to that

achieved by a graphic arts device...”



as a ‘Trojan Horse’ to force its
‘harmful tax practices’ goals on
the Bahamas and other inter-
national financial services cen-
tres.

The Tribune has repeatedly
warned that the EU might seek
to use the EPA talks, and the
issues of preserving duty-free
access for Bahamian exporters
and access to grant funding, as
leverage to push this nation into
signing up to its Savings Tax
Directive.

Trade negotiations often
expose vulnerable nations, such
as the Bahamas, to initiatives

they would rather not have any ~

part in, and it appears the
OECD has recognised this and
is prepared to exploit it to the
max.

John Delaney, attorney and
managing partner at Higgs &
Johnson, agreed that Mr
Owens’ comments indicated
that the OECD ‘harmful tax

practices’ initiative was “mor- ©

‘phing” into the EPA.
He described this as a “dan-
gerous” development for the

si

One family with many needs. For

Bahamas anf its finaacial ser-
vices industry, the nation’s sec-
ond largest behind tourism, and
which a recent study estimated
accounted for between 26.2-27.4
per cent of per annum GDP
and 13 per cent (22,000) of total
jobs.

“The EPA offers certain
advantages to the Bahamas,”
said Mr Delaney, a former
FNM Senator who is close to
the new government. “It is a
dangerous thing for us to par-
ticipate in the EPA if we’re
being threatened in a very
important aspect of our busi-
ness with the international com-
munity.”

When asked whether the
Bahamas might be pushed into
a situation where it had to make
a choice, or trade-off, between
safeguarding its financial ser-
vices industry and duty-free
access to the European markets
for the likes of Bacardi and the
seafoods industry, Mr Delaney

SEE page 10

Nassau e Exuma Abaco Freeport * Cayman a

‘Mortgage Lending | Retirement Planning

a solid financial foundation and
customized advice, their choice is

Colinalmperial.

242.356.8300

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BUSINESS TECHNOLOGY



=


PAGE 2B, MONDAY, MAY 7, 2007

THE TRIBUNE



©) FIDELITY MARKET WRAP

was Abaco Markets (AML),
up $0.08 or 7.27 per cent to
close at $1.18.

Year-to-date, AML’s share
price has risen by 93.44 per
cent to $1.18 versus $0.61 at
the end of 2006.

For the week, the FINDEX
increased by 0.82 points, to
close at 797.10.

@ By Fidelity Capital
Markets

A MODERATE level of
trading activity took place in
the Bahamian market this past
week, with 24,202 shares
changing hands. The market
saw eight out of its 19 listed
stocks trade, of which five
advanced and three remained

unchanged. COMPANY NEWS
Volume leader for the week Bahamas Property Fund
was Bank of the Bahamas Limited (BPF) -

For fiscal 2006, BPF posted
net income of $3.7 million, rep-
resenting a decline of $49,000
or 1.3 per cent over fiscal 2005.

Total income, including a

International (BOB) with
10,500 shares changing hands,
accounting for 43.38 per cent
of the total shares traded. The
big advancer for the week

FAMGUARD

The Board of Directors
of
FamGuard Corporation Limited
is pleased to advise that
the first quarterly dividend
for 2007
of 6 cents per share
has been declared to be paid on
May 18, 2007
to Shareholders of record as at
May 11, 2007

FAMGUARD CORPORATION LIMITED

The RBC Royal Bank of Canada
Swimming Nationals begin on

May 10 and run through May 13, 2007 marks RBC’s aan yeat of 41 Boys 11-12 50 Breaststroke
2007, at the Betty Kelly Kenning sponsoring this event. ”At Royal «42. Girls 13-14 50 Breaststroke
National Swim Complex. Run by Bank of Canada we have a 43 Boys 13-14 50 Breaststroke
the Bahamas Swimming tradition of giving back to the - Session 3 6:00 p.m.
Federation (BSF), the event communities we serve,” said 38 Girls 9-10 50 Breaststroke
features seven swim clubs and Nathaniel Beneby, Vice President a wena Boys 9-10 50 Breaststroke
300 swimmers. and Country Head of RBC Royal fg ooaee Girls 11-12 50 Breaststroke

Bank of Canada in The Bahamas.
“Our ongoing sponsorship of the
Bahamas Swimming Federation

“This year’s Swimming Nationals
feature a highly talented pool of

RBC Royal Bank of Canada
2007 Swimming Nationals

Pietured left to right: John Bradley, first vice president, BSF; Jan Knowles, regional public
relations manager, RBC Royal Bank of Canada; and Algernon Cargill, president, BSF.

add to the excitement.”



December 31, 2006, net
income stood at $7.8 million,
which represents an increase
of $6.01 million over 2005. Net
income attributable to com-
mon shareholders was $7.6 mil-
lion versus $218,000 in 2005.

Total revenues increased by
$2.9 million or 1.85 per cent to
total $162.4 million, while ben-
efits and expenses declined by
$3.2 million or 2 per cent to
total $154.5 million.

Total assets as at December
31, 2006, was $454.6 million,
up $34.9 million over $419.6
million in total assets for fis-
cal 2005.

$1.4 million net gain from
investment properties, was $5.7
million versus $6.1 million in
2005, while expenses decreased
by $154,000 or 15.33 per cent
to total $853,000.

Total assets as at December
31, 2006, were $47.7 million,
an increase of $2.5 million or
5.5 per cent over 2005.

Colina Holdings (CHL) -

The touted synergies from
the Colina/Imperial merger
seem to be coming to fruition,
if the financial results for fiscal
2006 are any indication.

For the period ending

International Markets

FOREX Rates










Weekly % Change





-0.78
-0.24
-0.42

1.1074
1.9931
1.3594

CAD$
GBP
EUR












Commodities



Weekly % Change

-6.99
0.86



$61.78
$690.70 ©

Crude Oil
Gold



International Stock Market Indexes:







Weekly % Change
DJIA 13,264.62 1.10
S & P 500 1,505.62 0.77
2,572.15 0.58
17,394.92 -0.03

For Sate By Owner

Indigo - Gated Community
(Just West of Orange Hill)
Vacant residential lot. 7,200 square feet
Infrastructure already in place,
just down the hill is the beach.
Will contain swimming pool and tennis court.

$185,000. Contact Ms Johnson 393-3725 or 395-3368 (cell)






sity nate nnertany

41 Boys 11-12 50 Breaststroke
42 Girls 13-14 50 Breaststroke
43 Boys 13-14 50 Breaststroke

Boys 15 & Over 200 Freestyle
Girls 8 & Under 50 Breaststroke
oys 8 & Under 50 Breaststroke 56 Girls 11-12 100 Butterfly
| Girls 9-10.50 Breaststroke
39 Boys 9-10 50 Breaststroke
40 Girls 11-12 50 Breaststroke

The Bahamian Stock Market

FINDEX 797.10 YTD 7.41%








CLOSING CHANGE
PRICE

VOLUME YTD PRICE
CHANGE

BISX
SYMBOL







































AML $1.18 $0.08 2500 93.44%
BAB _ $1.30 $- 0 4.00%
BBL _ $0.85 $. 0 11.84%
BOB $9.02 $- 10500 12.33%
BPF $11.60 $0.01 5300 2.65%
BSL $14.60 $. 0 0.00%
BWL $2.60 $0.10 1902 48.57%
CAB $10.42 $0.01 1000 4.20%
CBL $14.26 $- 400 13.99%
CHL $2.10 ¢. 0 10.53%
CIB $14.62 f. 0 332%
CWCB $5.20 $0.01 0 0.19%
DHS $2.43 $- 0 -2.80%
FAM $5.94 $- 1000 2.59%
FCC $0.54 . -1.82%
FCL _‘$17.18 $0.07 1600 36.89%
FIN _ $12.49 ‘ 0 3.91%
ICD $7.25 $- 0 1.40%
ISJ $9.05 - 0 5.23%
PRE $10.00 $ 0 0.00%





DIVIDEND/AGM NOTES:

¢ CWCB has declared dividends of $0.013 per BDR, payable
on May 7, 2007, to all shareholders of record date March 30,
2007.

¢ FCL has declared dividends of $0.12 per share, payable on
May 11, 2007, to all shareholders of record date April 30,
2007. ; :

e Commonwealth Bank will hold its Annual General Meet-
ing on May 16, 2007, at Spm at SuperClubs Breezes, West Bay
Street, Nassau, Bahamas. ;

e Freeport Concrete Company will hold its Annual General
Meeting on May 16, 2007, at 10am at Westin at Our Lucaya,
Freeport, Grand Bahama.

e Bahamas Waste (BWL) will hold its Annual General
Meeting on May 23, 2007, at 6pm at the National Tennis
Centre, Queen Elizabeth Sports Centre, Oakes Field, Nassau,
Bahamas.




e J. S. Johnson & Company will hold its Annual General
Meeting on May 30, 2007, at 6pm at the British Colonial
Hilton Hotel, Number 1, Bay Street, Nassau, Bahamas.

e Doctors Hospital Health Systems will hold its Annual
General Meeting on June 28, 2007, at 5.30pm in Doctors
Hospital conference room, Collins Avenue, Nassau, Bahamas.

For the stories behind iat a=) ee
read Insight on Mondays

7 Boys 9-10 100 Backstroke
Girls 11-12 100 Backs
Boys 11-12 100 Backstroke
Girls 13-14 100 Backstroke
51 Boys 13-14 100-Backstrok
Girls 15 & Over 100 Backstroke
53 Boys 15 & Over ks
- Girls 9-10 100 Butterfly
"Boys 9-10 100 Butterfly








55



57 Boys 11-12 100 Butterfly
58 Girls 13-14 100 Butterfly
59 Boys 13-14 100 Butterfly
60 Girls 15 & Over 100 Butterfly

61 Boys15&Over100 Butterfly = =




Friday,May11 -—»«52 Girls 15 &Over100Backstroke

53 Boys 15 & Over 100 Backstroke

55 Boys9-10100Butterfly = |
56 Girls 11-12 100 Butterfly

57 Boys11-12100 Butterfly

58 Girls 13-14 100 Butterfly

59 Boys 13-14 100 Butterfly

thi » caid Al Careill : h «44 Girls 15 & Over 50 Breaststroke 60 Girls 15 & Over 100 Butterfly
a ees, sald mp eniOn Nate IS ONE Way WE oan support tr e _ 45 Boys15 & Over 50 Breaststroke 61 Boys 15 & Over 100 Butterfly me
President of the Bahamas youth and aspiring athletes in 46 Girls 9-10 100 Backstroke 62 Girls 11-12 400 Medley Relay _

Swimming Federation. “We are
anticipating a highly competitive

our community.” 47 Boys 9-10 100 Backstroke

48 Girls 11-12 100 Backstroke

meet and are pleased that RBC Tickets to each day’s events can 49 Boys 11-12 100 Backstroke
Royal Bank of Canada is again be purchased at the door. The 50 Girls 13-14 100 Backstroke
Betty Kelly Kenning National 51 Boys 13-14 100 Backstroke

partnering with us as the main
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63 Boys11-12400MedleyRelay =
64 Girls 13-14 400 Medley Relay
65 Boys 13-14 400 Medley Relay
66 Girls 15 & Over 400 Medley Relay _
67 Boys 15 & Over 400 Medley Relay

mi RBC
“) Royal Bank
_of Canada’










IBUSINESS |

Ya





Che Miami Herald |

WALL STREET

MONDAY, MAY 7, 2007



3B



Worries arise of another dot-com implosion

BY JOE BEL BRUNO
Associated Press

NEW YORK — It was impossible
to escape the comparisons with 2000
on Wall Street this past week.

Not only did the Standard &
Poor’s 500 index pass 1,500, a level
the market has not seen since the
dot-com boom, but the Dow Jones
industrial average also ratcheted
higher. Rising stock prices — which
come amid a slowing economy —
have some on Wall Street wondering
if investors are making the same mis-
takes they made during the high-tech
bubble.

Market watchers believe stocks
have more juice in them, but not like
the late 1990s, when investors indis-
criminately snapped up shares as if
there was no end in sight to the big
rally. This time around, Wall Street is

taking a more measured approach —
and showing signs that a long-
awaited, and perhaps needed, correc-
tion is beginning to form.

“Pullbacks are healthy and gets rid
of the froth in the market,” said
Quincy Krosby, chief investment
strategist for The Hartford. “There’s
conviction out there, and big orders
are coming in from people who don’t
want to miss out. But, it’s the correc-
tion that will bring back the retail
investors.”

Indeed, -the biggest difference
between the go-go 90s and the cur-
rent market’s momentum rests on the
retail investor.

With stocks having risen steadily
since recovering from a late-Febru-
ary plunge, many analysts believe
Wall Street is overdue for a correc-
tion. But, institutional investors and

hedge funds show no signs of com-
plying — sending stocks up on good
news or bad. The latest example
came Friday after a government
report showed disappointing job

growth in April, and major indexes.

still finished higher.

But retail investors have largely
missed out on the rally. And there is
mounting evidence — such as more
volume pouring into the market —
that they are beginning to come back
in. And that’s interpreted as both a
negative and positive for the market.

Peter Cardillo, chief market econ-
omist at New York-based brokerage
Avalon Partners, said the rush back
into stocks by individual investors
might be another sign the market is
approaching a near-term peak. This

investor class is typically the last

group to join a rally before consolida-

ARCHAEOLOGY









BROOKS TROPICALS

DIG IT: An archaeological team, above, excavates one of three Mayan structures found on the
Brooks Tropicals site. An uncovered tomb, below, holds ancient remains.

PRESERVING THE PAST

A FRUIT DISTRIBUTOR WORKS TO
PRESERVE AN ANCIENT MAYAN RUIN

BY TERE FIGJERAS NEGRETE
tfigueras@MiamiHerald.com

When Brooks Tropicals began work on a new
headquarters for its papaya-growing operation in
_ Belize, executives for the produce distributor never
_ imagined the project would thrust them into
‘unfamiliar terrain: archaeology.

Soon after the groundbreaking on the site of the
new corporate offices in December, construction
crews unearthed what looked like the foundation of a
long-buried building — and halted work for about two
months to allow Brooks Tropicals to work with Beliz-
ean officials to excavate the site, located in the north-
ernmost district of Corazal.

Government archaeologists soon discovered a clus-
ter of ancient Mayan structures and the remains of
three people buried in the traditional Mayan fashion,
all believed to be between 1,500 and 1,800 years old.

Brooks Tropicals now plans to incorporate some of
the artifacts in an exhibit within the office complex,
and incorporate one of the excavated structures —
believed to be a home built for a relatively well-to-do
Mayan family — into a community park on the Brooks
property. “It’s a way for them to see how their ances-
tors lived,” said Mary Ostlund, spokeswoman for
Brooks Tropicals, which employs 1,200 in Belize. The
new building will serve as headquarters for the 1,700
acres of papaya groves, which Brooks Tropicals leases
from local farmers. The site will include the grove
operation offices and packing facilities for Brooks
Tropicals, which bills itself as the largest papaya
importer in North America. Brooks Tropicals has been
marketing papayas from Belize since 1988, and began
growing the fruit in 1993.

The fruit is shipped to facilities in Homestead, Fla.,
where the company was founded in 1928. Brooks Trop-
icals also grows star fruit and avocadoes in Florida, as
well as importing and distributing tropical fruits and
vegetables from other growers.

The human remains have been turned over to the
the Institute of Archaeology. The excavation revealed
the remains of a man and a woman buried in a crypt.
Archaeologists have uncovered four rooms and ornate
pottery. Two other structures have been partially
excavated, but their original purposes are still
unknown.

A third crypt, holding the remains of a man, was
found just outside the home.

Belizean law requires businesses to tread carefully
when dealing with archaeological finds. Failing to

allow archaeologists
to survey sites can
lead to hefty fines or
prompt officials to
shut down projects.

Some disputes
have ended only after
prolonged legal bat-
tles, said Jaime Awe,
director of Belize’s
Institute of Archaeol-
ogy, a branch of the |
National Institute of }
Culture and History.

“I wish more
developers were as
willing to work with
us as Brooks,” said
Awe.

Brooks Tropicals
has footed the bill for
the initial excavation,
about $10,000, said
Awe.

Ostlund said the
company is financially committed to the project. The
headquarters should be completed by February. The
community park will be finished by the end of next
year, said Ostlund.

The Belizean countryside is dotted with countless
similar sites. The ancient Mayans numbered more
than a million in 600 AD, said Awe. The current popu-
lation of Belize is around 300,000. “We have more pre-
historic buildings than modern ones,” he said.

But preserving Mayan history in Belize, a former
British colony that became an independent country in
1981, has been difficult.

“The best known sites were all looted early on.
There is a lot of bitterness in Belize,” said Victor Bul-
mer-Thomas, professor emeritus at London University
and a visiting professor at the Latin American and
Caribbean Center at Florida International University.
“When it was a British colony the rules over what you
could take favored foreign museums. And in the last 20
or 30 years, it’s been straightforward looting and sell-
ing on the black market.”

The excavation on the Brooks Tropicals site has
already had a ripple effect in the area.

Government archaeologists working on the site
were able to persuade nearby crews working on a road
between the Belizean and Mexican border to tempo-
rarily halt work, giving them enough time to salvage
what they could.

“Cooperating is a win-win,” he said. “It helps pre-
serve our heritage, and fosters incredibly good rela-
tions between companies and communities — that
you’re not just here to make a quick buck.”









tion begins.

But, it’s those pullbacks — which
analysts say should average about 10
percent — that set up the markets for
further advances. A broad swath of
retail investors are mindful of what
happened at the market’s peak in
2000, when a tech-driven rally
became overvalued in a frenzied
environment.

Timing is everything as investors
now try to determine how much i
left out of the bull run.

“I think we’re looking at an aging
bull here, and can expect a pull
back,” Cardillo said. “Are we looking
at stocks becoming unfashionable?
No, I don’t think so. The market
needs to rest and take a breather
before it can continue to climb higher
this year.”

Strong catalysts like corporate

SMALL BUSINESS

earnings growth convince bulls that
this year the Dow will touch 14,000,
while the broader S&P 500 index
reach 1,600. Technical analysts
believe stock prices, relative to how
much companies are projected to
earn this year, are still in a comfort-
able zone — unlike the over-inflated
stock prices rampant in the late ’90s.

U.S. companies are still turning in
fairly robust results as made evident
when first-quarter results managed
to impress Wall Street. Stock prices
for these companies still remain
fairly valued since the market’s run
has been more measured, and far less
volatile than the years leading up to
the tech crash.

Also powering stocks is continued
acquisition activity, like speculation
on Friday about Microsoft’s interest
in Internet portal Yahoo.

Sometimes you
have to say ‘No’

BY JOYCE M. ROSENBERG
Associated Press .

The idea of saying no to a cus-
tomer ‘or client may seem unthink-
able for a new small-business owner.
Turn down business? Get rid of a big
account?

Yes, say veterans who have
learned that trying to take care of a
difficult customer or one whose
needs don’t mesh with those of the
business can be costly in terms of
money, stomach lining and future
revenue.

Business owners often turn down
_a client. or customer request, and

sometimes take the more drastic step *

of putting an end to the business rela-
tionship, because the customer may
be too demanding given the size of
the project or contract.

Abusive behavior toward an
owner or his or her staff is another

reason why a customer could be sent’

packing.

And sometimes, it’s because a
business has to be honest and say the
company just can’t do the work that
the customer wants, and so maybe it
would be better to go elsewhere.

Chris Carmon, CEO of the execu-
tive recruiter The Carmon Group,
said owners and also employees need
to consider not only the revenue that
a client can bring in now, but the
overall impact this account will have
on the company.

“People see a big company name
or the ability to generate revenue in

the short term and they jump on that ©

bandwagon,” said Carmon, whose
company is located in Independence,
Ohio.

“Great. salespeople are the ones
who see how that will impact them
not just now but in the future.”

For example, will trying to serve
one customer’s needs distract the
owner and other employees from
developing other business or serving
other customers?

Or, Carmon noted, sometimes the
problem is that the customer needs
something from a company that it’s
just not set up to handle.

“We've had to discuss this with
the client,” he said.

“It’s a difficult conversation to say,
‘This is not a good fit for us, and this
why.’ ”

But Carmon said having to tell a
client no in such a situation is more
likely to turn out to be positive in the
end.

“The business has grown dramati-
cally because we have the better cli-
ent base that fits us,” he said. And,
some of these clients, appreciating
the fact that his firm didn’t want to
deliver unsatisfactory service, came
back later on when they had other
projects more suited to his line of
work.

Business owners agree that saying
no or firing a client is hard to do. But
Michael Frenkel, owner of MFC PR
in New York, said a little perspective
is called for.

“It’s not the last client on earth
and there’s something to be said for
peace of mind at the end of the day,”
he said.

“It helps to take a step back and
say, there are more clients around the
corner.”

Frenkel has ended relationships
with clients who were verbally abu-
sive, and when a customer’s demands
escalated to the point where the con-
tract was going to hurt the rest of his

‘It’s not the last client on
earth and there’s
something to be said for
peace of mind at the end of
the day.’

- MICHAEL FRENKEL, owner of MFC PR In New York

business.

“It’s not fair to you and it’s not fair
to-your-other clients,” he said.

Some business owners don’t wait
until there’s a problem to broach the
idea of “this isn’t working.” __

~ Mike Paul, president of New York-
based MGP & Associates, includes a
clause in his public relations firm’s
contracts that allows him to cancel
the deal if he feels the client isn’t
working out.

Paul, who said his firm specializes
in damage control and reputation
repair work, said he needs to be sure
his clients are serious about ethics.

If he doesn’t get the cooperation
he needs from a client, “I don’t care if
a million dollars is on the table, I'll
walk away.”

Carmon, Frenkel and Paul deal
with other business people. Firms
that deal with the public also have to
say no and watch a customer walk
away.

Chery] Smith, president of Kansas
City Home Care, said every client is
important in a service business, but
she’s said no when it just doesn’t
make economic sense for her com-
pany, which places home healthcare
aides. *

For example, she said, families that
want help for only one or two hours a
day just can’t make the job worth-
while to her business.

If they’re located too far from the
metropolitan Kansas City area, she’ll
also say no.

When families become abusive to
her staff, she said she needs to end
the relationship.

And when a family needs care that
goes beyond the scope of what home
health aides are able to do, she cannot
legally or ethically agree.

“We turn people down not a
whole lot, but we do it if we can’t doa
good job,” she said.

In retailing, where the mantra is
“the customer is always right,” Debo-
rah McCoy had to tell customers they
were wrong even if it meant her com-
pany was then bad-mouthed to oth-
ers.

McCoy, president of the American
Academy of Wedding Professionals,
used to own a bridal shop in Boca
Raton, Fla.

She recalled that a persistent prob-
lem was customers who expected her
to absorb the cost of bridesmaids’
dresses that had been made, but that
no one wanted because bridesmaids
had pulled out of a wedding.

She said the brides didn’t see why
they should pay for the dresses, and
some outright refused.

“It was a terrible situation over
and over again,” she said.

But McCoy couldn’t afford to let
the dresses go unpaid for, and she
ended up playing hardball — the
brides didn’t get their gowns until all
the dresses were paid for.

“You have to understand — we’re
business people and we have to sup-
port our families,” she said.



me
tl ak

THE MIAMI HERALD | MiamiHerald.com

MAILING COSTS

Be ready for a
postal rate hike

BY JOYCE M. ROSENBERG
Associated Press

When postal rates go up on
May 14, many small business
owners will be looking for
ways to save on their mailing
costs. Many will switch to
e-mail and other high-tech
methods, while others will opt
for smaller envelopes or thin-
ner packages.

And some will take more
drastic steps — such as aban-
doning higher-cost, low-mar-
gin parts of their businesses.

Steve Weber, who sells
books online, already stopped
shipping some lower-priced
books in recent years because
he simply couldn’t make
enough of a profit as mailing
costs increased.

When rates rise again, he
expects to pare his inventory
further, discarding or donating
books that would sell for $5 or
less. “I’ll probably downsize
quite a bit and focus in on the
items that are worth more
money,” said Weber, adding
that he’ll also be shipping
fewer books overseas.

RATE CHANGE

The postal rate change that
will send the cost of a first-
class stamp up 2 cents to 41
cents will also make it more
expensive for businesses to
send most of their letters and
packages. Evan Bloom, who
co-owns a Sir Speedy printing
franchise in Westbury, N.Y.,
said that while in the past the
U.S. Postal Service based its
prices on weight and size, now
thickness of a letter or package
is being thrown into the mix.

He noted, for example, that

WORKPLACE

a business sending out a letter
with a complimentary pen to a
prospective customer has only
had to worry about the weight
of the package. But as of May
14, the thickness of such an
envelope will figure into the
cost because the pen will make
it harder for the package to be
sorted.

SAVING ON COSTS

Bloom said many compa-
nies will be able to save on
postage costs by using differ-
ent size envelopes or making
smaller mailings. But, he said
of the increase, “there’s no
way to avoid it entirely.”

He expects his clients to do
what his company has already
been doing to contain its own
costs — culling mailing lists to
target the best sales prospects.
“It makes me think more in
detail about how I’m mailing,
whether it will reach the peo-
ple we need to,” Bloom said.

The postal rate hike follows
by several months rate
increases at package delivery
services including FedEx and
UPS. And so the higher cost of
mailing and shipping is likely
to make many small busi-
nesses turn to e-mail and
Web-based mail to send out
letters, reports, presentations,
projects and more.

Andy Abramson, chief
executive of Comunicano, a
Del Mar, Calif.-based market-
ing firm, said his company
uses e-mail and the Web to
send and receive most of its
documents, bills and letters.
For larger mailings that are too
big for some Internet service
providers or servers to handle,

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The higher cost of mailing and shipping is likely
to make many small firms turn to e-mail and

. Web-based mail.

FREE RESOURCE GUIDE
AT MIAMIHERALD.COM

Go to MiamiHerald.com/Business and click on Small Busi-

ness. There you will find:
e@ Special reports and news

@ Small-business resource lists

e Information on financing a small business

e Advice for start-ups

e A Q&A on marketing your business

Comunicano relies on compa-
nies that deliver PDF files.
Business owners wanting to
learn about the various high-
tech ways of mailing need only
talk to other, more tech-savvy
entrepreneurs, or to search the
Web. While there are many
sites run by companies want-
ing to sell you services, you
can still learn about your
options without signing up.
You can also get some help
from SCORE, the organization
of retired executives who
counsel small businesses for

free; its website is
Wwww.score.org.

But Abramson, who noted
that he is the son of a postal
worker, said businesses
shouldn’t expect to abandon
regular mail altogether. Some
pieces of mail can have an
impact — especially an emo-
tional impact — that e-mail
and PDF files just can’t
deliver.

“There is something special
about receiving a card, or a

calendar that goes on your

wall,” he said.

Disability rates are on the rise

BY M.P. MCQUEEN
The Wall Street Journal

Disabilities among Ameri-
can workers are growing at an
accelerating pace, prompting
employers to accommodate
more maladies in the work-
place, according to govern-
ment and industry studies.

The problem is increasingly
related to unhealthy lifestyles,
including poor eating habits
and lack of exercise, insurers
and researchers say.

Also, an aging workforce
and rising rates of obesity lead
to ailments such as back pain,
knee and hip injuries and dia-
betes.

And improved treatments
for diseases such as cancer
and heart disease have meant
that some patients who other-
wise would have died survive,
but with disabilities.

The Council for Disability
Awareness, an insurance
industry group, found in a
soon-to-be-released survey
that more than 500,000 indi-
viduals received long-term
disability payments from the
council’s member firms in
2006, up 4.4 percent from a
year earlier. In 2005, the first
year of the survey, the number
of claims rose 1.4 percent.
Insurers paid $7.5 billion in
claims last year, up 7.5 percent
from 2005.

The data don’t necessarily
include workplace-related
injuries, which are covered by
workers’ compensation insur-
ance.

Federal government figures
show even steeper increases.
Recipients of Social Security
Disability Income, or SSDI,
grew 4.4 percent to 6.8 million
last year and was up 51 percent
over the past decade, with
women filing claims at nearly
twice the rate as men, accord-
ing to an analysis of federal
data by the insurance industry
group.

Rising disability claims are
expected to pose a growing
challenge to employers
because of labor shortages that
are developing as the popula-
tion ages. Studies show that
more baby boomers expect to
continue working past the age
of 65 or 70, but given current
health trends many will
develop impairments that will
require special accommoda-
tions if they are to continue to
be productive.

Many employees are
already finding their employ-



ers increasingly accommodat-
ing. OSRAM Sylvania, a light-
ing manufacturer in Danvers,
Mass., allowed Tricia Cham-
bers, 45, to work from home
during her year-long treat-
ment for breast cancer. Cham-
bers, an occupational health
manager, says that despite her
illness she was able to put in as
much as 70 percent of her nor-
mal working hours by tele-
commuting with a laptop com-
puter.

“J found working very ther-
apeutic because it was the one
thing that took my mind off
cancer,” she says.

COMMON PROBLEMS

Sylvania says it has seen
increasing numbers of disabil-
ity claims, especially for lower
back and shoulder pain,
depression and heart disease.
To accommodate such situa-
tions, the company, a unit of
Siemens AG, recently began
offering greater flexibility for
employees with impairments
to work flexible hours, tele-

commute, change work shifts
to accommodate doctor
appointments or change
assignments.

“In the future, there will be
more pressure on employers
... to keep as many people at
work as you can,” says Chris-
tine Sheedy, a risk manager at
Sylvania.

“Replacing employees costs
a lot of money,” she says.

American Express says it
has altered the company cafe-
teria at its Greensboro, N.C.,
call center to accommodate
wheelchair-bound workers,
enabling them to access
microwaves and bus their
trays on carts. Company
employees who rely on public
transportation because of
medical reasons, such as para-
transit transportation, can get
flexible work schedules to
accommodate their needs.

Back and joint problems,
cancer, and heart disease were
among the leading causes of
disability, according to the
insurance industry survey and

MICHAEL HOGUE/MCT

a recent study by the federal
government’s Institute of
Medicine of the National
Academy of Sciences. Chronic
bronchitis, congestive heart
failure and diabetes also are
growing among adults of
working age.

MENTAL HEALTH

“Another reason for the
accelerating growth in disabil-
ity claims in recent years is
that more claims are being
tiled for depression and other
mental and nervous condi-
tions, insurers say. Such diag-
noses were often excluded in
the past. Also, insurers say
that the larger number of
women that began working
outside the home in past years
is behind the fact that they are
now filing claims at a rate
twice as fast as men.

“The general health of the
workforce is declining” says
Robert Taylor, executive
director of the insurance
industry’s Council for Disabil-
ity Awareness.







ud NTERNATIONAL EDITION

TRAVEL

MONDAY, MAY 7, 2007 | 4B

'

Trans-Atlantic
treasures to be
discovered

BY JOE SHARKEY
New York Times Service

How about some good
news for a change? Business-
class fares on trans-Atlantic
routes are coming down.
Major airlines are improving
their international routes and
reducing capacity on domes-
tic routes as lower-fare com-
petition becomes more
aggressive.

Two low-fare start-ups —
MaxJet and Silverjet — say
they are creating a bigger
pool of business-class pas-
sengers who are willing (or
able, under corporate poli-
cies) to pay a little more for a
lot more comfort.

Meanwhile, the third low-
fare all-business-class
start-up, Eos, says it has set-
tled comfortably into a dis-
count-fare niche in the top
quality business-class market
across the Atlantic.

The New York to London
route, the most lucrative in
the industry for premium-
class travel, is in flux. It’s still
possible to pay a fortune for
a walk-up business class seat,.

of course.

On Monday, I checked
walk-up fares on two inter-

national airlines that have.

what are considered to be
top business-class service,
British Airways and Virgin
Atlantic. They were slightly
more than $10,000.

“They’re offering a superb
product, but that is really an
incredibly large amount of
money,” said Joshua Marks,
the vice president for plan-
ning at MaxjJet, which pur-
ports to be generating a good
part of its market from busi-
ness passengers who used to
fly coach or premium coach:

U.S. airlines used to
closely match walk-up fares
on competitors like British
Airways, but not any more.

The walk-up New York to
London round-trip fare on
American Airlines on Mon-
day was $7,723. And if
booked Monday for a flight
in three weeks, business-
class fares on major U.S. air-
lines dropped to the $3,500
level, while British Air was
charging about $7,000.

PROFIT DRAIN

Airlines make most of
their money on trans-Atlan-
tic routes in first and busi-
ness class. Coach is usually a
drain on profits, which is
why an all-business-class air-
line with an enticing fare
structure can compete, even
without the sort of schedul-
ing frequency that major air-
lines offer.

“We're not subsidizing
cheapskates like me, who
used to travel only in econ-
omy,” said Lawrence Hunt,
the chief executive officer
and a founder of Silverjet, a
British-based airline that has
been flying New York to
London (actually Newark to
London) for about two
months or so.

Silverjet flies a 767 with
100 all business-class seats.

The average fare from
New York to London is
“slightly over $2,000,” Hunt
said.



Business-class fares
on trans-Allantic
routes are falling.

On major carriers, the
average fare on that route is
around $5,500, which takes
into account volume dis-
counts negotiated by major
customers. A major Ameri-
can investment bank, consid-
ered one of the highest-vol-
ume customers, pays around
$3,000 round trip on Ameri- .
can Airlines, Hunt says. Typ-
ical high-volume corporate
discount rates are about
$6,000, but small-business
travelers and entrepreneurs
who don’t book well in
advance often end up paying |
the walk-up fare.

On Silverjet, the walk-up
fare can go as high as $4,000
in peak-demand periods. But,
Hunt said, ‘on some days
you'll be paying $1,700 round
trip.”

Silverjet recently bought a
second 767 aircraft. “I took
the keys Thursday,” Hunt
said. It will be used for a sec-
ond New York to London
flight starting in July.

The company expects to
take delivery of a third air-
craft in November and use it
either for New York to Lon-
don service, or to provide
London service from another
U.S. city, such as Miami, Los
Angeles or Chicago.

A STRONG START

Silverjet says it had a load
factor — the percentage of
seats full — of 59 percent in
March. “That’s almost
unprecedented for a carrier
in its second month of opera-
tion,” Hunt said.

MaxJet flies between New
York and Loridon and Las
Vegas and London and is
about to resume its flights
between Washington and
London, which were sus-
pended for the winter. .

Average fares are about
$2,000, Marks said. MaxJet
says its business-class ser-
vice is comparable to that on
US. airlines. “We’re not try-
ing to compete with the best
of the best,” Marks said.

“But we are showing that
with a good product, people
will pay more to get out of
economy class,” Marks said.

Eos, on the other hand,
competes with the luxury
service on top-level business
and first-class airlines like
British Airways and Virgin
Atlantic on the trans-Atlantic
route.

ItEos flies 757s, which typ-
ically carry more than 200
passengers, outfitted with
just 48 lie-flat seats. Its new
schedule between New York
and London has three flights
on most days, for a total of 32
flights a week.

If you booked a flight yes-
terday, the walk-up fare
would have been $7,500. In

‘advance, the fare is $3,200 or

less.

Meanwhile, Eos also just
introduced an advertising
campaign with a strange key-
word for air travel:
“Uncrowded.”



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RICK STEINHAUSER/ MCT


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THE TRIBUNE

MONDAY, MAY 7, 2007, PAGE 5B







Bahamas urged
to avoid new tax

FROM page 1

to implement the OECD’s
transparency and tax infor-
mation exchange standards
was “yet another wake-up
call” for this nation when it
came to negotiating interna-
tional trade agreements.

“I think this is yet
another example of
why we have to
remain extremely vig-
ilant in negotiating
these various agree-
ments, because other
countries clearly - in
this case, the EU -
have an agenda which
they are trying to
impose through this



EPA,” Mr Moree
said.

He added that trade talks
such as the EPA were “multi-
faceted”, and signing up to
them could come “at a con-
siderable price”.

“Tt’s up to us as a country to
decide what that price is and
negotiate the best deal we
can,” Mr Moree said. “They
[the OECD] are really trying
to get an exchange of infor-
mation on fiscal matters, and
tacking it on to the back of
this EPA.”

In this case, the price for
the Bahamian financial ser-
vices industry and the wider
economy, if it signed up to
TIEAs and the Organisation
for Economic Co-Operation
and Development (OECD)
agenda being pushed through
the EPA, could be high.

An economic impact assess-
ment of the financial services
industry's value to the
Bahamian economy, con-
ducted by Oxford Economics
and commissioned by the
Bahamas Financial Services
Board (BFSB), estimated that
the Bahamian financial ser-
vices industry boosts this
nation's gross domestic prod-
uct (GDP) by an extra 2.2-3.4
per cent through its spin-off
benefits for industries such as
construction and real estate.

The Oxford Economics
study estimated that the
Bahamian financial services
industry had a total economic
impact of between 26.2 per
cent and 27.4 per cent, direct-
ly generating nearly $850 mil-
lion or 15 per cent of GDP in



2004.
And for 2004, financial ser-
vices supported some 22,000



8 MOREE

exchange deals

ing for 13 per cent of the
workforce. Direct employ-
ment created by the industry
was some 9,300 in 2004,
amounting to 6.2 per cent of
employment.

Entering into TIEAs could
blunt this nation’s competi-
tive advantages in financial
services, especially given its
reliance on private
wealth management
for the bulk of its
business.

The Bahamas
signed a TIEA with
the US in 2000, the
only one it has agreed
to date. In this partic-
ular case, the
Bahamas received an
obvious reciprocal
benefit - the conven-
tion tax break that
boosted this nation’s tourism
competitiveness for US con-
vention and conference busi-
ness - but the benefits of such
an agreement with any EU
state do not seem quite so
obvious.

“We will have to be
extremely careful about sign-
ing additional TIEAs, and
that will be something that
requires the most careful and
mature consideration before
we commit,” Mr Moree said.

“To the extent that we will
have to give up some
exchange of information in
return for the benefits under
the EPA, we have to make
sure the deal is transparent
and in our interests.

“IT certainly don’t think the
answer is to enter into a
whole raft of TIEAs with oth-
er countries. We would have
to identify definite advantages
before signing a TIEA with
any EU state.

“This is indicative of the
challenges that lie ahead for
us. It does re-emphasise the
complex world we are living
in with regard to these nego-
tiations, and we have to be
very focused and have age-
quate resources protecting
our interests. There are mo
easy answers.”

Mr Moree said of trade
talks such as the EPA: “The
issues being addressed, the

“agendas being pushed, go way

beyond free trade. They affect
your social life, your tax sys-

tem, your judicial system.

“Countries are using these
treaties and opportunities to
initiate initiatives that go far
beyond economic and trade
opportunities.”



‘Sustained
weakness’ in
cruise sector

@ By NEIL HARTNELL
Tribune Business Editor

idespreads weak-
ness in the cruise
industry sector

caused tourist arrivals to decline
by 4.7 per cent for the first 10
months of 2006, with the Central
Bank of the Bahamas annual
report warning that this nation
“will continue to face increased
competition in the coming
years” as the major cruise lines
shift ships to Europe and other
destinations.

The Central Bank said there
was “sustained weakness in sea
arrivals” during 2006, “as the
local cruise industry appeared
to be adversely affected by
increased competition from oth-
er Caribbean and extra-region-
al markets”.

While cruise ship calls in the
Bahamas actually increased by
2.3 per cent during the first 10

months of 2006, sea visitors -
the largest segment of the
Bahamas’ tourism visitor market
- fell by 7 per cent to 2.7.mil-
lion.

Total arrivals to New Provi-
dence fell by 6.7 per cent during
the 10 months to October 2006,
driven by an 11.1 per cent fall in
sea arrivals.

Fears

This is likely to further fuel
fears that the Bahamas is losing
its competitive edge in the cruise
business, despite its proximity
to the US, with concerns about
the quality of the product on
offer -especially in downtown
Bay Street, Nassau - paramount.

Per capita cruise passenger
spending fell from $83 per head
in 1995 to just $74 per head in
2005, indicating decreasing
yields and net returns per visitor.

On the other side, there is the

increasing use of their private
islands by the cruise ships, deny-
ing Bahamian-owned businesses
in Nassau and Grand Bahama
the economic trickledown effect,
and the fact that passengers
often stay on board in port asa
result of bars, shops and restau-
rants being allowed to stay open.

Between 1989 and 2005, pri-
vate island calls by the cruise
ships are understood to have
doubled from 17 per cent to 34
per cent of their Bahamas calls,
a percentage that may have hit
more than 45 per cent last year.

Meanwhile, the Central
Bank’s annual report said
Bahamian hotel revenue per-
formance “weakened” during
the first 10 months of 2006, as
rising room rates were “over-
shadowed” by “marginal” occu-
pancy declines.

Hotel revenues increased by
4.2 per cent, a growth rate well
below the 9.2 per cent increase

in 2005. Average daily room
rates rose by 6.3 per cent to
$166.38, but average occupan-
cy rates fell by 2.2 per cent to
68.2 per cent due to increases
in available room nights.

On New Providence, room
revenues rose by 4.1 per cent
due to a 4.5 per cent increase in
average daily rates, offsetting
the 0.4 per cent decline in occu-
pied room nights.

Hotel earnings on Grand
Bahama rose by 5.5 per cent, as
room rates increased by 14.1 per
cent. While available room
nights increased by 13 9 per cent
following the recovery from the
2004 and 2005 hurricanes, the
total number of room nights
dropped by 7.5 per cent.

On the Family Islands, hotel
revenues grew by 3.2 per cent,
driven by a 9.3 per cent rise in
average daily rates, which over-
shadowed the 5.6 per cent
decline in occupied room nights. '

The Bahamas Institute of Financial Services

‘opening:
3 30 am ~ 10: 60 am

| Morning
10: 30 am~ 12:00 pm

“Luncheon
12:30 pm ~ 2:00 pm .

Afternoon

vs

Introduction to Seminar and Welcome Remarks

Stimulating The Workforce Through Kewl:
Learning and Opportunities”

. : “Stimulating and Sustaining Growth In Financial

: Services”

i "The Need for Professionals to become diversified
: in the Financial Services industry”

KS Pa ay

TBA

: Min, James Smith

_ Mr. Michael Allen
: Ms. Tanya Wright
"Mr. Michael Fields

: Mr. Nathaniel Beneby Jr.

jobs in the Bahamas, account- | 2:30 pm ~ 4:30 pm i PANEL

TUESDAY, May 15, 2007

' Morning
_ 10:00 am ~ 12:00 pm_

| Afternoon
_ 4230 pm — 4:30 pm

Justice John Lyons

' “Litigious Environment*

" “Strategies For Marketing Private Trust
Sl, ke

S Scotiatrust

ASSISTANT MANAGER,
TRUST SERVICES

(Senior Client Relationship Officer)

AIBT
WEDNESDAY, May 16, 2007

: “International Agreements & Their Impact
on The Bahamas”
PANEL

“Transparency in in Company Formation
_ Activities; Is there a level playing field”

~ “The impact of Hague Trust Agreement on
Bahamian Trusts”

HE A. Leonard Archer
Mr. Bruce Zagaris

: Morning
. 10:00 am — 12:00 pm

~The Bank of Nova Scotia Trust Company
(Bahamas) Limited invites applications from
qualified Bahamians for the position of Assistant
Manager, Trust Services.

Luncheon

, 12:30 pm ~ 2:00 pm Ms. Rowena Bethel

' Afternoon STEP
_ 2:30 pm ~ 4:30 pm |
The successful candidate will act as a Senior
Relationship Officer for high net worth clients
of the Trust Company and will be a part of the
Trust Department Management Team. Advanced
knowledge in areas of trust, company, and agency
management is required. As the candidate will
be involved in the administration of complex
trusts, companies and other fiduciary vehicles, a
good level of accounting knowledge is required,
as well as the ability to assimilate legal documents.
The person appointed should hold a Bachelor’s
Degree or equivalent and have a professional
qualification such as STEP, ACIB and/or a law
degree. A minimum of ten years trust experience
is required. Analytical and communication skills
as well as familiarity with PC software are
essential. Preference will be given to applicants
with Spanish language skills. Interested persons
should submit applications in writing marked
Private and Confidential to:

THURSDAY, May 7, 2007

SPEAKER COST No, Tickets _
' Mr. Antoine Bastian
: Mr. Hillary Deveaux

| Ms. Pamela Klonaris

, “Is the Funds Business Dying or Dead?”

“Morning !
; PANEL

10:00 am ~ 12:00 pm
- Mr. Julian Francis

Mr. Arthur Chase
_ Mrs, Pauline Allen Dean

“Entrepreneur”
. PANEL

“The Link Between Pension & Long Term
_ Social Financial Stability”:

Lunch
12:30 pm ~ 2:00 pm

Afternoon

Mr. Gibso
_ 2:30 pm ~ 4:30 pm Mr. Larry Gibson

FRIDAY, May 18, 2007
s SESSION DIC



Te spencer (2 cost os
“Harmonizing of the Regulators and The
Power to Work Together”

-*The Compliance Officers Role In Risk
Management: Insurance, Credit Unions,
Gaming Board, Accountants, Lawyers etc.”

Morning

- 10:00 am ~ 12:00 pm Ms. Rochelle Deleveaux $50

‘Lunch

12:30 pm ~ 2:00 pm BACO | $60

oT

viease make Cheques payabie to: The Bahamas Institute of Financial Services | Schedule subject to change

Please fax completed form to: 242-325-5674
‘Building Professionals in the Financial Services Sector
www. bifs-bahamas.com

Manager, Operations
P.O. Box N-3016
Nassau, Bahamas

or Fax to (242) 326-0991

Applications should be received no later than
Wednesday, 16th May, 2007.


PAGE 6B, MONDAY, MAY 7, 2007

THE TRIBUNE





AREER OPPORTUNITY

ee CC ele a6

A leading Law Firm is seeking qualified candidates
to fill the position of Jr. Accounts Clerk. The
successful candidate must:















¢ Hold an Associate’s degree or equivalent in
Accounts;

¢ Possess strong organizational skills;

¢ Be able to meet deadlines;

e Possess excellent communication skills;

. © Be computer literate; and

¢ Be able to work as part of a team

Remuneration & benefits are commensurate with
qualifications and experience. Qualifying persons
may send resume to:















' Fax 502-5092
Attn: Human Resources Department

De
Foreign Institution Needs:




a) 2 Administrative Assistants and 1

Executive Secretary (should be computer
literate and, preferably, have some knowledge of

Spanish or Portuguese)

b) 1 driver, 1 Handyman with driving
license, 1 cook,1 gardener and 1
maid. (References needed)



Please send resume to P.O.Box CR-56766, suite 524
or deliver to the British Colonial Hilton Hotel, Room

676 or e-mail to: brasembnassau@yahoo.com.br

Salaries, wages and benefits will be in accordance
with normal expectations. Answers to candidates will |
take time.








| Scholarship





The Bahamas Co-operative
League is offering a partial
two-year scholarship to the
College of The Bahamas or other list
approved tertiary institutions to pursue an
Associate Degree in selected disciplines.



or Producer/ Supplier Co-operative.
Deadline for applications is May 31, 2007.






throughout The Bahamas.








- Preferred Courses of Study:

Business Management
Computer Science

Accounting/Finance
Tourism

P.O. Box SS-6314 ° Nassau, The Bahamas

The Bahamas Co-operative
League Limited

' Applications Invited

The scholarship is awarded annually to a Bahamian student
on the basis of academic achievement and financial need.

The Bahamas Co-operative League is the Apex body
for 15 Credit Unions and 5 Producer/Supplier Co-operatives

Government
fuel revenues
orow 17.7%

@ By NEIL HARTNELL

Tribune Business Editor

ahamian businesses
and residents have
been hard hit from

increasing car gasoline and
Bahamas Electricity Corpora-
tion (BEC) bills over the past
two years, but one sector that
has done quite nicely is the
Public Treasury, as revenue
receipts from imported fuel
rose by 17.7 per cent to $106.7
million during fiscal 2005-2006.

Bank

The Central Bank of the
Bahamas 2006 annual report
noted that global oil prices
“had a positive effect” on gov-
ernment revenues, with Cus-
toms Department revenue
showing that receipts on fuel
imports in 2005-2006 had out-
paced the previous year for
both growth rate and total col-
lections.

For 2004-2005, the Govern-

ment saw revenue receipts on
fuel imports rise by 11.5 per
cent to $90.6 million.

Reported

The Central Bank reported

that revenue from duty on fuel.

imports, generating more than
80 per cent of this category’s
revenue, stood at $77.4 mil-
lion for the fiscal year 2004-
2005. This figure then grew by
12.5 per cent in fiscal 2005-
2006 to reach $87 million.

And associated stamp tax-
es rose by 48 per cent to $19.2
million in fiscal 2005-2006,
while bonding taxes almost
doubled to $0.5 million.

While beneficial for the
Public Treasury, the Central
Bank noted that the spike in
global crude oil prices since
2001 “had a considerable
impact” on the Bahamian
economy, with its effects
“exacerbated” in 2006.

The Central Bank’s annual
report: “There has been a sig-

nificant expansion in the
domestic economy’s oil import
bill, leading to a rise in fuel
prices at the pump, an increase
in the electricity surcharge,
and a deterioration in the
country’s merchandise trade
deficit.” ’

The BEC fuel surcharge, for
instance, rose from an aver-
age $0.0736 per kilowatt hour
in 2005 to $0.105 per kilowatt
hour in 2006.

And the volume of locally-
consumed fuel products rose
by 18.3 per cent to nine million
barrels in 2006, compared to
7.6 million barrels in 2005.

The total value of fuel prod-
ucts consumed in the Bahamas
during 2006 increased by 34.6
per cent to $705.8 million, a
growth rate below the 43.5 per
cent hike to $524.3 million in
2005.

Figures

The figures again show the
need for the Bahamas to intro-

duce and fully implement a
National Energy Policy, focus-
ing on energy efficiency and
the use of alternative forms of
energy to combat rising global
oil prices. Such a policy was
being worked on by the for-
mer PLP administration:

During 2006, the worl mar-
ket’s average price per’ barrel
of crude oil rose by 19.6 per
cent to $66.55, from $55.63 in
2005. It peaked at $72.44 per
barrel in June 2006.

Market

In the Bahamian market,
adjusted for transportation,
duties and other costs, \the
average price per barrel for
refined fuel products rose by’
14.6 per cent to $78.7, com-
pared to $68.7 in 2005S.

Average prices at the pump
for car gas rose by $0.51 in
2006 to $4.12 per gallon, while
diesel prices rose from an
$2.94 per gallon average to
$3.32 per gallon.

To atlvertise in The Tribune - the #1 newspaper

in circulation, just call 322-1986 today!

Applications are available at The Bahamas Co-operative
League office on Jerome Avenue, or from any Credit Union

Agriculture
Marketing
Banking



#25 Jerome Avenue ¢ Tel: 242-393-3691 * Fax: 242-394-5834


















* Manage MDaemon

Client Access)

following:

* Wireless networking

¢ AS400\iSeries

Experience





Deloitte

Network Administrator.

* Manage and configure WebSphere
* Manage and configure DNS, DHCP and patch deployment
* Application support and deployment (Microsoft Office Suite and IBM

¢ Maintain telecommunications infrastructure

¢ Microsoft Windows Server 2000 and 2003
* Cisco routers and switches

¢ Microsoft Exchange 2003

¢ Blackberry Enterprise Server

* Networking — TCP/IP, ICMP, SNMP, Routing, IPv6

e Firewalls / DMZ / VPN

Our client, an insurance company, is seeking applications for the position of
Network Administrator.

The Network Administrator will be responsible for the following duties:
* Setup and support desktops, laptops and servers (W2K, XP, W2K3,
Vista, AD, AS400\iSeries)
¢ Setup and support Cisco routers and switches
* Microsoft Exchange 2000 and 2003 troubleshooting
¢ Monitor and maintain backups (Veritas)
* Manage Symantec Antivirus Corporate Edition and Sophos antivirus .
software (O/S, SMTP, Exchange)

Preference will be given to individuals with experience in any of the

* Minimum 3 years related experience in a system support environment

The position offers attractive salary and benefits package, reflecting the
successful applicant’s experience and qualifications, including a pension
plan, profit sharing and medical coverage.

Qualified individuals should submit complete resumes including references
before May 18, 2007 to:

Sean I. Rolle, Senior Manager

Deloitte & Touche

P.O. Box N-7120

Nassau, Bahamas
Or

serolle

(@deloitte.com.bs






THE TRIBUNE

MONDAY, MAY 7, 2007, PAGE 7B





Central Bank in
co-operation talks
with three regulators

The Central Bank said the number

@ By NEIL HARTNELL
Tribune Business Editor

he Central Bank of the
| Bahamas is negotiating Mem-
orandums of Understanding
(MOU) over international regulatory
co-operation with its counterparts in
Canada, Argentina and Qatar, having
received 33 requests for assistance from
regulators in 14 different countries in
2006.
In its 2006 annual report, the Central
Bank said most regulatory requests for
assistance had been received from

supervisors in the US and Canada, and
usually related to “queries for infor-
mation arising out of cases of insider
trading or market manipulation” that
were under investogation.

Market

And during the past year, banking
regulators from Panama and Switzer-
land had been able to perform consol-
idated supervision in the Bahamas by
examining Bahamian-based bank and
trust companies that were subsidiaries
of institutions based in those countries.

of bank and trust company licencees in
the Bahamas fell by two to 248 in 2006,
as mergers and consolidation in the
industry generally, as well as the depar-
ture of former managed banks that did
not elect to establish a physical pres-
ence in the Bahamas, outweighed the
10 new licences granted.

Of remaining licencees, some 215
operate through a physical presence,
compared to 213 in 2005S. The other 33
retained restrictive management oper-
ations in compliance with the Central
Bank of the Bahamas.

The regulator has also proposed
amendments to the Banks and Trust
Companies [Licence Application] Reg-
ulations 2002, “in an effort to reduce
the compliance burden, where appro-
priate, on prospective licensees and
improve the application process for
directorship and the acquisition of
shares of the Central Bank’s licensees”.

Market

The proposed amendments remove
from those seeking to acquire a stake
of less than 10 per cent in a Bahamas-

based bank and trust company, the
burden of submitting the former
detailed net worth statement, a more
concise one certified by an accountant
- and showing that net worth is at least
five times the value of shares being
acquired - the suggested substitute.

The Central Bank added that a sur-
vey conducted using licensees’ 2005
audited financial statements showed
that the average capital risk-weighted
ratio for Bahamas-based bank and
trust companies was 27 per cent, well
above the minimum Basel requirement
of 8 per cent.

Bahamas investment WLUW

JEWELLERY SALES ASSOCIATES

Must be...

Honest, Reliable, Dedicated,
Professional, Energetic &

fund assets rise 17%

@ By NEIL HARTNELL
Tribune Business Editor

TOTAL assets under management in
Bahamas-domiciled investment funds
increased in value by 17 per cent during
2006 to total $205 billion at year-end,
with the number of funds registered in
this nation increasing from 699 the year-
before to 725.

The Central Bank of the Bahamas
annual report for 2006 noted that
Bahamas-based investment funds were

broken down into 293 professional funds,
169 recognised foreign funds, 138 stan-
dard funds and 125 Specific Mandate
Alternative Regulatory Test (SMART)
funds.

Insurance

In the insurance industry, the number
of licensed insurance operations in the
Bahamas rose by 15 to 205 at the end of
2006, with domestic brokers and agents

I
i
I
I
I
I
I
The Central Bank of the Bahamas !
added that its real time gross settlement |
(RTGS) system, which facilitates the real- |
time processing of high value and time- 4
critical payments between financial insti- \
tutions - especially inter-bank payments
and cheque clearing — during 2006 han- I
dled 31,438 transactions that totalled $9.3 I
billion in value. I
This represented 65 per cent and 19 |
per cent increases, respectively, on what
the system handled in 2005.

SELF MOTIVATED
Excellent $$$ Bonus Potential

DO YOU HAVE WHAT IT TAKES?

If the answer is YES then take the next step.
FAX RESUME TO 326-2824

totalling 99 at year-end.

Wag



of The Bahamas

Bank
L I M I
“A growing and dynamic Bahamian institution”

Vacancy For The Position Of:

Core responsibilities:

Perform operational and compliance audits in finance, operations
and credit areas of all branches and departments

Preparation of audit reports for review by Management and
Audit Committee

Review financial data and reports

Assist external auditors during year-end audits and any special
reviews,

Perform audit reviews and audit testing for any new system
implemented

Performs a variety of other related duties, such as assisting
with special audit review projects and investigations.

Knowledge, Skills and Abilities:

A minimum of three years experience with an international
public accounting firm.

A Certified Public Accountant, Certified Internal Auditor or
Equivalent designation.

Detailed understanding of commercial banking, The Central
Bank of The Bahamas Acts and Regulations, and The
Professional Standards of the Institute of Internal Auditors
Strong accounting and auditing skills to analyze financial
statements

Computer literate - Ability to use Electronic Working papers,
MS Word and Excel

Benefits include: Competitive salary commensurate with experience
and qualifications; Group Medical (includes dental and vision) and
life insurance; pension scheme.

Interested persons should apply no later than 27th May 2007 to:

The Senior Manager, Human Resources & T raining
Bank Of The Bahamas International
P.O. Box N-7118
Nassau, Bahamas












BAHAMAS CHAMBER OF



AGENDA
8:00 Registration/Networking
Invocation

introduction/ Maderators

e

Welcome Remarks



Bahamas











9:00 EDUCATION AND THE SMALL BUSINESS









- enlerpnses in developing econamies.

agreements, ingenuity/ invention, and access fo capital, Emphosis wil!
economic development.

10:00 COFFEE BREAK

10:15 USING CULTURE AND HERITAGE TO
CREATE BUSINESS OPPORTUNITY












11:18 GLOBALIZATION AND
THE SMALL BUSINESS



| Epstein hos
_ enrepreneurship in sustained economic development.

12:30 LUNCHEON PRESENTATION

Robert “Sandy” Sands

seth e seminar participants with relevan

4:00 EXECUTIVE ROUNDTABLE - PANEL DISCUSSION

highlighting potential pitfalls.
§:30

For more information:

Email: info@thebahamaschamber.com
Phone: 242-322-2145

Visit: www.thebahamaschamber.com

Closing





ees



BUSINESS EDUCATION AND DEVELOPMENT SEMINAR
BRITISH COLONIAL HILTON
Monday, May 14th, 2007 « 8:00 a.m. -
a

Prayer and National Anthems

Philip Simon,
Executive Director,
Bahamas Chamber of Commerce

Don O'Conner, Chief, Political/Economic
Public Diplomacy Section
US Embassy 4

Tanya Wright, President

K. Neville Adderly, Chairman
Bahamas Development Bank

Dr. Brent Hardt, Charge de Affaires
U.S, Embassy :

Janyne Hodder, President
College of The Bahamas

This opening session is designed fo address the impact of education upon the advancement of small. medium and micro-sized

; " Ms. Hodder has been asked fo speak fo the role and opportunities of a knowle

economy in the creation of wealth. This will include the use of fechncegy. exploitation of new markets, the impact of trade
ploced on ihe role of entrepreneurship in sustained

Keith Stokes. a
Executive Director,
Newport Chamber of Commerce

Dr. Brent Goldfarb, Assistant Professor
Dingman Center For Entrepreneurship,
Robert H, Smith School of Business,
University of Maryland

3

Jerome Gomez, Fund Administrator
Bahamas Entrepreneurial Venture Fund Lid,

resentations seek to outline the ee of successful venture creation, The presenters will
\ r f information on setiing up a business; developing the right
usiness plan; and the various options available for enterprise financing.
“Doing Business, Doing Business in The Bahamas - Lessons Learnedi"
Jerome Fitzgerald / Juan Bacardi / Fritz Stubbs / Franklyn Butler
The Bahamas may be one of the best places in the word to live, but some would say it’s not the easiest ploce fo do or grow a

sustained business. in this panel discussion, successful Bahamian entrepreneurs and business executives are asked fo speak
frankly about their successes and disappoinimenis during their careers; encouraging participants fo pursue their dreams, while

§:00 p.m.

hamber of Commerce






e driven

This cpening session is designed to address the impact of globalization upon the small medium and micro-sized enterprise. Mr,
as been osked fo speak fo the new challenges faced by such businesses and entrepreneurs while highlighting
o prone for growth ond/ or speciatization, Factors such as limited economies, use of fechnology, new markels, the Impact
2 OFM

the

ade agreements, ingenuily/ invention, and access fo capital will be discussed, Emphasis will be placed on the role o!

"Tourism as a Tool in Business Development/ Creating Entrepreneurship”
Senior Vice President External/Government Affairs, Cable Beach Resorts

Calvin Knowles, Managing Director
Bahamos Development Bank

Philip Stubbs, Managing Partner

2:30 NEW VENTURE CREATION: DEVELOPING A WINNING BUSINESS
“An Overview"
“Planning the Business”
Ernst & Young
“Marketing the Business” Royann Dean
The Method Group
“Small & Medium Enterprise Financing”
These




PAGE 8B, MONDAY, MAY 7, 2007



THE TRIBUNE





MINISTRY OF LOCAL GOVERNMENT AND CONSUMER AFFAIRS
THE PRICE CONTROL ACT, 1971
CHAPTER 339
THE PRICE CONTROL (GASOLINE & DIESEL OIL)
(AMENDMENT) ( ) REGULATIONS, 2002

The public is advised that prices as shown in the Schedule for DIESEL ODL
sold by ESSO will become effective on Monday, 7” May, 2007,

GASOLINE SCHEDULE

MAXIMUM WHOLESALE
SELLING PRICE PER U.S.
GALLON

PART A
NEW PROVIDENCE

IINCLUDING SEA FREIGHT

INCLUDING SEA FREIGHT

NOT INCLUDING SEA FREIGHT

NOT INCLUDING SEA FREIGHT

soxpitvcen paeisanyy &
“3 é 4

B S00 J tome’

Security group
wants to address

‘fair prices’ and
liability insurance

@ By NEIL HARTNELL
Tribune Business Editor

G G Fair competition”, a “level playing field”
for the prices private guard services can
charge and liability insurance are some of

the most pressing issues the fledgling Bahamas
Security Industry Association has identified as
priorities to be tackled, with members expected
to ratify its constitution at a late May/early June
2007 meeting.

Gamal Newry, the Association’s co-chairman

and a Tribune Business columnist, told this
newspaper that 40 Bahamian private security
companies and individuals had joined the new-
ly-formed organisation as members.

It was now on a “membership drive”, and Mr
Newry said: “The Association has been formed.
It’s just a matter of the members accepting the
constitution.”

Among the Association’s membership were
private security guard providers and security
technology suppliers, Mr Newry explaining that

the diverse membership meant they had a broad:

range of concerns, issues and suggestions to be
tackled.

Among the more common ones he identified
were the availability of liability insurance to
protect companies from the actions of individual
guards, plus “a level playing field for pricing
for guard services”.

Mr Newry explained that the Police Staff
Association was often able to charge prices of
$23 per hour, per person, for off-duty police
officers to provide security and various func-
tions and events, but private security guard
companies were only able to charge prices of $7
per hour, per event.

“There are a lot of different issues out there,”
Mr Newry said. He added that the Association
and its members had shown they were “willing

to build this industry into something that will ~

benefit the entire country, reducing crime and
reducing the loss of assets.



@ GAMAL NEWRY

accountants, the attorneys and the architects,
and form a network to implement standards
from the profession.

“We think we’re just as qualified as any oth-
er professionals in building this country.”

Training standards and the quality of securi-'
ty guards coming into the profession were oth-
er issues the Association wanted to address, Mr
Newry said, along with establishing a definition
of “who is a security professional”?

He explained: “It brings definition to what
we are, and presents ourselves to the public as a
group of persons qualified and trained to reduce
loss and crime events.

“The. recognition of the security person is

-very: much downplayed, as they:don’t see‘ the

security persons as a professional. .
“The industry is going to ensure and provide

the investor with confidence about what is going



“The professionals are reacly to come togeth-

er. They oninthe Bahamas, to feel their assets are pro-
want to be — tected. Every person, whether they are an
like the investor or an employee, when you create
compliance wealth your ability to protect wealth is very

officers, the important.”




ele






Pricing Information As Of:
Thursday, 3 May 200 7



















| JEWELLERY STORE MANAGERS
52wk-Low Previous Close Today's Close | Change Daily Vol. EPS$ Div$ I : 3 I
Abaco Markets I Discover a rewarding and I
Bahamas Property Fund I challenging career catering to the I
Bank of Bahamas 9.02 - 9.02 0.00 0.737 I country’s visitors in the exciting I
Benchmark 0.85 0.85 0.00 0.129 retail jewelry business!!! i
Fey Bank i ial 0092 mati 91
cable Baber 10.41 10.41 0.00 0.915 ! Do You Have What it Takes: I
Colina Holdings 2.10 2.10 0.00 0.245 i ARE YOU... !
Commonweal: Bank 14.26 14.26 0.00 1.084 ; Confident? * A Leader? « Self Motivated? I
Consolidated Water BDRs 9.08 9.19 0.11 0.118 e Professional? ¢ Mature (25 yrs or older)? ¢ Dedicated?
ee ay a a aa se I If the answer isYES then take the next step I
ora a | a ae ce SALARY idee ee e aaa
Fepat Cont tte as TT VaCLE
ICD Utilities a 7.25 7.25 0.00 0.532




J. S. Johnson

Ministry of Finance







52wk-Low

Weekly Vol. EPS $
12.25 Bahamas Supermarkets 14.60 15.60 16.00













































40.00 Caribbean Crossings (Pref) 8.00 8.25 10.00
0.20 RND Holdings 55 020
g unter Securities
28.00 ABDAB . 41.00
14.00 Bahamas Supermarkets 14.60 15.50 14.00
0.35 RND Hold a i a th ac
LC
. YTO% _Last 12 Months __Div$ The Banks and Trust Companies Regulations Act, 2000
Colina Money Market Fund 1.338308"
Fidelity Bahamas G &1!Fund 3.1424***
Colina MSI Preferred Fund 2.649189** Notice is hereby given that the Governor,
Colina Bond Fund 1.238600**** pursuant to Section 18(1)(a)(i11) of the Banks and Trust
Fidelity Prime Income Fund 11.4467***** ai Companies Regulation Act, 2000, has revoked by
ee YTD 07.34% / 2006 34.47%

Order dated 24th April, 2007 the bank and trust

NAV KEY 18th December, 1992 to

“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

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
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 daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day

Daily Vol. - Number of total shares traded today

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

PIE - Closing price divided by the last 12 month eamings



license

granted on
Security Atlantic Bank Limited, on the grounds that the
company has been dissolved.

*~ 27 April 2007
Weekly Vol. - Trading volume of the prior week ** 31 March 2007
EPS $ - A company's reported earnings per share for the last 12 mths
NAV - Net Asset Value :

N/M - Not Meaningful

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

*** 314 March 2007

**** 34 March 2007 Wendy Ciiee
Governor
The Central Bank of The Bahamas

***** 34 March 2007



764 / FOR MORE DATA &


+ ee ee
2 >

a!

Tage a ea

“ow BER OT See eens

gsc epetorys

THE TRIBUNE BUSINESS

COMMONWEALTH





BANK

Commonwealth Bank consolidated its position as a Billion Dollar Bank as it grew to $1.075 Billion
at the end of March 2007. This was an increase of $57 million’over December 31, 2006.

Net income for the quarter was $11.6 million up from $11.4 million or 1.7% for the fourth quarter
of 2006 and an increase from $8.8 million for the first quarter of 2006. Earnings per share
increased from 30 cents per share for the fourth quarter of 2006 to 31 cents per share for the first
quarter of 2007. Earnings per share for the quarter ended March 2006 was 24 cents per share.

Annualized Return on Common Shareholders’ Equity was 36.3% up from 32.3% for the same
period last year and annualized Return on Assets was 3.9% compared to 3.5% for the first
quarter of March 2006 and 3.76% for 2006 as a whole.

The Bank has been overwhelmed by the warm reception from the public to our new Golden
Gates Branch. The Branch has shown excellent growth since it opened in January 2007.

COMMONWEALTH BANK LIMITED

CONSOLIDATED BALANCE SHEET
(Expressed in B$ ‘000s) (Unaudited)

March 31, 2007 December 31, 2006

ASSETS
Cash and deposits with banks $ 22,973 $ 31,380
Balances with Central Bank 86,001 60,915
Government Stock, Investments and Treasury Bills 95,139 86,057
Loans Receivable (net) 840,131 809,606
Premises and equipment 30,299 29,669
Other assets 782 1,016
TOTAL $ 1,075,325 $ 1,018,643
LIABILITIES AND SHAREHOLDERS’ Equity
Liabilities:
Deposits $ 845,905 $ 798,394
Life assurance fund 13,947 13,353
Other liabilities 17,327 15,435
Total liabilities 877,179 827,182
Sharehoider’s Equity:
Share capital 86,949 86,947
Share premium 26,889 26,429
General Reserve 10,000 10,000
Retained earnings 74,308 68,085
Total shareholders’ equity 198,146 191,461

TOTAL

$___ 1,075,325 $1,018,643

See accompanying notes to unaudited interim consolidated financial statements.

- COMMONWEALTH BANK LIMITED
CONSOLIDATED STATEMENT OF INCOME —
(Expressed in B$ ‘000s) (Unaudited) : ‘

3 months ending
March 31, 2006

3 months ending
March 31, 2007
INCOME:

Interest income $ 28,286 $ 24,288
Interest expense (9,399) (7,152)
Net interest income 18,887 17,136
Loan loss provision (2,080) __ (3,073)
16,807 14,063
Life assurance, net 1,211 999
Fees and other income 4,167 3,955
22,185 19,017
’ Non-INTEREST EXPENSES: _
General and administrative 9,876 9,570
Depreciation and amortization 623 597
Directors’ fees ! 43 43
10,542 10,210
NeT INCOME 11,643 8,807
Preference Share Dividends (1,487) (1,065)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 10,156 $ 7,742
AVERAGE NUMBER OF COMMON SHARES 32,771 32,486
(Thousands) .
EARNINGS PER SHARE (3 months) $ 0.31 $ 0.24

COMMONWEALTH BANK LIMITED

NoTEs TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Three Months Ended March 31, 2007

(Expressed in B$ ‘O00s) (Unaudited)

1. ACCOUNTING POLICIES

These consolidated interim condensed financial statements have been prepared in accord

z
2

a

MONDAY, MAY 7, 2007, PAGE 88

CHAIRMAN’S REPORT ON UNAUDITED RESULTS MARCH 31, 2007 |

On April 30th, the Bank paid an extra-ordinary dividend of 12 cents per common share.

The outlook for the second quarter of the year is favourable.

Our dedicated and loyal employees continue to write the success story of Commonweaith Bank.
They make it possible to provide the services and products that attract and retain our customers.
It is to our customers we express our gratitude for the opportunity to serve them.

af Ut

Chairman

COMMONWEALTH BANK LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ Equ

(Expressed in B$ ‘000s) (Unaudited)

PREFERENCE SHARES
Balance at the beginning and end of period

ComMoN SHARES

Balance at beginning of period
Issuance of common shares
Balance at end of period

SHARE PREMIUM

Balance at beginning of period
Issuance of common shares
Balance at end of period

GENERAL RESERVE
Balance at beginning and end of period

RETAINED EARNINGS

Balance at beginning of period

Net income

Common share dividends

Preference share dividends

Balance at end of period
SHAREHOLDERS’ Equity AT END OF PERI

COMMONWEALTH BANK LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS.
“us 3 months ending

(Expressed in B$ ‘000s) (Unaudited) .

CASH FLowsS FROM OPERATING ACTIVITIES:

Interest Receipts

Interest Payments

Life assurance premiums received

Life assurance claims and expenses paid
Fees and commissions received
Recoveries

Cash payments to employees and suppliers

Increase in loans receivable
Increase in deposits
Net cash from operating activities

. CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of Government Stock, investments
and Treasury Bills

Interest receipts and repayment of
Government Stock and Treasury Bills
Purchases of premises and equipment

Net cash (used in)/from investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid

Proceeds from Issue of common shares
Net cash used in financing activities
NET INCREASE IN CASH EQUIVALENTS
CasH EQuIvVALENTS, BEGINNING OF PERIOD
Caso EquivaALents, END OF PERIOD

See accompanying notes to unaudited interim consolidated financial statements.

. 3 months ending

March 31, 2007 ©

84,983

1,964
2
1,966

26,429
460
26,889

10,000

68,085
11,643
(3,933)
(1,487)
74,308

$198,146

“giarch 31, 2007

$ 25,556
(9,399)

2,215

(808)

4,565

1,502

(7,793)

15,838
(32,605)

47,511

30,744

(19,198)

11,344
(1,253)
9,107

(5,420)
462
(4,958)
16,679
92,295
$___ 108,974 _

3 months ending
March 31, 2006

60,858

1,915
34
1,949

21,725
3,423
25,148

10,000

54,948

8,807
(3,898)
(1,065)

$8,792

$__ 156,747

3 months ending
March 31, 2006

$ 21,685
(7,152)

2,115

(848)

4,499

1,748

(6,015)

16,032
(31,683)
32,701
——__12.050_

(9,150)

22,800
(1,385)

(4,963)
3,457
(1,506)
27,809
60,418
$__ 88.227

ance with International Accounting Standards 34 Interim Financial Reporting. The
December

accounting policies used in the preparation of the interim financial statements are consistent with those used in the annual financial statement for the year ended

31, 2006.

The consolidated financial statements include the accounts of Commonwealth Bank Limited (“the Bank”) and its wholly owned subsidiary companies. The subsidiaries are
Laurentide Insurance and Mortgage Company Limited, C.B. Securities Ltd. and C.B. Holding Co. Ltd.

2. BUSINESS SEGMENT

For management purposes, the Bank including its subsidiaries is organized into two major operating units - Bank and Real Estate. The following table shows financial

information by business segment:

Banking revenue

Banking results




Real Estate results

3. DIVIDENDS

March 31, 2007

March 31, 2006

JOU'SUORRPOYOANBAD £0029

The Directors have approved interim quarterly dividends in the amount of 12 cents per common share (2006: 12 cents). The dividends are declared on a quarterly calendar _
basis. The interim financial statements only reflect the dividends accrued for the interim period.
PAGE 10B, MONDAY, MAY 7, 2007

THE TRIBUNE



fertw OECD ‘endangers’ financial sector

For the stories
behind the news,
meme ce Wale a) 3
on Mondays



FROM page 1

would have to weigh. I hope it
doesn’t come to that, but it’s a
weighing exercise.

said: “If it were to come to that,
that is something a responsible
government of the Bahamas

how much trade in other areas
would be adversely affected if

REAL ESTATE
DIRECTOR OF SALES

(with extensive travel throughout The Bahamas, United States and Europe)

' Description
An international property development company is seeking a highly qualified Real Estate Director of
Sales to develop the business through sales presentations, client entertainment, industry networking, and
effective channel management in The Bahamas, US and Europe. The developer is based in Nassau, the
Bahamas with a number of projects in various sages of development. The primary project is a mixed
use development, anchored by a five star hotel, at pre-sales stages as well as ready for sale single family
home-sites.

Responsible

Develop the sales strategy and processes to attain the determined sales targets

Maintain and develop relationships with prospective real estate purchase, real estate brokers and
agents.

Assist in the compilation of marketing plans and material for sellable products

Assist in the day to day control of the sales cycle, including but not limited to cold calling,
financial modeling, database creation and management,

Creating sales proposals and packages and gathering necessary document from third parties,

Work with CFO and COO to determine sales objectives and quotes to tie into cash flow projections.
Work with land development and construction teams to coordinate land lot, condos and home sales
programmes.

Assist with market research in targeted sales areas.

Manage and follow up on sales leads from external sources and company website.

Requirement

¢ Experience managing a real estate sales team that has sold at least $50 mil in luxury real estates
within a 12-month seasonal sales cycle

° An existing networking of connections and contacts in the area real estate market

¢ The ability to work with management in the development of sales strategies for residential real

estate.

° A proven track record selling high-end property to include building lots, single family and
condominium residences as well as in orchestrating ‘experience selling programs’ demonstrating
active luxury lifestyle.

° Prior experience with sales in high-end luxury resorts that include golf, boating, as a portfolio of

activities supporting a luxury life-style.

e An aggressive, ambitious attitude and have an entrepreneurial split, possessing strong sales
development skills.

e Real estate license is preferred

¢ Ability to address difficult issues and guide team toward the accomplishment of identified goals.
(Lead train, and motivate sales teams and sales channels)

¢ A solid sales and negotiation experience, closing, organizational and communication skills

¢ A minimum of 4 years hands on sales experience in the developer and /or broker arena

* Good process orientation and project management skills from development to implementation

e Proven sales success and experience is essential

° College degree in marketing or related field preferred

Highly competitive compensation package-with un-caped commission and with on target annual
earning potential in excess of $200,00

Please summit your qualifications to bahamasdeveloper@ yahoo.com prior to May 15th, 2007



gd

CH

WinoIinGe Bay
ABACIR BAHAMAS

STAFF VACANCIES

Assistant Controller - B, Development Accounting

Reporting to the Director of Finance, Development Accounting, the
Assistant Controller, Development Accounting accumulates and monitors
all financial data for smaller, less complex resort development projects
and communicates financial data and information to appropriate
personnel on a periodic basis. The Assistant Controller acts as an
intermediary between the Regional Director of Finance (RDOF), Director
of Finance (DOF) and various financial departments with Marriott
Vacation Club International, e.g., Fixed Assets, Financial Planning and
Reporting, Marketing and Sales, etc., that require financial information
related to specific projects and project components.



Assistant Controller, Joint Venture Sales & Marketing &
Operations

The Assistant Controller ensures accurate reporting, accounting, billing,
and forecasting for joint venture projects and activities. The incumbent
interacts with multiple teams and assists site Director of Finance in
providing timely information to joint venture projects and activities.
The incumbent interacts with multiple teams and assists site Director
of Finance in providing timely information to joint venture team in
addition to addressing questions that may arise as partner packages
are completed.

Site Director of Finance, Marketing and Sales

The Director of Finance provides finance and accounting leadership
and support for site marketing and sales efforts and new product to
market initiatives. The incumbent ensures accurate and timely on-site
financial management, reporting, forecasting, and budgeting of all
on-site Ritz-Carlton Club business units (sales & marketing and
development). The Director of Finance safeguards company assets
and maintains and maintains a strong environment of financial control.

Please send resumes to:
Human Resources Director
The Abaco Club on Winding Bay
P.O. Box AB 20571
Marsh Harbour, Abaco
Or
Fax: (242) 367-0392



Pee et ee et er ere

“We would have to assess ~

we didn’t sign up to an EPA
agreement on transparency and
tax information, as opposed to
not doing so.

“This OECD initiative, which
seems to be morphing into the
EPA, is a trade competition
issue that the Bahamas will
have to be vigilant on to ensure
we protect out interests in the
international marketplace, in
this regard the trade in interna-
tional financial services.”

Mr Delaney said Prime Min-
ister Hubert Ingraham and the
FNM had “a great deal of expe-
rience on the OECD issue”
from the last time they were in
government.

Added

He added: “The Bahamas
needs to be, and I have no
doubt the Bahamas is, alive to
the fact this is a trade issue. We
do have an interest in ensuring
that our financial services prod-
uct maintains a competitive
base, and for us that means
maintaining a tax neutral plat-
form.”

The Bahamas is negotiating
the EPA with the EU through
CARIFORUM, the body rep-

Security & General,

resenting CARICOM and the
Dominican Republic, and Mr
Delaney said he hoped it would
take the Bahamian financial ser-
vices industry’s needs into
account during the talks, which
are supposed to be wrapped up
by September 2007.

Bahamian private sector rep-
resentatives had privately con-
ceded to The Tribune before
that the financial services indus-
try should have been brought
into the EPA preparations
much sooner, with some gov-
ernment officials understood to
believe that the tax information
exchange aspects had not been
adequately addressed.

It is unclear who will get

responsibility for trade in the
Ingraham administration, but is
thought the change of govern-
ment will remove any suspicion
that the previous minister
responsible, Fred Mitchell, was
using the closer CARICOM
integration that the EU wants
to see via the EPA as a ‘back
door route’ to moving the
Bahamas into the CSME
(CARICOM Single Market &
Economy). ,
If the Bahamas failed to sign
on to the EPA, and exporters

a local Property & Casualty

Insurance Company seeks to employ a mature, ambitious

individual for the role of

BCC eC eile

Qualifications:

e 2-3 years Bookkeeping experience
e At least an Associates Degree in Accounting or

equivalent

e Good oral and written communication skills

° Computer literate

The company offers a competitive remuneration package,
salary commensurate with experience.

Resumes should be sent to: The Human Resources
Manager, at P.O.Box N-3540 or faxed to 323-2880 by
May16, 2007





Employment Opportunity

lost duty-free access to EU mar-
kets, the Government would
lose about $13 million in export
taxes from Bacardi, which has
said loss of EU preferences
would force it to relocate from
the Bahamas due to increases
in the price of its product.

Cost oe

Such a move would cost more, :
than 180 Bahamian jobs, while’ |

some $35 million in seafood.

’

product exports and $7 million" °

in Polymers sales would also be’
threatened. The Bahamas has
a positive $20 million trade bal-
ance with the EU, based on

2004 figures, but this nation, ©

might have to weigh these

adverse consequences with the ~.

damage signing on to the EPA
would do to financial services,
if it contained agreement to
implement the OECD initiative:
and EU Savings Tax Directive.

The previous government
said financial services was “off,
the table” when it came to the
EPA talks, but there is no doubt
that the Bahamas remains in’
the OECD’s sights.

Mr Owens told the US Sen-
ate that the Bahamas ranked"

‘among the world’s top five off-

shore centres for mutual funds
and trust funds, and had devel-
oped “a significant inter-bank
market”. .

He also indicated that the
OECD might abandon pursuit

of the ‘level playing field’ ideal

and take a more aggressive
stance once again on the issue
of tax information exchange.

Mr Owens said some inter-
national financial centres had
“systematically refused”
requests by OECD members to
enter into talks on TIEAs,
despite committting to do so,
while others were “prolonging
the negotiations in the hope of
obtaining full tax treaties, even
where the jurisdiction does not
impose income taxes”.

He added: “It is now critical
to ensure that all negotiations
come to a successful conclusion
within a reasonable time peri-
od.” >

Many high-tax EU member
states, especially France and
Germany, are the key drivers
of the OECD initiative.









and loss targets.



goals.





Requirements:





Please send resume to:

P. O. Box N-3004
Nassau, Bahamas

Only Bahamians Need Apply

Applicants are invited from suitably qualified Bahamians to fill the position
of General Manager in an international beverage firm. Applicant will be
responsible for managing the overall operation in Nassau and Freeport.

Applicant must be able to develop and execute strategic operating plans
for all aspects of the Business Operation. Must develop and adhere to
established budgets through management and achievement of annual profit

Must be able to achieve marketplace growth through the development and
execution of key initiatives, including trade development, key account sales
and service, cold drink and fountain sales and service. Providing a high
level of customer service to existing accounts, analyzing the customer base
within the region and identifying potential major sales while ensuring high
quality products with efficient distribution.

This incumbent will have all financial reporting, budgeting and P & L
responsibilities including achieving sales volume, profitability and margin

Additional responsibilities include implementing high quality training
programs for route sales, providing timely and accurate sales forecasts,
identifying trends and opportunities and creating a supportive selling

environment within the region.

For successful performance in this position, this incumbent must possess

a Bachelor’s Degree minimum; a Master’s Degree is preferred. A
minimum of 10 years experience in a soft drink and manufacturing industry
including regional management sales & marketing with budgeting P & L
responsibilities included. This incumbent must possess strong leadership
skills, excellent written and verbal communication skills and proven
organization and planning skills. Applicant must be highly motivated with
the ability to handle stress and meet established deadlines as set by the
Caribbean region. Applicant must be competent in the use of Microsoft
Excel, Word, PowerPoint, and Outlook.

Human Resources Department










































4

°
1
r
THE TRIBUNE BUSINESS





OF 7,
ee He by,
%

tt

-ADVISEMENT AND REGISTRATION 2
| Summer Session IJ and Fall Semester 2007 —

Summer Session II, 2007

May 14 Advisement begins.
June 13 - 14 Registration

June 27 Classes begin
August 10 Last day Session II



Fall Registration, 2007

z

April 30 Schedule for Fall registration posted to web.

May. 14 Registration begins. |

June 4 Registration for students given early acceptance for
a Fall

June 29 Last day for fee payment early registration.

Online Registration — Transition Phase

The College of The Bahamas is transitioning to on-line registration
in phases. For the current registration period (for Fall Semester)
ONLY the following schools will be involved:

* The School of Business (BAST)

= Culinary Hospitality Management Institute (CHMI)
= School of Nursing and Allied Health Professions (SNAHP) |
= School of Communication and Creative Arts (SCCA)

School of English Studies (SES)

For further information, please contact:
Records Department
Telephone: 302-43 12/4523/4522
E-mail: recordsdept@cob.edu.bs

The College of The Bahamas
Presents

- The UNESCO Travelling Film Showcase
An extraordinary collection of regional films

SCREENING SCHEDULE
f Monday, May 7 through Saturday, May 12, 2007

4 Lecture Theatre, Michael Eldon Complex, Thompson Boulevard



Monday, May 7
Section 1 Showtime 12noon

RIBBONS OF BLUE, 2003; 112 Minutes; Director: MATHURINE EMMANUEL

Country: St. Lucia

| Section 2 Showtime: 3pm
‘DIA DE LOS MUERTOS (Day of The Dead), 2002; 11 mins;
Director: SUZETTE ZAYDEN Country: Belize
s SHOW ME YOUR MOTION: The Ring Play Games of the Bahamas, 2006:
88 Min.
Rirector: IAN GREGORY STRACHAN; Country: The Bahamas

it

Section 3 Showtime: 7:00pm ;
ROBLE DE OLOR- (SCENT OF OAK), 2003: 125 min.
Director: RIGOBERTO LOPEZ Country: Cuba

|

Tuesday, May 8
7 Section 4 Showtime: 12noon

STEPS TO FORGIVENESS, 2005: 7 min. Director: PAMELA WHITEHALL

§ Country: Barbados

WHAT MY MOTHER TOLD ME, 1995: 55 Min.

Director: FRANCES-ANNE SOLOMON;

§ ountry: Trinidad and Tobago

i;

Section 5 Showtime: 3pm

salt in my eyes, 2002: 39.48 Min.

Director: SHAMIRA RAPHAELA; Country : Aruba
VIVA CUBA, 2005: 80 min.

Director: JUAN C. CREMATA; Country: Cuba

Wednesday, May 9
Section 7 Showtime: 12noon
NOSOTROS Y EL JAZZ, 2004: 45 minutes;
§ Pirector: GLORIA ROLANDO
g @ountry: Cuba
JUNKANOO: Director: MARIA GOVAN

Section 8 Showtime: 3pm

JAB! The Blue Devils of Paramin, 2006:

47 Minutes;

Director: ALEX D’ VERTUIL

Country: Trinidad and Tobago

CALYPSO DREAMS, 2004: 90 min.;

Directors: GEOFFREY DUNN/MICHAEL HORN
Country: Trinidad and Tobago

1. Bahamian Cuisine





2. Gourmet Cooking 1




1 Section 9 Showtime: 8pm
| RISE UP: 16 Min. Director Luciano Blotta:
} Country: Jamaica
Caribbean Gem
THE HARDER THEY COME, 1972: 100 Min.;
§ [irector: PERRY HENZEL
d rountry: Jamaica

Thursday, May 10
Section 10 Showtime: 12noon

f tETE GRENE, 2002: 66 Min.; Director:
@HRISTIAN GRANDMAN

2 Country: Guadaloupe

4. Cake & Pastry Making I



S. Cake & Pastry Making II

8. Cake Decoration I





Culinary & Hospitality Management Institute
INDUSTRY TRAINING DEPARTMENT

SUMMER SEMESTER 022007

— a -

|
: i S weeks 6:00-9:00pm | $225.00

For further information please contact the Industry Training Department of the
Culinary & Hospitality Management Institute at 323-5804, 323-6804 or fax 325-8175.

MONDAY, MAY 7, 2007, PAGE 11B.



Section 11 Showtime: 3pm

MEN AND GODS, 2002: 52 Min; Director: ANNE LESCOT/ LAURENCE
MAGLOIRE

Country: Haiti

Friday, May 11

Section 13 Showtime: 12noon :

El Campeon: 23 minutes; Director: RAFAEL MADERA RODRIGUEZ
Country: Dominican Republic

LIFE AND DEBT, 2001: 90 Min.; Director: STEPHANIE BLACK; Country:
Jamaica

Section 14 Showtime: 3pm .

LA CARTA (The Letter), 2005: 2.38 min.; Director: FRANCISCO RODRIGUEZ
Country: Dominican Republic

A cien mil, 2006: 10 min.; Director: AMAURIS PERES

Country: Dominican Republic

PORT AU PRINCE SE PAM, 2000: 57
Country: Haiti

Saturday, May 12

Section 16 Showtime: 12 noon

Children and Youth Focused Films
ZULAIKA, 1990: 78 min.; Director: DIEDERIK VAAN ROIJEN; Country: Curacao
THE BAOBAB TREE, 2005: 27 min.; Director: CLEARE INCE ;

Country: Barbados

HERMAN TALES: THE BANANA ROBBER, 2006: 16 Min.;

Director: ROGER ALEXIS

Country: Trinidad and Tobago

Section 17. Showtime: 12 noon

Caribbean Gems

LA ULTIMA CENA (THE LAST SUPPER), 1976:120 min.
Director: TOMAS GUTIERREZ ALEA Country: Cuba

RUE CASES NEGRES (Sugarcane Alley), 1982: 100 Min.
Director: EUZHAN PALCY, Country: Martinique.

Section 18 Showtime 3pm

Caribbean Gems

L‘HOMME SUR LES QUAY (Man by the Shore), 1993:100 Min.

Director: RAOUL PECK; Country: Haiti

AVA & GABRIEL, 1990: 110 Min.; Director: FELIX DE ROOY; Country: Curacao

The Public is invited to attend.

CENTRE FOR CONTINUING EDUCATION AND EXTENSION SERVICES
PERSONAL DEVELOPMENT - SUMMER SEMESTER

L COURSE i! SEC | COURSE
: ._| DESCRIPTION

~| ACCOUNTING

Min.; Director: RIGOBERTO LOPEZ
































ACCA900 01 | ACCAFOR BEGINNERS | 6:00pm-8:00pm
ACCAS01___| 01__| ACCA FOR BEGINNERS I! pm |Mon/iWed _7-May | 10wks_ | $275 |
ACCA902 01. _| ACCA FOR BEGINNERS lI 6:00pm-8:00pm | Tues/Thurs _8- $300

| [BUSINESS | ae r——
CUST900 02. | SUPERIOR CUSTOMER SER. W/S | 9:30am-4:30pm $170
CUST900 01__| SUPERIOR CUSTOMER SER. W/S_| 9:30am-4:30pm.|, Thurs - 31May_ | 1 da’ $170
Busi900____—=«| 01_‘(| CREDIT AND COLLECTIONS} 6:00-9:00PM _| Thurs 10 May $225
BUSI901 CREDIT AND COLLECTIONS I! Tue 8-Ma $250

6:00-9:00PM



8 wks

7-May | 9wks | $450 |



COMPUTERS
COMP901






Mon













COMPUTER APPLICATIONS | Hwan








































| COMP901 [02 | COMPUTER APPLICATIONS | 1:30pm Sat 5-May {| 9wks _| $450
COMP902__—| 01_ | COMPUTER APPLICATIONS 1! 6:00pm-9:30pm | Thurs 10May | 9wks _| $550
COMP941 for | QuicKBooKS 6:00pm-9:00pm | Tues 8-May |Gwks | $330
COMP953 01 | PC UPGRADE & REPAIR 6:00pm-8:00pm | MonWWed __7-May | 9wks | $500
| COMP960 01 | EFFECTIVE POWERPOINT 9:30am-4:30pm | Thurs 31May | 1 da $170
COMP930 O1 | WEB PAGE DESIGN WORKSHOP __| 930am-4:30pm_| Thurs 14-Jun $550
DECORATING | —
FLOR800 01 _ | FLORAL DESIGN | 6:00pm-9:00pm | Thurs 10May | 10wks | $225
FLOR801 01 | FLORAL DESIGN Il 6:00pm-9:00pm | Tues 8-May | 10 wks | $250
FLOR802 01 | FLORAL DESIGN III 6:00pm-9:00pm | Mon 7-Ma
DECO800 | 01 | INTERIOR DECORATING | _.| §:00pm-9:00pm | Wed _9-May | 10 wks | $225
LENGLISH setae oe = Ls Jest Z sac
ENG 900 01 | EFFECTIVE WRITING SKILLS 6:00pm-9:00pm | Tues 8-May | 8 wks



HEALTH AND































FITNESS
| MASG900 i 01 MASSAGE THERAPY ESSENTIALS | | 6:00pm-9:00pm | Thurs
MASSAGE THERAPY ESSENTIALS
MASG901 Ot iit 6:00pm-9:00pm | Mon 7-May | 10 wks
HLTH800 01__| GROUP FITNESS INSTRUCTOR |__| 6:00pm-9:00pm | Wed '_9-May | 10 wks












MANAGEMENT |
_| 6:00pm-9:30pm _|- Thurs

























| MGMT901____ [01 | HUMAN RESOURCE MGMT I S:00pm-8:0em | Mon
SEWING . |
SEW 800 01 _| BASIC FREEHAND CUTTING | 6:00pm-9:00pm | Mon
“SEW 802__|01__| BASIC FREEHAND CUTTING Il 6:00pm-9:00pm | Thurs
SEW805 01 | DRAPERY MAKING | 6:00pm-9:00pm | Tues






ENQUIRIES: Contact the Co-ordinator at Tel: (242) 325-5714 (242) 328-0093/328-1936/302-4300 ext
5202 or email: persdev@cob.edu.bs :

All fees are included with the exception of the application fee of $40.00 (one time).
CEES reserves the right to change Tuition, Fees, Course Content, Course Schedule and Course materials.



CULINARY COURSES

















TUITION & RESOURCE

FEE MATERIALS
(ADDITIONAL

Kitchen
May I4 6 weeks 6:00-9:00pm CHMI Main
Kitchen

May 17 6 weeks Thurs. 6:00-9:00pm 4 $225.00 $10 - $12 per week | CHMI Main
Kitchen

May 15 5 weeks Tues/Thurs | 6:00-9:00pm | $225.00 $10 -$15 per week | CHMI Larder | 15
Kitchen

6:00-9:00pm | $250.00 $10-$15 per week | CHMI Pastry | 1
Kitchen
fe :00-9: yee CHMI Larder J 15
Kitchen

5 weeks Mon/Wed | 6:00-9:00pm_ | $225.00 $10- $15 per week } CHMI Larder
Kitchen

x. Enrol.
15
15
15
5
15

May 14

$10 - $15 per week | CHMI Pastry
Kitchen


PAGE 12B, MONDAY, MAY 7, 2007

aa)



CENTRE FOR CONTINUING EDUCATION AND
EXTENSION SERVICES

Computer Offerings — Summer 2007

J COMPUTER APPLICATIONS I

” Course Description: This course is for the beginner who knows very little about computers

5

ie

and does not understand how it works. This course covers the major
computer concepts with extensive hands on practice of various software using:

(I) Microsoft Office — Word Processing (ii) Microsoft Excel — Spreadsheet (iti)

Microsoft Access — Database Management.

Pre-requisite: , None

Begins: Monday, 7" ‘May 2007 6:00pm _ - 9:30pm Section 01 (CEES)
Saturday, 5" May 2007 10:00am_ - 1:30pmSection 02 (CEES)

Duration: 9 weeks

Venue: CEES Computer Lab

Tuition: $450.00

COMPUTER APPLICATIONS II

Course Description: This course covers the major advanced concepts with extensive hands on practice
of various software using: (I) Microsoft Office — Word Processing (ii) Microsoft

Excel — Spreadsheet (iii) Microsoft Access — Database Management.

Ss Pre-requisite: Computer Applications |
@ Begins: Thursday, 10 May 2007
Time: 6:00pm - 9:30pm
Duration: 9 weeks
Venue: CEES Computer Lab
Fees $550.00

EFFECTIVE POWERPOINT PRESENTATIONS

. This workshop is designed to provide participants with an overview of the fundamentals of Microsoft

to

vv

€
or

Pre-requisite: None
: Begins: Monday 7th May 2007
Time: 6:00pm — 8:00pm Monday & ae
.f: Duration: 9 weeks
_, Venue: BHTC Computer Lab
~ Fees: $500.00
- QUICKBOOKS
’ Course Description: - This course is designed to train new and existing small business entrepreneurs

FON

ws

vt

PowerPoint. It focuses on developing effective and dynamic PowerPoint presentations.

Pre-requisite: None

Begins: Thursday, 31° May 2007

Time: 9:30am - 4:30pm

Duration: 1 day

Venue: CEES Computer Lab

Fees: $160.00

PC UPGRADE AND REPAIR

Course Description: This course is a hands-on introduction to technology systems for use in information

environments. The course will cover the following topics: Basic Hardware,
Operating Systems, Troubleshooting and Repaits.

(fewer than 20 employees) how to organize and manage their accounting
activities using QuickBooks Pro software. Students will learn how to set-up

their company files, chart of accounts, budget, customers, vendors and employees.

‘Pre-requisite: None
, Begins: Tuesday, 8 May 2007
, Time: 6:00pm — 9:00pm

, Duration: 6 weeks
_ Venue: CEES cost Lab
Fees: $330.

Mi i[ WEprace DESIGN WORKSHOP

‘Course Description: This course, which targets persons who would like to create their personal web
pages will cover Web page creation, Web site management, and HTML. Specific

topics will include Formatting, Graphics, Multimedia, Forms and Tables and
hosting of web pages.

*’Pre-requisite: Participants must be computer literate and have a basic knowledge of word-
processing

‘Begins: Thursday, 14" & 15" June 2007

. Time: 9:30am — 4:30pm

Duration: 2 days

.: Venue: CEES Computer Lab



Fees: $550.00

ENQUIRIES: Contact the Co-coordinator at Tel: (242) 302-4300 ext 5201 5202 5205 or email
ees are included with the exception of the application fee of $40.00 (one time). When submitting

| application, kindly provide copies of the first four pages of your passport. CEES reserves the right to

change Tuition, Fees, Course Content, Course Schedule and Course

NOTICE TO SCHOOL OF EDUCATION MAJORS

ADVISEMENT AND REGISTRATION
FOR FALL 2007

Advisement for all School of Education Majors for Fall Semester 2007
will be held Wednesday May 9, 2007 through Friday, May 11, 2007
from 10:00 am to 6:00 pm. To be advised, students must bring along
their Programme Form/Contract of Study and a copy of their most
recent transcript. In the event the designated advisor is not available,
another advisor will be able to assist you. Students are asked to make
every effort to be advised during this period, as Registration for Fall
2007 begins on Monday, May 14, 2007.

For further information, please contact the School of Education at.
telephone 397-2603.

NOTICE

All residents of South Andros interested in taking the Single Phase
Electrical course with The College of The Bahamas, which begins
on 8 June, 2007 are asked to contact Rev. Dorinda Dean at 368-
2676 concerning registration.

All residents of North and Central Andros interested in taking
the Journeyman Plumbing course with The College of The Bahamas,
which begins on 8 June 2007 are asked to contact Rev. Dorinda
Dean at 368-2676 concerning registration.



begins o = os 2007, are asked to contact Tomacena Noo at
‘Spanish Wells et School at 335-1732 or 333-4052 concerning
te gistration. _



Visit our website at www.cob.edu.bs EDuc :

THE TRIBUNE BUSINESS




STAFF VACAN CIES

Legal Counsel

The College/University of the Bahamas seeks an individual to serve as the Legal Counsel in the
Office of the Secretary-General.

Specific responsibilities include:

¢ To plan, direct and administer activities of the Office of the Secretary General

¢ To work in concert with other members of the legal team in order to deliver to all areas of the
College, the best legal advice and services, following best practices

e To assist the Secretary General in the effective fulfillment of all duties and responsibilities more
specifically as set out in the Mandate and Remit for the Office of the Secretary General.

¢ To provide assistance and expertise in arrangements for Faculty or College-wide seminars,
special events, special projects or lectures

¢ To act specifically as legal research assistant to the Secretary General

¢ To work to establish and maintain a compendium of Policies and Procedures for the
College/University with respect to all areas of College/University activities.

¢ To work to establish and maintain a credible, working library for the Office of the Secretary
General.

¢ To assist in and execute details relevant to effecting matters of protocol in all College functions*
supervised by the Office of the Secretary General

° To take specific charge of all matters relating to student affairs and the Union of Students
(COBUS) on campus and related Clubs, their constitutions and matters related thereto and/or
specific charge of employee-relations matters and all matters concerning disputes/insurance
claims

* To execute all other assignments concerning the College’s legal matters as are referred by the
Secretary General

° To work in a collegial fashion with all other members of the Office of the Secretary General.

The successful candidate must have a minimum of a Bachelor of Laws Degree, a Council of Legal
Education Certificate and no less than 5 years post qualification and relevant experience. Additionally,
the successful candidate should possess the following:

e Strong Supervisory skills
¢ Good organizational skills

e Excellent oral and written communication skills
e Excellent interpersonal skills

LIBRARIAN, Northern Bahamas Campus

The College of The Bahamas seeks to fill a Librarian position for its Northern Bahamas Campus.
The position reports to the College Librarian, but liaises closely with the Associate Vice President
for the Northern Campus in respect to day-to-day matters.

The incumbent:should be a dynamic, innovative individual with a strong commitment to service
in a growing and diverse community. The Librarian will demonstrate successful professional and
administrative experience in a library, have sound knowledge and understanding of emerging
technologies and their application within library settings and show evidence of a commitment to
developing a strong integrated library service within an academic environment.

The duties of the Librarian will include: management of the Northern Bahamas Library Branch,
leadership in short and long-range planning to expand library services at the Northern Campus,
development and promotion of library resources and services, budget and personnel management,
initiation and management of appropriate emerging technologies, and liaison with relevant internal
and external groups.

The'Librarian must possess a Master’s Degree in Library and Information Science from an accredited
institution and at least five years post-Master’s professional library experience, showing evidence
of expanding responsibilities and growth. The incumbent will demonstrate strong communication
and interpersonal skills that engender an excellent customer-friendly and professional environment.
Evening and weekend work (on rotation), research, professional service to the community and
delivery of library instruction will also be required.

To ensure consideration, application materials must be received by May 21, 2007. A complete
application packet consists of an application letter, a College of The Bahamas’ Application
Form, a detailed curriculum vita, copies of transcripts (original transcripts required upon
employment) and the names and contact infermation of three references addressed to: .

The Director
Human Resources
The College of The Bahamas
Oakes Field Campus
Thompson Boulevard & Poinciana Drive
P. O. Box N-4912
Nassau, Bahamas

The College of the Bahamas Application Form can be downloaded from the website at
www.cob.edu.bs

THE COLLEGE OF THE BAHAMAS
Graduate Programmes Office

TOWN MEETING

The College of The Bahamas is launching the Master’s in Business Administration
programme in collaboration with the Edinburgh Business School. A town meeting
will be held to provide information about the new master’s on Saturday, May

19th from 10:00 a.m. — 12 p.m. in the Lecture Theatre, 4th floor, Michael
H. Eldon Complex.

A representative from Edinburgh Business School will make a presentation and
receive questions from the audience. The public is invited to attend. Further
information may be obtained from the Graduate Programmes Office at telephone
397-2601.

ILCI

THE INTERNATIONAL LANGUAGES AND
CULTURES INSTITUTE

of The College of The Bahamas
presents

AN EVENING WITH THE DICEY-DO SINGERS
Friday, May 18th, 2007, at 7:00 PM

* WINE TASTING * ART EXHIBIT
LOCATION: Room 2, Munnings Building, next to KFC at COB roundabout

ADMISSION: $10 - Students: $5
CONTACT: For further information, call 302-4587 or 302-4584
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THE TRIBUNE

MONDAY, MAY 7, 2007, PAGE 13B








@ By NEIL HARTNELL
Tribune Business Earto:

vhanians were
responsible for + com
- 7 hined +? 6 he 1)



SESS

Bahamians

incre lit card debt at year-end
2906 the Central Bank of the
Bahanias has revealed, a sum
that increased more than
three-and-a-half times from the
$60 million at 1996 year-end.

POPSET AN A RYRRRTO LOR ARTETA ADAIR EMO ARE PT ROVER ORY ) IY EC IY

csusnueccrasaxsss sp @ REREWAUSREARLEERLSALEGSE SALES



NOTICE

NOTICE is hereby given fiat ALEXANDER JOHN
WHITELAND of #3 PARK PLACE BLAIR , P.O. BOX
$S$-19335, NASSAU. BAHAMAS, is applying to the Minister
responsible jor Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas. and that any
person who knows any feascii wliy regisiration/ naturalization
should not be granted, should send a written and signed
statement of the facis within twenty-eighi days from the 7th
day of May, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

NOTICE

ABLELINK
COMMUNICATIONS LTD.

(In Veluntary Liquidation)

| Notice is hereby given that the above-named

Company is in disolution, which commenced on the
3RD day of March 2007. The Liquidator is Argosa
Corp. Inc., RO.Box N-7757 Nassau, Bahamas.

ARGOSA CORP. IINC.
(Liquidator)





ta

The monteary regukator. in
its 2006 annual report,texposed
how popular credit card pay-
ments are with the majority of
Bahamians, even thotégh they
they attract the highesfiintcrest
rates and have been rgsponsi-
ble for large numbers3ul peo-
ple getting into incr@asingly
unsustainable personaj debts.

Since 2000, the number of
credit cards issuedvin the
Bahamas has increased by 16.5
per cent to 111,666.

The Central Bank of the
Bahamas said that in 2006,
consumer credit growth
increased by 2.8 perscent to
14.5 per cent, but thésrate of
mortgage credit ere eneey
slowed from 17.4 percent to
16.3 per cent. ”

=

ea

Still, the commercial‘banking
system was keeping%a close
track on credit quality, as the
ratio of non-performing loans -
as a total percentage of loans -
declined from 4.5 pergcent in
2005 to 4.2 per cent gr 2006.
Non-performing logns are
defined as those that were 90
days or more past dues

Another popular payment
method for Bahamian con-
sumers and businesses is
cheques, with the total num-
ber of cheques clearedhrough
the banking system ingreasing
by 25.6 per cent betwe¥n 1997-
2006. :

In 2006, the Centrg@l Bank
said the total nuntber of
cheques cleared was 3982,332.
for a collective sum of $8.7 bil-
lion, compared to the 32947,218
cheques for a total surg of $7.8
billion that were clefred in
2005. . #8

ns
ia





i
m
ma
4
&
va

SEVP CLELESRES

>~ ere



WINDING Bay

ABACYO, BAHAMAS

BS a ey Ue
a (External) —

(3) Transport Assistant

Drive, park and retrieve guest/visitor vehicles as they arrive and depart
from the hotel, courteously, safely and efficiently according to the hotel's
standards. Provide internal transportation of guest, members and staff as
required within Club estate or as authorized off-property. Maintenance
and cleaning of carts as required. Lateral Service to other departments
as required.

(1) Spa Therapist ;

Primary responsibility is to deliver excellence in quality Spa services to
guests/visitors/members in a timely, courteous and efficient manner.
Escorts clients to and from treatment rooms, attending to any immediate
needs throughout Spa visit. Assists in providing information to any inquiries
and helps to coordinate all guest requests for services. Must be certified
with a minimum 2 years experience in a luxury spa environment and
appropriate protocols.

{1) Spa Attendant

Answer all incoming calls | a friendly and efficient manner. Process all

incoming reservations received. Receive guests, and direct to appointments.
Perform treatments when required on the beach or in the spa. Issue

clothing and maintain locker rooms. Responsible for linen supply, stocking,

‘and product dispensation. Maintain upkeep of spa, gym, and locker room

areas during hours of operation.

(1) Accounts Payable Clerk

Responsible for processing all invoices and authorized check payments
‘to hotel vendors. in accordance with hotel standards. Reconciles daily

statements and month-end balancing of payables.

(1)Linen Room Attendant / Presser

Organize and stock all clean hotel linen in designated areas, shelves and
also removing substandard hotel linens from circulating inventory. Issue
designated table linens to F&B personnel according to departmental
procedures. Machine wash, dry and press linen service for F&B and
Housekeeping as required. Report all shortages, damages, maintenance
requests, problems and linen/uniform availability to manager. Monitor and
maintain the clean and orderly condition of the linen room; ensure security
of all hotel property. ;

(2) Housemen

Clean and maintain all corridors, vending areas, elevators and landings
and service areas on guest room floors, ensuring hotel's standards of
cleanliness. Provide linen supplies for Room Attendants and stock floor
closets. Deliver and retrieve items requested by guests and Floor Supervisor.

(3) Room Attendants ‘i

Responsible for assisting the Director of Housekeeping, Assistant Director

--of Housekeeping, Housekeeping Manager and all housekeeping supervisors
in the successful ownership and operational execution of the Housekeeping
Department. Responsible for assisting the Housekeeping Team Leader

‘in providing genuine care and comfort to the ladies and gentlemen of the
respective departments and maintaining a sense of urgency in handling
all related matters.

(1) Loss Prevention Cfficer

Represents the management/supervisors of the company in ensuring the
safety, security and well being of the quests and employees in accordance
with hotel standards and philosophy.

(1) Asst. Housekeeping Manager

A Leadership role responsible for assisting the Director of Housekeeping
and all Managers in the successful ownership and operational execution
of Housekeeping. Responsible for assisting the Director of Housekeeping
in providing genuine care and comfort to the ladies and gentlemen of the
respective departments and maintaining a sense of urgency in handling
all related matters. Minimum 3 years experience in a luxury resort
environment. ;

(1) Pantry Prep-Cook

Plan, prep, set up and provide quality service in all areas of cold food
production to include, but not limited to cold menu items, cold line specials,
displays/ presentations of cheeses, fruits, salads, dressings, compotes,
vegetables, sandwiches and desserts in accordance with standards and
plating guide specifications. Direct, train and monitor performance of

Pantry Persons. Maintain organization, cleanliness and sanitation of work §&

areas and equipment.

(1) Chief Kitchen Steward
Supervise, train, and inspect the performance of assigned Stewarding
Staff, ensuring that all procedures are completed to the Hotel and R.C.

Standards, while working within the budgeted guidelines. Assist where.

necessary to ensure optimum service to guests. Understanding of, and
minimum 3 years experience in, the stewarding processes of a gourmet
kitchen. .

(4) Kitchen Steward (Males preferred)

Adhere to hotel specifications and standards in operating the dishwashing
machine to wash designated restaurant and kitchen wares, clean and
maintain equipment and dishwashing/kitchen/cafeteria/compactor/storage
areas. Assist in washing pots, pans and other kitchen utensils/equipment.
Complete other special cleaning projects as assigned. Deep cleaning of
kitchen equipment and designated areas after service hours of operation
as required.

(2) Beach Attendants

To help coordinate a comprehensive program of recreational activities for
children and adults. Responsible for leading all adult and children’s activity
programs. Helping guests with the implementation of special activity
events. Promoting guest activities and events. Interfacing with resorts
departments concerning programs which require their assistance.

(4) Golf Course / Greens keepers

The Greens keeper performs a combination of duties as directed to maintain
grounds and turf on the Golf Course in optimum condition, including
aoperating all types of motorized mowing equipment and hand tools to
cut a variety of areas of turf-grass, identification of stressed and diseased
areas, identification of irrigation problem areas, and preventative
maintenance on all equipment

Persons desirous of interviewing for theses positions are advised to
collect and return application to Labour Board or mail application to:
The Abaco Club Ritz Carlton, Ltd, c/o Human Resources Department,
P.O. Box AB20571, Marsh Harbour, Abaco Bahamas or fax 242-367-
0392.



PAGE 14B, MONDAY, MAY 7, 2007

BUSINESS

THE TRIBUNE



Ingraham: PLP ‘sold

FROM page 1

under which BTC can be sold
on credit — no deal about install-
ment payments.”

James Smith, minister of state
for finance in the outgoing
administration, and who had
direct responsibility for the
BTC privatisation process,
could not be contacted before
press time last night for com-
ment.

However, he told The Tri-
bune towards the end of April
that the Government was then
reviewing Bluewater’s offer and
preparing a “final reaction”.

He added that the Govern-
ment's negotiating committee
had made its recommendations
to the Cabinet, and the Cabi-
net sub-committee dealing with
the BTC privatisation, with the
decision still lying firmly in the
Government's hands.

"The recommendation has
been made to the Government.
The Government has to review
it, and it will be sending back
its final reaction,” Mr Smith
said.

That "final:reaction" will be
an answer on whether the Gov-
ernment feels a deal in principle
can be done with Bluewater,
and that the two sides have a
‘meeting of minds’.

That indicates that the
Christie administration is likely
to last week have signed the ini-
tial ‘sales agreement’, agreeing
a deal in principle with Blue-
water, but the sale of what is
likely to at least be a 49 per cent
stake in BTC has not closed.

It will now be up to the Ingra-
ham administration to review
the work done by the Christie
government and decide whether
it wants to proceed on closing
the BTC sale.

Mr Smith previously said that
if an agreement in principle was
signed, the PLP government
and Bluewater would have
gone into a final round of
intense negotiations involving
the price the group will pay for
a staké in BTC, the composi-
tion of the new BTC Board and

Ss









NOTICE

NOTICE is hereby given that MATTHEW ARTHUR
WHITELAND of #3 PARK PLACE BLAIR , P.O. BOX
SS-19335, 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 frorn the 7th
day of May, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

other technical details.

These would include amend-
ments to BTC'’s Memorandum
and Articles of Association, and
a shareholders’ agreement
between the Government and
Bluewater.

The PLP Government had
vested the current privatisation
process with heavy secrecy, due
in part to the failed 'open beau-
ty contest' method that was
tried in 2003, when it decided
none of the three offers made
for a 49 per cent stake in BTC
matched its own valuation.

Yet that led to criticism of
the process as lacking trans-
parency, and Mr Ingraham -
whose first administration start-
ed the BTC privatisation ball
rolling in 1998 - will now have
the job of completing that task.

The best offer in the 2003 pri-

- vatisation process came from

the BahamaTel consortium,
backed by Citigroup and JP
Morgan Chase's private equity
arms, which was prepared to
pay $130 million for the 49 per
cent stake, valuing the company
at just over $260 million.

- It is unclear what BTC would
fetch today, although many feel
its valuation would have
declined since then, given the
competition it now faces in
fixed-line from IndiGo Net-
works, not to mention callback
and Voice over Internet Proto-
col (VoIP), plus Cable Bahamas
on Internet.

The most valuable part of
BTC is still is cellular monopoly,
a prized asset for any bidder. -

The protracted BTC privati-
zation process, which has
spanned almost a decade, cost
the taxpayer close to $200 mil-
lion, and seen the rejection of
the three bidders, was supposed
to be "the first stage" in liber-
alising the Bahamian telecom-
munications market.

However, the Government
has been forced to pursue pri-
vatisation and liberalisation at
the same time, and the two
strategies have often been in
conflict, given the frequent



NOTICE

NOTICE is hereby given that MATTHIEU PRIVILLION of
FIRE TRAIL ROAD, P.O. BOX SB-50076, 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 7th day of May, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box

N- 7147, Nassau, Bahamas.

ouand us.Awinning partnership

‘BTC stake last week’

attempts to restrict the compe-
tition provided by the likes of
IndiGo Networks and Cable
Bahamas to preserve BTC's
market share and value to any
bidder.

The protracted privatisation,
preservation of BTC's cellular
monopoly and restrictions on
legal competition have all
impacted the provision of effi-
cient services and technologies,
consumer choice and reduced
prices.

Bluewater seems to have
been a bid vehicle created
specifically for the purpose of
trying to buy into and privatise

BTC. It is likely to be backed by - «

private equity financing.
Among Bluewater's princi-

pals are Roger Ames, former |

chairman and chief executive
of Warner Music Group, and
president of Warner Music

International from August 1999

to August 2004.

Also involved is the former
chief financial officer of a UK-
based cable operator called
NTL, John Gregg. He was fot-
merly managing director of two
European broadband cable
operators, Cablecom GmbH
and iesy Hessen GmbH.

Mr Gregg was also managing
director of the Cellular Com-
munications Inc group of com-
panies, which operated cell
phone networks in the US,
Puerto Rico, the US Virgin
Islands and Italy.

Mr Smith previously pointed
out that the Telecommunica-
tions Sector Policy drafted by
the previous FNM government
allowed, from the date privati-
sation was completed, for BTC
to retain its cellular monopoly
for 12 months and fixed-line for
two years.

The dates and objectives
would have long passed, Mr
Smith said, adding that "tech-
nically speaking the telecom-
munications sector should have
been liberalised by now" and it

would be interesting to assess,

the cost impact to; theiremai
der of the Bahamian e¢

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.



ou organization and olfer them superd career opportunities {0 mac

UBS Weaith
prererably with relevant previous

and extracurricular ech

cast Bay Street, or

Wealth Glo
Management Ma



vy e-mail tc hrbahamas@ubs.com.

deliver your resume and

ihe apgica

Investment

Â¥ank

5 (Bahamas) Lid., Human Resources,

e position 1s Friday May18, 2007.

3 UBS



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Ens =e
Today Tuesday WINDS WAVES VISIBILITY WATER TEMPS.







































Low W High Low W WASSAU = Today: NE at 7-14 Knots 1-3 Feet 6-7 Miles Tr’ F
see Fic FG Tuesday: NNE at 12-25 Knots 2-4 Feet 3-6 Miles 77 E
: 7 ‘Acapu ~ 88/31 76/24 pe FREEPORT Today: NE at 7-14 Knots 1-2 Feet 6-7 Miles 77° F
MODERATE amstd — . Tuesday: _NNE at 12-25 Knots 2-4 Feet 3-6 Miles 77°F
: al = rie — : ABACO Today: NE at 7-14 Knots 1-3 Feet 6-7 Miles ire
i i ice with peri Partly sunny and shine. | + The higher the’AccuWeather UV Index™ number, the thens pee Tuesday: NNE at 15-30 Knots 3-6 Feet 3-6 Mil 77°F
neces Pea. Mainly clear. Plenty of sunshine. Nice i al of ‘a oe ds Plenty of sun pester the aed or eve and'shin protection: ‘69 19 STAB p e 6 Miles
High: 79° =| Ss High: 83° |S High: 85° High: 87° eeecan 32 -
High: 79° Low: 69° Low: 72° Low: 73° Low: 73° Topay’s U.S. Forecast
i] 1e © BAYAN GE ciated aaa AccuWeather RealFee} i AccuWeather RealFeel 4
P8469 F | 91°-76° F | 94°-78°F 93°-79° F
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure, and Today 11:48am. 2. 0 5:55 a.m. 04,
elevation on the human aa that effects how warm or cold a person feels. Temperatures reflect the high and Hie. low for the: ‘day. ae 5:46 p.m. 0.4



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Tuesday 12:15 a.m. 2.7 6:43am. 0.4































: 12:39 p.m. 2.3 6:41p.m. 0.4
Statistics are for Nassau through 2 p.m. yesterday Wednesday109am. 26 7:35am. 03.
ABACO Temperature : 1:37 p.m. 2.3 7:44p.m. 0.4 Tare ae
: - 79° HIGN cieircatiivaccieeticcs .. 86° F/30° C 2:09am. 2.6 8:30am. 03 : 5 43/6 s_
High: 78° F/26° C LGW, aacsament tears TEC TMM cee 36 een, Od 100/37 73/22 s_
Normal high ou. esessessesssessesseseene 83° FF28° C
Normal lOW: on. sseesesseessesssssesssesessense 20° F/21° C
Last year’s WIQh .......escsesusesseseeeseeee 91° F/33° C s
High: 78° F/26° C Last YOarS OW: ssssiscieanscconsssccessrenvece 10° F/21% C ; 32/27 72/22 ¢
Low: 66° F/19°C Precipitation == s/s 5s <= —*éi‘“—;CS ~S—SC*~Ssé AS Of 2 p.m. YOSterdAY rnwessenseseneeneen 0.00" Sunset....... 7:43 p.m. Moonset .. . . 10:23 a.m. 58/14 44/6
Vear toate «icos.cnsceisestesssseccssveccasscvsseceeassese TAD” ‘ N Fi Full 55/1
High: 76° F/24° C Normal year to date ..ceecccccsesseseseseeee B4V7 | ‘ ed rat 63/17
Low: 66°F/19°C 66/18 ee
. AccuWeather.com 72/22 owers
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ELEUTHERA AccuWeather, Inc. ©2007 May 10 May16 May 23 May 31 es
Mgt 61" F/27°C Snow Shown are noon positions of weather systems and rete
Ice precipitation. Temperature bands are highs for the day. Warm itenfienlMe
Forecast high/low temperatures are for selected cities. Stationary Mengmalll»
CATISLAND. °
_ High:79° F/26°C
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_ High:83°F/28°C

~ Low:71°F/22°C
Shown is today's weather. Temperatures are today's me

‘87/13 pe
highs and tonights's lows. ;

43° 88/31 s



High: 83°
Low:73°








U.S. Cities























Today Tuesday Today Tuesday Tuesday MAYAGUANA

High Low W High Low W High Low W High Low W High Low W ee eee 8

FIC FIC FIC FIC Fe FIC Fic FIC 721 pe
Albuquerque 72/22 49/9 pe 66/18 48/8 ¢ Indianapolis 75/23 52A1 > s 80/26 58/14 pe
Anchorage 52/11 39/3 c 52/11. 41/5 pc Jacksonville + 72/22 «49/9 s «77/25 ‘58/14 pc rey t
Atlanta 72/22 49/9 s 75/23 57/13 $s Kansas City — 76/24 @4/17 t 75/23 60/15 Atlantic City 61/16 41/5 s 74/23 55/12 s Las Vegas 84/28 62/16 s 88/31 67/19 s Portland, OR 77105 52/11 s oo 54/12 s
Baltimore 67/9 42/5 s 78/25 54/12 s Little Rock = —-83/28 ‘62/16 t 84/28 63/17 pc Raleigh-Durham 67/19° 45/7 5 Low:70°F/21°C 59/15 s
Boston 68/20 49/9 s 82/27 57/13 s Los Angeles 94/34 58/14 s 94/34 57/13 s St. Louis 83/28 62/16 pe 7 :
Buffalo 70/21 47/8 s 73/22 50/10 pe Louisville === 77/25 54/12. s = - 82/27 56H3 s GREAT INAGUA
Charleston, SC 72/22 50/10 s 67/19 60/15 c Memphis 81/27 62/16 pc 83/28 63/17 pc High: 90° F/32° C
Chicago 75/23 53/11 s 80/26 56/13 t Miami 80/26 64/17 pe 82/27 64/17. pe : ne F/24°C
Cleveland 70/21 46/7 s 82/27 48/8 s Minneapolis 74/23 57/13 t 77/25 57/13 pe 74/23 51/10 ot
Dallas 84/28 67/19 t 84/28 65/18 t Nashville 16/24 52/11 $= 82/27: 54/12" s d : : 69/20 : é
Denver ~ $8/12 «40/4 t 73/22 44/6 pe New Orleans 80/26 61/16 pc 82/27 62/16 pc Tallahassee _ 78/25 47/8 83/28 56/13
Detroit = = = 74/23:«52/11 s 79/26 54/12 5 New York - > = 66/18 52/14 S°77/2556/13° Ss: Tampa = ~ 82/27 56/13 pe 79/26 62/16" “pe Winnipeg “76/24 48/8 s 50/10 pe
Honolulu 85/29 72/22 s 85/29 72/22 s Oklahoma City 75/23 65/18 t 80/26 64/17 t Tucson 86/30 59/15 s 88/31 60/15 pc i
Houston. 85/29 68/20 po 85/29. 68/20. t Orlando 77/25-S5N2--po-B1/27 -6O/S->pe Washington,DC 6719 467 s 74/23. 55/12 s Fa i eee ee
\ hi hse ao? a soa 2 ~ - pane | & ime Se ; _-** 2 oe A a ae - yb? 24% Ps Ze . $200 ‘42-5: peebeeeesedads Hl
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ni 2 See


PAGE 16B, MONDAY, MAY 7, 2007

THE TRIBUNE.



Coalition seeks ‘more |

meaningful’ NHI talks

Still has concerns on ‘employment levels and the cost of employment’

@ By NEIL HARTNELL
Tribune Business Editor

he National Coalition for
Healthcare Reform, the pri-
vate sector and trade union
group formed to develop
alternatives to the PLP administration’s
National Health Insurance (NHI) plan,
said it was hoping for “more meaning-
ful” discussions with Prime Minister
Hubert Ingraham’s administration,
again expressing concerns about the
existing plan’s impact on “employment

t

levels and the cost of employment”.
Winston Rolle, a former Bahamas
Chamber of Commerce president and
consultant to the Coalition, said it was
“too early to tell” what healthcare
reforms and NHI plan the Ingraham
administration is likely to bring for-
ward, although many observers believes
it is likely to go back towards the cata-
strophic insurance model it was looking
at before it demitted office in 2002.
Mr Rolle said: “Our hope is, that as
we’ve said all along, that whatever
administration is in office will be more

meaningful in sitting down at the table
with the Coalition to see how we can
best form a health plan that is in the
interests of all, and is sustainable and
appropriate to future generations as
well as our generation.”

He added that the personnel involved
in the NHI implementation team, which
is headed by Stanley Lalta, were unlike-
ly to change.

“We'd like to hope that where they
may have been restricted from dia-
loguing with us in the way they would
have desired, that will change now,”

Mr Rolle said.

He added that the Coalition Hoped
Mr Ingraham’s campaign promise that
the FNM would be prepared to consult
with all stakeholders, and come up with
the appropriate plan for all, was not
just an electoral platform.

Mr Rolle said the Coalition was also
awaiting the release of two studies being
conducted on NHI, one relating to its
economic impact by Washington-based
DAH Consulting, the other on its pro-
posed benefits package.

He said the Coalition’s findings had

‘
1

> Rn mee a ©

been developed by its own private sec-
tor survey, “where employers indicated,
that NHI’s impact would make them
rethink their hiring pragtices, and that,
any staff added would have to make a’
contribution to the bottom line”. :

NHI would also impact consumer,
prices, as employers were likely to pass;
on extra employment costs in the form*
of higher prices for the goods and sér-’
vices they sold. ‘

“Employment levels and the cost of

employment, they'll definitely be the, .

things affected,” Mr Rolle said. ‘

a
o

‘Commonwealth Bank’s profits rise 24.2 per cent in first quarter

COMMONWEALTH Bank’s 2007 first quarter
income rose by 24.2 per cent year-on-year, reach-
ing $11.6 million compared to $8.8 million last
year, while total assets increased by $57 million
during the period.

The BISX-listed commercial bank added that
net income for the first quarter was up 1.7 per
cent over the 2006 fourth quarter’s $11.4 million,

with chairman T. B. Donaldson attributing the
growth to “consumer confidence, diligent man-
agement and marketing:, plus the opening of the
bank’s Golden Gates branch. For the three months
ended on March 31, 2006, Commonwealth Bank
saw its total assets reach a high of $1.075 billion, an
increase on the 2006 year-end’s $1.018 billion.
For the 2007 first quarter, earnings per share

(EPS) increased to $0.31 per share compared to
$0.3 per share the quarter before. Annualised
return on common shareholder equity was 36.3
per cent, up from 32.3 per cent in the 2006 first
quarter, while the annualised return on assets was
3.9 per cent, up from 3.5 per cent in the 2006 com-
parative period and above the 3.7 per cent 2006
year average. “We have been overwhelmed by

the warm reception from the public to our new
Golden Gates branch, which has shown excellent
growth since it opened in January,” said Mr Don-
aldson. The branch is a modern state-of-the-art
facility at Golden Gates Shopping Centre and ful-
fils the bank’s pledge to “take full-service banking
to the people and be the number one choice in per-
sonal banking services.”

@

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