Citation
The Tribune.

Material Information

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

Subjects

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

Notes

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

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
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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_02899 ( sobekcm )

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Full Text
: ‘HOW Bo /G0 bo YOUR
i The Tribune sot ae



Fm lovin’ it. |

SIF |







CLOUDY,



Volume: 103 No.151



72F |

FSTORM



MUM Gem CMe]

$2 in revenues

STS ROMA E [ iy

corm of contracts’ revealed

FNM says PLP
awarded huge
contracts just

before election»

@ By ALISON LOWE
Tribune Staff Reporter

. PLP government contracts
“to the tune of $80 million”
were awarded to contractors “a
few months ago and days lead-
ing up to the election,” the
FNM revealed yesterday.

This included one contract
worth $3.1 million to build a
new school in Selina Point on
Acklins Island which would
provide schooling for only 37
children — a cost equivalent t
$80,000 per child. :

“Not that they (the children)
do not deserve a'state of the art
school — but I guarantee you
can build one for far less than -
3.1 million,” said FNM vice
chairman and senator Johnley
Ferguson.

Mr Ferguson was speaking at a
conference called to respond to
statements made by PLP chair-
man Raynard Rigby about the
F'NM’s decision to put on hold
the construction of the straw mar-
ket building since taking power.

On Sunday, Mr Rigby
described the decision as “an
act of betrayal and the grossest
of witch-hunting by the FNM.”

He said that it gave a clear
indication that the government
did not intend to honour the
agreements and contracts
entered into by the previous
administration, and declared that
the government owed the public
an explanation for their actions.

To this, the party vice-chair-
man responded that the PLP is
continuing in a “vein of mis-
leading the Bahamian public

‘ and investors” about “the posi-

tion of this government and the
Way it’s moving forward.”

Describing Mr Rigby’s state-
ment as “misleading", Mr Fergu-
son claimed that the government
has not stopped construction, but
merely suspended it in lieu of a
review of the $21.1 million con-
tract awarded in February.

Furthermore, he pointed out
that the PLP also cancelled sevy-
eral contracts the FNM had put
in place months prior to the
2002 general eleciton.

These included roads in
South Andros and a clinic in
Abaco, he said.

A contract for an airport ter-
minal building in Mayaguana
was also put on hold, only to be
later returned to the original
contractor.

"To date that terminal build-
ing has been given to I Group
(the Mayaguana development
company) as their office and to
date the people are still out in
the old building that was there,”
he added.

The party has expressed con-
cern as to how the Straw market
project, originally valued at $17
million, ultimately culminated
in the awarding of a contract
worth over $4 million more.

SEE page nine

Taste the buttery crust.

Smell the garlic

Look at all that cheese--
Provolone, Garlic Oregano =

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—6 Che Miami Herald

BAHAMAS EDITION



asec iin EY

TUESDAY, MAY 22, 2007



rey es 3



@ WORK being done on the House and the Senate in preparation for the opening ceremony on

Wednesday

(Photo: Tim Clarke/Tribune staff)

Christie ‘led
the way’ on
race card,

claims FNM

@ By ALISON LOWE
Tribune Staff Reporter

FORMER prime minister Per-
ry Christie "led the way in play-
ing the race card" in the 2007
election, FNM vice chairman
Johnley Ferguson said yesterday.

During an internet chat on
Sunday PLP leader Perry
Christie reflected on his party's
loss and claimed that they had
been "the victim of propaganda
when it comes to the issue of
us playing the race card."

He said he believed race was
used by the FNM in the run up
to the election "in the most
wicked fashion" to shore up
white Bahamian's support for
the FNM.

SEE page nine

PLP ‘Thank
You’ rally is
postponed
to Saturday

@ By PAUL TURNQUEST
Tribune Staff Reporter

THE Progressive Liberal Par-
ty has postponed its planned
rally at the Queen Elizabeth
Sports Centre until Saturday,
The Tribune has learned.

The postponement of the ral-
ly, which was scheduled to take
place tonight, resulted from the
party not getting permission in
time from the newly appointed
FNM government to house the
“Thank You” celebration at the
site, former PLP campaign gen-
eral Philip Galanis said yester-
day.

Having received permission
late yesterday afternoon, Mr
Galanis said that the PLP will

SEE page nine

Contesting
seats may
cost PLP up
to $1m

@ By RUPERT MISSICK Jr
Chief Reporter

THE PLP may have to spend
nearly $1 million contesting the
results of five seats in election
court, it was revealed yesterday.

This will be the case, as the
party is considering presenting
the greatest number of con-
stituencies to election court in
the country’s history.

Senior PLP strategist Valen-
tine Grimes told The Tribune
that the PLP’s legal team will
be headed by MP Cat Island,
Rum Cay and San Salvador,
Philip “Brave” Davis and is
expected to consist of lawyers
Wayne Munroe, Neville Adder-
ley and Gregory Moss.

SEE page nine





Patricia
Real Estate Agent




WHAT TASTES RIGHT en

PRICE — 75¢



PLP ‘may
make legal.
challenge’
over seats

in Senate

@ By BRENT DEAN

A SERIOUS legal challenge
may ensue if PLPs are not
named to fill the three remain-
ing senate appointments by the
prime minister, a senior PLP .
has told The Tribune.

The Leader of the Opposi-
tion, Perry Christie, has named -
the four senators the official
opposition is automatically enti-
tled to. However, resulting from
the close outcome of the elec-
tion, Prime Minister Ingraham
may be compelled to name
three candidates of the PLP’s
choosing to the Upper Cham-
ber, bringing the opposition’s
number of senators to seven.

Former Attorney General
Allyson Maynard-Gibson leads
the list of appointments, along
with, businessman, Jerome
Fitzgerald — who is making his
first foray into active politics—
attorney and defeated candi-
date for Seabreeze, Hope Stra-
chan; and former Marco City

« MP, Pleasant Bridgewater.

SEE page nine

BEC start
investigation
into oil spill

@ By ALISON LOWE
Tribune Staff Reporter

ALMOST a week after it was
brought to the attention of the
Port Authority and The Tri-
bune, BEC officials claim to
have started an investigation
into the source of an oil slick
that is blighting the coastline in
front of its plant.

However, this action is mere-
ly to determine the source of
the spill, said BEC deputy gen-
eral manager Anthony Forbes
yesterday. No attempt to con--
tain it has yet been made. Mr
Forbes claims he was only made
aware of the problem when he
saw Monday's Tribune.

Photographs printed in Mon-
day's Tribune revealed that a
significant amount of oil has col-
lected on the surface of the

SEE page nine

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| PAGE 2, TUESDAY, MAY 22, 2007

THE TRIBUNE



After one-term defeat, what’s |

the way forward for the PLP?

As: the dust settles from the
2007 election both national
political parties will no doubt be
assessing their standing in the country
and the challenges facing them —
external and internal.

The Free National Movement is,
of course, in the better position. Hav-
ing won the election, the primary
objective of Prime Minister Hubert
Ingraham and his colleagues is now to
govern well, even though they will
be taking a good look at their per-
formance, especially in some con-
stituencies they expected to win but
did not.

Opposition leader Perry Christie
and his colleagues must not only
mount an effective opposition in par-
liament but they also face the daunt-
ing task of examining why they lost
the election and became the first one-
term government in Bahamian his-
tory and, more importantly, what to
do about it.

Political parties are notoriously
prone to over-confidence in an elec-
tion and perhaps they cannot be oth-
erwise, or at least cannot appear to
be. That is not so bad because to look
like losers even in the face of immi-
nent defeat is to invite annihilation.

What is far more dangerous is the
failure to face up to the reasons for
defeat and to take corrective mea-
sures.

Pe leaders are having great
difficulty coming to terms
with the fact that they lost the elec-
tion in the first place and if they do
not get past that hurdle they are not
likely to be honest with themselves in
answering the painful questions.

According to Mr Christie, the FNM,
does not have the “moral authority” to
govern, presumably because of the slim
margin of the popular vote. That makes
no sense at all and Mr Christie should
know it. If the FNM does not have the
authority to govern, who does?

The electoral system in The Bahamas
is basically the same as in Britain and in

-> most Commonwealth parliamentary

~democracies. It is configured on con-

"~ lstituencies and not on a national popu-

‘lar vote.

It is therefore possible for a party to
win the majority of seats in parliament
with a minority of the popular vote. A
government elected in this fashion
would have no less constitutional and
moral authority to govern.

As Mr Ingraham has already pointed
out, it has been some years since a
British government was elected with as





much as SO per cent of the popular vote.

Roughly the same system is in effect
in presidential elections in the United
States. It is on the basis of states won
and the electoral votes assigned to them
rather than a national popular vote. The
whole world knows that George W Bush
got fewer votes than Al Gore in 2002
but still became President.

Mr Christie and his party do a disser-
vice to the Bahamian people and espe-
cially young Bahamians whom he should
be educating about our system of gov-
ernment instead of trying to misinform
them just to save face for his party.

M: Christie and his colleagues
have also made statements
that seem to suggest that the FNM won
because it had more money, some from
the so-called white knights and some
from unnamed special interests.

The claim that the FNM has always
had easy access to money and has



Whoever the next PLP leader turns
out to be, he or she will have to do
what Perry Christie dismally failed to
do, and that is to rid the party of some
persistent bad attitudes and habits.






FREE DELIVERY ANY WHERE IN NASSAU AND TO THE MAIL BOAT

always out-spent the PLP is simply
‘ not true. In most of the elections

since 1967, the PLP has had no short-

age of money.

The owners of the Grand Bahama
Port Authority, beginning with Wal-
lace Groves, have contributed liber-
ally to the PLP ever since 1968. They
have also contributed generously to
high-ranking individuals in the PLP
and some of the money donated to
the party found its way into private
bank accounts.

Furthermore, in later years the
PLP was well-funded by new PLP
millionaires as well as a succession of
foreigners wanting to do business in
The Bahamas, not all of them exact-
ly desirable.

Some in the latter category were
not so much interested in fostering
the democratic process in The
Bahamas. They were clearly intent
on buying the favour of the PLP in

government.

The most notorious case of this kind
was that of Mohamnad Harajchi who
made perhaps the biggest contribution
to any Bahamian political party from a
single source. Mr Harajchi said it was

-$10 million but Mr Christie suggested
- that it was nearer $3 million.

In any event, the man who is now
complaining about how much money
the FNM got and from whom saw noth-
ing wrong with accepting such a large
contribution from a foreigner who had a
specific objective in mind, and a dubious
one at that.

The man who after five years in pow-
er is now talking about campaign finance
reform, that same man when pressed
about the Harajchi affair had a very
revealing response. Said Mr Christie:
“So what!”

Incidentally, a prominent Bahamian
cleric who had a lot to say about
“reports” of FNM expenditure in a pre-
vious election had few if any pro-
nouncements to make about the clearly
scandalous Harajchi affair.

E takes a lot of money to run
elections in The Bahamas, and
a party or a candidate can lose for lack
of sufficient funds to mount a credible
campaign and to maintain an effec-
tive organisation on the ground. But
no election has been lost or won pri-
marily because of money:since the
1950s.

The PLP was defeated in the last elec-

tion simply because it lost favour with

the Bahamian electorate, and it lost

STORE HOURS:

BILLY'S DREAM
STILL ALIVE





A C77 Monday - Saturday - 8:30am - 5:30pm





PLP leaders are having great
difficulty coming to terms with the
fact that they lost the election in the
first place and if they do not get past
that hurdle they are not likely to be
honest with themselves in answering
the painful questions.



favour for a number of reasons, one
being a failure of leadership.

This had its roots in the past when
Sir Lynden Pindling decided to sup-

port Perry Christie for leadership of

the party over Bernard Nottage. A
majority of the hierarchy of the party
did not think Mr Christie could cut it,
but Sir Lynden liked Mr Christie and
apparently had ideas about control-
ling him.

So he got the rank-and-file of his par-
ty to support Mr Christie in a rancorous
campaign that led to Dr Nottage’s
departure from the party. The hierarchy
was right about Mr Christie.

Now, despite the usual noises about
confidence and loyalty, the PLP would
be very shortsighted if it allowed Mr
Christie to stay on and to lead it into the
next election. He is incapable of carrying
out the reforms the party so desperate-
ly needs.

The problem is that some of those
who were previously seen as potential
successors to Mr Christie have been
badly tarnished. The once promising Dr
Nottage is regarded as an opportunist by
some PLPs who believe he only went
back to the party because of personal
ambition.

Others who were regarded as future
leaders in 2002 have lost considerable
lustre. Obie Wilchcombe, who main-

tained a pretty good image for most of

the PLP’s five years in office, revealed
some disturbing traits in recent months
and stunned the country with his
response to allegations of vote-buying in
his constituency.

Fred Mitchell, a former favourite with
many PLPs and others as well, was a
big loser as he developed an image of
arrogance and intolerance of criticism.

Some of the pronouncements on his, :

website, Bahamas Uncensored, since
the election have been vicious, Tacist
and abusive.

Whoever the next PLP leader turns
out to be, he or she will have to do what
Perry Christie dismally failed to do, and
that is to rid the party of some persistent
bad attitudes and habits.

He will have to subscribe to the new
political culture in which victimisation,
unfair practices and an attitude of enti-
tlement have no place. He will have to
convince the Bahamian people of a gen-
‘uine commitment to democracy and
fair-play and a renounce claims to spe-
cial privileges. That will be a tall order
for the PLP.

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

INSIGHT

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In brief

Man appears
in court

on murder

| charge

A 20-year-old Saffron Street
man was arraigned in Magis-
trate’s Court yesterday on a
murder charge.

Tyson Deveaux was
arraigned before Magistrate
Susan Sylvester at court 11 in
Nassau Street and charged with
the murder of Corrie Bethel.

It is alleged that Deveaux
intentionally and unlawfully
caused the death of Bethel on
Thursday, May 10.

Deveaux was not required to
enter a plea to the murder
charge.

He was also arraigned on a
charge of causing harm. It/is
alleged that on Wednesday,
May 16, he unlawfully caused
harm to Detective Inspector
Christopher Wright.

It is also alleged that on that
same day, he caused harm to
Detective Sergeant 1239 May-
cock.

It is further alleged that on
Wednesday, May 16, while at
the CDU office on Thompson
Boulevard, Deveaux behaved
in a disorderly manner.

He pleaded not guilty to
these charges.

The case was adjourned to
September 14.

Venezuela
completes
telecoms
takeover

@ VENEZUELA
Caracas

PRESIDENT Hugo Chavez’s
government assumed opera-
tional control of the Venezue-
la’s largest telecommunications
company on Monday, complet-
ing its nationalisation by
appointing a new board of
directors, according to Associ-
ated Press.

Telecommunications Minis-
ter Jesse Chacon said the
takeover of CA Nacional Tele-
fonos de Venezuela is part of a
march toward a “new socialist
state.” Electric companies and
oil fields also have been affect-
ed by the nationalisation drive.

The government said earlier
this month that it had raised its ~
ownership stake in CANTV to
86.2 per cent, in part by paying
US$572 million to New York-
based Verizon Communications
for its 28.5 per cent stake.

CANTYV said the government
appointed Socorro Hernandez,
who has worked in Venezuela’s
oil industry, as president of
CANTV’s new board on Mon-
day. Other board members
include representatives of work-
ers as well as various govern-
ment ministries.

‘CANTY, which had been pri-
vatized in 1991, has nearly
13,000 employees and provides
phone service to 3.2 million
fixed-line customers as well as
6.7 million cellular customers
through its affiliate Movilnet.
The company also provides
Internet service.

Chacon predicted that
“Venezuelans are going to feel
an increase in quality, an
increase in coverage."

ae
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v



THE TRIBUNE

TUESDAY, MAY 22, 2007, PAGE 3





Oln brief

Foulkes to
meet Port of |
Palm Beach
officials



@ DION Foulkes

MINISTER of Maritime
Affairs and Labour Dion
Foulkes will meet with the
chairman and other officials
of the Port of Palm Beach
District today.

The meeting will take
place at the Ministry of Mar-
itime Affairs and Labour in
the Post Office Building on
East Hill Street.

Mr Foulkes will meet with
Wayne Richards, chairman
of the Board of Commis-
sioners; Edward Oppel the
commissioner; Lisa Baer,
executive port director; and
Jarra Kaczwara, director of
business development, pub-
lic and community relations.

Ports are included in Sen-
ator Foulkes’ portfolio, and
he will discuss ways to
enhance co-operation and
trade links between the
Bahamas and the Port of
Palm Beach.

The meeting is the first in
a series Mr Foulkes plans to

. have with port officials in
’- various jurisdictions.

The meetings are intended
to deepen and expand
marine transportation capa-
bilities between the Bahamas
and other countries.

Man faces
attempted
-murder
charge

A 20-YEAR-OLD Sun-
light Village man was
arraigned in Magistrate’s
Court yesterday charged with
attempted murder.

It.was alleged that on
Tuesday, May 15, Darvy St
Louis, alias Darvy Lewis,
attempted to cause the death
of Daniel Symonette.

St Louis, who was
arraigned before Magistrate
Guillemena Archer, was not
required to enter a plea to
the charge.

Bail for St Louis was
objected to, the prosecution
saying that it is still trying to
determine whether he has a
record.

Attorney Eliezer Regnier
told the court that his client
had no previous convictions.

He also told the court that
his client had been severely
brutalised by police officers.

The matter was adjourned
to Wednesday for a bail hear-
ing and the case was
adjourned to September 18.

West Bay St + Cable Beach

Father’s anger at
_ police handling
of son’s death

B By BRENT DEAN
Tribune Staff Reporter

THE behaviour of the police
has again been questioned
regarding the investigation into
the death of Jay Damianos.

The body of Mr Damianos,
22-years-old at the time of his
death, was found next to an
apartment on Paradise Island
on December 17 of last year.

Yet after five months, police
have still not determined if he
died accidentally, or was mur-
dered. Rather, his death
remains classified — without fur-
ther update by police — as mere-
ly “suspicious”.

In an open letter to The Tri-
bune empathising with
Bernadette Christie, who is frus-
trated with police handling of
a shooting at her home, promi-
nent realtor, George Damianos,
father of the deceased,
expressed displeasure with the
manner in which his son’s death
has been handled. ~

“Despite conclusive medical
evidence, the police have still
not classified my son’s death as

a homicide. The so-called .

‘investigation’ has been stag-
nant for months, and I cannot

even get the police to return my .

phone calls,” he said.

George Damianos’ public
declaration that his son was
murdered follows a statement
by the brother of the deceased,
Nick Damianos, last February.

“The autopsy report clearly



B® GEORGE Damianos

reveals that the cause of death
was asphyxiation caused. by
strangulation. This has been
unequivocally confirmed by sev-
eral medical experts in the
Bahamas and the United
States,” he said.

If medical experts have con-

~ cluded that Jay Damianos was

murdered, as his family has pub-
licly declared, serious questions
arise as to why the police have
not ruled his death a homicide,
sources indicate.

e

The Tribune has learned that
suspicious deaths are handled
differently than homicides.

With homicides, more senior
investigators handle the case,
with more oversight from supe-
riors, compared to deaths that
are regarded as merely “suspi-
cious”.

No response from police offi-
cials on the claim that medical
authorities have ruled the mat-
ter a murder — while they have
not — may suggest that investi-
gators have not given the death
serious enough consideration,
friends of the family say.

Senior Assistant Commis-
sioner of Police, Ellison
Greenslade, pledged to get in
contact with Mr Damianos
when the letter and the fami-
ly’s concerns were pointed out
to him by:The Tribune. |

Mr Greenslade, who has
recently taken over the crime
portfolio, said that he was not
able to comment specifically on
the matter at as he had not yet
been briefed on it, but along
with contacting Mr Damianos,
he pledged to review the file
and answer any questions sur-
rounding the matter.

Jay Damianos was last seen
by friends on the night of
December 17 after leaving the
Atlantis Resort at around
1.30am. He was supposed to
meet up with the same group
downtown, but he ‘never
showed, and was found dead
hours later.

Three remain in custody after
attempted escape from centre

THREE girls are still in
police custody today following
their failed escape attempt from
the Willie Mae Pratt centre for
girls.

The three girls broke out of
the centre at around 1pm on
Saturday, reportedly causing
some damage to the property
during their escape.

However, the girls were only
free for an hour before officers
from the Elizabeth Estates
police station were able to
apprehend the escapees.

Up until press time last night
the girls were still being held at

the police station while investiga-

tions into the matter continued.
The Ministry of Health and

Social Development yesterday

confirmed the incident and said

that the investigation will deter-
mine the circumstances sur-
rounding the break-out.

This escape by three residents
of the Willie Mae Pratt Centre
comes just days after reports
that one resident of the facility
had injured herself.

Although the incident was
first classified as an attempted
suicide, Minister of State for
Social Development Loretta

Butler-Tuiner said that there
was not yet sufficient evidence
to prove this claim.

Mrs Butler-Turner said that

_the 14-year-old girl was still

being treated at Princess Mar-
garet Hospital.

A week prior to this incident,
staff members at the Willie Mae
Pratt Centre staged a “mini-
walk-out” in protest of what they
described as “dangerous work-
ing conditions” at the facility.

Some employees claimed that
they were being threatened and
in some cases even assaulted by
the girls.

Hoax email circulates false
rumours of Atlantis restaurant

A HOAX e-mail has been
circulated around Nassau incor-
rectly stating that an underwa-
ter restaurant has been opened
at Atlantis resort, The Tribune
has learned.

A Businesswire story released
by the Hilton Maldives Resort
& Spa in Rangalifinolhu, Mal-
dives seems to have been mis-
chievously altered and circulat-
ed via e-mail on Sunday by a
prankster.

Several callers yesterday said
that they had received this

altered press release and its con-
tents were also carried in yes-
terday’s Tribune in a story enti-
tled “Unique restaurant opens
at Atlantis”.

The release stated that the
restaurant was located at
Atlantis Cove Resort and Spa
but is actually the Ithaa at the
Hilton Maldives Resort.

Carsten Schieck, refereed to
in the release as general man-
ager of the Cove Resort and
Spa, is actually general manag-
er of Hilton Maldives Resort &

Café Johnny Canoe will no longer be serving

breakfast as

P.O, Bax CB-VIL7O

2007.

Massau + Bahansas

s of Wednesday the 23° of May,

We will continue to serve lunch and dinner from

11:30 a.m, to 11:00 p.m. Sunday to Thursday and
11:30 a.m. to midnight on Friday and Saturday.

(242) 327.3373

We are sorry for any inconvenience.

(242) 327.1408

Ernail: jcanoe@coratwayve.com

Be

~The Management of Café Tohnry Canoe -



Spa.

While the other facts of the
story are correct, no hotel in the
Bahamas actually has such a
restaurant and the Maldives is
the home of the first ever all-
glass undersea restaurant.

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PAGE 4, TUESDAY, MAY 22, 2007 THE TRIBUNE

a EEE
EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited Religion and

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

O.B.E., K.M., K.C.S.G.,

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

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

Perry Christie and the race issue

THERE HE goes ducking reality again!

Former prime minister Perry Christie when
confronted with the uncomfortable question of
why his party played the divisive race card
during the recent election, deflected the ques-
tion, assumed an injured air and claimed that
rather than being the perpetrators of racism,
he and his party were in fact the victims.

Well, Mr Christie, you could certainly have
fooled us — indeed the whole nation. The
shroud of racism hung over your election cam-
paign like Caesar’s ghost. It insinuated itself
into every possible crevice, whether by out-
right accusations, by innuendo or by the par-
ty’s historically loaded slogan: “No turning
back.” Every Bahamian knows what that
refers to, especially after Fred Mitchell’s lec-
ture in March to high school students about
not forgetting their slave roots, and the impor-
tance of using their hard won right to vote in
the right way.

Speaking on a talk show five days ice Sir
Arthur Foulkes told his listeners that race was
not a legitimate issue and should not be
exploited during an election.

Sir Arthur was satisfied that the race card
was being played to the hilt in this election —
and by the PLP.

“If you make a reference to the UBP, if
one politician makes a reference to the UBP
and accuses the FNM of wanting to go back to
the old days and to sellout and then another
politician at a meeting, say in Fox Hill, brings
up the race thing it connects pretty neatly (to
the race issue) I think.

“We should teach our children, our young

_ people about our history, including the histo- __

ry of slavery and race. I am all for that. But I
do not believe that race is a legitimate issue in
this election nor for many elections gone. It is
not an issue,” said Sir Arthur in an obvious ref-
erence to Mr Mitchell’s slavery talk of a few
days earlier.

In an internet chat on the PLP’s website on
Sunday, a caller who identified himself as a
white Bahamian, told how uncomfortable he
felt at PLP rallies because of the racial over-
tones. “I was made to feel at times, watching
and listening to the various rallies that I was
not really wanted,” he said.

During the election a long time resident
told us how much she enjoyed going to FNM
rallies. “It’s like one big family,” she said, “I
feel so safe.” Having no party affiliation, she
wanted to hear the issues from the governing
party and so she ventured out to a PLP rally.
There was hostility to her presence. The
speeches were racially bitter. She did not feel
safe. She concluded that the two parties

attracted a different type of Bahamian. Instead
of being one people they were polls apart. A
tragedy for such a small nation.

Mr Christie said he believed that race was
used in “the most wicked fashion.” Not by
his party, of course.

“We knew very early on during the cam-
paign that the FNM was prepared to use the
race card against our party at every opportu-
nity,” Mr Christie said. “They found it conve-
nient to do so whenever we were critical of
their deputy leader, Brent Symonette.

“I was specific in my explanation to the
Bahamian public that our criticism of Mr
Symonette had absolutely nothing to do with
the colour of his skin, but with the ethical
lapse he had made during his time in ‘govern-
ment,” said Mr Christie.

Oh, come now, Mr Christie. If this were so,
then why all the reference to the UBP, to Mr
Symonette’s father, to “going back”, all the
talk about the days of slavery. As old Abe
would say, “You may fool all of the people
some of the time; you can even fool some of
the people all of the time; but you can’t fool all
of the people all of the time.”

Mr Christie obviously does not appreciate
how much damage the former website of Fred
Mitchell has done to his party — particularly
during this election. Although there is a dis-
claimer at the top of the website that “this
site does not represent the views of Fred
Mitchell, the Government of the Bahamas,
the PLP or the Ministry of Foreign Affairs” no
one believes it. They still regard it as the reflec-
tion of Fred Mitchell’s views in particular and
the former PLP government in general. There
are even PLPs who believe that Mr Mitchell is
still the moving spirit behind it.

And this is what their website had to say
about Brent Symonette’s appointment as
deputy prime minister and minister of foreign
affairs: “This is an absolute insult to the
Bahamian people. The people of the world
will now think that Brent Symonette repre-
sents what is Bahamian. We must quickly dis-
associate ourselves from this mistake.”

No one complained when Fred Mitchell
represented the Bahamas. And yet foreigners
would be wrong if they believed that Mr
Mitchell’s face told the whole story of who
and what is Bahamian, especially when
Bahamians come in so many racial mixes.
Regardless of the mix they are all equally
Bahamian, even, in some cases, more Bahami-
an than Mr Mitchell.

It would indeed be refreshing if one day Mr
Christie would look reality in the face and
come to terms with it.



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politics must
be separated |

EDITOR, The Tribune

I WRITE in response to your
May 15, 2007 editorial entitled
“Did the PLP court the church
for votes?”

One paragraph therein con-
vinced me more than anything
else that Bahamians must put
beyond doubt that religion has
no place in government.

The citizens of Turkey are
right to insist, by the millions,
on a strictly secular society.

You quoted one Bishop Neil
Ellis as saying: “Do you know
what could happen in this coun-
try (the Bahamas) if the Bishop
who has the largest congrega-
tion (meaning himself) has the
prime minister of the country
hooked up to him? Imagine
what could happen if the church
had a say in the prime minis-
ter’s office?”

It is too frightening to con-
template. Wholesale victimisa-
tion and intimidation “in the
name of Jesus” of persons
whose views do not conform to
that of the church (whatever
that is), would become the
order of the day.

Neutrality in governance
would be no more. It would be
the Inquisition days all over
again; a return to the “the Earth
is flat” era.

LETTERS

letters@tribunemedia.net






It is unfortunate that the term
“...Christian values...” is
allowed to remain in our Con-
stitution without it being
defined.

Some Christians take this to
mean that Christianity is the
state religion of the Bahamas
and those of other religions are
not entitled to equal rights with
Christians.

Already there are reports of
Christian managers favouring
their church members for jobs
over better qualified applicants
of other Christian denomina-
tions and other religions.

I am told that ZNS, the pub-
lic radio station, ‘allows Christ-
ian clergy persons to use its air-
waves to spew intolerance of
other religions and their adher-
ents.

That is so sad. The Bahamas
is a multi-religious society.
There are also Bahamian Mus-
lims, Hindus, Jews, Sikhs,
Bahais, Rastafarians, Atheists
and others.

And that is why any sugges-
tion of the Prime Minister of
the Bahamas being “hooked up

to” the leader of any one of the
myriad of Christian denomina-
tions in the Bahamas today, a la
Neil Ellis, has to be an insult to
the intelligence of Bahamians.

If Neil Ellis et al want a say in
governing the country, they
must contest and win seats in
the general elections rather than
use religious superstition
(anointing the prime minister
with oil) in an attempt to influ-
ence governance by default.

The suggestion is the more
absurd when it is considered
that even Christians are in a
quandary over who is a Christ-
ian — from Roman Catholics to
Christian Scientists to Jehovah’s
Witnesses to Mormons.

Religion is a private matter.
The Lord Jesus, in the Christian
scripture, meant for it to be so.
See Matthew chapter six, verses
five and six.

A person’s religion or lack of
it is nobody’s business.

While the Constitution of the
Bahamas guarantees freedom
of religion, it also guarantees
freedom from religion.

I call on the government,
therefore, to recognise the same
and act accordingly.

GLADSTONE THURSTON
Nassau
May 19 2007

Thorough investigation
of election is needed

EDITOR, The Tribune

-ON; May 2, 2007, the FNM |

was, officially certified as the

“winner” of the elections of.

2007, they had a majority of 23
seats. According to the election
results the PLP lost at least 30
per cent of support from their
election total of 2002. —

Since that date, and follow-
ing tally after recount after
recount, these results remain
the same. PLP supporters all
over the country and even a
Bahamian student from Lon-
don (YAK) have stated that the
PLP had won the election, and
that many illegal votes were
counted — while many legal
votes were not.

Now my issue to PLPs is this
if this election was controlled
by the machinery that was con-
trolled by the Christie led Gov-
ernment with a non-partisan
election official in compliance

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with the law, how could they
now say the system failed the
PLP. Well good case to say
Christie is no leader.

Fortunately, the Right Hon-
ourable Hubert A Ingraham is
now Prime Minister of this great
Commonwealth of our lovely
Bahamas, he with great might
defeated the partisan ranting of
ZNS, Jones and Co...and as Per-
ry Gladstone Christie and the
PLP machinery did everything
in their power to prevent a fair
and legal process of his resound-
ing defeat at the polls.

In other words, these PLPs led
by the Chief himself, Perry
Christie used the enormous pow-
er of the government of the
Bahamas to snatch this election

but they failed. The people of the ©

Bahamas rejected them big time.
The elections of 2007 will
indeed be the untold story of
2007, it is more chilling than the
murder of Sir Harry Oakes.









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The performance of Perry G
Christie, Fred Mitchell, Philip
Galanis, Valentine Grimes,
Obie Wilchcombe, Steve McK-
inney, “Lady” Russell and oth-’
er PLP operatives represent a
major sin against our Bahamian
democracy.

I now call upon the Right
Honourable Hubert A Ingra-
ham to cause a thorough inves-
tigation and the prosecution of
all actions that crossed the line
and let the chips fall where they
may.

And because they are u'ti-
mately responsible for tryii* 19
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They out.. they need to stay
out.. and out for good.

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Nassau
May 2007



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THE TRIBUNE

TUESDAY, MAY 22, 2007, PAGE 5



‘GB Power offers $5k reward
after theft of copper wiring

Oln brief

Man faces
multiple
charges of
fraud

A MAN charged with sev-
eral counts of fraud was
arraigned in Magistrate’s
Court yesterday.

It is alleged that Clive Kent
Schroter, 37, of Lady Slipper
Avenue obtained from
Uylsse Berno cash in the
amount of $2,500 by false
pretences on Wednesday,
May 16.

It is also alleged that on
Friday, May 4, he obtained
from Emmanuella Etienne
$900 by false pretences and
with intent to defraud.

It is further alleged that on
Tuesday, May 15, Schroter
obtained from Yady Joseph
$1,000 by false pretences and
‘that on Saturday, March 17,
while armed with a handgun,
he robbed Ernest Charles of
$1,650.

Schroter was not required
to enter a plea to the charges
and was remanded to Her
Majesty’s Prison.

Entries are
sought for
Tribune
supplement

THE Tribune will be pub-
lishing its annual 'Back to
School' supplement in
August/September. In prepa-
ration for the supplement,
- which will feature all gradu-
ating seniors who will be
attending university/college,
whether locally or abroad,
we invite all parents,
guardians and graduating
seniors to submit a profile on
the graduating seniors, along
with a photograph and con-
tact information.

The profile should include:

e Name of student ©

e Age

e Name of parents

e A list of exams already
taken and the results - e.g. -
Bahamas Junior Certificate
(BCs) exams and Pitman
exams

e A list of exams expected
to be taken - Bahamas Gen-
eral Certificate of Secondary
Education (BGCSE) exams

e The college/university
they expect to attend - e.g. -
College of the Bahamas,
Harvard University, Univer-
sity of Miami

e Name of degree expected
to be sought - e.g .- Bachelors
degree in English, Bachelors
degree in Biology

e What career they expect
to enter once their education
is completed - a doctor, Math
teacher, engineer —

e All extracuricular activi-
ties - club memberships, team
sports/track and field, church
activities

e A list of honours/
awards/recognition student
has received

Please forward all infor-
mation to Yolanda Dele-
veaux, Tribune Features Edi-
tor at email - ybdele-
veaux@tribunemedia.net -
please note 'Back To School’
in the subject line. The infor-
mation may also be hand
delivered or mailed to:

Back To School

The Tribune

Shirley and Deveaux -
Streets

P O Box N-3207

Nassau, Bahamas.

TV 13 SCHEDULE
TUESDAY,
MAY 22ND

6:00 Community page 1540am

1:00 ZNS News Update

1:05 Legends:

2:00 One Cubed

2:30 Turning Point

3:00 Practical Principles

3:30 Ernest Leonard

4:00 Video Gospel

4:30 Fast Forward

5:00 ZNS News Update

5:05 The Fun Farm

6:00 Tourism Today

6:30 News Night 13

7:00 The Bahamas Tonight

8:00 The People Behind The History
of BTC

9:00 Holby City

10:00 Caribbean Newsline

10:30 News Night 13

11:00 The Bahamas Tonight

Late Night Movie:

“Getting Up And Going Home”

Community Page 1540AM

NOTE: ZNS-TV. 13. reserves the

right to make last minute
programme changes!




























@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - The Grand
Bahama Power Company is
offering a $5,000 reward for
information leading to the
arrest and conviction of the cul-
prit or culprits responsible for
the theft of a large quantity of
copper wiring from various sub-
stations throughout the island.

Company officials say they
are very concerned about the
copper thefts, which have been
occurring since January — the
latest occurring last week and
resulting in a loss of $70,000 to
the company.

Derek King, director of trans-
mission and distribution,
revealed that the company has
incurred a total loss of well in
excess of half a million dollars
over the past five months due to
theft and replacement of cop-
per wire.

“We have been dealing with
this since January, and so I
would suggest that the loss of
copper, and the time to put
these things back in place, is
well over $500,000 from January
to now,” said Mr King.

During a press conference
held yesterday at the Grand
Bahama Power Company, Mr
King and other company exec-

utives, including Tony Lopez,
vice president of finance, and
Carlton Bosfield, environmen-
tal safety and security direc-
tor, warned about the dangers
that can result from these
crimes.

Besides the potential dangers
to the culprits in terms of pros-
ecution, Mr Lopez said copper
theft affects not only the com-
pany, which experiences pow-
er failures and thousands in
costs for replacement and man-
hours to repair and investigate
the damage, but also to cus-
tomers who may sustain losses
and damage to expensive elec-
tronic equipment.

It is believed that the thefts
are being carried out by highly
skilled technical persons with
access to bucket trucks for
access to power cables. The
thefts usually occur during the
wee hours of the morning -
between 2am and 3am.

Mr Lopez believes that the
increase in theft of copper is
probably due to the increase in
the value of copper on the mar-
ket.

As of early May 2006,
reports indicate that the non-

ferrous scrape metal price list
G

is valuing copper between
$2.40 and $3 per pound,
depending on the quality.

The Bahamas Electricity Cor-
poration in New Providence has
also been experiencing copper
thefts at its facilities.

Mr King said that the power
company in Freeport uses very
expensive copper wiring.

“Our system is what you call
a multi-ground — each pole has
a copper wire connected to
what is considered a shield wire
on top that goes straight down
the pole into the ground.

“This reduces the ground lev-
el and gives us added protec-
tion, and once you remove
those from the pole, when there
is a lightning strike basically the
system cannot now handle the
excess voltage and this in turn
will jeopardise our system and
employees, but also customers
in terms of sensitive electronic
equipment,” he said.

Warning

Mr King is discouraging per-
sons who sell scrap metal for a
living from buying copper from
individuals off the street.

“You can only get copper off
the island by boat and it is my
understanding that these cul-
prits are melting the copper
down and selling it to those per-
sons who are involved in sell-

‘Inquest into death of Daniel
Smith is rescheduled again



@ DANIEL Smith

THE inquest into Daniel
Smith’s death has been delayed
yet again, with proceedings hav-
ing been pushed back another
week.

The new date for the inquest
into the death of the Anna
Nicole’s son is now May 30.

The inquest had just begun
last month when it was stalled
after the lawyers for Howard K
Stern called the constitutionali-
ty of the Coroner’s Court into
question.

The Coroner’s Court is now
scheduled to reconvene next
week Wednesday with an all
female, seven-person jury.

Speaking at the start ofthe
inquest, Chief Magistrate Roger
Gomez — who is presiding of
the proceedings — admonished
all jury members not to listen
to the many rumours and the
gossip swirling around this high-

Two men charged with
murder at gas station

@ By NATARIO McKENZIE

TWO men accused of killing
a man at a service station last
month were arraigned togeth-
er in Magistrate’s Court yester-
day on murder charges.

The accused, Frank Smith,
21, of Sunlight Village and
Rashard Woodside, 20, of Plan-
tol Street,‘were arraigned
before Magistrate Guillemena
Archer at court 10 in Nassau
Street yesterday.

It is alleged that on Thursday
April 26, the accused intention-
ally and unlawfully caused the
death of Delroy McKenzie.

Police reports said McKen-
zie died after being shot multi-
ple times while sitting in his
vehicle at the Esso Service Sta-
tion on Wulff Road and Mon-
trose Avenue.

The accused, who were rep-
resented by attorney Murrio
Ducille, were not required to
plead to the murder charges and
the matter was adjourned to
September 17.

Smith told the court that he
had suffered brutality at the















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hands of two CDU officers and
requested that he be taken toa
doctor.

He later told the court that
he had been taken to see a doc-
tor but still suffered head pains.

Magistrate Archer told the
accused that he would be
allowed to see the doctor at Her
Majesty’s Prison.

Woodside was also arraigned
on the charge of possession of a
firearm with the intent to
endanger life.

It is alleged that on Tuesday
April 10, 2007 he was found in
possession of a handgun with
the intent to endanger the life of
Jamalio Laing.

Woodside was not required
to plead to the charge. This
matter was also adjourned to
September 17.

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profile case.

Twenty-year-old. Daniel
Smith died in his mother’s Doc-
tors Haspital room on Septem-
ber 10 —just three days after his
baby sister Dannielynn was
born. ;

His death was ruled a drug
overdose, but the inquest is
being held to determine
whether or not it was accidental.

ing scrap metal,” he said.

Mr Bosfield said the local
police are doing as best they
can, but that a more of concert-
ed effort by the public will help
to assist them in capturing the
individuals responsible.

“This is why we are appealing
now to a much broader com-
munity to be more of the eyes
and ears of the police to help
them.”

Mr Bosfield said that there
are certain signs that persons
should take note of. He noted
that when copper is melted
down, the plastic coating over
the wire emits black smoke.

“In some instances you may
see large black smoke coming
from very remote areas. There
are also instances where the
culprit will cut the large cables

up in sections so they can lay
them on the back of a pick-up
truck, So, if you see a lot of
black cables on a pick up truck,
or any cable, that should be
another cue that this could
possibly be a culprit,” he
explained.

“We are also very concerned
about the potential for the copy-
cat criminal. Like we said earli-
er, the persons who are doing
these thefts presently have the
knowledge. However, if there
is someone who tries to copycat
and they don’t have the electri-
cal knowledge it could result in
death,” he said.

Members of the public z are
asked to assist in the capture of
the culprits by calling 352-8411,
or the police at 351-3109, with
any information they may have.



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PAGE 6, TUESDAY, MAY 22, 2007

THE TRIBUNE

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Fax: 351-3301

aU Vasa aa

EVERETT ARTHUR
WEATHERFORD, 67



























of Queen's Cove,
Freeport and formerly of
Man-O-War Cay, Abaco,
who died at the Rand
Memorial Hospital, on
Thursday, May 10, 2007,
will be held on}
Wednesday, May 16,
2007 at 11:00 a.m. at The |
Chapel of Yager Funeral
Home and Crematorium, |
Queen's Highway, Freeport. Officiating will be
Pastor Lucien Curry and interment will be made
in The Grand Bahama Memorial Park.



Fondest memory held by his wife Rachael; one
son, Adam; two daughters, Bridgette and Danielle;
two sons-in-law, Todd and Billy; one daughter-in-
law, Sonya; two grandchildren, Eric and Lynsi,
three sisters, Nellie, Ella and Mollie; three brothers,
Scott, Willis and Ray; brothers-in-law, Sidney,
Warren, Brian, Earl, Marty, Ronald, Lowell and
Billy; 12 sisters-in-law, Kay, Gloria, Debbie, Pam,
Bonnie, Paulette, Evelyn, Sherrie, Gina, Vickie,
Jackie and Sue; numerous nieces, nephews, cousins
and other relatives and friends.



Funeral arrangements entrusted to Yager Funeral
Home and Crematorium, Queen's Highway,
Freeport.

Police o

More than one
hundred police
reserve officers
from Nassau and
the Out Islands
were sworn in
yesterday at a
ceremony held
at the police
headquarters



(Photo:
Tim Clarke/
Tribune staff)





fficers are sworn in














@ RESERVE officers are sworn in









i OFFICERS help the reserves as they sign documents

Protesters decry Venezuela’s refusal to renew
the licence of opposition-sided TV station

@ VENEZUELA
Caracas

THOUSANDS of protesters
carried a blocks-long banner
through Venezuela’s capital on
Monday, condemning threats
to freedom of expression as one
of the country’s few remaining
opposition-aligned TV stations
is set to go off the air within
days, according to Associated
Press.

Shouting “We Want Free-
dom!” and waving Venezuelan
flags, demonstrators warned
that President Hugo Chavez’s

Bank
Financing
Available

plan to replace Radio Caracas
Television with a public-ser-
vice station is part of a broad
effort to silence criticism. The
banner that snaked through the
streets read “Freedom of
Expression, SOS” in 10 differ-
ent languages.

“Threats to freedom of
expression affect all citizens
equally; it doesn’t matter if
you are pro-government or
against the government,” said
Rafael Fuenmayor, a reporter
from the Globovision 24-hour
news channel, who helped
organise the protest along with

en /
ver

fD Ta
Special ofthe Week

other local journalists.

Globovision is the only other
major opposition-aligned chan-
nel, though it does not reach all
parts of the country. Two other
channels that used to be
staunchly anti-Chavez recently
toned down their coverage.

RCTYV is due to go off the air
Monday, after Sunday’s final
day of programming, when the

.government says its license

expires.

' Officials deny any threat to
media freedom, arguing that a
new station called TVES will
offer diverse programming

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while avoiding pro-Chavez pro-
paganda aired on ather state-
run channels. A board of direc-
tors for the new channel was
sworn in Monday.

Protesters ended their march
outside the mission of the Orga-
nization of American States,
where they urged the body to
take a closer look at the state of
press freedoms under Chavez.

OAS Secretary-General Jose
Miguel Insulza has warned that
failing to allow RCTV to con-
tinue broadcasting “would be
seen as a form of censorship
against freedom of expression.”
Countries including Honduras,
Guatemala and Chile have
expressed support for Insulza’s
position.

Founded in 1953, RCTV is
Venezuela’s oldest private net-
work and broadcasts a mix of
talk shows, soap operas and a
version of “Who Wants to Be a
Millionaire?” RCTV frequent-
ly airs complaints of corruption,
crime and inefficiency from
both opposition and govern-
ment supporters, whose griev-
ances are rarely broadcast on
state-run TV channels.

RCTV’s general manager,
Marcel Granier, said the net-
work has the right to continue
broadcasting until 2022 and
challenged the government’s
decision in court.

Venezuela’s Supreme Court
on Thursday dismissed the first
of a series of legal challenges
by RCTV, but more are pend-
ing.

Information Minister Willian
Lara said the state’s right not
to renew RCTV’s license was
“inarguable,” and predicted on
Sunday that Venezuela’s high-
est court would uphold the mea-
sure.

Chavez accuses RCT'V and
other opposition-aligned private
media of supporting a failed
2002 coup against him by broad-
casting cartoons and movies
rather than covering street
protests that aided his return to
power. RCTV’s journalists
counter that violent protests
staged by “Chavistas” outside
the channel's headquarters pre-
vented them from reporting the
news.

Venezuela still has a broad
mix of newspapers, including
many that are critical of the
government.



THE TRIBUNE

TUESDAY, MAY 22, 2007, PAGE 7





yford Cay scholar
returns to help build
national university

WHEN Lyford Cay scholar-
ship recipient Felicity Humble-

stone graduated with honours :

from McMaster University in
Ontario, the College of the
Bahamas was operating with a
relatively small budget from
government.

At the time, the college’s
bachelor programme offerings
were limited, and turning the
Oakes Field campus into the
headquarters of a national uni-
versity was still more fantasy
than dream.

Today, that dream is becom-
ing reality — the college on its
way to becoming the University
of the Bahamas and Humble-
stone is one of the key driving
forces.

Appointed development offi-
cer in the Office of the Presi-
dent just over six months ago,
she has taken charge of private
fund-raising with gusto, cor-
ralling dollars and support to
build the college’s forward
momentum.

College president Janyne

Hodder calls Humblestone “a
key to a central function that
will transform the college to a
university,” crediting Humble-
stone with the ability to build
valuable, supportive relation-
ships with friends and donors.

“She’s extraordinary, a very
gifted young woman with
exceptional personal integrity, a
fund-raiser’s dream.”

If Hodder thinks Humble-
stone is a fund-raiser’s dream,
Humblestone thinks the job is a
dream.

“It is wonderful to be home
and to participate in the build-
ing of a national university for
the Bahamas,” says Humble-
stone, who spent three years at
McMaster after graduating, as
an assistant in advancement ser-
vices and then as a development
researcher, before bringing
those skills home.

With a bachelor’s degree in
Spanish and linguistics and a
minor in globalisation, she had
originally thought about teach-
ing. “I am passionate about edu-

cation. Fundraising for the col-
lege fulfills my interest and zeal
for education. It is so reward-
ing.”

Humblestone is so high-ener-
gy that colleagues tease her and
call her the Eveready Energizer
Bunny. Her drive, she says, is
inspired not only by what she
is doing but by what she saw
the Lyford Cay foundation do
for others.

“T received a Canadian
Lyford Cay Foundation schol-
arship to attend McMaster Uni-
versity in Hamilton, Ontario
and graduated in 2003,” she
said. “Since then, having
worked in the non-profit indus-
try for almost four years, |
gained a real appreciation for
the work of the foundations and
their philanthropic commitment
to the development of the coun-
try and the people of the
Bahamas.”

The Lyford Cay Foundation
and the Canadian Lyford Cay
Foundations are the largest pri-
vate supporters of higher edu-

~ cation m the region, providing

academic scholarships at the
undergraduate and graduate
level as well as grants for tech-
nical and vocational training.

Over the past two decades,
the foundations have awarded
over $14.5 million in scholar-
ships, helping some 1,300 stu-
dents better prepare for a pro-
fession or career. In all, 835 stu-
dents have studied at the col-
lege with scholarships the foun-
dation helped to fund.

Although best known for its
education largesse, the Lyford
Cay Foundation has a separate
arm that supports worthwhile
local charitable causes and
organisations, and a volunteer
mobilisation programme Time-
Works that provides additional
‘people power’, interacting with
beneficiaries in a way that
makes a long-term difference
in lives.

“Successful graduates like
Felicity Humblestone re-affirm
the foundation’s commitment
to make higher education pos-

@ FELICITY Humblestone

sible for the deserving,” said
Loretta Rogers, president of the
Canadian Lyford Cay Founda-
tion. “Felicity’s story is espe-
cially inspiring because she will
make such a difference at the
local level.

“An ambitious goal with
almost incalculable potential



such as the University of the
Bahamas, as it will one day soon
be called, will attract students
from all over and fulfill a need
for an institution of higher edu-
cation for many’ who wish to
study at home. The Canadian
Lyford Cay Foundation is very
proud of Felicity.”

Organisers of Just Rush
parade make preparations



Paramilitary leader denies role in killings

m@ NEW YORK

A FORMER paramilitary
leader wanted in Haiti on mur-
der and torture charges insisted
in a New York court Monday
that he has become a scapegoat
for atrocities in the Caribbean
nation that had nothing to do
with him, according to Associ-
ated Press.

“Your honour, I’ve never
ordered ... any violence,”
Emmanuel “Toto” Constant
said in an emotional plea to a
judge overseeing his mortgage
fraud case in state Supreme
Court in Brooklyn. “I’ve never

even assisted in anyone’s exe-
cution in my life.”

Constant, 50, repeated claims
that he had worked with the
CIA while head of a Haitian
paramilitary group in the 1990s.
He also said he was “promoting
reconciliation” at the time, and
since has become a victim of
political persecution.

Last week, lawyers for the
state attorney general’s office
and the federal Department of
Homeland Security urged Jus-
tice Abraham Gerges to sen-
tence Constant in the fraud case
to time served, about 10 months
of a proposed one- to three-year

YOUR CONNECTION-TO THE WORLD

sentence, to speed his deporta-
tion to Haiti to face charges
there that he ordered the exe-
cution of slum-dwellers loyal to
exiled President Jean-Bertrand
Aristide.

_ Gerges postponed the sen-
tencing after the Center for

Constitutional Rights claimed:

th t Haiti’s justice system was
too unstable to ensure Constant
faces justice. The civil rights
group argued the proposed sen-
tence in the fraud case was too
lenient, given Constant’s back-
ground.

The judge said he would rule
on Tuesday. —

THE BAHAMAS TELECOMMUNICATIONS COMPANY LTD.
FIRE EXTINGUISHER TENDER

The Bahamas Telecommunications Company Ltd is pleased to invite qualified
companies to submit for tender for Fire Extinguisher Maintenance.

Interested companies can pick up a specification document from BTC’s
Administration Building John F, Kennedy Drive May 22nd to May 31st 2007
between the hours of 9:00am to 5:00pm Monday to Friday.

Tender should be sealed in an envelope marked
“FIRE EXTINGUISHER TENDER?” and delivered to the attention of: -

Mr. Leon Williams
President & CEO

The Bahamas Telecommunications Company Ltd

P.O. Box N-3048
Nassau, Bahamas

Bids should reach the company’s administration office on John F. Kennedy
Drive by 4:00 p.m. Monday June, 4th 2007,

Companies submitting bids are invited to attend the bid opening on Wednes-
- day, June Sth 2007 at 10:00 A.M. at BTC’s Perpall Tract location.

BTC reserves the right to reject any or all tenders.





for safety of Freeport event _

WITH just two weeks to go
before the big Just Rush Labour
Day weekend, organisers are
making every effort to make it
is a safe event.

According to Peter Adder-
ley, president of Creative
Works and mastermind: of the
event: “Thousands are expected

2007

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PAGE 8, TUESDAY, MAY 22, 2007



Girl Guides honoure

, THE Bahamas Girl Guides Association
has.announced that 25 guides were among
the 103 students who were nominated to
represent their schools in the 11th Annu-
al Bahamas Primary School Student of
the Year Awards Programme.

‘The event was held on Saturday at
Bahamas Faith Ministries International.

The Bahamas Primary School Student
of the Year Awards competition, which
was established in 1997, is sponsored by
‘the Bahamas Primary School Student of
the Year Foundation in partnership with

25 girls prove their
abilities for youth
programme



The awards programme honours those
students who are academically gifted, have
displayed leadership abilities and are well-

THE TRIBUNE

d in student awards















rounded students.
The Girl Guide nominees are pictured -
here.

the Nassau, Bahamas PanHellenic Coun-
cil, and the local coalition of fraternities
and sororities.



B Jo'eysa Abraham HH Michaelianna Adderley ® Lyric Anderson @ Demi Burrows
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THE TRIBUNE

TUESDAY, MAY 22, 2007, PAGE9



FROM page one

Despite the expectations of
several senior PLPs, the FNM
may not contest any seats in
court.

In fact, Prime Minster Hubert
Ingraham has said that the FNM
has no intention of going to elec-
tion court to “determine the
validity of any of our seats or
anybody else's.”

In addition to the implications
this process has for the outcome
of the 2007 elections, it is a
heavy financial cost.

The losing party will be oblig-
ated by law to pay the winner
$100,000 for each case it fails to
secure.

In addition to this $100,000
there are other expenses that
the FNM and PLP will have to

PLP ‘Thank

FROM page one

continue to plan on holding the
event on Saturday — allowing
them time to advertise and pro-
mote the event properly.

The PLP has continued to gath-
er public support following the

underwrite.

After the 2002 general elec-
tions the FNM contested the
results coming out of the
MICAL constituency, a process
that cost the party more than
$200,000.

If this price tag is applicable
for election court 2007, and the
PLP loses its cases, the party
could spend nearly $1 million.

Over the weekend former
Prime Minister Perry Christie
said that the PLP has decided
which constituencies it will con-
test and will soon be pursuing
those seats “vigorously” in the
election court.

“The outcome of those seats
are matters which will be before
the courts soon, so we would not
be wise to discuss our strategy
here. However, we have been

You’ rally is

May 2 general election, Mr Gala-
nis said, and this is fortified by the
actions of the new government.
“Already we have seen indi-
cations of victimisation by the
government,” Mr Galanis said.
“Mr Steve McKinney, Ingra-
ham’s announcement that cer-

LOCAL NEWS

Contesting seats may cost PLP up to $1m

advised by our legal team as to
which seats represent the best
chances of winning and we will
pursue those ones vigorously
through the courts,” he said.

The party has 21 days from
the opening of the House of
Assembly on Wednesday to
apply for leave to present their
cases to the court.

Mr Grimes told The Tribune
yesterday that the PLP may con-
test as many as five seats:
Pinewood, Blue Hills, Golden
Isles, Sea Breeze and Marco
City.

Each of these seats, Mr
Grimes pointed out, was lost by
the PLP by less than 70 votes
and thus are considered “too
close for comfort” for the PLP.

The PLP lost these seats by
64, 47, 62, 64 and 47 votes

respectively.

“The Progressive Liberal Par-
ty is of the view that there were
persons who were not allowed to
vote in certain areas and per-
sons who voted in areas that
they should not have. So based
on the information we have, we
believe that there is a reason-
ably high chance of success,” Mr
Grimes said.

FNMs have also accused the
PLP of wrong doing in the last
election. Allegations against the
PLP included using fake ballots
and adding illegitimate ballots
to the count of some con-
stituencies.

Mr Ingraham has said that if it
is determined that offences were
committed during the run up to
the elections he expects the
authorities to “do their job”.

postponed to Saturday

tain permanent secretaries would
be reduced at his thank you ral-
ly a few weeks ago; a number of
PLPs have been notified that
their contracts would not be
renewed when they expire; and
Mr Ingraham’s intransigence
regarding the Senate appoint-

ments pursuing to Article 39 of
the Constitution,” Mr Galanis
said, are all examples that the
“old Ingraham” has returned.

“Bahamians are beginning to
see that this is the same old
Ingraham and that nothing has
changed,” he said.

PLP ‘may make legal challenge’ over seats in Senate :

FROM page one

Overall, the Senate consists
of 16 members of which, nine
are automatically appointed by
the prime minister; four auto-
matically by the leader of the
opposition; and the remaining
three are appointed by the
prime minister after consulta-
tion with the leader of the
opposition.

Regarding the three remain-
ing senators, The Constitution
states: “In the exercise of the
functions conferred upon him
by article 39(4) of this constitu-
tion, the purpose of the prime
minister shall be to secure that
the political balance of the Sen-
ate reflects that of the House of
Assembly at the time.”

With the House being closely
split at 23 to 18 in favour of the

FNM, with the PLP winning 47
per cent of the popular vote, a9
to 7 divide in the Senate, too in
favour of the FNM, would
reflect the divide in the House.

In a brief statement on Sun-
day Mr Christie merely stated
that “consultations between the
prime minister and the leader
of the opposition are under-
way in connection with the
appointment of additional Sen-

ators under article 39 (4) of the
constitution.”

A legal challenge over these
senate appointments, could
create a further spectacle sur-
rounding the election results,
as the PLP has announced that
they will contest five FNM
seats in election court — these
being, Seabreeze, Marco City,
Pinewood, Blue Hills and
Golden Isles.

BEC start investigation into oil spill

FROM page one

ocean for hundreds of feet along
the Clifton Pier area.

The surface of the water, hun-
dreds of feet out from the coast,
where the BEC plant is located,
was covered in a layer of oil
which caused it to take ona.
shiny appearance, visible from
hundreds of feet above.

Meanwhile, at its farthest
extreme, the slick was bordered
by a thick gooey brown edge.

The spill was brought to the
attention of The Tribune last
week by a concerned local pilot.

According to Port Controller
Anthony Allen, companies are
required to clean up the effects
of such incidents if they are
found to have been responsible.

This can involve using equip-
ment to surround and contain
the spill, and then to "mop it up"
from the surface of the water.

However, with an investiga-
tion only now underway, any
clean up operation has been fur-
ther delayed or perhaps ren-
dered unlikely to ever happen.

"There was no way of con-
firming where it came from,"
said Mr Forbes yesterday. "The

situation is a long-standing one
and I guess everyone always
jumps to blame BEC first, I
guess because we're the person
upfront," he said.

Sam Duncombe, an environ-
mentalist, and founder of organ-
isation reEarth, yesterday said
the spill further proves her case
that an LNG plant should not
be brought to the Bahamas.

"If we can't handle what's
going on at Clifton how can we
possibly monitor what's going
on at Ocean Cay with LNG?"
she asked.

"The place is in dire need of



help in terms of stopping the kinds .

of spills that are happening now
and making sure that everything is
done to prevent (future spills)."

Mrs Duncombe pointed out
that the Bahamas has a diving
industry which is threatened by
such incidents. Stuart's Cove —
a world-renowned diving com-
pany — is one of those that is
located "out west" near the pier.

Meanwhile, Captain Allen,
whose department was also
made aware of the slick last
week, said he believes the evi-
dence of the spill may even be
gone by now.

‘$80m of contracts’ revealed

FROM page one

Mr Ferguson said that in light
of the contracts awarded prior
to the election the PLP had
become a “run-away train.”

In response, the FNM is com-
mitted to “proceed systemati-
cally in the’ days months years
ahead to bring this country back
under subjection” by reviewing
the contracts awarded under the
former government, said Fergu-
son.

This is particularly important
because in some cases the gov-
ernment simply does not have
the money, nor does the country
have the man-power “to super-
vise and to properly man those
projects to successful conclu-
sion.”

“So apart from funding it’s a
question of how we’re going to
manage at this time,” he
explained.

Listing some of those con-
tracts which made up the $80
million total cost, Mr Ferguson
pointed to a $5 million contract
for anew school in Inagua, $3.2
million in Lowe Sound Andros,
two schools in New Providence
and one in Grand Bahama con-
tracted out for over $30 million.

Road contracts totalling $25
million were also awarded, he

said.

Aside from concerns relating
to financial viability, the Bov-
ernment is also looking into the
former government’s decision to
grant a contract for a schdol
between Cowpen road and Mar-
shall road in an area that “used
to be a car dump for years” with-
out undertaking an assessment
of the possible health imphica-
tions.

As to exactly how many, con-
tracts are under review, Mr Fer-
guson could not be specific; but
he added that the decision as to
which will be cancelled-and
which will be continued is some-
thing that will emerge once, the
process is complete.

However, he emphasised thé that
the straw market is still a pro-
ject which is a priority for the
government.

“The way I see it before the
next election the straw market
will be well on its way or com-
pleted,” he said.

Asked whether the review
would also encompass the archi-
tectural plans made for the pro-
ject, Mr Ferguson said “you may
not see any changes to that.” |

The process of going over the
contracts will be done both at
Cabinet and ministerial level “he
stated.



Christie ‘led way on race’

FROM page one

Previously, his party had been
accused by the FNM, and some
members of the public, of bring-
ing the issue of race into the elec-
tion in a way that divided society.

Some commentators speculat-
ed that some PLP candidates
were seeking to gain voter sup-
port by instilling anxiety in the
general population by making
references to the fact that FNM
deputy leader, and now deputy
prime minister, Brent Symon-
ette, is the son of former UBP
premier Roland Symonette.

Fred Mitchell, former foreign
affairs minister, warned voters
not to support "the UBP heir."

Yesterday, Mr Ferguson said
that Christie is trying to "back
peddle" from the much-dis-
cussed "race card" strategy.

"It was very clear that they
went that route," he said. "It
came from him and it came from
most of his other spokespersons
that he has around him," said
Mr Ferguson.

"As a prime minister he led

the way in trying to separate
people along colour lines and he
can't hide from that now."

During the chat, Mr Christie
claimed that the FNM had
accused his party of "playing the
race card" when they con-
demned Brent Symonette so as
to deflect their criticisms.

"IT was specific in my explana-
tion to the Bahamian public that
my criticism of Mr Symonétte
had absolutely nothing to“do
with the colour of his skin but
with the ethical lapse he-had
made during his time in Gov-
ernment,” the former prime min-
ister said.

Yesterday, Mr Symonette oid
he did not want to "revisit',the
race card issue. cae

"If Mr Christie and his goyérn-
ment want to reflect on the-mis-
takes that they made they are free
to do. As far as I'm concerned
and my colleagues are concéraed
we are about doing the peoplé's
business of governing the coni-
monwealth of the Bahamas anil
need not revisit those issues.-We
move forward," he said.

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up and replace the air filter to increase fuel economy.
What are we doing? At Chevron, we've increased our
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The energy issue is global. Its solution is, too. To
participate in the exchange of ideas, please visit us

at willyoujoinus.com.

TEXACO. is a Chevron company brand

Chevron



Human energy:



ate EK

PAGE 10, TUESDAY, MAY 22, 2007 THE TRIBUNE:



| TUESDAY EVENING MAY 22, 2007









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THE TRIBUNE TUESDAY, MAY 22, 2007, PAGE 11

Sir Jack Hayward gives away his
stake in soccer club for just $20

ly $60 million) investment.

“All of the £30 million will be used
for the benefit of Wolves. Sir Jack is
making this gift for the benefit of the
club and in order to secure the future
of the club on a long-term basis,” said
the club.

“It is intended that the new capital,
over a period of time, will be used to
help re-establish Wolves as a Premier-
ship club.”

To maintain stability, Morgan has decid-

Morgan bought all Sir Jack’s ed to retain Wolves’ current manager Mick
shares for just £10, roughly $20, | McCarthy and chief executive Jez Mox-
after his bid to buy Liverpool ey.

_FC€ fell through. : Sir Jack remains life president with his

For Sir Jack, one of the king- grandson Rupert joining the board. The
pins behind the development of deal is expected to be completed next
Grand Bahama, Wolves were a month.
lifelong passion.

But during his long financial
involvement with the club, he
was never able to restore its for-
mer glory.

Now it’s hoped Morgan’s
deep pockets, and keen inter-
est in Wolves’ fortunes, will help
propel the Midlands side back
into the big time.

In the 1950s, Wolves were
one of England’s top sides,
but the club has floundered
over much of the last half-cen-
tury.

However, a club statement
said: “Morgan not only has the
best interests of the club at
heart, but has the resources to
return the club to its former
greatness.”

Morgan made his fortune
from the development firm
Redrow. He is now chairman
of the Bridgemere Group.

He is a keen soccer sup-
porter who twice tried to buy
Liverpool, his hometown club,
but “lost patience” with the
Anfield board when he said
the club needed to be frank
about the cost of its new sta-
dium. :

Wolves said Sir Jack’s deci-
sion was in line with his promise
to step aside for the right per-
son.

He had taken the “unprece-
dented step” of giving his shares
to Morgan for a nominal £10 in
return for a £30 million (rough-



SIR Jack Hayward, the
Freeport-based tycoon, has sold
all his shares in his lifelong pas-
sion for just $20 - so long as the
buyer puts his money where his
mouth is.

Sir Jack sold his controlling
stake in Wolves, the English
soccer club, to multi-millionaire
Steve Morgan on condition that
the new owner invests $60 mil-
lion in its future.











@ STEVE Morgan



(Photo: AP/Jon Super)

Tel: 242.325.6848

erate ae per guest double copay apacty contre and cue ork: overestimates (521-$5) ae atop guest Pts aisle
cn select sairgs ony Restrictions app, © 2007 Carrival Crs Lines, Al rights reserved. Ships Registry. The Bahamas and Panama

Es

@ WOLVES midfielder Karl Henry, right, battles for the ball with West Bromwich Albion’s
Robert Koren, during their Fourth Round FA Cup on Sunday, January 28 , 2007
(Photo: AP/Simon Dawson)

14 WINNING ENTRIES WILL APPEAR IN BAHAMAS FIRST'S 25TH ANNIVERSARY 2008 CALENDAR
WINNING ENTRIES WILL RECEIVE A GIFT CERTIFICATE VALUED AT $500 EACH

ENTRY DEADLINE IS JUNE 22, 2007
JIRULES::. :

1. Bahamas First's 25th Anniversary Calendar Photo Contest is open to all
photographers and has the title “The Bahamas at Play". Photographs may be of
any subject or scene that illustrates the theme. Al photographs must be taken in
The Bahamas.

9. The winning photographs, along
reproduction rights attached ther
Baharnas First and the compx
the future.

10. Employees of Bahamas First: its af

2. Deadline for entries is June 22, 2007 ;

3. All entries are to be delivered to Bahamas First General Insurance's office, members are not eligible.
#32 Collins Avenue, Nassau, N.P, between 9 am and § pm, weekdays only . Name
Envelopes should be marked “Calendar Contest”. | Tek Business Home TL) iiss i,

4. All entries must be accompanied by an official entry form available at Bahamas First P.O. Box Street address ew
offices or when published in newspapers. Signature__—

5. Only colour images in horizontal format will be considered. Images must be provided as Date No. of photos entered ss (maxin um of 5)
digital images on CD. Digital images must be of high quality (2700 x 2100 pixels or larger). | qgree that in the event one or more of my ph airs is selected as
Digital images showing any signs of photo manipulation, resolution enhancement or ~ @ winner in the 2008 Bahamas First 25th Anniversary Calendar Photo is
compression will be rejected. To ensure the best colour reproduction, digital images Contest it will become the property of Bahamas First General Insurance E
should be supplied in RAW, TIFF or high quality JPEG and in the original colour format the Company and | assign to Bahamas First all rights pertaining to its use in ,
camera uses (LAB or RGB}. All entries must be supplied with prints which will be used in any way whatsoever. | also confirm that the photos entered in this
the judging process. The photographer's name and photo subject should be written on contest were taken in The Bahamas by the undersigned and have not 2%
the CD and on the reverse of the print. been previously published. i}

6. Judging of entries will be based on creativity, imagery, composition, colour, originality
and quality of photograph. The photos selected will appear in Bahamas First’s 25th Return with photos to: -
Anniversary 2008 calendar. The decision of the judges will be final. 25th Anniversary Calendar Contest

7. All entries are submitted at the owner's risk. It is the company’s intention to return all Bahamas First
entries in their original condition. However, Bahamas First will assume no liability for any P.O. Box 6238

: loss, damage or deterioration. 32 Collins Avenue pia

. Agift certificate valued at $500 will be presented for each of the photographs selected. Nassau, N.P G9.
a BAHAMAS FIRST

More than one entry from a single photographer may be selected. Photographic credits
will be given in the calendar. The number of entries per photographer is limited to a
maximum of five photos.

















FIRST (N INSURANCE, TODAY, TOMORROW. oe §
ses San Si 4

pega
a

Entry deadline June 22, 2007









PAGE 12, TUESDAY, MAY 22, 2007



On Saurday Mey 12, 2007, the
Mall at Mazathon Centre Court
was inundated by an anxious

crov.d who were more than as

willing, to give a gift that keeps on
giving. Members of ~
to ‘domate blood to we Blood
Bank of PMH. To show
- appreciation for those braving the
needle, BTC offered opportunities

for blood donators to, win ee

from. the BIC grab. bags. 2B
_ gph ne wee filed wth sre





YOUR CONNECTION-TO

t

Aahivee. Supervisor ‘PMH Blood
Bank, this was the best initiative

ever by a business organization,
“the response ‘was over
whelming. Although, the blood
drive only lasted seven hours One
Hundred and Sixteen units of
blood was collected, This
amount was only a few units shy

of the amount collected during

the two-day blood drive for the

Sea Hauler tragedy, Mrs, Azikiwe

© stated that the blood bank

at : PMH had been at its lowest

levels for the past few weeks and

» had been completed depleted due

to an emergency two days prior.

blood. pressure,
cholesterol testing, On behalf of



WORLD

After testing it was ane

that out of the One Hundred and
Sixteen units collected Sixty Eight
units were O positive, This.
means that these units can be used -
to assists patients of all blood —
types. In addition to the blood |
drive staff members from PMH
also performed complementary
glucose and

the Board of Director, Executive
Manag ge-ment and staff of BT Cc
the staff and patients of PMH we

thank the public for their support
and. their

awareness of the
importance of giving blood,

THE TRIBUNE



4 oe

TUESDAY, MAY 22, 2007

SECTION



business@tribunemedia.net



the blot iCeme

BUSINE





2 iain

HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE
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Miami Herald Business, Stocks, Analysis, Wall Street









Farm’s closure to

cost $2m revenue

New Providence-based Sunshine Farms’ end-June closure to
cost 18 jobs, and impact Bahamas’ ability to be self-sufficient

@ By NEIL HARTNELL
Tribune Business Editor

New Providence-based
poultry farm is set to close
at the end of June with the
loss of 18 jobs and $2 mil-
lion in per annum rey-
enues, dealing a futher blow to Bahamian
self-sufficiency in food production and busi-

ness ownership.

Chris Lowe, of Sunshine Farms, con-

firmed that the business which was set up in
1954 - some 52-and-a-half years ago - was
due to cease production and close down
at the end of next month.

When asked why, he said: “It’s mainly to
do with...... just everything. It’s a shame
that a business that has been around for 52-
and-a-half years is going to close its doors,
but no one in the Bahamas cares about
agriculture.

“I’m in the process of selling-off the old
birds now, and by the end of June we

should be all said and done.”

A major factor behind Sunshine Farms’
closure has been the flood of imported
eggs into the Bahamian market, with other
poultry farmers alleging that some food
stores preferred to stock on their shelves
the foreign eggs because, as imports, they
were able to get around price controls. In
turn, they could be sold to consumers at

SEE page 7

Multi-million investments depend on port decision

@ By NEIL HARTNELL
Tribune Business Editor

TWO multi-million dollar
investment projects are depen-
dent on the relocation of down-
town Nassau’s shipping facili-
ties to the proposed port at
Clifton, and subsequent reloca-
tion of the South-West Road
that services it, meaning the
impact from any decision the
new FNM government takes on
thé*project extends far beyond
the downtown revitalisation ini-
tiative. _

A key component of the
Christie administration’s port
relocation plan was to re-route
the South West Road, which
currently takes it through the
middle of both the still-closed
South Ocean Golf & Beach

Resort and proposed $1.4 bil-

lion Albany project, to a new
route through the centre of New
Providence.

This would ultimately link
Gladstone Road to the PLP
administration’s proposed new
port, which was to be situated

Fidelity creates
private equity

@ By NEIL HARTNELL
Tribune Business Editor

FIDELITY Merchant Bank
& Trust has created a private
equity vehicle to invest in com-
pany buyouts and turnarounds,
with capital markets players
yesterday telling The Tribune
they saw “good opportunities”
for such funds to participate in
such deals given the succession
issues facing many family-
owned Bahamian companies.

Michael Anderson, president

of Fidelity Merchant Bank &

Trust, which will be renamed
Royal Fidelity once regulators
approve the purchase of a 50
per cent stake by Royal Bank
of Canada, explained that the
institution had set-up Fidelity

& fund vehicle

Analysts spot ‘good
opportunities’ for such
funds in Bahamian
buyout market

Private Equity Invéstments Ltd
last year “as an investment
company underlying the mer-
chant bank”.

Mr Anderson said the first
acquisition it had participated
in was the $54 million purchase
of Winn-Dixie’s 78 per cent
majority stake in Bahamas
Supermarkets.

Fidelity Private Equity
Investments Ltd would contin-

SEE page 2



‘| HUBERT INGRAHAM

between Commonwealth Brew-
ery and the Bahamas Electrici-
ty Corporation (BEC) power
plant at Clifton.

It would also take the South-
West Road around the pro-
posed Albany and South Ocean
projects, making them viable.
Without the road re-routing,
both projects would have to
contend with heavy freight traf-
fic lumbering through their sites
as it made its way to the BEC

‘No injunction appeal’
over Guana Cay

@ By NEIL HARTNELL
Tribune Business Editor

OPPONENTS of the $175
million Baker’s Bay Golf &
Ocean Club will not appeal the
Court of Appeal’s decision to
decline their request for an
injunction forcing the develop-
ers to stop work, their attorney
told The Tribune yesterday,
while the court considers its
judgement on the substantive
merits of their case.

Fred Smith, who represents
the Save Guana Cay Reef Asso-
ciation, said the lobby group
would not appeal the injunction
issue to the Privy Council, due
to both the drain on financial
resources this would cause and
the fact that the Court of |
Appeal rendered judgements
relatively quickly.

“At this time, there is no
intention to appeal the refusal
to grant the injunction,” Mr
Smith said. “Obviously, the
Save Guana Cay Reef Associa-

tion is very disappointed that -

we did not get the injunction,
[but] the reality i is that the Court
of Appeal is very prompt in
delivering its judgements, ad the
resources of the the Associa-
tion are limited.

“Although they are passion-
ate about protecting the envi-
ronment, we can only do so
much at any one time.”

The refusal to grant the
injunction means that the Bak-
er’s Bay developers, San Fran-
cisco-based Discovery Land
Company, are free to proceed
with work on their project,
which includes a boutique hotel,
some 400 residential properties,
180-slip marina, golf course and
community village, at least until

the Court of Appeal rules on
the merits of the Association’s
case.

Whatever the eateomes it
appears that the case is destined
for the Privy Council.

Mr Smith said that if the
Association sought to appeal
the injunction decision now, it
would have to go back to the
Court of Appeal to apply for
leave to go to the Privy Council.
If this was granted, they would
then have to file an appeal, set-
tle the record and lodge all rel-
evant documents with the court
in London.

Apart from the expense
incurred in doing this, Mr Smith
added that any appeal could not
be an ex-parte hearing, with just
the Association present. The
respondents in the case, Dis-
covery Land Company and the
Government, would also have
to be represented.

And by the time all this hap-
pened, Mr Smith said it was
quite possible that the Court of
Appeal would have given its
decision on the merits of the
case.

The Association’s attorney
added that should the courts
ultimately decide in its favour,
the Government and Discovery
Land Company would put
everything back as it had previ-
ously been.

“It is not the best outcome
for Guana Cay; we would have
preferred to get the injunc-
LOR ssi Mr Smith said........
“We are ‘forging on by the skin
of our teeth, and god-willing we
will have our day in court. We
look forward to the Court of

SEE page 7

power plant and ewes: some-
thing that would render both
developments as ‘non-starters’.

It is understood that both the
Albany and South Ocean
investors have agreed to finance
construction of the new road,
but the final decision on
whether to proceed lies with the
FNM administration under
Prime Minister Hubert Ingra-
ham.

The new government will also
have the task of deciding
whether to close on the com-
pulsory acquisition of land that
is needed for the new port road,
the process of purchasing these
properties having begun under
the former PLP administration.

Prior to the May 2 general
election, the then-government
announced that, via compulsory
acquisition, it had taken pos-
session of land in New Provi-
dence forthe new port road.

The Prime Minister’s office
issued a government notice on
March 16, 2007, that the land
had been appropriated by the
Minister responsible for the

Patricia

acquisition and disposition of
Lands (the Prime Minister) for
“the public purpose, namely
construction, of public roads
and for uses related thereto”.

In the notice, the Office of
the Prime Minister said that
possession of the land should
be obtained before payment is
made to the rightful claimants.
According to the notice, the
Government was looking to
acquire 14 plots of land near
the BEC Power Line Reserve
and its surrounding areas for
the new port road.

However, The Tribune under-
stands that the Government has
yet to compensate landowners
whose land is being acquired,
leaving the FNM to deal with
this issue. —-

Prime Minister Hubert Ingra-
ham, after first appearing to
state that the Clifton port plan
had “gone with the previous
administration”, then left the
door open to it in a subsequent

SEE page 6

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PAGE 2B, TUESDAY, MAY 22, 2007

THE TRIBUNE



a ee ee SESS en
Hotel body hopes minister will address fish limits

@ By CARA BRENNEN-BETHEL
Tribune Business Reporter



he Bahamas Hotel Associa-

tion is eager to work with

the new minister of tourism,

Neko Grant, its president

said yesterda,y noting that there are

several major areas of concern they
would like addressed.

Speaking with The Tribune, Russell

Miller said the BHA would like the

new administration to take a closer

fishing catch limits that were enacted
earlier this year under the Christie
Administration.

Those limits drastically reduced the
amount of fish sportsmen could catch
and take out of the Bahamas. The for-
mer minister of agriculture and marine
eesources, Leslie Miller, had aggres-
sively endorsed this, saying it would
preserve the environment for future
generations and prevent overfishing.

However, this caused an uproar in
the sports fishing industry, with US
sportsmen calling for a boycott of the

Bahamas because they felt the limited
catch allowances did not justify the

money spent in gas, docking fees and

living accommodations to come here.

Mr Miller said yesterday he hoped
the Ministry of Tourism would look
into the matter.

He added that he looked forward to
working with the ministry on a joint
taskforce to address what he considers
to be one of the biggest challenges cur-
rently facing the industry, worker train-
ing.

Mr Miller said a plan has to be put in

place to ensure that as the hotel indus-
try expands, there are sufficient quali-
fied and skilled workers to staff the
various tourism properties.

He added that he was looking for-
ward to meeting with Mr Grant in the
next few weeks to discuss the estab-
lishment of a Tourism Corporation.

Mr Grant has urged NewProvi-
dence/Paradise Island, to generate a
greater level of repeat visitor business

that matched the Family Islands, with.

the former’s 51.8 per cent repeat vis-
itor rate well below the 65.7 per cent

Family Island average.

In addition to revitalising his native
Grand Bahama, the new minister says
his goals are to focus on upgrading the
Lynden Pindling International Airport,
improving the infrastructure at the
Prince George Dock and its Welcome
Centre to give cruise ship passengers:a
better first impression of the Bahamas;
perhaps standardising the taxi fleet and
developing a code of conduct and ser-
vice standards”, and the development
of new tours encompassing Over-the-
Hill historic sites.

look at the amendments to the sports-





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NOW

Fidelity creates private

Teas Lure mo pblale

FROM page 1

~ we to be used as a vehicle to

raise capital from private
investors, he said, and give them
access to and participation in
deals to acquire major Bahami-

an companies.

“It was the first foray into pri-
vate equity, and that [Fidelity
Private Equity Investments Ltd]
was the vehicle for Fidelity to
invest in BSL Holdings and
Bahamas Supermarkets,” Mr
Anderson said.

“There is no doubt that there
is room for a Bahamian private
equity player in this market.”

He added that any Bahamas-
based private equity fund that
participated in the domestic
Bahamian market would have
to be wholly Bahamian-owned

and funded to minimise Invest- .

ments Board and exchange con-
trol approval issues.

As a result, Fidelity Private
Equity Investments Ltd had
been set up as a fund structure,
although not classified as a fund.
While Fidelity Merchant Bank
& Trust held the management
and voting shares, it did not
own the income-generating or
ownership shares.

“There’s good opportunities
here for private equity funds to
participate in various deals,” Mr
Anderson said: “There’s lots of
businesses here that are not par-
ticularly well-managed, and are
still owned through family struc-
tures.”

Businesses

Many Bahamian-owned busi-
nesses have recently, and will
continue, to face succession
issues, where children do not
want to, or lack the expertise, to
take over businesses that were
started and run by their parents.

Such ownership structures are
also likely to find their ability to
generate extra capital when the
need arises limited, and a
Bahamas-based private equity
fund could bring in both capital
and a new management team,
ensuring “a better product and
a more efficient business”.

“The pros of an organised
private equity player are that

i they bring a disciplined

ON THE CAMPUS OF THE

« approach to business; taking a

business that is under-perform-

‘ing or not able to do much more
in terms or growth, and mov-

ing it forward,” Mr Anderson
said.

Private

Bahamas-based private equi-
ty funds, which participate in

the domestic economy, have:

been a key missing ingredient
from the Bahamian capital mar-
kets.

Until funds that in invest in
stocks and shares, private equi-
ty funds acquire companies that
they usually believe are under-
performing, poorly managed or
have significant upside poten-
tial untapped. They then para-
chute in a management team
charged with turning the busi-

ness around, and exit the invest- ,
ment by either selling the com- .

pany on or taking it public via
an initial public offering (IPO).

Private equity funds raise
capital from high net-worth
individuals, institutional
investors and pension funds,
and often seek returns on their
investment as high as 20 per
cent per annum. They are dif-
ferent from venture capital
funds, such ‘as the one estab-
lished by the Bahamian gov-
ernment, because these instead
invest in business start-ups, not
established companies.

In the Bahamian market,
apart from Fidelity’s fund, there
have been no attempts to set
up a true private equity fund.
While there have been a num-
ber of private equity-type deals,
they often rely on the buyer to
be approached or identify the
opportunity. Then then have to
round-up fellow investors and
capital to ensure the deal hap-
pens, rather than having a fund
ready to go.

Examples of private equity-
type deals in the Bahamas,
apart from BSL Holdings,

would be the KLG Investments -

acquisition of Aquapure and
the purchase of John S George
by Ken Hutton and his John S
George consortium.

Larry Gibson, vice-president
of pensions for Colonial Pen-
sions (Bahamas), said yester-

OPEN



day that a major issue with

many private equity-type deals ~

in the Bahamas to date is that
they have involved too much
bank debt in financing the initial
purchase, which makes achiev-
ing returns on equity and exiting
the investment much more dif-
ficult.

“TI think there would be peo-
ple who would subscribe to that
and be involved in that,” Mr
Gibson said of a Bahamas-
based private equity fund. “I
think that’s something that’s
needed, and I think it would be
fairly well received.”

He said the only questions
would be who managed a pri-
vate equity fund, and who
would invest in it.

Mr Gibson said that while
private equity funds typically
made capital available and
“make things happen a lot
quicker”, the downside was that
in their drive to generate profits
for investors, they were very
aggressive in effecting turn-
arounds and could “slash and
burn”, creating short-term dis-
locations by making a number
of workers redundant and

ket.
Management

Finding a good management -

team for the companies a
Bahamian private equity firm
took over was also key, Mr Gib-
son said, adding that as a matter
of economic policy the Gov-
ernment should look at encour-
aging joint ventures. between
major investors, such as Kerzn-
er and Baha Mar, and such
funds.

Private equity funds are
already heavily involved in the

international sector of the -

Bahamian economy, several
funds having financed Kerzner
International’s ‘going private’
transaction. Many funds also
have ownership stakes in other
Bahamian hotels.

Ken Kerr, head of Provi-
dence Advisors, yesterday also
told The Tribune that while a
private equity fund could work
in the Bahamian economy, “the
question is the quality deal flow
and availability of capital”.

COLLEGE OF THE BAHAMAS
(JUST OFF TUCKER ROAD)

TO THE COLLEGE STUDENTS AND THE GENERAL PUBLIC

MONDAY - THURSDAY 7A.M.

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putting them on the job mar-





[BUSINESS

Che Hiami Herald

THE MARKETS

STOCKS, MUTUAL FUNDS, 8B

pow30 13,542.88 ~-1365 W
S&P 500 1525.10 +235 A&
NASDAQ 2,578.79 +2034 A
10-YR NOTE 479° +n A
CRUDEOIL 66.27. «+133. A

S&P 500
passes
record
close

BY MADLEN READ
. Associated Press
NEW YORK — Wall Street
reached another milestone dur-
ing a muted session Monday,
when the Standard & Poor’s 500
index briefly passed its record
close of 1,527.46 for the first
time in more than seven years.
The S&P 500, considered by —
market professionals the best
indicator of stock performance,
surpassed the mark shortly after
noon following news of a fresh
spate of takeover deals. The —
broad market index has lagged _
the Dow Jones industrial aver- |
age in recovering from Wall
Street’s prolonged slump earlier
this decade.
The S&P 500 rose as high as
1,529.87, then edged back to
1,525.10, up 2.35, or 0.15 percent,
_as cautious investors locked in
some profits after weeks of
gains. The index’s advance was
_ driven by buying in non-tech-
nology sectors such as energy,
- materials, industrials and finan-
cials, S&P data showed. It is still
_ well below its all-time trading
high of 1,552.87 set on March 24,
2000, the same day the index
8 ete D its record close. .

‘The Dow retreated modestly

* after venturing further into
- record territory earlier in the
day. The blue chip index fell
13.65, or 0.10 percent, to
13,542.88 after hitting an intra- 4
_ day high of 13,586.03.

_ The Nasdaq composite index

rose 20.34, or 0.80 percent, to

_ 2,578.79, after reaching a six-
. year high of 2,587.87. The index
Cae as Amazon.com’s stock _

_ saw big gains, and as investors _

bought up small-cap stocks, —

_ which have been trailing large- _

cap stocks this year.

e ~The Russell 2000 index of _

smaller companies rose 9.99, or |
a 21 percent, to 833.65, a new —
- record close.

In early 2000, all the major
stock market indicators reached
record highs, only to be dragged

_ down by the end of the dot-com

‘boom, recession, the 2001 terror ©

attacks and a series of corporate

scandals including the collapse
»-ofEnron, TheS&P 500 fell to a
ow of 776.76 in October 2002 at
the depths of a three-year bear
_-market on Wall Street.

The’ market recovered
slowly, but it wasn’t until last
October that the more widely
recognized Dow Jones indus-
trial average surpassed its own
previous closing high of
© 11,722.98. The Dow has gone on
» to barrel past 13,000 as Wall
© Street rallies on a mixture of
} corporate takeover news,
respectable earnings and hopes
- for an interest rate cut.

i After 24 record closes for the
i Dow this year, the S&P has

_ finally caught up,

“This is new territory, but

_ more importantly it serves asa
» reminder that the three broad
: indices are doing well. That
* should be the focus,” said
; Arthur Hogan, chief market
' analyst at Jefferies & Cox ,

3 The Nasdaq, however, is

pe oalikely to reclaim its record
close of 5,048.62 anytime soon.

fi _ The index was overinflated by
;. investors eager to grab any

. high-tech stock.

_ Advancing issues outnum-

» bered decliners by about,.3 to 2
“on the New York Stock
» Exchange. Consolidated volume
. came to 3.48 billion shares, up
) from 2.92 billion Friday.

' Overseas, Japan’s Nikkei

. stock average rose 0.90 percent.

_ Britain’s FTSE 100 slipped 0.06

percent, Germany’s DAX index

' added 0.15 percent, and France’s

. CAC-40 fell 0.18 percent.







18
E
p



TUESDAY, MAY 22, 2007



ACQUISITION

3B

INTERNATIONAL EDITION



Alltel agrees to buyout for $24.8 billion

BY TOM PARSONS
Associated Press

LITTLE ROCK, Ark. — A pair of
investment firms have agreed to
acquire Alltel, the fifth-biggest U.S.
wireless company and owner of the
nation’s largest geographic network,
in a deal worth $24.8 billion.

The telecommunications company
announced Sunday that it had signed
an agreement to be acquired by TPG
Capital, formerly Texas Pacific
Group, and GS Capital Partners, a
subsidiary of Goldman Sachs. The
investors also agreed to take on All-
tel’s $2.7 billion in debt.

“This transaction delivers sub-
stantial and certain value to our
shareholders while providing the

| Information Service.

Prices are up 33.7 cents from a
month ago and 30.4 cents from a
year ago, as demand remains
strong, and a-spate of planned and
unexpected refinery shutdowns
| have constricted supply.

“As we start a new week, we
have an insanely bullish market —
which has already advanced to
absurdly high levels,” Cameron
| Hanover’s Peter Beutel wrote ina
research report. “We are running
seven weeks behind normal this
refinery turnaround season, after
taking an extra seven or eight
weeks in the fall to maintain refin-
erles.”

The U.S. Energy Information
Administration reported last week
that gasoline inventories — while
increasing to 195.2 million barrels
for the week ended May 12 — are
still well below the average for this
time of year. The U.S. peak driving
season, meanwhile, is set to begin
this long Memorial Day weekend.
Gasoline futures for June deliv-
| ery slipped less than a penny to
| settle at $2.4013 per gallon on the
New York Mercantile Exchange.

Light, sweet crude for June
delivery jumped $1.33 to $66.27 per
barrel on the Nymex after earlier



company with long-term partners
who share our commitment to our
customers, employees and the com-
munities we serve,” Scott Ford, All-
tel’s chief executive, said.

“This transaction also ensures our
customers can continue to rely on
Alltel to deliver high-quality service
and leading edge products and ser-
vices.”

The deal, if approved by share-
holders and regulators, is expected to
close during the fourth quarter of this
year or the first three months of 2008,
Alltel said.

Alltel has about 12 million cell-
phone customers, mainly in the
South, West and Midwest. That ranks
it fifth in number of customers, after

Cingular, Verizon, Sprint and T-Mo-
bile, but the company’s service “foot-
print” is larger than any of those
rivals, Ford said.

The agreement calls for the two
investment firms to acquire all of the
outstanding common stock of Alltel
for $71.50 per share in cash. Accord-
ing to Alltel, that represents a 23 per-
cent premium over Alltel’s share
price before word of a possible buy-
out first appeared in the media on
Dec. 29.

Trading in Alltel’s stock closed
Friday at $65.21, down 14 cents from
the day before. The $71.50 per share
buyout price would represent a pre-
mium of only about 10 percent over
Friday’s share price.

Ford said that the buyout price is
“a 10 percent premium over a price
that clearly anticipated this outcome”
after scores of articles had been writ-
ten about Alltel’s prospects in the
first months of this year.

The announcement was the sec-
ond in a week of a buyout of a corpo-
ration based at Little Rock to be taken
private by the new owners. On
Wednesday, data-management firm
Acxiom announced it was to be
acquired in a buyout worth about
$2.25 billion.

Ford said that the Alltel deal
resulted from “a very thoughtful,
very careful, very thorough review”
over several months by the Alltel
board.

PETROLEUM



FILLING UP: A driver gets gas at a Hess station in Collegeville, Pa., on Monday, as retail gasoline
prices climbed to another record. /

RECORD GAS PRICE —

GASOLINE PRICES AT THE PUMP SET NEW HIGH
AT $3.196 PER GALLON; CRUDE FUTURES JUMP

BY STAN CHOE
Associated Press

NEW YORK — Retail gasoline prices climbed to another record
Monday, while crude oil futures jumped above $66 per barrel amid
concerns about gasoline supply heading into the peak summer driving
| season. A gallon of regular unleaded costs an average of $3.196 across
the country, up from $3.178 on Sunday, according to AAA and Oil Price

falling as low as $64.45. Brent
crude for July delivery added $1.07
to. $70.49 on the ICE Futures
exchange in London.

Citigroup Global Markets
energy analyst Tim Evans said
there was no one reason for the
jump in crude prices, which fol-
lowed some weakness in morning
trading. “It doesn’t have to have a
reason,” he said.

The June crude contract on the
Nymex expires Tuesday, meaning
“it only takes a stiff breeze to
move it,” Evans said.

Attackers in Nigeria vandalized
an oil installation run by Total SA,
the company said Monday. No
injuries, kidnappings or produc-
tion cuts were reported, though.

The attackers caused ‘“‘a couple
of barrel’s worth” of oil to spill,
but production wasn’t affected, a
Total spokeswoman said. Nigeria
is one of the world’s largest crude
producers, and attacks on oil
installations have become an
almost daily occurrence following
elections there last month.

The next few days likely will be
volatile for oil and gasoline
futures, said Jim Ritterbusch of oil
trading advisory firm Ritterbusch



GEORGE WIDMAN/AP







PAUL SAKUMA/AP

CALIFORNIA: High gas prices are
posted at this Shell gas station
in San Mateo on Monday.

and Associates.

The inauguration of a new pres-
ident in Nigeria could lead to more
violence, which would drive up
prices. The federal government
also will release its updated hurri-
cane outlook.

“That’s liable to push things
around a bit,” Ritterbusch said.
“We've got things going on here in
the next few days.”

In other Nymex trading, heat-
ing oil futures rose 3.57 cents to
$1.9509 a gallon while natural gas
prices fell 3.1 cents to $7.913 per
1,000 cubic feet.

TELECOMMUNICATIONS

Court rules
against
consumers
in phone -
lawsuit

BY PETE YOST
Associated Press

WASHINGTON — The Supreme
Court on Monday sided with the
nation’s largest local phone companies
in a lawsuit by consumers alleging anti-
competitive business practices.

The court ruled 7-2 that the suit
lacked any specifics in accusing the
companies of secretly agreeing not to

. compete in each other’s territories for

local telephone and high-speed Internet

-Setvice.

It is not enough to make a bare asser-

’ tion of conspiracy, Justice David Souter

wrote in the majority opinion.

Souter said the complaint alleging
restraint of trade “comes up short.” He
said the consumers who filed the suit
“have not nudged their claims across
the line from conceivable to plausible.”

In dissent, Justice John Paul Stevens
objected to the lower court’s dismissal
of the case without requiring a response
from the phone companies. Federal
rules, previous rulings and “sound prac-
tice mandate that the district court at
least require some sort of response,”
Stevens wrote.

The case stems from changes to the -

telecommunications law in 1996. The
local phone companies were to open
their monopoly markets to competition.
In return, they were given the opportu-
nity to enter long-distance business. At
the time, the four companies controlled
more than 90 percent of the market for
local phone service.

The defendants were Bell Atlantic,
BellSouth, Qwest Communications, and
SBC Communications. Bell Atlantic is
now Verizon and SBC bought AT&T
and the renamed company, AT&T,
merged with BellSouth.

The Supreme Court decision
“embraces an important principle about
protecting the freedom of firms to make
unilateral decisions on what markets to
enter or not enter,” said John Thorne,
senior vice president & deputy general
counsel of Verizon Communications.

Consumers represented by a promi-
nent firm of plaintiffs’ attorneys sued
when the companies kept to their own
territories rather than competing. The
consumers also alleged the local phone
companies conspired to keep smaller
companies from competing success-
fully in the larger companies’ markets.

The companies said there are inno-
cent explanations; that it is understand-
able each company would decide indi-
vidually against devoting scarce
resources to the risky enterprise of
entering new markets.

The Bush administration supported
the phone companies, saying the law-
suit “fails to provide concrete notice of
the alleged wrongdoing.” Those filing
such lawsuits, said the Justice Depart-
ment’s solicitor general, need to be able
to point to allegations of particular
jointly attended meetings or to involve-
ment of alleged conspirators in joint
activities.

A federal judge dismissed the case,
saying the lawsuit contained no direct
factual allegations that the companies
had conspired.

Companies with “similar informa-
tion and economic interests will often
reach the same business decisions,” the
federal court said.

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S&P 500 NASDAQ pow H - 6-MO T-BILLS 30-YR T-BONDS -01 GOLD 41.99 EURO WH _ CRUDE OIL 4
1,525.10 +2.35 9579.79 MHt20.34 13.547.88 13.65 4.81% = +.05 4.94% $662.90 1.3467 0038 “$66.27 Ma +1.33
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1,50 0 2,540 een Schimbrg 80.14 +.74
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1,46 0 10 DAYS 2,480 pean pee = 6-month T-bill 4.81 4.76 +005 A W V 481
1,450 2,500 Sempran 6432 4.27 5 l-yearT-note 4.96 497 -0.01 = A A 5.00
ShawCg 40.55 +.08 WA 2-year T-note 4.79 480 -0.01 A A A 497
be sabe rene apae Shire 69.72 -.05 10-year T-note 4.78 480 -0.02 A A A 5.06
SiderNac 52.75 +.27 -yearT-bond 4.94 4.95 -0. :
1,350 S&P 500 2,300 conse Nasdaq composite Siemens 124.20 -.95 a ae
Close: 1,525.10 Close: 2,578.79 aol ie eH \ NET 1YR
+ +2.35 (+0.29 ‘ mi : -L,
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N D J F M A M Sodexho 77.12 -1.50 Lehman Bros Bond Idx4.97 4.99 -0.02 A A A 5.25
SonyCp = 57.38 +1.82 Bond Buyer Munildx 468 468 .. A A A 482
sores at Lehman US Inv Grade 545 541 40.0 A A A 563
; SthnCopps 86.10 +1.01 PRIME FED anaes
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NYSE NASD DOW Trans. 5223.48 5190.68 5202.94 -10.77 -0.21% A A A +14,09% SovrgnBcp 23.61 —-.10 PREV 8.25 522 Bank Index 117.91 118.06 -0.15 A A A 108,77
DOW Util. 535.93 532.99 535.72 +2.34 +0.44% A A A +#17.28% SpectraEn 26.84 +.04 WK AGO i 5.27 DJ Corp Bond 199.23 199.13 +0.10 WV VW A 185.41
Vol. (in mil.) 3,479 1,916 NYSEComp. 9926.94 9888.66 9897.46 +372 +0.04% A A A +8.30% SprintNex 2140 +61 825 5. . ;
Pys. Volume 2,924 1,950 NASDAQ 2587.87 2560.85 2578.79 +2034 +080% A A A +6.77% SPDR 15254 -08
Advanced 1949 2036 S&P 500 1529.87 1522.71 1525.10 +2.35 +0.15% A A A_ 47.53% SP Mid 164.72 +1.21 ay :
Declined 1310 1021 S&P 400 907.81 898.05 905.56 +7.37 +0.82% A A A +12.58% Staples 2567 +12 Commodities COMMODITY CLOSE PVS. %CH. %YTD
New Highs 346 187 Russell 2000 837.19 823.22 833.65 +9.99 +1.21% A A A +5.84% Starbucks 29.28 +.33 Unleaded Gas (gal) 2.40 2.41 -0.41 +49.8
New Lows 14 49 Wilshire 5000 15401.17 15304.64 1535590 +5091 +0.33% A A A _ +7.70% StarwdHtl 68.36 -.84 Crude Oil (bbl) 66.27 64.94 +2.05 +8.6
StateStr 68.88 , +.50 Gold (0z) 662.90 661.00 +0.29 +4.4
: Statoil 28.06 | +.13 Platinum (oz) —«-1319.70 1326.20 -0.49 +15.8
; WidelyHeldStocks StoraEnso 19.03 +.08 Silver (oz) 13.06 1293 +101 +2.0
Name Last Chg Name Last Chg Name Last Chg Name Last Chg Name Last Cho Stryker 67.16 -.20 Coffee (Ib) 1.12 1.10 +1.82 -11.3
ABB Ltd 20.38 -.03 Boeini 96.90 +.27 Suez 57.28 = -.97 Orange Juice (Ib) 1.65 1.66 -0.60 -18.0
ABNAmro 4729-59 BostProp 10828 +38 NI 7101 +39 ITT Corp = 66.7537 = NYSE Eur = 86.43. -+3.99 = SunLffng 47.30 +.13 Sugar (Ib) 0.09 0.09 “23.4-
ACELtd 62.12 +38 BostonSci 15.53 +09 FOGRes 7853 +06 iTWs 51.96 +53 Nabors 35.94 -14 SunMicro 5.39 +.10
AESCpIf 2361 +26 BrMySq 30.31 «-.14 «= ~FKodak = 25.07 +.56 gy 43.73 -35 \Naspers 2672 +58 Suncorg 87.56 -12
AFLAC 5179 -.01 BritATob © -64.43« 60 ~—-Eatton 92.31 -09 |mpoOilgs 46.52 +66 NtAust 177.05 -1.37 Sunoco = 77.30 +1.28
AMR 2631-69 Britsky 51.71 -27 EchoStar 49.56 +32 ImpTob 85.51 -1.62 += NBKGreece 11.62 -.08 © SunTrst «=» 89.65 +.15 Foreian 6MO. 1YR
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AT&TInc 40.55 «-55~—«iBrkfldAsgs 64.73 +.54 Edisonint «59.42 +56 infineon © «14.75 =14-——NOilVarco 94.65 +37 © Swisscom = 34.62 -18 Exchange ‘
AUOptron 15.76 +.03 BrkfldPrp 39.40 «-.05 ~—«ElPasoCp = 16.22 +.14 infosys 49.99 -.43 «= NatSemi = 26.75 +14 «= Symantec 19.79 -.07 Argent (Peso) 3251 +.0002 +06 ~=—«3247—«.0021
AXA 43.42 -23 Bungelt 7917 -55 Flan 18.69 +209 IngerRd 48.90 -13 NetwkAp 38.21 +22 «Syngenta 37.11.09 € Brazil (Real) 5151 +0050 +97 4622 +.0588
AbtLab 58.63 -.80 BuriNSF 93.55 --gg = «ElectArts 49.21 +63 intel 22.63 -.07 —-NewellRub 30.52 +20 Synovus «32.57 4.03 > Britain (Pound) 1.9702 -.0043 ~—--.22.-—«1.9002_+.0922
AberFitc 81.33. +78 © CAInc 27.92 +32 —EDS 28.44 +17 — intentlEx 146.08 +690 NewfldExp 4824 +09 Sysco 32.95 -.61 Canada (Dollar) 9218 +0044 +.48«~—«8725+.0287
Accenture 39.66 -01 CBREllis 37.70 +37 Embarq 6484 -18 intctlHtlrs 26.79 -.21 NewmtM 3945 +26 ‘TDAmeritr 1837 +47 WA Chile (Peso) 001919 -,000000 -.00 .001883 +.000011
Adecco 18.06 +.09 CBOT 196.00 +2.62 EmersnEls 46.17 +.25 ip 107.04 -95 NewsCpA 22.33 +28 TDK 90.95 +1.48 Colombia (Peso) .000503 -.000000 -.00 .000438 +.000096
AdobeSy 43.25 -.34 = CBSB 3284 +29 EEIChile 45.90 30 intigame += 40.05 -.57 = NewsCpB 23.90 +21 «= UX 28.28 -.05 Dominican Rep (Peso) 0313 -.0000 -.00 .0297 +.0006
AMD 1543-16 CDWCorp 77.99 +33 Enbridge 34.52 +48 intpan = «38.82 -30 = Nexengs © 30.80.06. «= INTNV = 44.33 -.09 Euro (Euro) 13467 0038 -.28-—«1.2843 +.0695
Advantstrs 4298 -15 CHRobins 5246 +10 EnCana 6271 +24 intipower 92.27 +.09 NiSource 25.15 -21 . TXUCorp 67.05 +.27 Japan (Yen) 008233 -.000021 -.26 .008484 -.000723
Aegon 20.46 -36 CIGNA 163.55 -3.12 Endesa = 5408-33 ntuits = 31.21.35 ——Nidec 1437 -13.—‘TaiwSemi = 10.51 -.02 Mexico (Peso) .092877 +.000284 +31 .091211 +.003444
Aetna 52.38 +09 CITGp 60.10 +30 Enel 56.89 +16 Ipscog «157.25 +17 = NikeBwi 54.68 -+1.43~—TalismEgs 920.49 +.41 Uruguay (New Peso) .0420 +.0003 +71 .0413 +.0003
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Ahold 1282 -11 CNHGbI 4612 +91 EngyTsfr 60.33 +17 — JacobsEs 55.22 +12 Nissan 21.91 +24 ‘TataMotors 17.81 = -.48
AFrance 47.75 «-.79.~=SCCNOOC.SOSC«SLs« 42.34 Emersis, © 1836-54 John Jn 63.52 +10 NobleCorp 91.94 +31 ‘Technip 76.57 = -.04
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Alcan 8110 +03 CVSCare 37.80 -.66 Brea F oe el KPN 16.37 10 Nordstrm 52.70 -65 TelltaliaA 23.36 +210 Cg enn 169510 4935 -4015% a CK CAT Sa
Alcatelluc 13.55 -03 CablvsnNY 35.42 +.04 gtyRs : . KTCorp 24.11 -.28 —NorflkSo «57.50 -.63 ‘TelBrasH += 39.02 +1.47 A
Alcoa 38.99 74 CadbyS 54.45 +13 EricsnTl 38.12 -.27 Kellogg 53.60 -.05 Norsk s 35.54 +.07 TelSPaulo 29.60 +48 Frankfurt DAX 7619.31 +11.77 + =+0.15% A A A +15.50%
Alcon 13509 -92 Camecogs 5130 +125 Esteeldr 47.16 +16 —Keycorp ©3659 -.24-—sNortelifrs 25.25 +.94 ~—‘TelefEsp = 67.01.83. «= London FTSE 100 6636.80 = -4.10 -0.06% A A A 46.69%
AllgEngy 5531 +11 Cameron 71.19 +40 EverestRe 106.39 47 KeySpan 41.49 -.01_-—sNorTrst. «~= «64.07 -.10~=‘TelMexL_©= 39.70 +87 += Hong Kong Hang Seng 20927.75 +2291 +0.11% VY A A +482%
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Allergan 120.73 -159 CIBCg «96.99 -.05 = Expedia = 25.26 +62 Kimco 44.09 +32 Novartis 55.47 -1.24 -‘TelDatalf, «59.13 +23 © Tokyo Nikkei 225 17556.87 +157.29 +0.90% WV A A +1.92%
AlliBern . 90.32 +38 CdnNRyg 53.57 -.03 SOO oe a KindME 55.33 +.25 += NovoNdk 102.86 +.51 sel a. pre
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Allstate 62.61 “14 Canons 58.32 +.02 FPL Grp 65.52 +45 Kookmin 88.50 -2.17 OcciPets 54.79 +.12 Tenaris 47.20 +.76 Buenos Aires Merval. 2209.08 +22.69 +1.04% A A A_ +5.67%
* Alltel 69.60 +439 Capone 7792 +48 FannieMif 63.29 +11 — Koreaklc 22.24 -~«-.07-~—«OffeDpt_-~«=«3530 +09 -««sTerexs «= 79.47 +1.75 — MexicoCityBolsa 3070873 +32.39 +0.11% A A & +16.11%
AlteraCp If 22.93 +.08 — CardnlHith 71.77 Fastenal = 42.57 +22 Kraft 33.19 +08 Omnicom 10355 -25 ‘Tesoro 121.00 +202 SaoPaoloBovespa 52423.45 +345.77 +0.66% A A. A +17.88%
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Ambey “6860 +118" Caterpillar 7485. +08 BE NGniae or ed agnt ps cere ne RN 7463-28 Tlermafis 53.57 “5 Seoul Composite 1628.20 +15.95 +0.99% A A & +13.51%
pea 9529 -.79 ne 3534 +22 FirstDatas 3260 +02 {9 come 829 +05 ee ae a 3M Co 87.06 +16 Singapore Straits Times 3414.49 -97.91 -2.79% W A A +14.36%
Amdocs 37.94 +2.29 — Cemig s 38.41 +11 FirstEngy 72.23, +1.05 LabCp 78.79 +.36 PPL Corp 45.78 “24 | Tiffany 52.03 +.76 Sydney All Ordinaries 6372.50 +52.80 +0.84% A A A +12.90%
Ameren 54.07 -37 CenterPnt 19.56 Fiserv 53.50 -.01 LafargeSA 43.98 +15 Paccars 88.19 +179. TWCablen 3831 +41. TaipeiTaiex ~~ ©: 8141.59 +107.45. 41.34% A A A +4.06%
AMovill 5886 -10 ChesEng 35.63 «+37 ~—=SFlextrn. «11.34 +13 LamRsch © 51.87 +.20 = ParkHan = 96.66. -.16.«= TimeWarn 21.75 +.21 Shanghai ShanghaiB 365.64 +4.98 +1.38% A & 4 +181.02%
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AEP 49.70 +56 ChinaMble 47.90 -30 —-*ForestLab «51.79 88 eucNatls 3433 +11 PennWstgn 35.45 +124 ‘TotalSys 32.44 +18 Largest Mutual Funds
AmExp 6427 +31 ChinaNet 52.81 +125 FortuneBr 79.91 +41 Level 553 +19 Penney 7887 -81 Toyota 120.38 -1.45
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; 4 y ; 7 60 -. 1 Intlinstl 68.94 -.14+29.7 ComstockA m20.58 -.06 +21.3
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THE TRIBUNE

TUESDAY, MAY 22,°2007, PAGE 5B





ompliance
officers are
_ told to assess
regulatory issues

m= By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

ahamian compli-
ance officers have
been urged not to
just focus on anti-

. money laundering, but also
regulatory compliance.
Tanya McCartney, immedi-
. ate past president of the
.’ Bahamas Association of Com-
pliance Officers (BACO), said
anti-money laundering com-
pliance may well be embod-
ied in the concept of regulato-
ry compliance.

“Today, we must take a
holistic approach to the man-
agement of compliance
because money laundering is
not the only activity that pos-

_es arisk to a financial institu-

*. tion,” she said.

“Ms McCartney highlighted
eight key points in the proper
management of compliance
risk: liaison with regulators,
tisk assessment, control design

and oversight, training and
education, compliance and
execution, monitoring and
testing, issues tracking and
reporting.

Officers should assign a risk

to the activities that they are
_-_-monitoring to ensure they
’ ‘have a clear picture of their



Nassau Airport
Develooment Company

“Today, we must take a
holistic approach to the
management of compliance
because money laundering
is not the only activity that
poses a risk to a financial
institution.”

— Tanya McCartney, immediate past
president of the Bahamas Association
of Compliance Officers



institution’s exposure, Ms
McCartney said.

She added that although
the institution will always own
the risk, and is ultimately
responsible for determining its
risk appetite, “compliance
must always be the watchful
eye, reminding of the laws,
regulations, international poli-
cies and controls to ensure
that the strategic objectives of
the business are met, but
always within legal parame-
ters”.

Ms McCartney explained
that where risk management
draws the map, identyifng risk
indicators and assessing the
level of risk, outlining the
safest and most efficient route
to achieve the desired result,
compliance is the backseat dri-
ver that ensures the business
stays on the right course and
does not fall foul of the rules.

Ms McCartney’s comments
came at a Bahamas Institute

of Financial Services seminar \~

last week.

UNCLAIMED VEHICLES AT

LYNDEN PINDLING INTERNATIONAL AIRPORT

The following vehicles have been in the vehicle compound at the Lynden Pindling International Airport for
over a year and remain unclaimed, Owners will have until May 31, 2007 to claim and remove their vehicles
after which time the vehicles will be sold or scrapped, Anyone claiming a vehicle must contact NAD at the
address below prior to May 31, 2007, provide proof of ownership and pay towing and storage fees.

Anyone wishing to purchase any of the vehicles which remain unclaimed after May 31% are asked to
submit a sealed bid to the address below also by May 31, Any sale of vehicle is based on ‘as is’ and
‘where is’ condition, Neither the Nassau Airport Development Company Limited nor the Airport Authority
assumes any liability or responsibility for the condition of purchased vehicles. Purchasers will have 48
hours to remove the vehicles from the compound.

Vehicles can be viewed between noon and 2:00pm on Wednesday May 23" or Thursday May 24" at the
compound located beside the parking exit booth for Terminal 1 (domesticfinternational) parking.

MAKE & COLOUR — LICENSE #

Black Nissan Sentra License # 46537 No Disc
White Chevrolet License # 145716 Lionel Wilson
Celebrity

Maroon Plymouth —_License # 12373 No Disc
Voyager Van

Gold Toyota Yaris License # 198125 Rose Marie Sawyer
White Suzuki License # 107103 No Disc
Sidekick

White Toyota License #2111 No Disc
Corolla

Grey Dodge License # 43808 No Disc

Blue Chevrolet S10 License # T 24519. James Morley

REGISTRATION CONDITION & TIME UNCLAIMED



Very Poor - One Year

Very Poor- One Year

Fair - Two Years

Fair - One Year

Poor - Four Years

Very Poor -Damaged

Poor -Three Years

Fair - One Year

Nassau Airport Development Company Limited

Attn, Parking & Ground Transportation

P.O, Box AP-§9229
Lynden Pindling International Airport
Nassau, Bahamas

TEL. # (242) 377-0209 FAX. # (242) 377-0294

PUBLIC NOTICE

DEFENCE FORCE RECRUITMENT EXERCISE

CORAL HARBOUR BASE (RBDF) The Royal Bahamas Defence Force is
presently conducting a Recruitment Exercise. Applications can be obtained at
the Ministry of National Security 3rd Floor of the Churchill Building, Rawson
Square.

The deadine for submission of Applications is 25th May 2007. Commence-
ment date for training of successful applicants is scheduled for August 2007.

Applicants Should:

° Be a Bahamian Citizen
° Be between the ages of 18-25 years
Possess a minimum of (5) BJC’s or equivalent including Math and English
with ‘C’ passes or above.
¢ Obtain two Character references and a Police Character Certificate.
icants are required to ucc in all t
¢ A Psychometric Evaluation
e Recruitment (written) Examination (Math, English and General Knowledge)
e Physical Fitness and Swimming Tests
e Vetting Assessment and Medical Examination
e Interview Assessment

E asis fo uitme ill be pla

¢ Strong Character and leadership qualities

e Desire to maximize potential in a disciplined environment

e Willingness to spend time at sea

¢ Willingness to conduct tour of duty at satellite base on a Family Island or
outside the Bahamas. .

° Good Academic background

¢ Proficiency in a second language

e Proficiency in a musical instrument

Interested persons may contact:

Lieutenant Commander Gaye Major
Personnel & Recruiting Officer
Defence Force Headquarters
P.O.Box N-3733
Coral Harbour, New Providence



P.O. Box, F-42654
Freeport, Grand Bahama, Grand Bahama Island, Bahamas
Telephone: 242-373-9550-Fax: 242-373-9551

An upscale boutique resort featuring 93 elegant suites and 89 hotel rooms
overlooking Bell Channel Bay, Port Lucaya and Grand Bahama Yacht Club.

EMPLOYMENT OPPORTUNITY

Pelican Bay At Lucaya seeks to employ dynamic energetic and
enthusastic individuals who enjoy working in the Hospitality
Industry for the following position;

EXPERIENCED RESERVATIONS MANAGER

If you have extensive experience in Hotel Reservations Sales
Systems, then this is a great career opportunity for you. The
following is required:

- At least three (3) years experience in supervision and training
of reservations sales staff.

¢ Familiarity with Epitome (PMS) System and (HIS) preferred.

e Knowledge of constructing Rates, Packages, Promotions,
Advertisement, and Reservation.

¢ Knowledge of Yield Management.

¢ Good written and oral communication and computer skills,
along with strong attention to detail, organizational skills and
follow-through.

¢ Flexibility in work hours.

Minimum qualification requires; Associate Degree in Business
Administration or equivalent

Applications are available at the Security Gate or e-mail:

hr@pelicanbayhotel.com
Deadline is May 25, 2007.
NO TELEPHONE CALLS PLEASE!

Application in writing only.





PAGE 6B, TUESDAY, MAY 22, 2007

THE TRIBUNE

Pi a a
Multi-million investments depend on port decision

He added that the proposed
port was not included in the
briefing notes left by the for-
mer government, and its relo-
cation would depend on its
“economic and financial viabil-
ity”, according to a statement

FROM page 1

announcement, saying any deci-
sion would be made in the best
interests of Bahamians.

Legal Notice

NOTICE

TORA VALLEY CO. LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in disolution, which commenced on the

18th day of May 2007. The Liquidator is Argosa Corp.
Inc., RO.Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)

PRESS ALS International Architectural and
Engineering Firm seeks young













ENGINEER/ARCHITECT

Qualifications
+ Professional Qualification is Engineering/Architecture
Locally and /or Internationally Licensed

: Familiarity and Basic knowledge of Bahamas Building Code
: Strong Computer Literacy (i.e. AutoCAD)

qe
A
a
I"







| Dynamic, energetic and highly motivated

Team-Player with ability to work with minimal supervision

* Study architectural and engineering drawings and specification
: Exceptional interpersonal skills, organizational and

« administrative skills

F A competitive compensation package offered commensurate
; with qualification and experience. Send Fax: (242) 327-8126 or
- e-mail to forbes.vanessa@ gmail.com



Legal Notice

_NOTICE_

INT ERNATIONAL BUSINESS COMPANIES
ACT
(No.45 of 2000)

JARGON PRODUCTIONS LIMITED

Notice is hereby given that in accordance with Section 137 (4)
of the International Business Companies Act (No. 45 of 2000),
JARGON PRODUCTIONS LIMITED has been dissolved and
struck off the Register according to the Certificate of Dissolution
issued by the Registrar General on the 10th day of May, 2007.

QHRREEERGHERSREHAERSE SRA

Hugh Alan Durell
ist Floor, 17 Bond Street,
St. Helier, Jersey
JE23NP _
Liquidator

HURESEAREPEREEETRE



Pricing Information As Of:
Monday, 21 May 2007

Abaco Markets
Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

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

Finco

FirstCaribbean

Focol

Freeport Concrete

ICD Utilities

J. S. Johnson

Premier Ri

Bahamas Supermarkets
Caribbean Crossings (Pref) 8.00

0.45



issued by his office.

Relocation of the shipping
facilities from Bay Street to
Clifton is seen as critical to revi-
talising downtown Nassau and
Bay Street, and effecting the
transformation of the har-
bourfront between Arawak Cay
and Fort Montagu.

Tanya Wright, the Bahamas
Chamber of Commerce presi-
dent, told The Tribune: “The
issue is much larger than an
issue for the shipping compa-
nies, the people who own the
land and the Bay Street mer-
chants.

“The plan means greater
access to, and chance for diver-
sification, of this important busi-
ness district that plays such a
significant role in the economy
of the Bahamas. That means
more business opportunities
and better diversification of the
true benefits of the Bahamian
economy.

“The plan would mean much
less congestion for road users,
and the free flow of pedestri-
ans and vehicles, and give pre-
sent and future merchants on
Bay Street a better chance of
survival.

“Kither way, the survival and
renovation of downtown is for a
large part, dependent on the
relocation of the container port

facilities.”

Former Prime Minister Perry
Christie has accused Mr Ingra-
ham of influenced by the
“demands of certain special
interest groups that heavily
financed the FNM’s election
campaign” not to move the
shipping facilities from the
downtown area.

Identify

Mr Christie did not identify
who he was talking about, but
among the major landowners in
downtown Nassau, who effec-
tively act as landlords for the
shipping companies, are the
family of Deputy Prime Minis-
ter Brent Symonette, Bethel
Estates and the Kellys.

Sources close to the situation,
though, said Mr Symonette
understood the need for the
shipping facilities to move from
downtown Nassau for the
greater good of the Bahamas.
However, Bethel Estates was
said by sources to, be less keen,
given the significant revenues
and income it earns from the
shipping facilities.

Elsewhere, the investors
behind the Albany project have
already signed a Heads of
Agreement with the Bahamian
government, something that will

NOTICE



NOTICE is hereby given that JEAN-NOEL MESIDOR
OF YELLOW ELDER #106, P.O. BOX N-749, 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 15th day of
MAY, 2007 to the Minister responsible for Nationality and
Citizenship, PO.Box N- 7147, Nassau, Bahamas.

WANTED

A well established Media Company is
looking for to work as a Pressroom Assistant.
Qualified applicants should be able
to work nights between the hours of |
8p.m. to 5a.m. and be prepared to
submit job references and clean police
record.



Interested persons should
send resume to:

c/o DA 18973P
P.O. Box N-3207

or
Fax: 328-2398

=yainseuns

1,238,095
50

1.185
0.640
0.000

be honoured by the Ingraham
administration. ~

The proposed revitalisation
for South Ocean, though, while
approved in principle by the for-
mer government, does not have
a signed Heads of Agreement,
meaning that this is another
investment project the FNM
administration will have to con-
clude.

The Tribune previously
reported that Albany has been
projected to have a $1.4 billion
value over the active life of the
development, and an indepen-
dent economic assessment con-
ducted by a firm selected by the
Bahamian government showed
it would inject a cumulative $1
billion in extra gross domestic
product (GDP) into the
Bahamian economy over its
first 12 years in existence.

The independent economic
study on Albany had shown
that 700 permanent, full-time
jobs would be created, with
another 400 “indirect and
induced” from entrepreneurial
ventures and spin-offs.

The study also forecast that
Albany would generate $67 mil-
lion in annual GDP from oper-
ations in 2017 alone.

The investors behind Albany
are the Tavistock Group, the
holding company for worldwide
investments made by Lyford
Cay billionaire Joe Lewis, and
world-leading golfers Tiger
Woods and Ernie Els. The Tavi-
stock Group owns and devel-
oped Old Fort Bay in north-
western New Providence.

As for South Ocean, its revit." .
talisation is projected to gener-
ate 1,358 full-time jobs when
fully open, in addition to 1,200
direct construction jobs during
peak build-out.

Roger Stein, of RHS Ven-
tures and the project’s manag-
ing director, said that a draft
economic impact study per-
formed for the South Ocean
project by Oxford Economics
had projected that the develop
ment, scheduled to open in 2010 - ’
with construction hopefully
beginning this year, would inject
$172 million in visitor spending

into the Bahamian economy _—.-

during its first full operational’ . ° 3
year. tees

Spending won

Hard construction spending,
which would involve the con-
struction of new buildings and
renovations to others, would
total $541 million by 2015, with
the total investment by Mr
Stein, RHS and their partners
via the New South Ocean
Development Company reach-
ing $867 million by that year. ,

The $541 million construction.‘ !
spending had been forecast to ~.°.*

inject $217 million into the
Bahamas’ GDP over nine years, -”
and generate $105 million in
wages, On the operational side, |
South Ocean was forecast to,’ .°
produce a $3.7 billion GDP:
impact over its first 20 years,’
generating $1.5 billion in direct |
wages and salaries for its.
employees.

NOTICE

NOTICE is hereby given that INDITANE FLORISMA OF

69 PODELO STREET, 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 22nd day of May, 2007 tc the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau, °



Se ee




’ oo ate, Gee

Don’t throw away old TEXTBOOKS

Bring them to |

STOP-N-SHOP BOOKSTORE

Trade them for next year’s TEXTBOOKS
Or make them available for next year’s
students

Call or Visit our offices

Tel:(242) 394-4949 + East Bay Street
P.O. Box N-3050 * Nassau, Bahamas
E-mail: shopkeeper@stopnshopbahamas.com
Website: www.stopnshopbahamas.com

SAVE! SAVE! SAVE!



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14.60
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BISX Usted Mutual Finds :
NA_ V YTD% Last 12 Months
1.339101”
3.18277**

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15.50

0.000
1.125
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ee FINDEXS GEOSE 761 87 (YTD 06.67% / 2006 34.47%
MARKET TERMS YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity

uw ec 2 F POS Bae



2 = 1,000.00

5S2wk-Hi - Highest closing price in last 52 weeks

S2wk-Low - Lowest closing price in last 52 weeks

Previous Close - Previous day’s weighted price for daily volume
Foday'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

PYE - Closing price divided by the last 12 month earnings



NAV KEY

* - 4 May 2007
Last Price - Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week

EPS S$ - 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

** - 30 April 2007

*** - 30 April 2007

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MANUFACTURER

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sa so . Naish tt ot eh Seco tate nncnegen ca, fe Shae - 30 April 2007
ii: COLINA 242-502-7010 / FIDELITY 242-356-7764 / FOR MORE DATA & INFORMATION CALL (242} 394-2503





JHE TRIBUNE



Bahamas firm
in data alliance

*, INTERNATIONAL Private

Banking System (IPBS), the
Bahamas-based provider of
specialist wealth management
software to the private banking
industry, has entered into a
strategic partnership with
QuoteMedia to provide real-
time market pricing for ebank-
ing, etrading and the back

i .” Office.

Dave Shworan, chief execu-
‘tive of QuoteMedia, said in a
statement: “We are pleased to
be working with a proven sup-
plier such as IPBS. The addi-
tion of market and financial

’
4:

t



data from Quote Media
ensures that IPBS clients will
be able to make superior busi-
ness and trading decisions.”
Bruce Raine, founder and
president of IPBS, added: “We
listened carefully to the needs
of our customers and the mar-
ket, and this partnership is a
response to requests for a bet-
ter and more cost effective
solution to obtaining real-time
pricing and valuation data.”
He added that asa modern
service accessed via the Inter-
net, with excellent technical
support, many clients who used

Bloomberg and Reuters for
back office market pricing and
corporate data will now access
this data from Quotemedia.

IPBS has integrated Quote-
media’s proprietary data feeds
into its existing wealth man-
agement applications, provid-
ing updating real time infor-
mation as a subscription ser-
vice to IPBS customers.

By enhancing the IPBS solu-

_ tions for ebanking and etrading

to use Quickmedia, customers
will benefit from up-to-date
and accurate market informa-
tion.

. Farm’s closure to cost $2m

FROM page 1

.”- higher prices, generating bigger
niargins for the food retailers.

Mr Lowe yesterday said
many Bahamian consumers
appeared to now be going back
to Bahamian-produced eggs,
which were cheaper, “but it’s
too little, too late”.

-He added that Sunshine
Farms had already taken the

fecision to close in October

‘ .2006, and had sold 18 acres of

: “ifs land on February 1, 2007.

* He described the problems
the company had faced as “a
battle that has been going on
for years” across successive PLP
and FNM administrations, and
was part of a wider picture that

4
’
®

ate
injunction

appeal’ over
Guana Cay

_ ‘FROM page 1
Sats
~ Appeal judgement.”

Mr Smith has also written to
the developer’s attorney,
Michael Barnett at Graham,



Thompson & co, over the ,

undertaking he gave to produce
copies of all permits, licences
and approvals that Discovery
Land Company had received
for its activities on Great Guana
Cay.

‘Mr Smith is seeking a full
‘copy of the Heads of Agree-
mént signed with the Govern-
ment, and any addendums,
arnexes and supplements to
this; copies of communications

es between Discovery Land Com-
_«/+ pany and all central government
"." agencies; copies of the Envi-

ronmental Impact Assessment
(EIA) and Environmental Man-

agement Plan (EMP); copies of ..

correspondence with the Hope
Town District Council; and

-'. copies of any papers relating to
.- the Crown and Treasury land
“involved in the development.

A letter seeking similar doc-
uments, to aid the Association’s
_ discovery, has also been sent to

-,_.the Attorney General’s Office.

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.



had left Nassau-based manu-
facturers “in the hole”.

Mr Lowe described the
impact on food self-sufficiency
in the Bahamas as “the bottom
line” ‘behind Sunshine Farms
closure, adding: “It’s just anoth-
er Bahamian-owned company,
another Bahamian-started com-
pany, that’s going down.”

Larry Feingold, proprietor of
Nassau-based Rainbow Farms,
said yesterday that between his
company and the Grand
Bahama-based Sunshine Farms,
owned by Greek-Bahamian
entrepreneur, Minas Var-
daoulis, they could meet all the
Bahamian market’s demand for
egg.
Yet there were “too many
foreign eggs coming in”. While
Bahamian large and extra large

12-packs of eggs sold for $1.65
and $1.70 respectively, imports
such as Egglands Best were sell-
ing for $3.05 per case in many
food stores.

“The reason that people are
buying them [despite being
more expensive] is that some
food stores don’t put the local
eggs on the shelf,” Mr Feingold
said of the reasons why foreign
eggs seemes so popular.

“They put foreign eggs on the
shelf because they can make
more from them, as the local
ones are price controlled.

“It’s a tough situation,
because on one side ypou have
people saying let’s do more in
agriculture, and on the other
hand there’s a surge of imports
coming in and no one’s stop-
ping that.”

NOTICE

NOTICE - is” hereby given that FRITZ NELSON OF...
MONTROSE AVENUE, 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 22nd day of May, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,

Bahamas.




‘Harbourside Marine
is looking for

Sales Persons

with knowledge of the Marine Industry.
Must be self driven. °



Baker's Bap |

GOLF & OCEAN Chu

Great Guana Cay, Abaco
The Bahamas

Employment Opportunity

STAFF ACCOUNTANT

The successful candidate will meet the following requirements:

Qualifications
B.A. in Accounting

Experience in club or resort development

Key Responsibilities
¢ Accounts payable

Cash management
Job cost entries

General ledger reconciliation

¢ Preparation of accounting reports

Journal entries

The successful candidate will have the opportunity to work in a
growing and dynamic organization to be a self-starter, team player,
work at the highest standards of performance, and meet deadlines.

If you are progressive and prepared to advance your career, submit

your resume to the attention of

Director of HR & Training

sbowe@bakersbayclub.com
Or by fax at 242-367-0804



TUESDAY, MAY 22, 2007, PAGE 7B

Ministry of National Security
Police Department

Re: Traffic Press Release Notice
Opening of Parliament, Rawson Square

Wednesday, 23rd May 2007 at 10:00am

INFORMATION: ©

On Wednesday 23rd May 2007 at 10:00am Parliament will re-open in
Rawson and Parliament Squares Bay Street.

ROAD CLOSURE:

From 6:00am until after the ceremony at Rawson Square, the following streets will

be closed to vehicular traffic:-

Bay Street between Frederick Street and East Street.

> Charlotte Street between Shirley Street and Woodes Rodgers Wharf

4 Parliament Street Between Shirley Street and Woodes Rodgers Wharf.
0 Bank Lane between Shirley Street and Bay Street.

NO PARKING:

From 6:00am until after the ceremony, no vehicles will be permitted to park

on the following streets. -

Bay Street between Frederick and East Streets

4

Both Sides -

Parliament Street between Woodes Rodgers Wharf and East Hill Street Both Sides

Bank Lane between Shirley and Bay Streets
~ East Street between Shirley Street and Woodes Rodgers Wharf
Woodes Rodgers Wharf between East and Frederick Streets

Both Sides”
Both Sides
Both Sides

From 6:00am on Wednesday, 23rd May, 2007 vehicular traffic traveling east along Bay
Street will be diverted north and south along Frederick Street, Vehicular traffic wishing to
continue east along Bay Street, must travel east along Woodes Rodgers Wharf to East Street,
south along East Street to Bay Street and then east along Bay Street.

PARKING:

Parking for Cabinet Ministers will be provided in the Cabinet Office Parking lot, and
for Members of Parliament and Senators, parking will be provided in Bank Lane.

Paul H. Farquharson, QPM
Commissioner of Police _



DELTEC BANK & TRUST LIMITED

Invites applications for the position of

COMPLIANCE MANAGER

Responsibilities will include (but are not limited to):

Maintaining and developing a robust compliance and control regime in Deltec to
ensure compliance with all relevant laws, regulations, guidelines and internal

policies and procedures

Developing, administering and implementing a stringent compilanee program that
monitors and reports on key risk indicators
Implementing a comprehensive self-testing program that is derived from risk

assessment

Reviewing KYC documentation for all new and existing clients
Advising and assisting with the training of staff in regulatory and internal policy

compliance requirements

Reporting to Executive Management, Board of Directors and Group Compliance
Ability to work independently and under pressure to meet deadlines

The successful candidate should have the following qualifications:

A thorough knowledge of all applicable legislation, regulations and guidelines
Minimum Bachelors degree in banking or finance along with either CPA, ABIFS
(formerly ACIB), or International Diploma in Anti Money Laundering and

Compliance (BACO)

|

Legal background would be an advantage
Minimum 3-5 years relevant experience in the Compliance field
Excellent written, oral and presentation skills _

Salary will be commensurate with experience.

Interested persons may submit resumes as follows:

Human Resources Manager
Deltec Bank & Trust Limited

P.O, Box N.3229

Nassau, Bahamas

Resumes may also be faxed c/o 362-4623 or emailed to anh@deltecbank.com.

ABSOLUTELY NO TELEPHONE CALLS WILL BE ACCEPTED



igG@iee Beeade |

BS FP ATONE RRSTABREE REESE ERA

eRe ee Teme

weevrenuse

ec vcRern

guesnbtaauenn

sseceezeu



PAGE 8B, TUESDAY, MAY 22, 2007

THE TRIBUNE.



NOTICE

Due to the Whit Monday Holiday the
Betty K will receive freight on
Tuesday May 29th and Wednesday
May 30th for Marsh Harbour,
Abaco at our receiving
Palmdale Depot.






Arriving Thursday Mat 31st Marsh Harbour




Betty K apologizes for any inconvenience







For further information please
conatact your customer service
representative.









Betty K Agencies
Nassau - East Street North Kelly Dock
Ph: 242 - 322 - 2142 ©




Miami - 3701 NW South River Drive 33142
Ph: 305 - 635 - 4650





Marsh Harbour Abaco Don Mackey Blvd.
Ph: 242 - 367 - 0593



: cal A Pius get the best insurance advice.

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ABMs



Bahamas >
‘can’t dictate’
room rates
to investors

& By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

he Bahamas cannot

- dictate to investors

what their hotels

and resort product

should be, the Bahamas Hotel

Association’s president, Rus-

sell Miller, told Tribune Busi-

ness yesterday, although he

acknowledged that this nation

was generally perceived as a
very expensive destination.

Mr Miller’s comments came
in response to comments
made by the new tourism min-
ister, Neko Grant, who said
last week that ministry offi-
cials were concerned that the
Bahamas could be pricing
itself out of the market as a
result of the relatively high
room rates its hotels charge
compared to rival global des-
tinations.

Mr Miller said he could not
comment specifically on Mr
Grant’s comments regarding
room rates because he had not
heard them, but acknowl-
edged that the Bahamas did
have the perception of being a
very expensive destination.

He said the Bahamas need-
ed to continue to be competi-
tive, and one way to do this

was to examine import taxes
and mark-ups-on tourism-
related products.

Mr Miller added that many
first-time visitors were slightly
shocked when they realised
the price of some items, par-
ticularly if they were staying
in a timeshare or condo and
had to purchase basic necessi-
ty items.

While the Bahamas does
have a reputation of being a
luxury destination, he felt
there was “a fairly good range
of hotels and prices for our
visitors to make their selec-
tion”, he said.

Mr Miller added that as a
destination, the Bahamas can-
not stipulate to an investor

whether they should cater to -

low, middle or high income
guests via room rates.

The Bahamas has targeted
the high-spending end of the
tourist market with its hotel
industry product, looking for
relatively high-earning, quali-
ty tourists who are likely to
turn into repeat visitors and
purchase real estate in this
nation, either through time-
shares, fractional ownership,
condotels or second homes.

However, the high-end
tourist market is relatively
small, and numerous rival des-
tinations are now competing

Hii:

* DEBIT CARDS *

with FirstCaribbean

CREDIT CARDS

with the Bahamas for this
business. Room rates in other

Caribbean destinations, such. ra

as Cuba and the Dominican
Republic, are much lower than
in the Bahamas, making them
more attractive to Canadian
and European tourists.

Operating costs for hotels ”<--:

in the Bahamas are much

higher than for their counter- _-

parts elsewhere in the

Caribbean and US, meaning...
operators and owners have to’, - . -
charge high room rates to.-":.

enable them to earn a return
and profit on their investment.

Yet these higher room rates
an only be justified to guests
by providing a five-star plus
experience that ‘blows the cus-
tomer away’, a la Kerzner

International International’s

Atlantis product.
Consequently there have.

been calls for the Bahamai.°- -

to develop mid priced resort
options, as happened when
Baha Mar was negotiating its
$2.4 billion Cable Beach
development. The bottom line °.
is that the Bahamas has to.
deliver a superb visitor expe-
rience to justify the relatively:
high room rates it charges,
exceeding tourist expectations
through service quality and

other factors if it is to remain ,

competitive.

FIRSTCARIBBEAN

INTERNATIONAL BANK
GET THERE, TOGETHER,



to



Full Text
: ‘HOW Bo /G0 bo YOUR
i The Tribune sot ae



Fm lovin’ it. |

SIF |







CLOUDY,



Volume: 103 No.151



72F |

FSTORM



MUM Gem CMe]

$2 in revenues

STS ROMA E [ iy

corm of contracts’ revealed

FNM says PLP
awarded huge
contracts just

before election»

@ By ALISON LOWE
Tribune Staff Reporter

. PLP government contracts
“to the tune of $80 million”
were awarded to contractors “a
few months ago and days lead-
ing up to the election,” the
FNM revealed yesterday.

This included one contract
worth $3.1 million to build a
new school in Selina Point on
Acklins Island which would
provide schooling for only 37
children — a cost equivalent t
$80,000 per child. :

“Not that they (the children)
do not deserve a'state of the art
school — but I guarantee you
can build one for far less than -
3.1 million,” said FNM vice
chairman and senator Johnley
Ferguson.

Mr Ferguson was speaking at a
conference called to respond to
statements made by PLP chair-
man Raynard Rigby about the
F'NM’s decision to put on hold
the construction of the straw mar-
ket building since taking power.

On Sunday, Mr Rigby
described the decision as “an
act of betrayal and the grossest
of witch-hunting by the FNM.”

He said that it gave a clear
indication that the government
did not intend to honour the
agreements and contracts
entered into by the previous
administration, and declared that
the government owed the public
an explanation for their actions.

To this, the party vice-chair-
man responded that the PLP is
continuing in a “vein of mis-
leading the Bahamian public

‘ and investors” about “the posi-

tion of this government and the
Way it’s moving forward.”

Describing Mr Rigby’s state-
ment as “misleading", Mr Fergu-
son claimed that the government
has not stopped construction, but
merely suspended it in lieu of a
review of the $21.1 million con-
tract awarded in February.

Furthermore, he pointed out
that the PLP also cancelled sevy-
eral contracts the FNM had put
in place months prior to the
2002 general eleciton.

These included roads in
South Andros and a clinic in
Abaco, he said.

A contract for an airport ter-
minal building in Mayaguana
was also put on hold, only to be
later returned to the original
contractor.

"To date that terminal build-
ing has been given to I Group
(the Mayaguana development
company) as their office and to
date the people are still out in
the old building that was there,”
he added.

The party has expressed con-
cern as to how the Straw market
project, originally valued at $17
million, ultimately culminated
in the awarding of a contract
worth over $4 million more.

SEE page nine

Taste the buttery crust.

Smell the garlic

Look at all that cheese--
Provolone, Garlic Oregano =

={a da RAs
. ‘

~ aha ic





—6 Che Miami Herald

BAHAMAS EDITION



asec iin EY

TUESDAY, MAY 22, 2007



rey es 3



@ WORK being done on the House and the Senate in preparation for the opening ceremony on

Wednesday

(Photo: Tim Clarke/Tribune staff)

Christie ‘led
the way’ on
race card,

claims FNM

@ By ALISON LOWE
Tribune Staff Reporter

FORMER prime minister Per-
ry Christie "led the way in play-
ing the race card" in the 2007
election, FNM vice chairman
Johnley Ferguson said yesterday.

During an internet chat on
Sunday PLP leader Perry
Christie reflected on his party's
loss and claimed that they had
been "the victim of propaganda
when it comes to the issue of
us playing the race card."

He said he believed race was
used by the FNM in the run up
to the election "in the most
wicked fashion" to shore up
white Bahamian's support for
the FNM.

SEE page nine

PLP ‘Thank
You’ rally is
postponed
to Saturday

@ By PAUL TURNQUEST
Tribune Staff Reporter

THE Progressive Liberal Par-
ty has postponed its planned
rally at the Queen Elizabeth
Sports Centre until Saturday,
The Tribune has learned.

The postponement of the ral-
ly, which was scheduled to take
place tonight, resulted from the
party not getting permission in
time from the newly appointed
FNM government to house the
“Thank You” celebration at the
site, former PLP campaign gen-
eral Philip Galanis said yester-
day.

Having received permission
late yesterday afternoon, Mr
Galanis said that the PLP will

SEE page nine

Contesting
seats may
cost PLP up
to $1m

@ By RUPERT MISSICK Jr
Chief Reporter

THE PLP may have to spend
nearly $1 million contesting the
results of five seats in election
court, it was revealed yesterday.

This will be the case, as the
party is considering presenting
the greatest number of con-
stituencies to election court in
the country’s history.

Senior PLP strategist Valen-
tine Grimes told The Tribune
that the PLP’s legal team will
be headed by MP Cat Island,
Rum Cay and San Salvador,
Philip “Brave” Davis and is
expected to consist of lawyers
Wayne Munroe, Neville Adder-
ley and Gregory Moss.

SEE page nine





Patricia
Real Estate Agent




WHAT TASTES RIGHT en

PRICE — 75¢



PLP ‘may
make legal.
challenge’
over seats

in Senate

@ By BRENT DEAN

A SERIOUS legal challenge
may ensue if PLPs are not
named to fill the three remain-
ing senate appointments by the
prime minister, a senior PLP .
has told The Tribune.

The Leader of the Opposi-
tion, Perry Christie, has named -
the four senators the official
opposition is automatically enti-
tled to. However, resulting from
the close outcome of the elec-
tion, Prime Minister Ingraham
may be compelled to name
three candidates of the PLP’s
choosing to the Upper Cham-
ber, bringing the opposition’s
number of senators to seven.

Former Attorney General
Allyson Maynard-Gibson leads
the list of appointments, along
with, businessman, Jerome
Fitzgerald — who is making his
first foray into active politics—
attorney and defeated candi-
date for Seabreeze, Hope Stra-
chan; and former Marco City

« MP, Pleasant Bridgewater.

SEE page nine

BEC start
investigation
into oil spill

@ By ALISON LOWE
Tribune Staff Reporter

ALMOST a week after it was
brought to the attention of the
Port Authority and The Tri-
bune, BEC officials claim to
have started an investigation
into the source of an oil slick
that is blighting the coastline in
front of its plant.

However, this action is mere-
ly to determine the source of
the spill, said BEC deputy gen-
eral manager Anthony Forbes
yesterday. No attempt to con--
tain it has yet been made. Mr
Forbes claims he was only made
aware of the problem when he
saw Monday's Tribune.

Photographs printed in Mon-
day's Tribune revealed that a
significant amount of oil has col-
lected on the surface of the

SEE page nine

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| PAGE 2, TUESDAY, MAY 22, 2007

THE TRIBUNE



After one-term defeat, what’s |

the way forward for the PLP?

As: the dust settles from the
2007 election both national
political parties will no doubt be
assessing their standing in the country
and the challenges facing them —
external and internal.

The Free National Movement is,
of course, in the better position. Hav-
ing won the election, the primary
objective of Prime Minister Hubert
Ingraham and his colleagues is now to
govern well, even though they will
be taking a good look at their per-
formance, especially in some con-
stituencies they expected to win but
did not.

Opposition leader Perry Christie
and his colleagues must not only
mount an effective opposition in par-
liament but they also face the daunt-
ing task of examining why they lost
the election and became the first one-
term government in Bahamian his-
tory and, more importantly, what to
do about it.

Political parties are notoriously
prone to over-confidence in an elec-
tion and perhaps they cannot be oth-
erwise, or at least cannot appear to
be. That is not so bad because to look
like losers even in the face of immi-
nent defeat is to invite annihilation.

What is far more dangerous is the
failure to face up to the reasons for
defeat and to take corrective mea-
sures.

Pe leaders are having great
difficulty coming to terms
with the fact that they lost the elec-
tion in the first place and if they do
not get past that hurdle they are not
likely to be honest with themselves in
answering the painful questions.

According to Mr Christie, the FNM,
does not have the “moral authority” to
govern, presumably because of the slim
margin of the popular vote. That makes
no sense at all and Mr Christie should
know it. If the FNM does not have the
authority to govern, who does?

The electoral system in The Bahamas
is basically the same as in Britain and in

-> most Commonwealth parliamentary

~democracies. It is configured on con-

"~ lstituencies and not on a national popu-

‘lar vote.

It is therefore possible for a party to
win the majority of seats in parliament
with a minority of the popular vote. A
government elected in this fashion
would have no less constitutional and
moral authority to govern.

As Mr Ingraham has already pointed
out, it has been some years since a
British government was elected with as





much as SO per cent of the popular vote.

Roughly the same system is in effect
in presidential elections in the United
States. It is on the basis of states won
and the electoral votes assigned to them
rather than a national popular vote. The
whole world knows that George W Bush
got fewer votes than Al Gore in 2002
but still became President.

Mr Christie and his party do a disser-
vice to the Bahamian people and espe-
cially young Bahamians whom he should
be educating about our system of gov-
ernment instead of trying to misinform
them just to save face for his party.

M: Christie and his colleagues
have also made statements
that seem to suggest that the FNM won
because it had more money, some from
the so-called white knights and some
from unnamed special interests.

The claim that the FNM has always
had easy access to money and has



Whoever the next PLP leader turns
out to be, he or she will have to do
what Perry Christie dismally failed to
do, and that is to rid the party of some
persistent bad attitudes and habits.






FREE DELIVERY ANY WHERE IN NASSAU AND TO THE MAIL BOAT

always out-spent the PLP is simply
‘ not true. In most of the elections

since 1967, the PLP has had no short-

age of money.

The owners of the Grand Bahama
Port Authority, beginning with Wal-
lace Groves, have contributed liber-
ally to the PLP ever since 1968. They
have also contributed generously to
high-ranking individuals in the PLP
and some of the money donated to
the party found its way into private
bank accounts.

Furthermore, in later years the
PLP was well-funded by new PLP
millionaires as well as a succession of
foreigners wanting to do business in
The Bahamas, not all of them exact-
ly desirable.

Some in the latter category were
not so much interested in fostering
the democratic process in The
Bahamas. They were clearly intent
on buying the favour of the PLP in

government.

The most notorious case of this kind
was that of Mohamnad Harajchi who
made perhaps the biggest contribution
to any Bahamian political party from a
single source. Mr Harajchi said it was

-$10 million but Mr Christie suggested
- that it was nearer $3 million.

In any event, the man who is now
complaining about how much money
the FNM got and from whom saw noth-
ing wrong with accepting such a large
contribution from a foreigner who had a
specific objective in mind, and a dubious
one at that.

The man who after five years in pow-
er is now talking about campaign finance
reform, that same man when pressed
about the Harajchi affair had a very
revealing response. Said Mr Christie:
“So what!”

Incidentally, a prominent Bahamian
cleric who had a lot to say about
“reports” of FNM expenditure in a pre-
vious election had few if any pro-
nouncements to make about the clearly
scandalous Harajchi affair.

E takes a lot of money to run
elections in The Bahamas, and
a party or a candidate can lose for lack
of sufficient funds to mount a credible
campaign and to maintain an effec-
tive organisation on the ground. But
no election has been lost or won pri-
marily because of money:since the
1950s.

The PLP was defeated in the last elec-

tion simply because it lost favour with

the Bahamian electorate, and it lost

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PLP leaders are having great
difficulty coming to terms with the
fact that they lost the election in the
first place and if they do not get past
that hurdle they are not likely to be
honest with themselves in answering
the painful questions.



favour for a number of reasons, one
being a failure of leadership.

This had its roots in the past when
Sir Lynden Pindling decided to sup-

port Perry Christie for leadership of

the party over Bernard Nottage. A
majority of the hierarchy of the party
did not think Mr Christie could cut it,
but Sir Lynden liked Mr Christie and
apparently had ideas about control-
ling him.

So he got the rank-and-file of his par-
ty to support Mr Christie in a rancorous
campaign that led to Dr Nottage’s
departure from the party. The hierarchy
was right about Mr Christie.

Now, despite the usual noises about
confidence and loyalty, the PLP would
be very shortsighted if it allowed Mr
Christie to stay on and to lead it into the
next election. He is incapable of carrying
out the reforms the party so desperate-
ly needs.

The problem is that some of those
who were previously seen as potential
successors to Mr Christie have been
badly tarnished. The once promising Dr
Nottage is regarded as an opportunist by
some PLPs who believe he only went
back to the party because of personal
ambition.

Others who were regarded as future
leaders in 2002 have lost considerable
lustre. Obie Wilchcombe, who main-

tained a pretty good image for most of

the PLP’s five years in office, revealed
some disturbing traits in recent months
and stunned the country with his
response to allegations of vote-buying in
his constituency.

Fred Mitchell, a former favourite with
many PLPs and others as well, was a
big loser as he developed an image of
arrogance and intolerance of criticism.

Some of the pronouncements on his, :

website, Bahamas Uncensored, since
the election have been vicious, Tacist
and abusive.

Whoever the next PLP leader turns
out to be, he or she will have to do what
Perry Christie dismally failed to do, and
that is to rid the party of some persistent
bad attitudes and habits.

He will have to subscribe to the new
political culture in which victimisation,
unfair practices and an attitude of enti-
tlement have no place. He will have to
convince the Bahamian people of a gen-
‘uine commitment to democracy and
fair-play and a renounce claims to spe-
cial privileges. That will be a tall order
for the PLP.

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

INSIGHT

For the stories behind
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In brief

Man appears
in court

on murder

| charge

A 20-year-old Saffron Street
man was arraigned in Magis-
trate’s Court yesterday on a
murder charge.

Tyson Deveaux was
arraigned before Magistrate
Susan Sylvester at court 11 in
Nassau Street and charged with
the murder of Corrie Bethel.

It is alleged that Deveaux
intentionally and unlawfully
caused the death of Bethel on
Thursday, May 10.

Deveaux was not required to
enter a plea to the murder
charge.

He was also arraigned on a
charge of causing harm. It/is
alleged that on Wednesday,
May 16, he unlawfully caused
harm to Detective Inspector
Christopher Wright.

It is also alleged that on that
same day, he caused harm to
Detective Sergeant 1239 May-
cock.

It is further alleged that on
Wednesday, May 16, while at
the CDU office on Thompson
Boulevard, Deveaux behaved
in a disorderly manner.

He pleaded not guilty to
these charges.

The case was adjourned to
September 14.

Venezuela
completes
telecoms
takeover

@ VENEZUELA
Caracas

PRESIDENT Hugo Chavez’s
government assumed opera-
tional control of the Venezue-
la’s largest telecommunications
company on Monday, complet-
ing its nationalisation by
appointing a new board of
directors, according to Associ-
ated Press.

Telecommunications Minis-
ter Jesse Chacon said the
takeover of CA Nacional Tele-
fonos de Venezuela is part of a
march toward a “new socialist
state.” Electric companies and
oil fields also have been affect-
ed by the nationalisation drive.

The government said earlier
this month that it had raised its ~
ownership stake in CANTV to
86.2 per cent, in part by paying
US$572 million to New York-
based Verizon Communications
for its 28.5 per cent stake.

CANTYV said the government
appointed Socorro Hernandez,
who has worked in Venezuela’s
oil industry, as president of
CANTV’s new board on Mon-
day. Other board members
include representatives of work-
ers as well as various govern-
ment ministries.

‘CANTY, which had been pri-
vatized in 1991, has nearly
13,000 employees and provides
phone service to 3.2 million
fixed-line customers as well as
6.7 million cellular customers
through its affiliate Movilnet.
The company also provides
Internet service.

Chacon predicted that
“Venezuelans are going to feel
an increase in quality, an
increase in coverage."

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v
THE TRIBUNE

TUESDAY, MAY 22, 2007, PAGE 3





Oln brief

Foulkes to
meet Port of |
Palm Beach
officials



@ DION Foulkes

MINISTER of Maritime
Affairs and Labour Dion
Foulkes will meet with the
chairman and other officials
of the Port of Palm Beach
District today.

The meeting will take
place at the Ministry of Mar-
itime Affairs and Labour in
the Post Office Building on
East Hill Street.

Mr Foulkes will meet with
Wayne Richards, chairman
of the Board of Commis-
sioners; Edward Oppel the
commissioner; Lisa Baer,
executive port director; and
Jarra Kaczwara, director of
business development, pub-
lic and community relations.

Ports are included in Sen-
ator Foulkes’ portfolio, and
he will discuss ways to
enhance co-operation and
trade links between the
Bahamas and the Port of
Palm Beach.

The meeting is the first in
a series Mr Foulkes plans to

. have with port officials in
’- various jurisdictions.

The meetings are intended
to deepen and expand
marine transportation capa-
bilities between the Bahamas
and other countries.

Man faces
attempted
-murder
charge

A 20-YEAR-OLD Sun-
light Village man was
arraigned in Magistrate’s
Court yesterday charged with
attempted murder.

It.was alleged that on
Tuesday, May 15, Darvy St
Louis, alias Darvy Lewis,
attempted to cause the death
of Daniel Symonette.

St Louis, who was
arraigned before Magistrate
Guillemena Archer, was not
required to enter a plea to
the charge.

Bail for St Louis was
objected to, the prosecution
saying that it is still trying to
determine whether he has a
record.

Attorney Eliezer Regnier
told the court that his client
had no previous convictions.

He also told the court that
his client had been severely
brutalised by police officers.

The matter was adjourned
to Wednesday for a bail hear-
ing and the case was
adjourned to September 18.

West Bay St + Cable Beach

Father’s anger at
_ police handling
of son’s death

B By BRENT DEAN
Tribune Staff Reporter

THE behaviour of the police
has again been questioned
regarding the investigation into
the death of Jay Damianos.

The body of Mr Damianos,
22-years-old at the time of his
death, was found next to an
apartment on Paradise Island
on December 17 of last year.

Yet after five months, police
have still not determined if he
died accidentally, or was mur-
dered. Rather, his death
remains classified — without fur-
ther update by police — as mere-
ly “suspicious”.

In an open letter to The Tri-
bune empathising with
Bernadette Christie, who is frus-
trated with police handling of
a shooting at her home, promi-
nent realtor, George Damianos,
father of the deceased,
expressed displeasure with the
manner in which his son’s death
has been handled. ~

“Despite conclusive medical
evidence, the police have still
not classified my son’s death as

a homicide. The so-called .

‘investigation’ has been stag-
nant for months, and I cannot

even get the police to return my .

phone calls,” he said.

George Damianos’ public
declaration that his son was
murdered follows a statement
by the brother of the deceased,
Nick Damianos, last February.

“The autopsy report clearly



B® GEORGE Damianos

reveals that the cause of death
was asphyxiation caused. by
strangulation. This has been
unequivocally confirmed by sev-
eral medical experts in the
Bahamas and the United
States,” he said.

If medical experts have con-

~ cluded that Jay Damianos was

murdered, as his family has pub-
licly declared, serious questions
arise as to why the police have
not ruled his death a homicide,
sources indicate.

e

The Tribune has learned that
suspicious deaths are handled
differently than homicides.

With homicides, more senior
investigators handle the case,
with more oversight from supe-
riors, compared to deaths that
are regarded as merely “suspi-
cious”.

No response from police offi-
cials on the claim that medical
authorities have ruled the mat-
ter a murder — while they have
not — may suggest that investi-
gators have not given the death
serious enough consideration,
friends of the family say.

Senior Assistant Commis-
sioner of Police, Ellison
Greenslade, pledged to get in
contact with Mr Damianos
when the letter and the fami-
ly’s concerns were pointed out
to him by:The Tribune. |

Mr Greenslade, who has
recently taken over the crime
portfolio, said that he was not
able to comment specifically on
the matter at as he had not yet
been briefed on it, but along
with contacting Mr Damianos,
he pledged to review the file
and answer any questions sur-
rounding the matter.

Jay Damianos was last seen
by friends on the night of
December 17 after leaving the
Atlantis Resort at around
1.30am. He was supposed to
meet up with the same group
downtown, but he ‘never
showed, and was found dead
hours later.

Three remain in custody after
attempted escape from centre

THREE girls are still in
police custody today following
their failed escape attempt from
the Willie Mae Pratt centre for
girls.

The three girls broke out of
the centre at around 1pm on
Saturday, reportedly causing
some damage to the property
during their escape.

However, the girls were only
free for an hour before officers
from the Elizabeth Estates
police station were able to
apprehend the escapees.

Up until press time last night
the girls were still being held at

the police station while investiga-

tions into the matter continued.
The Ministry of Health and

Social Development yesterday

confirmed the incident and said

that the investigation will deter-
mine the circumstances sur-
rounding the break-out.

This escape by three residents
of the Willie Mae Pratt Centre
comes just days after reports
that one resident of the facility
had injured herself.

Although the incident was
first classified as an attempted
suicide, Minister of State for
Social Development Loretta

Butler-Tuiner said that there
was not yet sufficient evidence
to prove this claim.

Mrs Butler-Turner said that

_the 14-year-old girl was still

being treated at Princess Mar-
garet Hospital.

A week prior to this incident,
staff members at the Willie Mae
Pratt Centre staged a “mini-
walk-out” in protest of what they
described as “dangerous work-
ing conditions” at the facility.

Some employees claimed that
they were being threatened and
in some cases even assaulted by
the girls.

Hoax email circulates false
rumours of Atlantis restaurant

A HOAX e-mail has been
circulated around Nassau incor-
rectly stating that an underwa-
ter restaurant has been opened
at Atlantis resort, The Tribune
has learned.

A Businesswire story released
by the Hilton Maldives Resort
& Spa in Rangalifinolhu, Mal-
dives seems to have been mis-
chievously altered and circulat-
ed via e-mail on Sunday by a
prankster.

Several callers yesterday said
that they had received this

altered press release and its con-
tents were also carried in yes-
terday’s Tribune in a story enti-
tled “Unique restaurant opens
at Atlantis”.

The release stated that the
restaurant was located at
Atlantis Cove Resort and Spa
but is actually the Ithaa at the
Hilton Maldives Resort.

Carsten Schieck, refereed to
in the release as general man-
ager of the Cove Resort and
Spa, is actually general manag-
er of Hilton Maldives Resort &

Café Johnny Canoe will no longer be serving

breakfast as

P.O, Bax CB-VIL7O

2007.

Massau + Bahansas

s of Wednesday the 23° of May,

We will continue to serve lunch and dinner from

11:30 a.m, to 11:00 p.m. Sunday to Thursday and
11:30 a.m. to midnight on Friday and Saturday.

(242) 327.3373

We are sorry for any inconvenience.

(242) 327.1408

Ernail: jcanoe@coratwayve.com

Be

~The Management of Café Tohnry Canoe -



Spa.

While the other facts of the
story are correct, no hotel in the
Bahamas actually has such a
restaurant and the Maldives is
the home of the first ever all-
glass undersea restaurant.

>





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44 £2 *
PAGE 4, TUESDAY, MAY 22, 2007 THE TRIBUNE

a EEE
EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited Religion and

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

O.B.E., K.M., K.C.S.G.,

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

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

Perry Christie and the race issue

THERE HE goes ducking reality again!

Former prime minister Perry Christie when
confronted with the uncomfortable question of
why his party played the divisive race card
during the recent election, deflected the ques-
tion, assumed an injured air and claimed that
rather than being the perpetrators of racism,
he and his party were in fact the victims.

Well, Mr Christie, you could certainly have
fooled us — indeed the whole nation. The
shroud of racism hung over your election cam-
paign like Caesar’s ghost. It insinuated itself
into every possible crevice, whether by out-
right accusations, by innuendo or by the par-
ty’s historically loaded slogan: “No turning
back.” Every Bahamian knows what that
refers to, especially after Fred Mitchell’s lec-
ture in March to high school students about
not forgetting their slave roots, and the impor-
tance of using their hard won right to vote in
the right way.

Speaking on a talk show five days ice Sir
Arthur Foulkes told his listeners that race was
not a legitimate issue and should not be
exploited during an election.

Sir Arthur was satisfied that the race card
was being played to the hilt in this election —
and by the PLP.

“If you make a reference to the UBP, if
one politician makes a reference to the UBP
and accuses the FNM of wanting to go back to
the old days and to sellout and then another
politician at a meeting, say in Fox Hill, brings
up the race thing it connects pretty neatly (to
the race issue) I think.

“We should teach our children, our young

_ people about our history, including the histo- __

ry of slavery and race. I am all for that. But I
do not believe that race is a legitimate issue in
this election nor for many elections gone. It is
not an issue,” said Sir Arthur in an obvious ref-
erence to Mr Mitchell’s slavery talk of a few
days earlier.

In an internet chat on the PLP’s website on
Sunday, a caller who identified himself as a
white Bahamian, told how uncomfortable he
felt at PLP rallies because of the racial over-
tones. “I was made to feel at times, watching
and listening to the various rallies that I was
not really wanted,” he said.

During the election a long time resident
told us how much she enjoyed going to FNM
rallies. “It’s like one big family,” she said, “I
feel so safe.” Having no party affiliation, she
wanted to hear the issues from the governing
party and so she ventured out to a PLP rally.
There was hostility to her presence. The
speeches were racially bitter. She did not feel
safe. She concluded that the two parties

attracted a different type of Bahamian. Instead
of being one people they were polls apart. A
tragedy for such a small nation.

Mr Christie said he believed that race was
used in “the most wicked fashion.” Not by
his party, of course.

“We knew very early on during the cam-
paign that the FNM was prepared to use the
race card against our party at every opportu-
nity,” Mr Christie said. “They found it conve-
nient to do so whenever we were critical of
their deputy leader, Brent Symonette.

“I was specific in my explanation to the
Bahamian public that our criticism of Mr
Symonette had absolutely nothing to do with
the colour of his skin, but with the ethical
lapse he had made during his time in ‘govern-
ment,” said Mr Christie.

Oh, come now, Mr Christie. If this were so,
then why all the reference to the UBP, to Mr
Symonette’s father, to “going back”, all the
talk about the days of slavery. As old Abe
would say, “You may fool all of the people
some of the time; you can even fool some of
the people all of the time; but you can’t fool all
of the people all of the time.”

Mr Christie obviously does not appreciate
how much damage the former website of Fred
Mitchell has done to his party — particularly
during this election. Although there is a dis-
claimer at the top of the website that “this
site does not represent the views of Fred
Mitchell, the Government of the Bahamas,
the PLP or the Ministry of Foreign Affairs” no
one believes it. They still regard it as the reflec-
tion of Fred Mitchell’s views in particular and
the former PLP government in general. There
are even PLPs who believe that Mr Mitchell is
still the moving spirit behind it.

And this is what their website had to say
about Brent Symonette’s appointment as
deputy prime minister and minister of foreign
affairs: “This is an absolute insult to the
Bahamian people. The people of the world
will now think that Brent Symonette repre-
sents what is Bahamian. We must quickly dis-
associate ourselves from this mistake.”

No one complained when Fred Mitchell
represented the Bahamas. And yet foreigners
would be wrong if they believed that Mr
Mitchell’s face told the whole story of who
and what is Bahamian, especially when
Bahamians come in so many racial mixes.
Regardless of the mix they are all equally
Bahamian, even, in some cases, more Bahami-
an than Mr Mitchell.

It would indeed be refreshing if one day Mr
Christie would look reality in the face and
come to terms with it.



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politics must
be separated |

EDITOR, The Tribune

I WRITE in response to your
May 15, 2007 editorial entitled
“Did the PLP court the church
for votes?”

One paragraph therein con-
vinced me more than anything
else that Bahamians must put
beyond doubt that religion has
no place in government.

The citizens of Turkey are
right to insist, by the millions,
on a strictly secular society.

You quoted one Bishop Neil
Ellis as saying: “Do you know
what could happen in this coun-
try (the Bahamas) if the Bishop
who has the largest congrega-
tion (meaning himself) has the
prime minister of the country
hooked up to him? Imagine
what could happen if the church
had a say in the prime minis-
ter’s office?”

It is too frightening to con-
template. Wholesale victimisa-
tion and intimidation “in the
name of Jesus” of persons
whose views do not conform to
that of the church (whatever
that is), would become the
order of the day.

Neutrality in governance
would be no more. It would be
the Inquisition days all over
again; a return to the “the Earth
is flat” era.

LETTERS

letters@tribunemedia.net






It is unfortunate that the term
“...Christian values...” is
allowed to remain in our Con-
stitution without it being
defined.

Some Christians take this to
mean that Christianity is the
state religion of the Bahamas
and those of other religions are
not entitled to equal rights with
Christians.

Already there are reports of
Christian managers favouring
their church members for jobs
over better qualified applicants
of other Christian denomina-
tions and other religions.

I am told that ZNS, the pub-
lic radio station, ‘allows Christ-
ian clergy persons to use its air-
waves to spew intolerance of
other religions and their adher-
ents.

That is so sad. The Bahamas
is a multi-religious society.
There are also Bahamian Mus-
lims, Hindus, Jews, Sikhs,
Bahais, Rastafarians, Atheists
and others.

And that is why any sugges-
tion of the Prime Minister of
the Bahamas being “hooked up

to” the leader of any one of the
myriad of Christian denomina-
tions in the Bahamas today, a la
Neil Ellis, has to be an insult to
the intelligence of Bahamians.

If Neil Ellis et al want a say in
governing the country, they
must contest and win seats in
the general elections rather than
use religious superstition
(anointing the prime minister
with oil) in an attempt to influ-
ence governance by default.

The suggestion is the more
absurd when it is considered
that even Christians are in a
quandary over who is a Christ-
ian — from Roman Catholics to
Christian Scientists to Jehovah’s
Witnesses to Mormons.

Religion is a private matter.
The Lord Jesus, in the Christian
scripture, meant for it to be so.
See Matthew chapter six, verses
five and six.

A person’s religion or lack of
it is nobody’s business.

While the Constitution of the
Bahamas guarantees freedom
of religion, it also guarantees
freedom from religion.

I call on the government,
therefore, to recognise the same
and act accordingly.

GLADSTONE THURSTON
Nassau
May 19 2007

Thorough investigation
of election is needed

EDITOR, The Tribune

-ON; May 2, 2007, the FNM |

was, officially certified as the

“winner” of the elections of.

2007, they had a majority of 23
seats. According to the election
results the PLP lost at least 30
per cent of support from their
election total of 2002. —

Since that date, and follow-
ing tally after recount after
recount, these results remain
the same. PLP supporters all
over the country and even a
Bahamian student from Lon-
don (YAK) have stated that the
PLP had won the election, and
that many illegal votes were
counted — while many legal
votes were not.

Now my issue to PLPs is this
if this election was controlled
by the machinery that was con-
trolled by the Christie led Gov-
ernment with a non-partisan
election official in compliance

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with the law, how could they
now say the system failed the
PLP. Well good case to say
Christie is no leader.

Fortunately, the Right Hon-
ourable Hubert A Ingraham is
now Prime Minister of this great
Commonwealth of our lovely
Bahamas, he with great might
defeated the partisan ranting of
ZNS, Jones and Co...and as Per-
ry Gladstone Christie and the
PLP machinery did everything
in their power to prevent a fair
and legal process of his resound-
ing defeat at the polls.

In other words, these PLPs led
by the Chief himself, Perry
Christie used the enormous pow-
er of the government of the
Bahamas to snatch this election

but they failed. The people of the ©

Bahamas rejected them big time.
The elections of 2007 will
indeed be the untold story of
2007, it is more chilling than the
murder of Sir Harry Oakes.









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3 storey Townhouses. Gated property.
Modern kitchens & well appointed interiors.
Pre- construction price $ 199,000 with only
$5,000 reservation deposit required.

454-2098 or 422-4489.

The performance of Perry G
Christie, Fred Mitchell, Philip
Galanis, Valentine Grimes,
Obie Wilchcombe, Steve McK-
inney, “Lady” Russell and oth-’
er PLP operatives represent a
major sin against our Bahamian
democracy.

I now call upon the Right
Honourable Hubert A Ingra-
ham to cause a thorough inves-
tigation and the prosecution of
all actions that crossed the line
and let the chips fall where they
may.

And because they are u'ti-
mately responsible for tryii* 19
grab the elections of 2007, Inu â„¢
call upon Perry Gladstone
Christie and the PLP to resign
from public life completely.
They out.. they need to stay
out.. and out for good.

PETER T CAREY
Nassau
May 2007



1/2 bath,

Attention

L. N Coakley High
(Exuma Senior High)

Class of 1987
All graduates of the Glass of 1987 are invited to

attend our High School Reunion, celebrating 20 years,
to be held July 20 - 22, 2007 in Georgetown, Exuma.

For more information contact:
Raquel Rolle - babymatt2005@hotmail.com
242-323-1144
Chester Cooper - chestercooper@hotmail.com
242-357-9157


THE TRIBUNE

TUESDAY, MAY 22, 2007, PAGE 5



‘GB Power offers $5k reward
after theft of copper wiring

Oln brief

Man faces
multiple
charges of
fraud

A MAN charged with sev-
eral counts of fraud was
arraigned in Magistrate’s
Court yesterday.

It is alleged that Clive Kent
Schroter, 37, of Lady Slipper
Avenue obtained from
Uylsse Berno cash in the
amount of $2,500 by false
pretences on Wednesday,
May 16.

It is also alleged that on
Friday, May 4, he obtained
from Emmanuella Etienne
$900 by false pretences and
with intent to defraud.

It is further alleged that on
Tuesday, May 15, Schroter
obtained from Yady Joseph
$1,000 by false pretences and
‘that on Saturday, March 17,
while armed with a handgun,
he robbed Ernest Charles of
$1,650.

Schroter was not required
to enter a plea to the charges
and was remanded to Her
Majesty’s Prison.

Entries are
sought for
Tribune
supplement

THE Tribune will be pub-
lishing its annual 'Back to
School' supplement in
August/September. In prepa-
ration for the supplement,
- which will feature all gradu-
ating seniors who will be
attending university/college,
whether locally or abroad,
we invite all parents,
guardians and graduating
seniors to submit a profile on
the graduating seniors, along
with a photograph and con-
tact information.

The profile should include:

e Name of student ©

e Age

e Name of parents

e A list of exams already
taken and the results - e.g. -
Bahamas Junior Certificate
(BCs) exams and Pitman
exams

e A list of exams expected
to be taken - Bahamas Gen-
eral Certificate of Secondary
Education (BGCSE) exams

e The college/university
they expect to attend - e.g. -
College of the Bahamas,
Harvard University, Univer-
sity of Miami

e Name of degree expected
to be sought - e.g .- Bachelors
degree in English, Bachelors
degree in Biology

e What career they expect
to enter once their education
is completed - a doctor, Math
teacher, engineer —

e All extracuricular activi-
ties - club memberships, team
sports/track and field, church
activities

e A list of honours/
awards/recognition student
has received

Please forward all infor-
mation to Yolanda Dele-
veaux, Tribune Features Edi-
tor at email - ybdele-
veaux@tribunemedia.net -
please note 'Back To School’
in the subject line. The infor-
mation may also be hand
delivered or mailed to:

Back To School

The Tribune

Shirley and Deveaux -
Streets

P O Box N-3207

Nassau, Bahamas.

TV 13 SCHEDULE
TUESDAY,
MAY 22ND

6:00 Community page 1540am

1:00 ZNS News Update

1:05 Legends:

2:00 One Cubed

2:30 Turning Point

3:00 Practical Principles

3:30 Ernest Leonard

4:00 Video Gospel

4:30 Fast Forward

5:00 ZNS News Update

5:05 The Fun Farm

6:00 Tourism Today

6:30 News Night 13

7:00 The Bahamas Tonight

8:00 The People Behind The History
of BTC

9:00 Holby City

10:00 Caribbean Newsline

10:30 News Night 13

11:00 The Bahamas Tonight

Late Night Movie:

“Getting Up And Going Home”

Community Page 1540AM

NOTE: ZNS-TV. 13. reserves the

right to make last minute
programme changes!




























@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - The Grand
Bahama Power Company is
offering a $5,000 reward for
information leading to the
arrest and conviction of the cul-
prit or culprits responsible for
the theft of a large quantity of
copper wiring from various sub-
stations throughout the island.

Company officials say they
are very concerned about the
copper thefts, which have been
occurring since January — the
latest occurring last week and
resulting in a loss of $70,000 to
the company.

Derek King, director of trans-
mission and distribution,
revealed that the company has
incurred a total loss of well in
excess of half a million dollars
over the past five months due to
theft and replacement of cop-
per wire.

“We have been dealing with
this since January, and so I
would suggest that the loss of
copper, and the time to put
these things back in place, is
well over $500,000 from January
to now,” said Mr King.

During a press conference
held yesterday at the Grand
Bahama Power Company, Mr
King and other company exec-

utives, including Tony Lopez,
vice president of finance, and
Carlton Bosfield, environmen-
tal safety and security direc-
tor, warned about the dangers
that can result from these
crimes.

Besides the potential dangers
to the culprits in terms of pros-
ecution, Mr Lopez said copper
theft affects not only the com-
pany, which experiences pow-
er failures and thousands in
costs for replacement and man-
hours to repair and investigate
the damage, but also to cus-
tomers who may sustain losses
and damage to expensive elec-
tronic equipment.

It is believed that the thefts
are being carried out by highly
skilled technical persons with
access to bucket trucks for
access to power cables. The
thefts usually occur during the
wee hours of the morning -
between 2am and 3am.

Mr Lopez believes that the
increase in theft of copper is
probably due to the increase in
the value of copper on the mar-
ket.

As of early May 2006,
reports indicate that the non-

ferrous scrape metal price list
G

is valuing copper between
$2.40 and $3 per pound,
depending on the quality.

The Bahamas Electricity Cor-
poration in New Providence has
also been experiencing copper
thefts at its facilities.

Mr King said that the power
company in Freeport uses very
expensive copper wiring.

“Our system is what you call
a multi-ground — each pole has
a copper wire connected to
what is considered a shield wire
on top that goes straight down
the pole into the ground.

“This reduces the ground lev-
el and gives us added protec-
tion, and once you remove
those from the pole, when there
is a lightning strike basically the
system cannot now handle the
excess voltage and this in turn
will jeopardise our system and
employees, but also customers
in terms of sensitive electronic
equipment,” he said.

Warning

Mr King is discouraging per-
sons who sell scrap metal for a
living from buying copper from
individuals off the street.

“You can only get copper off
the island by boat and it is my
understanding that these cul-
prits are melting the copper
down and selling it to those per-
sons who are involved in sell-

‘Inquest into death of Daniel
Smith is rescheduled again



@ DANIEL Smith

THE inquest into Daniel
Smith’s death has been delayed
yet again, with proceedings hav-
ing been pushed back another
week.

The new date for the inquest
into the death of the Anna
Nicole’s son is now May 30.

The inquest had just begun
last month when it was stalled
after the lawyers for Howard K
Stern called the constitutionali-
ty of the Coroner’s Court into
question.

The Coroner’s Court is now
scheduled to reconvene next
week Wednesday with an all
female, seven-person jury.

Speaking at the start ofthe
inquest, Chief Magistrate Roger
Gomez — who is presiding of
the proceedings — admonished
all jury members not to listen
to the many rumours and the
gossip swirling around this high-

Two men charged with
murder at gas station

@ By NATARIO McKENZIE

TWO men accused of killing
a man at a service station last
month were arraigned togeth-
er in Magistrate’s Court yester-
day on murder charges.

The accused, Frank Smith,
21, of Sunlight Village and
Rashard Woodside, 20, of Plan-
tol Street,‘were arraigned
before Magistrate Guillemena
Archer at court 10 in Nassau
Street yesterday.

It is alleged that on Thursday
April 26, the accused intention-
ally and unlawfully caused the
death of Delroy McKenzie.

Police reports said McKen-
zie died after being shot multi-
ple times while sitting in his
vehicle at the Esso Service Sta-
tion on Wulff Road and Mon-
trose Avenue.

The accused, who were rep-
resented by attorney Murrio
Ducille, were not required to
plead to the murder charges and
the matter was adjourned to
September 17.

Smith told the court that he
had suffered brutality at the















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hands of two CDU officers and
requested that he be taken toa
doctor.

He later told the court that
he had been taken to see a doc-
tor but still suffered head pains.

Magistrate Archer told the
accused that he would be
allowed to see the doctor at Her
Majesty’s Prison.

Woodside was also arraigned
on the charge of possession of a
firearm with the intent to
endanger life.

It is alleged that on Tuesday
April 10, 2007 he was found in
possession of a handgun with
the intent to endanger the life of
Jamalio Laing.

Woodside was not required
to plead to the charge. This
matter was also adjourned to
September 17.

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profile case.

Twenty-year-old. Daniel
Smith died in his mother’s Doc-
tors Haspital room on Septem-
ber 10 —just three days after his
baby sister Dannielynn was
born. ;

His death was ruled a drug
overdose, but the inquest is
being held to determine
whether or not it was accidental.

ing scrap metal,” he said.

Mr Bosfield said the local
police are doing as best they
can, but that a more of concert-
ed effort by the public will help
to assist them in capturing the
individuals responsible.

“This is why we are appealing
now to a much broader com-
munity to be more of the eyes
and ears of the police to help
them.”

Mr Bosfield said that there
are certain signs that persons
should take note of. He noted
that when copper is melted
down, the plastic coating over
the wire emits black smoke.

“In some instances you may
see large black smoke coming
from very remote areas. There
are also instances where the
culprit will cut the large cables

up in sections so they can lay
them on the back of a pick-up
truck, So, if you see a lot of
black cables on a pick up truck,
or any cable, that should be
another cue that this could
possibly be a culprit,” he
explained.

“We are also very concerned
about the potential for the copy-
cat criminal. Like we said earli-
er, the persons who are doing
these thefts presently have the
knowledge. However, if there
is someone who tries to copycat
and they don’t have the electri-
cal knowledge it could result in
death,” he said.

Members of the public z are
asked to assist in the capture of
the culprits by calling 352-8411,
or the police at 351-3109, with
any information they may have.



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PAGE 6, TUESDAY, MAY 22, 2007

THE TRIBUNE

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aU Vasa aa

EVERETT ARTHUR
WEATHERFORD, 67



























of Queen's Cove,
Freeport and formerly of
Man-O-War Cay, Abaco,
who died at the Rand
Memorial Hospital, on
Thursday, May 10, 2007,
will be held on}
Wednesday, May 16,
2007 at 11:00 a.m. at The |
Chapel of Yager Funeral
Home and Crematorium, |
Queen's Highway, Freeport. Officiating will be
Pastor Lucien Curry and interment will be made
in The Grand Bahama Memorial Park.



Fondest memory held by his wife Rachael; one
son, Adam; two daughters, Bridgette and Danielle;
two sons-in-law, Todd and Billy; one daughter-in-
law, Sonya; two grandchildren, Eric and Lynsi,
three sisters, Nellie, Ella and Mollie; three brothers,
Scott, Willis and Ray; brothers-in-law, Sidney,
Warren, Brian, Earl, Marty, Ronald, Lowell and
Billy; 12 sisters-in-law, Kay, Gloria, Debbie, Pam,
Bonnie, Paulette, Evelyn, Sherrie, Gina, Vickie,
Jackie and Sue; numerous nieces, nephews, cousins
and other relatives and friends.



Funeral arrangements entrusted to Yager Funeral
Home and Crematorium, Queen's Highway,
Freeport.

Police o

More than one
hundred police
reserve officers
from Nassau and
the Out Islands
were sworn in
yesterday at a
ceremony held
at the police
headquarters



(Photo:
Tim Clarke/
Tribune staff)





fficers are sworn in














@ RESERVE officers are sworn in









i OFFICERS help the reserves as they sign documents

Protesters decry Venezuela’s refusal to renew
the licence of opposition-sided TV station

@ VENEZUELA
Caracas

THOUSANDS of protesters
carried a blocks-long banner
through Venezuela’s capital on
Monday, condemning threats
to freedom of expression as one
of the country’s few remaining
opposition-aligned TV stations
is set to go off the air within
days, according to Associated
Press.

Shouting “We Want Free-
dom!” and waving Venezuelan
flags, demonstrators warned
that President Hugo Chavez’s

Bank
Financing
Available

plan to replace Radio Caracas
Television with a public-ser-
vice station is part of a broad
effort to silence criticism. The
banner that snaked through the
streets read “Freedom of
Expression, SOS” in 10 differ-
ent languages.

“Threats to freedom of
expression affect all citizens
equally; it doesn’t matter if
you are pro-government or
against the government,” said
Rafael Fuenmayor, a reporter
from the Globovision 24-hour
news channel, who helped
organise the protest along with

en /
ver

fD Ta
Special ofthe Week

other local journalists.

Globovision is the only other
major opposition-aligned chan-
nel, though it does not reach all
parts of the country. Two other
channels that used to be
staunchly anti-Chavez recently
toned down their coverage.

RCTYV is due to go off the air
Monday, after Sunday’s final
day of programming, when the

.government says its license

expires.

' Officials deny any threat to
media freedom, arguing that a
new station called TVES will
offer diverse programming

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while avoiding pro-Chavez pro-
paganda aired on ather state-
run channels. A board of direc-
tors for the new channel was
sworn in Monday.

Protesters ended their march
outside the mission of the Orga-
nization of American States,
where they urged the body to
take a closer look at the state of
press freedoms under Chavez.

OAS Secretary-General Jose
Miguel Insulza has warned that
failing to allow RCTV to con-
tinue broadcasting “would be
seen as a form of censorship
against freedom of expression.”
Countries including Honduras,
Guatemala and Chile have
expressed support for Insulza’s
position.

Founded in 1953, RCTV is
Venezuela’s oldest private net-
work and broadcasts a mix of
talk shows, soap operas and a
version of “Who Wants to Be a
Millionaire?” RCTV frequent-
ly airs complaints of corruption,
crime and inefficiency from
both opposition and govern-
ment supporters, whose griev-
ances are rarely broadcast on
state-run TV channels.

RCTV’s general manager,
Marcel Granier, said the net-
work has the right to continue
broadcasting until 2022 and
challenged the government’s
decision in court.

Venezuela’s Supreme Court
on Thursday dismissed the first
of a series of legal challenges
by RCTV, but more are pend-
ing.

Information Minister Willian
Lara said the state’s right not
to renew RCTV’s license was
“inarguable,” and predicted on
Sunday that Venezuela’s high-
est court would uphold the mea-
sure.

Chavez accuses RCT'V and
other opposition-aligned private
media of supporting a failed
2002 coup against him by broad-
casting cartoons and movies
rather than covering street
protests that aided his return to
power. RCTV’s journalists
counter that violent protests
staged by “Chavistas” outside
the channel's headquarters pre-
vented them from reporting the
news.

Venezuela still has a broad
mix of newspapers, including
many that are critical of the
government.
THE TRIBUNE

TUESDAY, MAY 22, 2007, PAGE 7





yford Cay scholar
returns to help build
national university

WHEN Lyford Cay scholar-
ship recipient Felicity Humble-

stone graduated with honours :

from McMaster University in
Ontario, the College of the
Bahamas was operating with a
relatively small budget from
government.

At the time, the college’s
bachelor programme offerings
were limited, and turning the
Oakes Field campus into the
headquarters of a national uni-
versity was still more fantasy
than dream.

Today, that dream is becom-
ing reality — the college on its
way to becoming the University
of the Bahamas and Humble-
stone is one of the key driving
forces.

Appointed development offi-
cer in the Office of the Presi-
dent just over six months ago,
she has taken charge of private
fund-raising with gusto, cor-
ralling dollars and support to
build the college’s forward
momentum.

College president Janyne

Hodder calls Humblestone “a
key to a central function that
will transform the college to a
university,” crediting Humble-
stone with the ability to build
valuable, supportive relation-
ships with friends and donors.

“She’s extraordinary, a very
gifted young woman with
exceptional personal integrity, a
fund-raiser’s dream.”

If Hodder thinks Humble-
stone is a fund-raiser’s dream,
Humblestone thinks the job is a
dream.

“It is wonderful to be home
and to participate in the build-
ing of a national university for
the Bahamas,” says Humble-
stone, who spent three years at
McMaster after graduating, as
an assistant in advancement ser-
vices and then as a development
researcher, before bringing
those skills home.

With a bachelor’s degree in
Spanish and linguistics and a
minor in globalisation, she had
originally thought about teach-
ing. “I am passionate about edu-

cation. Fundraising for the col-
lege fulfills my interest and zeal
for education. It is so reward-
ing.”

Humblestone is so high-ener-
gy that colleagues tease her and
call her the Eveready Energizer
Bunny. Her drive, she says, is
inspired not only by what she
is doing but by what she saw
the Lyford Cay foundation do
for others.

“T received a Canadian
Lyford Cay Foundation schol-
arship to attend McMaster Uni-
versity in Hamilton, Ontario
and graduated in 2003,” she
said. “Since then, having
worked in the non-profit indus-
try for almost four years, |
gained a real appreciation for
the work of the foundations and
their philanthropic commitment
to the development of the coun-
try and the people of the
Bahamas.”

The Lyford Cay Foundation
and the Canadian Lyford Cay
Foundations are the largest pri-
vate supporters of higher edu-

~ cation m the region, providing

academic scholarships at the
undergraduate and graduate
level as well as grants for tech-
nical and vocational training.

Over the past two decades,
the foundations have awarded
over $14.5 million in scholar-
ships, helping some 1,300 stu-
dents better prepare for a pro-
fession or career. In all, 835 stu-
dents have studied at the col-
lege with scholarships the foun-
dation helped to fund.

Although best known for its
education largesse, the Lyford
Cay Foundation has a separate
arm that supports worthwhile
local charitable causes and
organisations, and a volunteer
mobilisation programme Time-
Works that provides additional
‘people power’, interacting with
beneficiaries in a way that
makes a long-term difference
in lives.

“Successful graduates like
Felicity Humblestone re-affirm
the foundation’s commitment
to make higher education pos-

@ FELICITY Humblestone

sible for the deserving,” said
Loretta Rogers, president of the
Canadian Lyford Cay Founda-
tion. “Felicity’s story is espe-
cially inspiring because she will
make such a difference at the
local level.

“An ambitious goal with
almost incalculable potential



such as the University of the
Bahamas, as it will one day soon
be called, will attract students
from all over and fulfill a need
for an institution of higher edu-
cation for many’ who wish to
study at home. The Canadian
Lyford Cay Foundation is very
proud of Felicity.”

Organisers of Just Rush
parade make preparations



Paramilitary leader denies role in killings

m@ NEW YORK

A FORMER paramilitary
leader wanted in Haiti on mur-
der and torture charges insisted
in a New York court Monday
that he has become a scapegoat
for atrocities in the Caribbean
nation that had nothing to do
with him, according to Associ-
ated Press.

“Your honour, I’ve never
ordered ... any violence,”
Emmanuel “Toto” Constant
said in an emotional plea to a
judge overseeing his mortgage
fraud case in state Supreme
Court in Brooklyn. “I’ve never

even assisted in anyone’s exe-
cution in my life.”

Constant, 50, repeated claims
that he had worked with the
CIA while head of a Haitian
paramilitary group in the 1990s.
He also said he was “promoting
reconciliation” at the time, and
since has become a victim of
political persecution.

Last week, lawyers for the
state attorney general’s office
and the federal Department of
Homeland Security urged Jus-
tice Abraham Gerges to sen-
tence Constant in the fraud case
to time served, about 10 months
of a proposed one- to three-year

YOUR CONNECTION-TO THE WORLD

sentence, to speed his deporta-
tion to Haiti to face charges
there that he ordered the exe-
cution of slum-dwellers loyal to
exiled President Jean-Bertrand
Aristide.

_ Gerges postponed the sen-
tencing after the Center for

Constitutional Rights claimed:

th t Haiti’s justice system was
too unstable to ensure Constant
faces justice. The civil rights
group argued the proposed sen-
tence in the fraud case was too
lenient, given Constant’s back-
ground.

The judge said he would rule
on Tuesday. —

THE BAHAMAS TELECOMMUNICATIONS COMPANY LTD.
FIRE EXTINGUISHER TENDER

The Bahamas Telecommunications Company Ltd is pleased to invite qualified
companies to submit for tender for Fire Extinguisher Maintenance.

Interested companies can pick up a specification document from BTC’s
Administration Building John F, Kennedy Drive May 22nd to May 31st 2007
between the hours of 9:00am to 5:00pm Monday to Friday.

Tender should be sealed in an envelope marked
“FIRE EXTINGUISHER TENDER?” and delivered to the attention of: -

Mr. Leon Williams
President & CEO

The Bahamas Telecommunications Company Ltd

P.O. Box N-3048
Nassau, Bahamas

Bids should reach the company’s administration office on John F. Kennedy
Drive by 4:00 p.m. Monday June, 4th 2007,

Companies submitting bids are invited to attend the bid opening on Wednes-
- day, June Sth 2007 at 10:00 A.M. at BTC’s Perpall Tract location.

BTC reserves the right to reject any or all tenders.





for safety of Freeport event _

WITH just two weeks to go
before the big Just Rush Labour
Day weekend, organisers are
making every effort to make it
is a safe event.

According to Peter Adder-
ley, president of Creative
Works and mastermind: of the
event: “Thousands are expected

2007

Front Air Bags
Air Conditioning
Radio/CD Player

MAN

CALIBER

One look at its squad-up, broad-shouldered stance and you will Know that this
one is undoubtedly different.

to travel here from New Provi-
dence, throughout our family
of islands and the United States,
so it was very important to work
with the Royal Bahamas Police
Force.”

The largest inter-island
junkanoo parade will be on on
Friday, June. 1, 6.30pm, down-

2.0 4Cyl: DOHC 16'V
Automatic Transmission
Power Windows and Locks



$28,785.00

town Freeport. The Beres Ham-
mond Concert is set for Satur-
day, June 2, 9pm at Columbus
Theatre Parking Lot, Freeport.

Adderley, is seen at Grand
Bahama’s Police Headquarters
meeting with top brass of the

police force-and parade man- °

agers. i ite






Bahamas Bus & Truck Co: ace

Montrose Ave.

°o

‘Phone: 322-1722/Fax: 326-7452


PAGE 8, TUESDAY, MAY 22, 2007



Girl Guides honoure

, THE Bahamas Girl Guides Association
has.announced that 25 guides were among
the 103 students who were nominated to
represent their schools in the 11th Annu-
al Bahamas Primary School Student of
the Year Awards Programme.

‘The event was held on Saturday at
Bahamas Faith Ministries International.

The Bahamas Primary School Student
of the Year Awards competition, which
was established in 1997, is sponsored by
‘the Bahamas Primary School Student of
the Year Foundation in partnership with

25 girls prove their
abilities for youth
programme



The awards programme honours those
students who are academically gifted, have
displayed leadership abilities and are well-

THE TRIBUNE

d in student awards















rounded students.
The Girl Guide nominees are pictured -
here.

the Nassau, Bahamas PanHellenic Coun-
cil, and the local coalition of fraternities
and sororities.



B Jo'eysa Abraham HH Michaelianna Adderley ® Lyric Anderson @ Demi Burrows
%





















ae Seas Se: a: ky
@ Takera Capron i Devynne Charlton Jasmine Colebrooke Yendise Collie @ Jasmine Cunningham li Maya Delaney

















‘@ Shenecia Garcias @ Latara Hanna @ Jade McQueen @ Alvonee Penn i Zahra Powell Hi Camille Pratt

Hf Trenique Kelly











at
BS Telicia Thomas



Mi Tabitha Ritchie ‘ B Lamoure Rolle ~ i Alicia Storr @ Tiffany Strachan a Spring Williams a Camille Wright



ji, my name is Rasheeda Bodie

“ELEUTHERA, BAHAMAS.

The Bahamas Electricity Corporation invites tenders from
eligible bidders for the construction of
two (2\transformer foundations at
Rock Sound Power Station in Eleuthera, Bahamas



Bidders are required to collect packages from
Mrs. Delmeta Seymour
at the Administration Office
Blue Hill and Tucker Road
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ent of the Month - March 2007

British American Financial
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and addressed as follows: Riy

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NOTE: ROCK SOUND POWER STATION
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THE TRIBUNE

TUESDAY, MAY 22, 2007, PAGE9



FROM page one

Despite the expectations of
several senior PLPs, the FNM
may not contest any seats in
court.

In fact, Prime Minster Hubert
Ingraham has said that the FNM
has no intention of going to elec-
tion court to “determine the
validity of any of our seats or
anybody else's.”

In addition to the implications
this process has for the outcome
of the 2007 elections, it is a
heavy financial cost.

The losing party will be oblig-
ated by law to pay the winner
$100,000 for each case it fails to
secure.

In addition to this $100,000
there are other expenses that
the FNM and PLP will have to

PLP ‘Thank

FROM page one

continue to plan on holding the
event on Saturday — allowing
them time to advertise and pro-
mote the event properly.

The PLP has continued to gath-
er public support following the

underwrite.

After the 2002 general elec-
tions the FNM contested the
results coming out of the
MICAL constituency, a process
that cost the party more than
$200,000.

If this price tag is applicable
for election court 2007, and the
PLP loses its cases, the party
could spend nearly $1 million.

Over the weekend former
Prime Minister Perry Christie
said that the PLP has decided
which constituencies it will con-
test and will soon be pursuing
those seats “vigorously” in the
election court.

“The outcome of those seats
are matters which will be before
the courts soon, so we would not
be wise to discuss our strategy
here. However, we have been

You’ rally is

May 2 general election, Mr Gala-
nis said, and this is fortified by the
actions of the new government.
“Already we have seen indi-
cations of victimisation by the
government,” Mr Galanis said.
“Mr Steve McKinney, Ingra-
ham’s announcement that cer-

LOCAL NEWS

Contesting seats may cost PLP up to $1m

advised by our legal team as to
which seats represent the best
chances of winning and we will
pursue those ones vigorously
through the courts,” he said.

The party has 21 days from
the opening of the House of
Assembly on Wednesday to
apply for leave to present their
cases to the court.

Mr Grimes told The Tribune
yesterday that the PLP may con-
test as many as five seats:
Pinewood, Blue Hills, Golden
Isles, Sea Breeze and Marco
City.

Each of these seats, Mr
Grimes pointed out, was lost by
the PLP by less than 70 votes
and thus are considered “too
close for comfort” for the PLP.

The PLP lost these seats by
64, 47, 62, 64 and 47 votes

respectively.

“The Progressive Liberal Par-
ty is of the view that there were
persons who were not allowed to
vote in certain areas and per-
sons who voted in areas that
they should not have. So based
on the information we have, we
believe that there is a reason-
ably high chance of success,” Mr
Grimes said.

FNMs have also accused the
PLP of wrong doing in the last
election. Allegations against the
PLP included using fake ballots
and adding illegitimate ballots
to the count of some con-
stituencies.

Mr Ingraham has said that if it
is determined that offences were
committed during the run up to
the elections he expects the
authorities to “do their job”.

postponed to Saturday

tain permanent secretaries would
be reduced at his thank you ral-
ly a few weeks ago; a number of
PLPs have been notified that
their contracts would not be
renewed when they expire; and
Mr Ingraham’s intransigence
regarding the Senate appoint-

ments pursuing to Article 39 of
the Constitution,” Mr Galanis
said, are all examples that the
“old Ingraham” has returned.

“Bahamians are beginning to
see that this is the same old
Ingraham and that nothing has
changed,” he said.

PLP ‘may make legal challenge’ over seats in Senate :

FROM page one

Overall, the Senate consists
of 16 members of which, nine
are automatically appointed by
the prime minister; four auto-
matically by the leader of the
opposition; and the remaining
three are appointed by the
prime minister after consulta-
tion with the leader of the
opposition.

Regarding the three remain-
ing senators, The Constitution
states: “In the exercise of the
functions conferred upon him
by article 39(4) of this constitu-
tion, the purpose of the prime
minister shall be to secure that
the political balance of the Sen-
ate reflects that of the House of
Assembly at the time.”

With the House being closely
split at 23 to 18 in favour of the

FNM, with the PLP winning 47
per cent of the popular vote, a9
to 7 divide in the Senate, too in
favour of the FNM, would
reflect the divide in the House.

In a brief statement on Sun-
day Mr Christie merely stated
that “consultations between the
prime minister and the leader
of the opposition are under-
way in connection with the
appointment of additional Sen-

ators under article 39 (4) of the
constitution.”

A legal challenge over these
senate appointments, could
create a further spectacle sur-
rounding the election results,
as the PLP has announced that
they will contest five FNM
seats in election court — these
being, Seabreeze, Marco City,
Pinewood, Blue Hills and
Golden Isles.

BEC start investigation into oil spill

FROM page one

ocean for hundreds of feet along
the Clifton Pier area.

The surface of the water, hun-
dreds of feet out from the coast,
where the BEC plant is located,
was covered in a layer of oil
which caused it to take ona.
shiny appearance, visible from
hundreds of feet above.

Meanwhile, at its farthest
extreme, the slick was bordered
by a thick gooey brown edge.

The spill was brought to the
attention of The Tribune last
week by a concerned local pilot.

According to Port Controller
Anthony Allen, companies are
required to clean up the effects
of such incidents if they are
found to have been responsible.

This can involve using equip-
ment to surround and contain
the spill, and then to "mop it up"
from the surface of the water.

However, with an investiga-
tion only now underway, any
clean up operation has been fur-
ther delayed or perhaps ren-
dered unlikely to ever happen.

"There was no way of con-
firming where it came from,"
said Mr Forbes yesterday. "The

situation is a long-standing one
and I guess everyone always
jumps to blame BEC first, I
guess because we're the person
upfront," he said.

Sam Duncombe, an environ-
mentalist, and founder of organ-
isation reEarth, yesterday said
the spill further proves her case
that an LNG plant should not
be brought to the Bahamas.

"If we can't handle what's
going on at Clifton how can we
possibly monitor what's going
on at Ocean Cay with LNG?"
she asked.

"The place is in dire need of



help in terms of stopping the kinds .

of spills that are happening now
and making sure that everything is
done to prevent (future spills)."

Mrs Duncombe pointed out
that the Bahamas has a diving
industry which is threatened by
such incidents. Stuart's Cove —
a world-renowned diving com-
pany — is one of those that is
located "out west" near the pier.

Meanwhile, Captain Allen,
whose department was also
made aware of the slick last
week, said he believes the evi-
dence of the spill may even be
gone by now.

‘$80m of contracts’ revealed

FROM page one

Mr Ferguson said that in light
of the contracts awarded prior
to the election the PLP had
become a “run-away train.”

In response, the FNM is com-
mitted to “proceed systemati-
cally in the’ days months years
ahead to bring this country back
under subjection” by reviewing
the contracts awarded under the
former government, said Fergu-
son.

This is particularly important
because in some cases the gov-
ernment simply does not have
the money, nor does the country
have the man-power “to super-
vise and to properly man those
projects to successful conclu-
sion.”

“So apart from funding it’s a
question of how we’re going to
manage at this time,” he
explained.

Listing some of those con-
tracts which made up the $80
million total cost, Mr Ferguson
pointed to a $5 million contract
for anew school in Inagua, $3.2
million in Lowe Sound Andros,
two schools in New Providence
and one in Grand Bahama con-
tracted out for over $30 million.

Road contracts totalling $25
million were also awarded, he

said.

Aside from concerns relating
to financial viability, the Bov-
ernment is also looking into the
former government’s decision to
grant a contract for a schdol
between Cowpen road and Mar-
shall road in an area that “used
to be a car dump for years” with-
out undertaking an assessment
of the possible health imphica-
tions.

As to exactly how many, con-
tracts are under review, Mr Fer-
guson could not be specific; but
he added that the decision as to
which will be cancelled-and
which will be continued is some-
thing that will emerge once, the
process is complete.

However, he emphasised thé that
the straw market is still a pro-
ject which is a priority for the
government.

“The way I see it before the
next election the straw market
will be well on its way or com-
pleted,” he said.

Asked whether the review
would also encompass the archi-
tectural plans made for the pro-
ject, Mr Ferguson said “you may
not see any changes to that.” |

The process of going over the
contracts will be done both at
Cabinet and ministerial level “he
stated.



Christie ‘led way on race’

FROM page one

Previously, his party had been
accused by the FNM, and some
members of the public, of bring-
ing the issue of race into the elec-
tion in a way that divided society.

Some commentators speculat-
ed that some PLP candidates
were seeking to gain voter sup-
port by instilling anxiety in the
general population by making
references to the fact that FNM
deputy leader, and now deputy
prime minister, Brent Symon-
ette, is the son of former UBP
premier Roland Symonette.

Fred Mitchell, former foreign
affairs minister, warned voters
not to support "the UBP heir."

Yesterday, Mr Ferguson said
that Christie is trying to "back
peddle" from the much-dis-
cussed "race card" strategy.

"It was very clear that they
went that route," he said. "It
came from him and it came from
most of his other spokespersons
that he has around him," said
Mr Ferguson.

"As a prime minister he led

the way in trying to separate
people along colour lines and he
can't hide from that now."

During the chat, Mr Christie
claimed that the FNM had
accused his party of "playing the
race card" when they con-
demned Brent Symonette so as
to deflect their criticisms.

"IT was specific in my explana-
tion to the Bahamian public that
my criticism of Mr Symonétte
had absolutely nothing to“do
with the colour of his skin but
with the ethical lapse he-had
made during his time in Gov-
ernment,” the former prime min-
ister said.

Yesterday, Mr Symonette oid
he did not want to "revisit',the
race card issue. cae

"If Mr Christie and his goyérn-
ment want to reflect on the-mis-
takes that they made they are free
to do. As far as I'm concerned
and my colleagues are concéraed
we are about doing the peoplé's
business of governing the coni-
monwealth of the Bahamas anil
need not revisit those issues.-We
move forward," he said.

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Human energy:
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PAGE 10, TUESDAY, MAY 22, 2007 THE TRIBUNE:



| TUESDAY EVENING MAY 22, 2007









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THE TRIBUNE TUESDAY, MAY 22, 2007, PAGE 11

Sir Jack Hayward gives away his
stake in soccer club for just $20

ly $60 million) investment.

“All of the £30 million will be used
for the benefit of Wolves. Sir Jack is
making this gift for the benefit of the
club and in order to secure the future
of the club on a long-term basis,” said
the club.

“It is intended that the new capital,
over a period of time, will be used to
help re-establish Wolves as a Premier-
ship club.”

To maintain stability, Morgan has decid-

Morgan bought all Sir Jack’s ed to retain Wolves’ current manager Mick
shares for just £10, roughly $20, | McCarthy and chief executive Jez Mox-
after his bid to buy Liverpool ey.

_FC€ fell through. : Sir Jack remains life president with his

For Sir Jack, one of the king- grandson Rupert joining the board. The
pins behind the development of deal is expected to be completed next
Grand Bahama, Wolves were a month.
lifelong passion.

But during his long financial
involvement with the club, he
was never able to restore its for-
mer glory.

Now it’s hoped Morgan’s
deep pockets, and keen inter-
est in Wolves’ fortunes, will help
propel the Midlands side back
into the big time.

In the 1950s, Wolves were
one of England’s top sides,
but the club has floundered
over much of the last half-cen-
tury.

However, a club statement
said: “Morgan not only has the
best interests of the club at
heart, but has the resources to
return the club to its former
greatness.”

Morgan made his fortune
from the development firm
Redrow. He is now chairman
of the Bridgemere Group.

He is a keen soccer sup-
porter who twice tried to buy
Liverpool, his hometown club,
but “lost patience” with the
Anfield board when he said
the club needed to be frank
about the cost of its new sta-
dium. :

Wolves said Sir Jack’s deci-
sion was in line with his promise
to step aside for the right per-
son.

He had taken the “unprece-
dented step” of giving his shares
to Morgan for a nominal £10 in
return for a £30 million (rough-



SIR Jack Hayward, the
Freeport-based tycoon, has sold
all his shares in his lifelong pas-
sion for just $20 - so long as the
buyer puts his money where his
mouth is.

Sir Jack sold his controlling
stake in Wolves, the English
soccer club, to multi-millionaire
Steve Morgan on condition that
the new owner invests $60 mil-
lion in its future.











@ STEVE Morgan



(Photo: AP/Jon Super)

Tel: 242.325.6848

erate ae per guest double copay apacty contre and cue ork: overestimates (521-$5) ae atop guest Pts aisle
cn select sairgs ony Restrictions app, © 2007 Carrival Crs Lines, Al rights reserved. Ships Registry. The Bahamas and Panama

Es

@ WOLVES midfielder Karl Henry, right, battles for the ball with West Bromwich Albion’s
Robert Koren, during their Fourth Round FA Cup on Sunday, January 28 , 2007
(Photo: AP/Simon Dawson)

14 WINNING ENTRIES WILL APPEAR IN BAHAMAS FIRST'S 25TH ANNIVERSARY 2008 CALENDAR
WINNING ENTRIES WILL RECEIVE A GIFT CERTIFICATE VALUED AT $500 EACH

ENTRY DEADLINE IS JUNE 22, 2007
JIRULES::. :

1. Bahamas First's 25th Anniversary Calendar Photo Contest is open to all
photographers and has the title “The Bahamas at Play". Photographs may be of
any subject or scene that illustrates the theme. Al photographs must be taken in
The Bahamas.

9. The winning photographs, along
reproduction rights attached ther
Baharnas First and the compx
the future.

10. Employees of Bahamas First: its af

2. Deadline for entries is June 22, 2007 ;

3. All entries are to be delivered to Bahamas First General Insurance's office, members are not eligible.
#32 Collins Avenue, Nassau, N.P, between 9 am and § pm, weekdays only . Name
Envelopes should be marked “Calendar Contest”. | Tek Business Home TL) iiss i,

4. All entries must be accompanied by an official entry form available at Bahamas First P.O. Box Street address ew
offices or when published in newspapers. Signature__—

5. Only colour images in horizontal format will be considered. Images must be provided as Date No. of photos entered ss (maxin um of 5)
digital images on CD. Digital images must be of high quality (2700 x 2100 pixels or larger). | qgree that in the event one or more of my ph airs is selected as
Digital images showing any signs of photo manipulation, resolution enhancement or ~ @ winner in the 2008 Bahamas First 25th Anniversary Calendar Photo is
compression will be rejected. To ensure the best colour reproduction, digital images Contest it will become the property of Bahamas First General Insurance E
should be supplied in RAW, TIFF or high quality JPEG and in the original colour format the Company and | assign to Bahamas First all rights pertaining to its use in ,
camera uses (LAB or RGB}. All entries must be supplied with prints which will be used in any way whatsoever. | also confirm that the photos entered in this
the judging process. The photographer's name and photo subject should be written on contest were taken in The Bahamas by the undersigned and have not 2%
the CD and on the reverse of the print. been previously published. i}

6. Judging of entries will be based on creativity, imagery, composition, colour, originality
and quality of photograph. The photos selected will appear in Bahamas First’s 25th Return with photos to: -
Anniversary 2008 calendar. The decision of the judges will be final. 25th Anniversary Calendar Contest

7. All entries are submitted at the owner's risk. It is the company’s intention to return all Bahamas First
entries in their original condition. However, Bahamas First will assume no liability for any P.O. Box 6238

: loss, damage or deterioration. 32 Collins Avenue pia

. Agift certificate valued at $500 will be presented for each of the photographs selected. Nassau, N.P G9.
a BAHAMAS FIRST

More than one entry from a single photographer may be selected. Photographic credits
will be given in the calendar. The number of entries per photographer is limited to a
maximum of five photos.

















FIRST (N INSURANCE, TODAY, TOMORROW. oe §
ses San Si 4

pega
a

Entry deadline June 22, 2007






PAGE 12, TUESDAY, MAY 22, 2007



On Saurday Mey 12, 2007, the
Mall at Mazathon Centre Court
was inundated by an anxious

crov.d who were more than as

willing, to give a gift that keeps on
giving. Members of ~
to ‘domate blood to we Blood
Bank of PMH. To show
- appreciation for those braving the
needle, BTC offered opportunities

for blood donators to, win ee

from. the BIC grab. bags. 2B
_ gph ne wee filed wth sre





YOUR CONNECTION-TO

t

Aahivee. Supervisor ‘PMH Blood
Bank, this was the best initiative

ever by a business organization,
“the response ‘was over
whelming. Although, the blood
drive only lasted seven hours One
Hundred and Sixteen units of
blood was collected, This
amount was only a few units shy

of the amount collected during

the two-day blood drive for the

Sea Hauler tragedy, Mrs, Azikiwe

© stated that the blood bank

at : PMH had been at its lowest

levels for the past few weeks and

» had been completed depleted due

to an emergency two days prior.

blood. pressure,
cholesterol testing, On behalf of



WORLD

After testing it was ane

that out of the One Hundred and
Sixteen units collected Sixty Eight
units were O positive, This.
means that these units can be used -
to assists patients of all blood —
types. In addition to the blood |
drive staff members from PMH
also performed complementary
glucose and

the Board of Director, Executive
Manag ge-ment and staff of BT Cc
the staff and patients of PMH we

thank the public for their support
and. their

awareness of the
importance of giving blood,

THE TRIBUNE
4 oe

TUESDAY, MAY 22, 2007

SECTION



business@tribunemedia.net



the blot iCeme

BUSINE





2 iain

HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE
Tel: (242) 356-7764

FREEPORT OFFICE
Tel: (242) 351-3010

Miami Herald Business, Stocks, Analysis, Wall Street









Farm’s closure to

cost $2m revenue

New Providence-based Sunshine Farms’ end-June closure to
cost 18 jobs, and impact Bahamas’ ability to be self-sufficient

@ By NEIL HARTNELL
Tribune Business Editor

New Providence-based
poultry farm is set to close
at the end of June with the
loss of 18 jobs and $2 mil-
lion in per annum rey-
enues, dealing a futher blow to Bahamian
self-sufficiency in food production and busi-

ness ownership.

Chris Lowe, of Sunshine Farms, con-

firmed that the business which was set up in
1954 - some 52-and-a-half years ago - was
due to cease production and close down
at the end of next month.

When asked why, he said: “It’s mainly to
do with...... just everything. It’s a shame
that a business that has been around for 52-
and-a-half years is going to close its doors,
but no one in the Bahamas cares about
agriculture.

“I’m in the process of selling-off the old
birds now, and by the end of June we

should be all said and done.”

A major factor behind Sunshine Farms’
closure has been the flood of imported
eggs into the Bahamian market, with other
poultry farmers alleging that some food
stores preferred to stock on their shelves
the foreign eggs because, as imports, they
were able to get around price controls. In
turn, they could be sold to consumers at

SEE page 7

Multi-million investments depend on port decision

@ By NEIL HARTNELL
Tribune Business Editor

TWO multi-million dollar
investment projects are depen-
dent on the relocation of down-
town Nassau’s shipping facili-
ties to the proposed port at
Clifton, and subsequent reloca-
tion of the South-West Road
that services it, meaning the
impact from any decision the
new FNM government takes on
thé*project extends far beyond
the downtown revitalisation ini-
tiative. _

A key component of the
Christie administration’s port
relocation plan was to re-route
the South West Road, which
currently takes it through the
middle of both the still-closed
South Ocean Golf & Beach

Resort and proposed $1.4 bil-

lion Albany project, to a new
route through the centre of New
Providence.

This would ultimately link
Gladstone Road to the PLP
administration’s proposed new
port, which was to be situated

Fidelity creates
private equity

@ By NEIL HARTNELL
Tribune Business Editor

FIDELITY Merchant Bank
& Trust has created a private
equity vehicle to invest in com-
pany buyouts and turnarounds,
with capital markets players
yesterday telling The Tribune
they saw “good opportunities”
for such funds to participate in
such deals given the succession
issues facing many family-
owned Bahamian companies.

Michael Anderson, president

of Fidelity Merchant Bank &

Trust, which will be renamed
Royal Fidelity once regulators
approve the purchase of a 50
per cent stake by Royal Bank
of Canada, explained that the
institution had set-up Fidelity

& fund vehicle

Analysts spot ‘good
opportunities’ for such
funds in Bahamian
buyout market

Private Equity Invéstments Ltd
last year “as an investment
company underlying the mer-
chant bank”.

Mr Anderson said the first
acquisition it had participated
in was the $54 million purchase
of Winn-Dixie’s 78 per cent
majority stake in Bahamas
Supermarkets.

Fidelity Private Equity
Investments Ltd would contin-

SEE page 2



‘| HUBERT INGRAHAM

between Commonwealth Brew-
ery and the Bahamas Electrici-
ty Corporation (BEC) power
plant at Clifton.

It would also take the South-
West Road around the pro-
posed Albany and South Ocean
projects, making them viable.
Without the road re-routing,
both projects would have to
contend with heavy freight traf-
fic lumbering through their sites
as it made its way to the BEC

‘No injunction appeal’
over Guana Cay

@ By NEIL HARTNELL
Tribune Business Editor

OPPONENTS of the $175
million Baker’s Bay Golf &
Ocean Club will not appeal the
Court of Appeal’s decision to
decline their request for an
injunction forcing the develop-
ers to stop work, their attorney
told The Tribune yesterday,
while the court considers its
judgement on the substantive
merits of their case.

Fred Smith, who represents
the Save Guana Cay Reef Asso-
ciation, said the lobby group
would not appeal the injunction
issue to the Privy Council, due
to both the drain on financial
resources this would cause and
the fact that the Court of |
Appeal rendered judgements
relatively quickly.

“At this time, there is no
intention to appeal the refusal
to grant the injunction,” Mr
Smith said. “Obviously, the
Save Guana Cay Reef Associa-

tion is very disappointed that -

we did not get the injunction,
[but] the reality i is that the Court
of Appeal is very prompt in
delivering its judgements, ad the
resources of the the Associa-
tion are limited.

“Although they are passion-
ate about protecting the envi-
ronment, we can only do so
much at any one time.”

The refusal to grant the
injunction means that the Bak-
er’s Bay developers, San Fran-
cisco-based Discovery Land
Company, are free to proceed
with work on their project,
which includes a boutique hotel,
some 400 residential properties,
180-slip marina, golf course and
community village, at least until

the Court of Appeal rules on
the merits of the Association’s
case.

Whatever the eateomes it
appears that the case is destined
for the Privy Council.

Mr Smith said that if the
Association sought to appeal
the injunction decision now, it
would have to go back to the
Court of Appeal to apply for
leave to go to the Privy Council.
If this was granted, they would
then have to file an appeal, set-
tle the record and lodge all rel-
evant documents with the court
in London.

Apart from the expense
incurred in doing this, Mr Smith
added that any appeal could not
be an ex-parte hearing, with just
the Association present. The
respondents in the case, Dis-
covery Land Company and the
Government, would also have
to be represented.

And by the time all this hap-
pened, Mr Smith said it was
quite possible that the Court of
Appeal would have given its
decision on the merits of the
case.

The Association’s attorney
added that should the courts
ultimately decide in its favour,
the Government and Discovery
Land Company would put
everything back as it had previ-
ously been.

“It is not the best outcome
for Guana Cay; we would have
preferred to get the injunc-
LOR ssi Mr Smith said........
“We are ‘forging on by the skin
of our teeth, and god-willing we
will have our day in court. We
look forward to the Court of

SEE page 7

power plant and ewes: some-
thing that would render both
developments as ‘non-starters’.

It is understood that both the
Albany and South Ocean
investors have agreed to finance
construction of the new road,
but the final decision on
whether to proceed lies with the
FNM administration under
Prime Minister Hubert Ingra-
ham.

The new government will also
have the task of deciding
whether to close on the com-
pulsory acquisition of land that
is needed for the new port road,
the process of purchasing these
properties having begun under
the former PLP administration.

Prior to the May 2 general
election, the then-government
announced that, via compulsory
acquisition, it had taken pos-
session of land in New Provi-
dence forthe new port road.

The Prime Minister’s office
issued a government notice on
March 16, 2007, that the land
had been appropriated by the
Minister responsible for the

Patricia

acquisition and disposition of
Lands (the Prime Minister) for
“the public purpose, namely
construction, of public roads
and for uses related thereto”.

In the notice, the Office of
the Prime Minister said that
possession of the land should
be obtained before payment is
made to the rightful claimants.
According to the notice, the
Government was looking to
acquire 14 plots of land near
the BEC Power Line Reserve
and its surrounding areas for
the new port road.

However, The Tribune under-
stands that the Government has
yet to compensate landowners
whose land is being acquired,
leaving the FNM to deal with
this issue. —-

Prime Minister Hubert Ingra-
ham, after first appearing to
state that the Clifton port plan
had “gone with the previous
administration”, then left the
door open to it in a subsequent

SEE page 6

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Ned 4 Lye \ eh) 5 ge] ae






PAGE 2B, TUESDAY, MAY 22, 2007

THE TRIBUNE



a ee ee SESS en
Hotel body hopes minister will address fish limits

@ By CARA BRENNEN-BETHEL
Tribune Business Reporter



he Bahamas Hotel Associa-

tion is eager to work with

the new minister of tourism,

Neko Grant, its president

said yesterda,y noting that there are

several major areas of concern they
would like addressed.

Speaking with The Tribune, Russell

Miller said the BHA would like the

new administration to take a closer

fishing catch limits that were enacted
earlier this year under the Christie
Administration.

Those limits drastically reduced the
amount of fish sportsmen could catch
and take out of the Bahamas. The for-
mer minister of agriculture and marine
eesources, Leslie Miller, had aggres-
sively endorsed this, saying it would
preserve the environment for future
generations and prevent overfishing.

However, this caused an uproar in
the sports fishing industry, with US
sportsmen calling for a boycott of the

Bahamas because they felt the limited
catch allowances did not justify the

money spent in gas, docking fees and

living accommodations to come here.

Mr Miller said yesterday he hoped
the Ministry of Tourism would look
into the matter.

He added that he looked forward to
working with the ministry on a joint
taskforce to address what he considers
to be one of the biggest challenges cur-
rently facing the industry, worker train-
ing.

Mr Miller said a plan has to be put in

place to ensure that as the hotel indus-
try expands, there are sufficient quali-
fied and skilled workers to staff the
various tourism properties.

He added that he was looking for-
ward to meeting with Mr Grant in the
next few weeks to discuss the estab-
lishment of a Tourism Corporation.

Mr Grant has urged NewProvi-
dence/Paradise Island, to generate a
greater level of repeat visitor business

that matched the Family Islands, with.

the former’s 51.8 per cent repeat vis-
itor rate well below the 65.7 per cent

Family Island average.

In addition to revitalising his native
Grand Bahama, the new minister says
his goals are to focus on upgrading the
Lynden Pindling International Airport,
improving the infrastructure at the
Prince George Dock and its Welcome
Centre to give cruise ship passengers:a
better first impression of the Bahamas;
perhaps standardising the taxi fleet and
developing a code of conduct and ser-
vice standards”, and the development
of new tours encompassing Over-the-
Hill historic sites.

look at the amendments to the sports-





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NOW

Fidelity creates private

Teas Lure mo pblale

FROM page 1

~ we to be used as a vehicle to

raise capital from private
investors, he said, and give them
access to and participation in
deals to acquire major Bahami-

an companies.

“It was the first foray into pri-
vate equity, and that [Fidelity
Private Equity Investments Ltd]
was the vehicle for Fidelity to
invest in BSL Holdings and
Bahamas Supermarkets,” Mr
Anderson said.

“There is no doubt that there
is room for a Bahamian private
equity player in this market.”

He added that any Bahamas-
based private equity fund that
participated in the domestic
Bahamian market would have
to be wholly Bahamian-owned

and funded to minimise Invest- .

ments Board and exchange con-
trol approval issues.

As a result, Fidelity Private
Equity Investments Ltd had
been set up as a fund structure,
although not classified as a fund.
While Fidelity Merchant Bank
& Trust held the management
and voting shares, it did not
own the income-generating or
ownership shares.

“There’s good opportunities
here for private equity funds to
participate in various deals,” Mr
Anderson said: “There’s lots of
businesses here that are not par-
ticularly well-managed, and are
still owned through family struc-
tures.”

Businesses

Many Bahamian-owned busi-
nesses have recently, and will
continue, to face succession
issues, where children do not
want to, or lack the expertise, to
take over businesses that were
started and run by their parents.

Such ownership structures are
also likely to find their ability to
generate extra capital when the
need arises limited, and a
Bahamas-based private equity
fund could bring in both capital
and a new management team,
ensuring “a better product and
a more efficient business”.

“The pros of an organised
private equity player are that

i they bring a disciplined

ON THE CAMPUS OF THE

« approach to business; taking a

business that is under-perform-

‘ing or not able to do much more
in terms or growth, and mov-

ing it forward,” Mr Anderson
said.

Private

Bahamas-based private equi-
ty funds, which participate in

the domestic economy, have:

been a key missing ingredient
from the Bahamian capital mar-
kets.

Until funds that in invest in
stocks and shares, private equi-
ty funds acquire companies that
they usually believe are under-
performing, poorly managed or
have significant upside poten-
tial untapped. They then para-
chute in a management team
charged with turning the busi-

ness around, and exit the invest- ,
ment by either selling the com- .

pany on or taking it public via
an initial public offering (IPO).

Private equity funds raise
capital from high net-worth
individuals, institutional
investors and pension funds,
and often seek returns on their
investment as high as 20 per
cent per annum. They are dif-
ferent from venture capital
funds, such ‘as the one estab-
lished by the Bahamian gov-
ernment, because these instead
invest in business start-ups, not
established companies.

In the Bahamian market,
apart from Fidelity’s fund, there
have been no attempts to set
up a true private equity fund.
While there have been a num-
ber of private equity-type deals,
they often rely on the buyer to
be approached or identify the
opportunity. Then then have to
round-up fellow investors and
capital to ensure the deal hap-
pens, rather than having a fund
ready to go.

Examples of private equity-
type deals in the Bahamas,
apart from BSL Holdings,

would be the KLG Investments -

acquisition of Aquapure and
the purchase of John S George
by Ken Hutton and his John S
George consortium.

Larry Gibson, vice-president
of pensions for Colonial Pen-
sions (Bahamas), said yester-

OPEN



day that a major issue with

many private equity-type deals ~

in the Bahamas to date is that
they have involved too much
bank debt in financing the initial
purchase, which makes achiev-
ing returns on equity and exiting
the investment much more dif-
ficult.

“TI think there would be peo-
ple who would subscribe to that
and be involved in that,” Mr
Gibson said of a Bahamas-
based private equity fund. “I
think that’s something that’s
needed, and I think it would be
fairly well received.”

He said the only questions
would be who managed a pri-
vate equity fund, and who
would invest in it.

Mr Gibson said that while
private equity funds typically
made capital available and
“make things happen a lot
quicker”, the downside was that
in their drive to generate profits
for investors, they were very
aggressive in effecting turn-
arounds and could “slash and
burn”, creating short-term dis-
locations by making a number
of workers redundant and

ket.
Management

Finding a good management -

team for the companies a
Bahamian private equity firm
took over was also key, Mr Gib-
son said, adding that as a matter
of economic policy the Gov-
ernment should look at encour-
aging joint ventures. between
major investors, such as Kerzn-
er and Baha Mar, and such
funds.

Private equity funds are
already heavily involved in the

international sector of the -

Bahamian economy, several
funds having financed Kerzner
International’s ‘going private’
transaction. Many funds also
have ownership stakes in other
Bahamian hotels.

Ken Kerr, head of Provi-
dence Advisors, yesterday also
told The Tribune that while a
private equity fund could work
in the Bahamian economy, “the
question is the quality deal flow
and availability of capital”.

COLLEGE OF THE BAHAMAS
(JUST OFF TUCKER ROAD)

TO THE COLLEGE STUDENTS AND THE GENERAL PUBLIC

MONDAY - THURSDAY 7A.M.

FRIDAY

- SATURDAY 7A. mM. -

SUNDAY - CLOSED

9 P.M.
10 P.M.

PHONE: 323-0609 / 322-7294. .€ 322-7309



putting them on the job mar-


[BUSINESS

Che Hiami Herald

THE MARKETS

STOCKS, MUTUAL FUNDS, 8B

pow30 13,542.88 ~-1365 W
S&P 500 1525.10 +235 A&
NASDAQ 2,578.79 +2034 A
10-YR NOTE 479° +n A
CRUDEOIL 66.27. «+133. A

S&P 500
passes
record
close

BY MADLEN READ
. Associated Press
NEW YORK — Wall Street
reached another milestone dur-
ing a muted session Monday,
when the Standard & Poor’s 500
index briefly passed its record
close of 1,527.46 for the first
time in more than seven years.
The S&P 500, considered by —
market professionals the best
indicator of stock performance,
surpassed the mark shortly after
noon following news of a fresh
spate of takeover deals. The —
broad market index has lagged _
the Dow Jones industrial aver- |
age in recovering from Wall
Street’s prolonged slump earlier
this decade.
The S&P 500 rose as high as
1,529.87, then edged back to
1,525.10, up 2.35, or 0.15 percent,
_as cautious investors locked in
some profits after weeks of
gains. The index’s advance was
_ driven by buying in non-tech-
nology sectors such as energy,
- materials, industrials and finan-
cials, S&P data showed. It is still
_ well below its all-time trading
high of 1,552.87 set on March 24,
2000, the same day the index
8 ete D its record close. .

‘The Dow retreated modestly

* after venturing further into
- record territory earlier in the
day. The blue chip index fell
13.65, or 0.10 percent, to
13,542.88 after hitting an intra- 4
_ day high of 13,586.03.

_ The Nasdaq composite index

rose 20.34, or 0.80 percent, to

_ 2,578.79, after reaching a six-
. year high of 2,587.87. The index
Cae as Amazon.com’s stock _

_ saw big gains, and as investors _

bought up small-cap stocks, —

_ which have been trailing large- _

cap stocks this year.

e ~The Russell 2000 index of _

smaller companies rose 9.99, or |
a 21 percent, to 833.65, a new —
- record close.

In early 2000, all the major
stock market indicators reached
record highs, only to be dragged

_ down by the end of the dot-com

‘boom, recession, the 2001 terror ©

attacks and a series of corporate

scandals including the collapse
»-ofEnron, TheS&P 500 fell to a
ow of 776.76 in October 2002 at
the depths of a three-year bear
_-market on Wall Street.

The’ market recovered
slowly, but it wasn’t until last
October that the more widely
recognized Dow Jones indus-
trial average surpassed its own
previous closing high of
© 11,722.98. The Dow has gone on
» to barrel past 13,000 as Wall
© Street rallies on a mixture of
} corporate takeover news,
respectable earnings and hopes
- for an interest rate cut.

i After 24 record closes for the
i Dow this year, the S&P has

_ finally caught up,

“This is new territory, but

_ more importantly it serves asa
» reminder that the three broad
: indices are doing well. That
* should be the focus,” said
; Arthur Hogan, chief market
' analyst at Jefferies & Cox ,

3 The Nasdaq, however, is

pe oalikely to reclaim its record
close of 5,048.62 anytime soon.

fi _ The index was overinflated by
;. investors eager to grab any

. high-tech stock.

_ Advancing issues outnum-

» bered decliners by about,.3 to 2
“on the New York Stock
» Exchange. Consolidated volume
. came to 3.48 billion shares, up
) from 2.92 billion Friday.

' Overseas, Japan’s Nikkei

. stock average rose 0.90 percent.

_ Britain’s FTSE 100 slipped 0.06

percent, Germany’s DAX index

' added 0.15 percent, and France’s

. CAC-40 fell 0.18 percent.







18
E
p



TUESDAY, MAY 22, 2007



ACQUISITION

3B

INTERNATIONAL EDITION



Alltel agrees to buyout for $24.8 billion

BY TOM PARSONS
Associated Press

LITTLE ROCK, Ark. — A pair of
investment firms have agreed to
acquire Alltel, the fifth-biggest U.S.
wireless company and owner of the
nation’s largest geographic network,
in a deal worth $24.8 billion.

The telecommunications company
announced Sunday that it had signed
an agreement to be acquired by TPG
Capital, formerly Texas Pacific
Group, and GS Capital Partners, a
subsidiary of Goldman Sachs. The
investors also agreed to take on All-
tel’s $2.7 billion in debt.

“This transaction delivers sub-
stantial and certain value to our
shareholders while providing the

| Information Service.

Prices are up 33.7 cents from a
month ago and 30.4 cents from a
year ago, as demand remains
strong, and a-spate of planned and
unexpected refinery shutdowns
| have constricted supply.

“As we start a new week, we
have an insanely bullish market —
which has already advanced to
absurdly high levels,” Cameron
| Hanover’s Peter Beutel wrote ina
research report. “We are running
seven weeks behind normal this
refinery turnaround season, after
taking an extra seven or eight
weeks in the fall to maintain refin-
erles.”

The U.S. Energy Information
Administration reported last week
that gasoline inventories — while
increasing to 195.2 million barrels
for the week ended May 12 — are
still well below the average for this
time of year. The U.S. peak driving
season, meanwhile, is set to begin
this long Memorial Day weekend.
Gasoline futures for June deliv-
| ery slipped less than a penny to
| settle at $2.4013 per gallon on the
New York Mercantile Exchange.

Light, sweet crude for June
delivery jumped $1.33 to $66.27 per
barrel on the Nymex after earlier



company with long-term partners
who share our commitment to our
customers, employees and the com-
munities we serve,” Scott Ford, All-
tel’s chief executive, said.

“This transaction also ensures our
customers can continue to rely on
Alltel to deliver high-quality service
and leading edge products and ser-
vices.”

The deal, if approved by share-
holders and regulators, is expected to
close during the fourth quarter of this
year or the first three months of 2008,
Alltel said.

Alltel has about 12 million cell-
phone customers, mainly in the
South, West and Midwest. That ranks
it fifth in number of customers, after

Cingular, Verizon, Sprint and T-Mo-
bile, but the company’s service “foot-
print” is larger than any of those
rivals, Ford said.

The agreement calls for the two
investment firms to acquire all of the
outstanding common stock of Alltel
for $71.50 per share in cash. Accord-
ing to Alltel, that represents a 23 per-
cent premium over Alltel’s share
price before word of a possible buy-
out first appeared in the media on
Dec. 29.

Trading in Alltel’s stock closed
Friday at $65.21, down 14 cents from
the day before. The $71.50 per share
buyout price would represent a pre-
mium of only about 10 percent over
Friday’s share price.

Ford said that the buyout price is
“a 10 percent premium over a price
that clearly anticipated this outcome”
after scores of articles had been writ-
ten about Alltel’s prospects in the
first months of this year.

The announcement was the sec-
ond in a week of a buyout of a corpo-
ration based at Little Rock to be taken
private by the new owners. On
Wednesday, data-management firm
Acxiom announced it was to be
acquired in a buyout worth about
$2.25 billion.

Ford said that the Alltel deal
resulted from “a very thoughtful,
very careful, very thorough review”
over several months by the Alltel
board.

PETROLEUM



FILLING UP: A driver gets gas at a Hess station in Collegeville, Pa., on Monday, as retail gasoline
prices climbed to another record. /

RECORD GAS PRICE —

GASOLINE PRICES AT THE PUMP SET NEW HIGH
AT $3.196 PER GALLON; CRUDE FUTURES JUMP

BY STAN CHOE
Associated Press

NEW YORK — Retail gasoline prices climbed to another record
Monday, while crude oil futures jumped above $66 per barrel amid
concerns about gasoline supply heading into the peak summer driving
| season. A gallon of regular unleaded costs an average of $3.196 across
the country, up from $3.178 on Sunday, according to AAA and Oil Price

falling as low as $64.45. Brent
crude for July delivery added $1.07
to. $70.49 on the ICE Futures
exchange in London.

Citigroup Global Markets
energy analyst Tim Evans said
there was no one reason for the
jump in crude prices, which fol-
lowed some weakness in morning
trading. “It doesn’t have to have a
reason,” he said.

The June crude contract on the
Nymex expires Tuesday, meaning
“it only takes a stiff breeze to
move it,” Evans said.

Attackers in Nigeria vandalized
an oil installation run by Total SA,
the company said Monday. No
injuries, kidnappings or produc-
tion cuts were reported, though.

The attackers caused ‘“‘a couple
of barrel’s worth” of oil to spill,
but production wasn’t affected, a
Total spokeswoman said. Nigeria
is one of the world’s largest crude
producers, and attacks on oil
installations have become an
almost daily occurrence following
elections there last month.

The next few days likely will be
volatile for oil and gasoline
futures, said Jim Ritterbusch of oil
trading advisory firm Ritterbusch



GEORGE WIDMAN/AP







PAUL SAKUMA/AP

CALIFORNIA: High gas prices are
posted at this Shell gas station
in San Mateo on Monday.

and Associates.

The inauguration of a new pres-
ident in Nigeria could lead to more
violence, which would drive up
prices. The federal government
also will release its updated hurri-
cane outlook.

“That’s liable to push things
around a bit,” Ritterbusch said.
“We've got things going on here in
the next few days.”

In other Nymex trading, heat-
ing oil futures rose 3.57 cents to
$1.9509 a gallon while natural gas
prices fell 3.1 cents to $7.913 per
1,000 cubic feet.

TELECOMMUNICATIONS

Court rules
against
consumers
in phone -
lawsuit

BY PETE YOST
Associated Press

WASHINGTON — The Supreme
Court on Monday sided with the
nation’s largest local phone companies
in a lawsuit by consumers alleging anti-
competitive business practices.

The court ruled 7-2 that the suit
lacked any specifics in accusing the
companies of secretly agreeing not to

. compete in each other’s territories for

local telephone and high-speed Internet

-Setvice.

It is not enough to make a bare asser-

’ tion of conspiracy, Justice David Souter

wrote in the majority opinion.

Souter said the complaint alleging
restraint of trade “comes up short.” He
said the consumers who filed the suit
“have not nudged their claims across
the line from conceivable to plausible.”

In dissent, Justice John Paul Stevens
objected to the lower court’s dismissal
of the case without requiring a response
from the phone companies. Federal
rules, previous rulings and “sound prac-
tice mandate that the district court at
least require some sort of response,”
Stevens wrote.

The case stems from changes to the -

telecommunications law in 1996. The
local phone companies were to open
their monopoly markets to competition.
In return, they were given the opportu-
nity to enter long-distance business. At
the time, the four companies controlled
more than 90 percent of the market for
local phone service.

The defendants were Bell Atlantic,
BellSouth, Qwest Communications, and
SBC Communications. Bell Atlantic is
now Verizon and SBC bought AT&T
and the renamed company, AT&T,
merged with BellSouth.

The Supreme Court decision
“embraces an important principle about
protecting the freedom of firms to make
unilateral decisions on what markets to
enter or not enter,” said John Thorne,
senior vice president & deputy general
counsel of Verizon Communications.

Consumers represented by a promi-
nent firm of plaintiffs’ attorneys sued
when the companies kept to their own
territories rather than competing. The
consumers also alleged the local phone
companies conspired to keep smaller
companies from competing success-
fully in the larger companies’ markets.

The companies said there are inno-
cent explanations; that it is understand-
able each company would decide indi-
vidually against devoting scarce
resources to the risky enterprise of
entering new markets.

The Bush administration supported
the phone companies, saying the law-
suit “fails to provide concrete notice of
the alleged wrongdoing.” Those filing
such lawsuits, said the Justice Depart-
ment’s solicitor general, need to be able
to point to allegations of particular
jointly attended meetings or to involve-
ment of alleged conspirators in joint
activities.

A federal judge dismissed the case,
saying the lawsuit contained no direct
factual allegations that the companies
had conspired.

Companies with “similar informa-
tion and economic interests will often
reach the same business decisions,” the
federal court said.

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4B\ TUESDAY, MAY 22,2007 INTER TION d.com | THE
S&P 500 NASDAQ pow H - 6-MO T-BILLS 30-YR T-BONDS -01 GOLD 41.99 EURO WH _ CRUDE OIL 4
1,525.10 +2.35 9579.79 MHt20.34 13.547.88 13.65 4.81% = +.05 4.94% $662.90 1.3467 0038 “$66.27 Ma +1.33
sSiiteleiin danas igs atic Name
1550 1549 2,700 > 600 ae Interestrates ive
: SchergPl 33.34 +.20 TREASURIES YEST PVS CHG WK MO QTR AGO
1,50 0 2,540 een Schimbrg 80.14 +.74
1,500 .’ 2,600 - Schwab 21.12 9 +.15 3-month T-bill 4.78 469 +009 A VW VW 471
1,46 0 10 DAYS 2,480 pean pee = 6-month T-bill 4.81 4.76 +005 A W V 481
1,450 2,500 Sempran 6432 4.27 5 l-yearT-note 4.96 497 -0.01 = A A 5.00
ShawCg 40.55 +.08 WA 2-year T-note 4.79 480 -0.01 A A A 497
be sabe rene apae Shire 69.72 -.05 10-year T-note 4.78 480 -0.02 A A A 5.06
SiderNac 52.75 +.27 -yearT-bond 4.94 4.95 -0. :
1,350 S&P 500 2,300 conse Nasdaq composite Siemens 124.20 -.95 a ae
Close: 1,525.10 Close: 2,578.79 aol ie eH \ NET 1YR
+ +2.35 (+0.29 ‘ mi : -L,
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N D J F M A M Sodexho 77.12 -1.50 Lehman Bros Bond Idx4.97 4.99 -0.02 A A A 5.25
SonyCp = 57.38 +1.82 Bond Buyer Munildx 468 468 .. A A A 482
sores at Lehman US Inv Grade 545 541 40.0 A A A 563
; SthnCopps 86.10 +1.01 PRIME FED anaes
“«sRecap HIGH LOW CLOSE CHG. %CHG. WK MO QTR YTD SwstAirl 1439-12 RATE FUNDS LfN™an US High Yield7.42 742 « = W VW 823
DOW 13586.03 13529.14 13542.88 -13.65 -0.10% A A A_ +8.66% SwstnEngy 46.59 +.69 YEST 825 5.22 Moodys Bond Index 549. 545 +004 A A A 5,92
NYSE NASD DOW Trans. 5223.48 5190.68 5202.94 -10.77 -0.21% A A A +14,09% SovrgnBcp 23.61 —-.10 PREV 8.25 522 Bank Index 117.91 118.06 -0.15 A A A 108,77
DOW Util. 535.93 532.99 535.72 +2.34 +0.44% A A A +#17.28% SpectraEn 26.84 +.04 WK AGO i 5.27 DJ Corp Bond 199.23 199.13 +0.10 WV VW A 185.41
Vol. (in mil.) 3,479 1,916 NYSEComp. 9926.94 9888.66 9897.46 +372 +0.04% A A A +8.30% SprintNex 2140 +61 825 5. . ;
Pys. Volume 2,924 1,950 NASDAQ 2587.87 2560.85 2578.79 +2034 +080% A A A +6.77% SPDR 15254 -08
Advanced 1949 2036 S&P 500 1529.87 1522.71 1525.10 +2.35 +0.15% A A A_ 47.53% SP Mid 164.72 +1.21 ay :
Declined 1310 1021 S&P 400 907.81 898.05 905.56 +7.37 +0.82% A A A +12.58% Staples 2567 +12 Commodities COMMODITY CLOSE PVS. %CH. %YTD
New Highs 346 187 Russell 2000 837.19 823.22 833.65 +9.99 +1.21% A A A +5.84% Starbucks 29.28 +.33 Unleaded Gas (gal) 2.40 2.41 -0.41 +49.8
New Lows 14 49 Wilshire 5000 15401.17 15304.64 1535590 +5091 +0.33% A A A _ +7.70% StarwdHtl 68.36 -.84 Crude Oil (bbl) 66.27 64.94 +2.05 +8.6
StateStr 68.88 , +.50 Gold (0z) 662.90 661.00 +0.29 +4.4
: Statoil 28.06 | +.13 Platinum (oz) —«-1319.70 1326.20 -0.49 +15.8
; WidelyHeldStocks StoraEnso 19.03 +.08 Silver (oz) 13.06 1293 +101 +2.0
Name Last Chg Name Last Chg Name Last Chg Name Last Chg Name Last Cho Stryker 67.16 -.20 Coffee (Ib) 1.12 1.10 +1.82 -11.3
ABB Ltd 20.38 -.03 Boeini 96.90 +.27 Suez 57.28 = -.97 Orange Juice (Ib) 1.65 1.66 -0.60 -18.0
ABNAmro 4729-59 BostProp 10828 +38 NI 7101 +39 ITT Corp = 66.7537 = NYSE Eur = 86.43. -+3.99 = SunLffng 47.30 +.13 Sugar (Ib) 0.09 0.09 “23.4-
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AkamaiT 45.21 +474 ~~ CRH 4729 -17_~—S«EMtergy =:117.62, 65 nprNtwk = -23.77 «= +.48=—sNokiaCp = 26.97. -.07_—S‘TelNZ 28.18 — -.07
kzo 80.36 — -.84 CSX s 45.62 -.93 EntPrPt 32.25 +21 KLATic 53.49 -16 Nomura 19.37 -.23 ~—‘Telitalia 29.12 +.24 INDEX YEST CHG %CHG WK MO QTR YTD
Alcan 8110 +03 CVSCare 37.80 -.66 Brea F oe el KPN 16.37 10 Nordstrm 52.70 -65 TelltaliaA 23.36 +210 Cg enn 169510 4935 -4015% a CK CAT Sa
Alcatelluc 13.55 -03 CablvsnNY 35.42 +.04 gtyRs : . KTCorp 24.11 -.28 —NorflkSo «57.50 -.63 ‘TelBrasH += 39.02 +1.47 A
Alcoa 38.99 74 CadbyS 54.45 +13 EricsnTl 38.12 -.27 Kellogg 53.60 -.05 Norsk s 35.54 +.07 TelSPaulo 29.60 +48 Frankfurt DAX 7619.31 +11.77 + =+0.15% A A A +15.50%
Alcon 13509 -92 Camecogs 5130 +125 Esteeldr 47.16 +16 —Keycorp ©3659 -.24-—sNortelifrs 25.25 +.94 ~—‘TelefEsp = 67.01.83. «= London FTSE 100 6636.80 = -4.10 -0.06% A A A 46.69%
AllgEngy 5531 +11 Cameron 71.19 +40 EverestRe 106.39 47 KeySpan 41.49 -.01_-—sNorTrst. «~= «64.07 -.10~=‘TelMexL_©= 39.70 +87 += Hong Kong Hang Seng 20927.75 +2291 +0.11% VY A A +482%
AllegTch 114.57 +.29 © CampSp —-39.50 Exelon 77.56 = 89 KimbClk 7146 «= -.45—=—sNorthropG «76.86 «= -.14.—=Ss‘Telenor = 57.82 +1.15 paris CAC-40 6089.91 -11.23 -0.18% A A A +9.89%
Allergan 120.73 -159 CIBCg «96.99 -.05 = Expedia = 25.26 +62 Kimco 44.09 +32 Novartis 55.47 -1.24 -‘TelDatalf, «59.13 +23 © Tokyo Nikkei 225 17556.87 +157.29 +0.90% WV A A +1.92%
AlliBern . 90.32 +38 CdnNRyg 53.57 -.03 SOO oe a KindME 55.33 +.25 += NovoNdk 102.86 +.51 sel a. pre
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Allstate 62.61 “14 Canons 58.32 +.02 FPL Grp 65.52 +45 Kookmin 88.50 -2.17 OcciPets 54.79 +.12 Tenaris 47.20 +.76 Buenos Aires Merval. 2209.08 +22.69 +1.04% A A A_ +5.67%
* Alltel 69.60 +439 Capone 7792 +48 FannieMif 63.29 +11 — Koreaklc 22.24 -~«-.07-~—«OffeDpt_-~«=«3530 +09 -««sTerexs «= 79.47 +1.75 — MexicoCityBolsa 3070873 +32.39 +0.11% A A & +16.11%
AlteraCp If 22.93 +.08 — CardnlHith 71.77 Fastenal = 42.57 +22 Kraft 33.19 +08 Omnicom 10355 -25 ‘Tesoro 121.00 +202 SaoPaoloBovespa 52423.45 +345.77 +0.66% A A. A +17.88%
Altria s 7085 +90 Carnival 49.42 +24 «© FedExCp = 105.8273 Kroger 2952 -07 — Oracle 19.32 +07 ‘TevaPhrm 40.56 +52 Toronto S&P/TSX - 1410534 +463 +0.03% A A A +9.27%
Alumina 2498 -.05 CarnUK 50.39 «+.31~=— FedrDSs = 39.89 +19 Kubota. «= 38.13.69 Orix 131.68 -4.96 ‘Texinst © 35.55 -.32
AmBevC 67.86 +171 CarolinaGp 78.21 +03 ‘Fiat 28.62 -09 Kyocera «97.60 «+415 = PGRECp «= 51.42. -.03—=Ss“Textron = 105.64 +26 asia
Ambey “6860 +118" Caterpillar 7485. +08 BE NGniae or ed agnt ps cere ne RN 7463-28 Tlermafis 53.57 “5 Seoul Composite 1628.20 +15.95 +0.99% A A & +13.51%
pea 9529 -.79 ne 3534 +22 FirstDatas 3260 +02 {9 come 829 +05 ee ae a 3M Co 87.06 +16 Singapore Straits Times 3414.49 -97.91 -2.79% W A A +14.36%
Amdocs 37.94 +2.29 — Cemig s 38.41 +11 FirstEngy 72.23, +1.05 LabCp 78.79 +.36 PPL Corp 45.78 “24 | Tiffany 52.03 +.76 Sydney All Ordinaries 6372.50 +52.80 +0.84% A A A +12.90%
Ameren 54.07 -37 CenterPnt 19.56 Fiserv 53.50 -.01 LafargeSA 43.98 +15 Paccars 88.19 +179. TWCablen 3831 +41. TaipeiTaiex ~~ ©: 8141.59 +107.45. 41.34% A A A +4.06%
AMovill 5886 -10 ChesEng 35.63 «+37 ~—=SFlextrn. «11.34 +13 LamRsch © 51.87 +.20 = ParkHan = 96.66. -.16.«= TimeWarn 21.75 +.21 Shanghai ShanghaiB 365.64 +4.98 +1.38% A & 4 +181.02%
AMovilA. -58.80. #.01- . Chevron“==-82.83-~. 02 Fluor.......10049_+49 Lysands = 75.91 -.79 ~—s Paychex ©«39.98-««+.62,-~=—=srchmrk = 69.82.13 ae
AmCapStr 46.90 +39 ChiMerc 515,00 -4,90 eee a . ie LeggMason 100.05 +55 PeabdyE 5424 +73 Tee soe “
AEagleOs 29.33 +.28 ChinaLfes 49.64 +.15 : : LehmanBr. 73.31 +.91 Pearson 17.76.34 ’ 5
AEP 49.70 +56 ChinaMble 47.90 -30 —-*ForestLab «51.79 88 eucNatls 3433 +11 PennWstgn 35.45 +124 ‘TotalSys 32.44 +18 Largest Mutual Funds
AmExp 6427 +31 ChinaNet 52.81 +125 FortuneBr 79.91 +41 Level 553 +19 Penney 7887 -81 Toyota 120.38 -1.45
AmintGpIf 7199 -23 ChinaPet 104.95 +145 —FosterWh = 98.80 +3.89 LibGlobA = 38.29 +47 ~—PepsiBott 33.79 -.12- «=«WCdag = 36.69 -+.10 12-M0 12-M0 12-MO
AmStand 59.00 +42 ChinaTel 54.37 +35 athe eo ca LibGlobB 37.61 PepsiCo 69.03 45 le ae +1.6' NAME NAV CHG%RTN NAME NAV CHG%RTN NAME NAV CHG %RTN
AmTower 41.34 +.03 ChinaUni = 14.85 ~—-.30 TankRes : . LibGlobC 35.85 +29 —PetroC 50.70 +.78 _ Travelers 5 “AU F ‘
Ameriprise 62.18 +.74 Chubb 54.84 -.13 FredMac 67.50 -.09—LibtymintA 24,38 -.12 percha 131.20 +05 ‘Tribune 32.98 = -.07 pie iin; GRRD RS ey a ere DivrEqinA m 14,30 +.03 +23.7
i cies ay36- ds Oe acl og constellA m 2883 +.11 +159 500In 08 +.16 422.6 Russell
AmeriBrg 51.68 +.36 Chungtel 19.11 = -.08 . . LibtMCapA 118.14 +107 PetrbrsA 96.35 +177 ~—_—CST/urkce 623 +. American Cent 500Indxin 106.07 +16 +22.6 wulstrads 10.32 +.02 +59
Amgen 5418 +14 CinnFig 46.53 -.25 «= FresenM = 49.14.93 tly Eli 59.62 +25 Petrobrs 108.84 +145 ‘coin, «32.1810 Utrainy 28.99 +.08 49.7 USEgIndx! 54.08 +.08+22.5 oy Eger ae
Amphenols 35.23 +18 Cisco 2640 «+19 © Fujifilm = 41.12 +26 Limited == 26.16 = -.05 Pfizer 277.42 -02 ~~ ‘Tyson 22.04 01 american Funds First Eagle Se
Amvescp 2436 -32 Citigrp «54.84 «6. =; “Gannett, «= 59.31.43 LincNat = 73.77 -.23——~PIILD 5418 61 UBSAGS 6393 -87 — AmcapA m 21.57 4.034168 GIbAm 48,85 +.05+18.2 ‘YidPlsSel 9.69 +.01 +5.9
Anadarks 49.41 +47 ClearChan 3805-18 = S@P_ 1847 +03 LinearTch 36.99 +21 —PhiflipsE! 40.91 «56 «=: UPMKy = 25.23 +74 = BalA m ‘19.88 +.01 +16.1 Overseas m 27.03 +.01+18.0 Selected
AnalogDev 40.14 -01 Clearch + = 29.14 «-+.14.-~-« AngloAm 29.11 +.61 — Clorox 6754 +47 Genentch 77.17 ~11—LockhdM ©9879 «+.63—s~itnyBw = s«47.07.««-32—~S«CiitraPtg «= 63.76 +61 CapincBuA m65.25 ~07 +246 CATFAm 731... +5.9 T Rowe Price
AnglogidA 43.22 +.45 Coach 48.58 +.62 GenDynam 81.96 +.70 Loews 50.59 +.50 PlainsAA 60.90 -—-+.40 UUniao 113.56 +81 CpwidGriA m45.87 -.08+25.3 Fed TFA m 12.05 +.01 +52 BichpGr 39.06 +.11 +20.8
Anheusr 4965 50 CocacE +«=«-22.98-«+-06«=« Genelec = «37.10 +14 ~~ jowess 3188-79 Plumcrk «40.06. +.49-~«=SC(UilevNVs. 29.72.34 EurPacGrA m 50.83.09 +222 Income A m 2.82 ... +234 CapApprec 22.15 +.03 +19.6
Aoncorp 4351 14 —« Apache 78.71 +.92 CCHellen 46.16 -16 GenMills 60.85 -12 Lyondell 37.13 -.22 PortglTel 13.64 UnionPac 119.08 “77 GrowAmerB m34.44 +06 +168 smMdCpGrA m42 80+. 59 +198 Eqtylnc 31.87 +.06 +24.8
ApolloGif 4899 -15 Cocacl 51.91 ~72.-«««GMMotr = 31.2817 ak = 112.94 +24 ~— Potash ~—«206.61 «+66 «= UNBNCal_ «61.72 +.04 = iinca' m = 12.85 +.014128 FrankTemp-Mutual =» TOWStK «3441 +.04422.9
Apple Inc 111.98 +1.96 GenuPrt = 50.37 +30 MBIA 69.31 -12 PwShs00Q 47.01 +30 UtdMicro = 3.26.01 IncAmerA m 21.55 -01+22.7 Discov A m - 33.59 +.08 +27,7_ Intlstk 18.15 -.06+20.9
ApldMatl 1890 +.05 CogTech 7842-41 = Genworth = 36.40 +04 EMC 56.59 -92 Praxair 6892 -29 UPSB 70.31 +26 — InvCoAMA m 3597 +.02+20.0. SharesA m 2821 +06+227 MidCapVa 28.12 +.15 +27.2
ArcelorMit 59.12 -17 ColgPal 67.03.27 = Genzyme = 62.74 -.27. MG@MMir «62.95 +15 —PrecCastpt 11643 +213 USBancrp 34.58 -.20 MutualA m 31.80 +.02+23.3 SharesZ 28.44 +.06+23.1 MidCpGr 61.51 +.52 +20.0
ArchDan 36.80 ~—-.10 Comcasts 27.54 +.01 Gerdau 22.52 +36 Magnalg 83.85 +123 riceTRs 49.51 -13 USCellulf 75.15 +77 — NewEconA m 28.83 ~.01+21.7 FrankTemp-Templeton NewHoriz 35,26 +.38 +12.3
ArchstnSm 51.57 +.14 Comcsps 27.18 +.07 GileadSci 82.70 ~— -.32 Manpwl 87.40 +114 PrinFncl 6156 -16 USSteel 109.36 -.26 NewPerspA m34.54 -01422.2 Fan a m 14.76 -.01+20.5 SmCpStk 36.87 +.41 +14.2
Assurant 60.08 07 Comerica’ 63.19.24 © GlaxoSKIn $3.18 -453 — Manulifgs 36.16 -15 —ProctGam 63.27 -21_~—«tdTech = 68.92 =.27«-NWWHIdA m_ S454 054385 Foreqis 29.39 -.06 +320 SmCpVal 44.85 +42 +15.7
Actrazen 5356 63 © CMCBN). «34.26 «18 GobalSFe 6853-10 Marathon 11607 +155 ProgrssEn 5234 21 —UtdUtils ©3033 -.06 -SmCPWIA mA4-36 +23-476-3 Growth A m 27.34. 421.8 Value 29.72 +.04 +243
AustNZ, 12303 61~«CCVRDS~—45.08 01 GoldFlitd «17.35.02 Marintas 44.78 + -53—ProgsvCp. 2305 +«—03.-~«‘UtdhithGp 53.50 +03, WAMutvA m37.76 024236 Growth ad 27.39 #221 Third Avenue
AutodeskIf 4513 +83 CVRDpfs 37.67 +07 Golderpg 23.94 «+18 = MarsHM «31.47. «+.19 ~—s ProLogis. «62.90 +.85 ««UnumGrp)=27.32 +.14 Artisan WorldA m 20.87 4.024218 Vatu 64.97 +.08 +18.4
AutoData 4891 +28 CompsBc 69.75 -.50 © GoldmanS 229.23 111 Marshils 49.55 -.15 Prudent! 10317 «+25 «VF CP 9124 +71 __ intl 3147 -.09 +235 Franklin Templeton dineedy Grower
Autozone 13399 -52 compSci 57.06 -.27 Goodrich 59.34 +19 = MartMM = 145.77 42.41 += PrudUK ~=—«s3066. «=== 38.—~Sé«leroE «= 75.78 +1.81 Baron FndAllA m = 14.81 +.01 422.3 A 3454 -.02 427.0
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Avaya 13.88 +.21 ConocPhil 75.86 +1.01 Google 470.60 +.28 Masco 30.03 +.39 PubStrg 8461 +1.43 Verisign 27.39 +.63 ssa sides natin CapApinst 35.26 +.12 +13.6 pel
; 4 y ; 7 60 -. 1 Intlinstl 68.94 -.14+29.7 ComstockA m20.58 -.06 +21.3
AveryD 63.74 -.31 ConsolES 46.56 +.55 Graingr 85.40 +.62 MasterCdn 139.51 +1.46 Publicis 46.00 -.24 VerizonCm 42.54 05 BlackRock al ‘Am 965 4.02 +178
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Avon 37.80 -.33 . . poSimec 14.15 +35 Mattel 28.70 -13 © Qualcom = 46.13.««+.92-~=— VimpelCm «102.11 +242 Gigbaicc m 18.35 +.01+15.3 CapAprA m 41.05 +15 +19.1
BASF «12315. +121 Coopers © 5205-44 GpTelevisa 30.06 +19 Maximif 3152 +13 sting © «48.73.«+.20~«WitgnMdah 2665 +180 Catamos = CpAPHISIA 58.67 #244216 yyy 14225
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BCE gn 36.04 +41 Costco 55.77 -.64 HSBC 92.77 -.33 McDnids 52.27 -.06 QwestCm 10.01 +17 Volvo s 20.54 25 Columbia JPMorgan A Ae 30.94 +04 4217
'BGGrp 77.55 +68 «—«Cntwdfn 40.49.76 Hallibins 36.71 +25 MicorwH 69.65.37 — Raytheon 5430-25 Vornado 113.10 +1.61 —Acomz 33.02 +.32+20.0 IntrAmerS 30.52 +.08+236 Eroraktid m2732 +14 +300
BHP BillLt 5159 +49 CoventryH 5983 17 Hanson 105.91 -.49 McKesson 62.44 +52 ReedEIsNV 39.49 -65 + WulcanM=«—«115.88 +141 pga Janus ane vs ROA
BHPBil plc 48.46 +.55 «—-CredSuiss- 75.10 ~.69 — HarleyD = 62.88 -.02, Ss Medimun 57.21 «+17 ~—sReedElsplc 5328 -1.10 WPPGp 74.89 -1.27 — EmgMktVal 39.06 +.28 +46.1 Contrarian 19.86 +.10 +37.3 nergy 0.28. -23 4329
BiSves 3078 +27 ~ crwntstle 36.31 +68 © Harman 11850 +31 — Medcoith 7720 -18 —Regionsin 3628 © -21 +‘ Wachovia 56.65.01 IntlSmCap 23.74 044285 Growinc 41.94 +.19 4159 Europeldx hee. “oe A
BMC sft 3154. +56 + Cumminss 87.84 +42 HarrahE 85.45 +05 = Medtrnic «50.57 ~~68~—CiRelianten «2740 «+.54.~«=«C WalMart = 46.62 -.65 = IntlValu 26.06. -.09 +33.2_ Janus 31.23 +09 +215 Explr 82.56 +.80 +15.1
BP PLC 69.44 +.54 DJIA Diam 135.20 -.30 HarrisCorp 49.49 +39 MellonFne 42.98 -.42 Repsol 36.33 3B Walgrn 45.12 -.62 USLgVal 27.88 +.04+24.6 MidCapVal 26,38 +.13 +233 Extndldx 42.52 +.42 +19.7
BT Grp 60.58 -.88 DRHorton 22.82 +.27 HartfdFn = 105.54 #1.09 Marck 53.79 +54 RschMotn 152.00 +45 WAMutl 42.96 = -.11 usSmVal 31.78 +.29+17.6 Overseas 52.49 +.44+40.7 GNMA 10.16... +66
; DTE 53.73 +81 HithCrPr 31.39 =~. i i ‘ : WsteMinc 3891 + DWS-Scudder Twenty 60.64 +.22+26.6 GNMAAdm! 10.16... +67
BakrHu 82.49 ~.11 Merrilllyn 93.83 -.34 ReutrGrp 75.03 -.45 1 +.26 25.72 +.01 4276
BcBilVArg 2510 -27 ~—«~DaimirC_-«=— «87.20 +37 HealthNet 57.73, -34 Metlife 6850 +08 ReynAms 6671 46 Weathfdint 5667 16 moe m54.05 +.19 +22.0 Se is sae sae eat ne ane
BcBradess 25.72 +.38 Danaher 71.35 +.18 Heinz 47.04 +.56 Metso 54.26 +.24 Rinker 7952 +.04 WellPoint 84.43 64 ayvents m 4162 4114220 LifBal b 15.17 +03 +169 HltCrAdml 66.07 -12 +205
. Bncoltau 46.07 +.52 Danone 31.77 +.14 HellnTel 15.14 +13 Microchp 40.45 -19 RioTinto 282.05 +3.67 WellsFgo s 36.31 -11 LifGr1 b 15.82 +.05 +18.4
BcoSnCH 18.35 -.32 Darden 45.67 +33 Hershey 52.01 +.24 ~~ Micron 1145 -02 RockwiAut 6429 +44 WstnUnn 21.76 +12 ey m in oe shee as 82 +, 4 HithCare =: 156.52 -.28 +20.4
BcSanchile 51.26 -30 Dassault 5815 -57 Hertzn 20.98 -27 Microsoft. 31.05 +22 RockColl 6881 +29 Westpac. 110.99 -1.31 nada ck 412. +.10 +22.3 ae - ‘43 niGIIOL Veta ae a
BkofAm 51.23 -.05 = «Deere = 118.81 +2.30 Hess. 60.59 +91 Milleas 3847 71 ~~ RogCmgs 41.00 +42 +«Wevyerh = 80.47 +33 Bay 91.44 +13 +166 IntlEql 48.16 -.17+294 ingtTBdid 50.13 4.03 +67
Bkirelnd 89.86 -.21. ~—«~Delhaize §=— 97.88 1.26 = Hewlettp © 45.22.-«+.64 ~—=sMiillicomint 86.32 +48 © RoHaas 53.95 +.06 «= Whripl_«— 113.4835 Income ==> 12.65 +.01 +7.1 Legg Mason InstTStPl 33.25 #114223
BkMontg 63.34.06 ~——~DeellIncif_ «25.9413 Hitton 34.00 -31 Mirant 47.93 +61 Rostele 56.26 «+76 «© WmsCos 31.06 +2.11 — intistk = 48.40 +.06 425.1 Valuelnst 86.94 +83 421.0 intigy aT pao
BkNY 40.11 -.19 -DeutschBk 156.68 -121 Hitachi ©7058 +16 ~—MitsuUF). «10.90 +.05 ~—-RoyalBkg 55.02 -09 ~—WilllisGp_ = 44.24 +.37 Stock = 164.53 +.27+21.5 ValuePrb 77.89 +74 +198 tia) 44.26 -.16 +247
BkNovag 49.71 +25 DeutTel = =—17.02 HomeDp 3863 -.25 Mitsui 382.00 -.60 —RylCarh += 42.21.««+.19-«=«Windstrm = 14.93 +17 —Excetsior Longleaf Partners Lifecon 1732 +02 +141
Barclay 57.07 ~78 +«—-*DevDv:«S 60.24 +.02 onda «34.3713. MizuhoFn 12.77 +16 —-RoyDShiIB. 76.61 +93 «Wipro = 16.45 -.22ValRestrA 59.61 +.37 424.6 LongPart 37.76 +.16+204 Fe oe ay agg
Bard 82.91 -11 DevonE — 79.04 +109 — Honwilintl 5830 -40 MobileTel 54.65 +.12 —RoyDShIIA 74.84 +56 Wolseleys 25.93 ~21 Fidelity Loomis Sayles LifeMod 21.66 +.04 417.6
BarrickG 30.27 +.44 Diageo 84.04 -.94 Hospira 39.41 233 Mohawk 95.82 +.67 Ryanair s 41.48 +.59 WooriFn 73.99 +.50 AstMgr50 16.96 +.04 +13.8 Bondl 14.80 +.05 +12.8 Mi . A ote
Baxter «57.42 +15 ~—«DiaOffs. «94.17 -+1.27 —HostHotls 23.55 06 MolsCoorsB 91.28 -30 sAPAG 46.12 -17 Wrigley = 57.56 +.06 Bal 21.09 +.07 +18.0 Lord Abbett ay a i +189
BayerAG 71.49 +227 +—DirecTV. «= 23.79 +03 HuanPwr 44,05 +.21:«=« Monsantos 61.83 ckTlem 2701 i2.—««(Weth_=—= «5841 +203 BIChGrow 47.35 +13+149 Affilata m 1616. +185 Hi eager
BearSt 151.07 +1.50 DiscHoldA 23.67 -+.72 HudsCity 13.26 -.06 MonstrWw 49.78 -.30 SLGreen 132.61 +172 Wyndhamn 36.37 -.03 CapApr 29.40 +.12 +15.6 MidCpValA m 24.62 +.08 +25.1 MulntAdm! 13.24 -.01 oh
BectDck 7698 -91 Disney =» «36.44 +42 Humana «64.15 -.71_~—« Mood 68.26 +.59 -19 Wynn 9419 +45 Caplne ee ee Beate
DollarG 2156 +02 . . odys . . SLM Cp 5.200 --10 ig 8133. -25 contra 69.89 +.23+17.0 TotRetA m 17.13 +.05+17.3 Prmcp 74.09 +.08 +16.5
BedBath 41.22 +.65 y . HutchTel 31.24 = +.04 MorgStan 85.61 +.56 STMicro 19.88 -.09 ap . fi DiscEq 32.36 +.09+24.4 ValueA m 29.28 +.09+25.3 PrmcpAdml 76.93 +.09 +16.7
Berkley 32.69 +37 +«-«~DomRes_—« 91.03 -.03acinter 34.54 +.20 © Mosaicif +3194 +33 © Safeco = 63.13.26. «= XTOENgy © 58.70 +79 pivarow = 34.15 +07 +21.5 Morgan Stanley Inst ——=REITIdx ~=—«24.91 +19 424.4
BerkHaA 109000 +649 -DonilleyRR_ 43.20 +22 © iciciBk 47.69 ~.16. += Motorola. «18.90 +11 Safeway 34.42.-—««-47_—=«(XCelEngy = 24.14 07 piveint}_ 4069-08 +22.7 IntiegA 22.32 -.11 422.2 STCor 10.56 +59
BerkHB -3631.:«+27-~=CS«éDover 49.15 +65 ING 44.95 -05 MurphO 60.99 +128 Stlude 43.29 «-+.23:«=‘Xerox 18.33 +05 Eqinc 62.87 +.08 +253 Qakmark d 1056 .. +60
BestBuy 47.87 Dowchm 4592-07 ishJapan 14.25 NCRCp 52.00 -23 SanDisk 4427.«+.13—SCilinx 29.05 21 Egincil = 25.41 +.04421.2 Eaingy OT A DITE Sceiee ase SOARS
Biogenide 46.90 +.52 DuPont’ = 52.07 31 ishpJDv 75.53 +11 «NEC 488 -.07 Sanofi 4776 +47 «© YPFSoc = 41.92 +50 FF2040 ae ea il 27.89. -.17 425.1 sae ” 376 +03 +164
Biomet If 43.50 -.09--DukeEgys = 20.39.01 ighspsoo 152.81 NIlHIdg 7887 +68 = Santos. «= 4232, +1.-«« Yahoo = 29.35 -.40 Fidelity, «= 39.27 #411 472.3 Oakmark! 49.37 +.02 422.1 StratgcEq 26.34 +.18 +204
BlackD =» 93.72. +.26«=— Frade = 22.77.01 ighemMkt 127.0 03 . yumBrds 67.15 +26 —-Free2010. 15.12 +.044142 colacty 35.67 4.11 417.9 reasoned
EONAR: | hogs ga) SM Ee ee, MIS Gtp AOU, eg salable gc TROL) adh» 27 Free2020 «16.19 +.04 +17.1 Tgtet2025 1401 +.03 +195
BlackRock 14832 +12 EA ae iShEAFE 79.97 -.38 + =©=NRGEgy 87.12 +115 Sasol 39.20 -19 Zimmer = 90.08 +03 9030 «16.85 +.05 +19.2 Oppenheimer TotBdAdml «9.95 +.01 +68
BlockHR 73.45 +.26 © CBay 266-0 ISRIKVnya 89.16 +07 NTTDOCo 17.61 +18 Satyams 24.48 -.02 ZionBep 8152-15 Govtinc «10.01 +.01 +57 DevVMKtA m 46.47 +.30+29.9 totpaid 9.95 +.01 +67
EMC Cp = 15.83 +14 ishraK nya 82.76 +1.03 NYMEXn 125.09 +.48 GrowCo «75.85 +.75+188 GIObAm 79.43 +.04+208 ipdinct 9.95 4.01 +68
Growinc 33.09 +.04 +171 MainStrA m 44.09 4.08 +21.7 Tn 19.47 -.04 +25.8
as = - intBond 1025 +01 +6] RocMuniA m 1871 ... +7.9 10 ay
— = ‘A 014 StrincA m 4.43 +.01 +12. TotStiAdm 36.87 +.11+22.1
inverdbd “a 2 ea PIMCO TotStlins 36.88 +.11 +22.1
HOLDS HOLDS HOLDS HOLDS 16 HOURS LevCoSt 34.57 +.30 +312 AllAsset 1303 +03 +103 ad a +12 ere
: 2:00 PM : j LowPriStk 47.51 +.32+20.3 ComRIRStl 14.79 +.16 +3. : oe #14,
é a ___ 10:15 PM With less ooze. Magellan 9835 #30147 LowDrls 986 +01 +45 Welln 34.49 +.01 +193
| MidCap 33.51 +.23+21.4 TotRetA m 10.30 +.01 +52 WelltnAdm 59.58 +.02 +19.4
| orc 44.72 +,29+21.4 TotRetAdm b 10.30 +.01 +5.5 WhndsilAdm 68.29 +.04 +26.4
Overseas 49.70 -.01 +24,2 TotRetls 10.30 +.01 +57 Wndsr 20.18 +.07 +23.1
Puritan «21.19 +.03 +189 Pioneer WndsrAdml 68.13 +.26 +23.2
Realinyv 35.74 +.20+23.8 PioneerA m 52.35 -.03 +22.4 Wndsrll 38.46 +.03 +26.3
ShTmBond 8.85 +.01 +5.1 Putnam
©2008 GieatminningConmnar Heathewe, UF USBdindx 10.84 +01 +6.7 GrowincA m 21.69 +.05+22.2 Western Asset
Value 90.72 +.53 +247 RiverSource CrPIBdins 10.49 +.01 +8.5















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THE TRIBUNE

TUESDAY, MAY 22,°2007, PAGE 5B





ompliance
officers are
_ told to assess
regulatory issues

m= By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

ahamian compli-
ance officers have
been urged not to
just focus on anti-

. money laundering, but also
regulatory compliance.
Tanya McCartney, immedi-
. ate past president of the
.’ Bahamas Association of Com-
pliance Officers (BACO), said
anti-money laundering com-
pliance may well be embod-
ied in the concept of regulato-
ry compliance.

“Today, we must take a
holistic approach to the man-
agement of compliance
because money laundering is
not the only activity that pos-

_es arisk to a financial institu-

*. tion,” she said.

“Ms McCartney highlighted
eight key points in the proper
management of compliance
risk: liaison with regulators,
tisk assessment, control design

and oversight, training and
education, compliance and
execution, monitoring and
testing, issues tracking and
reporting.

Officers should assign a risk

to the activities that they are
_-_-monitoring to ensure they
’ ‘have a clear picture of their



Nassau Airport
Develooment Company

“Today, we must take a
holistic approach to the
management of compliance
because money laundering
is not the only activity that
poses a risk to a financial
institution.”

— Tanya McCartney, immediate past
president of the Bahamas Association
of Compliance Officers



institution’s exposure, Ms
McCartney said.

She added that although
the institution will always own
the risk, and is ultimately
responsible for determining its
risk appetite, “compliance
must always be the watchful
eye, reminding of the laws,
regulations, international poli-
cies and controls to ensure
that the strategic objectives of
the business are met, but
always within legal parame-
ters”.

Ms McCartney explained
that where risk management
draws the map, identyifng risk
indicators and assessing the
level of risk, outlining the
safest and most efficient route
to achieve the desired result,
compliance is the backseat dri-
ver that ensures the business
stays on the right course and
does not fall foul of the rules.

Ms McCartney’s comments
came at a Bahamas Institute

of Financial Services seminar \~

last week.

UNCLAIMED VEHICLES AT

LYNDEN PINDLING INTERNATIONAL AIRPORT

The following vehicles have been in the vehicle compound at the Lynden Pindling International Airport for
over a year and remain unclaimed, Owners will have until May 31, 2007 to claim and remove their vehicles
after which time the vehicles will be sold or scrapped, Anyone claiming a vehicle must contact NAD at the
address below prior to May 31, 2007, provide proof of ownership and pay towing and storage fees.

Anyone wishing to purchase any of the vehicles which remain unclaimed after May 31% are asked to
submit a sealed bid to the address below also by May 31, Any sale of vehicle is based on ‘as is’ and
‘where is’ condition, Neither the Nassau Airport Development Company Limited nor the Airport Authority
assumes any liability or responsibility for the condition of purchased vehicles. Purchasers will have 48
hours to remove the vehicles from the compound.

Vehicles can be viewed between noon and 2:00pm on Wednesday May 23" or Thursday May 24" at the
compound located beside the parking exit booth for Terminal 1 (domesticfinternational) parking.

MAKE & COLOUR — LICENSE #

Black Nissan Sentra License # 46537 No Disc
White Chevrolet License # 145716 Lionel Wilson
Celebrity

Maroon Plymouth —_License # 12373 No Disc
Voyager Van

Gold Toyota Yaris License # 198125 Rose Marie Sawyer
White Suzuki License # 107103 No Disc
Sidekick

White Toyota License #2111 No Disc
Corolla

Grey Dodge License # 43808 No Disc

Blue Chevrolet S10 License # T 24519. James Morley

REGISTRATION CONDITION & TIME UNCLAIMED



Very Poor - One Year

Very Poor- One Year

Fair - Two Years

Fair - One Year

Poor - Four Years

Very Poor -Damaged

Poor -Three Years

Fair - One Year

Nassau Airport Development Company Limited

Attn, Parking & Ground Transportation

P.O, Box AP-§9229
Lynden Pindling International Airport
Nassau, Bahamas

TEL. # (242) 377-0209 FAX. # (242) 377-0294

PUBLIC NOTICE

DEFENCE FORCE RECRUITMENT EXERCISE

CORAL HARBOUR BASE (RBDF) The Royal Bahamas Defence Force is
presently conducting a Recruitment Exercise. Applications can be obtained at
the Ministry of National Security 3rd Floor of the Churchill Building, Rawson
Square.

The deadine for submission of Applications is 25th May 2007. Commence-
ment date for training of successful applicants is scheduled for August 2007.

Applicants Should:

° Be a Bahamian Citizen
° Be between the ages of 18-25 years
Possess a minimum of (5) BJC’s or equivalent including Math and English
with ‘C’ passes or above.
¢ Obtain two Character references and a Police Character Certificate.
icants are required to ucc in all t
¢ A Psychometric Evaluation
e Recruitment (written) Examination (Math, English and General Knowledge)
e Physical Fitness and Swimming Tests
e Vetting Assessment and Medical Examination
e Interview Assessment

E asis fo uitme ill be pla

¢ Strong Character and leadership qualities

e Desire to maximize potential in a disciplined environment

e Willingness to spend time at sea

¢ Willingness to conduct tour of duty at satellite base on a Family Island or
outside the Bahamas. .

° Good Academic background

¢ Proficiency in a second language

e Proficiency in a musical instrument

Interested persons may contact:

Lieutenant Commander Gaye Major
Personnel & Recruiting Officer
Defence Force Headquarters
P.O.Box N-3733
Coral Harbour, New Providence



P.O. Box, F-42654
Freeport, Grand Bahama, Grand Bahama Island, Bahamas
Telephone: 242-373-9550-Fax: 242-373-9551

An upscale boutique resort featuring 93 elegant suites and 89 hotel rooms
overlooking Bell Channel Bay, Port Lucaya and Grand Bahama Yacht Club.

EMPLOYMENT OPPORTUNITY

Pelican Bay At Lucaya seeks to employ dynamic energetic and
enthusastic individuals who enjoy working in the Hospitality
Industry for the following position;

EXPERIENCED RESERVATIONS MANAGER

If you have extensive experience in Hotel Reservations Sales
Systems, then this is a great career opportunity for you. The
following is required:

- At least three (3) years experience in supervision and training
of reservations sales staff.

¢ Familiarity with Epitome (PMS) System and (HIS) preferred.

e Knowledge of constructing Rates, Packages, Promotions,
Advertisement, and Reservation.

¢ Knowledge of Yield Management.

¢ Good written and oral communication and computer skills,
along with strong attention to detail, organizational skills and
follow-through.

¢ Flexibility in work hours.

Minimum qualification requires; Associate Degree in Business
Administration or equivalent

Applications are available at the Security Gate or e-mail:

hr@pelicanbayhotel.com
Deadline is May 25, 2007.
NO TELEPHONE CALLS PLEASE!

Application in writing only.


PAGE 6B, TUESDAY, MAY 22, 2007

THE TRIBUNE

Pi a a
Multi-million investments depend on port decision

He added that the proposed
port was not included in the
briefing notes left by the for-
mer government, and its relo-
cation would depend on its
“economic and financial viabil-
ity”, according to a statement

FROM page 1

announcement, saying any deci-
sion would be made in the best
interests of Bahamians.

Legal Notice

NOTICE

TORA VALLEY CO. LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in disolution, which commenced on the

18th day of May 2007. The Liquidator is Argosa Corp.
Inc., RO.Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)

PRESS ALS International Architectural and
Engineering Firm seeks young













ENGINEER/ARCHITECT

Qualifications
+ Professional Qualification is Engineering/Architecture
Locally and /or Internationally Licensed

: Familiarity and Basic knowledge of Bahamas Building Code
: Strong Computer Literacy (i.e. AutoCAD)

qe
A
a
I"







| Dynamic, energetic and highly motivated

Team-Player with ability to work with minimal supervision

* Study architectural and engineering drawings and specification
: Exceptional interpersonal skills, organizational and

« administrative skills

F A competitive compensation package offered commensurate
; with qualification and experience. Send Fax: (242) 327-8126 or
- e-mail to forbes.vanessa@ gmail.com



Legal Notice

_NOTICE_

INT ERNATIONAL BUSINESS COMPANIES
ACT
(No.45 of 2000)

JARGON PRODUCTIONS LIMITED

Notice is hereby given that in accordance with Section 137 (4)
of the International Business Companies Act (No. 45 of 2000),
JARGON PRODUCTIONS LIMITED has been dissolved and
struck off the Register according to the Certificate of Dissolution
issued by the Registrar General on the 10th day of May, 2007.

QHRREEERGHERSREHAERSE SRA

Hugh Alan Durell
ist Floor, 17 Bond Street,
St. Helier, Jersey
JE23NP _
Liquidator

HURESEAREPEREEETRE



Pricing Information As Of:
Monday, 21 May 2007

Abaco Markets
Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

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

Finco

FirstCaribbean

Focol

Freeport Concrete

ICD Utilities

J. S. Johnson

Premier Ri

Bahamas Supermarkets
Caribbean Crossings (Pref) 8.00

0.45



issued by his office.

Relocation of the shipping
facilities from Bay Street to
Clifton is seen as critical to revi-
talising downtown Nassau and
Bay Street, and effecting the
transformation of the har-
bourfront between Arawak Cay
and Fort Montagu.

Tanya Wright, the Bahamas
Chamber of Commerce presi-
dent, told The Tribune: “The
issue is much larger than an
issue for the shipping compa-
nies, the people who own the
land and the Bay Street mer-
chants.

“The plan means greater
access to, and chance for diver-
sification, of this important busi-
ness district that plays such a
significant role in the economy
of the Bahamas. That means
more business opportunities
and better diversification of the
true benefits of the Bahamian
economy.

“The plan would mean much
less congestion for road users,
and the free flow of pedestri-
ans and vehicles, and give pre-
sent and future merchants on
Bay Street a better chance of
survival.

“Kither way, the survival and
renovation of downtown is for a
large part, dependent on the
relocation of the container port

facilities.”

Former Prime Minister Perry
Christie has accused Mr Ingra-
ham of influenced by the
“demands of certain special
interest groups that heavily
financed the FNM’s election
campaign” not to move the
shipping facilities from the
downtown area.

Identify

Mr Christie did not identify
who he was talking about, but
among the major landowners in
downtown Nassau, who effec-
tively act as landlords for the
shipping companies, are the
family of Deputy Prime Minis-
ter Brent Symonette, Bethel
Estates and the Kellys.

Sources close to the situation,
though, said Mr Symonette
understood the need for the
shipping facilities to move from
downtown Nassau for the
greater good of the Bahamas.
However, Bethel Estates was
said by sources to, be less keen,
given the significant revenues
and income it earns from the
shipping facilities.

Elsewhere, the investors
behind the Albany project have
already signed a Heads of
Agreement with the Bahamian
government, something that will

NOTICE



NOTICE is hereby given that JEAN-NOEL MESIDOR
OF YELLOW ELDER #106, P.O. BOX N-749, 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 15th day of
MAY, 2007 to the Minister responsible for Nationality and
Citizenship, PO.Box N- 7147, Nassau, Bahamas.

WANTED

A well established Media Company is
looking for to work as a Pressroom Assistant.
Qualified applicants should be able
to work nights between the hours of |
8p.m. to 5a.m. and be prepared to
submit job references and clean police
record.



Interested persons should
send resume to:

c/o DA 18973P
P.O. Box N-3207

or
Fax: 328-2398

=yainseuns

1,238,095
50

1.185
0.640
0.000

be honoured by the Ingraham
administration. ~

The proposed revitalisation
for South Ocean, though, while
approved in principle by the for-
mer government, does not have
a signed Heads of Agreement,
meaning that this is another
investment project the FNM
administration will have to con-
clude.

The Tribune previously
reported that Albany has been
projected to have a $1.4 billion
value over the active life of the
development, and an indepen-
dent economic assessment con-
ducted by a firm selected by the
Bahamian government showed
it would inject a cumulative $1
billion in extra gross domestic
product (GDP) into the
Bahamian economy over its
first 12 years in existence.

The independent economic
study on Albany had shown
that 700 permanent, full-time
jobs would be created, with
another 400 “indirect and
induced” from entrepreneurial
ventures and spin-offs.

The study also forecast that
Albany would generate $67 mil-
lion in annual GDP from oper-
ations in 2017 alone.

The investors behind Albany
are the Tavistock Group, the
holding company for worldwide
investments made by Lyford
Cay billionaire Joe Lewis, and
world-leading golfers Tiger
Woods and Ernie Els. The Tavi-
stock Group owns and devel-
oped Old Fort Bay in north-
western New Providence.

As for South Ocean, its revit." .
talisation is projected to gener-
ate 1,358 full-time jobs when
fully open, in addition to 1,200
direct construction jobs during
peak build-out.

Roger Stein, of RHS Ven-
tures and the project’s manag-
ing director, said that a draft
economic impact study per-
formed for the South Ocean
project by Oxford Economics
had projected that the develop
ment, scheduled to open in 2010 - ’
with construction hopefully
beginning this year, would inject
$172 million in visitor spending

into the Bahamian economy _—.-

during its first full operational’ . ° 3
year. tees

Spending won

Hard construction spending,
which would involve the con-
struction of new buildings and
renovations to others, would
total $541 million by 2015, with
the total investment by Mr
Stein, RHS and their partners
via the New South Ocean
Development Company reach-
ing $867 million by that year. ,

The $541 million construction.‘ !
spending had been forecast to ~.°.*

inject $217 million into the
Bahamas’ GDP over nine years, -”
and generate $105 million in
wages, On the operational side, |
South Ocean was forecast to,’ .°
produce a $3.7 billion GDP:
impact over its first 20 years,’
generating $1.5 billion in direct |
wages and salaries for its.
employees.

NOTICE

NOTICE is hereby given that INDITANE FLORISMA OF

69 PODELO STREET, 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 22nd day of May, 2007 tc the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau, °



Se ee




’ oo ate, Gee

Don’t throw away old TEXTBOOKS

Bring them to |

STOP-N-SHOP BOOKSTORE

Trade them for next year’s TEXTBOOKS
Or make them available for next year’s
students

Call or Visit our offices

Tel:(242) 394-4949 + East Bay Street
P.O. Box N-3050 * Nassau, Bahamas
E-mail: shopkeeper@stopnshopbahamas.com
Website: www.stopnshopbahamas.com

SAVE! SAVE! SAVE!



Z

WOOD AND COLD-FORMED STEEL TRUSSES

2, e@ ee ee wee «

DESIGN

ENGINEERING
COMPETITIVE PRICING

FAST BIDDING INFORMATION

bP ee’ e

41.00
14.60
0.45 0.55 .
BISX Usted Mutual Finds :
NA_ V YTD% Last 12 Months
1.339101”
3.18277**

43.00
15.50

0.000
1.125
0.000

Bahamas Supermarkets
5 RND Holdi



‘Divs Yield %

361-7764

Road to City Dump after Premix
Email:ggongora@coralwave.com

Colina Money Market Fund
Fidelity Bahamas G & | Fund
Colina MSI Preferred Fund 2.662852**
Colina Bond Fund 1.244286**"*
idelity Prime Income Fund -4992****"
ee FINDEXS GEOSE 761 87 (YTD 06.67% / 2006 34.47%
MARKET TERMS YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity

uw ec 2 F POS Bae



2 = 1,000.00

5S2wk-Hi - Highest closing price in last 52 weeks

S2wk-Low - Lowest closing price in last 52 weeks

Previous Close - Previous day’s weighted price for daily volume
Foday'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

PYE - Closing price divided by the last 12 month earnings



NAV KEY

* - 4 May 2007
Last Price - Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week

EPS S$ - 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

** - 30 April 2007

*** - 30 April 2007

ee ae

AUTHORIZED
MANUFACTURER

**** - 30 April 2007



sa so . Naish tt ot eh Seco tate nncnegen ca, fe Shae - 30 April 2007
ii: COLINA 242-502-7010 / FIDELITY 242-356-7764 / FOR MORE DATA & INFORMATION CALL (242} 394-2503


JHE TRIBUNE



Bahamas firm
in data alliance

*, INTERNATIONAL Private

Banking System (IPBS), the
Bahamas-based provider of
specialist wealth management
software to the private banking
industry, has entered into a
strategic partnership with
QuoteMedia to provide real-
time market pricing for ebank-
ing, etrading and the back

i .” Office.

Dave Shworan, chief execu-
‘tive of QuoteMedia, said in a
statement: “We are pleased to
be working with a proven sup-
plier such as IPBS. The addi-
tion of market and financial

’
4:

t



data from Quote Media
ensures that IPBS clients will
be able to make superior busi-
ness and trading decisions.”
Bruce Raine, founder and
president of IPBS, added: “We
listened carefully to the needs
of our customers and the mar-
ket, and this partnership is a
response to requests for a bet-
ter and more cost effective
solution to obtaining real-time
pricing and valuation data.”
He added that asa modern
service accessed via the Inter-
net, with excellent technical
support, many clients who used

Bloomberg and Reuters for
back office market pricing and
corporate data will now access
this data from Quotemedia.

IPBS has integrated Quote-
media’s proprietary data feeds
into its existing wealth man-
agement applications, provid-
ing updating real time infor-
mation as a subscription ser-
vice to IPBS customers.

By enhancing the IPBS solu-

_ tions for ebanking and etrading

to use Quickmedia, customers
will benefit from up-to-date
and accurate market informa-
tion.

. Farm’s closure to cost $2m

FROM page 1

.”- higher prices, generating bigger
niargins for the food retailers.

Mr Lowe yesterday said
many Bahamian consumers
appeared to now be going back
to Bahamian-produced eggs,
which were cheaper, “but it’s
too little, too late”.

-He added that Sunshine
Farms had already taken the

fecision to close in October

‘ .2006, and had sold 18 acres of

: “ifs land on February 1, 2007.

* He described the problems
the company had faced as “a
battle that has been going on
for years” across successive PLP
and FNM administrations, and
was part of a wider picture that

4
’
®

ate
injunction

appeal’ over
Guana Cay

_ ‘FROM page 1
Sats
~ Appeal judgement.”

Mr Smith has also written to
the developer’s attorney,
Michael Barnett at Graham,



Thompson & co, over the ,

undertaking he gave to produce
copies of all permits, licences
and approvals that Discovery
Land Company had received
for its activities on Great Guana
Cay.

‘Mr Smith is seeking a full
‘copy of the Heads of Agree-
mént signed with the Govern-
ment, and any addendums,
arnexes and supplements to
this; copies of communications

es between Discovery Land Com-
_«/+ pany and all central government
"." agencies; copies of the Envi-

ronmental Impact Assessment
(EIA) and Environmental Man-

agement Plan (EMP); copies of ..

correspondence with the Hope
Town District Council; and

-'. copies of any papers relating to
.- the Crown and Treasury land
“involved in the development.

A letter seeking similar doc-
uments, to aid the Association’s
_ discovery, has also been sent to

-,_.the Attorney General’s Office.

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.



had left Nassau-based manu-
facturers “in the hole”.

Mr Lowe described the
impact on food self-sufficiency
in the Bahamas as “the bottom
line” ‘behind Sunshine Farms
closure, adding: “It’s just anoth-
er Bahamian-owned company,
another Bahamian-started com-
pany, that’s going down.”

Larry Feingold, proprietor of
Nassau-based Rainbow Farms,
said yesterday that between his
company and the Grand
Bahama-based Sunshine Farms,
owned by Greek-Bahamian
entrepreneur, Minas Var-
daoulis, they could meet all the
Bahamian market’s demand for
egg.
Yet there were “too many
foreign eggs coming in”. While
Bahamian large and extra large

12-packs of eggs sold for $1.65
and $1.70 respectively, imports
such as Egglands Best were sell-
ing for $3.05 per case in many
food stores.

“The reason that people are
buying them [despite being
more expensive] is that some
food stores don’t put the local
eggs on the shelf,” Mr Feingold
said of the reasons why foreign
eggs seemes so popular.

“They put foreign eggs on the
shelf because they can make
more from them, as the local
ones are price controlled.

“It’s a tough situation,
because on one side ypou have
people saying let’s do more in
agriculture, and on the other
hand there’s a surge of imports
coming in and no one’s stop-
ping that.”

NOTICE

NOTICE - is” hereby given that FRITZ NELSON OF...
MONTROSE AVENUE, 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 22nd day of May, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,

Bahamas.




‘Harbourside Marine
is looking for

Sales Persons

with knowledge of the Marine Industry.
Must be self driven. °



Baker's Bap |

GOLF & OCEAN Chu

Great Guana Cay, Abaco
The Bahamas

Employment Opportunity

STAFF ACCOUNTANT

The successful candidate will meet the following requirements:

Qualifications
B.A. in Accounting

Experience in club or resort development

Key Responsibilities
¢ Accounts payable

Cash management
Job cost entries

General ledger reconciliation

¢ Preparation of accounting reports

Journal entries

The successful candidate will have the opportunity to work in a
growing and dynamic organization to be a self-starter, team player,
work at the highest standards of performance, and meet deadlines.

If you are progressive and prepared to advance your career, submit

your resume to the attention of

Director of HR & Training

sbowe@bakersbayclub.com
Or by fax at 242-367-0804



TUESDAY, MAY 22, 2007, PAGE 7B

Ministry of National Security
Police Department

Re: Traffic Press Release Notice
Opening of Parliament, Rawson Square

Wednesday, 23rd May 2007 at 10:00am

INFORMATION: ©

On Wednesday 23rd May 2007 at 10:00am Parliament will re-open in
Rawson and Parliament Squares Bay Street.

ROAD CLOSURE:

From 6:00am until after the ceremony at Rawson Square, the following streets will

be closed to vehicular traffic:-

Bay Street between Frederick Street and East Street.

> Charlotte Street between Shirley Street and Woodes Rodgers Wharf

4 Parliament Street Between Shirley Street and Woodes Rodgers Wharf.
0 Bank Lane between Shirley Street and Bay Street.

NO PARKING:

From 6:00am until after the ceremony, no vehicles will be permitted to park

on the following streets. -

Bay Street between Frederick and East Streets

4

Both Sides -

Parliament Street between Woodes Rodgers Wharf and East Hill Street Both Sides

Bank Lane between Shirley and Bay Streets
~ East Street between Shirley Street and Woodes Rodgers Wharf
Woodes Rodgers Wharf between East and Frederick Streets

Both Sides”
Both Sides
Both Sides

From 6:00am on Wednesday, 23rd May, 2007 vehicular traffic traveling east along Bay
Street will be diverted north and south along Frederick Street, Vehicular traffic wishing to
continue east along Bay Street, must travel east along Woodes Rodgers Wharf to East Street,
south along East Street to Bay Street and then east along Bay Street.

PARKING:

Parking for Cabinet Ministers will be provided in the Cabinet Office Parking lot, and
for Members of Parliament and Senators, parking will be provided in Bank Lane.

Paul H. Farquharson, QPM
Commissioner of Police _



DELTEC BANK & TRUST LIMITED

Invites applications for the position of

COMPLIANCE MANAGER

Responsibilities will include (but are not limited to):

Maintaining and developing a robust compliance and control regime in Deltec to
ensure compliance with all relevant laws, regulations, guidelines and internal

policies and procedures

Developing, administering and implementing a stringent compilanee program that
monitors and reports on key risk indicators
Implementing a comprehensive self-testing program that is derived from risk

assessment

Reviewing KYC documentation for all new and existing clients
Advising and assisting with the training of staff in regulatory and internal policy

compliance requirements

Reporting to Executive Management, Board of Directors and Group Compliance
Ability to work independently and under pressure to meet deadlines

The successful candidate should have the following qualifications:

A thorough knowledge of all applicable legislation, regulations and guidelines
Minimum Bachelors degree in banking or finance along with either CPA, ABIFS
(formerly ACIB), or International Diploma in Anti Money Laundering and

Compliance (BACO)

|

Legal background would be an advantage
Minimum 3-5 years relevant experience in the Compliance field
Excellent written, oral and presentation skills _

Salary will be commensurate with experience.

Interested persons may submit resumes as follows:

Human Resources Manager
Deltec Bank & Trust Limited

P.O, Box N.3229

Nassau, Bahamas

Resumes may also be faxed c/o 362-4623 or emailed to anh@deltecbank.com.

ABSOLUTELY NO TELEPHONE CALLS WILL BE ACCEPTED



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PAGE 8B, TUESDAY, MAY 22, 2007

THE TRIBUNE.



NOTICE

Due to the Whit Monday Holiday the
Betty K will receive freight on
Tuesday May 29th and Wednesday
May 30th for Marsh Harbour,
Abaco at our receiving
Palmdale Depot.






Arriving Thursday Mat 31st Marsh Harbour




Betty K apologizes for any inconvenience







For further information please
conatact your customer service
representative.









Betty K Agencies
Nassau - East Street North Kelly Dock
Ph: 242 - 322 - 2142 ©




Miami - 3701 NW South River Drive 33142
Ph: 305 - 635 - 4650





Marsh Harbour Abaco Don Mackey Blvd.
Ph: 242 - 367 - 0593



: cal A Pius get the best insurance advice.

_ Success... Solved.
“INTERNET & TELEPHONE BANKING =

INSURANCE Ȣ



ABMs



Bahamas >
‘can’t dictate’
room rates
to investors

& By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

he Bahamas cannot

- dictate to investors

what their hotels

and resort product

should be, the Bahamas Hotel

Association’s president, Rus-

sell Miller, told Tribune Busi-

ness yesterday, although he

acknowledged that this nation

was generally perceived as a
very expensive destination.

Mr Miller’s comments came
in response to comments
made by the new tourism min-
ister, Neko Grant, who said
last week that ministry offi-
cials were concerned that the
Bahamas could be pricing
itself out of the market as a
result of the relatively high
room rates its hotels charge
compared to rival global des-
tinations.

Mr Miller said he could not
comment specifically on Mr
Grant’s comments regarding
room rates because he had not
heard them, but acknowl-
edged that the Bahamas did
have the perception of being a
very expensive destination.

He said the Bahamas need-
ed to continue to be competi-
tive, and one way to do this

was to examine import taxes
and mark-ups-on tourism-
related products.

Mr Miller added that many
first-time visitors were slightly
shocked when they realised
the price of some items, par-
ticularly if they were staying
in a timeshare or condo and
had to purchase basic necessi-
ty items.

While the Bahamas does
have a reputation of being a
luxury destination, he felt
there was “a fairly good range
of hotels and prices for our
visitors to make their selec-
tion”, he said.

Mr Miller added that as a
destination, the Bahamas can-
not stipulate to an investor

whether they should cater to -

low, middle or high income
guests via room rates.

The Bahamas has targeted
the high-spending end of the
tourist market with its hotel
industry product, looking for
relatively high-earning, quali-
ty tourists who are likely to
turn into repeat visitors and
purchase real estate in this
nation, either through time-
shares, fractional ownership,
condotels or second homes.

However, the high-end
tourist market is relatively
small, and numerous rival des-
tinations are now competing

Hii:

* DEBIT CARDS *

with FirstCaribbean

CREDIT CARDS

with the Bahamas for this
business. Room rates in other

Caribbean destinations, such. ra

as Cuba and the Dominican
Republic, are much lower than
in the Bahamas, making them
more attractive to Canadian
and European tourists.

Operating costs for hotels ”<--:

in the Bahamas are much

higher than for their counter- _-

parts elsewhere in the

Caribbean and US, meaning...
operators and owners have to’, - . -
charge high room rates to.-":.

enable them to earn a return
and profit on their investment.

Yet these higher room rates
an only be justified to guests
by providing a five-star plus
experience that ‘blows the cus-
tomer away’, a la Kerzner

International International’s

Atlantis product.
Consequently there have.

been calls for the Bahamai.°- -

to develop mid priced resort
options, as happened when
Baha Mar was negotiating its
$2.4 billion Cable Beach
development. The bottom line °.
is that the Bahamas has to.
deliver a superb visitor expe-
rience to justify the relatively:
high room rates it charges,
exceeding tourist expectations
through service quality and

other factors if it is to remain ,

competitive.

FIRSTCARIBBEAN

INTERNATIONAL BANK
GET THERE, TOGETHER,



to





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