Citation
The Tribune.

Material Information

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

Subjects

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

Notes

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

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
This item was contributed to the Digital Library of the Caribbean (dLOC) by the source institution listed in the metadata. This item may or may not be protected by copyright in the country where it was produced. Users of this work have responsibility for determining copyright status prior to reusing, publishing or reproducing this item for purposes other than what is allowed by applicable law, including any applicable international copyright treaty or fair use or fair dealing statutes, which dLOC partners have explicitly supported and endorsed. Any reuse of this item in excess of applicable copyright exceptions may require permission. dLOC would encourage users to contact the source institution directly or dloc@fiu.edu to request more information about copyright status or to provide additional information about the item
Resource Identifier:
09994850 ( OCLC )
9994850 ( OCLC )
UF00084249_02905 ( sobekcm )

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Volume: 103 No.157



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The Tribu:






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Dr Thompson says
Parliament appeared to be
for sale to ‘highest bidder’

@ By RUPERT MISSICK Jr
Chief Reporter

IN THE general election it
appeared the Bahamas parlia-
ment was up for sale to the
“highest bidder” as tens of mil-
lions of dollars were spent and
the issues raised by all political
parties fell on deaf ears, presi-
dent of the Bahamas. National
Baptist Missionary Convention
Dr William Thompson said yes-
terday.

Dr Thompson made the
statement yesterday while
addressing the 72nd annual ses-
sion of the Bahamas National
Baptist Missionary and Educa-
tional Convention.

He said the population was
so polarised that the major par-
ties were holding their rallies
on the same night.

“I would have thought that
the democratic thing to do was
to have rallies on different
nights so that the voters would
have an opportunity to hear the
platform of all parties,” he said.

Dr Thompson said the dan-
ger in this kind of polarisation is

that it splits the country because
party politics then becomes an
absolute.

He said there seemed to be a
shift in the electoral process in
the country where it appeared
that the entire campaign was
predicated on leadership.

While he said that he is a
strong believer in the impor-
tance of a good leader, the pub-
lic must be careful that it
ensures the integrity of the sys-
tem.

“Our parliamentary system
dictates that each constituency
is to elect a person to represent
that constituency in House of
Assembly...(the electorate) are
no longer voting for a candi-
date who can help the con-
stituency but they are voting for
the person who represents the
leader that they want. There-
fore most of our constituencies
are not receiving the services
that are needed,” he said.

Dr Thompson said he had
taken note of the political
wounds created as a result of

SEE page nine

Two separate Labour
Day parades likely

@ By KARIN HERIG
Tribune Staff Reporter

FOR the first time in several years there are likely to be two
separate Labour Day parades — reflecting what some believe to
be a “fractured” labour movement in the Bahamas.

As Labour Day draws near, it seems unlikely that the coun-

SEE page nine

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WEDNESDAY, MAY 30, 2007



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@ THIS old abandoned boat is now ready to be removed from the beach at Arawak Cay after
being dismantled over the past month.

m@ By PAUL TURNQUEST
Tribune Staff Reporter

OPPOSITION leader Perry
Christie, in a press statement
released yesterday, detailed the
Progressive Liberal Party’s rea-
sons for taking legal action against
Prime Minister Hubert Ingraham
for his “unconstitutional behav-
iour” regarding the recent

appointments to the Senate.
The former wee minister

(Photo: Felipé Major/Tribune staff)

Christie details PLP reasons for legal
action over Senate appointments

said that Mr Ingraham was
making a mockery of the
Bahamas’ Constitution and its
system of democracy by failing
to appoint “PLP’s™ to the three
remaining senatorial seats.
According to Article 39 of the

Constitution, the make up of

the Senate should reflect that
of the House of Assembly. Uti-
lizing percentages, the FNM
holds 23 seats, or 56 per cent,
and the PLP hold 18 seats, or



roughly 44 per cent.

With this in mind, said Mr
Christie, as the FNM currently
hold nine seats in the Senate,
and the PLP four, the final
three appointments should be
given to the PLP to reflect a
nine to seven balance in the
upper chamber.

“It is important to appreci-
ate, therefore, that in advising

SEE page! nine

No workers will
be laid off in
the Sheraton
take-over of
the Radisson

@ By BRENT DEAN
Tribune Staff Reporter _

SERIOUS labour unrest has
been avoided between the
Bahamas Hotel Worker's
Union and Baha Mar, as exec-
utives of both groups have come
to an understanding that no
workers will be laid off as a part

‘of the Sheraton management

take-over of the Radisson prop-
erty.

In a conference call yester-
day with The Tribune, Robert
Sands, senior vice-president of
government and external affairs
for Baha Mar, and Roy Cole-
brooke, president of the union,
sought to quell the conflict that
arose between the two camps.

On Monday Mr Colebrooke

said that there had’been inade-

quate consultation between
management and the union
regarding a mandatory two-
week training programme for
employees. He expressed fur-
ther fears of job losses for work-
ers and concerns regarding the
movement of some of his meii-
bers around the chain of hotels
— especially in the context of
the upcoming closure of the
Nassau Beach Hotel.

SEE page nine

Three brothers
arrested in connection
with the beating of

Love 97 employee

THREE men have been
arrested in connection with
the brutal beating of a Love 97
employee in Grand Bahama.

Twenty-four-year-old Tino
Rahming reported that he was
beaten and knocked uncon-
scious by the trio last Friday at
around 10.30pm when he was
leaving the parking lot of Can-
dy’s Bar on East Sunrise
Plaza.

Mr Rahming had just com-
pleted a work assignment at
the same location when the
attack occurred.

The three men in custody
are brothers, ages 39, 41 and
44 years of age, of Redwood
Lane and Scarborough Place.
They will be formally charged
in Freeport Magistrate’s Court
at 10 o'clock this morning in
connection with the assault.




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PAGE 2, WEDNESDAY, MAY 30, 2007



= ACP Christopher
McCoy



@ CH Supt Keith Bell

@ CH Supt Bernis
Pinder

Police officers get
transfer orders

@ By BRENT DEAN
Tribune Staff Reporter

THE police have announced sev-
en senior level transfers — the first in
a new wave of restructuring aimed at
bringing the increasing crime rate
in the country under control.

The transfers, which take effect
immediately, were announced yes-
terday at police headquarters by
Chief Superintendent Hulan Han-
na on behalf of the commissioner of
police.

They are as follows:

e Assistant Commissioner Christo-
pher McCoy, has been moved from
the position as officer in charge of
the Southern Bahamas to head the
security and intelligence branch
(SIB) and the central intelligence
bureau.

¢ Chief Superintendent Keith Bell
has been transferred from the intel-
ligence division, to officer in charge
of prosecution and the legal office.
Mr Bell will be charged with imple-
menting reforms in this new post
and his area of control will include
both New Providence and Grand
Bahama.

e Chief Superintendent Bernis
Pinder has been transferred from
the position as officer in charge of
prosecutions to the eastern division.

e Superintendent Christopher
Rahming has been transferred from
the central division, Nassau Street, to
the Eleuthera division as officer in
charge.

e Superintendent Wendal
Deveaux has been transferred from
the Eleuthera division to Grand
Bahama. However, Mr Deveaux will
be leaving the Bahamas shortly to
attend the Bramshill Police College
in the UK.



e Assistant Superintendent Ash-
ton Greenslade, who is the officer
in charge of Cat Island, will too be
leaving to attend Bramshill, and will
be redeployed upon his return.

e Inspector Philip Rolle has been
transferred from his post as officer in
charge of cadets at the police col-
lege, to the Cat Island division.

Mr Hanna noted that further
transfers of senior officers and others
will be announced within days, fuel-
ing speculation that the upper eche-
lon of the force may again be subject
to changes.

Mr Hanna added that the objec-
tive of the commissioner in restruc-
turing the force is to ensure that
there are as many police officers as
possible on the streets and working
at police stations.

During the last round of restruc-
turing in late March, there was pub-
lic controversy surrounding the
move of then Assistant Commis-
sioner of Crime Reginald Ferguson,
out of the crime portfolio, to head
the police college.

Some had alleged that the move
was politically motivated by the then
PLP government.

This allegation was strongly
denied by the former minister of
national security Cynthia Pratt, who
said that shuffles occur to give more
experience to officers and to
improve the force, maintaining that
partisan affiliation had nothing to
do with the changes.

Mr Hanna maintained that this
wave a transfers are not related to
the change of government. Rather,
these changes, he said, are an effort
to increase and expand the service
given by the force to the nation.

Of the moves announced yester-
day, none were promotions.

THE TRIBUNE

LOCAL NEWS



M@ SUPT Christopher
Rahming



SUPT Wendell
Deveaux



ASP Ashton
Greenslade



INSPECTOR
Philip Rolle

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NASSAU - 322-9183-7 ¢ FREEPORT -352-2030-6
FAMILY ISLANDS - 1-242-300-1997,

www.btcbahamas.com



THE TRIBUNE

WEDNESDAY, MAY 30, 2007, PAGE 3





Two men
charged with:
attempted
murder

TWO men were arraigned
in Magistrate’s Court yester-
day charged with three counts
of attempted murder.

John Tellus, 27, of Minnie
Street along with Edroy Bur-
rows, 30, of Podoleo Street
were arraigned yesterday in
Court 11 on Nassau Street
before Magistrate Susan
Sylvester.

It was alleged that the
accused, being concerned
together, attempted to cause
the deaths of Roslen Moxey,
Jamal Rolle and Devroy
Ryan Bonaby on Sunday,
April 8.

The accused have also been
charged with stealing. It was
alleged that between Friday,
April 6 and Sunday, April 8,
the two stole a 1995 white
Nissan Sentra valued at
$3,500 the property of Kirk-
lyn Wilson.

The men were not required
to enter a plea to the charges
and were remanded until
Thursday as prosecutors seek
to determine whether the
men have any previous con-
victions.

Man jailed
for stealing
property
from church

A 32-year-old man pleaded
guilty to breaking into a
church yesterday as well as
stealing.

It was alleged that between
Thursday, May 24 and Fri-
day, May 25, Darren Fowler
broke and entered Living
Waters Church of God on
Marshall Road.

There, it is alleged, he stole
a 19 inch colour television
valued at $200.

Fowler has also been
charged with receiving the item.

He was arraigned at court
five in Bank Lane and plead-

ed guilty to the shopbreaking 4

and stealing charges.
. He was sentenced to two
years in prison on the break-
in charge and one year in jail
on the stealing charge.

The sentences are to run
concurrently.

Man faces
charge of
firearm
possession

A 25-year-old man of
Shrimp Road was arraigned
in Magistrate’s Court yester-
day on a weapons charge.

It was alleged that on Sun-
day, May 20, Stephen Stubbs

had in his possession a hand-

gun with the intent to endan-
ger the life of David Metellus.

Stubbs was not required to
enter a plea to the charge and
was granted bail in the sum of
$4,000.

The matter was adjourned
_ to September 18.

Share
your
nevs

Call us on 322-1986 and
share your story.







Cre ole)

FOLLOWING © several
break-outs by the residents of
the Willie Mae Pratt Centre for
Girls in recent weeks, the Min-
istry of Health and Social
Development is now assuring
the public that security mea
sures will be upgraded and that
the juvenile rehabilitation facil-
ity will soon be renovated.

In a statement issued yester-
day, the ministry also refuted
all claims of “wholesale abuse~
of staff members by the centre's
residents.

This comes after a stalf mem-
ber at the Willie Mae Pratt Cen-
tre claimed that employees
were being threatened and in
some instances even abused by
residents.

Speaking on a radio talk
show. the staff member also
alleged that a massive break-
out was being planned by some
of the residents for next month.

The ministry yesterday said
that (was unfortunate that the
staff member chose the medi-
uny of radio to divulge informa-
tion about a purported break-
out instead of bringing it to the
attention of the proper author-
ities.

While the ministry acknowl-
edged that there have been
some confrontations between
residents and staff, it said that

the majority of staff members.

never experienced any physical
controntation with the residents.
“From time to time there are

some residents who are disrup-
tive and even some who have
mental health challenges who
require management above that
which is normally provided,”
the ministry said.

The ministry added that
many potentially “unpleasant
situations” were diffused by
“quick, sensitive and profes-
sional behaviour by staff mem-
bers.”

The ministry further said that
it recognises that the behaviour
of some of the centre’s residents
is a reflection of the failures of
Bahamian society.

“If there is to be any change
in this regard, the means must
be found to address these (fail-
ures). The ministry will contin-

Pastor calls for the FNM

to keep

@ By RUPERT MISSICK Jr
Chief Reporter
REVEREND William

Thompson yesterday pleaded

with the government not to

abandon the national health
insurance plan.

Rev Thompson was address-
ing the 72nd Annual Session of
the Bahamas National Baptist
Missionary and Educational
Convention, of which he is pres-
ident, and commended prime
minister Ingraham for making
the announcement that the goy-
ernment is presently considering

aiding with the purchase of

medication for those who are
chronically ill.

“T take this opportunity on
behalf of the indigenous peo-
ple throughout the Bahamas



to plead with the government,

not to abandon national
health insurance a pro-
gramme, whose time has
come, even if adjustments
must be made to comply with
this government’s philoso-
phy.” Rev Thompson said.

He said because of the esca-
lating cost of health insurance,
many Bahamians are living with
sickness, diseases and the dis-
comfort that comes from these
maladies — all because they can-
not afford the cost of good
health insurance.

The FNM has said that the
greatest health care need in
society today relates to health
insurance coverage to assist
with catastrophic illnesses such
as cancer, heart disease, diseases
affecting major organs, trauma

HI scheme

{rom serious accidents, violence,
and serious congenital birth
defects — for which the cost of
good medical health care is pro-
hibitive.

There have been calls for the
government to convene a meet-
ing with all stakeholders, the
privately insured, the uninsured,
professionals in the private and
the public medical sectors so as
to achieve a consensus on the
best and most effective means
of providing health insurance
for all.

In the office, the FNM has
promised to raise the NIB con-
tributory ceiling, cause an
increase in NIB benefits to wid-
ows and orphans and substan-
tially increased the non-con-
tributory insurance benefits to
old-age pensioners.

Festival to celebrate life
of Ernest Hemingway

PORTLY white-bearded
men with strong forearms are
to get together in July to honour
Bimini’s most famous resident.

Literary giant Ernest Hem-
ingway, who lived on the
Bahamas isle during the 1930s,
will be the talk of Key West
between July 17-22 when the
Florida community celebrates
its annual Hemingway Days fes-
tival.

A Hemingway lookalike
competition is always a major
feature of the event. Heavily-
built men with white beards
congregate from all over the US
to take part.

One element of the event is
an arm-wrestling contest when
‘Papa’ clones will put their phys-
ical strength to the test.

The celebration will also [ea-
ture readings from Heming-
way’s works by internationally
known authors.

Hemingway, who committed
suicide in 1961, was a popular
Bimini resident during the pre-
war years. He liked big game
fishing in Bahamas watcrs and
was a frequent drinker at a local
bar.

His younger brother, Leices-
ter, who also took his own life,
was a Bimini resident during
the 1960s.

MAIN SECTION

Local NOWS ..ssscssessrs--nP1,2,8,
Editorial/Letters. ........ceccceee

Local Sports...cscoscnecressesnecencnes

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ue its efforts to upgrade the cen-
tre’s resources to meet the man-
date of rehabilitation, recognis-
ing that there are no easy solu-
tions to the problems arising,”
the ministry said.

Escapes

Seven girls escaped from the
centre on May 6 and three on
May 19. The residents were all
apprehended by the police with-
in hours of their escape.

One resident, who escaped
on May 14, remained at large
until her apprehension by police
on May 24.

The ministry stated yesterday
that there are several security

@ REV William Thompson



Established in 1956 by an old Bahamian family

-BayParl Bldg. - Parliament St.
Telephone: 322-8393 or 328-7157

measures in place at the centre.

The facility’s staff comple-
ment includes a number of secu-
rity assistants and guards, and a
private security firm has been
employed to supplement the
services provided by the staff,
the ministry said.

Additionally, the ministry
explained, the centre has a secu-
rity monitoring system with
cameras placed at strategic loca-
tions and the exterior lighting
on the compound has been
upgraded.

“Obviously the recent
abscondments indicate that
there are gaps in the security
measures which need to be
identified and addressed,” the
ministry conceded.






e-mail: www.colesofnassau.com ¢ P.O. Box N-121



S

|

\ (105



+ yyppuyuiatiusestid





PAGE 4, WEDNESDAY, MAY 30, 2007




The Tribune Limited

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



LEON F&F. H. DUPUCH, Publisher/Editor 1903-1914



SIR ETIENNE DUPUCH, Kt, O.B.E., K.M., K.C.S.G.,
(Hon.) LL.D., D.Litt.



Publisher/Editor 1919-1972
Contributing Editor 1972-199]



LILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B.
Publisher/Editor 1972-



Published Daily Monday to Saturday



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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352
Circulation Department - (242) 502-2387
Nassau Fax: - (242) 328-2398

PLP last group who should complain

NO PERSON SHOULD be victimised for
his or her political views. However, when one
looks at history, even recent history, the PLP is
the last group that should complain about vic-
timisation — after all it was the PLP, under the
leadership of the late Sir Lynden Pindling, which
transformed the evil practice into an art form.

To read The Tribune files for those years
would bring a tear to the eye of the hardest
cynic. The PLP victimised as though it was their
sacred duty to punish those who disagreed with
them. As one of the “all for me baby” crowd
said during that administration: “To the victor
go the spoils.” And when it came to the spoils,
they were a greedy bunch. ;

Therefore, for those who believe in retribu-

* tion, the opposition party is now reaping what
for many years it has sown — in other words a
very bitter harvest.

It was noted that even this column last week
reported at least three attempts by FNM civil
servants to victimise their PLP colleagues. But
what readers who commented on those inci-
dents chose to ignore was how those attempts
were handled — in one instance by a newly
appointed FNM minister, and in the other by'a
head of department.

It is obvious that angry FNMs were trying to
wreak vengeance on their political opponents
after suffering for so many years under the PLP
yoke. However, Prime Minister Hubert Ingra-
ham had made it clear that such behaviour
would not be tolerated on his watch. Opposition
leader Perry Christie said the same when he
became prime minister in 2002. But, one only
has to go back to September 2002 and recall the
firing of six FNM employees at BAIC and how
it was clumsily handled by a PLP MP, and com-
pare it with how a newly appointed FNM Min-
ister treated a list of PLP names given to him for
firing by an FNM civil servant, to realise that the
words of one prime minister were taken seri-
ously, while the words of the other were
ignored,

Despite Mr Christie’s public statement of
his position on victimisation, only four months

after coming to power, six FNM employees
were fired at BAIC under a PLP MP. The
action embroiled his PLP minister, and even-
tually prime minister Christie himself. It was
the first scandal of the Christie government.
In the recent case of the FNM minister, the
matter was handled so decisively that the pub-
lic would have been none the wiser if it had
not been reported in this column. “I have not
come here for this,” said the Minister as he
crumpled the paper with the list of names of
those to be fired and consigned it to the waste-
basket. End of the matter. However, the BAIC
fiasco, which. had started in September, 2002
with the staff firings, allegedly for political rea-
sons, was still being reported the following year.



By then many other personalities had been
drawn into the web of intrigue.

These two instances again illustrate the sharp
difference in the management skills of the two
party leaders.

It was also ironic that in yesterday’s Tribune,
which reported the PLP’s fears of victimisation
under the Ingraham government, to read on
the front page of the same edition about the
long arm of PLP victimisation stretching from a
defeated government into the administration
of a new government in an attempt to curb the
free speech of a Tribune columnist. We do not
believe that this matter will end here. So far
our investigations point to the order coming
from the Department of Public Personnel, which
is under the Ministry of Public Service. The
question now is when was this order given and
by whom. The letter warning Adrian Gibson —
a teacher at SC McPherson Junior High School
— about continuing his weekly column in The
Tribune was dated May 21, 2007, 19 days after
the Christie government had been voted from
office. It was a letter about which the Ingra-
ham government knew nothing.

’ And the PLP dare talk about victimisation!

The PLP also complain that the election was
snatched from them by persons voting at the
wrong polling divisions. If that is true then they
only have their own leader and the Boundaries
Commission to blame. It is surprising that the
election was conducted so smoothly when up to
the last minute it was clouded in confusion —
confusion created by the dithering of their own
leaders.

Also they have much to answer for on elec-
tion day. For example, the public wants an
answer about the printing of 41,000 “sample”
ballots so near an election that they could not
have been much help in so-called training pro-
grammes.

Also an answer must be given as to why at
least 1,000 of these ballots were taken into the
area of the Mount Moriah polling division on
election day. Also did the stray ballots, found at
other polling stations, come from this “sample”
printing?

The PLP are making loud noises about what
went wrong in an election that they claim was
snatched from them. If they would tone down
their hysterical cries, and spend a quiet moment
with their memories, they would realise that
this election was planned and engineered by
their own leaders. If anyone was attempting to
snatch anything, the PLP were the ones with the
instruments of power to prevent it. The fact
that they failed, means that they snatched the
election from themselves. ©

If they were wise they would go home quiet-

ly, accept their defeat and try to contribute to -

the building of this nation, which is the duty:of
every loyal citizen.





FULLTIME KEYBOARDIST

Applicant must have:

°a minimum of 8 years experience

¢ worked with church choir and praise team
° serious applicant only, need to apply

Resume may sent to: P.O.Box SB 50076, Nassau, Bahamas







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EDITORIAL/LETTERS TO THE EDITOR

We need to

THE TRIBUNE





know NHI will
be effective

EDITOR, The Tribune.

ONCE in-five-years (usu-
ally) we the electorate have
the chance to retire those
politicians who have not
served their constituents or
our country well, and replace
them with others who per-
haps will. The electorate has
now replaced the Christie
administration, whose per-
formance was under-whelm-
ing at best, with the Ingra-
ham administration, which
promises to do a lot better.

The new government is
likely to bring into effect a
National Health Insurance
scheme. Certainly provision
needs to be made for criti-
cal/emergency and long term
care. We will all pay for this
by payroll deduction. But we
need to know that it will be
effective.

Mr Stanley Lalta on behalf
of this government, has
assured us, that it will be
quality health care, with
accountability. Let’s look at
the government record on
accountability in the health
care sector, just briefly, since
it is indeed a brief record.

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

Is that matter resolved by
the generous donation of
dialysis units from the pri-
vate sector?

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

The Hospital and Health
Care Facilities Act requires
the Board to investigate
complaints, to ensure that
the private hospitals meet
the standard of “appropriate
care”, in the public interest.
The Minister of Health
directed the Chairman to do
an investigation into that
complaint three years ago.
But the AG’s office (under
the previous administration)
has given other directions.

Why is the Attorney Gen-
eral’s office apparently advis-
ing the Board not to investi-
gate a documented com-
plaint of fatally inappropri-
ate care? Why is it interfer-
ing in the proper function-

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FREEPORT, GRAND BAHAMA, BAHAMAS, is applying to

the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and

| that any person who knows any reason why registration/
‘ naturalization should not be granted, should send a written and
signed statement of the facts within twenty-eight days from the
23RD day of May, 2007 to the Minister responsible for Nationality

and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

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' ing of a statutory board?

An impartial investigation
could produce recommenda-
tions that would save other
lives. Is this not the purpose
of the Board? If the Board
does not investigate serious
complaints, then the facili-
ties it licenses are in fact
unregulated. Why are the
Board members paid a
salary?

In whose interest is the
Attorney General’s office
acting? Certainly not in the
interest of members of the
public whose lives may be a
risk.

Is this a case where the pri-
vate interest in not being
investigated, in the minds of
those in power, outweighs
the public right to an inves-
tigation?

So then, where is the qual-
ity assurance and account-
ability Government promises
to deliver with the National
Health Insurance Scheme?
If the current regulatory
regime for accountability is
not functioning, will a new
regime function?

Only when those respon-
sible are prepared to do what
they must. This requires
some courage, and knowl-
edge of their duty to the pub-
lic. Great politicians used to
know, that greatness is not
made by holding the largest
rally, but by achievements
that win a home in the hearts
and minds of the men and
women they claim to serve.

We look forward to those
achievements.

BAHAMAS
PATIENTS
ALLIANCE
Nassau,

May 21, 200.

Campaign contributions

EDITOR, The Tribune.

I READ with much interest the article by Mr Paco Nunez,
News Editor, in today’s Tribune (24 May, 2007).

As nearly everyone knows, the 2002 General Elections were
the worst for campaign contributions in this country by so-
called donors. It was the one of the main causes for that lopsided
result and the FNM loss. One foreign donor allegedly said that
he donated millions to a political party. Other funds were said
to be from allegedly unsavoury characters.

At that time it was said that there were lots of money around.
My question is why was not anything said by the Church lead-
ers about that flagrant abuse of campaign funding? The reason
is probably because of the political party concerned. While
some of us asked, and were promised an accounting, none ever
came. Mr Nunez perhaps you could see what you can uncover.

In the 2007 Elections, there was nothing wrong about Bahami-
ans spending their own money as they saw fit, and they should
not have to account to anybody. Donations are always being
solicited by the many churches, other organisations, universities,
colleges at home and abroad. This is legitimate spending by legit-
imate citizens. The churches themselves solicit government

grants for their schools.

Political organisations need funds for television, radio and
newspaper advertisements to get their message out to These cost money just as other organisations require f.ads.
Hence, fund raising is a necessity. Even the Parliam:. ry
Registration Department used TV, radio and newspaper au 2:-
tisements to get people to register. That promotion must have

used our money.

So why not political organisations? The exception is the pub-
lic radio broadcasts which must not be used for political biases
as was evident during the weeks leading up to the elections.

SHIRLEA RESIDENT
Nassau,
May 24, 2007.

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THE TRIBUNE

WEDNESDAY, MAY 30, 2007, PAGE 5



Man admits
to stealing
from his
workplace

A 24-year-old Hanna Road
man was sentenced to six
months in prison yesterday after
pleading guilty to stealing by
reason of employment.

Javardo Cooper was
arraigned in court on five Bank
Lane yesterday.

According to court dockets,
on Sunday May 20, he stole
$2,496 from Porky’s Service Sta-
tion on East Street South.

Interns
needed at
Nassau Art
Gallery

THREE talented, hard-work-
ing summer interns with a love
of the arts are wanted by the
National Art Gallery in Nassau.

The interns can be recent
high school graduates, college
students or adults interested in
a related career.

An honorarium of $125 to
$150 per week will be paid to
high school graduates, with $150
to $200 per week for college
students and adults.

The internships are intended
for those seeking careers in
museum studies, art history,
conservation, art education or
arts administration.

The eight to ten-week place-
ments begin in the week of June

° More information is avail-

able from the gallery director
at emjames@nagb.org.bs

Marriage

Keepers plan 2

event this
weekend

The Marriage Keepers are

holding a three day marriage

symposium.
The symposium, which will

be held in the Super Clubs
Breezes Ball Room, will take
place from May 31 to June 2.

The schedule is as follows:

e Thursday: 7.30pm to
10.30pm.

e. Friday: 9am to noon /
1.30pm to 3.30pm / 7.30pm to
10.30pm

e Saturday: from 8.30pm until

A non profit organisation and
ministry, the Marriage Keepers
aims to create an atmosphere
in which persons from all areas
of life can receive pre-marital
and marriage counselling.

The three day programme —
the theme of which is “Loving
your love through the seasons”
—is geared towards marriage
development and will include
spiritual advice on building and
restoring relationships.

acy

For the stories behind
WCRI LI
on Mondays

ihe Eh ale

WEDNESDAY,

MAY 30TH

6:30amCommunity Pg 1540AM
Bahamas @ Sunrise
Community Pg 1540AM
ZNS News Update
Legends: James Catalyn
One Cubed

Turning Point

Paul Lewis

Don Stewart

Video Gospel

Fast Forward

ZNS News Update

The Fun Farm

This Week In The Bahamas
News Night 13

The Bahamas Tonight
Kerzner Today

Eye On Health

Bahamas Business
Outlook: Predictions 2007
Caribbean Passport
Caribbean Newsline
News Night 13

The Bahamas Tonight
Late Night Movie:

“Fall Into Darkness”
1:00amCommunity Pg 1540AM

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

10:00
11:00
11:30
12m/n

denies claims of

employment made at rally

@ By ALISON LOWE
Tribune Staff Reporter

JOHNLEY Ferguson said
the FNM may indeed have
brought 300 people onto the
public payroll in the run-up to
the 2002 election — as claimed
by the PLP —- but added that
this is unlikely.

“It couldn't have been that
the government hired 300 peo-
ple and the opposition didn't
see fit to question anything or
ask anything — that's not the
spirit of the PLP,” Mr Fergu-
son said.

Mr Ferguson — also a sena-
tor — was responding to a
claim made by opposition
leader Perry Christie and Bain
and Grants Town MP
Bernard Nottage on Saturday
at a PLP “thank you” rally,
that the FNM employed the

‘individuals on three month

contracts
election”.

“over the (2002)

When questioned on the
matter, Mr Ferguson said that
in 2002 the FNM did not send a
signal that they were trying to
bribe voters or give jobs for
votes — in contrast to the PLP
in 2007.

However, asked whether he
could say for certain that hun-
dreds of people were not hired
shortly before the election, Mr
Ferguson was unable to give a
definite answer, stating: "I
would not answer that nega-
tive or positively, I would sim-
ply say though that if that had
happened even the PLP would
have screamed at that activity
but at no time did they ques-
tion the hiring of the FNM
nearing election."

The issue was raised at Sat-
urday's event in an attempt to
illustrate the PLP's rallying cry
that an atmosphere of victimi-

sation has been ushered in -

under the new FNM govern-
ment, with Prime Minister

li JOHNLEY Ferguson

Hubert Ingraham leading the
way. .

Mr Christie said: "We saw
that Tommy and the FNM had
hired some 300 persons, we
found that they were hired only
for a period of three months, to



get them through the elections,
you know what we did? We
didn’t let them go, we decided
as a new PLP government to
hire them permanently, to put
them to work permanently.
"But they don’t do that, peo-
ple who were hired they want
to send home," said Mr
Christie, referring to unskilled
individuals hired brought into
the public service under the
premise that they would be
trained on the job as part of
the "Operation Second
Chance" programme initiated
by the former government.
Yesterday, Mr Ferguson
denied that Mr Ingraham has
thus far indicated any inten-
tion to fire these individuals.
"He has not taken any posi-
tion on those people at this
time," said Ferguson.
During the rally, PLPs
including Dr Nottage and
Allyson Maynard Gibson sug-
gested that 100 persons from

Operation Second Chance
were to be "victimised" by the
FNM government, despite
their being "lawfully"
employed and provisions hav-
ing been made for them in the
budget.

Mr Ferguson said it is untrue
that these people, who are now
"scattered across the system,"
have been told they cannot
remain in their jobs.

He said that although the
FNM government disagrees
with the premise of bringing
on unskilled workers and train-
ing them once on the job, the
government is reviewing the
situation.

"You have to review that
process, look at who can stay
where they are, who may need
to go into your training pro-
gramme... you work it back-
wards now," he said, adding
that “each department must
now assist them as best they

Police accused of extorting money from immigrants

" Mf By ALISON LOWE

Tribune Staff Reporter

AN activist has condemned
what he described as a long-
standing practice by certain
police and immigration officers
of extorting funds from illegal
immigrants in return for their
"protection."

Lucien Emmanuel, a
Bahamian citizen born to Hait-
ian parents who has close con-
nections to the Haitian com-
munity, has called for an end to
the corrupt practice — which
he claims many illegal immi-
grants, Haitian, Jamaican, and

others, believe wouldn’t be so
widespread if it weren’t
endorsed by some in govern-
ment.

The activist has also con-
demned the officers for "selling
the birthright" of the Bahamas
by choosing to turn a blind eye
to illegal immigration if the
price is right.

“It's a practice that's been
going on for years now. They'll
extort funds from them. They'll
go into this neighbourhood and
it is almost like a tax they'll
extract from them.

“(The immigrants) are pay-
ing these funds out of fear and

these unscrupulous officers are
taking advantage of them and
their misfortune," said Mr
Emmanuel. He said illegal
immigrants are seen as easy
targets as they have no alter-
native but to pay.

These claims come a week
after Immigration Director
Vernon Burrows suggested
Bahamians are the ones "who
are contributing to illegal immi-
gration more than any other
single factor" by creating
“opportunities” for prospec-
tive immigrants.

Mr Emmanuel said he has
personally observed “negotia-

tions” over “protection” funds
taking place between police
and immigration officers and
illegal immigrants in plain view.

‘Taxes’

A close relative of his was
recently compelled to pay $300
to an officer in return for not
being removed to the deten-

, tion centre, he said.

However, “taxes” - often col-
lected on Fridays, known by
officers to be pay day for many
immigrants, and Sundays, can
be even higher, he said.

Mr Emmanuel said that the
priorities of preserving the sov-
ereignty of the Bahamas must
be enforced, in conjunction
with ensuring that the most
vulnerable inhabitants of
Bahamian society are not
abused by those with authority.

A call to the police corrup-
tion and complaints unit
revealed that the unit is aware
of the problem and has been
“trying to deal with it for
years”, Mr Emmanuel said.

Attempts by The Tribune to
contact the unit, and Mr Bur-
rows, for further comment up to
press time were not successful.

Customer voices frustration | Man collapses in | market

at Royal Bank of Canada’s
policy on damaged US bills

@ By ASHLEY THOMPSON

AN angry customer is hit-
ting out at the Royal Bank
of Canada for refusing to
explain their policy on dam-
aged US bills in writing.

Eric Wong of A Wong and
Sons Grocery, says that three
weeks ago, he tried to deposit
an American one dollar bill
with a piece of tape on it at
the main branch of RBC.

He claims the bank refused
to accept the bill and that he
was told that they do not
accept US money that is
taped, torn, or in any way
mutilated.

Mr Wong said he then went
to the head office and asked if
he could see this policy in
writing. He claims that no one
at this office was willing to sat-

Bank
Financing
Available

on the

isfy this request.

Despite speaking with vari-
ous employees, Mr Wong said
received no explanation other
than that this “their rule”.

For the past three weeks,
Mr Wong has waited for a
response from the Royal
Bank of Canada on the rule.
He still has not received one
and believes that since the
bank was never challenged
on this matter before, they
were unprepared to give any
answers when a member

of the general public
approached them about the
policy.

Since learning about the
way the bank deals with US
money, Mr Wong has stopped
accepting American bills with
marks or tears — whether they
come from his customers or

institutions that he does busi-
ness with.

Some have been upset by
his actions, he claims, main-
taining that the problem is
created when “you don’t
know what to do with it (the
money), because you can’t put
it back in the bank”.

Damaged US money is
commonly circulated through-
out Nassau. It is not uncom-
mon to receive or give a bill
that has a small tear or a piece
of tape on it. ,

Mr Wong noted that the
general public will continue
to circulate the money as long
as there is no written policy
that informs them of their
bank’s stance on the issue.

When the Royal Bank of
Canada was contacted, no one
was available to comment.

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PAGE 6, WEDNESDAY, MAY 30, 2007

THE TRIBUNE



Commissioner
warns of a new
breed of criminal

REGIONAL law enforce-
ment officers face a new chal-
lenge from criminals who use
the “global village” to their
advantage, police commissioner
Paul Farquharson said.

Speaking at the Association
of Caribbean Commissioners of
Police’s (ACCP) 22nd annual
general meeting, he warned that
criminals are now collaborating
to ensure that their illegal activ-
ities are successful.

“Unfortunately, in some
instances, their collaborative
efforts have allowed for the
swift movement of notorious
activities and their associated
proceeds to go beyond interna-
tional boundaries,” Commis-
sioner Farquharson said.

“In response to this, commis-
sioners of the ACCP have
embraced the challenges of not
only policing this region, but
beyond and as a result, this
year’s conference has tran-
scended all previous boundaries.

“It is our view that wherever

Hi COMMISSIONER of Police Paul Farquharson shares a



moment with Prime Minister Hubert Ingraham during the offi-

cial opening ceremonies.

we can find those institutions
and persons that can help in our
common goal, we will establish
linkages and take full advan-
tage of their assistance,” Com-
missioner Farquharson said.

Commissioner Farquharson,
who is currently serving as pres-
ident of the ACCP, reminded
regional and international law
enforcement officials that they
have a fundamental responsi-

@ COMMISSIONER of Police Paul Farquharson, president of the Association of Caribbean







Commissioners of Police (ACCP), addressing the 22nd annual general meeting and Conference of
the ACCP held at the Wyndham Resort.

bility to ensure the safety and
security of the citizens of — and
visitors to — their various
nations.

Speaking on Thursday, he
said the partnering of the
ACCP with its counterparts in
other countries is a very impor-
tant aspect in their efforts to
combat the many criminal activ-
ities occurring within the region
and by extension, the world.

“Our countries share similar
experiences and social problems
that tend to hinder the growth
and development of our small
island-nations,” the commis-

sioner said. “We have
learnt from, past experiences
and have concluded that inter-
agency co-operation and dia-
logue are essential in maintain-
ing effective security.”

Commissioner Farquharson
said it was his hope that dele-
gates attending the conference
and annual general meeting
would discover and implement
more effective means to safe-
guard the future well-being of
the various countries repre-
sented.

“What may work for one
agency may not work for anoth-
er,” he said. “Notwithstanding,
the challenge is for commis-

(Photo: BIS/Patrick Hanna)

Commissioner Farquharson
said no one country has all of
the answers and that it is there-
fore imperative that they talk
to each other as much as possi-
ble and share at all appropriate
levels in order to offset their
common enemy - crime.

“Similarly, as you are aware,
there are a number of demands
being made on national bud-
gets. What this means is that we
will all be required to do more
with less, so we need not rein-
vent the wheel, but simply
improve the template that exists
and see the rewards of our indi-
vidual and collective efforts,”
Commissioner Farquharson
added.

Hutler’s Funeral Homes & Crematorium

Telephone: 393-2822, York & Ernest Sts.
P.O. Box N-712, Nassau, Bahamas





FUNERAL ANNOUNCEMENTS



MR. DENIS PAUL
LEDARD, 58

of Resolute Road, Lyford Cay and formerly of
Rouen, France will be held on Thursday, May
31st, 2007 at 11:00 a.m. at Mt. Horeb Baptist
Church, Sandyport. Officiating will be Rev. Dr.
Lloyd Smith. Interment will follow in Lakeview
Memorial Gardens and Mausoleums, John F.
Kennedy Drive.














|) He is survived by his Wife Maddie; Two (2) Sons:
Lorenzo and Yannick; One (1) Daughter: Shakara
Ledard; Two (2) Grandchildren: Alex and Molan;
Two (2) Brothers: Luc and Alain Ledard; Two (2) Sisters: Jannie Ledard and
Monique Desfrieches; Nieces and Nephews: Arno, Siwany, Armelle, Sophie,
Pierre, Olivia and Emilie, Sharon, Prisca, Michele, Denise Francis, Debbie Hall,
Ronette, Thelanese, Joanne, Tameka, Illisia “Kiki”, Phylia, Anysh, Idanya, Dayna
and Nadia Clark, Anton, Vance, Kyle, Dane Johnson, Gary, Michael, Larry, Allan,
Sidney Francis, Rodney Jr. and Ron Johnson; Four (4) Brothers-in-law: King
Errisson, Rodney Johnson, Gerone Clark and Henry Shivers; Five (5) Sisters-in-
law: Aris Francis, Agnes Errisson, Joanne Johnson, Pastor Luisa Clark and Stephanie
Shivers; Aunts and uncles: Edward Johnson, Cecil and Leroy Brice, Inez Ferguson,
Madeline George, Gwendolyn, Petrona and Curlina Cox; A host of other relatives
and friends including: Curtis Martin, Henry Brice & family, Police Superintendent
Nigel Clarke & family, Buena Sright, Galen and Ava Saunders, Ruben and Rachel
Fox and the entire staff of EWE Co., Ltd. Joe and Jane Lewis of Lyford Cay, Tony
Driver, Jacque and Jacquelyn Mazr, Cheryl and Paul Andy Gomez, Pepper Johnson,
Joyanne Archer & family, the Serette family, Sean and Bridgette Serrette, Spethen
and Bassie Serrette, Willie Wong, Denise Carey & family, Campbell Cleare,
Valentine Grimes & family, Jonathan Simms, Captain Kirk Carey & family, Dr.
Anthony Davis & family, Dr. Dean T., Dr. Carlos Thomas and Loretta, Dr. Nigel
Lewis, Dr. Ren-xun, Dr. Tony Carey, Dr. Clive Gaskins, Franklyn and Sharon
Wilson, Hon. Perry and Bernadette Christie, Tony “New York” Lela, Leonardo
and the entire Dean family, Dr. Vantoorem, Dr. Michael Ingraham, Judge Marilyn
Meres, Bookie and Inez Johnson, D’Anne Barrett, Dorinda Spahr, Albert Dayon,
Claude Harroch, Alain Forciinni, Nanou Cohen, Sammy and Donna Omary, Robert
and Nellie Cohen & family, Emilie and Bridget Amzalag & family, Tina Berdenis
& family, Ingrid “Shelly” Forbes, Brendon Foulkes, Jill and George Diamianos,
Harvey Keleecome (Belgium Consulate) and Dominic, Thierry Bouef (Bahamas
French Consulate) & family, Tony Miaoulis & family, Nick and Charlie Klonaris,
Quentin Porter, Sara and Jason Calendar, the entire staff of Tempo Paris, Bay
Street and the Mall at Marathon, Polo Shop, Bay Street, Yanshak Investments,
Caribbean Color Ltd., Polo Jean Company, the entire staff of Bay Street Merchant
family, Executive Team of Mr. Antonio Hanna and Deo Dano Clarke and many
others too numerous to mention.


































Viewing will be at the Chapel of Butlers’ Funeral Homes and Crematorium, Ernest
and York Streets on Wednesday from 2:00 p.m. until 5:00 p.m. and at the church
on Thursday from 10:00 a.m. until service time.






sioners to work together for the





4 ORS os
H LOCAL law enforcement officers and recruits at the official
opening ceremonies of the Association of Caribbean Commis-
sioners of Police 22nd Annual General Meeting and Conference
at the Wyndham Nassau Resort on Thursday, May 24



gh

i COMMISSIONER of Police Paul Farquharson, President
of the Association of Caribbean Commissioners of Police.
greets Joseph Carter, Chief of Police, Massachusetts Bay
Transportation Authority and President of International
Association of Chiefs of Police





Roe

B@ PRIME MINISTER Hubert Ingraham delivers the keyno
address at the official opening



te





ae <
Lf A BR gy A 9
OD iy te ™ «

B SCORES of law enforcement officers and recruits attend the :

official opening ceremonies

(Photo: BIS/Raymond Bethel)



THE TRIBUNE

WEDNESDAY, MAY 30, 2007, PAGE 7





US delegation
exploring
agricultural
trade in Cuba

m@ HAVANA

FIVE US lawmakers made
an unannounced visit to Havana
on Monday to explore agricul-
tural trade opportunities at a
gathering officials hope will lead
to contracts to sell up to US$150
million in American goods to
Cuba.

The US delegation headed by
Connecticut Democrat Rosa De
Lauro plans to meet with at
least one top Cuban official
before returning to the United
States, said Sarah Stephens,
director of the Washington-
based Center for Democracy in
the Americas, which opposes
the US embargo toward Cuba
and helped organise the trip.

“We are a diverse group geo-
graphically and in our politics
toward Cuba,” DeLauro said.
“But we view this as an oppor-
tunity to learn, to create dia-
logue about issues of mutual
concern.”

Also in Cuba were Democ-
ratic Reps Marion Berry of
Arkansas and Bob Etheridge
of North Carolina, as well as
Republican lawmakers Rodney
Alexander of Louisiana and
Jack Kingston of Georgia. All
were making their first trips to
the island, except Berry who
was here in 2000.

DeLauro, Berry and
Etheridge have all supported
legislation to ease US trade
restrictions toward Cuba in the
past, while Kingston has sup-
ported the embargo.

The lawmakers said agricul-
ture trade opportunities were a
key reason they came and their
visit coincided with a trade fair
on the communist-run island °
bringing together 114 food and
agricultural companies from 22
US states.

Cuba to renew
medical aid
commitment
to neighbours

@ GUYANA
Georgetown

CUBA will sign an agree-
ment renewing medical assis-
tance to its island neighbors at a
meeting Tuesday with foreign
ministers from the 15-nation
Caribbean Community, a gov-
ernment official said, according
to Associated Press.

The one-day gathering in St
Vincent will touch on topics
including energy security, but
officials say cooperation in the
health sector will dominate
talks.

The Cuban charge d’affaires
in Guyana, Pedro Arteaga, said
Monday that the agreement will
formalise a commitment to
deploy medical personnel and
continue a Cuban eye care pro-
gramme that has provided free
treatment to more than 10,000
Caribbean nationals over the
last two years.

More than 1,000 Cuban doc-
tors and nurses work in the
Caribbean, and at least 1,300
Caribbean students are study-
ing for free at Cuban schools.

TROPICAL
Beis
PEST CONTROL
PHONE: 322-215/














of things we
think, say or do

1. ls it the TRUTH?

2.\s it FAIR to all
concerned?

3. Will it build
GOODWILL and
BETTER
FRIENDSHIPS?

4, Will it be
BENEFICIAL to
all concerned?

www.rotary.org





Inbrief ~BNT screens film
warning of threat

to environment

THE Bahamas National
Trust has announced that it
will be hosting a special show-
ing of Al Gore’s award win-
ning documentary An Incon-
venient Truth tonight.

The screening will take place
at the Retreat on Village Road
at 7pm as part of the Endemic
Bird Festival — an initiative of
the Society of the Conserva-
tion and Study of Caribbean
Birds (SCSCB).

In launching this year's fes-
tival, Andrew Dobson, presi-
dent of the SCSCB, said that
the imminent threat of global
climate change is a new
destructive force that com-
pounds the many threats that
the region's biota is already
experiencing.

According to Dobson and
leading conservation voices on
Caribbean natural history, the
very fabric of life supporting
the Caribbean environment is
at risk.

“With climate change, our
forests, watersheds, coastal
wetlands,

coral reefs and beaches are
all expected to take yet anoth-
er turn for the worst in ways
we cannot even fully appreci-
ate,” Dobson said. “The only
thing we are certain of is that
native species, such as the wild
birds of the Caribbean, are
today faced with a suite of
threats greater than they have
ever confronted in their histo-

The international conserva-
tion community has praised the
festival as a crucial steward-
ship initiative towards ensur-
ing the continued survival of
the Caribbean’s unique natur-
al beauty and heritage, and fos-
tering sustainable development
from the grassroots upwards.

David Wege, BirdLife Inter-
national Caribbean’s pro-



Al Gore’s celebrated
‘An Inconvenient Truth’
to be shown tonight »

gramme manager, said, “Bio-
diversity and people are both
being adversely affected by cli-
mate change. Highlighting
global warming in this year’s
festival will help promote con-
servation actions that benefit
all life.”

According to the World
Meteorological Organisation
and the United Nations’ Inter-
governmental Panel on Cli-
mate Change (IPCC),
Caribbean islands are at great
risk from the projected impacts
of climate change.

Damage

Sea level rise and an increase
in the frequency and intensity
of storms and hurricanes will
likely cause serious damage to
marine and coastal ecosystems.

Climate change is expected
to precipitate more frequent
bleaching episodes of corals
reefs (from warming seas),
compromising regional fish-
eries, while beach erosion and
coastal land loss, flooding, and
salinisation of coastal aquifers
could be widespread.

Eric Carey, executive direc-
tor of the Bahamas National
Trust, said, “Our coastal man-
groves and wetlands are vital-
ly important in protecting us
from storm surges and flooding
— all the more reason to con-
serve our remaining wetlands
as well as restore damaged

Le oe

School welcomes myst Founders

ones.”

Caribbean forests are also
expected to suffer from climate
change, especially hurricane
damage and increased drought,
and the biodiversity they har-
bour is thought to be among
the most exposed to the rav-
ages of climate change.

Dobson remarked: “With
over 85 per cent of Caribbean
natural forests already
destroyed, our biodiversity, lit-
erally tens of thousands of our
collectively uniquely
Caribbean species, will be
trapped. They don’t have many
options of places to move. As
sea levels rise, stronger hurri-
canes and droughts damage
remaining wild places, more
species will likely face the gal-
lows of global extinction.”

The purpose of the festival
over its 5-year history has been
to increase public awareness
of the region’s exceptionally
rich but threatened bird life,
using the Caribbean's cele-
brated endemic birds as flag-
ships of conservation.

According to Dr Joseph
Wunderle, senior research
biologist for the USDA For-
est Service in Puerto Rico, an
astonishing 72 per cent of the
around 208 resident island bird
species are endemic to the
Caribbean islands—that is,
found nowhere else on the
globe.

Yet, rates of species extinc-
tion have been highest on the



@ THE Lyford Cay International School hosted its second annual ‘Evening of Thanks’ on

Thursday, May 24, to induct the new members of the Founder’s Circle. These individuals and
companies have demonstrated great leadership and have anchored the success of the 2006/07
annual Giving Programme. By giving at a leadership level they have greatly impacted the
academic programme and improved structural facilities at Lyford Cay International School.
Pictured from left to right are Pierre Collie, senior vice president Pictet Bank and Trust; John
Trafford; Harry and Joann McPike; Paul Lieblich, principal; Don Robinson, president of Baha

Mar; and Jeff Everett, president of Templeton Global Advisers.

multifunction colour copiers

Ean RNase 07
Fr BE Ry ee ee



faxes



scanners

(Photo: Tim Aylen)

sales

Konica Minolta Authorized Dealer & Service Center .

Bi ry) 2

PeLietatenoteee S









@ AL Gore holds his book The Assault on Reason during a



book signing event at the Wilshire Theatre in Beverly Hills, Cali-

fornia yesterday

world’s islands, including those
of the Caribbean.
The BNT encouraged mem-



The Tribune wants to hea
from people who are
making news in their
neighbourhoods. Perhaps

good cause, campaigning
for improvements in the
area or have won an
award.

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

Share your news

you are raising funds for a

(Photo: AP/Kevork Djansezian)

bers and the general public to
attend this event on at the
Retreat.



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PAGE 8, WEDNESDAY, MAY 30, 2007

THE TRIBUNE





Bluewater and the future of BTC

“There is no circumstance
under which BTC could be sold
on credit, and what you are
- going to do after you get it must
be clearly stated — you must
have the money, the means and
the technology to do it, other-
wise no deal. And I say that for
the benefit of all those who
bélieve they got a deal.” —
Prime Minister Hubert Ingra-
ham

Jest before the elec-
tion, the Christie gov-
ernment made a secret $260
million deal to sell 49 per cent
of BTC to a little-known enti-
ty called Bluewater Ventures
— “secret” in the sense that
the public wasn’t aware that a
deal had been struck, although
talks had been going on for
two years.

Bluewater describes itself as
“a private equity firm specializ-
ing 'in turnarounds and invest-
ments in the media and
telecommunications sectors". It
was founded in 2003 by John
Gregg, an American who has
helped run several European
- cable operators.

Online reports say Gregg has
executed over $25 billion of
acquisitions during his career.
For nine years he was a top
éxeécutive at the British cable
operator, NTL, where he
helped found a pioneering inter-
net service, called Virgin.Net
with Sir Richard Branson in
1996.

After Gregg set up Bluewa-
ter, NTL went on to merge with
Branson’s popular Virgin
Mobile cell phone service to
become one of the first
“quadruple-play” media com-
panies in the world — offering
television, Internet, cell and
fixed-line voice services to over
10 million customers.

In telecoms, the triple play
refers to a service provider’s
ability to provide voice, data,
and-video services to customers
as‘a-single package. Quad play

_ refers to the delivery of voice,
video, data, AND mobility. It
is, all about convergence —
experts say — merging differ-
ent media into one operating
platform.

That is apparently what Blue-







SmartChaice

water has in mind for BTC.
And it is also something that
Cable Bahamas has wanted to
do for years.

Ex-finance minister James
Smith has urged the new FNM
government to close the Blue-
water deal, arguing that there
will never be a better one. In
fact, the agreed price is double
what Tom Bain’s BahamaTel
group was prepared to pay for
the same stake five years ago.

Acersine to a confi-
dential Bluewater

document relating to the sale,
BTCs own business plan for
2007-2009 values the company
at $333 million, which means a
49 per cent stake should be
worth about $163 million.

And, as Bluewater points
out, BTCs value as a mobile
monopoly is being eroded by
new technologies as we speak.
For example, it took just a few
years for voice over internet
services like Vonage to turn
BTCs long-distance calling into
a losing business. Vonage and
other foreign providers now
control 60 per cent of the local
VOIP market — despite the
face-saving introduction last
year of BTC’s competing Vibe
service.

And experts have long. pre-
dicted that WiFi phones con-
nected to a computer with
Internet access will disrupt
BTCs still-lucrative mobile busi-
ness over time. These services
will be especially appealing to
post-paid customers that are
currently BTCs single largest
source of revenue.

According to the Bluewater
document, other factors affect-
ing BTCs value include exor-
bitant rates that would be
impossible to maintain in a
competitive market; the likeli-
hood that hurricanes will crip-
ple the network; a costly oblig-
ation to provide service to
every isolated settlement in the
Bahamas; and capital spending
that is much greater than earn-
ings. |

BTC president Leon
Williams recently boasted that
the corporation had spent $353
million on capital develop-
ment over the past five years,

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LARRY SMITH

and Bluewater says BTC’s
business plan calls for another
$530 million to be spent over
the next three years. This com-
pares to $429 million in earn-
ings projected over the same
period.

Of course, BTC refused to
make its business plan available



Why would
Bluewater pay
such a high
price fora
minority stake
in a poorly
run state
enterprise?



and declined to answer any
questions. Zhivago Laing —
Smith’s replacement as state
finance minister — said the gov-
ernment had not scheduled any
meetings with Bluewater yet
and had nothing to add beyond
what the prime minister had
already said: “We are focusing
on the budget right now,” he
told Tough Call over the week-
end.

S o, after almost a decade
of on-again, off-again
privatisation, it is still unclear
what will happen to BTC. And
the question on everyone’s lips
is: why would Bluewater pay
such a high price for a minority
stake in a poorly run state
enterprise?

The answer is that the deal
will extend BTCs cellular
monopoly for up to seven












years, and let it provide highly
profitable quad-play services.
According to one industry
analyst we spoke to, “Baha-
maTel would have had a one-
year monopoly on mobile and
no video. These guys are get-
ting a minimum five-year
monopoly plus video, so of
course they are willing to pay
more.

According to James Smith,
the deal was that Bluewater
would pay $220 million up front,
a further $35 million at the end
of the five-year cellular monop-
oly, and a final $5 million in the
sixth year — for a total of $260
million. This was what Prime
Minister Ingraham referred to
shortly after taking office as
“selling on credit".

“The government will proba-
bly embrace this deal,” the ana-
lyst said. “They'll have Blue-
water and BTC telling them
how wonderful it is, and point-
ing to Virgin Mobile as the text-
book example. There will be
no-one impartially pointing out
the regulatory realities here,
and even if there was, nobody
would be listening.”

The five-to-seven year exclu-
sive on mobile service is neces-
sary, according to Bluewater,
because a shorter time frame
would force BTC to undergo
significant cost-cutting and staff
reductions to prepare the com-
pany for competition.

B luewater insists that
under the terms it has
negotiated it will not cut any of
BTCs 1276 employees — a plus
for any government. And after
two years of protracted talks at
considerable cost, it is clear that
Gregg and his partners are con-
fident that with the right guar-
antees they can make the com-
pany work and take it to the
next level.

Gregg says he wants to part-
ner with the government “to
devélép BTC into the leading
telecoms company in the region,
and to upgrade the services it
offers to a worldwide stan-
dard...We believe (our) pro-
posal will give the people of the
Bahamas what they want most
— competition and choice -
while giving the government the
highest possible price, which is
significantly higher than would
be justified by the BTC busi-
ness plan.”

But, you may ask, how can
there be competition with an
extended monopoly? Well, the
answer is, with something called
a Mobile Virtual Network.

Bluewater says that after
three years it will open
BTC’s cellular network to
third parties, giving “a choice
without various islands hav-
ing to wait for new service
providers to roll out their
network (a roll-out that
might never occur)...
Bahamians will benefit from
having a competitor that is
focused on offering cus-
tomers a compelling service

rather than on building a
complex and expensive net-
work.”

IF other words, Bluewater/
BTC would build and
own a nationwide network
infrastructure which other com-
panies would lease. This is sim-
ilar to what happened recently
with both BTC and Cable
Bahamas in terms of their Inter-
net pipes. BTC allowed others
to resell its DSL Internet ser-
vice at a price set by BTC. Oth-
er operators bought at a slight
discount but could neither com-
pete on price nor add value for
the customer, as they were
entirely dependent on BTC’s
service.

Cable Bahamas had a simi-
lar dispute over the reselling of
its broadband service at a price
which analysts say was not com-
mercially viable: “The regulator
wasn’t prepared to stand up to
CBL and the resultant business
dynamics didn’t work. That’s
the problem. If the regulator
(meaning the Public Utilities
Commission) can’t make some-
thing as simple as Internet
access work for competitive
purposes, how will they ever
make a telecoms structure
work?” ;

The theory is that BTC will
own the wireless spectrum and
the network infrastructure,
allowing others to use it as
Mobile Virtual Network oper-
ators for a fee. But at the
same time, BTC will be com-



Bluewater
says the
corporation’s |
business plan
is inconsistent,
lacks detail
and offers
nothing to its
three main
stakeholders:
consumers, the
government
and employees.



peting with these other oper-
ators.

“This is not competition,”
argued one analyst. “It is BTC
calling the shots, and setting the
price. This is simply a slick way
of bolstering profits whilst cre-
ating the illusion of competi-
tion. The alternative is to do
what everyone else in the region
has done and have true compe-
tition.

“The problem is that most
other places in the Caribbean
had Cable and Wireless as the
incumbent, not the government,
so there was not the ‘huge con-
flict of interest between liber-
alising the market for the good
of the economy on the one
hand, and selling what is politi-
cally seen as a national treasure
on the other.

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“It is absurd that we are
talking about holding the
country back for another five
years for short-sighted gain.
That’s the real issue here. The
losers will be the consumer,
the economy and the competi-
tiveness of The Bahamas,
because what will happen on
the ground is that BTC will
retain a de facto monopoly,
with competition in name only,
not in substance.”

In spelling out the rationale
for its proposed acquisition,
the Bluewater document
paints a dismal picture of
BTC. It says the corporation’s
business plan is inconsistent,
lacks detail and offers nothing
to its three main stakeholders:
consumers, the government
and employees.

Srsiteats Bluewater
says the BTC plan
makes no mention of improv-
ing poor service, offers no pro-
posals to cut high prices and
fails to justify the introduction
of new products and services on
which it is spending hundreds
of millions of dollars.

“One of the priorities of any
BTC plan should be to address
these key issues,” Bluewater
says. “Hence this looks a par-
ticularly poor business plan for

- Bahamians...Implementing it

would be extremely costly for
the government, without any
clear payback.”

Bluewater says the BTC plan
“generates little value for the
government, and in fact could
cost the government $100 mil-
lion to implement...(but) since
the plan does not extend
beyond 2009 there is no way to
tell if investments will ever be
recovered...(and) the plan
assumes no dividends at all (for
the government).”

Bluewater also points out that
just two years ago BTC’s cash
flow for the year was wiped out
by hurricane damage to the net-
work. Although almost $50 mil-
lion in insurance claims were
submitted, “It is our under-
standing that insurers refused
to honour many of these
claims.”

And Bluewater notes that
while BTC talks about intro-
ducing a raft of new products
(such as Blackberry, Vibe, WiFi
and WiMax, there is no discus-
sion as to whether these prod-
ucts are appropriate for the
Bahamian market. “ Given
BTC’s record (in terms of) cost
overruns, significant delays and
poor pricing, there have. to be
serious questions about the
implementation of new prod-
ucts.”

Competition in the Internet
market has given the Bahamas
a hemispheric lead in terms of
broadband penetration (as a’
percentage of total households
— 45,000 out of 93,000). And
competition in the mobile
phone market in Jamaica has
led to $750 million of invest-
ment and 100 per cent penetra-
tion — meaning every man
woman and child has a cell
phone.

( able Bahamas’. exclu-

sivity ends in 2009.
And analysts say that “going
forward there should be open
competition for everyone in all
services — fixed line, mobile,
cable TV and Internet access.
The government should issue
two or three class licenses that
allow the delivery of any ser-
vice with no constraints. And
then auction off the wireless
spectrum.

“This is the model that has
been adopted in Trinidad, and
Jamaica is going in the same
direction,” one analyst said.
“Continuing the exclusivity for
BTC is absurd and will put the
Bahamas significantly behind
the global trend and hinder the
country’s international compet-
itiveness.”

Telecoms liberalisation
remains a touchstone issue for
any Bahamian government.
Although privatisation has been
the talk of the town since the
mid-90s, no government has
been able to walk the walk. So
BTC remains a ball and chain
around our necks — our critical
communications facilities held
hostage by political patronage,
lack of vision and faintness of
heart.

And waiting in the wings are
other useless and loss-making
state enterprises like Bahama-
sair and ZNS, which also suck
up our tax dollars while con-
tributing little of value to the
economy. It is time that we
made a decision to get rid of
them all.

What do you think? Send
comments to larry@tribuneme-
dia.net. Or visit www.bahama-
pundit.com



THE TRIBUNE

WEDNESDAY, MAY 30, 2007, PAGE 9





@ PLP leader Perry Christie

Christie details
PLP reasons
for legal action
over Senate
appointments

FROM page one

the Governor General as to
the three Senators to be
appointed under Article 39
(4) as required by Article 40 it
is incumbent upon the Prime
Minister, to “secure” (i.e.
guarantee) that the three
appointments — when added
to the other 13 appointments
(nine for the FNM and four
for the PLP) — will cause the
Senate to reflect or mirror the
political balance of the House
of Assembly.

“That is what Article 40
expressly demands. It is
mandatory; it is constitution-
al; it can not be lawfully
changed. Based on that, the
position that I have main-
tained from the very outset
of this matter is that the PLP
is entitled to all three of the
senatorial appointments that
are required to be made
under Article 39 (4) and Arti-
cle 40. It is evident, however,
that the Prime Minister prac-
tices his arithmetic very dif-
ferently.

“He has now caused Mrs

Tanya Wright to be appoint-
ed to one of the three Sen-
ate seats in question. As Mrs
Wright is not a member of
the PLP, her appointment is
in direct violation of the
‘requirement of Article 40
‘that the appointments under
- Article 39 (4) be made, as I
have already stated, to
“secure that the political bal-
ance of the Senate reflects
that of the House of Assem-
bly at the time.” Applying
this formula, all three
appointments have to be
made in favour of the PLP,
Mr Christie said.

The leader of the opposi-
tion also said that Mrs Wright
was in fact not a PLP, and
was not a name on the list
that he had provided for the
Prime Minister.

“For this reason, I could
not, and did not, agree to Mrs
Wright’s appointment. I so
advised the Prime Minister
in writing on more than one
occasion prior to her appoint-
ment. Further, and in any
case, as the PLP is entitled to
all three Senate appointments
in question, it is for the PLP
to decide who will fill all
three Senate appointments,
not the Prime Minister.

“Indeed, it would make a
mockery of our Constitution
and of our system of democ-
racy if the Prime Minister and
leader of the FNM were
allowed to decide who should
represent the Opposition in
the Senate contrary to the
express wishes of the PLP.
Indeed, the Prime Minister’s
function in the circumstances
that have arisen is to hon-
ourably facilitate the imple-
mentation of the law and the
Opposition’s selections by
advising the Governor Gen-
eral accordingly,” he said.

However, Mr Christie said
that Prime Minister Ingraham
had in fact done something
totally contrary, by selecting
someone who was not on the
Opposition’s list and had
them appointed anyway.

“It is unfortunate that the
Prime Minister has placed
Mrs Wright in this embar-
rassing position,” he said.
“Michael Halkitis was among
the names submitted by me
for consideration.

“His appointment as one
of the three Senators is,
therefore, completely in line
with the Opposition’ S posi-
tion in this matter. However,
why the Prime Minister has
not filled the other two
appointments from among
the names I gave him is
unclear.

“Certainly, at no time has
he communicated any con-
cern of national security that
would militate against
these other appointiients;:
he said.



Two separate Labour
Day parades likely

FROM page one

try’s two major trade union
federations — the National
Congress of Trade Unions
(NCTU) headed by John Pin-
der and the Trade Union Con-
gress (TUC) headed by Obie
Ferguson — will be able to put
their differences aside in time
to come togethers in one unit-
d march.

Several union leaders,
including president of the
Bahamas Airport Traffic Con-
trollers Roscoe Perpall, yes-
terday expressed disappoint-
ment at the lack of unity for
the Labour Day celebrations.

“Separate labour marches,
whether we like it or not, will
send a message to the employ-
ers, government and the work-
ing class that there is a frac-
tured labour movement,” Mr
Perpall said yesterday as a
guest on GEMS radio show,
“The Way Forward”.

Speaking with The Tribune,
NCTU acting president Mr
Pinder explained that his
organsation does not want to

epresent a united front at a
time when six of the NCTU’s
major unions are in legal dis-
putes with TUC president Mr
Ferguson.

Me

“A number of unions under
the National Congress are
being challenged with legal
proceedings by the leader of
the TUC, they felt as though
they didn’t want to appear to
have a united front on Labour
Day and they may end up in
court with him (Mr Ferguson)
the next day,” Mr Pinder said.

He said he feels that Mr
Ferguson’s roles as TUC pres-
ident and leading labour
lawyer sometimes cause a con-
flict of interest.

Speaking earlier that day on
the GEMS radio talk show,
Mr Pinder said that the presi-
dents of six unions under the
NCTU said that they and their
members would not march in
a parade that was in any part
organised by the TUC.

Mr Pinder further said that
although both union federa-
tions are in agreement to have
Labour Day renamed in hon-
our of labour pioneer Sir Ran-
dol Fawkes, the NCTU’s
march this year will be in trib-
ute to its late eae Pat
Bain.

As it stands now, Mr Pin-
der said, the NCTU on Friday
will march from Windsor Park
to Worker’s House — the loca-
tion of Mr Bain’s last office —
and the TUC will march from

No workers will be laid off in the
Sheraton take-over of the Radisson

FROM page one

“We did have a lapse in communication,”

Mr Sands said.

However the hotel executive maintained that “there is no

downsizing,”

and that his company has always been commit-

ted to the redeployment of employees, within the Cable
Beach properties, without job losses.

Mr Colebrooke said that he is now comfortable that the
new management take-over will occur with all the previously
entered into agreements being upheld.

Though the resort has maintained that no lay- offsare a

- part of plans forthe development of the property, more that

300 employees did apply for the company’s Early Retirement
and Voluntary Separation Package, which was organised
after consultation with the union.

Public scepticism has surrounded the Cable Beach project
as Baha Mar and the previous government were unable to
complete negotiations on a supplemental heads of agree-

ment.

Having missed the March [5th date for the signing of the
agreement, Harrah’s has the right to walk away from the
deal. However, Baha Mar has maintained confidence that its
partner currently has no such desire.

Mr Sands said that the new government has been in contact
with Baha Mar, but active negotiations have not yet began.

“We have been in communication with them, and they
have been in communication with us, and they have assured
us that Baha Mar will in fact be addressed.

“But, they have to get through the very pressing national
issues before we are able to commit to any definitive time

frame,” he said.

Sheraton will take-over the management of the hotel on
June 1st with the official opening of the resort scheduled for
June 12th, according to Mr Sands.

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Windsor Park to Arawak Cay.

Mr Pinder emphasised that
all workers are invited to join
the NCTU-organised parade.

Commenting on the issue
during yesterday’s talk show,
president of the Nurses Union

Cleola Hamilton said that she ~

feels that personal differences
are preventing the two
umbrella organisations from
marching together.

Mrs Hamilton said that the
fact that six unions under the
NCTU are in legal disputes
with TUC president Mr Fer-
guson in his capacity as a
labour lawyer should in no
way interfere with the Labour
Day celebrations.

“Labour (Day) has nothing
to do with TUC or NCTU,

Labour Day has all do with
the working people of this
country.

“There are persons with
myopic views not seeing the
greater picture,” she said.

She added that some of the
issues between the two organ-
isations have been outstand-
ing since 1998 and have
never affected the united
march of the country’s work
force.

Tyrone “Rock” Morris of
the TUC said that he was very
disappointed in the behaviour
of the NCTU officers.

“T can’t think of any reason
under the sun why we as trade
unions can’t march together.

“We should not allow any
unions, whether it is the TUC

or the NCTU to divide work-
ers in this country,” he said.

The TUC and NCTU cur-
rently also fail to see eye to
eye on the issue of the imple-
mentation International
Labour Organisation (ILO)
Convention 87, which would
allow Bahamian workers to
join any trade ae they
chose.

The TUC has long since
been agitating for the Con-
vention’s implementation,
however the NCTU believes
that in its current form Con-
vention 87 could cause chaos
and confusion as employers
would potentially have to sit
down with several unions
when negotiating with their
workers. i

Dr Thompson claims
Parliament was for sale
to ‘highest bidder’

FROM page one

the aggressive campaigns by both parties and the
division created throughout the Bahamas.
“Tonight I call for healing in the land from
Grand Bahama in the north to Inagua in the
south. Beyond our political affiliation we are afl
Bahamians first. Elections are behind us now. It
is time for all to continue to build a Bahamas
that we can all be proud. We can neglect to do this

to our own peril,” he said.

Dr Thompson challenged the new administra-
tion to take into account and add to their agenda
the urgent need to address matters of political

reform.

“T firmly believe that as a developing nation we
must move post haste to ensure
process does not become the trump card of any

that the political

party. Those days must come to an end. «:.
“Therefore, I recommend that an independent
commission be established to ensure a bound-

aries commission report well in advance‘ of an
election to avoid the process being reseed just
before an election is called,” he said.

Dr Thompson also said there must baipublic
disclosure of campaign donations, with strict crim-
inal penalties for those breaking the law. ©

He also said that those candidates wishing to
offer in an election should be given opportunities

to debate the issues by way of the medid‘so that

the Bahamian people can make a wise choice in
the selection of the person who will represent
their constituency.

Also, he suggested that the process of handing

process.





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PAGE 10, WEDNESDAY, MAY 30, 2007





Sponsors take centre
stage for Beauty and
the Beast audience

THE Bahamas OnStage Youtheatre presented its final produc-
tion for the school year, Beauty and the Beast, recently at the
National Centre for the Performing Arts, in Nassau.

Corporate Bahamas stepped up to the plate in sponsoring chil-
dren who would not have had the opportunity to attend the theatre
otherwise.



& ABOVE: Byron Woods,
M.P. and owner of Texaco
Thompson Blvd., one of the
sponsors, presenting tickets
to the:Cleveland Eneas Pri-
marySchool

soe
ROB.

RIGHT: Beauty and the
Beas¢cast with Mr. Ellerston
Smith of Chevron Bahamas
Ltdeformerly Texaco (Bah)
Lid and Kathy Ingraham.

aad





KEMP’S FUNERAL HOME LIMITED

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



VIKTORIA MARIE SAYER |

of Nassau, The

LOCAL NEWS








THE TRIBUNE

World Health Organisation

urges ban on smoking in

=
Bahamas, will be held
at Sacred Heart
Roman Catholic
Church, Shirley
Street, Nassau on
Thursday, 31st May,
2007 at 10:45am.
Father Mel Taylor will
officiate and interment
will follow in the family plot at Sacred
Heart Roman Catholic Cemetery, Shirley
Street, Nassau.

Ms Sayer is survived by her mother, Rose
Marie (Rosie) Sayer; one sister, Regina
Sayer; two brothers, Hans Sayer and
Christopher Sayer, Sr; one brother-in-law,
Didier Salvetat; one sister-in-law, Elizabeth
Sayer; three nephews, Anthony Sayer and
Christopher Sayer, Jr and Gabriel Salvetat.



In lieu of flowers, donations may be made
to the Cancer Society of The Bahamas,
P:O.Box SS-6539, Nassau, The Bahamas
in memory of VIKTORIA MARIE
SAYER.

Respects may be paid on Wednesday, 30th
May, 2007 from Spm to 6:30pm at Kemp’s
Funeral Home Limited, 22 Palmdale
Avenue, Nassau.



m@ GENEVA

THE U.N. health agency
on Tuesday issued its
strongest policy recommen-
dations yet for controlling
tobacco use, urging all coun-
tries to ban smoking at

. ‘indoor workplaces and in

public buildings, according to
Associated Press.

“The evidence is clear.
There is no safe level of
exposure to secondhand
tobacco smoke,” said Dr.
Margaret Chan, director-gen-



eta cae eae

Stas oa LOS SoS aR CRM:

for ad rates



eral of the World Health
Organisation.

Tobacco use is the world’s
leading cause of preventable
death, accounting for 10 per-
cent of adult fatalities,
according to WHO. It is
responsible for 5.4 million
deaths each year, a figure



“The evidence
is clear. There
is no safe level
of exposure to
secondhand
tobacco
smoke.”



Dr. Margaret Chan,
director-general of
the World Health
Organisation

that is expected to rise to 8.3
million by 2030, the agency
says.

Increasing numbers of non-
smokers will also die unless
governments take action,
WHO said in its 50-page
report. It said governments
of both rich and poor coun-
tries should declare all public
indoor places smoke-free, by
passing laws and actively
enforcing measures to ensure
that “everyone has a right to
breathe clean air, free from
tobacco smoke.”

At least 200,000 workers

die each year because of
exposure to smoke at their

offices and factories. accord-
ing to the U.N. labor agency.
The U.S. Environmental Pro-
tection Agency estimates that
about 3.000 deaths [rom lung
cancer each year occur
among nonsmoking Amer

cans,

“This is not about shaming
the smoker. This is not even
about banning smoking.” satd
Dr. Armando Peruga, who
heads WHO's anti-tobacco
campaign. “This is about
society taking decisions about

where to smoke and where

not to smoke.”

He cited Ireland and
Uruguay as governments that
have successfully tackled
smoking by creating and
enforcing smoke-free envi-
ronments. Legislation of the
kind has proved poputar
among both smokers and
nonsmokers, according to
WHO. whose policy recom-
mendations set broad goals
for its 193 member states Hut
are not legally binding.

Almost half the worlds
children — some 700 million
— are exposed to air polluted
by tobacco smoke, particu-
larly at home. WHO says.
The agency made its recom-
mendations on the basis of
new reports by the Interna-
tional Agency for Research
on Cancer, the U.S. surgeon

general and the California
Environmental Protec 1
Agency.

WHO said in 2005 that it
had stopped hiring smokers,
as part of what it termed its
“public lead” in the fight
against tobacco.



Inc PAIBUINE

VV LU bvtwhe bs ty iver WI ey PNA



Pirates of the Caribbean II and III cas
and crew donate computers to YMCA

SEVERAL computers
have been donated to the
YMCA in Grand Bahama in
the name of a film industry
professional with an excep-
tionally big heart.

Pirates of the Caribbean
III opened in theatres on
Friday, two years after Dis-
ney shot portions of this film

in Grand Bahama.

During their stay on the
island, the cast and crew of
the film hosted a “Charity
Golf Classic” — the proceeds
of which went toward buy-
ing items for the Grand
Bahama Children’s Home,
and toward the purchase of
10 computers earmarked for
the youth of Grand
Bahama.

David Croucher was the
man that led this event, and
he worked in the Costume
Department of Pirates
alongside Academy Award
winner Penny Rose.

David was also a repeat
crew member on most of the
James Bond films and
became known for organis-
ing special charity events to
raise funds for whichever
community they happened
to be working in throughout
the world.

While he was not able to
work on the last James Bond
film, Casino Royale, which
was being filmed in Nassau
at the same time that Pirates
of the Caribbean II/III were
being shot
Bahama, he still ran the golf
event he is now famous for.

Many came together on
one of the coldest days of
that year to sponsor, play
and enjoy a day of golf and
an evening of fun.

Sadly, Croucher died sud-
denly in September of 2006,
less than a year after leav-
. ing Grand Bahama.

He was described by
friends as a kind, warm, bub-
bly man and would often
hug people and say “I love
ya” quite freely, even with
persons he had only met a
few times.

David never got to find
out where the computers
ended up.

They were earmarked for
a hurricane ravaged area of
Grand Bahama, but no facil-
ity was ever in good enough
repair for the computers
until this year.

In January the Mt Zion
Baptist Church in Eight Mile
Rock asked for a few com-
_ puters for their Christian

Education Centre. Since this
centre is open to the sur-
rounding community, as well
as a nearby school, the care-
takers of the computers felt
this would be a suitable
place for them.

Then on May 14 the
remainder of the computers
finally found their home at
the only YMCA in the
Bahamas.

on Grand...



©

the trade, a safety pin.

@ COSTUMER David Croucher, holding one of his tools of



(Photo compliments of the work colleagues of David)
|







@ BERLIN

THE United States rejects
the European Union’s all-
encompassing target on reduc-
tion of carbon emissions, Pres-
ident Bush’s environmental
adviser said Tuesday, accord-
ing to Associated Press.

US environment adviser rejects EU carhon emission suggestion

Council on Environmental
Quality, said the United States
is not against setting goals but
prefers to focus them on spe-
cific sectors, such as cleaner
coal and reducing dependence
on gasoline.

“The U.S. has different sets
of targets,” he said.



Pee $

@ MAY 14th, standing between the donated seven Dell com-
puters that will furnish the new YMCA Cyber Cafe, are from left
to right: Robbin Whachell, event volunteer; Karon Pinder-
Johnson, executive director YMCA; Diane Johnson, event vol-
unteer; Robert George, Disney location accountant (holding a
photo of costumer David Croucher); Beverley Chin, local seam-
stress and colleague of David’s in the costume department;
Gail Woon, local production secretary; and Kriston Culmer,



local IT Support for Pirates of the Caribbean I/II.

(Photo: Adam Caferata, photo of
David printed by Freeport Advertising and
Printing, which will be hung in the YMCA.)

A few local crew members
and event volunteers came
out for the presentation, as
well as a visiting crew mem-
ber from California, Robert
George.

Seven brand new Dell
computers, along with a few
printers; were given to the
YMCA which will be\certain
to enhance afterschool pro-
grammes as well as generate
self-sustaining support for
the upkeep of the comput-
ers by way of a Cyber Café
that will be open to the pub-
lic.

Use of the Internet and
the computers will carry a
nominal fee, thus allowing

Chavez defends TV decision while
thousands march in the streets

@ CARACAS, Venezuela

PRESIDENT Hugo Chavez defended his decision not to renew
the license of a popular opposition-aligned television network on
Tuesday and warned he might crack down on another critical TV sta-
tion, accusing it of trying to incite attempts on his life, according to

Associated Press. .

_ Chavez said his refusal to renew the license of Radio Caracas Tele-
vision, which went off the air at midnight Sunday, is "a sovereign,
legitimate decision in which there is no argument."

He said the remaining opposition-sided channel Globovision had
encouraged attempts on his life and warned that if it wants "to con-
tinue calling for disobedience, inciting assassination ... I'm going to
warn them before the nation... I recommend they take a tranquilizer,
that they slow down, because if not, I'm going to slow them down."

Chavez did not elaborate, but also warned that radio stations
should not be inciting violence by "manipulating feelings" among the

populace.

Thousands of Venezuelans — both Chavez supporters and oppo-
nents — staged separate marches in Caracas on Tuesday. The Chavez
opponents chanted "freedom!" while government supporters said
they were in the streets to reject an opposition attempt to stir up vio-

lence.

_ Information Minister Willian Lara on Monday accused Globovi-
sion of encouraging an attempt on Chavez's life by broadcasting the
chorus of a salsa tune ~ "Have faith, this doesn't end here" — along
with footage of the 1981 assassination attempt against Pope John

Paul II in St. Peter's Square.

"They incite the assassination of Venezuela's president," he said.

Globovision director Alberto Federico Ravell denied any wrong-
doing, calling the allegations "ridiculous."

The government turned over RCTV's license to a new state-fund-
ed public channel, which showed a documentary on explorers in
Antarctica, a children's program and exercise programs, interspersed
with government ads repeating the slogan "Venezuela now belongs

to everyone."

parents to check emails
while their children are in Y
programmes, or offer stu-
dents research time.

The computer room at the
YMCA will be dedicated to
David Croucher, and word
has come from his colleagues
that the James Bond Golf
Society in the UK has com-
missioned a silver cup to be
made, which will be compet-
ed for annually as part of a
fun-filled “Dave Croucher
Day”.

As David’s friend and
close colleague Kenny
Crouch said: “His laughter
and his compassion are sad-
ly missed”.

MACKEY STREET BRANCH HAS MOVED

Germany, which holds the
European Union and Group
of Eight presidencies, is

James Connaughton, chair-
man of the White House









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~ owners to listen

in on the budget

“The new plans for the omnibus business
licence (which allows a business owner -
to go to just one place for a business
licence) is a good thing. Any new short-
cut or incentive that assists Bahamian
business persons is a good thing.”

@ By CARA BRENNEN-BETHEL
Tribune Business Reporter

he business community will

be listening intently when

Prime Minister Hubert

Ingraham reads his first bud-

get communication for his
second administration in the House of
Assembly today to see what measures the
FNM intends to put in place to facilitate
small business owners.

According to Mark Turnquest of Mark
A Turnquest Consuiting and the Small
Business Resource Centre, the FNM’s
Manifesto 2007 did not give a compre-
hensive view of what the new administra-
tion intends to do for the further devel-
opment of the small business sector of the
Bahamas, though he said that he was very
pleased at some of the measures they have
already announced.

The budget communication and the doc-
ument itself should give the business com-
munity a clear indication of the focus the
government will be placing on this issue
for the next year, he said, saying that he

> Does your mortgage



will be particularly listening for how much
is allocated for capital funding.
The PLP government has in previous

years allocated a million dollars to its ven-

ture capital fund, with the view of some
that more was not being done to facili-
tate Bahamian entrepreneurs.

Mr Turnquest said that he will also be
looking to see if the new administration
will introduce any creative ways to
improve funding, trading and develop-
ment. “The new plans for the omnibus





— Mark Turnquest

business licence (which allows a business
owner to go to just one place for a business
licence) is a good thing. Any new short-cut
or incentive that assists Bahamian busi-
ness persons is a good thing.”

He also praised the appointment of
Long Island MP Larry Cartwright, whose
ministerial portfolio includes small bust-
ness development.

“I do not know him or his experience
personally, but 1 look forward to work-
ing with him,” said Mr Turnquest.




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@ PRIME MINISTER HUBERT INGRAHAM

.

Scotiabank +
announces 16 per

cent increase 1n
Q2 net income

@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

SCOTIABANK has
announced a 16 per cent
increase in income over its
2007 second quarter net
income, rising to $1,039 mil-
lion..

This was due in part to the
launch of the Scotia Private
Client Group in the Bahamas,
being the first initiative in a
planned expansion of wealth
management services across
the Caribbean, Central and
Latin America.

The bank has announced
that quarter over quarter, net
income increased $19 million
or two per cent and earnings
per share were up 16 per cent
to $1.03 from $0.89 in the same
period last year, and return on
equity remained strong at 23.4
per cent. "The combination of
organic growth and acquisi-
tions fuelled solid year-over-
year results in international
banking. We continue to see
asset growth in all regions with
the Caribbean benefiting from
regional mortgage campaigns

“As a reporter, | respect and

honour the people

launched in previous quarters.

“We are also investing in
future growth initiatives,
expanding our branch network
and launching marketing ini-
tiatives to attract and retain
customers,” said Scotiabank
president and CEO Rick
Waugh.

He said the company con-
tinues to manage its capital
prudently, maintaining strong
capital ratios that support
ongoing business development
opportunities.

"This quarter extends our
record of generating share-
holder value, and we are
pleased to announce an
increase to our quarterly share-
holder dividend of three cents
to 45 cents per common share.

“Based on our performance
in the first half of the year, we
remain on track to achieve our
key performance targets for
2007. Our strategy of diversifi-
cation across business lines and
by geography continued to
produce solid results,” he said.

“Domestic Banking, Scotia
Capital and International

SEE page 9

.

§ right

to know, The Tribune is

my newspaper.”

RUPERT M
CHIEF REPORTER, T

ISSICK, JR.
HE TRIBVNE

The Tribune



_ PAGE 2B, WEDNESDAY, MAY 30, 2007 THE TRIBUNE



(A free translation of the original in Portuguese)
Banco Itau BBA S.A.

To the Board of Directors and Stockholders : & C QO QO & e .
Banco Ita BBA S.A. :

1. We have audited the accompanying balance sheets of Banco Itad BBA S.A. as of December 31, 2006 and 2005, and the related statements of income, of

changes in stockholders’ equity and of changes in financial position for the years then ended and for the second six-month period of 2006. These financial @
statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these financial statements.

. We conducted our audits in accordance with approved Brazilian auditing standards, which require that we perfotm the audit to obtain reasonable QO e 1 C QO Ee A, |
assurance about whether the financial statements are fairly presented in all material respects. Accordingly, our work included, among other procedures:

(a) planning our audit taking into consideration the significance of balances, the volume of transactions and the accounting and internal control systems
of the Bank, (b) examining, on a test basis, evidence and records supporting the amounts and disclosures in the financial statements, and (c) assessing

the accounting practices used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
3. Inour opinion, the financial statements audited by us present fairly, in all material respects, the financial position of Barco Itau BBA S.A. at December .
31, 2006 and 2005, and the results of its operations, the changes in stockholders’ equity and the changes in its financial position forthe years thenended

and for the second six-month period of 2006, in accordance with accounting practices adopted in Brazil.



nN

WASHINGTON (AP) —
S40 Paulo, February 12, 2007 President Bush has ae
Robert Zoellick, a one-time
Pri CEWATERHOUSE(COPERS u United States trade repre-
PricewaterhouseCoopers sentative and former No. 2
Auditores Independentes Ricardo Baldin official at the State Depart-
CRC 25P000160/0-5 Contador CRC 1$P110374/0-0 ment, to lead the World
: x . Bank, a senior administra-
(A free translation of the original in Poriuguese) / tion official said Tuesday
Banco fiat BBA S.A. Bush is 6x ‘
pected to
BALANCE SHEETS AT DECEMBER 31 announce his decision today.

Zoellick would succeed


















In thousands of reais V
Paul Wolfowitz, who is step-
ASSETS 2006 2005,
CURRENT ASSETS oe need ping down June 30 after
aa scnsseusuvanssananenscesevecansanoncencosnvessngcsquveesannacgsccsseussarasscssgcgcseseeusunsatsgeeoentseusoeansnessounassasasscsggcqeenmaannogngggegnsnonasnsegeggeest 9, - findings by a special bank
interbank investments 1
Investments in the open market ‘ 2,699,089 1,594,456 panei that he broke bank
Interbank deposits pashan ——12688. 7 rules when he arranged a
cee ae hefty compensation package
ies and tive financial instruments : . ¢ ;
oe 445333 24088 | in 2005 for his girlfriend,
See a wate reais ne MIB Shaha Riza, a bank employ-
Trading secures gen in guarantee 1,342,469 386,247 ee. The controversy led to
Derivative financial instrUMeNtS .n.nruonsnnensninonnssnninsnsnstnsenennunnennnnsnninnsnsnnnsnnnnansnnnsnnn ——}48570. Let calls from Europeans, the
a — bank’s staff, aid groups,
Interbank accounts ‘ ial
Depests with the Brain Central Bank a 2, 9437 Democratic politicians and
in NK ONIENGINGS ... b a
Correspondents : 68 64,210 others for Wolfowitz to step
30,050 73,647 down.
Loan and other credit operations Bey i
Operations with credit assignment characteristics 10,404,695 8,735,249 Zoellick’s selection has
Allowance for loan losses eee — et received positive reaction

from other nations, and the






















Teaaceane portfolio Lupe ae White House expects him to
Negouaias sndbean 199,304 11362 be accepted by the World
Sundry receivables . 146,981 417,960 Bank executive board, the
icin zee cad senior administration offi-
Other assets 16,168 3,314 cial said. The official spoke ,
Prepaid expenses vinnmsnnnsmnan es 4585, __S342. only on condition of MM THEN-Deputy Secretary of State Robert Zoellick announces his
70.723 8,656 1 oe a : : ise
TOTAL CURRENT ASSETS ......0ssusnssnnnnnnnininniinnnsnninnnminntnnnnesmmnnnii sient Mastin 32,584,391 __ 26,864,304 anonymity because Bush __ resignation at the State Department in Washington, in this June 19,
LONG-TERM RECEIVABLES - had not announced the _ . 2006 file photo.
geen trnt market 7,423,526 en selection. : (AP Photo: Evan Vucci)
1
aaa ca sn 4,427,320
On pate I cassette Se tall acetate Se Ue as 2,787,725 1,668,482
Subject to repurchase agreements cvsssstsnersnnesetenentnnnsnuitstressusistsestoneninnunmnnenanaesinsenannanenaninnneniet , 638,596 692,805
Deposits with the _ a Central Bank ie a eae .
Derave franc iste Huss _ ead ¢ ' Become self-sufficient and acquire the skills to start
Interbank account - interbank onlendings ie "1546 ge and successfully run your own business. Alpha
Speen yahcedhassgnment characters arsyae——_62snose ee. Entrepreneurial Management Training & Consultancy
lowance for loam lOSSCS ..ssssssssssseeceseesensenssssnneesnnns sats ~ Other seceivables : \ .
i ies 2,137 - .
oe 1,280 1,074

424,630 419,625
























ee 428,047 420,699 z :
rn oe en EN ” di rer HOW TO START &
= er OPERATE A BUSINESS
937 fF :
ee an PHASE I
me 0 a | June 11, 12, 14, 18, 19 & 20, 2007
‘ 26,0. ,
| Deferred charges
Acumulated arta ern ah _is 6pm-9pm |
TOMASSEIS - ==" a0 The College of The Bahamas, Grosvenor Close
BALANCE SHEETS AT DECEMBER 31 Campus (GCC) Room 113, Shirley Street
In thousands of reas
a a a Telephone: 393-5961 or 323-5195
cm LanTs See E-mail: aiphaenttraining@yahoo.com
S
Cre aaarsse 9720803 CALL & REGISTER RIGHT NOW!
Time deposits ..... 2,349,264 3,540,792

Other deposits

amis ant SPACE IS LIMITED!

Securities sold under repurchase agreements



















































OWN POFtfOliO arsnsnnune oe 2,649,501 988,759
Third party portfolio 03.139 629,270.
6,352,640 1,618,029
Funds from acceptances and Issue of securities - Issue of securities abroad .. 65,410 49,574
Interdepartmental ne - third party funds in transit 298,822 261,156
Borrowings and onlendings .
Local borrowings - other institutions 1,486 1,457
Foreign DOrrOWINGS ..sssssssssesssssssusesssansenssevsensssensssnsustiatesssestesssuastsneasuticsigneesoustesssnsesstusseistnesnsaevsnesennetense 2,514,063 2,440,423 Ci ti
Local onlendings - official institutions - National Bank for Economic arid Social Development (BNDES) ... 624,249 600,374
Local onlendings - official institutions - Goverment Agency for Machinéry and Equipment (FINAME) .... 368,329 © 269,975
Local onlendings - official institutions - OTHERS .....ccssssssssesssesssesssssesseessensssuanvnstonseestesassensssentees 46,251 oa . ate : . neh . i
3,511,286 3,358,480 Citi, a leading financial institution with a presence in over 100 countries
Derivative financial instruments ..ocsessssccccssssscsccsssssssssccscecesssssesseossssssesenvsnnsssussstessnssesesssstensnsssneneesvasatscesumaaneacesansssensetness 1,444,106 2,053,898 : “WwW: : . ‘ :
Other liabilities " and with over 100 million customers worldwide, is seeking a candidate
Collection and payment of taxes 1,16 : ve) .
Fn exhge orto vas 2750 for the following position:
Hal ANd StAtUROLY ..ssssesssesssvveeees i j
Taxes and social sécurity contributions... 342,340 345,331
by dase cecal ata aa ae ae Legal Vehicle Manager
Sundry liabilities... zs 99,727 423,571 ;
2,810,415 3,512,301 . : aaa : . . : 7 .

TOTAL CURRENT LIABILITIES 25,557,985 24,195,310. This senior position will be reporting to the Chief Financial Officer of
a MARLTIES Bahamas/Cayman, and will be responsible for managing the legal vehicle
Interbank deposits 13,211,950 3,775,293 department. The selected candidate will be responsible for ensurin
Time deposits .........000 499,565, 1,443,794 ‘ : . 4 ra .

15,711,515 5,219,087 compliance with all local regulatory requirements and Citi policies with
meee abasic daa 284,014 554,259 regard to the sound corporate governance of legal vehicles incorporated
TRS PET) ROMO 218 __LES in The Bahamas/Cayman. The candidate will interface with businesses
3,482,538 2,410,738 : : : : f .
acai doe issue of securities - issue of securities ab102G ....on oon “ 417,687 388,204 located locally and in other countries to disseminate advisory information
Foreign borowings wines ye ‘esa related to Corporate Governance policies, principles and establish
Local onlendings - official institutions - ; 253, 570, . 7 ; :
Local enendings ofc insttutions -INAE.. 711,393 65483 processes to gather data, report information and provide analysis related
Hocalonigenngs oma Manion -21IFS ae — jit — it to financial, audit, compliance and risk control policies and activities.
Derivative firatnchal Instruments Other liabilities oe . aah ; : oe
Foreign exchange porttlio...nnmsnsewinnennnson 2,148 The position requires excellent administration, judgment/decision
Taxes and social security contributions .... 560,334 385,359 ; ; . ‘ k . ll
Subordinated debt ..... 106,745 116,835 making, interpersonal and communication skills as well as strong
ee a al management and organizational skills. Additionally, excellent knowledge
Cente past —— 238.142, __1L Ae. of the local regulatory environment is required. A law or accountancy
a ai dectee qualification with seven plus years of law/finance related experience
apital -' 877, 755,
Capital reserve 100,919 97,348 would be preferred.
Revenue reserves... 2,057,531 1,414,248
: Adjustments to market value - securities and derivative financial instruments ... 7 37,187 27,479 ‘
RAED AWS iis aia MSA ___ 245279 Interested candidates should fax OR forward a copy of their resume to

TOTAL STOCKHOLDERS’ EQUITY naa 5,318,123 4,540,149



Human Resources,
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY ...-secssssstsussneunninnsuiininimunnneuninnnninininnninn 54936881. 41,189,500. P.O. Box N-1576,
Nassau, The Bahamas,

The accompanying notes are an integral part of these financial statements

Interested persons may obtain a complete copy of the Audited Accounts from SG Hambros Bank Fax: 242-302-8732 by June 11, 2007.
& Trust (Bahamas) Limited, P. O. Box N-7788, West Bay Street, Nassau Bahamas







Che Miami Herald

THE MARKETS

STOCKS, MUTUAL FUNDS, 8B
DOW30 —«-13,521.34 414.06 AA
S&P 500 1518.11 «+238 «(AA
‘NASDAQ 2,572.06 +1478 AM
10-YRNOTE 4.89 +03 A&
‘CRUDEOIL «= 63.5 -05 W

Takeover
deals lift
stocks

modestly

BY MADLEN READ
Associated Press ;
_. NEW YORK — Wall Street
__ eked out a modest gain Tuesday
_ as investors, wary about the
upcoming release of the
Federal Reserve minutes,
bought cautiously amid a series
of new takeover deals and
- upbeat consumer confidence
as
_ Stocks drew support from
news that a consortium of banks
S But trading was erratic with the
. eeates from the Federal —
Reserve’s last meeting sched-
uled to be released Wednesday. _
The minutes could provide ©
some insight into future interest _
rate moves; many investors are _
. hoping for a rate cut later this —
year. Wall Street also digested _
strong consumer confidence _
data, and a report on housing ~
rices. :
“It’s a bit of : a wishy-washy :
day... people are starting to get
their sea legs back after a long
_ weekend,” said Joe Ranieri,
_ managing director in equity —
__trading at Canaccord Adams.
The Dow Jones industrial _
cree rose 14 06, or 0.10 es -
52134, ~
The Standard & Poor s 500 __
index rose 2.38, or 0. 16 percent,
1,518.11, while the Nasdaq
| pombeste index gained 14.87, or _
_ 0.58 percent, to 2,572.06. i
_ Bonds fell after the consumer
‘confidence data, with the yield _
e -on the benchmark 10-year Trea-
-_sury note rising to 4.89 percent
_ from 4.86 percent late Friday.
- Yields have remained higher in
_ recent: sessions as fixed-income
_ investors bet the Fed won't
lower rates in the near
_ future.
- Most on Wall Street hope the —
economy is growing fast
enough to stoke companies’
_ U.S.-based businesses, but not _
_ so quickly that it would prevent -
_ thé Fed from lowering rates
later in the year. On Tuesday, —
e Lhe Dallas and Chicago Federal
Reserves both reported expan- ©
_ sions in regional manufacturing
: activity.
U.S. retail gasoline prices
_ have eased slightly from their
_ record high of $3.227 a gallon,
on average, but remained high
_ Tuesday at $3.201, according to
_ AAA. Crude oil futures plunged
282. 05 to $63.15 a barrel on the
New York Mercantile
| Exchange,
_ In response, Exxon Mobil,
: one of the 30 Dow components,
_ fell 89 cents to $82.62. _
_Archstone-Smith Trust
_ shares rose $6.19, or ll percent,
after it was reported that it was
being bought by Tishman
_ Speyer Properties and Lehman
- Brothers Holdings for at least
$13.5 billion.
Engineering and construc-
' tion company URS Corp. said it
will buy competitor Washing-
_ ton Group International for $2.6
_ billion. Washington Group rose
$5, 07, or 2L5 percent, to $85.04,.
and URS rose $2.38, or 5.1 per-
cent, to $49.27.
_ Advancing issues outnum-
_ bered decliners by almost 2 to 1
--on the New York Stock
Exchange, where volume came
to 1.41 billion shares.
The Russell 2000 index of
smaller companies was up 7.60,
-or 0.92 percent, at 837.53.
The dollar slipped against
other major currencies, and
gold prices climbed.
Overseas, Japan’s Nikkei
_ stock average rose 0.48 percent.
Britain’s FTSE 100 was up 0.55
percent, Germany’s DAX index
was up 0.54 percent, and
' France’s CAC-40 was down 0.25
percent.



































BUSINESS

3B



BY TOBY STERLING
Associated Press

AMSTERDAM, Netherlands —
ABN Amro received an industry
record takeover bid of $95.5 billion
Tuesday from a group led by Royal
Bank of Scotland, but its shares fell as
the Dutch bank’s earlier decision to
sell its U.S. arm to Bank of America
still clouded prospects for a quick
deal.

The offer by the RBS-led consor-
tium of $51.59 per share, about 10 per-
cent higher than the bid on the table
from Britain-based Barclays, is con-
tingent on the LaSalle sale not going
forward, and also sets aside around
$2.49 billion to pay potential claims
or a settlement to Bank of America.

What will happen next depends on
who acts first: the courts or ABN
Amro’s shareholders.

The Netherlands’ Supreme Court
is to rule on an appeal against an
order to freeze the LaSalle sale by
early July. But with an offer from RBS

WEDNESDAY, MAY 30, 2007

bids $95.5 billion

on the table, ABN shareholders with
at least a 10 percent stake could over-
ride management and call for a meet-
ing in six weeks to voice their prefer-
ence on the LaSalle sale or either
offer.

Piers Townsend, a spokesman for
ABN Amro, said Tuesday the bank
had received the consortium’s offer
but declined to comment further.

“ABN Anrro is not allowed to talk
to us under the [conditions of] the
BofA deal, and their board recom-
mended the Barclays deal,” said RBS
Chief Executive Fred Goodwin.
“Until they extricate themselves
from those two situations, I think
they’re in a little bit of a difficult
place.”

Goodwin said the consortium has
held “amicable” talks with Bank of
America to find a compromise, but
they have so far been unsuccessful.

The mostly cash offer by the RBS-
led group for ABN Amro Holding is
worth at least 10 percent more than

2



__IN BUYING MOOD: Shoppers peruse cosmetics in a mall near downtown Denver. Consumer
' confidence bounced back unexpectedly in May, despite higher gasoline prices that could raise
| shoppers’ worries about inflation, a private research group said Tuesday.

THINKING POSITIVE

CONSUMER CONFIDENCE REBOUNDS IN MAY
DESPITE RISING GASOLINE PRICES

BY ANNE D’INNOCENZIO
| Associated Press

NEW YORK — Consumer confidence bounced back unexpectedly in
| May, helped by optimism about the job market even as shoppers’

i The New York-based Confer-
ence Board said Tuesday its Con-
sumer Confidence Index rose to
108.0 in May, up from a revised
106.3 in April. Analysts had
| expected the reading to fall to 104.5.
| The May reading was the highest
' since March when the index was at
108.2.

“The short-term outlook
remains cautious and rising gaso-
line prices are having a negative
impact on consumers’ inflation
expectations,” said Lynn Franco,
director of The Conference Board
Consumer Research Center, in a
statement
Franco added, “All in all, confi-
| dence levels continue to suggest

growth, albeit at a slow pace.”
/ The Present Situation Index,
| which measures how shoppers feel
/ now about economic conditions,
| rose to 136.1 from 133.5 in April. The
_ Expectations Index, which mea-

sures consumers’ outlook for the

next six months, edged up to 89.2

from 88.2.

Economists closely monitor con-
sumer confidence since consumer
spending accounts for two-thirds of
all U.S. economic activity.

Gary Thayer, chief economist at
AG Edwards & Sons, called the
Conference Board report “encour-
aging,” noting that a still healthy
job picture is offsetting shoppers’
worries about higher gasoline
prices.

concerns about gasoline price-driven inflation increased.

“Although people may not be
happy with high gasoline prices,
they are happy with the job situa-
tion,” said Thayer. “People are
unhappy about things but they are
not changing their buying habits
significantly.”

The report from the Conference
Board was good news for the
nation’s retailers, which struggled
through the worst same-store sales
performance on record in April.
Same-store sales are sales at stores
opened at least a year and are con-
sidered a key indicator of a retail-
er’s health.

The weak performance has
fueled concerns that gasoline prices
and the slumping housing market
are eating away at spending. For
now, the cutbacks in spending seem
to be contained, according to
Thayer.

And while data released Tues-
day gave no clear signs of an end to
the housing slump, Thayer noted
that he feels confident that consum-
ers can “work through continued
weakness in housing” as long as the
employment situation remains
healthy. Standard & Poor’s housing
index on Tuesday showed that U.S.
home prices fell 1.4 percent in the
first quarter compared to a year
ago, the first time since 1991 that
prices have shown a quarterly
decline.

On Thursday, the Commerce
Department reported that sales of



biggest amount in 14 years, but the

the all-share offer from Barclays
worth $46.93 at current levels.

But ABN Amro’s shares fell 0.8
percent to $48.18, suggesting inves-
tors have serious doubts about which
bid will prevail.

Either deal, if successful, would be
the largest-ever banking takeover.

“We believe we have a particu-
larly comprehensive strategic fit in
all of the main markets in which ABN
Amro is operating,” said Goodwin,
arguing that the consortium was a
better fit than Barclays to invest
in and expand ABN’s businesses in
the future. “We are tall and deep,
and they are wide and thin,” he
said.

But what would appear to be a
straightforward choice between the
bids remains frozen due to a snap
decision by ABN Amro’s manage-
ment last month to sell its U.S. arm,
Chicago-based LaSalle Bank Corp., to
BofA for $21 billion, with the pro-
ceeds going to Barclays as part of its

DAVID ZALUBOWSKI/AP |

MARK LENNIHAN/AP

SHORE-LEAVE SHOPPING: U.S. Navy
sailors shop on New York’s
Fifth Avenue on Tuesday.

new homes surged in April by the

median price of a new home fell by
the largest amount on record. On
Friday, The National Association of
Realtors reported that sales of |
existing homes fell by a larger-than-
expected amount in April, while the
median price of a home sold fell for
a ninth straight month.

Thayer and other analysts will
be closely watching the Labor |
Department’s report on employ-
ment, to be released Friday.

Economists are expecting
140,000 jobs to be added in May
and the unemployment rate to
remain at 4.5 percent.

That follows a disappointing
report, released in early May, that
showed that payrolls grew by just
88,000, marking the weakest job
gain in two and a half years. The
jobless rate edged up to 4.5 percent.



INTERNATIONAL EDITION



MATT DUNHAM/AP

BANK RECORD: A consortium led
by Royal Bank of Scotland is
launching a hostile bid of
$95.5 billion for ABN Amro.

deal.

That sale, negotiated in four days
while the consortium bid was on the
horizon, was widely seen as a poison -
pill measure, since RBS’s primary
interest is in LaSalle.

The offer announced Tuesday
reserves $1.35-in cash per ABN share
to pay potential claims or a settle-
ment to Bank of America.

CIVIL RIGHTS

Court
rules for
employer

in pay
bias case

BY MARK SHERMAN
Associated Press 5 :

WASHINGTON — The Supreme _
Court limited workers’ ability to sue
for pay discrimination Tuesday, rul-
ing against a Goodyear employee
who earned thousands of dollars less
than her male counterparts but
waited too long to complain.

The 5-4 decision underscored a
provision in a federal civil rights law
that sets a 180-day deadline for
employees.to claim they are being
paid less because of their race, sex,
religion or national origin.

Without a deadline, Justice Sam-
uel Alito wrote for the court, employ-
ers would find it difficult to defend
against claims “arising from employ-
ment decisions that are long past.”

Justice Ruth Bader Ginsburg, writ-
ing in dissent for the court’s liberal
members, urged Congress to amend

. the law to correct the court’s “parsi-

monious reading” of it.

Lily Ledbetter, a longtime supervi-
sor at Goodyear Tire & Rubber’s
plant in Gadsden, Ala., said. sex dis-
crimination was behind a series of
decisions that left her pay signifi-
cantly below that of men who per-
formed similar work.

After 19 years with Goodyear, Led-
better was making $45,000 a year,
$6,500 less than the lowest-paid male
supervisor. The company said poor
performance evaluations, not dis-
crimination, were behind Ledbetter’s
salary. She retired in 1998, shortly
after claiming discrimination.

A jury sided with Ledbetter, but an
appeals court overturned the verdict
because she had waited too long to
begin her lawsuit.

The Supreme Court agreed that
workers who wait too long under the
civil rights law are out of luck. Alito
said that “the passage of time may
seriously diminish the ability of the
parties and the factfinder to recon-
struct what actually happened.”

In this case, he said, one supervi-
sor who Ledbetter claimed retaliated
against her after she rejected his sex-
ual advances died before the trial.

Ledbetter said she didn’t sue ear-
lier because employees are less will-
ing to rock the boat when they are
new on the job and have no reason to
believe there could be such pay dis-
parity.

“This short deadline reflects Con-
gress’ strong preference for the
prompt resolution of employment
discrimination allegations through
voluntary conciliation and coopera-
tion,” Alito wrote for the majority.

Ginsburg said in court Tuesday
for the dissenters, “In our view, this
court does not comprehend, or is
indifferent to, the insidious way in
which women can be victims of pay
discrimination.”





THE MIAMI HERALD | Miamiterald.com



BUSINESS BRIEFS

e ANTITRUST INVESTIGATION



PAUL SAKUMA/AP

PRIVACY CONCERNS: The Federal Trade Commission has
opened an antitrust investigation into Google’s

_ proposed $3.1-billion purchase of ad-management
technology company DoubleClick.

Google’s planned buy
of DoubleClick probed

From Herald Wire Services

WASHINGTON — The Federal Trade Commission will
likely consider the privacy issues raised by Google’s
(GOOG) proposed $3.1 billion acquisition of DoubleClick as
part of its antitrust review of the transaction, analysts said

Tuesday.

Antitrust reviews generally focus on monopoly concerns,
such as whether the combined company will be able to raise
prices without fear of competition. But there is precedent for
them to address privacy worries, analysts said. .

Ari Schwartz, deputy director of the Center for Democ-
racy & Technology, a nonprofit advocacy group, said“the sy
FTC has looked at consumer protection concernsinthecon-
text of a merger,” citing the 2001 combination of AOL and

Time Warner.

‘Soon after Google announced its plan April 13 to acquire
DoubleClick, several consumer advocacy groups, led by the
Electronic Privacy Information Center, urged the FTC to
investigate the privacy implications of the transaction.

e MEATPACKER

SWIFT TO BE SOLD TO
BRAZILIAN COMPANY

In a union of two large
meat-processing companies,
a Brazilian firm announced
Tuesday it will acquire
Swift in a $225 million cash
deal that will give the com-
bined company greater
access to expanding markets
and operations on three
continents.

J&F Participacoes,
which controls Brazil’s lead-
ing beef exporter Friboi,
won out over other bidders .
for Swift, which was highly
sought after because not
many meat-packaging plants —
are put up for sale in wake of
U.S. industry consolidation,
analysts said.

e AIRLINES

BRITISH AIRWAYS GETS
WORKERS’ AGREEMENT

British Airways, ;
Europe’s third-largest air-
line, said it won agreement
on work practice changes
with 6,000 employees ahead
of the airline’s move to Ter-
minal 5 at London’s Heath-
row airport.

Check-in and customer
service employees in the
“last few days” have voted
in favor of new work
arrangements, Chief Execu-
tive Officer Willie Walsh
said in a speech delivered
Tuesday evening in London.

e BOOKSELLER

BORDERS’ LOSS WIDENS
IN FIRST QUARTER

Book retailer Borders
(BGP) said Tuesday its
first-quarter loss widened as
margins continued to be
pressured by a difficult sales
environment that prompted
more promotional dis-
counts.

In the quarter ended May
5, the company reported a
loss of $35.9 million, or 61
cents per share, versus a loss
of $20.2 million, or 31 cents
per share, in the prior year
quarter.

Analysts surveyed by
Thomson Financial
expected a loss of 38 cents
per share.



4 6:35 pm. Late
se close Chg. volume

__LATE TRADING

e MOBILE PHONES

' VODAFONE NARROWS

FULL-YEAR LOSS

Mobile phone company
Vodafone (VOD) posted a
narrower full-year loss on
Tuesday and forecast strong
growth iri emerging mar-
kets, pushing its shares to
five-year highs.

Vodafone said it had a net
loss of 5.43 billion pounds
($10.77 billion) in the year to
March 31, down from 21.9
billion pounds a year earlier,
as it cut costs in western
Europe and saw strong
growth in emerging markets
such as Turkey, Africa and
Eastern Europe.

The company said that
competition in mature Euro-
pean markets like Britain
and Germany would con-
tinue to drive down profit
margins in those markets.

e INTERNET

GODADDY TO MANAGE
RIVAL’S DOMAIN NAMES

‘GoDaddy.com, the lead- |
ing registration company for |
Internet addresses, has
agreed to take over and
manage more than 850,000
domain names belongingto
customers of a troubled
rival, officials announced.

The deal, reached with
the support of the Internet’s
key oversight agency,means |
that customers of that rival, :
RegisterFly, could once
again renew names, or |
transfer them elsewhere if
they do not want to stay
with GoDaddy. Those
names had been in limbo
following financial and
operational troubles at
RegisterFly.

e ACCUTANE SUIT

JURY HITS ROCHE
WITH $2.6M VERDICT

Pharmaceutical company
Hoffmann-La Roche was
hit Tuesday with a $2.6 mil-
lion jury verdict over acne
treatment Accutane, the
first such verdict in a case
blaming the drug for inflam-
matory bowel disorder
rather than other, more
well-known side effects,
lawyers say.








Stock Tk. Stock Tk. ; Chg. volume
PwShsQQQ QQ0Q 4681 46.74.07 145978 | BkofAm = BAC BI 2 GH).19* 19429
SunMicro. SUNW 5.06 506 * 85441 | Staples SPLS 7s eagll = +.14 16489
Timewarn TWX 21.44 21.46 = +02 81334 | Sp Fncl XLF 7.75, £93775 * 16176
TOU cop ve say eet yg Rta) | iSHR?K nya IWM 33, 8327 = -.06 15373
Intel wre 2230 3234.04 3an09 | Microsoft MST SAMiah ea
SP util XLU 41.22 41.23 +01 (36064 a eer

SPDR SPY 152.24 152.12 12 35831: | BEASysIF BEAS = 12.429 17.35.08 12566
AMISHId AMIS ‘1272. 1265 07-3431. | ColdwtrCrk CWTR 20.90" 23.41 +251 12442
BrMySq BMY 30.10 30.10 27487 FirstDatas FDC 32.67 32.67 * 12045
CVS Care CVS 38.87 38.87 26554 ConstellA STZ 24.17 24.19 +02 11360
PDLBio PDL. «27.62 27.65 = +03 «25377: | OMICp OMM 29.25 29.26 = +.01_-— 9103
CompsBc CBSS 969.47 «69.47 * 22709 | iShDJTel YZ «34.01. «33.9506 = 8640



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



NEW ORLEANS

INTERNATIONAL EDITION __ WEDNESDAY, MAY 30, 2007 | 4B

Pessimism stalls Big Easy’s revival.

BY MICHAEL KUNZELMAN
Associated Press

NEW ORLEANS — Lured
by congressionally authorized
tax credits and other financial
incentives after Hurricane
Katrina, a procession of devel-
opers announced plans to
build high-rises.

But 20 months after the
storm, most have fallen by the
wayside. The slow pace of the
recovery gets much of the
blame. New Orleans still has
no comprehensive rebuilding
blueprint, and funding is fall-
ing far short of planners’
expectations.

Adding to the tension for
commercial investors: Con-
struction and insurance costs
have soared.

“There have been a lot of
announcements, but you don’t
see a lot of cranes, do you?”
said Michael Siegel, executive
vice president of Corporate
Realty, a New Orleans-based
brokerage. “I think we all
underestimated how long this
[the recovery] was going to
take.”

At least one big plan — a
$400 million proposal by Don-
ald Trump to construct the
city’s tallest building — is

CHINA

BY TIM JOHNSON
McClatchy News Service

BEIJING — In an unusually
harsh sentence, a court Tues-
day ordered the death penalty
for the disgraced former head
of China’s food and drug
agency, making a show of the
nation’s resolve to crack down
on public health violations.

Zheng Xiaoyu was found
guilty of taking bribes and der-
eliction of duty, according to
the Beijing Municipal No. 1
Intermediate Court. He’s the
highest-ranking Chinese offi-
cial to get the death penalty
since 2000.

Zheng was convicted of
taking cash and gifts worth
about $832,000 to grant
approvals for hundreds of sub-
standard drugs, according to
the state news agency, Xinhua.
In several cases during his ten-
ure, from 1998 to 2005, faulty
medicines and fake infant for-
mula led to the deaths of
infants and adults.

A global alarm has sounded
in the past two months over
adulterated goods from China,
including tainted pet food,
which killed animals in North
America, toothpaste contain-
ing industrial chemicals found
in Latin America and Austra-
lia, and contaminated antibiot-
ics in China’s domestic mar-
ket.

Several analysts said the
harsh sentence for Zheng, 62,
was aimed more at Chinese
citizens angry over lax regula-
tion and shoddy products than
at consumers around the

REAL ESTATE

going ahead, although the only
visible sign at the planned site
of the Trump International
Hotel & Tower is the tycoon’s
name painted on a brick-wall
mural. Every weekday morn-
ing, cars fill the parking lot
where the 70-story building is
to be built.

Not to worry, said Trump’s
son, Donald Jr. The city’s slow
recovery, he said, hasn’t
derailed the plan to build more
than 700 units of condos and
hotel rooms in the city’s cen-
tral business district.

But while the Trump pro-
posal is making its way
through the city approval pro-
cess, most other projects have
seen more hype than hard
hats.

David da Cunha, president
of the commercial investment
division for the New Orleans
Metropolitan Association of
Realtors, said many develop-
ers are waiting for govern-
ment leaders to devise a clear
rebuilding plan before they

‘invest. “I think that’s what is

slowing things down,” he said.

Redevelopment proposals
are making their way through
the city approval process, and
the city’s recovery director, Ed

Blakely, hopes the pace of
reconstruction will pick up by
fall. Blakely envisions a $1 bil-
lion program of mixed-use
redevelopment, but his fund-
ing source — the federal gov-
ernment — has only $117 mil-
lion available for the task.

Doubts about the city’s
flood system also are weighing
on developers’ minds, city
planning administrator Arlen
Brunson said. ;

. The Army Corps of Engi-
neers is pumping billions of
dollars into flood protection
improvements. But the Corps
itself acknowledges some
levees are not up to federally
mandated standards set before
Katrina.

The Trump project is one
of eight new luxury condo
complexes, totaling more than
8,000 units, approved by the
city planning commission
since Katrina. At least one of
those projects, Vantage
Tower, has fallen apart.

In January 2006, Trey
Cefalu announced plans to
build the 25-story condo com-
plex. Prospective buyers
reserved 105 of 219 units at
Vantage Tower, but about half
of them backed out after the



as

BILL HABER/AP

LOOKING UP: A sign marks
the site of the proposed
Trump International Hotel
& Tower in New Orleans.
Many other projects are
struggling to get started.

developers raised prices to
offset an increase in construc-
tion costs.

Cefalu shelved Vantage
Tower in February.

“We're taking a wait-and-
see attitude to see where
construction costs go,” he
said.

Crooked official to be put to death



NG HAN GUAN/AP

HARSH MEDICINE: Workers organize a drugstore in Beijing. China’s pharmaceutical
market has been shaken by the approval of many dangerous drugs.

world suddenly edgy over
foods and goods originating in
China.

“People are increasingly
outraged that profit is sup-
planting safety,” said Russell
Leigh Moses, an analyst of
Chinese politics based in Bei-
jing. “This is also meant to
stanch some of the rising citi-
zen complaints about health-
care in a general sense. This is
to tell that audience, ‘We hear
you.”

One pharmaceutical firm,

Kongliyuan Group, paid Zheng
in return for the approval of
277 drugs, Chinese state media
said.

In another instance, an anti-
biotic that the State Food and
Drug Administration
approved under Zheng’s ten-
ure killed 10 patients in the
southern city of Guangzhou
last year before it was pulled
from the market.

After his removal in 2005,
Chinese authorities
announced that they were

reviewing 170,000 pharmaceu-
tical approvals that the agency
issued under Zheng.

The verdict against Zheng
came as authorities said they’d
establish a recall system for
unsafe foods in response to
recent food-safety scandals.

The severe penalty Zheng
received coincides with efforts
by Communist Party leaders
to make a show of fighting cor-
ruption ahead of a key party
congress next fall to select
new senior leaders.

Tishman Speyer, Lehman to purchase
Archstone-Smith for about $15.5 billion

BY VINNEE TONG
Associated Press

NEW YORK — Archstone-
Smith, a major owner of apart-
ment buildings, said Tuesday
it had agreed to a Tishman
Speyer-led buyout valuing the
company at about $15.5 billion,
but investors indicated they
were expecting a higher bid.

Tishman Speyer, owner of
New York’s Rockefeller Cen-
ter and the Chrysler building,
was joined by Lehman Broth-
ers Holdings in the friendly
takeover bid, which would
turn one of the largest publicly
traded real estate trusts over
to private investors.

' The buyout provides fur-
ther evidence of a booming
market for commercial real
estate and intense investor
interest in owning real estate
investment trusts, which pay
lower taxes by distributing
almost all taxable income to
shareholders.

The deal follows the Black-
stone private equity group’s
takeover of Sam Zell’s Equity
Office Properties Trust in a
$23 billion all-cash deal in
early February. Blackstone

beat out Vornado Realty Trust
by raising its bid 15 percent
from an initial offer made in
November. The Archstone
buyout would be the second-
largest real estate acquisition
in history after the Equity
Office takeover, according to
Thomson. Financial.

Archstone’s board
approved the deal unani-
mously at a price of $60.75 per
share. The company’s last
quarterly filing with the Secu-
rities and Exchange Commis-
sion listed total diluted shares
outstanding at 231 million.
With roughly another 27 mil-
lion shares held by outside
partnerships, the deal is priced
at around $15.5 billion.

The price represents a 22.7
percent premium over Archs-
tone’s Thursday closing price,
before news reports of a possi-
ble takeover sent the share
price up 8 percent to $55.23 on
Friday.

Archstone-Smith Trust said
the deal was worth $22.2 bil-
lion, including $6.9 billion in
debt to be assumed and refi-
nanced.

Real estate investment trust

analyst Craig Leupold of
Green Street Advisors said the
Tishman deal undervalues the
company.

“In our opinion, that’s a dis-
appointing outcome for share-
holders,” Leupold said. “We
don’t think the price fully
reflects the value of the com-
pany.”

The sale is expected to
close in the third quarter,
Archstone said in a statement.
The company will pay its last
regular quarterly dividend on
Thursday. Shareholders still
must vote on the buyout,
though no date was
announced.

“Archstone is an excep-
tional company that has built
one of the finest collections of
multifamily assets in the
industry,” Tishman Speyer
Senior Managing Director Rob
Speyer said in a statement.

Archstone-Smith, based in
Englewood, Colo., owns
86,000 apartments, under the
brands Archstone and Charles
E. Smith, in New York, Los
Angeles, San Francisco, Bos-
ton and Washington. It was
founded in 1963. Leupold said

Archstone owns one of the
highest-quality apartment
portfolios in the country, and
that the management team has
implemented a 30-second
credit approval process and
innovative revenue manage-
ment to improve profits.

Tishman Speyer is one of
the leading owners and opera-
tors of real estate in the world.
In addition to Rockefeller
Center, the company owns
other iconic properties such as
London’s CityPoint and
Tower Place, Frankfurt’s Mes-
seTurm and Berlin’s Sony
Center.

Last year, Tishman paid a
record $5.4 billion for New
York’s Stuyvesant Town/Pe-
ter Cooper Village, another
sign of its confidence in the
market for apartment proper-
ties.

Tishman takeover of Peter
Cooper Village and Stuyve-
sant Town has some tenants
concerned about rising rents
and stricter enforcement of
rent control rules in these
enclaves of affordable housing
in Manhattan.



THE TRIBUNE BUSINESS






UNDER THE STARS
FESTIVAL 2007

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For reservations,

Includes Gala Concert & Hors d’Oeuvres | Please call

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General Admission - $50 | at telephones

Student Admission (with COB ID) - $25 | 302.4304/4353/4354/4366

ROYAL SPONSORS
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Workshop: $30.00 :: Students: $15.00







PAGE 6B, WEDNESDAY, MAY 30, 2007

a
Investors considering all-cap funds |

a. By TIM PARADIS
AP Business Writer

NEW YORK (AP) —
Investors looking to all-cap
funds as a simple way to
immerse themselves in wide
variety of stocks might consid-



er that “all” in some cases can
really mean “most,” as in “all-
expense-paid vacation” or “all
solid gold.”

To be fair, the variations
among all-cap funds reflect
divergent philosophies and not
the flimsy promises offered by,

CONSTRUCTION COORDINATOR

say, trench-coated entrepre-
neurs selling watches of dubi-
ous origin. So while all-cap
funds weren’t designed to
deceive, investors nonetheless
should consider that some
funds take more pains than
others to remain rooted in



“all” corners of the stock mar-
ket. Others keep holdings in
stocks of various sizes but
focus on areas deemed likely
to outperform.

Those that shift their weight-
ing might now tilt toward
large-capitalization stocks and
away from small-cap stocks:as
the big names now appear to
be outpacing smaller stocks for
essentially the first time since
the start of the decade.

“There are a lot of different
flavors of all-cap funds,” said

Todd Trubey, an analyst at
investment research provider
Morningstar Inc., describing
all-cap funds as often reflecting
either “go everywhere” or “go
anywhere” philosophies.
“Some of them are basically
just market-cap agnostic and
therefore those types of funds
may not move very much. At
the same time, there are man-
agers who look at valuations
and do try to position the fund
more opportunistically.”
Portfolio managers with a

THE TRIBUNE

so-called agnostic approach to
market capitalization, tend to
give little consideration to a
company’s size.

He noted that the go any-
where philosophy embraced
by some all-cap fund managers
makes their stock-picking abil-
ities important.

“For a go anywhere fund
where the manager is agnostic
about stock size then you want
to know that the manager has
a good record and a good strat-
egy for that style,” Trubey said.



This ideal candidate will report to the Project Manager. Assist in monitoring and
coordinating construction projects to ensure that procedures, materials and equipment
comply with approved project plans, specifications and samples, owner standards and
quality.










Duties and Responsibilities:



° Assist in coordinating, scheduling, monitoring and directing the activities of the
subcontractors and suppliers
o: Assist in the Change Control Processes





Provide documentation of construction progress to include shop drawings,
manpower, schedules, delays, changes, payments, and other events affecting the










me project.

° Prepare daily reports of project activities and other reports and analyses setting
forth progress, adverse trends and appropriate recommendations and conclusions

® Coordinate and assist with final inspections: monitor completion of the punch

list

° Perform other duties as assigned



Qualifications: Applicant should have an undergraduate degree in Construction
Management or related field plus five or more years associated work experience in
construction. Strong management, leadership and interpersonal skills with the ability to
communicate both verbally and in writing. Knowledge of programs required; accounting,
MS Office, cost control procedures, SAGE, Suretrack, Primavera. Physical Demands
and Work Environment to be reviewed.






jobs@marmatglobal.com
242-363-1279

Please respond by email to:
Fax:








MARMAT
Attn: Office Manager
P.O. Box CR 56766

Nassau, Bahamas






Mail:





ESTIMATOR

"This ideal candidate will report directly to the General Manager. This position requires the

| “preparation of estimates based on O/A design intent, construction drawings and documentation

.and local conditions. Experienced in lump sum or construction management of commercial
and residential projects.

Duties and Responsibilities:

Perform quantity take-off for all items incorporated in the project
Prepares level 1 to 5 estimates, participates in value engineering
Estimate and track labour, material and equipment costs
Tendering, contract negotiations and scope of work preparation
Support field staff in cost control and change order evaluation
Develops and maintains unit costs, prepare unit cost estimates
Assist in project planning and scheduling

Provide support to the project team in all areas of cost control and estimating .
Interact/liaise with subcontractors and suppliers

Prepare general conditions estimate

Perform other duties as assigned

Qualificaisons: The ideal candidate will have an undergraduate or graduate degree in
‘engineering, estimating or construction management with field experience in general
onstruction, purchasing and accounting with expert knowledge of MS office. 5/10 years in
Construction Estimating in ICI and Residential sectors. Self motivated with strong management,
éadership and interpersonal skills with the ability to communicate both verbally and in
writing.

Physical Demands and Work Environment to be reviewed.

jobs@marmatglobal.com

Please respond by email to:
242-363-1279

Fax:
MARMAT
Attn: Office Manager

’ PO. Box CR 56766
Nassau, Bahamas

Mail:

CONSTRUCTION
ACCOUNTING CLERK

The ideal candidate will report directly to the Office Manager and provides
administrative support to one or more members of the Accounting Team.

Duties and Responsibilities:

Assist the Accountant/Controllér in all aspects of accounting

Job Costing, monthly invoice reconciliation, bank reconciliation, payroll
AP/AR and Payroll

Purchase order preparation and tracking

Contract and Change Order preparation and control

Prepare and maintain spreadsheets

Perform other duties as assigned

| Qualifications: The ideal candidate will have an undergraduate or graduate degree
| it’ accounting with expert knowledge of MS office. 2/5 years in Construction
| Accounting. Experience in accounting programs such as ACCPAC and
SAGE/Timberline software is an asset. Self motivated with strong management,
‘{eadership and interpersonal skills with the ability to communicate both verbally
-and in writing. Physical Demands and Work Environment to be reviewed.

jobs@marmatglobal.com
242-363-1279

| Please respond by email to:
Fax:

MARMAT

Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas

Mail:



“They will move around a
lot and that’s not a bad thing.
You have to know what you’re
getting there in order to use
the fund well.”

Despite their ability to cover
large ground, fees at all-cap
funds don’t tend to be out
whack with those of other |
funds. In fact, they’re often in
line with the low fees often
seen in large-cap funds.

Trubey noted that a fund
such as the Weitz Hickory fund
doesn’t feel constrained to
remain equally balanced
among various stock sizes. The
fund has shown a return of
about 4.4 per cent this year and
has a three-year annualized
return of 14.9 per cent and a
five-year annualized return of
10.3 per cent.

Other funds consider it
important to remain closely
tied a range of stock types.
One such investment, the
Hartford Growth Opportuni-
ties fund, has returned 12.9 per
cent this year and has a 17.6
per cent annualized return
over three years and 13.7 per
cent over five years.

“When you are buying one

BKG/410.03

ADVERTISEMENT FOR THE BAHAMAS
GOVERNMENT TREASURY BILLS

Sealed tenders for B$59,100,000.00 of 91-Day
Treasury Bills will be received by the banking
manager, The Central Bank of The Bahamas, Frederick
Street, Nassau up to 3:00 p.m on Tuesday, May 31, 2007.
Successful tenderers, who will be advised should take up
their bills against payment on Thursday, June 5, 2007.
These bills will be in minimum multiples of B$100.00. -

Tenders are to be on special forms obtainable from the
Central Bank of The Bahamas or Commercial Banks.

Tenders must state the net price percent (in multiples of one

cent) and should be marked “Tender”. The Central Bank of
the Bahamas reserves the right to reject any or all tenders.

fda
RR

CONSTRUCTION
ADMINISTRATIVE ASSISTANT

SEE page 7



The ideal candidate will report directly to the Office Manager and provides
administrative support to one or more members of the Project Team.

Dutiés and Responsibilities:

Sending/receiving/distributing documents, faxes and alike

Performing all word processing, including letters, memos, reports and
documents as required :
Arranging meetings, travel, copying, maintaining file system, file retrieval,
office supplies

Create and maintain spreadsheets

Attend meetings and prepare minutes

Perform other duties as assigned

Qualifications: The ‘deal candidate will have an undergraduate degree in office
administration or relevant discipline, excellent typing skills and expert knowledge
of MS office. 2/5 years in Construction Administration. Self motivated with strong
management, leadership and interpersonal skills with the ability to communicate
both verbally and in writing. Physical Demands and Work Environment to be
reviewed.

jobs @marmatglobal.com
242-363-1279

Please respond by email to:
Fax:

MARMAT

Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas

Mail:

PROJECT MANAGER

This ideal candidate will report directly to the Construction Manager. Plan, coordinate, direct and
supervise personnel, subcontractors and vendors engaged on projects ensuring that they complete
the work on time, within budget and to the quality specified. Will be responsible to protect and
promote the interest of the company in all matters.

Duties and Responsibilities:

Establish & maintain Master Progress Schedule

Maintain Owner, Architect, Subcontractor & Vendor relations

Prepare Budget and Financial Reporting

Maintain General Contract and Subcontract Documents

Maintain Quality Assurance and Control

Establish & monitor administrative procedures for the project
Organize work & train staff organization on projects

Keep informed on requirements for insurance, Safety, Labor Relations, Employee Relations,
maintain EEO compliances, etc.

Assure applications for payment and collection are properly disbursed
Keep management informed on progress of project and budget
Perform other duties and take on other responsibilities as required

Qualifications: Formal engineering or architectural training with 8/10 years in building construction
means and methods. 10/15 years in Project Management, ICI & Residential; large project experience
is essential. Thorough knowledge of construction cost, scheduling, line and grade (survey), estimating
and engineering principals and techniques, as well as accounting principles. Familiar with various
construction methods and materials, their characteristics, installation procedures and tolerances.
Strong computer skills and familiarity with Microsoft Office suite of programs. Knowledge of
SAGE/Timberline Software, Prolog Manager and Primavera scheduling desirable. Strong management,
leadership and interpersonal skills with the ability to communicate both verbally and in writing.
Physical Demands and Work Environment to be reviewed.

Please respond by email to:jobs@marmatglobal.com
Fax: 242-363-1279

MARMAT

Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas

Mail:





oF





THE TRIBUNE

FROM page 6

of these all-cap funds you very
much need to understand the
strategy that the fund manag-
er is charged with following,”
Trubey said.

Possible shifts in market
momentum can make the
broad base of an all-cap fund
appealing to investors unsure
of where to put their money,
said Steve Schoepke, vice
president of research and
product development at AIG
SunAmerica Asset Manage-
ment.

Schoepke said all-cap funds

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.



can work well as core hold-
ings. Investors can then dress
up their portfolios by perhaps
picking “other investments to
really take advantage of where
they feel the market is going.”

In other cases, he noted, an
investor could use something

as a simple as an index fund .

coupled with all-cap fund with
a go anywhere approach to
cover more opportunistic
moves.

“When you take a style
agnostic approach you're say-
ing to the manager, ‘What
we’re asking you to do is don’t
tie yourself to a style,’”
Schoepke said.

AIG SunAmerica recently
launched a fund called
Focused StarALPHA portfo-
lio, which employs the go any-
where approach by relying on
five investment advisers who
aren’t restricted them to a cer-
tain investment style.

Schoepke contends demand
for all-cap funds is in part

BUSINESS

stemming from institutional
investors and from retirees.

“J think a lot of investors
are coming up with accumula-
tion over years of savings for
retirement,” Schoepke said,
adding that some of these
investors want to stay broadly
invested. “I look at it as
almost an evolution in the
industry.”

As mutual fund investing
has grown — combined assets
of the nation’s mutual funds
now total more than $10 tril-
lion — so too has the special-
ization of some funds.

Trubey contends perhaps
part of the interest in all-cap
funds is a desire for what was
the norm decades ago. Then
portfolio managers were less
likely to be wedded to a par-
ticular stock style.

“People tended to be style
agnostic. You hear a lot more
about all-cap investing now,
largely as a reaction against
very style-specific funds.”



HALSBURY
CHAMBERS

Counsel aad Attorneys-ai-Law

Notaries Public

Halsbury Chambers

will be closed on Thursday 31st May, 2007

due to the observance of the Firm’s

Annual Fun Day

The office will re-open on

Monday 3" June, 2007

We regret any inconvenience caused,

PROJECT SUPERINTENDANT

This ideal candidate will report to the Construction Manger and/or Project Manager. Supervises
the field construction, assists in the organization, planning and scheduling of the works staying
within budget, on schedule and to the quality specified.

‘Duties and Responsibilities:

Plan and review the project work with the Senior Superintendent cum
Supervise the construction in accordance with the plans and specifications
Coordinate, schedule, monitor and direct the activities of the subcontractors and

suppliers

Review and implement changes
Monitor cost control and job costing, assist in review of monthly estimates
Management of safety program, quality control, quantity reporting, forecasting and

productivity

Quantity surveying, filing, site inspections, document control and payroll
Keep CM/PM informed as to field changes
Job site logistic, expedite material deliveries, site coordination
Experience required in the areas of; roads & site services, R/O plant & sewerage
treatment, water park, hard and soft landscaping, structures and interior finishes,
mechanical and electrical

° Perform other duties as assigned

Qualifications: Formal engineering or architectural training an asset with 5/10 years in building
construction means and methods, scheduling, change order, cost control, general contracts,
general conditions, subcontract documents, drawing and specifications, ICI, multi residential
and custom homes. Strong management, leadership and interpersonal skills with the ability to
communicate both verbally and in writing. Knowledge of programs required; accounting, MS
Office, cost control procedures, SAGE, Suretrack, Primavera. Physical Demands and Work
Environment to be reviewed.

Please respond by email to: jobs@marmatglobal.com
: 242-363-1279

MARMAT

Attn: Office Manager —

P.O. Box CR 56766

Nassau, Bahamas

ELECTRICAL SUPERINTENDANT

This ideal candidate will report to the Project Manger; supervising the field construction, assist
in the organization, planning and scheduling of the works staying within budget, on schedule and
to the quality specified.

Description:

° Demonstrated skill in identifying, analyzing and solving problems.

° Job duties include planning, scheduling and providing work directions for all Electrical
work as required.

Processing of reports and related data.

Monitor & supervise all personnel under your control.

Ensure completions of detailed tasks are completed on time and within the budget.
Knowledgeable principles and practices of related disciplines.

Strong analytical, project management and problem solving skills.

Be able to interact at all levels with the client, consultant and contractors.

Review technical submittals.

Review drawings and coordinate with discipline engineers.

Participate in the preparation of Field Change Requests and Change Orders.
Monitor contractor’s inspection program and quality control program, drawings and
monitor as-built.

Qualifications: Bachelor of Science Degree with a major in Electrical Engineering from an
accredited University or equivalent. A minimum of 10 years experience as an Electrical
Superintendent is required. Skilled in coordinating efforts with various construction functions.
Demonstrated skill in identifying, analyzing and solving problems, construction means and
methods, scheduling, change order, cost control, general contracts, general conditions, subcontract
documents, drawing and specifications, ICI, multi residential and custom homes. Strong management,
leadership and interpersonal skills with the ability to communicate both verbally and in writing.
Knowledge of programs required; accounting, MS Office, cost control procedures, SAGE,
Suretrack, Primavera. Physical Demands and Work Environment to be reviewed.

Please respond by email to: jobs@marmatglobal.com
Fax: 242-363-1279

Mail: MARMAT

Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas

WEDNESDAY, MAY 30, 2007, PAGE 7B







should consider what ‘all’ means

To Meg in 7he Tribune - the #1 newspaper
DTT aS ak

Oa
Ue
a Sh

Position Summary

To perform a variety of responsible messenger duties in support
of all attorneys, including filing litigation documents, stamping
and recording.conveyances and related commercial documents, ©
undertaking searches at the Supreme Court Registry the Companies
Registry and the Registry of Records, delivery of mail and banking
and other miscellaneous duties.

Experience Requirements

One (1) year minimum experience as a messenger would be an
advantage along with access to a vehicle. ,
Benefits Offered

Major Medical Insurance

To apply: All applicants must submit a resume
by 8th June, 2007 to:

The Human Resources Manager
Fax: 393-4119



‘SURVEYOR

The ideal candidate will report directly to the General Manager, preparing and maintaining :
plans and records, conduct legal surveys to determine property boundaries and maintain fF}
controls of lines and levels as stipulated in construction documentation for all structures.

Duties and Responsibilities:

Planning, directing and conducting surveys to establish and mark property
boundaries

Working with computers and electronic equipment to determine precise locations
Advising on matters related to legal surveys

Use techniques such as Cost Planning, Estimating, Cost Analysis, Cost-in-use
Studies and Value Management to establish a project budget.

Must have an orderly analytical mind and be prepared to work to very rigid time
schedules.

Must be accurate in all aspects of work.

Qualifications: The candidate will have an undergraduate or graduate degree in geomatics p

or survey engineering. -10/15 years in Construction Surveying in ICI, Residential Sectors
& Marine. Proficiency in MS Office with above average measuring, mapping and
mathematical skills. Experience in using mapping and drawing software such as AutoCad
and survey software. Self motivated with strong management, leadership and interpersonal &
skills with the ability to communicate both verbally and in writing. Physical Demands
and Work Environment to be reviewed.

Please respond by email to: jobs @marmatglobal.com
Fax: 242-363-1279

MARMAT

Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas

Mail:

SCHEDULER

The ideal candidate will report directly to the General Manager and/or Construction Manager. This
position requires the preparation and maintenance of schedules, review of contractor schedules and
performing a comparative analysis of those schedules, review of the schedule, cost and resource
loading with the project manager. Supports Business Development and marketing activities as it
relates to proposed project scheduling. Support project in claim situations. Responsible for the
protection and promotion of the interest of the company in all matters.

Duties and Responsibilities:

Prepares summatry and detail level schedules for a variety of project sizes

Develop fill CPM logic generated baseline schedules for large and small projects
Perform monthly progress updates and create target comparison and periodic look-ahead
schedules. Monitor and track progress at detailed and summary level as necessary
Develop and update periodically cost loaded schedules when required

Participate in all project schedule review as required

Support Business Development and business unit marketing activities in the development
and preparation proposal presentations. This includes developing preliminary bar chart
schedules and staff charts

Prepare custom reports and attend project meetings to discuss schedule issues.

Perform other duties as requested

Qualifications: The ideal candidate will have an undergraduate or graduate degree in engineering.
5/10 years in Scheduling on building projects, large project experience is essential. Additional

J experience in SAGE/Timberline Software, project engineering, field supervision or purchasing is

desirable. Knowledge of building construction, materials, systems, market conditions and trade
practices is a must. Conceptual ability to work with minimum information. Expert knowledge of MS
Office, Primavera and Project. Excellent oral and written skills required. Self motivated with strong
management, leadership and interpersonal skills with the ability to communicate both verbally and
in writing. Physical Demands and Work Environment to be reviewed.

Please respond by email to: jobs@marmatglobal.com
Fax: 242-363-1279

Mail: ‘ MARMAT
Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas




















L 2
Abaco

on

Winding Bay

ABACU, BAMAMAR





Bookkeeper/Office Assistant

° Provide administrative support duties for a busy Construction
office

° Process and prepare invoices/bills for payment

° Reconcile vendor statements

© Data entry duties

> Proficient in Microsoft Word and Excel
1-3 years experience in a similar role

? Support

* Will support a Construction Management Team using a variety
of software applications on both stand alone systems and in a
networked environment.

¢ Well experienced in day to day troubleshooting and problem
solving of IT hardware and software issues

° Part-time position

Construction Project Manager

e Minimum 5 years experience in construction management

¢ Working knowledge of timber and masonry construction methods
° Proficient in reading and understanding construction plans

° Proficient in performing material take-offs and placing material
orders

Working knowledge of construction materials

Proficient with Microsoft Word and Excel

Good communication skills

eee

| Resume should be sent to Nick Sims, Development Department,
| The Abaco Club on Winding Bay, P.O. Box AB-20571, Marsh
| Harbeur, Abaco or fax # 242-367 2930.



















-(JBS (Bahamas) Ltd. is one of the world’s leading financial
. institutions in the Caribbean. Through our Business Area Wealth

| ___ ‘Management International, we look after wealthy private clients

by providing them with comprehensive, value enhancing

t “services, Our client advisors combine strong personal
relationships with the resources that are available from across
UBS, helping them provide a full range of wealth management
“Services.

“order to strengthen our team in Nassau, we are looking for a
~candidate in the following position:

Senior Client Advisor - European Desk
in this challenging position you will be responsible for:

« Supervising a team of Client Advisors

-Â¥ Advising and servicing existing clients including travelling
-» Acquisition of new clients

= Proposing of investment solutions

w

We are searching for a personality with extensive experience in
“wealth management, specialized in the fields of customer
relations, investment advice and portfolio management.
Excellent sales and advisory skills as well as solid knowledge of
-investment products are key requirements. A proven track
“record in a comparable position with a leading global financial
“institution as well as fluency in English and German, fluency in
another language (Spanish, Italian or French) is a plus.



Interested? Written applications should be sent to:



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

sy Se RR RR RNR TT 8 DTN NN ARES ERAT RAE ES ER RE EE TNR AE EAR RGR ECR POSED a FE EEE BUST NTS

FORINT,
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4



sec

§Pricing Information As Of:
’Tuesday, 29 May 200 7













































PAGE 8B, WEDNESDAY, MAY 30, 2007

THE TRIBUNE





Oil prices plunge
by more than two
dollars a barrel

NEW YORK (AP) — Oil
prices plunged by more than
$2 a barrel Tuesday on hopes

that the inauguration of a new
president in OPEC member
Nigeria would contribute to a

CAVES POINT MANAGEMENT LIMITED






NOTICE OF ANNUAL GENERAL
MEETING OF MEMBERS

NOTICE IS HEREBY GIVEN that the 2007 Annual General
Meeting of CAVES POINT MANAGEMENT LIMITED will
be held at Caves Point Condominium, West Bay Street, New
Providence Island, Bahamas, on Wednesday 6th June 2007, at
8:00 p.m.








2007
No.00243

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT

Equity Side

IN THE MATTER OF a piece parcel or lot of land
containing by admeasurements 605.142 acres and situate
approximately 1.75 miles South of Salt Pond settlement in
the vicinity of Crossing Bluff in the Island of Long Island, the
Bahamas.

AND

IN THE MATTER OF the Petition of Lester C. Knowles °
Carrie A. Knowles, Christopher J. Knowles and Timothy G.
Knowles

AND

IN THE MATTER OF the Quieting Titles Act 1959

The Petitioners in this matter claim to be the owners in fee simple
possession of the tract of land hereinbefore described and the Petitioners
have made an application to the Supreme Court of the Commonwealth
of the Bahamas under Section 3 of the Quieting Titles Act 1959 to have
their title to the said land investigated and the nature and extent thereof
determined and declared in the Certificate of Title granted by the Court in
accordance with the provisions of the said Act.

wh ae
Copies of the Plan may be inspected during normal office hours at:

(1) The Registry of the Supreme Court
(2) The Administrator’s Office at Clarence Town, Long Island
(3) The Chambers of the undersigned

NOTICE IS HEREBY GIVEN that any person having dower or right to
dower or an adverse claim or a claim not recognized in the Petition shall
before the 6" day of July A.D. 2007 from the publication of this notice
inclusive of the day of such publication file Notice in the Supreme Court
in the City of Nassau in the Island of New Providence aforesaid and serve
on the Petitioners or the undersigned a statement of his or her claim in the
prescribed form verified by an Affidavit to be filed therewith. The failure of
any such person to file and serve a statement of his or her claim within the
time fixed by the Notice aforesaid shall operate as a bar to such claim.

Dated this 30" day of May A.D. 2007

PYFROM & CO
Chambers

58 Shirley Street
Nassau, N.P. Bahamas

Attorneys for the Petitioners













y. BISKBAHAMAS. COM FOR MORE DATA & INFORMATION
HG 00.21 / %GCHG 00.01 / YTD 100. 45/YTD % 05.99.

Yield




Today's Close Change Daily Vol. EPS $ Div $ P/E
0.54 Abaco Markets 1.18 1.18 0.00 -0.282 0.000 N/M 0.00%
11.00 Bahamas Property Fund 11.60 11.60 0.00 1.548 0.400 £9 3.45%
7.10 Bank of Bahamas 9.30 9.30 0.00 0.737 0.260 12.6 2.80%
0.70 Benchmark 0.85 0.85 0.00 0.129 0.020 6.6 2.35%
1.30 Bahamas Waste 2.95 2.95 0.00 0.243 0.060 12.1 2.03%
1.20 Fidelity Bank 1.30 1.30 0.00 0.067 0.020 19.4 1.54%
9.00 Cable Bahamas 10.42 10.42 0.00 0.949 0.240 11.0 2.30%
1.67 Colina Holdings 2.10 2.10 0.00 0.245 0.080 8.6 3.81%
10.60 Commonwealth Bank 14.50 14.50 0.00 1.152 0.680 12.6 4.69%
4.22 Consolidated Water BDRs 5.28 5.27 0.01 0.112 0.049 47.2 0.93%
2.40 Doctor's Hospital 2.40 2.40 0.00 0.234 0.000 10.3 0.00%
5.54 Famguard 5.96 6.02 0.06 3,250 0.694 0.240 8.7 3.99%
11.25 Finco 12.50 12.50 0.00 500 0.787 0.570 15.9 4.56%
12.30 FirstCaribbean 14.37 14.37 0.00 0.977 0.500 14.7 3.48%
10.50 Focol 17.18 17.18 0.00 1.657 0.520 10.4 3.03%
0.54 Freeport Concrete 0.54 0.54 0.00 -0.432 0.000 N/M 0.00%
7.10 ICD Utilities 7.20 7.20 0.00 0.532 0.100 13.5 1.39%
8.52 J. S. Johnson 9.05 9.05 0.00 0.868 0.570 10.4 6.30%
Premier Real Estate 10.00 10.00 0.00 1.167 0.600 8.6 6.00%
“Counter Securities SE OSES, oe
Ask $ Last Price Weekly Vol. EPS$ Div $ P/E Yield
12.25 Bahamas Supermarkets 14.60 15.60 16.00 1.234 1.185 12.6 8.12%
10.00 Caribbean Crossings (Pref) 8.25 10.00 0.000 0.640 NM 7.85%
0.20 RND Holdin 0.55 0.20 0.034 0.000 26.2 0.00%
Re ~the-Counter Securities a :
28.00 ABDAB 43.00 41.00 2.220 0.000 19.4 0.00%
414.60 14.00 Bahamas Supermarkets 14.60 15.50 14.00 1.234 1.125 12.6 7.71%
[0.60 0.35 RND Hol 0.65 0.45 0.021 0.000 26.2 0.00%
( ies % Listed Mutual Funds ‘
52wk-Hi 52wk-Low Fund Name NA _V YTD% Last 12 Months Div $ Yield %
qi 3398 1.2887 Colina Money Market Fund 1.339837"
93.1827 2.8564 Fidelity Bahamas G & | Fund 3.1827***
i> 6629 2.3560 Colina MSI Preferred Fund 2.662852*"
1.2443 1.1695 Colina Bond Fund 1.244286****
AG i i 1.4992*****
am: Ct OSE 793.99 1YTD 08.99% / 2006 34.47%
MARKET TERMS YIELD - last 12 month dividends divided by closing price NAV KEY
Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity *- 18 May 2007
- Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price
Today's © - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week ** - 30 April 2007
Change - Change in closing price from day to day EPS $ - Acompany's feported earnings per share for the last 12 mths
Daily Vol. - Number of total shares traded today NAV - Net Asset Value * - 30 April 2007
DIV $ - Dividends per share paid in the last 12 months N/M - Not Meaningful
P/E - Closing price divided by the last 12 month earnings FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100 **** - 30 April 2007
antes - 30 April 2007



PIDBLITY 242-356-7764 / FOR MORE DATA & INFORMATION CALL (242) 394-2503

York Mercantile Exchange.
Before the long weekend, US
crude oil climbed more than
$1 to $65.20 Friday. Monday
there was no floor trade and
no closing price in the US

stable supply from the Niger
Delta region.

A formal meeting over the
weekend between United
States and Iranian officials also
soothed traders’ concerns
about a potential conflict
between the two countries.

Light, sweet crude for July
delivery dropped $2.05 to settle
at $63.15 a barrel on the New

holiday.

Brent futures for July lost
$1.58 to close at $68.15 a barrel
on London’s ICE Futures
exchange.

Umaru Yar’Adua, 56, was
sworn in Tuesday as the new
Nigerian president, replacing
Olusegun Obasanjo who

. stepped down after eight years.

It marked the first successful
transfer of power from one
elected government to another
in Africa’s most populous

’ country with a history of long
years of military rule.

yam aS Cnn
CU ta

BCE ME Ta
MT EN Ei

NOTICE is hereby given that PAUL. RICHARD OF
P.O. BOX N-8796, 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 30th day of May, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,
Bahamas. , ae

NOTICE

NOTICE is hereby given that PAUL RICHARD OF
P.O. BOX N-8796, 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 30th day of May, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,
Bahamas.

Legal Notice

) RNeyueD

INTERNATIONAL BUSINESS COMPANIES
ACT
(No.45 of 2000)

SENTRY MANAGEMENT LIMITED

Notice is hereby given that in accordance with Section 137 (4)
of the International Business Companies Act (No. 45 of 2000),
SENTRY MANAGEMENT LIMITED has been dissolved and
struck off the Register according to the Certificate of Dissolution
issued by the Registrar General on the 18th day of May, 2007.

Robert Ashforth
Level 46, UOB Plaza 1,
80 Raffles Place
Singapore, 048624
Liquidator

QT) -n-snop QneGae

STUDENTS — PARENTS






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!




because of the Memorial Day —





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ees



THE TRIBUNE

relate
Ney

AMSTERDAM, Nether-
lands (AP) — ABN Amro
received an industry record
takeover bid of 71.1 billion
euros ($95.5 billion) Tuesday
from a group led by Royal
Bank of Scotland PLC, but its
shares fell as the Dutch bank’s
earlier decision to sell its Unit-
ed States arm to Bank of
America still clouded prospects
for a quick deal.

The offer by the RBS-led

Scotiabank |

announces
16 per cent
increase
in Q2 net
income

FROM page 1

Banking experienced strong
asset growth, resulting in high-
er net interest income. As well,

*. ‘this quarter's results benefit-
.’ ed from the positive contribu-
" tions of recent acquisitions and

.

J
/

low levels of credit losses,” he
added.

consortium of 38.40 euros
($51.59) per share, about 10
per cent higher than the bid
on the table from Britain-
based Barclays PLC, is contin-
gent on the LaSalle sale not
going forward, and also sets
aside around 1.85 billion euros

($2.49 billion) to pay potential -

claims or a settlement to BofA.

What will happen next
depends on who acts first: the
courts or ABN Amro’s share-



holders.

The Netherlands’ Supreme
Court is to rule on an appeal
against an order to freeze the
LaSalle sale by early July. But
with an offer from RBS on the
table, ABN shareholders with
at least a LO per cent stake
could override management
and call for a meeting in six
weeks to voice their preference
on the LaSalle sale or either
offer.

- Must have 3 years Sales experience
- Must be well spoken and confident
- Must be 25 years Or Older

- Must be a quick learner «

- Must have good writing skills

- A base salary and commission

- Resume
- Two references
- Police record

NO PHONE CALLS

Apply in person at Bahama Divers, Nassau Yacht
Haven, East Bay Street between the hours of

10am - 12noon.



The most fuel-efficient

PRICEWATERHOUSE(GOPERS

WEDNESDAY, MAY 30, 2007, PAGE 9B

| 469



| Pri PricewaterhouseCoopers SpA

AUDITORS’ REPORT IN ACCORDANCE WITH ARTICLE 156 OF LAW
DECREE N° 58 DATED 24 FEBRUARY 1998

To the
Intesa

Shareholders of
Sanpaolo SpA

We have audited the financial statements of Sanpaolo IMI SpA, which
comprise the balance sheet, statement of income, statement of recognised
income and expense, statement of changes in net shareholders’ equity,
statement of cash flow and the related explanatory notes as of 31
December 2006. These financial statements are the responsibility of Intesa
Sanpaolo SpA’s Directors. Our responsibility is to express ari ee on
these financial statements based on our audit.

We conducted our audit in accordance with the auditing standards and
criteria recommended by CONSOB. In accordance with those standards
and criteria, the audit has been planned and performed to obtain the
necessary assurance about whether the financial statements are free of
material misstatement and, taken as a whole, are reliable. An. audit includes
examining, on a sample basis, evidence supporting the amounts and
disclosures in the financial statements, as well as assessing the
appropriateness of the accounting principles used and the reasonableness
of the estimates made by the Directors. We believe that our audit proces
a reasonable basis for our opinion. :

For the opinion on the financial statements of the prior period, which are
presented for comparative purposes, reference is made to our report dated
11 April 2006.

In our opinion, the financial statements of Sanpaolo IMI SpA as of 31
December 2006 comply with international Financial Reporting Standards as
adopted by the European Union, as well as with the Rules issued in
compliance with art. 9 of D.Lgs n. 38/2005; accordingly, they give a true
and fair view of the financial position, the results of operations, the changes
in net shareholders’ equity and cash flows of Sanpaolo IMI SpA for the year
then ended.

As explained in the Report on Group Seas the merger of Sanpaolo
IMI SpA into Banca Intesa SpA was concluded on 28 December 2006.
oe the merger, which took legal, accounting and taxation effect from

1° January 2007, Sanpaolo IMI SpA transferred to Banca Intesa SpA, now
Intesa Sanpaolo SpA, assets, liabilities and economic result as of 31
December 2006.

Turin, 29 March 2007

PricewaterhouseCoopers SpA

Lorenzo Pini Prato





passenger bus around!

Mea AS alasncaceaeuien cin aeurielse
Colm UAT OTUNSS nT castomm dae sreUCcaim OceUisLe (LeU O0) UNO) AO Nc] oe
performance, incredible fuel-effiency and all-round utility!
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*CD ae a
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* 1600.cc ana
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ey NVA ats s

ON-THE-SPOT FINANCING





Price includes rustproofing, licensing and inspection to Si ahiday: full tank of fuel,
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QUALITY:

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EAST SHIRLEY STREET ° 322-3775 © 2°°.2979

Visit our showroom at Quality Auto Sales (Freeport) Ltd for sim

or Abaco Motor Mall, Don MacKay Blvd, 367-2914












(Partner)
Consolidated balance sheet —
ParvSection of the ASSETS 3171272005
Explanatory Notes (€smil)
B/Ass/1 10. Cash and cash equivalents 1,107
B/Ass/2 20. Financial assets held for trading 25,037
B/Ass/3 30. Financial assets designated as at fair value 22,528
B/Ass/4 40. Available-for-sale financial assets 29,837
B/Ass/5 50. Financial assets held to maturi 2,535
B/Ass/6 60. Loans to banks 28,836
B/Ass/7 70. Loans to customers 139,507
B/Ass/8 80. Hedging derivatives 435
B/Ass/9 90. __ Fair value changes of generically hedged financial assets (4v-) :
B/Ass/10 100. Equity shareholdings 819
B/Ass/11 110. Technical insurance reserves attributable to reinsurers 29
B B/Ass/12 120. Tangible assets 2,177
B/Ass/13. 130. __— Intangible assets 1,008
of which:
+ goodwill 756
B/Ass/14 140. Tax assets 2,728
a) current 988
b) deferred 1,740
B/Ass/15 150. Non-current assets and discontinued operations 220
B/Ass/16 160, Other assets 6,455
Total assets 263,258
Part/Section of the UABILITIES AND NET SHAREHOLDERS’ EQUITY 31/12/2005
Explanatory Notes (€/mil)
B/Liab/1 10. Due to hanks 35,68
B/Liab/2 20. Due to customers 92,306
Biab/3 30. Securities issued 46,985
B/Liab/4 40. Financial liabilities held for trading 11,342
B/Liab/S SO. Financial liabilities designated as at fair value 25,939
B/liab/6 60. Hedging derivatives : 730
B/Liab/7 70. Fair value changes of generically hedged financial liabilities (+/-) (35)
B/Ass/14- 80. Tax liabilities 860
B/Liab/8 a) current 216
b) deferred 644
B/Liab/9 90. ~ Liabilities on discontinued operations 164
Bfliab/10 100. —_ Other liabilities 10,573
B/liab/11 110. _ Provisions for employee termination indemnities 1,001
B/liab/12 120, "Provisions for risks and charges: 1,882
a) post-retirement benefit obligations 425
b) other provisions 1,457
B/Liab/13. 130. ‘Technical reserves 22,113
B/Liab/14. 140. ~_—“ Valuation reserves 1,286
a) available-for-sale financial assets (+/-) 1,157
b) tangible assets (+) :
c) cash flow hedge (+/-) (18)
d) special revaluation laws 346
e) other (199)
B/liab/14. 150. — Redeernable shares -
B/Liab/1S5 160. — Equity securities :
B/liab/1S 170. Reserves 4,512. 4,298
B/Liab/15 180. Share premium e702 J67- 769
B/liab/1S 190. Capital P5400 | 5,239
Bfliab/15 200. Own shares (-) (92)
B/liab/16 210. Minority interest (4/-) | 253 | 233
Bfiab/15 220. _ Profit (loss) for the year 1,983
Total liabilities and net shareholders’ equity 263,258

Interested persons may obtain a complete copy of the Audited Accounts from SG Hambros Bank
& Trust (Bahamas) Limited, P. O. Box N-7788, West Bay Street, Nassau Bahamas



‘Legendary Past ... Glorious F1 uture!’

Now accepting applications for teachers for September, 2007
for the following areas:

EARLY LEARNING CENTRE (Ages 3-

Classroom Teachers

PRIMARY SCHOOL (Grades 4 — 6}

Classroom, French and Spanish, Physical Education

(including teaching Swimming )

HIGH SCHOOL {Grades 7-12

Chemistry, Biology, Geography, Mathematics, Physical Edt
Counsellor (male), English Language and Literature, Music,

CRITERIA FOR EMPLOYMENT

A minimum ofa Bachelor's Degree from a
recognized university confirmed by a
certified copy of certificate

A post graduate certificate in education or a
teaching certificate confirmed by a certified
copy of certificate

Willingness to support the school’s
Accelerated Programme, including teaching
advanced courses such as Advanced
Placement and Advanced Subsidiary.
Experience in teaching advanced courses is
preferred

Two professional references

Successful applicants will be expected to
make a commitment to work in harmony
with Christian principles and to support the
emphases of the Bahamas Conference of
The Methodist Church of which the
school is a part.

fernale), Guidance.
| ca

QUEEN'S COLLEGE ...

Is the oldest private school in The Bahamas
Ensures a seamless continuity of education |
and a strong sense of community

Offers a rich curriculum

Is staffed by a talented and dedicated teach-
ing staff

Isa place where excellence is respected and
pursued, where teaching ahd learning are
innovative and where caring for others is
intrinsic
Offers a competitive benefits package,
inclucling gratuity, pension, health and
dental insurance, discount on children’s
tuition

Queen’s College was established in Nassau in
1890 by The Methoelist Church and is a
member of The International Association of
Methodist Schools, Colleges and Universi-
ties (LAMSCU)





PAGE 10B, WEDNESDAY, MAY 30, 2007

THE TRIBUNE



ank of the
Bahamas Inter-
national has

appointed

Renee Davis as
senior manager of risk and
compliance.

“We are pleased to
announce the promotion of
Mrs Renee Davis, who has
proven herself as a capable
senior manager,” said manag-
ing director Paul McWeeney.

“More importantly, howev-
er, she has been identified as
the ideal candidate to assume
such a position, which is quick-
ly evolving to be one of the.
more significant within any
robust financial enterprise such
as Bank of the Bahamas Inter-
national.

“She brings strong analyti-
cal skills, an essential quality
for a post which requires keen

B RENEE

instincts needed for the con-
tinuous evaluation, monitor-
ing and mitigation of risks that
may affect the bank’s ability
to achieve its strategic objec-
tives. Renee continues to
exceed our expectations and
we are proud to have her as a
part of our award-winning
team.”
Before joining Bank of the
_ Bahamas International, Mrs
Davis was a senior accountant
at PricewaterhouseCoopers,
where she took part in the
International Tour Programme
in New York.
Mrs Davis then served as
senior manager in the mutual
fund accounting department at

TY










ae

“ine Threads

Mackey St. 393-5684 Thompeon Btyd 320-1464




t



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ints |



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Cardinal International Fund
Services Limited. She earned
an AS in accounting at the Col-
lege of The Bahamas before
obtaining a BS in business
administration and accounting
from Acadia University.

Mrs Davis joined Bank of
The Bahamas International’s
internal audit department in
2005. She was later appointed
chief internal auditor.

She has membership with

both the Bahamas Institute of

Chartered Accountants and
International Institute of Inter- |
nal Auditors. ;

Mrs Davis and her husband
Quinton have twin daughters,
Raven and Regan. —-

FIRSTCARIBBEAN

INTERNATIONAL BANK
GET THERE. TOGETHER,

aa a eee Ge tober aS





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Volume: 103 No.157



i'm jovir’ it...

“di ;
“ii. — CLOUDS & SUN



The Tribu:






|





Dr Thompson says
Parliament appeared to be
for sale to ‘highest bidder’

@ By RUPERT MISSICK Jr
Chief Reporter

IN THE general election it
appeared the Bahamas parlia-
ment was up for sale to the
“highest bidder” as tens of mil-
lions of dollars were spent and
the issues raised by all political
parties fell on deaf ears, presi-
dent of the Bahamas. National
Baptist Missionary Convention
Dr William Thompson said yes-
terday.

Dr Thompson made the
statement yesterday while
addressing the 72nd annual ses-
sion of the Bahamas National
Baptist Missionary and Educa-
tional Convention.

He said the population was
so polarised that the major par-
ties were holding their rallies
on the same night.

“I would have thought that
the democratic thing to do was
to have rallies on different
nights so that the voters would
have an opportunity to hear the
platform of all parties,” he said.

Dr Thompson said the dan-
ger in this kind of polarisation is

that it splits the country because
party politics then becomes an
absolute.

He said there seemed to be a
shift in the electoral process in
the country where it appeared
that the entire campaign was
predicated on leadership.

While he said that he is a
strong believer in the impor-
tance of a good leader, the pub-
lic must be careful that it
ensures the integrity of the sys-
tem.

“Our parliamentary system
dictates that each constituency
is to elect a person to represent
that constituency in House of
Assembly...(the electorate) are
no longer voting for a candi-
date who can help the con-
stituency but they are voting for
the person who represents the
leader that they want. There-
fore most of our constituencies
are not receiving the services
that are needed,” he said.

Dr Thompson said he had
taken note of the political
wounds created as a result of

SEE page nine

Two separate Labour
Day parades likely

@ By KARIN HERIG
Tribune Staff Reporter

FOR the first time in several years there are likely to be two
separate Labour Day parades — reflecting what some believe to
be a “fractured” labour movement in the Bahamas.

As Labour Day draws near, it seems unlikely that the coun-

SEE page nine

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WEDNESDAY, MAY 30, 2007



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@ THIS old abandoned boat is now ready to be removed from the beach at Arawak Cay after
being dismantled over the past month.

m@ By PAUL TURNQUEST
Tribune Staff Reporter

OPPOSITION leader Perry
Christie, in a press statement
released yesterday, detailed the
Progressive Liberal Party’s rea-
sons for taking legal action against
Prime Minister Hubert Ingraham
for his “unconstitutional behav-
iour” regarding the recent

appointments to the Senate.
The former wee minister

(Photo: Felipé Major/Tribune staff)

Christie details PLP reasons for legal
action over Senate appointments

said that Mr Ingraham was
making a mockery of the
Bahamas’ Constitution and its
system of democracy by failing
to appoint “PLP’s™ to the three
remaining senatorial seats.
According to Article 39 of the

Constitution, the make up of

the Senate should reflect that
of the House of Assembly. Uti-
lizing percentages, the FNM
holds 23 seats, or 56 per cent,
and the PLP hold 18 seats, or



roughly 44 per cent.

With this in mind, said Mr
Christie, as the FNM currently
hold nine seats in the Senate,
and the PLP four, the final
three appointments should be
given to the PLP to reflect a
nine to seven balance in the
upper chamber.

“It is important to appreci-
ate, therefore, that in advising

SEE page! nine

No workers will
be laid off in
the Sheraton
take-over of
the Radisson

@ By BRENT DEAN
Tribune Staff Reporter _

SERIOUS labour unrest has
been avoided between the
Bahamas Hotel Worker's
Union and Baha Mar, as exec-
utives of both groups have come
to an understanding that no
workers will be laid off as a part

‘of the Sheraton management

take-over of the Radisson prop-
erty.

In a conference call yester-
day with The Tribune, Robert
Sands, senior vice-president of
government and external affairs
for Baha Mar, and Roy Cole-
brooke, president of the union,
sought to quell the conflict that
arose between the two camps.

On Monday Mr Colebrooke

said that there had’been inade-

quate consultation between
management and the union
regarding a mandatory two-
week training programme for
employees. He expressed fur-
ther fears of job losses for work-
ers and concerns regarding the
movement of some of his meii-
bers around the chain of hotels
— especially in the context of
the upcoming closure of the
Nassau Beach Hotel.

SEE page nine

Three brothers
arrested in connection
with the beating of

Love 97 employee

THREE men have been
arrested in connection with
the brutal beating of a Love 97
employee in Grand Bahama.

Twenty-four-year-old Tino
Rahming reported that he was
beaten and knocked uncon-
scious by the trio last Friday at
around 10.30pm when he was
leaving the parking lot of Can-
dy’s Bar on East Sunrise
Plaza.

Mr Rahming had just com-
pleted a work assignment at
the same location when the
attack occurred.

The three men in custody
are brothers, ages 39, 41 and
44 years of age, of Redwood
Lane and Scarborough Place.
They will be formally charged
in Freeport Magistrate’s Court
at 10 o'clock this morning in
connection with the assault.




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PAGE 2, WEDNESDAY, MAY 30, 2007



= ACP Christopher
McCoy



@ CH Supt Keith Bell

@ CH Supt Bernis
Pinder

Police officers get
transfer orders

@ By BRENT DEAN
Tribune Staff Reporter

THE police have announced sev-
en senior level transfers — the first in
a new wave of restructuring aimed at
bringing the increasing crime rate
in the country under control.

The transfers, which take effect
immediately, were announced yes-
terday at police headquarters by
Chief Superintendent Hulan Han-
na on behalf of the commissioner of
police.

They are as follows:

e Assistant Commissioner Christo-
pher McCoy, has been moved from
the position as officer in charge of
the Southern Bahamas to head the
security and intelligence branch
(SIB) and the central intelligence
bureau.

¢ Chief Superintendent Keith Bell
has been transferred from the intel-
ligence division, to officer in charge
of prosecution and the legal office.
Mr Bell will be charged with imple-
menting reforms in this new post
and his area of control will include
both New Providence and Grand
Bahama.

e Chief Superintendent Bernis
Pinder has been transferred from
the position as officer in charge of
prosecutions to the eastern division.

e Superintendent Christopher
Rahming has been transferred from
the central division, Nassau Street, to
the Eleuthera division as officer in
charge.

e Superintendent Wendal
Deveaux has been transferred from
the Eleuthera division to Grand
Bahama. However, Mr Deveaux will
be leaving the Bahamas shortly to
attend the Bramshill Police College
in the UK.



e Assistant Superintendent Ash-
ton Greenslade, who is the officer
in charge of Cat Island, will too be
leaving to attend Bramshill, and will
be redeployed upon his return.

e Inspector Philip Rolle has been
transferred from his post as officer in
charge of cadets at the police col-
lege, to the Cat Island division.

Mr Hanna noted that further
transfers of senior officers and others
will be announced within days, fuel-
ing speculation that the upper eche-
lon of the force may again be subject
to changes.

Mr Hanna added that the objec-
tive of the commissioner in restruc-
turing the force is to ensure that
there are as many police officers as
possible on the streets and working
at police stations.

During the last round of restruc-
turing in late March, there was pub-
lic controversy surrounding the
move of then Assistant Commis-
sioner of Crime Reginald Ferguson,
out of the crime portfolio, to head
the police college.

Some had alleged that the move
was politically motivated by the then
PLP government.

This allegation was strongly
denied by the former minister of
national security Cynthia Pratt, who
said that shuffles occur to give more
experience to officers and to
improve the force, maintaining that
partisan affiliation had nothing to
do with the changes.

Mr Hanna maintained that this
wave a transfers are not related to
the change of government. Rather,
these changes, he said, are an effort
to increase and expand the service
given by the force to the nation.

Of the moves announced yester-
day, none were promotions.

THE TRIBUNE

LOCAL NEWS



M@ SUPT Christopher
Rahming



SUPT Wendell
Deveaux



ASP Ashton
Greenslade



INSPECTOR
Philip Rolle

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NASSAU - 322-9183-7 ¢ FREEPORT -352-2030-6
FAMILY ISLANDS - 1-242-300-1997,

www.btcbahamas.com
THE TRIBUNE

WEDNESDAY, MAY 30, 2007, PAGE 3





Two men
charged with:
attempted
murder

TWO men were arraigned
in Magistrate’s Court yester-
day charged with three counts
of attempted murder.

John Tellus, 27, of Minnie
Street along with Edroy Bur-
rows, 30, of Podoleo Street
were arraigned yesterday in
Court 11 on Nassau Street
before Magistrate Susan
Sylvester.

It was alleged that the
accused, being concerned
together, attempted to cause
the deaths of Roslen Moxey,
Jamal Rolle and Devroy
Ryan Bonaby on Sunday,
April 8.

The accused have also been
charged with stealing. It was
alleged that between Friday,
April 6 and Sunday, April 8,
the two stole a 1995 white
Nissan Sentra valued at
$3,500 the property of Kirk-
lyn Wilson.

The men were not required
to enter a plea to the charges
and were remanded until
Thursday as prosecutors seek
to determine whether the
men have any previous con-
victions.

Man jailed
for stealing
property
from church

A 32-year-old man pleaded
guilty to breaking into a
church yesterday as well as
stealing.

It was alleged that between
Thursday, May 24 and Fri-
day, May 25, Darren Fowler
broke and entered Living
Waters Church of God on
Marshall Road.

There, it is alleged, he stole
a 19 inch colour television
valued at $200.

Fowler has also been
charged with receiving the item.

He was arraigned at court
five in Bank Lane and plead-

ed guilty to the shopbreaking 4

and stealing charges.
. He was sentenced to two
years in prison on the break-
in charge and one year in jail
on the stealing charge.

The sentences are to run
concurrently.

Man faces
charge of
firearm
possession

A 25-year-old man of
Shrimp Road was arraigned
in Magistrate’s Court yester-
day on a weapons charge.

It was alleged that on Sun-
day, May 20, Stephen Stubbs

had in his possession a hand-

gun with the intent to endan-
ger the life of David Metellus.

Stubbs was not required to
enter a plea to the charge and
was granted bail in the sum of
$4,000.

The matter was adjourned
_ to September 18.

Share
your
nevs

Call us on 322-1986 and
share your story.







Cre ole)

FOLLOWING © several
break-outs by the residents of
the Willie Mae Pratt Centre for
Girls in recent weeks, the Min-
istry of Health and Social
Development is now assuring
the public that security mea
sures will be upgraded and that
the juvenile rehabilitation facil-
ity will soon be renovated.

In a statement issued yester-
day, the ministry also refuted
all claims of “wholesale abuse~
of staff members by the centre's
residents.

This comes after a stalf mem-
ber at the Willie Mae Pratt Cen-
tre claimed that employees
were being threatened and in
some instances even abused by
residents.

Speaking on a radio talk
show. the staff member also
alleged that a massive break-
out was being planned by some
of the residents for next month.

The ministry yesterday said
that (was unfortunate that the
staff member chose the medi-
uny of radio to divulge informa-
tion about a purported break-
out instead of bringing it to the
attention of the proper author-
ities.

While the ministry acknowl-
edged that there have been
some confrontations between
residents and staff, it said that

the majority of staff members.

never experienced any physical
controntation with the residents.
“From time to time there are

some residents who are disrup-
tive and even some who have
mental health challenges who
require management above that
which is normally provided,”
the ministry said.

The ministry added that
many potentially “unpleasant
situations” were diffused by
“quick, sensitive and profes-
sional behaviour by staff mem-
bers.”

The ministry further said that
it recognises that the behaviour
of some of the centre’s residents
is a reflection of the failures of
Bahamian society.

“If there is to be any change
in this regard, the means must
be found to address these (fail-
ures). The ministry will contin-

Pastor calls for the FNM

to keep

@ By RUPERT MISSICK Jr
Chief Reporter
REVEREND William

Thompson yesterday pleaded

with the government not to

abandon the national health
insurance plan.

Rev Thompson was address-
ing the 72nd Annual Session of
the Bahamas National Baptist
Missionary and Educational
Convention, of which he is pres-
ident, and commended prime
minister Ingraham for making
the announcement that the goy-
ernment is presently considering

aiding with the purchase of

medication for those who are
chronically ill.

“T take this opportunity on
behalf of the indigenous peo-
ple throughout the Bahamas



to plead with the government,

not to abandon national
health insurance a pro-
gramme, whose time has
come, even if adjustments
must be made to comply with
this government’s philoso-
phy.” Rev Thompson said.

He said because of the esca-
lating cost of health insurance,
many Bahamians are living with
sickness, diseases and the dis-
comfort that comes from these
maladies — all because they can-
not afford the cost of good
health insurance.

The FNM has said that the
greatest health care need in
society today relates to health
insurance coverage to assist
with catastrophic illnesses such
as cancer, heart disease, diseases
affecting major organs, trauma

HI scheme

{rom serious accidents, violence,
and serious congenital birth
defects — for which the cost of
good medical health care is pro-
hibitive.

There have been calls for the
government to convene a meet-
ing with all stakeholders, the
privately insured, the uninsured,
professionals in the private and
the public medical sectors so as
to achieve a consensus on the
best and most effective means
of providing health insurance
for all.

In the office, the FNM has
promised to raise the NIB con-
tributory ceiling, cause an
increase in NIB benefits to wid-
ows and orphans and substan-
tially increased the non-con-
tributory insurance benefits to
old-age pensioners.

Festival to celebrate life
of Ernest Hemingway

PORTLY white-bearded
men with strong forearms are
to get together in July to honour
Bimini’s most famous resident.

Literary giant Ernest Hem-
ingway, who lived on the
Bahamas isle during the 1930s,
will be the talk of Key West
between July 17-22 when the
Florida community celebrates
its annual Hemingway Days fes-
tival.

A Hemingway lookalike
competition is always a major
feature of the event. Heavily-
built men with white beards
congregate from all over the US
to take part.

One element of the event is
an arm-wrestling contest when
‘Papa’ clones will put their phys-
ical strength to the test.

The celebration will also [ea-
ture readings from Heming-
way’s works by internationally
known authors.

Hemingway, who committed
suicide in 1961, was a popular
Bimini resident during the pre-
war years. He liked big game
fishing in Bahamas watcrs and
was a frequent drinker at a local
bar.

His younger brother, Leices-
ter, who also took his own life,
was a Bimini resident during
the 1960s.

MAIN SECTION

Local NOWS ..ssscssessrs--nP1,2,8,
Editorial/Letters. ........ceccceee

Local Sports...cscoscnecressesnecencnes

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ue its efforts to upgrade the cen-
tre’s resources to meet the man-
date of rehabilitation, recognis-
ing that there are no easy solu-
tions to the problems arising,”
the ministry said.

Escapes

Seven girls escaped from the
centre on May 6 and three on
May 19. The residents were all
apprehended by the police with-
in hours of their escape.

One resident, who escaped
on May 14, remained at large
until her apprehension by police
on May 24.

The ministry stated yesterday
that there are several security

@ REV William Thompson



Established in 1956 by an old Bahamian family

-BayParl Bldg. - Parliament St.
Telephone: 322-8393 or 328-7157

measures in place at the centre.

The facility’s staff comple-
ment includes a number of secu-
rity assistants and guards, and a
private security firm has been
employed to supplement the
services provided by the staff,
the ministry said.

Additionally, the ministry
explained, the centre has a secu-
rity monitoring system with
cameras placed at strategic loca-
tions and the exterior lighting
on the compound has been
upgraded.

“Obviously the recent
abscondments indicate that
there are gaps in the security
measures which need to be
identified and addressed,” the
ministry conceded.






e-mail: www.colesofnassau.com ¢ P.O. Box N-121



S

|

\ (105



+ yyppuyuiatiusestid


PAGE 4, WEDNESDAY, MAY 30, 2007




The Tribune Limited

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



LEON F&F. H. DUPUCH, Publisher/Editor 1903-1914



SIR ETIENNE DUPUCH, Kt, O.B.E., K.M., K.C.S.G.,
(Hon.) LL.D., D.Litt.



Publisher/Editor 1919-1972
Contributing Editor 1972-199]



LILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B.
Publisher/Editor 1972-



Published Daily Monday to Saturday



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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352
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Nassau Fax: - (242) 328-2398

PLP last group who should complain

NO PERSON SHOULD be victimised for
his or her political views. However, when one
looks at history, even recent history, the PLP is
the last group that should complain about vic-
timisation — after all it was the PLP, under the
leadership of the late Sir Lynden Pindling, which
transformed the evil practice into an art form.

To read The Tribune files for those years
would bring a tear to the eye of the hardest
cynic. The PLP victimised as though it was their
sacred duty to punish those who disagreed with
them. As one of the “all for me baby” crowd
said during that administration: “To the victor
go the spoils.” And when it came to the spoils,
they were a greedy bunch. ;

Therefore, for those who believe in retribu-

* tion, the opposition party is now reaping what
for many years it has sown — in other words a
very bitter harvest.

It was noted that even this column last week
reported at least three attempts by FNM civil
servants to victimise their PLP colleagues. But
what readers who commented on those inci-
dents chose to ignore was how those attempts
were handled — in one instance by a newly
appointed FNM minister, and in the other by'a
head of department.

It is obvious that angry FNMs were trying to
wreak vengeance on their political opponents
after suffering for so many years under the PLP
yoke. However, Prime Minister Hubert Ingra-
ham had made it clear that such behaviour
would not be tolerated on his watch. Opposition
leader Perry Christie said the same when he
became prime minister in 2002. But, one only
has to go back to September 2002 and recall the
firing of six FNM employees at BAIC and how
it was clumsily handled by a PLP MP, and com-
pare it with how a newly appointed FNM Min-
ister treated a list of PLP names given to him for
firing by an FNM civil servant, to realise that the
words of one prime minister were taken seri-
ously, while the words of the other were
ignored,

Despite Mr Christie’s public statement of
his position on victimisation, only four months

after coming to power, six FNM employees
were fired at BAIC under a PLP MP. The
action embroiled his PLP minister, and even-
tually prime minister Christie himself. It was
the first scandal of the Christie government.
In the recent case of the FNM minister, the
matter was handled so decisively that the pub-
lic would have been none the wiser if it had
not been reported in this column. “I have not
come here for this,” said the Minister as he
crumpled the paper with the list of names of
those to be fired and consigned it to the waste-
basket. End of the matter. However, the BAIC
fiasco, which. had started in September, 2002
with the staff firings, allegedly for political rea-
sons, was still being reported the following year.



By then many other personalities had been
drawn into the web of intrigue.

These two instances again illustrate the sharp
difference in the management skills of the two
party leaders.

It was also ironic that in yesterday’s Tribune,
which reported the PLP’s fears of victimisation
under the Ingraham government, to read on
the front page of the same edition about the
long arm of PLP victimisation stretching from a
defeated government into the administration
of a new government in an attempt to curb the
free speech of a Tribune columnist. We do not
believe that this matter will end here. So far
our investigations point to the order coming
from the Department of Public Personnel, which
is under the Ministry of Public Service. The
question now is when was this order given and
by whom. The letter warning Adrian Gibson —
a teacher at SC McPherson Junior High School
— about continuing his weekly column in The
Tribune was dated May 21, 2007, 19 days after
the Christie government had been voted from
office. It was a letter about which the Ingra-
ham government knew nothing.

’ And the PLP dare talk about victimisation!

The PLP also complain that the election was
snatched from them by persons voting at the
wrong polling divisions. If that is true then they
only have their own leader and the Boundaries
Commission to blame. It is surprising that the
election was conducted so smoothly when up to
the last minute it was clouded in confusion —
confusion created by the dithering of their own
leaders.

Also they have much to answer for on elec-
tion day. For example, the public wants an
answer about the printing of 41,000 “sample”
ballots so near an election that they could not
have been much help in so-called training pro-
grammes.

Also an answer must be given as to why at
least 1,000 of these ballots were taken into the
area of the Mount Moriah polling division on
election day. Also did the stray ballots, found at
other polling stations, come from this “sample”
printing?

The PLP are making loud noises about what
went wrong in an election that they claim was
snatched from them. If they would tone down
their hysterical cries, and spend a quiet moment
with their memories, they would realise that
this election was planned and engineered by
their own leaders. If anyone was attempting to
snatch anything, the PLP were the ones with the
instruments of power to prevent it. The fact
that they failed, means that they snatched the
election from themselves. ©

If they were wise they would go home quiet-

ly, accept their defeat and try to contribute to -

the building of this nation, which is the duty:of
every loyal citizen.





FULLTIME KEYBOARDIST

Applicant must have:

°a minimum of 8 years experience

¢ worked with church choir and praise team
° serious applicant only, need to apply

Resume may sent to: P.O.Box SB 50076, Nassau, Bahamas







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EDITORIAL/LETTERS TO THE EDITOR

We need to

THE TRIBUNE





know NHI will
be effective

EDITOR, The Tribune.

ONCE in-five-years (usu-
ally) we the electorate have
the chance to retire those
politicians who have not
served their constituents or
our country well, and replace
them with others who per-
haps will. The electorate has
now replaced the Christie
administration, whose per-
formance was under-whelm-
ing at best, with the Ingra-
ham administration, which
promises to do a lot better.

The new government is
likely to bring into effect a
National Health Insurance
scheme. Certainly provision
needs to be made for criti-
cal/emergency and long term
care. We will all pay for this
by payroll deduction. But we
need to know that it will be
effective.

Mr Stanley Lalta on behalf
of this government, has
assured us, that it will be
quality health care, with
accountability. Let’s look at
the government record on
accountability in the health
care sector, just briefly, since
it is indeed a brief record.

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

Is that matter resolved by
the generous donation of
dialysis units from the pri-
vate sector?

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

The Hospital and Health
Care Facilities Act requires
the Board to investigate
complaints, to ensure that
the private hospitals meet
the standard of “appropriate
care”, in the public interest.
The Minister of Health
directed the Chairman to do
an investigation into that
complaint three years ago.
But the AG’s office (under
the previous administration)
has given other directions.

Why is the Attorney Gen-
eral’s office apparently advis-
ing the Board not to investi-
gate a documented com-
plaint of fatally inappropri-
ate care? Why is it interfer-
ing in the proper function-

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SAMUDA DAVIS OF MCLEAN’S TOWN, P.O. BOX F-3526,
FREEPORT, GRAND BAHAMA, BAHAMAS, is applying to

the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and

| that any person who knows any reason why registration/
‘ naturalization should not be granted, should send a written and
signed statement of the facts within twenty-eight days from the
23RD day of May, 2007 to the Minister responsible for Nationality

and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

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' ing of a statutory board?

An impartial investigation
could produce recommenda-
tions that would save other
lives. Is this not the purpose
of the Board? If the Board
does not investigate serious
complaints, then the facili-
ties it licenses are in fact
unregulated. Why are the
Board members paid a
salary?

In whose interest is the
Attorney General’s office
acting? Certainly not in the
interest of members of the
public whose lives may be a
risk.

Is this a case where the pri-
vate interest in not being
investigated, in the minds of
those in power, outweighs
the public right to an inves-
tigation?

So then, where is the qual-
ity assurance and account-
ability Government promises
to deliver with the National
Health Insurance Scheme?
If the current regulatory
regime for accountability is
not functioning, will a new
regime function?

Only when those respon-
sible are prepared to do what
they must. This requires
some courage, and knowl-
edge of their duty to the pub-
lic. Great politicians used to
know, that greatness is not
made by holding the largest
rally, but by achievements
that win a home in the hearts
and minds of the men and
women they claim to serve.

We look forward to those
achievements.

BAHAMAS
PATIENTS
ALLIANCE
Nassau,

May 21, 200.

Campaign contributions

EDITOR, The Tribune.

I READ with much interest the article by Mr Paco Nunez,
News Editor, in today’s Tribune (24 May, 2007).

As nearly everyone knows, the 2002 General Elections were
the worst for campaign contributions in this country by so-
called donors. It was the one of the main causes for that lopsided
result and the FNM loss. One foreign donor allegedly said that
he donated millions to a political party. Other funds were said
to be from allegedly unsavoury characters.

At that time it was said that there were lots of money around.
My question is why was not anything said by the Church lead-
ers about that flagrant abuse of campaign funding? The reason
is probably because of the political party concerned. While
some of us asked, and were promised an accounting, none ever
came. Mr Nunez perhaps you could see what you can uncover.

In the 2007 Elections, there was nothing wrong about Bahami-
ans spending their own money as they saw fit, and they should
not have to account to anybody. Donations are always being
solicited by the many churches, other organisations, universities,
colleges at home and abroad. This is legitimate spending by legit-
imate citizens. The churches themselves solicit government

grants for their schools.

Political organisations need funds for television, radio and
newspaper advertisements to get their message out to These cost money just as other organisations require f.ads.
Hence, fund raising is a necessity. Even the Parliam:. ry
Registration Department used TV, radio and newspaper au 2:-
tisements to get people to register. That promotion must have

used our money.

So why not political organisations? The exception is the pub-
lic radio broadcasts which must not be used for political biases
as was evident during the weeks leading up to the elections.

SHIRLEA RESIDENT
Nassau,
May 24, 2007.

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THE TRIBUNE

WEDNESDAY, MAY 30, 2007, PAGE 5



Man admits
to stealing
from his
workplace

A 24-year-old Hanna Road
man was sentenced to six
months in prison yesterday after
pleading guilty to stealing by
reason of employment.

Javardo Cooper was
arraigned in court on five Bank
Lane yesterday.

According to court dockets,
on Sunday May 20, he stole
$2,496 from Porky’s Service Sta-
tion on East Street South.

Interns
needed at
Nassau Art
Gallery

THREE talented, hard-work-
ing summer interns with a love
of the arts are wanted by the
National Art Gallery in Nassau.

The interns can be recent
high school graduates, college
students or adults interested in
a related career.

An honorarium of $125 to
$150 per week will be paid to
high school graduates, with $150
to $200 per week for college
students and adults.

The internships are intended
for those seeking careers in
museum studies, art history,
conservation, art education or
arts administration.

The eight to ten-week place-
ments begin in the week of June

° More information is avail-

able from the gallery director
at emjames@nagb.org.bs

Marriage

Keepers plan 2

event this
weekend

The Marriage Keepers are

holding a three day marriage

symposium.
The symposium, which will

be held in the Super Clubs
Breezes Ball Room, will take
place from May 31 to June 2.

The schedule is as follows:

e Thursday: 7.30pm to
10.30pm.

e. Friday: 9am to noon /
1.30pm to 3.30pm / 7.30pm to
10.30pm

e Saturday: from 8.30pm until

A non profit organisation and
ministry, the Marriage Keepers
aims to create an atmosphere
in which persons from all areas
of life can receive pre-marital
and marriage counselling.

The three day programme —
the theme of which is “Loving
your love through the seasons”
—is geared towards marriage
development and will include
spiritual advice on building and
restoring relationships.

acy

For the stories behind
WCRI LI
on Mondays

ihe Eh ale

WEDNESDAY,

MAY 30TH

6:30amCommunity Pg 1540AM
Bahamas @ Sunrise
Community Pg 1540AM
ZNS News Update
Legends: James Catalyn
One Cubed

Turning Point

Paul Lewis

Don Stewart

Video Gospel

Fast Forward

ZNS News Update

The Fun Farm

This Week In The Bahamas
News Night 13

The Bahamas Tonight
Kerzner Today

Eye On Health

Bahamas Business
Outlook: Predictions 2007
Caribbean Passport
Caribbean Newsline
News Night 13

The Bahamas Tonight
Late Night Movie:

“Fall Into Darkness”
1:00amCommunity Pg 1540AM

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

10:00
11:00
11:30
12m/n

denies claims of

employment made at rally

@ By ALISON LOWE
Tribune Staff Reporter

JOHNLEY Ferguson said
the FNM may indeed have
brought 300 people onto the
public payroll in the run-up to
the 2002 election — as claimed
by the PLP —- but added that
this is unlikely.

“It couldn't have been that
the government hired 300 peo-
ple and the opposition didn't
see fit to question anything or
ask anything — that's not the
spirit of the PLP,” Mr Fergu-
son said.

Mr Ferguson — also a sena-
tor — was responding to a
claim made by opposition
leader Perry Christie and Bain
and Grants Town MP
Bernard Nottage on Saturday
at a PLP “thank you” rally,
that the FNM employed the

‘individuals on three month

contracts
election”.

“over the (2002)

When questioned on the
matter, Mr Ferguson said that
in 2002 the FNM did not send a
signal that they were trying to
bribe voters or give jobs for
votes — in contrast to the PLP
in 2007.

However, asked whether he
could say for certain that hun-
dreds of people were not hired
shortly before the election, Mr
Ferguson was unable to give a
definite answer, stating: "I
would not answer that nega-
tive or positively, I would sim-
ply say though that if that had
happened even the PLP would
have screamed at that activity
but at no time did they ques-
tion the hiring of the FNM
nearing election."

The issue was raised at Sat-
urday's event in an attempt to
illustrate the PLP's rallying cry
that an atmosphere of victimi-

sation has been ushered in -

under the new FNM govern-
ment, with Prime Minister

li JOHNLEY Ferguson

Hubert Ingraham leading the
way. .

Mr Christie said: "We saw
that Tommy and the FNM had
hired some 300 persons, we
found that they were hired only
for a period of three months, to



get them through the elections,
you know what we did? We
didn’t let them go, we decided
as a new PLP government to
hire them permanently, to put
them to work permanently.
"But they don’t do that, peo-
ple who were hired they want
to send home," said Mr
Christie, referring to unskilled
individuals hired brought into
the public service under the
premise that they would be
trained on the job as part of
the "Operation Second
Chance" programme initiated
by the former government.
Yesterday, Mr Ferguson
denied that Mr Ingraham has
thus far indicated any inten-
tion to fire these individuals.
"He has not taken any posi-
tion on those people at this
time," said Ferguson.
During the rally, PLPs
including Dr Nottage and
Allyson Maynard Gibson sug-
gested that 100 persons from

Operation Second Chance
were to be "victimised" by the
FNM government, despite
their being "lawfully"
employed and provisions hav-
ing been made for them in the
budget.

Mr Ferguson said it is untrue
that these people, who are now
"scattered across the system,"
have been told they cannot
remain in their jobs.

He said that although the
FNM government disagrees
with the premise of bringing
on unskilled workers and train-
ing them once on the job, the
government is reviewing the
situation.

"You have to review that
process, look at who can stay
where they are, who may need
to go into your training pro-
gramme... you work it back-
wards now," he said, adding
that “each department must
now assist them as best they

Police accused of extorting money from immigrants

" Mf By ALISON LOWE

Tribune Staff Reporter

AN activist has condemned
what he described as a long-
standing practice by certain
police and immigration officers
of extorting funds from illegal
immigrants in return for their
"protection."

Lucien Emmanuel, a
Bahamian citizen born to Hait-
ian parents who has close con-
nections to the Haitian com-
munity, has called for an end to
the corrupt practice — which
he claims many illegal immi-
grants, Haitian, Jamaican, and

others, believe wouldn’t be so
widespread if it weren’t
endorsed by some in govern-
ment.

The activist has also con-
demned the officers for "selling
the birthright" of the Bahamas
by choosing to turn a blind eye
to illegal immigration if the
price is right.

“It's a practice that's been
going on for years now. They'll
extort funds from them. They'll
go into this neighbourhood and
it is almost like a tax they'll
extract from them.

“(The immigrants) are pay-
ing these funds out of fear and

these unscrupulous officers are
taking advantage of them and
their misfortune," said Mr
Emmanuel. He said illegal
immigrants are seen as easy
targets as they have no alter-
native but to pay.

These claims come a week
after Immigration Director
Vernon Burrows suggested
Bahamians are the ones "who
are contributing to illegal immi-
gration more than any other
single factor" by creating
“opportunities” for prospec-
tive immigrants.

Mr Emmanuel said he has
personally observed “negotia-

tions” over “protection” funds
taking place between police
and immigration officers and
illegal immigrants in plain view.

‘Taxes’

A close relative of his was
recently compelled to pay $300
to an officer in return for not
being removed to the deten-

, tion centre, he said.

However, “taxes” - often col-
lected on Fridays, known by
officers to be pay day for many
immigrants, and Sundays, can
be even higher, he said.

Mr Emmanuel said that the
priorities of preserving the sov-
ereignty of the Bahamas must
be enforced, in conjunction
with ensuring that the most
vulnerable inhabitants of
Bahamian society are not
abused by those with authority.

A call to the police corrup-
tion and complaints unit
revealed that the unit is aware
of the problem and has been
“trying to deal with it for
years”, Mr Emmanuel said.

Attempts by The Tribune to
contact the unit, and Mr Bur-
rows, for further comment up to
press time were not successful.

Customer voices frustration | Man collapses in | market

at Royal Bank of Canada’s
policy on damaged US bills

@ By ASHLEY THOMPSON

AN angry customer is hit-
ting out at the Royal Bank
of Canada for refusing to
explain their policy on dam-
aged US bills in writing.

Eric Wong of A Wong and
Sons Grocery, says that three
weeks ago, he tried to deposit
an American one dollar bill
with a piece of tape on it at
the main branch of RBC.

He claims the bank refused
to accept the bill and that he
was told that they do not
accept US money that is
taped, torn, or in any way
mutilated.

Mr Wong said he then went
to the head office and asked if
he could see this policy in
writing. He claims that no one
at this office was willing to sat-

Bank
Financing
Available

on the

isfy this request.

Despite speaking with vari-
ous employees, Mr Wong said
received no explanation other
than that this “their rule”.

For the past three weeks,
Mr Wong has waited for a
response from the Royal
Bank of Canada on the rule.
He still has not received one
and believes that since the
bank was never challenged
on this matter before, they
were unprepared to give any
answers when a member

of the general public
approached them about the
policy.

Since learning about the
way the bank deals with US
money, Mr Wong has stopped
accepting American bills with
marks or tears — whether they
come from his customers or

institutions that he does busi-
ness with.

Some have been upset by
his actions, he claims, main-
taining that the problem is
created when “you don’t
know what to do with it (the
money), because you can’t put
it back in the bank”.

Damaged US money is
commonly circulated through-
out Nassau. It is not uncom-
mon to receive or give a bill
that has a small tear or a piece
of tape on it. ,

Mr Wong noted that the
general public will continue
to circulate the money as long
as there is no written policy
that informs them of their
bank’s stance on the issue.

When the Royal Bank of
Canada was contacted, no one
was available to comment.

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PAGE 6, WEDNESDAY, MAY 30, 2007

THE TRIBUNE



Commissioner
warns of a new
breed of criminal

REGIONAL law enforce-
ment officers face a new chal-
lenge from criminals who use
the “global village” to their
advantage, police commissioner
Paul Farquharson said.

Speaking at the Association
of Caribbean Commissioners of
Police’s (ACCP) 22nd annual
general meeting, he warned that
criminals are now collaborating
to ensure that their illegal activ-
ities are successful.

“Unfortunately, in some
instances, their collaborative
efforts have allowed for the
swift movement of notorious
activities and their associated
proceeds to go beyond interna-
tional boundaries,” Commis-
sioner Farquharson said.

“In response to this, commis-
sioners of the ACCP have
embraced the challenges of not
only policing this region, but
beyond and as a result, this
year’s conference has tran-
scended all previous boundaries.

“It is our view that wherever

Hi COMMISSIONER of Police Paul Farquharson shares a



moment with Prime Minister Hubert Ingraham during the offi-

cial opening ceremonies.

we can find those institutions
and persons that can help in our
common goal, we will establish
linkages and take full advan-
tage of their assistance,” Com-
missioner Farquharson said.

Commissioner Farquharson,
who is currently serving as pres-
ident of the ACCP, reminded
regional and international law
enforcement officials that they
have a fundamental responsi-

@ COMMISSIONER of Police Paul Farquharson, president of the Association of Caribbean







Commissioners of Police (ACCP), addressing the 22nd annual general meeting and Conference of
the ACCP held at the Wyndham Resort.

bility to ensure the safety and
security of the citizens of — and
visitors to — their various
nations.

Speaking on Thursday, he
said the partnering of the
ACCP with its counterparts in
other countries is a very impor-
tant aspect in their efforts to
combat the many criminal activ-
ities occurring within the region
and by extension, the world.

“Our countries share similar
experiences and social problems
that tend to hinder the growth
and development of our small
island-nations,” the commis-

sioner said. “We have
learnt from, past experiences
and have concluded that inter-
agency co-operation and dia-
logue are essential in maintain-
ing effective security.”

Commissioner Farquharson
said it was his hope that dele-
gates attending the conference
and annual general meeting
would discover and implement
more effective means to safe-
guard the future well-being of
the various countries repre-
sented.

“What may work for one
agency may not work for anoth-
er,” he said. “Notwithstanding,
the challenge is for commis-

(Photo: BIS/Patrick Hanna)

Commissioner Farquharson
said no one country has all of
the answers and that it is there-
fore imperative that they talk
to each other as much as possi-
ble and share at all appropriate
levels in order to offset their
common enemy - crime.

“Similarly, as you are aware,
there are a number of demands
being made on national bud-
gets. What this means is that we
will all be required to do more
with less, so we need not rein-
vent the wheel, but simply
improve the template that exists
and see the rewards of our indi-
vidual and collective efforts,”
Commissioner Farquharson
added.

Hutler’s Funeral Homes & Crematorium

Telephone: 393-2822, York & Ernest Sts.
P.O. Box N-712, Nassau, Bahamas





FUNERAL ANNOUNCEMENTS



MR. DENIS PAUL
LEDARD, 58

of Resolute Road, Lyford Cay and formerly of
Rouen, France will be held on Thursday, May
31st, 2007 at 11:00 a.m. at Mt. Horeb Baptist
Church, Sandyport. Officiating will be Rev. Dr.
Lloyd Smith. Interment will follow in Lakeview
Memorial Gardens and Mausoleums, John F.
Kennedy Drive.














|) He is survived by his Wife Maddie; Two (2) Sons:
Lorenzo and Yannick; One (1) Daughter: Shakara
Ledard; Two (2) Grandchildren: Alex and Molan;
Two (2) Brothers: Luc and Alain Ledard; Two (2) Sisters: Jannie Ledard and
Monique Desfrieches; Nieces and Nephews: Arno, Siwany, Armelle, Sophie,
Pierre, Olivia and Emilie, Sharon, Prisca, Michele, Denise Francis, Debbie Hall,
Ronette, Thelanese, Joanne, Tameka, Illisia “Kiki”, Phylia, Anysh, Idanya, Dayna
and Nadia Clark, Anton, Vance, Kyle, Dane Johnson, Gary, Michael, Larry, Allan,
Sidney Francis, Rodney Jr. and Ron Johnson; Four (4) Brothers-in-law: King
Errisson, Rodney Johnson, Gerone Clark and Henry Shivers; Five (5) Sisters-in-
law: Aris Francis, Agnes Errisson, Joanne Johnson, Pastor Luisa Clark and Stephanie
Shivers; Aunts and uncles: Edward Johnson, Cecil and Leroy Brice, Inez Ferguson,
Madeline George, Gwendolyn, Petrona and Curlina Cox; A host of other relatives
and friends including: Curtis Martin, Henry Brice & family, Police Superintendent
Nigel Clarke & family, Buena Sright, Galen and Ava Saunders, Ruben and Rachel
Fox and the entire staff of EWE Co., Ltd. Joe and Jane Lewis of Lyford Cay, Tony
Driver, Jacque and Jacquelyn Mazr, Cheryl and Paul Andy Gomez, Pepper Johnson,
Joyanne Archer & family, the Serette family, Sean and Bridgette Serrette, Spethen
and Bassie Serrette, Willie Wong, Denise Carey & family, Campbell Cleare,
Valentine Grimes & family, Jonathan Simms, Captain Kirk Carey & family, Dr.
Anthony Davis & family, Dr. Dean T., Dr. Carlos Thomas and Loretta, Dr. Nigel
Lewis, Dr. Ren-xun, Dr. Tony Carey, Dr. Clive Gaskins, Franklyn and Sharon
Wilson, Hon. Perry and Bernadette Christie, Tony “New York” Lela, Leonardo
and the entire Dean family, Dr. Vantoorem, Dr. Michael Ingraham, Judge Marilyn
Meres, Bookie and Inez Johnson, D’Anne Barrett, Dorinda Spahr, Albert Dayon,
Claude Harroch, Alain Forciinni, Nanou Cohen, Sammy and Donna Omary, Robert
and Nellie Cohen & family, Emilie and Bridget Amzalag & family, Tina Berdenis
& family, Ingrid “Shelly” Forbes, Brendon Foulkes, Jill and George Diamianos,
Harvey Keleecome (Belgium Consulate) and Dominic, Thierry Bouef (Bahamas
French Consulate) & family, Tony Miaoulis & family, Nick and Charlie Klonaris,
Quentin Porter, Sara and Jason Calendar, the entire staff of Tempo Paris, Bay
Street and the Mall at Marathon, Polo Shop, Bay Street, Yanshak Investments,
Caribbean Color Ltd., Polo Jean Company, the entire staff of Bay Street Merchant
family, Executive Team of Mr. Antonio Hanna and Deo Dano Clarke and many
others too numerous to mention.


































Viewing will be at the Chapel of Butlers’ Funeral Homes and Crematorium, Ernest
and York Streets on Wednesday from 2:00 p.m. until 5:00 p.m. and at the church
on Thursday from 10:00 a.m. until service time.






sioners to work together for the





4 ORS os
H LOCAL law enforcement officers and recruits at the official
opening ceremonies of the Association of Caribbean Commis-
sioners of Police 22nd Annual General Meeting and Conference
at the Wyndham Nassau Resort on Thursday, May 24



gh

i COMMISSIONER of Police Paul Farquharson, President
of the Association of Caribbean Commissioners of Police.
greets Joseph Carter, Chief of Police, Massachusetts Bay
Transportation Authority and President of International
Association of Chiefs of Police





Roe

B@ PRIME MINISTER Hubert Ingraham delivers the keyno
address at the official opening



te





ae <
Lf A BR gy A 9
OD iy te ™ «

B SCORES of law enforcement officers and recruits attend the :

official opening ceremonies

(Photo: BIS/Raymond Bethel)
THE TRIBUNE

WEDNESDAY, MAY 30, 2007, PAGE 7





US delegation
exploring
agricultural
trade in Cuba

m@ HAVANA

FIVE US lawmakers made
an unannounced visit to Havana
on Monday to explore agricul-
tural trade opportunities at a
gathering officials hope will lead
to contracts to sell up to US$150
million in American goods to
Cuba.

The US delegation headed by
Connecticut Democrat Rosa De
Lauro plans to meet with at
least one top Cuban official
before returning to the United
States, said Sarah Stephens,
director of the Washington-
based Center for Democracy in
the Americas, which opposes
the US embargo toward Cuba
and helped organise the trip.

“We are a diverse group geo-
graphically and in our politics
toward Cuba,” DeLauro said.
“But we view this as an oppor-
tunity to learn, to create dia-
logue about issues of mutual
concern.”

Also in Cuba were Democ-
ratic Reps Marion Berry of
Arkansas and Bob Etheridge
of North Carolina, as well as
Republican lawmakers Rodney
Alexander of Louisiana and
Jack Kingston of Georgia. All
were making their first trips to
the island, except Berry who
was here in 2000.

DeLauro, Berry and
Etheridge have all supported
legislation to ease US trade
restrictions toward Cuba in the
past, while Kingston has sup-
ported the embargo.

The lawmakers said agricul-
ture trade opportunities were a
key reason they came and their
visit coincided with a trade fair
on the communist-run island °
bringing together 114 food and
agricultural companies from 22
US states.

Cuba to renew
medical aid
commitment
to neighbours

@ GUYANA
Georgetown

CUBA will sign an agree-
ment renewing medical assis-
tance to its island neighbors at a
meeting Tuesday with foreign
ministers from the 15-nation
Caribbean Community, a gov-
ernment official said, according
to Associated Press.

The one-day gathering in St
Vincent will touch on topics
including energy security, but
officials say cooperation in the
health sector will dominate
talks.

The Cuban charge d’affaires
in Guyana, Pedro Arteaga, said
Monday that the agreement will
formalise a commitment to
deploy medical personnel and
continue a Cuban eye care pro-
gramme that has provided free
treatment to more than 10,000
Caribbean nationals over the
last two years.

More than 1,000 Cuban doc-
tors and nurses work in the
Caribbean, and at least 1,300
Caribbean students are study-
ing for free at Cuban schools.

TROPICAL
Beis
PEST CONTROL
PHONE: 322-215/














of things we
think, say or do

1. ls it the TRUTH?

2.\s it FAIR to all
concerned?

3. Will it build
GOODWILL and
BETTER
FRIENDSHIPS?

4, Will it be
BENEFICIAL to
all concerned?

www.rotary.org





Inbrief ~BNT screens film
warning of threat

to environment

THE Bahamas National
Trust has announced that it
will be hosting a special show-
ing of Al Gore’s award win-
ning documentary An Incon-
venient Truth tonight.

The screening will take place
at the Retreat on Village Road
at 7pm as part of the Endemic
Bird Festival — an initiative of
the Society of the Conserva-
tion and Study of Caribbean
Birds (SCSCB).

In launching this year's fes-
tival, Andrew Dobson, presi-
dent of the SCSCB, said that
the imminent threat of global
climate change is a new
destructive force that com-
pounds the many threats that
the region's biota is already
experiencing.

According to Dobson and
leading conservation voices on
Caribbean natural history, the
very fabric of life supporting
the Caribbean environment is
at risk.

“With climate change, our
forests, watersheds, coastal
wetlands,

coral reefs and beaches are
all expected to take yet anoth-
er turn for the worst in ways
we cannot even fully appreci-
ate,” Dobson said. “The only
thing we are certain of is that
native species, such as the wild
birds of the Caribbean, are
today faced with a suite of
threats greater than they have
ever confronted in their histo-

The international conserva-
tion community has praised the
festival as a crucial steward-
ship initiative towards ensur-
ing the continued survival of
the Caribbean’s unique natur-
al beauty and heritage, and fos-
tering sustainable development
from the grassroots upwards.

David Wege, BirdLife Inter-
national Caribbean’s pro-



Al Gore’s celebrated
‘An Inconvenient Truth’
to be shown tonight »

gramme manager, said, “Bio-
diversity and people are both
being adversely affected by cli-
mate change. Highlighting
global warming in this year’s
festival will help promote con-
servation actions that benefit
all life.”

According to the World
Meteorological Organisation
and the United Nations’ Inter-
governmental Panel on Cli-
mate Change (IPCC),
Caribbean islands are at great
risk from the projected impacts
of climate change.

Damage

Sea level rise and an increase
in the frequency and intensity
of storms and hurricanes will
likely cause serious damage to
marine and coastal ecosystems.

Climate change is expected
to precipitate more frequent
bleaching episodes of corals
reefs (from warming seas),
compromising regional fish-
eries, while beach erosion and
coastal land loss, flooding, and
salinisation of coastal aquifers
could be widespread.

Eric Carey, executive direc-
tor of the Bahamas National
Trust, said, “Our coastal man-
groves and wetlands are vital-
ly important in protecting us
from storm surges and flooding
— all the more reason to con-
serve our remaining wetlands
as well as restore damaged

Le oe

School welcomes myst Founders

ones.”

Caribbean forests are also
expected to suffer from climate
change, especially hurricane
damage and increased drought,
and the biodiversity they har-
bour is thought to be among
the most exposed to the rav-
ages of climate change.

Dobson remarked: “With
over 85 per cent of Caribbean
natural forests already
destroyed, our biodiversity, lit-
erally tens of thousands of our
collectively uniquely
Caribbean species, will be
trapped. They don’t have many
options of places to move. As
sea levels rise, stronger hurri-
canes and droughts damage
remaining wild places, more
species will likely face the gal-
lows of global extinction.”

The purpose of the festival
over its 5-year history has been
to increase public awareness
of the region’s exceptionally
rich but threatened bird life,
using the Caribbean's cele-
brated endemic birds as flag-
ships of conservation.

According to Dr Joseph
Wunderle, senior research
biologist for the USDA For-
est Service in Puerto Rico, an
astonishing 72 per cent of the
around 208 resident island bird
species are endemic to the
Caribbean islands—that is,
found nowhere else on the
globe.

Yet, rates of species extinc-
tion have been highest on the



@ THE Lyford Cay International School hosted its second annual ‘Evening of Thanks’ on

Thursday, May 24, to induct the new members of the Founder’s Circle. These individuals and
companies have demonstrated great leadership and have anchored the success of the 2006/07
annual Giving Programme. By giving at a leadership level they have greatly impacted the
academic programme and improved structural facilities at Lyford Cay International School.
Pictured from left to right are Pierre Collie, senior vice president Pictet Bank and Trust; John
Trafford; Harry and Joann McPike; Paul Lieblich, principal; Don Robinson, president of Baha

Mar; and Jeff Everett, president of Templeton Global Advisers.

multifunction colour copiers

Ean RNase 07
Fr BE Ry ee ee



faxes



scanners

(Photo: Tim Aylen)

sales

Konica Minolta Authorized Dealer & Service Center .

Bi ry) 2

PeLietatenoteee S









@ AL Gore holds his book The Assault on Reason during a



book signing event at the Wilshire Theatre in Beverly Hills, Cali-

fornia yesterday

world’s islands, including those
of the Caribbean.
The BNT encouraged mem-



The Tribune wants to hea
from people who are
making news in their
neighbourhoods. Perhaps

good cause, campaigning
for improvements in the
area or have won an
award.

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

Share your news

you are raising funds for a

(Photo: AP/Kevork Djansezian)

bers and the general public to
attend this event on at the
Retreat.



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PAGE 8, WEDNESDAY, MAY 30, 2007

THE TRIBUNE





Bluewater and the future of BTC

“There is no circumstance
under which BTC could be sold
on credit, and what you are
- going to do after you get it must
be clearly stated — you must
have the money, the means and
the technology to do it, other-
wise no deal. And I say that for
the benefit of all those who
bélieve they got a deal.” —
Prime Minister Hubert Ingra-
ham

Jest before the elec-
tion, the Christie gov-
ernment made a secret $260
million deal to sell 49 per cent
of BTC to a little-known enti-
ty called Bluewater Ventures
— “secret” in the sense that
the public wasn’t aware that a
deal had been struck, although
talks had been going on for
two years.

Bluewater describes itself as
“a private equity firm specializ-
ing 'in turnarounds and invest-
ments in the media and
telecommunications sectors". It
was founded in 2003 by John
Gregg, an American who has
helped run several European
- cable operators.

Online reports say Gregg has
executed over $25 billion of
acquisitions during his career.
For nine years he was a top
éxeécutive at the British cable
operator, NTL, where he
helped found a pioneering inter-
net service, called Virgin.Net
with Sir Richard Branson in
1996.

After Gregg set up Bluewa-
ter, NTL went on to merge with
Branson’s popular Virgin
Mobile cell phone service to
become one of the first
“quadruple-play” media com-
panies in the world — offering
television, Internet, cell and
fixed-line voice services to over
10 million customers.

In telecoms, the triple play
refers to a service provider’s
ability to provide voice, data,
and-video services to customers
as‘a-single package. Quad play

_ refers to the delivery of voice,
video, data, AND mobility. It
is, all about convergence —
experts say — merging differ-
ent media into one operating
platform.

That is apparently what Blue-







SmartChaice

water has in mind for BTC.
And it is also something that
Cable Bahamas has wanted to
do for years.

Ex-finance minister James
Smith has urged the new FNM
government to close the Blue-
water deal, arguing that there
will never be a better one. In
fact, the agreed price is double
what Tom Bain’s BahamaTel
group was prepared to pay for
the same stake five years ago.

Acersine to a confi-
dential Bluewater

document relating to the sale,
BTCs own business plan for
2007-2009 values the company
at $333 million, which means a
49 per cent stake should be
worth about $163 million.

And, as Bluewater points
out, BTCs value as a mobile
monopoly is being eroded by
new technologies as we speak.
For example, it took just a few
years for voice over internet
services like Vonage to turn
BTCs long-distance calling into
a losing business. Vonage and
other foreign providers now
control 60 per cent of the local
VOIP market — despite the
face-saving introduction last
year of BTC’s competing Vibe
service.

And experts have long. pre-
dicted that WiFi phones con-
nected to a computer with
Internet access will disrupt
BTCs still-lucrative mobile busi-
ness over time. These services
will be especially appealing to
post-paid customers that are
currently BTCs single largest
source of revenue.

According to the Bluewater
document, other factors affect-
ing BTCs value include exor-
bitant rates that would be
impossible to maintain in a
competitive market; the likeli-
hood that hurricanes will crip-
ple the network; a costly oblig-
ation to provide service to
every isolated settlement in the
Bahamas; and capital spending
that is much greater than earn-
ings. |

BTC president Leon
Williams recently boasted that
the corporation had spent $353
million on capital develop-
ment over the past five years,

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LARRY SMITH

and Bluewater says BTC’s
business plan calls for another
$530 million to be spent over
the next three years. This com-
pares to $429 million in earn-
ings projected over the same
period.

Of course, BTC refused to
make its business plan available



Why would
Bluewater pay
such a high
price fora
minority stake
in a poorly
run state
enterprise?



and declined to answer any
questions. Zhivago Laing —
Smith’s replacement as state
finance minister — said the gov-
ernment had not scheduled any
meetings with Bluewater yet
and had nothing to add beyond
what the prime minister had
already said: “We are focusing
on the budget right now,” he
told Tough Call over the week-
end.

S o, after almost a decade
of on-again, off-again
privatisation, it is still unclear
what will happen to BTC. And
the question on everyone’s lips
is: why would Bluewater pay
such a high price for a minority
stake in a poorly run state
enterprise?

The answer is that the deal
will extend BTCs cellular
monopoly for up to seven












years, and let it provide highly
profitable quad-play services.
According to one industry
analyst we spoke to, “Baha-
maTel would have had a one-
year monopoly on mobile and
no video. These guys are get-
ting a minimum five-year
monopoly plus video, so of
course they are willing to pay
more.

According to James Smith,
the deal was that Bluewater
would pay $220 million up front,
a further $35 million at the end
of the five-year cellular monop-
oly, and a final $5 million in the
sixth year — for a total of $260
million. This was what Prime
Minister Ingraham referred to
shortly after taking office as
“selling on credit".

“The government will proba-
bly embrace this deal,” the ana-
lyst said. “They'll have Blue-
water and BTC telling them
how wonderful it is, and point-
ing to Virgin Mobile as the text-
book example. There will be
no-one impartially pointing out
the regulatory realities here,
and even if there was, nobody
would be listening.”

The five-to-seven year exclu-
sive on mobile service is neces-
sary, according to Bluewater,
because a shorter time frame
would force BTC to undergo
significant cost-cutting and staff
reductions to prepare the com-
pany for competition.

B luewater insists that
under the terms it has
negotiated it will not cut any of
BTCs 1276 employees — a plus
for any government. And after
two years of protracted talks at
considerable cost, it is clear that
Gregg and his partners are con-
fident that with the right guar-
antees they can make the com-
pany work and take it to the
next level.

Gregg says he wants to part-
ner with the government “to
devélép BTC into the leading
telecoms company in the region,
and to upgrade the services it
offers to a worldwide stan-
dard...We believe (our) pro-
posal will give the people of the
Bahamas what they want most
— competition and choice -
while giving the government the
highest possible price, which is
significantly higher than would
be justified by the BTC busi-
ness plan.”

But, you may ask, how can
there be competition with an
extended monopoly? Well, the
answer is, with something called
a Mobile Virtual Network.

Bluewater says that after
three years it will open
BTC’s cellular network to
third parties, giving “a choice
without various islands hav-
ing to wait for new service
providers to roll out their
network (a roll-out that
might never occur)...
Bahamians will benefit from
having a competitor that is
focused on offering cus-
tomers a compelling service

rather than on building a
complex and expensive net-
work.”

IF other words, Bluewater/
BTC would build and
own a nationwide network
infrastructure which other com-
panies would lease. This is sim-
ilar to what happened recently
with both BTC and Cable
Bahamas in terms of their Inter-
net pipes. BTC allowed others
to resell its DSL Internet ser-
vice at a price set by BTC. Oth-
er operators bought at a slight
discount but could neither com-
pete on price nor add value for
the customer, as they were
entirely dependent on BTC’s
service.

Cable Bahamas had a simi-
lar dispute over the reselling of
its broadband service at a price
which analysts say was not com-
mercially viable: “The regulator
wasn’t prepared to stand up to
CBL and the resultant business
dynamics didn’t work. That’s
the problem. If the regulator
(meaning the Public Utilities
Commission) can’t make some-
thing as simple as Internet
access work for competitive
purposes, how will they ever
make a telecoms structure
work?” ;

The theory is that BTC will
own the wireless spectrum and
the network infrastructure,
allowing others to use it as
Mobile Virtual Network oper-
ators for a fee. But at the
same time, BTC will be com-



Bluewater
says the
corporation’s |
business plan
is inconsistent,
lacks detail
and offers
nothing to its
three main
stakeholders:
consumers, the
government
and employees.



peting with these other oper-
ators.

“This is not competition,”
argued one analyst. “It is BTC
calling the shots, and setting the
price. This is simply a slick way
of bolstering profits whilst cre-
ating the illusion of competi-
tion. The alternative is to do
what everyone else in the region
has done and have true compe-
tition.

“The problem is that most
other places in the Caribbean
had Cable and Wireless as the
incumbent, not the government,
so there was not the ‘huge con-
flict of interest between liber-
alising the market for the good
of the economy on the one
hand, and selling what is politi-
cally seen as a national treasure
on the other.

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“It is absurd that we are
talking about holding the
country back for another five
years for short-sighted gain.
That’s the real issue here. The
losers will be the consumer,
the economy and the competi-
tiveness of The Bahamas,
because what will happen on
the ground is that BTC will
retain a de facto monopoly,
with competition in name only,
not in substance.”

In spelling out the rationale
for its proposed acquisition,
the Bluewater document
paints a dismal picture of
BTC. It says the corporation’s
business plan is inconsistent,
lacks detail and offers nothing
to its three main stakeholders:
consumers, the government
and employees.

Srsiteats Bluewater
says the BTC plan
makes no mention of improv-
ing poor service, offers no pro-
posals to cut high prices and
fails to justify the introduction
of new products and services on
which it is spending hundreds
of millions of dollars.

“One of the priorities of any
BTC plan should be to address
these key issues,” Bluewater
says. “Hence this looks a par-
ticularly poor business plan for

- Bahamians...Implementing it

would be extremely costly for
the government, without any
clear payback.”

Bluewater says the BTC plan
“generates little value for the
government, and in fact could
cost the government $100 mil-
lion to implement...(but) since
the plan does not extend
beyond 2009 there is no way to
tell if investments will ever be
recovered...(and) the plan
assumes no dividends at all (for
the government).”

Bluewater also points out that
just two years ago BTC’s cash
flow for the year was wiped out
by hurricane damage to the net-
work. Although almost $50 mil-
lion in insurance claims were
submitted, “It is our under-
standing that insurers refused
to honour many of these
claims.”

And Bluewater notes that
while BTC talks about intro-
ducing a raft of new products
(such as Blackberry, Vibe, WiFi
and WiMax, there is no discus-
sion as to whether these prod-
ucts are appropriate for the
Bahamian market. “ Given
BTC’s record (in terms of) cost
overruns, significant delays and
poor pricing, there have. to be
serious questions about the
implementation of new prod-
ucts.”

Competition in the Internet
market has given the Bahamas
a hemispheric lead in terms of
broadband penetration (as a’
percentage of total households
— 45,000 out of 93,000). And
competition in the mobile
phone market in Jamaica has
led to $750 million of invest-
ment and 100 per cent penetra-
tion — meaning every man
woman and child has a cell
phone.

( able Bahamas’. exclu-

sivity ends in 2009.
And analysts say that “going
forward there should be open
competition for everyone in all
services — fixed line, mobile,
cable TV and Internet access.
The government should issue
two or three class licenses that
allow the delivery of any ser-
vice with no constraints. And
then auction off the wireless
spectrum.

“This is the model that has
been adopted in Trinidad, and
Jamaica is going in the same
direction,” one analyst said.
“Continuing the exclusivity for
BTC is absurd and will put the
Bahamas significantly behind
the global trend and hinder the
country’s international compet-
itiveness.”

Telecoms liberalisation
remains a touchstone issue for
any Bahamian government.
Although privatisation has been
the talk of the town since the
mid-90s, no government has
been able to walk the walk. So
BTC remains a ball and chain
around our necks — our critical
communications facilities held
hostage by political patronage,
lack of vision and faintness of
heart.

And waiting in the wings are
other useless and loss-making
state enterprises like Bahama-
sair and ZNS, which also suck
up our tax dollars while con-
tributing little of value to the
economy. It is time that we
made a decision to get rid of
them all.

What do you think? Send
comments to larry@tribuneme-
dia.net. Or visit www.bahama-
pundit.com
THE TRIBUNE

WEDNESDAY, MAY 30, 2007, PAGE 9





@ PLP leader Perry Christie

Christie details
PLP reasons
for legal action
over Senate
appointments

FROM page one

the Governor General as to
the three Senators to be
appointed under Article 39
(4) as required by Article 40 it
is incumbent upon the Prime
Minister, to “secure” (i.e.
guarantee) that the three
appointments — when added
to the other 13 appointments
(nine for the FNM and four
for the PLP) — will cause the
Senate to reflect or mirror the
political balance of the House
of Assembly.

“That is what Article 40
expressly demands. It is
mandatory; it is constitution-
al; it can not be lawfully
changed. Based on that, the
position that I have main-
tained from the very outset
of this matter is that the PLP
is entitled to all three of the
senatorial appointments that
are required to be made
under Article 39 (4) and Arti-
cle 40. It is evident, however,
that the Prime Minister prac-
tices his arithmetic very dif-
ferently.

“He has now caused Mrs

Tanya Wright to be appoint-
ed to one of the three Sen-
ate seats in question. As Mrs
Wright is not a member of
the PLP, her appointment is
in direct violation of the
‘requirement of Article 40
‘that the appointments under
- Article 39 (4) be made, as I
have already stated, to
“secure that the political bal-
ance of the Senate reflects
that of the House of Assem-
bly at the time.” Applying
this formula, all three
appointments have to be
made in favour of the PLP,
Mr Christie said.

The leader of the opposi-
tion also said that Mrs Wright
was in fact not a PLP, and
was not a name on the list
that he had provided for the
Prime Minister.

“For this reason, I could
not, and did not, agree to Mrs
Wright’s appointment. I so
advised the Prime Minister
in writing on more than one
occasion prior to her appoint-
ment. Further, and in any
case, as the PLP is entitled to
all three Senate appointments
in question, it is for the PLP
to decide who will fill all
three Senate appointments,
not the Prime Minister.

“Indeed, it would make a
mockery of our Constitution
and of our system of democ-
racy if the Prime Minister and
leader of the FNM were
allowed to decide who should
represent the Opposition in
the Senate contrary to the
express wishes of the PLP.
Indeed, the Prime Minister’s
function in the circumstances
that have arisen is to hon-
ourably facilitate the imple-
mentation of the law and the
Opposition’s selections by
advising the Governor Gen-
eral accordingly,” he said.

However, Mr Christie said
that Prime Minister Ingraham
had in fact done something
totally contrary, by selecting
someone who was not on the
Opposition’s list and had
them appointed anyway.

“It is unfortunate that the
Prime Minister has placed
Mrs Wright in this embar-
rassing position,” he said.
“Michael Halkitis was among
the names submitted by me
for consideration.

“His appointment as one
of the three Senators is,
therefore, completely in line
with the Opposition’ S posi-
tion in this matter. However,
why the Prime Minister has
not filled the other two
appointments from among
the names I gave him is
unclear.

“Certainly, at no time has
he communicated any con-
cern of national security that
would militate against
these other appointiients;:
he said.



Two separate Labour
Day parades likely

FROM page one

try’s two major trade union
federations — the National
Congress of Trade Unions
(NCTU) headed by John Pin-
der and the Trade Union Con-
gress (TUC) headed by Obie
Ferguson — will be able to put
their differences aside in time
to come togethers in one unit-
d march.

Several union leaders,
including president of the
Bahamas Airport Traffic Con-
trollers Roscoe Perpall, yes-
terday expressed disappoint-
ment at the lack of unity for
the Labour Day celebrations.

“Separate labour marches,
whether we like it or not, will
send a message to the employ-
ers, government and the work-
ing class that there is a frac-
tured labour movement,” Mr
Perpall said yesterday as a
guest on GEMS radio show,
“The Way Forward”.

Speaking with The Tribune,
NCTU acting president Mr
Pinder explained that his
organsation does not want to

epresent a united front at a
time when six of the NCTU’s
major unions are in legal dis-
putes with TUC president Mr
Ferguson.

Me

“A number of unions under
the National Congress are
being challenged with legal
proceedings by the leader of
the TUC, they felt as though
they didn’t want to appear to
have a united front on Labour
Day and they may end up in
court with him (Mr Ferguson)
the next day,” Mr Pinder said.

He said he feels that Mr
Ferguson’s roles as TUC pres-
ident and leading labour
lawyer sometimes cause a con-
flict of interest.

Speaking earlier that day on
the GEMS radio talk show,
Mr Pinder said that the presi-
dents of six unions under the
NCTU said that they and their
members would not march in
a parade that was in any part
organised by the TUC.

Mr Pinder further said that
although both union federa-
tions are in agreement to have
Labour Day renamed in hon-
our of labour pioneer Sir Ran-
dol Fawkes, the NCTU’s
march this year will be in trib-
ute to its late eae Pat
Bain.

As it stands now, Mr Pin-
der said, the NCTU on Friday
will march from Windsor Park
to Worker’s House — the loca-
tion of Mr Bain’s last office —
and the TUC will march from

No workers will be laid off in the
Sheraton take-over of the Radisson

FROM page one

“We did have a lapse in communication,”

Mr Sands said.

However the hotel executive maintained that “there is no

downsizing,”

and that his company has always been commit-

ted to the redeployment of employees, within the Cable
Beach properties, without job losses.

Mr Colebrooke said that he is now comfortable that the
new management take-over will occur with all the previously
entered into agreements being upheld.

Though the resort has maintained that no lay- offsare a

- part of plans forthe development of the property, more that

300 employees did apply for the company’s Early Retirement
and Voluntary Separation Package, which was organised
after consultation with the union.

Public scepticism has surrounded the Cable Beach project
as Baha Mar and the previous government were unable to
complete negotiations on a supplemental heads of agree-

ment.

Having missed the March [5th date for the signing of the
agreement, Harrah’s has the right to walk away from the
deal. However, Baha Mar has maintained confidence that its
partner currently has no such desire.

Mr Sands said that the new government has been in contact
with Baha Mar, but active negotiations have not yet began.

“We have been in communication with them, and they
have been in communication with us, and they have assured
us that Baha Mar will in fact be addressed.

“But, they have to get through the very pressing national
issues before we are able to commit to any definitive time

frame,” he said.

Sheraton will take-over the management of the hotel on
June 1st with the official opening of the resort scheduled for
June 12th, according to Mr Sands.

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Windsor Park to Arawak Cay.

Mr Pinder emphasised that
all workers are invited to join
the NCTU-organised parade.

Commenting on the issue
during yesterday’s talk show,
president of the Nurses Union

Cleola Hamilton said that she ~

feels that personal differences
are preventing the two
umbrella organisations from
marching together.

Mrs Hamilton said that the
fact that six unions under the
NCTU are in legal disputes
with TUC president Mr Fer-
guson in his capacity as a
labour lawyer should in no
way interfere with the Labour
Day celebrations.

“Labour (Day) has nothing
to do with TUC or NCTU,

Labour Day has all do with
the working people of this
country.

“There are persons with
myopic views not seeing the
greater picture,” she said.

She added that some of the
issues between the two organ-
isations have been outstand-
ing since 1998 and have
never affected the united
march of the country’s work
force.

Tyrone “Rock” Morris of
the TUC said that he was very
disappointed in the behaviour
of the NCTU officers.

“T can’t think of any reason
under the sun why we as trade
unions can’t march together.

“We should not allow any
unions, whether it is the TUC

or the NCTU to divide work-
ers in this country,” he said.

The TUC and NCTU cur-
rently also fail to see eye to
eye on the issue of the imple-
mentation International
Labour Organisation (ILO)
Convention 87, which would
allow Bahamian workers to
join any trade ae they
chose.

The TUC has long since
been agitating for the Con-
vention’s implementation,
however the NCTU believes
that in its current form Con-
vention 87 could cause chaos
and confusion as employers
would potentially have to sit
down with several unions
when negotiating with their
workers. i

Dr Thompson claims
Parliament was for sale
to ‘highest bidder’

FROM page one

the aggressive campaigns by both parties and the
division created throughout the Bahamas.
“Tonight I call for healing in the land from
Grand Bahama in the north to Inagua in the
south. Beyond our political affiliation we are afl
Bahamians first. Elections are behind us now. It
is time for all to continue to build a Bahamas
that we can all be proud. We can neglect to do this

to our own peril,” he said.

Dr Thompson challenged the new administra-
tion to take into account and add to their agenda
the urgent need to address matters of political

reform.

“T firmly believe that as a developing nation we
must move post haste to ensure
process does not become the trump card of any

that the political

party. Those days must come to an end. «:.
“Therefore, I recommend that an independent
commission be established to ensure a bound-

aries commission report well in advance‘ of an
election to avoid the process being reseed just
before an election is called,” he said.

Dr Thompson also said there must baipublic
disclosure of campaign donations, with strict crim-
inal penalties for those breaking the law. ©

He also said that those candidates wishing to
offer in an election should be given opportunities

to debate the issues by way of the medid‘so that

the Bahamian people can make a wise choice in
the selection of the person who will represent
their constituency.

Also, he suggested that the process of handing

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PAGE 10, WEDNESDAY, MAY 30, 2007





Sponsors take centre
stage for Beauty and
the Beast audience

THE Bahamas OnStage Youtheatre presented its final produc-
tion for the school year, Beauty and the Beast, recently at the
National Centre for the Performing Arts, in Nassau.

Corporate Bahamas stepped up to the plate in sponsoring chil-
dren who would not have had the opportunity to attend the theatre
otherwise.



& ABOVE: Byron Woods,
M.P. and owner of Texaco
Thompson Blvd., one of the
sponsors, presenting tickets
to the:Cleveland Eneas Pri-
marySchool

soe
ROB.

RIGHT: Beauty and the
Beas¢cast with Mr. Ellerston
Smith of Chevron Bahamas
Ltdeformerly Texaco (Bah)
Lid and Kathy Ingraham.

aad





KEMP’S FUNERAL HOME LIMITED

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



VIKTORIA MARIE SAYER |

of Nassau, The

LOCAL NEWS








THE TRIBUNE

World Health Organisation

urges ban on smoking in

=
Bahamas, will be held
at Sacred Heart
Roman Catholic
Church, Shirley
Street, Nassau on
Thursday, 31st May,
2007 at 10:45am.
Father Mel Taylor will
officiate and interment
will follow in the family plot at Sacred
Heart Roman Catholic Cemetery, Shirley
Street, Nassau.

Ms Sayer is survived by her mother, Rose
Marie (Rosie) Sayer; one sister, Regina
Sayer; two brothers, Hans Sayer and
Christopher Sayer, Sr; one brother-in-law,
Didier Salvetat; one sister-in-law, Elizabeth
Sayer; three nephews, Anthony Sayer and
Christopher Sayer, Jr and Gabriel Salvetat.



In lieu of flowers, donations may be made
to the Cancer Society of The Bahamas,
P:O.Box SS-6539, Nassau, The Bahamas
in memory of VIKTORIA MARIE
SAYER.

Respects may be paid on Wednesday, 30th
May, 2007 from Spm to 6:30pm at Kemp’s
Funeral Home Limited, 22 Palmdale
Avenue, Nassau.



m@ GENEVA

THE U.N. health agency
on Tuesday issued its
strongest policy recommen-
dations yet for controlling
tobacco use, urging all coun-
tries to ban smoking at

. ‘indoor workplaces and in

public buildings, according to
Associated Press.

“The evidence is clear.
There is no safe level of
exposure to secondhand
tobacco smoke,” said Dr.
Margaret Chan, director-gen-



eta cae eae

Stas oa LOS SoS aR CRM:

for ad rates



eral of the World Health
Organisation.

Tobacco use is the world’s
leading cause of preventable
death, accounting for 10 per-
cent of adult fatalities,
according to WHO. It is
responsible for 5.4 million
deaths each year, a figure



“The evidence
is clear. There
is no safe level
of exposure to
secondhand
tobacco
smoke.”



Dr. Margaret Chan,
director-general of
the World Health
Organisation

that is expected to rise to 8.3
million by 2030, the agency
says.

Increasing numbers of non-
smokers will also die unless
governments take action,
WHO said in its 50-page
report. It said governments
of both rich and poor coun-
tries should declare all public
indoor places smoke-free, by
passing laws and actively
enforcing measures to ensure
that “everyone has a right to
breathe clean air, free from
tobacco smoke.”

At least 200,000 workers

die each year because of
exposure to smoke at their

offices and factories. accord-
ing to the U.N. labor agency.
The U.S. Environmental Pro-
tection Agency estimates that
about 3.000 deaths [rom lung
cancer each year occur
among nonsmoking Amer

cans,

“This is not about shaming
the smoker. This is not even
about banning smoking.” satd
Dr. Armando Peruga, who
heads WHO's anti-tobacco
campaign. “This is about
society taking decisions about

where to smoke and where

not to smoke.”

He cited Ireland and
Uruguay as governments that
have successfully tackled
smoking by creating and
enforcing smoke-free envi-
ronments. Legislation of the
kind has proved poputar
among both smokers and
nonsmokers, according to
WHO. whose policy recom-
mendations set broad goals
for its 193 member states Hut
are not legally binding.

Almost half the worlds
children — some 700 million
— are exposed to air polluted
by tobacco smoke, particu-
larly at home. WHO says.
The agency made its recom-
mendations on the basis of
new reports by the Interna-
tional Agency for Research
on Cancer, the U.S. surgeon

general and the California
Environmental Protec 1
Agency.

WHO said in 2005 that it
had stopped hiring smokers,
as part of what it termed its
“public lead” in the fight
against tobacco.
Inc PAIBUINE

VV LU bvtwhe bs ty iver WI ey PNA



Pirates of the Caribbean II and III cas
and crew donate computers to YMCA

SEVERAL computers
have been donated to the
YMCA in Grand Bahama in
the name of a film industry
professional with an excep-
tionally big heart.

Pirates of the Caribbean
III opened in theatres on
Friday, two years after Dis-
ney shot portions of this film

in Grand Bahama.

During their stay on the
island, the cast and crew of
the film hosted a “Charity
Golf Classic” — the proceeds
of which went toward buy-
ing items for the Grand
Bahama Children’s Home,
and toward the purchase of
10 computers earmarked for
the youth of Grand
Bahama.

David Croucher was the
man that led this event, and
he worked in the Costume
Department of Pirates
alongside Academy Award
winner Penny Rose.

David was also a repeat
crew member on most of the
James Bond films and
became known for organis-
ing special charity events to
raise funds for whichever
community they happened
to be working in throughout
the world.

While he was not able to
work on the last James Bond
film, Casino Royale, which
was being filmed in Nassau
at the same time that Pirates
of the Caribbean II/III were
being shot
Bahama, he still ran the golf
event he is now famous for.

Many came together on
one of the coldest days of
that year to sponsor, play
and enjoy a day of golf and
an evening of fun.

Sadly, Croucher died sud-
denly in September of 2006,
less than a year after leav-
. ing Grand Bahama.

He was described by
friends as a kind, warm, bub-
bly man and would often
hug people and say “I love
ya” quite freely, even with
persons he had only met a
few times.

David never got to find
out where the computers
ended up.

They were earmarked for
a hurricane ravaged area of
Grand Bahama, but no facil-
ity was ever in good enough
repair for the computers
until this year.

In January the Mt Zion
Baptist Church in Eight Mile
Rock asked for a few com-
_ puters for their Christian

Education Centre. Since this
centre is open to the sur-
rounding community, as well
as a nearby school, the care-
takers of the computers felt
this would be a suitable
place for them.

Then on May 14 the
remainder of the computers
finally found their home at
the only YMCA in the
Bahamas.

on Grand...



©

the trade, a safety pin.

@ COSTUMER David Croucher, holding one of his tools of



(Photo compliments of the work colleagues of David)
|







@ BERLIN

THE United States rejects
the European Union’s all-
encompassing target on reduc-
tion of carbon emissions, Pres-
ident Bush’s environmental
adviser said Tuesday, accord-
ing to Associated Press.

US environment adviser rejects EU carhon emission suggestion

Council on Environmental
Quality, said the United States
is not against setting goals but
prefers to focus them on spe-
cific sectors, such as cleaner
coal and reducing dependence
on gasoline.

“The U.S. has different sets
of targets,” he said.



Pee $

@ MAY 14th, standing between the donated seven Dell com-
puters that will furnish the new YMCA Cyber Cafe, are from left
to right: Robbin Whachell, event volunteer; Karon Pinder-
Johnson, executive director YMCA; Diane Johnson, event vol-
unteer; Robert George, Disney location accountant (holding a
photo of costumer David Croucher); Beverley Chin, local seam-
stress and colleague of David’s in the costume department;
Gail Woon, local production secretary; and Kriston Culmer,



local IT Support for Pirates of the Caribbean I/II.

(Photo: Adam Caferata, photo of
David printed by Freeport Advertising and
Printing, which will be hung in the YMCA.)

A few local crew members
and event volunteers came
out for the presentation, as
well as a visiting crew mem-
ber from California, Robert
George.

Seven brand new Dell
computers, along with a few
printers; were given to the
YMCA which will be\certain
to enhance afterschool pro-
grammes as well as generate
self-sustaining support for
the upkeep of the comput-
ers by way of a Cyber Café
that will be open to the pub-
lic.

Use of the Internet and
the computers will carry a
nominal fee, thus allowing

Chavez defends TV decision while
thousands march in the streets

@ CARACAS, Venezuela

PRESIDENT Hugo Chavez defended his decision not to renew
the license of a popular opposition-aligned television network on
Tuesday and warned he might crack down on another critical TV sta-
tion, accusing it of trying to incite attempts on his life, according to

Associated Press. .

_ Chavez said his refusal to renew the license of Radio Caracas Tele-
vision, which went off the air at midnight Sunday, is "a sovereign,
legitimate decision in which there is no argument."

He said the remaining opposition-sided channel Globovision had
encouraged attempts on his life and warned that if it wants "to con-
tinue calling for disobedience, inciting assassination ... I'm going to
warn them before the nation... I recommend they take a tranquilizer,
that they slow down, because if not, I'm going to slow them down."

Chavez did not elaborate, but also warned that radio stations
should not be inciting violence by "manipulating feelings" among the

populace.

Thousands of Venezuelans — both Chavez supporters and oppo-
nents — staged separate marches in Caracas on Tuesday. The Chavez
opponents chanted "freedom!" while government supporters said
they were in the streets to reject an opposition attempt to stir up vio-

lence.

_ Information Minister Willian Lara on Monday accused Globovi-
sion of encouraging an attempt on Chavez's life by broadcasting the
chorus of a salsa tune ~ "Have faith, this doesn't end here" — along
with footage of the 1981 assassination attempt against Pope John

Paul II in St. Peter's Square.

"They incite the assassination of Venezuela's president," he said.

Globovision director Alberto Federico Ravell denied any wrong-
doing, calling the allegations "ridiculous."

The government turned over RCTV's license to a new state-fund-
ed public channel, which showed a documentary on explorers in
Antarctica, a children's program and exercise programs, interspersed
with government ads repeating the slogan "Venezuela now belongs

to everyone."

parents to check emails
while their children are in Y
programmes, or offer stu-
dents research time.

The computer room at the
YMCA will be dedicated to
David Croucher, and word
has come from his colleagues
that the James Bond Golf
Society in the UK has com-
missioned a silver cup to be
made, which will be compet-
ed for annually as part of a
fun-filled “Dave Croucher
Day”.

As David’s friend and
close colleague Kenny
Crouch said: “His laughter
and his compassion are sad-
ly missed”.

MACKEY STREET BRANCH HAS MOVED

Germany, which holds the
European Union and Group
of Eight presidencies, is

James Connaughton, chair-
man of the White House









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Small business

~ owners to listen

in on the budget

“The new plans for the omnibus business
licence (which allows a business owner -
to go to just one place for a business
licence) is a good thing. Any new short-
cut or incentive that assists Bahamian
business persons is a good thing.”

@ By CARA BRENNEN-BETHEL
Tribune Business Reporter

he business community will

be listening intently when

Prime Minister Hubert

Ingraham reads his first bud-

get communication for his
second administration in the House of
Assembly today to see what measures the
FNM intends to put in place to facilitate
small business owners.

According to Mark Turnquest of Mark
A Turnquest Consuiting and the Small
Business Resource Centre, the FNM’s
Manifesto 2007 did not give a compre-
hensive view of what the new administra-
tion intends to do for the further devel-
opment of the small business sector of the
Bahamas, though he said that he was very
pleased at some of the measures they have
already announced.

The budget communication and the doc-
ument itself should give the business com-
munity a clear indication of the focus the
government will be placing on this issue
for the next year, he said, saying that he

> Does your mortgage



will be particularly listening for how much
is allocated for capital funding.
The PLP government has in previous

years allocated a million dollars to its ven-

ture capital fund, with the view of some
that more was not being done to facili-
tate Bahamian entrepreneurs.

Mr Turnquest said that he will also be
looking to see if the new administration
will introduce any creative ways to
improve funding, trading and develop-
ment. “The new plans for the omnibus





— Mark Turnquest

business licence (which allows a business
owner to go to just one place for a business
licence) is a good thing. Any new short-cut
or incentive that assists Bahamian busi-
ness persons is a good thing.”

He also praised the appointment of
Long Island MP Larry Cartwright, whose
ministerial portfolio includes small bust-
ness development.

“I do not know him or his experience
personally, but 1 look forward to work-
ing with him,” said Mr Turnquest.




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@ PRIME MINISTER HUBERT INGRAHAM

.

Scotiabank +
announces 16 per

cent increase 1n
Q2 net income

@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

SCOTIABANK has
announced a 16 per cent
increase in income over its
2007 second quarter net
income, rising to $1,039 mil-
lion..

This was due in part to the
launch of the Scotia Private
Client Group in the Bahamas,
being the first initiative in a
planned expansion of wealth
management services across
the Caribbean, Central and
Latin America.

The bank has announced
that quarter over quarter, net
income increased $19 million
or two per cent and earnings
per share were up 16 per cent
to $1.03 from $0.89 in the same
period last year, and return on
equity remained strong at 23.4
per cent. "The combination of
organic growth and acquisi-
tions fuelled solid year-over-
year results in international
banking. We continue to see
asset growth in all regions with
the Caribbean benefiting from
regional mortgage campaigns

“As a reporter, | respect and

honour the people

launched in previous quarters.

“We are also investing in
future growth initiatives,
expanding our branch network
and launching marketing ini-
tiatives to attract and retain
customers,” said Scotiabank
president and CEO Rick
Waugh.

He said the company con-
tinues to manage its capital
prudently, maintaining strong
capital ratios that support
ongoing business development
opportunities.

"This quarter extends our
record of generating share-
holder value, and we are
pleased to announce an
increase to our quarterly share-
holder dividend of three cents
to 45 cents per common share.

“Based on our performance
in the first half of the year, we
remain on track to achieve our
key performance targets for
2007. Our strategy of diversifi-
cation across business lines and
by geography continued to
produce solid results,” he said.

“Domestic Banking, Scotia
Capital and International

SEE page 9

.

§ right

to know, The Tribune is

my newspaper.”

RUPERT M
CHIEF REPORTER, T

ISSICK, JR.
HE TRIBVNE

The Tribune
_ PAGE 2B, WEDNESDAY, MAY 30, 2007 THE TRIBUNE



(A free translation of the original in Portuguese)
Banco Itau BBA S.A.

To the Board of Directors and Stockholders : & C QO QO & e .
Banco Ita BBA S.A. :

1. We have audited the accompanying balance sheets of Banco Itad BBA S.A. as of December 31, 2006 and 2005, and the related statements of income, of

changes in stockholders’ equity and of changes in financial position for the years then ended and for the second six-month period of 2006. These financial @
statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these financial statements.

. We conducted our audits in accordance with approved Brazilian auditing standards, which require that we perfotm the audit to obtain reasonable QO e 1 C QO Ee A, |
assurance about whether the financial statements are fairly presented in all material respects. Accordingly, our work included, among other procedures:

(a) planning our audit taking into consideration the significance of balances, the volume of transactions and the accounting and internal control systems
of the Bank, (b) examining, on a test basis, evidence and records supporting the amounts and disclosures in the financial statements, and (c) assessing

the accounting practices used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
3. Inour opinion, the financial statements audited by us present fairly, in all material respects, the financial position of Barco Itau BBA S.A. at December .
31, 2006 and 2005, and the results of its operations, the changes in stockholders’ equity and the changes in its financial position forthe years thenended

and for the second six-month period of 2006, in accordance with accounting practices adopted in Brazil.



nN

WASHINGTON (AP) —
S40 Paulo, February 12, 2007 President Bush has ae
Robert Zoellick, a one-time
Pri CEWATERHOUSE(COPERS u United States trade repre-
PricewaterhouseCoopers sentative and former No. 2
Auditores Independentes Ricardo Baldin official at the State Depart-
CRC 25P000160/0-5 Contador CRC 1$P110374/0-0 ment, to lead the World
: x . Bank, a senior administra-
(A free translation of the original in Poriuguese) / tion official said Tuesday
Banco fiat BBA S.A. Bush is 6x ‘
pected to
BALANCE SHEETS AT DECEMBER 31 announce his decision today.

Zoellick would succeed


















In thousands of reais V
Paul Wolfowitz, who is step-
ASSETS 2006 2005,
CURRENT ASSETS oe need ping down June 30 after
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interbank investments 1
Investments in the open market ‘ 2,699,089 1,594,456 panei that he broke bank
Interbank deposits pashan ——12688. 7 rules when he arranged a
cee ae hefty compensation package
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oe 445333 24088 | in 2005 for his girlfriend,
See a wate reais ne MIB Shaha Riza, a bank employ-
Trading secures gen in guarantee 1,342,469 386,247 ee. The controversy led to
Derivative financial instrUMeNtS .n.nruonsnnensninonnssnninsnsnstnsenennunnennnnsnninnsnsnnnsnnnnansnnnsnnn ——}48570. Let calls from Europeans, the
a — bank’s staff, aid groups,
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Depests with the Brain Central Bank a 2, 9437 Democratic politicians and
in NK ONIENGINGS ... b a
Correspondents : 68 64,210 others for Wolfowitz to step
30,050 73,647 down.
Loan and other credit operations Bey i
Operations with credit assignment characteristics 10,404,695 8,735,249 Zoellick’s selection has
Allowance for loan losses eee — et received positive reaction

from other nations, and the






















Teaaceane portfolio Lupe ae White House expects him to
Negouaias sndbean 199,304 11362 be accepted by the World
Sundry receivables . 146,981 417,960 Bank executive board, the
icin zee cad senior administration offi-
Other assets 16,168 3,314 cial said. The official spoke ,
Prepaid expenses vinnmsnnnsmnan es 4585, __S342. only on condition of MM THEN-Deputy Secretary of State Robert Zoellick announces his
70.723 8,656 1 oe a : : ise
TOTAL CURRENT ASSETS ......0ssusnssnnnnnnnininniinnnsnninnnminntnnnnesmmnnnii sient Mastin 32,584,391 __ 26,864,304 anonymity because Bush __ resignation at the State Department in Washington, in this June 19,
LONG-TERM RECEIVABLES - had not announced the _ . 2006 file photo.
geen trnt market 7,423,526 en selection. : (AP Photo: Evan Vucci)
1
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On pate I cassette Se tall acetate Se Ue as 2,787,725 1,668,482
Subject to repurchase agreements cvsssstsnersnnesetenentnnnsnuitstressusistsestoneninnunmnnenanaesinsenannanenaninnneniet , 638,596 692,805
Deposits with the _ a Central Bank ie a eae .
Derave franc iste Huss _ ead ¢ ' Become self-sufficient and acquire the skills to start
Interbank account - interbank onlendings ie "1546 ge and successfully run your own business. Alpha
Speen yahcedhassgnment characters arsyae——_62snose ee. Entrepreneurial Management Training & Consultancy
lowance for loam lOSSCS ..ssssssssssseeceseesensenssssnneesnnns sats ~ Other seceivables : \ .
i ies 2,137 - .
oe 1,280 1,074

424,630 419,625
























ee 428,047 420,699 z :
rn oe en EN ” di rer HOW TO START &
= er OPERATE A BUSINESS
937 fF :
ee an PHASE I
me 0 a | June 11, 12, 14, 18, 19 & 20, 2007
‘ 26,0. ,
| Deferred charges
Acumulated arta ern ah _is 6pm-9pm |
TOMASSEIS - ==" a0 The College of The Bahamas, Grosvenor Close
BALANCE SHEETS AT DECEMBER 31 Campus (GCC) Room 113, Shirley Street
In thousands of reas
a a a Telephone: 393-5961 or 323-5195
cm LanTs See E-mail: aiphaenttraining@yahoo.com
S
Cre aaarsse 9720803 CALL & REGISTER RIGHT NOW!
Time deposits ..... 2,349,264 3,540,792

Other deposits

amis ant SPACE IS LIMITED!

Securities sold under repurchase agreements



















































OWN POFtfOliO arsnsnnune oe 2,649,501 988,759
Third party portfolio 03.139 629,270.
6,352,640 1,618,029
Funds from acceptances and Issue of securities - Issue of securities abroad .. 65,410 49,574
Interdepartmental ne - third party funds in transit 298,822 261,156
Borrowings and onlendings .
Local borrowings - other institutions 1,486 1,457
Foreign DOrrOWINGS ..sssssssssesssssssusesssansenssevsensssensssnsustiatesssestesssuastsneasuticsigneesoustesssnsesstusseistnesnsaevsnesennetense 2,514,063 2,440,423 Ci ti
Local onlendings - official institutions - National Bank for Economic arid Social Development (BNDES) ... 624,249 600,374
Local onlendings - official institutions - Goverment Agency for Machinéry and Equipment (FINAME) .... 368,329 © 269,975
Local onlendings - official institutions - OTHERS .....ccssssssssesssesssesssssesseessensssuanvnstonseestesassensssentees 46,251 oa . ate : . neh . i
3,511,286 3,358,480 Citi, a leading financial institution with a presence in over 100 countries
Derivative financial instruments ..ocsessssccccssssscsccsssssssssccscecesssssesseossssssesenvsnnsssussstessnssesesssstensnsssneneesvasatscesumaaneacesansssensetness 1,444,106 2,053,898 : “WwW: : . ‘ :
Other liabilities " and with over 100 million customers worldwide, is seeking a candidate
Collection and payment of taxes 1,16 : ve) .
Fn exhge orto vas 2750 for the following position:
Hal ANd StAtUROLY ..ssssesssesssvveeees i j
Taxes and social sécurity contributions... 342,340 345,331
by dase cecal ata aa ae ae Legal Vehicle Manager
Sundry liabilities... zs 99,727 423,571 ;
2,810,415 3,512,301 . : aaa : . . : 7 .

TOTAL CURRENT LIABILITIES 25,557,985 24,195,310. This senior position will be reporting to the Chief Financial Officer of
a MARLTIES Bahamas/Cayman, and will be responsible for managing the legal vehicle
Interbank deposits 13,211,950 3,775,293 department. The selected candidate will be responsible for ensurin
Time deposits .........000 499,565, 1,443,794 ‘ : . 4 ra .

15,711,515 5,219,087 compliance with all local regulatory requirements and Citi policies with
meee abasic daa 284,014 554,259 regard to the sound corporate governance of legal vehicles incorporated
TRS PET) ROMO 218 __LES in The Bahamas/Cayman. The candidate will interface with businesses
3,482,538 2,410,738 : : : : f .
acai doe issue of securities - issue of securities ab102G ....on oon “ 417,687 388,204 located locally and in other countries to disseminate advisory information
Foreign borowings wines ye ‘esa related to Corporate Governance policies, principles and establish
Local onlendings - official institutions - ; 253, 570, . 7 ; :
Local enendings ofc insttutions -INAE.. 711,393 65483 processes to gather data, report information and provide analysis related
Hocalonigenngs oma Manion -21IFS ae — jit — it to financial, audit, compliance and risk control policies and activities.
Derivative firatnchal Instruments Other liabilities oe . aah ; : oe
Foreign exchange porttlio...nnmsnsewinnennnson 2,148 The position requires excellent administration, judgment/decision
Taxes and social security contributions .... 560,334 385,359 ; ; . ‘ k . ll
Subordinated debt ..... 106,745 116,835 making, interpersonal and communication skills as well as strong
ee a al management and organizational skills. Additionally, excellent knowledge
Cente past —— 238.142, __1L Ae. of the local regulatory environment is required. A law or accountancy
a ai dectee qualification with seven plus years of law/finance related experience
apital -' 877, 755,
Capital reserve 100,919 97,348 would be preferred.
Revenue reserves... 2,057,531 1,414,248
: Adjustments to market value - securities and derivative financial instruments ... 7 37,187 27,479 ‘
RAED AWS iis aia MSA ___ 245279 Interested candidates should fax OR forward a copy of their resume to

TOTAL STOCKHOLDERS’ EQUITY naa 5,318,123 4,540,149



Human Resources,
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY ...-secssssstsussneunninnsuiininimunnneuninnnninininnninn 54936881. 41,189,500. P.O. Box N-1576,
Nassau, The Bahamas,

The accompanying notes are an integral part of these financial statements

Interested persons may obtain a complete copy of the Audited Accounts from SG Hambros Bank Fax: 242-302-8732 by June 11, 2007.
& Trust (Bahamas) Limited, P. O. Box N-7788, West Bay Street, Nassau Bahamas




Che Miami Herald

THE MARKETS

STOCKS, MUTUAL FUNDS, 8B
DOW30 —«-13,521.34 414.06 AA
S&P 500 1518.11 «+238 «(AA
‘NASDAQ 2,572.06 +1478 AM
10-YRNOTE 4.89 +03 A&
‘CRUDEOIL «= 63.5 -05 W

Takeover
deals lift
stocks

modestly

BY MADLEN READ
Associated Press ;
_. NEW YORK — Wall Street
__ eked out a modest gain Tuesday
_ as investors, wary about the
upcoming release of the
Federal Reserve minutes,
bought cautiously amid a series
of new takeover deals and
- upbeat consumer confidence
as
_ Stocks drew support from
news that a consortium of banks
S But trading was erratic with the
. eeates from the Federal —
Reserve’s last meeting sched-
uled to be released Wednesday. _
The minutes could provide ©
some insight into future interest _
rate moves; many investors are _
. hoping for a rate cut later this —
year. Wall Street also digested _
strong consumer confidence _
data, and a report on housing ~
rices. :
“It’s a bit of : a wishy-washy :
day... people are starting to get
their sea legs back after a long
_ weekend,” said Joe Ranieri,
_ managing director in equity —
__trading at Canaccord Adams.
The Dow Jones industrial _
cree rose 14 06, or 0.10 es -
52134, ~
The Standard & Poor s 500 __
index rose 2.38, or 0. 16 percent,
1,518.11, while the Nasdaq
| pombeste index gained 14.87, or _
_ 0.58 percent, to 2,572.06. i
_ Bonds fell after the consumer
‘confidence data, with the yield _
e -on the benchmark 10-year Trea-
-_sury note rising to 4.89 percent
_ from 4.86 percent late Friday.
- Yields have remained higher in
_ recent: sessions as fixed-income
_ investors bet the Fed won't
lower rates in the near
_ future.
- Most on Wall Street hope the —
economy is growing fast
enough to stoke companies’
_ U.S.-based businesses, but not _
_ so quickly that it would prevent -
_ thé Fed from lowering rates
later in the year. On Tuesday, —
e Lhe Dallas and Chicago Federal
Reserves both reported expan- ©
_ sions in regional manufacturing
: activity.
U.S. retail gasoline prices
_ have eased slightly from their
_ record high of $3.227 a gallon,
on average, but remained high
_ Tuesday at $3.201, according to
_ AAA. Crude oil futures plunged
282. 05 to $63.15 a barrel on the
New York Mercantile
| Exchange,
_ In response, Exxon Mobil,
: one of the 30 Dow components,
_ fell 89 cents to $82.62. _
_Archstone-Smith Trust
_ shares rose $6.19, or ll percent,
after it was reported that it was
being bought by Tishman
_ Speyer Properties and Lehman
- Brothers Holdings for at least
$13.5 billion.
Engineering and construc-
' tion company URS Corp. said it
will buy competitor Washing-
_ ton Group International for $2.6
_ billion. Washington Group rose
$5, 07, or 2L5 percent, to $85.04,.
and URS rose $2.38, or 5.1 per-
cent, to $49.27.
_ Advancing issues outnum-
_ bered decliners by almost 2 to 1
--on the New York Stock
Exchange, where volume came
to 1.41 billion shares.
The Russell 2000 index of
smaller companies was up 7.60,
-or 0.92 percent, at 837.53.
The dollar slipped against
other major currencies, and
gold prices climbed.
Overseas, Japan’s Nikkei
_ stock average rose 0.48 percent.
Britain’s FTSE 100 was up 0.55
percent, Germany’s DAX index
was up 0.54 percent, and
' France’s CAC-40 was down 0.25
percent.



































BUSINESS

3B



BY TOBY STERLING
Associated Press

AMSTERDAM, Netherlands —
ABN Amro received an industry
record takeover bid of $95.5 billion
Tuesday from a group led by Royal
Bank of Scotland, but its shares fell as
the Dutch bank’s earlier decision to
sell its U.S. arm to Bank of America
still clouded prospects for a quick
deal.

The offer by the RBS-led consor-
tium of $51.59 per share, about 10 per-
cent higher than the bid on the table
from Britain-based Barclays, is con-
tingent on the LaSalle sale not going
forward, and also sets aside around
$2.49 billion to pay potential claims
or a settlement to Bank of America.

What will happen next depends on
who acts first: the courts or ABN
Amro’s shareholders.

The Netherlands’ Supreme Court
is to rule on an appeal against an
order to freeze the LaSalle sale by
early July. But with an offer from RBS

WEDNESDAY, MAY 30, 2007

bids $95.5 billion

on the table, ABN shareholders with
at least a 10 percent stake could over-
ride management and call for a meet-
ing in six weeks to voice their prefer-
ence on the LaSalle sale or either
offer.

Piers Townsend, a spokesman for
ABN Amro, said Tuesday the bank
had received the consortium’s offer
but declined to comment further.

“ABN Anrro is not allowed to talk
to us under the [conditions of] the
BofA deal, and their board recom-
mended the Barclays deal,” said RBS
Chief Executive Fred Goodwin.
“Until they extricate themselves
from those two situations, I think
they’re in a little bit of a difficult
place.”

Goodwin said the consortium has
held “amicable” talks with Bank of
America to find a compromise, but
they have so far been unsuccessful.

The mostly cash offer by the RBS-
led group for ABN Amro Holding is
worth at least 10 percent more than

2



__IN BUYING MOOD: Shoppers peruse cosmetics in a mall near downtown Denver. Consumer
' confidence bounced back unexpectedly in May, despite higher gasoline prices that could raise
| shoppers’ worries about inflation, a private research group said Tuesday.

THINKING POSITIVE

CONSUMER CONFIDENCE REBOUNDS IN MAY
DESPITE RISING GASOLINE PRICES

BY ANNE D’INNOCENZIO
| Associated Press

NEW YORK — Consumer confidence bounced back unexpectedly in
| May, helped by optimism about the job market even as shoppers’

i The New York-based Confer-
ence Board said Tuesday its Con-
sumer Confidence Index rose to
108.0 in May, up from a revised
106.3 in April. Analysts had
| expected the reading to fall to 104.5.
| The May reading was the highest
' since March when the index was at
108.2.

“The short-term outlook
remains cautious and rising gaso-
line prices are having a negative
impact on consumers’ inflation
expectations,” said Lynn Franco,
director of The Conference Board
Consumer Research Center, in a
statement
Franco added, “All in all, confi-
| dence levels continue to suggest

growth, albeit at a slow pace.”
/ The Present Situation Index,
| which measures how shoppers feel
/ now about economic conditions,
| rose to 136.1 from 133.5 in April. The
_ Expectations Index, which mea-

sures consumers’ outlook for the

next six months, edged up to 89.2

from 88.2.

Economists closely monitor con-
sumer confidence since consumer
spending accounts for two-thirds of
all U.S. economic activity.

Gary Thayer, chief economist at
AG Edwards & Sons, called the
Conference Board report “encour-
aging,” noting that a still healthy
job picture is offsetting shoppers’
worries about higher gasoline
prices.

concerns about gasoline price-driven inflation increased.

“Although people may not be
happy with high gasoline prices,
they are happy with the job situa-
tion,” said Thayer. “People are
unhappy about things but they are
not changing their buying habits
significantly.”

The report from the Conference
Board was good news for the
nation’s retailers, which struggled
through the worst same-store sales
performance on record in April.
Same-store sales are sales at stores
opened at least a year and are con-
sidered a key indicator of a retail-
er’s health.

The weak performance has
fueled concerns that gasoline prices
and the slumping housing market
are eating away at spending. For
now, the cutbacks in spending seem
to be contained, according to
Thayer.

And while data released Tues-
day gave no clear signs of an end to
the housing slump, Thayer noted
that he feels confident that consum-
ers can “work through continued
weakness in housing” as long as the
employment situation remains
healthy. Standard & Poor’s housing
index on Tuesday showed that U.S.
home prices fell 1.4 percent in the
first quarter compared to a year
ago, the first time since 1991 that
prices have shown a quarterly
decline.

On Thursday, the Commerce
Department reported that sales of



biggest amount in 14 years, but the

the all-share offer from Barclays
worth $46.93 at current levels.

But ABN Amro’s shares fell 0.8
percent to $48.18, suggesting inves-
tors have serious doubts about which
bid will prevail.

Either deal, if successful, would be
the largest-ever banking takeover.

“We believe we have a particu-
larly comprehensive strategic fit in
all of the main markets in which ABN
Amro is operating,” said Goodwin,
arguing that the consortium was a
better fit than Barclays to invest
in and expand ABN’s businesses in
the future. “We are tall and deep,
and they are wide and thin,” he
said.

But what would appear to be a
straightforward choice between the
bids remains frozen due to a snap
decision by ABN Amro’s manage-
ment last month to sell its U.S. arm,
Chicago-based LaSalle Bank Corp., to
BofA for $21 billion, with the pro-
ceeds going to Barclays as part of its

DAVID ZALUBOWSKI/AP |

MARK LENNIHAN/AP

SHORE-LEAVE SHOPPING: U.S. Navy
sailors shop on New York’s
Fifth Avenue on Tuesday.

new homes surged in April by the

median price of a new home fell by
the largest amount on record. On
Friday, The National Association of
Realtors reported that sales of |
existing homes fell by a larger-than-
expected amount in April, while the
median price of a home sold fell for
a ninth straight month.

Thayer and other analysts will
be closely watching the Labor |
Department’s report on employ-
ment, to be released Friday.

Economists are expecting
140,000 jobs to be added in May
and the unemployment rate to
remain at 4.5 percent.

That follows a disappointing
report, released in early May, that
showed that payrolls grew by just
88,000, marking the weakest job
gain in two and a half years. The
jobless rate edged up to 4.5 percent.



INTERNATIONAL EDITION



MATT DUNHAM/AP

BANK RECORD: A consortium led
by Royal Bank of Scotland is
launching a hostile bid of
$95.5 billion for ABN Amro.

deal.

That sale, negotiated in four days
while the consortium bid was on the
horizon, was widely seen as a poison -
pill measure, since RBS’s primary
interest is in LaSalle.

The offer announced Tuesday
reserves $1.35-in cash per ABN share
to pay potential claims or a settle-
ment to Bank of America.

CIVIL RIGHTS

Court
rules for
employer

in pay
bias case

BY MARK SHERMAN
Associated Press 5 :

WASHINGTON — The Supreme _
Court limited workers’ ability to sue
for pay discrimination Tuesday, rul-
ing against a Goodyear employee
who earned thousands of dollars less
than her male counterparts but
waited too long to complain.

The 5-4 decision underscored a
provision in a federal civil rights law
that sets a 180-day deadline for
employees.to claim they are being
paid less because of their race, sex,
religion or national origin.

Without a deadline, Justice Sam-
uel Alito wrote for the court, employ-
ers would find it difficult to defend
against claims “arising from employ-
ment decisions that are long past.”

Justice Ruth Bader Ginsburg, writ-
ing in dissent for the court’s liberal
members, urged Congress to amend

. the law to correct the court’s “parsi-

monious reading” of it.

Lily Ledbetter, a longtime supervi-
sor at Goodyear Tire & Rubber’s
plant in Gadsden, Ala., said. sex dis-
crimination was behind a series of
decisions that left her pay signifi-
cantly below that of men who per-
formed similar work.

After 19 years with Goodyear, Led-
better was making $45,000 a year,
$6,500 less than the lowest-paid male
supervisor. The company said poor
performance evaluations, not dis-
crimination, were behind Ledbetter’s
salary. She retired in 1998, shortly
after claiming discrimination.

A jury sided with Ledbetter, but an
appeals court overturned the verdict
because she had waited too long to
begin her lawsuit.

The Supreme Court agreed that
workers who wait too long under the
civil rights law are out of luck. Alito
said that “the passage of time may
seriously diminish the ability of the
parties and the factfinder to recon-
struct what actually happened.”

In this case, he said, one supervi-
sor who Ledbetter claimed retaliated
against her after she rejected his sex-
ual advances died before the trial.

Ledbetter said she didn’t sue ear-
lier because employees are less will-
ing to rock the boat when they are
new on the job and have no reason to
believe there could be such pay dis-
parity.

“This short deadline reflects Con-
gress’ strong preference for the
prompt resolution of employment
discrimination allegations through
voluntary conciliation and coopera-
tion,” Alito wrote for the majority.

Ginsburg said in court Tuesday
for the dissenters, “In our view, this
court does not comprehend, or is
indifferent to, the insidious way in
which women can be victims of pay
discrimination.”


THE MIAMI HERALD | Miamiterald.com



BUSINESS BRIEFS

e ANTITRUST INVESTIGATION



PAUL SAKUMA/AP

PRIVACY CONCERNS: The Federal Trade Commission has
opened an antitrust investigation into Google’s

_ proposed $3.1-billion purchase of ad-management
technology company DoubleClick.

Google’s planned buy
of DoubleClick probed

From Herald Wire Services

WASHINGTON — The Federal Trade Commission will
likely consider the privacy issues raised by Google’s
(GOOG) proposed $3.1 billion acquisition of DoubleClick as
part of its antitrust review of the transaction, analysts said

Tuesday.

Antitrust reviews generally focus on monopoly concerns,
such as whether the combined company will be able to raise
prices without fear of competition. But there is precedent for
them to address privacy worries, analysts said. .

Ari Schwartz, deputy director of the Center for Democ-
racy & Technology, a nonprofit advocacy group, said“the sy
FTC has looked at consumer protection concernsinthecon-
text of a merger,” citing the 2001 combination of AOL and

Time Warner.

‘Soon after Google announced its plan April 13 to acquire
DoubleClick, several consumer advocacy groups, led by the
Electronic Privacy Information Center, urged the FTC to
investigate the privacy implications of the transaction.

e MEATPACKER

SWIFT TO BE SOLD TO
BRAZILIAN COMPANY

In a union of two large
meat-processing companies,
a Brazilian firm announced
Tuesday it will acquire
Swift in a $225 million cash
deal that will give the com-
bined company greater
access to expanding markets
and operations on three
continents.

J&F Participacoes,
which controls Brazil’s lead-
ing beef exporter Friboi,
won out over other bidders .
for Swift, which was highly
sought after because not
many meat-packaging plants —
are put up for sale in wake of
U.S. industry consolidation,
analysts said.

e AIRLINES

BRITISH AIRWAYS GETS
WORKERS’ AGREEMENT

British Airways, ;
Europe’s third-largest air-
line, said it won agreement
on work practice changes
with 6,000 employees ahead
of the airline’s move to Ter-
minal 5 at London’s Heath-
row airport.

Check-in and customer
service employees in the
“last few days” have voted
in favor of new work
arrangements, Chief Execu-
tive Officer Willie Walsh
said in a speech delivered
Tuesday evening in London.

e BOOKSELLER

BORDERS’ LOSS WIDENS
IN FIRST QUARTER

Book retailer Borders
(BGP) said Tuesday its
first-quarter loss widened as
margins continued to be
pressured by a difficult sales
environment that prompted
more promotional dis-
counts.

In the quarter ended May
5, the company reported a
loss of $35.9 million, or 61
cents per share, versus a loss
of $20.2 million, or 31 cents
per share, in the prior year
quarter.

Analysts surveyed by
Thomson Financial
expected a loss of 38 cents
per share.



4 6:35 pm. Late
se close Chg. volume

__LATE TRADING

e MOBILE PHONES

' VODAFONE NARROWS

FULL-YEAR LOSS

Mobile phone company
Vodafone (VOD) posted a
narrower full-year loss on
Tuesday and forecast strong
growth iri emerging mar-
kets, pushing its shares to
five-year highs.

Vodafone said it had a net
loss of 5.43 billion pounds
($10.77 billion) in the year to
March 31, down from 21.9
billion pounds a year earlier,
as it cut costs in western
Europe and saw strong
growth in emerging markets
such as Turkey, Africa and
Eastern Europe.

The company said that
competition in mature Euro-
pean markets like Britain
and Germany would con-
tinue to drive down profit
margins in those markets.

e INTERNET

GODADDY TO MANAGE
RIVAL’S DOMAIN NAMES

‘GoDaddy.com, the lead- |
ing registration company for |
Internet addresses, has
agreed to take over and
manage more than 850,000
domain names belongingto
customers of a troubled
rival, officials announced.

The deal, reached with
the support of the Internet’s
key oversight agency,means |
that customers of that rival, :
RegisterFly, could once
again renew names, or |
transfer them elsewhere if
they do not want to stay
with GoDaddy. Those
names had been in limbo
following financial and
operational troubles at
RegisterFly.

e ACCUTANE SUIT

JURY HITS ROCHE
WITH $2.6M VERDICT

Pharmaceutical company
Hoffmann-La Roche was
hit Tuesday with a $2.6 mil-
lion jury verdict over acne
treatment Accutane, the
first such verdict in a case
blaming the drug for inflam-
matory bowel disorder
rather than other, more
well-known side effects,
lawyers say.








Stock Tk. Stock Tk. ; Chg. volume
PwShsQQQ QQ0Q 4681 46.74.07 145978 | BkofAm = BAC BI 2 GH).19* 19429
SunMicro. SUNW 5.06 506 * 85441 | Staples SPLS 7s eagll = +.14 16489
Timewarn TWX 21.44 21.46 = +02 81334 | Sp Fncl XLF 7.75, £93775 * 16176
TOU cop ve say eet yg Rta) | iSHR?K nya IWM 33, 8327 = -.06 15373
Intel wre 2230 3234.04 3an09 | Microsoft MST SAMiah ea
SP util XLU 41.22 41.23 +01 (36064 a eer

SPDR SPY 152.24 152.12 12 35831: | BEASysIF BEAS = 12.429 17.35.08 12566
AMISHId AMIS ‘1272. 1265 07-3431. | ColdwtrCrk CWTR 20.90" 23.41 +251 12442
BrMySq BMY 30.10 30.10 27487 FirstDatas FDC 32.67 32.67 * 12045
CVS Care CVS 38.87 38.87 26554 ConstellA STZ 24.17 24.19 +02 11360
PDLBio PDL. «27.62 27.65 = +03 «25377: | OMICp OMM 29.25 29.26 = +.01_-— 9103
CompsBc CBSS 969.47 «69.47 * 22709 | iShDJTel YZ «34.01. «33.9506 = 8640



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



NEW ORLEANS

INTERNATIONAL EDITION __ WEDNESDAY, MAY 30, 2007 | 4B

Pessimism stalls Big Easy’s revival.

BY MICHAEL KUNZELMAN
Associated Press

NEW ORLEANS — Lured
by congressionally authorized
tax credits and other financial
incentives after Hurricane
Katrina, a procession of devel-
opers announced plans to
build high-rises.

But 20 months after the
storm, most have fallen by the
wayside. The slow pace of the
recovery gets much of the
blame. New Orleans still has
no comprehensive rebuilding
blueprint, and funding is fall-
ing far short of planners’
expectations.

Adding to the tension for
commercial investors: Con-
struction and insurance costs
have soared.

“There have been a lot of
announcements, but you don’t
see a lot of cranes, do you?”
said Michael Siegel, executive
vice president of Corporate
Realty, a New Orleans-based
brokerage. “I think we all
underestimated how long this
[the recovery] was going to
take.”

At least one big plan — a
$400 million proposal by Don-
ald Trump to construct the
city’s tallest building — is

CHINA

BY TIM JOHNSON
McClatchy News Service

BEIJING — In an unusually
harsh sentence, a court Tues-
day ordered the death penalty
for the disgraced former head
of China’s food and drug
agency, making a show of the
nation’s resolve to crack down
on public health violations.

Zheng Xiaoyu was found
guilty of taking bribes and der-
eliction of duty, according to
the Beijing Municipal No. 1
Intermediate Court. He’s the
highest-ranking Chinese offi-
cial to get the death penalty
since 2000.

Zheng was convicted of
taking cash and gifts worth
about $832,000 to grant
approvals for hundreds of sub-
standard drugs, according to
the state news agency, Xinhua.
In several cases during his ten-
ure, from 1998 to 2005, faulty
medicines and fake infant for-
mula led to the deaths of
infants and adults.

A global alarm has sounded
in the past two months over
adulterated goods from China,
including tainted pet food,
which killed animals in North
America, toothpaste contain-
ing industrial chemicals found
in Latin America and Austra-
lia, and contaminated antibiot-
ics in China’s domestic mar-
ket.

Several analysts said the
harsh sentence for Zheng, 62,
was aimed more at Chinese
citizens angry over lax regula-
tion and shoddy products than
at consumers around the

REAL ESTATE

going ahead, although the only
visible sign at the planned site
of the Trump International
Hotel & Tower is the tycoon’s
name painted on a brick-wall
mural. Every weekday morn-
ing, cars fill the parking lot
where the 70-story building is
to be built.

Not to worry, said Trump’s
son, Donald Jr. The city’s slow
recovery, he said, hasn’t
derailed the plan to build more
than 700 units of condos and
hotel rooms in the city’s cen-
tral business district.

But while the Trump pro-
posal is making its way
through the city approval pro-
cess, most other projects have
seen more hype than hard
hats.

David da Cunha, president
of the commercial investment
division for the New Orleans
Metropolitan Association of
Realtors, said many develop-
ers are waiting for govern-
ment leaders to devise a clear
rebuilding plan before they

‘invest. “I think that’s what is

slowing things down,” he said.

Redevelopment proposals
are making their way through
the city approval process, and
the city’s recovery director, Ed

Blakely, hopes the pace of
reconstruction will pick up by
fall. Blakely envisions a $1 bil-
lion program of mixed-use
redevelopment, but his fund-
ing source — the federal gov-
ernment — has only $117 mil-
lion available for the task.

Doubts about the city’s
flood system also are weighing
on developers’ minds, city
planning administrator Arlen
Brunson said. ;

. The Army Corps of Engi-
neers is pumping billions of
dollars into flood protection
improvements. But the Corps
itself acknowledges some
levees are not up to federally
mandated standards set before
Katrina.

The Trump project is one
of eight new luxury condo
complexes, totaling more than
8,000 units, approved by the
city planning commission
since Katrina. At least one of
those projects, Vantage
Tower, has fallen apart.

In January 2006, Trey
Cefalu announced plans to
build the 25-story condo com-
plex. Prospective buyers
reserved 105 of 219 units at
Vantage Tower, but about half
of them backed out after the



as

BILL HABER/AP

LOOKING UP: A sign marks
the site of the proposed
Trump International Hotel
& Tower in New Orleans.
Many other projects are
struggling to get started.

developers raised prices to
offset an increase in construc-
tion costs.

Cefalu shelved Vantage
Tower in February.

“We're taking a wait-and-
see attitude to see where
construction costs go,” he
said.

Crooked official to be put to death



NG HAN GUAN/AP

HARSH MEDICINE: Workers organize a drugstore in Beijing. China’s pharmaceutical
market has been shaken by the approval of many dangerous drugs.

world suddenly edgy over
foods and goods originating in
China.

“People are increasingly
outraged that profit is sup-
planting safety,” said Russell
Leigh Moses, an analyst of
Chinese politics based in Bei-
jing. “This is also meant to
stanch some of the rising citi-
zen complaints about health-
care in a general sense. This is
to tell that audience, ‘We hear
you.”

One pharmaceutical firm,

Kongliyuan Group, paid Zheng
in return for the approval of
277 drugs, Chinese state media
said.

In another instance, an anti-
biotic that the State Food and
Drug Administration
approved under Zheng’s ten-
ure killed 10 patients in the
southern city of Guangzhou
last year before it was pulled
from the market.

After his removal in 2005,
Chinese authorities
announced that they were

reviewing 170,000 pharmaceu-
tical approvals that the agency
issued under Zheng.

The verdict against Zheng
came as authorities said they’d
establish a recall system for
unsafe foods in response to
recent food-safety scandals.

The severe penalty Zheng
received coincides with efforts
by Communist Party leaders
to make a show of fighting cor-
ruption ahead of a key party
congress next fall to select
new senior leaders.

Tishman Speyer, Lehman to purchase
Archstone-Smith for about $15.5 billion

BY VINNEE TONG
Associated Press

NEW YORK — Archstone-
Smith, a major owner of apart-
ment buildings, said Tuesday
it had agreed to a Tishman
Speyer-led buyout valuing the
company at about $15.5 billion,
but investors indicated they
were expecting a higher bid.

Tishman Speyer, owner of
New York’s Rockefeller Cen-
ter and the Chrysler building,
was joined by Lehman Broth-
ers Holdings in the friendly
takeover bid, which would
turn one of the largest publicly
traded real estate trusts over
to private investors.

' The buyout provides fur-
ther evidence of a booming
market for commercial real
estate and intense investor
interest in owning real estate
investment trusts, which pay
lower taxes by distributing
almost all taxable income to
shareholders.

The deal follows the Black-
stone private equity group’s
takeover of Sam Zell’s Equity
Office Properties Trust in a
$23 billion all-cash deal in
early February. Blackstone

beat out Vornado Realty Trust
by raising its bid 15 percent
from an initial offer made in
November. The Archstone
buyout would be the second-
largest real estate acquisition
in history after the Equity
Office takeover, according to
Thomson. Financial.

Archstone’s board
approved the deal unani-
mously at a price of $60.75 per
share. The company’s last
quarterly filing with the Secu-
rities and Exchange Commis-
sion listed total diluted shares
outstanding at 231 million.
With roughly another 27 mil-
lion shares held by outside
partnerships, the deal is priced
at around $15.5 billion.

The price represents a 22.7
percent premium over Archs-
tone’s Thursday closing price,
before news reports of a possi-
ble takeover sent the share
price up 8 percent to $55.23 on
Friday.

Archstone-Smith Trust said
the deal was worth $22.2 bil-
lion, including $6.9 billion in
debt to be assumed and refi-
nanced.

Real estate investment trust

analyst Craig Leupold of
Green Street Advisors said the
Tishman deal undervalues the
company.

“In our opinion, that’s a dis-
appointing outcome for share-
holders,” Leupold said. “We
don’t think the price fully
reflects the value of the com-
pany.”

The sale is expected to
close in the third quarter,
Archstone said in a statement.
The company will pay its last
regular quarterly dividend on
Thursday. Shareholders still
must vote on the buyout,
though no date was
announced.

“Archstone is an excep-
tional company that has built
one of the finest collections of
multifamily assets in the
industry,” Tishman Speyer
Senior Managing Director Rob
Speyer said in a statement.

Archstone-Smith, based in
Englewood, Colo., owns
86,000 apartments, under the
brands Archstone and Charles
E. Smith, in New York, Los
Angeles, San Francisco, Bos-
ton and Washington. It was
founded in 1963. Leupold said

Archstone owns one of the
highest-quality apartment
portfolios in the country, and
that the management team has
implemented a 30-second
credit approval process and
innovative revenue manage-
ment to improve profits.

Tishman Speyer is one of
the leading owners and opera-
tors of real estate in the world.
In addition to Rockefeller
Center, the company owns
other iconic properties such as
London’s CityPoint and
Tower Place, Frankfurt’s Mes-
seTurm and Berlin’s Sony
Center.

Last year, Tishman paid a
record $5.4 billion for New
York’s Stuyvesant Town/Pe-
ter Cooper Village, another
sign of its confidence in the
market for apartment proper-
ties.

Tishman takeover of Peter
Cooper Village and Stuyve-
sant Town has some tenants
concerned about rising rents
and stricter enforcement of
rent control rules in these
enclaves of affordable housing
in Manhattan.
THE TRIBUNE BUSINESS






UNDER THE STARS
FESTIVAL 2007

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‘Saturday - June 1 16 - 2007 - a: 00 P.M.



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For reservations,

Includes Gala Concert & Hors d’Oeuvres | Please call

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General Admission - $50 | at telephones

Student Admission (with COB ID) - $25 | 302.4304/4353/4354/4366

ROYAL SPONSORS
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PAGE 6B, WEDNESDAY, MAY 30, 2007

a
Investors considering all-cap funds |

a. By TIM PARADIS
AP Business Writer

NEW YORK (AP) —
Investors looking to all-cap
funds as a simple way to
immerse themselves in wide
variety of stocks might consid-



er that “all” in some cases can
really mean “most,” as in “all-
expense-paid vacation” or “all
solid gold.”

To be fair, the variations
among all-cap funds reflect
divergent philosophies and not
the flimsy promises offered by,

CONSTRUCTION COORDINATOR

say, trench-coated entrepre-
neurs selling watches of dubi-
ous origin. So while all-cap
funds weren’t designed to
deceive, investors nonetheless
should consider that some
funds take more pains than
others to remain rooted in



“all” corners of the stock mar-
ket. Others keep holdings in
stocks of various sizes but
focus on areas deemed likely
to outperform.

Those that shift their weight-
ing might now tilt toward
large-capitalization stocks and
away from small-cap stocks:as
the big names now appear to
be outpacing smaller stocks for
essentially the first time since
the start of the decade.

“There are a lot of different
flavors of all-cap funds,” said

Todd Trubey, an analyst at
investment research provider
Morningstar Inc., describing
all-cap funds as often reflecting
either “go everywhere” or “go
anywhere” philosophies.
“Some of them are basically
just market-cap agnostic and
therefore those types of funds
may not move very much. At
the same time, there are man-
agers who look at valuations
and do try to position the fund
more opportunistically.”
Portfolio managers with a

THE TRIBUNE

so-called agnostic approach to
market capitalization, tend to
give little consideration to a
company’s size.

He noted that the go any-
where philosophy embraced
by some all-cap fund managers
makes their stock-picking abil-
ities important.

“For a go anywhere fund
where the manager is agnostic
about stock size then you want
to know that the manager has
a good record and a good strat-
egy for that style,” Trubey said.



This ideal candidate will report to the Project Manager. Assist in monitoring and
coordinating construction projects to ensure that procedures, materials and equipment
comply with approved project plans, specifications and samples, owner standards and
quality.










Duties and Responsibilities:



° Assist in coordinating, scheduling, monitoring and directing the activities of the
subcontractors and suppliers
o: Assist in the Change Control Processes





Provide documentation of construction progress to include shop drawings,
manpower, schedules, delays, changes, payments, and other events affecting the










me project.

° Prepare daily reports of project activities and other reports and analyses setting
forth progress, adverse trends and appropriate recommendations and conclusions

® Coordinate and assist with final inspections: monitor completion of the punch

list

° Perform other duties as assigned



Qualifications: Applicant should have an undergraduate degree in Construction
Management or related field plus five or more years associated work experience in
construction. Strong management, leadership and interpersonal skills with the ability to
communicate both verbally and in writing. Knowledge of programs required; accounting,
MS Office, cost control procedures, SAGE, Suretrack, Primavera. Physical Demands
and Work Environment to be reviewed.






jobs@marmatglobal.com
242-363-1279

Please respond by email to:
Fax:








MARMAT
Attn: Office Manager
P.O. Box CR 56766

Nassau, Bahamas






Mail:





ESTIMATOR

"This ideal candidate will report directly to the General Manager. This position requires the

| “preparation of estimates based on O/A design intent, construction drawings and documentation

.and local conditions. Experienced in lump sum or construction management of commercial
and residential projects.

Duties and Responsibilities:

Perform quantity take-off for all items incorporated in the project
Prepares level 1 to 5 estimates, participates in value engineering
Estimate and track labour, material and equipment costs
Tendering, contract negotiations and scope of work preparation
Support field staff in cost control and change order evaluation
Develops and maintains unit costs, prepare unit cost estimates
Assist in project planning and scheduling

Provide support to the project team in all areas of cost control and estimating .
Interact/liaise with subcontractors and suppliers

Prepare general conditions estimate

Perform other duties as assigned

Qualificaisons: The ideal candidate will have an undergraduate or graduate degree in
‘engineering, estimating or construction management with field experience in general
onstruction, purchasing and accounting with expert knowledge of MS office. 5/10 years in
Construction Estimating in ICI and Residential sectors. Self motivated with strong management,
éadership and interpersonal skills with the ability to communicate both verbally and in
writing.

Physical Demands and Work Environment to be reviewed.

jobs@marmatglobal.com

Please respond by email to:
242-363-1279

Fax:
MARMAT
Attn: Office Manager

’ PO. Box CR 56766
Nassau, Bahamas

Mail:

CONSTRUCTION
ACCOUNTING CLERK

The ideal candidate will report directly to the Office Manager and provides
administrative support to one or more members of the Accounting Team.

Duties and Responsibilities:

Assist the Accountant/Controllér in all aspects of accounting

Job Costing, monthly invoice reconciliation, bank reconciliation, payroll
AP/AR and Payroll

Purchase order preparation and tracking

Contract and Change Order preparation and control

Prepare and maintain spreadsheets

Perform other duties as assigned

| Qualifications: The ideal candidate will have an undergraduate or graduate degree
| it’ accounting with expert knowledge of MS office. 2/5 years in Construction
| Accounting. Experience in accounting programs such as ACCPAC and
SAGE/Timberline software is an asset. Self motivated with strong management,
‘{eadership and interpersonal skills with the ability to communicate both verbally
-and in writing. Physical Demands and Work Environment to be reviewed.

jobs@marmatglobal.com
242-363-1279

| Please respond by email to:
Fax:

MARMAT

Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas

Mail:



“They will move around a
lot and that’s not a bad thing.
You have to know what you’re
getting there in order to use
the fund well.”

Despite their ability to cover
large ground, fees at all-cap
funds don’t tend to be out
whack with those of other |
funds. In fact, they’re often in
line with the low fees often
seen in large-cap funds.

Trubey noted that a fund
such as the Weitz Hickory fund
doesn’t feel constrained to
remain equally balanced
among various stock sizes. The
fund has shown a return of
about 4.4 per cent this year and
has a three-year annualized
return of 14.9 per cent and a
five-year annualized return of
10.3 per cent.

Other funds consider it
important to remain closely
tied a range of stock types.
One such investment, the
Hartford Growth Opportuni-
ties fund, has returned 12.9 per
cent this year and has a 17.6
per cent annualized return
over three years and 13.7 per
cent over five years.

“When you are buying one

BKG/410.03

ADVERTISEMENT FOR THE BAHAMAS
GOVERNMENT TREASURY BILLS

Sealed tenders for B$59,100,000.00 of 91-Day
Treasury Bills will be received by the banking
manager, The Central Bank of The Bahamas, Frederick
Street, Nassau up to 3:00 p.m on Tuesday, May 31, 2007.
Successful tenderers, who will be advised should take up
their bills against payment on Thursday, June 5, 2007.
These bills will be in minimum multiples of B$100.00. -

Tenders are to be on special forms obtainable from the
Central Bank of The Bahamas or Commercial Banks.

Tenders must state the net price percent (in multiples of one

cent) and should be marked “Tender”. The Central Bank of
the Bahamas reserves the right to reject any or all tenders.

fda
RR

CONSTRUCTION
ADMINISTRATIVE ASSISTANT

SEE page 7



The ideal candidate will report directly to the Office Manager and provides
administrative support to one or more members of the Project Team.

Dutiés and Responsibilities:

Sending/receiving/distributing documents, faxes and alike

Performing all word processing, including letters, memos, reports and
documents as required :
Arranging meetings, travel, copying, maintaining file system, file retrieval,
office supplies

Create and maintain spreadsheets

Attend meetings and prepare minutes

Perform other duties as assigned

Qualifications: The ‘deal candidate will have an undergraduate degree in office
administration or relevant discipline, excellent typing skills and expert knowledge
of MS office. 2/5 years in Construction Administration. Self motivated with strong
management, leadership and interpersonal skills with the ability to communicate
both verbally and in writing. Physical Demands and Work Environment to be
reviewed.

jobs @marmatglobal.com
242-363-1279

Please respond by email to:
Fax:

MARMAT

Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas

Mail:

PROJECT MANAGER

This ideal candidate will report directly to the Construction Manager. Plan, coordinate, direct and
supervise personnel, subcontractors and vendors engaged on projects ensuring that they complete
the work on time, within budget and to the quality specified. Will be responsible to protect and
promote the interest of the company in all matters.

Duties and Responsibilities:

Establish & maintain Master Progress Schedule

Maintain Owner, Architect, Subcontractor & Vendor relations

Prepare Budget and Financial Reporting

Maintain General Contract and Subcontract Documents

Maintain Quality Assurance and Control

Establish & monitor administrative procedures for the project
Organize work & train staff organization on projects

Keep informed on requirements for insurance, Safety, Labor Relations, Employee Relations,
maintain EEO compliances, etc.

Assure applications for payment and collection are properly disbursed
Keep management informed on progress of project and budget
Perform other duties and take on other responsibilities as required

Qualifications: Formal engineering or architectural training with 8/10 years in building construction
means and methods. 10/15 years in Project Management, ICI & Residential; large project experience
is essential. Thorough knowledge of construction cost, scheduling, line and grade (survey), estimating
and engineering principals and techniques, as well as accounting principles. Familiar with various
construction methods and materials, their characteristics, installation procedures and tolerances.
Strong computer skills and familiarity with Microsoft Office suite of programs. Knowledge of
SAGE/Timberline Software, Prolog Manager and Primavera scheduling desirable. Strong management,
leadership and interpersonal skills with the ability to communicate both verbally and in writing.
Physical Demands and Work Environment to be reviewed.

Please respond by email to:jobs@marmatglobal.com
Fax: 242-363-1279

MARMAT

Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas

Mail:


oF





THE TRIBUNE

FROM page 6

of these all-cap funds you very
much need to understand the
strategy that the fund manag-
er is charged with following,”
Trubey said.

Possible shifts in market
momentum can make the
broad base of an all-cap fund
appealing to investors unsure
of where to put their money,
said Steve Schoepke, vice
president of research and
product development at AIG
SunAmerica Asset Manage-
ment.

Schoepke said all-cap funds

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.



can work well as core hold-
ings. Investors can then dress
up their portfolios by perhaps
picking “other investments to
really take advantage of where
they feel the market is going.”

In other cases, he noted, an
investor could use something

as a simple as an index fund .

coupled with all-cap fund with
a go anywhere approach to
cover more opportunistic
moves.

“When you take a style
agnostic approach you're say-
ing to the manager, ‘What
we’re asking you to do is don’t
tie yourself to a style,’”
Schoepke said.

AIG SunAmerica recently
launched a fund called
Focused StarALPHA portfo-
lio, which employs the go any-
where approach by relying on
five investment advisers who
aren’t restricted them to a cer-
tain investment style.

Schoepke contends demand
for all-cap funds is in part

BUSINESS

stemming from institutional
investors and from retirees.

“J think a lot of investors
are coming up with accumula-
tion over years of savings for
retirement,” Schoepke said,
adding that some of these
investors want to stay broadly
invested. “I look at it as
almost an evolution in the
industry.”

As mutual fund investing
has grown — combined assets
of the nation’s mutual funds
now total more than $10 tril-
lion — so too has the special-
ization of some funds.

Trubey contends perhaps
part of the interest in all-cap
funds is a desire for what was
the norm decades ago. Then
portfolio managers were less
likely to be wedded to a par-
ticular stock style.

“People tended to be style
agnostic. You hear a lot more
about all-cap investing now,
largely as a reaction against
very style-specific funds.”



HALSBURY
CHAMBERS

Counsel aad Attorneys-ai-Law

Notaries Public

Halsbury Chambers

will be closed on Thursday 31st May, 2007

due to the observance of the Firm’s

Annual Fun Day

The office will re-open on

Monday 3" June, 2007

We regret any inconvenience caused,

PROJECT SUPERINTENDANT

This ideal candidate will report to the Construction Manger and/or Project Manager. Supervises
the field construction, assists in the organization, planning and scheduling of the works staying
within budget, on schedule and to the quality specified.

‘Duties and Responsibilities:

Plan and review the project work with the Senior Superintendent cum
Supervise the construction in accordance with the plans and specifications
Coordinate, schedule, monitor and direct the activities of the subcontractors and

suppliers

Review and implement changes
Monitor cost control and job costing, assist in review of monthly estimates
Management of safety program, quality control, quantity reporting, forecasting and

productivity

Quantity surveying, filing, site inspections, document control and payroll
Keep CM/PM informed as to field changes
Job site logistic, expedite material deliveries, site coordination
Experience required in the areas of; roads & site services, R/O plant & sewerage
treatment, water park, hard and soft landscaping, structures and interior finishes,
mechanical and electrical

° Perform other duties as assigned

Qualifications: Formal engineering or architectural training an asset with 5/10 years in building
construction means and methods, scheduling, change order, cost control, general contracts,
general conditions, subcontract documents, drawing and specifications, ICI, multi residential
and custom homes. Strong management, leadership and interpersonal skills with the ability to
communicate both verbally and in writing. Knowledge of programs required; accounting, MS
Office, cost control procedures, SAGE, Suretrack, Primavera. Physical Demands and Work
Environment to be reviewed.

Please respond by email to: jobs@marmatglobal.com
: 242-363-1279

MARMAT

Attn: Office Manager —

P.O. Box CR 56766

Nassau, Bahamas

ELECTRICAL SUPERINTENDANT

This ideal candidate will report to the Project Manger; supervising the field construction, assist
in the organization, planning and scheduling of the works staying within budget, on schedule and
to the quality specified.

Description:

° Demonstrated skill in identifying, analyzing and solving problems.

° Job duties include planning, scheduling and providing work directions for all Electrical
work as required.

Processing of reports and related data.

Monitor & supervise all personnel under your control.

Ensure completions of detailed tasks are completed on time and within the budget.
Knowledgeable principles and practices of related disciplines.

Strong analytical, project management and problem solving skills.

Be able to interact at all levels with the client, consultant and contractors.

Review technical submittals.

Review drawings and coordinate with discipline engineers.

Participate in the preparation of Field Change Requests and Change Orders.
Monitor contractor’s inspection program and quality control program, drawings and
monitor as-built.

Qualifications: Bachelor of Science Degree with a major in Electrical Engineering from an
accredited University or equivalent. A minimum of 10 years experience as an Electrical
Superintendent is required. Skilled in coordinating efforts with various construction functions.
Demonstrated skill in identifying, analyzing and solving problems, construction means and
methods, scheduling, change order, cost control, general contracts, general conditions, subcontract
documents, drawing and specifications, ICI, multi residential and custom homes. Strong management,
leadership and interpersonal skills with the ability to communicate both verbally and in writing.
Knowledge of programs required; accounting, MS Office, cost control procedures, SAGE,
Suretrack, Primavera. Physical Demands and Work Environment to be reviewed.

Please respond by email to: jobs@marmatglobal.com
Fax: 242-363-1279

Mail: MARMAT

Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas

WEDNESDAY, MAY 30, 2007, PAGE 7B







should consider what ‘all’ means

To Meg in 7he Tribune - the #1 newspaper
DTT aS ak

Oa
Ue
a Sh

Position Summary

To perform a variety of responsible messenger duties in support
of all attorneys, including filing litigation documents, stamping
and recording.conveyances and related commercial documents, ©
undertaking searches at the Supreme Court Registry the Companies
Registry and the Registry of Records, delivery of mail and banking
and other miscellaneous duties.

Experience Requirements

One (1) year minimum experience as a messenger would be an
advantage along with access to a vehicle. ,
Benefits Offered

Major Medical Insurance

To apply: All applicants must submit a resume
by 8th June, 2007 to:

The Human Resources Manager
Fax: 393-4119



‘SURVEYOR

The ideal candidate will report directly to the General Manager, preparing and maintaining :
plans and records, conduct legal surveys to determine property boundaries and maintain fF}
controls of lines and levels as stipulated in construction documentation for all structures.

Duties and Responsibilities:

Planning, directing and conducting surveys to establish and mark property
boundaries

Working with computers and electronic equipment to determine precise locations
Advising on matters related to legal surveys

Use techniques such as Cost Planning, Estimating, Cost Analysis, Cost-in-use
Studies and Value Management to establish a project budget.

Must have an orderly analytical mind and be prepared to work to very rigid time
schedules.

Must be accurate in all aspects of work.

Qualifications: The candidate will have an undergraduate or graduate degree in geomatics p

or survey engineering. -10/15 years in Construction Surveying in ICI, Residential Sectors
& Marine. Proficiency in MS Office with above average measuring, mapping and
mathematical skills. Experience in using mapping and drawing software such as AutoCad
and survey software. Self motivated with strong management, leadership and interpersonal &
skills with the ability to communicate both verbally and in writing. Physical Demands
and Work Environment to be reviewed.

Please respond by email to: jobs @marmatglobal.com
Fax: 242-363-1279

MARMAT

Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas

Mail:

SCHEDULER

The ideal candidate will report directly to the General Manager and/or Construction Manager. This
position requires the preparation and maintenance of schedules, review of contractor schedules and
performing a comparative analysis of those schedules, review of the schedule, cost and resource
loading with the project manager. Supports Business Development and marketing activities as it
relates to proposed project scheduling. Support project in claim situations. Responsible for the
protection and promotion of the interest of the company in all matters.

Duties and Responsibilities:

Prepares summatry and detail level schedules for a variety of project sizes

Develop fill CPM logic generated baseline schedules for large and small projects
Perform monthly progress updates and create target comparison and periodic look-ahead
schedules. Monitor and track progress at detailed and summary level as necessary
Develop and update periodically cost loaded schedules when required

Participate in all project schedule review as required

Support Business Development and business unit marketing activities in the development
and preparation proposal presentations. This includes developing preliminary bar chart
schedules and staff charts

Prepare custom reports and attend project meetings to discuss schedule issues.

Perform other duties as requested

Qualifications: The ideal candidate will have an undergraduate or graduate degree in engineering.
5/10 years in Scheduling on building projects, large project experience is essential. Additional

J experience in SAGE/Timberline Software, project engineering, field supervision or purchasing is

desirable. Knowledge of building construction, materials, systems, market conditions and trade
practices is a must. Conceptual ability to work with minimum information. Expert knowledge of MS
Office, Primavera and Project. Excellent oral and written skills required. Self motivated with strong
management, leadership and interpersonal skills with the ability to communicate both verbally and
in writing. Physical Demands and Work Environment to be reviewed.

Please respond by email to: jobs@marmatglobal.com
Fax: 242-363-1279

Mail: ‘ MARMAT
Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas

















L 2
Abaco

on

Winding Bay

ABACU, BAMAMAR





Bookkeeper/Office Assistant

° Provide administrative support duties for a busy Construction
office

° Process and prepare invoices/bills for payment

° Reconcile vendor statements

© Data entry duties

> Proficient in Microsoft Word and Excel
1-3 years experience in a similar role

? Support

* Will support a Construction Management Team using a variety
of software applications on both stand alone systems and in a
networked environment.

¢ Well experienced in day to day troubleshooting and problem
solving of IT hardware and software issues

° Part-time position

Construction Project Manager

e Minimum 5 years experience in construction management

¢ Working knowledge of timber and masonry construction methods
° Proficient in reading and understanding construction plans

° Proficient in performing material take-offs and placing material
orders

Working knowledge of construction materials

Proficient with Microsoft Word and Excel

Good communication skills

eee

| Resume should be sent to Nick Sims, Development Department,
| The Abaco Club on Winding Bay, P.O. Box AB-20571, Marsh
| Harbeur, Abaco or fax # 242-367 2930.



















-(JBS (Bahamas) Ltd. is one of the world’s leading financial
. institutions in the Caribbean. Through our Business Area Wealth

| ___ ‘Management International, we look after wealthy private clients

by providing them with comprehensive, value enhancing

t “services, Our client advisors combine strong personal
relationships with the resources that are available from across
UBS, helping them provide a full range of wealth management
“Services.

“order to strengthen our team in Nassau, we are looking for a
~candidate in the following position:

Senior Client Advisor - European Desk
in this challenging position you will be responsible for:

« Supervising a team of Client Advisors

-Â¥ Advising and servicing existing clients including travelling
-» Acquisition of new clients

= Proposing of investment solutions

w

We are searching for a personality with extensive experience in
“wealth management, specialized in the fields of customer
relations, investment advice and portfolio management.
Excellent sales and advisory skills as well as solid knowledge of
-investment products are key requirements. A proven track
“record in a comparable position with a leading global financial
“institution as well as fluency in English and German, fluency in
another language (Spanish, Italian or French) is a plus.



Interested? Written applications should be sent to:



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

sy Se RR RR RNR TT 8 DTN NN ARES ERAT RAE ES ER RE EE TNR AE EAR RGR ECR POSED a FE EEE BUST NTS

FORINT,
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4



sec

§Pricing Information As Of:
’Tuesday, 29 May 200 7













































PAGE 8B, WEDNESDAY, MAY 30, 2007

THE TRIBUNE





Oil prices plunge
by more than two
dollars a barrel

NEW YORK (AP) — Oil
prices plunged by more than
$2 a barrel Tuesday on hopes

that the inauguration of a new
president in OPEC member
Nigeria would contribute to a

CAVES POINT MANAGEMENT LIMITED






NOTICE OF ANNUAL GENERAL
MEETING OF MEMBERS

NOTICE IS HEREBY GIVEN that the 2007 Annual General
Meeting of CAVES POINT MANAGEMENT LIMITED will
be held at Caves Point Condominium, West Bay Street, New
Providence Island, Bahamas, on Wednesday 6th June 2007, at
8:00 p.m.








2007
No.00243

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT

Equity Side

IN THE MATTER OF a piece parcel or lot of land
containing by admeasurements 605.142 acres and situate
approximately 1.75 miles South of Salt Pond settlement in
the vicinity of Crossing Bluff in the Island of Long Island, the
Bahamas.

AND

IN THE MATTER OF the Petition of Lester C. Knowles °
Carrie A. Knowles, Christopher J. Knowles and Timothy G.
Knowles

AND

IN THE MATTER OF the Quieting Titles Act 1959

The Petitioners in this matter claim to be the owners in fee simple
possession of the tract of land hereinbefore described and the Petitioners
have made an application to the Supreme Court of the Commonwealth
of the Bahamas under Section 3 of the Quieting Titles Act 1959 to have
their title to the said land investigated and the nature and extent thereof
determined and declared in the Certificate of Title granted by the Court in
accordance with the provisions of the said Act.

wh ae
Copies of the Plan may be inspected during normal office hours at:

(1) The Registry of the Supreme Court
(2) The Administrator’s Office at Clarence Town, Long Island
(3) The Chambers of the undersigned

NOTICE IS HEREBY GIVEN that any person having dower or right to
dower or an adverse claim or a claim not recognized in the Petition shall
before the 6" day of July A.D. 2007 from the publication of this notice
inclusive of the day of such publication file Notice in the Supreme Court
in the City of Nassau in the Island of New Providence aforesaid and serve
on the Petitioners or the undersigned a statement of his or her claim in the
prescribed form verified by an Affidavit to be filed therewith. The failure of
any such person to file and serve a statement of his or her claim within the
time fixed by the Notice aforesaid shall operate as a bar to such claim.

Dated this 30" day of May A.D. 2007

PYFROM & CO
Chambers

58 Shirley Street
Nassau, N.P. Bahamas

Attorneys for the Petitioners













y. BISKBAHAMAS. COM FOR MORE DATA & INFORMATION
HG 00.21 / %GCHG 00.01 / YTD 100. 45/YTD % 05.99.

Yield




Today's Close Change Daily Vol. EPS $ Div $ P/E
0.54 Abaco Markets 1.18 1.18 0.00 -0.282 0.000 N/M 0.00%
11.00 Bahamas Property Fund 11.60 11.60 0.00 1.548 0.400 £9 3.45%
7.10 Bank of Bahamas 9.30 9.30 0.00 0.737 0.260 12.6 2.80%
0.70 Benchmark 0.85 0.85 0.00 0.129 0.020 6.6 2.35%
1.30 Bahamas Waste 2.95 2.95 0.00 0.243 0.060 12.1 2.03%
1.20 Fidelity Bank 1.30 1.30 0.00 0.067 0.020 19.4 1.54%
9.00 Cable Bahamas 10.42 10.42 0.00 0.949 0.240 11.0 2.30%
1.67 Colina Holdings 2.10 2.10 0.00 0.245 0.080 8.6 3.81%
10.60 Commonwealth Bank 14.50 14.50 0.00 1.152 0.680 12.6 4.69%
4.22 Consolidated Water BDRs 5.28 5.27 0.01 0.112 0.049 47.2 0.93%
2.40 Doctor's Hospital 2.40 2.40 0.00 0.234 0.000 10.3 0.00%
5.54 Famguard 5.96 6.02 0.06 3,250 0.694 0.240 8.7 3.99%
11.25 Finco 12.50 12.50 0.00 500 0.787 0.570 15.9 4.56%
12.30 FirstCaribbean 14.37 14.37 0.00 0.977 0.500 14.7 3.48%
10.50 Focol 17.18 17.18 0.00 1.657 0.520 10.4 3.03%
0.54 Freeport Concrete 0.54 0.54 0.00 -0.432 0.000 N/M 0.00%
7.10 ICD Utilities 7.20 7.20 0.00 0.532 0.100 13.5 1.39%
8.52 J. S. Johnson 9.05 9.05 0.00 0.868 0.570 10.4 6.30%
Premier Real Estate 10.00 10.00 0.00 1.167 0.600 8.6 6.00%
“Counter Securities SE OSES, oe
Ask $ Last Price Weekly Vol. EPS$ Div $ P/E Yield
12.25 Bahamas Supermarkets 14.60 15.60 16.00 1.234 1.185 12.6 8.12%
10.00 Caribbean Crossings (Pref) 8.25 10.00 0.000 0.640 NM 7.85%
0.20 RND Holdin 0.55 0.20 0.034 0.000 26.2 0.00%
Re ~the-Counter Securities a :
28.00 ABDAB 43.00 41.00 2.220 0.000 19.4 0.00%
414.60 14.00 Bahamas Supermarkets 14.60 15.50 14.00 1.234 1.125 12.6 7.71%
[0.60 0.35 RND Hol 0.65 0.45 0.021 0.000 26.2 0.00%
( ies % Listed Mutual Funds ‘
52wk-Hi 52wk-Low Fund Name NA _V YTD% Last 12 Months Div $ Yield %
qi 3398 1.2887 Colina Money Market Fund 1.339837"
93.1827 2.8564 Fidelity Bahamas G & | Fund 3.1827***
i> 6629 2.3560 Colina MSI Preferred Fund 2.662852*"
1.2443 1.1695 Colina Bond Fund 1.244286****
AG i i 1.4992*****
am: Ct OSE 793.99 1YTD 08.99% / 2006 34.47%
MARKET TERMS YIELD - last 12 month dividends divided by closing price NAV KEY
Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity *- 18 May 2007
- Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price
Today's © - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week ** - 30 April 2007
Change - Change in closing price from day to day EPS $ - Acompany's feported earnings per share for the last 12 mths
Daily Vol. - Number of total shares traded today NAV - Net Asset Value * - 30 April 2007
DIV $ - Dividends per share paid in the last 12 months N/M - Not Meaningful
P/E - Closing price divided by the last 12 month earnings FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100 **** - 30 April 2007
antes - 30 April 2007



PIDBLITY 242-356-7764 / FOR MORE DATA & INFORMATION CALL (242) 394-2503

York Mercantile Exchange.
Before the long weekend, US
crude oil climbed more than
$1 to $65.20 Friday. Monday
there was no floor trade and
no closing price in the US

stable supply from the Niger
Delta region.

A formal meeting over the
weekend between United
States and Iranian officials also
soothed traders’ concerns
about a potential conflict
between the two countries.

Light, sweet crude for July
delivery dropped $2.05 to settle
at $63.15 a barrel on the New

holiday.

Brent futures for July lost
$1.58 to close at $68.15 a barrel
on London’s ICE Futures
exchange.

Umaru Yar’Adua, 56, was
sworn in Tuesday as the new
Nigerian president, replacing
Olusegun Obasanjo who

. stepped down after eight years.

It marked the first successful
transfer of power from one
elected government to another
in Africa’s most populous

’ country with a history of long
years of military rule.

yam aS Cnn
CU ta

BCE ME Ta
MT EN Ei

NOTICE is hereby given that PAUL. RICHARD OF
P.O. BOX N-8796, 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 30th day of May, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,
Bahamas. , ae

NOTICE

NOTICE is hereby given that PAUL RICHARD OF
P.O. BOX N-8796, 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 30th day of May, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,
Bahamas.

Legal Notice

) RNeyueD

INTERNATIONAL BUSINESS COMPANIES
ACT
(No.45 of 2000)

SENTRY MANAGEMENT LIMITED

Notice is hereby given that in accordance with Section 137 (4)
of the International Business Companies Act (No. 45 of 2000),
SENTRY MANAGEMENT LIMITED has been dissolved and
struck off the Register according to the Certificate of Dissolution
issued by the Registrar General on the 18th day of May, 2007.

Robert Ashforth
Level 46, UOB Plaza 1,
80 Raffles Place
Singapore, 048624
Liquidator

QT) -n-snop QneGae

STUDENTS — PARENTS






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!




because of the Memorial Day —





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THE TRIBUNE

relate
Ney

AMSTERDAM, Nether-
lands (AP) — ABN Amro
received an industry record
takeover bid of 71.1 billion
euros ($95.5 billion) Tuesday
from a group led by Royal
Bank of Scotland PLC, but its
shares fell as the Dutch bank’s
earlier decision to sell its Unit-
ed States arm to Bank of
America still clouded prospects
for a quick deal.

The offer by the RBS-led

Scotiabank |

announces
16 per cent
increase
in Q2 net
income

FROM page 1

Banking experienced strong
asset growth, resulting in high-
er net interest income. As well,

*. ‘this quarter's results benefit-
.’ ed from the positive contribu-
" tions of recent acquisitions and

.

J
/

low levels of credit losses,” he
added.

consortium of 38.40 euros
($51.59) per share, about 10
per cent higher than the bid
on the table from Britain-
based Barclays PLC, is contin-
gent on the LaSalle sale not
going forward, and also sets
aside around 1.85 billion euros

($2.49 billion) to pay potential -

claims or a settlement to BofA.

What will happen next
depends on who acts first: the
courts or ABN Amro’s share-



holders.

The Netherlands’ Supreme
Court is to rule on an appeal
against an order to freeze the
LaSalle sale by early July. But
with an offer from RBS on the
table, ABN shareholders with
at least a LO per cent stake
could override management
and call for a meeting in six
weeks to voice their preference
on the LaSalle sale or either
offer.

- Must have 3 years Sales experience
- Must be well spoken and confident
- Must be 25 years Or Older

- Must be a quick learner «

- Must have good writing skills

- A base salary and commission

- Resume
- Two references
- Police record

NO PHONE CALLS

Apply in person at Bahama Divers, Nassau Yacht
Haven, East Bay Street between the hours of

10am - 12noon.



The most fuel-efficient

PRICEWATERHOUSE(GOPERS

WEDNESDAY, MAY 30, 2007, PAGE 9B

| 469



| Pri PricewaterhouseCoopers SpA

AUDITORS’ REPORT IN ACCORDANCE WITH ARTICLE 156 OF LAW
DECREE N° 58 DATED 24 FEBRUARY 1998

To the
Intesa

Shareholders of
Sanpaolo SpA

We have audited the financial statements of Sanpaolo IMI SpA, which
comprise the balance sheet, statement of income, statement of recognised
income and expense, statement of changes in net shareholders’ equity,
statement of cash flow and the related explanatory notes as of 31
December 2006. These financial statements are the responsibility of Intesa
Sanpaolo SpA’s Directors. Our responsibility is to express ari ee on
these financial statements based on our audit.

We conducted our audit in accordance with the auditing standards and
criteria recommended by CONSOB. In accordance with those standards
and criteria, the audit has been planned and performed to obtain the
necessary assurance about whether the financial statements are free of
material misstatement and, taken as a whole, are reliable. An. audit includes
examining, on a sample basis, evidence supporting the amounts and
disclosures in the financial statements, as well as assessing the
appropriateness of the accounting principles used and the reasonableness
of the estimates made by the Directors. We believe that our audit proces
a reasonable basis for our opinion. :

For the opinion on the financial statements of the prior period, which are
presented for comparative purposes, reference is made to our report dated
11 April 2006.

In our opinion, the financial statements of Sanpaolo IMI SpA as of 31
December 2006 comply with international Financial Reporting Standards as
adopted by the European Union, as well as with the Rules issued in
compliance with art. 9 of D.Lgs n. 38/2005; accordingly, they give a true
and fair view of the financial position, the results of operations, the changes
in net shareholders’ equity and cash flows of Sanpaolo IMI SpA for the year
then ended.

As explained in the Report on Group Seas the merger of Sanpaolo
IMI SpA into Banca Intesa SpA was concluded on 28 December 2006.
oe the merger, which took legal, accounting and taxation effect from

1° January 2007, Sanpaolo IMI SpA transferred to Banca Intesa SpA, now
Intesa Sanpaolo SpA, assets, liabilities and economic result as of 31
December 2006.

Turin, 29 March 2007

PricewaterhouseCoopers SpA

Lorenzo Pini Prato





passenger bus around!

Mea AS alasncaceaeuien cin aeurielse
Colm UAT OTUNSS nT castomm dae sreUCcaim OceUisLe (LeU O0) UNO) AO Nc] oe
performance, incredible fuel-effiency and all-round utility!
Standard Features:

*CD ae a
TE A Cc
(9) 4

* 1600.cc ana
* Automatic Transmission (GLS only)
ey NVA ats s

ON-THE-SPOT FINANCING





Price includes rustproofing, licensing and inspection to Si ahiday: full tank of fuel,
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QUALITY:

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EAST SHIRLEY STREET ° 322-3775 © 2°°.2979

Visit our showroom at Quality Auto Sales (Freeport) Ltd for sim

or Abaco Motor Mall, Don MacKay Blvd, 367-2914












(Partner)
Consolidated balance sheet —
ParvSection of the ASSETS 3171272005
Explanatory Notes (€smil)
B/Ass/1 10. Cash and cash equivalents 1,107
B/Ass/2 20. Financial assets held for trading 25,037
B/Ass/3 30. Financial assets designated as at fair value 22,528
B/Ass/4 40. Available-for-sale financial assets 29,837
B/Ass/5 50. Financial assets held to maturi 2,535
B/Ass/6 60. Loans to banks 28,836
B/Ass/7 70. Loans to customers 139,507
B/Ass/8 80. Hedging derivatives 435
B/Ass/9 90. __ Fair value changes of generically hedged financial assets (4v-) :
B/Ass/10 100. Equity shareholdings 819
B/Ass/11 110. Technical insurance reserves attributable to reinsurers 29
B B/Ass/12 120. Tangible assets 2,177
B/Ass/13. 130. __— Intangible assets 1,008
of which:
+ goodwill 756
B/Ass/14 140. Tax assets 2,728
a) current 988
b) deferred 1,740
B/Ass/15 150. Non-current assets and discontinued operations 220
B/Ass/16 160, Other assets 6,455
Total assets 263,258
Part/Section of the UABILITIES AND NET SHAREHOLDERS’ EQUITY 31/12/2005
Explanatory Notes (€/mil)
B/Liab/1 10. Due to hanks 35,68
B/Liab/2 20. Due to customers 92,306
Biab/3 30. Securities issued 46,985
B/Liab/4 40. Financial liabilities held for trading 11,342
B/Liab/S SO. Financial liabilities designated as at fair value 25,939
B/liab/6 60. Hedging derivatives : 730
B/Liab/7 70. Fair value changes of generically hedged financial liabilities (+/-) (35)
B/Ass/14- 80. Tax liabilities 860
B/Liab/8 a) current 216
b) deferred 644
B/Liab/9 90. ~ Liabilities on discontinued operations 164
Bfliab/10 100. —_ Other liabilities 10,573
B/liab/11 110. _ Provisions for employee termination indemnities 1,001
B/liab/12 120, "Provisions for risks and charges: 1,882
a) post-retirement benefit obligations 425
b) other provisions 1,457
B/Liab/13. 130. ‘Technical reserves 22,113
B/Liab/14. 140. ~_—“ Valuation reserves 1,286
a) available-for-sale financial assets (+/-) 1,157
b) tangible assets (+) :
c) cash flow hedge (+/-) (18)
d) special revaluation laws 346
e) other (199)
B/liab/14. 150. — Redeernable shares -
B/Liab/1S5 160. — Equity securities :
B/liab/1S 170. Reserves 4,512. 4,298
B/Liab/15 180. Share premium e702 J67- 769
B/liab/1S 190. Capital P5400 | 5,239
Bfliab/15 200. Own shares (-) (92)
B/liab/16 210. Minority interest (4/-) | 253 | 233
Bfiab/15 220. _ Profit (loss) for the year 1,983
Total liabilities and net shareholders’ equity 263,258

Interested persons may obtain a complete copy of the Audited Accounts from SG Hambros Bank
& Trust (Bahamas) Limited, P. O. Box N-7788, West Bay Street, Nassau Bahamas
‘Legendary Past ... Glorious F1 uture!’

Now accepting applications for teachers for September, 2007
for the following areas:

EARLY LEARNING CENTRE (Ages 3-

Classroom Teachers

PRIMARY SCHOOL (Grades 4 — 6}

Classroom, French and Spanish, Physical Education

(including teaching Swimming )

HIGH SCHOOL {Grades 7-12

Chemistry, Biology, Geography, Mathematics, Physical Edt
Counsellor (male), English Language and Literature, Music,

CRITERIA FOR EMPLOYMENT

A minimum ofa Bachelor's Degree from a
recognized university confirmed by a
certified copy of certificate

A post graduate certificate in education or a
teaching certificate confirmed by a certified
copy of certificate

Willingness to support the school’s
Accelerated Programme, including teaching
advanced courses such as Advanced
Placement and Advanced Subsidiary.
Experience in teaching advanced courses is
preferred

Two professional references

Successful applicants will be expected to
make a commitment to work in harmony
with Christian principles and to support the
emphases of the Bahamas Conference of
The Methodist Church of which the
school is a part.

fernale), Guidance.
| ca

QUEEN'S COLLEGE ...

Is the oldest private school in The Bahamas
Ensures a seamless continuity of education |
and a strong sense of community

Offers a rich curriculum

Is staffed by a talented and dedicated teach-
ing staff

Isa place where excellence is respected and
pursued, where teaching ahd learning are
innovative and where caring for others is
intrinsic
Offers a competitive benefits package,
inclucling gratuity, pension, health and
dental insurance, discount on children’s
tuition

Queen’s College was established in Nassau in
1890 by The Methoelist Church and is a
member of The International Association of
Methodist Schools, Colleges and Universi-
ties (LAMSCU)





PAGE 10B, WEDNESDAY, MAY 30, 2007

THE TRIBUNE



ank of the
Bahamas Inter-
national has

appointed

Renee Davis as
senior manager of risk and
compliance.

“We are pleased to
announce the promotion of
Mrs Renee Davis, who has
proven herself as a capable
senior manager,” said manag-
ing director Paul McWeeney.

“More importantly, howev-
er, she has been identified as
the ideal candidate to assume
such a position, which is quick-
ly evolving to be one of the.
more significant within any
robust financial enterprise such
as Bank of the Bahamas Inter-
national.

“She brings strong analyti-
cal skills, an essential quality
for a post which requires keen

B RENEE

instincts needed for the con-
tinuous evaluation, monitor-
ing and mitigation of risks that
may affect the bank’s ability
to achieve its strategic objec-
tives. Renee continues to
exceed our expectations and
we are proud to have her as a
part of our award-winning
team.”
Before joining Bank of the
_ Bahamas International, Mrs
Davis was a senior accountant
at PricewaterhouseCoopers,
where she took part in the
International Tour Programme
in New York.
Mrs Davis then served as
senior manager in the mutual
fund accounting department at

TY










ae

“ine Threads

Mackey St. 393-5684 Thompeon Btyd 320-1464




t



with FirstCaribbean

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ints |



DAVIS

Cardinal International Fund
Services Limited. She earned
an AS in accounting at the Col-
lege of The Bahamas before
obtaining a BS in business
administration and accounting
from Acadia University.

Mrs Davis joined Bank of
The Bahamas International’s
internal audit department in
2005. She was later appointed
chief internal auditor.

She has membership with

both the Bahamas Institute of

Chartered Accountants and
International Institute of Inter- |
nal Auditors. ;

Mrs Davis and her husband
Quinton have twin daughters,
Raven and Regan. —-

FIRSTCARIBBEAN

INTERNATIONAL BANK
GET THERE. TOGETHER,

aa a eee Ge tober aS