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_02908 ( sobekcm )

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Police consider foreign neip

‘External entities’ could
be asked to assist PLP
HQ fire investigation

@ By BRENT DEAN
Tribune Staff Reporter

IN A move some may
regard as controversial, the
Royal Bahamas Police Force
announced yesterday that it
is not ruling out the possi-
bility that foreign “entities”
could be called in to assist
in the investigation into the
fire at PLP headquarters on
Saturday.

Chief Superintendent
Hulan Hanna, at a press con-
ference at the force’s head-
quarters, revealed that this
move is under consideration.

“The matter involving the
Sir Lynden Pindling Centre,
I can say that that is under
active investigation. And I
wish to ensure the Bahamian
public that we are doing
everything in our power,
even if there is a need for us
to have assistance from oth-
er entities external to the
Bahamas,” he said.

Mr Hanna was not specif-
ic as to what type of external
assistance the police might
be considering or about to
request beyond the fact that
this is being “actively”
explored. However, he noted
that if such a move is made,
it would most likely be of an
entity in the United States.

Mr Hanna added that
police have not yet officially
tuled the fire an act of arson,
but he assured the public
that an activesand ‘vigorous
investigation is continuing
and the results of this will








be made public, to the extent
that this is possible, due
to the sensitivity of the
event. :

“And so people need to be
assured, they need to know
with all certainty that if a
crime has been committed —
that a crime has been com-
mitted; and if the investiga-
tion proves something else,
then the public needs to
know that, and they.need to
know that clearly so that
they understand that their
police force is not being a
pawn in anybody’s game,”
he said.

When asked if this recent
fire, the previous arson
attempt on Gambier House
and the fire at Tommy Turn-
quest’s headquarters just
before the election are relat-
ed, Mr Hanna, did not wish
to speculate on the assertion,
merely remarking that
“nothing is off the table.”

With the latest fire con-
sidered the second attempt
at destroying the building,
significant public attention
surrounds this investigation,
as increasing numbers of
PLPs think that they, and
their party, are under physi-
cal attack — especially in the
wake of the shooting at their
leader’s compound.

More than 200 PLPs gath-

-ered outside the damaged

building on Farrington Road
Saturday night as firefight-
ers struggled to save the

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Police announce new senior level transfers

@ By BRENT.DEAN
Tribune Staff Reporter

THE Royal Bahamas Police
Force announced yesterday the sec-
ond wave of senior level transfers, in
what appears to be the systematic
reversal of the last shuffle made dur-
ing the Christie era.

Chief Superintendent Hulan
Hanna made the announcements at
the police headquarters, declaring
that the moves take immediate
effect.

They are as follows:

¢ Assistant Commissioner Marvin
Dames has been moved from his
post as head of airport and port

security, to head the New Provi-

dence district.

e Assistant Commissioner James
Carey has been moved fromthe
helm of the New Providence dis-
trict, to the oversee the Southern
Bahamas district.

¢ Chief Superintendent Osbourne
Ferguson has been transferred from
the post as officer in charge of the
southern division, to head the inter-
nal security division (ISD).

¢ Chief Superintendent Robert
Pinder has been moved from the
post as officer in charge of ISD, to
the post as officer in charge of the
Andros district.

e And, Senior Assistant Com-

missioner, Allan Gibson, will be
retiring in six weeks after more than
40 years of service.

In addition to this restructuring,
Mr Hanna announced that four
chief superintendents will serve
under Mr Dames’s command, two
of whom will be Larry Ferguson as
head of the traffic division and
Richard Gardiner as head of police
reservists.

The remaining two officers, yet
to be named, will lead the planning
and operations arms of the New
Providence district respectively. This
change brings all uniform officers

SEE page nine

Politician
who visited
the Bahamas
charged over
alleged US
terror plot

@ By KARIN HERIG
Tribune Staff Reporter

CONCERNS of terrorism
acts originating in the
Caribbean have been raised
after four men from the region
— one a politician who visited
the Bahamas in the past — were
charged with conspiring to biow
up New York’s John F
Kennedy Airport.

US authorities on the week-
end said that they had broken
up a plot to blow up the air-
port’s major jet-fuel supply
tanks and pipeline.

Agents from the FBI Joint
Terrorist Task Force arrested
Russell Defreitas, a US citizen
and native of Guyana, in
Brooklyn, New York.

Two defendants — Abdul
Kadir, a citizen of Guyana who
was once a member of the
Guyanese Parliament, and
Kareem Ibrahim, a citizen of
Trinidad — are in custody in

SEE page nine
Union president

_ anticipates meeting

with Atlantis
management over
Cove pay issue

@ By ALISON LOWE
Tribune Staff Reporter

ALTHOUGH it was claimed
that morale was "very low"
among about 40 per cent of staff
responsible for much of the day- |
to-day operations at Atlantis'
new all-suite hotel, The Cove,
union president Roy Cole-
brooke anticipates that meet-
ings with management will start |
“in short” order to resolve their
differences. The issue is over
pay. ;

Mr Barrie Farrington,
Atlantis’ senior vice president of
management, said that although
there are “still Some challenges
to overcome,” Kerzner Inter-
national believes that they will
“be brought to an amicable con-

SEE page nine

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PAGE 2, TUESDAY, JUNE 5, 2007

THE TRIBUNE





Passing recalls significant
chapter in Bahamas history

This story shall the good man teach
his son;
And Crispin Crispian shall ne’er go

ys
From this day to the ending of the
world,
But we in it shall be remember’d;
We few, we happy few, we band of
brothers ...

I: was not as grand as the enter- ||

prise upon which the king was
embarking in Shakespeare’s play,
Henry V, but it was of some signifi-
cance for the history of politics and
journalism in The Bahamas as a hap-
py few, a band of brothers, gathered in
. asmall house on Wulff Road in 1963.

Dudley Nathaniel Gilbert was one
of them. Mr Gilbert’s recent passing
was hardly noticed except for the
grateful congregation of Our Lady of
All Souls Catholic Church on
Deveaux Street where he was for
many years acolyte, and a few in the
newspaper fraternity who remem-
bered him from past years.

The story started in 1960 when a
group of activists in the PLP decided
to add a new dimension to the politi-
cal debate raging in the country at the
time. Warren Levarity, a young, new-
ly-elected Member of Parliament
(MHA in those days), went to S J
Amoury’s store on Bay Street and
negotiated the purchase on credit of
an electric Gestetner copying
machine.

So a 12-page typewritten and sta-
pied political journal called Bahamian
Times started to publish once or twice
a month and immediately attracted a
small but devoted readership. The new
publication found its way onto the
shelves of Moseley’s Bookstore on Bank
Lane, which in those days was notable.

Bahamian Times was produced first
in the Bay Street real estate office of
Bazel Nichols and Jeffrey Thompson
and later at Empire Battery on St
Alban’s Drive where Mr Levarity. was
manager.

W hen the PLP lost the Novem-
ber, 1962, general election,

which it fully expected to win, the
National Committee for Positive Action,
decided the time had come for Bahami-
an Times to take its message to a broad-
er audience.

Up to that time, the PLP’s message
was carried mainly by The Herald, edit-
ed by Cyril St John Stevenson. The Her-
ald was a flamboyant tabloid which had
previously been edited by J Stanley
Lowe and which Mr Stevenson used to



castigate the Bay Street Boys every
week, much to the delight of his avid
readers.

But the NCPA decided that the time
had come for the message to be refined,
more depth to be added to the debate
and for some deep-seated psychological
hindrances to be addressed. So Bahami-
an Times opened office on Wulff Road
in a house owned by Percy Munnings.

A world-wide transition from hot type
printing to cold type (offset) was taking
place at the time but some big interna-
tional publishing houses were still using
the linotype to set type for newspapers,

, Magazines and books.

Bahamian Times decided to go with
the new technology and Loftus Roker
spearheaded the acquisition of equip-
ment. The offset press turned out to be
quite temperamental in accommodating
newsprint in a room without air-condi-
tioning. That was a challenge for George
Sands, dark room specialist and press-
man.



While the paper was a great success in
terms of appeal, it was never expected
to be a financial success. In fact, it was
worse than the band of brothers _

expected.









and reason.

he new typesetting equip-

ment was utterly useless and
so the team had to fall back on the old
linotype. The linotype was a complex
mechanical marvel, unquestionably
the best typesetting machine ever
invented.

Dudley Gilbert was an accom-
plished linotype operator who had
worked both for The Nassau
Guardian and The Tribune. He joined
the band of brothers on Wulff Road
to get Bahamian Times on the road.

The four permanent staff members
of the journal were Warren Levari-
ty, manager; George Sands, darkroom
technician and pressman; Dudley
Gilbert, linotype operator, and yours
truly, editor.

The weekly paper was tabloid in
format but not in content. It was par-
tisan and hard-hitting but it adhered
to basic journalistic principles such as
truth and decent language, and it
steered clear of scandal-mongering.

There are some political propagan-
dists today who have not learned a sim-
ple lesson that the Bahamian Times team
was aware of back then. Slogans and
catch phrases - and today’s sound bites -
can be very effective tools in politics,
but there is no substitute for a well-pre-
sented argument that appeals to intelli-
gence and reason.

The most effective slogan, if it is not
based on correct premises, can be ren-
dered useless, even counter-productive.
The informed people who read beyond
slogans are the ones who wield powerful
influence and carry the debates in the
clubs, barber shops, beauty salons, mar-
kets and under the silk cotton trees.

B ahamian Times became an
immediate success in terms of
readership. People lined up on Saturday
mornings to get their copies, and the
band of brothers and their volunteer -
helpers could not produce enough to
satisfy the demand, even after working
all through the night.

Copies of the paper were passed from
hand to hand and some people kept
them as collectors’ items. The Nassau
Public Library on Shirley Street did not
bother to keep copies but Bahamian
librarian Lillian Coakley secured them at
the library on the Southern Recreation
Grounds.

Incredibly, they were all thrown out in
later years by an expatriate librarian
without a sense of Bahamian history and
obviously without sufficient sense to
offer them to Archives.

Among the regular contributors to
Bahamian Times was Eugene Newry,

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Slogans and catch phrases - and
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no substitute for a well-presented
argument that appeals to intelligence



then a medical student in Europe, who
wrote mainly about African culture, and
American Paul Drake, who wrote from
Haifa in Israel. Mr Drake had been a
columnist with The Tribune before he
became intimately involved in Bahamian
politics.

Among those who contributed or
came by regularly to help or encourage
were Simeon Bowe, George Smith,
Oswald Brown, William “Roosy” Godet,
Clement Maynard and Arthur Hanna. .
The little house on Wulff Road became
a venue for intense political discussions
that proceeded late into the night, some-
times assisted by suitable spirits.

While the paper was a great success in
terms of appeal, it was never expected to
be a financial success. In fact, it was
worse than the band of brothers expect-
ed.

Only a few small businesses Over the
Hill dared to advertise and the paper
was supported mainly by financial con-
tributions from Sir Lynden Pindling and
Sir Milo Butler, and by supporters who
bought shares.

So the happy few were not so happy
on those weekends when there was no
money and they could not buy groceries
for their families. All of them had given
up well-paying jobs to do this work and
they remained committed until the PLP’s
victory at the polls in 1967.

They all had the profound satisfaction
of knowing that they had advanced the
national debate and contributed signifi-
cantly to historic change in the political
and social order in The Bahamas.

M: Gilbert nursed a desire to
become a farmer and he used
to say that when the victory came he did
not want any position or reward: other
than a piece of land so he could grow
things.

The PLP government refused to give
him a crown land grant, but Mr Gilbert
got his few acres anyway and was able
“to grow things”. He was a deeply reli-
gious man with a strong sense of social
responsibility. He lived a simple life cen-
tred on his church and his family and he
never sought recognition.

George Sands, who became a vice-
chairman of the PLP, died suddenly in
April, 1973, just months before inde-
pendence. Dudley Gilbert took leave of
this world on Saturday, May 26, 2007.

The surviving happy few, and those
who from 1963 to 1967 had the privilege
of witnessing the work and sacrifice of
these unsung heroes, still remember
them with fondness and gratitude.

sirarthurfoulkes@hotmail.com
www.bahampundit.typepad.com

INSIGHT

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Transfer of
responsibility
for foreign
investment

THE Bahamas Investment -

Authority is now responsible
for direct foreign investment,
it was revealed yesterday.

The change of responsibil-
ity is due to the division of
portfolios which took place
recently.

All applications for regis-
tration or a permit in relation
to real property acquisitions

should be made to the secre-

tary, the Investments Board,
Cecil Wallace-Whitfield Cen-
tre, West Bay Street, Nassau,
Bahamas, or by mail to PO
Box CB 10980, Nassau, NP,

The Bahamas.

Also, applications for major
development projects by
international persons, which
need approval from the
National Economic Council
(NEC), should be submitted
to the secretary, National
Economic Council, at the
same address.

Haitian police
target secret
airstrips in
drugs war

@ HAITI
Port-au-Prince

HAITIAN authorities are
trying to root out a network
of secret airstrips used to
smuggle in South American
cocaine bound for the Unit-
ed States, a top security offi-
cial said Monday, according
to Associated Press.

The effort comes days
after Haitian police and UN
peacekeepers intercepted
420 kilograms of cocaine in a
coastal town in the
Caribbean country’s biggest
drug seizure in more than a
decade.

Much of the cocaine enter-
ing Haiti arrives by plane,
usually small, single-engine
aircraft that land on remote
airstrips, hidden throughout
Haiti’s poorly guarded coun-
tryside. -

“We want to identify these E

airstrips, find out who owns
them and who they’re asso-
ciated with,” Luc Eucher
Joseph, Haiti’s secretary of
state for public safety, told
broadcaster Radio Metro-
pole.

Following last Thursday’s
cocaine seizure, police raided
a suspected traffickers’ hide-
out in an upscale Port-au-
Prince area and found sev-
eral high-powered weapons
and a global positioning
device believed to be used
to help guide incoming drug
planes, Joseph said. Two
Colombian nationals, five

i Haitian policemen and three

civilians were arrested for
alleged trafficking.

Haiti is a major transship-
ment point for cocaine des-
tined for the United States.
According to a recent US
State Department report, the
number of flights carrying
drugs to Hispaniola, the
island shared by Haiti and
the Dominican Republic,
increased by 167 per cent in
2006. ;

US authorities say those
flights, largely from
Venezuela, have nearly halt-
ed since the launch of an
anti-drug operation in
March.





THE TRIBUNE



Third man
charged for
attempted
murders

A THIRD man has now
been charged and arraigned
in court in connection with
the attempted murders of
three people.

Romeo Lynes, 26, of Ethel
Street, was arraigned before
Magistrate Susan Sylvester
at Court 11, Nassau Street,
on three attempted murder
charges as well as charges of
stealing and receiving.

Last week John Tellus, 27,
of Minnie Street, along with

Edroy Burrows, 30, of
Podoleo Street, were
arraigned on the same
charges.

It is alleged that Lynes on
Sunday, April 8, 2007, being
concerned with others,
attempted to cause the
deaths of Rosten Moxey,
Jamal Rolle and Dewery
Ryan Bonaby.

Court dockets further stat-
ed that.on Friday, April 6,
Lynes stole a white 1995 Nis-
san Sentra, licence number
36761, valued ‘at $3,500, the

.property of Kirklyn Wilson.
Lynes was also charged with’
receiving the vehicle know-
ing that it had been obtained
by way of an offence.

Lynes was not required to
plead to the charges and was
remanded until today when
he and the other accused per-
sons will return to court.

Woman denies
she stole
$35,000 from:
employer

A WOMAN, 42, charged
with stealing nearly $35,000
from her place of employ-
ment was arraigned in mag-
istrate’s court yesterday.

Dawn Bethel, of
Pinewood Gardens, was.
arraigned before Magistrate
Susan Sylvester at Court 11,
Nassau Street, on charges of
stealing by reason of employ-
ment.

It is alleged that on Mon-
day, January 8, 2007, Dawn
Bethel stole from Dream
Development Limited in
Mackey Street cash in the
amount of $11,500.

It is also alleged that
between Tuesday, Decem-
ber 5, 2006, and Tuesday,
May 22, 2007, Bethel stole
$2,800.

, Court dockets further stat-

ed that between Tuesday,
March 20, 2007, and
Wednesday, April 4, 2007,
Bethel stole cash in the
amount of $14,220 from
Dream Development Limit-
ed.

It is further alleged that
between Thursday, March 1,
2007, and Thursday, March
8, 2007, the accused stole
$6,000 from Dream Devel-
opment Limited.

It is also alleged that on
Tuesday, May 1, 2007,
Bethel stole $10,000 from
Dream Development Limit-

ed. Bethel pleaded not guilty

to all charges and was grant-
ed $10,000 bail. The matter
was adjourned to September
18.

18-year-old is
fined $7,500
for cocaine
possession

AN 18-year-old man of
Yellow Elder Gardens was
fined $7,500 yesterday after
pleading guilty to a cocaine
possession charge.

The court heard that
Byron Saunders on Thurs-
day, May 31, 2007, was found
in possession of a quantity of
cocaine which authorities
believed he intended to sup-
ply to another.

The accused, who
appeared before Magistrate
Susan Sylvester at Court 11,
Nassau Street, pleaded guilty
to the charge and was fined
$7,500. Failure to pay the fine
will result in an eight month
prison sentence.

te
ATS

Une ig bash)
PHONE: 822-2157



LOCAL NEWS



First public observatory
in the Bahamas opens

THE first public observato-
ry in the Bahamas has been
opened in Nassau.

The observatory has a 12-inch
Newtonian Reflector Telescope
which allows good views of the
planets despite the light pollu-

tion in Nassau.

It is situated in Fort Char-
lotte, Dean’s Lane, at the top
of the Medical Arts Institute. It
has a breathtaking 360-degree
panoramic view of Nassau and
the harbour.



The Astro Club was the first
to visit the observatory. Sixty
members attended and for most
it was an amazing experience
to see the planets for the first
time.

The Astro Club is an astron-
omy summer camp for families.
Cosmos has partnered with the
Genesis Academy, a new
school, K3 to Grade six, on
Dowdeswell Street, to provide
an exciting experience in astron-
omy for families.

Genesis Academy provides a
computer lab for electronic
exploration and Cosmos Obser-
vatory provides a telescope for
direct viewing.

Cosmos Observatory will be
open every Saturday 7.30pm to
10pm during the summer. Visits
at other times are by special
arrangement.

- Activities from this site will
include observation of the night

Surveyor claims to
be the victim of
vendetta by official

@ By ALISON LOWE
Tribune Staff Reporter

A QUALIFIED Bahamian
land surveyor claims to have
lost out on lucrative jobs to for-
eigners since his licence appli-
cation was blocked by an official
in the Lands and Surveys
department.

Even after a March, 2007,

‘Supreme Court ruling in favour

of a review of the 2004 appli-
cation, Rodrick Woods — who
has obtained the legally neces-
sary qualifications — said it con-
tinues to be ignored by the
Lands and Surveyors Board.

The surveyor claims the
board's refusal to act on, or
even so much as acknowledge
his application, comes down to
a "personal vendetta" against
him by a senior official with
influence over the board.

Mr Woods worked under the
official for a number of years
before qualifying, he pointed
out.

And Mr Woods is not the
only one affected by the dis-
pute. He claims that the public
purse has also taken a hit, as

taxpayers money was forfeited
by government for the costs of
the unsuccessful attempt to
defend the board's behaviour
in the Supreme Court.

Mr Woods said: "It should've
been a straightforward process
— you see the application, and
you Say ‘yes’ or 'no’."

Instead, there were years of
delay, followed by the Supreme
Court action, after which Chief
Justice Sir Burton Hall ruled
that there was no valid reason
for the impasse and the board
must review Woods’ application.

Sir Burton said the board had
shown "an inexcusable display
of administrative inefficiency"
in not yet relaying a conclusion
on the, matter, adding that Mr
Woods was entitled to "the
relief that (the board) be
ordered ‘to act. decisively and
timely’."

However, the ruling has

inspired no further action on -

the part of the board, com-
plained Mr Woods.

Land surveyors, according to
Bahamas Public Works Direc-
tor Melanie Roach, are in short
supply in the Bahamas. A prop-

er land survey is the basis of
any planning project.

In a 2005 article entitled
"Nobody wants $50k job", Ms
Roach complained publicly that
the government had been
unable to fill eight vacancies —
with salaries of $50,000 per
annum — for surveyors.

She suggested that perhaps

Bahamian surveyors simply

weren't "interested" in the pay
package on offer, while former
Works Minister Bradley
Roberts said that a number of
foreign workers had been
brought in to address the per-
ceived deficit.

All of this only added insult
to injury for Mr Woods — who
completed his training thanks
to a Lyford Cay Foundation
technical training scholarship
— as his best efforts to become
licensed to practise the profes-
sion for which he was trained,
and achieve his earning poten-
tial, continued to be thwarted
with no explanation given.

Messages left for Lands and
Surveyors Board chairman
Ralph Brennen yesterday were
not returned.

Former Tribune reporter
gets big break on CNN_

A YOUNG Bahamian jour-
nalist whose ambition is to be a
top TV anchor in the United
States has earned her first big
break in broadcasting.

Danielle Stubbs, 23, of
Christie Avenue, Stapledon
Gardens, is to spend the sum-
mer as a production intern on
CNN’s Larry King Live.

“T just couldn’t believe it
when I was told,” said Danielle,
a former student of St John’s
College and COB. “The com-
petition for places is so fierce.
Students from Bangladesh,
Africa, India and all over want
to get this kind of internship.
I’m so happy.”

‘Danielle’s ambition to be a
journalist took root during her
three years at The Tribune. She
loved it so much that she knew
exactly where her heart lay.

In 2004, she began a bache-
lor’s degree course in mass com-
munications at Clark Atlanta
University which she completes
next year. Then she hopes to
study journalism at Columbia
University in New York before
pursuing her television dreams.

“Ever since the Gulf War in
the early 1990s I’ve wanted to
be a journalist, telling people
the stories that really matter,”
said Danielle.

“The Tribune was one of my
great experiences. That was my
introduction to the world of
journalism. It taught me what
it takes to survive in the indus-
try.”

Since leaving for callege,
Danielle’s ambitions have grav-
itated towards television jour-
nalism and she admits she
would like one day to be a top
TV anchor on an American net-
work.

“That’s where I feel most
comfortable - in the anchor’s



@ DANIELLE Stubbs

chair,” she told The Tbune
yesterday.

For Danielle, the CNN break-
through means she will help
producers on Larry King Live
with all the behind-the-scenes
duties that make top shows flow
smoothly.

She will learn many of the
technical skills necessary to
become a successful television
journalist and will also help with
guest liaison.

“My internship will cover
three months during the sum-
mer at CNN’s Atlanta head-
quarters,” she said. “I have
always loved writing and creat-
ing stories. | knew from an ear-
ly age exactly what I wanted to
do.”

Danielle paid special tribute
to her parents and step-parents
for support in her chosen

career. Her mother, Linda C
Stubbs-Wisdom, is “my role
model and inspiration”, she

said. The only girl in a family
of five, Danielle said: “All my
four brothers are behind me,
too.”

Last night, The Tribune's

managing editor, John Marquis,
who gave Danielle her first

break in newspapers, said: “She |

is the kind of girl who will
achieve exactly what she wants
to achieve. She has what it
takes, no question.”

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PAGE 4, TUESDAY, JUNE 5, 2007

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE ,



The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

4

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



Lies are being told about election

AS FAR as most of us are concerned the
election is over and it’s business as usual. How-
ever, the PLP are still reeling from their loss at
the polls. So sure of victory were they that most
of the Christie cabinet had not adjusted their
private lives to the possibility that they could be
sitting on the Opposition side of the House on
reduced salaries. We understand that many of
them had not even cleared their desks in antic-
ipation of a new occupant moving in.

For them the etection is not over. Their fol-
lowers are being kept at fever pitch, fed on lies
— the FNM might have won the seats, but the
PLP won the popular vote; “they stole the elec-
tion from us”. And on hope — the country is
ours, Ingraham can’t hold on very long, within
the year there will be another election; keep
the troops together.

A caller to a radio talk show yesterday morn-
ing vowed that he would not accept an Ingra-
ham government. That is an ominous statement
with dangerous implications. When one does
not accept something then the logical next move
is to take steps to remove that which you do not
accept.

Since the election we have had an alleged
shooting at the home of Mr Christie’s mother-
in-law, which is in the same compound as his
own residence, and the burning on Saturday of
the PLP’s headquarters, which followed a sim-
ilar attempt at the same location the previous
week. All suspicious incidents, and fuel for the
fire of unrest. Mr Christie has called for calm.
He says he is concerned “because PLPs will
feel that they have been the victims of these
unexplained interventions.”

It is because of these suspicions that Com-
missioner of Police Paul Farquharson is wise
to consider calling in experts from the US to do
an independent investigation. No matter what

our local police say, there will always be those ,

who will not be satisfied.

Mr Christie’s slowness, after conceding defeat
election night, in moving to his party head-
quarters to calm his defeated supporters, almost
led to civil unrest. While he tarried, an
unscrupulous talk show host broadcast an
untrue report over the government radio station

’ of a PLP victory. A second talk show host, who
was bitterly criticised during the election cam-
paign for his unprofessional behaviour, was
actually at Gambier House confirming a PLP
victory. There was complete confusion. The
PLP were in the streets wildly celebrating Thurs-
day. Both sides — FNM and PLP — were being
told that the victory was theirs. It was not until
Friday morning that the Governor General sent
for Mr Ingraham to swear him in as the new
prime minister. It was a second disappointment
for the PLP, who were encouraged to believe
that a VICLOFYs rightfully theirs, was stolen from
them.



| of publication of this notice.

Reviva

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |,
RYAN DORFEVIL of NASSAU, BAHAMAS, intend |
to change my name to JAMAAL RYAN CLARKE.
If there are any objections to this change of name
by Deed Poll, you may write such objections to the
Chief Passport Officer, PO.Box SS-792, Nassau,
Bahamas no later than thirty (30) days after the date

JAMAAL

Although Mr Christie is calling for the coun-
try to heal and hopes that Prime Minister Ingra-
ham “understands his responsibility in trying
to call for peace and calm in this country,” we
think the onus is more on Mr Christie to inves-
tigate what is happening in his own back yard,
which is now helping to fuel the present unrest.

There are two websites — one closely asso-
ciated with Fred Mitchell and the PLP, another
allegedly of the same family — that are pulling
out all the stops to keep Bahamians apart.

They are playing race against race, social
class against social class, the rich against the
poor and taking advantage of grass roots igno-
rance.

“They are aggravating all of the country’s
traditional social ills. They are really trying to
incite the people,” said a member of our staff
yesterday.

One of the websites, in particular, has been
created to spin nothing but lies. For example, its
author, in the crudest of language, accuses the
FNM of employing a “Red Brigade” made up
gang leaders, who controlled’ the polling sta-
tions on election day by the use of money, drugs
and intimidation.

They accuse Mrs Betty Kenning of giving
the * ‘Red Brigade” $3 million for the FNM and

“squeezing the Hazelwoods, owners of John
Bull, and John Bethell for the remaining $11
million to fund the FNM’s campaign.

A complete tissue of lies. Unfortunately,
today, Mrs Kenning, the generous donor of this
country’s Olympic Swimming Pool, is not well
enough to understand what the argument is all
about.

It then goes on to say: “Brent (Symonette)
kicked in some dough and forced his fun-loving
bro Bobby to drop some change in as well
although we understand that Bobby wasn’t too
keen to support this agenda.”

Again not one word of truth. Mr Robert
(Bobby) Symonette, Deputy Prime Minister
Brent Symonette’s brother, in his day an astute
businessman, Speaker of the House of Assem-
bly and international yachtsman, has been dead
for the past nine years.

Whoever is behind this website is ignorant
and vicious with evil intent. The author is tak-
ing advantage of gullible Bahamians with little
education.

Just as Mr Christie cannot stop his support-,
ers believing that the FNM are behind all of
their present misfortunes, no one can prevent
many Bahamians believing that certain persons
in the PLP are behind these websites with the
sole purpose of stirring up strife in the country
to hasten another election.

If Mr Christie wants “peace and calm” in
the country now is the time to show his leader-
ship qualities and teach his supporters how to
accept defeat with dignity.





















‘Desperation’
displayed .
by the PLP |

EDITOR, The aebune:

THIS is a time when the most
tolerant of us must take in a deep
breath and exhale slowly and
evenly with our eyes closed. This
brings a sense of calmness that
seems to be escaping us as a peo-
ple these days. Some believe that
the Bahamas belongs to them
only, but my mother always said,
“Never get vex for other peo-
ple's things.” The PLP must
have never heard the saying that
the Bahamas belongs to ALL
BAHAMIANS black and white,
rich and poor, FNM and PLP.

Ever since the “master politi-
cian” Rt. Hon. Hubert Alexan-
der Ingraham mashed up the
Progressive Liberal Party under
their indecisive leader Perry
Gladstone Christie in the recent
general elections, it seems that
the leaders of the opposition
have lost their collective heads. It
leaves one to wonder what else
they really lost.

The very high level of desper-
ation being displayed by the PLP
is frightening to say the least. It is
frightening because the follow-
ers who do not really have any-
thing to lose are the ones expos-
ing themselves to possible danger
by becoming so confrontational.
The irresponsible directions



AM UE

letters@tribunemedia.net




being given by the leadership of
the PLP could only bear “rotten
fruit”. The fanning of the flame
of unrest will only cause inno-
cent people to get hurt, so the
PLP had better stop their tirade.

The stark reality though is
that the PLP had some negative
plans long before the election
and even more negative back-up
plans if they lost. The PLP con-
trolled the machinery so they
allegedly planted people and
when they got exposed they said
the then opposition did it. This is
hilarious. They hired hundreds,
especially from Fox Hill, days

before the election, knowing that :

if they lost there would be ques-
tions, but they in their arrogance
never thought they would lose.
Now they are being exposed left,
right and centre.

~ Victimization was the order
of the day.

Adrian Gibson, a welcome
bright light among our young
men who, every week displays
just how brilliant a young
Bahamian male could be, has
obviously been harassed, just

The Tribune
should be careful

- EDITOR, The Tribune.

‘or ‘the best deal in town on
d cars; with warranty! :

I DO not consider myself a die hard FNM or PLP, but I must warn
The Tribune that it will lose its clout and credibility as a newspaper
should it continue to print blatantly biased articles. I buy The Tribune
because of its appealing layout and because it does a decent job of cov-
ering the most interesting and up-to-date news. However, every so often
I run across an article, always political in nature, which is so blatantly
biased that it would be comical if it were not so disturbing to me.
“Christie, Blair, and Bush Have No Legacies Worthy of a Name” is one
such article printed on May 21, 2007, written by the Managing Editor
of The Tribune.

The article describes the so-called “parallels” between the three
men, namely that they have all been disastrous leaders; and that:

“This spring has offered the prospect of blessed relief from three
political. leaders whose legacies will haunt them for eternity.”

The article lambastes all three men saying: “Perry Christie failed to
deliver anything of consequence during five years in power. Presi-
dent George W Bush is destined to be named the worst of all 43 pres-
idents. Blair as a shallow, unprincipled nowhere man whose only
known mission was to stay in power with the help of a large band of spin
doctors.”

The Tribune should be careful not to abuse its power as the number
one paper in circulation. (Or it might one day lose this prestigious hon-
our). It should leave its political opinions at home, print the facts,
and let the public come to its own conclusions. People read newspapers
for an unbiased account of events going on around them, not for the
controversial opinions of the editors and journalists.

VIVIANN PUSTAM

Nassau,
May 21, 2007.

Applicant must have:



because he would not bend back- '
wards for the powers that be in.
the previous Ministry of they -
Department of Public Service:
am very curious who gave the
instruction for Mrs. Cheryl
Darville to finger Mr. Adrian:
Gibson, just because he has and
is making an invaluable contri’
bution to the Bahamas. Instead‘
of complimenting this fine young’
Bahamian for his fantastic gift,’
the PLP government decided to
threaten him with victimization if
he did not dance to their music.
Mrs. Darville appears to be”
an errand lady in this sordid’
affair. But never mind who wrote’
the letter, the instructions must
have come from higher up. Mr.
Fred Mitchell needs to answer:
this because he was Minister of”
the Public Service at the time.’
He must explain why such an
instruction was given in the first
place, and by whom and what
was to be gained. All Bahami,-
ans know that Mr. Mitchell wiil'
stretch his reasoning so far untidy
the whole thing would be so dis
torted that it would make
absolutely no sense at the end’
of the day. All the mumbo-jum-
bo about General Orders is just -
window dressing to help camour;,
flage the threat. “
This past election will £0:
down in history as the weirdest;

' ever. This past week, this writer

experienced driving off from, a,
meeting in Fox Hill FNM head-;,,
quarters where my front left.
wheel literally fell off. Upon;
inspection it was discovered that.
all of the bolts except one were-
missing. I guess if I was a habitu-,
al fast driver I may not have been
writing today. I am wondering if, ;
someone in Fox Hill had any-,,
thing to do with that matter. Did-
they try to silence me too? These
incidences are too coincidentak .
Bahamians must be careful. Des-.,
perate men do desperate things..;

The PLP desperation to hold,
on to power is more than meets,
the eye. It has been suggested .
that deals entered into must have. ,
been made to enrich a few. Some
appear that they will stop at
nothing to get it back, even if,
they force us to be plunged into ay

"state of emergency".
We must not be dra "1. into

this trap. The deal with th.» cev- ,

il has not been paid and the, we
mad. We must keep focus and
remain on course.

To my coward friends I say »
“Evil prevails when good men’

do nothing.” sy
Still fearless! wy
‘®
IVOINE W. INGRAHAM —
Nassau, ",
May 30, 2007 1

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THE TRIBUNE

LOCAL NEWS

TUESDAY, JUNE 5, 2007, PAGE 5



9In brief

Death on
oil tanker
investigated —
by police

FREEPORT - Grand
Bahama police are investi-
gating the death of a crew
member aboard an oil tanker
that docked at Lucayan Har-
bour on Sunday.

At about 12.45am on Sun-
day police were notified by
an agent from Global Unit-
ed Shipping that the “MV
Argent’ had arrived at port
with the body of the ship’s
chief cook.

Reports are that Sali Imam,
48; of Kentavros, Greece, had
died suddenly around 8.03pm
on Thursday while the vessel
was Sailing in the Northwest
Providence Channel, en route
to Galveston, Texas. The ship
had departed Spain on May 23.

Mr Imam was said to have
complained to the ship’s cap-
tain about not feeling well
and experiencing “a heavy
weight” on his chest shortly
before he died.

Grand Bahama police
examined the body and found
no visible injuries. An autop-
sy will be performed to deter-
mine the cause of death.

Four held
following
discovery of
firearm

POLICE arrested four per-
sos in connection with the
discovery of a firearm and
ammunition on Saturday at a
house in Royal Bahamian
Estates sub-division.

'Chief Supt Basil Rahming
said police, acting on infor-
mation received, executed a
search warrant around
12.30pm on a house in Bar-
bados Drive, which was sus-
pected of containing a firearm
and dangerous drugs.

During a search, police
found and seized a.380 semi-
automatic pistol with four
380 bullets'in the magazine.

“Two brothers, ages 21 and
23: who live at the ‘residence,
along with two persons visit-
ing the residence — a 17-year-
old female and a 20-year-old
male of Peacock Lane and
Mandeville Drive, respec-
tively - were arrested and tak-
en‘into custody.

‘During a subsequent search
of the Mandeville Drive
home, police discovered and
seized two more .380 bullets.

Formal charges are expect-
ed to be filed on Monday.



Leader of

Muslim group
denies link to
New York plot

@ TRINIDAD
Port-of-Spain

“A RADICAL Trinidadian
Muslim organisation had no
connection to four men accused
of planning to attack New
York’s John F. Kennedy Inter-
national Airport, the group’s
longtime leader said Monday,
according to Associated Press.

Yasin Abu Bakr, the leader
of Jamaat al Muslimeen, told
The Associated Press that he
kriew nothing about the alleged
‘plan to bomb a fuel pipeline
feeding the airport, a plot
authorities say was hatched by
a group that included a former
Guyanese politician.

“T know nothing about these
men, and I have nothing to do
with whatever they are being
charged for,” Abu Bakr said in
his first public comments since
USS. authorities disclosed the
plot on Saturday.

US authorities claim the
alleged plotters sought sup-
port in Trinidad and Tobago
from Jamaat al Muslimeen,
which staged a deadly coup
attempt in the Caribbean
nation in 1990. The men did
not receive such support,
_ according to court documents.

;But the documents also say
that Abdel Nur, a Guyanese
suspect thought to be still at
lafge in Trinidad, claims he
met in May with Abu Bakr
atshis compound in Trinidad
anid the Islamic leader sug-
gested that he return later
with others involved “to dis-
cugs the plan in detail.”

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‘Inquest into death of Daniel —
Smith is adjourned again

@ By KARIN HERIG
Tribune Staff Reporter

THE inquest into the death of
Daniel Smith — son of the
deceased US celebrity Anna
Nicole Smith — has been
adjourned yet again, as the ques-
tion of the Coroner’s Court con-
stitutionality remains undecided.

Speaking with The Tribune
yesterday, Chief Magistrate
Roger Gomez, who is presid-
ing over the case, said that the
case is now scheduled for June
26.

He explained that the contin-
uation of the inquest now
depends on the Supreme Court.

The inquest had just started
in April when it was stalled
after two days when lawyers for
Howard K Stern called the con-
stitutionality of the Coroner’s
Court into question.

Mr Stern’s lawyers applied to

the Coroner’s Court to have a
questionnaire made up to be
answered by prospective jurors
on oath in an effort to ensure an
impartial jury.

Counsel for Mr Stern said
that ensuring an impartial jury
in a high-profile case such as
Daniel’s death is a difficult task.

However, Mr Stern’s lawyers
argued that the Coroner’s Act
makes no provision for such
questioning of a jury and there-
fore also makes no provisions
to ensure an impartial jury.

The matter is still before the
Supreme Court.

Chief Magistrate Gomez yes-
terday said that he hopes that
the Supreme Court will soon
give a ruling in this matter so
that a decision can me made
whether or not the inquest will
proceed.

“They are supposed to be
meeting on June 20, that’s why

we adjourned to a week after
(to June 26) in the hope that
we have some word from
them,” he said.

A senior member of the
Bahamas’ judiciary told The
Tribune in an earlier interview
that if the Supreme Court
decides that the Coroner’s Act
is unconstitutional, it is likely
that the inquest into Daniel
Smith’s death could drag on for
years, as new legislation would

first have to be passed to amend _

the Act.

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

His death was ruled an over-
dose by drug cocktail, but the
inquest is being held to deter-
mine whether or not it was acci-
dental.





@ DANIEL Smith, pictured in February 2006 photo
(AP Photo/Manuel Balce Ceneta)

Organization of American States holds
its annual meeting in Panama City

HAITI, new energy sources
and anti-terrorism are on the
agenda at the Organization of
American States’ general
assembly meeting in Panama
City.

Deputy Prime Minister and
Minister of Foreign Affairs
Brent Symonette is heading the
Bahamian delegation at the
annual event, which brings
together the hemisphere’s for-
eign ministers to set the major
policies and goals of the OAS,

as well as discuss issues of con-.

cern to the region, at the event
in Panama from June 3 to 5.
The 37th regular session will
address a range of issues impor-
tant to the Bahamas, including:

® energy — ministers will be ,

looking at the role energy plays
in the sustainable development
of the member states and intend

to adopt the Panama Declara-
tion, which will bring attention

_to new, clean energy technolo-

gies;

e Haiti - the OAS pro-
grammes in Haiti will be
reviewed and ministers will dis-
cuss renewed efforts to consol-
idate democracy and progress;

e the Democratic Charter -
an instrument used for promot-
ing democracy in the hemi-
sphere;

e security — focusing on drug
control and anti-terrorism;

e the Disabilities Decade
(2006-2016) — a proclamation
and programme of action which
address the organisation’s con-
tribution to this minority;

e the OAS Budget.

The Organization of Ameri-
can States was formed with the
stated aims of strengthening co-



# BRENT Symonette

operation between the nations
of the western hemisphere on
democratic values, defending
common interests and debating

the major issues facing the
region and the world.

The Bahamas became a
member of the OAS in 1981.
The organisation maintains a
resident office in the Bahamas,
headed by Juliet Mallet Phillips,
who co-ordinates OAS activi-
ties in the country.

The OAS also works through
inter-American institutions such
as the Pan-American Health
Organization (PAHO) ang the
Inter-American Institute for
Cooperation on Agriculture
(IICA). The Bahamas has resi-
dent branches of both organi-
sations, giving the Bahamas
direct access to these specialised
areas.

The Bahamas also benefits
from the OAS in areas such as
education (training and schol-
arships), tourism, sustainable

development, the environment,
culture, gender affairs (women),
the anti-drug effort, and law
enforcement.

CARICOM ministers will
also meet on the margins of the
general assembly to discuss the
CARICOM/US conference on
the Caribbean, due to be held in
Washington, DC, on June 19
and 20.

Mr Symonette left on Satur-
day and will return to the
Bahamas on Tuesday. His del-
egation includes Sheila Carey,
permanent secretary; Brian
Serville, first assistant secretary
with the Ministry of Foreign
Affairs; Rhoda Jackson, the
interim representative; and
Chet Neymour, counsellor in
the permanent mission of the
Bahamas to the OAS in Wash-
ington, DC.

Bahamas signs up to regional insurance
facility in time for 2007 hurricane season

THE Bahamas, along with
other regional governments, has
agreed to the Caribbean’s first
regional catastrophe insurance
resource.

The Caribbean Catastrophe
Risk Insurance Facility
(CCRIF) was launched June 1,
coinciding with the start of the
2007 Atlantic hurricane season
for which forecasters expect 17
named storms - well above long
term average.

The CCRIF provides partici-
pating Caribbean governments.
with immediate access to funds.
if hit by a hurricane or earth-
quake.

“The birth of the CCRIF
marks a paradigm shift in the
way the Caribbean, interna-
tional donor agencies and the
worldwide insurance market
view risk,” said Matthew Prag-
nell, CEO of CGM Group, an
insurance company in the
Caribbean.

“This parametric solution has
been designed to automatically
respond based on the prede-
fined hazard and actuarial mod-
els developed for the region.
This means that the participat-
ing nations will immediately
qualify to receive a standard
cash injection based on the
severity of the catastrophe.”

The CCRIF is operated by
Caribbean Risk Managers Ltd
(CaribRM), a division of the
CGM Group, with support from
Sagicor Insurance Managers
Ltd.

CGM said the launch of the
facility was a significant achieve-
ment for a region comprised of
many sovereign nations that
would need capital support and
risk capacity on the heels of
some of the costliest hurricane
seasons on record.

It said that it was just after
the 2004 season in which Hur-
ricane Ivan caused damage in
Grenada and the Cayman
Islands estimated at almost
twice the respective annual
GDP, that the heads of
Caribbean governments
approached the World Bank for
assistance.

“Thanks to the support of the
international financial markets

and ill Da rics tavols 1oinsia

ance coverage can be confirmed
to participating countries on
June 1,” said Caroline Anstey,
World Bank country director
for the Caribbean.

“This new facility is being
launched just in time for the
beginning of the 2007 hurricane
season which, according to the
experts, may be particularly
severe.”

CCRIF was able to secure
$110 million of claims paying
capacity on the international
reinsurance and capital markets.
The reinsurance structure con-
sists of four layers: CCRIF
retains the first layer of $10 mil-
lion; reinsurers underwrite the
second ($15 million) and third
layers ($25 million); the top lay-
er (US$70 million) is financed

with reinsurance ($50 million).

plus $20 million coverage
through a catastrophe swap
between the World Bank

(IBRD) and CCRIF. IBRD
hedged its risk through a com-
panion swap with Munich Re
Capital Markets.

The $20 million swap
between IBRD and CCRIF is
the first transaction to enable
emerging countries to use a
derivative transaction to access
the capital market to insure
against natural disasters.

It is also the first time a diver-
sified pool of emerging market
countries’ catastrophe risk is
placed in the capital markets.
CaribRM played a pivotal role
in developing and executing the
swap transaction.

The CCRIF’s capacity to ser-
vice claims is based on its own
reserves combined with the
financial capacity of the inter-
national financial markets. This
will allow CCRIF to respond to
events occurring once every
1,000 years or more, achieving a

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higher level of resiliency than
international standards.
Caribbean countries are high-
ly vulnerable to natural disas-
ters - on average, one major
hurricane affects a country in
the region every two years - and
have only limited options avail-
able to respond. Work is also
being considered to expand the
scope of the coverage provid-
ed by CCRIF to other natural

hazards such as floods and
tsunamis.

CCRIF participating govern- -
ments are: Anguilla, Antigua
and Barbuda, Bahamas, Barba-
dos, Belize, Bermuda, Cayman
Islands, Dominica, Grenada,
Haiti, Jamaica, St Kitts and
Nevis, St Lucia, St Vincent and
the Grenadines, Trinidad and
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PAGE 6, TUESDAY, JUNE 5, 2007



CENTRE FOR CONTINUING EDUCATION :
& EXTENSION SERVICES 3

Personal Development Workshops —
Summer Semester 2007

SUPERIOR CUSTOMER SERVICE

This workshop is designed to provide participants with an overview of the fundamentals
of superior customer service. It focuses on customer value, retention and relationship :
building and employee motivation. ‘

Date: Thursday, 31 May 2007

Time: 9:30am — 4:30pm

Venue: Grosvenor Close Campus (Shirley Street)
Tuition: $170.00

EFFECTIVE POWERPOINT PRESENTATIONS

This workshop is designed to provide participants with an overview of the fundamentals |
of Microsoft PowerPoint. It focuses on developing effective and dy.ramic PowerPoint ;
presentations.

I Date: Thursday, 7 June 2007
Time: 9:30am — 4:30pm
Venue: CEES Computer Lab, Moss Road
Tuition: $160.00
WEB PAGE DESIGN

This course will cover Web Page Creation, Web Site Management and HTML.
Persons who enjoy fiddling with computers and would like to create their own web |
pages are encouraged to attend. Specific topics will include Formatting, Graphics, :
Multimedia, Forms and Tables and hosting of web pages.

Date: Thursday & Friday, 14th & 15" June 2007
Time: 9:30am — 4:30pm

Venue: CEES Computer Lab, Moss Road
Tuition: $550.00

ENQUIRIES: Contact the Co-ordinator at Tel: (242) 325-5714 / (242) 328- |
0093/ 328-1936 or email . All fees are included with the exception of the |
application fee of $40.00 (one time). When submitting application, kindly
provide copies of the first four pages of your passport. CEES reserves the right
to Benes Tuition, Fees, Course Content, Course Schedule and Course Materials :

~ NOTICE

ll residents of North Eleuthera
_ interested in taking the

gle Phase Electrical course
ollege of The Bahamas,
h egins on 8 June, 2007,
-ontact Tomacena Albury at
All Age School at 335-1732 or
Z concerning registration.




































THE COL LEGE

Visit our website at www.cob.edu.bs

COMMENCEMENT ACTIVITIES 2007

NORTHERN CAMPUS)
THEME: “THE WAIT IS OVER WALK INTO YOUR SEASON”

-| EVENT DATE TIME LOCATION
Honours Convocation Thursday, May 17, 2007 7:00pm Northern Campus Grounds
Graduation Rehearsal Thursday, May 31, 2007 ‘6:00pm Convention Centre,
Our Lucaya
Baccalaureate Service Wednesday, June 6, 2007 | 7:00pm Church of God of Prophecy
| Community at Heart
Tabernacle, Coral Road
Graduates’ Award Breakfast Thursday, June 7, 2007 7:30pm Salon II, Convention Center,
Our Lucaya
Commencement Thursday, June 7, 2007 5:30pm Convention Center,



THE TRIBUNE










ING & [RAINING Ba

COB President
Honoured

President Janyne M Hodder is one
of two persons who will be
honoured by Bishop’s University
of Lennoxville, Quebec, Canada,
where she served as Principal and
Vice Chancellor for nine years from
1995 to 2004.























At Bishop’s Convocation on
Saturday, June 9, 2007, President
Hodder will be awarded the Degree
of Doctor of Civil Law (Honoris
Causa) in recognition of her stellar
contributions to the growth of the
University. The other awardee for
the honorary doctorate will be an
award-winning novelist, historian
and essayist, Mr Ronald Wright.



COB celebrates with our president this signal honour being paid to
her.

All residents of South Andros interested
in taking the Single Phase Electrical cours
with The College of The Bahamas, whic
begins on 8 June, 2007 are asked to contac

Rev. Dorinda Dean at 368-267:
. concerning see























All residents of North and | Conte
Andros interested in taking t
‘Journeyman Plumbing course with Th
College of The Bahamas, which beg [
on 8 June 2007 are asked to contact Rev.
Dorinda Dean at 368-2676 a
registration.





Our Lucaya



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Visit our website at www.cob.edu.bs = FNtiCATING & TRAINING BAHAMIANS

Caleving ty Serxandia

Dinner Menu (Platinum Tickets)

Shredded Beef Quesadillas
With Sweet Pepper Jelly & Jalapeno Cream

African Fried Avocado Bites
With Tomato-Date Jam & Tamarind Vinaigrette

Cuban Ham Croquettes
With Mango Aioli

Bahamian Conch & Crab Cakes
With Voodoo Cocktail Sauce & Pepper Jelly

‘Cuban Roast Pork
With Cilantro Aioli on Plantain Rounds

Sirloin steak, Aji Amarillo & Mushroom Spring Rolls
With Chimichurri Sauce

Cuban Style Yucca Chips
& Garlic-Herb Monitor

Columbo & Banana Roasted Chicken Samosas |
& Mango Salsa

Pumpkin & Black-Eyed Pea Accras
‘With Creole Sauce

Hors d’oeuvresTable (Gold Tickets)

Cuban Cream Cheese, Guavas & Crackers
Mozambiquian Potato & Fish Spread
-Rum-Pickled Chillis & Toasted Naan Chips
An Assortment of Latino & European Cheeses
Selection of Fresh Tropical Fruit

COME TO CAMP COR

JUNE 25 - JULY 2, 2007 -
9;30AM- 2:30PM (MON. - FRI
(AGES 5- 12 YRS. OLD)



FOR ADDITIONAL INFO,
PLEASE CONTACT
CAMPUS LIFE DEPARTMENT
302-4525/302-4592.
REGISTER NOW AS SPACE IS LIMITED



THE COLLEGE OF THE BAHAMAS

THE TRIBUNE

TUESDAY, JUNE 5, 2007, PAGE 7



commitment to
the environment

@ By KARIN HERIG
Tribune Staff Reporter

SAFEGUARDING the
Bahamas’ environment and her-
itage has been named a “fun-
damental tenet” of the FNM’s
economic policy by Hubert
Ingraham.

Delivering the budget com-
munication for the fiscal year
2007/08, the prime minister
emphasised that protection of
the environment will be one of
his government’s priorities.

“While we have the ability,
we do not have the right to mis-
manage our environmental
resources, thereby compromis-
ing our ability to pass on to our
children that which has passed
on to us,” he told parliament
last Wednesday.

Mr Ingraham said that his
government is “firmly of the
view” that the Bahamas’ pur-
suit of economic growth and
foreign investment must be bal-
anced against the environmen-
tal needs of future generations
of Bahamians.

“As a consequence, all
investors in our economy — both
domestic and international —
concerned with major financing
capital development projects in
the Bahamas will be made
aware of our requirement that
development meet not only the
desired aims of the investor, but
also the long-term needs of the
Bahamian people,” he’said.

In the past three years resi-
dents of small islands such as
Bimini, Harbour Island and
Guana Cay have expressed
great concern over the size and
nature of developments taking
place in their communities
which they consider unsuitable
and environmentally detrimen-
tal.

Last week, attorney Fred
Smith — a member of the non-

20

Civic Si Sedan

SLL ALL NNN

B HUBERT Ingraham

governmental organisation Save
the Bahamas — expressed con-
cern that the FNM had not

‘made the protection of the envi-

ronment a priority in its Cabinet
and ministerial appointments.

Mr Smith said that local com-
munities have a right to know
what environmental permits are
issued pertaining to develop-
ments in their areas. as well as
the details of head of agree-
ments — particularly the Bak-
er’s Bay development on Gua-
na Cay.

Mr Ingraham last week
declared that tt is the E/NM
administration’s view that
“accelerated economic growth
as is necessary for the financial
well-being of our people = can

take place al an ecnvironmen-

tally sustainable Jevel and ina
way not offensive to our social



norms and traditions.”

“It will require, however, that
we put equal emphasis on the
quality of growth as on the
quantity of growth. This will be
a decided departure from the
way things have been done in
more recent times,” Mr Ingra-
ham said.

The prime minister added
that he and his government are
confident that enlightened
investors share the FNM’s envi-
ronment-friendly investment
policy.

Mr Ingraham also announced
that an annual $1 million grant.
has been allocated for the
Bahamas Nature ‘Trust (BNT) —
“to enable them to continue
with the excellent work which
they do promoting our cultural
heritage and protecting our nat-
ural environment,” he said.



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PAGE 8, TUESDAY, JUNE 5, 2007



‘ntrepreneur who made the

Bahamas his home mourned

HE had a joie de vivre is what
many family and friends are
saying about the late prominent
businessman Dennis Ledard.

Ledard, 58, proprietor of
[empo:Paris and The Polo
Jeans Store on Bay Street and
in The: Marathon Mall, died
suddenly from a massive heart
attack.

Originally from Rouen,
France, he settled in Nassau
after, his many exploits in the
culinary industry took him

worldwide.

Thus began his love affair
with The Bahamas and its peo-
ple. He married Bahamian
Maddie Clark in 1972 and that
union produced three children,
Lorenzo, Yannick and Shakira
Ledard, whom he loved fierce-
ly.
He ventured fearlessly into
many business ventures, the
most notable of which was the
retail fashion clothing industry,
which he entered with the open-

Defence Force

officers return
from training
_ in Atlanta

tian

SENIOR Lieutenant Marcus
Evans-and Leading Seaman
Grear Martin returned home
following.successful completion
of training at Flight Safety Inter-
national in Atlanta, Georgia.
Senior Lieutenant Evans com-
pleted the Airline Transport
Pilot training and Leading Sea-
man Martin undertook the sec-
ond-in-command type rating
training.

The demanding two-week
qualifying course undertaken
by the, Defence Force pilot and
crewman is compulsory for
certification by the Federal
Aviation Association (FAA)
and the. Civil Aviation Asso-
,ciation (CAA), which governs
air traffic licences in the Unit-
ed Statés and British Com-
monwealth countries respec-
tively.



Evans and Martin were
required to complete 40 hours
of flying in a level five full-
motion simulator. The simulator
training was designed to force
the pilot and crewman to react
to any emergency situation that
covered the full gambit of all
possible eventualities in order

for trainers to assess the pilot’s’

proficiency.

Senior Lieutenant Evans is
now qualified by FAA stan-
dards to instruct other pilots in
air transportation service in the
Super King Air BE-350 aircraft,
for which he is rated. Among
other things, pilot in command
applicants must have completed
a minimum of 1,500 hours of
flight time of which 1,200 hours
must have been attained as the
pilot in command; 500 hours of
cross-country flight time; 100

Smart is Exciting

ing of Tempo Paris. This huge-
ly successful venture led him to
open another store called Polo
Jeans, recently renamed Tem-
porio.

His Parisian roots coupled
with his constant travels had a
huge influence on his choice of
clothing for his stores. They
were always considered chic,
and in vogue. Hence he earned
the name “The Father of Fash-
ion”. Bahamians flocked to his
store in droves and got to know



and love him as they did his
clothing.

Campbell Cleare remembers
his friend as a true Frenchman -
someone with a big heart, who
loved his family and friends
immensely and had a true zest
for life.

Shakara, Ledard’s only
daughter, remembers him in
quite the same way. “My father
literally lit up a room, you could
never be in the same room with
him and not feel his presence.

i LEADING Seaman Grear Martin

hours of night flight time; and
75 hours of instrument flight
time in actual or simulated flight
time.

Pilots acting in the role of sec-
ond-in-command need only be
licensed commercial pilots
before being allowed to partic-
ipate in the training.

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Senior Lieutenant Evans is a
26-year veteran responsible for
the force’s flight operations, and
serves as the assistant air wing
commanding officer.

His flight experiences include
the Cessna)high performance,
turbine ad turbo charge, the
Beach -Craft Byron, the

He is the one that inspired me
to accomplish all that I have.
He gave me that freedom of
spirit.”

Internationally-known drum-
mer King Erickson is also
Ledard’s brother-in-law and
admits: “We had many fights,
because as you know the
French are very spirited, but I
loved him, and I will miss him.”

A funeral service was held for
Mr Ledard at Mt Horeb Baptist
Church, Sandyport.

Islander, Aztec, Seminole, The

King Air 200 and the Lear Jet
24

Leading Seaman Martin is
the senior aircrew of the flight
operational team presently and
the only qualified aircrew for
the King Air BE -350.

Flight Safety Service Corpo-

SENIOR Lieutenant Marcus Evans

THE TRIBUNE



i DENNIS Ledard

He leaves his loving wife of
35 years, Maddie, sons Lorenzo
and Yannick, daughter interna-
tional model Shakira, grand-
children Alex and Milon and
his future son-in-law Curtis

’ Martin. He also leaves behind a

host of loving family members
and friends.





ration, which has made train-
ing available for officers of the
Royal.Bahamas Defence Force
since 1984, provides specialised
flight training to active-duty and
reservists military and. govern-
mental pilots and aircrew mem-
bers as well as law enforcement
specialists.

sececscecsccesceapecueccceeececeaecseneceeceeeseeeeeseeeeeeeeeeseeeee eens sess esas eees eens neneeseeenseneneceseseceseseseaeeneneeeneneneaeneasaeseaeseseansssnsesasnsesssesassas sees sneneses sees eres sees eee

Red Cross official makes visit



ll GUY Mellet, head of the regional delegation of the international committee of the Red Cross,

| to Eugene Dupuch Law School



called on the principal of the Eugene Dupuch Law School, Miriam Samaru, on Tuesday, May 29.
Pictured from left are Gerald Sawyer, president of the Bahamas Red Cross Society; Miriam
Samari; Guy Mellet; Dion Hanna Jr, director of the Council of Legal Education; Charles Sabga,
sub-regional delegation of the Red Cross.

(Photo: BIS/Raymond Bethel)

Fabrics company launches
new designs and fashions

Bahamas-based fabric design

and print company Bahama
Hand Prints has announced its
new season of fabric designs
and resort wear.

Three fresh fabric prints and
one limited-edition re-run will
be added in the 2007 season,
building on a fabric collection of
more than 50 screen printed
designs.

The company will also be
showcasing seven new fashions
for this summer.

This season starts with
“Seashells, Seashells”, a single-
screened scattering of miniature
shell drawings fashioned in a
linear fabric design. The illus-
tration presents conch shells
side by side with sand dollars,
cowries and queen conch shells

to instil a beach scene to any
living room or bedroom decor.

“Fronds Medley”, another
linear drawing, this time of
large, palm fronds, is produced
in two colours and is touted as
ideal for upholstery projects.

“Fronds Lines”, a continua-
tion of the Fronds series, is a
one-colour, abstract interpreta-
tion of the original design, with
more movement between the
linear design.

This year will also see a re-
run of the “Sea Treasures” pat-
tern from circa 1970 — a two-
colour composition of shells and
corals floating through sea
feathers and sea whips.

All of these designs are avail-
able in upholstery weight linens,
cotton twill, cotton poplin, can-

vas weight, cotton voile, in a
variety of colours, shades, and
tones.

Brand new to the company’s
resort wear fashion collection
this year are two new ‘colour-
grounds’ in Aqua and Choco-
late Expresso. The company has
created seven new styles for
vacation wear, such as a bell-
sleeved, mid-calf tunic designed
to complement a wide-leg, casu-
al-linen pant. There is also a
hipster skirt with a dipped hem
in the rear, and fitted cuffed
capris — a throwback to the 50’s
era.

All of these women’s fash-
ions are available in the Nas-
sau boutique and online at
http://www. bahamahand-
prints.com.



THE TRIBUNE

LOCAL NEWS

TUESDAY, JUNE 5, 2007, PAGE 9



Transters
FROM page one

under the command of Mr Dames,
Mr Hanna noted.

In late March the commissioner
made sweeping changes to the upper
core of the force, promoting Messrs
Dames and Carey each to the post of
assistant commissioner, sending Mr
Dames from the crime division to
the new and obscure command of
airport and port security; while Mr
Carey,\a forensic scientist, was given
the powerful New Providence com-
mand.

With these changes included, some
eleven moves have been made to the
senior level of the force less than a
month into the new FNM govern-
ment — only two months after a major
shuffle occurred under the PLP.

When asked if these changes, and
those last week, have been made
directly by the new government, Mr
Hanna said that all transfers are
made by the commissioner with the
aim of reducing crime. But, Mr Han-
na acknowledged that the force’s
direction is related to the agenda of
the government of the day.

“T want to say to the Bahamian
public, that for all intents and pur-
poses, the Commissioner of Police
has superintendence and control of
the Royal Bahamas Police Force.
However, we do not work in a vacu-
um. When a government comes to
power, a government promulgates
its policies and its philosophies. When
a government demits office, certain
policies may fall away. The Royal
Bahamas Police Force cannot be in
the business of being so inflexible
that it cannot reflect the policies of a
government,” he said.

“And that isn’t to say that the
force becomes a pawn of a govern-
ment. But what it means is that if a
government...if a political party
expresses its desires and its objec-
tives in its platform, when it comes to
power, it is expected that reasonable
professionals would do everything in
their power to ensure that the gov-
ernment’s policies are carried out,”
he added.

Mr Hanna also said that there will
be a major retraining exercise of all
police officers, creating a new atmos-
phere in which all officers in stations
will be walking the beat, interacting
with residents, and engaging crimi-
nals.

No replacement has been
announced for Mr Dames’s former
post as head of airport and port secu-
rity. But, Mr Hanna revealed that
when the new replacement is made,
the officer will not be of the seniori-
ty of Mr Dames, who is an assistant
commissioner.

Politician who visited the |
charged over alleged US terror alot

FROM page one

Trinidad.

A fourth defendant, Abdel Nur, is a
citizen of Guyana. The United States
plans to seek their extradition, the US

: Attorney General’s Office said in a

statement.

Of the four defendants, Abdul Kadir,
a former MP from Guyana, visited the
Bahamas for a meeting of Caribbean
government leaders. and diplomats 10
years ago.

‘ Wesley Kirton, the editor of
Caribbean Sun newspaper, told the
Orlando Sentinel that he had met Kadir
at a convention in the Bahamas.

“He never struck me as un-Ameri-
can,” he said.
Speaking with US media on the

sioner Raymond Kelly warned of an
increasing terrorism threat from the
Caribbean.

Mr Kelly told the CBS programme
“Face the Nation” that the plot to
destroy JFK airport was “different in
its distinct ties to the Caribbean, a region
that is rarely thought of in terms of ter-
rorism but of increasing concern to us as
a crucible in the foment of Islamic rad-
icalism.”

A spokesperson for the US’ Depart-
ment of Homeland Security, Russ
Kanocke, would not comment whether
the JFK airport plot would result in a
higher level of precaution being taken
against Caribbean nationals.

“We are at present making no adjust-
ments to our security posture.There is
no credible intelligence to suggest a

Caribbean region) at this time,” Mr
Kanocke told the Jamaica Gleaner.

The US Embassy in Nassau said that
they could not comment on the matter
beyond what was included in the official
statement by the US Attorney General's
Office as the incident was still under
investigation,

The Tribune's calls to the Homeland
Security Department were not returned
up until press time.

According to the criminal complaint,
beginning in January 2006 and continu-
ing to the present, the defendants con-
spired to destroy buildings, fuel tanks,
and fuel pipelines at JFK airport with
explosives.

If they had succeeded with their plan,
the results would have been devastating
as JFK handles on average more than

of which are international flights — and
annually some 45 million passengers
and over 1.5 million tons of cargo with
an estimated value of $120 billion.

The US Attorney General’s Office
said that it is alleged in the complaint
that the plot “tapped into an interna-
tional network of Muslim extremists
from the United States, Guyana, and
Trinidad, and utilised the knowledge,
expertise, and contacts of the conspira-
tors to develop and plan the plot, and
obtain operational support and capa-
bility to carry it out.”

However, US officials said that there
was no connection to al Qaeda; but that
at least two of the defendants have links
to Jamaat Al Muslimeen — an Islamist
extremist group in Trinidad that staged
an attempted political coup on the. island

weekend, New York Police Commis-

threat to the homeland (from the

1,000 flights daily — approximately half

in 1990.

wa

“Union president anticipates meeting with Atlantis management

FROM page one

clusion.”

Mr Colebrooke, president of
the Bahamas Hotel Catering
and Allied Workers Union,
said that "certain sections of
the agreement are not at this
point being adhered to. The
sections in the agreement that
says what is to be paid."

Mr Colebrooke said he felt
the union had been patient
with the company, allowing for
any "growing pains" associated
with the opening of a major
new facility, but the time had
come for employees — pri-
marily in the housekeeping
department, but also repre-
sented within restaurant staff
and some other areas — to be
paid what they are owed under
their contracts.

"Since the resort opened I
think the union has been very
accommodating," said the
union president. He added:

"But we have gone three
months now and so I think that
is long enough."

In April, Atlantis manage-
ment admitted that there had
been "administrative chal-
lenges" after the resort took
on 1,000 people over a period
of two weeks at The Cove.

This admission was made
after an employee reveaied
that many of those hired had
not received their salaries for
almost three weeks.

At that time, Ed Fields,
Senior Vice President of public
affairs said: "We expect by this
week that we would have sub-
stantially resolved all payroll
related issues."

Yesterday, Mr Colebrooke
suggested that resolution of the
outstanding issues should be a
priority for the hotel if stan-
dards are to be maintained. "A
happy employee equals happy
guests," he said.

The union president said that
morale has dropped as employ-

Judges at Guantanamo | Totally Yours,
Totally Yaris”

throw out two cases

ees begin to ask themselves if
the job was worth it. "You can-
not continue to work if you
cannot see what you're work-
ing for," he said.

Yesterday, a statement from
Kerzner International said that
the company was disappoint-
ed "that the union chose to
take this public approach, in
view of ongoing discussions on
the matters raised."

Admitting that "some things
were not processed as antici-
pated," Mr Farrington denied
claims made by Mr Colebrooke
in a Nassau Guardian article
on Saturday that management
had been unwilling to meet
with the union.

“We have a long history that
reinforces that we are willing
to meet with the union at any-

time and that we have always
negotiated with the interest ot

all stakeholders in mind. In
fact, many months prior to the
opening of The Cove, our man-
agement team met with the

union leadership on many
occasions to ensure that all
labour matters were dealt with
in a manner beneficial to all
parties."

The multi-million dollar, 600-
room all-suite Cove tower was

officially opened to enormous
fanfare on May 11, with a star-
studded, no-holds barred bash.

International artists Janet
Jackson and Aerosmith were
amongst those performing at
the opening.

sae eeeeceneeeercneeseneeneeeenseneeseeeeeseeeeaeh Gdeedseeensenses

Police consider
foreign help —

FROM page one

building.

PLP leader, Perry Christie has, thus far, fetiained: foi
attributing blame to any specific source, though hé has
strongly declared that the police must bring the culprits to

justice.

“Obviously the police and firemen must investigate this.
I hope they conduct a very quick and effective investigation
because there will be continued speculation as to the: ‘Cause

of this.” che said.





B GUANTANAMO BAY NAVAL BASE, Cuba

MILITARY judges dismissed charges Monday
against a Guantanamo detainee accused of chauf-
feuring Osama bin Laden and another who
allegedly killed a U.S. soldier in Afghanistan,
throwing up roadblocks to the Bush administra-
tion’s attempt to try terror suspects in military
courts, according to Associated Press.

In back-to-back arraignments for Salim Ahmed
Hamdan of Yemen and Canadian Omar Khadr the
U.S. military’s cases against the alleged al-Qaida
figures dissolved because, the two judges said, the
government had failed to establish jurisdiction.

They were the only two of the roughly 380 pris-
oners at Guantanamo charged with crimes, and the
rulings stand to complicate efforts by the United
States to try other suspected al-Qaida and Tal-
iban figures in military courts.

Hamdan’s military judge, Navy Capt. Keith
Allred, said the detainee is “not subject to this
commission” under legislation passed by Congress
and signed by President Bush last year. Hamdan is
accused of chauffeuring bin Laden’s and being
the al-Qaida chief’s bodyguard.

Defense attorneys argued that the new Military
Commissions Act, written to establish military tri-
als after the U.S. Supreme Court last year rejected
the previous system, is full of problems.

The judges agreed that there was one problem
they could not resolve — the new legislation says
only “unlawful enemy combatants” can be tried by
the military trials, known as commissions. But
Khadr and Hamdan had previously been identified
by military panels only as enemy combatants, lack-
ing the critical “unlawful” designation.

The surprise decisions do not spell freedom for
the detainees, who are imprisoned here along with
‘about 380 other men suspected of links to al-Qai-
da and the Taliban.

Khadr was 15 when he was captured after a fire-
fight in Afghanistan in 2002 in which he allegedly
killed a U.S. soldier and was wounded himself.
He is now 20.

Khadr, appearing in the courtroom with a beard
and wearing an olive-green prison uniform, seemed
uninterested when the judge, Army Col. Peter
Brownback, threw out the case. Khadr focused
on his own image on a computer screen that
showed a live TV broadcast of the proceedings.

The chief of military defense attorneys at Guan-
tanamo Bay, Marine Col. Dwight Sullivan, said
the dismissal of the case against Khadr could spell
the end of the war-crimes trial system hurriedly set
up last year by Congress and Bush after the
Supreme Court threw out the previous system.

But legal experts said Brownback apparently
left open the door for a retrial for Khadr, and that
the Defense Department can possibly fix the juris-
dictional problem by holding new “combat status
review tribunals” for any detainee headed to trial.



@ GUARDS sit in a tower overlooking the
detention camp at Guantanamo Bay US Naval
Base, Cuba, Tuesday, in this May 15, 2007 file
photo reviewed by U.S. Department of Defense.
On Monday June 4, a military judge dismissed
terrorism related charges against a prisoner
charged with killing an American soldier in
Afghanistan in 2002, in a reversal for the Bush
administration's attempts to try Guantanamo
detainees in military court.

(AP Photo/Brennan Linsley)

Sullivan said the dismissal has “huge” impact
because none of the detainees held at this isolated
military base in southeast Cuba has been found to
be an “unlawful” enemy combatant.

“It is not just a technicality; it’s the latest demon-
stration that this newest system just does not
work,” Sullivan told journalists. “It is a system of
justice that does not comport with American val-
ues.”

The Military Commissions Act specifically says
that only those classified as “unlawful” enemy
combatants can face war trials here, Brownback
noted.

The distinction is important because if they were
“lawful,” they would be entitled to prisoner of
war status, which under the Geneva Conventions
would entitle them to the same treatment under
established military law that U.S. soldiers would
get.

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PAGE 10, TUESDAY, JUNE 5, 2007

a

JUNE 5, 2007 |



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THE TRIBUNE



al on Wednesday, May 30.

, The Red Cross representatives discussed the imple-
mentation of certain humanitarian laws.

, Pictured from left are Bernard Turner, director of
public prosecutions in the Office of the Attorney Gen-
éral; Marina Glinton, director general of the Bahamas
Red Cross; Guy Mellet, head of the regional delegation
of the International Committee of the Red Cross; Attor-
ney General Senator Claire Hepburn; Charles Sabga,
head of sub-regional delegation of the International

Committee of the Red Cross.



â„¢ By BAHAMAS
INFORMATION
SERVICES

FINANCIAL co-operatives
offer “good and competitive
rates” on savings and loans when
compared with commercial
banks, Minister of Lands and

Local Government Sidney Col- -

lie observed.

Co-operatives such as credit
unions have been contributing
to the improvement of the qual-

ity of life for members and their. -...

families in the Bahamas for the
past 33 years, the minister said.

“Co-operatives are simply per-
sons pooling limited resources
for the purpose of meeting eco-
nomic, social or cultural needs.
They are owned and controlled
by their members and users on
the basis of one member, one
vote.

“Members also share in any
profits realised or risk involved,”
Mr Collie said as he launched
Co-operative Month at the
Bahamas Co-operative League
Building, Russell Road.

Also attending the launch
were permanent secretary in the
Ministry of Lands and Local
Government, John Thompson;
co-ordinator for local govern-
ment, Donald Cash; president
of the Bahamas Co-operative
League Insurance, Cheryl Bowe-
Moss and assistant director,
Department of Co-operative
Development, Theresa Dele-
veaux.

The co-operative membership
in The Bahamas exceeds 30,000
with contributed assets of $200
million, Mr Collie said.

Mrs Bowe-Moss said co-oper-

International
Committee of the
Red Cross members
visit Attorney General

‘ MEMBERS of the International Committee of the
Red Cross paid a courtesy call on the Attorney Gener-

(BIS photo: Tim Aylen)

atives encourage mandatory reg-
ular savings.

“At the end of every financial
year,” she said, “members very
much look forward to November
and December because that is
when they get their dividends
on the savings that they have put
into this organisation.

“Through co-operatives, they
have exercised a real business
concept that they have never had

& MINISTER of Lands and Local Government Sidney Co
are co-ordinator for local government, Donald Cash, and presi







before.

“When they come to their
annual general meeting, they are
now educated in how a business
is run and they come to discuss
their business at their leisure and
they answer questions.”

Mr Collie said that during
June, the co-operative move-
ment will conduct a vigorous
marketing campaign so more
Bahamians can be educated on

LOCAL NEWS

llie (left) at t



recently.

the advantages and benefits of
becoming members and secur-
ing financial prosperity through
co-operatives.

“The Bahamas Co-operative
Movement has never recorded
any loss of members’ savings in
any co-operative,” he said. “This
demonstrates that members’
investments are safe and secure.”

The new Co-operative Soci-
eties Act of 2005, he said, pro-

he launch of activities for Co-operative Month. Also pictured
dent of the Bahamas Co-operative League Insurance, Cheryl Bowe-Moss.

TUESDAY, JUNE 5, 2007, PAGE 11

NEMA holds training session

THE National Emergency Management Agency held a training session on
shelter management/fire suppression at East Gospel Chapel, East Street




add

Pictured below is Luke Bethel of NEMA and left is Trevor Basden, deputy
director, Meteorology Department. :

(BIS photos: Raymond A Bethel)





(BIS Photo: Patrick Hanna)

vides a strong legislative plat-
form for registration, supervi-
sion, monitoring and growth of
co-operative societies.

The co-operative sector
includes 16 credit unions and six
producer service co-operatives.
These are located in New Prov-
idence, Grand Bahama,
Eleuthera, Cat Island, Abaco
and the Berry Islands.

There are also three youth co-



Month —

operatives that teach young peo-
ple the importance of savings,
leadership, teamwork skills and
expose them to the entrepre-
neurial spirit, Mr Collie stated.

The department, in conjunc-
tion with co-operative societies,
will seek to develop several
school co-operatives encourag-
ing students to begin securing
financial prosperity through co-
operatives.

Activities planned for Co-
operative Month are as follows:

e During June, co-operatives
will have open houses to show-
case products and services
offered.

e On June 9, the annual fun
run/walk will start on Good-
man’s Bay at 6am. A health fair
follows.

e June 22, the Public Work-
ers Credit Union will have its
27th annual meeting, 7.30pm at
the British Colonial Hilton.

e June 23, Co-operative board
of directors and staff will have
their annual fun day.

e June 28 will be the official
opening of the Bahamas Co-
operative League building on
Russell Road, Oakes Field

e June 28, the Transportation
and Service Industry Credit
Union Health Fair and Car
Show.

e June 29, the annual awards
luncheon will take place at the
Police Training Conference Cen-
tre, East Street, to honour per-
sons within the movement for
outstanding leadership, dedica-
tion or noteworthy achievement.

During June, a poster compe-
tition will take place offering
cash prizes for junior and senior
high school students.





PAGE 12, TUESDAY, JUNE 5, 2007

THE TRIBUNE:



MPs join Grand Bahama
annual Labour Day march

@ By DENISE MAYCOCK
Tribune Freeport
Reporter

FREEPORT - The labour
movement on Grand
Bahama marched in solidari-
ty in Freeport, where hun-
dreds of workers turned out
for the annual Labour Day
march and rally on Friday.

The march started at 8am
at Workers House, where
union leaders led members
from various trade unions -
including the Bahamas Hotel
Catering and Allied Work-
ers Union, the National Con-
gress of Trade Unions, the
Bahamas Union of the
Teachers, the Bahamas Pub-
lic Services Union, and The
Airport Allied and Manufac-
turers Union - in a proces-
sion through the streets of
Freeport.

A large number of politi-
cal supporters from both the
FNM and PLP also took part
in the parade.

Grand Bahama MPs Ken-
neth Russell, Neko Grant,
Zhivargo Laing, Kwazi
Thompson, Vernae Grant,
and PLP MP Obie Wilch-
combe, and Senator Pleasant
Bridgewater, were also pre-
sent,

Support

In his address to workers
in Freeport, Mr Wilchcombe,
MP for West End, pledged

the support of the opposition’

party to work along with the
government to ensure the
continued growth of the
labour movement, and
the labour force’in the
Bahamas.

He noted that, even though
unemployment numbers are
down, there are still prob-
lems to solve in Grand
Bahama.

“The labour agenda for
Grand Bahama is very clear.
The government of the
Bahamas will and must
ensure that those areas that
are still grey, such as the old
Royal Oasis, we must do all
we can to immediately ensure
that the arrangement with
Harcourt is fulfilled, and that
the employees will get back
to work.”

~The MP said it is also
important that those employ-
ees who lost their jobs when
the property closed receive

have o





















¢ AG Bi

their severance and all that
is owed them.

Mr Wilchcombe hopes that
the Ginn project at West End
will also come to fruition as
soon as possible.

“I hope that all could be
done to ensure that we can
make that project in West
End one of the best projects
in the Western Hemisphere,

and provide opportunities for -

Bahamians to not only
become employees, but also
to become entrepreneurs in
the western area.



“And I do hope that all
we’re doing, and have been

doing for the eastern end of :

the island, I do hope that the
arrangements can come to
fruition in the soonest possi-
ble time,” he said.

Mr Wilchcombe said the
Bahamas is a wonderful
country, and perhaps the
only nation in the world that
can change governments and
get still along as a people.

“So, to see all of us cele-
brating, I think it is a won-

derful demonstration and

commitment to what we have
in this country,” he said.
Kenneth Russell, Minister

‘of National Insurance and

Housing, commended labour
leaders on Grand Bahama

for doing a fine job in spite of





all of the obstacles they have
had to overcome.

“Here in Grand Bahama,
we understand some of the
problems that you have been
encountering, and the Min-
ister of Labour has already
announced that labour laws
enacted back in 2000 will be
amended,” he said.

Mr Russell said the gov-
ernment will consider the
union’s concerns and recom-
mendations to enact better
labour laws in the country.

Mr Russell said labour con-
cerns on Grand Bahama,
regarding the container port,
Our Lucaya Resort, and the
reopening of the Royal Oasis
are top priorities of the FNM
government.

“We know of the problems

Hy

Â¥

RV



at the container port, and
that is something that the
Minister of Labour is com-
ing down to deal with as soon
as the budget is completed.

“We know of the problems
with the hotels...and our job
is to see how we can address
your concerns and put Grand
Bahama on a better footing,”
he said.
_ Mr Russell said the gov-
ernment is already working
with the new owners of Roy-
al Oasis.
_ He noted that the change
of ownership might be an
expensive venture for Grand
Bahama, and noted that the
former government had for-
given, if not all, most of the
debts that Royal Oasis had
owed.

“Even though that has

Tye

THE
labour move-
ment on Grand
Bahama takes
part in last Fri-
day’s annual
Labour Day
march and ral-
ly. A large
number of
political sup-
porters from
both the FNM
and PLP also

.took part in
the parade.

(Photos:
Derek
Carroll)



been done, we believe that
as we review the agreement
for sale for Royal Oasis that
we will seek,.to.go back-to
that point and try to see if
we can get the issues resolved
that the employees had.

“As you know, some of
their money was not paid,
and the former government
has forgiven all of that, and
we will find a way now to
work with what we have to
try and resolve some of these
issues,” he said. |

“T cannot promise that all
will be resolved, but I can
promise you that we will do
our best in resolving them.
We believe that the RO
property will in the not-too-
distant future move forward
in the reconstruction,” said
Mr Russell.



Rice assails Chavez over TV
station closure, calling it
‘acute’ move against democracy

@ PANAMA CITY, Panama

>
Do you like Rockets, Robots
and Submarines ?
Then Keep Reading...
Camp InnoWorks Bahamas

CD



SECRETARY of State Condoleezza Rice on Monday
assailed Venezuelan leader Hugo Chavez for the closure of a key
opposition television station that has prompted mass protests,
calling it the “sharpest and most acute” of his moves against
democracy, according to Associated Press.

“Everyone recognizes that when you start closing down tele-
vision stations because they express opposition to the leadership,
that that is, in fact, a strong move against democracy,” she
said. :

“It is not the first in Venezuela, but it is perhaps the sharpest
and most acute,” Rice told reporters aboard her plane en route
to a meeting of foreign ministers of the Organization of Amer-
ican States in Panama.

She said she expected the meeting to produce a
statement of support for freedom of the press and expression in
the Americas, including Venezuela, and noted that some
OAS members and officials had already spoken out on the
matter.

“I do not see how closing down an opposition television sta-

tion, literally because they have taken you on and take on your
policies, can be seen as anything but antidemocratic,” Rice
said. .
Protests have surfaced at most of Caracas’ public and private
universities since the opposition-aligned channel RCTV was
forced off the air May 27 by Chavez's decision not renew its
license.

The demonstrations have spread to other universities nation-,
wide. ‘

“This is not an issue between the United States and
Venezuela. This is an issue between those who stand for demo-
cratic principles and those who don’t,” Rice said. '

Those who are protesting the closure “are doing so because:
they believe in Venezuelan democracy,” she said.

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The Tribune

TUESDAY, JUNE 5, 2007

SECTION



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.



Concern on insurance
broker/agent licences

Sector fears that regulator’s approving and issuing of licences ‘like
confetti’ will saturate market and allow in unqualified firms

ee maemo ema wanes enews

@ By NEIL HARTNELL
Tribune Business Editor :
—_—

nsurance industry exec-
utives yesterday
expressed concerns to
The Tribune over the
amount of agency and
brokerage licences currently
being approved by the Regis-
trar of Insurance, fearing that
this could damage the interests
of the insured Bahamian public
by saturating the market with
an influx of poorly-qualified
companies.
Industry sources said the
Registrar’s office, which acts as



B By NEIL HARTNELL
Tribune Business Editor



GLOBAL United, the shipping, trans-
portation and logistics company headed by
the PLP’s Clifton general election candi-
date, Jackson Ritchie, was yesterday said by
sources to be seeking to raise $11 million in
new capital through a private placement.

The Tribune understands that some $4.5
million of the intended offering proceeds
will be used to either redeem or replace
preference shares issued by Global United.

The bulk of those preference shares,
some $3.5 million, are understood to be
held by Colinalmperial Insurance Compa-
ny, which inherited them when it acquired
Imperial Life in late 2004. The remaining $1

million is due to be redeemed.

It is thought that the remainder of the
capital raised is likely to be put to opera-
tional use by Global United, rather than
employed to help fund the company’s Dis-



Global United

the sector regulator, was “giving

out brokers licences like con-
fetti”, potentially overloading
the Bahamian market with new
agents and brokers who would
all have to compete for a rela-
tively finite share of business,
When contacted by The Tri-
bune, Jeanine Lampkin, the
Bahamas Insurance Brokers
Association’s (BIBA) presi-
dent, confirmed that both she
and her organisation were con-
cerned about the number of
new insurance broker/agency
licences currently being issued.
The concerns involved two
angles - oversaturating the mar-

ket, and the professionalism
and quality of some of the new
broker/agent entrants.
Insurance industry executives
have told The Tribune that the
process by which applicants
qualified for an insurance
agent/broker licence in the
Bahamas, and how they were
vetted by the Registrar of Insur-

-ance, lacked uniformity and a

set criteria to follow.
Applicants have to produce
evidence of a minimum
$10,000 in paid-up capital for
their companies, a threshold
some believe is not high enough
to keep out potential ‘rotten

apples’.

Applicants also have to pro-
duce evidence of good charac-
ter and that they are ‘fit and
proper’ persons to run and own
an insurance agency/brokerage,
plus hold the appropriate indus-
try qualifications.

Applicants who do not pos-
sess Chartered Insurance Insti-

tute or similar qualifications

currently have to sit and pass

an exam, but industry sources .

told The Tribune that the sector
has called on this to be updated
for vears, preferably through
its replacement by a recognised
professional exam.



covery Cruise Line’
acquisition that was
unveiled in January
2006 with the sign-
ing of a Letter of
Intent.

Mr Ritchie did
not return The Tri- —
bune’s call seeking
comment yesterday,
as the fate of the
Discovery Cruise
Line purchase
remains unclear.
Several sources had
suggested that
Global United was having difficulty in rais-
ing the necessary financing to close the deal
for the cruise line, which brings 200,000
cruise passengers to Freeport annually, hav-
ing sailed between Florida and Grand
Bahama for 19 years.

- B RITCHIE

seeking $11m



al United said the due diligence process
was not complete, and it would make an
announcement about a new closing date

later. Nothing has been forthcoming since.

Yet Global United is an extremely prof-
itable entity, sources having told The Tri-
bune that it collectively generated $4 million
in net income during its 2005 and 2006
financial years.

It is understood that the release of the pri-
vate placement’s prospectus was delayed
until after the May 2 general election, so it
would not become caught up in politics as a
result of Mr Ritchie’s candidacy.

Global United is seeking to raise the $11
million through a private offering or place-
ment, targeting and marketing this only to
sophisticated investors - institutions and
high net worth individuals.

It is not a public OngEnE, and therefore

SEE page 11



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The Tribune was yesterday
told that Dr Roger Brown, the
Registrar of Insurance, was out
of office until June 11 when it
called seeking comment. A
detailed telephone message left
for Pauline Sherman, his
deputy, specifying the nature

of the inquiry was not returned '

before press time last night.

Problems with a minority of

brokers/agents in the Bahamas
are nothing new. The Tribune
knows of at least two bro-
kers/agents who failed to pass
on premium income due to the
Bahamian insurance carriers on
whose behalf they were issuing

Nassau/PI air arrivals

client policies.

The standard commission
rate for Bahamas-based bro-
ker/dealers is usually around 15
per cent, but these two particu-
lar cases combined have result-
ed in a variety of insurance car-
riers being owed hundreds of
thousands of dollars.

The total sum owed from
these two episodes is thought
to be more than $2 million. The
Tribune knows the names of
the agents/brokers involved but
cannot name them for legal rea-

SEE page 12



decline 7% in 2007 Q1

@ By NEIL HARTNELL
Tribune Business Editor

AIR arrivals to Nassau/Par-
adise Island, where the bulk of
the Bahamian hotel product
resides, were down by 7 per
cent for the 2007 first quarter
compared to the same period

last year, Ministry of Tourism ,

data has revealed, confirming
Prime Minister Hubert Ingra-
ham’s Budget prediction that
this nation’s “tourism perfor-
mance” was going to come

Major Bahamas destinations
suffer arrivals declines during
first three months, with cruise
passenger spending now at
just $56 per head

under increasing pressure this
year.

For. the three months to
March 31, the Ministry of

SEE page 6

Bahamas facing ‘huge
development challenge’

@ By NEIL HARTNELL
Tribune Business Editor

THE Bahamas must match
efforts to attract foreign direct
investment and private capital
to develop its tourism industry
with a complementary environ-
mental protection regime, the
Caribbean Development Bank
(CDB) has warned, with this
nation facing “a huge chal-
lenge” to produce sustainable
Family Island development.

In its annual economic report _

for 2006, the CDB said the

Bahamas’ “heavy reliance on
tourism will require equally
strong effort to conserve the
environment, both physical and
social, and prevent its degrada-
tion”.

It added that while develop-
ing a “robust and diversified”
tourism industry was fine, the
scale of projected development '
meant that future economic,
social and cultural impacts were
difficult to quantify.

SEE page 11

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FAGE 2B, TUESDAY, JUNE 5, 2007

THE TRIBUNE



INSIGHT

For the stories
behind the

news, read
Insight on
Mondays



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Wineing Bay

ABACD, BAHAMAS

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

IT 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

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
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Working knowledge of construction materials

Proficient with Microsoft Word and Excel

Good communication skills

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

2006
No.00229

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
Equity Side

IN THE MATTER OF ALL THAT piece parcel or tract of
land containing 27. 508 acres and situate westward
of the settlement of Port Howe in the Island of Cat Island
in the Commonwealth of the Bahamas ~
oes AND ‘
IN THE MATTER of the Quieting Titles
Act, 1959
AND
IN THE MATTER of the Petition of Rebecca Bain

Notice
NOTICE is hereby given that Rebecca Bain, of the
i settlement of Bain Town in the Island of Cat Island, one of the
Islands of the Commonwealth of the Bahamas claims to be the

Owner of the unincumbered fee simple estate in possession of
the land hereinafter described that is to say:-

ALL THAT. piece parcel or tract of land
containing Twenty-seven and Five hundred and Eight
hundredths(27,508)acres situate westwardly of the settlement
of Port Howe in the said Island of Cat Island being a portion
of a tract of land originally granted by the Crown to Samuel
Gambier which said piece parcel or tract of land is known
as and called “New Field” which said piece parcel or tract
of land is bounded on the NORTH by Queen’s Highway and
running thereon Two thousand Two hundred and Nineteen and
Twenty-nine hundredths (2,219.29) feet more or less on the
NORTHEAST by land now formerly the property of Cat Island
Deep South Association and running thereon One hundred and

| Seventy-eight and Seventy-seven hundredths: (178.77) feet
more or less on the SOUTH by the sea and running thereon
Two thousand Four hundred and Nineteen and Seventy-six
hundredths(2,419,76) feet more or less on the NORTHEAST
by the sea running thereon Four hundred and Twenty-two
and Six hundredths (422.06) feet more or less and on WEST
by land now or formerly the property of N.J. Love and
running thereon Eight hundred and Ninety-two and Fifty-eight
hundredths (892.58) feet more or less and has made application
to the Supreme Court of the said Commonwealth of the Bahamas
under Section 3 of the Quieting Title Act, 1959 to have their title
to the said land investigated and the nature and extent thereof
determined and declared in a Certificate of Title to be granted
by the Court in accordance with the provisions of the said Act.

A Plan of the said land may be inspected during the hours of 9:
30am to 4:30pm, Monday through Friday at:

1. The Registry of ° the
Street, Nassau, Bahamas.
2. The Chambers of Martin, Martin & Co.,
The Pond Plaza, (East Bay and Ernest Sts.)
__ Nassau, N.P., Bahamas
Notice Is Hereby Given that any person
having Dower or right to Dower or any Adverse Claim
or Claim not recognised in the Petition shall on or before
the 27th, day of July, A.D 2007, file in the Registry of the
Supreme Court and serve on the Petitioners or the undersigned, a
Statement of their claim in the prescribed form verified by an
affidavit to be filed therewith. Failure of any such persen to file
and serve a Statement of the said Claim on or before the 27th
day of July, A.D.2007, will operate as a bar to such Claim

Supreme Court,

Dated this 4th day of June, A.D.,2007

Martin, Martin & Co,
Chambers

The Pond Plaza,

East Bay and Ernest Streets,
Nassau,N.P., Bahamas

ATTORNEYS FOR THE PETITIONER



his weekend past,

the Bahamas Base-.

ball Federation

hosted its fifth
Andre Rodgers National
Annual Baseball Champi-
onships, Games were held at
Freedom Farm, Pinewood
Park and the Junior Baseball
League of Nassau (JBLN)
facilities at St Andrew’s
School, I spent my entire
weekend (as I have done for
the past five Labour Day
weekends) supporting my ©
children participating in this

, tournament.

Despite the inclement
weather that persisted for
most of the weekend, the
championships involved
more than 300 players aged
from seven years-old up to
25 years-old in the senior
division, These champi-
onships also gave Bahamians
the chance to see many of the
Bahamians playing for high
schools and college pro-
grammes in the US.

Teams represented the
Bimini Little League, the
Exuma Baseball League, the
Grand Bahama Amateur
Baseball Association, the
Legacy Baseball League
(Grand Bahama), the Long
Island Baseball Association,
the Spanish Wells Baseball
Association, the Eleuthera
Baseball League, the Inagua
Baseball Association, the
Junior Baseball League of
Nassau (JBLN) and, finally,
the Freedom Farm Baseball
League,

The fact that so many base-
ball organisations exist
throughout the Bahamas is
most encouraging and com-

-mendable, as they provide a

positive and structured outlet
for thousands of Bahamian
youths during - and outside
of - baseball season, Credit
and recognition must be giv-
en to the hundreds of volun-
teers who serve as coaches,

Financial

Focus

By Larry Gibson |f



assistants, association offi-
cers, concession stand
helpers, groundskeepers and
untold numbers of persons
behind the scenes who make
the various leagues work.

Unnecessary politics

While there was much
about this tournament to cel-
ebrate, there was also much
that was extremely frustrat-
ing, counterproductive and
unnecessary. Many of the
tournament’s problems are
indicative of the sport’s prob-
lems from a broader perspec-
tive. -

I do not know enough
about baseball (or its politics)
to even begin to understand
the longstanding dispute
between the Bahamas Base-
ball Association (BBA),
which is recognised as the
national governing body for
the sport of baseball in the
Bahamas, and the Bahamas
Baseball Federation (BBF).
Further, even in the develop-
ment of youth baseball in
New Providence, there are
persistent tensions between
the JBLN and Freedom Farm
organisations,

In my opinion, the lack of
communication, coupled with
stubbornness and shortsight-
edness in many organisations,
is preventing baseball from
achieving its full potential.
Somebody needs to take the
lead in resolving the various
‘issues’ that are preventing
progress from being made.
The current situation is not
good for baseball, it is not
good for youth development,
and it is not good for national

development.

The situation is particularly
vexing when it comes to
youth leagues as “all little
Johnny wants to do is to play
baseball”. The youth players

. have no interest whatsoever

in “all the drama” involving
the league’s executives and
administrators,

In the US, youth leagues
play close to 40 games per
season, while in the Bahamas
we struggle to get our chil-
dren 20 games per season
(assuming they go all the way
to championship games), Our
collective focus should be on
finding creative ways for the
various leagues to cooperate,
so that our children can play
more games, their skills
improve and teams become
more competitive when they
travel to international tour-
naments. Coupled with this,
we need to somehow ratio-
nalise and bring transparency
to the process of selecting so-
called national teams, Irre-
spective of the international
tournament, many of the so-
called national teams tend to
seem like selections from a
particular league (or in some
cases, particular factions)”
rather than being a national
undertaking.

Financing sports

Notwithstanding the
malaise that I write about in
today’s column, many sports
enthusiasts complain con-
stantly that corporate spon-
sors are not giving enough,
What is the incentive to give
more when the underlying
structure is so fractured?
Sponsors do not want to get
involved in a confusing and
conflict-ridden situation.
While it is laudable that the
most recent Budget increased
the allocation for sports
grants by $1 million or 100
per cent, corporate Bahamas

uccess only comes
‘batting together’

must continue to play a major
part. However, the major.
federations must first demon-
strate leadership, organisa-
tion, transparency and
accountability if sports fund-- .
ing is to move to the next lev-
el, :

There are enough people
(parents and others) who
possess the necessary organi-
sational skills to create effi-
ciencies and eliminate petty
conflicts that waste time and
damage our budding young
sportsmen, While everybody
means well, the infighting
and stubbornness is doing
baseball and many other
sports a tremendous disser-
vice, SO much more can be
achieved with unity and ~
cooperation.,,but we simply
are not there yet.

Isn’t it ironic that the word
TEAM is often said to be an
acronym for “Together,
everybody achieves more’?
Sadly, some seem to be over-
looking this simple truism
when it comes to sports
administration,

Quo vadis baseball?

Until next week...

NB: Larry R. Gibson, a
Chartered Financial Analyst,
is vice-president - pensions,

_ Colonial Pensions Services

(Bahamas), a wholly-owned
subsidiary of Colonial Group
International, which owns
Atlantic Medical Insurance
and is a major shareholder of
Security & General Insur-
ance Company in the
Bahamas.

The views expressed are
those of the author and do
not necessarily represent
those of Colonial Group
International or any of its.
subsidiary and/or affiliated
companies. Please direct any
questions or comments to
rigibson@atlantichouse.com.
bs ,

Bre RWW tlle ta newspaper



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career in trust and estate
management services, to be part
of our dynamic global team. You
will interact with colleagues from
around the world and across the

world.



TRUST OFFICER

ROLE RESPONSIBILITIES
Reporting to a Trust Administration Team Leader, the position is
responsible for the ongoing. administration of trust and fiduciary
products and services to clients of Citi's Private Banking, Smith

Barney and International Personal Banking divisions. Key

organization, providing
specialized services to our high

net worth clients and their

Interested Bahamian candidates
should forward a copy of their
resume by June 22, 2007 to:
Human Resources, Cititrust
(Bahamas) Limited, P.O. Box N-
1576, Nassau, Bahamas OR

families.

responsibilities include liaising with Relationship Managers to
provide information, execute transactions and resolve problems,
managing all associated risks, and, preparing and presenting
periodic administrative reviews of trust and companies. Additional
responsibilities include liaising with internal Compliance and
Business Risk Management teams and external auditors and
regulatory bodies to ensure adherence to all policies, procedures
and regulatory requirements.

KNOWLEDGE/ SKILLS REQUIRED

The ideal candidate will possess a Bachelors degree in Law,

Business Administration, Accounting or related field and a

Fax: (242) 302-8732 OR Email:
janice.gibson@citigroup.com

Challenge

minimum of 3-5 years of related experience in Trust and Company
administration. STEP qualifications are an asset. Strong oral and
written communications skills, excellent organizational skills,
superior relationship management skills and an aptitude for
analyzing and solving problems are also required, Additionally,
language skills (SpanisH, Portuguese, Mandarin) and knowledge
of 4Series are assets.

yourself to a career like no other







THE MARKETS

STOCKS, MUTUAL FUNDS, 7B

DOW30 —*13,676.32—«+8.21
SgP500 1,539.18 #2.84
NASDAQ 2,618.29 +4.37 ‘
io-venote «6 4.93 03
CRUDE OIL “13 A

Stocks -
edge up
as selloff
Here

BY JOE BEL BRUNO
Associated Press
NEW YORK — Wall Street
recovered from a mostly down _
_ session Monday, eking out a_
- gain as investors brushed off
another slide in Chinese stocks.
The market had little in the —
way of corporate or economic —
news to give it direction, but —
while it was in negative terri-
tory for much of the day, in the
end it shook off a slide in the :
benchmark Shanghai Compos- —
iteIndex. —
Investors used Monday t
adjust positions after both th
‘Standard & Poor’s 500 index —
and Dow Jones industrial aver- 5
age surged to record closes in —
the previous session. The | ‘mar-
ket was encouraged by eco-
nomic data released last week
that suggested the economy was
_ slowing, but not too quickly, —
and inflation remained in check. _
___ “I think you're seeing a com- —
bination of investors wanting to
take some profit on a Monday —
morning, and some fear because ©
of what happened in China,”
said Ryan Detrick, a senior
. technical strategist for Schaf- .
_fer’s Investment Research.
“There’s really no major drivers
_ in the market, so we’ re really”
_ just meandering along.” _
The Dow rose 8.31, or 0
_ percent, to 13,676.32.
- Broader stock indicat
_ were also narrowly higher. The
S&P 500 index rose 2.84, or 0.18
percent, to 1,539. 18, ‘and the
_ Nasdaq composite. index rose
; 437, or 0.17 percent, to 2,618.29.

*




























Es trading high of 1,552.87, set i
‘March 2000. Last week, the
Dow posted a 1.19 percent gain

~ the S&P 500 index rose 1.36 per-

_. cent; and the Nasdaq composit

_ index added 2.22 percent.

The bond market moved
higher, with the yield on the 10-

_ year Treasury falling to 4.93 ©
‘percent from 4.96 percent late

Friday. = :

Oil prices rose after a Nige-

rian militant group announced a

one-month cease-fire, and a U.S.

gasoline pipeline was restarted.

A barrel of light sweet crude —

rose $1.13 to $66.21 a barrel on —

‘the New York Mercantile —

Exchange. ’
Michael Sheldon, chief mar-
ket strategist at Spencer Clarke,
said the near term will be domi-
nated by higher energy prices
and bond yields — two catalysts
that could cause the equities
market to pull back. He believes
there’s complacency among
investors, and that the market
will need a correction before
resuming an advance later in
the summer.

“Given continued uncer-
tainty in the housing sector, and
rising energy and food prices, it
appears likely to us that we
should have a period of consoli-
dation or profit taking before
the market turns higher again,”
he said.

Advancing issues outnum-
bered decliners by about 4 to 3
on the New York Stock —
Exchange, where consolidated
volume came to 2.69 billion
shares, compared to 2.85 billion
on Friday.

The Russell 2000 index of
smaller companies was up 1.68,
or 0.20 percent, at 855.09.

Overseas, Japan’s Nikkei
stock average closed up 0.08
percent. At the close, Britain’s
FTSE 100 was down 0.19 per-
cent, Germany’s DAX index
dropped 0.14 percent, and —
France’s CAC-40 shed 0.69 per-
cent.




' TUESDAY, JUNE 5, 2007

BUSINESS

Che Miami Herald |



U.S. SUPREME COURT

3B

INTERNATIONAL EDITION

+ Justices address credit reporting standards

BY PETE YOST
Associated Press

WASHINGTON — The Supreme
Court ruled in favor of two large
insurers Monday, limiting the cir-
cumstances under which companies
must tell customers their credit rat-
ings are affecting the amount they

ay.

The justices said Geico did not
violate the Fair Credit Reporting Act

‘and that Safeco might have, but did

not do so recklessly.

Consumer groups point to the
notification requirement as the cor-
nerstone to cleansing credit reports
of inaccurate information.

The case has significant implica-
tions for pending class-action law-
suits seeking billions of dollars in
punitive damages on behalf of con-

On Monday, the Shanghai Index
tumbled to 3,670.40, falling for the
third time in four sessions since the
government raised a tax on trading
last week to cool a market boom.
The index had dropped 2.7 percent
Friday. The Shenzhen Composite
Index for China’s smaller second
market fell 7.9 percent to 1,039.90.

It was Shanghai’s biggest decline
since Feb. 27, when the main-mar-
ket composite index slid 8.8 per-
cent, triggering selloffs in Hong
Kong, New York and London.

“There is the risk that this snow-
balls into a crash. Sentiment is so
fevered that a bubble could burst,”
said Claire Innes, an economist in
London with the consulting firm
| Global Insight.

But the effect of the Chinese
decline on markets abroad was
expected to be limited because Bei-
jing keeps its markets largely iso-
lated from global financial flows.
Most Chinese shares are off-limits
to foreign investors and financial
controls prevent most Chinese
from investing abroad.

Beijing is trying to cool a boom
that by last week had pushed up
Chinese stocks more than 50 per-
cent since the start of the year. The
rally has attracted millions of first-
time investors who are pouring
their savings into the market.

Government financial newspa-
| pers tried to reassure investors
with front-page editorials Monday
that said the tax hike on stock
| trades — from 0.1 percent to 0.3



sumers who say they should have
been notified, but weren't.

In order for a company to be
found liable, its conduct must entail
an unjustifiably high risk of harm that
is either known to a company or is so
obvious that it should have been
known, wrote Justice David Souter.

“It’s not a great decision for con-
sumers, but there are some silver lin-
ings,” said Scott Shorr, a Portland,
Ore., attorney representing plaintiffs
in the case against Safeco and Geico.

The court ruled that the law’s noti-
fication requirements apply to initial
applicants, which means new cus-
tomers will be informed when their
credit scores affect the rates they’re
being quoted.

But the court overturned an
appeals court ruling that would have

ASIAN STOCKS



DROP OF 8.3 PERCENT: Chinese look at falling stock prices Monday on an electronic board at the stock
market in Zhengzhou, China. China’s main stock index had its biggest one-day plunge since a
February fall that triggered a global selloff.

CHINA TUMBLES

CHINESE STOCKS HAVE BIGGEST DAILY DROP SINCE FEBRUARY’S
PLUNGE, BUT GLOBAL BOURSES STAY STEADY

BY JOE McDONALD
Associated Press

BEIJING — China’s loss appears to be other Asian stock markets’ gain.
While Chinese stocks plunged 8.3 percent Monday for their biggest
one-day fall since a February drop that triggered a global selloff, markets
in Australia, Indonesia, Singapore, South Korea and the Philippines —
rose to record highs. Tokyo’s Nikkei 225 index edged up 0.08 percent,

while Hong Kong’s benchmark index rose 0.6 percent.

percent — would be good for the
market by encouraging longer-term
investment in better stocks.

But blue chips were hammered
as shares in about 1,000 of the 1,400
companies on the main “A”-share
market fell by the maximum daily
limit of 10 percent. They included
Tsingtao Brewery and China Petro-
leum & Chemical, also known as
Sinopec, two of China’s most prom-
inent companies.

Beijing has given no sign how
much it wants prices to fall, but
economists say Chinese leaders
might consider 20 to 25 percent the
right level to restore order to the
market.

Drops in Chinese prices last
week caused brief declines in mar-
kets in Tokyo, Hong Kong and else-
where.

Analysts have been warning of a
possible Chinese correction for
weeks, reducing the element of sur-
prise for investors abroad.

Philippine shares appeared to be
benefiting from the sell-off in China
as some foreign investors shift
funds to elsewhere in the region,
said Lawrence de Leon, an analyst
at Accord Capital Equities in
Manila.

“A lot of money is going out of
the China equities and are moving
into other Asian markets, among
them the Philippines,” he said.

Even with the declines since last
week, the Shanghai index is still up
more than 37 percent since the start
of the year, after more than dou-



required notification of the vast
majority of customers. Notification
would have been the rule unless con-
sumers were paying the very lowest
rate offered to those with the very
best credit ratings.

Under such an expansive notifica-
tion standard, Safeco would have
been required to notify 80 percent of
its new customers, while at Geico,
just 10 percent of new customers
qualify for the top tier of credit, law-
yers representing the companies say.

The court agreed with Geico’s
approach, which was to compare the
rate a customer is being offered with
the rate that would be charged if the
company had not taken the credit
score into account.

The companies lost on their con-
tention that in order to be found lia-



AP PHOTOS



BOOM COOLING? An investor
walks by an electronic board
showing stock movements and
prices at a stock exchange in
Shenyang, China.

bling in 2006. It has dropped 15 per-
cent since last Tuesday’s all-time
high of 4,334.92. |

The surge has been driven by |
strong corporate profits and an |
influx of money from Chinese
investors, who have opened mil-
lions of new trading accounts
and are dipping into theirs savings
and mortgaging homes to buy
stocks.

Authorities have warned that the
new money could be fueling a bub-
ble and they say novices could be |
hurt by a sharp fall in prices. |

Regulators are facing conflicting
pressures as they try to develop
China’s markets into a source of
financing for economic reform
while also trying to discourage |
speculation, said Global Insight’s |
Innes. |

ble for a willful violation, it must be
shown that they knew they were
breaking the law. The court said
“reckless disregard” was sufficient.
But the justices laid down a restric-
tive definition.

The court’s ruling on the liability
question was unanimous, while the
decision on notification was 7-2.

On the liability question, the court
supported “a middle-of-the-road
position,” said Gene Schaerr, chair of
appellate and Supreme Court prac-
tice at the law firm of Winston &
Strawn. “The court adopted what ini-
tially would have been a pro-plaintiff
position, but in actually applying the
definition, they have a very narrow
interpretation of ‘reckless.’ ”

Credit agencies generate over 1.5
billidh consumer reports per year.

AIRLINES —

Carriers

compete

in new
discount
market

BY JOSHUA FREED
Associated Press

MINNEAPOLIS — Any airline
traveler munching on pretzels for
dinner instead of a free airline meal
knows a little something about how
America’s largest carriers have reor-
ganized to compete in a world of dis-
count carriers and high fuel prices.

The last few years brought bank-
ruptcy reorganizations by Northwest,
Delta, United and U.S. Airways, and
the turnarounds just ended last week
with Northwest’s emergence from
bankruptcy protection.

Those carriers, and the ones that
stayed out of bankruptcy, have
trimmed unprofitable routes and fly
fuller planes on the routes that are
left. Workers took pay cuts at the
bankrupt carriers as well as Ameri-
can Airlines, which narrowly avoided
bankruptcy in 2003.

In recent years, price competition
from discounters held fares relatively
low even as jet fuel prices rose and
older airlines lost money because of
heavy debt and the expenses of an
older work force, such as pensions
and retiree healthcare. But bank-
ruptcy helped them shed or reduce
those costs. And full planes mean air-
lines are closer to something they
covet — “pricing power,” or the abil-
ity to raise prices to cover their
expenses.

Older airlines like Northwest are
“going to have a little more pricing
power than there was in the past,”
said aviation consultant Mike Boyd,
president of The Boyd Group in
Evergreen, Colo.

Not all the airlines have changed
in the same way. Northwest will soon
go from having one of the oldest
fleets in the business to one of the
newest as it adds new 76-seat
regional jets and, next year, takes
delivery of Boeing’s new 787 “Dream-
liner.” UAL’s United did relatively
little to change its fleet, said Darryl
Jenkins, who teaches airline manage-
ment at Embry Riddle Aeronautical
University in Daytona Beach, Fla.

Both new jets will fill key needs
for Northwest. The 787 will replace
the larger 747 on some routes — giv-
ing Northwest a cheaper plane that’s
desirable for passengers and easier to
sell out. And the new regional jets
will do the same thing on the smaller
domestic cities Northwest serves.

“Going into the future we will see
more crowded planes. Having empty
planes is a luxury we no longer
have,” he said.

One thing that hasn’t changed is
the intense airline competition —
although that’s less true in North-
west’s so-called “fortress hubs” of
Minneapolis, Detroit and Memphis.
After Sept. ll, many expected some
airlines to go out of business. Six
months ago, airline mergers were
thought likely. Instead, the players
are mostly the same today as they
were five years ago.



eat dd me

7 FF FKP RK KP RE RR RTO ROT RTE ERA ER ESSERE SRR TOSSES ESSE SBEVA STRESS OSE CREST AREC ESSE SCT SED BEBE Baw ere ew ee ~ He



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THE TRIBUNE TUESDAY, JUNE 5, 2007, PAGE 5B

Top banking regulator:



«!



INSIGHT:

For the stories

behind the news,
read Insight
on Mondays

Reform urgently needed.

* Singapore ahead of Bahamas in attracting top
executives through work permits for spouses
* Foot: ‘Some of the problems here are so serious
and so deep-rooted that without the will to sweep
away old restrictions, and to make wholesale
reform, progress is going at best to be halting’

he outgoing

Inspector of Banks

and Trust Compa-

nies has warned
that the Bahamas will find it
increasingly difficult to
attract the key professionals
it needs to grow its financial
services industry unless it .
pursues a more enlightened
immigration policy like its
competitors.

Addressing the Rotary
Club Nassau Sunrise,
Michael Foot compared the
Bahamas’ immigration treat-
ment of a banker to how this
man was dealt with in Singa-
pore, from where he had
recently transferred.

Mr Foot pointed out that
Singapore was “the Bahamas’
most obvious rival for inter-
national private banking”,
and the banker in question ©
had recently received his
work permit from the Singa-
pore authorities.

“With it was a letter saying
that although he hadn’t asked
for one, they had included a
work permit for his spouse in
case she wanted to work,”
the Inspector of Banks and
Trust Companies said.

Given that this was not the
practice in the Bahamas, he
added: “Ask yourself which
country, Singapore or the
Bahamas, will find it easier to
attract ambitious and able
- young professionals that it
needs going forward?’”

Mr Foot, who is employed
by the Central Bank of the
Bahamas, said this nation
needed to separate its immi-
gration policy for the finan-
cial services industry - and
need to attract world-class
professionals, with the con-
tacts, clients and expertise
necessary to grow the sector -
from the illegal immigration
policy.

Financial

The Bahamian financial
services industry has long
been concerned about the
Immigration Department’s
approach to work permits for
the industry, as without them
international banks and trusts
are likely to view the
Bahamas as unattractive
because they cannot get their
own people from headquar-
ters to head the operation
here.

Concerns have frequently
been expressed about the
length of time take to
approve financial services
work permits and other per-
mits that impact the sector,
such as permanent residency.
The former PLP government
moved to deal with this, issu-
ing a policy framework that
governed how financial work
permit applications would be
processed, providing contact
points for the sector and
committing to turn around

Major firm in the financial and legal services
industry invites applicants for the position of:

LEGAL SECRETARY

- Minimum five years experience in

Litigation

(with ability to draft documents)
- good typing and shorthand skills
- ability to work independently

- attractive benefits

- salary commensurate with experience

Reply in confidence to:
Email:glosbastian@hotmail.com





®



applications within a certain
time period.

Meanwhile, Mr Foot told
Rotarians that while no gov-
ernment had the resource to
tacle all problems at once,
financial services reform was
essential.

“Some of the problems
here are so serious and so
deep-rooted that without the
will to sweep away old
restrictions, and to make
wholesale reform, progress is
going at best to be halting,”
Mr Foot said.

He acknowledged that
there were “lots of wonderful
things about the Bahamas
and strengths that it possess-
es”, but “it’s only natural for
me as a regulator, to focus on
the future dangers”.

Mr Foot praised the
Bahamas’ anti-money laun-
dering legislation and other
defences against white-collar
criminals as “quite good”, but
this nation needed “to do
better [on] catching and pun-
ishing the international con
men who plague jurisdictions
like this” if it was to preserve
its reputation.

He added that it was key
for Bahamian financial ser-
vices executives to speak lan-
guages other than English, as
this would raise the industry
labour force’s competitive-
ness. The Bahamas also
needed to improve upon its
D+ national BGCSE grade
average.

On the need for another
five-year development plan
for the financial services
industry, Mr Foot said:
“There desperately needs to
be another one, borne out of
frank and open discussion
and, so far as possible, bi-par-

“Oonly then will there be a
reasonable chance that the
Government’s limited legisla-
tive time and resources for

. the financial sector is used as

well as it can be.”



» y
‘»

BSI OVERSEAS (BAHAMAS) LIMITED

BSI Overseas (Bahamas) Limited is a wholly owned subsidiary of BSI SA, Lugano, a
bank established in Switzerland in 1873, which in turn is wholly owned by
Assicurazioni Generali SpA, one of Europe’s largest insurance groups. The Bank,
which is celebrating its 38" anniversary in The Bahamas this year, is once again
seeking to recruit :

TRAINEE CUSTOMER RELATIONSHIP OFFICER

who after orientation and initial familiarization at BSI Overseas (Bahamas) Limited,
Nassau, will be sent for training to our head office, BS! SA in Lugano, Switzerland,

KRAKKKKKEKEKEKERER

The successful candidate must have the following qualifications and qualities:~

- new Bahamian university graduate who graduated this year or previous year
with degree in Finance &/or Economics.

- candidates looking for opportunities in the field of Private Banking to
eventually become a Customer Relationship Officer.

- mature, motivated, dedicated, flexible, team player and excellent inter-
personal & communication skills.

- affinity to foreign languages and willingness to analyse, design and propose
solutions.

YOUR FUTURE WITH BSI

We are offering the successful candidate the opportunity to spend approximately a
half year in an innovative training programme at our head office in Lugano,
Switzerland, to attend full-immersion Italian classes and to be involved in a dynamic,
energetic, action-oriented training system. All classroom sessions are conducted in
Italian. The programme includes on-and-off the job training periods dealing with
technical aspects such as banking operations, portfolio management and wealth
management. Personal competence in team building, project management and
presentation skills will also be developed. After the training period in Lugano the
candidate will return to Nassau for further training and to begin his/her career with
BSI Overseas (Bahamas) Limited.

interested persons with such qualifications should submit their resume/curriculum
vitae to:-

Human Resources Manager

BS! Overseas (Bahamas) Limited
Bayside Executive Park

West Bay Street & Blake Road

P, 0, Box N-7130

Nassau, Bahamas

fax no. (242) 702 1253 | email: julie.benjamin@bsiob.com

(ABSOLUTELY NO PHONE CALLS PLEASE)
Only applicants having the above attributes will be contacted.



Join Cititrust

(Bahamas) Limited,
one of the most
established trust

BUSINESS RISK OFFICER

ROLE RESPONSIBILITIES

British Colonial Hilton

Nassau

Reporting to the Head of Business Risk Management, the position
is responsible for assisting with the implementation and ongoing
monitoring of business risk management program initiatives. Key
responsibilities include ensuring that policies and procedures, as
well as legal/regulatory requirements are implemented, managed
and updated. Additional responsibilities include assisting with
internal and external audits and regulatory inspections, monitoring
mandatory training, preparation of risk management reports, and,
participation on related projects as assigned.



organizations in the
world.




is inviting applications for a:
¢ FOOD & BEVERAGE MANAGER






Responsible for the overall organization, sales and profitability of the Food
and Beverage Department including restaurants, bars, banquets, room
service, mini bar departments

We invite outstanding
individuals, wanting to build a
career in trust and estate
management services, to be part
of our dynamic global team. You
will interact with colleagues from
around the world and across the
organization, providing
specialized services to our high
net worth clients and their
families.








The successful applicant must have:
¢ 5-7 years comprehensive experience in Food and Beverage Management
| inclusive ”

of the above areas with a proven record of accomplishments

Strong product knowledge of food and beverage including current trends
in the business.

Excellent use of creativity with ability to develop calendar of events,
special promotions and activities.

Experience in menu engineering both food and wine.

Strong leadership skills with ability to select, train and

develop employees, maintaining a positive and productive

environment

Excellent guest and employee relation skills

Excellent communication skills (oral and written) and strong
organizational abilities

The ability to proactively and successfully manage the financial aspects
of the food and beverage operation including budget preparation;
revenue enhancement; and food and beverage cost control

Thorough working knowledge of Microsoft Word and Excel, and
Micros.

Experience in renovating and refurbishing food service facilities.









KNOWLEDGE/ SKILLS REQUIRED

The ideal candidate will possess an advanced degree or
professional qualification in Law or related field and a minimum of
2-4 years of related experience in Compliance, Business Risk
and/or Trust Administration. Additionally, a strong understanding
of the local regulatory environment and of ongoing international
initiatives is required. STEP qualifications are an asset. Strong oral
and written communications skills, excellent organizational skills,
the ability to work with minimal supervision and an aptitude for
analyzing and solving problems are also required.


















Interested Bahamian candidates
should forward a copy of their
resume by June 22, 2007 to:
Human Resources, Cititrust
(Bahamas) Limited, P.O. Box N-
1576, Nassau, Bahamas OR
Fax: (242) 302-8732 OR Email:

janice.gibson@citigroup.com








Challenge
yourself to a career like no other

A Bachelor’s Degree in Hotel Management will be an asset






Resumes should be submitted to:
Director of Human Resources
BRITISH COLONIAL HILTON, NASSAU
1 Bay Street
Nassau, Bahamas
Fax: 242-302-9040

E-mail: recruitment.nassau @hilton.com









PAGE 6B, TUESDAY, JUNE 5, 2007

BUSINESS

THE TRIBUNE



INSIGHT

For the stories behind

Blew) eer merle Lg
on Mondays |

| NOTICE














A LEADING ENERGY DISTRIBUTOR

ON GLADSTONE ROAD, SEEKS THE

POSITION OF STRATEGIC MARKETING
AND OPPERATIONS MANAGER.

- Must Possess Knowledge Of Lpg Fuels,

Tanks And Accessories

- Have Knowledge Of Real Estate Market
Locally, So That Needs Are Met.

- Able To Promote Company Via Internet,
Radio, Newspaper, And Other Marketing
Methods.

- Graphic Design/computer Skills Essential

‘- French Language Would Be An Advantage
- Must Have A Valid Driving License.

Salary Is Commensurate With
Ability And Experience.

Applications To Be Addressed To

The Human Resource Manager
_ At Cb-13207 By June 15th, 2007.

REQUEST for PROPOSALS




























DISPLAY ADVERTISING
CONCESSION

AT
LYNDEN PINDLING INTERNATIONAL AIRPORT







Nassau Airport Development Company Limited (NAD) is.inviting
proposals for the installation, placement, maintenance and operation
of advertising displays, posters, direct line reservations, advertising
kiosks, interactive displays, and other advertising media, including
outdoor billboards as approved by NAD for the interior and
exterior of the air terminal buildings at Lynden Pindling
International Airport. The successful Proponent will be required
to finance, develop, implement and manage an innovative and
dynamic airport advertising program. The program is to support
NAD’s goals, incorporate local culture and a Bahamian “Sense
of Place” in media concepts, be entertaining and use state-of-the-
art technologies and equipment.

Proponents must have engaged in the management and operation
of in-terminal advertising concessions for no fewer than two (2)
advertising programs for airport entities. ranging from 500,000 to
3,500,000 in total passenger traffic for at least two (2) years






Qualified and interested parties may contact the Vice President,
Commercial Development at NAD for further information or to
receive the Request for Proposal package. A pre-proposal bri¢fing fj
will be held in NAD’s Boardroom at the airport on June 5 at
10:00am.

Telephone: (242) 377-0209 « Facsimile (242) 377-0294
Email john.spinks@nas.bs

,



NA

Nassau Airport
Revrsinpment Company





=p isis) ahs

Pricing Information As Of:
Monday, 4 June 2007



Securit
Abaco Markets
Bahamas Property Fund
Bank of Bahamas
Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas
Colina Holdings
Commonwealth Bank
Consolidated Water BDRs
Doctor's Hospital
Famguard
Finco
FirstCaribbean
Focol
Freeport Concrete
ICD Utilities
J. S. Johnson
Premier Real Estate

52wk-Low
0.54
11.00
7.10
0.70
1.30
1.20
3.00
1.80
10.60
4.22
2.40
5.54
11.25
12.43
10.50
0.54
7.10
8.52
10.00

Fi

12.25 Bahamas Supermarkets
10.00 Caribbean Crossings (Pref)
0.20 RND Holdings




Hee Haat
8.00 ABD.





New Providence/PI air
arrivals decline seven
per cent in 2007 QI

FROM page 1

Tourism statistics revealed that
total tourist arrivals to the entire
Bahamas were down by just |
per cent compared to 2006,
largely due to an 8 per cent
increase in the Family Islands.

However, total arrivals to
Nassau/Paradise Island and
Grand Bahama, the two islands
that have the largest popula-
tions, hotel infrastructures and
where the economic benefits
trickle down most keenly, were
off by 3 per cent and 8 per cent
respectively compared to 2006
levels.

The 7 per cent and 4 per cent
drop in air arrivals to Nas-

sau/Paradise Island and Grand
Bahama during the 2007 first
quarter are especially concern-
ing, as these represent stopover
tourists who are, according to
the Government’s Budget pre-
sentation, responsible for 91 per
cent of all tourist spending in
the Bahamas. They spend an
average of $1,020 per head ona
stay in this nation.

The data is unlikely to be
news to the Bahamas Hotel
Association (BHA), though,
which earlier this year warned
that industry performance for
the peek first quarter - including
the New Year period - was
down on the previous yeaqr’s
comparatives.

Hoteliers attributed a variety
of factors to the performance

WANTED

SALES PERSONS
WITH 3 YEARS EXPERIENCE










PLEASE FORWARD RESUME TO:

Taylor Industries Ltd
P.O. Box N-4806
Nassau, Bahmas



EEE
Company is seeking to hire a SENIOR OFFICER
#2 who is able to run a small private bank and who
att







° Be the principal contact for our bank with all
regulators.

Run our bank when the Managing Director is not
in the office or on the island

Have either a CA or CPA designation.

Have experience making stock and bond
investment decisions.












We offer an attractive work environment and
compensation package based on your ability to
perform the functions of a Senior Officer #2 and
the level of new business that you can generate.




Submit resume and salary requirements in
confidence to: Seniornumber2@ yahoo.com



%CHG 00.04 / YTD 113.43 / YTD % 06.77
Change Daily Vol. EPS $ Div $
-0.282
1.548
0.737
0.129
0.243
0.067
0.949
0.245
1.152
0.112
0.234
0.694
0.787
0.977
1.657
-0.432
0.532
0.868
1.167



Weekly Vol. EPS $

: 43.00
14.60 14.00 Bahamas Supermarkets 15.50 14.00 1.234 1.125 12.6 7.71%
0.60 0.35 RND Holdings 7 0.55 0.45 0.021 0.000 26.2 0.00%
ee BIS Listed Mutual Funds —
Fund Name NA V YTD% Last 12 Months Div $ Yield %
1.3410 1.2897 Colina Money Market Fund 1.341016"
3.1827 2.9038 Fidelity Bahamas G & | Fund 3.1827**"
2.6629 2.3560 Colina MSI Preferred Fund 2.662852**
1.2443 1.1695 Colina Bond Fund 1.244286****
1
BEX! GLOSE 799.66 / YTD 97.76% / 2006 34.47%
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 MARKET TERMS YIELD - last 12 month dividends divided by closing price NAV KEY
52wk-Hi - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity
52wk-Low - Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity * - 25 May 2007
Previous Close - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price
Today's Close - 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 $ - A company's reported 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 see" - 30 April 2007



ie a - 30 April 2007

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

downturn, including the impact
of the Western Hemisphere
Travel Initiative (WHTI),
increased competition from
rival destinations such as Can-
cun, the lack of an aggressive
marketing campaign for the
Bahamas, with the Bahamaven-
tion initiative failing to make
the expected impact, and a looss
of room inventory associated
with upgrades such as the
Radisson Cable Beach’s con-
version into a Sheraton.

Cruise

On the cruise arrivals side,
for the 2007 first quarter there
was slightly better news, as total
cruise arrivals to the Bahamas
were up by 2 per cent compared
to 2006.

But again this was generated
by a 9 per cent increase in cruise
arrivals to the Family. Islands,
indicating once more that the
major cruise lines are increas-
ingly using their private islands
as either their first or only port
of call in the Bahamas. This has
the impact of either bypassing
completely Bahamian-owned
businesses in Nassau and
Freeport, or leaving them only
with the “scraps”, harming the









NOTICE

NOTICE is hereby given that JULIAN ROBERT JAKUSZ
OF BUEN RETIRO RD., P.O. BOX SS-5976 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 5th day of June, 2007
to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.

money multiplier and trickle
down effect for Bahamians.

Cruise arrivals to Nassau/Par-
adise Island in the 2007 first
quarter were down only mar-
ginally, by 1 per cent, upon
2007, while cruise arrivals to
Grand Bahama were’ off by 8
per cent compared to 2006.

The Government’ Budget
presentation exposed just how
little cruise passengers are con-
tributing to the overall Bahami-
an economy/tourism industry
when it talked about the impact
of the revised 2005 cruise
arrivals.

The document said that the
impact from the revision down-
wards of cruise arrivals on total
tourism spending in the
Bahamas was “expected to be

- minimal”, because cruise pas-

sengers only spent $56 per head
- compared to $1,020 for
stopovers - and accounted for
just 8.7 per cent of tourist
spending in this nation.

Cruise visitor arrivals for 2005
were revised downwards by
256,401, from 3,335,110 to
3,078,709, meaning that arrivals
that year fell by 8.4 per cent
compared to 2004, as opposed
to the original 0.7 per cent
decline estimate.



, Feel Notice
NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) CIGOGNE LTD is in dissolution under the provisions of the
international BusinessCompanies Act 2000.

(b) The Dissolution of said Company commenced on June 4, 2007
when its Articles of Dissolution were submitted and registered by

the Registrar General.

(c) The liquidator of the said company is Lakeisha Collie of 2nd Terrace

West, Centreville, Nassau, Bahamas.

(d) All persons having Claims against the above-named Company are
required on or before the Sth day of July, 2007 to send their names and
addresses and particulars of their debts or claims to the Liquidator of the
company or, in default thereof, they may be excluded from the benefit of
any distribution made before such debts are proved.

June 5, 2007

LAKEISHA COLLIE

LIQUIDATOR OF THE ABOVE-NAMED COMPANY
























The Law Chambers of
SEARS & CO.
is pleased to announce that
ALFRED M. SEARS, ESQ.
has returned to these Chambers as

Partner and Attorney-at-Law

Formerly Attorney General - May 2002 to January 2006
and Minister of Education - May 2002 to May 2007 of
The Commonwealth of The Bahamas,

Mr. Sears will head the Commercial, Litigation and
Corporate Practice areas of the Chambers.

Mr. Sears is admitted to practice at the Bars of New York
State, New Jersey State, District of Columbia, Jamaica
and The Commonwealth of The Bahamas.

#10 Market Street
P.O. Box N-3645
Nassau, N.P. Bahamas

Telephones: (242) 326-3481/2
Facsimile: (242) 326-3483
E-mail: seabet53 @ gmail.com
Web page: www.searschambers.com



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SREB SCS Pt Na aa ees SHC ee BED

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THE TRIBUNE BUSINESS

BluBank Ltd. and its subsidiaries

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

Consolidated Balance Sheet
December 31, 2006
(Stated in thousands of U.S. dollars)

Assets

Cash and cash equivalents (Note 3)

Trading securities (Notes 5 and 12)

Financial assets designated at fair value (Note 6,
Loans, net (Notes 4 and 12)

Investment securities (Notes 7 and 12)
Furniture and equipment, net (Note 9)

Other assets (Notes 10 and 12)

Total assets

Liabilities and Equity
Liabilities
Due to customers (Note 12)
Demand deposits
Time deposits
Total due to customers

Borrowed funds (Note 8)

Other liabilities (Note 12)
Accrued interest payable
Various creditors and other liabilities
Total other liabilities

Total liabilities

Equity
Share capital: ordinary share $1 par value,
20,000,000 shares authorized, total issued and
fully paid
Unrealized gain on available for sale securities
Retained earnings
Total equity

Total liabilities and equity

Signed as approved on behalf of the Board of Directors:

RobertoHoyle

Director

il 18, 2007
Date

Notes to Balance Sheet

1, General Information

2006

$ 7,908
117,493

32,952

61,556

124,678

134

5,043

$__349,764

$ 28,328

—____203,820

232,148

9,985

4,196
5,628

9,824

—__ 251,957

20,000
40,260

37,547

97,807

2005

$ 47,539
88,930

63,837
86,919
118

5,069

$292,412
$ 20,763
203,091
223,854

3,409

1,208

4,617

228,471

Reynaldo Roisenvit
Director

BluBank Ltd. (the Bank) was incorporated under the laws of the Commonwealth of The
Bahamas in 1995 and is licensed by the Central Bank of The Bahamas to conduct various
types of banking, financing and investment activities. The registered office of the Bank is
located at Montague Sterling Centre, East Bay St. 3rd floor, Nassau, The Bahamas. The
Bank is a wholly owned subsidiary of IFH Peru Limited (an entity also incorporated
under the laws of the Commonwealth of The Bahamas), whose registered office is located
in Ave. Carlos Villaran 140 Urb. Santa Catalina, La Victoria, Lima, Peru. On October 23,
2006, IFH Peru Limited authorized the transfer of its shares of BluBank Ltd. to its
subsidiary IFH International Corp. (an entity incorporated under the laws of the Republic
of Panama). As of the date of issuance of the consolidated financial statements, the shares
of BluBank Ltd. are in the process of being transferred to IFH International Corp.

The Bank has a branch in Panama, which operates under an international license issued in
accordance with Panamanian legislation. The address of the branch is Torre Banco
General Marbella, Aquilino de la Guardia Street, floor No. 16. ;

The Bank also owns 100% of the shares in the companies Inversionista Golden Hill, S. A.
and Wimsie Investment, Inc., which were incorporated in 2003 under the laws of the
Republic’ of Panama, each with the main objective of engaging in the business of an

investment company.

This consolidated balance sheet was authorized for issuance by the Board of Directors on

April 18, 2007.

Summary of Significant Accounting Policies

The principal accounting policies applied in the preparation of this consolidated balance
sheet is set out below. These policies have been consistently applied to the previous year,

unless otherwise siated.

Basis of Preparation

The consolidated balance sheet of BluBank Ltd. and its subsidiaries has been prepared in
accordance with International Financial Reporting Standards (IFRS). The consolidated
balance sheet is prepared under the historical cost convention, as modified by the
revaluation of available for sale financial assets, trading securities, financial assets
designated at fair value through profit or loss and all derivative contracts.

The preparation of the balance sheet in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its judgment in the
process of applying the Bank’s accounting policies. The areas involving a higher degree
of judgment or complexity, or areas where assumptions and estimates are significant to
the consolidated financial statements are disclosed in Note 18.

(a) Amendments to published standards and interpretations effective January 1, 2006

The application of the amendments and interpretations listed below did not result in

substantial changes to the Bank’s accounting policies:

IAS 19 Amendment — Actuarial Gains and Losses, Group Plans and Disclosures;
IAS 39 Amendment — The Fair Value Option;

IAS 39 and IFRS 4 Amendment — Financial Guarantee Contracts; and

IFRIC 4 — Determining whether an Arrangement contains a Lease.

The following amendments and interpretations that are not applicable to the Bank are:

e IAS 21 Amendment — Net Investment in a Foreign Operation;
e IAS 39 Amendment — Cash Flow Hedge Accounting of Forecast Intragroup

Transactions;

e IFRS 1 (Amendment) — First-time Adoption of International Financial Reporting

Standards,

e IFRS 6 - Exploration for and Evaluation of Mineral Resources;
e IFRIC 5 — Rights to Interests arising from Decommissioning, Restoration and

Environmental Rehabilitation Funds; and

e IFRIC 6 — Liabilities arising from Participating in a Specific Market — Waste

Electrical and Electronic Equipment.

(b) Interpretations issued but not yet effective

The Bank has chosen not to early adopt the following standards and interpretations
that were issued but not yet effective for accounting periods beginning on January 1,

2006:

IFRS 7, Financial Instruments: Disclosures, and a complementary amendment to [AS
1, Presentation of Financial Statements — Capital Disclosures (effective from January
1, 2007); IFRS 7 introduces new disclosures to improve qualitative and quantitative
information about exposure to risks arising from financial instruments. It replaces
IAS 30, Disclosures in the Financial Statements of Banks and Similar Financial
Institutions, and disclosure requirements in IAS 32, Financial Instruments: Disclosure

and Presentation.

TUESDAY, JUNE 5, 2007 PAGE 7B.

The following standards and interpretations that were issued but not yet effective for
accounting periods beginning on January 1, 2006 and that are not applicable to the
Bank are:

e IFRS 8 - Operating Segments (effective January 1, 2009);

e IFRIC 7 — Applying the Restatement Approach under IAS 29 (effective March 1,
2006);

e IFRIC 8 — Scope of IFRS 2 (effective May 1, 2006); , :

e IFRIC 9 — Reassessment of embedded derivative (effective June 1, 2006);
IFRIC 10 — Interim Financial Reporting and Impairment (effective November 1,
2006);

e IFRIC 11, IFRS 2 — Group “reasury Share Transactions (effective March 1, 2007);
and

e IFRIC 12 — Service Concession Arrangements (effective January 1, 2008).

Consolidation

Subsidiaries are all entities over which the Bank has the power to govern the financial, and
operating policies generally accompanying a shareholding of more than one half of the
voting rights. Subsidiaries are fully consolidated from the date on which control is
transferred to the Bank. They are de-consolidated from the date on which control ceases.

The purchase method of accounting is used to account for the acquisition of subsidiaries by
the Bank. The cost of an acquisition is measured as the fair value of the assets given, equity
instruments issued and liabilities incurred or assumed at the date of exchange, plus costs
directly attributable to the acquisition. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are measured initially at their fair
values at the acquisition date, irrespective of the extent of any minority interest. The excess
of the cost of acquisition over the fair value of the Bank’s share of the identifiable net
assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value
of the net assets of the subsidiary acquired, the difference is recognized directly in the
statement of income.

The, accompanying consolidated balance sheet include the financial position of the Bank and
its subsidiaries as follows: 7



Percentage
Country Ownership Activity
Wimsie Investment Inc. Panama 100% Investment
Inversionista Golden Hill, S. A. Panama 100% Investment

Inter-company transactions, balances and unrealized gains on transactions between Bank
companies are eliminated. Unrealized losses are also eliminated unless the transaction:
provides evidence of impairment of the asset transferred.

The accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Bank.

Foreign Currency Translation

Items included in the consolidated balance sheet of each of the Bank’s entities are measured
using the currency of the primary economic environment in which the entity operates (‘the
functional currency”). The consolidated balance sheet is presented in United States Dollars
(USD) which is the Bank’s functional and presentation currency.

Monetary assets and liabilities denominated in foreign currencies are translated into the
functional currency using the exchange rates prevailing at the consolidated balance sheet
date. Translation differences on non-monetary items, such as equities classified as
available for sale financial assets, are included in the fair value reserve in equity.

Financial Assets

The financial assets of the Bank are classified into the following categories: financial assets —
at fair value through profit or loss; loans; held-to-maturity assets; and available for sale
financial assets. Management determines the classification of its financial investments at
initial recognition. :

(a) Financial Assets at Fair Value through Profit or Loss
This category has two sub-categories: financial assets held for trading and those
designated at fair value through profit or loss at inception. A financial asset is classified
in this category if acquired principally for the purpose of selling in the short term or if .
so designated by management. Derivatives are also categorized as held for trading
unless they are designated as hedging instruments. _

A financial asset other than a financial asset held for trading is designated at fair value
through profit or loss upon initial recognition if it forms part of a contract containing
one or more embedded derivatives, and IAS 39 permits the entire combined contract
(asset or liability) to be designated at fair value through profit or loss. Financial assets
at fair value through profit or loss are stated at fair value, with any resultant gain or loss
recognized in profit or loss.

Trading securities include participation in mutual funds, shares, and bonds from private
companies. These investments are acquired for the purpose of generating a profit from
short-term fluctuations in price. Trading securities are presented at their fair value and
unrealized gains or losses are included in the consolidated statement of income.

(b) Loans
Loans are non derivative financial assets with fixed or determinable payments that are
not quoted in an active market. They arise when the Bank provides money, goods or
services directly to a debtor with no intention of trading the receivable.

(c) Held-to-maturity financial investments
Held-to-maturity investments are non-derivative financial assets with fixed or
determinable payments and fixed maturities that the management has the positive
intention and ability to hold to maturity. If the Bank were to sell other than an
insignificant amount of held to maturity assets, the entire category would be reclassified
as available for sale.

(d) Available for sale financial assets
Available for sale investments are those intended to be held by the Bank for an indefinite
period of time, which may be sold in response to needs for liquidity or changes in interest
rates, exchange rates or equity prices. Purchases and sales of financial assets at fair value
through profit or loss, held-to-maturity and available for sale are recognized on trade date
— the date on which the Bank commits to purchase or sell the asset.

Loans are recognized when cash is advanced to the borrowers. Financial assets are initially
recognized at fair value plus transaction costs, for all financial assets not carried at fair
value through profit or loss. Financial assets are derecognized when the rights to receive
cash flows from the financial assets have expired or where the Bank has transferred
substantially all risks and rewards of ownership.

Available for sale financial assets are subsequently carried at fair value. Loans and held—
to-maturity investments are carried at amortized cost using the effective interest method.

The fair values of quoted investments in active markets are based on current bid prices. If
the market for unlisted securities is inactive, the Bank establishes fair value by using
valuation techniques, These include the use of recent arm’s length transactions, discounted
cash flow analysis, option pricing models and other valuation techniques commonly used
by market participants. For the equity investments whose fair value may not be measured in
a reliable manner, these are recognized at their cost less impairment.

Derivative Financial Instruments and Hedge Accounting

Derivatives are initially recognized at fair value on the date on which a derivative contract
is entered into and are subsequently remeasured at their fair value. Fair values are obtained
from quoted market prices in active markets, including recent market transactions, or
valuation techniques, including discounted cash flow models and options pricing models, as
appropriate. All derivatives are carried as assets when fair value is positive and as liabilities
when fair value is negative.

The Bank documents, at the inception of the transaction, the relationship between hedged
items and hedging instruments, as well as its risk management objective and strategy for
undertaking various hedge transactions. The Bank also documents its assessment, both at
hedge inception and on an ongoing basis, of whether the derivatives that are used in
hedging transactions are highly effective in offsetting changes in fair values or cash flows
of hedged items.



PAGE 8B, TUESDAY, JUNE 5, 2007 THE TRIBUNE BUSINESS

Derivatives that do not qualify for hedge accounting 3. Cash and Cash Equivalents
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair

value of any derivative instrument that does not qualify for hedge accounting are

Cash and cash equivalents are summarized as follows:











recognized immediately in the consolidated statement of income. However, the gains and 2006 2005
losses arising from changes in the fair value of derivatives that are managed in conjunction ean
with designated financial assets are included in “net income from financial instruments ne Biaas $ 6 6§ 6
designated at fair value”. ee epost 3,372 20,582
: Time deposits 4,530 26.951
$___7,908 $47,536
' Impairment of Financial Assets
(a) Assets carried at amortized cost (Loans and Held-to-Maturity Investments) A. Loans
As of each balance sheet date, the Bank assesses whether there is objective evidence ;
that a financial asset or group of financial assets are impaired. A financial asset or Loans are summarized as follows:
group of financial assets are impaired and impairment losses are incurred if, and only if, Snag ee
there is objective evidence of impairment as a result of one or more events that occurred
after the initial recognition of the asset (a “loss event”) and that loss event (or events) Financial 5 13.805 $ 24.009
has an impact on the estimated future cash flows of the financial assets or group of Comercial as aa
financial assets that can be reliably estimated. Objective evidence that a financial asset Mortgages 5,236 5,305
or group of assets are impaired includes observable data about the following loss Individuals 9,558 6.925
events: Real estate 9,226 5,827
| ; Agriculture 4,294 4,524
e significant financial difficulty of the issuer or obligor; 62,256 64.537
e a breach of contract, such as default or delinquency in interest or principal Allowance for possible loan losses (700) (700)
payments;
e for economic or legal reasons relating to the borrower’s financial difficulty, a - $61,556 $63,837
concession that the lender would not otherwise consider;
° it becoming probable that the borrower will enter bankruptcy or other financial Changes in the allowance for possible loan losses are summarized below:
reorganization; ; 2006 2005
1 e the disappearance of an active market for that financial asset because of financial
difficulties; or 4 Balance a
e observable data indicating that there is a measurable decrease in the estimated future wey oe een $ ie $ ee
cash flows from a Bank of financial assets since the initial recognition of those —__—— —____(1,300)

as assets, although the decrease cannot yet be identified with the individual financial ’ Balance at erid of year $_. 700 3 700

" assets in the group. ,

~ Loans in the amount of $33,158 (2005: $37,048), are collateralized with cash deposits in

x The Bank first assesses whether objective evidence of impairment exists individually United States Dollars. /

of for financial assets that are individually significant, and individually or co..sctively for

° financial assets that are not individually significant. If the Bank determines that no 5. Trading Securities

as objective evidence of impairment exists for an individually assessed financial asset,

whether significant or not, it includes the asset in-a group of financial assets with Trading securities are summarized as follows:
similar credit risk characteristics and collectively assesses them for impairment. Assets 2006 2005
that are individually assessed for impairment and for which an imtpairment loss is or

: continues to be recognized are not included in a collective assessment of impairment. Compass portfolio — equity (Note 7) $ 75,463 $ 53,282

= : Participation in investment funds 42.030 35,648
If there is objective evidence that an impairment loss on loans exists, the amount of the $ 117,493 3 88,930
loss is measured as the difference between the asset’s carrying amount and the present
value of estimated future cash flows discounted at the financial asset’s original effective There is a single investment which is a diversified fund that represents 12% (2005: 15%)
interest rate. The carrying amount of the asset is reduced through the use of an of the total portfolio of securities held for trading.

%~ allowance account and the amount of the loss is recognized in the consolidated

xs ' statement of income. The calculation of the present value of the estimated future cash 6. Financial assets designated at tair vaiue

: flows of a collateralized financial asset reflects the cash flows that may result from ‘
foreclosure less costs for obtaining and selling the collateral, whether or not foreclosure During the third quarter of 2006, the Bank bought credit notes issue by Credit Suisse

2 is probable. amounting to US$32.9 million, with a maturity in 2036. These notes have a protected

> Future cash flows in a group of loans that are collectively evaluated for impairment are Ea a pile ee pra ae a pele eee ae
estimated on the basis of the contractual cash flows of the loans and historical loss biotechnology. These shares could be delivered as part of the vi bee :

loans with credit risk characteristics similar to those in the Bank. : part of the yield at the date of maturity
| experience for loans wi or when required under the option of advanced redemption. During the term of the note,
When a loan is uncollectible, it is written off against the related provision for loan oo coupon will be paid as an equivalent to any dividend paid by Royalty

-~ impairment. Such loans are written off after all the necessary procedures have been ,
completed and the amount of the loss has been determined. Subsequent recoveries of : : ‘ . . : .

2 Basie previously written off are recognized in the consolidated statement of income. pee has the risk qualification of A and Aa3 assigned by international rating

“Management believes that the provision for loan losses is adequate. The regulatory
agencies -in certain jurisdictions, as an integral part of their examination process, 7 aves Per

* periodically review the allowance for loan losses. Such agencies may require additions : uvestment Securities.

““\.6 to the allowance to be recognized based on their evaluation of information available at ahs TaveRmnenE secuGes-eommbce: : pibooes |

su: ... the time.of their examinations. Regulatory loan loss reserve requirements that exceed a “ ie mnpnsine available for/salc-and held-to-maturity ayes
the Bank’s provisions for loan losses are treated as an appropriation of retained ae summarized as follows:

sx Carmings. 2006 2005

*©" (b) Assets carried at fair value (Available for sale Investments) : :

o As of each cera sheet date, the tia assesses whether there is objective evidence aaa cone hpi for sale $ 113,178 $ 72,580
that a financial asset or a group of financial assets are impaired. In the case of equity vestments. Held-to-marinty ——__11,500 ——_14322
investments classified as available for sale, a significant or prolonged decline in the fair
value of the security below its cost is considered in determining whether the assets are $__124.678 $86,919
impaired. If any such evidence exists for available for sale financial assets, the on :
cumulative loss — measured as the difference between the acquisition cost and the Investment securities available for sale

,, current fair value, less any impairment loss on that financial asset previously recognized 2006 2005

« — in profit or loss — is removed from equity and recognized in the consolidated statement Siock cenificates:

:: of income. Impairment losses recognized in the income statement on equity instruments Sindicato de Inversiones y Administracion, S.A. $ 4,935. $ 4,935
(common stock) are not reversed through the consolidated statement of income. If, in a Compass Group 11,078 10,778
subsequent period, the fair value of a debt instrument classified as available for sale Tavestia Parner UK 1,920 1.920
increases and the increase can be objectively related to an event occurring after the Banco Gileniacional de Pani = Intemank 52,440 27517
impairment loss was recognized in profit or loss, the impairment loss is reversed Interseguro 3,241 2 358
through the consolidated statement of income. Royalty Pharma 24,192 20, 547

: Participation in investment funds 15,372 4,515

Bonds - 10
Furniture and Equipment
R378 880
Fumiture and equipment are stated at historical cost less accumulated depreciation.
Depreciation is calculated using the straight-line method to write down the cost to their Investments held-to-maturity :
residual values over their estimated useful lives. Gains and losses on disposal of furniture Compass portfolio — debt securities $__ 11,500 $14,339

_ and equipment are determined by reference to their carrying amount. Repairs and ,

=. Tenewals are charged to the statement of income when the expenditure is incurred. The The fair value of the held-to-maturity investments is US$11,500 (2005: US$14,339).

“estimated useful life of these assets is as follows: These securities comprise notes issued by private entities.

Furniture 3 years The Bank has signed agreements with Compass Bank L.L.C. (Compass), a related
Equipment 3 and 5 years company, that engages in managing part of the Bank’s securities portfolio. Under this
= Vehicles 5 years agreement, the Bank assumes all expenses related to or arising from each portfolio,

_ Leasehold improvements 5 years including the compensation and performance fees and interest of financing granted by

n Compass to acquire the securities. In this agreement, the Bank may withdraw all or any

Assets that are subject to amortization are reviewed for impairment whenever events or portion of the assets in any portfolio at any time, in cash or in kind.
changes in circumstances indicate that the carrying amount may not be recoverable. An .
asset’s carrying amount is written down immediately to its recoverable amount. The : : Sos ;
“* recoverable amount is the higher of the asset’s fair value less costs to sell and value in anal in available for sale and held-to-maturity investments are summarized as
use. ollows: ; ;
2006

, Investments Investments

« Borrowings ; available held-

EN Borrowings are recognized initially at fair value net of transaction costs incurred. for sale to-maturity
Borrowings are subsequently stated at amortized cost; any difference between proceeds Balance as of December 31, 2005 $ 72,580 $ 14,339
net of transactions costs and the redemption value is recognized in the consolidated Additions : 30,891 1,032

ow statement of income over the period of the borrowings using the effective yield method. Redemption and sales (17,504) (3:871)

Gains from changes in fair value 27,211 -
Employee Benefits ‘ e
Panama _— Balance as of December 31, 2006 $ 113.178 «= s§ 11.500
es The Panamanian labor legislation requires companies to constitute a severance trust fund

"a in order to pay employees a severance and seniority premium due to unjustified or 2005

®~ justified dismissal. For the establishment of this fund, it must be funded quarterly with Investments ’ Investments
contributions that correspond to the amount of the seniority premium based on 1.92% of available held-
salaries paid in the Republic of Panama and 5% of the monthly severance amount. for sale to-maturity

Quarterly contributions should be deposited in a trust fund. The premiums related to the Balance as of December 31, 2004 $52,607 $ 69,212
severance trust fund amounted to $57,339 (2005: $46,873), and are included in the ‘Additions 26,250 21,363
consolidated balance sheet in other assets. Redemption and sales (19,646) (76,236)

* Gains from changes in fair value 13,369 Sees

es The number of persons employed by the Bank in 2006 and 2005 was 39.

be ; : $ 72.580 $ 14.339

. Cash and Cash Equivalents Balance as of December 31, 2005

Cash and cash equivalents comprise cash and deposits with original maturities of less
a than three months from the date of acquisition.
oa 8. Borrowed funds

IS 688

Fiduciary Activities

Assets arising from fiduciary activities together with the related undertaking to return
such assets to customers are excluded from this consolidated balance sheet where the
Bank acts in a fiduciary capacity such as trustee or agent.

At December 31, 2006 the Bank have borrowed funds at sight amounting to $9,985 with
an international bank, with LIBOR interest rates. The interest rates of the borrowed funds

ranged between 5.7654% to 6.3689% per annum.

FTL



THE TRIBUNE BUSINESS

9.

10.

11.

12.

13.

Furniture and equipment

The movement of property, plant and equipment is as follows:

ass

TUESDAY, JUNE 5, 2007, PAGE-9B

Geographical concentration of assets, liabilities, and off-balance sheet items are as

2006

Leasehold Furniture

Improve- and

ments equipment Vehicles Tot
Net book value 12/31/05 $ 28 $ 73 $ 17 $ 118
Additions / 26 82 - 108
Charge of the year (20) (62) (10) (92)
Net book value 12/31/06 $34 £ 393 Be £4
Cost $ 218 $ 295 $ 51 $ 564
Accumulated depreciation__(184) (202) _ (44) (430)
Net book value 12/31/06 § 34 $3 Bee] $n 154

2005
Leasehold Furniture

Improve- and

ments equipment Vehicles Total
Net book value 12/31/04 $ 50 $ 117 $ 27 $ 194
Additions 16 21 - 37
Charge of the year ____ (38) __C65) ——____0) ______ (113)
Net book value 12/31/05 §¢ ——2s {£23 Sd $______8
Cost $ 192 $ 213 $ 50 $ 455
Accumulated depreciation__(164) _______—(140) _—(33) ___—(337)
Net book value 12/31/05 $28 $B gd g£ dU
Other Assets
Other assets are summarized as follows:

2006 2005

Accrued interest receivable $ 2,016 $ 2,050
Account receivable and deposit guarantee 489 . 835
Account receivable — IFH Peru, Limited 1,600 1,600
Prepaid expenses and other assets 938 584
Taxation
Bahamas

The Bank and its subsidiaries are not subject to income taxes, taxes on capital gains, and

capital transfers taxes on equity or estate duties in The Bahamas as these taxes are not
levied.

Panama
In accordance with current fiscal regulations in Panama, the Panamanian subsidiaries are
exempt from the payment of income taxes on profits derived from foreign operations. In

addition, profits derived from interest earned on local time deposits and interest earned
from Panama Government securities, are also exempt from the payment of income taxes.

Balances with Related Parties

The significant balances with related parties are as follows:

2006 2005

Balances

Assets
Trading securities $ 13,802 g 13,386
Investment securities g 73,352 $ 46,013
Loans S539 2
Other assets $ 1,601 § 1,601

Liabilities

~ ‘Demiand deposit S____1,803 §___3,834

Time deposits S__1,000 gOS
Other liabilities $ 4,004 $ 13

As of December 31, 2006, other liabilities include $4 million corresponding to dividend
payable.

Financial Risk Management
A. Capital Adequacy

The Bank monitors its capital adequacy using ratios comparable to those suggested by
the Basle Committee on Banking Regulations and Supervisory Practices. The capital
adequacy ratio measures capital adequacy by comparing the Bank’s eligible capital
with its balance sheet assets, off-balance sheet commitments and other risk positions
at a weighted amount.

The market risk approach used by the Bank to calculate its capital requirements
covers the general market risk of the Bank’s operations and the specific risks of open
positions in currencies and debt and equity securities included in the risk portfolio.
Assets are weighted according to broad categories of notional credit risk, being
assigned a risk weighting average according to the capital amount deemed to be
necessary to support them. Four categories of risk weights (0%, 20%, 50%, 100%) are
applied. For example, cash and cash collateralized loans have zero risk weighting
which means that no capital is required to support the holding of these assets.

Premises and equipment carry a 100% risk weighting, meaning that it must be

supported by capital equal to 15% of the carrying amount.

The risk weighted amounts of assets and commitments of the Bank as of December
31, are as follows:

Balance Sheet Assets and
Off-Balance Sheet Positions Weight Nominal Weighted
(Net of Reserves) % Amount Assets

Due from banks - $ 7,908 $ -
Loans & overdraft cash collateral - 33,835 -
Loans & overdraft, net 100 29,098 29,098
Investment 100 275,123 275,123
Stand by — cash collateral - 5,741 -
Other assets 100 4,500 __—«4,500
Total risk weighted assets 356,205 $ 308,721
Capital base &___98,508
Capital Adequacy Ratio as of December 31, 2006 ee SLIM
Capital Adequacy Ratio as of December 31, 2005 2 LI2%
Minimum Capital Adequacy Regulatory Ratio 6.00%

B. Credit Risk

The Bank takes on exposure to credit risk which is the risk that a counterparty will be
unable to pay amounts in full when due. The Bank structures the levels of credit risk it
undertakes by placing limits on the amount of risk accepted in relation to one
borrower, or group of borrowers, and the geographical segment. Such risks are
monitored on a revolving basis and subject to a periodic review. Limits on the level
of credit by product and country are reviewed and approved quarterly by the Board of
Directors.

Financial assets which potentially subject the Bank to concentrations of credit risk
consist primarily of cash and cash equivalents, interest-bearing deposits with banks
certain available for sale investment securities, loans and other assets. Cash and cash
equivalents and interest bearing deposits with banks are placed either with related
parties or reputable financial institutions. An analysis of the Bank’s trading securities,
financial assets designated at fair value, available for sale securities and loans is
provided in Notes 4, 5, 6 and 7.

Exposure to credit risk is managed through regular analysis of the ability of borrowers
and potential borrowers to meet interest and capital repayment obligations and by
changing these lending limits when appropriate. Exposure to credit risk is also
managed in part by obtaining collateral, and/or corporate guarantees and personal
guarantees.

follows:
Off-balance
Assets Liabilities ——Sheet__

December 31, 2006
North America $ 37,565 $ 42,162 § 675
South America 47,870 183,778 5,066
Central America 37,584 17,390 -
Caribbean 146,084 7,911 -
Europe 79,649 716 -
Asia 1,012 - -

$349,764 $__251,957 $____S,741.

Off-balance
Assets Liabilities Sheet

December 31, 2005
North America $ 69,600 §$ 27,633 $ 250
South America 76,627 176,905 2,251
Central America 38,441 16,617 -
Caribbean ' §7,402 6,935 -
Europe 46,632 381 -
Asia 3,710 - -

C. Credit Related Commitments

The primary purpose of these instruments is to ensure that funds are available to a
customer as required. “Standby” credit letters and issued guarantees, which represent
irrevocable assurances that the Bank will make payments in the event that a customer
cannot meet its obligations to third parties, carry the same risk as loans. Documentary
and commercial credit letters, which are written authorizations undertaken by the
Bank on behalf of a customer authorizing a third party to draw drafts on the Bank up
to a stipulated amount under specific terms and conditions, are collateralized by the
underlying shipments of goods to which they relate and therefore carry less risk than a
direct borrowing.

The Bank’s credit policies and procedures to approve credit commitments, guarantees
and commitments to purchase and sell securities are the same as those for extension
of credits that are recorded on balance sheet and take into account the collateral and
other security, if any.

D. Interest Rate Risk

The Bank takes on exposure to the effects of fluctuations in the prevailing level of
market interest rates on its financial position and cash flows. Interest margins may
increase as a result of such changes, but may reduce or create losses in the event that
unexpected movement arises.

The table below summarizes the Bank’s exposures to interest rate risks. Included in
the table are the Bank’s assets and liabilities at carrying amounts, categorized by the
earlier of contractual repricing or maturity dates, whichever occurs first.

2006
—pto 3 -1r- 1-3 Over __Non-interest
1 month months months _- __years__ __Syears_ _ bearing _ _Total__





Assets

Cash and cash

equivalents $§ 2,417 §$ - $ - $ - $ - $ 5,491 $ 7,908
Trading

securities 75,464 13,802 28,227 - - : - 117,493
Financial assets
designated at
fair ae - - - - 32,952 - 32,952
Loans, net 13,781 072) 116;845 “tart 30,93028" Masiranoes wi te : =: » 61,556
Investment Al Lik : :

securities - 238,741 “2 73,615 * 124,678
Pro; , lant 4 ate a

ees - - - 134 134
Other assets 22 ___—786 1 710 - - 2.275 5,043

Toslewes {2.93 410,04 $B $2. $2052 LL MD

2006
Up to 1-3 3-12 1-5 Over “Now-interest
1 month months months years Syears_ bearing _ Total
Liabilities
Due to .
Customers $ 85,148 $ 57,513 $ 89,101 $ 386 $ - $ - $ 232,148
Borrowed funds - - 9,985 - - - 9,985

Other liabilities 1,265 1350 _ 1577 _ 4 = S628. ___i9 824
Total liabilities $___86,413 $__ 58.863 & 100,663 §____390 i—_— S_5.628 $£..251957

Interest
sensitivity gap $5,521 $1131. $7475) $___(390) 52932
: 2005 .
“Upto. 1-3 3-12 1-5 Over Noninterest
1 month months months years Syears_ _ bearing _ Total
Assets .
Cash and cash
equivalents $ 46,691 $ - $ - $ - $ - $ 848 $ 47,539
Trading
securities 53,282 13,385 22,263 - - - 88,930
Loans, net 16,054 18,848 28,934 - 1 - 63,837
Investment
securities - 25,067 13,605 739 - 47,508 86,919
Property, plant
and equipment - - - - - 118 118
Other assets 267 1,324 1,388 5 : 2.085 ___ 5,069

Total assets $116,294 $58,624 $66,190 §____744 Sd § 50559 §202.4l2





Liabilities
Due to

customers $ 65,141 $ 65,025 $ 93,522 $ 166 $ - $ - $ 223,854
Other liabilities 687 1,421 1,298 3 - 1,208 4617

Total liabilities $65,828 $__66.446 § 04820 §_ 169 § S208 $228.47)

Interest

sensitivity gap $50,466 $____(7,822) $__(28,630) $573 fh

The weighted average interest rates for assets and liabilities are summarized as

follows:
2006 2005
Assets
Loans 9.58% 8.79%
Investments held-to-maturity 7.00% 7.38%
‘ Liabilities
Due to customers 5.76% 4.82%

E. Liquidity Risk

The liquidity risk is the risk that the Bank cannot meet all of its obligations. The
Bank sets limits on the minimum proportion of maturing funds available, to cover
borrowing withdrawals at unexpected levels of demand. The maturity of assets and
liabilities is as follows:

2006
1-3 3-12 1-5 morethan Without Past Due
1 month months months _ years Syears_ maturity _Loans

Assets
Cash and cash

equivalents $ 7,908 $ - $ - $ - $ - $ - $ - $ 7,908
Trading

securities 75,464 13,802 28,227 - - - - 117,493
Financial assets
designated at ;
fair value - - - 32,952 - 7 32,952
Loans 4,139 7,161 = 31,377 2,867 16,012 - . 61,556
Investment

securities 2,726 86,252 11,500 6,266 17,934 - + 124,678
Property, plant a4 ; 134

and equipment -
Other assets 150 533 3.410 __ 12 838 —— 5,043
$90,387 $107,748 $74,514 $2245 $42,802 518.068 — 6.242.764

Sener
ney d



E. Liquidity Risk (Continued)

PAGE 10B, TUESDAY, JUNE 5, 2007

1-33-12 1-5 morethan Without Past Due
month months. _months _years. maturity _Loans_



Liabilities ;

Due to

customers $ 59,238 $43,003 $10,625 $112,478 $ 6,804 $ - $ - $ 232,148
Borrowed funds - - 9,985 - - - - 9,985
Other liabilities__5.416 1.267 1323 L718 _100 _. - =

Total :

Liabilities $.64.654 $.44.270 £21933 Sll4196 $6909 §__- G_-_ §_251,957
Net liquidity

gap £.25.233 S.G2478 G.5258) $(104.95))5. 42808 §. 18068 S- § 97,807

1-3 3-12 1-5 morethan Without Past Due
month months. _months _years. _Syears_ maturity _Loans_



Assets
Cash and cash
- equivalents $47,539 $ - $ - $ - $ - $ - $ =~ $ 47,539
Trading :
securities 53,281 13,386 22,263 - : - - 88,930
Loans 6,574 9,493 23,368 7,420 . 16,982 - - 63,837
Investment
-. securities - 25,066 13,605 739 =—47,509 - - 86,919
_ Property, plant
2 aod oqeipaimd eer cd cape tty 118) ek 118
- Castomers -. $46,162. § 45,452: $ 22,124 $105,320 $ 4,796 ‘$ - $ $ 223,854
Other liabilities 1.344 _1.192 _..748 1308 _. 25 oh ge ee IT
Totals ee Ee
_ Liabilities LAZ505 $46,604 522872 S106628 S482) So fo Ss 2ekATL
Net liquidity,

The tatching and controlled mismatching of the maturities and interest rates of assets

and liabilities is fundamental to the management of the Bank. It is unusuai for banks to.

ever be completely matched since business transacted is often of uncertain terms and of
-.. different types. An unmatched position potentially enhances profitability, but also
\ increases the risk oflosses. 5 ni

- The maturities of assets and liabilities and the ability to replace, at an acceptable cost,

interest-bearing liabilities as they mature, are important factors in assessing the liquidity
" of the Lank and its exposure to changes in interest rates and exchange rates.

uh Liquidity requirements to support calls under “standby” credit letters are considerably less

than the amount of the commitment because the Bank does not generally expect the third
party to draw funds under agreement. The total outstanding contractual amount of
commitments to extend credit does not necessarily represent, future cash requirements,
since these commitments will expire or terminate without being funded.

FF. Currency Risk
The Bank is exposed to effects of fluctuations in the prevailing foreign currency

exchange rates. The Bank sets limits on the level of exposure by currency which are
monitored daily. .The concentration of assets and liabilities and off-balance sheet

items by currency is a8 follows:
Peruvian
: US Dollar _Euros Soles __Total__
December 31, 2006
Cash and cash equivalents $ 7,436 $ 472 $ - $ 7,908
Trading securities 117,493 - - 117,493
Financial assets designated
at fair value 32,952 - - 32,952
Loans 61,556 - - 61,556
__ Investment securities 67,978 1,019 55,681 124,678
- Property, plant and equipment 134 6s : 134
Total ae $292,592 $1.49] $55,681 $349,764
Peruvian
ae US Dollar, _Euros_ - Soles _ Total _
Amounts due to customers §..232,148°'$. 0-0 $e § 292,148
“BorrowedFund == - 9,985 - - 9,985
Others liabilities - ae See S OD SMS oe a 9824
| ia : : - Peruvian
dst Pak US Dollar ¢rOs Soles Total
-. December 31,2008 ks .
..» Cash and cash equivalents: =»sss $47,484 $= 55 $= $47,539
- Trading securities. 5 88,930 < 4 88,930
“oats. 63,837 - “ 63,837
“Investment securities 57,044 - 29,875, 86,919
"Property, plant and equipment. ~~ 118 - - 118
Tol | S_262.482 $__55 $_29.875 $_292.412
Amounts due to customers $ 223,854 $ -. § - $ 223,854
ot $.6)7 z 2 4.617

Others liabilities pee iS
ee si 49 : ; 1

_- G, Fair Value of Financial Assets and Liabilities

The fair value of a financial instrument is the amount at which the instrument could

be.exchanged in a current transaction between willing parties other than in a forced or

liquidation sale and is the best evidence about the quoted market price, if any.

Fair value estimates are made at a specific point in time, based on relevant market
' information and information about the financial instrument. These estimates do not

reflect any premium or discount that could result from offering for sale at one time.

The following assumptions were used by the Bank in estimating fair value disclosures
for the financial instruments: -

Cash and Cash Equivalents
” The book value ‘of caah.and cash equivalents approximates its fair value because of
"their short-term maturity.
. Trading Securities

Trading securities are presented at fair value.

~ ‘Financial assets designated at fair value
~. ° The total amount of the change in fair value estimated using a valuation technique.
Investment Securities
Investments held-to-maturity are presented at amortized cost. Management analyses
".. the Ynarket value and: detetmines-if the generic allowance for possible losses in
investments is adequate, based on reports received from brokers.

14.

15,

16.

17.

17.

18.

THE TRIBUNE BUSINESS «

Loans

Loans are net of specific and general provisions for impairment. Also a significant
portion. of the loans balance is collateralized by cash deposits and marketable
securities. The loan portfolio is substantially short and medium term and ‘the effective
interest rates approximate markets, thus its carrying amount approximate its fair
value.

Amounts Due te Customers

The estimated fair value of deposits received with no stated maturity, such as current
accounts, is the amount repayable on demand, which is equivalent to the carrying
amount.

The estimated fair value of time deposits approximate their carrying amounts, since
they have short and medium term maturities or are repriced at short intervals.

Financial Instruments with Off Balance Sheet Credit Risk

In the normal course of business, the Bank enters into off-balance sheet risk financial
instruments to satisfy the financial needs of its customers, and the Bank participates in
several financial instruments with off-balance sheet risk. These financial instruments
include elements of credit risk in excess of the amounts recorded in the consolidated
balance sheet.

The credit risk is the possibility that a loss could occur due to non-compliance by
customers on terms established on the contracts. The risk of loss on financial instruments
not included in the consolidated balance sheet is controlled using the same credit policies |

used in granting credits. The collateral obtained, if any, is based on the nature of the
financial instruments and credit analysis performed.

The financial instruments with off-balance sheet risk, are as follows:

2006 2005

Stand-by credit letters (cash collateral) ge 574) 2,501

Commitments

The future minimum lease payments under non-cancelable lease agreements are as
follows:

The future minimum lease agreements are as follows:

2006 2005
Not later than 1 year $ 73 $ 72
Later than 1 year and not later than 5 years 223 299
$296

Assets under Management

The Bank manages funds obtained from its clients, amounting to $477,531 (2005:
$362,155), with the intention of investing the funds and obtaining a retum. These
balances are not included in the consolidated balance sheet of the Bank.

Critical Accounting Estimates and Judgments

The Bank makes estimates and assumptions that affect the reported amounts of assets and
liabilities within the next financial year. Estimates and judgments are continually
evaluated and are based on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the circumstances.

Critical Accounting Estimates and Judgments (Continuea)

(a) Impairment losses on loans
The Bank reviews its loan portfolios to assess impairment at least on a quarterly
basis. In determining whether an impairment loss: should be recorded in the
consolidated statement of income, the Bank makes judgments as to whether there is
any observable data indicating that there is a measurable decrease in the estimated
future cash flows from a portfolio of loans before the decrease can be identified with
an individual loan in that portfolio. This evidence may include observable data
indicating that there has been an adverse change in the payment status of borrowers

in a group, or national or local economic conditions that correlate with defaults on |

assets in the Bank. Management uses estimates based on historical loss experience
for assets with credit risk characteristics and objective evidence of impairment
similar to those in the portfolio when scheduling its future cash flows. The
methodology and assumptions used for estimating both the amount and timing of
future cash flows are reviewed regularly to reduce any differences .between loss
estimates and actual loss experience.

(0) Fair value of derivatives
The fair values of financial instruments that are not quoted in active markets are
determined by using valuation techniques. Where valuation techniques are used to
determine fair values, they are validated and periodically reviewed by qualified
personnel independent of the area that created them. All models are certified before
they are used, and models are calibrated to ensure that outputs reflect actual data and
comparative market prices. To the extent practical, models use only observable data,
however areas such as credit risk (both own and counterparty), volatilities and

correlations require management to make estimates. Changes in assumptions about

these factors could affect reported fair value of financial instruments.

(c) Impairment of available for sale equity investments

The Bank determines that available for sale equity investments are impaired when
there has been a significant or prolonged decline in the fair value below its cost.
This determination of what is significant or prolonged requires judgment. In making
this judgment, the Bank evaluates among other factors, the normal volatility in share
price. In addition, impairment may be appropriate when there is evidence of
deterioration in the financial health of the investee, industry and sector performance,
changes in technology, and operational and financing cash flows.

(a) Held-to-maturity investments
The Bank follows the guidance of IAS 39 on classifying non-derivative financial
assets with fixed or determinable payments and fixed maturity as held-to-maturity.
This classification requires significant judgment. In making this judgment, the Bank
evaluates its intention and ability to hold such investments to maturity. If the Bank
_ fails to keep these investments to maturity other than for the specific circumstances,
it will be required to reclassify the entire class as available for sale.

Subsequent Event

The Holding company of the group, IFH Peru Limited has initiated a corporate
reorganization with the objective of creating an organizational platform that will be more
organized, simple, and efficient and that will allow the companies of the IFH Group to
take advantage of the growth and development opportunities that are visible in each
market. The reorganization consists of the creation of subsidiary companies, which will
focus their operation on one main line of business such as financial, insurance,
international, retail, and others. _
As part of this reorganization, on January 19, 2007, BluBank’s subsidiaries, Wimsie
Investment Inc. and Inversionista Golden Hill, S.A., transferred all shares held by them in
Banco Internacional del Peni — Interbank and Interseguro, to Intergroup Financial
Services Corp. (IF S). In exchange for these shares, Wimsie Investment Inc. and
Inversionista Golden Hill, §.A. will each receive shares of IFS, which is one of. the new
subsidiaries of IFH Peri Ltd., As of the date of issuance of the consolidated financial
statements, IFS shares are in the process of being issued. This internal transaction will
not generate any loss or gain as a result of the exchange of shares.

ae
BluBank Ltd. and its subsidiaries (Continued)

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THE TRIBUNE









BluBank Ltd. and its subsidiaries
(Incorporated under the laws of the Commonwealth of The Bahamas)

PRICEWATERHOUSE(COPERS



PricewaterhouseCoopers
Providence House

East Hill Street

P.O, Box N-3910

Nassau, Bahamas
Website: www.pwe,com
E-mail: pwcbs@bs.pwe,com
Telephone (242) 302-5300
Facsimile (242) 302-5350






































INDEPENDENT AUDITORS' REPORT






We have audited the accompanying consolidated balance sheet of Blubank Ltd. and its
subsidiaries (together, the "Bank") as of December 31, 2006 and a summary of significant
accounting policies and other explanatory notes.

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

Auditors’ Responsibility




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

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements, The procedures selected depend on the auditors’
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditors
consider internal control relevant to the entity’s preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in’ the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the entity’s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.

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

Opinion




In our opinion, the accompanying consolidated balance sheet presents fairly, in all
material respects, the financial position of Blubank Ltd. as of December 31, 2006 in
accordance with International Financial Reporting Standards.

Emphasis of Matter

Without qualifying our opinion, we emphasize that the accompanying consolidated
balance sheet does not comprise a complete set of financial statements in accordance with
International Financial Reporting Standards, Information on results of operations, cash
flows and changes in equity is necessary to obtain a complete understanding of the
financial position, performance and changes in financial position of Blubank Ltd,

Fe eae

Chartered Accountants



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April 18, 2007

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Bahamas

TUESDAY, JUNE 5, 2007, PAGE 11B
WSs

facing ‘huge
development
challenge’

FROM page 1

Given the Bahamas’ vulnera-
bility to climate change as a
small, low-lying country and the
burden planned tourism devel-
opments would place on this
country’s workforce and infra-
structure, environmental con-
servation required much “earli-
er and focused attention”, the
CDB warned,

Given the likely conse-
quences for Bahamian reefs and
ecosystems, the CDB said:
“One of the main policy chal-
lenges for an industry largely
driven by foreign direct invest-
ment is to ensure the protec-
tion of precisely those factors
which attract investment, and
which drive the industry.

“The legal, policy and
enforcement frameworks gov-
erning the protection of coastal

and island ecosystems may need
tO be strengthened, and invest-
ment in sewerage facilities,
waste management and coastal
zone protection may need to be
accorded higher priority, Similar
considerations relate to fisheries
conservation.”

While private sector invest-
ment in the Family Islands
tourism product was likely to
enhance infrastructure and util-
ities, the CDB warned that
these locations were likely to
face the same environmental
and development issues as New
Providence and Grand Bahama,

“The spatial matching of jobs
and labour supplies, while sat-
isfying the interests and prefer-
ences of developers and resi-
dents, and preserving the special
character of the islands, will
prove a huge challenge,” the
CDB said.

It added that the Bahamas’
main economic challenges
would involve dealing with any
US economic volatility, pre-
serving the competitiveness and
integrity of its financial services
industry against new emerging
rivals, and conserving the
nation’s physical and social
environment. The latter was
described as “key to the altriac-
tiveness of the islands in the first
place, while meeting the expec-
tations of nationals for contin-
ued improvement in living lev-
els”.

The CDB said: “Of critical
importance will be the need to
balance the expectations of both
visitors and nationals for a carc-
free lifestyle against equally
strong expectations for contin

ued physical security, a balance
that has so far been well-main-
tained.”

Global United seeking $11m

FROM page 1

no members of the Bahamian public should look
to subscribe for shares or capital.

Global United was created following a rapid
series of acquisitions embarked on by Captain
Ritchie's original company, Tanja Enterprises,

over the past two years.

Tanja, which was formed in 1991, expanded
its business holdings by buying United Shipping of

Freeport in 2004, It then acquired Global Cus
toms Brokers and World Bound Couriers Ltd,

plus Sea Air Aviation Ltd of Nassau, a year later.

All three companies.were merged to form Glob-

al United.

The company has become the largest shipping
agency of its kind in the Bahamas and the

Caribbean, and is also involved in logistics ser-

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citi

Cititrust (Bahamas) Limited, a Citi subsidiary, a leading financial institution
with a presence in over 100 countries and over 100 million customers
worldwide, is seeking candidates for the positions of Project Manager and
Senior Infrastructure Engineer.

Functional/Department Information

Global Wealth Structuring forms the Citigroup international offshore trust
companies servicing non-US. high net worth clients in Bahamas, Cayman
Islands, Switzerland, Jersey Channel Islands, New Jersey and Singapore.
Products target wealth preservation around fiduciary structures. The
Technology Department supports all locations and local applications of the
business.

Project Manager

This role is responsible for all phases of the Technology Project Management
lifecycle including documenting business requirements, preparing project
plans, writing technical design documents, coordinating production support,
overseeing user acceptance testing and managing all related project estimates
and financial budgets. All projects must be designed and implemented with
full adherence to all internal technology. standards and controls, information
security requirements and any related policies.

Requirements for the position include a Bachelors degree in Information
Technology or Engineering and a minimum of five years of related experience.
Additionally, Microsoft Certification MCP or higher, solid knowledge of
Oracle and SQL databases, and experience with vendor management are an
asset. Excellent Project Management skills, strong oral and written skills,
and proven leadership skills will round out the ideal candidate.

Senior Infrastructure Engineer

As a senior member of the Infrastructure Team, this position will act as
Team Deputy and senior technical advisor on all infrastructure matters.
Additional responsibilities include being a primary liaison on all technology
audit-related matters, coordinating production support activities and providing
production support as required, and supporting all business applications
including SQL and Oracle specifically as it relates to server/work
station/network device support.

Minimum requirements include a Bachelors degree in Information Technology,
5 years of related experience, sound knowledge of SQL and Oracle, expert
knowledge of Microsoft Active Directory (installation and management),
MCSA certification or higher, and, experience in a Citrix environment.

- Excellent communication skills, strong interpersonal skills and superior
time management skills are also required.

Interested candidate should forward a copy of their resume to:

Gieselle Campbell

Cititrust (Bahamas) Limited

P.O. Box N-1576

Nassau, Bahamas

Fax: (242) 302-8552 or

Email: gieselle.campbell@citigroup.com
Deadline for application is June 16th, 2007

ie Lockhart, Colinalmperial branch manager, Nassau West branch; Brad}
Mario Conliffe, Rector, St Andrew’s Anglican Church.

THE TRIBUNE



@ COLINAImperial celebrated the opening of its new Exuma office on Friday, May, 25, From L to R; Dashwell E. Flowers, Coli-
nalmperial’s vice-president of sales; Ednol Farquharson, board member, Colina Holdings Bahamas; Franklyn McKenzie, chief councillor,
Exuma District; Chantel Dames, sales supervisor, Colinalmperial Exuma; Montgomery Braithwaite, Colinalmperial president; Cloth-

ey Armbrister, assistant administrator, Exuma District; Father

olinalmperial

planning Exuma

office expansion

Colinalmperial Insurance
Company is planning
to increase the number of staff
at its newly-opened Exuma
office from four to six by the
end of 2007. ,
The life and health insurer
formally opened its George
Town branch on May 25, the
office -sitauted on the second
floor of the Turnquest Star
Centre Building - having begun
operations in October 2006.
The bran@h currently
employs four staff - two in
administration and two in sales
- and Colinalmperial Insurance
Company hopes to add two
extra sales staff by year-end.
Dashwell Flowers, Coli-
nalmperial’s vice-president of
sales, said opening the Exuma
branch was “another step in
cementing Colinalmperial’s

relationship with the island”,
as the company has 1200 poli-
cyholders on the island,
Montgomery Braithwaite,
ColinaImperial’s president,
assured Exuma residents the
company is not there “for the
season, but for the long haul”,

Services

“All the services that are
available in Nassau are avail-
able in Exuma,

“We are going to continue
to build this company into
something of which we all can
be very proud, and Exuma is
definitely a part of those
plans,” he said.

“We can’t come here and
pick up your premiums and
spend.them in Nassau. We
have firm plans to come back

to Exuma and reinvest. We
should now start to see loans
for mortgages, loans for con-
struction, loans for businesses
and other ways in which we
can participate more fully in
this growth that is taking
place.”

Chantel Dames, sales super-
visor at the Exuma office, said
clients on the island will no
longer have to travel to Nassau
to do business with ColinaIm-
perial. =

“Gone are the days when
our customers had limited pay-
ment options, since we did not
have a physical presence here.
Long gone are the days when
Exumians had to wait for their
agents to visit, or wait until
they travelled to Nassau to
take care of business on their
policies,” she added.

Concern on insurance broker/agent licences

FROM page 1

sons. :

Other problems that have
arisen involve the Registrar of
Insurance approving
brokers/agents whose names are
similar - or exactly the same - as
existint licencees. ;

The Tribune knows of one
case involving Professional
Insurance Consultants, which
was ultimately forced to take
legal action to ensure that a bro-
ker/agent newcomer removed
those three words from its
name, on the grounds that it
would confuse clients and was a
trademark/patent/copyright
infringement.

And this newspaper has been
informed of another potential
issue surrounding the licensing

of insurance agents/brokers,
Sources said most Bahamas-
based brokers and agents
obtained Business Licences in
the ‘professional’ category, plac-

ing them alongside the likes of ©

attorneys, architects and
accountants.

Alleged

Yet they alleged that some
brokers and agents were
exploiting a loophole that
allowed them to obtain Busi-
ness Licences in the ‘services’
category. In the ‘professional’
category, companies were
restricted to using a maximum
of 50 per cent of their annual
turnover to pay wages, but no
such restrictions applied in the
services category, meaning com-



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pany owners in this are were

able to take all their money out _
as dividends, "

The new Domestic Insurance
Act was passed by the previous *
Parliament, but the legislation
and the accompanying regula-_
tions that give it enforcement .
‘teeth’ were never implemented ©
under the previous PLP admin- |
istration. :

James Smith, the former min--
ister of state for finance,
explained that this was because
the then-Government felt the
Registrar of Insurance’s office -
which would become an Insur-
ance Commission - did not have
the capacity to administer and
oversee the new Act effectively.

Thus the decision on the new
legislation has been left to the
FNM government.

SINCE 1859

“roe

it’s my ram







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Police consider foreign neip

‘External entities’ could
be asked to assist PLP
HQ fire investigation

@ By BRENT DEAN
Tribune Staff Reporter

IN A move some may
regard as controversial, the
Royal Bahamas Police Force
announced yesterday that it
is not ruling out the possi-
bility that foreign “entities”
could be called in to assist
in the investigation into the
fire at PLP headquarters on
Saturday.

Chief Superintendent
Hulan Hanna, at a press con-
ference at the force’s head-
quarters, revealed that this
move is under consideration.

“The matter involving the
Sir Lynden Pindling Centre,
I can say that that is under
active investigation. And I
wish to ensure the Bahamian
public that we are doing
everything in our power,
even if there is a need for us
to have assistance from oth-
er entities external to the
Bahamas,” he said.

Mr Hanna was not specif-
ic as to what type of external
assistance the police might
be considering or about to
request beyond the fact that
this is being “actively”
explored. However, he noted
that if such a move is made,
it would most likely be of an
entity in the United States.

Mr Hanna added that
police have not yet officially
tuled the fire an act of arson,
but he assured the public
that an activesand ‘vigorous
investigation is continuing
and the results of this will








be made public, to the extent
that this is possible, due
to the sensitivity of the
event. :

“And so people need to be
assured, they need to know
with all certainty that if a
crime has been committed —
that a crime has been com-
mitted; and if the investiga-
tion proves something else,
then the public needs to
know that, and they.need to
know that clearly so that
they understand that their
police force is not being a
pawn in anybody’s game,”
he said.

When asked if this recent
fire, the previous arson
attempt on Gambier House
and the fire at Tommy Turn-
quest’s headquarters just
before the election are relat-
ed, Mr Hanna, did not wish
to speculate on the assertion,
merely remarking that
“nothing is off the table.”

With the latest fire con-
sidered the second attempt
at destroying the building,
significant public attention
surrounds this investigation,
as increasing numbers of
PLPs think that they, and
their party, are under physi-
cal attack — especially in the
wake of the shooting at their
leader’s compound.

More than 200 PLPs gath-

-ered outside the damaged

building on Farrington Road
Saturday night as firefight-
ers struggled to save the

SEE page nine

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Mason y Ste Ee



Police announce new senior level transfers

@ By BRENT.DEAN
Tribune Staff Reporter

THE Royal Bahamas Police
Force announced yesterday the sec-
ond wave of senior level transfers, in
what appears to be the systematic
reversal of the last shuffle made dur-
ing the Christie era.

Chief Superintendent Hulan
Hanna made the announcements at
the police headquarters, declaring
that the moves take immediate
effect.

They are as follows:

¢ Assistant Commissioner Marvin
Dames has been moved from his
post as head of airport and port

security, to head the New Provi-

dence district.

e Assistant Commissioner James
Carey has been moved fromthe
helm of the New Providence dis-
trict, to the oversee the Southern
Bahamas district.

¢ Chief Superintendent Osbourne
Ferguson has been transferred from
the post as officer in charge of the
southern division, to head the inter-
nal security division (ISD).

¢ Chief Superintendent Robert
Pinder has been moved from the
post as officer in charge of ISD, to
the post as officer in charge of the
Andros district.

e And, Senior Assistant Com-

missioner, Allan Gibson, will be
retiring in six weeks after more than
40 years of service.

In addition to this restructuring,
Mr Hanna announced that four
chief superintendents will serve
under Mr Dames’s command, two
of whom will be Larry Ferguson as
head of the traffic division and
Richard Gardiner as head of police
reservists.

The remaining two officers, yet
to be named, will lead the planning
and operations arms of the New
Providence district respectively. This
change brings all uniform officers

SEE page nine

Politician
who visited
the Bahamas
charged over
alleged US
terror plot

@ By KARIN HERIG
Tribune Staff Reporter

CONCERNS of terrorism
acts originating in the
Caribbean have been raised
after four men from the region
— one a politician who visited
the Bahamas in the past — were
charged with conspiring to biow
up New York’s John F
Kennedy Airport.

US authorities on the week-
end said that they had broken
up a plot to blow up the air-
port’s major jet-fuel supply
tanks and pipeline.

Agents from the FBI Joint
Terrorist Task Force arrested
Russell Defreitas, a US citizen
and native of Guyana, in
Brooklyn, New York.

Two defendants — Abdul
Kadir, a citizen of Guyana who
was once a member of the
Guyanese Parliament, and
Kareem Ibrahim, a citizen of
Trinidad — are in custody in

SEE page nine
Union president

_ anticipates meeting

with Atlantis
management over
Cove pay issue

@ By ALISON LOWE
Tribune Staff Reporter

ALTHOUGH it was claimed
that morale was "very low"
among about 40 per cent of staff
responsible for much of the day- |
to-day operations at Atlantis'
new all-suite hotel, The Cove,
union president Roy Cole-
brooke anticipates that meet-
ings with management will start |
“in short” order to resolve their
differences. The issue is over
pay. ;

Mr Barrie Farrington,
Atlantis’ senior vice president of
management, said that although
there are “still Some challenges
to overcome,” Kerzner Inter-
national believes that they will
“be brought to an amicable con-

SEE page nine

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PAGE 2, TUESDAY, JUNE 5, 2007

THE TRIBUNE





Passing recalls significant
chapter in Bahamas history

This story shall the good man teach
his son;
And Crispin Crispian shall ne’er go

ys
From this day to the ending of the
world,
But we in it shall be remember’d;
We few, we happy few, we band of
brothers ...

I: was not as grand as the enter- ||

prise upon which the king was
embarking in Shakespeare’s play,
Henry V, but it was of some signifi-
cance for the history of politics and
journalism in The Bahamas as a hap-
py few, a band of brothers, gathered in
. asmall house on Wulff Road in 1963.

Dudley Nathaniel Gilbert was one
of them. Mr Gilbert’s recent passing
was hardly noticed except for the
grateful congregation of Our Lady of
All Souls Catholic Church on
Deveaux Street where he was for
many years acolyte, and a few in the
newspaper fraternity who remem-
bered him from past years.

The story started in 1960 when a
group of activists in the PLP decided
to add a new dimension to the politi-
cal debate raging in the country at the
time. Warren Levarity, a young, new-
ly-elected Member of Parliament
(MHA in those days), went to S J
Amoury’s store on Bay Street and
negotiated the purchase on credit of
an electric Gestetner copying
machine.

So a 12-page typewritten and sta-
pied political journal called Bahamian
Times started to publish once or twice
a month and immediately attracted a
small but devoted readership. The new
publication found its way onto the
shelves of Moseley’s Bookstore on Bank
Lane, which in those days was notable.

Bahamian Times was produced first
in the Bay Street real estate office of
Bazel Nichols and Jeffrey Thompson
and later at Empire Battery on St
Alban’s Drive where Mr Levarity. was
manager.

W hen the PLP lost the Novem-
ber, 1962, general election,

which it fully expected to win, the
National Committee for Positive Action,
decided the time had come for Bahami-
an Times to take its message to a broad-
er audience.

Up to that time, the PLP’s message
was carried mainly by The Herald, edit-
ed by Cyril St John Stevenson. The Her-
ald was a flamboyant tabloid which had
previously been edited by J Stanley
Lowe and which Mr Stevenson used to



castigate the Bay Street Boys every
week, much to the delight of his avid
readers.

But the NCPA decided that the time
had come for the message to be refined,
more depth to be added to the debate
and for some deep-seated psychological
hindrances to be addressed. So Bahami-
an Times opened office on Wulff Road
in a house owned by Percy Munnings.

A world-wide transition from hot type
printing to cold type (offset) was taking
place at the time but some big interna-
tional publishing houses were still using
the linotype to set type for newspapers,

, Magazines and books.

Bahamian Times decided to go with
the new technology and Loftus Roker
spearheaded the acquisition of equip-
ment. The offset press turned out to be
quite temperamental in accommodating
newsprint in a room without air-condi-
tioning. That was a challenge for George
Sands, dark room specialist and press-
man.



While the paper was a great success in
terms of appeal, it was never expected
to be a financial success. In fact, it was
worse than the band of brothers _

expected.









and reason.

he new typesetting equip-

ment was utterly useless and
so the team had to fall back on the old
linotype. The linotype was a complex
mechanical marvel, unquestionably
the best typesetting machine ever
invented.

Dudley Gilbert was an accom-
plished linotype operator who had
worked both for The Nassau
Guardian and The Tribune. He joined
the band of brothers on Wulff Road
to get Bahamian Times on the road.

The four permanent staff members
of the journal were Warren Levari-
ty, manager; George Sands, darkroom
technician and pressman; Dudley
Gilbert, linotype operator, and yours
truly, editor.

The weekly paper was tabloid in
format but not in content. It was par-
tisan and hard-hitting but it adhered
to basic journalistic principles such as
truth and decent language, and it
steered clear of scandal-mongering.

There are some political propagan-
dists today who have not learned a sim-
ple lesson that the Bahamian Times team
was aware of back then. Slogans and
catch phrases - and today’s sound bites -
can be very effective tools in politics,
but there is no substitute for a well-pre-
sented argument that appeals to intelli-
gence and reason.

The most effective slogan, if it is not
based on correct premises, can be ren-
dered useless, even counter-productive.
The informed people who read beyond
slogans are the ones who wield powerful
influence and carry the debates in the
clubs, barber shops, beauty salons, mar-
kets and under the silk cotton trees.

B ahamian Times became an
immediate success in terms of
readership. People lined up on Saturday
mornings to get their copies, and the
band of brothers and their volunteer -
helpers could not produce enough to
satisfy the demand, even after working
all through the night.

Copies of the paper were passed from
hand to hand and some people kept
them as collectors’ items. The Nassau
Public Library on Shirley Street did not
bother to keep copies but Bahamian
librarian Lillian Coakley secured them at
the library on the Southern Recreation
Grounds.

Incredibly, they were all thrown out in
later years by an expatriate librarian
without a sense of Bahamian history and
obviously without sufficient sense to
offer them to Archives.

Among the regular contributors to
Bahamian Times was Eugene Newry,

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Slogans and catch phrases - and
today’s sound bites - can be very
effective tools in politics, but there is
no substitute for a well-presented
argument that appeals to intelligence



then a medical student in Europe, who
wrote mainly about African culture, and
American Paul Drake, who wrote from
Haifa in Israel. Mr Drake had been a
columnist with The Tribune before he
became intimately involved in Bahamian
politics.

Among those who contributed or
came by regularly to help or encourage
were Simeon Bowe, George Smith,
Oswald Brown, William “Roosy” Godet,
Clement Maynard and Arthur Hanna. .
The little house on Wulff Road became
a venue for intense political discussions
that proceeded late into the night, some-
times assisted by suitable spirits.

While the paper was a great success in
terms of appeal, it was never expected to
be a financial success. In fact, it was
worse than the band of brothers expect-
ed.

Only a few small businesses Over the
Hill dared to advertise and the paper
was supported mainly by financial con-
tributions from Sir Lynden Pindling and
Sir Milo Butler, and by supporters who
bought shares.

So the happy few were not so happy
on those weekends when there was no
money and they could not buy groceries
for their families. All of them had given
up well-paying jobs to do this work and
they remained committed until the PLP’s
victory at the polls in 1967.

They all had the profound satisfaction
of knowing that they had advanced the
national debate and contributed signifi-
cantly to historic change in the political
and social order in The Bahamas.

M: Gilbert nursed a desire to
become a farmer and he used
to say that when the victory came he did
not want any position or reward: other
than a piece of land so he could grow
things.

The PLP government refused to give
him a crown land grant, but Mr Gilbert
got his few acres anyway and was able
“to grow things”. He was a deeply reli-
gious man with a strong sense of social
responsibility. He lived a simple life cen-
tred on his church and his family and he
never sought recognition.

George Sands, who became a vice-
chairman of the PLP, died suddenly in
April, 1973, just months before inde-
pendence. Dudley Gilbert took leave of
this world on Saturday, May 26, 2007.

The surviving happy few, and those
who from 1963 to 1967 had the privilege
of witnessing the work and sacrifice of
these unsung heroes, still remember
them with fondness and gratitude.

sirarthurfoulkes@hotmail.com
www.bahampundit.typepad.com

INSIGHT

For the stories
behind the
news, read
Insight on
Mondays

COCeccercccececccecesercecoceeoocle

COSTES ESE TEESE EEOOOOLELECOEOEOOEO®

Transfer of
responsibility
for foreign
investment

THE Bahamas Investment -

Authority is now responsible
for direct foreign investment,
it was revealed yesterday.

The change of responsibil-
ity is due to the division of
portfolios which took place
recently.

All applications for regis-
tration or a permit in relation
to real property acquisitions

should be made to the secre-

tary, the Investments Board,
Cecil Wallace-Whitfield Cen-
tre, West Bay Street, Nassau,
Bahamas, or by mail to PO
Box CB 10980, Nassau, NP,

The Bahamas.

Also, applications for major
development projects by
international persons, which
need approval from the
National Economic Council
(NEC), should be submitted
to the secretary, National
Economic Council, at the
same address.

Haitian police
target secret
airstrips in
drugs war

@ HAITI
Port-au-Prince

HAITIAN authorities are
trying to root out a network
of secret airstrips used to
smuggle in South American
cocaine bound for the Unit-
ed States, a top security offi-
cial said Monday, according
to Associated Press.

The effort comes days
after Haitian police and UN
peacekeepers intercepted
420 kilograms of cocaine in a
coastal town in the
Caribbean country’s biggest
drug seizure in more than a
decade.

Much of the cocaine enter-
ing Haiti arrives by plane,
usually small, single-engine
aircraft that land on remote
airstrips, hidden throughout
Haiti’s poorly guarded coun-
tryside. -

“We want to identify these E

airstrips, find out who owns
them and who they’re asso-
ciated with,” Luc Eucher
Joseph, Haiti’s secretary of
state for public safety, told
broadcaster Radio Metro-
pole.

Following last Thursday’s
cocaine seizure, police raided
a suspected traffickers’ hide-
out in an upscale Port-au-
Prince area and found sev-
eral high-powered weapons
and a global positioning
device believed to be used
to help guide incoming drug
planes, Joseph said. Two
Colombian nationals, five

i Haitian policemen and three

civilians were arrested for
alleged trafficking.

Haiti is a major transship-
ment point for cocaine des-
tined for the United States.
According to a recent US
State Department report, the
number of flights carrying
drugs to Hispaniola, the
island shared by Haiti and
the Dominican Republic,
increased by 167 per cent in
2006. ;

US authorities say those
flights, largely from
Venezuela, have nearly halt-
ed since the launch of an
anti-drug operation in
March.


THE TRIBUNE



Third man
charged for
attempted
murders

A THIRD man has now
been charged and arraigned
in court in connection with
the attempted murders of
three people.

Romeo Lynes, 26, of Ethel
Street, was arraigned before
Magistrate Susan Sylvester
at Court 11, Nassau Street,
on three attempted murder
charges as well as charges of
stealing and receiving.

Last week John Tellus, 27,
of Minnie Street, along with

Edroy Burrows, 30, of
Podoleo Street, were
arraigned on the same
charges.

It is alleged that Lynes on
Sunday, April 8, 2007, being
concerned with others,
attempted to cause the
deaths of Rosten Moxey,
Jamal Rolle and Dewery
Ryan Bonaby.

Court dockets further stat-
ed that.on Friday, April 6,
Lynes stole a white 1995 Nis-
san Sentra, licence number
36761, valued ‘at $3,500, the

.property of Kirklyn Wilson.
Lynes was also charged with’
receiving the vehicle know-
ing that it had been obtained
by way of an offence.

Lynes was not required to
plead to the charges and was
remanded until today when
he and the other accused per-
sons will return to court.

Woman denies
she stole
$35,000 from:
employer

A WOMAN, 42, charged
with stealing nearly $35,000
from her place of employ-
ment was arraigned in mag-
istrate’s court yesterday.

Dawn Bethel, of
Pinewood Gardens, was.
arraigned before Magistrate
Susan Sylvester at Court 11,
Nassau Street, on charges of
stealing by reason of employ-
ment.

It is alleged that on Mon-
day, January 8, 2007, Dawn
Bethel stole from Dream
Development Limited in
Mackey Street cash in the
amount of $11,500.

It is also alleged that
between Tuesday, Decem-
ber 5, 2006, and Tuesday,
May 22, 2007, Bethel stole
$2,800.

, Court dockets further stat-

ed that between Tuesday,
March 20, 2007, and
Wednesday, April 4, 2007,
Bethel stole cash in the
amount of $14,220 from
Dream Development Limit-
ed.

It is further alleged that
between Thursday, March 1,
2007, and Thursday, March
8, 2007, the accused stole
$6,000 from Dream Devel-
opment Limited.

It is also alleged that on
Tuesday, May 1, 2007,
Bethel stole $10,000 from
Dream Development Limit-

ed. Bethel pleaded not guilty

to all charges and was grant-
ed $10,000 bail. The matter
was adjourned to September
18.

18-year-old is
fined $7,500
for cocaine
possession

AN 18-year-old man of
Yellow Elder Gardens was
fined $7,500 yesterday after
pleading guilty to a cocaine
possession charge.

The court heard that
Byron Saunders on Thurs-
day, May 31, 2007, was found
in possession of a quantity of
cocaine which authorities
believed he intended to sup-
ply to another.

The accused, who
appeared before Magistrate
Susan Sylvester at Court 11,
Nassau Street, pleaded guilty
to the charge and was fined
$7,500. Failure to pay the fine
will result in an eight month
prison sentence.

te
ATS

Une ig bash)
PHONE: 822-2157



LOCAL NEWS



First public observatory
in the Bahamas opens

THE first public observato-
ry in the Bahamas has been
opened in Nassau.

The observatory has a 12-inch
Newtonian Reflector Telescope
which allows good views of the
planets despite the light pollu-

tion in Nassau.

It is situated in Fort Char-
lotte, Dean’s Lane, at the top
of the Medical Arts Institute. It
has a breathtaking 360-degree
panoramic view of Nassau and
the harbour.



The Astro Club was the first
to visit the observatory. Sixty
members attended and for most
it was an amazing experience
to see the planets for the first
time.

The Astro Club is an astron-
omy summer camp for families.
Cosmos has partnered with the
Genesis Academy, a new
school, K3 to Grade six, on
Dowdeswell Street, to provide
an exciting experience in astron-
omy for families.

Genesis Academy provides a
computer lab for electronic
exploration and Cosmos Obser-
vatory provides a telescope for
direct viewing.

Cosmos Observatory will be
open every Saturday 7.30pm to
10pm during the summer. Visits
at other times are by special
arrangement.

- Activities from this site will
include observation of the night

Surveyor claims to
be the victim of
vendetta by official

@ By ALISON LOWE
Tribune Staff Reporter

A QUALIFIED Bahamian
land surveyor claims to have
lost out on lucrative jobs to for-
eigners since his licence appli-
cation was blocked by an official
in the Lands and Surveys
department.

Even after a March, 2007,

‘Supreme Court ruling in favour

of a review of the 2004 appli-
cation, Rodrick Woods — who
has obtained the legally neces-
sary qualifications — said it con-
tinues to be ignored by the
Lands and Surveyors Board.

The surveyor claims the
board's refusal to act on, or
even so much as acknowledge
his application, comes down to
a "personal vendetta" against
him by a senior official with
influence over the board.

Mr Woods worked under the
official for a number of years
before qualifying, he pointed
out.

And Mr Woods is not the
only one affected by the dis-
pute. He claims that the public
purse has also taken a hit, as

taxpayers money was forfeited
by government for the costs of
the unsuccessful attempt to
defend the board's behaviour
in the Supreme Court.

Mr Woods said: "It should've
been a straightforward process
— you see the application, and
you Say ‘yes’ or 'no’."

Instead, there were years of
delay, followed by the Supreme
Court action, after which Chief
Justice Sir Burton Hall ruled
that there was no valid reason
for the impasse and the board
must review Woods’ application.

Sir Burton said the board had
shown "an inexcusable display
of administrative inefficiency"
in not yet relaying a conclusion
on the, matter, adding that Mr
Woods was entitled to "the
relief that (the board) be
ordered ‘to act. decisively and
timely’."

However, the ruling has

inspired no further action on -

the part of the board, com-
plained Mr Woods.

Land surveyors, according to
Bahamas Public Works Direc-
tor Melanie Roach, are in short
supply in the Bahamas. A prop-

er land survey is the basis of
any planning project.

In a 2005 article entitled
"Nobody wants $50k job", Ms
Roach complained publicly that
the government had been
unable to fill eight vacancies —
with salaries of $50,000 per
annum — for surveyors.

She suggested that perhaps

Bahamian surveyors simply

weren't "interested" in the pay
package on offer, while former
Works Minister Bradley
Roberts said that a number of
foreign workers had been
brought in to address the per-
ceived deficit.

All of this only added insult
to injury for Mr Woods — who
completed his training thanks
to a Lyford Cay Foundation
technical training scholarship
— as his best efforts to become
licensed to practise the profes-
sion for which he was trained,
and achieve his earning poten-
tial, continued to be thwarted
with no explanation given.

Messages left for Lands and
Surveyors Board chairman
Ralph Brennen yesterday were
not returned.

Former Tribune reporter
gets big break on CNN_

A YOUNG Bahamian jour-
nalist whose ambition is to be a
top TV anchor in the United
States has earned her first big
break in broadcasting.

Danielle Stubbs, 23, of
Christie Avenue, Stapledon
Gardens, is to spend the sum-
mer as a production intern on
CNN’s Larry King Live.

“T just couldn’t believe it
when I was told,” said Danielle,
a former student of St John’s
College and COB. “The com-
petition for places is so fierce.
Students from Bangladesh,
Africa, India and all over want
to get this kind of internship.
I’m so happy.”

‘Danielle’s ambition to be a
journalist took root during her
three years at The Tribune. She
loved it so much that she knew
exactly where her heart lay.

In 2004, she began a bache-
lor’s degree course in mass com-
munications at Clark Atlanta
University which she completes
next year. Then she hopes to
study journalism at Columbia
University in New York before
pursuing her television dreams.

“Ever since the Gulf War in
the early 1990s I’ve wanted to
be a journalist, telling people
the stories that really matter,”
said Danielle.

“The Tribune was one of my
great experiences. That was my
introduction to the world of
journalism. It taught me what
it takes to survive in the indus-
try.”

Since leaving for callege,
Danielle’s ambitions have grav-
itated towards television jour-
nalism and she admits she
would like one day to be a top
TV anchor on an American net-
work.

“That’s where I feel most
comfortable - in the anchor’s



@ DANIELLE Stubbs

chair,” she told The Tbune
yesterday.

For Danielle, the CNN break-
through means she will help
producers on Larry King Live
with all the behind-the-scenes
duties that make top shows flow
smoothly.

She will learn many of the
technical skills necessary to
become a successful television
journalist and will also help with
guest liaison.

“My internship will cover
three months during the sum-
mer at CNN’s Atlanta head-
quarters,” she said. “I have
always loved writing and creat-
ing stories. | knew from an ear-
ly age exactly what I wanted to
do.”

Danielle paid special tribute
to her parents and step-parents
for support in her chosen

career. Her mother, Linda C
Stubbs-Wisdom, is “my role
model and inspiration”, she

said. The only girl in a family
of five, Danielle said: “All my
four brothers are behind me,
too.”

Last night, The Tribune's

managing editor, John Marquis,
who gave Danielle her first

break in newspapers, said: “She |

is the kind of girl who will
achieve exactly what she wants
to achieve. She has what it
takes, no question.”

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sky with the eyes, binoculars,
and telescope. “In the near
future we hope to have a pro-
fessional astronomer with big-
ger and better telescopes,” said
a spokesman.

Cosmos will also provide
overnight tours to the Family
Islands, where there is no pol-

@ GENESIS
Academy’s
Juergen Riedel,
resident
astrophysicist
and director of
the computer
laboratory with
Melody
Treco-Hanna,
principal, and
children ready
for online
exploration
related to
astronomy with
computers

zo od
lution and you don’t need a
telescope to enjoy the beauty
of the dark night sky.

Director Dr David Sands, a
self-taught stargazer, promises
an experience you won't forget.
The view from this location of
the sunset alone is worth the
visit.

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PAGE 4, TUESDAY, JUNE 5, 2007

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE ,



The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

4

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



Lies are being told about election

AS FAR as most of us are concerned the
election is over and it’s business as usual. How-
ever, the PLP are still reeling from their loss at
the polls. So sure of victory were they that most
of the Christie cabinet had not adjusted their
private lives to the possibility that they could be
sitting on the Opposition side of the House on
reduced salaries. We understand that many of
them had not even cleared their desks in antic-
ipation of a new occupant moving in.

For them the etection is not over. Their fol-
lowers are being kept at fever pitch, fed on lies
— the FNM might have won the seats, but the
PLP won the popular vote; “they stole the elec-
tion from us”. And on hope — the country is
ours, Ingraham can’t hold on very long, within
the year there will be another election; keep
the troops together.

A caller to a radio talk show yesterday morn-
ing vowed that he would not accept an Ingra-
ham government. That is an ominous statement
with dangerous implications. When one does
not accept something then the logical next move
is to take steps to remove that which you do not
accept.

Since the election we have had an alleged
shooting at the home of Mr Christie’s mother-
in-law, which is in the same compound as his
own residence, and the burning on Saturday of
the PLP’s headquarters, which followed a sim-
ilar attempt at the same location the previous
week. All suspicious incidents, and fuel for the
fire of unrest. Mr Christie has called for calm.
He says he is concerned “because PLPs will
feel that they have been the victims of these
unexplained interventions.”

It is because of these suspicions that Com-
missioner of Police Paul Farquharson is wise
to consider calling in experts from the US to do
an independent investigation. No matter what

our local police say, there will always be those ,

who will not be satisfied.

Mr Christie’s slowness, after conceding defeat
election night, in moving to his party head-
quarters to calm his defeated supporters, almost
led to civil unrest. While he tarried, an
unscrupulous talk show host broadcast an
untrue report over the government radio station

’ of a PLP victory. A second talk show host, who
was bitterly criticised during the election cam-
paign for his unprofessional behaviour, was
actually at Gambier House confirming a PLP
victory. There was complete confusion. The
PLP were in the streets wildly celebrating Thurs-
day. Both sides — FNM and PLP — were being
told that the victory was theirs. It was not until
Friday morning that the Governor General sent
for Mr Ingraham to swear him in as the new
prime minister. It was a second disappointment
for the PLP, who were encouraged to believe
that a VICLOFYs rightfully theirs, was stolen from
them.



| of publication of this notice.

Reviva

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |,
RYAN DORFEVIL of NASSAU, BAHAMAS, intend |
to change my name to JAMAAL RYAN CLARKE.
If there are any objections to this change of name
by Deed Poll, you may write such objections to the
Chief Passport Officer, PO.Box SS-792, Nassau,
Bahamas no later than thirty (30) days after the date

JAMAAL

Although Mr Christie is calling for the coun-
try to heal and hopes that Prime Minister Ingra-
ham “understands his responsibility in trying
to call for peace and calm in this country,” we
think the onus is more on Mr Christie to inves-
tigate what is happening in his own back yard,
which is now helping to fuel the present unrest.

There are two websites — one closely asso-
ciated with Fred Mitchell and the PLP, another
allegedly of the same family — that are pulling
out all the stops to keep Bahamians apart.

They are playing race against race, social
class against social class, the rich against the
poor and taking advantage of grass roots igno-
rance.

“They are aggravating all of the country’s
traditional social ills. They are really trying to
incite the people,” said a member of our staff
yesterday.

One of the websites, in particular, has been
created to spin nothing but lies. For example, its
author, in the crudest of language, accuses the
FNM of employing a “Red Brigade” made up
gang leaders, who controlled’ the polling sta-
tions on election day by the use of money, drugs
and intimidation.

They accuse Mrs Betty Kenning of giving
the * ‘Red Brigade” $3 million for the FNM and

“squeezing the Hazelwoods, owners of John
Bull, and John Bethell for the remaining $11
million to fund the FNM’s campaign.

A complete tissue of lies. Unfortunately,
today, Mrs Kenning, the generous donor of this
country’s Olympic Swimming Pool, is not well
enough to understand what the argument is all
about.

It then goes on to say: “Brent (Symonette)
kicked in some dough and forced his fun-loving
bro Bobby to drop some change in as well
although we understand that Bobby wasn’t too
keen to support this agenda.”

Again not one word of truth. Mr Robert
(Bobby) Symonette, Deputy Prime Minister
Brent Symonette’s brother, in his day an astute
businessman, Speaker of the House of Assem-
bly and international yachtsman, has been dead
for the past nine years.

Whoever is behind this website is ignorant
and vicious with evil intent. The author is tak-
ing advantage of gullible Bahamians with little
education.

Just as Mr Christie cannot stop his support-,
ers believing that the FNM are behind all of
their present misfortunes, no one can prevent
many Bahamians believing that certain persons
in the PLP are behind these websites with the
sole purpose of stirring up strife in the country
to hasten another election.

If Mr Christie wants “peace and calm” in
the country now is the time to show his leader-
ship qualities and teach his supporters how to
accept defeat with dignity.





















‘Desperation’
displayed .
by the PLP |

EDITOR, The aebune:

THIS is a time when the most
tolerant of us must take in a deep
breath and exhale slowly and
evenly with our eyes closed. This
brings a sense of calmness that
seems to be escaping us as a peo-
ple these days. Some believe that
the Bahamas belongs to them
only, but my mother always said,
“Never get vex for other peo-
ple's things.” The PLP must
have never heard the saying that
the Bahamas belongs to ALL
BAHAMIANS black and white,
rich and poor, FNM and PLP.

Ever since the “master politi-
cian” Rt. Hon. Hubert Alexan-
der Ingraham mashed up the
Progressive Liberal Party under
their indecisive leader Perry
Gladstone Christie in the recent
general elections, it seems that
the leaders of the opposition
have lost their collective heads. It
leaves one to wonder what else
they really lost.

The very high level of desper-
ation being displayed by the PLP
is frightening to say the least. It is
frightening because the follow-
ers who do not really have any-
thing to lose are the ones expos-
ing themselves to possible danger
by becoming so confrontational.
The irresponsible directions



AM UE

letters@tribunemedia.net




being given by the leadership of
the PLP could only bear “rotten
fruit”. The fanning of the flame
of unrest will only cause inno-
cent people to get hurt, so the
PLP had better stop their tirade.

The stark reality though is
that the PLP had some negative
plans long before the election
and even more negative back-up
plans if they lost. The PLP con-
trolled the machinery so they
allegedly planted people and
when they got exposed they said
the then opposition did it. This is
hilarious. They hired hundreds,
especially from Fox Hill, days

before the election, knowing that :

if they lost there would be ques-
tions, but they in their arrogance
never thought they would lose.
Now they are being exposed left,
right and centre.

~ Victimization was the order
of the day.

Adrian Gibson, a welcome
bright light among our young
men who, every week displays
just how brilliant a young
Bahamian male could be, has
obviously been harassed, just

The Tribune
should be careful

- EDITOR, The Tribune.

‘or ‘the best deal in town on
d cars; with warranty! :

I DO not consider myself a die hard FNM or PLP, but I must warn
The Tribune that it will lose its clout and credibility as a newspaper
should it continue to print blatantly biased articles. I buy The Tribune
because of its appealing layout and because it does a decent job of cov-
ering the most interesting and up-to-date news. However, every so often
I run across an article, always political in nature, which is so blatantly
biased that it would be comical if it were not so disturbing to me.
“Christie, Blair, and Bush Have No Legacies Worthy of a Name” is one
such article printed on May 21, 2007, written by the Managing Editor
of The Tribune.

The article describes the so-called “parallels” between the three
men, namely that they have all been disastrous leaders; and that:

“This spring has offered the prospect of blessed relief from three
political. leaders whose legacies will haunt them for eternity.”

The article lambastes all three men saying: “Perry Christie failed to
deliver anything of consequence during five years in power. Presi-
dent George W Bush is destined to be named the worst of all 43 pres-
idents. Blair as a shallow, unprincipled nowhere man whose only
known mission was to stay in power with the help of a large band of spin
doctors.”

The Tribune should be careful not to abuse its power as the number
one paper in circulation. (Or it might one day lose this prestigious hon-
our). It should leave its political opinions at home, print the facts,
and let the public come to its own conclusions. People read newspapers
for an unbiased account of events going on around them, not for the
controversial opinions of the editors and journalists.

VIVIANN PUSTAM

Nassau,
May 21, 2007.

Applicant must have:



because he would not bend back- '
wards for the powers that be in.
the previous Ministry of they -
Department of Public Service:
am very curious who gave the
instruction for Mrs. Cheryl
Darville to finger Mr. Adrian:
Gibson, just because he has and
is making an invaluable contri’
bution to the Bahamas. Instead‘
of complimenting this fine young’
Bahamian for his fantastic gift,’
the PLP government decided to
threaten him with victimization if
he did not dance to their music.
Mrs. Darville appears to be”
an errand lady in this sordid’
affair. But never mind who wrote’
the letter, the instructions must
have come from higher up. Mr.
Fred Mitchell needs to answer:
this because he was Minister of”
the Public Service at the time.’
He must explain why such an
instruction was given in the first
place, and by whom and what
was to be gained. All Bahami,-
ans know that Mr. Mitchell wiil'
stretch his reasoning so far untidy
the whole thing would be so dis
torted that it would make
absolutely no sense at the end’
of the day. All the mumbo-jum-
bo about General Orders is just -
window dressing to help camour;,
flage the threat. “
This past election will £0:
down in history as the weirdest;

' ever. This past week, this writer

experienced driving off from, a,
meeting in Fox Hill FNM head-;,,
quarters where my front left.
wheel literally fell off. Upon;
inspection it was discovered that.
all of the bolts except one were-
missing. I guess if I was a habitu-,
al fast driver I may not have been
writing today. I am wondering if, ;
someone in Fox Hill had any-,,
thing to do with that matter. Did-
they try to silence me too? These
incidences are too coincidentak .
Bahamians must be careful. Des-.,
perate men do desperate things..;

The PLP desperation to hold,
on to power is more than meets,
the eye. It has been suggested .
that deals entered into must have. ,
been made to enrich a few. Some
appear that they will stop at
nothing to get it back, even if,
they force us to be plunged into ay

"state of emergency".
We must not be dra "1. into

this trap. The deal with th.» cev- ,

il has not been paid and the, we
mad. We must keep focus and
remain on course.

To my coward friends I say »
“Evil prevails when good men’

do nothing.” sy
Still fearless! wy
‘®
IVOINE W. INGRAHAM —
Nassau, ",
May 30, 2007 1

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THE TRIBUNE

LOCAL NEWS

TUESDAY, JUNE 5, 2007, PAGE 5



9In brief

Death on
oil tanker
investigated —
by police

FREEPORT - Grand
Bahama police are investi-
gating the death of a crew
member aboard an oil tanker
that docked at Lucayan Har-
bour on Sunday.

At about 12.45am on Sun-
day police were notified by
an agent from Global Unit-
ed Shipping that the “MV
Argent’ had arrived at port
with the body of the ship’s
chief cook.

Reports are that Sali Imam,
48; of Kentavros, Greece, had
died suddenly around 8.03pm
on Thursday while the vessel
was Sailing in the Northwest
Providence Channel, en route
to Galveston, Texas. The ship
had departed Spain on May 23.

Mr Imam was said to have
complained to the ship’s cap-
tain about not feeling well
and experiencing “a heavy
weight” on his chest shortly
before he died.

Grand Bahama police
examined the body and found
no visible injuries. An autop-
sy will be performed to deter-
mine the cause of death.

Four held
following
discovery of
firearm

POLICE arrested four per-
sos in connection with the
discovery of a firearm and
ammunition on Saturday at a
house in Royal Bahamian
Estates sub-division.

'Chief Supt Basil Rahming
said police, acting on infor-
mation received, executed a
search warrant around
12.30pm on a house in Bar-
bados Drive, which was sus-
pected of containing a firearm
and dangerous drugs.

During a search, police
found and seized a.380 semi-
automatic pistol with four
380 bullets'in the magazine.

“Two brothers, ages 21 and
23: who live at the ‘residence,
along with two persons visit-
ing the residence — a 17-year-
old female and a 20-year-old
male of Peacock Lane and
Mandeville Drive, respec-
tively - were arrested and tak-
en‘into custody.

‘During a subsequent search
of the Mandeville Drive
home, police discovered and
seized two more .380 bullets.

Formal charges are expect-
ed to be filed on Monday.



Leader of

Muslim group
denies link to
New York plot

@ TRINIDAD
Port-of-Spain

“A RADICAL Trinidadian
Muslim organisation had no
connection to four men accused
of planning to attack New
York’s John F. Kennedy Inter-
national Airport, the group’s
longtime leader said Monday,
according to Associated Press.

Yasin Abu Bakr, the leader
of Jamaat al Muslimeen, told
The Associated Press that he
kriew nothing about the alleged
‘plan to bomb a fuel pipeline
feeding the airport, a plot
authorities say was hatched by
a group that included a former
Guyanese politician.

“T know nothing about these
men, and I have nothing to do
with whatever they are being
charged for,” Abu Bakr said in
his first public comments since
USS. authorities disclosed the
plot on Saturday.

US authorities claim the
alleged plotters sought sup-
port in Trinidad and Tobago
from Jamaat al Muslimeen,
which staged a deadly coup
attempt in the Caribbean
nation in 1990. The men did
not receive such support,
_ according to court documents.

;But the documents also say
that Abdel Nur, a Guyanese
suspect thought to be still at
lafge in Trinidad, claims he
met in May with Abu Bakr
atshis compound in Trinidad
anid the Islamic leader sug-
gested that he return later
with others involved “to dis-
cugs the plan in detail.”

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‘Inquest into death of Daniel —
Smith is adjourned again

@ By KARIN HERIG
Tribune Staff Reporter

THE inquest into the death of
Daniel Smith — son of the
deceased US celebrity Anna
Nicole Smith — has been
adjourned yet again, as the ques-
tion of the Coroner’s Court con-
stitutionality remains undecided.

Speaking with The Tribune
yesterday, Chief Magistrate
Roger Gomez, who is presid-
ing over the case, said that the
case is now scheduled for June
26.

He explained that the contin-
uation of the inquest now
depends on the Supreme Court.

The inquest had just started
in April when it was stalled
after two days when lawyers for
Howard K Stern called the con-
stitutionality of the Coroner’s
Court into question.

Mr Stern’s lawyers applied to

the Coroner’s Court to have a
questionnaire made up to be
answered by prospective jurors
on oath in an effort to ensure an
impartial jury.

Counsel for Mr Stern said
that ensuring an impartial jury
in a high-profile case such as
Daniel’s death is a difficult task.

However, Mr Stern’s lawyers
argued that the Coroner’s Act
makes no provision for such
questioning of a jury and there-
fore also makes no provisions
to ensure an impartial jury.

The matter is still before the
Supreme Court.

Chief Magistrate Gomez yes-
terday said that he hopes that
the Supreme Court will soon
give a ruling in this matter so
that a decision can me made
whether or not the inquest will
proceed.

“They are supposed to be
meeting on June 20, that’s why

we adjourned to a week after
(to June 26) in the hope that
we have some word from
them,” he said.

A senior member of the
Bahamas’ judiciary told The
Tribune in an earlier interview
that if the Supreme Court
decides that the Coroner’s Act
is unconstitutional, it is likely
that the inquest into Daniel
Smith’s death could drag on for
years, as new legislation would

first have to be passed to amend _

the Act.

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

His death was ruled an over-
dose by drug cocktail, but the
inquest is being held to deter-
mine whether or not it was acci-
dental.





@ DANIEL Smith, pictured in February 2006 photo
(AP Photo/Manuel Balce Ceneta)

Organization of American States holds
its annual meeting in Panama City

HAITI, new energy sources
and anti-terrorism are on the
agenda at the Organization of
American States’ general
assembly meeting in Panama
City.

Deputy Prime Minister and
Minister of Foreign Affairs
Brent Symonette is heading the
Bahamian delegation at the
annual event, which brings
together the hemisphere’s for-
eign ministers to set the major
policies and goals of the OAS,

as well as discuss issues of con-.

cern to the region, at the event
in Panama from June 3 to 5.
The 37th regular session will
address a range of issues impor-
tant to the Bahamas, including:

® energy — ministers will be ,

looking at the role energy plays
in the sustainable development
of the member states and intend

to adopt the Panama Declara-
tion, which will bring attention

_to new, clean energy technolo-

gies;

e Haiti - the OAS pro-
grammes in Haiti will be
reviewed and ministers will dis-
cuss renewed efforts to consol-
idate democracy and progress;

e the Democratic Charter -
an instrument used for promot-
ing democracy in the hemi-
sphere;

e security — focusing on drug
control and anti-terrorism;

e the Disabilities Decade
(2006-2016) — a proclamation
and programme of action which
address the organisation’s con-
tribution to this minority;

e the OAS Budget.

The Organization of Ameri-
can States was formed with the
stated aims of strengthening co-



# BRENT Symonette

operation between the nations
of the western hemisphere on
democratic values, defending
common interests and debating

the major issues facing the
region and the world.

The Bahamas became a
member of the OAS in 1981.
The organisation maintains a
resident office in the Bahamas,
headed by Juliet Mallet Phillips,
who co-ordinates OAS activi-
ties in the country.

The OAS also works through
inter-American institutions such
as the Pan-American Health
Organization (PAHO) ang the
Inter-American Institute for
Cooperation on Agriculture
(IICA). The Bahamas has resi-
dent branches of both organi-
sations, giving the Bahamas
direct access to these specialised
areas.

The Bahamas also benefits
from the OAS in areas such as
education (training and schol-
arships), tourism, sustainable

development, the environment,
culture, gender affairs (women),
the anti-drug effort, and law
enforcement.

CARICOM ministers will
also meet on the margins of the
general assembly to discuss the
CARICOM/US conference on
the Caribbean, due to be held in
Washington, DC, on June 19
and 20.

Mr Symonette left on Satur-
day and will return to the
Bahamas on Tuesday. His del-
egation includes Sheila Carey,
permanent secretary; Brian
Serville, first assistant secretary
with the Ministry of Foreign
Affairs; Rhoda Jackson, the
interim representative; and
Chet Neymour, counsellor in
the permanent mission of the
Bahamas to the OAS in Wash-
ington, DC.

Bahamas signs up to regional insurance
facility in time for 2007 hurricane season

THE Bahamas, along with
other regional governments, has
agreed to the Caribbean’s first
regional catastrophe insurance
resource.

The Caribbean Catastrophe
Risk Insurance Facility
(CCRIF) was launched June 1,
coinciding with the start of the
2007 Atlantic hurricane season
for which forecasters expect 17
named storms - well above long
term average.

The CCRIF provides partici-
pating Caribbean governments.
with immediate access to funds.
if hit by a hurricane or earth-
quake.

“The birth of the CCRIF
marks a paradigm shift in the
way the Caribbean, interna-
tional donor agencies and the
worldwide insurance market
view risk,” said Matthew Prag-
nell, CEO of CGM Group, an
insurance company in the
Caribbean.

“This parametric solution has
been designed to automatically
respond based on the prede-
fined hazard and actuarial mod-
els developed for the region.
This means that the participat-
ing nations will immediately
qualify to receive a standard
cash injection based on the
severity of the catastrophe.”

The CCRIF is operated by
Caribbean Risk Managers Ltd
(CaribRM), a division of the
CGM Group, with support from
Sagicor Insurance Managers
Ltd.

CGM said the launch of the
facility was a significant achieve-
ment for a region comprised of
many sovereign nations that
would need capital support and
risk capacity on the heels of
some of the costliest hurricane
seasons on record.

It said that it was just after
the 2004 season in which Hur-
ricane Ivan caused damage in
Grenada and the Cayman
Islands estimated at almost
twice the respective annual
GDP, that the heads of
Caribbean governments
approached the World Bank for
assistance.

“Thanks to the support of the
international financial markets

and ill Da rics tavols 1oinsia

ance coverage can be confirmed
to participating countries on
June 1,” said Caroline Anstey,
World Bank country director
for the Caribbean.

“This new facility is being
launched just in time for the
beginning of the 2007 hurricane
season which, according to the
experts, may be particularly
severe.”

CCRIF was able to secure
$110 million of claims paying
capacity on the international
reinsurance and capital markets.
The reinsurance structure con-
sists of four layers: CCRIF
retains the first layer of $10 mil-
lion; reinsurers underwrite the
second ($15 million) and third
layers ($25 million); the top lay-
er (US$70 million) is financed

with reinsurance ($50 million).

plus $20 million coverage
through a catastrophe swap
between the World Bank

(IBRD) and CCRIF. IBRD
hedged its risk through a com-
panion swap with Munich Re
Capital Markets.

The $20 million swap
between IBRD and CCRIF is
the first transaction to enable
emerging countries to use a
derivative transaction to access
the capital market to insure
against natural disasters.

It is also the first time a diver-
sified pool of emerging market
countries’ catastrophe risk is
placed in the capital markets.
CaribRM played a pivotal role
in developing and executing the
swap transaction.

The CCRIF’s capacity to ser-
vice claims is based on its own
reserves combined with the
financial capacity of the inter-
national financial markets. This
will allow CCRIF to respond to
events occurring once every
1,000 years or more, achieving a

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have only limited options avail-
able to respond. Work is also
being considered to expand the
scope of the coverage provid-
ed by CCRIF to other natural

hazards such as floods and
tsunamis.

CCRIF participating govern- -
ments are: Anguilla, Antigua
and Barbuda, Bahamas, Barba-
dos, Belize, Bermuda, Cayman
Islands, Dominica, Grenada,
Haiti, Jamaica, St Kitts and
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SUPERIOR CUSTOMER SERVICE

This workshop is designed to provide participants with an overview of the fundamentals
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building and employee motivation. ‘

Date: Thursday, 31 May 2007

Time: 9:30am — 4:30pm

Venue: Grosvenor Close Campus (Shirley Street)
Tuition: $170.00

EFFECTIVE POWERPOINT PRESENTATIONS

This workshop is designed to provide participants with an overview of the fundamentals |
of Microsoft PowerPoint. It focuses on developing effective and dy.ramic PowerPoint ;
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Time: 9:30am — 4:30pm
Venue: CEES Computer Lab, Moss Road
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WEB PAGE DESIGN

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Persons who enjoy fiddling with computers and would like to create their own web |
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Date: Thursday & Friday, 14th & 15" June 2007
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Venue: CEES Computer Lab, Moss Road
Tuition: $550.00

ENQUIRIES: Contact the Co-ordinator at Tel: (242) 325-5714 / (242) 328- |
0093/ 328-1936 or email . All fees are included with the exception of the |
application fee of $40.00 (one time). When submitting application, kindly
provide copies of the first four pages of your passport. CEES reserves the right
to Benes Tuition, Fees, Course Content, Course Schedule and Course Materials :

~ NOTICE

ll residents of North Eleuthera
_ interested in taking the

gle Phase Electrical course
ollege of The Bahamas,
h egins on 8 June, 2007,
-ontact Tomacena Albury at
All Age School at 335-1732 or
Z concerning registration.




































THE COL LEGE

Visit our website at www.cob.edu.bs

COMMENCEMENT ACTIVITIES 2007

NORTHERN CAMPUS)
THEME: “THE WAIT IS OVER WALK INTO YOUR SEASON”

-| EVENT DATE TIME LOCATION
Honours Convocation Thursday, May 17, 2007 7:00pm Northern Campus Grounds
Graduation Rehearsal Thursday, May 31, 2007 ‘6:00pm Convention Centre,
Our Lucaya
Baccalaureate Service Wednesday, June 6, 2007 | 7:00pm Church of God of Prophecy
| Community at Heart
Tabernacle, Coral Road
Graduates’ Award Breakfast Thursday, June 7, 2007 7:30pm Salon II, Convention Center,
Our Lucaya
Commencement Thursday, June 7, 2007 5:30pm Convention Center,



THE TRIBUNE










ING & [RAINING Ba

COB President
Honoured

President Janyne M Hodder is one
of two persons who will be
honoured by Bishop’s University
of Lennoxville, Quebec, Canada,
where she served as Principal and
Vice Chancellor for nine years from
1995 to 2004.























At Bishop’s Convocation on
Saturday, June 9, 2007, President
Hodder will be awarded the Degree
of Doctor of Civil Law (Honoris
Causa) in recognition of her stellar
contributions to the growth of the
University. The other awardee for
the honorary doctorate will be an
award-winning novelist, historian
and essayist, Mr Ronald Wright.



COB celebrates with our president this signal honour being paid to
her.

All residents of South Andros interested
in taking the Single Phase Electrical cours
with The College of The Bahamas, whic
begins on 8 June, 2007 are asked to contac

Rev. Dorinda Dean at 368-267:
. concerning see























All residents of North and | Conte
Andros interested in taking t
‘Journeyman Plumbing course with Th
College of The Bahamas, which beg [
on 8 June 2007 are asked to contact Rev.
Dorinda Dean at 368-2676 a
registration.





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Visit our website at www.cob.edu.bs = FNtiCATING & TRAINING BAHAMIANS

Caleving ty Serxandia

Dinner Menu (Platinum Tickets)

Shredded Beef Quesadillas
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African Fried Avocado Bites
With Tomato-Date Jam & Tamarind Vinaigrette

Cuban Ham Croquettes
With Mango Aioli

Bahamian Conch & Crab Cakes
With Voodoo Cocktail Sauce & Pepper Jelly

‘Cuban Roast Pork
With Cilantro Aioli on Plantain Rounds

Sirloin steak, Aji Amarillo & Mushroom Spring Rolls
With Chimichurri Sauce

Cuban Style Yucca Chips
& Garlic-Herb Monitor

Columbo & Banana Roasted Chicken Samosas |
& Mango Salsa

Pumpkin & Black-Eyed Pea Accras
‘With Creole Sauce

Hors d’oeuvresTable (Gold Tickets)

Cuban Cream Cheese, Guavas & Crackers
Mozambiquian Potato & Fish Spread
-Rum-Pickled Chillis & Toasted Naan Chips
An Assortment of Latino & European Cheeses
Selection of Fresh Tropical Fruit

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JUNE 25 - JULY 2, 2007 -
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(AGES 5- 12 YRS. OLD)



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302-4525/302-4592.
REGISTER NOW AS SPACE IS LIMITED



THE COLLEGE OF THE BAHAMAS

THE TRIBUNE

TUESDAY, JUNE 5, 2007, PAGE 7



commitment to
the environment

@ By KARIN HERIG
Tribune Staff Reporter

SAFEGUARDING the
Bahamas’ environment and her-
itage has been named a “fun-
damental tenet” of the FNM’s
economic policy by Hubert
Ingraham.

Delivering the budget com-
munication for the fiscal year
2007/08, the prime minister
emphasised that protection of
the environment will be one of
his government’s priorities.

“While we have the ability,
we do not have the right to mis-
manage our environmental
resources, thereby compromis-
ing our ability to pass on to our
children that which has passed
on to us,” he told parliament
last Wednesday.

Mr Ingraham said that his
government is “firmly of the
view” that the Bahamas’ pur-
suit of economic growth and
foreign investment must be bal-
anced against the environmen-
tal needs of future generations
of Bahamians.

“As a consequence, all
investors in our economy — both
domestic and international —
concerned with major financing
capital development projects in
the Bahamas will be made
aware of our requirement that
development meet not only the
desired aims of the investor, but
also the long-term needs of the
Bahamian people,” he’said.

In the past three years resi-
dents of small islands such as
Bimini, Harbour Island and
Guana Cay have expressed
great concern over the size and
nature of developments taking
place in their communities
which they consider unsuitable
and environmentally detrimen-
tal.

Last week, attorney Fred
Smith — a member of the non-

20

Civic Si Sedan

SLL ALL NNN

B HUBERT Ingraham

governmental organisation Save
the Bahamas — expressed con-
cern that the FNM had not

‘made the protection of the envi-

ronment a priority in its Cabinet
and ministerial appointments.

Mr Smith said that local com-
munities have a right to know
what environmental permits are
issued pertaining to develop-
ments in their areas. as well as
the details of head of agree-
ments — particularly the Bak-
er’s Bay development on Gua-
na Cay.

Mr Ingraham last week
declared that tt is the E/NM
administration’s view that
“accelerated economic growth
as is necessary for the financial
well-being of our people = can

take place al an ecnvironmen-

tally sustainable Jevel and ina
way not offensive to our social



norms and traditions.”

“It will require, however, that
we put equal emphasis on the
quality of growth as on the
quantity of growth. This will be
a decided departure from the
way things have been done in
more recent times,” Mr Ingra-
ham said.

The prime minister added
that he and his government are
confident that enlightened
investors share the FNM’s envi-
ronment-friendly investment
policy.

Mr Ingraham also announced
that an annual $1 million grant.
has been allocated for the
Bahamas Nature ‘Trust (BNT) —
“to enable them to continue
with the excellent work which
they do promoting our cultural
heritage and protecting our nat-
ural environment,” he said.



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PAGE 8, TUESDAY, JUNE 5, 2007



‘ntrepreneur who made the

Bahamas his home mourned

HE had a joie de vivre is what
many family and friends are
saying about the late prominent
businessman Dennis Ledard.

Ledard, 58, proprietor of
[empo:Paris and The Polo
Jeans Store on Bay Street and
in The: Marathon Mall, died
suddenly from a massive heart
attack.

Originally from Rouen,
France, he settled in Nassau
after, his many exploits in the
culinary industry took him

worldwide.

Thus began his love affair
with The Bahamas and its peo-
ple. He married Bahamian
Maddie Clark in 1972 and that
union produced three children,
Lorenzo, Yannick and Shakira
Ledard, whom he loved fierce-
ly.
He ventured fearlessly into
many business ventures, the
most notable of which was the
retail fashion clothing industry,
which he entered with the open-

Defence Force

officers return
from training
_ in Atlanta

tian

SENIOR Lieutenant Marcus
Evans-and Leading Seaman
Grear Martin returned home
following.successful completion
of training at Flight Safety Inter-
national in Atlanta, Georgia.
Senior Lieutenant Evans com-
pleted the Airline Transport
Pilot training and Leading Sea-
man Martin undertook the sec-
ond-in-command type rating
training.

The demanding two-week
qualifying course undertaken
by the, Defence Force pilot and
crewman is compulsory for
certification by the Federal
Aviation Association (FAA)
and the. Civil Aviation Asso-
,ciation (CAA), which governs
air traffic licences in the Unit-
ed Statés and British Com-
monwealth countries respec-
tively.



Evans and Martin were
required to complete 40 hours
of flying in a level five full-
motion simulator. The simulator
training was designed to force
the pilot and crewman to react
to any emergency situation that
covered the full gambit of all
possible eventualities in order

for trainers to assess the pilot’s’

proficiency.

Senior Lieutenant Evans is
now qualified by FAA stan-
dards to instruct other pilots in
air transportation service in the
Super King Air BE-350 aircraft,
for which he is rated. Among
other things, pilot in command
applicants must have completed
a minimum of 1,500 hours of
flight time of which 1,200 hours
must have been attained as the
pilot in command; 500 hours of
cross-country flight time; 100

Smart is Exciting

ing of Tempo Paris. This huge-
ly successful venture led him to
open another store called Polo
Jeans, recently renamed Tem-
porio.

His Parisian roots coupled
with his constant travels had a
huge influence on his choice of
clothing for his stores. They
were always considered chic,
and in vogue. Hence he earned
the name “The Father of Fash-
ion”. Bahamians flocked to his
store in droves and got to know



and love him as they did his
clothing.

Campbell Cleare remembers
his friend as a true Frenchman -
someone with a big heart, who
loved his family and friends
immensely and had a true zest
for life.

Shakara, Ledard’s only
daughter, remembers him in
quite the same way. “My father
literally lit up a room, you could
never be in the same room with
him and not feel his presence.

i LEADING Seaman Grear Martin

hours of night flight time; and
75 hours of instrument flight
time in actual or simulated flight
time.

Pilots acting in the role of sec-
ond-in-command need only be
licensed commercial pilots
before being allowed to partic-
ipate in the training.

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Senior Lieutenant Evans is a
26-year veteran responsible for
the force’s flight operations, and
serves as the assistant air wing
commanding officer.

His flight experiences include
the Cessna)high performance,
turbine ad turbo charge, the
Beach -Craft Byron, the

He is the one that inspired me
to accomplish all that I have.
He gave me that freedom of
spirit.”

Internationally-known drum-
mer King Erickson is also
Ledard’s brother-in-law and
admits: “We had many fights,
because as you know the
French are very spirited, but I
loved him, and I will miss him.”

A funeral service was held for
Mr Ledard at Mt Horeb Baptist
Church, Sandyport.

Islander, Aztec, Seminole, The

King Air 200 and the Lear Jet
24

Leading Seaman Martin is
the senior aircrew of the flight
operational team presently and
the only qualified aircrew for
the King Air BE -350.

Flight Safety Service Corpo-

SENIOR Lieutenant Marcus Evans

THE TRIBUNE



i DENNIS Ledard

He leaves his loving wife of
35 years, Maddie, sons Lorenzo
and Yannick, daughter interna-
tional model Shakira, grand-
children Alex and Milon and
his future son-in-law Curtis

’ Martin. He also leaves behind a

host of loving family members
and friends.





ration, which has made train-
ing available for officers of the
Royal.Bahamas Defence Force
since 1984, provides specialised
flight training to active-duty and
reservists military and. govern-
mental pilots and aircrew mem-
bers as well as law enforcement
specialists.

sececscecsccesceapecueccceeececeaecseneceeceeeseeeeeseeeeeeeeeeseeeee eens sess esas eees eens neneeseeenseneneceseseceseseseaeeneneeeneneneaeneasaeseaeseseansssnsesasnsesssesassas sees sneneses sees eres sees eee

Red Cross official makes visit



ll GUY Mellet, head of the regional delegation of the international committee of the Red Cross,

| to Eugene Dupuch Law School



called on the principal of the Eugene Dupuch Law School, Miriam Samaru, on Tuesday, May 29.
Pictured from left are Gerald Sawyer, president of the Bahamas Red Cross Society; Miriam
Samari; Guy Mellet; Dion Hanna Jr, director of the Council of Legal Education; Charles Sabga,
sub-regional delegation of the Red Cross.

(Photo: BIS/Raymond Bethel)

Fabrics company launches
new designs and fashions

Bahamas-based fabric design

and print company Bahama
Hand Prints has announced its
new season of fabric designs
and resort wear.

Three fresh fabric prints and
one limited-edition re-run will
be added in the 2007 season,
building on a fabric collection of
more than 50 screen printed
designs.

The company will also be
showcasing seven new fashions
for this summer.

This season starts with
“Seashells, Seashells”, a single-
screened scattering of miniature
shell drawings fashioned in a
linear fabric design. The illus-
tration presents conch shells
side by side with sand dollars,
cowries and queen conch shells

to instil a beach scene to any
living room or bedroom decor.

“Fronds Medley”, another
linear drawing, this time of
large, palm fronds, is produced
in two colours and is touted as
ideal for upholstery projects.

“Fronds Lines”, a continua-
tion of the Fronds series, is a
one-colour, abstract interpreta-
tion of the original design, with
more movement between the
linear design.

This year will also see a re-
run of the “Sea Treasures” pat-
tern from circa 1970 — a two-
colour composition of shells and
corals floating through sea
feathers and sea whips.

All of these designs are avail-
able in upholstery weight linens,
cotton twill, cotton poplin, can-

vas weight, cotton voile, in a
variety of colours, shades, and
tones.

Brand new to the company’s
resort wear fashion collection
this year are two new ‘colour-
grounds’ in Aqua and Choco-
late Expresso. The company has
created seven new styles for
vacation wear, such as a bell-
sleeved, mid-calf tunic designed
to complement a wide-leg, casu-
al-linen pant. There is also a
hipster skirt with a dipped hem
in the rear, and fitted cuffed
capris — a throwback to the 50’s
era.

All of these women’s fash-
ions are available in the Nas-
sau boutique and online at
http://www. bahamahand-
prints.com.
THE TRIBUNE

LOCAL NEWS

TUESDAY, JUNE 5, 2007, PAGE 9



Transters
FROM page one

under the command of Mr Dames,
Mr Hanna noted.

In late March the commissioner
made sweeping changes to the upper
core of the force, promoting Messrs
Dames and Carey each to the post of
assistant commissioner, sending Mr
Dames from the crime division to
the new and obscure command of
airport and port security; while Mr
Carey,\a forensic scientist, was given
the powerful New Providence com-
mand.

With these changes included, some
eleven moves have been made to the
senior level of the force less than a
month into the new FNM govern-
ment — only two months after a major
shuffle occurred under the PLP.

When asked if these changes, and
those last week, have been made
directly by the new government, Mr
Hanna said that all transfers are
made by the commissioner with the
aim of reducing crime. But, Mr Han-
na acknowledged that the force’s
direction is related to the agenda of
the government of the day.

“T want to say to the Bahamian
public, that for all intents and pur-
poses, the Commissioner of Police
has superintendence and control of
the Royal Bahamas Police Force.
However, we do not work in a vacu-
um. When a government comes to
power, a government promulgates
its policies and its philosophies. When
a government demits office, certain
policies may fall away. The Royal
Bahamas Police Force cannot be in
the business of being so inflexible
that it cannot reflect the policies of a
government,” he said.

“And that isn’t to say that the
force becomes a pawn of a govern-
ment. But what it means is that if a
government...if a political party
expresses its desires and its objec-
tives in its platform, when it comes to
power, it is expected that reasonable
professionals would do everything in
their power to ensure that the gov-
ernment’s policies are carried out,”
he added.

Mr Hanna also said that there will
be a major retraining exercise of all
police officers, creating a new atmos-
phere in which all officers in stations
will be walking the beat, interacting
with residents, and engaging crimi-
nals.

No replacement has been
announced for Mr Dames’s former
post as head of airport and port secu-
rity. But, Mr Hanna revealed that
when the new replacement is made,
the officer will not be of the seniori-
ty of Mr Dames, who is an assistant
commissioner.

Politician who visited the |
charged over alleged US terror alot

FROM page one

Trinidad.

A fourth defendant, Abdel Nur, is a
citizen of Guyana. The United States
plans to seek their extradition, the US

: Attorney General’s Office said in a

statement.

Of the four defendants, Abdul Kadir,
a former MP from Guyana, visited the
Bahamas for a meeting of Caribbean
government leaders. and diplomats 10
years ago.

‘ Wesley Kirton, the editor of
Caribbean Sun newspaper, told the
Orlando Sentinel that he had met Kadir
at a convention in the Bahamas.

“He never struck me as un-Ameri-
can,” he said.
Speaking with US media on the

sioner Raymond Kelly warned of an
increasing terrorism threat from the
Caribbean.

Mr Kelly told the CBS programme
“Face the Nation” that the plot to
destroy JFK airport was “different in
its distinct ties to the Caribbean, a region
that is rarely thought of in terms of ter-
rorism but of increasing concern to us as
a crucible in the foment of Islamic rad-
icalism.”

A spokesperson for the US’ Depart-
ment of Homeland Security, Russ
Kanocke, would not comment whether
the JFK airport plot would result in a
higher level of precaution being taken
against Caribbean nationals.

“We are at present making no adjust-
ments to our security posture.There is
no credible intelligence to suggest a

Caribbean region) at this time,” Mr
Kanocke told the Jamaica Gleaner.

The US Embassy in Nassau said that
they could not comment on the matter
beyond what was included in the official
statement by the US Attorney General's
Office as the incident was still under
investigation,

The Tribune's calls to the Homeland
Security Department were not returned
up until press time.

According to the criminal complaint,
beginning in January 2006 and continu-
ing to the present, the defendants con-
spired to destroy buildings, fuel tanks,
and fuel pipelines at JFK airport with
explosives.

If they had succeeded with their plan,
the results would have been devastating
as JFK handles on average more than

of which are international flights — and
annually some 45 million passengers
and over 1.5 million tons of cargo with
an estimated value of $120 billion.

The US Attorney General’s Office
said that it is alleged in the complaint
that the plot “tapped into an interna-
tional network of Muslim extremists
from the United States, Guyana, and
Trinidad, and utilised the knowledge,
expertise, and contacts of the conspira-
tors to develop and plan the plot, and
obtain operational support and capa-
bility to carry it out.”

However, US officials said that there
was no connection to al Qaeda; but that
at least two of the defendants have links
to Jamaat Al Muslimeen — an Islamist
extremist group in Trinidad that staged
an attempted political coup on the. island

weekend, New York Police Commis-

threat to the homeland (from the

1,000 flights daily — approximately half

in 1990.

wa

“Union president anticipates meeting with Atlantis management

FROM page one

clusion.”

Mr Colebrooke, president of
the Bahamas Hotel Catering
and Allied Workers Union,
said that "certain sections of
the agreement are not at this
point being adhered to. The
sections in the agreement that
says what is to be paid."

Mr Colebrooke said he felt
the union had been patient
with the company, allowing for
any "growing pains" associated
with the opening of a major
new facility, but the time had
come for employees — pri-
marily in the housekeeping
department, but also repre-
sented within restaurant staff
and some other areas — to be
paid what they are owed under
their contracts.

"Since the resort opened I
think the union has been very
accommodating," said the
union president. He added:

"But we have gone three
months now and so I think that
is long enough."

In April, Atlantis manage-
ment admitted that there had
been "administrative chal-
lenges" after the resort took
on 1,000 people over a period
of two weeks at The Cove.

This admission was made
after an employee reveaied
that many of those hired had
not received their salaries for
almost three weeks.

At that time, Ed Fields,
Senior Vice President of public
affairs said: "We expect by this
week that we would have sub-
stantially resolved all payroll
related issues."

Yesterday, Mr Colebrooke
suggested that resolution of the
outstanding issues should be a
priority for the hotel if stan-
dards are to be maintained. "A
happy employee equals happy
guests," he said.

The union president said that
morale has dropped as employ-

Judges at Guantanamo | Totally Yours,
Totally Yaris”

throw out two cases

ees begin to ask themselves if
the job was worth it. "You can-
not continue to work if you
cannot see what you're work-
ing for," he said.

Yesterday, a statement from
Kerzner International said that
the company was disappoint-
ed "that the union chose to
take this public approach, in
view of ongoing discussions on
the matters raised."

Admitting that "some things
were not processed as antici-
pated," Mr Farrington denied
claims made by Mr Colebrooke
in a Nassau Guardian article
on Saturday that management
had been unwilling to meet
with the union.

“We have a long history that
reinforces that we are willing
to meet with the union at any-

time and that we have always
negotiated with the interest ot

all stakeholders in mind. In
fact, many months prior to the
opening of The Cove, our man-
agement team met with the

union leadership on many
occasions to ensure that all
labour matters were dealt with
in a manner beneficial to all
parties."

The multi-million dollar, 600-
room all-suite Cove tower was

officially opened to enormous
fanfare on May 11, with a star-
studded, no-holds barred bash.

International artists Janet
Jackson and Aerosmith were
amongst those performing at
the opening.

sae eeeeceneeeercneeseneeneeeenseneeseeeeeseeeeaeh Gdeedseeensenses

Police consider
foreign help —

FROM page one

building.

PLP leader, Perry Christie has, thus far, fetiained: foi
attributing blame to any specific source, though hé has
strongly declared that the police must bring the culprits to

justice.

“Obviously the police and firemen must investigate this.
I hope they conduct a very quick and effective investigation
because there will be continued speculation as to the: ‘Cause

of this.” che said.





B GUANTANAMO BAY NAVAL BASE, Cuba

MILITARY judges dismissed charges Monday
against a Guantanamo detainee accused of chauf-
feuring Osama bin Laden and another who
allegedly killed a U.S. soldier in Afghanistan,
throwing up roadblocks to the Bush administra-
tion’s attempt to try terror suspects in military
courts, according to Associated Press.

In back-to-back arraignments for Salim Ahmed
Hamdan of Yemen and Canadian Omar Khadr the
U.S. military’s cases against the alleged al-Qaida
figures dissolved because, the two judges said, the
government had failed to establish jurisdiction.

They were the only two of the roughly 380 pris-
oners at Guantanamo charged with crimes, and the
rulings stand to complicate efforts by the United
States to try other suspected al-Qaida and Tal-
iban figures in military courts.

Hamdan’s military judge, Navy Capt. Keith
Allred, said the detainee is “not subject to this
commission” under legislation passed by Congress
and signed by President Bush last year. Hamdan is
accused of chauffeuring bin Laden’s and being
the al-Qaida chief’s bodyguard.

Defense attorneys argued that the new Military
Commissions Act, written to establish military tri-
als after the U.S. Supreme Court last year rejected
the previous system, is full of problems.

The judges agreed that there was one problem
they could not resolve — the new legislation says
only “unlawful enemy combatants” can be tried by
the military trials, known as commissions. But
Khadr and Hamdan had previously been identified
by military panels only as enemy combatants, lack-
ing the critical “unlawful” designation.

The surprise decisions do not spell freedom for
the detainees, who are imprisoned here along with
‘about 380 other men suspected of links to al-Qai-
da and the Taliban.

Khadr was 15 when he was captured after a fire-
fight in Afghanistan in 2002 in which he allegedly
killed a U.S. soldier and was wounded himself.
He is now 20.

Khadr, appearing in the courtroom with a beard
and wearing an olive-green prison uniform, seemed
uninterested when the judge, Army Col. Peter
Brownback, threw out the case. Khadr focused
on his own image on a computer screen that
showed a live TV broadcast of the proceedings.

The chief of military defense attorneys at Guan-
tanamo Bay, Marine Col. Dwight Sullivan, said
the dismissal of the case against Khadr could spell
the end of the war-crimes trial system hurriedly set
up last year by Congress and Bush after the
Supreme Court threw out the previous system.

But legal experts said Brownback apparently
left open the door for a retrial for Khadr, and that
the Defense Department can possibly fix the juris-
dictional problem by holding new “combat status
review tribunals” for any detainee headed to trial.



@ GUARDS sit in a tower overlooking the
detention camp at Guantanamo Bay US Naval
Base, Cuba, Tuesday, in this May 15, 2007 file
photo reviewed by U.S. Department of Defense.
On Monday June 4, a military judge dismissed
terrorism related charges against a prisoner
charged with killing an American soldier in
Afghanistan in 2002, in a reversal for the Bush
administration's attempts to try Guantanamo
detainees in military court.

(AP Photo/Brennan Linsley)

Sullivan said the dismissal has “huge” impact
because none of the detainees held at this isolated
military base in southeast Cuba has been found to
be an “unlawful” enemy combatant.

“It is not just a technicality; it’s the latest demon-
stration that this newest system just does not
work,” Sullivan told journalists. “It is a system of
justice that does not comport with American val-
ues.”

The Military Commissions Act specifically says
that only those classified as “unlawful” enemy
combatants can face war trials here, Brownback
noted.

The distinction is important because if they were
“lawful,” they would be entitled to prisoner of
war status, which under the Geneva Conventions
would entitle them to the same treatment under
established military law that U.S. soldiers would
get.

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THE TRIBUNE



al on Wednesday, May 30.

, The Red Cross representatives discussed the imple-
mentation of certain humanitarian laws.

, Pictured from left are Bernard Turner, director of
public prosecutions in the Office of the Attorney Gen-
éral; Marina Glinton, director general of the Bahamas
Red Cross; Guy Mellet, head of the regional delegation
of the International Committee of the Red Cross; Attor-
ney General Senator Claire Hepburn; Charles Sabga,
head of sub-regional delegation of the International

Committee of the Red Cross.



â„¢ By BAHAMAS
INFORMATION
SERVICES

FINANCIAL co-operatives
offer “good and competitive
rates” on savings and loans when
compared with commercial
banks, Minister of Lands and

Local Government Sidney Col- -

lie observed.

Co-operatives such as credit
unions have been contributing
to the improvement of the qual-

ity of life for members and their. -...

families in the Bahamas for the
past 33 years, the minister said.

“Co-operatives are simply per-
sons pooling limited resources
for the purpose of meeting eco-
nomic, social or cultural needs.
They are owned and controlled
by their members and users on
the basis of one member, one
vote.

“Members also share in any
profits realised or risk involved,”
Mr Collie said as he launched
Co-operative Month at the
Bahamas Co-operative League
Building, Russell Road.

Also attending the launch
were permanent secretary in the
Ministry of Lands and Local
Government, John Thompson;
co-ordinator for local govern-
ment, Donald Cash; president
of the Bahamas Co-operative
League Insurance, Cheryl Bowe-
Moss and assistant director,
Department of Co-operative
Development, Theresa Dele-
veaux.

The co-operative membership
in The Bahamas exceeds 30,000
with contributed assets of $200
million, Mr Collie said.

Mrs Bowe-Moss said co-oper-

International
Committee of the
Red Cross members
visit Attorney General

‘ MEMBERS of the International Committee of the
Red Cross paid a courtesy call on the Attorney Gener-

(BIS photo: Tim Aylen)

atives encourage mandatory reg-
ular savings.

“At the end of every financial
year,” she said, “members very
much look forward to November
and December because that is
when they get their dividends
on the savings that they have put
into this organisation.

“Through co-operatives, they
have exercised a real business
concept that they have never had

& MINISTER of Lands and Local Government Sidney Co
are co-ordinator for local government, Donald Cash, and presi







before.

“When they come to their
annual general meeting, they are
now educated in how a business
is run and they come to discuss
their business at their leisure and
they answer questions.”

Mr Collie said that during
June, the co-operative move-
ment will conduct a vigorous
marketing campaign so more
Bahamians can be educated on

LOCAL NEWS

llie (left) at t



recently.

the advantages and benefits of
becoming members and secur-
ing financial prosperity through
co-operatives.

“The Bahamas Co-operative
Movement has never recorded
any loss of members’ savings in
any co-operative,” he said. “This
demonstrates that members’
investments are safe and secure.”

The new Co-operative Soci-
eties Act of 2005, he said, pro-

he launch of activities for Co-operative Month. Also pictured
dent of the Bahamas Co-operative League Insurance, Cheryl Bowe-Moss.

TUESDAY, JUNE 5, 2007, PAGE 11

NEMA holds training session

THE National Emergency Management Agency held a training session on
shelter management/fire suppression at East Gospel Chapel, East Street




add

Pictured below is Luke Bethel of NEMA and left is Trevor Basden, deputy
director, Meteorology Department. :

(BIS photos: Raymond A Bethel)





(BIS Photo: Patrick Hanna)

vides a strong legislative plat-
form for registration, supervi-
sion, monitoring and growth of
co-operative societies.

The co-operative sector
includes 16 credit unions and six
producer service co-operatives.
These are located in New Prov-
idence, Grand Bahama,
Eleuthera, Cat Island, Abaco
and the Berry Islands.

There are also three youth co-



Month —

operatives that teach young peo-
ple the importance of savings,
leadership, teamwork skills and
expose them to the entrepre-
neurial spirit, Mr Collie stated.

The department, in conjunc-
tion with co-operative societies,
will seek to develop several
school co-operatives encourag-
ing students to begin securing
financial prosperity through co-
operatives.

Activities planned for Co-
operative Month are as follows:

e During June, co-operatives
will have open houses to show-
case products and services
offered.

e On June 9, the annual fun
run/walk will start on Good-
man’s Bay at 6am. A health fair
follows.

e June 22, the Public Work-
ers Credit Union will have its
27th annual meeting, 7.30pm at
the British Colonial Hilton.

e June 23, Co-operative board
of directors and staff will have
their annual fun day.

e June 28 will be the official
opening of the Bahamas Co-
operative League building on
Russell Road, Oakes Field

e June 28, the Transportation
and Service Industry Credit
Union Health Fair and Car
Show.

e June 29, the annual awards
luncheon will take place at the
Police Training Conference Cen-
tre, East Street, to honour per-
sons within the movement for
outstanding leadership, dedica-
tion or noteworthy achievement.

During June, a poster compe-
tition will take place offering
cash prizes for junior and senior
high school students.


PAGE 12, TUESDAY, JUNE 5, 2007

THE TRIBUNE:



MPs join Grand Bahama
annual Labour Day march

@ By DENISE MAYCOCK
Tribune Freeport
Reporter

FREEPORT - The labour
movement on Grand
Bahama marched in solidari-
ty in Freeport, where hun-
dreds of workers turned out
for the annual Labour Day
march and rally on Friday.

The march started at 8am
at Workers House, where
union leaders led members
from various trade unions -
including the Bahamas Hotel
Catering and Allied Work-
ers Union, the National Con-
gress of Trade Unions, the
Bahamas Union of the
Teachers, the Bahamas Pub-
lic Services Union, and The
Airport Allied and Manufac-
turers Union - in a proces-
sion through the streets of
Freeport.

A large number of politi-
cal supporters from both the
FNM and PLP also took part
in the parade.

Grand Bahama MPs Ken-
neth Russell, Neko Grant,
Zhivargo Laing, Kwazi
Thompson, Vernae Grant,
and PLP MP Obie Wilch-
combe, and Senator Pleasant
Bridgewater, were also pre-
sent,

Support

In his address to workers
in Freeport, Mr Wilchcombe,
MP for West End, pledged

the support of the opposition’

party to work along with the
government to ensure the
continued growth of the
labour movement, and
the labour force’in the
Bahamas.

He noted that, even though
unemployment numbers are
down, there are still prob-
lems to solve in Grand
Bahama.

“The labour agenda for
Grand Bahama is very clear.
The government of the
Bahamas will and must
ensure that those areas that
are still grey, such as the old
Royal Oasis, we must do all
we can to immediately ensure
that the arrangement with
Harcourt is fulfilled, and that
the employees will get back
to work.”

~The MP said it is also
important that those employ-
ees who lost their jobs when
the property closed receive

have o





















¢ AG Bi

their severance and all that
is owed them.

Mr Wilchcombe hopes that
the Ginn project at West End
will also come to fruition as
soon as possible.

“I hope that all could be
done to ensure that we can
make that project in West
End one of the best projects
in the Western Hemisphere,

and provide opportunities for -

Bahamians to not only
become employees, but also
to become entrepreneurs in
the western area.



“And I do hope that all
we’re doing, and have been

doing for the eastern end of :

the island, I do hope that the
arrangements can come to
fruition in the soonest possi-
ble time,” he said.

Mr Wilchcombe said the
Bahamas is a wonderful
country, and perhaps the
only nation in the world that
can change governments and
get still along as a people.

“So, to see all of us cele-
brating, I think it is a won-

derful demonstration and

commitment to what we have
in this country,” he said.
Kenneth Russell, Minister

‘of National Insurance and

Housing, commended labour
leaders on Grand Bahama

for doing a fine job in spite of





all of the obstacles they have
had to overcome.

“Here in Grand Bahama,
we understand some of the
problems that you have been
encountering, and the Min-
ister of Labour has already
announced that labour laws
enacted back in 2000 will be
amended,” he said.

Mr Russell said the gov-
ernment will consider the
union’s concerns and recom-
mendations to enact better
labour laws in the country.

Mr Russell said labour con-
cerns on Grand Bahama,
regarding the container port,
Our Lucaya Resort, and the
reopening of the Royal Oasis
are top priorities of the FNM
government.

“We know of the problems

Hy

Â¥

RV



at the container port, and
that is something that the
Minister of Labour is com-
ing down to deal with as soon
as the budget is completed.

“We know of the problems
with the hotels...and our job
is to see how we can address
your concerns and put Grand
Bahama on a better footing,”
he said.
_ Mr Russell said the gov-
ernment is already working
with the new owners of Roy-
al Oasis.
_ He noted that the change
of ownership might be an
expensive venture for Grand
Bahama, and noted that the
former government had for-
given, if not all, most of the
debts that Royal Oasis had
owed.

“Even though that has

Tye

THE
labour move-
ment on Grand
Bahama takes
part in last Fri-
day’s annual
Labour Day
march and ral-
ly. A large
number of
political sup-
porters from
both the FNM
and PLP also

.took part in
the parade.

(Photos:
Derek
Carroll)



been done, we believe that
as we review the agreement
for sale for Royal Oasis that
we will seek,.to.go back-to
that point and try to see if
we can get the issues resolved
that the employees had.

“As you know, some of
their money was not paid,
and the former government
has forgiven all of that, and
we will find a way now to
work with what we have to
try and resolve some of these
issues,” he said. |

“T cannot promise that all
will be resolved, but I can
promise you that we will do
our best in resolving them.
We believe that the RO
property will in the not-too-
distant future move forward
in the reconstruction,” said
Mr Russell.



Rice assails Chavez over TV
station closure, calling it
‘acute’ move against democracy

@ PANAMA CITY, Panama

>
Do you like Rockets, Robots
and Submarines ?
Then Keep Reading...
Camp InnoWorks Bahamas

CD



SECRETARY of State Condoleezza Rice on Monday
assailed Venezuelan leader Hugo Chavez for the closure of a key
opposition television station that has prompted mass protests,
calling it the “sharpest and most acute” of his moves against
democracy, according to Associated Press.

“Everyone recognizes that when you start closing down tele-
vision stations because they express opposition to the leadership,
that that is, in fact, a strong move against democracy,” she
said. :

“It is not the first in Venezuela, but it is perhaps the sharpest
and most acute,” Rice told reporters aboard her plane en route
to a meeting of foreign ministers of the Organization of Amer-
ican States in Panama.

She said she expected the meeting to produce a
statement of support for freedom of the press and expression in
the Americas, including Venezuela, and noted that some
OAS members and officials had already spoken out on the
matter.

“I do not see how closing down an opposition television sta-

tion, literally because they have taken you on and take on your
policies, can be seen as anything but antidemocratic,” Rice
said. .
Protests have surfaced at most of Caracas’ public and private
universities since the opposition-aligned channel RCTV was
forced off the air May 27 by Chavez's decision not renew its
license.

The demonstrations have spread to other universities nation-,
wide. ‘

“This is not an issue between the United States and
Venezuela. This is an issue between those who stand for demo-
cratic principles and those who don’t,” Rice said. '

Those who are protesting the closure “are doing so because:
they believe in Venezuelan democracy,” she said.

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The Tribune

TUESDAY, JUNE 5, 2007

SECTION



Sinaia

HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE
Tel: (242) 356-7764



FREEPORT OFFICE
Tel: (242) 351-3010





business@tribunemedia.net

Miami Herald Business, Stocks, Analysis, Wall Street



.



Concern on insurance
broker/agent licences

Sector fears that regulator’s approving and issuing of licences ‘like
confetti’ will saturate market and allow in unqualified firms

ee maemo ema wanes enews

@ By NEIL HARTNELL
Tribune Business Editor :
—_—

nsurance industry exec-
utives yesterday
expressed concerns to
The Tribune over the
amount of agency and
brokerage licences currently
being approved by the Regis-
trar of Insurance, fearing that
this could damage the interests
of the insured Bahamian public
by saturating the market with
an influx of poorly-qualified
companies.
Industry sources said the
Registrar’s office, which acts as



B By NEIL HARTNELL
Tribune Business Editor



GLOBAL United, the shipping, trans-
portation and logistics company headed by
the PLP’s Clifton general election candi-
date, Jackson Ritchie, was yesterday said by
sources to be seeking to raise $11 million in
new capital through a private placement.

The Tribune understands that some $4.5
million of the intended offering proceeds
will be used to either redeem or replace
preference shares issued by Global United.

The bulk of those preference shares,
some $3.5 million, are understood to be
held by Colinalmperial Insurance Compa-
ny, which inherited them when it acquired
Imperial Life in late 2004. The remaining $1

million is due to be redeemed.

It is thought that the remainder of the
capital raised is likely to be put to opera-
tional use by Global United, rather than
employed to help fund the company’s Dis-



Global United

the sector regulator, was “giving

out brokers licences like con-
fetti”, potentially overloading
the Bahamian market with new
agents and brokers who would
all have to compete for a rela-
tively finite share of business,
When contacted by The Tri-
bune, Jeanine Lampkin, the
Bahamas Insurance Brokers
Association’s (BIBA) presi-
dent, confirmed that both she
and her organisation were con-
cerned about the number of
new insurance broker/agency
licences currently being issued.
The concerns involved two
angles - oversaturating the mar-

ket, and the professionalism
and quality of some of the new
broker/agent entrants.
Insurance industry executives
have told The Tribune that the
process by which applicants
qualified for an insurance
agent/broker licence in the
Bahamas, and how they were
vetted by the Registrar of Insur-

-ance, lacked uniformity and a

set criteria to follow.
Applicants have to produce
evidence of a minimum
$10,000 in paid-up capital for
their companies, a threshold
some believe is not high enough
to keep out potential ‘rotten

apples’.

Applicants also have to pro-
duce evidence of good charac-
ter and that they are ‘fit and
proper’ persons to run and own
an insurance agency/brokerage,
plus hold the appropriate indus-
try qualifications.

Applicants who do not pos-
sess Chartered Insurance Insti-

tute or similar qualifications

currently have to sit and pass

an exam, but industry sources .

told The Tribune that the sector
has called on this to be updated
for vears, preferably through
its replacement by a recognised
professional exam.



covery Cruise Line’
acquisition that was
unveiled in January
2006 with the sign-
ing of a Letter of
Intent.

Mr Ritchie did
not return The Tri- —
bune’s call seeking
comment yesterday,
as the fate of the
Discovery Cruise
Line purchase
remains unclear.
Several sources had
suggested that
Global United was having difficulty in rais-
ing the necessary financing to close the deal
for the cruise line, which brings 200,000
cruise passengers to Freeport annually, hav-
ing sailed between Florida and Grand
Bahama for 19 years.

- B RITCHIE

seeking $11m



al United said the due diligence process
was not complete, and it would make an
announcement about a new closing date

later. Nothing has been forthcoming since.

Yet Global United is an extremely prof-
itable entity, sources having told The Tri-
bune that it collectively generated $4 million
in net income during its 2005 and 2006
financial years.

It is understood that the release of the pri-
vate placement’s prospectus was delayed
until after the May 2 general election, so it
would not become caught up in politics as a
result of Mr Ritchie’s candidacy.

Global United is seeking to raise the $11
million through a private offering or place-
ment, targeting and marketing this only to
sophisticated investors - institutions and
high net worth individuals.

It is not a public OngEnE, and therefore

SEE page 11



In an announcement in mid-2006, Glob-

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*Based on a $200,000, 30 year term mortgage with a monthly rebate invested in the Fidelity Bahamas Growth & Income Fund

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The Tribune was yesterday
told that Dr Roger Brown, the
Registrar of Insurance, was out
of office until June 11 when it
called seeking comment. A
detailed telephone message left
for Pauline Sherman, his
deputy, specifying the nature

of the inquiry was not returned '

before press time last night.

Problems with a minority of

brokers/agents in the Bahamas
are nothing new. The Tribune
knows of at least two bro-
kers/agents who failed to pass
on premium income due to the
Bahamian insurance carriers on
whose behalf they were issuing

Nassau/PI air arrivals

client policies.

The standard commission
rate for Bahamas-based bro-
ker/dealers is usually around 15
per cent, but these two particu-
lar cases combined have result-
ed in a variety of insurance car-
riers being owed hundreds of
thousands of dollars.

The total sum owed from
these two episodes is thought
to be more than $2 million. The
Tribune knows the names of
the agents/brokers involved but
cannot name them for legal rea-

SEE page 12



decline 7% in 2007 Q1

@ By NEIL HARTNELL
Tribune Business Editor

AIR arrivals to Nassau/Par-
adise Island, where the bulk of
the Bahamian hotel product
resides, were down by 7 per
cent for the 2007 first quarter
compared to the same period

last year, Ministry of Tourism ,

data has revealed, confirming
Prime Minister Hubert Ingra-
ham’s Budget prediction that
this nation’s “tourism perfor-
mance” was going to come

Major Bahamas destinations
suffer arrivals declines during
first three months, with cruise
passenger spending now at
just $56 per head

under increasing pressure this
year.

For. the three months to
March 31, the Ministry of

SEE page 6

Bahamas facing ‘huge
development challenge’

@ By NEIL HARTNELL
Tribune Business Editor

THE Bahamas must match
efforts to attract foreign direct
investment and private capital
to develop its tourism industry
with a complementary environ-
mental protection regime, the
Caribbean Development Bank
(CDB) has warned, with this
nation facing “a huge chal-
lenge” to produce sustainable
Family Island development.

In its annual economic report _

for 2006, the CDB said the

Bahamas’ “heavy reliance on
tourism will require equally
strong effort to conserve the
environment, both physical and
social, and prevent its degrada-
tion”.

It added that while develop-
ing a “robust and diversified”
tourism industry was fine, the
scale of projected development '
meant that future economic,
social and cultural impacts were
difficult to quantify.

SEE page 11

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Bay with 200 feet of wide beautiful sand beach makes this property one of
the most desirable in Lyford Cay. The property consist of two lots with a

total of |.5 acres.

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f 242.362.6098
FAGE 2B, TUESDAY, JUNE 5, 2007

THE TRIBUNE



INSIGHT

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Insight on
Mondays



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2006
No.00229

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
Equity Side

IN THE MATTER OF ALL THAT piece parcel or tract of
land containing 27. 508 acres and situate westward
of the settlement of Port Howe in the Island of Cat Island
in the Commonwealth of the Bahamas ~
oes AND ‘
IN THE MATTER of the Quieting Titles
Act, 1959
AND
IN THE MATTER of the Petition of Rebecca Bain

Notice
NOTICE is hereby given that Rebecca Bain, of the
i settlement of Bain Town in the Island of Cat Island, one of the
Islands of the Commonwealth of the Bahamas claims to be the

Owner of the unincumbered fee simple estate in possession of
the land hereinafter described that is to say:-

ALL THAT. piece parcel or tract of land
containing Twenty-seven and Five hundred and Eight
hundredths(27,508)acres situate westwardly of the settlement
of Port Howe in the said Island of Cat Island being a portion
of a tract of land originally granted by the Crown to Samuel
Gambier which said piece parcel or tract of land is known
as and called “New Field” which said piece parcel or tract
of land is bounded on the NORTH by Queen’s Highway and
running thereon Two thousand Two hundred and Nineteen and
Twenty-nine hundredths (2,219.29) feet more or less on the
NORTHEAST by land now formerly the property of Cat Island
Deep South Association and running thereon One hundred and

| Seventy-eight and Seventy-seven hundredths: (178.77) feet
more or less on the SOUTH by the sea and running thereon
Two thousand Four hundred and Nineteen and Seventy-six
hundredths(2,419,76) feet more or less on the NORTHEAST
by the sea running thereon Four hundred and Twenty-two
and Six hundredths (422.06) feet more or less and on WEST
by land now or formerly the property of N.J. Love and
running thereon Eight hundred and Ninety-two and Fifty-eight
hundredths (892.58) feet more or less and has made application
to the Supreme Court of the said Commonwealth of the Bahamas
under Section 3 of the Quieting Title Act, 1959 to have their title
to the said land investigated and the nature and extent thereof
determined and declared in a Certificate of Title to be granted
by the Court in accordance with the provisions of the said Act.

A Plan of the said land may be inspected during the hours of 9:
30am to 4:30pm, Monday through Friday at:

1. The Registry of ° the
Street, Nassau, Bahamas.
2. The Chambers of Martin, Martin & Co.,
The Pond Plaza, (East Bay and Ernest Sts.)
__ Nassau, N.P., Bahamas
Notice Is Hereby Given that any person
having Dower or right to Dower or any Adverse Claim
or Claim not recognised in the Petition shall on or before
the 27th, day of July, A.D 2007, file in the Registry of the
Supreme Court and serve on the Petitioners or the undersigned, a
Statement of their claim in the prescribed form verified by an
affidavit to be filed therewith. Failure of any such persen to file
and serve a Statement of the said Claim on or before the 27th
day of July, A.D.2007, will operate as a bar to such Claim

Supreme Court,

Dated this 4th day of June, A.D.,2007

Martin, Martin & Co,
Chambers

The Pond Plaza,

East Bay and Ernest Streets,
Nassau,N.P., Bahamas

ATTORNEYS FOR THE PETITIONER



his weekend past,

the Bahamas Base-.

ball Federation

hosted its fifth
Andre Rodgers National
Annual Baseball Champi-
onships, Games were held at
Freedom Farm, Pinewood
Park and the Junior Baseball
League of Nassau (JBLN)
facilities at St Andrew’s
School, I spent my entire
weekend (as I have done for
the past five Labour Day
weekends) supporting my ©
children participating in this

, tournament.

Despite the inclement
weather that persisted for
most of the weekend, the
championships involved
more than 300 players aged
from seven years-old up to
25 years-old in the senior
division, These champi-
onships also gave Bahamians
the chance to see many of the
Bahamians playing for high
schools and college pro-
grammes in the US.

Teams represented the
Bimini Little League, the
Exuma Baseball League, the
Grand Bahama Amateur
Baseball Association, the
Legacy Baseball League
(Grand Bahama), the Long
Island Baseball Association,
the Spanish Wells Baseball
Association, the Eleuthera
Baseball League, the Inagua
Baseball Association, the
Junior Baseball League of
Nassau (JBLN) and, finally,
the Freedom Farm Baseball
League,

The fact that so many base-
ball organisations exist
throughout the Bahamas is
most encouraging and com-

-mendable, as they provide a

positive and structured outlet
for thousands of Bahamian
youths during - and outside
of - baseball season, Credit
and recognition must be giv-
en to the hundreds of volun-
teers who serve as coaches,

Financial

Focus

By Larry Gibson |f



assistants, association offi-
cers, concession stand
helpers, groundskeepers and
untold numbers of persons
behind the scenes who make
the various leagues work.

Unnecessary politics

While there was much
about this tournament to cel-
ebrate, there was also much
that was extremely frustrat-
ing, counterproductive and
unnecessary. Many of the
tournament’s problems are
indicative of the sport’s prob-
lems from a broader perspec-
tive. -

I do not know enough
about baseball (or its politics)
to even begin to understand
the longstanding dispute
between the Bahamas Base-
ball Association (BBA),
which is recognised as the
national governing body for
the sport of baseball in the
Bahamas, and the Bahamas
Baseball Federation (BBF).
Further, even in the develop-
ment of youth baseball in
New Providence, there are
persistent tensions between
the JBLN and Freedom Farm
organisations,

In my opinion, the lack of
communication, coupled with
stubbornness and shortsight-
edness in many organisations,
is preventing baseball from
achieving its full potential.
Somebody needs to take the
lead in resolving the various
‘issues’ that are preventing
progress from being made.
The current situation is not
good for baseball, it is not
good for youth development,
and it is not good for national

development.

The situation is particularly
vexing when it comes to
youth leagues as “all little
Johnny wants to do is to play
baseball”. The youth players

. have no interest whatsoever

in “all the drama” involving
the league’s executives and
administrators,

In the US, youth leagues
play close to 40 games per
season, while in the Bahamas
we struggle to get our chil-
dren 20 games per season
(assuming they go all the way
to championship games), Our
collective focus should be on
finding creative ways for the
various leagues to cooperate,
so that our children can play
more games, their skills
improve and teams become
more competitive when they
travel to international tour-
naments. Coupled with this,
we need to somehow ratio-
nalise and bring transparency
to the process of selecting so-
called national teams, Irre-
spective of the international
tournament, many of the so-
called national teams tend to
seem like selections from a
particular league (or in some
cases, particular factions)”
rather than being a national
undertaking.

Financing sports

Notwithstanding the
malaise that I write about in
today’s column, many sports
enthusiasts complain con-
stantly that corporate spon-
sors are not giving enough,
What is the incentive to give
more when the underlying
structure is so fractured?
Sponsors do not want to get
involved in a confusing and
conflict-ridden situation.
While it is laudable that the
most recent Budget increased
the allocation for sports
grants by $1 million or 100
per cent, corporate Bahamas

uccess only comes
‘batting together’

must continue to play a major
part. However, the major.
federations must first demon-
strate leadership, organisa-
tion, transparency and
accountability if sports fund-- .
ing is to move to the next lev-
el, :

There are enough people
(parents and others) who
possess the necessary organi-
sational skills to create effi-
ciencies and eliminate petty
conflicts that waste time and
damage our budding young
sportsmen, While everybody
means well, the infighting
and stubbornness is doing
baseball and many other
sports a tremendous disser-
vice, SO much more can be
achieved with unity and ~
cooperation.,,but we simply
are not there yet.

Isn’t it ironic that the word
TEAM is often said to be an
acronym for “Together,
everybody achieves more’?
Sadly, some seem to be over-
looking this simple truism
when it comes to sports
administration,

Quo vadis baseball?

Until next week...

NB: Larry R. Gibson, a
Chartered Financial Analyst,
is vice-president - pensions,

_ Colonial Pensions Services

(Bahamas), a wholly-owned
subsidiary of Colonial Group
International, which owns
Atlantic Medical Insurance
and is a major shareholder of
Security & General Insur-
ance Company in the
Bahamas.

The views expressed are
those of the author and do
not necessarily represent
those of Colonial Group
International or any of its.
subsidiary and/or affiliated
companies. Please direct any
questions or comments to
rigibson@atlantichouse.com.
bs ,

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THE MARKETS

STOCKS, MUTUAL FUNDS, 7B

DOW30 —*13,676.32—«+8.21
SgP500 1,539.18 #2.84
NASDAQ 2,618.29 +4.37 ‘
io-venote «6 4.93 03
CRUDE OIL “13 A

Stocks -
edge up
as selloff
Here

BY JOE BEL BRUNO
Associated Press
NEW YORK — Wall Street
recovered from a mostly down _
_ session Monday, eking out a_
- gain as investors brushed off
another slide in Chinese stocks.
The market had little in the —
way of corporate or economic —
news to give it direction, but —
while it was in negative terri-
tory for much of the day, in the
end it shook off a slide in the :
benchmark Shanghai Compos- —
iteIndex. —
Investors used Monday t
adjust positions after both th
‘Standard & Poor’s 500 index —
and Dow Jones industrial aver- 5
age surged to record closes in —
the previous session. The | ‘mar-
ket was encouraged by eco-
nomic data released last week
that suggested the economy was
_ slowing, but not too quickly, —
and inflation remained in check. _
___ “I think you're seeing a com- —
bination of investors wanting to
take some profit on a Monday —
morning, and some fear because ©
of what happened in China,”
said Ryan Detrick, a senior
. technical strategist for Schaf- .
_fer’s Investment Research.
“There’s really no major drivers
_ in the market, so we’ re really”
_ just meandering along.” _
The Dow rose 8.31, or 0
_ percent, to 13,676.32.
- Broader stock indicat
_ were also narrowly higher. The
S&P 500 index rose 2.84, or 0.18
percent, to 1,539. 18, ‘and the
_ Nasdaq composite. index rose
; 437, or 0.17 percent, to 2,618.29.

*




























Es trading high of 1,552.87, set i
‘March 2000. Last week, the
Dow posted a 1.19 percent gain

~ the S&P 500 index rose 1.36 per-

_. cent; and the Nasdaq composit

_ index added 2.22 percent.

The bond market moved
higher, with the yield on the 10-

_ year Treasury falling to 4.93 ©
‘percent from 4.96 percent late

Friday. = :

Oil prices rose after a Nige-

rian militant group announced a

one-month cease-fire, and a U.S.

gasoline pipeline was restarted.

A barrel of light sweet crude —

rose $1.13 to $66.21 a barrel on —

‘the New York Mercantile —

Exchange. ’
Michael Sheldon, chief mar-
ket strategist at Spencer Clarke,
said the near term will be domi-
nated by higher energy prices
and bond yields — two catalysts
that could cause the equities
market to pull back. He believes
there’s complacency among
investors, and that the market
will need a correction before
resuming an advance later in
the summer.

“Given continued uncer-
tainty in the housing sector, and
rising energy and food prices, it
appears likely to us that we
should have a period of consoli-
dation or profit taking before
the market turns higher again,”
he said.

Advancing issues outnum-
bered decliners by about 4 to 3
on the New York Stock —
Exchange, where consolidated
volume came to 2.69 billion
shares, compared to 2.85 billion
on Friday.

The Russell 2000 index of
smaller companies was up 1.68,
or 0.20 percent, at 855.09.

Overseas, Japan’s Nikkei
stock average closed up 0.08
percent. At the close, Britain’s
FTSE 100 was down 0.19 per-
cent, Germany’s DAX index
dropped 0.14 percent, and —
France’s CAC-40 shed 0.69 per-
cent.




' TUESDAY, JUNE 5, 2007

BUSINESS

Che Miami Herald |



U.S. SUPREME COURT

3B

INTERNATIONAL EDITION

+ Justices address credit reporting standards

BY PETE YOST
Associated Press

WASHINGTON — The Supreme
Court ruled in favor of two large
insurers Monday, limiting the cir-
cumstances under which companies
must tell customers their credit rat-
ings are affecting the amount they

ay.

The justices said Geico did not
violate the Fair Credit Reporting Act

‘and that Safeco might have, but did

not do so recklessly.

Consumer groups point to the
notification requirement as the cor-
nerstone to cleansing credit reports
of inaccurate information.

The case has significant implica-
tions for pending class-action law-
suits seeking billions of dollars in
punitive damages on behalf of con-

On Monday, the Shanghai Index
tumbled to 3,670.40, falling for the
third time in four sessions since the
government raised a tax on trading
last week to cool a market boom.
The index had dropped 2.7 percent
Friday. The Shenzhen Composite
Index for China’s smaller second
market fell 7.9 percent to 1,039.90.

It was Shanghai’s biggest decline
since Feb. 27, when the main-mar-
ket composite index slid 8.8 per-
cent, triggering selloffs in Hong
Kong, New York and London.

“There is the risk that this snow-
balls into a crash. Sentiment is so
fevered that a bubble could burst,”
said Claire Innes, an economist in
London with the consulting firm
| Global Insight.

But the effect of the Chinese
decline on markets abroad was
expected to be limited because Bei-
jing keeps its markets largely iso-
lated from global financial flows.
Most Chinese shares are off-limits
to foreign investors and financial
controls prevent most Chinese
from investing abroad.

Beijing is trying to cool a boom
that by last week had pushed up
Chinese stocks more than 50 per-
cent since the start of the year. The
rally has attracted millions of first-
time investors who are pouring
their savings into the market.

Government financial newspa-
| pers tried to reassure investors
with front-page editorials Monday
that said the tax hike on stock
| trades — from 0.1 percent to 0.3



sumers who say they should have
been notified, but weren't.

In order for a company to be
found liable, its conduct must entail
an unjustifiably high risk of harm that
is either known to a company or is so
obvious that it should have been
known, wrote Justice David Souter.

“It’s not a great decision for con-
sumers, but there are some silver lin-
ings,” said Scott Shorr, a Portland,
Ore., attorney representing plaintiffs
in the case against Safeco and Geico.

The court ruled that the law’s noti-
fication requirements apply to initial
applicants, which means new cus-
tomers will be informed when their
credit scores affect the rates they’re
being quoted.

But the court overturned an
appeals court ruling that would have

ASIAN STOCKS



DROP OF 8.3 PERCENT: Chinese look at falling stock prices Monday on an electronic board at the stock
market in Zhengzhou, China. China’s main stock index had its biggest one-day plunge since a
February fall that triggered a global selloff.

CHINA TUMBLES

CHINESE STOCKS HAVE BIGGEST DAILY DROP SINCE FEBRUARY’S
PLUNGE, BUT GLOBAL BOURSES STAY STEADY

BY JOE McDONALD
Associated Press

BEIJING — China’s loss appears to be other Asian stock markets’ gain.
While Chinese stocks plunged 8.3 percent Monday for their biggest
one-day fall since a February drop that triggered a global selloff, markets
in Australia, Indonesia, Singapore, South Korea and the Philippines —
rose to record highs. Tokyo’s Nikkei 225 index edged up 0.08 percent,

while Hong Kong’s benchmark index rose 0.6 percent.

percent — would be good for the
market by encouraging longer-term
investment in better stocks.

But blue chips were hammered
as shares in about 1,000 of the 1,400
companies on the main “A”-share
market fell by the maximum daily
limit of 10 percent. They included
Tsingtao Brewery and China Petro-
leum & Chemical, also known as
Sinopec, two of China’s most prom-
inent companies.

Beijing has given no sign how
much it wants prices to fall, but
economists say Chinese leaders
might consider 20 to 25 percent the
right level to restore order to the
market.

Drops in Chinese prices last
week caused brief declines in mar-
kets in Tokyo, Hong Kong and else-
where.

Analysts have been warning of a
possible Chinese correction for
weeks, reducing the element of sur-
prise for investors abroad.

Philippine shares appeared to be
benefiting from the sell-off in China
as some foreign investors shift
funds to elsewhere in the region,
said Lawrence de Leon, an analyst
at Accord Capital Equities in
Manila.

“A lot of money is going out of
the China equities and are moving
into other Asian markets, among
them the Philippines,” he said.

Even with the declines since last
week, the Shanghai index is still up
more than 37 percent since the start
of the year, after more than dou-



required notification of the vast
majority of customers. Notification
would have been the rule unless con-
sumers were paying the very lowest
rate offered to those with the very
best credit ratings.

Under such an expansive notifica-
tion standard, Safeco would have
been required to notify 80 percent of
its new customers, while at Geico,
just 10 percent of new customers
qualify for the top tier of credit, law-
yers representing the companies say.

The court agreed with Geico’s
approach, which was to compare the
rate a customer is being offered with
the rate that would be charged if the
company had not taken the credit
score into account.

The companies lost on their con-
tention that in order to be found lia-



AP PHOTOS



BOOM COOLING? An investor
walks by an electronic board
showing stock movements and
prices at a stock exchange in
Shenyang, China.

bling in 2006. It has dropped 15 per-
cent since last Tuesday’s all-time
high of 4,334.92. |

The surge has been driven by |
strong corporate profits and an |
influx of money from Chinese
investors, who have opened mil-
lions of new trading accounts
and are dipping into theirs savings
and mortgaging homes to buy
stocks.

Authorities have warned that the
new money could be fueling a bub-
ble and they say novices could be |
hurt by a sharp fall in prices. |

Regulators are facing conflicting
pressures as they try to develop
China’s markets into a source of
financing for economic reform
while also trying to discourage |
speculation, said Global Insight’s |
Innes. |

ble for a willful violation, it must be
shown that they knew they were
breaking the law. The court said
“reckless disregard” was sufficient.
But the justices laid down a restric-
tive definition.

The court’s ruling on the liability
question was unanimous, while the
decision on notification was 7-2.

On the liability question, the court
supported “a middle-of-the-road
position,” said Gene Schaerr, chair of
appellate and Supreme Court prac-
tice at the law firm of Winston &
Strawn. “The court adopted what ini-
tially would have been a pro-plaintiff
position, but in actually applying the
definition, they have a very narrow
interpretation of ‘reckless.’ ”

Credit agencies generate over 1.5
billidh consumer reports per year.

AIRLINES —

Carriers

compete

in new
discount
market

BY JOSHUA FREED
Associated Press

MINNEAPOLIS — Any airline
traveler munching on pretzels for
dinner instead of a free airline meal
knows a little something about how
America’s largest carriers have reor-
ganized to compete in a world of dis-
count carriers and high fuel prices.

The last few years brought bank-
ruptcy reorganizations by Northwest,
Delta, United and U.S. Airways, and
the turnarounds just ended last week
with Northwest’s emergence from
bankruptcy protection.

Those carriers, and the ones that
stayed out of bankruptcy, have
trimmed unprofitable routes and fly
fuller planes on the routes that are
left. Workers took pay cuts at the
bankrupt carriers as well as Ameri-
can Airlines, which narrowly avoided
bankruptcy in 2003.

In recent years, price competition
from discounters held fares relatively
low even as jet fuel prices rose and
older airlines lost money because of
heavy debt and the expenses of an
older work force, such as pensions
and retiree healthcare. But bank-
ruptcy helped them shed or reduce
those costs. And full planes mean air-
lines are closer to something they
covet — “pricing power,” or the abil-
ity to raise prices to cover their
expenses.

Older airlines like Northwest are
“going to have a little more pricing
power than there was in the past,”
said aviation consultant Mike Boyd,
president of The Boyd Group in
Evergreen, Colo.

Not all the airlines have changed
in the same way. Northwest will soon
go from having one of the oldest
fleets in the business to one of the
newest as it adds new 76-seat
regional jets and, next year, takes
delivery of Boeing’s new 787 “Dream-
liner.” UAL’s United did relatively
little to change its fleet, said Darryl
Jenkins, who teaches airline manage-
ment at Embry Riddle Aeronautical
University in Daytona Beach, Fla.

Both new jets will fill key needs
for Northwest. The 787 will replace
the larger 747 on some routes — giv-
ing Northwest a cheaper plane that’s
desirable for passengers and easier to
sell out. And the new regional jets
will do the same thing on the smaller
domestic cities Northwest serves.

“Going into the future we will see
more crowded planes. Having empty
planes is a luxury we no longer
have,” he said.

One thing that hasn’t changed is
the intense airline competition —
although that’s less true in North-
west’s so-called “fortress hubs” of
Minneapolis, Detroit and Memphis.
After Sept. ll, many expected some
airlines to go out of business. Six
months ago, airline mergers were
thought likely. Instead, the players
are mostly the same today as they
were five years ago.



eat dd me

7 FF FKP RK KP RE RR RTO ROT RTE ERA ER ESSERE SRR TOSSES ESSE SBEVA STRESS OSE CREST AREC ESSE SCT SED BEBE Baw ere ew ee ~ He
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THE TRIBUNE TUESDAY, JUNE 5, 2007, PAGE 5B

Top banking regulator:



«!



INSIGHT:

For the stories

behind the news,
read Insight
on Mondays

Reform urgently needed.

* Singapore ahead of Bahamas in attracting top
executives through work permits for spouses
* Foot: ‘Some of the problems here are so serious
and so deep-rooted that without the will to sweep
away old restrictions, and to make wholesale
reform, progress is going at best to be halting’

he outgoing

Inspector of Banks

and Trust Compa-

nies has warned
that the Bahamas will find it
increasingly difficult to
attract the key professionals
it needs to grow its financial
services industry unless it .
pursues a more enlightened
immigration policy like its
competitors.

Addressing the Rotary
Club Nassau Sunrise,
Michael Foot compared the
Bahamas’ immigration treat-
ment of a banker to how this
man was dealt with in Singa-
pore, from where he had
recently transferred.

Mr Foot pointed out that
Singapore was “the Bahamas’
most obvious rival for inter-
national private banking”,
and the banker in question ©
had recently received his
work permit from the Singa-
pore authorities.

“With it was a letter saying
that although he hadn’t asked
for one, they had included a
work permit for his spouse in
case she wanted to work,”
the Inspector of Banks and
Trust Companies said.

Given that this was not the
practice in the Bahamas, he
added: “Ask yourself which
country, Singapore or the
Bahamas, will find it easier to
attract ambitious and able
- young professionals that it
needs going forward?’”

Mr Foot, who is employed
by the Central Bank of the
Bahamas, said this nation
needed to separate its immi-
gration policy for the finan-
cial services industry - and
need to attract world-class
professionals, with the con-
tacts, clients and expertise
necessary to grow the sector -
from the illegal immigration
policy.

Financial

The Bahamian financial
services industry has long
been concerned about the
Immigration Department’s
approach to work permits for
the industry, as without them
international banks and trusts
are likely to view the
Bahamas as unattractive
because they cannot get their
own people from headquar-
ters to head the operation
here.

Concerns have frequently
been expressed about the
length of time take to
approve financial services
work permits and other per-
mits that impact the sector,
such as permanent residency.
The former PLP government
moved to deal with this, issu-
ing a policy framework that
governed how financial work
permit applications would be
processed, providing contact
points for the sector and
committing to turn around

Major firm in the financial and legal services
industry invites applicants for the position of:

LEGAL SECRETARY

- Minimum five years experience in

Litigation

(with ability to draft documents)
- good typing and shorthand skills
- ability to work independently

- attractive benefits

- salary commensurate with experience

Reply in confidence to:
Email:glosbastian@hotmail.com





®



applications within a certain
time period.

Meanwhile, Mr Foot told
Rotarians that while no gov-
ernment had the resource to
tacle all problems at once,
financial services reform was
essential.

“Some of the problems
here are so serious and so
deep-rooted that without the
will to sweep away old
restrictions, and to make
wholesale reform, progress is
going at best to be halting,”
Mr Foot said.

He acknowledged that
there were “lots of wonderful
things about the Bahamas
and strengths that it possess-
es”, but “it’s only natural for
me as a regulator, to focus on
the future dangers”.

Mr Foot praised the
Bahamas’ anti-money laun-
dering legislation and other
defences against white-collar
criminals as “quite good”, but
this nation needed “to do
better [on] catching and pun-
ishing the international con
men who plague jurisdictions
like this” if it was to preserve
its reputation.

He added that it was key
for Bahamian financial ser-
vices executives to speak lan-
guages other than English, as
this would raise the industry
labour force’s competitive-
ness. The Bahamas also
needed to improve upon its
D+ national BGCSE grade
average.

On the need for another
five-year development plan
for the financial services
industry, Mr Foot said:
“There desperately needs to
be another one, borne out of
frank and open discussion
and, so far as possible, bi-par-

“Oonly then will there be a
reasonable chance that the
Government’s limited legisla-
tive time and resources for

. the financial sector is used as

well as it can be.”



» y
‘»

BSI OVERSEAS (BAHAMAS) LIMITED

BSI Overseas (Bahamas) Limited is a wholly owned subsidiary of BSI SA, Lugano, a
bank established in Switzerland in 1873, which in turn is wholly owned by
Assicurazioni Generali SpA, one of Europe’s largest insurance groups. The Bank,
which is celebrating its 38" anniversary in The Bahamas this year, is once again
seeking to recruit :

TRAINEE CUSTOMER RELATIONSHIP OFFICER

who after orientation and initial familiarization at BSI Overseas (Bahamas) Limited,
Nassau, will be sent for training to our head office, BS! SA in Lugano, Switzerland,

KRAKKKKKEKEKEKERER

The successful candidate must have the following qualifications and qualities:~

- new Bahamian university graduate who graduated this year or previous year
with degree in Finance &/or Economics.

- candidates looking for opportunities in the field of Private Banking to
eventually become a Customer Relationship Officer.

- mature, motivated, dedicated, flexible, team player and excellent inter-
personal & communication skills.

- affinity to foreign languages and willingness to analyse, design and propose
solutions.

YOUR FUTURE WITH BSI

We are offering the successful candidate the opportunity to spend approximately a
half year in an innovative training programme at our head office in Lugano,
Switzerland, to attend full-immersion Italian classes and to be involved in a dynamic,
energetic, action-oriented training system. All classroom sessions are conducted in
Italian. The programme includes on-and-off the job training periods dealing with
technical aspects such as banking operations, portfolio management and wealth
management. Personal competence in team building, project management and
presentation skills will also be developed. After the training period in Lugano the
candidate will return to Nassau for further training and to begin his/her career with
BSI Overseas (Bahamas) Limited.

interested persons with such qualifications should submit their resume/curriculum
vitae to:-

Human Resources Manager

BS! Overseas (Bahamas) Limited
Bayside Executive Park

West Bay Street & Blake Road

P, 0, Box N-7130

Nassau, Bahamas

fax no. (242) 702 1253 | email: julie.benjamin@bsiob.com

(ABSOLUTELY NO PHONE CALLS PLEASE)
Only applicants having the above attributes will be contacted.



Join Cititrust

(Bahamas) Limited,
one of the most
established trust

BUSINESS RISK OFFICER

ROLE RESPONSIBILITIES

British Colonial Hilton

Nassau

Reporting to the Head of Business Risk Management, the position
is responsible for assisting with the implementation and ongoing
monitoring of business risk management program initiatives. Key
responsibilities include ensuring that policies and procedures, as
well as legal/regulatory requirements are implemented, managed
and updated. Additional responsibilities include assisting with
internal and external audits and regulatory inspections, monitoring
mandatory training, preparation of risk management reports, and,
participation on related projects as assigned.



organizations in the
world.




is inviting applications for a:
¢ FOOD & BEVERAGE MANAGER






Responsible for the overall organization, sales and profitability of the Food
and Beverage Department including restaurants, bars, banquets, room
service, mini bar departments

We invite outstanding
individuals, wanting to build a
career in trust and estate
management services, to be part
of our dynamic global team. You
will interact with colleagues from
around the world and across the
organization, providing
specialized services to our high
net worth clients and their
families.








The successful applicant must have:
¢ 5-7 years comprehensive experience in Food and Beverage Management
| inclusive ”

of the above areas with a proven record of accomplishments

Strong product knowledge of food and beverage including current trends
in the business.

Excellent use of creativity with ability to develop calendar of events,
special promotions and activities.

Experience in menu engineering both food and wine.

Strong leadership skills with ability to select, train and

develop employees, maintaining a positive and productive

environment

Excellent guest and employee relation skills

Excellent communication skills (oral and written) and strong
organizational abilities

The ability to proactively and successfully manage the financial aspects
of the food and beverage operation including budget preparation;
revenue enhancement; and food and beverage cost control

Thorough working knowledge of Microsoft Word and Excel, and
Micros.

Experience in renovating and refurbishing food service facilities.









KNOWLEDGE/ SKILLS REQUIRED

The ideal candidate will possess an advanced degree or
professional qualification in Law or related field and a minimum of
2-4 years of related experience in Compliance, Business Risk
and/or Trust Administration. Additionally, a strong understanding
of the local regulatory environment and of ongoing international
initiatives is required. STEP qualifications are an asset. Strong oral
and written communications skills, excellent organizational skills,
the ability to work with minimal supervision and an aptitude for
analyzing and solving problems are also required.


















Interested Bahamian candidates
should forward a copy of their
resume by June 22, 2007 to:
Human Resources, Cititrust
(Bahamas) Limited, P.O. Box N-
1576, Nassau, Bahamas OR
Fax: (242) 302-8732 OR Email:

janice.gibson@citigroup.com








Challenge
yourself to a career like no other

A Bachelor’s Degree in Hotel Management will be an asset






Resumes should be submitted to:
Director of Human Resources
BRITISH COLONIAL HILTON, NASSAU
1 Bay Street
Nassau, Bahamas
Fax: 242-302-9040

E-mail: recruitment.nassau @hilton.com






PAGE 6B, TUESDAY, JUNE 5, 2007

BUSINESS

THE TRIBUNE



INSIGHT

For the stories behind

Blew) eer merle Lg
on Mondays |

| NOTICE














A LEADING ENERGY DISTRIBUTOR

ON GLADSTONE ROAD, SEEKS THE

POSITION OF STRATEGIC MARKETING
AND OPPERATIONS MANAGER.

- Must Possess Knowledge Of Lpg Fuels,

Tanks And Accessories

- Have Knowledge Of Real Estate Market
Locally, So That Needs Are Met.

- Able To Promote Company Via Internet,
Radio, Newspaper, And Other Marketing
Methods.

- Graphic Design/computer Skills Essential

‘- French Language Would Be An Advantage
- Must Have A Valid Driving License.

Salary Is Commensurate With
Ability And Experience.

Applications To Be Addressed To

The Human Resource Manager
_ At Cb-13207 By June 15th, 2007.

REQUEST for PROPOSALS




























DISPLAY ADVERTISING
CONCESSION

AT
LYNDEN PINDLING INTERNATIONAL AIRPORT







Nassau Airport Development Company Limited (NAD) is.inviting
proposals for the installation, placement, maintenance and operation
of advertising displays, posters, direct line reservations, advertising
kiosks, interactive displays, and other advertising media, including
outdoor billboards as approved by NAD for the interior and
exterior of the air terminal buildings at Lynden Pindling
International Airport. The successful Proponent will be required
to finance, develop, implement and manage an innovative and
dynamic airport advertising program. The program is to support
NAD’s goals, incorporate local culture and a Bahamian “Sense
of Place” in media concepts, be entertaining and use state-of-the-
art technologies and equipment.

Proponents must have engaged in the management and operation
of in-terminal advertising concessions for no fewer than two (2)
advertising programs for airport entities. ranging from 500,000 to
3,500,000 in total passenger traffic for at least two (2) years






Qualified and interested parties may contact the Vice President,
Commercial Development at NAD for further information or to
receive the Request for Proposal package. A pre-proposal bri¢fing fj
will be held in NAD’s Boardroom at the airport on June 5 at
10:00am.

Telephone: (242) 377-0209 « Facsimile (242) 377-0294
Email john.spinks@nas.bs

,



NA

Nassau Airport
Revrsinpment Company





=p isis) ahs

Pricing Information As Of:
Monday, 4 June 2007



Securit
Abaco Markets
Bahamas Property Fund
Bank of Bahamas
Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas
Colina Holdings
Commonwealth Bank
Consolidated Water BDRs
Doctor's Hospital
Famguard
Finco
FirstCaribbean
Focol
Freeport Concrete
ICD Utilities
J. S. Johnson
Premier Real Estate

52wk-Low
0.54
11.00
7.10
0.70
1.30
1.20
3.00
1.80
10.60
4.22
2.40
5.54
11.25
12.43
10.50
0.54
7.10
8.52
10.00

Fi

12.25 Bahamas Supermarkets
10.00 Caribbean Crossings (Pref)
0.20 RND Holdings




Hee Haat
8.00 ABD.





New Providence/PI air
arrivals decline seven
per cent in 2007 QI

FROM page 1

Tourism statistics revealed that
total tourist arrivals to the entire
Bahamas were down by just |
per cent compared to 2006,
largely due to an 8 per cent
increase in the Family Islands.

However, total arrivals to
Nassau/Paradise Island and
Grand Bahama, the two islands
that have the largest popula-
tions, hotel infrastructures and
where the economic benefits
trickle down most keenly, were
off by 3 per cent and 8 per cent
respectively compared to 2006
levels.

The 7 per cent and 4 per cent
drop in air arrivals to Nas-

sau/Paradise Island and Grand
Bahama during the 2007 first
quarter are especially concern-
ing, as these represent stopover
tourists who are, according to
the Government’s Budget pre-
sentation, responsible for 91 per
cent of all tourist spending in
the Bahamas. They spend an
average of $1,020 per head ona
stay in this nation.

The data is unlikely to be
news to the Bahamas Hotel
Association (BHA), though,
which earlier this year warned
that industry performance for
the peek first quarter - including
the New Year period - was
down on the previous yeaqr’s
comparatives.

Hoteliers attributed a variety
of factors to the performance

WANTED

SALES PERSONS
WITH 3 YEARS EXPERIENCE










PLEASE FORWARD RESUME TO:

Taylor Industries Ltd
P.O. Box N-4806
Nassau, Bahmas



EEE
Company is seeking to hire a SENIOR OFFICER
#2 who is able to run a small private bank and who
att







° Be the principal contact for our bank with all
regulators.

Run our bank when the Managing Director is not
in the office or on the island

Have either a CA or CPA designation.

Have experience making stock and bond
investment decisions.












We offer an attractive work environment and
compensation package based on your ability to
perform the functions of a Senior Officer #2 and
the level of new business that you can generate.




Submit resume and salary requirements in
confidence to: Seniornumber2@ yahoo.com



%CHG 00.04 / YTD 113.43 / YTD % 06.77
Change Daily Vol. EPS $ Div $
-0.282
1.548
0.737
0.129
0.243
0.067
0.949
0.245
1.152
0.112
0.234
0.694
0.787
0.977
1.657
-0.432
0.532
0.868
1.167



Weekly Vol. EPS $

: 43.00
14.60 14.00 Bahamas Supermarkets 15.50 14.00 1.234 1.125 12.6 7.71%
0.60 0.35 RND Holdings 7 0.55 0.45 0.021 0.000 26.2 0.00%
ee BIS Listed Mutual Funds —
Fund Name NA V YTD% Last 12 Months Div $ Yield %
1.3410 1.2897 Colina Money Market Fund 1.341016"
3.1827 2.9038 Fidelity Bahamas G & | Fund 3.1827**"
2.6629 2.3560 Colina MSI Preferred Fund 2.662852**
1.2443 1.1695 Colina Bond Fund 1.244286****
1
BEX! GLOSE 799.66 / YTD 97.76% / 2006 34.47%
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 MARKET TERMS YIELD - last 12 month dividends divided by closing price NAV KEY
52wk-Hi - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity
52wk-Low - Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity * - 25 May 2007
Previous Close - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price
Today's Close - 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 $ - A company's reported 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 see" - 30 April 2007



ie a - 30 April 2007

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

downturn, including the impact
of the Western Hemisphere
Travel Initiative (WHTI),
increased competition from
rival destinations such as Can-
cun, the lack of an aggressive
marketing campaign for the
Bahamas, with the Bahamaven-
tion initiative failing to make
the expected impact, and a looss
of room inventory associated
with upgrades such as the
Radisson Cable Beach’s con-
version into a Sheraton.

Cruise

On the cruise arrivals side,
for the 2007 first quarter there
was slightly better news, as total
cruise arrivals to the Bahamas
were up by 2 per cent compared
to 2006.

But again this was generated
by a 9 per cent increase in cruise
arrivals to the Family. Islands,
indicating once more that the
major cruise lines are increas-
ingly using their private islands
as either their first or only port
of call in the Bahamas. This has
the impact of either bypassing
completely Bahamian-owned
businesses in Nassau and
Freeport, or leaving them only
with the “scraps”, harming the









NOTICE

NOTICE is hereby given that JULIAN ROBERT JAKUSZ
OF BUEN RETIRO RD., P.O. BOX SS-5976 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 5th day of June, 2007
to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.

money multiplier and trickle
down effect for Bahamians.

Cruise arrivals to Nassau/Par-
adise Island in the 2007 first
quarter were down only mar-
ginally, by 1 per cent, upon
2007, while cruise arrivals to
Grand Bahama were’ off by 8
per cent compared to 2006.

The Government’ Budget
presentation exposed just how
little cruise passengers are con-
tributing to the overall Bahami-
an economy/tourism industry
when it talked about the impact
of the revised 2005 cruise
arrivals.

The document said that the
impact from the revision down-
wards of cruise arrivals on total
tourism spending in the
Bahamas was “expected to be

- minimal”, because cruise pas-

sengers only spent $56 per head
- compared to $1,020 for
stopovers - and accounted for
just 8.7 per cent of tourist
spending in this nation.

Cruise visitor arrivals for 2005
were revised downwards by
256,401, from 3,335,110 to
3,078,709, meaning that arrivals
that year fell by 8.4 per cent
compared to 2004, as opposed
to the original 0.7 per cent
decline estimate.



, Feel Notice
NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) CIGOGNE LTD is in dissolution under the provisions of the
international BusinessCompanies Act 2000.

(b) The Dissolution of said Company commenced on June 4, 2007
when its Articles of Dissolution were submitted and registered by

the Registrar General.

(c) The liquidator of the said company is Lakeisha Collie of 2nd Terrace

West, Centreville, Nassau, Bahamas.

(d) All persons having Claims against the above-named Company are
required on or before the Sth day of July, 2007 to send their names and
addresses and particulars of their debts or claims to the Liquidator of the
company or, in default thereof, they may be excluded from the benefit of
any distribution made before such debts are proved.

June 5, 2007

LAKEISHA COLLIE

LIQUIDATOR OF THE ABOVE-NAMED COMPANY
























The Law Chambers of
SEARS & CO.
is pleased to announce that
ALFRED M. SEARS, ESQ.
has returned to these Chambers as

Partner and Attorney-at-Law

Formerly Attorney General - May 2002 to January 2006
and Minister of Education - May 2002 to May 2007 of
The Commonwealth of The Bahamas,

Mr. Sears will head the Commercial, Litigation and
Corporate Practice areas of the Chambers.

Mr. Sears is admitted to practice at the Bars of New York
State, New Jersey State, District of Columbia, Jamaica
and The Commonwealth of The Bahamas.

#10 Market Street
P.O. Box N-3645
Nassau, N.P. Bahamas

Telephones: (242) 326-3481/2
Facsimile: (242) 326-3483
E-mail: seabet53 @ gmail.com
Web page: www.searschambers.com
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SREB SCS Pt Na aa ees SHC ee BED

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yO Sa

THE TRIBUNE BUSINESS

BluBank Ltd. and its subsidiaries

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

Consolidated Balance Sheet
December 31, 2006
(Stated in thousands of U.S. dollars)

Assets

Cash and cash equivalents (Note 3)

Trading securities (Notes 5 and 12)

Financial assets designated at fair value (Note 6,
Loans, net (Notes 4 and 12)

Investment securities (Notes 7 and 12)
Furniture and equipment, net (Note 9)

Other assets (Notes 10 and 12)

Total assets

Liabilities and Equity
Liabilities
Due to customers (Note 12)
Demand deposits
Time deposits
Total due to customers

Borrowed funds (Note 8)

Other liabilities (Note 12)
Accrued interest payable
Various creditors and other liabilities
Total other liabilities

Total liabilities

Equity
Share capital: ordinary share $1 par value,
20,000,000 shares authorized, total issued and
fully paid
Unrealized gain on available for sale securities
Retained earnings
Total equity

Total liabilities and equity

Signed as approved on behalf of the Board of Directors:

RobertoHoyle

Director

il 18, 2007
Date

Notes to Balance Sheet

1, General Information

2006

$ 7,908
117,493

32,952

61,556

124,678

134

5,043

$__349,764

$ 28,328

—____203,820

232,148

9,985

4,196
5,628

9,824

—__ 251,957

20,000
40,260

37,547

97,807

2005

$ 47,539
88,930

63,837
86,919
118

5,069

$292,412
$ 20,763
203,091
223,854

3,409

1,208

4,617

228,471

Reynaldo Roisenvit
Director

BluBank Ltd. (the Bank) was incorporated under the laws of the Commonwealth of The
Bahamas in 1995 and is licensed by the Central Bank of The Bahamas to conduct various
types of banking, financing and investment activities. The registered office of the Bank is
located at Montague Sterling Centre, East Bay St. 3rd floor, Nassau, The Bahamas. The
Bank is a wholly owned subsidiary of IFH Peru Limited (an entity also incorporated
under the laws of the Commonwealth of The Bahamas), whose registered office is located
in Ave. Carlos Villaran 140 Urb. Santa Catalina, La Victoria, Lima, Peru. On October 23,
2006, IFH Peru Limited authorized the transfer of its shares of BluBank Ltd. to its
subsidiary IFH International Corp. (an entity incorporated under the laws of the Republic
of Panama). As of the date of issuance of the consolidated financial statements, the shares
of BluBank Ltd. are in the process of being transferred to IFH International Corp.

The Bank has a branch in Panama, which operates under an international license issued in
accordance with Panamanian legislation. The address of the branch is Torre Banco
General Marbella, Aquilino de la Guardia Street, floor No. 16. ;

The Bank also owns 100% of the shares in the companies Inversionista Golden Hill, S. A.
and Wimsie Investment, Inc., which were incorporated in 2003 under the laws of the
Republic’ of Panama, each with the main objective of engaging in the business of an

investment company.

This consolidated balance sheet was authorized for issuance by the Board of Directors on

April 18, 2007.

Summary of Significant Accounting Policies

The principal accounting policies applied in the preparation of this consolidated balance
sheet is set out below. These policies have been consistently applied to the previous year,

unless otherwise siated.

Basis of Preparation

The consolidated balance sheet of BluBank Ltd. and its subsidiaries has been prepared in
accordance with International Financial Reporting Standards (IFRS). The consolidated
balance sheet is prepared under the historical cost convention, as modified by the
revaluation of available for sale financial assets, trading securities, financial assets
designated at fair value through profit or loss and all derivative contracts.

The preparation of the balance sheet in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its judgment in the
process of applying the Bank’s accounting policies. The areas involving a higher degree
of judgment or complexity, or areas where assumptions and estimates are significant to
the consolidated financial statements are disclosed in Note 18.

(a) Amendments to published standards and interpretations effective January 1, 2006

The application of the amendments and interpretations listed below did not result in

substantial changes to the Bank’s accounting policies:

IAS 19 Amendment — Actuarial Gains and Losses, Group Plans and Disclosures;
IAS 39 Amendment — The Fair Value Option;

IAS 39 and IFRS 4 Amendment — Financial Guarantee Contracts; and

IFRIC 4 — Determining whether an Arrangement contains a Lease.

The following amendments and interpretations that are not applicable to the Bank are:

e IAS 21 Amendment — Net Investment in a Foreign Operation;
e IAS 39 Amendment — Cash Flow Hedge Accounting of Forecast Intragroup

Transactions;

e IFRS 1 (Amendment) — First-time Adoption of International Financial Reporting

Standards,

e IFRS 6 - Exploration for and Evaluation of Mineral Resources;
e IFRIC 5 — Rights to Interests arising from Decommissioning, Restoration and

Environmental Rehabilitation Funds; and

e IFRIC 6 — Liabilities arising from Participating in a Specific Market — Waste

Electrical and Electronic Equipment.

(b) Interpretations issued but not yet effective

The Bank has chosen not to early adopt the following standards and interpretations
that were issued but not yet effective for accounting periods beginning on January 1,

2006:

IFRS 7, Financial Instruments: Disclosures, and a complementary amendment to [AS
1, Presentation of Financial Statements — Capital Disclosures (effective from January
1, 2007); IFRS 7 introduces new disclosures to improve qualitative and quantitative
information about exposure to risks arising from financial instruments. It replaces
IAS 30, Disclosures in the Financial Statements of Banks and Similar Financial
Institutions, and disclosure requirements in IAS 32, Financial Instruments: Disclosure

and Presentation.

TUESDAY, JUNE 5, 2007 PAGE 7B.

The following standards and interpretations that were issued but not yet effective for
accounting periods beginning on January 1, 2006 and that are not applicable to the
Bank are:

e IFRS 8 - Operating Segments (effective January 1, 2009);

e IFRIC 7 — Applying the Restatement Approach under IAS 29 (effective March 1,
2006);

e IFRIC 8 — Scope of IFRS 2 (effective May 1, 2006); , :

e IFRIC 9 — Reassessment of embedded derivative (effective June 1, 2006);
IFRIC 10 — Interim Financial Reporting and Impairment (effective November 1,
2006);

e IFRIC 11, IFRS 2 — Group “reasury Share Transactions (effective March 1, 2007);
and

e IFRIC 12 — Service Concession Arrangements (effective January 1, 2008).

Consolidation

Subsidiaries are all entities over which the Bank has the power to govern the financial, and
operating policies generally accompanying a shareholding of more than one half of the
voting rights. Subsidiaries are fully consolidated from the date on which control is
transferred to the Bank. They are de-consolidated from the date on which control ceases.

The purchase method of accounting is used to account for the acquisition of subsidiaries by
the Bank. The cost of an acquisition is measured as the fair value of the assets given, equity
instruments issued and liabilities incurred or assumed at the date of exchange, plus costs
directly attributable to the acquisition. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are measured initially at their fair
values at the acquisition date, irrespective of the extent of any minority interest. The excess
of the cost of acquisition over the fair value of the Bank’s share of the identifiable net
assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value
of the net assets of the subsidiary acquired, the difference is recognized directly in the
statement of income.

The, accompanying consolidated balance sheet include the financial position of the Bank and
its subsidiaries as follows: 7



Percentage
Country Ownership Activity
Wimsie Investment Inc. Panama 100% Investment
Inversionista Golden Hill, S. A. Panama 100% Investment

Inter-company transactions, balances and unrealized gains on transactions between Bank
companies are eliminated. Unrealized losses are also eliminated unless the transaction:
provides evidence of impairment of the asset transferred.

The accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Bank.

Foreign Currency Translation

Items included in the consolidated balance sheet of each of the Bank’s entities are measured
using the currency of the primary economic environment in which the entity operates (‘the
functional currency”). The consolidated balance sheet is presented in United States Dollars
(USD) which is the Bank’s functional and presentation currency.

Monetary assets and liabilities denominated in foreign currencies are translated into the
functional currency using the exchange rates prevailing at the consolidated balance sheet
date. Translation differences on non-monetary items, such as equities classified as
available for sale financial assets, are included in the fair value reserve in equity.

Financial Assets

The financial assets of the Bank are classified into the following categories: financial assets —
at fair value through profit or loss; loans; held-to-maturity assets; and available for sale
financial assets. Management determines the classification of its financial investments at
initial recognition. :

(a) Financial Assets at Fair Value through Profit or Loss
This category has two sub-categories: financial assets held for trading and those
designated at fair value through profit or loss at inception. A financial asset is classified
in this category if acquired principally for the purpose of selling in the short term or if .
so designated by management. Derivatives are also categorized as held for trading
unless they are designated as hedging instruments. _

A financial asset other than a financial asset held for trading is designated at fair value
through profit or loss upon initial recognition if it forms part of a contract containing
one or more embedded derivatives, and IAS 39 permits the entire combined contract
(asset or liability) to be designated at fair value through profit or loss. Financial assets
at fair value through profit or loss are stated at fair value, with any resultant gain or loss
recognized in profit or loss.

Trading securities include participation in mutual funds, shares, and bonds from private
companies. These investments are acquired for the purpose of generating a profit from
short-term fluctuations in price. Trading securities are presented at their fair value and
unrealized gains or losses are included in the consolidated statement of income.

(b) Loans
Loans are non derivative financial assets with fixed or determinable payments that are
not quoted in an active market. They arise when the Bank provides money, goods or
services directly to a debtor with no intention of trading the receivable.

(c) Held-to-maturity financial investments
Held-to-maturity investments are non-derivative financial assets with fixed or
determinable payments and fixed maturities that the management has the positive
intention and ability to hold to maturity. If the Bank were to sell other than an
insignificant amount of held to maturity assets, the entire category would be reclassified
as available for sale.

(d) Available for sale financial assets
Available for sale investments are those intended to be held by the Bank for an indefinite
period of time, which may be sold in response to needs for liquidity or changes in interest
rates, exchange rates or equity prices. Purchases and sales of financial assets at fair value
through profit or loss, held-to-maturity and available for sale are recognized on trade date
— the date on which the Bank commits to purchase or sell the asset.

Loans are recognized when cash is advanced to the borrowers. Financial assets are initially
recognized at fair value plus transaction costs, for all financial assets not carried at fair
value through profit or loss. Financial assets are derecognized when the rights to receive
cash flows from the financial assets have expired or where the Bank has transferred
substantially all risks and rewards of ownership.

Available for sale financial assets are subsequently carried at fair value. Loans and held—
to-maturity investments are carried at amortized cost using the effective interest method.

The fair values of quoted investments in active markets are based on current bid prices. If
the market for unlisted securities is inactive, the Bank establishes fair value by using
valuation techniques, These include the use of recent arm’s length transactions, discounted
cash flow analysis, option pricing models and other valuation techniques commonly used
by market participants. For the equity investments whose fair value may not be measured in
a reliable manner, these are recognized at their cost less impairment.

Derivative Financial Instruments and Hedge Accounting

Derivatives are initially recognized at fair value on the date on which a derivative contract
is entered into and are subsequently remeasured at their fair value. Fair values are obtained
from quoted market prices in active markets, including recent market transactions, or
valuation techniques, including discounted cash flow models and options pricing models, as
appropriate. All derivatives are carried as assets when fair value is positive and as liabilities
when fair value is negative.

The Bank documents, at the inception of the transaction, the relationship between hedged
items and hedging instruments, as well as its risk management objective and strategy for
undertaking various hedge transactions. The Bank also documents its assessment, both at
hedge inception and on an ongoing basis, of whether the derivatives that are used in
hedging transactions are highly effective in offsetting changes in fair values or cash flows
of hedged items.
PAGE 8B, TUESDAY, JUNE 5, 2007 THE TRIBUNE BUSINESS

Derivatives that do not qualify for hedge accounting 3. Cash and Cash Equivalents
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair

value of any derivative instrument that does not qualify for hedge accounting are

Cash and cash equivalents are summarized as follows:











recognized immediately in the consolidated statement of income. However, the gains and 2006 2005
losses arising from changes in the fair value of derivatives that are managed in conjunction ean
with designated financial assets are included in “net income from financial instruments ne Biaas $ 6 6§ 6
designated at fair value”. ee epost 3,372 20,582
: Time deposits 4,530 26.951
$___7,908 $47,536
' Impairment of Financial Assets
(a) Assets carried at amortized cost (Loans and Held-to-Maturity Investments) A. Loans
As of each balance sheet date, the Bank assesses whether there is objective evidence ;
that a financial asset or group of financial assets are impaired. A financial asset or Loans are summarized as follows:
group of financial assets are impaired and impairment losses are incurred if, and only if, Snag ee
there is objective evidence of impairment as a result of one or more events that occurred
after the initial recognition of the asset (a “loss event”) and that loss event (or events) Financial 5 13.805 $ 24.009
has an impact on the estimated future cash flows of the financial assets or group of Comercial as aa
financial assets that can be reliably estimated. Objective evidence that a financial asset Mortgages 5,236 5,305
or group of assets are impaired includes observable data about the following loss Individuals 9,558 6.925
events: Real estate 9,226 5,827
| ; Agriculture 4,294 4,524
e significant financial difficulty of the issuer or obligor; 62,256 64.537
e a breach of contract, such as default or delinquency in interest or principal Allowance for possible loan losses (700) (700)
payments;
e for economic or legal reasons relating to the borrower’s financial difficulty, a - $61,556 $63,837
concession that the lender would not otherwise consider;
° it becoming probable that the borrower will enter bankruptcy or other financial Changes in the allowance for possible loan losses are summarized below:
reorganization; ; 2006 2005
1 e the disappearance of an active market for that financial asset because of financial
difficulties; or 4 Balance a
e observable data indicating that there is a measurable decrease in the estimated future wey oe een $ ie $ ee
cash flows from a Bank of financial assets since the initial recognition of those —__—— —____(1,300)

as assets, although the decrease cannot yet be identified with the individual financial ’ Balance at erid of year $_. 700 3 700

" assets in the group. ,

~ Loans in the amount of $33,158 (2005: $37,048), are collateralized with cash deposits in

x The Bank first assesses whether objective evidence of impairment exists individually United States Dollars. /

of for financial assets that are individually significant, and individually or co..sctively for

° financial assets that are not individually significant. If the Bank determines that no 5. Trading Securities

as objective evidence of impairment exists for an individually assessed financial asset,

whether significant or not, it includes the asset in-a group of financial assets with Trading securities are summarized as follows:
similar credit risk characteristics and collectively assesses them for impairment. Assets 2006 2005
that are individually assessed for impairment and for which an imtpairment loss is or

: continues to be recognized are not included in a collective assessment of impairment. Compass portfolio — equity (Note 7) $ 75,463 $ 53,282

= : Participation in investment funds 42.030 35,648
If there is objective evidence that an impairment loss on loans exists, the amount of the $ 117,493 3 88,930
loss is measured as the difference between the asset’s carrying amount and the present
value of estimated future cash flows discounted at the financial asset’s original effective There is a single investment which is a diversified fund that represents 12% (2005: 15%)
interest rate. The carrying amount of the asset is reduced through the use of an of the total portfolio of securities held for trading.

%~ allowance account and the amount of the loss is recognized in the consolidated

xs ' statement of income. The calculation of the present value of the estimated future cash 6. Financial assets designated at tair vaiue

: flows of a collateralized financial asset reflects the cash flows that may result from ‘
foreclosure less costs for obtaining and selling the collateral, whether or not foreclosure During the third quarter of 2006, the Bank bought credit notes issue by Credit Suisse

2 is probable. amounting to US$32.9 million, with a maturity in 2036. These notes have a protected

> Future cash flows in a group of loans that are collectively evaluated for impairment are Ea a pile ee pra ae a pele eee ae
estimated on the basis of the contractual cash flows of the loans and historical loss biotechnology. These shares could be delivered as part of the vi bee :

loans with credit risk characteristics similar to those in the Bank. : part of the yield at the date of maturity
| experience for loans wi or when required under the option of advanced redemption. During the term of the note,
When a loan is uncollectible, it is written off against the related provision for loan oo coupon will be paid as an equivalent to any dividend paid by Royalty

-~ impairment. Such loans are written off after all the necessary procedures have been ,
completed and the amount of the loss has been determined. Subsequent recoveries of : : ‘ . . : .

2 Basie previously written off are recognized in the consolidated statement of income. pee has the risk qualification of A and Aa3 assigned by international rating

“Management believes that the provision for loan losses is adequate. The regulatory
agencies -in certain jurisdictions, as an integral part of their examination process, 7 aves Per

* periodically review the allowance for loan losses. Such agencies may require additions : uvestment Securities.

““\.6 to the allowance to be recognized based on their evaluation of information available at ahs TaveRmnenE secuGes-eommbce: : pibooes |

su: ... the time.of their examinations. Regulatory loan loss reserve requirements that exceed a “ ie mnpnsine available for/salc-and held-to-maturity ayes
the Bank’s provisions for loan losses are treated as an appropriation of retained ae summarized as follows:

sx Carmings. 2006 2005

*©" (b) Assets carried at fair value (Available for sale Investments) : :

o As of each cera sheet date, the tia assesses whether there is objective evidence aaa cone hpi for sale $ 113,178 $ 72,580
that a financial asset or a group of financial assets are impaired. In the case of equity vestments. Held-to-marinty ——__11,500 ——_14322
investments classified as available for sale, a significant or prolonged decline in the fair
value of the security below its cost is considered in determining whether the assets are $__124.678 $86,919
impaired. If any such evidence exists for available for sale financial assets, the on :
cumulative loss — measured as the difference between the acquisition cost and the Investment securities available for sale

,, current fair value, less any impairment loss on that financial asset previously recognized 2006 2005

« — in profit or loss — is removed from equity and recognized in the consolidated statement Siock cenificates:

:: of income. Impairment losses recognized in the income statement on equity instruments Sindicato de Inversiones y Administracion, S.A. $ 4,935. $ 4,935
(common stock) are not reversed through the consolidated statement of income. If, in a Compass Group 11,078 10,778
subsequent period, the fair value of a debt instrument classified as available for sale Tavestia Parner UK 1,920 1.920
increases and the increase can be objectively related to an event occurring after the Banco Gileniacional de Pani = Intemank 52,440 27517
impairment loss was recognized in profit or loss, the impairment loss is reversed Interseguro 3,241 2 358
through the consolidated statement of income. Royalty Pharma 24,192 20, 547

: Participation in investment funds 15,372 4,515

Bonds - 10
Furniture and Equipment
R378 880
Fumiture and equipment are stated at historical cost less accumulated depreciation.
Depreciation is calculated using the straight-line method to write down the cost to their Investments held-to-maturity :
residual values over their estimated useful lives. Gains and losses on disposal of furniture Compass portfolio — debt securities $__ 11,500 $14,339

_ and equipment are determined by reference to their carrying amount. Repairs and ,

=. Tenewals are charged to the statement of income when the expenditure is incurred. The The fair value of the held-to-maturity investments is US$11,500 (2005: US$14,339).

“estimated useful life of these assets is as follows: These securities comprise notes issued by private entities.

Furniture 3 years The Bank has signed agreements with Compass Bank L.L.C. (Compass), a related
Equipment 3 and 5 years company, that engages in managing part of the Bank’s securities portfolio. Under this
= Vehicles 5 years agreement, the Bank assumes all expenses related to or arising from each portfolio,

_ Leasehold improvements 5 years including the compensation and performance fees and interest of financing granted by

n Compass to acquire the securities. In this agreement, the Bank may withdraw all or any

Assets that are subject to amortization are reviewed for impairment whenever events or portion of the assets in any portfolio at any time, in cash or in kind.
changes in circumstances indicate that the carrying amount may not be recoverable. An .
asset’s carrying amount is written down immediately to its recoverable amount. The : : Sos ;
“* recoverable amount is the higher of the asset’s fair value less costs to sell and value in anal in available for sale and held-to-maturity investments are summarized as
use. ollows: ; ;
2006

, Investments Investments

« Borrowings ; available held-

EN Borrowings are recognized initially at fair value net of transaction costs incurred. for sale to-maturity
Borrowings are subsequently stated at amortized cost; any difference between proceeds Balance as of December 31, 2005 $ 72,580 $ 14,339
net of transactions costs and the redemption value is recognized in the consolidated Additions : 30,891 1,032

ow statement of income over the period of the borrowings using the effective yield method. Redemption and sales (17,504) (3:871)

Gains from changes in fair value 27,211 -
Employee Benefits ‘ e
Panama _— Balance as of December 31, 2006 $ 113.178 «= s§ 11.500
es The Panamanian labor legislation requires companies to constitute a severance trust fund

"a in order to pay employees a severance and seniority premium due to unjustified or 2005

®~ justified dismissal. For the establishment of this fund, it must be funded quarterly with Investments ’ Investments
contributions that correspond to the amount of the seniority premium based on 1.92% of available held-
salaries paid in the Republic of Panama and 5% of the monthly severance amount. for sale to-maturity

Quarterly contributions should be deposited in a trust fund. The premiums related to the Balance as of December 31, 2004 $52,607 $ 69,212
severance trust fund amounted to $57,339 (2005: $46,873), and are included in the ‘Additions 26,250 21,363
consolidated balance sheet in other assets. Redemption and sales (19,646) (76,236)

* Gains from changes in fair value 13,369 Sees

es The number of persons employed by the Bank in 2006 and 2005 was 39.

be ; : $ 72.580 $ 14.339

. Cash and Cash Equivalents Balance as of December 31, 2005

Cash and cash equivalents comprise cash and deposits with original maturities of less
a than three months from the date of acquisition.
oa 8. Borrowed funds

IS 688

Fiduciary Activities

Assets arising from fiduciary activities together with the related undertaking to return
such assets to customers are excluded from this consolidated balance sheet where the
Bank acts in a fiduciary capacity such as trustee or agent.

At December 31, 2006 the Bank have borrowed funds at sight amounting to $9,985 with
an international bank, with LIBOR interest rates. The interest rates of the borrowed funds

ranged between 5.7654% to 6.3689% per annum.

FTL
THE TRIBUNE BUSINESS

9.

10.

11.

12.

13.

Furniture and equipment

The movement of property, plant and equipment is as follows:

ass

TUESDAY, JUNE 5, 2007, PAGE-9B

Geographical concentration of assets, liabilities, and off-balance sheet items are as

2006

Leasehold Furniture

Improve- and

ments equipment Vehicles Tot
Net book value 12/31/05 $ 28 $ 73 $ 17 $ 118
Additions / 26 82 - 108
Charge of the year (20) (62) (10) (92)
Net book value 12/31/06 $34 £ 393 Be £4
Cost $ 218 $ 295 $ 51 $ 564
Accumulated depreciation__(184) (202) _ (44) (430)
Net book value 12/31/06 § 34 $3 Bee] $n 154

2005
Leasehold Furniture

Improve- and

ments equipment Vehicles Total
Net book value 12/31/04 $ 50 $ 117 $ 27 $ 194
Additions 16 21 - 37
Charge of the year ____ (38) __C65) ——____0) ______ (113)
Net book value 12/31/05 §¢ ——2s {£23 Sd $______8
Cost $ 192 $ 213 $ 50 $ 455
Accumulated depreciation__(164) _______—(140) _—(33) ___—(337)
Net book value 12/31/05 $28 $B gd g£ dU
Other Assets
Other assets are summarized as follows:

2006 2005

Accrued interest receivable $ 2,016 $ 2,050
Account receivable and deposit guarantee 489 . 835
Account receivable — IFH Peru, Limited 1,600 1,600
Prepaid expenses and other assets 938 584
Taxation
Bahamas

The Bank and its subsidiaries are not subject to income taxes, taxes on capital gains, and

capital transfers taxes on equity or estate duties in The Bahamas as these taxes are not
levied.

Panama
In accordance with current fiscal regulations in Panama, the Panamanian subsidiaries are
exempt from the payment of income taxes on profits derived from foreign operations. In

addition, profits derived from interest earned on local time deposits and interest earned
from Panama Government securities, are also exempt from the payment of income taxes.

Balances with Related Parties

The significant balances with related parties are as follows:

2006 2005

Balances

Assets
Trading securities $ 13,802 g 13,386
Investment securities g 73,352 $ 46,013
Loans S539 2
Other assets $ 1,601 § 1,601

Liabilities

~ ‘Demiand deposit S____1,803 §___3,834

Time deposits S__1,000 gOS
Other liabilities $ 4,004 $ 13

As of December 31, 2006, other liabilities include $4 million corresponding to dividend
payable.

Financial Risk Management
A. Capital Adequacy

The Bank monitors its capital adequacy using ratios comparable to those suggested by
the Basle Committee on Banking Regulations and Supervisory Practices. The capital
adequacy ratio measures capital adequacy by comparing the Bank’s eligible capital
with its balance sheet assets, off-balance sheet commitments and other risk positions
at a weighted amount.

The market risk approach used by the Bank to calculate its capital requirements
covers the general market risk of the Bank’s operations and the specific risks of open
positions in currencies and debt and equity securities included in the risk portfolio.
Assets are weighted according to broad categories of notional credit risk, being
assigned a risk weighting average according to the capital amount deemed to be
necessary to support them. Four categories of risk weights (0%, 20%, 50%, 100%) are
applied. For example, cash and cash collateralized loans have zero risk weighting
which means that no capital is required to support the holding of these assets.

Premises and equipment carry a 100% risk weighting, meaning that it must be

supported by capital equal to 15% of the carrying amount.

The risk weighted amounts of assets and commitments of the Bank as of December
31, are as follows:

Balance Sheet Assets and
Off-Balance Sheet Positions Weight Nominal Weighted
(Net of Reserves) % Amount Assets

Due from banks - $ 7,908 $ -
Loans & overdraft cash collateral - 33,835 -
Loans & overdraft, net 100 29,098 29,098
Investment 100 275,123 275,123
Stand by — cash collateral - 5,741 -
Other assets 100 4,500 __—«4,500
Total risk weighted assets 356,205 $ 308,721
Capital base &___98,508
Capital Adequacy Ratio as of December 31, 2006 ee SLIM
Capital Adequacy Ratio as of December 31, 2005 2 LI2%
Minimum Capital Adequacy Regulatory Ratio 6.00%

B. Credit Risk

The Bank takes on exposure to credit risk which is the risk that a counterparty will be
unable to pay amounts in full when due. The Bank structures the levels of credit risk it
undertakes by placing limits on the amount of risk accepted in relation to one
borrower, or group of borrowers, and the geographical segment. Such risks are
monitored on a revolving basis and subject to a periodic review. Limits on the level
of credit by product and country are reviewed and approved quarterly by the Board of
Directors.

Financial assets which potentially subject the Bank to concentrations of credit risk
consist primarily of cash and cash equivalents, interest-bearing deposits with banks
certain available for sale investment securities, loans and other assets. Cash and cash
equivalents and interest bearing deposits with banks are placed either with related
parties or reputable financial institutions. An analysis of the Bank’s trading securities,
financial assets designated at fair value, available for sale securities and loans is
provided in Notes 4, 5, 6 and 7.

Exposure to credit risk is managed through regular analysis of the ability of borrowers
and potential borrowers to meet interest and capital repayment obligations and by
changing these lending limits when appropriate. Exposure to credit risk is also
managed in part by obtaining collateral, and/or corporate guarantees and personal
guarantees.

follows:
Off-balance
Assets Liabilities ——Sheet__

December 31, 2006
North America $ 37,565 $ 42,162 § 675
South America 47,870 183,778 5,066
Central America 37,584 17,390 -
Caribbean 146,084 7,911 -
Europe 79,649 716 -
Asia 1,012 - -

$349,764 $__251,957 $____S,741.

Off-balance
Assets Liabilities Sheet

December 31, 2005
North America $ 69,600 §$ 27,633 $ 250
South America 76,627 176,905 2,251
Central America 38,441 16,617 -
Caribbean ' §7,402 6,935 -
Europe 46,632 381 -
Asia 3,710 - -

C. Credit Related Commitments

The primary purpose of these instruments is to ensure that funds are available to a
customer as required. “Standby” credit letters and issued guarantees, which represent
irrevocable assurances that the Bank will make payments in the event that a customer
cannot meet its obligations to third parties, carry the same risk as loans. Documentary
and commercial credit letters, which are written authorizations undertaken by the
Bank on behalf of a customer authorizing a third party to draw drafts on the Bank up
to a stipulated amount under specific terms and conditions, are collateralized by the
underlying shipments of goods to which they relate and therefore carry less risk than a
direct borrowing.

The Bank’s credit policies and procedures to approve credit commitments, guarantees
and commitments to purchase and sell securities are the same as those for extension
of credits that are recorded on balance sheet and take into account the collateral and
other security, if any.

D. Interest Rate Risk

The Bank takes on exposure to the effects of fluctuations in the prevailing level of
market interest rates on its financial position and cash flows. Interest margins may
increase as a result of such changes, but may reduce or create losses in the event that
unexpected movement arises.

The table below summarizes the Bank’s exposures to interest rate risks. Included in
the table are the Bank’s assets and liabilities at carrying amounts, categorized by the
earlier of contractual repricing or maturity dates, whichever occurs first.

2006
—pto 3 -1r- 1-3 Over __Non-interest
1 month months months _- __years__ __Syears_ _ bearing _ _Total__





Assets

Cash and cash

equivalents $§ 2,417 §$ - $ - $ - $ - $ 5,491 $ 7,908
Trading

securities 75,464 13,802 28,227 - - : - 117,493
Financial assets
designated at
fair ae - - - - 32,952 - 32,952
Loans, net 13,781 072) 116;845 “tart 30,93028" Masiranoes wi te : =: » 61,556
Investment Al Lik : :

securities - 238,741 “2 73,615 * 124,678
Pro; , lant 4 ate a

ees - - - 134 134
Other assets 22 ___—786 1 710 - - 2.275 5,043

Toslewes {2.93 410,04 $B $2. $2052 LL MD

2006
Up to 1-3 3-12 1-5 Over “Now-interest
1 month months months years Syears_ bearing _ Total
Liabilities
Due to .
Customers $ 85,148 $ 57,513 $ 89,101 $ 386 $ - $ - $ 232,148
Borrowed funds - - 9,985 - - - 9,985

Other liabilities 1,265 1350 _ 1577 _ 4 = S628. ___i9 824
Total liabilities $___86,413 $__ 58.863 & 100,663 §____390 i—_— S_5.628 $£..251957

Interest
sensitivity gap $5,521 $1131. $7475) $___(390) 52932
: 2005 .
“Upto. 1-3 3-12 1-5 Over Noninterest
1 month months months years Syears_ _ bearing _ Total
Assets .
Cash and cash
equivalents $ 46,691 $ - $ - $ - $ - $ 848 $ 47,539
Trading
securities 53,282 13,385 22,263 - - - 88,930
Loans, net 16,054 18,848 28,934 - 1 - 63,837
Investment
securities - 25,067 13,605 739 - 47,508 86,919
Property, plant
and equipment - - - - - 118 118
Other assets 267 1,324 1,388 5 : 2.085 ___ 5,069

Total assets $116,294 $58,624 $66,190 §____744 Sd § 50559 §202.4l2





Liabilities
Due to

customers $ 65,141 $ 65,025 $ 93,522 $ 166 $ - $ - $ 223,854
Other liabilities 687 1,421 1,298 3 - 1,208 4617

Total liabilities $65,828 $__66.446 § 04820 §_ 169 § S208 $228.47)

Interest

sensitivity gap $50,466 $____(7,822) $__(28,630) $573 fh

The weighted average interest rates for assets and liabilities are summarized as

follows:
2006 2005
Assets
Loans 9.58% 8.79%
Investments held-to-maturity 7.00% 7.38%
‘ Liabilities
Due to customers 5.76% 4.82%

E. Liquidity Risk

The liquidity risk is the risk that the Bank cannot meet all of its obligations. The
Bank sets limits on the minimum proportion of maturing funds available, to cover
borrowing withdrawals at unexpected levels of demand. The maturity of assets and
liabilities is as follows:

2006
1-3 3-12 1-5 morethan Without Past Due
1 month months months _ years Syears_ maturity _Loans

Assets
Cash and cash

equivalents $ 7,908 $ - $ - $ - $ - $ - $ - $ 7,908
Trading

securities 75,464 13,802 28,227 - - - - 117,493
Financial assets
designated at ;
fair value - - - 32,952 - 7 32,952
Loans 4,139 7,161 = 31,377 2,867 16,012 - . 61,556
Investment

securities 2,726 86,252 11,500 6,266 17,934 - + 124,678
Property, plant a4 ; 134

and equipment -
Other assets 150 533 3.410 __ 12 838 —— 5,043
$90,387 $107,748 $74,514 $2245 $42,802 518.068 — 6.242.764

Sener
ney d
E. Liquidity Risk (Continued)

PAGE 10B, TUESDAY, JUNE 5, 2007

1-33-12 1-5 morethan Without Past Due
month months. _months _years. maturity _Loans_



Liabilities ;

Due to

customers $ 59,238 $43,003 $10,625 $112,478 $ 6,804 $ - $ - $ 232,148
Borrowed funds - - 9,985 - - - - 9,985
Other liabilities__5.416 1.267 1323 L718 _100 _. - =

Total :

Liabilities $.64.654 $.44.270 £21933 Sll4196 $6909 §__- G_-_ §_251,957
Net liquidity

gap £.25.233 S.G2478 G.5258) $(104.95))5. 42808 §. 18068 S- § 97,807

1-3 3-12 1-5 morethan Without Past Due
month months. _months _years. _Syears_ maturity _Loans_



Assets
Cash and cash
- equivalents $47,539 $ - $ - $ - $ - $ - $ =~ $ 47,539
Trading :
securities 53,281 13,386 22,263 - : - - 88,930
Loans 6,574 9,493 23,368 7,420 . 16,982 - - 63,837
Investment
-. securities - 25,066 13,605 739 =—47,509 - - 86,919
_ Property, plant
2 aod oqeipaimd eer cd cape tty 118) ek 118
- Castomers -. $46,162. § 45,452: $ 22,124 $105,320 $ 4,796 ‘$ - $ $ 223,854
Other liabilities 1.344 _1.192 _..748 1308 _. 25 oh ge ee IT
Totals ee Ee
_ Liabilities LAZ505 $46,604 522872 S106628 S482) So fo Ss 2ekATL
Net liquidity,

The tatching and controlled mismatching of the maturities and interest rates of assets

and liabilities is fundamental to the management of the Bank. It is unusuai for banks to.

ever be completely matched since business transacted is often of uncertain terms and of
-.. different types. An unmatched position potentially enhances profitability, but also
\ increases the risk oflosses. 5 ni

- The maturities of assets and liabilities and the ability to replace, at an acceptable cost,

interest-bearing liabilities as they mature, are important factors in assessing the liquidity
" of the Lank and its exposure to changes in interest rates and exchange rates.

uh Liquidity requirements to support calls under “standby” credit letters are considerably less

than the amount of the commitment because the Bank does not generally expect the third
party to draw funds under agreement. The total outstanding contractual amount of
commitments to extend credit does not necessarily represent, future cash requirements,
since these commitments will expire or terminate without being funded.

FF. Currency Risk
The Bank is exposed to effects of fluctuations in the prevailing foreign currency

exchange rates. The Bank sets limits on the level of exposure by currency which are
monitored daily. .The concentration of assets and liabilities and off-balance sheet

items by currency is a8 follows:
Peruvian
: US Dollar _Euros Soles __Total__
December 31, 2006
Cash and cash equivalents $ 7,436 $ 472 $ - $ 7,908
Trading securities 117,493 - - 117,493
Financial assets designated
at fair value 32,952 - - 32,952
Loans 61,556 - - 61,556
__ Investment securities 67,978 1,019 55,681 124,678
- Property, plant and equipment 134 6s : 134
Total ae $292,592 $1.49] $55,681 $349,764
Peruvian
ae US Dollar, _Euros_ - Soles _ Total _
Amounts due to customers §..232,148°'$. 0-0 $e § 292,148
“BorrowedFund == - 9,985 - - 9,985
Others liabilities - ae See S OD SMS oe a 9824
| ia : : - Peruvian
dst Pak US Dollar ¢rOs Soles Total
-. December 31,2008 ks .
..» Cash and cash equivalents: =»sss $47,484 $= 55 $= $47,539
- Trading securities. 5 88,930 < 4 88,930
“oats. 63,837 - “ 63,837
“Investment securities 57,044 - 29,875, 86,919
"Property, plant and equipment. ~~ 118 - - 118
Tol | S_262.482 $__55 $_29.875 $_292.412
Amounts due to customers $ 223,854 $ -. § - $ 223,854
ot $.6)7 z 2 4.617

Others liabilities pee iS
ee si 49 : ; 1

_- G, Fair Value of Financial Assets and Liabilities

The fair value of a financial instrument is the amount at which the instrument could

be.exchanged in a current transaction between willing parties other than in a forced or

liquidation sale and is the best evidence about the quoted market price, if any.

Fair value estimates are made at a specific point in time, based on relevant market
' information and information about the financial instrument. These estimates do not

reflect any premium or discount that could result from offering for sale at one time.

The following assumptions were used by the Bank in estimating fair value disclosures
for the financial instruments: -

Cash and Cash Equivalents
” The book value ‘of caah.and cash equivalents approximates its fair value because of
"their short-term maturity.
. Trading Securities

Trading securities are presented at fair value.

~ ‘Financial assets designated at fair value
~. ° The total amount of the change in fair value estimated using a valuation technique.
Investment Securities
Investments held-to-maturity are presented at amortized cost. Management analyses
".. the Ynarket value and: detetmines-if the generic allowance for possible losses in
investments is adequate, based on reports received from brokers.

14.

15,

16.

17.

17.

18.

THE TRIBUNE BUSINESS «

Loans

Loans are net of specific and general provisions for impairment. Also a significant
portion. of the loans balance is collateralized by cash deposits and marketable
securities. The loan portfolio is substantially short and medium term and ‘the effective
interest rates approximate markets, thus its carrying amount approximate its fair
value.

Amounts Due te Customers

The estimated fair value of deposits received with no stated maturity, such as current
accounts, is the amount repayable on demand, which is equivalent to the carrying
amount.

The estimated fair value of time deposits approximate their carrying amounts, since
they have short and medium term maturities or are repriced at short intervals.

Financial Instruments with Off Balance Sheet Credit Risk

In the normal course of business, the Bank enters into off-balance sheet risk financial
instruments to satisfy the financial needs of its customers, and the Bank participates in
several financial instruments with off-balance sheet risk. These financial instruments
include elements of credit risk in excess of the amounts recorded in the consolidated
balance sheet.

The credit risk is the possibility that a loss could occur due to non-compliance by
customers on terms established on the contracts. The risk of loss on financial instruments
not included in the consolidated balance sheet is controlled using the same credit policies |

used in granting credits. The collateral obtained, if any, is based on the nature of the
financial instruments and credit analysis performed.

The financial instruments with off-balance sheet risk, are as follows:

2006 2005

Stand-by credit letters (cash collateral) ge 574) 2,501

Commitments

The future minimum lease payments under non-cancelable lease agreements are as
follows:

The future minimum lease agreements are as follows:

2006 2005
Not later than 1 year $ 73 $ 72
Later than 1 year and not later than 5 years 223 299
$296

Assets under Management

The Bank manages funds obtained from its clients, amounting to $477,531 (2005:
$362,155), with the intention of investing the funds and obtaining a retum. These
balances are not included in the consolidated balance sheet of the Bank.

Critical Accounting Estimates and Judgments

The Bank makes estimates and assumptions that affect the reported amounts of assets and
liabilities within the next financial year. Estimates and judgments are continually
evaluated and are based on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the circumstances.

Critical Accounting Estimates and Judgments (Continuea)

(a) Impairment losses on loans
The Bank reviews its loan portfolios to assess impairment at least on a quarterly
basis. In determining whether an impairment loss: should be recorded in the
consolidated statement of income, the Bank makes judgments as to whether there is
any observable data indicating that there is a measurable decrease in the estimated
future cash flows from a portfolio of loans before the decrease can be identified with
an individual loan in that portfolio. This evidence may include observable data
indicating that there has been an adverse change in the payment status of borrowers

in a group, or national or local economic conditions that correlate with defaults on |

assets in the Bank. Management uses estimates based on historical loss experience
for assets with credit risk characteristics and objective evidence of impairment
similar to those in the portfolio when scheduling its future cash flows. The
methodology and assumptions used for estimating both the amount and timing of
future cash flows are reviewed regularly to reduce any differences .between loss
estimates and actual loss experience.

(0) Fair value of derivatives
The fair values of financial instruments that are not quoted in active markets are
determined by using valuation techniques. Where valuation techniques are used to
determine fair values, they are validated and periodically reviewed by qualified
personnel independent of the area that created them. All models are certified before
they are used, and models are calibrated to ensure that outputs reflect actual data and
comparative market prices. To the extent practical, models use only observable data,
however areas such as credit risk (both own and counterparty), volatilities and

correlations require management to make estimates. Changes in assumptions about

these factors could affect reported fair value of financial instruments.

(c) Impairment of available for sale equity investments

The Bank determines that available for sale equity investments are impaired when
there has been a significant or prolonged decline in the fair value below its cost.
This determination of what is significant or prolonged requires judgment. In making
this judgment, the Bank evaluates among other factors, the normal volatility in share
price. In addition, impairment may be appropriate when there is evidence of
deterioration in the financial health of the investee, industry and sector performance,
changes in technology, and operational and financing cash flows.

(a) Held-to-maturity investments
The Bank follows the guidance of IAS 39 on classifying non-derivative financial
assets with fixed or determinable payments and fixed maturity as held-to-maturity.
This classification requires significant judgment. In making this judgment, the Bank
evaluates its intention and ability to hold such investments to maturity. If the Bank
_ fails to keep these investments to maturity other than for the specific circumstances,
it will be required to reclassify the entire class as available for sale.

Subsequent Event

The Holding company of the group, IFH Peru Limited has initiated a corporate
reorganization with the objective of creating an organizational platform that will be more
organized, simple, and efficient and that will allow the companies of the IFH Group to
take advantage of the growth and development opportunities that are visible in each
market. The reorganization consists of the creation of subsidiary companies, which will
focus their operation on one main line of business such as financial, insurance,
international, retail, and others. _
As part of this reorganization, on January 19, 2007, BluBank’s subsidiaries, Wimsie
Investment Inc. and Inversionista Golden Hill, S.A., transferred all shares held by them in
Banco Internacional del Peni — Interbank and Interseguro, to Intergroup Financial
Services Corp. (IF S). In exchange for these shares, Wimsie Investment Inc. and
Inversionista Golden Hill, §.A. will each receive shares of IFS, which is one of. the new
subsidiaries of IFH Peri Ltd., As of the date of issuance of the consolidated financial
statements, IFS shares are in the process of being issued. This internal transaction will
not generate any loss or gain as a result of the exchange of shares.

ae
BluBank Ltd. and its subsidiaries (Continued)

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THE TRIBUNE









BluBank Ltd. and its subsidiaries
(Incorporated under the laws of the Commonwealth of The Bahamas)

PRICEWATERHOUSE(COPERS



PricewaterhouseCoopers
Providence House

East Hill Street

P.O, Box N-3910

Nassau, Bahamas
Website: www.pwe,com
E-mail: pwcbs@bs.pwe,com
Telephone (242) 302-5300
Facsimile (242) 302-5350






































INDEPENDENT AUDITORS' REPORT






We have audited the accompanying consolidated balance sheet of Blubank Ltd. and its
subsidiaries (together, the "Bank") as of December 31, 2006 and a summary of significant
accounting policies and other explanatory notes.

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

Auditors’ Responsibility




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

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements, The procedures selected depend on the auditors’
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditors
consider internal control relevant to the entity’s preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in’ the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the entity’s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.

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

Opinion




In our opinion, the accompanying consolidated balance sheet presents fairly, in all
material respects, the financial position of Blubank Ltd. as of December 31, 2006 in
accordance with International Financial Reporting Standards.

Emphasis of Matter

Without qualifying our opinion, we emphasize that the accompanying consolidated
balance sheet does not comprise a complete set of financial statements in accordance with
International Financial Reporting Standards, Information on results of operations, cash
flows and changes in equity is necessary to obtain a complete understanding of the
financial position, performance and changes in financial position of Blubank Ltd,

Fe eae

Chartered Accountants



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Bahamas

TUESDAY, JUNE 5, 2007, PAGE 11B
WSs

facing ‘huge
development
challenge’

FROM page 1

Given the Bahamas’ vulnera-
bility to climate change as a
small, low-lying country and the
burden planned tourism devel-
opments would place on this
country’s workforce and infra-
structure, environmental con-
servation required much “earli-
er and focused attention”, the
CDB warned,

Given the likely conse-
quences for Bahamian reefs and
ecosystems, the CDB said:
“One of the main policy chal-
lenges for an industry largely
driven by foreign direct invest-
ment is to ensure the protec-
tion of precisely those factors
which attract investment, and
which drive the industry.

“The legal, policy and
enforcement frameworks gov-
erning the protection of coastal

and island ecosystems may need
tO be strengthened, and invest-
ment in sewerage facilities,
waste management and coastal
zone protection may need to be
accorded higher priority, Similar
considerations relate to fisheries
conservation.”

While private sector invest-
ment in the Family Islands
tourism product was likely to
enhance infrastructure and util-
ities, the CDB warned that
these locations were likely to
face the same environmental
and development issues as New
Providence and Grand Bahama,

“The spatial matching of jobs
and labour supplies, while sat-
isfying the interests and prefer-
ences of developers and resi-
dents, and preserving the special
character of the islands, will
prove a huge challenge,” the
CDB said.

It added that the Bahamas’
main economic challenges
would involve dealing with any
US economic volatility, pre-
serving the competitiveness and
integrity of its financial services
industry against new emerging
rivals, and conserving the
nation’s physical and social
environment. The latter was
described as “key to the altriac-
tiveness of the islands in the first
place, while meeting the expec-
tations of nationals for contin-
ued improvement in living lev-
els”.

The CDB said: “Of critical
importance will be the need to
balance the expectations of both
visitors and nationals for a carc-
free lifestyle against equally
strong expectations for contin

ued physical security, a balance
that has so far been well-main-
tained.”

Global United seeking $11m

FROM page 1

no members of the Bahamian public should look
to subscribe for shares or capital.

Global United was created following a rapid
series of acquisitions embarked on by Captain
Ritchie's original company, Tanja Enterprises,

over the past two years.

Tanja, which was formed in 1991, expanded
its business holdings by buying United Shipping of

Freeport in 2004, It then acquired Global Cus
toms Brokers and World Bound Couriers Ltd,

plus Sea Air Aviation Ltd of Nassau, a year later.

All three companies.were merged to form Glob-

al United.

The company has become the largest shipping
agency of its kind in the Bahamas and the

Caribbean, and is also involved in logistics ser-

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citi

Cititrust (Bahamas) Limited, a Citi subsidiary, a leading financial institution
with a presence in over 100 countries and over 100 million customers
worldwide, is seeking candidates for the positions of Project Manager and
Senior Infrastructure Engineer.

Functional/Department Information

Global Wealth Structuring forms the Citigroup international offshore trust
companies servicing non-US. high net worth clients in Bahamas, Cayman
Islands, Switzerland, Jersey Channel Islands, New Jersey and Singapore.
Products target wealth preservation around fiduciary structures. The
Technology Department supports all locations and local applications of the
business.

Project Manager

This role is responsible for all phases of the Technology Project Management
lifecycle including documenting business requirements, preparing project
plans, writing technical design documents, coordinating production support,
overseeing user acceptance testing and managing all related project estimates
and financial budgets. All projects must be designed and implemented with
full adherence to all internal technology. standards and controls, information
security requirements and any related policies.

Requirements for the position include a Bachelors degree in Information
Technology or Engineering and a minimum of five years of related experience.
Additionally, Microsoft Certification MCP or higher, solid knowledge of
Oracle and SQL databases, and experience with vendor management are an
asset. Excellent Project Management skills, strong oral and written skills,
and proven leadership skills will round out the ideal candidate.

Senior Infrastructure Engineer

As a senior member of the Infrastructure Team, this position will act as
Team Deputy and senior technical advisor on all infrastructure matters.
Additional responsibilities include being a primary liaison on all technology
audit-related matters, coordinating production support activities and providing
production support as required, and supporting all business applications
including SQL and Oracle specifically as it relates to server/work
station/network device support.

Minimum requirements include a Bachelors degree in Information Technology,
5 years of related experience, sound knowledge of SQL and Oracle, expert
knowledge of Microsoft Active Directory (installation and management),
MCSA certification or higher, and, experience in a Citrix environment.

- Excellent communication skills, strong interpersonal skills and superior
time management skills are also required.

Interested candidate should forward a copy of their resume to:

Gieselle Campbell

Cititrust (Bahamas) Limited

P.O. Box N-1576

Nassau, Bahamas

Fax: (242) 302-8552 or

Email: gieselle.campbell@citigroup.com
Deadline for application is June 16th, 2007

ie Lockhart, Colinalmperial branch manager, Nassau West branch; Brad}
Mario Conliffe, Rector, St Andrew’s Anglican Church.

THE TRIBUNE



@ COLINAImperial celebrated the opening of its new Exuma office on Friday, May, 25, From L to R; Dashwell E. Flowers, Coli-
nalmperial’s vice-president of sales; Ednol Farquharson, board member, Colina Holdings Bahamas; Franklyn McKenzie, chief councillor,
Exuma District; Chantel Dames, sales supervisor, Colinalmperial Exuma; Montgomery Braithwaite, Colinalmperial president; Cloth-

ey Armbrister, assistant administrator, Exuma District; Father

olinalmperial

planning Exuma

office expansion

Colinalmperial Insurance
Company is planning
to increase the number of staff
at its newly-opened Exuma
office from four to six by the
end of 2007. ,
The life and health insurer
formally opened its George
Town branch on May 25, the
office -sitauted on the second
floor of the Turnquest Star
Centre Building - having begun
operations in October 2006.
The bran@h currently
employs four staff - two in
administration and two in sales
- and Colinalmperial Insurance
Company hopes to add two
extra sales staff by year-end.
Dashwell Flowers, Coli-
nalmperial’s vice-president of
sales, said opening the Exuma
branch was “another step in
cementing Colinalmperial’s

relationship with the island”,
as the company has 1200 poli-
cyholders on the island,
Montgomery Braithwaite,
ColinaImperial’s president,
assured Exuma residents the
company is not there “for the
season, but for the long haul”,

Services

“All the services that are
available in Nassau are avail-
able in Exuma,

“We are going to continue
to build this company into
something of which we all can
be very proud, and Exuma is
definitely a part of those
plans,” he said.

“We can’t come here and
pick up your premiums and
spend.them in Nassau. We
have firm plans to come back

to Exuma and reinvest. We
should now start to see loans
for mortgages, loans for con-
struction, loans for businesses
and other ways in which we
can participate more fully in
this growth that is taking
place.”

Chantel Dames, sales super-
visor at the Exuma office, said
clients on the island will no
longer have to travel to Nassau
to do business with ColinaIm-
perial. =

“Gone are the days when
our customers had limited pay-
ment options, since we did not
have a physical presence here.
Long gone are the days when
Exumians had to wait for their
agents to visit, or wait until
they travelled to Nassau to
take care of business on their
policies,” she added.

Concern on insurance broker/agent licences

FROM page 1

sons. :

Other problems that have
arisen involve the Registrar of
Insurance approving
brokers/agents whose names are
similar - or exactly the same - as
existint licencees. ;

The Tribune knows of one
case involving Professional
Insurance Consultants, which
was ultimately forced to take
legal action to ensure that a bro-
ker/agent newcomer removed
those three words from its
name, on the grounds that it
would confuse clients and was a
trademark/patent/copyright
infringement.

And this newspaper has been
informed of another potential
issue surrounding the licensing

of insurance agents/brokers,
Sources said most Bahamas-
based brokers and agents
obtained Business Licences in
the ‘professional’ category, plac-

ing them alongside the likes of ©

attorneys, architects and
accountants.

Alleged

Yet they alleged that some
brokers and agents were
exploiting a loophole that
allowed them to obtain Busi-
ness Licences in the ‘services’
category. In the ‘professional’
category, companies were
restricted to using a maximum
of 50 per cent of their annual
turnover to pay wages, but no
such restrictions applied in the
services category, meaning com-



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Secret Sound & you’ll win $2 0,000.

Listen to 100 JAMZ for your chance

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pany owners in this are were

able to take all their money out _
as dividends, "

The new Domestic Insurance
Act was passed by the previous *
Parliament, but the legislation
and the accompanying regula-_
tions that give it enforcement .
‘teeth’ were never implemented ©
under the previous PLP admin- |
istration. :

James Smith, the former min--
ister of state for finance,
explained that this was because
the then-Government felt the
Registrar of Insurance’s office -
which would become an Insur-
ance Commission - did not have
the capacity to administer and
oversee the new Act effectively.

Thus the decision on the new
legislation has been left to the
FNM government.

SINCE 1859

“roe

it’s my ram