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_02913 ( sobekcm )

Downloads

This item has the following downloads:


Full Text
‘

mM The Tribune

The Miami Herald





87F
74F

we CLOUDS

HIGH
LOW



ifs.
wali

Volume: 103 No.165



AND SUN

BAHAMAS EDITION

MONDAY, JUNE 11, 2007





| | 8 ae

FOR KNOWLE



S AND







Nt):



PLP ‘ready’ to contest seats

t

Party has one more
week to file cases

By KARIN HERIG
Tribune Staff. Reporter

THERE is only one more
week to go in which the PLP
can file their cases to contest
‘constituencies in the election
court and the party said it is
ready.

As it now stands, five con-
stituencies won by the FNM
in the May 2 general election
are likely to be contested.

Wayne Munroe, a member
of the legal team representing
the PLP in these cases, told
The Tribune yesterday that he
is confident that the four cas-
es he is working on will be
prepared in time for the dead-
line.

“J don’t see anything that
would prevent us doing that,”
he said.

The PLP had 21 days after
parliament opened on May 23
to file its cases. Without count-
ing Sundays and public holi-
days, this means the deadline
falls on June 18 — one week
from today.

PLP chairman Raynard
R.gby yesterday also con-
firmed his party’s readiness,
and although he could not
comment on any details he
said that the PLP is on track.

Mr Munroe said that
although he is personally only
involved with handling four
constituencies — Blue Hills,
Golden Isles, Seebreeze and
Marco City — there were six
seats that the PLP lost by less
than 100 votes.

He said he has heard
through reports that the PLP
will also most likely go ahead
with contesting Pinewood, but
that he had not heard any-
thing regarding the con-
stituency of North Eleuthera —
the seat currently held
by House Speaker Alvin
Smith.

Mr Munroe said that in an

“election in which there were

multiple allegations of voter
fraud, contesting seats could
be argued to be a sovereign
duty.

In an earlier interview, Mr
Munroe said he believes it is
possible that thousands, if not
tens of thousands of non-citi-
zens may have voted, thus rep-
resenting the balance of pow-
er in many seats.

Mr Munroe outlined three

-possible actions the court can

take as a result of the evidence
presented to it regarding the
individual challenges.
The first, he said, would be
to leave the results as they are.
The second is, if the court
determines that some voters
whose votes were counted,
were ineligible, the votes can
be removed, Mr Munroe said.
If that scenario occurs a
recount can occur, and if the
outcome is different, a new
victor can be declared, he said.
The third possible outcome
could be that a by-election is
called if the court determines
that more people were unfair-
ly barred from voting than was
the margin of victory.

June 11th - 16th, 2007

Check out our
other great

Father's Gifts!

* except on red |
fogged and net
items

Kelly’s "sis.

|



2.42) 393-4002
242} 393-4096

iM
Mi
Soturday 9:Q0am?: 00pm

ecey fy 00am: 0pm
dosed





au dr



aa Le a

@ THIS car struggles along W



Sahai gis

est Bay Street after heavy rain flooded many areas in Nassau over the weekend. After a weekend of tor-

rential rain, however, the forecast for the week ahead is fair.

Managing editor
of The Tribune
suing Nassau
Guardian

THE Nassau Guardian is
being sued for libel by The Tri-
bune’s managing editor, John
Marquis.

He is claiming damages fol-
lowing an article-advertisement
headed ‘John Marquis Exposed’
which appeared just before
Easter.

The advertisement was
placed by a group calling itself
Concerned Citizens of the
Bahamas and contained defam-
atory material from a locally
run website.

A writ has been filed in the
Supreme Court and names as
defendants the Guardian’s pub-
lisher, Charles Carter, and
chairman, Emanuel Alexiou.

In his statement of claim, Mr
Marquis accuses the Guardian
of “gross and indefensible libel”
which was intended to damage
his professional standing.

He said the Guardian’s libel
was compounded by the fact
that its chairman, Emanuel
Alexiou, promised a front-page
apology and failed to follow

SEE page 14



enched in wet weekend



(Photo: Felipé Major/Tribune staff)

Bank of Bahamas chairman —
may be stepping down

@ By KARIN HERIG
Tribune Staff Reporter

THE future chairmanship of the Bank of the Bahamas could
be in question after it emerged on the weekend that veteran
banker Al Jarrett may be stepping down from the post.

There were reports concerning the matter circulating through-
out New Providence on the weekend, with some political
observers speculating that Mr Jarrett had been asked to step
down, while others believed he will be leaving the post:of his own

|

! SEE page 14
_US man found dead
in shower stall

@ By DENISE MAYCOCK
Tribune Freeport
Reporter

of a 53-ft yacht registered as
‘Ocean Eyes’ that was docked
at Port Lucaya Marina.

_ Police received information
that the deceased was seen in
the marketplace about three
days earlier, and had been com-
plaining of chest pains.

Police investigators observed
no visible signs of injury to Mr
Collins’ body, which was taken
to the Rand Memorial Hospital.

Chief Supt Basil; Rahming
said police do not suspect foul
play at this time and are
awaiting the results of an autop-
sy to determine the cause of
death.

FREEPORT - An Ameri-
can visitor was found dead in
the nude in a shower stall at
Port Lucaya Marketplace, ear-
ly last week.

According to a report issued
by police on Friday evening,
the body of 48-year-old US res-
ident Bradley Joseph Collins
was discovered around 4.30pm

: on Wednesday by a security
officer at Port Lucaya.

Collins, a resident of Surf-
side, Florida, was the captain



Mesquite Chicken,
Cheddar Cheese, Lettuce
Barbeque Sauce, Red Onion.






NEWS





@ MARK KNOWLES and
Daniel Nestor celebrate.
(AP Photo)

Knowles and
Nestor win French
Open doubles title

@ By BRENT STUBBS
Senior Sports Reporter

BAHAMIAN Mark Knowles
and his Canadian partner
Daniel Nestor finally won their
first men’s doubles title for the
year and are now one shy of
clinching all four Grand Slams

SEE page 15

Quiznos Si




Palmdale
»* Paradise Island







PAGE 2, MONDAY, JUNE 11, 2007

THE TRIBUNE






olinalmperial.

Increases Operating Hours
For Your Convenience









Effective May 26th, 2007

Clit clients will be able to make payments for
PREMIUM and MORTGAGE accounts







oon Saturdays from 9 am to 12:30 pm
at the CIIL Building at 21 Collins Ave
Tel: 356-8300
















ovo nen) a MuOe
computer, ener”

LOCAL NEWS



to PMH after:
being shot |

m@ By DENISE MAYCOCK
Tribune Freeport
Reporter

FREEPORT - A 25-year-
old man was shot Saturday
while walking home with
friends in the vicinity of the
RND Plaza.

Rashad Forbes, a resident
of Tasman Circle, suffered
serious gun shot injuries to the
right arm and had to be air-
lifted to the Princess Margaret
Hospital in New Providence
for medical treatment.

Chief Superintendent of
Police Basil Rahming said a
male resident of Eight Mile
Rock is in police custody
assisting them with investiga-
tions into the shooting.

According to police reports,

Forbes and two friends were
walking home around 6am on
Saturday after a night out on
the town. As they were cross-
ing the RND Plaza, a white
vehicle with several male
occupants pulled up alongside
them in front of the RND Cin-
ema.

A passenger got out of the
back seat and approached
Forbes and his friends. The
friends noticed that the young
man was armed with a hand-
gun and became frightened
and fled in separate directions.

Forbes told police that the
man pointed the gun at him
and allegedly said: ‘Yeah,
what are you sayin’ now?”

As Forbes was running
away he was shot in the right
arm by one of three shots fired

at him by the gunman.
A woman living in the area

heard the shots and tele- ,-

phoned the police. When offi-
cers arrived at the scene, they

collected several spent casings .~

from the area.
Forbes was taken to the
Rand Memorial Hospital and

treated for his injury, which '-

doctors described as serious.

He was later airlifted :

around noon on Saturday to
Princess Margaret Hospital,

where he is detained. His con- ‘'

dition was not known up to
press time.

Supt Rahming said the inci- °

dent is believed to have
stemmed from a previous con-
frontation between the victim

‘and suspect at a local night

club.

Weather in no rush for Junkanoo

@ THIS was the scene at Arawak Cay |
on Saturday after the Junkanoo Sum- |
| mer Festival events for the day were
| postponed following heavy rain.
“(Photo:Felipé Major/Tribune staff)

i INET WORK!
v

BAHAMAS

e
bh

ans

*,
ras
%.

Py

4

&
2

+



THE TRIBUNE





In brief |



Two men
treated for
stab wounds
after fight

TWO men are in serious con-
dition in hospital after being
stabbed multiple times in an
argument over the weekend.

On Saturday just after 3pm,
two men were stabbed when an
altercation in the downtown
area escalated.

According to police a “group
of young men” were walking in
the area of Bay and Frederick
Streets on Saturday afternoon
when a fight broke out among
them.

The situation quickly spun
out of control and two mem-
bers of the group were “stabbed
about the body several times,”
press liaison officer Inspector
Walter Evans told The Tribune
yesterday.

Both men are being treated at
Princess Margaret Hospital.

“They are in serious condi-
tion, but it’s not life-threaten-
ing,” Mr Evans said.

Police
investigate
after armed
robberies

POLICE are investigating
two armed robberies over the
weekend.

The first happened at noon
on Saturday on Wulff Road.

An armed robber held up
Joe’s Kitchen restaurant, oppo-
site Stephen Dillette Primary
School, and robbed the estab-
lishment of cash. The man then
fled on foot.

The second incident occurred
when two men, each armed
with a handgun, held up a
Quick Cell booth on East Street
South.

Shortly before 4pm on Satur-
day, two men pulled up to the
booth in a black Nissan Altima,
licence plate number 18168, and
purchased phone cards.

“While the employee was

making change the two men

pulled out guns an nde
cash,” Inspector Wa ter] Evans.

travelling south on East Street.

Four people
injured in
boating
accident

POLICE are still seeking
information on a boat accident
that happened in the waters off
Samson Cay in the Exumas.

According to preliminary
reports a 21-foot Whaler craft
experienced difficulties Friday
morning.

Of the seven passengers on
board, four were injured and
had to be taken to hospital.
Police yesterday did not have
any information on the passen-
gers’ conditions.

Barbadian
delegation
makes trip
to China

#@ BARBADOS
Bridgetown

PRIME Minister Owen
Arthur has led a delegation to
China in an effort to boost trade
and bilateral relations, the
Caribbean island’s government
announced Saturday, according
to Associated Press.

“I wish to advance our rela-
tionship to a more mature stage
and to our mutual benefit,”
Arthur said in a statement.
“This visit will usher in an era of
co-operation in tourism, agri-
culture and technology, among
other areas.”

Arthur and top Barbadian
officials left for Beijing on
Thursday, the same day Suri-
name’s ruling coalition sent a
delegation on a one-week trip
to the Asian economic super-
power.

Barbados established diplo-
matic ties with China 30 years ago
when the tropical island’s gov-
ernment broke ties with Taiwan,
which Beijing regards as a rene-
gade province it plans to eventu-
ally unify with the mainland.

oy ea mT RS 4 (e44
Fertilizer, Fungicide,
Pest Control

Tropical Exterminators
322-2157



























@ By RUPERT MISSICK Jr
Chief Reporter

GOVERNMENT is
reviewing the Bahamas’ rela-
tionship with Haiti as it
relates to existing treaties and
migration between the two
countries.

Deputy Prime Minister
and Minister of Foreign
Affairs Brent Symonette
announced during his contri-
bution to the budget debate
that Ministry of Foreign
Affairs, in conjunction with
the Ministry of National
Security, is looking at the
issue.

Mr Symonette said he had
had an opportunity to discuss
the question of migration and
travel between the Bahamas
and Haiti with the Foreign
Minister of Haiti and they
both agreed that they would
continue to build on the goad
relationship between the two
countries.

Operational expenses for
Haiti are $300,000. Due to
the special needs of the
Bahamas Embassy in Haiti, a
new item has been created
in the budget to specifically
deal with that office.

_ “The Bahamas in conjunc-
tion with other regional and
international organisations
has and continues to work
assiduously to improve the
situation in Haiti,” said Mr
Symonette.

The deputy prime minis-
ter.referred to the commit-
ment by law enforcement
officers at their 22nd annual
Association of Caribbean
Police to assist the impover-
ished nation of Haiti. Police

Solid Woo

LOCAL NEWS

Relationship
with Haiti to be
scrutinised



Hi BRENT Symonette

Commissioner Paul Farquhar-
son noted that the Bahamas is
assisting Haiti in the fight
against crime by training a num-
ber of its officers.

In June commissioners will
meet as CARICOM partners

Following the conclusion of
meetings by a working group of
permanent secretaries and
senior officials from relevant
agencies under the chairman-
ship of the foreign ministry, Mr
Symonette said a comprehen-
sive analysis of the issue of ille-
gal migration from Haiti was
completed, which led to the
drafting of an agreement by the
Foreign Ministry.

“After three negotiating ses-
sions, it was initialled by the
respective delegations of the
Bahamas and Haiti and is
presently under review by the
relevant Bahamian authorities
so that recommendations can
be made to Cabinet,” Mr
Symonette said. ‘

As the new Minister of For-
eign Affairs, Mr Symonette rep-
resented the Bahamas at the
37th session of the General

to focus on Haiti in its effort to
combat crime and violence.

Assembly of the Organization
of American States.

CARPET, FURNITURE, MARBLE & TILE CARE

THE Most THOROUGH RESTORATION & CLEANING EVER, OR THE JOB IS FREE!
NASSAU’S ONLY PROFESSIONAL, CERTIFIED STONE CARPET & UPHOLSTERY CARE SYSTEMS.






Carpet, Upholstery, Stone and Marble Cleaning &
Restoration Specialist.






Prochem Cleaning Systems removes Deep & Heavy
Soil, Bacteria, Grease, Watermarks and Stains from
Carpeting & Furniture, restoring them to like new
at a fraction of replacement cost.







Carpet, Sofa’s, Loveseats, Chairs, Dining Chairs, Cars,
Boats, Grout, Tiles, Marble & Stone



Persian, Wool & Silk Carpet Cleaning Specialist




Marble Polishing, Restoration & Care









Authorized StoneTech Professional Contractor

CALL PROCHEM BAHAMAS
PHONE: 323-8083 o: 323-1594

ONLY WE CAN DO IT RIGHT!

www.prochemsystem.com * www.stonetechpro.com * www.iicrc.org
* psp@coralwave.com



+ YOUR LOCAL MEMBER OF THE-

PROCHEM SYSTEM (sm)






ava |

eee @ crs esl celeste |
1 pc Dresser

4 pe Mirror —

2 pe Nightstands
4pc 5 Drawer Chest
Queen 8 Pc Set . $3,730

SE maicolsiel
King 8 Pc Set

off all Prom Fabrics

° Striking Special Occasion Fabrics

4

e Beaded Sequined Fabrics

e lridescent Taffeta

e Two Tone Shantung
Lamour - new low prices $11.99
60” Pongee and Lining now $2.99 yd.

5 % off PromAccessories

when purchased same day as fabric

¢ Rhinestone Chokers & Earrings

¢ Tiaras
e Evening Purses

¢ Gloves
¢ Capes

BATA He ke Inspiration

yt

Madeira St, [242] 325-8233 » Robinson Rd.[242] 322-3080 » Fax:[242] 322-5251 » www.homefabriesid.com



MONDAY, JUNE 11, 2007, PAGE 3

| ae

Ce al Te

aslo
HOTEL

ee eT YY] ee

a0] ats)
ae HL a





Acc unniidione for2 nights! STAY 3 NIGHTS
& GET THE 4th NIGHT FREE! Transportation for 3 days!

Se Goce:

“Pinatas SACnusmem

YY WERT S

3 eereeneT Ree gee
WSR BRR Urea

Additional Packages Available!

wNY

"The Mall-at-Marathon

BOX OFFICE OPENS AT 10:00 AM DAILY
EFFECTIVE JUNE 8th, 2007

OCEAN'S THIRTEEN

new | tan 825 [WA | cov [ozo [1s |
| pe eee

MR. BROOKS } 1:00 [330 PNA | 6:00 | 820 | 1040 |

a0 [wm [an [rao [on _| a0 ]

—_—_
Femmes orTaecampean | 100 |W LWA | oo wa | 1000
jade a a et

ae THE THIRD
26 WEEKS LATER
SPIDERMAN 3
PERFECT STRANGER

OCEAN'S THIRTEEN

Ape le be

Hew oe

c [0 a6] WA] 605 | 62 | to |

[a0 [ago [WA] WA_[ 00 | WA]

+0 [sao [WA] 60 | 625 | a5
Na | 700 | NA





PAGE 4, MONDAY, JUNE 11, 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.

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

Mr Foster and the straw market

LAST TUESDAY, Jeff Lloyd had a most
interesting guest on his programme, “Real Talk
Live” —a guest who gave the public facts about
the delayed construction of the straw market.

For a government that claimed it had no secrets
from the Bahamian people, in a morning talk
show Mr Michael Foster of Arconcepts Limited,
architect of the straw market, outlined the chal-
lenge that the straw market presented, and the
reasons for the delay. In five years all Bahamians

heard from their government was a mountain of °

excuses.

On June 15, 2005 Works Minister Bradley
Roberts announced that contractors would be
invited to bid on the construction “shortly” with
work starting 30 days after the contract had been
awarded.

A month later the market site drew a crowd
when workmen started to erect plywood around
its perimeter. As a result of calls from an inquir-
ing public, The Tribune contacted Trade and
Industry Minister Leslie Miller, who had the
straw market in his portfolio. Mr Miller could
not confirm that the barrier signalled a start of the
market project. “I take it that the Ministry of
Works has awarded a contract to someone to
enclose the area temporarily pending some formal
contract to begin reconstructing the straw market,
but I cannot confirm that,” was all Mr Miller
could say adding: “The initial plan of the gov-
ernment was that my Ministry along with the
Ministry of Works should join hands in spear-
heading the project.”

However, said Mr Miller, the Ministry of
Works had not kept him or his staff abreast of
what was happening with the project or whether
a building schedule had been finalised. As Min-
ister Roberts was out.of town, The Tribune con-
tacted acting Works Minister Shane Gibson, who
had to confess that he had “not been informed
about anything either.”

By November 2005 Mr Roberts did not know
when construction of a new facility would be
started or when it would be completed. However,
by now a tractor was on the site and, according to
Mr Roberts, groundbreaking had started to “jump
start” construction. He said Bay Street was on
repossessed land and so contractors had to be
careful about putting down the foundation. Also
bids had to be invited for the main construction.

Instead of telling Bahamians what Mr Foster
told a radio audience. last week of the problems
the construction team were having, Bahamians
were being allowed to form their own opinions.
Vendors were complaining loudly, attributing all
kinds of bad motives to government. Said one:
“Everytime we approached the government on
the issue, there was always an excuse like ‘the
treasury broke, we don’t have any money, we
ne to do the best we can, please. bear with

*” The conclusion was that the people were
Sone taken for a ride.

On August 10, 2005 — nine months before an
election and still no sign of a market — The Tri-
bune was told that bids for the straw market
would be collected that week and ground break-
ing would start eight weeks later.

“It is difficult for me say what caused it to

take so long,” said an official, adding that the

delay was most likely because the project had to

be budgeted before construction could start. He
then added: “But in the meantime the plans for
the new straw market were being developed and
drawn.”

In all early news reports the cost of the new
market fluctuated between $10 and $13 million.

Finally on February 7 this year — three
months before the election and change of gov-
ernment — a $23 million contract was signed for
the new market.

However, construction was stopped by the
FNM government for further checking to make
certain that Bahamians were getting value for
their money. It was understood that the archi-
tectural drawings were not complete — through
no fault of the architect, but by government
delays. However, it has since transpired that Mr
Foster’s drawings were completed, but there are
still some questions being asked about the struc-
tural plans.

An upset Mr Foster was on the Jeff Lloyd
programme to reply to an editorial that we had
written that morning asking the question: If in fact
the architectural drawings were not complete,
how had government arrived at the $23 million
price tag?

Mr Foster thought we were getting at him.
We were not. We were getting at government, but
we can now understand Mr Foster’s concern,
because, according to him, the man-in-the street
was accusing him of holding up the plans. This was
not true. Mr Foster was going crazy trying to find
the foundations of the old straw market to use as
a base on which to build the new.

His was a fascinating story. The search for the
lost architectural drawings for the old market
were eventually found. They revealed the location
of the original concrete base under which were
groundbeams, pile caps and about 200 piles, most
still serviceable. When they jack-hammered
through the slabs, they discovered that the straw
market had been built on conch shells. If it had-
n’t been for the sound beams and piles, said Mr
Foster, the market “would have caved in a long
time ago.”

Then there were the hurricanes and the later
realisation that a basement had to be raised five
feet above ground to avoid flooding from a bad
storm. This cost could not be justified. Why did-
n’t the politicians inform the Bahamian people?

This was an opportunity for the public to ask
many questions of a man who obviously had the
answers. But what was on the mind of the first
caller — a woman from Freeport — when the
lines were opened to the public?

“John Marquis (Tribune Managing Editor)
what he has related this morning also tells us that
this man has to be put out of this country. We as
a people need to get together, protest to The Tri-
bune, and have him escorted out — send letters,
send in signatures and we must do whatever it
takes to have him shipped out of our country,
ASAP.”

The caller was referring to the editorial written
by the publisher, and not Mr Marquis, which was
the reason for Mr Foster being on the air.

Such a statement represents the parochial
thinking of an insecure people, who want to stop
their ears to constructive criticism, especially if it
comes from the pen of a foreigner.





FULLTIME KEYBOARDIST

Applicant must have:

° a minimum of 8 years experience

¢ worked with church choir and praise team

Treatment
on arrival
from Jamaica

EDITOR, The Tribune.

I WOULD be grateful if
you would consider this letter
for publication in your news-
paper.

I am a Jamaican citizen
who has been living away
from Jamaica for over 15
years. I came to the Bahamas
with my husband in Decem-
ber 2004. Since my arrival
here I have travelled many
times to England, Norway,
other countries in the
Caribbean, and North Amer-
ica. Each time I have
returned to the Bahamas I
have received a friendly wel-
come at immigration and nev-
er been stopped at customs.

On May 24, I went to
Jamaica, accompanied by my
husband, who is English, and
my daughter and grandson,
who are Norwegian. Upon
our arrival in Jamaica, before
we could even decide which
line to join, an immigration
officer who had noticed that
we were travelling with an
infant, came and escorted us
to a separate room, quickly
processed us and sent us on
our way.

I returned to New Provi-
dence on Thursday, May 31,

2007 on Air Jamaica Flight ©

No. JM63, accompanied by
my daughter and grandson.
And it was as if I had stepped
into the Twilight Zone or a
Gestapo ruled state. In Immi-
gration, we joined the line for
returning residents. When we
got to the officer’s desk I told
him that I was a resident but
as we were travelling with an
infant I was asking that he
process us together. He
refused to do this and insisted
that she and the baby join
one of the lines for visitors,
which by now, were quite
long. He claimed that he
would “have to go into the
computer” in order to do this
and it would be much too dif-
ficult. She had no choice but
to take the baby and go away
to join another line.
Fortunately, apparently
someone had observed what
was happening and a gentle-
man quickly appeared. He
took me to an office, asked
what the problem was, and
when I explained he reas-
sured me not to worry he
would take care of every-
thing. I admit I was a bit agi
tated at this point, but this
did not bother him in the

LETTERS

letters@tribunemedia.net






least. He quickly and effi-
ciently examined my docu-
ments then went to get my
daughter and the baby, took
care of their documentation
and wished us a good
evening. I am very sorry that
I did not think to get this per-
son’s name. He is indeed a
gentleman in the true sense
of the word.

Then came Customs. The
Customs Officer (a woman)
was rough, rude, and loud.
When I told her I had not
been searched here before
she shouted in my face “You
come from Jamaica and you
never get search yet?” When
I said no, she shouted
“Jamaica, is a high risk area,
we have to search every bag”.
She then proceeded to dig
through our luggage, which
was not much, as we had only
been away for a week. She
had no gloves on, and was
digging through even the
empty, transparent baby bot-
tles. When she was finally fin-
ished, she did not even have
the courtesy to say — thank
you, or I’m finished. She just
started to push our bags along
without even giving us a
chance to close them.

While I was closing our
bags and walking away, I
could hear her loudly ques-
tioning another passenger
who had arrived via Air
Jamaica, as to how long he
was staying, why was he here,
where would he be staying,
etc.

Two seconds away from the
customs desk, I was stopped
by a woman who claimed to
be “airport police”. She
demanded my passport and
asked how long I would be
staying. When I informed her
that I was a resident, she
asked to see my permit. She
apparently did not know that
the permit would be stamped
in my passport and seemed
to be expecting me to pro-
duce some other document.
Eventually she handed the
passport back to me.

I know that the Bahamas,
like other countries, have
their laws and regulations
regarding immigration and
the other elements of visits

to their country, and one has
to respect them. However, I
feel that I was unnecessarily
harassed, and I know that I
am not unique among
Jamaicans visiting this coun-
try. Because of the way I have
been treated in the past, I felt
that Jamaicans were exagger-
ating when they spoke of
their treatment on arrival
here, but my first-hand expe-
rience has now taught me that
what they say is true. This
seems to be particularly true
for visitors arriving on Air
Jamaica flights.

I am curious to know if it
could be possible that per-
sons responsible for employ-
ing and training these staff
think that all 2.6 million peo-
ple living in Jamaica are crim-
inals. Or are they treating
people in this matter on their
own volition? I am wondering
also, why my husband, who
returned on an Air Jamaica
flight on 28th May, did not
have his baggage searched, or

. get told that Jamaica was a

high risk area, although he

was travelling with the bulk

of our luggage. Could it be

because he is white, and Eng- .
lish?

I have been travelling ito
many countries in my lifetime
and never have I been sub-
jected to this treatment. My
past two and a half years liv-
ing in New Providence have
been happy ones. I have met
many locals, in all walks ‘of
life, who have been kind,
friendly, helpful, even loving.
I have told my family and
friends, who live all over the
world, how wonderful it ‘is
here in the Bahamas and how
friendly the people are. I have
encouraged them to visit, and
many of them have. I shall be
leaving in the not too distapt
future, and unfortunately this
experience has marred my
view of this country.

I want to again thank the
gentleman in Immigration,
and to the others I say you
do the Bahamas no good
when you behave the way
you did. You can do your
jobs just as efficiently with-
out being nasty. Your behay-
iour suggests ignorance and
is uncivilised.

.

CHRISTINE MEGHOO.
Nassau
June 2, 2007.

Worried rvyyn Being ia in G Le

os

PE mee

We Can Help You
CNW ATi

¢ serious applicant only, need to apply

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



GIVE DAD THE BEST

THIS FATHERS DAY SDMO Generators

‘98 HYUNDAI ELANTRA Best offer
‘00 HYUNDAI ACCENT
‘00 HYUNDAI GALLOPER
‘01 HYUNDAI COUPE
‘04 HYUNDAI SANTA FE

Very low mileage, very clean

‘05 HYUNDAI ELANTRA
Only 5,000 miles plus very clean

‘02 SUZUKI GRAND VITARA
‘03 SUZUKI BALENO

‘05 SUZUKI GRAND VITARA

‘06 SUZUKI GRAND VITARA

QUALITY:

LIMIT
#1 AUTO DEALER IN THE BAHAMAS

EAST SHIRLEY STREET ° 322-3775 © 325-3079

Visit our showroom at Quality Auto Sales (Freeport) Ltd for similar deals * Queen's Highway * 352-6122

We provide after sale parts and service as well as warranty support.
Our factory trained technicians will facilitate generator installation
as well as service contracts as needed.

> Bopeat dR)
ahamas

Reliability

compan y
Versatility ¢ Productivity ¢
Oakes Field

Fux: 322-6969

Crawford St,
Tel: 323-5171





THE TRIBUNE

no



Study: Nearly all
frogs in region
came from same
South American
traveller

@ SAN JUAN, Puerto Rico

.. MORE than a hundred
“Species of tiny land-breeding
‘Frogs in the Caribbean evolved

e{drom a single South American

species that probably hitched a

ride on a raft of vegetation and

washed up on an island beach,
according to scientists who
spent decades collecting tissues
from the colorful hoppers.
! : After years of field research
+ an dense rain forests and
, remote caves to catalog and
-collect specimens of different
. frogs, recent advances in
-genetic technology enabled
_ researchers to compare their
“DNA, according to Associated
Press.
What they found suggests a
' sea voyage by an egg-laying
». South American frog some 30
<1to 50 million years ago proba-
bly led to most of the
Caribbean’s terrestrial frogs.
_ “Nothing in the anatomy of
_.these animals told any expert
who has studied them over the
last century that they were
~‘ actually close relatives,” biolo-
~ gist Blair Hedges, who direct-
, -ed the genetic research, said
:, Saturday from his office at
;‘ Pennsylvania State University.
c,: By lining up the genetic
., godes of each species of the
-: gous Eleutherodactylus side-
~ by-side, Hedges said he found

Something he’d never suspect-
‘ed — the genes of almost all
© the 160 Caribbean frogs
2° matched, and could be traced
_ through thousands of genera-

, tions to a single common
_rancestor.

~ Hedges and his research

team sequenced and compared
“the DNA of roughly 300
~ species of frogs collected from

South American, Central
American and Caribbean
- forests to support their theory.

te) acyl
Bases
| PEST CONTROL
Baez 24 by,




@ By RUPERT MISSICK Jr
Chief Reporter

THE government, based on
the promises it made during
the general election, will move
to establish a National Health
Fund that will be a defining
step towards incremental
implementation of a compre-
hensive national health plan,
Health Minister Dr Hubert
Minnis said during his contri-
bution to the budget debate.

The government, he said, has
given number one priority to
promotion of healthy lifestyles
and prevention of diseases.

The minister said that the
government also recognises the
need to provide comprehen-

- sive quality health care services
for those who suffer from
chronic non-communicable ill-
nesses.

“Timely access to essential
drugs is one of the most impor-
tant elements of health ser-
vices. Unfortunately, too often
at government hospitals and
clinics, drugs are not available.
To make matters worse, the
elderly, working class patients
and the indigent, are unlikely





@ HEALTH Minister
Dr Hubert Minnis

to be able to afford to purchase
medicines at higher costs in the
private sector,” Dr Minnis said.
He said that it was unac-
ceptable when workers, pen-
sioners and the poor are forced
to choose between paying the
rent or mortgage and purchas-
ing much needed prescription
drugs, knowing full well that.
either way, the results can be
devastating and debilitating.
Prolonged lack of access to

essential drug therapy, the min-
ister said, invariably results in
catastrophic and debilitating
conditions such as renal fail-
ure, amputations, strokes and

‘complications of cancer med-

ical events which usually
require long hospital stays — at
astronomical cost to the patient
and to the health system.
“Therefore, in keeping with
the “Trust Agenda” my Min-
istry will seek to establish a
National Health Fund to
assist with the purchase of
prescription medicines for
specified chronic illnesses,” he
said.
This Health Fund will b
similar to Trinidad and
Tobago’s Chronic Disease
Assistance (CDAP) Pro-
gramme and Jamaica’s Health

Fund which provides medicines

for 15 chronic diseases, he said.

As proposed, the National
Health Fund will provide time-
ly access to prescription medi-
cines for specific chronic con-
ditions prevalent in the
Bahamas’ population.

Dr Minnis said that the
establishment of the National
Health Fund will be a defining

| Fath

Bahamas to attend World Social Security Forum

@ By RUPERT MISSICK Jr
Chief Reporter



THE Bahamas will be among 1,200 ministers, pol-
icy makers, CEOs and academics who will attend the
first World Social Security Forum in Moscow this fall.

The meeting is expected to provide a “unique
global platform” to debate today’s challenges and
solutions for social security.

The Bahamas is currently considering changes to
the structure of the social security the government
provides.

Loretta Butler-Turner, Minister of State for Social
Development, during her contribution to the budget
debate said that while assistance programmes must
always be available for persons who are genuinely in
distress, government must ensure that it does not cre-
ate and encourage a culture of dependency which in
turn will engender complacency among our people
whereby individuals and families exist on welfare
almost for life.

“While the government is committed to the pro-
vision of much needed assistance to the needy and
vulnerable in our community, we are more resolved
towards the breaking of the cycle of poverty and
dependency and this is reflective in the decision to
zero in on matters of social development. -

“There is a universally known aphorism which
has remained true for all time and for all places and
for all people.

“That adage simply says ‘Give a man a fish and

Happy

er’s Da

THE BRASS & LEATHER SHOPS LTD

co i 5 ae te * ’ Sa ; SB ey
Charlotte Street Off Bau Street - rel: AD? -A800

4 ated ~ ry
Mallat Marathon ~ Tel: 40-Fe FOZ

Marsh tiarbour. Abaco Shopping Centre ~Tel: Aor AOA
i o

THE LOUGGAGE STORE
East Ave S oth lerrace, Opp. Centreville Food Market - tel; 428~)-b R os ett a St .



you feed kim for a day, teach a man to fish and you
feed him for life’,’” Mrs Butler-Turner said.

She said that for the past several years, the Depart-
ment of Rehabilitative Welfare Services has operated
a small in-house parenting programme for parents
whose children are brought before the Juvenile

Court, those who are clients of the Children and ©

Family Services and parents whose children are par-
ticipating in the youth camp in Andros.

While she said that the programme has met a |

need, the numbers completing the programme have
not been having a meaningful impact and it was
long recognised that expansion was needed.

“Recently, the department introduced a new seg-
ment whereby training is offered to members. of
interested churches who in turn provide training for
members. Again while this is a worthy effort, the
need is still not being adequately met,” Mrs Butler-
Turner said.

She pointed out that some time ago there were dis-
cussions between the ministries responsible for
Health, Education and Social Services, all of which
operate some form of parenting programme, for
collaboration on a national programme.

“There is general acceptance that all is not well
with many families in the Bahamas and many have
been calling for help. The provision of funding will no
doubt allow for movement towards a truly compre-
hensive national programme, which will include both
a training.and a follow-up or continuing monitoring
component,” Mrs Butler-Turner said.

yoy

Th

a






MONDAY, JUNE 11, 2007, PAGE 5

step towards incremental
implementation of a compre-
hensive national health plan.
“In addition, we envisage
that public and private phar-
macies will participate in this
initiative thereby eliminating
the long lines and inordinate
waiting times at the govern-



Govt will seek to establish National Health Fund

ment hospitals and clinics,” the
minister said.

A technical team has been
assigned to develop a concept
paper including cost, compo-
nents amd financing factors,
for discussion and dissemina-
tion with all relevant stake-
holders. —

GIFT & BRIDAL REGISTR

“ey Harbour Bay Shopping Centre **

Ph: 393-4440 or 393-4448



ae



rk Design & Construction

Telecommunications/Computer Network Design
installation & Maintenance

Homes ¢ Offices * Subdivisions
Call Us Today!
Tel: 393-7733

E-mail: info@lemconetworks.com

SneQHerDOuk

- Ph: 325-3336



PAGE 6, MONDAY, JUNE 11, 2007

THE TRIBUNE





GIVE.YOUR CHILD THE
SUMMER OF HIS LIFE......




A FINE ARTS SUMMER

MAKING CREATIVITY AND LEARNING AN EXPERIENCE
OF A LIFE-TIME







GRAX’S MUSIC CENTRE

» ANOUNCES IT" S

SUMMER ARTS CAMP

SEVEN FULL WEEKS OF: MUSIC, DANCE, DR ANT, ARTS &
CRAFT, SWIMMING, AND SPORTS.








NEVER HAS SO MUCH BEEN OFFERED FOR SO i
AGES 3 - 16 YEARS OLD
DATE: JUNE 25TH - AUGUST 10TH:
















































~ AIR-CONDITIONERS! Alf
AIR-CONDITIONERS! |
AIR-CONDITIONERS!

ESTIMATE PREPARED FOR FINANCING AT THE BANK OF YOUR CHOICE
When it comes to quality We Don’t Compare!

MULTI DISCOUNT FURNITURE AND |

YOU :
eae APPLIANCES BY FRIGIDAIRE
im PRICES NOT WE ACCEPT ALL MAJOR CREDIT CARDS
: EVEN IN Montrose Avenue (Just North of Bahamas Bus & Truck Co.)
MIAMIt 322-2536 ¢ 325-2040 * 323-7758 » 328-7494

Pusedixe Island

From:12noon-3pm
Menu

Cold Meat Platter
Potato Salad
Cole Slaw
Crab Salad
Bean Salad
Waldorf Salad
wa
Shrimp Fettucine
Broiled Grouper
Steamed Chicken

Fried Plantain
Macoroni & Cheese
Crab & Rice
Parsley Potato
~Qw~

Price:$29.99
Plus 15% Gratuity





a

Club Land or

Blue Lagoon Restaurant
Cordially ace you to our

Fathers Day

Buffet Luncheon
Sunday, June 17, 2007

Assortment of Fresh Fruits & Salads

Roast Tenderloin of Beef

Assorted Cakes, Pastry & Guava Duff
One (1) Soft Drink or Glass Wine

Soothing Music & Door Prizes

Free Parking Available
10% Discount if reservation is confirmed by June 15, 2007

For Reservation Telephone 363-2400-1-2

Caribbean business may :
suffer from ‘plot’ stupidity

@ By Sir Ronald Sanders

(The writer is a business con-
sultant and former Caribbean
diplomat)

l have no idea whether the
group of four Guyanese
and Trinidad nationals who are
under arrest for allegedly plot-
ting to blow up a fuel pipe line
serving JFK Airport in New
York are guilty or not.

My ignorance is the same as
everyone else’s bar none. And,
like every other person in the
world, they should be presumed
to be innocent unless proven
guilty.

The group of men are guilty
of something, and that some-
thing is crass stupidity.

Judging from the snippets of
recordings that have been pub-
licised, some of them obviously
fantasised about creating an
awful incident at JFK if it
worked. That fantasising was
downright stupid. And unfor-
tunately, Guyanese, Trinidadi-
ans and others from the
Caribbean will pay the price
when visiting the US and else-
where.

The people who will pay the
highest price are genuine busi-
ness people, particularly those
who are Muslims, or have Mus-
lim-sounding names, or just
look as if they could be Mus-
lim.

It is left to be seen whether
the fantasising by the four was
promoted by over use of hallu-
cinatory drugs, the crazy notion
that their half-baked ideas could
be marketed to a real terrorist
group, or some real intent.

| wo things are perfectly

clear: First, these guys
are not wild-eyed, young
bombers motivated by the
prospect of dying for a cause.
They are all close to their six-
ties. Second, they were in the
words of the Trinidad parlance
“scrunting”. In other words,
they had little money and were
incapable of financing an oper-

































Own




WORLD VIE"

ation such as the one allegedly
contemplated for JFK Airport
in New York.

It stands to reason that they
would have had to be the pawns
of a bigger, well-resourced
group such as al Qaeda. But,
the US experts say they were
not. And, attempts to tie them
to the one so-called Muslim



Attempts to tie
them to the one
so-called Muslim
group in the
Caribbean with a
link to terror,
the Jamaat al
Muslimeen, has
so far lacked
credibility



group in the Caribbean with a
link to terror, the Jamaat al
Muslimeen, has so far lacked
credibility. Certainly the leader
of this controversial group has
denied any connection to them.

They have done a severe dis-
service to Guyana, Trinidad and
the wider Caribbean. But, more
especially, they have hurt Mus-
lim businessmen who seek to
do business in the US and other
places. Those persons will be
checked and double checked
and may even be denied visi-
tor’s visas to the US, Canada,
the UK and elsewhere because
they are Muslim and from
Guyana and Trinidad.

And, there is no pretending
that there is not profiling of this
kind by immigration and secu-













2WD 4-cylinder
engine has EPA
ratings of 24mpg
city/30mpg
highway.



rity authorities. There is. Now, it
will get worse.

B eyond the effect on all
Guyanese and Trinida-
dian travellers but Muslim busi-
nessmen especially, there is also
the effect that this much publi-
cised “plot to blow up JFK Air-
port by a terrorist group” will
have on Caribbean tourism.

The headlines in newspapers
and the pictures on worldwide
television by media that enjoyed
a feeding frenzy certainly put a
beating on Caribbean tourism.
Unfortunately, there will be
tourists who will think twice
now about holidaying in the
Caribbean.

The situation was not helped
by statements such as the one



Unfortunately,
there will be
tourists who will
think twice now
about holidaying
in the Caribbean.



reportedly made by New York:

Police Commissioner, Ray Kel-
ly that referred to “a potential
Caribbean threat”. Fuel was
added to the fire when a for-
mer CIA terrorism expert,
Mike Ackerman, said that
“Caribbean natives” have been
linked to terrorism. There were
two persons of Caribbean origin
linked to incidents in the UK.
The number would rise to three
if the so-called “shoe bomber”
is added to the list. But, now all
of a sudden, the Caribbean

M@ SIR Ronald Sanders

=

1.
bal
*

‘we’ Edi -



>

"

becomes some sort of incuba- }

tor for terrorism.

The truth is that no one
regrets this development more
than the people of the
Caribbean, particularly Trinidad
and Guyana. The last thing the *
region wants is to be seen as
anything but a stable, peaceful

area spiced up by interesting —
local politics, regional rivalry, ::

6

er |

and vibrant intellectual capaci- '_,

ty. Certainly, Caribbean people

prefer a fete to a fight, and a ©

‘Jump up” to a blow up.

| is left to be seen whether
this small

Trinidadians and Guyanese had ‘
any real intent to blow up fuel “

pipelines to JFK Airport. What .
is certain is that they were stu- -
‘pid to even hallucinate about

it, and Caribbean business and
tourism may pay a price for
their stupidity unless the media
and those in authority in the US
and the Caribbean make it crys-
tal clear that the region should
not be judged by it.

It would be good to see such
a declaration come out of the
US-Caribbean encounter

between President Bush and ,

Caribbean heads of government
in a few days time.

Responses to: ronald-

sanders29@hotmail.com ,

- &) TOYOTA | moving forward >

RAV4 — Redesigned for more space

The all-new RAV4 has a powerful,
yet modern, eye-catching look and
comes equipped with air conditioning,

group. of*

VV

uw LN
tod
goed
A

s10q
a

at IB
soV]
eq
a
4701
Je Bo
tae ne
ai

Of IG B
JB a

Rae
coiM
avis
dy
nod
oh +0
isSd11
S49
rothl

e2iM

rilo9
odd

» Oelts
mo to
oft

| sds

Large wheels
emphasise the
powerful nature
of the SUV. .

alloy wheels, air bags, ABS, 2.4 litre
"engine, power mirrors, windows and
steering and CD player.




















| 40% more cargo space

All new Toyota vehicles are backed by
a 3-year/60,000-mile factory warranty.













EXECUTIVE
MOTORS LTD

AUTHORISED TOYOTA DEALER

Auto Mall, Shirley Street (opp. $1, Matthew's Churcl)
Open Mon to Fri 8am - 3:30pm
Sat 8am - |2noon

tel: 397-1700

E-mail: execmotor@batelnet.bs
' Parts and service guaranteed



Available in Grand Bahama at Quality Auto Sales (Freecart) « Queens Hwy, 352-6122 * Abaco Motor Mail, Don MacKay Biv, 267-2916



A
hl
eno?
ya
udud

st to
"om
sqbnd
MNOOS
‘CON
iA
ont wit
uit ani
6e gil
ispolls
rag

qd ead
7oqxXo
ouloni
bluqo
'ehoD
aom
ood
4 SOL *
eal 7
- @eri
Hidw
Lotpa
ana
aT

1 clhiw
74990
ott! mt
wood
WUD
w 4}4
Like



THE TRIBUNE

MONDAY, JUNE 11, 2007, PAGE 7



Pn eee er naan
Car crashes through hall’s wall )





ay

A CAR crashed through the wall
of Loyola Hall on Gladstone Road
on Saturday.

The accident happened just after
Spm. An ambulance was called to
take the driver to hospital, but his
| injuries were not believed to be life-
/ threatening.

It is believed that the driver of the
car, a Toyota Aristo, was trying to
overtake another vehicle and lost con-
trol, the road being wet after heavy
rains.

Several people from the hall and
houses across the street came to assist.
According to wintesses, just moments
before, children had been standing
near the wall as they waited for the

(Photo: Arthia Nixon) ‘Karate Judo Tournament to start.

ormer port chief

named chairman
of the BCB board.

B By DENISE MAYCOCK
Tribune Freeport eporter

FREEPORT - Barry Mal-
colm, former Grand Bahama
Port Authority executive, has
been appointed executive chair-
man of the Broadcasting Cor-
poration of the Bahamas Board.

The announcement was made
at the Prime Minister’s Office in
Freeport by Senator Kay Smith,
parliamentary secretary in the
Prime Minister’s Office with
responsibility for the Broad-
casting Corporation and
Bahamas Information Services.

In addition to Mr Malcolm’s
appointment, Mrs Smith said
that three other persons have
also been appointed as mem-
bers of the board, including
Michael Moss, Larry Smith, and
Elva Rolle.

The Broadcasting Corpora-
tion’s Board is usually made up
of five members. The appoint-
ment of a fifth member is
expected to be announced at a
later date.

Mrs Smith said that Mr Mal-
colm comes highly qualified for
the position as a result of his
vast professional experience in
the Bahamas, and the United
States.

‘Mr Malcolm started his
career as a journalist in the
Broadcasting Corporation. The
former executive vice president
of the Grand Bahama Port
Authority, is currently manag-
ing director of Global Fulfil-
ment Services.

According to Mrs Smith, Mr
Malcolm has had a long career
in industrial investment in
Grand Bahama.

' He has also served as Execu-
tive Director of the Inter-Amer-
ica Bank in Washington, as well
as Executive Director of the
Financial Services Board.

Board member Michael Moss
also comes with a high degree
of experience and expertise in
the energy field in Grand
Bahama and Jamaica.

Mr Moss, who is an Energy,
Engineering and Management
Consultant, is a former Chief
Technical Officer for Jamaica
Public Service Company. He

Lands and Local
Government
receives rise in
allocations

EVERY area of the Ministry
of Lands and Local Govern-
ment has received an increase in
budgetary allocations for the
2007/2008 year, said Blue Hills
MP Sidney Collie.

Making his first contribution
in the House of Assembly dur-
ing the budget debate, Mr Col-
lie said his Ministry has been
allocated a total of $49,070, 050.

Of that amount $37,076,428
has been allocated for the
expenses of the Ministry, which
includes the Department of Co-
operative Development, the
Consumer Unit, the Depart-
ment of Local Government and
the inter-island mailboat ser-
vice system, he said.

The Post Office Department
has been allocated $9,174,367,
while $2,819,155 has been allo-
cated to the Department of
Lands and Surveys.

The Ministry will continue
with its efforts towards the
decentralisation of government
in the Family Islands as well as
the implementation of Local
Government in the island of
New Providence, Mr Collie
said.

was also former general man-
ager with the Grand Bahama
Power Company, and Power
and Light Limited.

Former Editor Larry Smith, a
columnist, has also been
appointed to serve on the
Board. He is president and
General Manager of Media
Enterprises Limited.

Mr Smith is also the founder
and administrator of a well
regarded weblog, Bahama Pun-
dit, and writes a weekly column,
“Tough Call”, in The Tribune.

Insurance Executive Elva
Rolle also comes with a great
deal of broadcasting experience.

Mrs Rolle is an insurance
director at Bahamas Brokers
and Agents Limited. She is a
former broadcaster who has
been involved in the production
of many radio shows during her
tenure with the Broadcasting
Corporation of the Bahamas
(BCB), and has a great passion
for the future development of
broadcasting.

With these new appoint-
ments, there are expected to be
some changes made within the
Broadcasting Corporation in
Freeport after the new Board

meets.

Senator Smith said that gov-
ernment is committed to
restructuring the organisation,
as well as upgrading its tech-
nology at the BCB.

She said it will be replacing
the old analogue technology
currently in use at the BCB, and
upgrading to the digital plat-
form that is currently in use at
broadcasting corporations
around the world.

“The current analogue tech-
nology has been deteriorating
for many years, and makes it
extremely challenging for the
corporation to be as productive
and efficient as it should in the
production of high quality radio
and television programmes,”
said Senator Smith.

“We are committed to ensur-.

ing that the restructuring of the
organisation with a view to
transforming ZNS into a public
service broadcaster that’s com-
mitted to assist with the devel-
opment of our country through
a diverse range of programmes
it produces, to empower

Bahamians.to make more posiz.

tive contribution to our coun+.
try,” she said.

CONKULIARTS (FERTED

Effective June 8, 2007

Please be

advised

that VERITAS

Consultants Limited will be moving their

administrative HTC cs to the

location:

following -

Church Street Plaza
448 Church & Shirley Streets,
2nd Floor, Suite 1, 2, 3

‘Nassau Bahamas
(Church St. Plaza is opposite Epworth Hall on Shirley St.)

Our telephone and fax numbers will
remain the same:



Bau

VACANCY NOTICE

The Grand Bahama Power Company, Limited invites qualified applicants
to apply for the position of IT Supervisor.

This position supervises the administration of operating systems — IBM iSeries (AS/400) and
Network Servers, and will execute modifications and debugging of operating system problems,
to ensure the availability, security, reliability and performance of the systems.

The successful candidate will be expected to:

Review and implement new releases and upgrades of the IBM iSeries (AS/400) System, the
Network Server, and PC's.

Manage and maintain the Operating System on the IBM iSeries (AS/400), and the Network
Server.

Create, modify, test, and debug both interactive and batch programs utilizing RPG Ill & RPG
IV, CL, DDS, and Query Utility.

Respond to various requests for data and ad hoc reports.
Interact with maintenance support groups.

Manage special projects and other work that may be assigned as necessary.

MINIMUM REQUIREMENTS
° System Administrator level knowledge of the IBM iSeries (AS/400), and the System Network

Working knowledge of IBM iSeries (AS/400) Client Access

Good understanding of Internet protocols such as TCP/IP, DNS, etc.

Minimum of 5 years IBM iSeries (AS/400) experience

Proficiency in the creation and modification of both interactive and batch programs using
RPG, RPG IV, and CL in an IBM iSeries (AS/400) environment.

Functional knowledge of the reporting tool ~ IBM Query Utility.
Excellent problem solving skills to address issues to closure.

The ability to interact with a variety of users within the organization.
Power/Water industry experience would be considered an asset. -
Knowledge of Accpac and/or Crystal Report would be 5 asset.

Applications with supporting documentation including a clean Police Certificate and proof of
Bahamian citizenship should be sent to:

THE DIRECTOR OF HUMAN RESOURCES
GRAND BAHAMA POWER COMPANY, LIMITED
RO. Box F-40888
Freeport, Grand Bahama Island
Bahamas

OR BY EMAIL: hrdept@gb-power.com

ny cd VO) Naz cc Aered | ae) a Vt (Oy VO) SIS RAIS SALERRO AO UERCEO MDE
JUNE 22"°, 2007 — ey ee ee

PL
“Dean
Special ofthe Week

Nissan Sunnys
=~ @ $4, 995. 00°

Bank
Financing

Available



New Shinment
has just arrived

Prices includes: Licensing, Inspection, Plates, Mats, Full tank of gas, full service
Pre-Delivery Inspection, Full Detail In & Out, and Warranty.

RYTiCC Mi SC ke



Tel: 325-0881/2 Open:Mon.-Fri. 8a.m.-5:00p.m.





the know how store

computers

i,

EMMA ase

electronics

HP as
inkjet & laserjet
multi function
plotters

black & colour
ink & supplies

networking solutions telephony service & repair

coe Dealer
leasing & sales
multi function
black & colour

3 year warranty
copy centre now open!

Custom

COMPUTERS LIMITED

Bs ce er Se eye TEE -£322.2355 solutions@customcomputers.bs _





PAGE 8, MONDAY, JUNE 11, 2007 THE TRIBUNE _ ...,-



eM -


















iii aa a. ee
8 *e.
ada COB graduates in j
Package zB
Room+ Rental Catr.......sscessseeeese $115.00 (per night)
Room (2 persons) $65.00 (per night) ran a ama
Available Sunday- Thursday â„¢
with ticket & proof of travel @ e
Rooms with Kitchenettes, Microwaves, Refrigerators. p 1C up awar S :
A/C and Cable Television. Swimming Pool. Beach 300
yards away. Bus stop outside.
A GRAND Bahamian College uy
Orchard Hotel Village Rd. of the Bahamias graduates, fac- :
Piserartitone (242) 393-1297 ulty and alumni had gathered vet
Newel Senay! the Convention Centre at Our “anu
Fax: (242) 394-3562 ; Lucaya for a special breakfast 2995
www.orchardbahamas.com/orchardbahamas@ gmail.com ceremony where several of wr
; ; them were recognised for their fe
Poolside Bar & Grill outstanding efforts and pre- i
sented with awards.
Eg
, Vt i
vod
ie
ba % a i i Bisiaas per inree iio a Bul
Hi GUEST speaker Charlton Smith ae
YOUR CONNECTION TO THE WORLD en
. are
@ DAVONNE Barry, who fey
7 achieved the highest grade "4M
THE BAHAMAS TELECOMMUNICATIONS COMPANY LTD. point average fas)
3 : wa
TIACB
AF = ae
TENDER —- GENERAL INSURANCE
2 7 z 2 Os Wire
once ees ik we
The Bahamas Telecommunications Company: Ltd. (BTC) is pleased to invite wh
Tenders to provide the Company with General Insurance coverage. Policies oe
include Employers Liability, Group Personal Accident, Open Marine Cargo, ee
Fidelity Guarantee and Public/Products Liability. Sais
cl
Interested companies/firms may collect a Tender Specification from the yout
mr : nV : ae ais
Security’s Desk located in the Administrative building on John F. Kennedy me

MICV
ripe

7 ont

Drive, between the hours of 9:00 a.m. and 5:00 p.m. Monday through Friday.

The deadline for submission of tenders is June 22nd, 2007. Tenders should
be sealed and marked “TENDER FOR GENERAL INSURANCE” and
should be delivered to the attention of the President and CEO, Mr. Leon
Williams.

BTC reserves the right to reject any, or all Tenders.



Bi JONETH Edden collects an Academic Award

Treat Dad like - Kine!

Make this Father’s Day special with a great gift that he'll love!

2
e
s








A Grad Game
por Family Nghia







Dwi forget
Father's Day

is this Sunday,
June 7t





Game Wave is the first truly interactive
game experience guaranteed to bring
friends & families together for a fun-filled
time of laughter, conversation & competition!

He can make good use of the daily
commute with an Audio Bible on CD
(Available in numerous versions)





ee ee 2 EY ESB! 8 et fe ee Re a te oe AOL aaa eae ee oe 8 8

4

PF Bee
eri
eee) 4

If he loves music then oR him
Help him dig deeper into the Word something from our wide selection
with Daily Devotionals & Study books of musical CD's & DVD's

We have many mere great ideas fr aii granagiihers er ae on YOUr gift bill

e!
:

oe
Zs

eZ




>



%,




a
=

es
“als








S Spreading the Light of the Geypel treugheul the Bahamas
Rosetta St. at Mt. Royal Ave. ¢ T: 322-1306 ° Mon. - Sat., 9:00am - 5:30pm



THE TRIBUNE

MONDAY, JUNE 11, 2007, PAGE 9



a ene
Government still
says no to CSME

THE FMN government dur-
ing the budget debate reiterated
its previously stated position
that The Bahamas will continue
to cooperate with CARICOM
on all aspects of Caribbean uni-
ty, but it will not become a par-
ty to the CSME.

Minister of Foreign Affairs
and Deputy Prime Minister
Brent Symonette said that a
major challenge that has
become a vexing problem
between the Bahamas and
CARICOM is the free move-
ment of labour especially in
light of the potentially explo-
sive nature of illegal migration
and the fact that The Bahamas
already hosts more CARICOM
nationals than any of its coun-
terparts.

This matter, he said, will be
discussed further between the
Prime Minister and other lead-
ers of the region at the upcom-
ing CARICOM Heads of Gov-
ernment Meeting.

The Bahamas is expected to
assume the chairmanship of
CARICOM following the term
of Prime Minister Owen
Arthur.

BOWEN Arthur

The Bahamas interfaces with
CARICOM in all its activities
with the exception of those per-
taining to the Common Market
trade in goods. This interaction

affords The Bahamas opportu- |

nities to benefit from participa-
tion with the University of the



West Indies, Caribbean Devel-
opment Bank, CARICOM
Social Security Agreement,
Caribbean ‘Tourism Organiza-
tion, the Caribbean Council for
Science and Technology and the
Caribbean Telecommunications
Union among others.

Sandals provides ‘hurricane guarantee’

SUMMER travellers might
be wary of planning trips to the
Caribbean or US coastal states
during the summer and fall sea-
son, in the off chance that a
tropical storm or hurricane
might affect their stay.

Sandals Resorts has earned a
worldwide reputation for pro-
viding two people 'in love with
the most romantic vacation
experience in the Caribbean.
There are 12 Sandals proper-
ties located in Jamaica, Antigua,
St Lucia and The Bahamas.

To put these travellers’
minds at ease, Sandals and
Beaches Resorts continues to

provide its guests with a Blue
Chip Hurricane Guarantee,
which assures them a free future
vacation in the event that a hur-
ricane interrupts their stay.
“Our Blue Chip Hurricane
Guarantee gives guests the

assurance that they need when -

planning ahead for the perfect
summer vacation,” said John
Lynch, Executive Vice Presi-
dent of Sales Worldwide for
Unique Vacations, Inc., which
represents Sandals Resorts and
Beaches Resorts. “With San-
dals and Beaches’ Blue Chip
Guarantee, the worst thing that
can happen is that guests will

1 DAY ONLY!"

Wendy’s Team
Recruitment Drive

when? Tuesday, June 12

time?

9am. - 12 noon

where? Wendy’s Mackey Street

Why Join the Wendy's Team?
Competitive Salary
On the Job Training
Management Opportunities
Great Benefits
Flexible Hours

Interested persons should bring valid
identification and police record.

Do what tastes right: \Taanaiaais ]



get a second vacation for tree.”

Since 1997, Sandals Resorts
and Beaches Resorts have been
standing behind their guests
with free replacement vacations
in the event that a hurricane
interrupts the anticipated
Caribbean getaway. A company
of its word, Sandals Resorts has
paid more than $5.5 million in
replacement vacations since the
programme's inception more
than LO years ago. The free
replacement stay is for the same
duration and room category as
the originally booked trip and is
valid for one year after the orig-
inal vacation.

The 2007

Mercedes-Benz _
C-Class is a 4- door
5- “passenger luxury —

i out » winter into

ceca C-Class



Your car.
Your trust.

Our responsibility

Brake Service * Suspension & Alignment * Exhaust
Oil, Lude & Filter “GOODYEAR TYRES”

*American & imported Cars Light Trucks Vans & SUV’s

NEW BATHTUB

*Complete Inspection & Estimates Before we start the work

OVER YOUR
OLD ONEâ„¢

The Affordable Solution amy
to Worn-Out Bathtubs

* Bathtub Liners are designed to fit over worn-out bathtubs
‘Wall Surrounds to cover existing bath walls: In simulated Tile and Marble
* Shower Base Liners to go over existing Shower bases
* Cultured Marble Vanity Tops and Sinks
* Great Shower Door selection
* Quality Faucets, All-Wood Vanities

RE*BATH BAHAMAS

Open Monday - Friday, 9:00am - 5:00pm
By Appointment Saturday - 11:00am - 4:00pm
+ lego
Telephone Uae &
(242) 393-8501 “Authorized Dealer”

Visit our Showroom & Office located at the Red Carpet Inn, East Bay Street

“2 LOCATIONS TO SERVICE YOU

MACKEY ST. & ROOSEVELT AVENUE EAST ST. & SOLDIER RD
Tel: 393-6651 or 393-6693 Tel: 356-2940 or 356-2941









Open: Monday - Saturday
8am~5pm




Fax 326-4865 * P.O. Box SS-6766 Nassau, Bahamas
AUTO SYSTEM EXPERTS



“Midas is a business based on service, quality and reliability.
Factory scheduled maintenance is car card.
Midas services your car fully. Our system takes the guesswork
out of auto care for every car model out there.






| VISA
SSS)








PAGE 10, MONDAY, JUNE 11, 2007 THE TRIBUNE





























@ UP-AND
COMING poet Mrs.
Patrice Johnson

SOLES | at:

poem ip pubhe dure &.
ing the latest session }
of Express Your- |
self. on June 6.

2007

Phe event. held at i

‘Da Island Club’ in






















eo eens



the Nassau Beach a
Hotel, is an open ~
mic forum for poets,
musicians and per-
formance artists Lo
share their wort ,
The next sessioi
will take place
Wednesday, June
13, 2007, at 8 p.m.
(Photos: EricRose)
An opportunity for artistic.
»
expression at Da Island Club
1
a ABOV E: singer Luke Seymour shares
his talent curi i session of ‘Express :
Yourself’, : ‘
B RIGHT: Ugandan poet Dickson Wasake '
takes the mic during the latest session of
‘Express Yourself’.
Lloyd's of Lond ed 3
oya’s of Loncaon ed 7
‘ @ P )
| International Health Insuraric rsons 8 5 0 to 85 years of age a
Z ‘
ote,
te





a

° $2 Million lifetime coverage \ffordable Premiums - paid Ss







up to $250,000 annually. monthly, half-yearly or annually os
hie Seca eee oe tet
° Underwritten by Lloyd’s of Lonion py SLeaIDearG: ot

(A+ rated for claims paying ability). ——>_ 80% of first $5,000 and 100% ‘

titer, subject to coverage

° Worldwide Emergency Coverag ss
including the USA & The Bahamas. benefits and deductible. | a





IN FREEPORT CALL

350-7827 =

IN ABACO CALL
INSURANCE AGENCY

67-5285






CTC CCT



Beet OR AHEM LALA EIIO SARE IARI HERES RE PE RLA EERE ERE LR ARORA ROLLED ARICA AEA RORA NAO





THE TRIBUNE

MONDAY, JUNE 11, 2007, PAGE 11



LOCAL NEWS

Mitchell attacks FNM

Opposition member says
sovernment is to blame for
cancelling contract

|! RED Mitchell, Opposition
spokesman on Foreign Affairs
and Public Service, visited the
Straw Market in an effort to
correct what he termed “gross
misinformation given to the
vendors earlier during the week
which seeks to blame the PLP
for the latest developments at
the market.”

\ir Mitchell, was called to
the market by PLP supporters
aniong the straw vendors.

He told the vendors that the
FNM should take the responsi-
bility for cancelling the contract
with Woslee Dominion for the
construction of the straw mar-
ket.

The former minister said that
claims “that the PLP had
designed a market with no pro-
vision for the straw vendors is a
complete lie... The booths in
the market are not on the archi-
tectural drawings because they
are considered furniture.”

Mr Mitchell pointed out that
Architect Michael Foster went
on radio to tell the country that
he had been given instructions
prior to the election to design
the stalls for installation into
the market.

As for claims that the PLP
lied to straw vendors when they
told the vendors that they could
no’ move into a building on
wif the FNM had spent $3
nition on Prince George Dock

Psa Asan 2



oS

= SS

- B FRED Mitchell talks to vendors at the Straw Market

because of security objections
by the US government, Mr
Mitchell told the vendors that
whoever said that “did not know
what he was talking about”.

He reiterated that the FNM
must take responsibility for
their decisions.

“The earthworks are com-
plete at the market site on Bay
Street after having run into
problems with, including find-
ing the foundation of the old
building; having to‘have that
removed and then the base
redesigned to accommodate the
pilings already in the
ground. The contractor is



La CASITA



The Art of Island Living

Bay St.,.2 Doors West of Ute Cae
! © Tel: 242-356-7302
@ email: ariana@batalnet.bs

De eee RORY



LAUNCH COLOR VISUALIZER

SIENA TRL SC
NAT LL Le
PACT IUCN CaCI ITICR

RAC AUR UE

amie

Say ANU TT me RS
Ta CTCL ee
Ask Sherwin-Williams, call

erie oiceeie ac tas a te ae Peas)









already in funds. The work
stoppage is costing the Bahami-
an public the sum of $10,000
per day on tangibles. The work
stoppage ordered by the gov-
ernment has caused the date to
slip for completion in August
2008.”

Mr Mitchell told the vendors
that the FNM does not propose
to put them in the new facility
on Bay Street but wants them to
go on the Prince George Dock.
“The US government needs to
say whether they have flipped
on this issue now that the FNM
is back in power,” said Mr
Mitchell.

+HOYOO 10020



303 BAY STREET, NASSAU 242 326 055



ale

SELECT HANDBAGS
AND ACCESSORIES



RR ae EA De



fie

Marathon Mall 393-6113.@
“Shoes for Mén”

CaN en G0) 0 ee
REACTION. —



PAGE 12, MONDAY, JUNE 11, 2007

THE TRIBUNE

a ae #8 =a

National blood centre is planned

Convenient Trave/

Gency






WEEKLY

Providing all your travel needs
BEST CURRENT RATES

WE HAVE ‘EM ALL (caLt us Topay)
Miatiils success ts ceeseciasce now $108.00 R/T
Ft.Lauderdale..........now $110.00 R/T
Orlando..................-nNOoW $138.00 R/T
New Yorkcewr)......-.----now $198.00 R/T
Jamaica.................. now $299.00 R/T

ARSC RAR SU 7a EK

(TTTAXES NOT INCLUDED)

CALL US FOR SUPER SPECIAL RATES
_ YOU CAN’T GET A CHEAPER PACKAGE
OR AIRFARE ANYWHERE!























poeoreeencennee meena TARA TN








Large Screen
Panasonic .
Plasma TV a

PLUS CQ... Luxurious

Leather Recliner




sronanonsenesenentpoeoNeconeIteeRNnOeOOO

www.besibuybahamas.com

ggooneasen



Eroonansecansnocannsntasannsnaasmnenenesanatencsonctsonsteste

www.rnastertechbah

SASL ALES REEL BILE ECR LLORES RELL EOE OEE EE EE LEME LOT OTE EE LEO EEE SEE

@ By RUPERT MISSICK Jr
Chief Reporter

MORE than $300,000 allo-
cated in this year’s budget esti-
mate is a clear indication of the
governments’ support and com-
mitment to ensuring the safety
and adequacy of the National
Blood Supply System, Health
Minister Dr Hubert Minnis said
during his contribution to the
budget debate.

The majority of these funds will
be used to secure suitable accom-
modation for the establishment
of, a “long overdue”, stand alone,
national blood centre.

“Overdue, because in 1999,

Funding to provide ‘long overdue’ facility



at the 41st Directing Council of
the Pan American Health Orga-
nization, member-countries,
including the Bahamas con-
cluded that the existence of an
excessive number of hospital-
based blood banks has negative
consequences for blood avail-
ability and safety; and con-
tributes to diminished efficiency
of scarce resources and higher
prices for testing kits,” Dr Min-
nis said.

' The minister said that the

multiplicity of blood banks also
hinders the implementation of
quality programmes.
Hospital-based blood banks,
Dr Minnis said, do not put
emphasis on the promotion of
voluntary blood donations but
on replacing the number of
units made available by the rel-
atives or friends of the patients.
All of the blood banks in the
Bahamas are hospital-based. At
present, blood donations are
mainly from replacement

Bahamian Betsy Wilson
makes top financial post

BETSY Wilson of Nassau has
been appointed assistant finan-
cial controller for the Westin
and Sheraton Grand Bahama
Island Our Lucaya Resort.

Ms Wilson brings a wealth of
knowledge and experience to the
industry and has a career span
of more than 20 years in hospi-
tality management and finance.

Prior to her appointment at
Our Lucaya, she served as an
accountant with the Nassau
Beach Hotel and Nissi Distrib-
utors/McIntosh Enterprises, in
Nassau.

She also held other manageri-
al positions in finance at Le Meri-






style!



Your Purchase!
<< cicineamnmaen
SUPER SIZE your purchase! - at Master

Technicians and Best Buy Furniture this
June and celebrate Father’s Day in grand

. Buy anything Panasonic in Master

Technicians and get the chance to Super Size

| your purchase and ENTER TO WIN a Large

' Screen Panasonic Plasma TV! PLUS, spend just
$200 in Best Buy Furniture and get the chance to
Super Size your purchase and ENTER TO WIN a
luxurious Leather Recliner!

dien Royal Bahamian Hotel and

the Lucayan Bay Hotel.
A certified hospitality
accounts executive and

BahamaHost graduate, she has
a Bachelors of Science degree in
Hotel Management from the
University of the West Indies.
Skilled in control systems and
computer programs, Ms Wilson
is a member of the International
Hospitality Technology Profes-
sionals, HOPE Worldwide Inter-
national Charity and citizen
ambassador People to People
programme, where she has trav-
elled to Russia to exchange ideas
on hotel operations and controls.












es
0
gs

sgn

Get SUPER SIZED while.celebrating your Dad, with
Best Buy Furniture and Master Technicians today!

Grand Prize Drawings on June 30th.









SHR ANNRRANRE

er Technicians



amas.com



outa etna caatoaataamiaamasatnateanaete NNR RAAT

Job Opportunity

donors, and this source of blood
is not the safest.

“In fact, studies have shown
that, the promotion of volun-
tary blood donation is central
to blood safety since voluntary
donors are less likely to be car-
riers of transfusion transmitted
infections,” Dr Minnis said.

He pointed out that timely

-access to safe blood is essential

to the delivery of quality health
services and there is no substi-
tute for human blood.





Sita O)elor- inom mes earar





We are seeking an excellent, competent
Driver to handle transportation of
merchandise in a fast-paced, team
oriented warehouse.

Plus Group of Companies is an
established Bahamian owned group that
is growing & continuing to build it’s
team of professionals in various areas.
We offer a competitive salary & benefits

package as well as ongoing professional
training & development.

Requirements:

¢ Computer literate

© Must hold a current Driver’s License and be 25 years of age or older

° Three (3) years experience in Lift driving and delivery of
merchandise

* Physically able to receive, deliver, secure & track inventory
° An excellent work ethic with a willingness to get the job done
° A desire to improve & open to learning new skills

* A high school graduate with exceptional reading, writing & math
abilities

° An enthusiastic team player able to work well with customers &
coworkers to ensure complete customer satisfaction.

Are you an exceptional driver with a great track record?
If we've piqued your interest, Let’s Talk!

FURNI
































Limited

Furniture ° Appliances ¢ Electronics

Please fill out and submit an application online at
www.furnitureplus.com

or eMail:

or Mail to:

jobs@theplusgrp.com

Director of Human Resources
The Plus Group

P.O. Box N713, Nassau, Bahamas

We thank all applicants, however only those selected
for an interview will be contacted.



_ THE TRIBUNE MONDAY, JUNE 11, 2007, PAGE 13





Jewellery store ca
raises money for| _ ee
Father’s Day

- Cancer Society

DIAMONDS International
recently held its first annual
Cancer Society fundraiser
reception at its Bay Street Store.

During the month of May for

all local sales at the four Dia-

monds International Stores, 15
“per cent was donated to the
Cancer Society.

Terrance Fountain, president
of the Cancer Society, said
thanked Diamonds Interna-
tional for selecting the Cancer
| Society of the Bahamas as the
' beneficiaries of its promotion.

“Beyond what is offered here

| tonight and any profits realised
' from this month-long fundraising
. drive, just the opportunity to
partner with and work with such
a civic-minded company, in itself,
proved to be special. The much
needed funds that are raised will
' be used to defray the operational
. costs of the Cancer Caring Cen-
' tre,” said Mr Fountain Toni Gad, island manager of Diamonds International, Deandrea
' Toni Gad, island manager of __Conliffe, Miss Bahamas World 2006-2007, Anthony Smith,
Diamonds International said marketing manager at Diamonds International
“Tonight is not about Dia-
-monds International, tonight is
about individuals in our fami-
lies, in our community and in
our workplace who suffer from
* Cancer and need our moral and
. financial support... Thank you
for doing your part in helping to





Share your news

The Tribune wants to hear
from people who are







make a difference to individuals making news in their
who suffer from cancer in the neighbourhoods. Perhaps
_ Bahamas.”

you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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




> Diamonds International also
‘ thanked partners City Markets,
Bacardi and Company, Bristol
Wine and Spirits, the Broad-
casting Corporation of the
Bahamas and 100 Jamz for their
- help in making the event suc-
‘ cessful.





THE BRASS & LEATHER SHOP. SID
ft OE Day Street —Tel: 422-4806







Charlotte Strec




i a8. ae 8 2 Saad
Mal at Marathon ~ Tel: Hareb SOFG



3 al = ‘ we = sy foe yg :
Marsh Harbour, Abaco Sho oping Centre — Tel: 467-9644
# > j qe .

i





THE LUGGAGE STORE

os PEED Fes ; Be a Ate ae ;
r Ave & 6th Terrace, ip “Centreville | ood Market ~ Tel: 428~]



KiA MOTORS



The CECT of Great ate -

Good design is a serlous/expérience. It comes down to the Jook,,
the touch and the feel. Welcome. to Optima and the realm of the. |
, senses, awakened and refreshed by itelligent design. From the |
spacious cabin to the instrumentation and wonderfully Eee :
supportive seats, every detail has been carefully thought out. — IR CONDITION, 4 CYLINDER 2.0L

with a view to pomoting your sense of comfort:and ea Le UTOM ile PAP UL YN IBY

Oo USERS



%
i

SANPIN MOTORS LIMITED ON THE SPOT FINANCING AVAILABLE WITH
Thompson Blvd. Oaks Field COMMONWEALTH BANK

Phone: 242-326-6377 INSURANCE AVAILABLE WITH ADVANTAGE
Fax: 242-326-6315 R







© ADWORKS 2007



9
ws







PAGE 14, MONDAY, JUNE 11, 2007

THE TRIBUNE



would like to announce our

FATHER’S DAY SPECIAL

at the

RED LANE SPA

DADDY DEAREST

REPLENISH HIS BODY, MIND AND SOUL
WITH A SPA TREATMENT

He Deserves It! !
Pe AS DY VETS al

BODY BLITZ...FOR DADS

25MIN BODY SCRUB
50 MIN FULL BODY MASSAGE

ALL FOR $139.00

For more information call Aketa Smith,
at 327-6400 ext 6224 or contact us at
aksmith@srb.sandals.com

Gift certificates are perfect for
any occasion. Available now

Smart is Luxury

2007 FORD FUSION





my olor Ne A



FROM page one
volition.

One such observer noted that
Mr Jarrett’s apparent allegiance

with the PLP could be a factor

in his possible departure.
Mr Jarrett told 7he Tribune
yesterday afternoon that he

could only say that the matter of

his stepping down as chairman
of the Bank of the Bahamas ts
“under consideration.”

He added that he would be
able to comment in detail in a
few days time as to the circum-

. stances surrounding his possi-

ble departure from a post he
has held for the past two anda
half years.

“Tt is a fluid situation right
now,” he said.

Sources close to the Bank of
the Bahamas yesterday con-
firmed that meetings had been
taking place between manage-
ment and the board of direc-
tors.

Mr Jarrett — a veteran banker
in his sixties who in the past also
served as managing director of
FINCO as well as BEC’s exec-
utive chairman — was first
appointed as the Bank of
Bahamas’ chairman in Decem-
ber 2004.

He succeeded Hugh Sands,
who held the position for eight
years before stepping down.

In announcing Mr Jarrett’s
appointment in 2004, former
Prime Minister Perry Christie
said that he was sure the veter-
an banker would perform to the
highest expectations.

Mr Jarrett in the past has crit-
icised both the Christie and
Ingraham administrations for
giving away too much of the
Bahamas to foreign investors.

He advocated getting rid of
standard and heads of agree-
ment contracts, and instead
implementing new arrange-
ments which would benefit
Bahamians more.

To this end the retired banker
gave the Christie: government
high marks for its partnership
with the I-Group in the joint
development project taking
place on Mayaguana.

He also praised the Christie
government for its economic
policy and its impact on
employment and the country’s
economy.

Mr Jarrett joined the Bank
of the Bahamas after nearly

Living Spaces

: THE ULTIMATE HOME AND GIFT STORE

FOR EVERYDAY LIVING INSPIRED BY LIFE

Prey TREATMED

ERW ARE

Â¥5(242) 325-0050
MADEIRA PLAZA
P.O.BOX $S-6583



__ Email: Jivingspace





es our great profession.”

| Bank of the Bahamas

four decades of experience in
international and domestic
banking.

In addition to holding posi-
tions in both the Bahamas and
abroad — with companies
including the Banca Commer-
cial Italiana, Royal Bank of
Canada, FINCO and RBC
Financial Group — Mr Jarrett
also served as treasurer of the,
fundraising committee for the
2000 Olympic Games.

He has also served on the
boards of National Insurance’
and Bahamas Development.,,-
Bank and been the director ofs .
the Hotel Corporation of the -
Bahamas. ,

Managing editor
of The Tribune
suing Nassau
Guardian
FROM page one :

through.

Mr Marquis is also consult-
ing lawyers with a view to suing“
The Bahama Journal for libel
in a column written by former. °
police officer Errington,
Watkins. ’

He said he would be pursuing,“
the matter “to the limit” to»*
ensure his good name as a:pro-”,
fessional journalist was pre-.«
served.

“It is quite obvious that this” ‘
disgraceful drivel, which was « “
barely literate, was never edited *
by a professional journalist. Ite S
went straight into the paper s*.
without any critical judgment», »
being applied at all. :

“T only ever met Watkins
once, and that was enough. He |
knows nothing about me, yet .“»
scribbled a load of malicious | ©
rubbish which was inaccurate “
from beginning to end.”

He added: “I am surprised
that Wendal Jones, who likes
to think himself as an up-and- |
coming media mogul, allows his «24
paper to be tainted by such vile “a
material. oa

“The good journalists onthe
staff, and there are certainly one
or two, must be deeply ashamed.
by this episode, which besmirch- =*.



‘

%
‘oe
‘ee
sta
my
ait,
Save NOW on your Choice of New 2007 Ford vehicles |
, © This Hurricane Season you have a Lo
choice... duct tape, plywood or ‘
2007 Ford “EUSION” hurricane shutters. (
Get Noticed fast. Shutters are definitely the way to go... 5
2.9L 4 cylinder, automatic, leather For one day only, Commonwealth Bank is 3
interior, full power, 17° alloy wheels, teaming up with Aluminum Fabricators, ‘
keyless entry. Commonwealth Building Supplies, 4
Palincia Manufacturing, Storm Guard .
Shutter Company and Marlin Marine to 9
transform our Wulff Road Branch parking :
lot into your “Hurricane Central”. :
Purchase everything from generators, :
shutters to supplies. f
This Saturday, Commonwealth Bank will

get you prepared for what this season has
in store by offering interest rates as low r
as 12%, and repayment terms that oe

won't cause financial damage! COMMONWEALTH BANK
“Leader in Personal Banking Services”

S
a
é
5
3
2
cg
S
=
S
°
&

1
a

Available at

“== FRIENDLY MOTORS CO, LTD

THOMPSON BOULEVARD ° TEL.: 356-7100 * FAX: 328-6094

EMAIL: friendlymotors@hotmail.com ¢ WEBSITE: friendlymotorsbahamas.com

www.combankitd.com

= ~SB@d@_es

SAT., JUNE 16th | 10:00 a.m.—4:00 p.m.
o SAUL SerTe Branch Parking Lot







< NE
\

-

MONDAY, JUNE 11, 2007, PAGE 15





Knowles and Nestor win

French Open doubles title

FROM page one

before they split up for good.

The number six seeded team
had to storm back for a 2-6, 6-3,
6-4 win over the No. 9 seeded
team of Lukas Dlouhy and Pavel
Vizner of the Czech Republic
on Saturday on the clay courts in
the French Open.

“It was a good one to get. It
was exciting,” said Knowles in
an interview with The Tribune in
London yesterday as they pre-
pare for a tune-up tournament
this week in Queen’s.

“It was a long time coming to
win the French. We’ve been
there in the finals a couple of
times, so it’s really a sweet feel-
ing. There’s no feeling like win-
ning a Grand Slam. So it’s really
sweet.”

and Knowles won 2-6, 6-3, 6-4.

It was their first triumph after
two failed attempts in the finals
of the French Open — one of
the world’s top tournaments —
at Roland Garros after they fell
short in the final in 1998 and
2002, both times to the Dutch
combo of Jacco Eltingh and Paul
Haarhuis.

_ Their match was played on
the Philippe Chatrier court in
front of a sizeable crowd that
stayed behind .after the women’s
finals was over in a flash as Jus-
tine Henin of Belgium defeated
Ana Ivanovic of Serbia, 6-1, 6-2.

After a match that lasted pre-
cisely one hour and 45 minutes,
Knowles and Nestor shared a
hefty purse of £1,000,000 (or
$2,000,000), but more impor-
tantly, they will climb to num-
ber two on the ATP computer
rankings behind the world’s best



not a -
inne dig

f@ CANADA'S Daniel Nestor, face to camera, and Mark Knowles, of the Bahamas, celebrate after
defeating Czech Republic's Lukas Dlouhy and Paul Vizner, in the men's double final match of the
French Open tennis tournament, at the Roland Garros stadium, in Paris, Saturday, June 9, 2007. Nestor

“

30 Days Past Due
60 Days Past Pue
9) Days Past Due

. Bad Debt

\. Write off

Loss

NEED HELP WITH PAST DUE ACCOUNTS ?

APEX Management Services

iw Over 25 years Debt Collection Experience

iM] State of the Art Debt Collection Technology
cal Professional, Reliable, Proven Track Record

MI The Country's Leading Collection Agency

For Debt Collection Services
Call APEX Today!

Tel: (242) 328-8304 / Fax: (242) 322-7328 wie)

ww. apexbaharnas.com / apex@coralwave com

i 3,
MSMR rit
Rab Ce






team of American twins, Bob
and Mike Bryan.

Their French Open title will
be added to their prized Grand
Slam collection of the Australian
Open they won in 2002 and the
US Open they captured in 2004.

Two weeks from now,
Knowles and Nestor will go after
their final Grand Slam on the
grass surface at Wimbledon
where Nestor has indicated that
he plans to break up his 11-year
partnership with Knowles to .
play with Nenad Zimonijic of
Serbia.

During their relationship,
Knowles and Nestor have
won a total of 38 titles, which
put them eighth on the Open
Era Doubles Team leader board.



from

e SEE SPORTS SECTION
FOR FULL STORY




won a stylish





designer
Harl Taylor.



Bee

(AP Photo/Michei Spingler)

tie NE

ano th

luxury handbag
from Bahamian

Congratulations to winners
Nekeva Brennen, Re-Chell —
Major & Carla Jackson

ait

They participated in the TCB
Naturals Mother's Day _
promotion and each g





















pee

+ Heart Ae |
ning sae |
The Official




Until he realized that shopping around for a better policy saved
| him lots of money...now what does he have to gay?

“THANK YOU RSA!”

Call for a quote today!
massa | 242.928.1885 { 242.325.3151
freeport ( 242.352.5705 § 242.352.5118



RoyaiStar
Assurance

WHA WY MAMAS, CAIN






PAGE 16, MONDAY, JUNE 11, 2007

THE TRIBUNE



Mable

@ CHILDREN from Mable
Walker Primary flock to the
side of Prime Minister Hubert
Ingraham outside the House
main Iinnhl «- Ya 4 y RNAmmaynih of Assembly after it adjourned
our look at what’s going on in your community see ee ed
hoto: Peter Ramsay)

(



"De you get wioney back
on Your mortyage?



Fidelity rebates a portion of your monthly mortgage Seer ic an |
CM ae account for you. At mortgage end, you could have il ae
ED 00,000* in your investment prado plus home CCI YE foe Clay is Reid

Call or visit Fidelity for details.

* Based on a $200,000, 30 year term mortgage with a monthly rebate invested in the Fidelity Bahamas Growth & eeu cue
ct assuming the Fund will have an average annual return of at least 8% during the life of the wr Rods E} A

‘
1

—) FIDELITY

Bu MELE.) Bank
a 352. yi

a ore NY .
Choose Fidelity Nassau: t 356.776

MADEIRA
PLAZA

17 TT) a

FREDERICK
STREET

s “Th any 2 products
a a LS scledese

as the rie ue

eer ret aTrEP SERENE =TE EIT TP ent et referrers terrane + timers nat thtrtnn abe



~ PM In oraham pays visit to
Walker Primary






DHL executive pays
visit to Freeport

JAIME Hooker, vice-presi-
dent of DHL International
Americas, is pictured right as he
a a courtesy call on Senator

Kay Forbes-Smith, parliamen-
tary secretary in the Office of The
Prime Minister, at the Prime Min-
ister’s Freeport office on Friday.

DHL is the largest global
provider of transportation and
logistics services. During his
visit Mr Hooker reaffirmed
DHL’s commitment to Grand
Bahama and The Bahamas.



Ms Forbes-Smith encouraged
Mr Hooker to look seriously at
expanding his company’s busi-
ness in Grand Bahama, to assist
with the revitilaztion of Grand
Bahama’s economy. Among
the areas toured by the DHL
executive was the Freeport
Container Port.

Pictured left to right are
Romell Knowles, country man-
ager for DHL (Bahamas) Lim-
ited; Senator Forbes- Smith and
Mr Hooker. — =

Sentai ends July-28th, 2007.

cs ou Liesl Wyk be ate to receive prize.



ie
Fad ance

=



MONDAY, JUNE 11, 2007

SECTION



business@tribunemedia.net



The Tribune

BUSINESS

Miami Herald Business, Stocks, Analysis, Wall Street





Colinalmperial.

Confidence For Life



John S George owners
in potential sale talks

* QBC owner Andrew Wilson in talks to acquire hardware products retailer
* Move to sell company follows split in private equity group owning John S George

@ By NEIL HARTNELL

Tribune Business Editor

he private equity
consortium that
owns John S
George, the well-
known Bahamian
hardware and home materials
retailer, is in active talks to sell
the business to a “retailer and
wholesaler” described as the
largest phone card seller by
volume in the Bahamas.

The Tribune can reveal that
John S George’s owners are
negotiating its sale to Andrew
Wilson, owner of phone card,
cellular phone and electronics
retailer, Quality Business Cen-
tre (QBC), less than three
years after they acquired the
ailing retail format.

No deal has been sealed, but
sources familiar with the situ-
ation said the John S George
Holdings investor group were
in serious talks with Mr Wil-

Bahamas in ‘superior
position’ on alternative
energy search

@ By NEIL HARTNELL
Tribune Business Editor

THE Bahamas’ “superior
positioning” gives it a compet-
itive advantage in the global
search for alternative, renew-
able energy sources, a former
Bahamas Maritime Authority
director believes, urging this
nation to explore. initiatives
such as an Ocean Thermal
Energy Conversion (OTEC)
plant and gas hydrates.

William Bardelmeier, a 52-
year Nassau resident, told
Rotarians that the Bahamas’
geographical location had left
it “unusually well-qualified” to
play a critical role in the fight
against global warming and
greenhouse gas emissions, and
said some initiatives might be
available during the lifetime of
current Bahamian children.

One survey, Mr Bardelmeier

* Nation urged to pay
more attention to
exploiting national
resources

* Ocean thermal energy
and gas hydrates give
Bahamas advantage

said, had ranked the Bahamas
as the second-best site in the
world for an OTEC plant, with
scientists consistently placing
this nation among the top 28 or
30 locations.

He explained that OTEC
plants operated on the premise
that huge amounts of the sun’s
energy were deposited and

SEE page 9

Doctors hopes for
Western Medical sale
‘in six months’

@ By NEIL HARTNELL
Tribune Business Editor

DOCTORS Hospital Health
Systems (DHHS) is hoping to
complete a sale of its Western
Medical Plaza facility “within
the next six months”, believ-
ing that increased economic
activity in western New Provi-
dence as a result of the poten-
tial Baha Mar, Albany and
South Ocean investment pro-
jects will generate increased
interest from prospective buy-
ers.

DHHS has been attempting
to sell the Blake Road-based
property for several years, a
previous $9.5 million deal hav-
ing fallen through, but Western
Medical Plaza’s drag on the
company’s operations declined
by 33,.6 per cent in the year to

Accounts receivables
over $12m gross

January 31, 2007, falling from
$1,1 million the previous year
to $0.7 million. °

Operating expenses at West-
ern Medical Plaza fell by 6.7
per cent in fiscal 2007, while
interest expenses declined by
20.3 per cent. In addition,
DHHS avoided the previous
year’s $237,611 write-down on
the facility’s assets, deciding
no further impairment was
needed.

“With the continuing
announcements of planned
developments in western New

SEE page 8

Toshiba Makes
Color History
with 4 Prestigious Awards

at

son, following a disagreement
over the retailer’s future direc-
tion and strategy that resulted
in a boardroom split.

“There are discussions going
on about the future of Joun S
George, and one of the options
is a potential deal,” one source,
who requested anonymity, told
The Tribune.

They identified the possible
buyer as “wholesale/retail busi-
ness”, which this newspaper
was subsequently able to estab-

lish was Mr Wilson and QBC.

“The intention is for John S
George to continue on,” the
source said, adding that the
John S George Holdings
group, which was put together
by former Freeport Concrete
chief executive, Ken Hutton,
was keen to safeguard the 70
staff jobs at the retailer.

Mr Hutton declined to com-
ment on the situation when
contacted by The Tribune. It is
unclear what Mr Wilson’s

plans for John S George are if
he succeeds in acquiring it, and
whether he would keep the
existing format.

Some have suggested that
QBC, which has outlets at the
Mall at Marathon and in
downtown Nassau, on East
Street North, would be more

interested in acquiring John S .

George for its store sites to
allow the QBC format’s expan-
sion.

John S George has its head

office, warehouse and largest
store in Palmdale, owning the
complex, and leases stores in
the Harbour Bay Shopping

Centre, Lyford Cay Shopping

Centre, Cable Beach Shopping
Centre and Independence Dri-
ve. All are high-footfall shop-
ping centres for consumer traf-
fic.

Not all the investors in John

SEE page 14

Royal Bank generates $30.5m in staff wages

@ By CARA BRENNEN-BETHEL
Tribune Business Reporter

ROYAL Bank of Canada’s Bahamas-

based operations generated more than

$30.5 million and salaries and benefits for
its 705 employees in 2006, in addition to
purchasing $10.874 million worth of goods
and services from Bahamian companies.
The data was contained in a document
published to show the positive impact
Royal Bank of Canada makes in the wider

U

Life and Health Insurance

programmes.

Exuma -Abaco ¢Freeporft °

Mortgage Lending | Retirement Planning

THE DAVIS FAMILY

SS ColinalImperial

Confidence For Life

Revareets

e4 hA

1 tor Basimess
eT DLiOoRrsS sz

ep sO) a) OP
Grou

“Quite franxiy it takes the business color
market into unchartered territories with
some output being much closer to that

achieved by a graphic arts device...”

Bertl, 100% independent Report

Bahamian and Caribbean communities.’

The document revealed that Royal
Bank of Canada spent $106,053 on training
programmes for its Bahamas-based
employees in 2006, with some 88 per cent
of staff participating in share ownership

°£



Institution spends $10.874m with Bahamian suppliers, as 705 Bahamian
staff benefit from training and share ownership initiatives

Meanwhile, the Royal Bank of Canada
has allocated an additional 40 per cent
more funding towards Caribbean-based
community projects in-2007, with the bulk

SEE page 5

Cayman

One family with many needs. For
a solid financial foundation and
customized advice, their choice is

Colinalmperial.



“Micronet

_BUSINESS TECHNOLOGY





PAGE 2B, MONDAY, JUNE 11, 2007

THE TRIBUNE



Bi By Fidelity Capital
Markets

SOME 76,635 shares
changed hands in the

“Feel more secure about your future. We offer practical
solutions for International Clients”.

Offshore Company Formations

Flexible
Reliable
Trusted

0 Foundations

) Estate Planning

1 Management Accounting

0 Custody & Asset Protection

CALEDONIA â„¢

tre Keree ner CUCM thre Ree PRA OY DDE
NAGA RUT ce Coreitonel Omens ini fe



392.7270 | Fax: 242.356.3969

CORPORA EL MAN

ae ©

LAGE MENT GROUP LIMPED







Bahamian market this past
week. The market saw I1 out
of its 19 listed stocks trade, of
which five advanced, three
declined and three remained
unchanged.

Volume leader for the
week was FamGuard Compa-
ny (FAM) with 32,600 shares
changing hands, accounting
for 42.54 per cent of the total
shares traded. The big
advancer for the week was
Colina Holdings (Bahamas)
(CHL), up $0.05 or 2,38 per
cent to close at a new 52-
week high of $2.15.

For 2007 to date, CHL’s
share price has appreciated
by 13.16 per cent to $2.15
versus $1.90 at the end of
2006. On the down side, Con-
solidated Water Company’s
BDR share price fell by $0.19
or 3.60 per cent to end the
week at $5.09.

For the week, the FINDEX
increased by 1.67 points, to
close at 802.50.

COMPANY NEWS



Fidelity Bank (Bahamas)
(BAB) —

FOR the 2007 first quarter,

BAB posted net income
attributable to common
shareholders of $309,000, up
$32,500 or 11.7 per cent over
the $276,900 achieved in the
2006 comparative period.

Interest income grew by
$143,600 or 5.57 per cent to
total $2.7 million, while inter-
est expense increased by
$183,000 or 21 per cent to
total $1.01 million. Total
income declined by $158,600
or 6.29 per cent to total $2.4
million.

Operating expenses
remained relatively
unchanged year-over-year to
stand at $2.01 million at the
end of the 2007 first quarter.
Earnings per share (EPS)
were $0.014 versus $0.03 in

SEE page 6

The Bahamian Stock Market

FINDEX 800.83 YTD 7.91%

BISX CLOSING CHANGE VOLUME YTD PRICE
SYMBOL PRICE CHANGE
AML $1.18 $- 0 93.44%
BAB $1.30 $- 700 4.00%
BBL $0.85 $- 0 11.84%
BOB $9.40 $-0.01 1100 17.06%
BPF $11.50 $-0.10 3500 | 1.77%
BSL $14.60 $- 0 0.00%
BWL $2.95 Se 0 68.57%
CAB $10.60 $0.17 3200 6.00%
CBL $14.55 $0.05 15302 16.31% |
CHL $2.15 $0.05 5483 13.16%
CIB - $14.50 $. 800 2.47%
CWCB $5.09 $-0.19 0 -2.86%
DHS $2.40 $- 400 -4.00%
| FAM $6.20 $- 32600 7.08%
FCC $0.54 $- 0 -1.82%
FCL $17.30 so 0 37.85%
FIN $12.60 $0.10 6250 4.83%
ICD $7.28 $0.08 7300 1.82% ||
ISJ $9.50 $- 0 10.47% |
PRE $10.00 $- 0 0.00%

| DIVIDEND/AGM NOTES:

FIN has declared dividends of $0.13 per share, payable on |

| June 12, 2007, to all shareholders of record date June 5, 2007. |

e

ICD has declared dividends of $0.10 per share, payable on >
June 29, 2007, to all shareholders of record date June 15,
2007.

CBL has declared dividends of $0.12 per share, payable
on June 29, 2007, to all shareholders of record date June 15,
2007.

CWCB has declared dividends of $0.012 per BDR, payable |
on August 8, 2007, to all shareholders of record date June 30, |
2007. :

Benchmark (Bahamas) (BBL) will hold its Annual Gener- ~
al Meeting on June 21, 2007, at 5.30 pm at the British Colonial |
Hilton Hotel, Number 1, Bay Street, Nassau, Bahamas.

Doctors Hospital Health Systerns (DHS) will hold its Annu-
al General Meeting on June 28, 2007, at 5.30 pm at Doctors
Hospital’s Conference Room, No.1 Collins Avenue and |

, Shirley: Street, Nassau, Bahamas. |-£

Hi:

Ma eae Le eto

ony ¢ definition of success is simply not having to worry about the future ...and with FirstCaribbean,

ican say that | have been very successful.”

Speak to our experts about our Chequing & Savings Accounts, Fixed Deposits, SureStart and our

Income Escalator, plus get the best insurance advice.

Success... Solved.

INTERNET & TELEPHONE BANKING *® INSURANCE oe

ABMs

e DEBIT CARDS



CREDIT CARDS

FIRSTCARIBBEAN

INTERNATIONAL BANK
GET THERE. TOGETHER,

\ firetearibbeanbanx





WALL STREET




) MONDAY, JUNE 11, 2007



BUSINESS

The Miami Herald |



Brokerage industry on verge of consolidation

BY JOE BEL BRUNO
Associated Press

NEW YORK — The rally that car-
ried Wall Street to new highs this
year may also propel the brokerage
industry into a period of takeovers
and consolidation.

Stock trading surged the past few
months as investors piled into the
advance that lifted the Dow Jones
industrials and Standard & Poor’s 500
index to new highs. But that meant
competition among brokerages
increased as well, raising concerns
that the companies will need to slash
prices to attract and retain custom-

ers.
: The trend is already under way.
Bank of America is offering free
trades to customers who meet

deposit requirements. Analysts
believe this model, which might be
duplicated by others, is putting mas-
sive pressure on the industry.

Bigger firms like Merrill Lynch
and Morgan Stanley can weather
market fluctuations because of their
scale and diversified businesses.
More vulnerable are the boutique
firms and electronic brokerages,
whose profits often hinge on trading
— and the jump in competition is
likely causing some to consider deal-
making as a means to survive.

“The industry goes through waves
of consolidation, and the driving fac-
tor tends to be big profits or lack of
profits,” said Richard Bove, an ana-
lyst with Punk Ziegler & Co. “What is
creating less and less profit for bro-



BARTERING

~LET’S MAKE |
A DEAL

MY PAINT JOB FOR YOUR LIMO SERVICE? HOW
COMPANIES ARE MAKING USE OF BARTER
TO IMPROVE THEIR BOTTOM LINES

BY ANGELA TABLAC
atablac@miamiherald.com

John Strawser got $1,000 worth of
Christmas baskets for loyal custom-
ers of his equipment rental business.
He got advertising, contracts and
printing.

Plus, he equipped his house with
$2,000 worth of hurricane window
protection.

Strawser didn’t pay for any of:it..

He bartered.

Looking for new customers — and
a way to keep their cash — some
small business owners have turned to
trading their products and services
through business-to-business
exchanges. Worldwide, trade is
growing steadily at 10 percent a year,
and about $2.3 billion in goods and
services are exchanged annually
through companies in Latin America
and the United States, according to
International Reciprocal Trade Asso-
ciation, the top barter industry group.

Even though business owners who
barter have to take steps to protect
themselves from unfair pricing and
flaky traders, several South Florida
owners said the give-and-take
improves their bottom lines.

“For me, it’s great because the
equipment is just sitting anyway,”
said Strawser. He said bartering has
boosted his business by at least 10
percent.

Trade exchanges work by devel-
-oping a directory of member busi-
nesses that use credits. One credit
equals one dollar. When wanting to
trade, one member calls the

.exchange. A representative finds a
match in the directory, mediates the
trade and balances out each side’s
trade account.

Exchange companies avoid buying
or holding a company’s product.
They monitor and dole out the cred-
its, giving points to the company that
provided the good or service and
subtracting points from the account
of the company that received the
product.

“We just arrange the transaction
and keep score,” said Alan Wolfson,
owner of TradeSource in Hallandale

ee

er yee eat

Beach.

The cost: anywhere from $200 to
$700 to join, plus 5 percent to 6 per-
cent for each side — the giver and the
taker — of a trade deal, according to
the international trade association.
Some exchanges also charge monthly
fees.

But local business owners said the
new clients they get are worth the

price. By joining the network, compa-

nies have access to all members and
get references from the exchange.

“It’s like having an extra salesman
on the street,” said Lee Hackmeyer,
owner of Associated Paint in Miami
and a TradeSource member for about
10 years.

Strawser, who owns A to Z Rental
Center in Oakland Park, rents out
tables, chairs, generators and other
heavy equipment. He joined national
trade exchange ITEX in 2001 and
worked with the exchange’s Planta-
tion office, hoping trade would
attract more customers.

“We've pretty well saturated the
area we’re located in,” said Strawser,
whose store has been open since
1972. “We needed to expand the busi-
ness.”

Trading also saves cash, owners
said. Using their own inventory to get
other goods, they instead spend their
credits on advertising, contracts and
other business-
related expenses.

Some owners get creative with
their trading, using credits for fun,
personal purchases:

e Strawser took his father on a 10-
day fishing vacation.

e Hackmeyer ordered a limo ride
for his wife’s birthday, after he traded
in gallons of paint. ~

e Lisa McGuire, owner of Pest
Relief in Pompano Beach, paid for
her niece’s braces, her two children’s
graduation parties and several of her
family’s vacations.

“Before I go to spend any money
on anything, I call the ITEX office
and tell them what I see and what I
want,” said McGuire, a member since
1992, who uses barter for her veteri-
narian, accountant, eye doctor and



TOM ERVIN/FOR THE HERALD

EASY GAINS: John Strawser, whe owns A to Z Rental Center, says
bartering has boosted his business at least 10 percent.

kers outside of New York City is the
price of the products they’re selling
are dropping dramatically.”

He pointed to events the past few
weeks that signal the industry is
ready for contraction.

Prudential Financial said Tuesday
it will shutter its 26-year-old equities
research business, which in the 1990s
was one of the biggest brokerages on
Wall Street. Also that day, TD Amer-
itrade was criticized by two activist
shareholders who want to see the
online brokerage complete a deal —
possibly with rivals E-Trade Finan-
cial or Charles Schwab.

Wachovia said June 1 it would
acquire A.G. Edwards in a nearly $7
billion deal that will create the
nation’s second-largest retail broker



after Merrill Lynch. The deal is the
latest maneuver for Wachovia’s bro-
kerage unit, which nearly doubled in
size through a 2003 joint venture
with Prudeniial.

They may not be the only ones.
Among the major regional brokerage
houses, there are two based in St.
Louis along with A.G. Edwards —
Edward Jones and Stifel Financial.
Raymond James Financial, a Florida-
based brokerage and Schwab have
also been bandied about as takeover
targets.

Potential buyers include Merrill
Lynch, Citigroup’s Smith Barney unit,
and BofA. Globally, foreign banks like
HSBC and UBS are said to be inter-
ested in buying a U.S. retail broker-
age.

Changes among the nation’s bro-
kers have more to do with the under-
lying economics of the industry; buy-
ing and selling shares -just isn’t as
profitable as it once was. Investors
are increasingly turning to bigger
securities firms — and major U.S.
institutions like BofA and Citi — for
cheaper prices and a broader array of
investment products.

Boutique firms, which sprang up

in the late 1990s to advise clients in

specialties such as technology issues,
could be the hardest hit once consoli-
dation is completed, analysts said.
Those specialty shops, along with
regional players, now find them-
selves competing during a period
where clients might not necessarily
be looking for specialized advice.









eyeglasses.

Business owners need to protect
themselves, though. When trading
through an exchange, owners
become more vulnerable than if they
paid cash, said Joseph M. Goldstein, a
business litigation lawyer for Shutts
& Bowen in Fort Lauderdale. In a
cash deal, both sides know the value
of the exchange. Finding a fair price
tag in bartering can be trickier.

“How do you value what goes in,
and how do you value what you’re
getting?” he said.’

Owners of trade exchanges said
they combat the possibility of price
gouging by explaining fair pricing in
their membership agreement and
having members promise to offer the
regular retail value. Exchanges then
trust owners to follow the honor
code.

“In the cash world, if it’s 30 bucks
for a pack of business cards, then in
the barter world, it should be 30
bucks for the same pack of business
cards,” said Marian Ernsberger, bro-
ker for the ITEX office in Plantation.

Sometimes, though, trade deals go
sour. If one owner in a trade backs
out of a deal or a business folds
before other owners can redeem ser-
vices, the trade exchange reverses
the trades and refunds credits to the
accounts of the “buyers.” But some
members, like Maurice Rodriguez,
end up in court.

Rodriguez, who owned Affordable
Photography and Video in West Palm
Beach, fell into a three-year struggle
that ended in May 2006. He joined a
local exchange and became irritated
with having to redeem his trade cred-
its at places mostly in Miami. He
applied his remaining credits toward
his 2003 wedding and wanted to
leave the network.

But that firm was bought by Tra-
deSource, and Rodriguez said Trade-
Source claimed he owed $5,000. The
case went to court and, according to
records, was settled for $593 — plus
agreements by Rodriguez to take on

some jobs and pay down the debt.

“I don’t think the concept of bar-
tering is bad,” Rodriguez said
recently, adding he would use a bar-
tering company again. “It’s just the
execution of it in this case.”

TradeSource’s Wolfson said
Rodriguez still owes money, but he
tried to pay it off. Even though Wolf-
son’s company goes to court for trade
disputes about four times a year and
has been suing defaulting members
more regularly after 2000, he said it’s
about 1 percent, a “really nominal”
amount, of his business.

He said his reasons are simple: If
members owe money or services and
cannot resolve the balance with Tra-
deSource, they’re going to court.

“We're no different than a credit-
card company going to small-claims
court,” he said.

To protect themselves, member
businesses need to be in contact with
exchanges and notify the network of
any concerns about trades, owners of
the exchanges said.



ROY FOX/MIAMI HERALD ILLUSTRATION

McGuire, owner of the pest-con-
trol company, said she researches
every business that contacts her to
trade. She calls ITEX, verifies the
business’ membership and asks if
there’s enough money in the owner’s
account to cover the trade. ITEX has
always reimbursed her for any bar-
tering glitches, and the benefits she
gets from trading are priceless, she
said.

When McGuire and her husband
started their company years ago, they
were able to pay for family vacations
through barter, even when cash was
tight. And when her daughter was
diagnosed with scoliosis, McGuire
paid for the chiropractic treatment
through barter. She added that barter
helped the life of her business, too.

“My business would be different,”
she said. “The cash flow would be
much tighter because I’d be having to
pay out cash for my printers, my
accountants — all of that which is a
part of running the business, I’ve paid
on trade.”

TRADING TIPS

Using a trade exchange can
improve the bottom line, but be
cautious, several business own-
ers said. Business owners think-
ing about bartering should:

e@ Research the exchange
before joining. Know who the
owner is, meet him or her, ask
about the membership and
transaction fees. Ask for - and
check - references from other

| small business owners who have
| used the exchange.

e Ask fora list of businesses
in the network, to see if the
goods and services in the
exchange fit your needs.

e Get all agreements, includ-
ing the membership agreement
and information for each trade,



in writing.

e Request acompany’s price |
list before spending trade cred-
its there. Make sure the com-
pany charges barter customers
the equivalent of the amount
they charge those who pay
cash.

© Declare all trade deals on
tax forms. Even though no cash
is exchanged, all trades must be
declared - whether the prod-
ucts are for personal or business
use. “If you receive something in
exchange for something, it’s
taxable,” said Steven Rosen-
baum, a certified public accoun-
tant at Freeman, Dawson,
Rosenbaum & Sobel.

- ANGELA TABLAC





THE MIAMI HERALD | MiamiHerald.com

CHINA

INTERNATIONAL EDITION

MONDAY, JUNE 1, 2007 4B

E-vending in the People’s Republic

BY TIM JOHNSON
tjohnson@mcclatchydc.com

BEIJING — Pan Ning is 25
and spends a lot of time at
home on his computer, but his
mother couldn’t be happier.
After all, Pan attends to a
thriving business.

Like hundreds of thousands
of Chinese, Pan has become an
online vendor. ,

In many countries, entre-
preneurs like Pan would open
real stores. But rents in Chi-
na’s big cities are soaring, and
the retail.scene is scattered
and often chaotic. Many ven-
dors have set up virtual shops.

Electronic commerce is still
in its infancy among China’s
144 million Internet users, but
it’s beginning to take off. Reg-
istered online shoppers now
number 43 million, and their
purchases may hit $6.4 billion
in 2007, a leap of more than 60
percent.

The ease of online sales has
opened new opportunities for
Chinese, empowering throngs
of new young merchants, who
are becoming pistons in Chi-
na’s economic engine.

“?’m thinking about hiring
more people and expanding
this business,” Pan said one

WORKPLACE

Americans
getting
too little
sleep

BY SUE SHELLENBARGER
The Wall Street Journal

Lindee Reed-Paris knows
she needs more than the six
hours of sleep she gets most
nights. She survives the
week by telling herself, “T’'ll
catch up on the weekend.”

But when the weekend
comes, the added sleep
“never happens,” the Chi-
cago marketing consultant
says. Seizing the chance to
watch television or movies
past midnight, she tells her-
self, “It’s my party and I’ll
stay up all night if I want to.”

Americans say they yearn
for more sleep. But when it
comes to actually getting it,
we’re a nation in denial.
Given a choice between an
extra hour of sleep and an
hour of free time, 43 percent
of working people claim
they’d take the sleep, says a
Yankelovich Inc. poll. Yet
the trend in sleep time is
downward: Only 26 percent
‘of adults get eight hours a
night, compared with 38 per-
cent in 2001, says the
National Sleep Foundation,
Washington, D.C.

MAKING EXCUSES

Some sleep loss arises
from sleep disorders or other
medical problems. But a
major factor, experts say, is
that we kid ourselves about
sleep — delaying sleep time,
making excuses and blaming
the consequences on every-
thing from viruses to unre-
quited love. “It’s amazing
how people rationalize”
their lack of sleep, says Wil-
liam Dement, chief of Stan-
ford University’s sleep divi-
sion. Some examples:

— “Tl sleep when the
kids are older.” Ilya Welfeld,
‘Bergenfield, N.J., a working
mother of three small chil-
dren, gets only three to six
hours of daily sleep. She’s up
often at night to feed her
infant; runs her own busi-
ness from home; and also
squeezes in exercise ses-
sions. She regards more
sleep as “a luxury” she’d
rather not think about now;
“when the kids are older, I'll
sleep again.”

— “Tll rest when I’m
dead.” Cheri Coleman, Hum-
ble, Texas, decided as she
neared 50 “to make up for
lost time. It’s not too late” to
revive lost dreams, she says.
So she got her MBA and took
two jobs she loves, leaving
her just five to six hours to
sleep. Overriding her fatigue,
says Coleman, now 56, is a
midlife sense of urgency
about “when the last day is
going to come.”

recent day in his family apart-
ment in a middle-class build-
ing south of Beijing. “It’s just
too tiring for the three of us,”
he said, referring to himself,
his mother and his fiancée.

After two years in business,
Pan now sells up to $20,000
worth of cellular phone acces-
sories a month. His fiancée
handles online inquiries from
shoppers — they get 200 to
300 orders a week — he deals
with suppliers, and his mother,
who also cooks for the family,
packages orders for twice-a-
day pickups by delivery ser-
vices.

Stacked on a metal rack in
the foyer of the apartment and
in boxes on the floor are cell-
phone batteries, carrying
straps, earphones, and, of
course, Bluetooth devices.

“T have my own inventory,”
Pan said. “It doesn’t look like
much stuff. But I’m one of the
biggest on the Internet.”

Pan maintains his e-shop on
Taobao.com, the largest of
four Internet companies that
dominate online shopping in
China. Two of them — Dang-
dang.com and Joyo.com (a

- subsidiary of Amazon.com) —
are conventional e-retailers,

selling and delivering a variety
of goods. The fourth company
is eBay, the U.S.-based auction
site that once was a market
leader here but now faces a
declining share of the online
business.

Taobao.com, a subsidiary of
Alibaba.com, has run away
with the market.

“Taobao.com wants to be
the largest retail company in
China, outrunning the tradi-
tional retail giants like
Wal-Mart and Carrefour,” said
Christina Splinder, a spokes-
woman.

Shopping in China is far dif-
ferent than in the West in
terms of pricing, availability of
goods and concentration of
stores. Chain stores with mul-
tiple locations in the same city
may price the same goods dif-
ferently at each location.

So Chinese consumers
seeking the lowest prices have
turned to the Internet.

“On China’s e-commerce
websites, 90 percent of the
products are new and have
fixed pricing. They are not
auctioned,” Wang said.

Varying .from the eBay
model of online auctions, Tao-
bao.com offers a fixed-price

CHECK THE BLOG

Visit Tim Johnson’s blog,
China Rises, at
http://washington
bureau.typepad.com/

platform free to buyers and
sellers. The Hangzhou-based
company follows the Silicon
Valley strategy of building up
its customer base and later fig-
uring out how to charge cus-
tomers. Taobao.com doesn’t
generate any significant reve-
nue at present, according to
Splinder. But it has a 65 per-
cent market share.

“They rolled the dice and

said, ‘Fine, we won’t lay’

charges on anyone.’ What they
are gambling on is building the
audience,” Wolf said.

Few e-vendors in China sell
used goods. Collectibles are
also scarce, although niche
markets, such as military sur-
plus goods, do well.

The top selling products at
Taobao.com are cellular
phones and accessories, cos-
metics, notebook computers,
digital cameras, jewelry, cloth-
ing, shoes, books and prepaid



mobile phone cards, Splinder
said.

Most Chinese still don’t use
credit cards, and some buyers
opt to pay cash on delivery of
goods from postal carriers or
courier companies. Online
payment plans are slowly
emerging.

Taobao.com’s parent com-
pany has one called Alipay,
which collects payments from
buyers, holds the funds in
escrow and then turns them
over to sellers.

Most online vendors hold
other jobs, quitting only when
business grows. Pan, who once
worked in technical support at

ENTREPRENEUR: In
Beijing, Pan Ning,
25, operates a
successful Internet
business selling
cellphone
accessories from
his home. After
only two years in
business, Pan
makes up to
$20,000 a month.

TIM JOHNSON/MCT “¢

an Internet portal, first sold
military surplus binoculars on
the Internet, then cellphones.
Finally he settled on mobile
accessories. ’

Some vendors face opposi-:
tion from family members to,
their business plans.

“My parents thought it was,
impossible for me to be suc-
cessful,” said Zhang Long, a
26-year-old diamond vendor'
whose Taobao e-shop is on,
target to hit nearly $1 million
in sales this year. Now, they:
watch in amazement. '

“T think sales will double, or.
even triple, in the next few,
years,” Zhang said confidently.,

“Ym not sleepy.”
Michael Millar, a Wilmette,
Ill., writer, says he does fine
on five to six hours of sleep;
“there’s so much other stuff I
like to do.” He rises at 5 a.m.
for some quiet pre-dawn
writing time, puts in a full
day at work, then gets “a nat-
ural boost” from his wife and
two kids in the evening. He
also does house-remodeling
projects on the side, using
coffee or Diet Coke for a lift
as needed.

In fact, Dement says,
many sleep-deprived people
ward off sleepiness by work-
ing, exercising or using caf-
feine. But they still pay a
price. Millar acknowledges
that he doesn’t retain infor-
mation as well as he’d like

NODDING OFF

Signs you may need
more sleep:

@ Trouble retaining
information

© lrritability

@ Minor illnesses

e@ Poor judgment

e Increased mistakes
e@ Weight gain



ILLUSTRATION BY KEITA SULLIVAN/MCT

Given a choice between an extra hour of
sleep and an hour of free time, 43 percent of
working people claim they'd take the sleep,
says a Yankelovich poll.

late in the day, and some-
times dozes off in slow
moments.

THE WEEKEND SLEEPER

— “T’ll catch up on the
weekend.” This excuse often
falls short in practice. A per-
son who needs seven hours
of sleep but gets only five for
two nights accumulates a
four-hour “sleep debt”; to
repay it, he must sleep an
additional four hours, says
Helene Emsellem, an author
and director of a Chevy
Chase, Md., sleep clinic.
Most people, however, won't
sleep enough on weekends
to repay their entire debt.

Most people need seven
to nine hours of sleep,
Emsellem says; you may not
be getting enough if you
can’t get through the day
without yawning or hitting
the wall. Kathy Helmetag
tackled her sleep-loss prob-
lem after realizing it was

making her gain weight; she
was snacking to boost her
energy, she says.

Now, the Troy, Mich.,
working mother books sleep
time in advance, scheduling
shorter days to offset those
she knows will be sleep-de-
prived.

WHOLE NEW MIND-SET

For years, working
mother Sarah Teslik kept
going on five hours of sleep.
She was so exhausted that
the mere sight of a pile of
dirty laundry one night
caused her to burst into
tears, she says. She solved
the problem by streamlining
her to-do list, trimming din-
ners to fruit and yogurt,
answering e-mail in eleva-
tors and cabs, and treating
“dust balls and clutter as
sculpture to be admired” at
home. The result: Two more
hours of sleep — and the
courage to face the laundry.

ON THE JOB

4 1

Whining becomes.
more brazen at work

BY JONATHAN B. COX
McClatchy News Service

This story was the boss’ idea.~

He wanted it written practi-
cally before he got the thought
out of his mouth. Of course. He
sits around in the office all day
waiting for dispatches to appear
like magic.

He has no clue how hard it is
to get people to bare their souls.

Isn’t that the way? Managers
have some epiphany, and the
worker suffers. They don’t know
what it takes to get it done. They
don’t care that other issues are
pressing. They just demand. °

We complain.

“Whining,” said Steven Rogel-
berg, a psychology professor at
the University of North Carolina-
Charlotte, “is often a coping
response.”

And these days, we seem to be
“coping” more.

Grumbling about the boss or
the workload or colleagues has
been a favorite hobby since about
the time man first put tool to
stone.

CHANGES

But a changing workplace is
making workers more brazen
about it.

Hierarchies are flattening as
businesses strive to be more nim-
ble. Uncertainty is rising as
global competition makes jobs
unstable. A new breed of youth,
with less fear of managers, is
introducing new dynamics to the
office.

“What’s happening is people
are not afraid to whine in public
anymore,” said Gary Topchik, a
Los Angeles-based consultant
who wrote a book on workplace
negativity.

Some companies have enabled
it. To shed militaristic, top-down
cultures, managers have asked

for opinions. To keep valuable

employees from leaving, they
have catered to workers’
demands. To adjust to young-
sters, employers have cranked up
the praise; if the exaltation
doesn’t come, the whining does.

Gallup, one of the nation’s
leading pollsters, last fall found
that 43 percent of those surveyed
were “completely satisfied” with
their jobs. Just more than a third
said the same about their chances
for promotion. Thirty-one per-
cent ‘said they made enough
money. :

That leaves plenty of margin
for let-loose, no-holds-barred bel-
lyaching.

“We whine about bad tips.
That’s at the top,” said Kristyn
Seeley, manager of servers at
Mellow Mushroom in Durham,
N.C. “We whine about other
waiters, the schedule, not doing
enough shifts.

“Another thing is the sec-
tions,” she continued, her speech
quickening as she ticked off the
list. Servers “will complain even
if you give them the good sec-
tions. ‘I’m getting sweaty,’ ”
they’ll say if working the patio in
the summer.

“Ym sure I’ll think of some-
thing else,” she added.

‘Whining ts often a
coping response.’

- STEVEN ROGELBERG,
psychology professor,
University of North Carolina-Charlotte

Tune in to conversations at
other restaurants, factory floors
or office cubicles and you'll hear
how bad workers have it: Things
were much more efficient’in the
old days. She’s insane to think
that can be done in a day. Why do
I get all the crazy customers? ’'m
surrounded by idiots.

Sometimes, the griping has’

nothing to do with business.
At a transportation company

“I worked. with a woman who ,
complained every day about"

something that was wrong with
her,” Beth Hartley of Cary, N.C.,

wrote in response to The News &
Observer’s request for examples *
of workplace whiners. ‘Her '

f
1
t

2
;

©

sinuses, her stomach, her head, <

her back, her feet. Every part of «

her body! Every day! Every hour!

... A hypochondriac had nothing '

on her.”

Whining is not altogether bad. «

It can be cathartic, a way to

release stress when almost every -

occupation comes with more of
it.

Seeley of Mellow Mushroom
said she loves her job. The carp-

?

ing that goes on just alleviates the ‘_

pressure in an intense, demand- »

ing environment.

Lloyd Jacobs, chief executive *

of ClickCulture, a marketing and
Web design firm, encourages his
seven-person staff to bring prob-
lems to him. Griping can be
healthy, he said, and he wants
workers to air their troubles. He

“

hears about relationship woes, |:
aches, pains and other concerns. ,

He does have limits. Jacobs
grew up in a military household

and will share advice his father, a »
Marine, often would impart: :

Youw’re not hurt. Walk it off.
DESTRUCTIVE GRIPING

Indeed, too much griping can ,;

be destructive. Whining is highly ..
contagious, like a virus. As it |

moves through an organization
morale can suffer.
It’s tiresome to hear how

much the new guy liked his old -

colleagues or how another state
was more progressive.
Dealing with whiners head on

can be difficult. Most people try ©

to avoid conflict. Rather than

confronting the person or situa- ‘

tion, they cope in other ways.
Some fire off e-mail or share their
plight with colleagues.

Hartley and her peers found a
way to poke fun.

“When she was out of the
office, we would complain to
each other about what was hurt-

ing us. ‘Oh, my eyelash hurts so '’

bad.’ ‘This strand of hair is in ago-
nizing pain.’”’ wrote Hartley,
who has left that company.

“Whenever she would com-
plain, we would just giggle
among ourselves.”

Still, Hartley was glad to be rid ©

of her.

ICT RR EST

4
Ya

4



THE TRIBUNE

MONDAY, JUNE 11, 2007, PAGE 5B





BTC allays ce

BUSINESS

Hular

promotion fears

m@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter



ellular phone whole-

salers and retailers

need not fear that the
Bahamas Telecommunications
Company’s (BTC) latest pro-
motion - $49.99 cell phone
packages - will leave them
unable to compete with the
telecoms operator by under-
cutting their prices.

Marlon Johnson, BTC’s
vice-president of sales and
marketing, told Tribune Busi-
ness that the $49.99 promotion,
which has seen Bahamians
flock to the company’s Cyber
World store at the Mall at
Marathon, was launched
because BTC had a surplus of
phones they were trying to sell.

“This was a way to do some-
thing for our loyal customers as
well as test market the lower
end of cellular service. I think
the promotion was an over-
whelming success, and what it
told us is that there is a market

Royal
Bank
generates

$30.5m
in staff
wages

FROM page 1

of this money being allocated
to the Bahamas.

Speaking with The Tribune,
Nathaniel Beneby Jr, Royal
Bank of Canada’s vice-presi-
dent and country head for the
Bahamas, said the bank has set
aside more than $1 million for
community-based initiatives in
its 2007 Caribbean-wide bud-
get, up 40 per cent from the
$600,000 spent in 2006.

“We believe that this
increase is important because
we want to continue assisting
community development and
partner with the Bahamian in
an even greater way,” he
explained.

Mr Beneby said the funds
will include actual monies set
aside as well as gifts in kind,
but added that it was too early
for him to say specifically
where the funds would go or
what projects and organisa-
tions would be beneficiaries.

However, he said feedback
has been very positive from
both clients and Royal Bank
staff.

“We will endeavor to make
them more pleased and do
more things,” he said.

According to the 2006 Roy-
al Bank Caribbean Communi-
ty Report , some33.6 per cent
of the $600,000 spent in 2006
went to education, 26 per cent
went to health -related pro-
jects, 22.3 per cent to social
services, 10 per cent on arts
and culture, and 8.1 per cent
on civic/environment.

Specific projects in the
Bahamas included an after-
school programme for children
in the Grant’s Town area,
involving Royal Bank and
FINCO employees; the contri-
bution of vital paediatric
equipment to the Princess
Margaret Hospital; funding for
the Cancer Caring Sector Cen-
tre; helping mentally chal-
lenged Bahamian athletes take
part in the special Olympics; a
two- year grant to support the
Bahamas National Trust’s
environmental education
efforts; and annually sponsor-
ing student art workshops.

“We believe our account-
ability as an organisation
includes supporting charitable
organisation. We primarily
focus our donations on educa-
tion, health care, social services
and culture and the environ-
ment,” said Ross McDonald
head of Caribbean Banking.

for lower-priced cell phones,”
he ecplained.

Moving forward, Mr John-
son said that as BTC plans new
promotion dates, they will look
for ways to ensure that their
wholesale suppliers and retail
merchant partners are
involved.

“They can rest assured that
we will be trying to broaden
their business, not curtail it,”
he added.

Mr Johnson did, however,
ask for their patience, as he

said BTC may have two or
three more offerings before
they can expand the lower-
priced cell phones to whole-
salers.

He pointed out that retail-
ers were already able to bene-
fit from BTC’s reduction of
SIM card prices, a saving which
was passed on to them.

“So. hopefully they can sell
more of them and reap even
greater benefits.” said Mr
Johnson.

When BTC launched the

promotion, it sold out quickly,
with people having to wait in
long lines to purchase the dis-
counted phones.

The promotion has caused
some concern with cell phone
retailers, some of whom told
The Tribune that they feared
BTC would establish a monop-
oly on the lower-priced mar-
ket and that they would be
unable to compete.

“Itis a matter of concern for
us,” said one retail manager,
who asked not to be identified.

“T still think people will shop"

here, because the service at
BTC may not be what they
would like. We are not in a
position to lower our prices
because we just purchased our
shipment.”

Another retailer said that
while it was too soon to com-
ment on any impact the pro-
motion could have, the situa-
tion required monitoring. They
added: “This is a conversation
we may well have to have in
the future.”

A SMALL SPACE IN YOUR NETWORK.
A MAJOR STEP FOR YOUR COMPANY.

The HP Proliant G5 incorporates 2.5" Serial Attach SCS! Small Form Factor (SAS SFF),
the international standard in business hard drives. In addition, it offers the latest Intel® Xeon®
Guad-Core Processor, a faster, more reliable FB DIMM DDR2 667 MHz memory, multifunctional
network cards, the widest range of HP Smart Array controllers, a fast and accurate diagnosis
using Systems Insight Display and the most complete management features with iLO2

INTELLIGENT ADVICE * INTELLIGENT TECHNOLOGY * INTELLIGENT SERVICES

The best-selling servers in Latin America*

eSelgers rs

preter f)

Jamaica

All Sgivs reserved S2007 Hewett: Pe

are trademarks cr registered trademer*s of Inte: Commorater: or ts



1-800-711-2884 e
De iC cee) Clee ;
2028/2027.
4-800-711-2884.
prea jon

- 2028/2027

ator
TiLe Sy ut a
ELI Td

ent O



a

Bi tei
aan ae ae
pe ee

Place your order today ¢ Visit hp.com/la/prolia

pS: fe re yd f: 2)
Option 1-Option 1
2028/2027
1-800-711-2884
Rey Rees
2028/2027
1-800-711-2884
bert ie ie rita
2028/2027



bite Oe Bey 3-t- 73

Option 1-Option 1
2028/2027

bere [eles yy Soy 8-1-8

che. Sy Boi 3:1-7)

Option 1-Option 1
2028/2027

Reread

Cotre.T tel]

nt/G5 * Contact your authorized HP dealer







The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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



Xeon
Eb (ie

Quad-core.
Pur itag ep







a inte snide Igo, intel Vive, Inte! vPro, Itanium Xarium inside, Peodum, Pentium Inside, Xeon and Xaor inside
ain Amarca Quartery Volume ard Enterprise Server Tracker, Q2 2006



PAGE 6B, MONDAY, JUNE 11, 2007

THE TRIBUNE = jy







FROM page 1 due to the increased number 4
of outstanding ordinary QE;
shares, which resulted from a pat

the 2006 comparative period. | September 2006 rights offer- f¥#-



The decline in EPS was ing. ge
yay
aisl
Beds
International Markets | \;
dor
Tickets: tL 0 at erent ro FOREX Rates tie «ie 1
o 1
Be cok OL TCM Mo (Bath Se oil SO eee ae dg |
| GBP 1.9701 040 | ape
EUR 1.3373 -0.45 ata,
tnt
Commodities : ri,
Weekly % Change pa ‘
‘ ifs
BIS 2D FIDELITY Crude Oil $64.69 354 | ots,
Pricing Information As Of: Gold $650.30 -2.24 s ‘eh
Friday, 8 June 2007. ioe
International Stock Market Indexes: ith
Abaco Markets .18. i ‘ 2 “ 1D.
Bahamas Property Fund : : ' 5 ‘ : - Weekly % Change
Bank of Bahamas 7 H é : : : “
Saneinas Wests 95. ; | DJIA 13,424.39 1.19
Fidelity Bank S & P 500 1,507.67 1.14
Gable: Bahamas NASDAQ 2,573.54 1.27
Coaiicnieanin Sauk : : Nikkei 17,779.09 2,

Consolidated Water BDRs
Doctor's Hospital
Famguard

Finco

FirstCaribbean

Focol

Freeport Concrete

‘ICD Utilities

J.S. Johnson

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, MIGUEL JABEZ
JULMAST of St. Alban’s Drive Heights, PO.Box SB-
52642 Nassau, Bahamas,’ intend’ to change my nang”
to MIGUEL JABEZ THOMPSON. If there are any:
objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
P.O.Box SS-792, Nassau, Bahamas no later than thirty
(30) days after the date of publication of this notice.



Last Price Weekly Vol.
12.25 Bahamas Supermarkets
10.00 Caribbean Crossings (Pref)



YTD% Last 12 Months Div $ Yield %
1.2907 Colina Money Market Fund 1.341839"
2.9038 Fidelity Bahamas G & | Fund 3.2018***
2.3560 Colina MSI Preferred Fund 2.662852**
1.1695 Colina Bond Fund 1.244286****
11.0199 Fidelity Prime Income Fund 11.5519*****

§ 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 *~ 1 June 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 fram day to day EPS $ - Acompany's reported earnings per share for the last 12 mths
Daily Vol. - Number of total shares traded today NAV - Net Asset Value *** 31 May 2007
DIV §$ - Dividends per share paid in the last 12 months N/M - Not Meaningful
P/E - Closing price divided by the last 12 month earnings FINDEX< - The Fidelity Bahamas Stock Index. January 1, 1994 = 100 **** - 30 April 2007



JEWELLERY SALES ASSOCIATES

Must be...
Honest, Reliable, Dedicated,
Professional, Energetic &
SELF MOTIVATED

Excellent $$$ Bonus Potential
DO YOU HAVE WHAT IT TAKES?

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

APPLY TODAY!



Join Cititrust
(Bahamas) Limited,
one of the most
established trust
organizations in the
world.

BUSINESS RISK OFFICER



ROLE RESPONSIBILITIES

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



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.

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

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.

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.

Challenge
yourself to a career like no other



77 ve ee = ee

' <-â„¢=
t
vs
RL ER bs 8 ee) a Se A Ts >
a ra

-
wise

Office Space

~ For Rent

#3324 ie. (osV gems yal it (=\ asl ed 17191 cA

Notable, convenient office address. Four
commercial office spaces available in a
range of sizes. Ground floor &
penthouse. Near hospitals, courts &
downtown Bay St.

oe 2 2a te

Starting at $18 per sq. ft.

Linda Eldon

Property Manager

Tel: (242) 356-5030

Email: linda@grahamrealestate.com
Web: www.grahamrealestate.com

GRATAM. |

REAL ESTATE | 3

Showing Integrity Every Day

TSI OTe FS Se SB wo



NE

MONDAY, JUNE 11, 2007, PAGE 7B





US passport move boosts
eroup travel to Bahamas

@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter and
Associated Press
reporters

GROUP travel to the
Bahamas this summer has been
boosted by the US govern-
ment’s decision to temporarily
suspend the Western Hemi-
sphere Travel Initiative’s
(WHT) passport requirements
for'air travel to this nation until
late September, a move set to
benefit only those American
citizens who have applied for
their documents.

'Frank Comitio, the Bahamas
Hotel Association’s executive
vice-president, said the
Bahamian hotel industry was
pleased by the decision, as it
ensured three big areas of con-
cérn were not negatively
impacted.

"He explained that the indus-
try was concerned that summer
weddings, groups and family
travel would have been partic-
ularly impacted this sufmmer
by the WHTI’s stipulation that
all US citizens who travelled
to the Bahamas must possess
a'valid passport to return
home. Previously, other forms

of US government-issued iden-
tification, such as driver’s
licences, had been satisfactory.

“This is recognition that
there is tremendous demand
on the application process,” Mr
Comito said, adding that there
needed to be greater clarity on
exactly what the WHTI
requirements were so that trav-
ellers are not left confused.

Vernice Walkine, the Min-
istry of Tourism’s director-gen-
eral, said in a statement that
the US announcement was a
welcome development for the
industry, particularly approach-
ing the summer vacation travel
season.

“There have been numerous
reports of the growing frustra-
tions that US passport appli-
cation delays had caused many
would- be holiday goers,” she
said. “So we are especially
pleased because this means
that any visitors whose vaca-
tion to the Bahamas may have
been in jeopardy due to such
delays, now has an alternative
that might still permit them to

‘enjoy the beautiful islands of

the Bahamas.”

She added that the Ministry
of Tourism would not be relax-
ing any of its initiatives to
encourage US citizens consid-

ANNOUNCEMENT

PAT STRACHAN

is pleased to announce
the opening of his
mortgage service business

SUCCESSFUL
MORTGAGE LTD.

Offering a wide range of
mortgage services.

No.7 S.1.G. Court
Winchester St. West
Tel: 328-5884

successfulmortgage@batelnet.bs |



POSITIONS AVAILABLE

Head Cooks
Applicants must have a minimum of four (4) years
experience in the field; good presentation is also
requested, Diplomas from the Nassau Hotel
Training College a must. Head cooks works
seasonally, split shifts weekly.

; Head Chef (Room Service)

Applicants must have experience in pastry, garde |

manger, and most important fine dining.
Management skills and people skills a must. This
challenging position will need flexible and well-
experienced persons in classical French cooking
and at the forefront of new Bahamian cuisine.

Minimum of seven (7) years experience in the |

field of cooking is necessary. All standard diplomas
from the Nassau Hotel Training College are
required. This is a seasonal position with possibility
of full time if performance is satisfactory.

‘Head Chefs Fine Dining/Casual Bistro:
Applicants must have experience for our fine
dining and casual bistro venues. Knowledge in
fine dining food, pastry and garde manger is a
must. Management skills and people skills a
must. This challenging position will need flexible
and well-experienced persons. Minimum of seven
(7) years experience in the field of cooking. All
standard diplomas from the Nassau Hotel Training
College are a must.

All interested persons are asked to fax resumes to:
The Human Resources Director
, for the attention of the Director of Cuisine,
Fax #362-6245,
Nassau, Bahamas.

ering travel outside their coun-
try to apply for passports.

Mr Comitio added that the
Nassau/Paradise Island Pro-
motions Board’s passport reim-
bursement programme, in
which the cost of obtaining a
passport is reimbursed to US
travellers staying at many
Bahamian hotels, was likely to
continue.

Ed Fields, vice-president of
public affairs for Atlantis-own-
er Kerzner International, said
the company was “obviously
pleased by. the decision” tak-
en by the US government.

The move by the US State
Department and Department
of Homeland Security was
designed to accommodate the
back log of applicants now fac-
ing up to a 12-week wait to get
their documents.

But the WHTI passport
requirement has been sus-
pended only for persons who
have already applied for a pass-
port.

According to the new regu-
lations, travellers will be
allowed to fly to the Bahamas
and Caribbean until the end of
September 2007 without a pass-
port if they present a State
Department receipt showing
they had applied for a passport,
and possess government-issued
identification, such as a driver’s
licence.

Travellers showing only
receipts would receive addi-
tional security scrutiny, which

could include extra question-
ing or bag checks.

There is still no passport
required for Americans driving
across the Canadian or Mexi-
can borders or taking sea cruis-
es, although those travelers are
expected to need passports
under new rules beginning next
year.

Easing the rules should allow
the State Department to catch
up with a massive surge in
applications that has over-
whelmed passport processing
centers since the rule took
effect this year, ruining or
delaying the travel plans of
thousands.

Maura Harty, assistant sec-
retary for consular affairs,
acknowledged that the State
Department did not expect the
flood of applications.

“What we did not anticipate
adequately enough was the
American citizens’ willingness
and desire to comply with the
Western Hemisphere Travel
Initiative in the timeframe that
they did,” Ms Harty said.

She said the department had
hired 145 people last month to
work on the backlog, and
would hire 400 more HDEODIE
this quarter.

Last year, the agency
processed 12.1 million pass-
ports. This year, officials expect
to process about 18 million, Ms
Harty said. The department
received one million applica-
tions in December, 1.8 million

M | D W AY HOME IMPROVEMENTS

“Where Our Quality & Experience Shine!”

Specializing in:

Roofing, Home Maintenance, Painting & Varnishing,
Pressure & Mildew Cleaning, Roof Painting, Water
_ Proofing, Plumbing, Window Cleaning, Drywall
~- Installation, Replace Rotten Woodwork, os
Laminate Floor, Tiling, Repair rh
Cracks to Concrete Walls
LEROY TUCKER - Proprietor is
Tel: 242-325-5633, 242-425-8580 « P.O. Box SP -60315

NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) CACHE ASSOCIATES INC. is in dissolution under the
provisions of the International Business Companies Act 2000.

(b) The Dissolution of said Company commenced on June 8, 2007
when its Articles of Dissolution were submitted and registered by

the Registrar General.

The Liquidator of the said company is Lakeisha Collie of 2nd
Terrace West, Centreville, Nassau, Bahamas.

All persons having Claims against the above-named Company are
required on or before the 11th 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 11, 2007

LAKEISHA COLLIE
LIQUIDATOR OF THE ABOVE-NAMED COMPANY

Become self-sufficient and
acquire the skills to start and
successfully run your own
business. Alpha Entrepreneurial
Management Training &
Consultancy Services (AEMTC)
can make it happen for you!

HOW TO START &
OPERATE A BUSINESS

PHASE I

June 11, 12, 14, 18, 19 & 20, 2007

6pm-9pm
The College of The

Bahamas, Grosvenor Close
Campus (GCC) Room 113,

Shirley Street

Telephone: 393-5961
or 323-5195

E-mail: alphaenttraining@yahoo.com
CALL & REGISTER RIGHT NOW!

SPACE IS LIMITED!

in January and 1.7 million in
February.

Turnaround times for pass-
ports were bumped up from six
to 10-12 weeks after the surge,
Ms Harty said. But 500,000
applications have already taken
longer, she said.

Carrying out the new rules

while trying to process existing
applications has been akin to
“changing out the aircraft
engine in flight,” she said. Still,
the agency expects to eliminate
the backlog and meet the new
standard of 10-12 weeks before
the end of September, Ms Har-
ty added.

DEPUTY DIRECTOR
NEEDED

The Anglican Central Education Authority invites
applications from qualified Individuals for the -
position of Deputy Director of Education for
Curriculum and Supervision, beginning September

2007.

The applicant must have a Masters Degree in
Education from a recognized University, with at least
ten (10) years accumulative administrative
experience. The applicant must also be computer

literate.

Only qualified applicants need apply.

For further details and application forms, please
contact the Anglican Central Education Authority
on Sands Road at telephone (242) 322-3015/6/7.

Letters of application submitted with copies of Degree
Certificates, Curriculum Vitae, three references, and
three passport size ‘Photographs, must be addressed
to: -

The Director Of Education
The Anglican Central Education Authority
P.O. Box N-656
Nassau, Bahamas

The deadline for Application is Friday, June 29,
2007.



2007

COMMONWEALTH OF THE BAHAMAS
CLE/qui/00241

IN THE SUPREME COURT
Common Law and Equity Division

IN THE MATTER OF The Quieting Titles Act, 1959
AND

IN THE MATTER OF ALL THAT piece parcel or lot of land being
Lot Number Sixty Three (63) situate approximately One Hundred and
Ten (110) feet West of East Street Grant’s Town in the Southern District
of the Island of New Providence one of the Islands of the Commonwealth
of The Bahamas and bounded on the North by Lilly of the Valley Corner
and running thereon Ninety-two and Forty-six Hundredths (92.46) Feet
.on the East by Lot Number 62 1/2 on the plan of Grant’s Town the
property of the Church of God and running thereon One Hundred and
Fifty-three and Forty-two Hundredth (153.42) feet on the South by Lot
Number Seventy-six (76) on the plan of Grant’s Town filed in the
Department of Lands and Surveys and running thereon Ninety-six and
Ninety-one (96.91) feet and on the West by Lot Number Sixty-two (62)
on the said plan and running thereon One Hundred and Forty-one and
Thirty-nine Hundredths (141.39) feet.

AND

IN THE MATTER of the Petition of V.G. Clarke and Ross Davis
(Executors of the Estate of Cecil Alfred Kenny, Deceased)

NOTICE

THE PETITION OF V.G. Clarke and Ross Davis (Executors of the
Estate of Cecil Alfred Kenny, Deceased) in respect of:-

“ALL THAT piece parcel or lot of land being Lot No. 63
situated on the southern side of Lily of the Valley Corner and
approximately 110 feet west of East Street in the City of
Nassau, on the Island of New Providence and bounded on the
North by a 30 feet wide road and running thereon 92.46 feet;
on the South by Lot Number 76 and running thereon 96.91
feet; on the East by Lot Number 65 the property of The Church
of God and running thereon 153-42 feet; and on the West by
Lot Number 62 and running thereon 141.39 feet.”

V. G. Clarke and Ross Davis (Executors of the Estate of Cecil Alfred
Kenny, Deceased) claim to be the owners of the unincumbered fee simple
estate in possession of the said land and has made application to the
Supreme Court of the Commonwealth of The Bahamas under Section
Three (3) of the Quieting Titles Act, 1959 to have their title to the said
land investigated and the nature and extent thereof determined and
declared in a Certificate of Title to be granted by the Court in accordance
with the provisions of the said Act.

Copies of the Petition and the Plan of the said land may be inspected
during normal office hours in the following places:

1. The Registry of the Supreme Court, East Street North in the
City of Nassau, Bahamas; and

2. The Chambers of Lockhart & Munroe, #35 Buen Retiro
Road, off Shirley Street, Nassau, Bahamas.

NOTICE is hereby given that any person having dower or right to dower
or an Adverse Claim or a claim not recognized in the Petition shall on
or before the expiration of Thirty (30) days after the final publication of
these presents, file in the Supreme Court and serve on the Petitioners
or the undersigned a Statement of his claim in the prescribed form verified
by an affidavit to be filed therewith.

Failure of any such person to file and serve a Statement of his Claim on
or before the expiration of Thirty (30) days after the final publication of
these presents will operate as bar to such claim.

LOCKHART & MUNROE
Chambers

#35 Buen Retiro Road

Off Shirley Street

Nassau, Bahamas

Attorneys for the Petitioners





PAGE 8B, MONDAY, JUNE 11, 2007





THE TRIBUNE

Doctors hopes for Western
Medical sale ‘in six months’

FROM page 1

Providence, interest in the
property continues,” DHHS
said in its 2007 annual report.
“However, despite the pres-
ence of several interested par-
ties, a sale has yet to be con-
summated.” The company re-
evaluated its options for West-
ern Medical Plaza during fiscal
2007, concluding that a sale
was still the best option.
Enjoying its second best
financial performance in fiscal
2007, with net income totaling

ae

$2.33 million despite being 34.1
per cent down on the previous
year’s $3.534 million, DHHS
indicated that it still continued
to be troubled by accounts
receivables, which largely con-
sist of funds owed for medical
services by the National Insur-
ance Board (NIB), private
insurance companies and indi-
viduals.

Provisions

Provisions for doubtful
accounts as a percentage of
patient service revenues rose
slightly during fiscal 2007, end-

ing the year at 6.9 per cent
compared to the previous
year’s 6.7 per cent. This rep-
resented a $0.1 million or 5.2
per cent rise.

Total gross receivables for
year-end January 31, 2007,
stood at $12.579 million, with
the provision for doubtful
accounts standing at $6.107
million, some 48.5 per cent of
the amount owed. This left net
accounts receivable standing
at $6.472 million.

Just over 48 per cent of gross
receivables, some $6.067 mil-
lion, were owed be self-pay,
indigent and uninsured

patients, with private insurance
companies owing most of the
remainder - $5.67 million — and
the NIB $842,025.

Gross

Some 45.6 per cent of gross
accounts receivables, amount-
ing to $5.73 million, were more
than 180 days overdue. DHHS
said the $1.2 million balance
owed by private insurers that
was more than 180 days over-
due were outstanding amounts
owed by the Public Hospitals
Authority (PHA) and the
Bahamas Public Services

LOOKING TO GIVE YOUR CAREER A BOOST?
Come to KPMG...

We are currently seeking qualified Seniors to join our Audit practice.

Supervising Senior/Seniors

The successful candidates for the Supervising Senior/Senior positions must have at least three to four years

professional public accounting experience.

recognized by the Bahamas Institute of Chartered Accountants.

Applicants must hold a CPA, CA, or other professional designation

Excellent opportunities exist in our Audit, Corporate Finance, and Risk Advisory departments, to broaden your
professional experience. We offer competitive compensation and benefits packages.



Applicants should submit a cover letter, resume, and a copy of their professional certification to: KPMG, Human Resources

Manager, P.O. Box N123, Nassau, Bahamas or acash@kpmyg.com.bs. Telephone:

AUDIT « TAX =» ADVISORY

© 2007. KPMG, a Bahamian partnership, and a meer firm of the KPMG network of independent member firms affiliated with KPMG International, a
Swiss cooperative. All rights reserved.













(242) 393 2007



Queen’s College

Centre for Further Education

P.O. Box N-7127, Nassau, Bahamas

Tel: (242) 393-1666/2646, Fax: (242) 393-3248

AT Summer Classes at ac

Y Planning for college?
Â¥ Do you want to earn extra credits before entering college ?

Â¥ Do you want to reduce college cost?
Y Do you want to qualify for scholarships?

Grade 10 & 11 students, give yourself the best advantage by
preparing for the SAT exam and attending the AP classes wah
qualified instructors at Queen’s

_ Sit a Te





Cost

Start Date Schibdide:

)7 | Mon. to Thurs.
5: 30 - 8:30p.m.

Current Grade 10 & il students from all
schools are invited to attend.












Mon. to Thurs.
§:30 - 7:30 p.m.








Psychology _

s College.

UE UM Rao



English
li anguage

$175 | June 2



History

Duration of classes - 3 weeks
Start date: June 25, 2007—-End date: July13, 2007

$175 | June 25, 2007

wed on













Mica: to Fe
10:30- 12 noon













Greup or family discounts available!

2 students/ family members 9%

3 or more students/ family members 8%



Union (BPSU).

“As at January 31, 2007,
these two entities account for
two thirds of the receivables
in this category,” DHHS said.

The allowance for doubtful
accounts rose by $1 million in
fiscal 2007, due to “the marked
increase in the number of indi-
gent, self-pay and insured
patients who were unable to
settle a significant portion of
their bills upon discharge”.

DHHS added that it was
undertaking “an intensive legal
campaign” to recover sums
owed from Bahamians and res-
idents able to pay, adding that
its experience with private
insurers had been better,
reducing the receivables they
owed by 23 per cent at January
31, 2007, compared to the pre-
vious year.

Days revenue in accounts
receivable decreased to 66 days
from 74 days a year earlier,
due to a 16.2 per cent decline
in net accounts receivable.
Some $101,000 was recovered
in 2007 from accounts written
off a year before. As a per-
centage of patient revenues,
net receivables fell from 20 per
cent in 2006 to 17 per cent in
2007.

DHHS noted that utility
costs again rose in 2007,
increasing by 10.2 per cent
compared to a 22.1 per cent
rise in 2006, largely on the back
of electricity prices.

Government taxes and fees
increased by 12.1 per cent to
$0.9 million, due to increased
business licence fees, and













The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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

Share your news

DHHS said it had again sub-
mitted a request to the Minis-
ter of Finance for recognition
as a “hospital” under the Busi-
ness Licence Act.

“During fiscal 2008, the com-
pany intends to renew its for-
mal requests for tax conces-
sions commensurate with its
position as a major provider
of essential health services,”
DHHS said.

- “These concessions include

the substantial reduction in
work permit fees for scarce,
trained healthcare profession-
als in areas with the most
intense global competition.
Such areas include trained
nurses and technologists.”

Interest

There was better news for
DHHS on interest costs, which
dropped by 18 per cent due to
lower loan rates, reduced debt
and restructuring of its debt
portfolio. The restructuring
negotiated with Royal Bank of
Canada saw loan rates on
Western Medical Plaza and
Doctors Hospital (Bahamas)
fall to Bahamian Prime + 1.5
per cent, while the overdraft
facility interest rate fell to
Bahamian Prime + 1.25 per
cent. f

The effect of all this, plus the
extension of the repayment
periods on those two loans to
10 years rather than full repay-
ment by 2009, will save DHHS
about $1.5m per year in inter-
est costs and free up an equiv-
alent cash flow.



IN THE SUPREME COURT

Equity Side

Bahamas.

Knowles





COMMONWEALTH OF THE BAHAMAS

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

AND

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

AND

IN THE MATTER OF the Quieting Titles Act 1959

NOTICE

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

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

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

NOTICE IS HEREBY GIVEN that any person having dower or right to
dower or an adverse claim or a claim not recognized in the Petition shall

before the 6" day of July A.D. 2007 from the publication of this notice
inclusive of the day of such publication file Notice in the Supreme Court

in the City of Nassau in the Island of New Providence aforesaid and serve
on the Petitioners or the undersigned a statement of his or her claim in the
prescribed form verified by an Affidavit to be filed therewith. The failure of
any such person to file and serve a statement of his or her claim within the
time fixed by the Notice aforesaid shall operate as a bar to such claim.

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

PYFROM & CO

Chambers

58 Shirley Street
Nassau, N.P. Bahamas

Attorneys for the Petitioners





aTeek
toh #
Jeatpo
road
AWG
ThA

ie2ober



nnint :

=

‘a
t
|

a
yt
4
+
|
1
1
i

. 8 SS ee SS.

ee a ee

Lee 0.0 ¢ os aut FFE FS Be Oe ee WR RGEC 6 0 4". 7.866 ee Tee eee s

FPP AE EDF Bee S a

'f

i
j



THE TRIBUNE

BUSINESS

MONDAY, JUNE 11, 2007, PAGE 9B



Bahamas in
‘superior position’
on alternative
energy search

FROM page 1

stored in the sea. Some of this
energy could be recaptured at
sites where major differences
in seawater temperature, such
as 40 degrees Fahrenheit, exist-
ed close to one another, with
the recaptured energy used to
generate electricity

Mr Bardelmeier suggested
that an OTEC plant could
exploit the 80 degree warm
surface water commonly found
off southwestern New Provi-
dence, a location he described
as having “the ideal plant site
specifications”.

Discharged

Water taken from the sea
would be discharged into a
tank, a vacuum pump s all the
air out, and the vacuum will
then cause the warm water to
generate low-temperature,
energy generating steam that
can be used to power turbines.

As the steam exits the tur-
bine, it then encounters the 40
degree water pumped in from
a depth of about 3200 feet,
causing the steam to condense
before the water is pumped
back into the sea.

, Mr Bardelmeier added that
\ aclosed-cycle OTEC could be

used to produce both electric-
ity and fresh water, and that
while Florida and US east
coast sites did not have easy,
short access to water that was
3,200 feet deep, New Provi-
dence did.

He said: “The Bahamas
seems to have done little to
maintain a watching brief upon
scientific developments in this
field, nor to explore probable
future benefit from Ocean
Thermal Energy Conversion,
despite the fact that we have
almost unique sites where 80
degrees surface water is juxta-
posed with 40-degree deep
ocean water, quite adequate to
run an OTEC plant with its ini-
tial high capital cost and
extremely low running cost.

“A high capital cost of an
OTEC plant is not due toa
precision engineered turbine,
but is due to the huge diameter
and installation cost of the cold
water pipe.

“Our unique sites, where the
cold water pipe length can be
minimized, along with the oth-
er combination of desirable
characteristics, despite OTEC’s
overall very low energy effi-
ciency of perhaps only 4 per
cent, promises long-term,
assured low-cost electric pow-
er when compared with today’s

energy hungry generating sys-

_tems.

“Would it really matter that
we’d only initially capture, say
4 per cent, of the energy avail-
able, and that overall efficien-
cy would be very low, so long
as the system requires no fuel,
little labour and very little
maintenance expense Over a
long life span?”

Time

Mr Bardelmeier said he
thought it was “only a matter
of time” before foreign ven-
ture capital was attracted to
looking at building an OTEC
plant in the Bahamas, selling
power to the Bahamas Elec-
tricity Corporation (BEC) and
“setting in at the ground floor
of what may be a widespread
island industry around the
globe in the next two décades”.

He pointed out that bottled
water drawn from the ocean
depths, with its high desalinat-
ed mineral content, had
become Hawaii’s third largest
export earner in three years,
generating $8.8 million in sales
during the 2006 first quarter
and employing 100 people.

Mr Bardelmeier told Rotar-
ians that another form of alter-
native energy being studies was

To advertise in The Tribune -
the #1 newspaper in circulation,
just call 322-1986 today!

NOTICE OF VACANCY

A vacancy exists for a Bahamian at The Grand Bahama Port Authority,
Limited in the Building and Development Services Department.

Vacancy:

Director of Building and Development Services. The position reports
directly to Management.

Qualifications/Pre-Requisites:

Bachelor’s degree in Civil Engineering with a minimum of fifteen
(15) years experience with substantial knowledge in the construction
industry w.r.t. building services, substantial familiarity with building
codes, substantial knowledge in urban engineering, and substantial
experience in management of projects. Legal mindedness, computer
literacy, the ability to communicate effectively and speak publicly,
and a character of integrity are essential.

Responsibilities:

Managing the day to day operations of the Building and Development
Services Department with respect to Building and Planning Code
matters, contracts administration of capital projects, implementation
of management’s physical planning of subdivisions and overseeing
the City Management Department.

Résumés with supporting documentation should be submitted to:

The Personnel Department
The Grand Bahama Port Authority, Limite

Grand Bahama
or

P.O. Box F-42666 Freeport,

Email: personnel@gbpa.com

On or before June 29, 2007

gas hydrates, with scientists
believing that more methane
is locked up in these than in
the world’s gas fields com-
bined.

And the area northwest of
the Bahamas, known as the
Blake Plateau, is seen as the
world’s leading source of gas
hydrates by scientists, he
added.

Both OTEC and the Blake
Plateau were of “great long-
term potential” to the
Bahamas, said Mr
Bardelmeier, a former execu-
tive with US Steel’s Navios,
which operated a large fleet of
ships from Nassau for 25 years.

But he added: “I have been
disappointed to observe how
totally indifferent to the pres-
ence of these potentially
important resources in the
Bahamas has been.”

As an example, he cited
inquiries he made to the
Departments of Lands and
Surveys about obtaining a
chart of the Blake Plateau, and
was met “in essence” with a
‘Where’s the Blake Plateau?’
response.

“I think it will behoove us
as a nation to maintain a clos-
er eye upon all such scientific
developments,” said Mr
Bardelmeier.

Legal Notice

NOTICE
KOOBARRA OUTBACK INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in disolution, which commenced
on the 22nd day of May 2007. The Liquidator
is Argosa Corp. Inc., P.O.Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

| Annual General Meeting

To: All members of The Bahama Islands Resorts &
Casinos Co-operative Credit Union (BIRCCCU) Ltd.
The Eugene Cooper Building, #9 Village Road.

Notice is hereby given that the Twenty-second (22nd)
Annual General Meeting of the Paradise Island Resort
& Casino Co-operative Credit Union Limited (Now
Bahama Islands Resorts & Casinos Co-operative Credit
Union Ltd.) will be held at the Credit Union’s premises,
_ #9 Village Road, Nassau, Bahamas on

Saturday, June 16th, 2007 commencing at 9:00a.m.
For the following purposes:

To receive the Report of the Board of Directors for 2006.

To receive the Audited Accounts for 2006

To take action on such matters as may come before the meeting.
To elect members of The Board of Directors

THERE WILL BE NO SECOND CALL MEETING AS
PER THE CO-OPERATIVE ACT 2005 SECTION 22

Linda Symonette
Secretary
May 2007



E TO CREDITOR:

Freeport Taxi Company Limited

First Atlantic Realty Limited

Bahamas Developers, Limited

PAW Distributing Company Limited

Tokyo Investments Limited

Commonwealth Group of Companies Limited

Remax Realty Limited

King O’ Beef Limited

Kensington International Management Company Limited
Stuart Travel Services Limited

Northern Transport Limited

Skate World Limited

Special Venture Associates Limited

Deep Blue Energy (Bahamas) Limited formerly Nashumi
International Limited

TAKE NOTICE that all persons having claims against any of the
Companies listed above, as creditors, must, before close of business on Friday
the 29" day of June, 2007, send to the Joint Receiver and Manager address shown below, by letter, facsimile or electronically, full particulars of the

amount and nature of their claim together with invoices, or any other documents

evidencing the same and contact information of the creditor. Failure to submit
a claim by the 29" June, 2007 may result in a loss of rights with respect to such

a claim. The Joint Receiver and Manager reserve the right to accept or reject

any claim. The Joint Receiver and Manager reserve the right to require further

evidence in support of any claim before accepting a claim. Creditors submitting

claims with sufficient and proper evidence thereof before the 29" June, 2007

will be advised in writing of whether their claim is accepted. Acceptance of

| claims by the Joint Receiver and Manager does not impose any liability on the

Joint Receiver and Manager to pay such claim. Claims which are accepted

in writing by the Joint Receiver and Manager will be considered for payment

depending upon the priority of such claim and the availability of funds to meet

such claim.

Dated this 6" day of June A.D., 2007

Kevin D. Seymour

Joint Receiver and Manager
PricewaterhouseCoopers

Regent Centre East

P.O. Box F-42682

Freeport Bahamas

Telephone: (242) 352-8471

Facsimile: (242) 352-4810

E-Mail: kevin.d.seymour@bs.pwce.com





teem tu, WIYINUAT, JUINE 11, Z200/

PRICEWATERHOUSE(QOPERS





PricewaterhouseCoopers
P.O. Box N-3910
Providence House

East Hill Street

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

INDEPENDENT AUDITORS’ REPORT

To the Shareholders of Fidelity Bank & Trust International Limited

We have audited the accompanying consolidated balance sheet of Fidelity Bank & Trust International Limited (the
Bank) and its subsidiaries (together, the Group) as of 31 December 2006 and a summary of significant accounting
policies and other explanatory notes.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of this consolidated balance sheet in accordance
with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintain-
ing 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 require-
ments and plan and perform the audit to obtain reasonable assurance whether the consolidated 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 the Group as of 31 December 2006, in accordance with International Financial Reporting Standards.

Emphasis of Matter
Without qualifying our opinion, we emphasise 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 the Group.

Chartered Accountants
Nassau, Bahamas

23 May 2007



Fidelity Bank & Trust International Limited
(Incorporated under the laws of the Commonwealth of The Bahamas)

Consolidated Balance Sheet As of 31 December 2006
(Amounts expressed in Bahamian dollars)

~ 2006 2005

i $ $

ASSETS cette
Cash on hand and at banks (Note 4) 73,686,924 46,460,618
Investment securities: =

-financial assets at fair value through profit or loss (Note 5) 36,269,953 37,107,111
Mortgages, consumer and other loans (Notes 6) 180,872,423 163,383,779
Prepayments and other assets . 9,500,118 9,810,660
Property, plant and equipment (Note 7) 15,095,448 11,786,660

Goodwill (Note 8) 1,454,195 1,454,195
TOTAL ASSETS 316,879,061 270,003,023
LIABILITIES

Customer deposits (Note 9) 256,682,921 215,311,158
Loans from banks (Note 10) 2,848,589 3,217,285
Accrued expenses and other liabilities 12,549,450 15,519,789





TOTAL LIABILITIES 272,080,960 234,048,232

EQUITY

Capital and reserves attributable to the Bank's

equity holders

Share capital - ordinary shares (Note 11) 10,000,000 10,000,000

Share capital - preference shares (Note 12) 12,000,000 -

Revaluation surplus 3,447,431 2,283,974

Retained earnings 11,079,319 6,228,851
36,526,750 18,512,825

Minority interest 8,271,351 17,441,966



TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY

44,798,101 35,954,791

316,879,061 270,003,023

Yeas.

Director

Approved on behalf of the Board of Directors:
Director

23 May 2007
Date



Notes to the Consolidated Balance Sheet
31 December 2006

1. Incorporation and activity

Fidelity Bank & Trust International Limited (the Bank) is incorporated under the Companies Act, 1992 of the
Commonwealth of The Bahamas.

The Bank is licenced under the Bank and Trust Companies Regulation Act, 2000, to carry on banking and trust
business in The Bahamas, subject to the condition that it does not carry on any banking and trust business without
the prior approval of the Minister of Finance. Its primary business is that of a holding and management company
for its subsidiaries. The Bank, through its subsidiaries in The Bahamas and the Cayman Islands, offers a full range
of investment banking, retail banking and insurance brokerage services.

The registered office of the Bank is situated at #51 Frederick Street, Nassau, Bahamas. As of 31 December 2006,
211 (2005: 190) persons were employed by the Bank and its subsidiaries (together, the Group).

2 Summary of significant accounting policies

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

(a) Basis of preparation

The consolidated balance sheet has been prepared in accordance with International Financial Reporting
Standards (IFRS). The consolidated balance sheet has been prepared under the historical cost convention,
as modified by the revaluation of land and buildings, and financial assets held at fair value through profit or
loss.

(b)

(c)

(d)

(f)

(g)

(h)

(i)

THE TRIBUNE BUSINESS =

The preparation of the consolidated 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 Group’s accounting policies. The areas involving a higher degree of judgment or complexity,
or areas where assumptions and estimates are significant to the consolidated balance sheet, are disclosed in
Note 18.

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. The existence
and effect of potential voting rights that are currently exercisable or convertible are considered when
assessing whether the Bank controls another entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the Bank. They are de-consolidated from the date that control ceases,

Inter-company transactions, balances and unrealised gains on transactions between group companies are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of impairment of
the asset transferred. Accounting polices of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Bank.

The consolidated balance sheet includes the accounts of the Bank and its subsidiaries, after the elimination
of all significant inter-company balances and transactions.

Foreign currency translation
i) Functional and presentation currency

Items included in the balance sheet of each of the Group’s entities are measured using the currency of
the primary economic environment in which the entity operates (the functional currency). The consoli .
dated balance sheet is presented in Bahamian dollars, which is the Bank’s functional and presentation
currency.

ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the’
settlement of such transactions and from the translation of monetary assets and liabilities denominated
in foreign currencies are recognised in the consolidated income statement. Translation differences on:’
monetary financial assets measured at fair value are included as a part of the fair value gains and losses.

Financial assets

The Group classifies its financial assets in the following categories: financial assets at fair value through
profit or loss and loans and receivables. Management determines the classification of its investment upon
initial recognition. : :

i) 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.

Fair value of exchange-traded securities is determined using the closing market price at the close of
trading on the balance sheet date. The fair value of over-the-counter securities is determined using the
average bid price quoted by local broker dealers. Securities for which no quoted price is available are
valued by directors using valuation techniques, including recent arm’s length transactions, discounted
cash flow analysis, and other valuation techniques commonly used by market participants. Govern-
ment securities have been designated as financial assets at fair value through profit or loss.

ii) Loans and receivables (Mortgages, consumer and other loans)

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

Regular purchases and sales of financial assets are recognised on trade-date — the date on which the Group ~
commits to purchase or sell the asset. Financial assets are initially recognised at fair value plus transaction
costs, except financial assets carried at fair value through profit or loss; where such costs are expensed as
incurred. Financial assets are derecognised when the rights to receive cash flows from the financial assets
have expired or where the Group has transferred substantially all risks and rewards of ownership.

Financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and
receivables are carried at amortised cost less provisions for impairment. The mortgage loans are supported
principally by first mortgages on single-family residences, provide for monthly repayments and earn
interest at variable interest rates over periods of up to twenty-five years. Other loans are supported
principally by chattel mortgages and provide for monthly repayments over periods of up to ten years, or are
fully collateralised by cash or marketable securities held by the Group on behalf of its customers.

Gains and losses arising from sale or changes in fair value of financial assets at fair value through profit or
loss are recognised in the consolidated income statement in the period in which they arise.
Non-performing assets a
Non-performing assets mclude all loans on which the status of overdue payments of principal and interest.
are such that management considers it prudent to classify them to non-performing status. All mortgage

loans and consumer loans on which principal and interest payments are overdue in excess of ninety days are
considered by management to be non-performing.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when
there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a
net basis, or realise the asset and settle the liability simultaneously. For securities transactions executed
through the Bahamas International Stock Exchange, the Group records a net settlement receivable or
payable with other brokers.

Income and expense recognition

Interest income and expense are recognised in the consolidated income statement for all instruments
measured at amortised cost using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial asset or a financial
liability and of allocating the interest income or interest expense over the relevant period. The effective
interest rate is the rate that exactly discounts estimated future cash payments or receipts through the
expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount
of the financial asset or financial liability. When calculating the effective interest rate, the Group estimates
cash flows considering all contractual terms of the financial instrument (for example, prepayments options)
but does not consider future credit losses. All fees and points paid or received between parties to the °
contract that are an integral part of the effective interest rate, such.as transactien costs and all other
premiums or discounts, are included in the calculation.

Dividend income is recognised in the consolidated income statement when the Group’s right to receive
payment is established.

Fee and commission income arising from negotiating or participating in the negotiation of a transaction for
a third party, such as the arrangement of the acquisition of shares or other securities, are recognised on
completion of the underlying transaction, which is generally at the time the customer’s account is charged.
Portfolio, advisory, asset management and custody service fees are recognised based on the applicable
service contracts, usually rateably over the period in which the service is provided. Performance linked fees
are recognised when the performance criteria are fulfilled.

Commission income and expense on insurance policies are recognised when the policies are written, as the

Group has no further service obligations associated with these commissions.
Other income and expenses are recognised on an accrual basis.
Impairment of financial assets

Assets carried at amortised cost

The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or
group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impair-
ment losses are incurred if, and only if, 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) has
an impact on the estimated future cash flows of the financial asset or group of financial assets that can be -
reliably estimated.

If there is objective evidence that an impairment loss on loans and receivables has been incurred, the
amount of the loss is measured as the difference between the asset’s carrying amount and the present value
of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the
financial asset’s original effective interest rate. The carrying amount of the asset is reduced through the use
of an allowance account and the amount of the loss is recognised in the consolidated income statement. Ifa
loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective
interest rate determined under the contract. As a practical expedient, the Group may measure impairment on
the basis of an instrument’s fair value using an observable market price.

Property, plant and equipment

Property, plant and equipment, other than land and buildings, are carried at historical cost less accumulated
depreciation and amortisation. Historical cost includes expenditure that is directly attributable. to the
acquisition of the items. Land and buildings are carried at fair value based upon periodic independent
appraisals, which are commissioned at intervals not exceeding three years.

Land and buildings comprise mainly of branches and offices.

Subsequent costs are included in the asset’s carrying amount or are recognised as a separate

asset, as appropriate, only when it is probable that future economic benefits associated with the item will :
flow to the Group and the cost of the item can be measured reliably. All repairs and maintenance are
charged to the consolidated income statement during the financial period in which they are incurred.

Â¥

pay: Rb (sce nis ay



THE TRIBUNE BUSINESS

Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate
their cost to their residual values over their estimated useful lives as follows:

Buildings 30 - 50 years

"Furniture and fixtures 3 - 10 years

3-5 years

Motor vehicles

Computer Software



Office Equipment _ 3-10 years |
Leasehold improvements 3 - 10 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet

date.

Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circum-
stances indicate that the carrying amount may not be recoverable. An asset’s carrying amount is written
down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated
recoverable amount. The recoverable amount is the higher of the asset’s fair value less costs to sell and
value in use.

Increases in the carrying amount arising on revaluation of land and buildings are credited to “revaluation
surplus” in equity. Decreases that offset previous increases of the same asset are charged against revalua-
tion surplus directly in equity; all other decreases are charged to the consolidated income statement. Each
year the difference between depreciation based on the revalued carrying amount of the asset charged to the
consolidated income statement and depreciation based on the asset’s original cost is transferred from
revaluation surplus to retained earnings.

Assets under construction relate to assets which are in the process of being constructed or developed and
are currently not in use. No depreciation is charged on such assets. Upon completion, these assets will be
transferred to their appropriate. asset category and depreciation will commence on the first day that the
assets come into use.

Gains and losses.on disposals are determined by comparing proceeds with the carrying amount and are
recognised in the consolidated income statement. When revalued assets are sold, amounts included in
revaluation surplus are transferred to retained earnings.

(j) Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the
net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is tested annually for
impairment and carried at cost less accumulated impairment losses. Impairment losses are allocated to the
cash-generating units resulting in the goodwill. Gains and losses on the disposal of an entity include the
carrying amount of goodwill relating to the entity sold.

(k) Leases

i) The Group is the lessee

The leases entered into by. the Group are primarily operating leases. The total payments made under
operating leases are charged to the consolidated income statement on a straight-line basis over the
period of the lease.

When an operating lease is terminated before the lease period has expired, any payment required to be
made to the lessor by way of penalty is recognised as an expense in the period in which termination
takes place. ,

ii) The Group is the lessor

Leases comprise operating leases. Lease income is recognised over the term of the lease on a straight-
line basis.

(Provisions

Provisions for restructuring costs and legal claims are recognised when the Group has a present legal or
constructive obligation as a result of past events, and it is more likely than not that an outflow of resources
will be required to settle the obligation and the amount has been reliably estimated.

(m) Employee benefits

The Group has a defined benefit pension plan and defined contribution pension plans, administered by
trustees who include executives of the Bank.

The defined benefit plan is funded through payments to a trustee administered fund determined by periodic
actuarial calculations. A defined benefit plan is a pension plan that defines an amount of pension
benefit that an employee will receive on retirement, usually dependent on one or more factors such as age,
, years of.service and compensation.

The liability recognised in the consolidated balance sheet in respect of the defined benefit pension plan is
the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets,
together with adjustments for unrecognised actuarial gains or losses and past service costs. The defined
benefit obligation is calculated annually by independent actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which
the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension
liability.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions in
excess of the greater of 10% of the value of plan assets or 10% of the defined benefit obligation are charged
or credited to the consolidated income statement over the employees’ expected average remaining working
lives. Past-service costs are recognised immediately in the consolidated income statement, unless the
changes to the pension plan are conditional on the employees remaining in service for a specified period of
time (the vesting period). In this case, the past-service costs are amortised on a straight-line basis over the
vesting period.

A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate

entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not

hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior
, periods. The contributions are recognised as staff benefits expense when they are due.

(n)’ Loans from banks
Loans from banks are recognised initially at fair value, being their issue proceeds (fair value of consider-
ation received) net of transaction costs incurred. Loans from banks are subsequently stated at amortised
cost; any difference between proceeds net of transaction costs and the redemption value is recognised in the

consolidated income statement over the period of the borrowings using the effective interest method.

(0) Ordinary share capital

Preference shares on which dividends are payable at the discretion of the Directors, have no specific date ,

for redemption and on which the shareholder has no option for redemption, are classified as share capital
and are included in equity. .

i) Share issue costs

Incremental costs directly attributable to the issue of new shares or options or to the acquisition of a
business are shown in equity as a deduction from the proceeds.

ii) Dividends on ordinary shares

Dividends on ordinary shares are recognised in equity in the period in which they are approved by the
Bank’s Directors. :

Dividends for the year that are declared after the balance sheet date are dealt with in the subsequent
events note.

(p) Preference share capital

Preference shares on which dividends are payable at the discretion of the Directors, have no specific date
for redemption and on which the shareholder has no option for redemption, are classified as share capital
and are inciuded in equity.

i) Share issue costs

Incremental costs directly attributable to the issue of new shares or options or to the acquisition of a
business are shown in equity as a deduction from the proceeds.

i) Dividends on preference shares

Dividends on preference shares are recognised in equity in the period in which they are approved by
the Bank’s Directors.

Dividends for the year that are declared after the balance sheet date are dealt with in the subsequent
events note.

(q) Fiduciary activities

The Group commonly acts as trustee and in other fiduciary capacities that result in the holding or placing
of assets on behalf of individuals, trusts, retirement benefit plans and other institutions. These assets and
income arising thereon are excluded from these consolidated financial statements, as they are not assets of
the Group.

(r) Corresponding figures

Where necessary, corresponding figures have been adjusted to conform with changes in presentation in the
current year.

MONDAY, JUNE 11, 2007, PAGE 11B

Subsidiaries

The Bank, directly or indirectly, has interest in the following entities:

Country of %
Incorporation Holding
Fidelity Merchant Bank & Trust Limited — — es
(FMBT) and its wholly owned subsidiaries: Bahamas 100%
- Fidelity Capital Markets Limited (FCML) Bahamas 100%
- Fidelity Share Registrars & Transfer Agents Limited
(FSRTAL) Bahamas 100%
- Fidelity Pension & Investment Services Limited (FPISL) Bahamas 100%
Fidelity Bank (Bahamas) Limited (FBB) Bahamas 75% (2005: 68%)
- West Bay Development Company Limited (West Bay) Bahamas 75% (2005: 79%)
Fidelity Bank (Cayman) Limited (FBC)
and its wholly owned subsidiaries: Cayman 100%
- Fidelity Insurance (Cayman) Limited (FIC) Cayman 100%
- Fidelity Broking Company Limited (FBCT) Turks & Caicos 100%
Cash on hand and at banks
2006 2005
$ $
Cash on hand and current accounts 43,202,753 36,822,864
Term deposits 25,844,971 4,264,780

___ 4,639,200 __ 5,372,974

Mandatory reserve deposits with The Central Bank
73,686,924 46,460,618

Included in term deposits is an amount of US$100,000 (2005: US$250,000), which has been pledged to support
a guarantee provided by another financial institution pursuant to a subsidiary’s agreement with Visa Interna-
tional (2005: Master Card International) to issue credit cards.

Mandatory reserve deposits are not available for uge in the Group’s day to day operations. Cash on hand, and
mandatory reserve deposits and other deposits with The Central Bank are non-interest-bearing. Deposits with
other banks earn interest at rates ranging from 0.0% (2005: 0.0%) to 3.0% (2005: 2.5%).

Investment securities

Financial assets at fair value through profit or loss ;
2006 2005



So es ees

Government securities 20,446,900 20,983,300

Mutual Funds:

Fidelity Bahamas Growth & Income Fund ° 11,049,163 9,913,322
Fidelity Bahamas Prime Income Fund 801,060 254,622
Listed equity securities 3,077,330 3,147,140
Fixed income securities 482,000 2,295,713
Unquoted securities 35,444 123,966
35,891,897 36,718,063

Accrued interest 378,056 389,048
36,269,953 37,107,111

Government securities comprise Bahamas Government Registered Securities with maturities ranging from
2007 to 2025 with interest rates ranging from the Bahamian dollar Prime rate plus 0.125% to the Bahamian
dollar Prime rate plus 1.250%. The cost of investment securities as of 31 December 2006 totaled $35,350,594
(2005: $35,392,964).

As of 31 December 2006, the Bahamian dollar Prime rate was 5.50% (2005: 5.50%).

Mortgages, consumer and other loans

Period to Maturity

Under One to Five to Over ten
one year five years ten years years 2006 2005
$ $ $ $ $ $
Mortgages 21,444,534 11,893,659 29,739,205 86,633,595 149,710,993 136,123,908

Consumer
and other loans 16,816,647 _ 14,574,740 1,922,629 1,052,203 34,366,219 30,071,896



Total 38,261,181 _26,.468.399 31,661,834 _87.685,798 184,077,212 166,195,804

Accrued interest 980,323 761,251
Provision for loan losses (4,185,112) (3,573,276)

180,872,423 _163,383.779

The movements in provision for loan losses during the year are as follows:

2006 2005
ete es eee
Balance as of | January 3,573,276 3,089,024
Provision for the year 1,036,639 411,924
Write-offs during year : (424,803) (90,054)
Recoveries : 162,382

Balance as of 31 December 4,185,112 3,573,276

Included in provision for loan losses is a specific loan loss reserve of $1,098,998 (2005: $1,579,418). The
provision for loan losses represents 2.27% (2005: 2.15%) of the total loan portfolio and 77.08% (2005: 57.33%)
of total non-performing loans.

Average interest rates on mortgages, consumer and other loans range from 6.75% to 13.75% (2005: 7.50% to
16.00%).

As of 31 December 2006, non-performing loans total $5,429,890 (2005: $6,232,953).

Property, plant and equipment



Computer
Software
Land Furniture Motor & Office Assets Under Leasehold
& Buildings & Fixtures Vehicles Equipment Construction Improvements Total
$ $ $ $ $ $ $
Year ended
31 December 2006
Opening net book value 8,498,728 994,222 55,024 1,184,666 - 1,054,020 —-11,786,660
Revaluation 1,467,545 - : - - - - 1,467,545
Additions - 571,780 187,709 725,602 153,232 1,401,058 3,039,381
Depreciation ___ (270,243) ___ (191,462) (36,355) (426,289) - _ (273,789) _ (1,198,138)

Closing net book value 9,696,030 _ 1,374,540 __ 206,378 _ 1,483,979 153,232 __2.181,289 _ 15,095,448

As of 31 December 2006 :
Cost or valuation 9,696,030 4,270,576 535,507 9,407,141 153,232 5,396,319 29,458,805





Accumulated

depreciation = (2,896,036) _ (329,129) _(7,923,162) = —B,215,030). (14,363,357)
Net book value 9,696,030 1,374,540 206.378 __1,483,979 153.232 _ 2.181.289 _15,095.448
As of 31 December 2005
Cost or valuation 9,072,853 3,698,796 347,798 8,681,539 - 3,995,261 25,796,247
Accumulated

depreciation (574,125) __ (2,704,574) _ (292,774) _(7,496,873) : (2,941,241) _(14,009,587
Net book value 8,498,728 __ 994,222 ___ 55,024 __1,184,666 _____- | __1,034,020 _1],786,660

If land and buildings were stated on the historical cost basis, the amounts would be as follows:

2006 2005
$ $

Cost 6,941,337 6,941,337
Accumulated depreciation (1,323,600) (1,141,853)
Net book value 5,617,737 5,799,484
Goodwill
The goodwill balance is as follows:

2006 2005

$ $

Balance as of 1 January , 1,454,195 1,454,195
Accumulated impairment : -
Balance as of 31 December 1,454,195 1,454,195



PAGE 12B, MONDAY, JUNE 11, 2007

9.

12.

13.

14,

15.





Customer deposits
The maturities of customer deposits are as follows:
Under One to
one year five years 2006 2005
$ $ $ $
Demand deposits 43,315,460 - 43,315,460 80,575,803
Savings certificates 28,727,589 - 28,727,589 18,721,713
Term deposits 122,009,347 45,940,343 167,949,690 109,452,484
Funds pending settlement 14,685,376 : 14,685,376 4,983,188
208,737,772 45,940,343 254,678,115 213,733,188
Accrued interest 2,004,806 1,577,970

Balance as of 31 December 256,682,921 215,311,158
Average interest rates on customer deposits range from 2.50% to 7.25% (2005: 2.50% to 6.00%).

Loans from banks



2006 2005

coer ete tases

Current 2,700,338 2,717,285
Non-current 148,251 500,000
Total 2,848,589 3,217,285

Included in the current portion of loans from banks is $2,500,338 (2005: $2,517,285), which represents the
balance drawn down against a $3 million line of credit advanced to the Bank from a commercial bank. The loan
bears interest at Bahamian dollar Prime rate plus 1.5%, is supported by a charge over 6,600,000 (2005: 6,600,000)
ordinary shares of FBB, and is repayable on demand.

The remaining current and non-current portions of loans from banks represent the balance due under a mortgage
loan, in the initial amount of US$2,000,000 that was advanced to West Bay to facilitate the purchase of a Nassau-
based property. The loan is supported by a first mortgage over the property owned by West Bay, bears interest at
3 month US$ LIBOR plus | 5% per annum and is repayable in 40 equal quarterly payments of $50,000, plus any
interest accrued at the date of each payment, that commenced in August 1998.

Share capital — ordinary shares





2006 2005
$ $
Share capital - ordinary shares
Authorised
5,000,000 ordinary shares of $0.10 cach 500,000 500,000
Issued and fully paid
3,432,099 ordinary shares of $0.10 each 343,210 343,210
Share premium
1,000,000 ordinary shares at a premium ;
of $4.90 per share 4,900,000 4,900,000
2,432,099 ordinary shares at an average
premium of $1.96 per share 4,756,790 4,756,790
9,656,790 9,656,790
Total share capital - ordinary shares 10,000,000 10,000,000
Share capital - preference shares
: 2006 2005
S$ §
Authorised
3,000,000 Class A non-voting 8% cumulative
~ redeemable preference shares of $0.10 each 300,000 300,000
2,000,000 Class B voting 5% cumulative
convertible redeemable preference shares of $0.10 each 200,000 200,000
10,000,000 Class C non-voting Bahamian dollar Prime rate
plus 0.75% (minimum 7.50%) cumulative preference
shares of $0.10 each 1,000,000 1,000,000
——— 1,500,000 ___ 1,500,009
Issued and fully paid
1,200,000 Class C cumulative redeemable
preference shares of $0.10 each 120,000 -
Share premium 11,880,000 :
Total share capital - preference shares 12,000,000 :

The Bank issued 1.2 million Class C cumulative, redeemable, and non-voting preference shares on | March 2006
for proceeds of $12 million. The preference shares are redeemable at the sole option of the Bank, except in the
event of a change of control, and redemption is subject to the approval of The Central Bank of The Bahamas.
Dividends are payable quarterly in arrears, at the sole discretion of the Directors of the Bank, at an annual rate of
0.75% above Bahamian dollar Prime rate, subject to a minimum rate of 7.50%. The Bank’s preference shares
rank ahead of the ordinary shares in the event of liquidation.

Related party transactions
Related parties include those entities and Directors which have the ability to control or exercise significant
influence over the Bank in making financial or operational decisions, and entities that are controlled, jointly

controlled or significantly influenced by them.

Loans and deposit accounts with Directors and officers amounted to $4,313,930 (2005: $1,232,738) and
$2,719,757 (2005: $873,076), respectively. 4

As of 31 December 2006, 68% (2005: 54%) of the Bank’s issued ordinary shares were held by key management.
Commitments
Loan commitments

As of 31 December 2006, the Group had commitments fur mortgage and other loans amounting to $15,395,565
(2005: $8,355,501). ,

Lines of credit

FBC has arranged a line of credit of US$2,400,000 with another financial institution operating within the Cayman

Islands. This facility is supported by a charge over certain of FBC’s land and buildings and was unused as of 31

December 2006 and 2005. This facility is renewable annually on 30 April.

FBB has pledged $3,000,000 (2005: $3,000,000) of Bahamas Government registered stock to support an
overdraft facility with another Bahamian commercial bank. The facility bears interest at 0.5% above the
Bahamian dollar Prime rate up to $1 million and 1.25% above the Bahamian dollar Prime rate for amounts in
excess of $1 million with a stand by fee of 0.25% on any unused portion of the facility. This facility was unused
as of 31 December 2006.

Unused lines of credit with commercial banks amounted to $5,899,662 as of 31 December 2006 (2005:
$5,682,715).

Operating lease commitments

The future minimum rental payments required under non-cancellable leases as of 31 December are as follows:

2006 2005

$ $

2006 - 823,567
2007 494,855 589,002
2008 437,623 544,242
2009 : 418,693 535,026
2010 387,10! 127,689

Total minimum payments 1,738,272 2,619,526

Contingent liabilities

Love Estates: In 1988, FBB lent the developer of Love Estates certain sums of money and also joined in as surety
for various performance bonds aggregating $3,328,043 in favor of the Ministry of Public Works. The loans and
the bonds were supported by a first legal mortgage over the unsold lots in the subdivision. The works under the
bonds were to have been completed within 36 months. The developer defaulted under the mortgage with FBB.
Through the years, FBB has been in discussion with the Ministry of Public Works and various prospective
purchasers. In 2001, the Ministry obtained a judgement against the developer and FBB for the amount of the
bonds.

FBB is being sued for specific performance and damages in connection with a sale agreement dated 24 September
1997 in respect of the Love Estates property. As all conditions of the sale agreement have still not been met, and
in order to resolve this long outstanding matter, FBB entered into a Deed of Settlement (the Deed) with Rolling

16.

07.

18.

19.

THE TRIBUNE BUSINESS

Hills Development Corporation Limited (Rolling Hills) in April 2005. Under the Deed, Rolling Hills will assume
liability for the installation of the infrastructure in Phase One and Phase Two of the Love Estates Subdivision and
enter into performance bonds, in a form agreed by the Ministry of Works, to guarantee Rolling Hills installation
of the infrastructure and enable FBB to have the performance bonds, entered into between FBB and the Ministry
of Works dated 30 May 1988, cancelled.

In exchange for Rolling Hills entering into the above noted performance bonds, FBB agreed to pay settlement
costs totaling $350,000 to Rolling Hills which were expensed in 2004. Should Rolling Hills not enter into the
performance bonds, in a form agreed by the Ministry of Works, the Deed will become void as if it never existed.
FBB and Rolling Hills are still in the process of obtaining all documents required under the Deed of Settlement.
It is anticipated that all outstanding documentation issues will be resolved in 2007 and that the associated sale of
the Love Estates property will be completed without any further loss to FBB.

Other: The Group is also involved in various other legal proceedings covering a range of matters that arise in the
ordinary course of business. Management is of the view that no significant loss will arise as a result of these
proceedings.

Customer deposits

The Group participates in a defined benefit pension plan and defined contribution pension plans (the Plans) in
accordance with the legal requirements of the countries in which the Group operates.

e
The latest actuariat valuations of the Bank’s defined benefit pension plan was carried out as of 31 December 2006.

The amounts recognised in.the consolidated balance sheet for the defined benefit pension plan were determined
as follows:

2006 2005
$ $
Present value of funded obligations 1,971,452 1,303,592

Fair valuc of plan assets
224,100 17,091

(586,300) (139,481)

362,200 122,390

Benefit obligation in excess of plan assets
Unrecognised actuarial losses

Asset recognised in the consolidated balance sheet

Movements in the asset recognised in the consolidated balance sheet are as follows:

2006 2005

_ § $
Asset as of beginning of the year (122,390) (343,333)
Expense recognised in the consolidated income statement - 92,188 54,901
Termination of BAB Plan - 313,387

(331,998) (147,345)

(362,200) (122,390)

Contributions received

Asset recognised in the consolidated balance sheet

The principal actuarial assumptions (expressed as weighted averages) as of the consolidated balance sheet date
are:



2006 2005
Discount rate 6.50% 6.50%
Expected return on plan assets 6.50% 6.50%
Future salaries increases 5.50% 5.50%
Proportion of employees opting for early retirement 4.00% 4.00%

Employees in the defined benefit pension plan contribute 5% of gross salary. Employees in the defined contribu-
tion pension plans contribute 5% of gross salary, and the Group matches employee contributions. Pension
expense for the defined contribution pension plans was $346,719 (2005: $382,108).

Preference share dividends
The Board of Directors declared quarterly dividends in respect of each calendar quarter for 2006.

2006 2005

$ $

Dividends payable as of the beginning of year 225,000 157,992

Dividends declared 900,000 900,000
Dividends paid (225,000) (832,992)

Dividends payable as of the end of the year 900,000 225,000

Critical accounting estimates and judgments in applying accounting policies

The Group 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.

impairment losses on mortgages, consumer and other loans

The Group 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 income statement, the Group 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
group. 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.

Financial risk management
Strategy in using financial instruments

By their nature, the Group’s activities are principally related to the use of financial instruments. The Group
accepts deposits from customers at both fixed and floating rates, and for various periods, and seeks to earn above-
average interest margins by investing these funds in high-quality assets. The Group seeks to increase these |
margins by consolidating short-term funds and lending for longer periods at higher rates, while maintaining
sufficient liquidity to meet all claims that might fall due. :

The Group also seeks to raise its interest margins by obtaining above-average margins, net of allowances, through
lending to commercial and retail borrowers with a range of credit standing. Such exposures involve not just on-

balance sheet loans and advances; the Group also enters into guarantees and other commitments such as letters of
credit, and performance and other bonds. 3

Credit risk

The Group takes on exposure to credit risk, which is the risk that a counterpatty will be unable to pay amounts in
full when due. Impairment provisions are provided for losses that have been incurred at the balance sheet date.
Significant changes in the economy, or in the health of a particular industry segment that represents a concentra-
tion in the Group’s portfolio, could result in losses that are different from those provided for at the balance sheet
date. Management therefore carefully manages its exposure to credit risk.

The Group structures the levels of credit risk it undertakes by placing limits on the amount of risk accepted in
relation to one borrower, or groups of borrowers, and to geographical and industry segments. Such risks are
monitored on a revolving basis and subject to an annual or more frequent review. Limits on the level of credit risk
by product, industry sector and by country are approved by the Board of Directors.

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 where appropriate. Exposure
to credit risk is also managed in part by obtaining collateral and corporate and personal guarantees.

The Group’s deposits and investments are placed with high credit quality financial institutions and corporations.
Mortgage, consumer and other loans are presented net of provisions for loan losses. Whilst the majority of loans
are supported by first mortgages upon family residences or by chattel mortgages, overdrafts advanced in the
normal course of business are generally unsecured. ,

Credit-related commitments

The primary purpose of these instruments is to ensure that funds are available to a customer as required. Guaran-
tees ~ which represent irrevocable assurances that the Group will make payments in the event that a customer
cannot meet its obligations to third parties — carry the same credit risk as loans.

Commitments to extend credit represent unused portions of authorisations to extend credit in the form of loans,
guarantees or letters of credit. With respect to credit risk on commitments to extend credit, the Group is potentially
exposed to loss in an amount equal to the total unused commitments. However, the likely amount of loss is less
than the total unused commitments, as most commitments to extend credit are contingent upon customers
maintaining specific credit standards. The Group monitors the term to maturity of credit commitments because
longer-term commitments generally have a greater degree of credit risk than shorter-term commitments.

Geographical concentrations of assets and liabilities

The Group has a concentration of risk in respect of geographical area, as both customer and securitised assets are
primarily based in The Bahamas and the Cayman Islands.

(1,747,352) (1,286,501)

le

he oo

rs

ee ee ee

¢& SOOO Oe KY



THE TRIBUNE



Seo napa dates Setanta om

ik St pm Sie sae

Cash flow and fair value interest rate risk

Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate
because of changes in market interest rates. The Group takes on exposure to the effects of fluctuations in the prevailing
levels of market interest rates on both its fair value and cash flow risks. Interest margins may increase as a result of such
changes but may reduce gains or create losses in the event that unexpected movements arise.

The Group employs effective techniques and procedures to monitor and control its exposure to interest rate risk.
Mortgage, consumer, and other loans generally have variable rates, linked to the relevant prime rate. Exposure to interest
rate risk, which is mainly due to fixed rates on both its term deposits with banks and savings certificates sold to customers,
is minimised by the short-term maturities of the majority of these deposits.

Liquidity risk

The Group is exposed to daily calls on its available cash resources from overnight deposits, current accounts, maturing
deposits, loan draw-downs and guarantees. The Group does not maintain cash resources to meet all of these needs, as
experience shows that a minimum level of reinvestment of maturing funds can be predicted with a high level of certainty.
The Board sets limits on the minimum proportion of maturing funds available to ‘meet such calls and on the minimum
level of inter-bank and other borrowing facilities that should be in place to cover withdrawals at unexpected levels of

demand.

The matching and controlled mismatching of the maturities and interest rates of assets and liabilities is fundamental to the
management of the Group. It is unusual for banks to be completely matched, as transacted business is often of uncertain
term and of different types. An unmatched position potentially enhances profitability, but also increases the risk of losses.

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 Group and its exposure to changes in interest rates and

exchange rates.

Liquidity requirements to support calls under guarantees and standby letters of credit are considerably less than the
amount of the commitment because the Group does not generally expect the third party to draw funds under the
agreement. The total outstanding contractual amount of commitments to extend credit does not necessarily represent
future cash requirements, as many of these commitments will expire or terminate without being funded.

The loan portfolio principally comprises long-term mortgage loans, which are financed by shorter-term customer
deposits. As such, the Group is exposed to liquidity risk, which is continuously monitored by management.

Fiduciary risk
The Group is susceptible to fiduciary risk, which is the risk that the Group may fail in carrying out certain mandates in
accordance with the wishes of its customers. To manage exposure, the Group takes a conservative approach in its

undertakings.
Fair values of financial instruments

Financial instruments utilised by the Group include recorded financial assets and liabilities, as well as items that
principally involve off-balance sheet risk. These financial instruments are carried at fair value or are relatively short term
in nature and accordingly, the estimated fair values are not significantly different from the carrying value as reported in
the consolidated balance sheet.

Subsequent events

Effective 15 April 2007, Royal Bank of Canada (RBC) and the Bank announced the signing of a joint venture agreement
under which RBC will acquire a 50% interest in FMBT. The joint venture will be called Royal Fidelity Merchant Bank
& Trust Limited (Royal Fidelity). As part of the transaction, RBC’s Barbados based investments and trusts department
group will be acquired by Royal Fidelity. This transaction, subject to regulatory approvals in both The Bahamas and
Barbados and other customary conditions, is expected to be completed by July 2007.



To Advertise In
The Tribune’s
Classified Call 502-2351



PORTE E TT aCe Ae Dat .
your own business?
Do you already owna Se eed





The Lyford Cay Scholars’ Association
in collaboration with
The Bahamas Development Bank
will be hosting a free informational session on

“Viable Business Ventures and
Opportunities for Entrepreneurs”

On Thursday, June 14th, 2007 at 6:30pm
at The Michael Eldon Boardroom
in The Michael Eldon Complex
Third Floor, Thompson Blvd., Nassau
(The building immediately attached to Chapter One Bookstore)

Refreshments will be served ° All interested persons are welcome!

For further Information,
please contact:

Monique Hinsey at
The Lyford Cay Foundation, Inc

TyFORD GAY] ; Tel: 242.362.4910 Ext #102 or
CHOPARS || lls



email: lcfmo@bahamas.net.bs









MONDAY, JUNE 11, 2007, PAGE 13B

“Reporting tor The Tribune is a
responsibility and privilege. We
respect and honour the people's

right to know everyday. I’m

proud to be a part of the leading

print medium in The Bahamas.

The Tribune is my newspaper.”

RUPERT MISSICK, JR.
CHIEF REPORTER, THE TRIBUNE

To report the news, call our
News Tips Line at 502-2359.

wheirry







PAGE 14B, MONDAY, JUNE 11, 2007





John S George owners
in potential sale talks

FROM page 1

S George are in favour of a
sale, which is understood to be
being driven by Benchmark
(Bahamas) president, Julian
Brown, and Morley Realty
head, David Morley. Mr Hut-
ton himself is thought to be
opposed to a sale, which has
resulted in an irrevocable split
among the retailer’s owners.
The John S George Hold-
ings Board is artfully com-
posed, with Mr Hutton and his
relatives holding 40 per cent.
Benchmark owns 20 per cent,

with the Morley and Pritchard

-families each owning 15 per

cent. The remaining 10 per
cent is held by Butterfield
Bank (Bahamas) managing
director, Robert Lotmore
The Board breakdown burst
into the open earlier this year
after Benchmark, which as a
BISX-listed public company
has to release its financial
results, announced it was fully
writing off its $402,102 invest-
ment in John S George and hit
out at Mr Hutton’s manage-
ment style, branding it as
ineffective”. Benchmark also
criticised the absence of accu-
rate and timely financials on

Antonius Roberts
Max Taylor

Ta ae

Post House Studio & Gallery
Please Call (242) 327-7562



Villaggio |

CQCKTALL & WINE BAK

HAS VACANCIES FOR COOKS &
DISHWASHERS ALL LEVELS
MUST BE ABLE TO PROVIDE

REFERENCES, HEALTH CERTS
IMMEDIATE:START~

WE PROVIDE THE RIGHT PAY FOR THE
RIGHT WORK ETHIC, INTERESTED PARTIES
CONTACT:

PHONE: 327 0965 (10-2 MON-FRI)
FAX: 327 0966,
EMAIL:
INFO@VILLAGGIORESTAURANT.COM



ATT: GENERAL MANAGER









Join Cititrust
(Bahamas) Limited,
one of the most.
established trust
organizations in the

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

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

world.



BUSINESS

John S George.

It is thought that Mr Brown
and Mr Morley, and possibly
others, have lost patience with
Mr Hutton’s attempts to turn
John S George around, leading
them to search around for an
exit route and recover what
they can from their investment.

Sources

‘The ‘final straw’, sources
have suggested, came when Mr
Hutton’s involvement in a
totally separate $2.7 million
deal to purchase Abaco Mar-
kets’ Cost Right Turks &
Caicos store — an acquisition
that has since closed — came to
light.

Several John S George
Holdings investors became
concerned that Mr Hutton was
embarking on new investments
that did not involve the

INSIGHT

For the Pee

behind the news,
read Insight.
on Mondays

Bahamian retailer at a time *

when they felt he needed to
be focused on its operations,
leading them to issue him with
an ultimatum to choose which
venture he wanted to be part
of.

Yet some sources suggested
that it was a strange time to
sell John S George, arguing
that it was possible the retailer
may be on the verge of turning
around. Multiple contacts have
told this newspaper that the
company, which competes
directly with Kelly’s Home
Centre, is projected to “break
even” for its current financial
year, which is set to close on
July 31, 2007.

The purchase by Mr Hut-
ton’s group met unexpected
obstacles from the start, includ-
ing the loss of the Baygone
insecticide product agency to
the D’Albenas Agency, which
is said to have cost John §
George $1 million per annum
in revenues.

The company also lost the
distribution relationship with
the True Value buying group,
sources said, forcing it to
switch to ACE. This resulted in
Mr Hutton launching a legal
action against John S George’s
former owners, Andy and Neil
McKinney and Sydney Sweet-
ing, alleging that they had war-
rantied and guaranteed that
the loss of Baygone and True
Value would not happen.

WANTED

JEWELLERY STORE MANAGERS

Discover a rewarding and
challenging career catering to the
country’s visitors in the exciting
retail jewelry business!!!

‘Do You Have What it Takes?

ARE YOU...
Confident? ¢ A Leader? ¢ Self Motivated?
¢ Professional? e Mature (25 yrs or older)? * Dedicated?
If the answer isYES then take the next step

FAX RESUME TO 326-2824

SALARY OPPORTUNITY COMMENSURATE WITH EXPERIENCE & QUALIFICATION



APPLY TODAY!





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

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

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 legal action is under-
stood to be still ongoing,
although the McKinneys and
Sweetings are defending the
case and vigorously denying
the allegations against them.

The upshot of all this,
sources said, was that John S
George lost close to $1 million
in its first year under the new
owners to July 31, 2005, and
another $300,000 in its second
fiscal year.

Holdings

The John S George Hold-
ings acquisition was closed on
July 1, 2004, and Benchmark’s
2007 annual report showed the
company paid $300,000 for its
20 per cent stake. This would
imply the purchase was funded
with $1.5 million in total equi-
ty.

The BISX-listed firm’s
accounts show that it subse-
quently recorded a $132,103
gain from negative goodwill on
property revaluations, but its
equity interest was then diluted
by $30,000 due to the issuance
of 10,000 shares to Mr Hutton
for his work in identifying the
John S George deal, negotiat-
ing the purchase and bringing
the investor group together.

Benchmark’s investment in
John S George Holdings stood
at $402,103 as at December 31,
2005, the value that was writ-
ten-off. The figures then reveal



The Tribune wants to
hear from people who

neighbourhoods.
Perhaps you are raising
funds for a good cause,
campaigning for
improvements in the
area or have won an
award.

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

ESSAY COMPETITION

EIGHT ANNUAL PUBLIC
SERVICE WEEK

The Department of Public Service, will
host an Essay Competition as one of the
activities for Eight Annual Public Service
Week. The Competition is open to Junior
and Senior High School Students.

Students interested in participating should
write a 250-300 words (Junior High),
and 450-500 words (Senior High), essay
on the topic: “The Public Service -
Promoting Quality Service in the

Workplace”.

The deadline for entries, which should
be referred to the attention of Ms.
Antionette Thompson, Deputy Permanent

Share your news‘

are making news in their

THE TRIBUNE

Sy

Sku oe

y
s
€
we

wn

that its share of John S
George’s Holdings net loss for
the period to July 31, 2006, was
$48,684. It is unclear what peri-
od of time is covered by this,
but if it is the seven months
from December 31, 2005, this.
would imply John S George
lost $243,420 in that time based
on 5x Benchmark’s 20 per cent
stake.

The full impairment provi-
sion taken by Benchmark was.,
$353,419, and it said in the;
notes to its annual report that .
“John S George Holdings has.
incurred continuing operating ,
losses for the entire time”, it~,
had been an investor in the | ’
buyout vehicle.

The Benchmark notes said ~
the 2004 purchase of John,S...
George was funded by a $2.5
million loan from Bank of the. .
Bahamas International, which “>

had an interest rate of Bahami-,. ;

an Prime + 2.75 per cent over. or
10 years, and was secured on,
the retailer’s assets — a typical,”
move in a leveraged buyout.,,
Shares in John S George Holds
ings were also assigned to the.,
bank.

This implies that, combined”,
with the $1.5 million equity, .

the John S George purchase. ,

was for a price of at least $4.~
million. The John S George 7

owners have also guaranteed. ~.

a $500,000 credit facility from

Bank of the Bahamas Interna;

tional for the retailer. ae














Secretary, Ministry of the Public Service,
is Friday, 22nd June, 2007.

A Dell Desktop 2400 computer with a
scanner, copier and printer will be
awarded to the winner in each category.

The winners will be announced during

The Eight Annual Public Service Week
Awards Ceremony scheduled for 6th

October, 2007.





THE TRIBUNE

:US passport
initiative costs
2-2.5 per cent
_ of visitors

@ By NEIL HARTNELL
‘Tribune Business Editor

"Lie Bahamian hotel
. industry estimates that
the Western Hemi-
sphere Travel Initiative
(WHTI) has cost it between 2-
2.5 ‘per cent of business since it
was’ ‘implemented earlier this
year, with a senior sector exec-
utive telling The Tribune that
the decision to suspend the
plan until end-September
would boost family and group
travel to this nation.

The US State Department
and Department of Homeland
Security announced late last
week that they were tem-
porarily suspending the
WHITI’s passport requirements
for air travel to this nation until
late September for US citizens
whbd could show they had
applied for.one, a move wel-
comed by Robert Sands, Baha
Mar’s senior vice-president of
administration and govern-
ment affairs,

“It’s very difficult to quanti-
fy, but our estimates have
always been an impact of
between 2-2.5 per cent of busi-
ness,” Mr Sands said. ““There’s
no questioning that softening
in this part of the world market
has in part been contributed
to by this initiative.

tremendous amount of
faraily travel takes place at this
time of year, certainly between
now and August. That would
allow for many family vacation
planners to make plans to

come to this part of the world,-

}- patticularly the Bahamas, to
spend their holiday here.”
Welcoming the temporary
suspension of the WHTI’s
Passport requirements, Mr
Sarids said: “There’s been no

question that the requirement .

has had an impact on travel to
this particular destination. It
will allow the authorities in the
US{to deal with the backlog of
applications for passports in a
timely fashion.”

Mr Sands said the
Nassau/Paradise Island Pro-
motions Board initiative of
offering refunds to US tourists
who, could provide evidence
that they had spent money
obtaining passports to travel

Temporary
suspension to
boost summer
family travel to
the Bahamas

to the Bahamas under the
WHITI had been used by “a
large number of visitors”.

_ However, he added that it
was not close to the numbers
anticipated, but the initiative
had instead been “extremely
successful” in raising aware-
ness of the WHTI among
potential US visitors and
served its purpose as a mar-
keting tool.

It was estimated in 2006 that
between June-August, 40,000
families visited the Bahamas.
Assuming that the average
family consisted of two parents
and children under 12, the
Ministry of Tourism estimat-
ed that this translated into
113,000 people spending
613,000 visitor nights in the
Bahamas. The average length
of stay was 5.5 nights.

A Ministry of Tourism brief-
ing paper had estimated that
the worst-case scenario from
the WHTI was the loss of $167
million in hotel revenues and
233,000 visitors, with the worst-
affected being the summer
family business, group and con-
vention business, weddings and
Spring Breakers. These four
groups had accounted for some
250,000 hotel room nights in
the Bahamas in 2006, and total

revenue. loss could have. been

as high as $278 million.

In 2006, the group conven-
tion business brought 42,000
visitors to the Bahamas, who
stayed an average of 4.3 nights,
making for a total of 180,000
nights. Some .43,000 visitors
came for weddings, staying 4.5
nights for a total of 192,000 vis-
itor nights, with 50,000 Spring
Breakers generating a 5.6 night
average stay and 280,000 room
nights.

Get aah ne your
RBC credit cards,

| Get caught today
“and wini* We're on

| the lookout for YOU!





Call your nearest
RBC Royal Bank of Canada
branch for more details.

*Offer ends june 30th, 2007.

MONDAY, JUNE 11, 2007, PAGE 15B

t Caught!

RBC’s Get Caught team will be “undercover” at bus- »
iness places in your community during May and June

waiting to catch YOU using your RBC credit card! Go
ahead! GET CAUGHT using your RBC Visa or Master-
Card and you can win instant prizes from participating
merchants. Check your local newspapers and listen
to your radio to find out when we'll be visiting a store
in your area, There will be lots of fabulous prizes and

surprises!

RBC Royal Bank of Canada Credit Cards offer great

benefits like:

» Very competitive fees and rates
» Acceptance at millions of merchants worldwide
__ | Credit when you need it 24/7
» 24-hour customer service using 1-800 toll free
number from anywhere in the world
Fraud monitoring system to enhance the safety &
security of your account

Guaranteed QUICK turnaround from application
to credit card in your hand

MA A PRLS ethccListctil Ges iipeattiiielctc tn)



THE ITALIAN EATERY AT THE
COLLEGE OF THE BAHAMAS
(JUST OF TUCKER ROAD/THOMPSON

ALL MENU

STARTING JUNE 11TH—AUGUST 25TH 2007

MONDAY - THURSDAY 7A.M. - 8 P.M,
FRIDAY - SATURDAY 7A.M. -

SUNDAY - CLOSED

7294. EF ee

Ge Soe sek in ath Pe ee il te Cie eed





THE TRIBUNE BUSINESS

PAGE 16B, MONDAY, JUNE 11, 2007

Mi




pre Cop



Full Text


‘

mM The Tribune

The Miami Herald





87F
74F

we CLOUDS

HIGH
LOW



ifs.
wali

Volume: 103 No.165



AND SUN

BAHAMAS EDITION

MONDAY, JUNE 11, 2007





| | 8 ae

FOR KNOWLE



S AND







Nt):



PLP ‘ready’ to contest seats

t

Party has one more
week to file cases

By KARIN HERIG
Tribune Staff. Reporter

THERE is only one more
week to go in which the PLP
can file their cases to contest
‘constituencies in the election
court and the party said it is
ready.

As it now stands, five con-
stituencies won by the FNM
in the May 2 general election
are likely to be contested.

Wayne Munroe, a member
of the legal team representing
the PLP in these cases, told
The Tribune yesterday that he
is confident that the four cas-
es he is working on will be
prepared in time for the dead-
line.

“J don’t see anything that
would prevent us doing that,”
he said.

The PLP had 21 days after
parliament opened on May 23
to file its cases. Without count-
ing Sundays and public holi-
days, this means the deadline
falls on June 18 — one week
from today.

PLP chairman Raynard
R.gby yesterday also con-
firmed his party’s readiness,
and although he could not
comment on any details he
said that the PLP is on track.

Mr Munroe said that
although he is personally only
involved with handling four
constituencies — Blue Hills,
Golden Isles, Seebreeze and
Marco City — there were six
seats that the PLP lost by less
than 100 votes.

He said he has heard
through reports that the PLP
will also most likely go ahead
with contesting Pinewood, but
that he had not heard any-
thing regarding the con-
stituency of North Eleuthera —
the seat currently held
by House Speaker Alvin
Smith.

Mr Munroe said that in an

“election in which there were

multiple allegations of voter
fraud, contesting seats could
be argued to be a sovereign
duty.

In an earlier interview, Mr
Munroe said he believes it is
possible that thousands, if not
tens of thousands of non-citi-
zens may have voted, thus rep-
resenting the balance of pow-
er in many seats.

Mr Munroe outlined three

-possible actions the court can

take as a result of the evidence
presented to it regarding the
individual challenges.
The first, he said, would be
to leave the results as they are.
The second is, if the court
determines that some voters
whose votes were counted,
were ineligible, the votes can
be removed, Mr Munroe said.
If that scenario occurs a
recount can occur, and if the
outcome is different, a new
victor can be declared, he said.
The third possible outcome
could be that a by-election is
called if the court determines
that more people were unfair-
ly barred from voting than was
the margin of victory.

June 11th - 16th, 2007

Check out our
other great

Father's Gifts!

* except on red |
fogged and net
items

Kelly’s "sis.

|



2.42) 393-4002
242} 393-4096

iM
Mi
Soturday 9:Q0am?: 00pm

ecey fy 00am: 0pm
dosed





au dr



aa Le a

@ THIS car struggles along W



Sahai gis

est Bay Street after heavy rain flooded many areas in Nassau over the weekend. After a weekend of tor-

rential rain, however, the forecast for the week ahead is fair.

Managing editor
of The Tribune
suing Nassau
Guardian

THE Nassau Guardian is
being sued for libel by The Tri-
bune’s managing editor, John
Marquis.

He is claiming damages fol-
lowing an article-advertisement
headed ‘John Marquis Exposed’
which appeared just before
Easter.

The advertisement was
placed by a group calling itself
Concerned Citizens of the
Bahamas and contained defam-
atory material from a locally
run website.

A writ has been filed in the
Supreme Court and names as
defendants the Guardian’s pub-
lisher, Charles Carter, and
chairman, Emanuel Alexiou.

In his statement of claim, Mr
Marquis accuses the Guardian
of “gross and indefensible libel”
which was intended to damage
his professional standing.

He said the Guardian’s libel
was compounded by the fact
that its chairman, Emanuel
Alexiou, promised a front-page
apology and failed to follow

SEE page 14



enched in wet weekend



(Photo: Felipé Major/Tribune staff)

Bank of Bahamas chairman —
may be stepping down

@ By KARIN HERIG
Tribune Staff Reporter

THE future chairmanship of the Bank of the Bahamas could
be in question after it emerged on the weekend that veteran
banker Al Jarrett may be stepping down from the post.

There were reports concerning the matter circulating through-
out New Providence on the weekend, with some political
observers speculating that Mr Jarrett had been asked to step
down, while others believed he will be leaving the post:of his own

|

! SEE page 14
_US man found dead
in shower stall

@ By DENISE MAYCOCK
Tribune Freeport
Reporter

of a 53-ft yacht registered as
‘Ocean Eyes’ that was docked
at Port Lucaya Marina.

_ Police received information
that the deceased was seen in
the marketplace about three
days earlier, and had been com-
plaining of chest pains.

Police investigators observed
no visible signs of injury to Mr
Collins’ body, which was taken
to the Rand Memorial Hospital.

Chief Supt Basil; Rahming
said police do not suspect foul
play at this time and are
awaiting the results of an autop-
sy to determine the cause of
death.

FREEPORT - An Ameri-
can visitor was found dead in
the nude in a shower stall at
Port Lucaya Marketplace, ear-
ly last week.

According to a report issued
by police on Friday evening,
the body of 48-year-old US res-
ident Bradley Joseph Collins
was discovered around 4.30pm

: on Wednesday by a security
officer at Port Lucaya.

Collins, a resident of Surf-
side, Florida, was the captain



Mesquite Chicken,
Cheddar Cheese, Lettuce
Barbeque Sauce, Red Onion.






NEWS





@ MARK KNOWLES and
Daniel Nestor celebrate.
(AP Photo)

Knowles and
Nestor win French
Open doubles title

@ By BRENT STUBBS
Senior Sports Reporter

BAHAMIAN Mark Knowles
and his Canadian partner
Daniel Nestor finally won their
first men’s doubles title for the
year and are now one shy of
clinching all four Grand Slams

SEE page 15

Quiznos Si




Palmdale
»* Paradise Island




PAGE 2, MONDAY, JUNE 11, 2007

THE TRIBUNE






olinalmperial.

Increases Operating Hours
For Your Convenience









Effective May 26th, 2007

Clit clients will be able to make payments for
PREMIUM and MORTGAGE accounts







oon Saturdays from 9 am to 12:30 pm
at the CIIL Building at 21 Collins Ave
Tel: 356-8300
















ovo nen) a MuOe
computer, ener”

LOCAL NEWS



to PMH after:
being shot |

m@ By DENISE MAYCOCK
Tribune Freeport
Reporter

FREEPORT - A 25-year-
old man was shot Saturday
while walking home with
friends in the vicinity of the
RND Plaza.

Rashad Forbes, a resident
of Tasman Circle, suffered
serious gun shot injuries to the
right arm and had to be air-
lifted to the Princess Margaret
Hospital in New Providence
for medical treatment.

Chief Superintendent of
Police Basil Rahming said a
male resident of Eight Mile
Rock is in police custody
assisting them with investiga-
tions into the shooting.

According to police reports,

Forbes and two friends were
walking home around 6am on
Saturday after a night out on
the town. As they were cross-
ing the RND Plaza, a white
vehicle with several male
occupants pulled up alongside
them in front of the RND Cin-
ema.

A passenger got out of the
back seat and approached
Forbes and his friends. The
friends noticed that the young
man was armed with a hand-
gun and became frightened
and fled in separate directions.

Forbes told police that the
man pointed the gun at him
and allegedly said: ‘Yeah,
what are you sayin’ now?”

As Forbes was running
away he was shot in the right
arm by one of three shots fired

at him by the gunman.
A woman living in the area

heard the shots and tele- ,-

phoned the police. When offi-
cers arrived at the scene, they

collected several spent casings .~

from the area.
Forbes was taken to the
Rand Memorial Hospital and

treated for his injury, which '-

doctors described as serious.

He was later airlifted :

around noon on Saturday to
Princess Margaret Hospital,

where he is detained. His con- ‘'

dition was not known up to
press time.

Supt Rahming said the inci- °

dent is believed to have
stemmed from a previous con-
frontation between the victim

‘and suspect at a local night

club.

Weather in no rush for Junkanoo

@ THIS was the scene at Arawak Cay |
on Saturday after the Junkanoo Sum- |
| mer Festival events for the day were
| postponed following heavy rain.
“(Photo:Felipé Major/Tribune staff)

i INET WORK!
v

BAHAMAS

e
bh

ans

*,
ras
%.

Py

4

&
2

+
THE TRIBUNE





In brief |



Two men
treated for
stab wounds
after fight

TWO men are in serious con-
dition in hospital after being
stabbed multiple times in an
argument over the weekend.

On Saturday just after 3pm,
two men were stabbed when an
altercation in the downtown
area escalated.

According to police a “group
of young men” were walking in
the area of Bay and Frederick
Streets on Saturday afternoon
when a fight broke out among
them.

The situation quickly spun
out of control and two mem-
bers of the group were “stabbed
about the body several times,”
press liaison officer Inspector
Walter Evans told The Tribune
yesterday.

Both men are being treated at
Princess Margaret Hospital.

“They are in serious condi-
tion, but it’s not life-threaten-
ing,” Mr Evans said.

Police
investigate
after armed
robberies

POLICE are investigating
two armed robberies over the
weekend.

The first happened at noon
on Saturday on Wulff Road.

An armed robber held up
Joe’s Kitchen restaurant, oppo-
site Stephen Dillette Primary
School, and robbed the estab-
lishment of cash. The man then
fled on foot.

The second incident occurred
when two men, each armed
with a handgun, held up a
Quick Cell booth on East Street
South.

Shortly before 4pm on Satur-
day, two men pulled up to the
booth in a black Nissan Altima,
licence plate number 18168, and
purchased phone cards.

“While the employee was

making change the two men

pulled out guns an nde
cash,” Inspector Wa ter] Evans.

travelling south on East Street.

Four people
injured in
boating
accident

POLICE are still seeking
information on a boat accident
that happened in the waters off
Samson Cay in the Exumas.

According to preliminary
reports a 21-foot Whaler craft
experienced difficulties Friday
morning.

Of the seven passengers on
board, four were injured and
had to be taken to hospital.
Police yesterday did not have
any information on the passen-
gers’ conditions.

Barbadian
delegation
makes trip
to China

#@ BARBADOS
Bridgetown

PRIME Minister Owen
Arthur has led a delegation to
China in an effort to boost trade
and bilateral relations, the
Caribbean island’s government
announced Saturday, according
to Associated Press.

“I wish to advance our rela-
tionship to a more mature stage
and to our mutual benefit,”
Arthur said in a statement.
“This visit will usher in an era of
co-operation in tourism, agri-
culture and technology, among
other areas.”

Arthur and top Barbadian
officials left for Beijing on
Thursday, the same day Suri-
name’s ruling coalition sent a
delegation on a one-week trip
to the Asian economic super-
power.

Barbados established diplo-
matic ties with China 30 years ago
when the tropical island’s gov-
ernment broke ties with Taiwan,
which Beijing regards as a rene-
gade province it plans to eventu-
ally unify with the mainland.

oy ea mT RS 4 (e44
Fertilizer, Fungicide,
Pest Control

Tropical Exterminators
322-2157



























@ By RUPERT MISSICK Jr
Chief Reporter

GOVERNMENT is
reviewing the Bahamas’ rela-
tionship with Haiti as it
relates to existing treaties and
migration between the two
countries.

Deputy Prime Minister
and Minister of Foreign
Affairs Brent Symonette
announced during his contri-
bution to the budget debate
that Ministry of Foreign
Affairs, in conjunction with
the Ministry of National
Security, is looking at the
issue.

Mr Symonette said he had
had an opportunity to discuss
the question of migration and
travel between the Bahamas
and Haiti with the Foreign
Minister of Haiti and they
both agreed that they would
continue to build on the goad
relationship between the two
countries.

Operational expenses for
Haiti are $300,000. Due to
the special needs of the
Bahamas Embassy in Haiti, a
new item has been created
in the budget to specifically
deal with that office.

_ “The Bahamas in conjunc-
tion with other regional and
international organisations
has and continues to work
assiduously to improve the
situation in Haiti,” said Mr
Symonette.

The deputy prime minis-
ter.referred to the commit-
ment by law enforcement
officers at their 22nd annual
Association of Caribbean
Police to assist the impover-
ished nation of Haiti. Police

Solid Woo

LOCAL NEWS

Relationship
with Haiti to be
scrutinised



Hi BRENT Symonette

Commissioner Paul Farquhar-
son noted that the Bahamas is
assisting Haiti in the fight
against crime by training a num-
ber of its officers.

In June commissioners will
meet as CARICOM partners

Following the conclusion of
meetings by a working group of
permanent secretaries and
senior officials from relevant
agencies under the chairman-
ship of the foreign ministry, Mr
Symonette said a comprehen-
sive analysis of the issue of ille-
gal migration from Haiti was
completed, which led to the
drafting of an agreement by the
Foreign Ministry.

“After three negotiating ses-
sions, it was initialled by the
respective delegations of the
Bahamas and Haiti and is
presently under review by the
relevant Bahamian authorities
so that recommendations can
be made to Cabinet,” Mr
Symonette said. ‘

As the new Minister of For-
eign Affairs, Mr Symonette rep-
resented the Bahamas at the
37th session of the General

to focus on Haiti in its effort to
combat crime and violence.

Assembly of the Organization
of American States.

CARPET, FURNITURE, MARBLE & TILE CARE

THE Most THOROUGH RESTORATION & CLEANING EVER, OR THE JOB IS FREE!
NASSAU’S ONLY PROFESSIONAL, CERTIFIED STONE CARPET & UPHOLSTERY CARE SYSTEMS.






Carpet, Upholstery, Stone and Marble Cleaning &
Restoration Specialist.






Prochem Cleaning Systems removes Deep & Heavy
Soil, Bacteria, Grease, Watermarks and Stains from
Carpeting & Furniture, restoring them to like new
at a fraction of replacement cost.







Carpet, Sofa’s, Loveseats, Chairs, Dining Chairs, Cars,
Boats, Grout, Tiles, Marble & Stone



Persian, Wool & Silk Carpet Cleaning Specialist




Marble Polishing, Restoration & Care









Authorized StoneTech Professional Contractor

CALL PROCHEM BAHAMAS
PHONE: 323-8083 o: 323-1594

ONLY WE CAN DO IT RIGHT!

www.prochemsystem.com * www.stonetechpro.com * www.iicrc.org
* psp@coralwave.com



+ YOUR LOCAL MEMBER OF THE-

PROCHEM SYSTEM (sm)






ava |

eee @ crs esl celeste |
1 pc Dresser

4 pe Mirror —

2 pe Nightstands
4pc 5 Drawer Chest
Queen 8 Pc Set . $3,730

SE maicolsiel
King 8 Pc Set

off all Prom Fabrics

° Striking Special Occasion Fabrics

4

e Beaded Sequined Fabrics

e lridescent Taffeta

e Two Tone Shantung
Lamour - new low prices $11.99
60” Pongee and Lining now $2.99 yd.

5 % off PromAccessories

when purchased same day as fabric

¢ Rhinestone Chokers & Earrings

¢ Tiaras
e Evening Purses

¢ Gloves
¢ Capes

BATA He ke Inspiration

yt

Madeira St, [242] 325-8233 » Robinson Rd.[242] 322-3080 » Fax:[242] 322-5251 » www.homefabriesid.com



MONDAY, JUNE 11, 2007, PAGE 3

| ae

Ce al Te

aslo
HOTEL

ee eT YY] ee

a0] ats)
ae HL a





Acc unniidione for2 nights! STAY 3 NIGHTS
& GET THE 4th NIGHT FREE! Transportation for 3 days!

Se Goce:

“Pinatas SACnusmem

YY WERT S

3 eereeneT Ree gee
WSR BRR Urea

Additional Packages Available!

wNY

"The Mall-at-Marathon

BOX OFFICE OPENS AT 10:00 AM DAILY
EFFECTIVE JUNE 8th, 2007

OCEAN'S THIRTEEN

new | tan 825 [WA | cov [ozo [1s |
| pe eee

MR. BROOKS } 1:00 [330 PNA | 6:00 | 820 | 1040 |

a0 [wm [an [rao [on _| a0 ]

—_—_
Femmes orTaecampean | 100 |W LWA | oo wa | 1000
jade a a et

ae THE THIRD
26 WEEKS LATER
SPIDERMAN 3
PERFECT STRANGER

OCEAN'S THIRTEEN

Ape le be

Hew oe

c [0 a6] WA] 605 | 62 | to |

[a0 [ago [WA] WA_[ 00 | WA]

+0 [sao [WA] 60 | 625 | a5
Na | 700 | NA


PAGE 4, MONDAY, JUNE 11, 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.

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

Mr Foster and the straw market

LAST TUESDAY, Jeff Lloyd had a most
interesting guest on his programme, “Real Talk
Live” —a guest who gave the public facts about
the delayed construction of the straw market.

For a government that claimed it had no secrets
from the Bahamian people, in a morning talk
show Mr Michael Foster of Arconcepts Limited,
architect of the straw market, outlined the chal-
lenge that the straw market presented, and the
reasons for the delay. In five years all Bahamians

heard from their government was a mountain of °

excuses.

On June 15, 2005 Works Minister Bradley
Roberts announced that contractors would be
invited to bid on the construction “shortly” with
work starting 30 days after the contract had been
awarded.

A month later the market site drew a crowd
when workmen started to erect plywood around
its perimeter. As a result of calls from an inquir-
ing public, The Tribune contacted Trade and
Industry Minister Leslie Miller, who had the
straw market in his portfolio. Mr Miller could
not confirm that the barrier signalled a start of the
market project. “I take it that the Ministry of
Works has awarded a contract to someone to
enclose the area temporarily pending some formal
contract to begin reconstructing the straw market,
but I cannot confirm that,” was all Mr Miller
could say adding: “The initial plan of the gov-
ernment was that my Ministry along with the
Ministry of Works should join hands in spear-
heading the project.”

However, said Mr Miller, the Ministry of
Works had not kept him or his staff abreast of
what was happening with the project or whether
a building schedule had been finalised. As Min-
ister Roberts was out.of town, The Tribune con-
tacted acting Works Minister Shane Gibson, who
had to confess that he had “not been informed
about anything either.”

By November 2005 Mr Roberts did not know
when construction of a new facility would be
started or when it would be completed. However,
by now a tractor was on the site and, according to
Mr Roberts, groundbreaking had started to “jump
start” construction. He said Bay Street was on
repossessed land and so contractors had to be
careful about putting down the foundation. Also
bids had to be invited for the main construction.

Instead of telling Bahamians what Mr Foster
told a radio audience. last week of the problems
the construction team were having, Bahamians
were being allowed to form their own opinions.
Vendors were complaining loudly, attributing all
kinds of bad motives to government. Said one:
“Everytime we approached the government on
the issue, there was always an excuse like ‘the
treasury broke, we don’t have any money, we
ne to do the best we can, please. bear with

*” The conclusion was that the people were
Sone taken for a ride.

On August 10, 2005 — nine months before an
election and still no sign of a market — The Tri-
bune was told that bids for the straw market
would be collected that week and ground break-
ing would start eight weeks later.

“It is difficult for me say what caused it to

take so long,” said an official, adding that the

delay was most likely because the project had to

be budgeted before construction could start. He
then added: “But in the meantime the plans for
the new straw market were being developed and
drawn.”

In all early news reports the cost of the new
market fluctuated between $10 and $13 million.

Finally on February 7 this year — three
months before the election and change of gov-
ernment — a $23 million contract was signed for
the new market.

However, construction was stopped by the
FNM government for further checking to make
certain that Bahamians were getting value for
their money. It was understood that the archi-
tectural drawings were not complete — through
no fault of the architect, but by government
delays. However, it has since transpired that Mr
Foster’s drawings were completed, but there are
still some questions being asked about the struc-
tural plans.

An upset Mr Foster was on the Jeff Lloyd
programme to reply to an editorial that we had
written that morning asking the question: If in fact
the architectural drawings were not complete,
how had government arrived at the $23 million
price tag?

Mr Foster thought we were getting at him.
We were not. We were getting at government, but
we can now understand Mr Foster’s concern,
because, according to him, the man-in-the street
was accusing him of holding up the plans. This was
not true. Mr Foster was going crazy trying to find
the foundations of the old straw market to use as
a base on which to build the new.

His was a fascinating story. The search for the
lost architectural drawings for the old market
were eventually found. They revealed the location
of the original concrete base under which were
groundbeams, pile caps and about 200 piles, most
still serviceable. When they jack-hammered
through the slabs, they discovered that the straw
market had been built on conch shells. If it had-
n’t been for the sound beams and piles, said Mr
Foster, the market “would have caved in a long
time ago.”

Then there were the hurricanes and the later
realisation that a basement had to be raised five
feet above ground to avoid flooding from a bad
storm. This cost could not be justified. Why did-
n’t the politicians inform the Bahamian people?

This was an opportunity for the public to ask
many questions of a man who obviously had the
answers. But what was on the mind of the first
caller — a woman from Freeport — when the
lines were opened to the public?

“John Marquis (Tribune Managing Editor)
what he has related this morning also tells us that
this man has to be put out of this country. We as
a people need to get together, protest to The Tri-
bune, and have him escorted out — send letters,
send in signatures and we must do whatever it
takes to have him shipped out of our country,
ASAP.”

The caller was referring to the editorial written
by the publisher, and not Mr Marquis, which was
the reason for Mr Foster being on the air.

Such a statement represents the parochial
thinking of an insecure people, who want to stop
their ears to constructive criticism, especially if it
comes from the pen of a foreigner.





FULLTIME KEYBOARDIST

Applicant must have:

° a minimum of 8 years experience

¢ worked with church choir and praise team

Treatment
on arrival
from Jamaica

EDITOR, The Tribune.

I WOULD be grateful if
you would consider this letter
for publication in your news-
paper.

I am a Jamaican citizen
who has been living away
from Jamaica for over 15
years. I came to the Bahamas
with my husband in Decem-
ber 2004. Since my arrival
here I have travelled many
times to England, Norway,
other countries in the
Caribbean, and North Amer-
ica. Each time I have
returned to the Bahamas I
have received a friendly wel-
come at immigration and nev-
er been stopped at customs.

On May 24, I went to
Jamaica, accompanied by my
husband, who is English, and
my daughter and grandson,
who are Norwegian. Upon
our arrival in Jamaica, before
we could even decide which
line to join, an immigration
officer who had noticed that
we were travelling with an
infant, came and escorted us
to a separate room, quickly
processed us and sent us on
our way.

I returned to New Provi-
dence on Thursday, May 31,

2007 on Air Jamaica Flight ©

No. JM63, accompanied by
my daughter and grandson.
And it was as if I had stepped
into the Twilight Zone or a
Gestapo ruled state. In Immi-
gration, we joined the line for
returning residents. When we
got to the officer’s desk I told
him that I was a resident but
as we were travelling with an
infant I was asking that he
process us together. He
refused to do this and insisted
that she and the baby join
one of the lines for visitors,
which by now, were quite
long. He claimed that he
would “have to go into the
computer” in order to do this
and it would be much too dif-
ficult. She had no choice but
to take the baby and go away
to join another line.
Fortunately, apparently
someone had observed what
was happening and a gentle-
man quickly appeared. He
took me to an office, asked
what the problem was, and
when I explained he reas-
sured me not to worry he
would take care of every-
thing. I admit I was a bit agi
tated at this point, but this
did not bother him in the

LETTERS

letters@tribunemedia.net






least. He quickly and effi-
ciently examined my docu-
ments then went to get my
daughter and the baby, took
care of their documentation
and wished us a good
evening. I am very sorry that
I did not think to get this per-
son’s name. He is indeed a
gentleman in the true sense
of the word.

Then came Customs. The
Customs Officer (a woman)
was rough, rude, and loud.
When I told her I had not
been searched here before
she shouted in my face “You
come from Jamaica and you
never get search yet?” When
I said no, she shouted
“Jamaica, is a high risk area,
we have to search every bag”.
She then proceeded to dig
through our luggage, which
was not much, as we had only
been away for a week. She
had no gloves on, and was
digging through even the
empty, transparent baby bot-
tles. When she was finally fin-
ished, she did not even have
the courtesy to say — thank
you, or I’m finished. She just
started to push our bags along
without even giving us a
chance to close them.

While I was closing our
bags and walking away, I
could hear her loudly ques-
tioning another passenger
who had arrived via Air
Jamaica, as to how long he
was staying, why was he here,
where would he be staying,
etc.

Two seconds away from the
customs desk, I was stopped
by a woman who claimed to
be “airport police”. She
demanded my passport and
asked how long I would be
staying. When I informed her
that I was a resident, she
asked to see my permit. She
apparently did not know that
the permit would be stamped
in my passport and seemed
to be expecting me to pro-
duce some other document.
Eventually she handed the
passport back to me.

I know that the Bahamas,
like other countries, have
their laws and regulations
regarding immigration and
the other elements of visits

to their country, and one has
to respect them. However, I
feel that I was unnecessarily
harassed, and I know that I
am not unique among
Jamaicans visiting this coun-
try. Because of the way I have
been treated in the past, I felt
that Jamaicans were exagger-
ating when they spoke of
their treatment on arrival
here, but my first-hand expe-
rience has now taught me that
what they say is true. This
seems to be particularly true
for visitors arriving on Air
Jamaica flights.

I am curious to know if it
could be possible that per-
sons responsible for employ-
ing and training these staff
think that all 2.6 million peo-
ple living in Jamaica are crim-
inals. Or are they treating
people in this matter on their
own volition? I am wondering
also, why my husband, who
returned on an Air Jamaica
flight on 28th May, did not
have his baggage searched, or

. get told that Jamaica was a

high risk area, although he

was travelling with the bulk

of our luggage. Could it be

because he is white, and Eng- .
lish?

I have been travelling ito
many countries in my lifetime
and never have I been sub-
jected to this treatment. My
past two and a half years liv-
ing in New Providence have
been happy ones. I have met
many locals, in all walks ‘of
life, who have been kind,
friendly, helpful, even loving.
I have told my family and
friends, who live all over the
world, how wonderful it ‘is
here in the Bahamas and how
friendly the people are. I have
encouraged them to visit, and
many of them have. I shall be
leaving in the not too distapt
future, and unfortunately this
experience has marred my
view of this country.

I want to again thank the
gentleman in Immigration,
and to the others I say you
do the Bahamas no good
when you behave the way
you did. You can do your
jobs just as efficiently with-
out being nasty. Your behay-
iour suggests ignorance and
is uncivilised.

.

CHRISTINE MEGHOO.
Nassau
June 2, 2007.

Worried rvyyn Being ia in G Le

os

PE mee

We Can Help You
CNW ATi

¢ serious applicant only, need to apply

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



GIVE DAD THE BEST

THIS FATHERS DAY SDMO Generators

‘98 HYUNDAI ELANTRA Best offer
‘00 HYUNDAI ACCENT
‘00 HYUNDAI GALLOPER
‘01 HYUNDAI COUPE
‘04 HYUNDAI SANTA FE

Very low mileage, very clean

‘05 HYUNDAI ELANTRA
Only 5,000 miles plus very clean

‘02 SUZUKI GRAND VITARA
‘03 SUZUKI BALENO

‘05 SUZUKI GRAND VITARA

‘06 SUZUKI GRAND VITARA

QUALITY:

LIMIT
#1 AUTO DEALER IN THE BAHAMAS

EAST SHIRLEY STREET ° 322-3775 © 325-3079

Visit our showroom at Quality Auto Sales (Freeport) Ltd for similar deals * Queen's Highway * 352-6122

We provide after sale parts and service as well as warranty support.
Our factory trained technicians will facilitate generator installation
as well as service contracts as needed.

> Bopeat dR)
ahamas

Reliability

compan y
Versatility ¢ Productivity ¢
Oakes Field

Fux: 322-6969

Crawford St,
Tel: 323-5171


THE TRIBUNE

no



Study: Nearly all
frogs in region
came from same
South American
traveller

@ SAN JUAN, Puerto Rico

.. MORE than a hundred
“Species of tiny land-breeding
‘Frogs in the Caribbean evolved

e{drom a single South American

species that probably hitched a

ride on a raft of vegetation and

washed up on an island beach,
according to scientists who
spent decades collecting tissues
from the colorful hoppers.
! : After years of field research
+ an dense rain forests and
, remote caves to catalog and
-collect specimens of different
. frogs, recent advances in
-genetic technology enabled
_ researchers to compare their
“DNA, according to Associated
Press.
What they found suggests a
' sea voyage by an egg-laying
». South American frog some 30
<1to 50 million years ago proba-
bly led to most of the
Caribbean’s terrestrial frogs.
_ “Nothing in the anatomy of
_.these animals told any expert
who has studied them over the
last century that they were
~‘ actually close relatives,” biolo-
~ gist Blair Hedges, who direct-
, -ed the genetic research, said
:, Saturday from his office at
;‘ Pennsylvania State University.
c,: By lining up the genetic
., godes of each species of the
-: gous Eleutherodactylus side-
~ by-side, Hedges said he found

Something he’d never suspect-
‘ed — the genes of almost all
© the 160 Caribbean frogs
2° matched, and could be traced
_ through thousands of genera-

, tions to a single common
_rancestor.

~ Hedges and his research

team sequenced and compared
“the DNA of roughly 300
~ species of frogs collected from

South American, Central
American and Caribbean
- forests to support their theory.

te) acyl
Bases
| PEST CONTROL
Baez 24 by,




@ By RUPERT MISSICK Jr
Chief Reporter

THE government, based on
the promises it made during
the general election, will move
to establish a National Health
Fund that will be a defining
step towards incremental
implementation of a compre-
hensive national health plan,
Health Minister Dr Hubert
Minnis said during his contri-
bution to the budget debate.

The government, he said, has
given number one priority to
promotion of healthy lifestyles
and prevention of diseases.

The minister said that the
government also recognises the
need to provide comprehen-

- sive quality health care services
for those who suffer from
chronic non-communicable ill-
nesses.

“Timely access to essential
drugs is one of the most impor-
tant elements of health ser-
vices. Unfortunately, too often
at government hospitals and
clinics, drugs are not available.
To make matters worse, the
elderly, working class patients
and the indigent, are unlikely





@ HEALTH Minister
Dr Hubert Minnis

to be able to afford to purchase
medicines at higher costs in the
private sector,” Dr Minnis said.
He said that it was unac-
ceptable when workers, pen-
sioners and the poor are forced
to choose between paying the
rent or mortgage and purchas-
ing much needed prescription
drugs, knowing full well that.
either way, the results can be
devastating and debilitating.
Prolonged lack of access to

essential drug therapy, the min-
ister said, invariably results in
catastrophic and debilitating
conditions such as renal fail-
ure, amputations, strokes and

‘complications of cancer med-

ical events which usually
require long hospital stays — at
astronomical cost to the patient
and to the health system.
“Therefore, in keeping with
the “Trust Agenda” my Min-
istry will seek to establish a
National Health Fund to
assist with the purchase of
prescription medicines for
specified chronic illnesses,” he
said.
This Health Fund will b
similar to Trinidad and
Tobago’s Chronic Disease
Assistance (CDAP) Pro-
gramme and Jamaica’s Health

Fund which provides medicines

for 15 chronic diseases, he said.

As proposed, the National
Health Fund will provide time-
ly access to prescription medi-
cines for specific chronic con-
ditions prevalent in the
Bahamas’ population.

Dr Minnis said that the
establishment of the National
Health Fund will be a defining

| Fath

Bahamas to attend World Social Security Forum

@ By RUPERT MISSICK Jr
Chief Reporter



THE Bahamas will be among 1,200 ministers, pol-
icy makers, CEOs and academics who will attend the
first World Social Security Forum in Moscow this fall.

The meeting is expected to provide a “unique
global platform” to debate today’s challenges and
solutions for social security.

The Bahamas is currently considering changes to
the structure of the social security the government
provides.

Loretta Butler-Turner, Minister of State for Social
Development, during her contribution to the budget
debate said that while assistance programmes must
always be available for persons who are genuinely in
distress, government must ensure that it does not cre-
ate and encourage a culture of dependency which in
turn will engender complacency among our people
whereby individuals and families exist on welfare
almost for life.

“While the government is committed to the pro-
vision of much needed assistance to the needy and
vulnerable in our community, we are more resolved
towards the breaking of the cycle of poverty and
dependency and this is reflective in the decision to
zero in on matters of social development. -

“There is a universally known aphorism which
has remained true for all time and for all places and
for all people.

“That adage simply says ‘Give a man a fish and

Happy

er’s Da

THE BRASS & LEATHER SHOPS LTD

co i 5 ae te * ’ Sa ; SB ey
Charlotte Street Off Bau Street - rel: AD? -A800

4 ated ~ ry
Mallat Marathon ~ Tel: 40-Fe FOZ

Marsh tiarbour. Abaco Shopping Centre ~Tel: Aor AOA
i o

THE LOUGGAGE STORE
East Ave S oth lerrace, Opp. Centreville Food Market - tel; 428~)-b R os ett a St .



you feed kim for a day, teach a man to fish and you
feed him for life’,’” Mrs Butler-Turner said.

She said that for the past several years, the Depart-
ment of Rehabilitative Welfare Services has operated
a small in-house parenting programme for parents
whose children are brought before the Juvenile

Court, those who are clients of the Children and ©

Family Services and parents whose children are par-
ticipating in the youth camp in Andros.

While she said that the programme has met a |

need, the numbers completing the programme have
not been having a meaningful impact and it was
long recognised that expansion was needed.

“Recently, the department introduced a new seg-
ment whereby training is offered to members. of
interested churches who in turn provide training for
members. Again while this is a worthy effort, the
need is still not being adequately met,” Mrs Butler-
Turner said.

She pointed out that some time ago there were dis-
cussions between the ministries responsible for
Health, Education and Social Services, all of which
operate some form of parenting programme, for
collaboration on a national programme.

“There is general acceptance that all is not well
with many families in the Bahamas and many have
been calling for help. The provision of funding will no
doubt allow for movement towards a truly compre-
hensive national programme, which will include both
a training.and a follow-up or continuing monitoring
component,” Mrs Butler-Turner said.

yoy

Th

a






MONDAY, JUNE 11, 2007, PAGE 5

step towards incremental
implementation of a compre-
hensive national health plan.
“In addition, we envisage
that public and private phar-
macies will participate in this
initiative thereby eliminating
the long lines and inordinate
waiting times at the govern-



Govt will seek to establish National Health Fund

ment hospitals and clinics,” the
minister said.

A technical team has been
assigned to develop a concept
paper including cost, compo-
nents amd financing factors,
for discussion and dissemina-
tion with all relevant stake-
holders. —

GIFT & BRIDAL REGISTR

“ey Harbour Bay Shopping Centre **

Ph: 393-4440 or 393-4448



ae



rk Design & Construction

Telecommunications/Computer Network Design
installation & Maintenance

Homes ¢ Offices * Subdivisions
Call Us Today!
Tel: 393-7733

E-mail: info@lemconetworks.com

SneQHerDOuk

- Ph: 325-3336
PAGE 6, MONDAY, JUNE 11, 2007

THE TRIBUNE





GIVE.YOUR CHILD THE
SUMMER OF HIS LIFE......




A FINE ARTS SUMMER

MAKING CREATIVITY AND LEARNING AN EXPERIENCE
OF A LIFE-TIME







GRAX’S MUSIC CENTRE

» ANOUNCES IT" S

SUMMER ARTS CAMP

SEVEN FULL WEEKS OF: MUSIC, DANCE, DR ANT, ARTS &
CRAFT, SWIMMING, AND SPORTS.








NEVER HAS SO MUCH BEEN OFFERED FOR SO i
AGES 3 - 16 YEARS OLD
DATE: JUNE 25TH - AUGUST 10TH:
















































~ AIR-CONDITIONERS! Alf
AIR-CONDITIONERS! |
AIR-CONDITIONERS!

ESTIMATE PREPARED FOR FINANCING AT THE BANK OF YOUR CHOICE
When it comes to quality We Don’t Compare!

MULTI DISCOUNT FURNITURE AND |

YOU :
eae APPLIANCES BY FRIGIDAIRE
im PRICES NOT WE ACCEPT ALL MAJOR CREDIT CARDS
: EVEN IN Montrose Avenue (Just North of Bahamas Bus & Truck Co.)
MIAMIt 322-2536 ¢ 325-2040 * 323-7758 » 328-7494

Pusedixe Island

From:12noon-3pm
Menu

Cold Meat Platter
Potato Salad
Cole Slaw
Crab Salad
Bean Salad
Waldorf Salad
wa
Shrimp Fettucine
Broiled Grouper
Steamed Chicken

Fried Plantain
Macoroni & Cheese
Crab & Rice
Parsley Potato
~Qw~

Price:$29.99
Plus 15% Gratuity





a

Club Land or

Blue Lagoon Restaurant
Cordially ace you to our

Fathers Day

Buffet Luncheon
Sunday, June 17, 2007

Assortment of Fresh Fruits & Salads

Roast Tenderloin of Beef

Assorted Cakes, Pastry & Guava Duff
One (1) Soft Drink or Glass Wine

Soothing Music & Door Prizes

Free Parking Available
10% Discount if reservation is confirmed by June 15, 2007

For Reservation Telephone 363-2400-1-2

Caribbean business may :
suffer from ‘plot’ stupidity

@ By Sir Ronald Sanders

(The writer is a business con-
sultant and former Caribbean
diplomat)

l have no idea whether the
group of four Guyanese
and Trinidad nationals who are
under arrest for allegedly plot-
ting to blow up a fuel pipe line
serving JFK Airport in New
York are guilty or not.

My ignorance is the same as
everyone else’s bar none. And,
like every other person in the
world, they should be presumed
to be innocent unless proven
guilty.

The group of men are guilty
of something, and that some-
thing is crass stupidity.

Judging from the snippets of
recordings that have been pub-
licised, some of them obviously
fantasised about creating an
awful incident at JFK if it
worked. That fantasising was
downright stupid. And unfor-
tunately, Guyanese, Trinidadi-
ans and others from the
Caribbean will pay the price
when visiting the US and else-
where.

The people who will pay the
highest price are genuine busi-
ness people, particularly those
who are Muslims, or have Mus-
lim-sounding names, or just
look as if they could be Mus-
lim.

It is left to be seen whether
the fantasising by the four was
promoted by over use of hallu-
cinatory drugs, the crazy notion
that their half-baked ideas could
be marketed to a real terrorist
group, or some real intent.

| wo things are perfectly

clear: First, these guys
are not wild-eyed, young
bombers motivated by the
prospect of dying for a cause.
They are all close to their six-
ties. Second, they were in the
words of the Trinidad parlance
“scrunting”. In other words,
they had little money and were
incapable of financing an oper-

































Own




WORLD VIE"

ation such as the one allegedly
contemplated for JFK Airport
in New York.

It stands to reason that they
would have had to be the pawns
of a bigger, well-resourced
group such as al Qaeda. But,
the US experts say they were
not. And, attempts to tie them
to the one so-called Muslim



Attempts to tie
them to the one
so-called Muslim
group in the
Caribbean with a
link to terror,
the Jamaat al
Muslimeen, has
so far lacked
credibility



group in the Caribbean with a
link to terror, the Jamaat al
Muslimeen, has so far lacked
credibility. Certainly the leader
of this controversial group has
denied any connection to them.

They have done a severe dis-
service to Guyana, Trinidad and
the wider Caribbean. But, more
especially, they have hurt Mus-
lim businessmen who seek to
do business in the US and other
places. Those persons will be
checked and double checked
and may even be denied visi-
tor’s visas to the US, Canada,
the UK and elsewhere because
they are Muslim and from
Guyana and Trinidad.

And, there is no pretending
that there is not profiling of this
kind by immigration and secu-













2WD 4-cylinder
engine has EPA
ratings of 24mpg
city/30mpg
highway.



rity authorities. There is. Now, it
will get worse.

B eyond the effect on all
Guyanese and Trinida-
dian travellers but Muslim busi-
nessmen especially, there is also
the effect that this much publi-
cised “plot to blow up JFK Air-
port by a terrorist group” will
have on Caribbean tourism.

The headlines in newspapers
and the pictures on worldwide
television by media that enjoyed
a feeding frenzy certainly put a
beating on Caribbean tourism.
Unfortunately, there will be
tourists who will think twice
now about holidaying in the
Caribbean.

The situation was not helped
by statements such as the one



Unfortunately,
there will be
tourists who will
think twice now
about holidaying
in the Caribbean.



reportedly made by New York:

Police Commissioner, Ray Kel-
ly that referred to “a potential
Caribbean threat”. Fuel was
added to the fire when a for-
mer CIA terrorism expert,
Mike Ackerman, said that
“Caribbean natives” have been
linked to terrorism. There were
two persons of Caribbean origin
linked to incidents in the UK.
The number would rise to three
if the so-called “shoe bomber”
is added to the list. But, now all
of a sudden, the Caribbean

M@ SIR Ronald Sanders

=

1.
bal
*

‘we’ Edi -



>

"

becomes some sort of incuba- }

tor for terrorism.

The truth is that no one
regrets this development more
than the people of the
Caribbean, particularly Trinidad
and Guyana. The last thing the *
region wants is to be seen as
anything but a stable, peaceful

area spiced up by interesting —
local politics, regional rivalry, ::

6

er |

and vibrant intellectual capaci- '_,

ty. Certainly, Caribbean people

prefer a fete to a fight, and a ©

‘Jump up” to a blow up.

| is left to be seen whether
this small

Trinidadians and Guyanese had ‘
any real intent to blow up fuel “

pipelines to JFK Airport. What .
is certain is that they were stu- -
‘pid to even hallucinate about

it, and Caribbean business and
tourism may pay a price for
their stupidity unless the media
and those in authority in the US
and the Caribbean make it crys-
tal clear that the region should
not be judged by it.

It would be good to see such
a declaration come out of the
US-Caribbean encounter

between President Bush and ,

Caribbean heads of government
in a few days time.

Responses to: ronald-

sanders29@hotmail.com ,

- &) TOYOTA | moving forward >

RAV4 — Redesigned for more space

The all-new RAV4 has a powerful,
yet modern, eye-catching look and
comes equipped with air conditioning,

group. of*

VV

uw LN
tod
goed
A

s10q
a

at IB
soV]
eq
a
4701
Je Bo
tae ne
ai

Of IG B
JB a

Rae
coiM
avis
dy
nod
oh +0
isSd11
S49
rothl

e2iM

rilo9
odd

» Oelts
mo to
oft

| sds

Large wheels
emphasise the
powerful nature
of the SUV. .

alloy wheels, air bags, ABS, 2.4 litre
"engine, power mirrors, windows and
steering and CD player.




















| 40% more cargo space

All new Toyota vehicles are backed by
a 3-year/60,000-mile factory warranty.













EXECUTIVE
MOTORS LTD

AUTHORISED TOYOTA DEALER

Auto Mall, Shirley Street (opp. $1, Matthew's Churcl)
Open Mon to Fri 8am - 3:30pm
Sat 8am - |2noon

tel: 397-1700

E-mail: execmotor@batelnet.bs
' Parts and service guaranteed



Available in Grand Bahama at Quality Auto Sales (Freecart) « Queens Hwy, 352-6122 * Abaco Motor Mail, Don MacKay Biv, 267-2916



A
hl
eno?
ya
udud

st to
"om
sqbnd
MNOOS
‘CON
iA
ont wit
uit ani
6e gil
ispolls
rag

qd ead
7oqxXo
ouloni
bluqo
'ehoD
aom
ood
4 SOL *
eal 7
- @eri
Hidw
Lotpa
ana
aT

1 clhiw
74990
ott! mt
wood
WUD
w 4}4
Like
THE TRIBUNE

MONDAY, JUNE 11, 2007, PAGE 7



Pn eee er naan
Car crashes through hall’s wall )





ay

A CAR crashed through the wall
of Loyola Hall on Gladstone Road
on Saturday.

The accident happened just after
Spm. An ambulance was called to
take the driver to hospital, but his
| injuries were not believed to be life-
/ threatening.

It is believed that the driver of the
car, a Toyota Aristo, was trying to
overtake another vehicle and lost con-
trol, the road being wet after heavy
rains.

Several people from the hall and
houses across the street came to assist.
According to wintesses, just moments
before, children had been standing
near the wall as they waited for the

(Photo: Arthia Nixon) ‘Karate Judo Tournament to start.

ormer port chief

named chairman
of the BCB board.

B By DENISE MAYCOCK
Tribune Freeport eporter

FREEPORT - Barry Mal-
colm, former Grand Bahama
Port Authority executive, has
been appointed executive chair-
man of the Broadcasting Cor-
poration of the Bahamas Board.

The announcement was made
at the Prime Minister’s Office in
Freeport by Senator Kay Smith,
parliamentary secretary in the
Prime Minister’s Office with
responsibility for the Broad-
casting Corporation and
Bahamas Information Services.

In addition to Mr Malcolm’s
appointment, Mrs Smith said
that three other persons have
also been appointed as mem-
bers of the board, including
Michael Moss, Larry Smith, and
Elva Rolle.

The Broadcasting Corpora-
tion’s Board is usually made up
of five members. The appoint-
ment of a fifth member is
expected to be announced at a
later date.

Mrs Smith said that Mr Mal-
colm comes highly qualified for
the position as a result of his
vast professional experience in
the Bahamas, and the United
States.

‘Mr Malcolm started his
career as a journalist in the
Broadcasting Corporation. The
former executive vice president
of the Grand Bahama Port
Authority, is currently manag-
ing director of Global Fulfil-
ment Services.

According to Mrs Smith, Mr
Malcolm has had a long career
in industrial investment in
Grand Bahama.

' He has also served as Execu-
tive Director of the Inter-Amer-
ica Bank in Washington, as well
as Executive Director of the
Financial Services Board.

Board member Michael Moss
also comes with a high degree
of experience and expertise in
the energy field in Grand
Bahama and Jamaica.

Mr Moss, who is an Energy,
Engineering and Management
Consultant, is a former Chief
Technical Officer for Jamaica
Public Service Company. He

Lands and Local
Government
receives rise in
allocations

EVERY area of the Ministry
of Lands and Local Govern-
ment has received an increase in
budgetary allocations for the
2007/2008 year, said Blue Hills
MP Sidney Collie.

Making his first contribution
in the House of Assembly dur-
ing the budget debate, Mr Col-
lie said his Ministry has been
allocated a total of $49,070, 050.

Of that amount $37,076,428
has been allocated for the
expenses of the Ministry, which
includes the Department of Co-
operative Development, the
Consumer Unit, the Depart-
ment of Local Government and
the inter-island mailboat ser-
vice system, he said.

The Post Office Department
has been allocated $9,174,367,
while $2,819,155 has been allo-
cated to the Department of
Lands and Surveys.

The Ministry will continue
with its efforts towards the
decentralisation of government
in the Family Islands as well as
the implementation of Local
Government in the island of
New Providence, Mr Collie
said.

was also former general man-
ager with the Grand Bahama
Power Company, and Power
and Light Limited.

Former Editor Larry Smith, a
columnist, has also been
appointed to serve on the
Board. He is president and
General Manager of Media
Enterprises Limited.

Mr Smith is also the founder
and administrator of a well
regarded weblog, Bahama Pun-
dit, and writes a weekly column,
“Tough Call”, in The Tribune.

Insurance Executive Elva
Rolle also comes with a great
deal of broadcasting experience.

Mrs Rolle is an insurance
director at Bahamas Brokers
and Agents Limited. She is a
former broadcaster who has
been involved in the production
of many radio shows during her
tenure with the Broadcasting
Corporation of the Bahamas
(BCB), and has a great passion
for the future development of
broadcasting.

With these new appoint-
ments, there are expected to be
some changes made within the
Broadcasting Corporation in
Freeport after the new Board

meets.

Senator Smith said that gov-
ernment is committed to
restructuring the organisation,
as well as upgrading its tech-
nology at the BCB.

She said it will be replacing
the old analogue technology
currently in use at the BCB, and
upgrading to the digital plat-
form that is currently in use at
broadcasting corporations
around the world.

“The current analogue tech-
nology has been deteriorating
for many years, and makes it
extremely challenging for the
corporation to be as productive
and efficient as it should in the
production of high quality radio
and television programmes,”
said Senator Smith.

“We are committed to ensur-.

ing that the restructuring of the
organisation with a view to
transforming ZNS into a public
service broadcaster that’s com-
mitted to assist with the devel-
opment of our country through
a diverse range of programmes
it produces, to empower

Bahamians.to make more posiz.

tive contribution to our coun+.
try,” she said.

CONKULIARTS (FERTED

Effective June 8, 2007

Please be

advised

that VERITAS

Consultants Limited will be moving their

administrative HTC cs to the

location:

following -

Church Street Plaza
448 Church & Shirley Streets,
2nd Floor, Suite 1, 2, 3

‘Nassau Bahamas
(Church St. Plaza is opposite Epworth Hall on Shirley St.)

Our telephone and fax numbers will
remain the same:



Bau

VACANCY NOTICE

The Grand Bahama Power Company, Limited invites qualified applicants
to apply for the position of IT Supervisor.

This position supervises the administration of operating systems — IBM iSeries (AS/400) and
Network Servers, and will execute modifications and debugging of operating system problems,
to ensure the availability, security, reliability and performance of the systems.

The successful candidate will be expected to:

Review and implement new releases and upgrades of the IBM iSeries (AS/400) System, the
Network Server, and PC's.

Manage and maintain the Operating System on the IBM iSeries (AS/400), and the Network
Server.

Create, modify, test, and debug both interactive and batch programs utilizing RPG Ill & RPG
IV, CL, DDS, and Query Utility.

Respond to various requests for data and ad hoc reports.
Interact with maintenance support groups.

Manage special projects and other work that may be assigned as necessary.

MINIMUM REQUIREMENTS
° System Administrator level knowledge of the IBM iSeries (AS/400), and the System Network

Working knowledge of IBM iSeries (AS/400) Client Access

Good understanding of Internet protocols such as TCP/IP, DNS, etc.

Minimum of 5 years IBM iSeries (AS/400) experience

Proficiency in the creation and modification of both interactive and batch programs using
RPG, RPG IV, and CL in an IBM iSeries (AS/400) environment.

Functional knowledge of the reporting tool ~ IBM Query Utility.
Excellent problem solving skills to address issues to closure.

The ability to interact with a variety of users within the organization.
Power/Water industry experience would be considered an asset. -
Knowledge of Accpac and/or Crystal Report would be 5 asset.

Applications with supporting documentation including a clean Police Certificate and proof of
Bahamian citizenship should be sent to:

THE DIRECTOR OF HUMAN RESOURCES
GRAND BAHAMA POWER COMPANY, LIMITED
RO. Box F-40888
Freeport, Grand Bahama Island
Bahamas

OR BY EMAIL: hrdept@gb-power.com

ny cd VO) Naz cc Aered | ae) a Vt (Oy VO) SIS RAIS SALERRO AO UERCEO MDE
JUNE 22"°, 2007 — ey ee ee

PL
“Dean
Special ofthe Week

Nissan Sunnys
=~ @ $4, 995. 00°

Bank
Financing

Available



New Shinment
has just arrived

Prices includes: Licensing, Inspection, Plates, Mats, Full tank of gas, full service
Pre-Delivery Inspection, Full Detail In & Out, and Warranty.

RYTiCC Mi SC ke



Tel: 325-0881/2 Open:Mon.-Fri. 8a.m.-5:00p.m.





the know how store

computers

i,

EMMA ase

electronics

HP as
inkjet & laserjet
multi function
plotters

black & colour
ink & supplies

networking solutions telephony service & repair

coe Dealer
leasing & sales
multi function
black & colour

3 year warranty
copy centre now open!

Custom

COMPUTERS LIMITED

Bs ce er Se eye TEE -£322.2355 solutions@customcomputers.bs _


PAGE 8, MONDAY, JUNE 11, 2007 THE TRIBUNE _ ...,-



eM -


















iii aa a. ee
8 *e.
ada COB graduates in j
Package zB
Room+ Rental Catr.......sscessseeeese $115.00 (per night)
Room (2 persons) $65.00 (per night) ran a ama
Available Sunday- Thursday â„¢
with ticket & proof of travel @ e
Rooms with Kitchenettes, Microwaves, Refrigerators. p 1C up awar S :
A/C and Cable Television. Swimming Pool. Beach 300
yards away. Bus stop outside.
A GRAND Bahamian College uy
Orchard Hotel Village Rd. of the Bahamias graduates, fac- :
Piserartitone (242) 393-1297 ulty and alumni had gathered vet
Newel Senay! the Convention Centre at Our “anu
Fax: (242) 394-3562 ; Lucaya for a special breakfast 2995
www.orchardbahamas.com/orchardbahamas@ gmail.com ceremony where several of wr
; ; them were recognised for their fe
Poolside Bar & Grill outstanding efforts and pre- i
sented with awards.
Eg
, Vt i
vod
ie
ba % a i i Bisiaas per inree iio a Bul
Hi GUEST speaker Charlton Smith ae
YOUR CONNECTION TO THE WORLD en
. are
@ DAVONNE Barry, who fey
7 achieved the highest grade "4M
THE BAHAMAS TELECOMMUNICATIONS COMPANY LTD. point average fas)
3 : wa
TIACB
AF = ae
TENDER —- GENERAL INSURANCE
2 7 z 2 Os Wire
once ees ik we
The Bahamas Telecommunications Company: Ltd. (BTC) is pleased to invite wh
Tenders to provide the Company with General Insurance coverage. Policies oe
include Employers Liability, Group Personal Accident, Open Marine Cargo, ee
Fidelity Guarantee and Public/Products Liability. Sais
cl
Interested companies/firms may collect a Tender Specification from the yout
mr : nV : ae ais
Security’s Desk located in the Administrative building on John F. Kennedy me

MICV
ripe

7 ont

Drive, between the hours of 9:00 a.m. and 5:00 p.m. Monday through Friday.

The deadline for submission of tenders is June 22nd, 2007. Tenders should
be sealed and marked “TENDER FOR GENERAL INSURANCE” and
should be delivered to the attention of the President and CEO, Mr. Leon
Williams.

BTC reserves the right to reject any, or all Tenders.



Bi JONETH Edden collects an Academic Award

Treat Dad like - Kine!

Make this Father’s Day special with a great gift that he'll love!

2
e
s








A Grad Game
por Family Nghia







Dwi forget
Father's Day

is this Sunday,
June 7t





Game Wave is the first truly interactive
game experience guaranteed to bring
friends & families together for a fun-filled
time of laughter, conversation & competition!

He can make good use of the daily
commute with an Audio Bible on CD
(Available in numerous versions)





ee ee 2 EY ESB! 8 et fe ee Re a te oe AOL aaa eae ee oe 8 8

4

PF Bee
eri
eee) 4

If he loves music then oR him
Help him dig deeper into the Word something from our wide selection
with Daily Devotionals & Study books of musical CD's & DVD's

We have many mere great ideas fr aii granagiihers er ae on YOUr gift bill

e!
:

oe
Zs

eZ




>



%,




a
=

es
“als








S Spreading the Light of the Geypel treugheul the Bahamas
Rosetta St. at Mt. Royal Ave. ¢ T: 322-1306 ° Mon. - Sat., 9:00am - 5:30pm
THE TRIBUNE

MONDAY, JUNE 11, 2007, PAGE 9



a ene
Government still
says no to CSME

THE FMN government dur-
ing the budget debate reiterated
its previously stated position
that The Bahamas will continue
to cooperate with CARICOM
on all aspects of Caribbean uni-
ty, but it will not become a par-
ty to the CSME.

Minister of Foreign Affairs
and Deputy Prime Minister
Brent Symonette said that a
major challenge that has
become a vexing problem
between the Bahamas and
CARICOM is the free move-
ment of labour especially in
light of the potentially explo-
sive nature of illegal migration
and the fact that The Bahamas
already hosts more CARICOM
nationals than any of its coun-
terparts.

This matter, he said, will be
discussed further between the
Prime Minister and other lead-
ers of the region at the upcom-
ing CARICOM Heads of Gov-
ernment Meeting.

The Bahamas is expected to
assume the chairmanship of
CARICOM following the term
of Prime Minister Owen
Arthur.

BOWEN Arthur

The Bahamas interfaces with
CARICOM in all its activities
with the exception of those per-
taining to the Common Market
trade in goods. This interaction

affords The Bahamas opportu- |

nities to benefit from participa-
tion with the University of the



West Indies, Caribbean Devel-
opment Bank, CARICOM
Social Security Agreement,
Caribbean ‘Tourism Organiza-
tion, the Caribbean Council for
Science and Technology and the
Caribbean Telecommunications
Union among others.

Sandals provides ‘hurricane guarantee’

SUMMER travellers might
be wary of planning trips to the
Caribbean or US coastal states
during the summer and fall sea-
son, in the off chance that a
tropical storm or hurricane
might affect their stay.

Sandals Resorts has earned a
worldwide reputation for pro-
viding two people 'in love with
the most romantic vacation
experience in the Caribbean.
There are 12 Sandals proper-
ties located in Jamaica, Antigua,
St Lucia and The Bahamas.

To put these travellers’
minds at ease, Sandals and
Beaches Resorts continues to

provide its guests with a Blue
Chip Hurricane Guarantee,
which assures them a free future
vacation in the event that a hur-
ricane interrupts their stay.
“Our Blue Chip Hurricane
Guarantee gives guests the

assurance that they need when -

planning ahead for the perfect
summer vacation,” said John
Lynch, Executive Vice Presi-
dent of Sales Worldwide for
Unique Vacations, Inc., which
represents Sandals Resorts and
Beaches Resorts. “With San-
dals and Beaches’ Blue Chip
Guarantee, the worst thing that
can happen is that guests will

1 DAY ONLY!"

Wendy’s Team
Recruitment Drive

when? Tuesday, June 12

time?

9am. - 12 noon

where? Wendy’s Mackey Street

Why Join the Wendy's Team?
Competitive Salary
On the Job Training
Management Opportunities
Great Benefits
Flexible Hours

Interested persons should bring valid
identification and police record.

Do what tastes right: \Taanaiaais ]



get a second vacation for tree.”

Since 1997, Sandals Resorts
and Beaches Resorts have been
standing behind their guests
with free replacement vacations
in the event that a hurricane
interrupts the anticipated
Caribbean getaway. A company
of its word, Sandals Resorts has
paid more than $5.5 million in
replacement vacations since the
programme's inception more
than LO years ago. The free
replacement stay is for the same
duration and room category as
the originally booked trip and is
valid for one year after the orig-
inal vacation.

The 2007

Mercedes-Benz _
C-Class is a 4- door
5- “passenger luxury —

i out » winter into

ceca C-Class



Your car.
Your trust.

Our responsibility

Brake Service * Suspension & Alignment * Exhaust
Oil, Lude & Filter “GOODYEAR TYRES”

*American & imported Cars Light Trucks Vans & SUV’s

NEW BATHTUB

*Complete Inspection & Estimates Before we start the work

OVER YOUR
OLD ONEâ„¢

The Affordable Solution amy
to Worn-Out Bathtubs

* Bathtub Liners are designed to fit over worn-out bathtubs
‘Wall Surrounds to cover existing bath walls: In simulated Tile and Marble
* Shower Base Liners to go over existing Shower bases
* Cultured Marble Vanity Tops and Sinks
* Great Shower Door selection
* Quality Faucets, All-Wood Vanities

RE*BATH BAHAMAS

Open Monday - Friday, 9:00am - 5:00pm
By Appointment Saturday - 11:00am - 4:00pm
+ lego
Telephone Uae &
(242) 393-8501 “Authorized Dealer”

Visit our Showroom & Office located at the Red Carpet Inn, East Bay Street

“2 LOCATIONS TO SERVICE YOU

MACKEY ST. & ROOSEVELT AVENUE EAST ST. & SOLDIER RD
Tel: 393-6651 or 393-6693 Tel: 356-2940 or 356-2941









Open: Monday - Saturday
8am~5pm




Fax 326-4865 * P.O. Box SS-6766 Nassau, Bahamas
AUTO SYSTEM EXPERTS



“Midas is a business based on service, quality and reliability.
Factory scheduled maintenance is car card.
Midas services your car fully. Our system takes the guesswork
out of auto care for every car model out there.






| VISA
SSS)





PAGE 10, MONDAY, JUNE 11, 2007 THE TRIBUNE





























@ UP-AND
COMING poet Mrs.
Patrice Johnson

SOLES | at:

poem ip pubhe dure &.
ing the latest session }
of Express Your- |
self. on June 6.

2007

Phe event. held at i

‘Da Island Club’ in






















eo eens



the Nassau Beach a
Hotel, is an open ~
mic forum for poets,
musicians and per-
formance artists Lo
share their wort ,
The next sessioi
will take place
Wednesday, June
13, 2007, at 8 p.m.
(Photos: EricRose)
An opportunity for artistic.
»
expression at Da Island Club
1
a ABOV E: singer Luke Seymour shares
his talent curi i session of ‘Express :
Yourself’, : ‘
B RIGHT: Ugandan poet Dickson Wasake '
takes the mic during the latest session of
‘Express Yourself’.
Lloyd's of Lond ed 3
oya’s of Loncaon ed 7
‘ @ P )
| International Health Insuraric rsons 8 5 0 to 85 years of age a
Z ‘
ote,
te





a

° $2 Million lifetime coverage \ffordable Premiums - paid Ss







up to $250,000 annually. monthly, half-yearly or annually os
hie Seca eee oe tet
° Underwritten by Lloyd’s of Lonion py SLeaIDearG: ot

(A+ rated for claims paying ability). ——>_ 80% of first $5,000 and 100% ‘

titer, subject to coverage

° Worldwide Emergency Coverag ss
including the USA & The Bahamas. benefits and deductible. | a





IN FREEPORT CALL

350-7827 =

IN ABACO CALL
INSURANCE AGENCY

67-5285






CTC CCT



Beet OR AHEM LALA EIIO SARE IARI HERES RE PE RLA EERE ERE LR ARORA ROLLED ARICA AEA RORA NAO


THE TRIBUNE

MONDAY, JUNE 11, 2007, PAGE 11



LOCAL NEWS

Mitchell attacks FNM

Opposition member says
sovernment is to blame for
cancelling contract

|! RED Mitchell, Opposition
spokesman on Foreign Affairs
and Public Service, visited the
Straw Market in an effort to
correct what he termed “gross
misinformation given to the
vendors earlier during the week
which seeks to blame the PLP
for the latest developments at
the market.”

\ir Mitchell, was called to
the market by PLP supporters
aniong the straw vendors.

He told the vendors that the
FNM should take the responsi-
bility for cancelling the contract
with Woslee Dominion for the
construction of the straw mar-
ket.

The former minister said that
claims “that the PLP had
designed a market with no pro-
vision for the straw vendors is a
complete lie... The booths in
the market are not on the archi-
tectural drawings because they
are considered furniture.”

Mr Mitchell pointed out that
Architect Michael Foster went
on radio to tell the country that
he had been given instructions
prior to the election to design
the stalls for installation into
the market.

As for claims that the PLP
lied to straw vendors when they
told the vendors that they could
no’ move into a building on
wif the FNM had spent $3
nition on Prince George Dock

Psa Asan 2



oS

= SS

- B FRED Mitchell talks to vendors at the Straw Market

because of security objections
by the US government, Mr
Mitchell told the vendors that
whoever said that “did not know
what he was talking about”.

He reiterated that the FNM
must take responsibility for
their decisions.

“The earthworks are com-
plete at the market site on Bay
Street after having run into
problems with, including find-
ing the foundation of the old
building; having to‘have that
removed and then the base
redesigned to accommodate the
pilings already in the
ground. The contractor is



La CASITA



The Art of Island Living

Bay St.,.2 Doors West of Ute Cae
! © Tel: 242-356-7302
@ email: ariana@batalnet.bs

De eee RORY



LAUNCH COLOR VISUALIZER

SIENA TRL SC
NAT LL Le
PACT IUCN CaCI ITICR

RAC AUR UE

amie

Say ANU TT me RS
Ta CTCL ee
Ask Sherwin-Williams, call

erie oiceeie ac tas a te ae Peas)









already in funds. The work
stoppage is costing the Bahami-
an public the sum of $10,000
per day on tangibles. The work
stoppage ordered by the gov-
ernment has caused the date to
slip for completion in August
2008.”

Mr Mitchell told the vendors
that the FNM does not propose
to put them in the new facility
on Bay Street but wants them to
go on the Prince George Dock.
“The US government needs to
say whether they have flipped
on this issue now that the FNM
is back in power,” said Mr
Mitchell.

+HOYOO 10020



303 BAY STREET, NASSAU 242 326 055



ale

SELECT HANDBAGS
AND ACCESSORIES



RR ae EA De



fie

Marathon Mall 393-6113.@
“Shoes for Mén”

CaN en G0) 0 ee
REACTION. —
PAGE 12, MONDAY, JUNE 11, 2007

THE TRIBUNE

a ae #8 =a

National blood centre is planned

Convenient Trave/

Gency






WEEKLY

Providing all your travel needs
BEST CURRENT RATES

WE HAVE ‘EM ALL (caLt us Topay)
Miatiils success ts ceeseciasce now $108.00 R/T
Ft.Lauderdale..........now $110.00 R/T
Orlando..................-nNOoW $138.00 R/T
New Yorkcewr)......-.----now $198.00 R/T
Jamaica.................. now $299.00 R/T

ARSC RAR SU 7a EK

(TTTAXES NOT INCLUDED)

CALL US FOR SUPER SPECIAL RATES
_ YOU CAN’T GET A CHEAPER PACKAGE
OR AIRFARE ANYWHERE!























poeoreeencennee meena TARA TN








Large Screen
Panasonic .
Plasma TV a

PLUS CQ... Luxurious

Leather Recliner




sronanonsenesenentpoeoNeconeIteeRNnOeOOO

www.besibuybahamas.com

ggooneasen



Eroonansecansnocannsntasannsnaasmnenenesanatencsonctsonsteste

www.rnastertechbah

SASL ALES REEL BILE ECR LLORES RELL EOE OEE EE EE LEME LOT OTE EE LEO EEE SEE

@ By RUPERT MISSICK Jr
Chief Reporter

MORE than $300,000 allo-
cated in this year’s budget esti-
mate is a clear indication of the
governments’ support and com-
mitment to ensuring the safety
and adequacy of the National
Blood Supply System, Health
Minister Dr Hubert Minnis said
during his contribution to the
budget debate.

The majority of these funds will
be used to secure suitable accom-
modation for the establishment
of, a “long overdue”, stand alone,
national blood centre.

“Overdue, because in 1999,

Funding to provide ‘long overdue’ facility



at the 41st Directing Council of
the Pan American Health Orga-
nization, member-countries,
including the Bahamas con-
cluded that the existence of an
excessive number of hospital-
based blood banks has negative
consequences for blood avail-
ability and safety; and con-
tributes to diminished efficiency
of scarce resources and higher
prices for testing kits,” Dr Min-
nis said.

' The minister said that the

multiplicity of blood banks also
hinders the implementation of
quality programmes.
Hospital-based blood banks,
Dr Minnis said, do not put
emphasis on the promotion of
voluntary blood donations but
on replacing the number of
units made available by the rel-
atives or friends of the patients.
All of the blood banks in the
Bahamas are hospital-based. At
present, blood donations are
mainly from replacement

Bahamian Betsy Wilson
makes top financial post

BETSY Wilson of Nassau has
been appointed assistant finan-
cial controller for the Westin
and Sheraton Grand Bahama
Island Our Lucaya Resort.

Ms Wilson brings a wealth of
knowledge and experience to the
industry and has a career span
of more than 20 years in hospi-
tality management and finance.

Prior to her appointment at
Our Lucaya, she served as an
accountant with the Nassau
Beach Hotel and Nissi Distrib-
utors/McIntosh Enterprises, in
Nassau.

She also held other manageri-
al positions in finance at Le Meri-






style!



Your Purchase!
<< cicineamnmaen
SUPER SIZE your purchase! - at Master

Technicians and Best Buy Furniture this
June and celebrate Father’s Day in grand

. Buy anything Panasonic in Master

Technicians and get the chance to Super Size

| your purchase and ENTER TO WIN a Large

' Screen Panasonic Plasma TV! PLUS, spend just
$200 in Best Buy Furniture and get the chance to
Super Size your purchase and ENTER TO WIN a
luxurious Leather Recliner!

dien Royal Bahamian Hotel and

the Lucayan Bay Hotel.
A certified hospitality
accounts executive and

BahamaHost graduate, she has
a Bachelors of Science degree in
Hotel Management from the
University of the West Indies.
Skilled in control systems and
computer programs, Ms Wilson
is a member of the International
Hospitality Technology Profes-
sionals, HOPE Worldwide Inter-
national Charity and citizen
ambassador People to People
programme, where she has trav-
elled to Russia to exchange ideas
on hotel operations and controls.












es
0
gs

sgn

Get SUPER SIZED while.celebrating your Dad, with
Best Buy Furniture and Master Technicians today!

Grand Prize Drawings on June 30th.









SHR ANNRRANRE

er Technicians



amas.com



outa etna caatoaataamiaamasatnateanaete NNR RAAT

Job Opportunity

donors, and this source of blood
is not the safest.

“In fact, studies have shown
that, the promotion of volun-
tary blood donation is central
to blood safety since voluntary
donors are less likely to be car-
riers of transfusion transmitted
infections,” Dr Minnis said.

He pointed out that timely

-access to safe blood is essential

to the delivery of quality health
services and there is no substi-
tute for human blood.





Sita O)elor- inom mes earar





We are seeking an excellent, competent
Driver to handle transportation of
merchandise in a fast-paced, team
oriented warehouse.

Plus Group of Companies is an
established Bahamian owned group that
is growing & continuing to build it’s
team of professionals in various areas.
We offer a competitive salary & benefits

package as well as ongoing professional
training & development.

Requirements:

¢ Computer literate

© Must hold a current Driver’s License and be 25 years of age or older

° Three (3) years experience in Lift driving and delivery of
merchandise

* Physically able to receive, deliver, secure & track inventory
° An excellent work ethic with a willingness to get the job done
° A desire to improve & open to learning new skills

* A high school graduate with exceptional reading, writing & math
abilities

° An enthusiastic team player able to work well with customers &
coworkers to ensure complete customer satisfaction.

Are you an exceptional driver with a great track record?
If we've piqued your interest, Let’s Talk!

FURNI
































Limited

Furniture ° Appliances ¢ Electronics

Please fill out and submit an application online at
www.furnitureplus.com

or eMail:

or Mail to:

jobs@theplusgrp.com

Director of Human Resources
The Plus Group

P.O. Box N713, Nassau, Bahamas

We thank all applicants, however only those selected
for an interview will be contacted.
_ THE TRIBUNE MONDAY, JUNE 11, 2007, PAGE 13





Jewellery store ca
raises money for| _ ee
Father’s Day

- Cancer Society

DIAMONDS International
recently held its first annual
Cancer Society fundraiser
reception at its Bay Street Store.

During the month of May for

all local sales at the four Dia-

monds International Stores, 15
“per cent was donated to the
Cancer Society.

Terrance Fountain, president
of the Cancer Society, said
thanked Diamonds Interna-
tional for selecting the Cancer
| Society of the Bahamas as the
' beneficiaries of its promotion.

“Beyond what is offered here

| tonight and any profits realised
' from this month-long fundraising
. drive, just the opportunity to
partner with and work with such
a civic-minded company, in itself,
proved to be special. The much
needed funds that are raised will
' be used to defray the operational
. costs of the Cancer Caring Cen-
' tre,” said Mr Fountain Toni Gad, island manager of Diamonds International, Deandrea
' Toni Gad, island manager of __Conliffe, Miss Bahamas World 2006-2007, Anthony Smith,
Diamonds International said marketing manager at Diamonds International
“Tonight is not about Dia-
-monds International, tonight is
about individuals in our fami-
lies, in our community and in
our workplace who suffer from
* Cancer and need our moral and
. financial support... Thank you
for doing your part in helping to





Share your news

The Tribune wants to hear
from people who are







make a difference to individuals making news in their
who suffer from cancer in the neighbourhoods. Perhaps
_ Bahamas.”

you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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




> Diamonds International also
‘ thanked partners City Markets,
Bacardi and Company, Bristol
Wine and Spirits, the Broad-
casting Corporation of the
Bahamas and 100 Jamz for their
- help in making the event suc-
‘ cessful.





THE BRASS & LEATHER SHOP. SID
ft OE Day Street —Tel: 422-4806







Charlotte Strec




i a8. ae 8 2 Saad
Mal at Marathon ~ Tel: Hareb SOFG



3 al = ‘ we = sy foe yg :
Marsh Harbour, Abaco Sho oping Centre — Tel: 467-9644
# > j qe .

i





THE LUGGAGE STORE

os PEED Fes ; Be a Ate ae ;
r Ave & 6th Terrace, ip “Centreville | ood Market ~ Tel: 428~]



KiA MOTORS



The CECT of Great ate -

Good design is a serlous/expérience. It comes down to the Jook,,
the touch and the feel. Welcome. to Optima and the realm of the. |
, senses, awakened and refreshed by itelligent design. From the |
spacious cabin to the instrumentation and wonderfully Eee :
supportive seats, every detail has been carefully thought out. — IR CONDITION, 4 CYLINDER 2.0L

with a view to pomoting your sense of comfort:and ea Le UTOM ile PAP UL YN IBY

Oo USERS



%
i

SANPIN MOTORS LIMITED ON THE SPOT FINANCING AVAILABLE WITH
Thompson Blvd. Oaks Field COMMONWEALTH BANK

Phone: 242-326-6377 INSURANCE AVAILABLE WITH ADVANTAGE
Fax: 242-326-6315 R







© ADWORKS 2007



9
ws




PAGE 14, MONDAY, JUNE 11, 2007

THE TRIBUNE



would like to announce our

FATHER’S DAY SPECIAL

at the

RED LANE SPA

DADDY DEAREST

REPLENISH HIS BODY, MIND AND SOUL
WITH A SPA TREATMENT

He Deserves It! !
Pe AS DY VETS al

BODY BLITZ...FOR DADS

25MIN BODY SCRUB
50 MIN FULL BODY MASSAGE

ALL FOR $139.00

For more information call Aketa Smith,
at 327-6400 ext 6224 or contact us at
aksmith@srb.sandals.com

Gift certificates are perfect for
any occasion. Available now

Smart is Luxury

2007 FORD FUSION





my olor Ne A



FROM page one
volition.

One such observer noted that
Mr Jarrett’s apparent allegiance

with the PLP could be a factor

in his possible departure.
Mr Jarrett told 7he Tribune
yesterday afternoon that he

could only say that the matter of

his stepping down as chairman
of the Bank of the Bahamas ts
“under consideration.”

He added that he would be
able to comment in detail in a
few days time as to the circum-

. stances surrounding his possi-

ble departure from a post he
has held for the past two anda
half years.

“Tt is a fluid situation right
now,” he said.

Sources close to the Bank of
the Bahamas yesterday con-
firmed that meetings had been
taking place between manage-
ment and the board of direc-
tors.

Mr Jarrett — a veteran banker
in his sixties who in the past also
served as managing director of
FINCO as well as BEC’s exec-
utive chairman — was first
appointed as the Bank of
Bahamas’ chairman in Decem-
ber 2004.

He succeeded Hugh Sands,
who held the position for eight
years before stepping down.

In announcing Mr Jarrett’s
appointment in 2004, former
Prime Minister Perry Christie
said that he was sure the veter-
an banker would perform to the
highest expectations.

Mr Jarrett in the past has crit-
icised both the Christie and
Ingraham administrations for
giving away too much of the
Bahamas to foreign investors.

He advocated getting rid of
standard and heads of agree-
ment contracts, and instead
implementing new arrange-
ments which would benefit
Bahamians more.

To this end the retired banker
gave the Christie: government
high marks for its partnership
with the I-Group in the joint
development project taking
place on Mayaguana.

He also praised the Christie
government for its economic
policy and its impact on
employment and the country’s
economy.

Mr Jarrett joined the Bank
of the Bahamas after nearly

Living Spaces

: THE ULTIMATE HOME AND GIFT STORE

FOR EVERYDAY LIVING INSPIRED BY LIFE

Prey TREATMED

ERW ARE

Â¥5(242) 325-0050
MADEIRA PLAZA
P.O.BOX $S-6583



__ Email: Jivingspace





es our great profession.”

| Bank of the Bahamas

four decades of experience in
international and domestic
banking.

In addition to holding posi-
tions in both the Bahamas and
abroad — with companies
including the Banca Commer-
cial Italiana, Royal Bank of
Canada, FINCO and RBC
Financial Group — Mr Jarrett
also served as treasurer of the,
fundraising committee for the
2000 Olympic Games.

He has also served on the
boards of National Insurance’
and Bahamas Development.,,-
Bank and been the director ofs .
the Hotel Corporation of the -
Bahamas. ,

Managing editor
of The Tribune
suing Nassau
Guardian
FROM page one :

through.

Mr Marquis is also consult-
ing lawyers with a view to suing“
The Bahama Journal for libel
in a column written by former. °
police officer Errington,
Watkins. ’

He said he would be pursuing,“
the matter “to the limit” to»*
ensure his good name as a:pro-”,
fessional journalist was pre-.«
served.

“It is quite obvious that this” ‘
disgraceful drivel, which was « “
barely literate, was never edited *
by a professional journalist. Ite S
went straight into the paper s*.
without any critical judgment», »
being applied at all. :

“T only ever met Watkins
once, and that was enough. He |
knows nothing about me, yet .“»
scribbled a load of malicious | ©
rubbish which was inaccurate “
from beginning to end.”

He added: “I am surprised
that Wendal Jones, who likes
to think himself as an up-and- |
coming media mogul, allows his «24
paper to be tainted by such vile “a
material. oa

“The good journalists onthe
staff, and there are certainly one
or two, must be deeply ashamed.
by this episode, which besmirch- =*.



‘

%
‘oe
‘ee
sta
my
ait,
Save NOW on your Choice of New 2007 Ford vehicles |
, © This Hurricane Season you have a Lo
choice... duct tape, plywood or ‘
2007 Ford “EUSION” hurricane shutters. (
Get Noticed fast. Shutters are definitely the way to go... 5
2.9L 4 cylinder, automatic, leather For one day only, Commonwealth Bank is 3
interior, full power, 17° alloy wheels, teaming up with Aluminum Fabricators, ‘
keyless entry. Commonwealth Building Supplies, 4
Palincia Manufacturing, Storm Guard .
Shutter Company and Marlin Marine to 9
transform our Wulff Road Branch parking :
lot into your “Hurricane Central”. :
Purchase everything from generators, :
shutters to supplies. f
This Saturday, Commonwealth Bank will

get you prepared for what this season has
in store by offering interest rates as low r
as 12%, and repayment terms that oe

won't cause financial damage! COMMONWEALTH BANK
“Leader in Personal Banking Services”

S
a
é
5
3
2
cg
S
=
S
°
&

1
a

Available at

“== FRIENDLY MOTORS CO, LTD

THOMPSON BOULEVARD ° TEL.: 356-7100 * FAX: 328-6094

EMAIL: friendlymotors@hotmail.com ¢ WEBSITE: friendlymotorsbahamas.com

www.combankitd.com

= ~SB@d@_es

SAT., JUNE 16th | 10:00 a.m.—4:00 p.m.
o SAUL SerTe Branch Parking Lot




< NE
\

-

MONDAY, JUNE 11, 2007, PAGE 15





Knowles and Nestor win

French Open doubles title

FROM page one

before they split up for good.

The number six seeded team
had to storm back for a 2-6, 6-3,
6-4 win over the No. 9 seeded
team of Lukas Dlouhy and Pavel
Vizner of the Czech Republic
on Saturday on the clay courts in
the French Open.

“It was a good one to get. It
was exciting,” said Knowles in
an interview with The Tribune in
London yesterday as they pre-
pare for a tune-up tournament
this week in Queen’s.

“It was a long time coming to
win the French. We’ve been
there in the finals a couple of
times, so it’s really a sweet feel-
ing. There’s no feeling like win-
ning a Grand Slam. So it’s really
sweet.”

and Knowles won 2-6, 6-3, 6-4.

It was their first triumph after
two failed attempts in the finals
of the French Open — one of
the world’s top tournaments —
at Roland Garros after they fell
short in the final in 1998 and
2002, both times to the Dutch
combo of Jacco Eltingh and Paul
Haarhuis.

_ Their match was played on
the Philippe Chatrier court in
front of a sizeable crowd that
stayed behind .after the women’s
finals was over in a flash as Jus-
tine Henin of Belgium defeated
Ana Ivanovic of Serbia, 6-1, 6-2.

After a match that lasted pre-
cisely one hour and 45 minutes,
Knowles and Nestor shared a
hefty purse of £1,000,000 (or
$2,000,000), but more impor-
tantly, they will climb to num-
ber two on the ATP computer
rankings behind the world’s best



not a -
inne dig

f@ CANADA'S Daniel Nestor, face to camera, and Mark Knowles, of the Bahamas, celebrate after
defeating Czech Republic's Lukas Dlouhy and Paul Vizner, in the men's double final match of the
French Open tennis tournament, at the Roland Garros stadium, in Paris, Saturday, June 9, 2007. Nestor

“

30 Days Past Due
60 Days Past Pue
9) Days Past Due

. Bad Debt

\. Write off

Loss

NEED HELP WITH PAST DUE ACCOUNTS ?

APEX Management Services

iw Over 25 years Debt Collection Experience

iM] State of the Art Debt Collection Technology
cal Professional, Reliable, Proven Track Record

MI The Country's Leading Collection Agency

For Debt Collection Services
Call APEX Today!

Tel: (242) 328-8304 / Fax: (242) 322-7328 wie)

ww. apexbaharnas.com / apex@coralwave com

i 3,
MSMR rit
Rab Ce






team of American twins, Bob
and Mike Bryan.

Their French Open title will
be added to their prized Grand
Slam collection of the Australian
Open they won in 2002 and the
US Open they captured in 2004.

Two weeks from now,
Knowles and Nestor will go after
their final Grand Slam on the
grass surface at Wimbledon
where Nestor has indicated that
he plans to break up his 11-year
partnership with Knowles to .
play with Nenad Zimonijic of
Serbia.

During their relationship,
Knowles and Nestor have
won a total of 38 titles, which
put them eighth on the Open
Era Doubles Team leader board.



from

e SEE SPORTS SECTION
FOR FULL STORY




won a stylish





designer
Harl Taylor.



Bee

(AP Photo/Michei Spingler)

tie NE

ano th

luxury handbag
from Bahamian

Congratulations to winners
Nekeva Brennen, Re-Chell —
Major & Carla Jackson

ait

They participated in the TCB
Naturals Mother's Day _
promotion and each g





















pee

+ Heart Ae |
ning sae |
The Official




Until he realized that shopping around for a better policy saved
| him lots of money...now what does he have to gay?

“THANK YOU RSA!”

Call for a quote today!
massa | 242.928.1885 { 242.325.3151
freeport ( 242.352.5705 § 242.352.5118



RoyaiStar
Assurance

WHA WY MAMAS, CAIN



PAGE 16, MONDAY, JUNE 11, 2007

THE TRIBUNE



Mable

@ CHILDREN from Mable
Walker Primary flock to the
side of Prime Minister Hubert
Ingraham outside the House
main Iinnhl «- Ya 4 y RNAmmaynih of Assembly after it adjourned
our look at what’s going on in your community see ee ed
hoto: Peter Ramsay)

(



"De you get wioney back
on Your mortyage?



Fidelity rebates a portion of your monthly mortgage Seer ic an |
CM ae account for you. At mortgage end, you could have il ae
ED 00,000* in your investment prado plus home CCI YE foe Clay is Reid

Call or visit Fidelity for details.

* Based on a $200,000, 30 year term mortgage with a monthly rebate invested in the Fidelity Bahamas Growth & eeu cue
ct assuming the Fund will have an average annual return of at least 8% during the life of the wr Rods E} A

‘
1

—) FIDELITY

Bu MELE.) Bank
a 352. yi

a ore NY .
Choose Fidelity Nassau: t 356.776

MADEIRA
PLAZA

17 TT) a

FREDERICK
STREET

s “Th any 2 products
a a LS scledese

as the rie ue

eer ret aTrEP SERENE =TE EIT TP ent et referrers terrane + timers nat thtrtnn abe



~ PM In oraham pays visit to
Walker Primary






DHL executive pays
visit to Freeport

JAIME Hooker, vice-presi-
dent of DHL International
Americas, is pictured right as he
a a courtesy call on Senator

Kay Forbes-Smith, parliamen-
tary secretary in the Office of The
Prime Minister, at the Prime Min-
ister’s Freeport office on Friday.

DHL is the largest global
provider of transportation and
logistics services. During his
visit Mr Hooker reaffirmed
DHL’s commitment to Grand
Bahama and The Bahamas.



Ms Forbes-Smith encouraged
Mr Hooker to look seriously at
expanding his company’s busi-
ness in Grand Bahama, to assist
with the revitilaztion of Grand
Bahama’s economy. Among
the areas toured by the DHL
executive was the Freeport
Container Port.

Pictured left to right are
Romell Knowles, country man-
ager for DHL (Bahamas) Lim-
ited; Senator Forbes- Smith and
Mr Hooker. — =

Sentai ends July-28th, 2007.

cs ou Liesl Wyk be ate to receive prize.



ie
Fad ance

=
MONDAY, JUNE 11, 2007

SECTION



business@tribunemedia.net



The Tribune

BUSINESS

Miami Herald Business, Stocks, Analysis, Wall Street





Colinalmperial.

Confidence For Life



John S George owners
in potential sale talks

* QBC owner Andrew Wilson in talks to acquire hardware products retailer
* Move to sell company follows split in private equity group owning John S George

@ By NEIL HARTNELL

Tribune Business Editor

he private equity
consortium that
owns John S
George, the well-
known Bahamian
hardware and home materials
retailer, is in active talks to sell
the business to a “retailer and
wholesaler” described as the
largest phone card seller by
volume in the Bahamas.

The Tribune can reveal that
John S George’s owners are
negotiating its sale to Andrew
Wilson, owner of phone card,
cellular phone and electronics
retailer, Quality Business Cen-
tre (QBC), less than three
years after they acquired the
ailing retail format.

No deal has been sealed, but
sources familiar with the situ-
ation said the John S George
Holdings investor group were
in serious talks with Mr Wil-

Bahamas in ‘superior
position’ on alternative
energy search

@ By NEIL HARTNELL
Tribune Business Editor

THE Bahamas’ “superior
positioning” gives it a compet-
itive advantage in the global
search for alternative, renew-
able energy sources, a former
Bahamas Maritime Authority
director believes, urging this
nation to explore. initiatives
such as an Ocean Thermal
Energy Conversion (OTEC)
plant and gas hydrates.

William Bardelmeier, a 52-
year Nassau resident, told
Rotarians that the Bahamas’
geographical location had left
it “unusually well-qualified” to
play a critical role in the fight
against global warming and
greenhouse gas emissions, and
said some initiatives might be
available during the lifetime of
current Bahamian children.

One survey, Mr Bardelmeier

* Nation urged to pay
more attention to
exploiting national
resources

* Ocean thermal energy
and gas hydrates give
Bahamas advantage

said, had ranked the Bahamas
as the second-best site in the
world for an OTEC plant, with
scientists consistently placing
this nation among the top 28 or
30 locations.

He explained that OTEC
plants operated on the premise
that huge amounts of the sun’s
energy were deposited and

SEE page 9

Doctors hopes for
Western Medical sale
‘in six months’

@ By NEIL HARTNELL
Tribune Business Editor

DOCTORS Hospital Health
Systems (DHHS) is hoping to
complete a sale of its Western
Medical Plaza facility “within
the next six months”, believ-
ing that increased economic
activity in western New Provi-
dence as a result of the poten-
tial Baha Mar, Albany and
South Ocean investment pro-
jects will generate increased
interest from prospective buy-
ers.

DHHS has been attempting
to sell the Blake Road-based
property for several years, a
previous $9.5 million deal hav-
ing fallen through, but Western
Medical Plaza’s drag on the
company’s operations declined
by 33,.6 per cent in the year to

Accounts receivables
over $12m gross

January 31, 2007, falling from
$1,1 million the previous year
to $0.7 million. °

Operating expenses at West-
ern Medical Plaza fell by 6.7
per cent in fiscal 2007, while
interest expenses declined by
20.3 per cent. In addition,
DHHS avoided the previous
year’s $237,611 write-down on
the facility’s assets, deciding
no further impairment was
needed.

“With the continuing
announcements of planned
developments in western New

SEE page 8

Toshiba Makes
Color History
with 4 Prestigious Awards

at

son, following a disagreement
over the retailer’s future direc-
tion and strategy that resulted
in a boardroom split.

“There are discussions going
on about the future of Joun S
George, and one of the options
is a potential deal,” one source,
who requested anonymity, told
The Tribune.

They identified the possible
buyer as “wholesale/retail busi-
ness”, which this newspaper
was subsequently able to estab-

lish was Mr Wilson and QBC.

“The intention is for John S
George to continue on,” the
source said, adding that the
John S George Holdings
group, which was put together
by former Freeport Concrete
chief executive, Ken Hutton,
was keen to safeguard the 70
staff jobs at the retailer.

Mr Hutton declined to com-
ment on the situation when
contacted by The Tribune. It is
unclear what Mr Wilson’s

plans for John S George are if
he succeeds in acquiring it, and
whether he would keep the
existing format.

Some have suggested that
QBC, which has outlets at the
Mall at Marathon and in
downtown Nassau, on East
Street North, would be more

interested in acquiring John S .

George for its store sites to
allow the QBC format’s expan-
sion.

John S George has its head

office, warehouse and largest
store in Palmdale, owning the
complex, and leases stores in
the Harbour Bay Shopping

Centre, Lyford Cay Shopping

Centre, Cable Beach Shopping
Centre and Independence Dri-
ve. All are high-footfall shop-
ping centres for consumer traf-
fic.

Not all the investors in John

SEE page 14

Royal Bank generates $30.5m in staff wages

@ By CARA BRENNEN-BETHEL
Tribune Business Reporter

ROYAL Bank of Canada’s Bahamas-

based operations generated more than

$30.5 million and salaries and benefits for
its 705 employees in 2006, in addition to
purchasing $10.874 million worth of goods
and services from Bahamian companies.
The data was contained in a document
published to show the positive impact
Royal Bank of Canada makes in the wider

U

Life and Health Insurance

programmes.

Exuma -Abaco ¢Freeporft °

Mortgage Lending | Retirement Planning

THE DAVIS FAMILY

SS ColinalImperial

Confidence For Life

Revareets

e4 hA

1 tor Basimess
eT DLiOoRrsS sz

ep sO) a) OP
Grou

“Quite franxiy it takes the business color
market into unchartered territories with
some output being much closer to that

achieved by a graphic arts device...”

Bertl, 100% independent Report

Bahamian and Caribbean communities.’

The document revealed that Royal
Bank of Canada spent $106,053 on training
programmes for its Bahamas-based
employees in 2006, with some 88 per cent
of staff participating in share ownership

°£



Institution spends $10.874m with Bahamian suppliers, as 705 Bahamian
staff benefit from training and share ownership initiatives

Meanwhile, the Royal Bank of Canada
has allocated an additional 40 per cent
more funding towards Caribbean-based
community projects in-2007, with the bulk

SEE page 5

Cayman

One family with many needs. For
a solid financial foundation and
customized advice, their choice is

Colinalmperial.



“Micronet

_BUSINESS TECHNOLOGY


PAGE 2B, MONDAY, JUNE 11, 2007

THE TRIBUNE



Bi By Fidelity Capital
Markets

SOME 76,635 shares
changed hands in the

“Feel more secure about your future. We offer practical
solutions for International Clients”.

Offshore Company Formations

Flexible
Reliable
Trusted

0 Foundations

) Estate Planning

1 Management Accounting

0 Custody & Asset Protection

CALEDONIA â„¢

tre Keree ner CUCM thre Ree PRA OY DDE
NAGA RUT ce Coreitonel Omens ini fe



392.7270 | Fax: 242.356.3969

CORPORA EL MAN

ae ©

LAGE MENT GROUP LIMPED







Bahamian market this past
week. The market saw I1 out
of its 19 listed stocks trade, of
which five advanced, three
declined and three remained
unchanged.

Volume leader for the
week was FamGuard Compa-
ny (FAM) with 32,600 shares
changing hands, accounting
for 42.54 per cent of the total
shares traded. The big
advancer for the week was
Colina Holdings (Bahamas)
(CHL), up $0.05 or 2,38 per
cent to close at a new 52-
week high of $2.15.

For 2007 to date, CHL’s
share price has appreciated
by 13.16 per cent to $2.15
versus $1.90 at the end of
2006. On the down side, Con-
solidated Water Company’s
BDR share price fell by $0.19
or 3.60 per cent to end the
week at $5.09.

For the week, the FINDEX
increased by 1.67 points, to
close at 802.50.

COMPANY NEWS



Fidelity Bank (Bahamas)
(BAB) —

FOR the 2007 first quarter,

BAB posted net income
attributable to common
shareholders of $309,000, up
$32,500 or 11.7 per cent over
the $276,900 achieved in the
2006 comparative period.

Interest income grew by
$143,600 or 5.57 per cent to
total $2.7 million, while inter-
est expense increased by
$183,000 or 21 per cent to
total $1.01 million. Total
income declined by $158,600
or 6.29 per cent to total $2.4
million.

Operating expenses
remained relatively
unchanged year-over-year to
stand at $2.01 million at the
end of the 2007 first quarter.
Earnings per share (EPS)
were $0.014 versus $0.03 in

SEE page 6

The Bahamian Stock Market

FINDEX 800.83 YTD 7.91%

BISX CLOSING CHANGE VOLUME YTD PRICE
SYMBOL PRICE CHANGE
AML $1.18 $- 0 93.44%
BAB $1.30 $- 700 4.00%
BBL $0.85 $- 0 11.84%
BOB $9.40 $-0.01 1100 17.06%
BPF $11.50 $-0.10 3500 | 1.77%
BSL $14.60 $- 0 0.00%
BWL $2.95 Se 0 68.57%
CAB $10.60 $0.17 3200 6.00%
CBL $14.55 $0.05 15302 16.31% |
CHL $2.15 $0.05 5483 13.16%
CIB - $14.50 $. 800 2.47%
CWCB $5.09 $-0.19 0 -2.86%
DHS $2.40 $- 400 -4.00%
| FAM $6.20 $- 32600 7.08%
FCC $0.54 $- 0 -1.82%
FCL $17.30 so 0 37.85%
FIN $12.60 $0.10 6250 4.83%
ICD $7.28 $0.08 7300 1.82% ||
ISJ $9.50 $- 0 10.47% |
PRE $10.00 $- 0 0.00%

| DIVIDEND/AGM NOTES:

FIN has declared dividends of $0.13 per share, payable on |

| June 12, 2007, to all shareholders of record date June 5, 2007. |

e

ICD has declared dividends of $0.10 per share, payable on >
June 29, 2007, to all shareholders of record date June 15,
2007.

CBL has declared dividends of $0.12 per share, payable
on June 29, 2007, to all shareholders of record date June 15,
2007.

CWCB has declared dividends of $0.012 per BDR, payable |
on August 8, 2007, to all shareholders of record date June 30, |
2007. :

Benchmark (Bahamas) (BBL) will hold its Annual Gener- ~
al Meeting on June 21, 2007, at 5.30 pm at the British Colonial |
Hilton Hotel, Number 1, Bay Street, Nassau, Bahamas.

Doctors Hospital Health Systerns (DHS) will hold its Annu-
al General Meeting on June 28, 2007, at 5.30 pm at Doctors
Hospital’s Conference Room, No.1 Collins Avenue and |

, Shirley: Street, Nassau, Bahamas. |-£

Hi:

Ma eae Le eto

ony ¢ definition of success is simply not having to worry about the future ...and with FirstCaribbean,

ican say that | have been very successful.”

Speak to our experts about our Chequing & Savings Accounts, Fixed Deposits, SureStart and our

Income Escalator, plus get the best insurance advice.

Success... Solved.

INTERNET & TELEPHONE BANKING *® INSURANCE oe

ABMs

e DEBIT CARDS



CREDIT CARDS

FIRSTCARIBBEAN

INTERNATIONAL BANK
GET THERE. TOGETHER,

\ firetearibbeanbanx


WALL STREET




) MONDAY, JUNE 11, 2007



BUSINESS

The Miami Herald |



Brokerage industry on verge of consolidation

BY JOE BEL BRUNO
Associated Press

NEW YORK — The rally that car-
ried Wall Street to new highs this
year may also propel the brokerage
industry into a period of takeovers
and consolidation.

Stock trading surged the past few
months as investors piled into the
advance that lifted the Dow Jones
industrials and Standard & Poor’s 500
index to new highs. But that meant
competition among brokerages
increased as well, raising concerns
that the companies will need to slash
prices to attract and retain custom-

ers.
: The trend is already under way.
Bank of America is offering free
trades to customers who meet

deposit requirements. Analysts
believe this model, which might be
duplicated by others, is putting mas-
sive pressure on the industry.

Bigger firms like Merrill Lynch
and Morgan Stanley can weather
market fluctuations because of their
scale and diversified businesses.
More vulnerable are the boutique
firms and electronic brokerages,
whose profits often hinge on trading
— and the jump in competition is
likely causing some to consider deal-
making as a means to survive.

“The industry goes through waves
of consolidation, and the driving fac-
tor tends to be big profits or lack of
profits,” said Richard Bove, an ana-
lyst with Punk Ziegler & Co. “What is
creating less and less profit for bro-



BARTERING

~LET’S MAKE |
A DEAL

MY PAINT JOB FOR YOUR LIMO SERVICE? HOW
COMPANIES ARE MAKING USE OF BARTER
TO IMPROVE THEIR BOTTOM LINES

BY ANGELA TABLAC
atablac@miamiherald.com

John Strawser got $1,000 worth of
Christmas baskets for loyal custom-
ers of his equipment rental business.
He got advertising, contracts and
printing.

Plus, he equipped his house with
$2,000 worth of hurricane window
protection.

Strawser didn’t pay for any of:it..

He bartered.

Looking for new customers — and
a way to keep their cash — some
small business owners have turned to
trading their products and services
through business-to-business
exchanges. Worldwide, trade is
growing steadily at 10 percent a year,
and about $2.3 billion in goods and
services are exchanged annually
through companies in Latin America
and the United States, according to
International Reciprocal Trade Asso-
ciation, the top barter industry group.

Even though business owners who
barter have to take steps to protect
themselves from unfair pricing and
flaky traders, several South Florida
owners said the give-and-take
improves their bottom lines.

“For me, it’s great because the
equipment is just sitting anyway,”
said Strawser. He said bartering has
boosted his business by at least 10
percent.

Trade exchanges work by devel-
-oping a directory of member busi-
nesses that use credits. One credit
equals one dollar. When wanting to
trade, one member calls the

.exchange. A representative finds a
match in the directory, mediates the
trade and balances out each side’s
trade account.

Exchange companies avoid buying
or holding a company’s product.
They monitor and dole out the cred-
its, giving points to the company that
provided the good or service and
subtracting points from the account
of the company that received the
product.

“We just arrange the transaction
and keep score,” said Alan Wolfson,
owner of TradeSource in Hallandale

ee

er yee eat

Beach.

The cost: anywhere from $200 to
$700 to join, plus 5 percent to 6 per-
cent for each side — the giver and the
taker — of a trade deal, according to
the international trade association.
Some exchanges also charge monthly
fees.

But local business owners said the
new clients they get are worth the

price. By joining the network, compa-

nies have access to all members and
get references from the exchange.

“It’s like having an extra salesman
on the street,” said Lee Hackmeyer,
owner of Associated Paint in Miami
and a TradeSource member for about
10 years.

Strawser, who owns A to Z Rental
Center in Oakland Park, rents out
tables, chairs, generators and other
heavy equipment. He joined national
trade exchange ITEX in 2001 and
worked with the exchange’s Planta-
tion office, hoping trade would
attract more customers.

“We've pretty well saturated the
area we’re located in,” said Strawser,
whose store has been open since
1972. “We needed to expand the busi-
ness.”

Trading also saves cash, owners
said. Using their own inventory to get
other goods, they instead spend their
credits on advertising, contracts and
other business-
related expenses.

Some owners get creative with
their trading, using credits for fun,
personal purchases:

e Strawser took his father on a 10-
day fishing vacation.

e Hackmeyer ordered a limo ride
for his wife’s birthday, after he traded
in gallons of paint. ~

e Lisa McGuire, owner of Pest
Relief in Pompano Beach, paid for
her niece’s braces, her two children’s
graduation parties and several of her
family’s vacations.

“Before I go to spend any money
on anything, I call the ITEX office
and tell them what I see and what I
want,” said McGuire, a member since
1992, who uses barter for her veteri-
narian, accountant, eye doctor and



TOM ERVIN/FOR THE HERALD

EASY GAINS: John Strawser, whe owns A to Z Rental Center, says
bartering has boosted his business at least 10 percent.

kers outside of New York City is the
price of the products they’re selling
are dropping dramatically.”

He pointed to events the past few
weeks that signal the industry is
ready for contraction.

Prudential Financial said Tuesday
it will shutter its 26-year-old equities
research business, which in the 1990s
was one of the biggest brokerages on
Wall Street. Also that day, TD Amer-
itrade was criticized by two activist
shareholders who want to see the
online brokerage complete a deal —
possibly with rivals E-Trade Finan-
cial or Charles Schwab.

Wachovia said June 1 it would
acquire A.G. Edwards in a nearly $7
billion deal that will create the
nation’s second-largest retail broker



after Merrill Lynch. The deal is the
latest maneuver for Wachovia’s bro-
kerage unit, which nearly doubled in
size through a 2003 joint venture
with Prudeniial.

They may not be the only ones.
Among the major regional brokerage
houses, there are two based in St.
Louis along with A.G. Edwards —
Edward Jones and Stifel Financial.
Raymond James Financial, a Florida-
based brokerage and Schwab have
also been bandied about as takeover
targets.

Potential buyers include Merrill
Lynch, Citigroup’s Smith Barney unit,
and BofA. Globally, foreign banks like
HSBC and UBS are said to be inter-
ested in buying a U.S. retail broker-
age.

Changes among the nation’s bro-
kers have more to do with the under-
lying economics of the industry; buy-
ing and selling shares -just isn’t as
profitable as it once was. Investors
are increasingly turning to bigger
securities firms — and major U.S.
institutions like BofA and Citi — for
cheaper prices and a broader array of
investment products.

Boutique firms, which sprang up

in the late 1990s to advise clients in

specialties such as technology issues,
could be the hardest hit once consoli-
dation is completed, analysts said.
Those specialty shops, along with
regional players, now find them-
selves competing during a period
where clients might not necessarily
be looking for specialized advice.









eyeglasses.

Business owners need to protect
themselves, though. When trading
through an exchange, owners
become more vulnerable than if they
paid cash, said Joseph M. Goldstein, a
business litigation lawyer for Shutts
& Bowen in Fort Lauderdale. In a
cash deal, both sides know the value
of the exchange. Finding a fair price
tag in bartering can be trickier.

“How do you value what goes in,
and how do you value what you’re
getting?” he said.’

Owners of trade exchanges said
they combat the possibility of price
gouging by explaining fair pricing in
their membership agreement and
having members promise to offer the
regular retail value. Exchanges then
trust owners to follow the honor
code.

“In the cash world, if it’s 30 bucks
for a pack of business cards, then in
the barter world, it should be 30
bucks for the same pack of business
cards,” said Marian Ernsberger, bro-
ker for the ITEX office in Plantation.

Sometimes, though, trade deals go
sour. If one owner in a trade backs
out of a deal or a business folds
before other owners can redeem ser-
vices, the trade exchange reverses
the trades and refunds credits to the
accounts of the “buyers.” But some
members, like Maurice Rodriguez,
end up in court.

Rodriguez, who owned Affordable
Photography and Video in West Palm
Beach, fell into a three-year struggle
that ended in May 2006. He joined a
local exchange and became irritated
with having to redeem his trade cred-
its at places mostly in Miami. He
applied his remaining credits toward
his 2003 wedding and wanted to
leave the network.

But that firm was bought by Tra-
deSource, and Rodriguez said Trade-
Source claimed he owed $5,000. The
case went to court and, according to
records, was settled for $593 — plus
agreements by Rodriguez to take on

some jobs and pay down the debt.

“I don’t think the concept of bar-
tering is bad,” Rodriguez said
recently, adding he would use a bar-
tering company again. “It’s just the
execution of it in this case.”

TradeSource’s Wolfson said
Rodriguez still owes money, but he
tried to pay it off. Even though Wolf-
son’s company goes to court for trade
disputes about four times a year and
has been suing defaulting members
more regularly after 2000, he said it’s
about 1 percent, a “really nominal”
amount, of his business.

He said his reasons are simple: If
members owe money or services and
cannot resolve the balance with Tra-
deSource, they’re going to court.

“We're no different than a credit-
card company going to small-claims
court,” he said.

To protect themselves, member
businesses need to be in contact with
exchanges and notify the network of
any concerns about trades, owners of
the exchanges said.



ROY FOX/MIAMI HERALD ILLUSTRATION

McGuire, owner of the pest-con-
trol company, said she researches
every business that contacts her to
trade. She calls ITEX, verifies the
business’ membership and asks if
there’s enough money in the owner’s
account to cover the trade. ITEX has
always reimbursed her for any bar-
tering glitches, and the benefits she
gets from trading are priceless, she
said.

When McGuire and her husband
started their company years ago, they
were able to pay for family vacations
through barter, even when cash was
tight. And when her daughter was
diagnosed with scoliosis, McGuire
paid for the chiropractic treatment
through barter. She added that barter
helped the life of her business, too.

“My business would be different,”
she said. “The cash flow would be
much tighter because I’d be having to
pay out cash for my printers, my
accountants — all of that which is a
part of running the business, I’ve paid
on trade.”

TRADING TIPS

Using a trade exchange can
improve the bottom line, but be
cautious, several business own-
ers said. Business owners think-
ing about bartering should:

e@ Research the exchange
before joining. Know who the
owner is, meet him or her, ask
about the membership and
transaction fees. Ask for - and
check - references from other

| small business owners who have
| used the exchange.

e Ask fora list of businesses
in the network, to see if the
goods and services in the
exchange fit your needs.

e Get all agreements, includ-
ing the membership agreement
and information for each trade,



in writing.

e Request acompany’s price |
list before spending trade cred-
its there. Make sure the com-
pany charges barter customers
the equivalent of the amount
they charge those who pay
cash.

© Declare all trade deals on
tax forms. Even though no cash
is exchanged, all trades must be
declared - whether the prod-
ucts are for personal or business
use. “If you receive something in
exchange for something, it’s
taxable,” said Steven Rosen-
baum, a certified public accoun-
tant at Freeman, Dawson,
Rosenbaum & Sobel.

- ANGELA TABLAC


THE MIAMI HERALD | MiamiHerald.com

CHINA

INTERNATIONAL EDITION

MONDAY, JUNE 1, 2007 4B

E-vending in the People’s Republic

BY TIM JOHNSON
tjohnson@mcclatchydc.com

BEIJING — Pan Ning is 25
and spends a lot of time at
home on his computer, but his
mother couldn’t be happier.
After all, Pan attends to a
thriving business.

Like hundreds of thousands
of Chinese, Pan has become an
online vendor. ,

In many countries, entre-
preneurs like Pan would open
real stores. But rents in Chi-
na’s big cities are soaring, and
the retail.scene is scattered
and often chaotic. Many ven-
dors have set up virtual shops.

Electronic commerce is still
in its infancy among China’s
144 million Internet users, but
it’s beginning to take off. Reg-
istered online shoppers now
number 43 million, and their
purchases may hit $6.4 billion
in 2007, a leap of more than 60
percent.

The ease of online sales has
opened new opportunities for
Chinese, empowering throngs
of new young merchants, who
are becoming pistons in Chi-
na’s economic engine.

“?’m thinking about hiring
more people and expanding
this business,” Pan said one

WORKPLACE

Americans
getting
too little
sleep

BY SUE SHELLENBARGER
The Wall Street Journal

Lindee Reed-Paris knows
she needs more than the six
hours of sleep she gets most
nights. She survives the
week by telling herself, “T’'ll
catch up on the weekend.”

But when the weekend
comes, the added sleep
“never happens,” the Chi-
cago marketing consultant
says. Seizing the chance to
watch television or movies
past midnight, she tells her-
self, “It’s my party and I’ll
stay up all night if I want to.”

Americans say they yearn
for more sleep. But when it
comes to actually getting it,
we’re a nation in denial.
Given a choice between an
extra hour of sleep and an
hour of free time, 43 percent
of working people claim
they’d take the sleep, says a
Yankelovich Inc. poll. Yet
the trend in sleep time is
downward: Only 26 percent
‘of adults get eight hours a
night, compared with 38 per-
cent in 2001, says the
National Sleep Foundation,
Washington, D.C.

MAKING EXCUSES

Some sleep loss arises
from sleep disorders or other
medical problems. But a
major factor, experts say, is
that we kid ourselves about
sleep — delaying sleep time,
making excuses and blaming
the consequences on every-
thing from viruses to unre-
quited love. “It’s amazing
how people rationalize”
their lack of sleep, says Wil-
liam Dement, chief of Stan-
ford University’s sleep divi-
sion. Some examples:

— “Tl sleep when the
kids are older.” Ilya Welfeld,
‘Bergenfield, N.J., a working
mother of three small chil-
dren, gets only three to six
hours of daily sleep. She’s up
often at night to feed her
infant; runs her own busi-
ness from home; and also
squeezes in exercise ses-
sions. She regards more
sleep as “a luxury” she’d
rather not think about now;
“when the kids are older, I'll
sleep again.”

— “Tll rest when I’m
dead.” Cheri Coleman, Hum-
ble, Texas, decided as she
neared 50 “to make up for
lost time. It’s not too late” to
revive lost dreams, she says.
So she got her MBA and took
two jobs she loves, leaving
her just five to six hours to
sleep. Overriding her fatigue,
says Coleman, now 56, is a
midlife sense of urgency
about “when the last day is
going to come.”

recent day in his family apart-
ment in a middle-class build-
ing south of Beijing. “It’s just
too tiring for the three of us,”
he said, referring to himself,
his mother and his fiancée.

After two years in business,
Pan now sells up to $20,000
worth of cellular phone acces-
sories a month. His fiancée
handles online inquiries from
shoppers — they get 200 to
300 orders a week — he deals
with suppliers, and his mother,
who also cooks for the family,
packages orders for twice-a-
day pickups by delivery ser-
vices.

Stacked on a metal rack in
the foyer of the apartment and
in boxes on the floor are cell-
phone batteries, carrying
straps, earphones, and, of
course, Bluetooth devices.

“T have my own inventory,”
Pan said. “It doesn’t look like
much stuff. But I’m one of the
biggest on the Internet.”

Pan maintains his e-shop on
Taobao.com, the largest of
four Internet companies that
dominate online shopping in
China. Two of them — Dang-
dang.com and Joyo.com (a

- subsidiary of Amazon.com) —
are conventional e-retailers,

selling and delivering a variety
of goods. The fourth company
is eBay, the U.S.-based auction
site that once was a market
leader here but now faces a
declining share of the online
business.

Taobao.com, a subsidiary of
Alibaba.com, has run away
with the market.

“Taobao.com wants to be
the largest retail company in
China, outrunning the tradi-
tional retail giants like
Wal-Mart and Carrefour,” said
Christina Splinder, a spokes-
woman.

Shopping in China is far dif-
ferent than in the West in
terms of pricing, availability of
goods and concentration of
stores. Chain stores with mul-
tiple locations in the same city
may price the same goods dif-
ferently at each location.

So Chinese consumers
seeking the lowest prices have
turned to the Internet.

“On China’s e-commerce
websites, 90 percent of the
products are new and have
fixed pricing. They are not
auctioned,” Wang said.

Varying .from the eBay
model of online auctions, Tao-
bao.com offers a fixed-price

CHECK THE BLOG

Visit Tim Johnson’s blog,
China Rises, at
http://washington
bureau.typepad.com/

platform free to buyers and
sellers. The Hangzhou-based
company follows the Silicon
Valley strategy of building up
its customer base and later fig-
uring out how to charge cus-
tomers. Taobao.com doesn’t
generate any significant reve-
nue at present, according to
Splinder. But it has a 65 per-
cent market share.

“They rolled the dice and

said, ‘Fine, we won’t lay’

charges on anyone.’ What they
are gambling on is building the
audience,” Wolf said.

Few e-vendors in China sell
used goods. Collectibles are
also scarce, although niche
markets, such as military sur-
plus goods, do well.

The top selling products at
Taobao.com are cellular
phones and accessories, cos-
metics, notebook computers,
digital cameras, jewelry, cloth-
ing, shoes, books and prepaid



mobile phone cards, Splinder
said.

Most Chinese still don’t use
credit cards, and some buyers
opt to pay cash on delivery of
goods from postal carriers or
courier companies. Online
payment plans are slowly
emerging.

Taobao.com’s parent com-
pany has one called Alipay,
which collects payments from
buyers, holds the funds in
escrow and then turns them
over to sellers.

Most online vendors hold
other jobs, quitting only when
business grows. Pan, who once
worked in technical support at

ENTREPRENEUR: In
Beijing, Pan Ning,
25, operates a
successful Internet
business selling
cellphone
accessories from
his home. After
only two years in
business, Pan
makes up to
$20,000 a month.

TIM JOHNSON/MCT “¢

an Internet portal, first sold
military surplus binoculars on
the Internet, then cellphones.
Finally he settled on mobile
accessories. ’

Some vendors face opposi-:
tion from family members to,
their business plans.

“My parents thought it was,
impossible for me to be suc-
cessful,” said Zhang Long, a
26-year-old diamond vendor'
whose Taobao e-shop is on,
target to hit nearly $1 million
in sales this year. Now, they:
watch in amazement. '

“T think sales will double, or.
even triple, in the next few,
years,” Zhang said confidently.,

“Ym not sleepy.”
Michael Millar, a Wilmette,
Ill., writer, says he does fine
on five to six hours of sleep;
“there’s so much other stuff I
like to do.” He rises at 5 a.m.
for some quiet pre-dawn
writing time, puts in a full
day at work, then gets “a nat-
ural boost” from his wife and
two kids in the evening. He
also does house-remodeling
projects on the side, using
coffee or Diet Coke for a lift
as needed.

In fact, Dement says,
many sleep-deprived people
ward off sleepiness by work-
ing, exercising or using caf-
feine. But they still pay a
price. Millar acknowledges
that he doesn’t retain infor-
mation as well as he’d like

NODDING OFF

Signs you may need
more sleep:

@ Trouble retaining
information

© lrritability

@ Minor illnesses

e@ Poor judgment

e Increased mistakes
e@ Weight gain



ILLUSTRATION BY KEITA SULLIVAN/MCT

Given a choice between an extra hour of
sleep and an hour of free time, 43 percent of
working people claim they'd take the sleep,
says a Yankelovich poll.

late in the day, and some-
times dozes off in slow
moments.

THE WEEKEND SLEEPER

— “T’ll catch up on the
weekend.” This excuse often
falls short in practice. A per-
son who needs seven hours
of sleep but gets only five for
two nights accumulates a
four-hour “sleep debt”; to
repay it, he must sleep an
additional four hours, says
Helene Emsellem, an author
and director of a Chevy
Chase, Md., sleep clinic.
Most people, however, won't
sleep enough on weekends
to repay their entire debt.

Most people need seven
to nine hours of sleep,
Emsellem says; you may not
be getting enough if you
can’t get through the day
without yawning or hitting
the wall. Kathy Helmetag
tackled her sleep-loss prob-
lem after realizing it was

making her gain weight; she
was snacking to boost her
energy, she says.

Now, the Troy, Mich.,
working mother books sleep
time in advance, scheduling
shorter days to offset those
she knows will be sleep-de-
prived.

WHOLE NEW MIND-SET

For years, working
mother Sarah Teslik kept
going on five hours of sleep.
She was so exhausted that
the mere sight of a pile of
dirty laundry one night
caused her to burst into
tears, she says. She solved
the problem by streamlining
her to-do list, trimming din-
ners to fruit and yogurt,
answering e-mail in eleva-
tors and cabs, and treating
“dust balls and clutter as
sculpture to be admired” at
home. The result: Two more
hours of sleep — and the
courage to face the laundry.

ON THE JOB

4 1

Whining becomes.
more brazen at work

BY JONATHAN B. COX
McClatchy News Service

This story was the boss’ idea.~

He wanted it written practi-
cally before he got the thought
out of his mouth. Of course. He
sits around in the office all day
waiting for dispatches to appear
like magic.

He has no clue how hard it is
to get people to bare their souls.

Isn’t that the way? Managers
have some epiphany, and the
worker suffers. They don’t know
what it takes to get it done. They
don’t care that other issues are
pressing. They just demand. °

We complain.

“Whining,” said Steven Rogel-
berg, a psychology professor at
the University of North Carolina-
Charlotte, “is often a coping
response.”

And these days, we seem to be
“coping” more.

Grumbling about the boss or
the workload or colleagues has
been a favorite hobby since about
the time man first put tool to
stone.

CHANGES

But a changing workplace is
making workers more brazen
about it.

Hierarchies are flattening as
businesses strive to be more nim-
ble. Uncertainty is rising as
global competition makes jobs
unstable. A new breed of youth,
with less fear of managers, is
introducing new dynamics to the
office.

“What’s happening is people
are not afraid to whine in public
anymore,” said Gary Topchik, a
Los Angeles-based consultant
who wrote a book on workplace
negativity.

Some companies have enabled
it. To shed militaristic, top-down
cultures, managers have asked

for opinions. To keep valuable

employees from leaving, they
have catered to workers’
demands. To adjust to young-
sters, employers have cranked up
the praise; if the exaltation
doesn’t come, the whining does.

Gallup, one of the nation’s
leading pollsters, last fall found
that 43 percent of those surveyed
were “completely satisfied” with
their jobs. Just more than a third
said the same about their chances
for promotion. Thirty-one per-
cent ‘said they made enough
money. :

That leaves plenty of margin
for let-loose, no-holds-barred bel-
lyaching.

“We whine about bad tips.
That’s at the top,” said Kristyn
Seeley, manager of servers at
Mellow Mushroom in Durham,
N.C. “We whine about other
waiters, the schedule, not doing
enough shifts.

“Another thing is the sec-
tions,” she continued, her speech
quickening as she ticked off the
list. Servers “will complain even
if you give them the good sec-
tions. ‘I’m getting sweaty,’ ”
they’ll say if working the patio in
the summer.

“Ym sure I’ll think of some-
thing else,” she added.

‘Whining ts often a
coping response.’

- STEVEN ROGELBERG,
psychology professor,
University of North Carolina-Charlotte

Tune in to conversations at
other restaurants, factory floors
or office cubicles and you'll hear
how bad workers have it: Things
were much more efficient’in the
old days. She’s insane to think
that can be done in a day. Why do
I get all the crazy customers? ’'m
surrounded by idiots.

Sometimes, the griping has’

nothing to do with business.
At a transportation company

“I worked. with a woman who ,
complained every day about"

something that was wrong with
her,” Beth Hartley of Cary, N.C.,

wrote in response to The News &
Observer’s request for examples *
of workplace whiners. ‘Her '

f
1
t

2
;

©

sinuses, her stomach, her head, <

her back, her feet. Every part of «

her body! Every day! Every hour!

... A hypochondriac had nothing '

on her.”

Whining is not altogether bad. «

It can be cathartic, a way to

release stress when almost every -

occupation comes with more of
it.

Seeley of Mellow Mushroom
said she loves her job. The carp-

?

ing that goes on just alleviates the ‘_

pressure in an intense, demand- »

ing environment.

Lloyd Jacobs, chief executive *

of ClickCulture, a marketing and
Web design firm, encourages his
seven-person staff to bring prob-
lems to him. Griping can be
healthy, he said, and he wants
workers to air their troubles. He

“

hears about relationship woes, |:
aches, pains and other concerns. ,

He does have limits. Jacobs
grew up in a military household

and will share advice his father, a »
Marine, often would impart: :

Youw’re not hurt. Walk it off.
DESTRUCTIVE GRIPING

Indeed, too much griping can ,;

be destructive. Whining is highly ..
contagious, like a virus. As it |

moves through an organization
morale can suffer.
It’s tiresome to hear how

much the new guy liked his old -

colleagues or how another state
was more progressive.
Dealing with whiners head on

can be difficult. Most people try ©

to avoid conflict. Rather than

confronting the person or situa- ‘

tion, they cope in other ways.
Some fire off e-mail or share their
plight with colleagues.

Hartley and her peers found a
way to poke fun.

“When she was out of the
office, we would complain to
each other about what was hurt-

ing us. ‘Oh, my eyelash hurts so '’

bad.’ ‘This strand of hair is in ago-
nizing pain.’”’ wrote Hartley,
who has left that company.

“Whenever she would com-
plain, we would just giggle
among ourselves.”

Still, Hartley was glad to be rid ©

of her.

ICT RR EST

4
Ya

4
THE TRIBUNE

MONDAY, JUNE 11, 2007, PAGE 5B





BTC allays ce

BUSINESS

Hular

promotion fears

m@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter



ellular phone whole-

salers and retailers

need not fear that the
Bahamas Telecommunications
Company’s (BTC) latest pro-
motion - $49.99 cell phone
packages - will leave them
unable to compete with the
telecoms operator by under-
cutting their prices.

Marlon Johnson, BTC’s
vice-president of sales and
marketing, told Tribune Busi-
ness that the $49.99 promotion,
which has seen Bahamians
flock to the company’s Cyber
World store at the Mall at
Marathon, was launched
because BTC had a surplus of
phones they were trying to sell.

“This was a way to do some-
thing for our loyal customers as
well as test market the lower
end of cellular service. I think
the promotion was an over-
whelming success, and what it
told us is that there is a market

Royal
Bank
generates

$30.5m
in staff
wages

FROM page 1

of this money being allocated
to the Bahamas.

Speaking with The Tribune,
Nathaniel Beneby Jr, Royal
Bank of Canada’s vice-presi-
dent and country head for the
Bahamas, said the bank has set
aside more than $1 million for
community-based initiatives in
its 2007 Caribbean-wide bud-
get, up 40 per cent from the
$600,000 spent in 2006.

“We believe that this
increase is important because
we want to continue assisting
community development and
partner with the Bahamian in
an even greater way,” he
explained.

Mr Beneby said the funds
will include actual monies set
aside as well as gifts in kind,
but added that it was too early
for him to say specifically
where the funds would go or
what projects and organisa-
tions would be beneficiaries.

However, he said feedback
has been very positive from
both clients and Royal Bank
staff.

“We will endeavor to make
them more pleased and do
more things,” he said.

According to the 2006 Roy-
al Bank Caribbean Communi-
ty Report , some33.6 per cent
of the $600,000 spent in 2006
went to education, 26 per cent
went to health -related pro-
jects, 22.3 per cent to social
services, 10 per cent on arts
and culture, and 8.1 per cent
on civic/environment.

Specific projects in the
Bahamas included an after-
school programme for children
in the Grant’s Town area,
involving Royal Bank and
FINCO employees; the contri-
bution of vital paediatric
equipment to the Princess
Margaret Hospital; funding for
the Cancer Caring Sector Cen-
tre; helping mentally chal-
lenged Bahamian athletes take
part in the special Olympics; a
two- year grant to support the
Bahamas National Trust’s
environmental education
efforts; and annually sponsor-
ing student art workshops.

“We believe our account-
ability as an organisation
includes supporting charitable
organisation. We primarily
focus our donations on educa-
tion, health care, social services
and culture and the environ-
ment,” said Ross McDonald
head of Caribbean Banking.

for lower-priced cell phones,”
he ecplained.

Moving forward, Mr John-
son said that as BTC plans new
promotion dates, they will look
for ways to ensure that their
wholesale suppliers and retail
merchant partners are
involved.

“They can rest assured that
we will be trying to broaden
their business, not curtail it,”
he added.

Mr Johnson did, however,
ask for their patience, as he

said BTC may have two or
three more offerings before
they can expand the lower-
priced cell phones to whole-
salers.

He pointed out that retail-
ers were already able to bene-
fit from BTC’s reduction of
SIM card prices, a saving which
was passed on to them.

“So. hopefully they can sell
more of them and reap even
greater benefits.” said Mr
Johnson.

When BTC launched the

promotion, it sold out quickly,
with people having to wait in
long lines to purchase the dis-
counted phones.

The promotion has caused
some concern with cell phone
retailers, some of whom told
The Tribune that they feared
BTC would establish a monop-
oly on the lower-priced mar-
ket and that they would be
unable to compete.

“Itis a matter of concern for
us,” said one retail manager,
who asked not to be identified.

“T still think people will shop"

here, because the service at
BTC may not be what they
would like. We are not in a
position to lower our prices
because we just purchased our
shipment.”

Another retailer said that
while it was too soon to com-
ment on any impact the pro-
motion could have, the situa-
tion required monitoring. They
added: “This is a conversation
we may well have to have in
the future.”

A SMALL SPACE IN YOUR NETWORK.
A MAJOR STEP FOR YOUR COMPANY.

The HP Proliant G5 incorporates 2.5" Serial Attach SCS! Small Form Factor (SAS SFF),
the international standard in business hard drives. In addition, it offers the latest Intel® Xeon®
Guad-Core Processor, a faster, more reliable FB DIMM DDR2 667 MHz memory, multifunctional
network cards, the widest range of HP Smart Array controllers, a fast and accurate diagnosis
using Systems Insight Display and the most complete management features with iLO2

INTELLIGENT ADVICE * INTELLIGENT TECHNOLOGY * INTELLIGENT SERVICES

The best-selling servers in Latin America*

eSelgers rs

preter f)

Jamaica

All Sgivs reserved S2007 Hewett: Pe

are trademarks cr registered trademer*s of Inte: Commorater: or ts



1-800-711-2884 e
De iC cee) Clee ;
2028/2027.
4-800-711-2884.
prea jon

- 2028/2027

ator
TiLe Sy ut a
ELI Td

ent O



a

Bi tei
aan ae ae
pe ee

Place your order today ¢ Visit hp.com/la/prolia

pS: fe re yd f: 2)
Option 1-Option 1
2028/2027
1-800-711-2884
Rey Rees
2028/2027
1-800-711-2884
bert ie ie rita
2028/2027



bite Oe Bey 3-t- 73

Option 1-Option 1
2028/2027

bere [eles yy Soy 8-1-8

che. Sy Boi 3:1-7)

Option 1-Option 1
2028/2027

Reread

Cotre.T tel]

nt/G5 * Contact your authorized HP dealer







The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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



Xeon
Eb (ie

Quad-core.
Pur itag ep







a inte snide Igo, intel Vive, Inte! vPro, Itanium Xarium inside, Peodum, Pentium Inside, Xeon and Xaor inside
ain Amarca Quartery Volume ard Enterprise Server Tracker, Q2 2006
PAGE 6B, MONDAY, JUNE 11, 2007

THE TRIBUNE = jy







FROM page 1 due to the increased number 4
of outstanding ordinary QE;
shares, which resulted from a pat

the 2006 comparative period. | September 2006 rights offer- f¥#-



The decline in EPS was ing. ge
yay
aisl
Beds
International Markets | \;
dor
Tickets: tL 0 at erent ro FOREX Rates tie «ie 1
o 1
Be cok OL TCM Mo (Bath Se oil SO eee ae dg |
| GBP 1.9701 040 | ape
EUR 1.3373 -0.45 ata,
tnt
Commodities : ri,
Weekly % Change pa ‘
‘ ifs
BIS 2D FIDELITY Crude Oil $64.69 354 | ots,
Pricing Information As Of: Gold $650.30 -2.24 s ‘eh
Friday, 8 June 2007. ioe
International Stock Market Indexes: ith
Abaco Markets .18. i ‘ 2 “ 1D.
Bahamas Property Fund : : ' 5 ‘ : - Weekly % Change
Bank of Bahamas 7 H é : : : “
Saneinas Wests 95. ; | DJIA 13,424.39 1.19
Fidelity Bank S & P 500 1,507.67 1.14
Gable: Bahamas NASDAQ 2,573.54 1.27
Coaiicnieanin Sauk : : Nikkei 17,779.09 2,

Consolidated Water BDRs
Doctor's Hospital
Famguard

Finco

FirstCaribbean

Focol

Freeport Concrete

‘ICD Utilities

J.S. Johnson

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, MIGUEL JABEZ
JULMAST of St. Alban’s Drive Heights, PO.Box SB-
52642 Nassau, Bahamas,’ intend’ to change my nang”
to MIGUEL JABEZ THOMPSON. If there are any:
objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
P.O.Box SS-792, Nassau, Bahamas no later than thirty
(30) days after the date of publication of this notice.



Last Price Weekly Vol.
12.25 Bahamas Supermarkets
10.00 Caribbean Crossings (Pref)



YTD% Last 12 Months Div $ Yield %
1.2907 Colina Money Market Fund 1.341839"
2.9038 Fidelity Bahamas G & | Fund 3.2018***
2.3560 Colina MSI Preferred Fund 2.662852**
1.1695 Colina Bond Fund 1.244286****
11.0199 Fidelity Prime Income Fund 11.5519*****

§ 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 *~ 1 June 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 fram day to day EPS $ - Acompany's reported earnings per share for the last 12 mths
Daily Vol. - Number of total shares traded today NAV - Net Asset Value *** 31 May 2007
DIV §$ - Dividends per share paid in the last 12 months N/M - Not Meaningful
P/E - Closing price divided by the last 12 month earnings FINDEX< - The Fidelity Bahamas Stock Index. January 1, 1994 = 100 **** - 30 April 2007



JEWELLERY SALES ASSOCIATES

Must be...
Honest, Reliable, Dedicated,
Professional, Energetic &
SELF MOTIVATED

Excellent $$$ Bonus Potential
DO YOU HAVE WHAT IT TAKES?

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

APPLY TODAY!



Join Cititrust
(Bahamas) Limited,
one of the most
established trust
organizations in the
world.

BUSINESS RISK OFFICER



ROLE RESPONSIBILITIES

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



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.

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

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.

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.

Challenge
yourself to a career like no other



77 ve ee = ee

' <-â„¢=
t
vs
RL ER bs 8 ee) a Se A Ts >
a ra

-
wise

Office Space

~ For Rent

#3324 ie. (osV gems yal it (=\ asl ed 17191 cA

Notable, convenient office address. Four
commercial office spaces available in a
range of sizes. Ground floor &
penthouse. Near hospitals, courts &
downtown Bay St.

oe 2 2a te

Starting at $18 per sq. ft.

Linda Eldon

Property Manager

Tel: (242) 356-5030

Email: linda@grahamrealestate.com
Web: www.grahamrealestate.com

GRATAM. |

REAL ESTATE | 3

Showing Integrity Every Day

TSI OTe FS Se SB wo
NE

MONDAY, JUNE 11, 2007, PAGE 7B





US passport move boosts
eroup travel to Bahamas

@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter and
Associated Press
reporters

GROUP travel to the
Bahamas this summer has been
boosted by the US govern-
ment’s decision to temporarily
suspend the Western Hemi-
sphere Travel Initiative’s
(WHT) passport requirements
for'air travel to this nation until
late September, a move set to
benefit only those American
citizens who have applied for
their documents.

'Frank Comitio, the Bahamas
Hotel Association’s executive
vice-president, said the
Bahamian hotel industry was
pleased by the decision, as it
ensured three big areas of con-
cérn were not negatively
impacted.

"He explained that the indus-
try was concerned that summer
weddings, groups and family
travel would have been partic-
ularly impacted this sufmmer
by the WHTI’s stipulation that
all US citizens who travelled
to the Bahamas must possess
a'valid passport to return
home. Previously, other forms

of US government-issued iden-
tification, such as driver’s
licences, had been satisfactory.

“This is recognition that
there is tremendous demand
on the application process,” Mr
Comito said, adding that there
needed to be greater clarity on
exactly what the WHTI
requirements were so that trav-
ellers are not left confused.

Vernice Walkine, the Min-
istry of Tourism’s director-gen-
eral, said in a statement that
the US announcement was a
welcome development for the
industry, particularly approach-
ing the summer vacation travel
season.

“There have been numerous
reports of the growing frustra-
tions that US passport appli-
cation delays had caused many
would- be holiday goers,” she
said. “So we are especially
pleased because this means
that any visitors whose vaca-
tion to the Bahamas may have
been in jeopardy due to such
delays, now has an alternative
that might still permit them to

‘enjoy the beautiful islands of

the Bahamas.”

She added that the Ministry
of Tourism would not be relax-
ing any of its initiatives to
encourage US citizens consid-

ANNOUNCEMENT

PAT STRACHAN

is pleased to announce
the opening of his
mortgage service business

SUCCESSFUL
MORTGAGE LTD.

Offering a wide range of
mortgage services.

No.7 S.1.G. Court
Winchester St. West
Tel: 328-5884

successfulmortgage@batelnet.bs |



POSITIONS AVAILABLE

Head Cooks
Applicants must have a minimum of four (4) years
experience in the field; good presentation is also
requested, Diplomas from the Nassau Hotel
Training College a must. Head cooks works
seasonally, split shifts weekly.

; Head Chef (Room Service)

Applicants must have experience in pastry, garde |

manger, and most important fine dining.
Management skills and people skills a must. This
challenging position will need flexible and well-
experienced persons in classical French cooking
and at the forefront of new Bahamian cuisine.

Minimum of seven (7) years experience in the |

field of cooking is necessary. All standard diplomas
from the Nassau Hotel Training College are
required. This is a seasonal position with possibility
of full time if performance is satisfactory.

‘Head Chefs Fine Dining/Casual Bistro:
Applicants must have experience for our fine
dining and casual bistro venues. Knowledge in
fine dining food, pastry and garde manger is a
must. Management skills and people skills a
must. This challenging position will need flexible
and well-experienced persons. Minimum of seven
(7) years experience in the field of cooking. All
standard diplomas from the Nassau Hotel Training
College are a must.

All interested persons are asked to fax resumes to:
The Human Resources Director
, for the attention of the Director of Cuisine,
Fax #362-6245,
Nassau, Bahamas.

ering travel outside their coun-
try to apply for passports.

Mr Comitio added that the
Nassau/Paradise Island Pro-
motions Board’s passport reim-
bursement programme, in
which the cost of obtaining a
passport is reimbursed to US
travellers staying at many
Bahamian hotels, was likely to
continue.

Ed Fields, vice-president of
public affairs for Atlantis-own-
er Kerzner International, said
the company was “obviously
pleased by. the decision” tak-
en by the US government.

The move by the US State
Department and Department
of Homeland Security was
designed to accommodate the
back log of applicants now fac-
ing up to a 12-week wait to get
their documents.

But the WHTI passport
requirement has been sus-
pended only for persons who
have already applied for a pass-
port.

According to the new regu-
lations, travellers will be
allowed to fly to the Bahamas
and Caribbean until the end of
September 2007 without a pass-
port if they present a State
Department receipt showing
they had applied for a passport,
and possess government-issued
identification, such as a driver’s
licence.

Travellers showing only
receipts would receive addi-
tional security scrutiny, which

could include extra question-
ing or bag checks.

There is still no passport
required for Americans driving
across the Canadian or Mexi-
can borders or taking sea cruis-
es, although those travelers are
expected to need passports
under new rules beginning next
year.

Easing the rules should allow
the State Department to catch
up with a massive surge in
applications that has over-
whelmed passport processing
centers since the rule took
effect this year, ruining or
delaying the travel plans of
thousands.

Maura Harty, assistant sec-
retary for consular affairs,
acknowledged that the State
Department did not expect the
flood of applications.

“What we did not anticipate
adequately enough was the
American citizens’ willingness
and desire to comply with the
Western Hemisphere Travel
Initiative in the timeframe that
they did,” Ms Harty said.

She said the department had
hired 145 people last month to
work on the backlog, and
would hire 400 more HDEODIE
this quarter.

Last year, the agency
processed 12.1 million pass-
ports. This year, officials expect
to process about 18 million, Ms
Harty said. The department
received one million applica-
tions in December, 1.8 million

M | D W AY HOME IMPROVEMENTS

“Where Our Quality & Experience Shine!”

Specializing in:

Roofing, Home Maintenance, Painting & Varnishing,
Pressure & Mildew Cleaning, Roof Painting, Water
_ Proofing, Plumbing, Window Cleaning, Drywall
~- Installation, Replace Rotten Woodwork, os
Laminate Floor, Tiling, Repair rh
Cracks to Concrete Walls
LEROY TUCKER - Proprietor is
Tel: 242-325-5633, 242-425-8580 « P.O. Box SP -60315

NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) CACHE ASSOCIATES INC. is in dissolution under the
provisions of the International Business Companies Act 2000.

(b) The Dissolution of said Company commenced on June 8, 2007
when its Articles of Dissolution were submitted and registered by

the Registrar General.

The Liquidator of the said company is Lakeisha Collie of 2nd
Terrace West, Centreville, Nassau, Bahamas.

All persons having Claims against the above-named Company are
required on or before the 11th 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 11, 2007

LAKEISHA COLLIE
LIQUIDATOR OF THE ABOVE-NAMED COMPANY

Become self-sufficient and
acquire the skills to start and
successfully run your own
business. Alpha Entrepreneurial
Management Training &
Consultancy Services (AEMTC)
can make it happen for you!

HOW TO START &
OPERATE A BUSINESS

PHASE I

June 11, 12, 14, 18, 19 & 20, 2007

6pm-9pm
The College of The

Bahamas, Grosvenor Close
Campus (GCC) Room 113,

Shirley Street

Telephone: 393-5961
or 323-5195

E-mail: alphaenttraining@yahoo.com
CALL & REGISTER RIGHT NOW!

SPACE IS LIMITED!

in January and 1.7 million in
February.

Turnaround times for pass-
ports were bumped up from six
to 10-12 weeks after the surge,
Ms Harty said. But 500,000
applications have already taken
longer, she said.

Carrying out the new rules

while trying to process existing
applications has been akin to
“changing out the aircraft
engine in flight,” she said. Still,
the agency expects to eliminate
the backlog and meet the new
standard of 10-12 weeks before
the end of September, Ms Har-
ty added.

DEPUTY DIRECTOR
NEEDED

The Anglican Central Education Authority invites
applications from qualified Individuals for the -
position of Deputy Director of Education for
Curriculum and Supervision, beginning September

2007.

The applicant must have a Masters Degree in
Education from a recognized University, with at least
ten (10) years accumulative administrative
experience. The applicant must also be computer

literate.

Only qualified applicants need apply.

For further details and application forms, please
contact the Anglican Central Education Authority
on Sands Road at telephone (242) 322-3015/6/7.

Letters of application submitted with copies of Degree
Certificates, Curriculum Vitae, three references, and
three passport size ‘Photographs, must be addressed
to: -

The Director Of Education
The Anglican Central Education Authority
P.O. Box N-656
Nassau, Bahamas

The deadline for Application is Friday, June 29,
2007.



2007

COMMONWEALTH OF THE BAHAMAS
CLE/qui/00241

IN THE SUPREME COURT
Common Law and Equity Division

IN THE MATTER OF The Quieting Titles Act, 1959
AND

IN THE MATTER OF ALL THAT piece parcel or lot of land being
Lot Number Sixty Three (63) situate approximately One Hundred and
Ten (110) feet West of East Street Grant’s Town in the Southern District
of the Island of New Providence one of the Islands of the Commonwealth
of The Bahamas and bounded on the North by Lilly of the Valley Corner
and running thereon Ninety-two and Forty-six Hundredths (92.46) Feet
.on the East by Lot Number 62 1/2 on the plan of Grant’s Town the
property of the Church of God and running thereon One Hundred and
Fifty-three and Forty-two Hundredth (153.42) feet on the South by Lot
Number Seventy-six (76) on the plan of Grant’s Town filed in the
Department of Lands and Surveys and running thereon Ninety-six and
Ninety-one (96.91) feet and on the West by Lot Number Sixty-two (62)
on the said plan and running thereon One Hundred and Forty-one and
Thirty-nine Hundredths (141.39) feet.

AND

IN THE MATTER of the Petition of V.G. Clarke and Ross Davis
(Executors of the Estate of Cecil Alfred Kenny, Deceased)

NOTICE

THE PETITION OF V.G. Clarke and Ross Davis (Executors of the
Estate of Cecil Alfred Kenny, Deceased) in respect of:-

“ALL THAT piece parcel or lot of land being Lot No. 63
situated on the southern side of Lily of the Valley Corner and
approximately 110 feet west of East Street in the City of
Nassau, on the Island of New Providence and bounded on the
North by a 30 feet wide road and running thereon 92.46 feet;
on the South by Lot Number 76 and running thereon 96.91
feet; on the East by Lot Number 65 the property of The Church
of God and running thereon 153-42 feet; and on the West by
Lot Number 62 and running thereon 141.39 feet.”

V. G. Clarke and Ross Davis (Executors of the Estate of Cecil Alfred
Kenny, Deceased) claim to be the owners of the unincumbered fee simple
estate in possession of the said land and has made application to the
Supreme Court of the Commonwealth of The Bahamas under Section
Three (3) of the Quieting Titles Act, 1959 to have their title to the said
land investigated and the nature and extent thereof determined and
declared in a Certificate of Title to be granted by the Court in accordance
with the provisions of the said Act.

Copies of the Petition and the Plan of the said land may be inspected
during normal office hours in the following places:

1. The Registry of the Supreme Court, East Street North in the
City of Nassau, Bahamas; and

2. The Chambers of Lockhart & Munroe, #35 Buen Retiro
Road, off Shirley Street, Nassau, Bahamas.

NOTICE is hereby given that any person having dower or right to dower
or an Adverse Claim or a claim not recognized in the Petition shall on
or before the expiration of Thirty (30) days after the final publication of
these presents, file in the Supreme Court and serve on the Petitioners
or the undersigned a Statement of his claim in the prescribed form verified
by an affidavit to be filed therewith.

Failure of any such person to file and serve a Statement of his Claim on
or before the expiration of Thirty (30) days after the final publication of
these presents will operate as bar to such claim.

LOCKHART & MUNROE
Chambers

#35 Buen Retiro Road

Off Shirley Street

Nassau, Bahamas

Attorneys for the Petitioners


PAGE 8B, MONDAY, JUNE 11, 2007





THE TRIBUNE

Doctors hopes for Western
Medical sale ‘in six months’

FROM page 1

Providence, interest in the
property continues,” DHHS
said in its 2007 annual report.
“However, despite the pres-
ence of several interested par-
ties, a sale has yet to be con-
summated.” The company re-
evaluated its options for West-
ern Medical Plaza during fiscal
2007, concluding that a sale
was still the best option.
Enjoying its second best
financial performance in fiscal
2007, with net income totaling

ae

$2.33 million despite being 34.1
per cent down on the previous
year’s $3.534 million, DHHS
indicated that it still continued
to be troubled by accounts
receivables, which largely con-
sist of funds owed for medical
services by the National Insur-
ance Board (NIB), private
insurance companies and indi-
viduals.

Provisions

Provisions for doubtful
accounts as a percentage of
patient service revenues rose
slightly during fiscal 2007, end-

ing the year at 6.9 per cent
compared to the previous
year’s 6.7 per cent. This rep-
resented a $0.1 million or 5.2
per cent rise.

Total gross receivables for
year-end January 31, 2007,
stood at $12.579 million, with
the provision for doubtful
accounts standing at $6.107
million, some 48.5 per cent of
the amount owed. This left net
accounts receivable standing
at $6.472 million.

Just over 48 per cent of gross
receivables, some $6.067 mil-
lion, were owed be self-pay,
indigent and uninsured

patients, with private insurance
companies owing most of the
remainder - $5.67 million — and
the NIB $842,025.

Gross

Some 45.6 per cent of gross
accounts receivables, amount-
ing to $5.73 million, were more
than 180 days overdue. DHHS
said the $1.2 million balance
owed by private insurers that
was more than 180 days over-
due were outstanding amounts
owed by the Public Hospitals
Authority (PHA) and the
Bahamas Public Services

LOOKING TO GIVE YOUR CAREER A BOOST?
Come to KPMG...

We are currently seeking qualified Seniors to join our Audit practice.

Supervising Senior/Seniors

The successful candidates for the Supervising Senior/Senior positions must have at least three to four years

professional public accounting experience.

recognized by the Bahamas Institute of Chartered Accountants.

Applicants must hold a CPA, CA, or other professional designation

Excellent opportunities exist in our Audit, Corporate Finance, and Risk Advisory departments, to broaden your
professional experience. We offer competitive compensation and benefits packages.



Applicants should submit a cover letter, resume, and a copy of their professional certification to: KPMG, Human Resources

Manager, P.O. Box N123, Nassau, Bahamas or acash@kpmyg.com.bs. Telephone:

AUDIT « TAX =» ADVISORY

© 2007. KPMG, a Bahamian partnership, and a meer firm of the KPMG network of independent member firms affiliated with KPMG International, a
Swiss cooperative. All rights reserved.













(242) 393 2007



Queen’s College

Centre for Further Education

P.O. Box N-7127, Nassau, Bahamas

Tel: (242) 393-1666/2646, Fax: (242) 393-3248

AT Summer Classes at ac

Y Planning for college?
Â¥ Do you want to earn extra credits before entering college ?

Â¥ Do you want to reduce college cost?
Y Do you want to qualify for scholarships?

Grade 10 & 11 students, give yourself the best advantage by
preparing for the SAT exam and attending the AP classes wah
qualified instructors at Queen’s

_ Sit a Te





Cost

Start Date Schibdide:

)7 | Mon. to Thurs.
5: 30 - 8:30p.m.

Current Grade 10 & il students from all
schools are invited to attend.












Mon. to Thurs.
§:30 - 7:30 p.m.








Psychology _

s College.

UE UM Rao



English
li anguage

$175 | June 2



History

Duration of classes - 3 weeks
Start date: June 25, 2007—-End date: July13, 2007

$175 | June 25, 2007

wed on













Mica: to Fe
10:30- 12 noon













Greup or family discounts available!

2 students/ family members 9%

3 or more students/ family members 8%



Union (BPSU).

“As at January 31, 2007,
these two entities account for
two thirds of the receivables
in this category,” DHHS said.

The allowance for doubtful
accounts rose by $1 million in
fiscal 2007, due to “the marked
increase in the number of indi-
gent, self-pay and insured
patients who were unable to
settle a significant portion of
their bills upon discharge”.

DHHS added that it was
undertaking “an intensive legal
campaign” to recover sums
owed from Bahamians and res-
idents able to pay, adding that
its experience with private
insurers had been better,
reducing the receivables they
owed by 23 per cent at January
31, 2007, compared to the pre-
vious year.

Days revenue in accounts
receivable decreased to 66 days
from 74 days a year earlier,
due to a 16.2 per cent decline
in net accounts receivable.
Some $101,000 was recovered
in 2007 from accounts written
off a year before. As a per-
centage of patient revenues,
net receivables fell from 20 per
cent in 2006 to 17 per cent in
2007.

DHHS noted that utility
costs again rose in 2007,
increasing by 10.2 per cent
compared to a 22.1 per cent
rise in 2006, largely on the back
of electricity prices.

Government taxes and fees
increased by 12.1 per cent to
$0.9 million, due to increased
business licence fees, and













The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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

Share your news

DHHS said it had again sub-
mitted a request to the Minis-
ter of Finance for recognition
as a “hospital” under the Busi-
ness Licence Act.

“During fiscal 2008, the com-
pany intends to renew its for-
mal requests for tax conces-
sions commensurate with its
position as a major provider
of essential health services,”
DHHS said.

- “These concessions include

the substantial reduction in
work permit fees for scarce,
trained healthcare profession-
als in areas with the most
intense global competition.
Such areas include trained
nurses and technologists.”

Interest

There was better news for
DHHS on interest costs, which
dropped by 18 per cent due to
lower loan rates, reduced debt
and restructuring of its debt
portfolio. The restructuring
negotiated with Royal Bank of
Canada saw loan rates on
Western Medical Plaza and
Doctors Hospital (Bahamas)
fall to Bahamian Prime + 1.5
per cent, while the overdraft
facility interest rate fell to
Bahamian Prime + 1.25 per
cent. f

The effect of all this, plus the
extension of the repayment
periods on those two loans to
10 years rather than full repay-
ment by 2009, will save DHHS
about $1.5m per year in inter-
est costs and free up an equiv-
alent cash flow.



IN THE SUPREME COURT

Equity Side

Bahamas.

Knowles





COMMONWEALTH OF THE BAHAMAS

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

AND

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

AND

IN THE MATTER OF the Quieting Titles Act 1959

NOTICE

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

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

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

NOTICE IS HEREBY GIVEN that any person having dower or right to
dower or an adverse claim or a claim not recognized in the Petition shall

before the 6" day of July A.D. 2007 from the publication of this notice
inclusive of the day of such publication file Notice in the Supreme Court

in the City of Nassau in the Island of New Providence aforesaid and serve
on the Petitioners or the undersigned a statement of his or her claim in the
prescribed form verified by an Affidavit to be filed therewith. The failure of
any such person to file and serve a statement of his or her claim within the
time fixed by the Notice aforesaid shall operate as a bar to such claim.

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

PYFROM & CO

Chambers

58 Shirley Street
Nassau, N.P. Bahamas

Attorneys for the Petitioners





aTeek
toh #
Jeatpo
road
AWG
ThA

ie2ober



nnint :

=

‘a
t
|

a
yt
4
+
|
1
1
i

. 8 SS ee SS.

ee a ee

Lee 0.0 ¢ os aut FFE FS Be Oe ee WR RGEC 6 0 4". 7.866 ee Tee eee s

FPP AE EDF Bee S a

'f

i
j
THE TRIBUNE

BUSINESS

MONDAY, JUNE 11, 2007, PAGE 9B



Bahamas in
‘superior position’
on alternative
energy search

FROM page 1

stored in the sea. Some of this
energy could be recaptured at
sites where major differences
in seawater temperature, such
as 40 degrees Fahrenheit, exist-
ed close to one another, with
the recaptured energy used to
generate electricity

Mr Bardelmeier suggested
that an OTEC plant could
exploit the 80 degree warm
surface water commonly found
off southwestern New Provi-
dence, a location he described
as having “the ideal plant site
specifications”.

Discharged

Water taken from the sea
would be discharged into a
tank, a vacuum pump s all the
air out, and the vacuum will
then cause the warm water to
generate low-temperature,
energy generating steam that
can be used to power turbines.

As the steam exits the tur-
bine, it then encounters the 40
degree water pumped in from
a depth of about 3200 feet,
causing the steam to condense
before the water is pumped
back into the sea.

, Mr Bardelmeier added that
\ aclosed-cycle OTEC could be

used to produce both electric-
ity and fresh water, and that
while Florida and US east
coast sites did not have easy,
short access to water that was
3,200 feet deep, New Provi-
dence did.

He said: “The Bahamas
seems to have done little to
maintain a watching brief upon
scientific developments in this
field, nor to explore probable
future benefit from Ocean
Thermal Energy Conversion,
despite the fact that we have
almost unique sites where 80
degrees surface water is juxta-
posed with 40-degree deep
ocean water, quite adequate to
run an OTEC plant with its ini-
tial high capital cost and
extremely low running cost.

“A high capital cost of an
OTEC plant is not due toa
precision engineered turbine,
but is due to the huge diameter
and installation cost of the cold
water pipe.

“Our unique sites, where the
cold water pipe length can be
minimized, along with the oth-
er combination of desirable
characteristics, despite OTEC’s
overall very low energy effi-
ciency of perhaps only 4 per
cent, promises long-term,
assured low-cost electric pow-
er when compared with today’s

energy hungry generating sys-

_tems.

“Would it really matter that
we’d only initially capture, say
4 per cent, of the energy avail-
able, and that overall efficien-
cy would be very low, so long
as the system requires no fuel,
little labour and very little
maintenance expense Over a
long life span?”

Time

Mr Bardelmeier said he
thought it was “only a matter
of time” before foreign ven-
ture capital was attracted to
looking at building an OTEC
plant in the Bahamas, selling
power to the Bahamas Elec-
tricity Corporation (BEC) and
“setting in at the ground floor
of what may be a widespread
island industry around the
globe in the next two décades”.

He pointed out that bottled
water drawn from the ocean
depths, with its high desalinat-
ed mineral content, had
become Hawaii’s third largest
export earner in three years,
generating $8.8 million in sales
during the 2006 first quarter
and employing 100 people.

Mr Bardelmeier told Rotar-
ians that another form of alter-
native energy being studies was

To advertise in The Tribune -
the #1 newspaper in circulation,
just call 322-1986 today!

NOTICE OF VACANCY

A vacancy exists for a Bahamian at The Grand Bahama Port Authority,
Limited in the Building and Development Services Department.

Vacancy:

Director of Building and Development Services. The position reports
directly to Management.

Qualifications/Pre-Requisites:

Bachelor’s degree in Civil Engineering with a minimum of fifteen
(15) years experience with substantial knowledge in the construction
industry w.r.t. building services, substantial familiarity with building
codes, substantial knowledge in urban engineering, and substantial
experience in management of projects. Legal mindedness, computer
literacy, the ability to communicate effectively and speak publicly,
and a character of integrity are essential.

Responsibilities:

Managing the day to day operations of the Building and Development
Services Department with respect to Building and Planning Code
matters, contracts administration of capital projects, implementation
of management’s physical planning of subdivisions and overseeing
the City Management Department.

Résumés with supporting documentation should be submitted to:

The Personnel Department
The Grand Bahama Port Authority, Limite

Grand Bahama
or

P.O. Box F-42666 Freeport,

Email: personnel@gbpa.com

On or before June 29, 2007

gas hydrates, with scientists
believing that more methane
is locked up in these than in
the world’s gas fields com-
bined.

And the area northwest of
the Bahamas, known as the
Blake Plateau, is seen as the
world’s leading source of gas
hydrates by scientists, he
added.

Both OTEC and the Blake
Plateau were of “great long-
term potential” to the
Bahamas, said Mr
Bardelmeier, a former execu-
tive with US Steel’s Navios,
which operated a large fleet of
ships from Nassau for 25 years.

But he added: “I have been
disappointed to observe how
totally indifferent to the pres-
ence of these potentially
important resources in the
Bahamas has been.”

As an example, he cited
inquiries he made to the
Departments of Lands and
Surveys about obtaining a
chart of the Blake Plateau, and
was met “in essence” with a
‘Where’s the Blake Plateau?’
response.

“I think it will behoove us
as a nation to maintain a clos-
er eye upon all such scientific
developments,” said Mr
Bardelmeier.

Legal Notice

NOTICE
KOOBARRA OUTBACK INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in disolution, which commenced
on the 22nd day of May 2007. The Liquidator
is Argosa Corp. Inc., P.O.Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

| Annual General Meeting

To: All members of The Bahama Islands Resorts &
Casinos Co-operative Credit Union (BIRCCCU) Ltd.
The Eugene Cooper Building, #9 Village Road.

Notice is hereby given that the Twenty-second (22nd)
Annual General Meeting of the Paradise Island Resort
& Casino Co-operative Credit Union Limited (Now
Bahama Islands Resorts & Casinos Co-operative Credit
Union Ltd.) will be held at the Credit Union’s premises,
_ #9 Village Road, Nassau, Bahamas on

Saturday, June 16th, 2007 commencing at 9:00a.m.
For the following purposes:

To receive the Report of the Board of Directors for 2006.

To receive the Audited Accounts for 2006

To take action on such matters as may come before the meeting.
To elect members of The Board of Directors

THERE WILL BE NO SECOND CALL MEETING AS
PER THE CO-OPERATIVE ACT 2005 SECTION 22

Linda Symonette
Secretary
May 2007



E TO CREDITOR:

Freeport Taxi Company Limited

First Atlantic Realty Limited

Bahamas Developers, Limited

PAW Distributing Company Limited

Tokyo Investments Limited

Commonwealth Group of Companies Limited

Remax Realty Limited

King O’ Beef Limited

Kensington International Management Company Limited
Stuart Travel Services Limited

Northern Transport Limited

Skate World Limited

Special Venture Associates Limited

Deep Blue Energy (Bahamas) Limited formerly Nashumi
International Limited

TAKE NOTICE that all persons having claims against any of the
Companies listed above, as creditors, must, before close of business on Friday
the 29" day of June, 2007, send to the Joint Receiver and Manager address shown below, by letter, facsimile or electronically, full particulars of the

amount and nature of their claim together with invoices, or any other documents

evidencing the same and contact information of the creditor. Failure to submit
a claim by the 29" June, 2007 may result in a loss of rights with respect to such

a claim. The Joint Receiver and Manager reserve the right to accept or reject

any claim. The Joint Receiver and Manager reserve the right to require further

evidence in support of any claim before accepting a claim. Creditors submitting

claims with sufficient and proper evidence thereof before the 29" June, 2007

will be advised in writing of whether their claim is accepted. Acceptance of

| claims by the Joint Receiver and Manager does not impose any liability on the

Joint Receiver and Manager to pay such claim. Claims which are accepted

in writing by the Joint Receiver and Manager will be considered for payment

depending upon the priority of such claim and the availability of funds to meet

such claim.

Dated this 6" day of June A.D., 2007

Kevin D. Seymour

Joint Receiver and Manager
PricewaterhouseCoopers

Regent Centre East

P.O. Box F-42682

Freeport Bahamas

Telephone: (242) 352-8471

Facsimile: (242) 352-4810

E-Mail: kevin.d.seymour@bs.pwce.com


teem tu, WIYINUAT, JUINE 11, Z200/

PRICEWATERHOUSE(QOPERS





PricewaterhouseCoopers
P.O. Box N-3910
Providence House

East Hill Street

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

INDEPENDENT AUDITORS’ REPORT

To the Shareholders of Fidelity Bank & Trust International Limited

We have audited the accompanying consolidated balance sheet of Fidelity Bank & Trust International Limited (the
Bank) and its subsidiaries (together, the Group) as of 31 December 2006 and a summary of significant accounting
policies and other explanatory notes.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of this consolidated balance sheet in accordance
with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintain-
ing 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 require-
ments and plan and perform the audit to obtain reasonable assurance whether the consolidated 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 the Group as of 31 December 2006, in accordance with International Financial Reporting Standards.

Emphasis of Matter
Without qualifying our opinion, we emphasise 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 the Group.

Chartered Accountants
Nassau, Bahamas

23 May 2007



Fidelity Bank & Trust International Limited
(Incorporated under the laws of the Commonwealth of The Bahamas)

Consolidated Balance Sheet As of 31 December 2006
(Amounts expressed in Bahamian dollars)

~ 2006 2005

i $ $

ASSETS cette
Cash on hand and at banks (Note 4) 73,686,924 46,460,618
Investment securities: =

-financial assets at fair value through profit or loss (Note 5) 36,269,953 37,107,111
Mortgages, consumer and other loans (Notes 6) 180,872,423 163,383,779
Prepayments and other assets . 9,500,118 9,810,660
Property, plant and equipment (Note 7) 15,095,448 11,786,660

Goodwill (Note 8) 1,454,195 1,454,195
TOTAL ASSETS 316,879,061 270,003,023
LIABILITIES

Customer deposits (Note 9) 256,682,921 215,311,158
Loans from banks (Note 10) 2,848,589 3,217,285
Accrued expenses and other liabilities 12,549,450 15,519,789





TOTAL LIABILITIES 272,080,960 234,048,232

EQUITY

Capital and reserves attributable to the Bank's

equity holders

Share capital - ordinary shares (Note 11) 10,000,000 10,000,000

Share capital - preference shares (Note 12) 12,000,000 -

Revaluation surplus 3,447,431 2,283,974

Retained earnings 11,079,319 6,228,851
36,526,750 18,512,825

Minority interest 8,271,351 17,441,966



TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY

44,798,101 35,954,791

316,879,061 270,003,023

Yeas.

Director

Approved on behalf of the Board of Directors:
Director

23 May 2007
Date



Notes to the Consolidated Balance Sheet
31 December 2006

1. Incorporation and activity

Fidelity Bank & Trust International Limited (the Bank) is incorporated under the Companies Act, 1992 of the
Commonwealth of The Bahamas.

The Bank is licenced under the Bank and Trust Companies Regulation Act, 2000, to carry on banking and trust
business in The Bahamas, subject to the condition that it does not carry on any banking and trust business without
the prior approval of the Minister of Finance. Its primary business is that of a holding and management company
for its subsidiaries. The Bank, through its subsidiaries in The Bahamas and the Cayman Islands, offers a full range
of investment banking, retail banking and insurance brokerage services.

The registered office of the Bank is situated at #51 Frederick Street, Nassau, Bahamas. As of 31 December 2006,
211 (2005: 190) persons were employed by the Bank and its subsidiaries (together, the Group).

2 Summary of significant accounting policies

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

(a) Basis of preparation

The consolidated balance sheet has been prepared in accordance with International Financial Reporting
Standards (IFRS). The consolidated balance sheet has been prepared under the historical cost convention,
as modified by the revaluation of land and buildings, and financial assets held at fair value through profit or
loss.

(b)

(c)

(d)

(f)

(g)

(h)

(i)

THE TRIBUNE BUSINESS =

The preparation of the consolidated 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 Group’s accounting policies. The areas involving a higher degree of judgment or complexity,
or areas where assumptions and estimates are significant to the consolidated balance sheet, are disclosed in
Note 18.

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. The existence
and effect of potential voting rights that are currently exercisable or convertible are considered when
assessing whether the Bank controls another entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the Bank. They are de-consolidated from the date that control ceases,

Inter-company transactions, balances and unrealised gains on transactions between group companies are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of impairment of
the asset transferred. Accounting polices of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Bank.

The consolidated balance sheet includes the accounts of the Bank and its subsidiaries, after the elimination
of all significant inter-company balances and transactions.

Foreign currency translation
i) Functional and presentation currency

Items included in the balance sheet of each of the Group’s entities are measured using the currency of
the primary economic environment in which the entity operates (the functional currency). The consoli .
dated balance sheet is presented in Bahamian dollars, which is the Bank’s functional and presentation
currency.

ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the’
settlement of such transactions and from the translation of monetary assets and liabilities denominated
in foreign currencies are recognised in the consolidated income statement. Translation differences on:’
monetary financial assets measured at fair value are included as a part of the fair value gains and losses.

Financial assets

The Group classifies its financial assets in the following categories: financial assets at fair value through
profit or loss and loans and receivables. Management determines the classification of its investment upon
initial recognition. : :

i) 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.

Fair value of exchange-traded securities is determined using the closing market price at the close of
trading on the balance sheet date. The fair value of over-the-counter securities is determined using the
average bid price quoted by local broker dealers. Securities for which no quoted price is available are
valued by directors using valuation techniques, including recent arm’s length transactions, discounted
cash flow analysis, and other valuation techniques commonly used by market participants. Govern-
ment securities have been designated as financial assets at fair value through profit or loss.

ii) Loans and receivables (Mortgages, consumer and other loans)

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

Regular purchases and sales of financial assets are recognised on trade-date — the date on which the Group ~
commits to purchase or sell the asset. Financial assets are initially recognised at fair value plus transaction
costs, except financial assets carried at fair value through profit or loss; where such costs are expensed as
incurred. Financial assets are derecognised when the rights to receive cash flows from the financial assets
have expired or where the Group has transferred substantially all risks and rewards of ownership.

Financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and
receivables are carried at amortised cost less provisions for impairment. The mortgage loans are supported
principally by first mortgages on single-family residences, provide for monthly repayments and earn
interest at variable interest rates over periods of up to twenty-five years. Other loans are supported
principally by chattel mortgages and provide for monthly repayments over periods of up to ten years, or are
fully collateralised by cash or marketable securities held by the Group on behalf of its customers.

Gains and losses arising from sale or changes in fair value of financial assets at fair value through profit or
loss are recognised in the consolidated income statement in the period in which they arise.
Non-performing assets a
Non-performing assets mclude all loans on which the status of overdue payments of principal and interest.
are such that management considers it prudent to classify them to non-performing status. All mortgage

loans and consumer loans on which principal and interest payments are overdue in excess of ninety days are
considered by management to be non-performing.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when
there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a
net basis, or realise the asset and settle the liability simultaneously. For securities transactions executed
through the Bahamas International Stock Exchange, the Group records a net settlement receivable or
payable with other brokers.

Income and expense recognition

Interest income and expense are recognised in the consolidated income statement for all instruments
measured at amortised cost using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial asset or a financial
liability and of allocating the interest income or interest expense over the relevant period. The effective
interest rate is the rate that exactly discounts estimated future cash payments or receipts through the
expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount
of the financial asset or financial liability. When calculating the effective interest rate, the Group estimates
cash flows considering all contractual terms of the financial instrument (for example, prepayments options)
but does not consider future credit losses. All fees and points paid or received between parties to the °
contract that are an integral part of the effective interest rate, such.as transactien costs and all other
premiums or discounts, are included in the calculation.

Dividend income is recognised in the consolidated income statement when the Group’s right to receive
payment is established.

Fee and commission income arising from negotiating or participating in the negotiation of a transaction for
a third party, such as the arrangement of the acquisition of shares or other securities, are recognised on
completion of the underlying transaction, which is generally at the time the customer’s account is charged.
Portfolio, advisory, asset management and custody service fees are recognised based on the applicable
service contracts, usually rateably over the period in which the service is provided. Performance linked fees
are recognised when the performance criteria are fulfilled.

Commission income and expense on insurance policies are recognised when the policies are written, as the

Group has no further service obligations associated with these commissions.
Other income and expenses are recognised on an accrual basis.
Impairment of financial assets

Assets carried at amortised cost

The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or
group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impair-
ment losses are incurred if, and only if, 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) has
an impact on the estimated future cash flows of the financial asset or group of financial assets that can be -
reliably estimated.

If there is objective evidence that an impairment loss on loans and receivables has been incurred, the
amount of the loss is measured as the difference between the asset’s carrying amount and the present value
of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the
financial asset’s original effective interest rate. The carrying amount of the asset is reduced through the use
of an allowance account and the amount of the loss is recognised in the consolidated income statement. Ifa
loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective
interest rate determined under the contract. As a practical expedient, the Group may measure impairment on
the basis of an instrument’s fair value using an observable market price.

Property, plant and equipment

Property, plant and equipment, other than land and buildings, are carried at historical cost less accumulated
depreciation and amortisation. Historical cost includes expenditure that is directly attributable. to the
acquisition of the items. Land and buildings are carried at fair value based upon periodic independent
appraisals, which are commissioned at intervals not exceeding three years.

Land and buildings comprise mainly of branches and offices.

Subsequent costs are included in the asset’s carrying amount or are recognised as a separate

asset, as appropriate, only when it is probable that future economic benefits associated with the item will :
flow to the Group and the cost of the item can be measured reliably. All repairs and maintenance are
charged to the consolidated income statement during the financial period in which they are incurred.

Â¥

pay: Rb (sce nis ay
THE TRIBUNE BUSINESS

Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate
their cost to their residual values over their estimated useful lives as follows:

Buildings 30 - 50 years

"Furniture and fixtures 3 - 10 years

3-5 years

Motor vehicles

Computer Software



Office Equipment _ 3-10 years |
Leasehold improvements 3 - 10 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet

date.

Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circum-
stances indicate that the carrying amount may not be recoverable. An asset’s carrying amount is written
down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated
recoverable amount. The recoverable amount is the higher of the asset’s fair value less costs to sell and
value in use.

Increases in the carrying amount arising on revaluation of land and buildings are credited to “revaluation
surplus” in equity. Decreases that offset previous increases of the same asset are charged against revalua-
tion surplus directly in equity; all other decreases are charged to the consolidated income statement. Each
year the difference between depreciation based on the revalued carrying amount of the asset charged to the
consolidated income statement and depreciation based on the asset’s original cost is transferred from
revaluation surplus to retained earnings.

Assets under construction relate to assets which are in the process of being constructed or developed and
are currently not in use. No depreciation is charged on such assets. Upon completion, these assets will be
transferred to their appropriate. asset category and depreciation will commence on the first day that the
assets come into use.

Gains and losses.on disposals are determined by comparing proceeds with the carrying amount and are
recognised in the consolidated income statement. When revalued assets are sold, amounts included in
revaluation surplus are transferred to retained earnings.

(j) Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the
net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is tested annually for
impairment and carried at cost less accumulated impairment losses. Impairment losses are allocated to the
cash-generating units resulting in the goodwill. Gains and losses on the disposal of an entity include the
carrying amount of goodwill relating to the entity sold.

(k) Leases

i) The Group is the lessee

The leases entered into by. the Group are primarily operating leases. The total payments made under
operating leases are charged to the consolidated income statement on a straight-line basis over the
period of the lease.

When an operating lease is terminated before the lease period has expired, any payment required to be
made to the lessor by way of penalty is recognised as an expense in the period in which termination
takes place. ,

ii) The Group is the lessor

Leases comprise operating leases. Lease income is recognised over the term of the lease on a straight-
line basis.

(Provisions

Provisions for restructuring costs and legal claims are recognised when the Group has a present legal or
constructive obligation as a result of past events, and it is more likely than not that an outflow of resources
will be required to settle the obligation and the amount has been reliably estimated.

(m) Employee benefits

The Group has a defined benefit pension plan and defined contribution pension plans, administered by
trustees who include executives of the Bank.

The defined benefit plan is funded through payments to a trustee administered fund determined by periodic
actuarial calculations. A defined benefit plan is a pension plan that defines an amount of pension
benefit that an employee will receive on retirement, usually dependent on one or more factors such as age,
, years of.service and compensation.

The liability recognised in the consolidated balance sheet in respect of the defined benefit pension plan is
the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets,
together with adjustments for unrecognised actuarial gains or losses and past service costs. The defined
benefit obligation is calculated annually by independent actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which
the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension
liability.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions in
excess of the greater of 10% of the value of plan assets or 10% of the defined benefit obligation are charged
or credited to the consolidated income statement over the employees’ expected average remaining working
lives. Past-service costs are recognised immediately in the consolidated income statement, unless the
changes to the pension plan are conditional on the employees remaining in service for a specified period of
time (the vesting period). In this case, the past-service costs are amortised on a straight-line basis over the
vesting period.

A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate

entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not

hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior
, periods. The contributions are recognised as staff benefits expense when they are due.

(n)’ Loans from banks
Loans from banks are recognised initially at fair value, being their issue proceeds (fair value of consider-
ation received) net of transaction costs incurred. Loans from banks are subsequently stated at amortised
cost; any difference between proceeds net of transaction costs and the redemption value is recognised in the

consolidated income statement over the period of the borrowings using the effective interest method.

(0) Ordinary share capital

Preference shares on which dividends are payable at the discretion of the Directors, have no specific date ,

for redemption and on which the shareholder has no option for redemption, are classified as share capital
and are included in equity. .

i) Share issue costs

Incremental costs directly attributable to the issue of new shares or options or to the acquisition of a
business are shown in equity as a deduction from the proceeds.

ii) Dividends on ordinary shares

Dividends on ordinary shares are recognised in equity in the period in which they are approved by the
Bank’s Directors. :

Dividends for the year that are declared after the balance sheet date are dealt with in the subsequent
events note.

(p) Preference share capital

Preference shares on which dividends are payable at the discretion of the Directors, have no specific date
for redemption and on which the shareholder has no option for redemption, are classified as share capital
and are inciuded in equity.

i) Share issue costs

Incremental costs directly attributable to the issue of new shares or options or to the acquisition of a
business are shown in equity as a deduction from the proceeds.

i) Dividends on preference shares

Dividends on preference shares are recognised in equity in the period in which they are approved by
the Bank’s Directors.

Dividends for the year that are declared after the balance sheet date are dealt with in the subsequent
events note.

(q) Fiduciary activities

The Group commonly acts as trustee and in other fiduciary capacities that result in the holding or placing
of assets on behalf of individuals, trusts, retirement benefit plans and other institutions. These assets and
income arising thereon are excluded from these consolidated financial statements, as they are not assets of
the Group.

(r) Corresponding figures

Where necessary, corresponding figures have been adjusted to conform with changes in presentation in the
current year.

MONDAY, JUNE 11, 2007, PAGE 11B

Subsidiaries

The Bank, directly or indirectly, has interest in the following entities:

Country of %
Incorporation Holding
Fidelity Merchant Bank & Trust Limited — — es
(FMBT) and its wholly owned subsidiaries: Bahamas 100%
- Fidelity Capital Markets Limited (FCML) Bahamas 100%
- Fidelity Share Registrars & Transfer Agents Limited
(FSRTAL) Bahamas 100%
- Fidelity Pension & Investment Services Limited (FPISL) Bahamas 100%
Fidelity Bank (Bahamas) Limited (FBB) Bahamas 75% (2005: 68%)
- West Bay Development Company Limited (West Bay) Bahamas 75% (2005: 79%)
Fidelity Bank (Cayman) Limited (FBC)
and its wholly owned subsidiaries: Cayman 100%
- Fidelity Insurance (Cayman) Limited (FIC) Cayman 100%
- Fidelity Broking Company Limited (FBCT) Turks & Caicos 100%
Cash on hand and at banks
2006 2005
$ $
Cash on hand and current accounts 43,202,753 36,822,864
Term deposits 25,844,971 4,264,780

___ 4,639,200 __ 5,372,974

Mandatory reserve deposits with The Central Bank
73,686,924 46,460,618

Included in term deposits is an amount of US$100,000 (2005: US$250,000), which has been pledged to support
a guarantee provided by another financial institution pursuant to a subsidiary’s agreement with Visa Interna-
tional (2005: Master Card International) to issue credit cards.

Mandatory reserve deposits are not available for uge in the Group’s day to day operations. Cash on hand, and
mandatory reserve deposits and other deposits with The Central Bank are non-interest-bearing. Deposits with
other banks earn interest at rates ranging from 0.0% (2005: 0.0%) to 3.0% (2005: 2.5%).

Investment securities

Financial assets at fair value through profit or loss ;
2006 2005



So es ees

Government securities 20,446,900 20,983,300

Mutual Funds:

Fidelity Bahamas Growth & Income Fund ° 11,049,163 9,913,322
Fidelity Bahamas Prime Income Fund 801,060 254,622
Listed equity securities 3,077,330 3,147,140
Fixed income securities 482,000 2,295,713
Unquoted securities 35,444 123,966
35,891,897 36,718,063

Accrued interest 378,056 389,048
36,269,953 37,107,111

Government securities comprise Bahamas Government Registered Securities with maturities ranging from
2007 to 2025 with interest rates ranging from the Bahamian dollar Prime rate plus 0.125% to the Bahamian
dollar Prime rate plus 1.250%. The cost of investment securities as of 31 December 2006 totaled $35,350,594
(2005: $35,392,964).

As of 31 December 2006, the Bahamian dollar Prime rate was 5.50% (2005: 5.50%).

Mortgages, consumer and other loans

Period to Maturity

Under One to Five to Over ten
one year five years ten years years 2006 2005
$ $ $ $ $ $
Mortgages 21,444,534 11,893,659 29,739,205 86,633,595 149,710,993 136,123,908

Consumer
and other loans 16,816,647 _ 14,574,740 1,922,629 1,052,203 34,366,219 30,071,896



Total 38,261,181 _26,.468.399 31,661,834 _87.685,798 184,077,212 166,195,804

Accrued interest 980,323 761,251
Provision for loan losses (4,185,112) (3,573,276)

180,872,423 _163,383.779

The movements in provision for loan losses during the year are as follows:

2006 2005
ete es eee
Balance as of | January 3,573,276 3,089,024
Provision for the year 1,036,639 411,924
Write-offs during year : (424,803) (90,054)
Recoveries : 162,382

Balance as of 31 December 4,185,112 3,573,276

Included in provision for loan losses is a specific loan loss reserve of $1,098,998 (2005: $1,579,418). The
provision for loan losses represents 2.27% (2005: 2.15%) of the total loan portfolio and 77.08% (2005: 57.33%)
of total non-performing loans.

Average interest rates on mortgages, consumer and other loans range from 6.75% to 13.75% (2005: 7.50% to
16.00%).

As of 31 December 2006, non-performing loans total $5,429,890 (2005: $6,232,953).

Property, plant and equipment



Computer
Software
Land Furniture Motor & Office Assets Under Leasehold
& Buildings & Fixtures Vehicles Equipment Construction Improvements Total
$ $ $ $ $ $ $
Year ended
31 December 2006
Opening net book value 8,498,728 994,222 55,024 1,184,666 - 1,054,020 —-11,786,660
Revaluation 1,467,545 - : - - - - 1,467,545
Additions - 571,780 187,709 725,602 153,232 1,401,058 3,039,381
Depreciation ___ (270,243) ___ (191,462) (36,355) (426,289) - _ (273,789) _ (1,198,138)

Closing net book value 9,696,030 _ 1,374,540 __ 206,378 _ 1,483,979 153,232 __2.181,289 _ 15,095,448

As of 31 December 2006 :
Cost or valuation 9,696,030 4,270,576 535,507 9,407,141 153,232 5,396,319 29,458,805





Accumulated

depreciation = (2,896,036) _ (329,129) _(7,923,162) = —B,215,030). (14,363,357)
Net book value 9,696,030 1,374,540 206.378 __1,483,979 153.232 _ 2.181.289 _15,095.448
As of 31 December 2005
Cost or valuation 9,072,853 3,698,796 347,798 8,681,539 - 3,995,261 25,796,247
Accumulated

depreciation (574,125) __ (2,704,574) _ (292,774) _(7,496,873) : (2,941,241) _(14,009,587
Net book value 8,498,728 __ 994,222 ___ 55,024 __1,184,666 _____- | __1,034,020 _1],786,660

If land and buildings were stated on the historical cost basis, the amounts would be as follows:

2006 2005
$ $

Cost 6,941,337 6,941,337
Accumulated depreciation (1,323,600) (1,141,853)
Net book value 5,617,737 5,799,484
Goodwill
The goodwill balance is as follows:

2006 2005

$ $

Balance as of 1 January , 1,454,195 1,454,195
Accumulated impairment : -
Balance as of 31 December 1,454,195 1,454,195
PAGE 12B, MONDAY, JUNE 11, 2007

9.

12.

13.

14,

15.





Customer deposits
The maturities of customer deposits are as follows:
Under One to
one year five years 2006 2005
$ $ $ $
Demand deposits 43,315,460 - 43,315,460 80,575,803
Savings certificates 28,727,589 - 28,727,589 18,721,713
Term deposits 122,009,347 45,940,343 167,949,690 109,452,484
Funds pending settlement 14,685,376 : 14,685,376 4,983,188
208,737,772 45,940,343 254,678,115 213,733,188
Accrued interest 2,004,806 1,577,970

Balance as of 31 December 256,682,921 215,311,158
Average interest rates on customer deposits range from 2.50% to 7.25% (2005: 2.50% to 6.00%).

Loans from banks



2006 2005

coer ete tases

Current 2,700,338 2,717,285
Non-current 148,251 500,000
Total 2,848,589 3,217,285

Included in the current portion of loans from banks is $2,500,338 (2005: $2,517,285), which represents the
balance drawn down against a $3 million line of credit advanced to the Bank from a commercial bank. The loan
bears interest at Bahamian dollar Prime rate plus 1.5%, is supported by a charge over 6,600,000 (2005: 6,600,000)
ordinary shares of FBB, and is repayable on demand.

The remaining current and non-current portions of loans from banks represent the balance due under a mortgage
loan, in the initial amount of US$2,000,000 that was advanced to West Bay to facilitate the purchase of a Nassau-
based property. The loan is supported by a first mortgage over the property owned by West Bay, bears interest at
3 month US$ LIBOR plus | 5% per annum and is repayable in 40 equal quarterly payments of $50,000, plus any
interest accrued at the date of each payment, that commenced in August 1998.

Share capital — ordinary shares





2006 2005
$ $
Share capital - ordinary shares
Authorised
5,000,000 ordinary shares of $0.10 cach 500,000 500,000
Issued and fully paid
3,432,099 ordinary shares of $0.10 each 343,210 343,210
Share premium
1,000,000 ordinary shares at a premium ;
of $4.90 per share 4,900,000 4,900,000
2,432,099 ordinary shares at an average
premium of $1.96 per share 4,756,790 4,756,790
9,656,790 9,656,790
Total share capital - ordinary shares 10,000,000 10,000,000
Share capital - preference shares
: 2006 2005
S$ §
Authorised
3,000,000 Class A non-voting 8% cumulative
~ redeemable preference shares of $0.10 each 300,000 300,000
2,000,000 Class B voting 5% cumulative
convertible redeemable preference shares of $0.10 each 200,000 200,000
10,000,000 Class C non-voting Bahamian dollar Prime rate
plus 0.75% (minimum 7.50%) cumulative preference
shares of $0.10 each 1,000,000 1,000,000
——— 1,500,000 ___ 1,500,009
Issued and fully paid
1,200,000 Class C cumulative redeemable
preference shares of $0.10 each 120,000 -
Share premium 11,880,000 :
Total share capital - preference shares 12,000,000 :

The Bank issued 1.2 million Class C cumulative, redeemable, and non-voting preference shares on | March 2006
for proceeds of $12 million. The preference shares are redeemable at the sole option of the Bank, except in the
event of a change of control, and redemption is subject to the approval of The Central Bank of The Bahamas.
Dividends are payable quarterly in arrears, at the sole discretion of the Directors of the Bank, at an annual rate of
0.75% above Bahamian dollar Prime rate, subject to a minimum rate of 7.50%. The Bank’s preference shares
rank ahead of the ordinary shares in the event of liquidation.

Related party transactions
Related parties include those entities and Directors which have the ability to control or exercise significant
influence over the Bank in making financial or operational decisions, and entities that are controlled, jointly

controlled or significantly influenced by them.

Loans and deposit accounts with Directors and officers amounted to $4,313,930 (2005: $1,232,738) and
$2,719,757 (2005: $873,076), respectively. 4

As of 31 December 2006, 68% (2005: 54%) of the Bank’s issued ordinary shares were held by key management.
Commitments
Loan commitments

As of 31 December 2006, the Group had commitments fur mortgage and other loans amounting to $15,395,565
(2005: $8,355,501). ,

Lines of credit

FBC has arranged a line of credit of US$2,400,000 with another financial institution operating within the Cayman

Islands. This facility is supported by a charge over certain of FBC’s land and buildings and was unused as of 31

December 2006 and 2005. This facility is renewable annually on 30 April.

FBB has pledged $3,000,000 (2005: $3,000,000) of Bahamas Government registered stock to support an
overdraft facility with another Bahamian commercial bank. The facility bears interest at 0.5% above the
Bahamian dollar Prime rate up to $1 million and 1.25% above the Bahamian dollar Prime rate for amounts in
excess of $1 million with a stand by fee of 0.25% on any unused portion of the facility. This facility was unused
as of 31 December 2006.

Unused lines of credit with commercial banks amounted to $5,899,662 as of 31 December 2006 (2005:
$5,682,715).

Operating lease commitments

The future minimum rental payments required under non-cancellable leases as of 31 December are as follows:

2006 2005

$ $

2006 - 823,567
2007 494,855 589,002
2008 437,623 544,242
2009 : 418,693 535,026
2010 387,10! 127,689

Total minimum payments 1,738,272 2,619,526

Contingent liabilities

Love Estates: In 1988, FBB lent the developer of Love Estates certain sums of money and also joined in as surety
for various performance bonds aggregating $3,328,043 in favor of the Ministry of Public Works. The loans and
the bonds were supported by a first legal mortgage over the unsold lots in the subdivision. The works under the
bonds were to have been completed within 36 months. The developer defaulted under the mortgage with FBB.
Through the years, FBB has been in discussion with the Ministry of Public Works and various prospective
purchasers. In 2001, the Ministry obtained a judgement against the developer and FBB for the amount of the
bonds.

FBB is being sued for specific performance and damages in connection with a sale agreement dated 24 September
1997 in respect of the Love Estates property. As all conditions of the sale agreement have still not been met, and
in order to resolve this long outstanding matter, FBB entered into a Deed of Settlement (the Deed) with Rolling

16.

07.

18.

19.

THE TRIBUNE BUSINESS

Hills Development Corporation Limited (Rolling Hills) in April 2005. Under the Deed, Rolling Hills will assume
liability for the installation of the infrastructure in Phase One and Phase Two of the Love Estates Subdivision and
enter into performance bonds, in a form agreed by the Ministry of Works, to guarantee Rolling Hills installation
of the infrastructure and enable FBB to have the performance bonds, entered into between FBB and the Ministry
of Works dated 30 May 1988, cancelled.

In exchange for Rolling Hills entering into the above noted performance bonds, FBB agreed to pay settlement
costs totaling $350,000 to Rolling Hills which were expensed in 2004. Should Rolling Hills not enter into the
performance bonds, in a form agreed by the Ministry of Works, the Deed will become void as if it never existed.
FBB and Rolling Hills are still in the process of obtaining all documents required under the Deed of Settlement.
It is anticipated that all outstanding documentation issues will be resolved in 2007 and that the associated sale of
the Love Estates property will be completed without any further loss to FBB.

Other: The Group is also involved in various other legal proceedings covering a range of matters that arise in the
ordinary course of business. Management is of the view that no significant loss will arise as a result of these
proceedings.

Customer deposits

The Group participates in a defined benefit pension plan and defined contribution pension plans (the Plans) in
accordance with the legal requirements of the countries in which the Group operates.

e
The latest actuariat valuations of the Bank’s defined benefit pension plan was carried out as of 31 December 2006.

The amounts recognised in.the consolidated balance sheet for the defined benefit pension plan were determined
as follows:

2006 2005
$ $
Present value of funded obligations 1,971,452 1,303,592

Fair valuc of plan assets
224,100 17,091

(586,300) (139,481)

362,200 122,390

Benefit obligation in excess of plan assets
Unrecognised actuarial losses

Asset recognised in the consolidated balance sheet

Movements in the asset recognised in the consolidated balance sheet are as follows:

2006 2005

_ § $
Asset as of beginning of the year (122,390) (343,333)
Expense recognised in the consolidated income statement - 92,188 54,901
Termination of BAB Plan - 313,387

(331,998) (147,345)

(362,200) (122,390)

Contributions received

Asset recognised in the consolidated balance sheet

The principal actuarial assumptions (expressed as weighted averages) as of the consolidated balance sheet date
are:



2006 2005
Discount rate 6.50% 6.50%
Expected return on plan assets 6.50% 6.50%
Future salaries increases 5.50% 5.50%
Proportion of employees opting for early retirement 4.00% 4.00%

Employees in the defined benefit pension plan contribute 5% of gross salary. Employees in the defined contribu-
tion pension plans contribute 5% of gross salary, and the Group matches employee contributions. Pension
expense for the defined contribution pension plans was $346,719 (2005: $382,108).

Preference share dividends
The Board of Directors declared quarterly dividends in respect of each calendar quarter for 2006.

2006 2005

$ $

Dividends payable as of the beginning of year 225,000 157,992

Dividends declared 900,000 900,000
Dividends paid (225,000) (832,992)

Dividends payable as of the end of the year 900,000 225,000

Critical accounting estimates and judgments in applying accounting policies

The Group 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.

impairment losses on mortgages, consumer and other loans

The Group 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 income statement, the Group 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
group. 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.

Financial risk management
Strategy in using financial instruments

By their nature, the Group’s activities are principally related to the use of financial instruments. The Group
accepts deposits from customers at both fixed and floating rates, and for various periods, and seeks to earn above-
average interest margins by investing these funds in high-quality assets. The Group seeks to increase these |
margins by consolidating short-term funds and lending for longer periods at higher rates, while maintaining
sufficient liquidity to meet all claims that might fall due. :

The Group also seeks to raise its interest margins by obtaining above-average margins, net of allowances, through
lending to commercial and retail borrowers with a range of credit standing. Such exposures involve not just on-

balance sheet loans and advances; the Group also enters into guarantees and other commitments such as letters of
credit, and performance and other bonds. 3

Credit risk

The Group takes on exposure to credit risk, which is the risk that a counterpatty will be unable to pay amounts in
full when due. Impairment provisions are provided for losses that have been incurred at the balance sheet date.
Significant changes in the economy, or in the health of a particular industry segment that represents a concentra-
tion in the Group’s portfolio, could result in losses that are different from those provided for at the balance sheet
date. Management therefore carefully manages its exposure to credit risk.

The Group structures the levels of credit risk it undertakes by placing limits on the amount of risk accepted in
relation to one borrower, or groups of borrowers, and to geographical and industry segments. Such risks are
monitored on a revolving basis and subject to an annual or more frequent review. Limits on the level of credit risk
by product, industry sector and by country are approved by the Board of Directors.

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 where appropriate. Exposure
to credit risk is also managed in part by obtaining collateral and corporate and personal guarantees.

The Group’s deposits and investments are placed with high credit quality financial institutions and corporations.
Mortgage, consumer and other loans are presented net of provisions for loan losses. Whilst the majority of loans
are supported by first mortgages upon family residences or by chattel mortgages, overdrafts advanced in the
normal course of business are generally unsecured. ,

Credit-related commitments

The primary purpose of these instruments is to ensure that funds are available to a customer as required. Guaran-
tees ~ which represent irrevocable assurances that the Group will make payments in the event that a customer
cannot meet its obligations to third parties — carry the same credit risk as loans.

Commitments to extend credit represent unused portions of authorisations to extend credit in the form of loans,
guarantees or letters of credit. With respect to credit risk on commitments to extend credit, the Group is potentially
exposed to loss in an amount equal to the total unused commitments. However, the likely amount of loss is less
than the total unused commitments, as most commitments to extend credit are contingent upon customers
maintaining specific credit standards. The Group monitors the term to maturity of credit commitments because
longer-term commitments generally have a greater degree of credit risk than shorter-term commitments.

Geographical concentrations of assets and liabilities

The Group has a concentration of risk in respect of geographical area, as both customer and securitised assets are
primarily based in The Bahamas and the Cayman Islands.

(1,747,352) (1,286,501)

le

he oo

rs

ee ee ee

¢& SOOO Oe KY
THE TRIBUNE



Seo napa dates Setanta om

ik St pm Sie sae

Cash flow and fair value interest rate risk

Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate
because of changes in market interest rates. The Group takes on exposure to the effects of fluctuations in the prevailing
levels of market interest rates on both its fair value and cash flow risks. Interest margins may increase as a result of such
changes but may reduce gains or create losses in the event that unexpected movements arise.

The Group employs effective techniques and procedures to monitor and control its exposure to interest rate risk.
Mortgage, consumer, and other loans generally have variable rates, linked to the relevant prime rate. Exposure to interest
rate risk, which is mainly due to fixed rates on both its term deposits with banks and savings certificates sold to customers,
is minimised by the short-term maturities of the majority of these deposits.

Liquidity risk

The Group is exposed to daily calls on its available cash resources from overnight deposits, current accounts, maturing
deposits, loan draw-downs and guarantees. The Group does not maintain cash resources to meet all of these needs, as
experience shows that a minimum level of reinvestment of maturing funds can be predicted with a high level of certainty.
The Board sets limits on the minimum proportion of maturing funds available to ‘meet such calls and on the minimum
level of inter-bank and other borrowing facilities that should be in place to cover withdrawals at unexpected levels of

demand.

The matching and controlled mismatching of the maturities and interest rates of assets and liabilities is fundamental to the
management of the Group. It is unusual for banks to be completely matched, as transacted business is often of uncertain
term and of different types. An unmatched position potentially enhances profitability, but also increases the risk of losses.

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 Group and its exposure to changes in interest rates and

exchange rates.

Liquidity requirements to support calls under guarantees and standby letters of credit are considerably less than the
amount of the commitment because the Group does not generally expect the third party to draw funds under the
agreement. The total outstanding contractual amount of commitments to extend credit does not necessarily represent
future cash requirements, as many of these commitments will expire or terminate without being funded.

The loan portfolio principally comprises long-term mortgage loans, which are financed by shorter-term customer
deposits. As such, the Group is exposed to liquidity risk, which is continuously monitored by management.

Fiduciary risk
The Group is susceptible to fiduciary risk, which is the risk that the Group may fail in carrying out certain mandates in
accordance with the wishes of its customers. To manage exposure, the Group takes a conservative approach in its

undertakings.
Fair values of financial instruments

Financial instruments utilised by the Group include recorded financial assets and liabilities, as well as items that
principally involve off-balance sheet risk. These financial instruments are carried at fair value or are relatively short term
in nature and accordingly, the estimated fair values are not significantly different from the carrying value as reported in
the consolidated balance sheet.

Subsequent events

Effective 15 April 2007, Royal Bank of Canada (RBC) and the Bank announced the signing of a joint venture agreement
under which RBC will acquire a 50% interest in FMBT. The joint venture will be called Royal Fidelity Merchant Bank
& Trust Limited (Royal Fidelity). As part of the transaction, RBC’s Barbados based investments and trusts department
group will be acquired by Royal Fidelity. This transaction, subject to regulatory approvals in both The Bahamas and
Barbados and other customary conditions, is expected to be completed by July 2007.



To Advertise In
The Tribune’s
Classified Call 502-2351



PORTE E TT aCe Ae Dat .
your own business?
Do you already owna Se eed





The Lyford Cay Scholars’ Association
in collaboration with
The Bahamas Development Bank
will be hosting a free informational session on

“Viable Business Ventures and
Opportunities for Entrepreneurs”

On Thursday, June 14th, 2007 at 6:30pm
at The Michael Eldon Boardroom
in The Michael Eldon Complex
Third Floor, Thompson Blvd., Nassau
(The building immediately attached to Chapter One Bookstore)

Refreshments will be served ° All interested persons are welcome!

For further Information,
please contact:

Monique Hinsey at
The Lyford Cay Foundation, Inc

TyFORD GAY] ; Tel: 242.362.4910 Ext #102 or
CHOPARS || lls



email: lcfmo@bahamas.net.bs









MONDAY, JUNE 11, 2007, PAGE 13B

“Reporting tor The Tribune is a
responsibility and privilege. We
respect and honour the people's

right to know everyday. I’m

proud to be a part of the leading

print medium in The Bahamas.

The Tribune is my newspaper.”

RUPERT MISSICK, JR.
CHIEF REPORTER, THE TRIBUNE

To report the news, call our
News Tips Line at 502-2359.

wheirry




PAGE 14B, MONDAY, JUNE 11, 2007





John S George owners
in potential sale talks

FROM page 1

S George are in favour of a
sale, which is understood to be
being driven by Benchmark
(Bahamas) president, Julian
Brown, and Morley Realty
head, David Morley. Mr Hut-
ton himself is thought to be
opposed to a sale, which has
resulted in an irrevocable split
among the retailer’s owners.
The John S George Hold-
ings Board is artfully com-
posed, with Mr Hutton and his
relatives holding 40 per cent.
Benchmark owns 20 per cent,

with the Morley and Pritchard

-families each owning 15 per

cent. The remaining 10 per
cent is held by Butterfield
Bank (Bahamas) managing
director, Robert Lotmore
The Board breakdown burst
into the open earlier this year
after Benchmark, which as a
BISX-listed public company
has to release its financial
results, announced it was fully
writing off its $402,102 invest-
ment in John S George and hit
out at Mr Hutton’s manage-
ment style, branding it as
ineffective”. Benchmark also
criticised the absence of accu-
rate and timely financials on

Antonius Roberts
Max Taylor

Ta ae

Post House Studio & Gallery
Please Call (242) 327-7562



Villaggio |

CQCKTALL & WINE BAK

HAS VACANCIES FOR COOKS &
DISHWASHERS ALL LEVELS
MUST BE ABLE TO PROVIDE

REFERENCES, HEALTH CERTS
IMMEDIATE:START~

WE PROVIDE THE RIGHT PAY FOR THE
RIGHT WORK ETHIC, INTERESTED PARTIES
CONTACT:

PHONE: 327 0965 (10-2 MON-FRI)
FAX: 327 0966,
EMAIL:
INFO@VILLAGGIORESTAURANT.COM



ATT: GENERAL MANAGER









Join Cititrust
(Bahamas) Limited,
one of the most.
established trust
organizations in the

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

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

world.



BUSINESS

John S George.

It is thought that Mr Brown
and Mr Morley, and possibly
others, have lost patience with
Mr Hutton’s attempts to turn
John S George around, leading
them to search around for an
exit route and recover what
they can from their investment.

Sources

‘The ‘final straw’, sources
have suggested, came when Mr
Hutton’s involvement in a
totally separate $2.7 million
deal to purchase Abaco Mar-
kets’ Cost Right Turks &
Caicos store — an acquisition
that has since closed — came to
light.

Several John S George
Holdings investors became
concerned that Mr Hutton was
embarking on new investments
that did not involve the

INSIGHT

For the Pee

behind the news,
read Insight.
on Mondays

Bahamian retailer at a time *

when they felt he needed to
be focused on its operations,
leading them to issue him with
an ultimatum to choose which
venture he wanted to be part
of.

Yet some sources suggested
that it was a strange time to
sell John S George, arguing
that it was possible the retailer
may be on the verge of turning
around. Multiple contacts have
told this newspaper that the
company, which competes
directly with Kelly’s Home
Centre, is projected to “break
even” for its current financial
year, which is set to close on
July 31, 2007.

The purchase by Mr Hut-
ton’s group met unexpected
obstacles from the start, includ-
ing the loss of the Baygone
insecticide product agency to
the D’Albenas Agency, which
is said to have cost John §
George $1 million per annum
in revenues.

The company also lost the
distribution relationship with
the True Value buying group,
sources said, forcing it to
switch to ACE. This resulted in
Mr Hutton launching a legal
action against John S George’s
former owners, Andy and Neil
McKinney and Sydney Sweet-
ing, alleging that they had war-
rantied and guaranteed that
the loss of Baygone and True
Value would not happen.

WANTED

JEWELLERY STORE MANAGERS

Discover a rewarding and
challenging career catering to the
country’s visitors in the exciting
retail jewelry business!!!

‘Do You Have What it Takes?

ARE YOU...
Confident? ¢ A Leader? ¢ Self Motivated?
¢ Professional? e Mature (25 yrs or older)? * Dedicated?
If the answer isYES then take the next step

FAX RESUME TO 326-2824

SALARY OPPORTUNITY COMMENSURATE WITH EXPERIENCE & QUALIFICATION



APPLY TODAY!





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

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

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 legal action is under-
stood to be still ongoing,
although the McKinneys and
Sweetings are defending the
case and vigorously denying
the allegations against them.

The upshot of all this,
sources said, was that John S
George lost close to $1 million
in its first year under the new
owners to July 31, 2005, and
another $300,000 in its second
fiscal year.

Holdings

The John S George Hold-
ings acquisition was closed on
July 1, 2004, and Benchmark’s
2007 annual report showed the
company paid $300,000 for its
20 per cent stake. This would
imply the purchase was funded
with $1.5 million in total equi-
ty.

The BISX-listed firm’s
accounts show that it subse-
quently recorded a $132,103
gain from negative goodwill on
property revaluations, but its
equity interest was then diluted
by $30,000 due to the issuance
of 10,000 shares to Mr Hutton
for his work in identifying the
John S George deal, negotiat-
ing the purchase and bringing
the investor group together.

Benchmark’s investment in
John S George Holdings stood
at $402,103 as at December 31,
2005, the value that was writ-
ten-off. The figures then reveal



The Tribune wants to
hear from people who

neighbourhoods.
Perhaps you are raising
funds for a good cause,
campaigning for
improvements in the
area or have won an
award.

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

ESSAY COMPETITION

EIGHT ANNUAL PUBLIC
SERVICE WEEK

The Department of Public Service, will
host an Essay Competition as one of the
activities for Eight Annual Public Service
Week. The Competition is open to Junior
and Senior High School Students.

Students interested in participating should
write a 250-300 words (Junior High),
and 450-500 words (Senior High), essay
on the topic: “The Public Service -
Promoting Quality Service in the

Workplace”.

The deadline for entries, which should
be referred to the attention of Ms.
Antionette Thompson, Deputy Permanent

Share your news‘

are making news in their

THE TRIBUNE

Sy

Sku oe

y
s
€
we

wn

that its share of John S
George’s Holdings net loss for
the period to July 31, 2006, was
$48,684. It is unclear what peri-
od of time is covered by this,
but if it is the seven months
from December 31, 2005, this.
would imply John S George
lost $243,420 in that time based
on 5x Benchmark’s 20 per cent
stake.

The full impairment provi-
sion taken by Benchmark was.,
$353,419, and it said in the;
notes to its annual report that .
“John S George Holdings has.
incurred continuing operating ,
losses for the entire time”, it~,
had been an investor in the | ’
buyout vehicle.

The Benchmark notes said ~
the 2004 purchase of John,S...
George was funded by a $2.5
million loan from Bank of the. .
Bahamas International, which “>

had an interest rate of Bahami-,. ;

an Prime + 2.75 per cent over. or
10 years, and was secured on,
the retailer’s assets — a typical,”
move in a leveraged buyout.,,
Shares in John S George Holds
ings were also assigned to the.,
bank.

This implies that, combined”,
with the $1.5 million equity, .

the John S George purchase. ,

was for a price of at least $4.~
million. The John S George 7

owners have also guaranteed. ~.

a $500,000 credit facility from

Bank of the Bahamas Interna;

tional for the retailer. ae














Secretary, Ministry of the Public Service,
is Friday, 22nd June, 2007.

A Dell Desktop 2400 computer with a
scanner, copier and printer will be
awarded to the winner in each category.

The winners will be announced during

The Eight Annual Public Service Week
Awards Ceremony scheduled for 6th

October, 2007.


THE TRIBUNE

:US passport
initiative costs
2-2.5 per cent
_ of visitors

@ By NEIL HARTNELL
‘Tribune Business Editor

"Lie Bahamian hotel
. industry estimates that
the Western Hemi-
sphere Travel Initiative
(WHTI) has cost it between 2-
2.5 ‘per cent of business since it
was’ ‘implemented earlier this
year, with a senior sector exec-
utive telling The Tribune that
the decision to suspend the
plan until end-September
would boost family and group
travel to this nation.

The US State Department
and Department of Homeland
Security announced late last
week that they were tem-
porarily suspending the
WHITI’s passport requirements
for air travel to this nation until
late September for US citizens
whbd could show they had
applied for.one, a move wel-
comed by Robert Sands, Baha
Mar’s senior vice-president of
administration and govern-
ment affairs,

“It’s very difficult to quanti-
fy, but our estimates have
always been an impact of
between 2-2.5 per cent of busi-
ness,” Mr Sands said. ““There’s
no questioning that softening
in this part of the world market
has in part been contributed
to by this initiative.

tremendous amount of
faraily travel takes place at this
time of year, certainly between
now and August. That would
allow for many family vacation
planners to make plans to

come to this part of the world,-

}- patticularly the Bahamas, to
spend their holiday here.”
Welcoming the temporary
suspension of the WHTI’s
Passport requirements, Mr
Sarids said: “There’s been no

question that the requirement .

has had an impact on travel to
this particular destination. It
will allow the authorities in the
US{to deal with the backlog of
applications for passports in a
timely fashion.”

Mr Sands said the
Nassau/Paradise Island Pro-
motions Board initiative of
offering refunds to US tourists
who, could provide evidence
that they had spent money
obtaining passports to travel

Temporary
suspension to
boost summer
family travel to
the Bahamas

to the Bahamas under the
WHITI had been used by “a
large number of visitors”.

_ However, he added that it
was not close to the numbers
anticipated, but the initiative
had instead been “extremely
successful” in raising aware-
ness of the WHTI among
potential US visitors and
served its purpose as a mar-
keting tool.

It was estimated in 2006 that
between June-August, 40,000
families visited the Bahamas.
Assuming that the average
family consisted of two parents
and children under 12, the
Ministry of Tourism estimat-
ed that this translated into
113,000 people spending
613,000 visitor nights in the
Bahamas. The average length
of stay was 5.5 nights.

A Ministry of Tourism brief-
ing paper had estimated that
the worst-case scenario from
the WHTI was the loss of $167
million in hotel revenues and
233,000 visitors, with the worst-
affected being the summer
family business, group and con-
vention business, weddings and
Spring Breakers. These four
groups had accounted for some
250,000 hotel room nights in
the Bahamas in 2006, and total

revenue. loss could have. been

as high as $278 million.

In 2006, the group conven-
tion business brought 42,000
visitors to the Bahamas, who
stayed an average of 4.3 nights,
making for a total of 180,000
nights. Some .43,000 visitors
came for weddings, staying 4.5
nights for a total of 192,000 vis-
itor nights, with 50,000 Spring
Breakers generating a 5.6 night
average stay and 280,000 room
nights.

Get aah ne your
RBC credit cards,

| Get caught today
“and wini* We're on

| the lookout for YOU!





Call your nearest
RBC Royal Bank of Canada
branch for more details.

*Offer ends june 30th, 2007.

MONDAY, JUNE 11, 2007, PAGE 15B

t Caught!

RBC’s Get Caught team will be “undercover” at bus- »
iness places in your community during May and June

waiting to catch YOU using your RBC credit card! Go
ahead! GET CAUGHT using your RBC Visa or Master-
Card and you can win instant prizes from participating
merchants. Check your local newspapers and listen
to your radio to find out when we'll be visiting a store
in your area, There will be lots of fabulous prizes and

surprises!

RBC Royal Bank of Canada Credit Cards offer great

benefits like:

» Very competitive fees and rates
» Acceptance at millions of merchants worldwide
__ | Credit when you need it 24/7
» 24-hour customer service using 1-800 toll free
number from anywhere in the world
Fraud monitoring system to enhance the safety &
security of your account

Guaranteed QUICK turnaround from application
to credit card in your hand

MA A PRLS ethccListctil Ges iipeattiiielctc tn)



THE ITALIAN EATERY AT THE
COLLEGE OF THE BAHAMAS
(JUST OF TUCKER ROAD/THOMPSON

ALL MENU

STARTING JUNE 11TH—AUGUST 25TH 2007

MONDAY - THURSDAY 7A.M. - 8 P.M,
FRIDAY - SATURDAY 7A.M. -

SUNDAY - CLOSED

7294. EF ee

Ge Soe sek in ath Pe ee il te Cie eed


THE TRIBUNE BUSINESS

PAGE 16B, MONDAY, JUNE 11, 2007

Mi




pre Cop



xml version 1.0 encoding UTF-8
REPORT xmlns http:www.fcla.edudlsmddaitss xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.fcla.edudlsmddaitssdaitssReport.xsd
INGEST IEID EZU7YUTER_ERDWUH INGEST_TIME 2011-11-01T17:23:43Z PACKAGE UF00084249_02913
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES