Citation
The Tribune.

Material Information

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

Subjects

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

Notes

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

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University of Florida
Holding Location:
University of Florida
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This item was contributed to the Digital Library of the Caribbean (dLOC) by the source institution listed in the metadata. This item may or may not be protected by copyright in the country where it was produced. Users of this work have responsibility for determining copyright status prior to reusing, publishing or reproducing this item for purposes other than what is allowed by applicable law, including any applicable international copyright treaty or fair use or fair dealing statutes, which dLOC partners have explicitly supported and endorsed. Any reuse of this item in excess of applicable copyright exceptions may require permission. dLOC would encourage users to contact the source institution directly or dloc@fiu.edu to request more information about copyright status or to provide additional information about the item
Resource Identifier:
09994850 ( OCLC )
9994850 ( OCLC )
UF00084249_02914 ( sobekcm )

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= m Lhe Tribune



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BAHAMAS EDITION |





Volume: 103 No.166



‘CLUE NUMBER TWO IS ON PAGE 7C

Man in court over two
bodies found last week

‘ By NATARIO McKENZIE

A MAN, 33, was arraigned in
Magistrate’s court yesterday,
charged with two murders. The
body of a man and a woman were
found last week on a remote farm

’ off Cowpen Road.

, Hilfrant Francois Joseph, alias

» Alfred Joseph of Carmichael

* Road, was arraigned before Chief
Magistrate Roger Gomez at
Court One Bank Lane yesterday,
charged with the murders of
Denise Clarke, 42, of Market
Street, and Livingston Johnson
also 42 of Cowpen Road.

Clarke’s body was discovered
early last Thursday morning sub-
merged inside a burgundy
coloured GMC truck, which was
tipped on its side in the shallow
waters of Bonefish National
Pond.

According to reports, Clarke.

had bruises on her face and her
upper body was bound by a sheet.

Later that day a police sniffer
dog reportedly led investigators to
Johnson’s body, which was inside
an unfinished building about a
quarter mile across the farm from
the location where Clarke’s body

was discovered. Johnson had
been brutally stabbed and had
multiple chest wounds.

According to court dockets,
Joseph, sometime between Tues-
day, June 5, and Thursday, June
7, intentionally caused the death
of Denise Clarke.

Another charge read that the
accused, between Wednesday,
June 6, and Thursday, June 7, also
intentionally caused the death of
Felix Johnson.

Joseph, who is listed on court
dockets as a Bahamian, is repre-
sented by lawyers Murrio Ducille
and Tamara Taylor.

Inspector Don Bannister
appeared on behalf of the prose-
cution yesterday.

Joseph was not required to
plead to the murder charges.

The case was adjourned to 10
o’clock this morning and trans-
ferred to Court 11, Nassau Street,
where a date will be set for the
commencement of a preliminary
inquiry.

‘According to prosecutors,
Joseph was on bail in connection
with a 2002 murder before
being charged with the recent
offences.

FNM vice-chairman: contesting
seats may be detrimental to PLP

@ By KARIN HERIG
Tribune Staff Reporter

CONTESTING seats in court may highlight the PLP’s “botched” prepa-
rations for the general election and result in being detrimental to the par-
ty, Johnley Ferguson, vice-chairman of the FNM said yesterday.

Mr Ferguson told The Tribune yesterday that the PLP’s action of con-
testing five seats amounts to challenging the entire process of the 2007 gen-

eral election.

The FNM’s vice-chairman warned that the election court could bring to
light the PLP’s mismanagement of the preparation process for the gener-

al election.

“Tn filing these (cases) they are challenging the process, but they are the
ones who did things like put half of a polling station in one constituency and

SEE page seven

The Taste on Tuesdays !!
Buy any large pizza with 2 or more
toppings & Get a medium
|-topping pizza absolutely







PRICE — 75¢

KNOWLES AND NESTOR MOVE UP







@ HILFRANT Francois Joseph at court yesterday. He has been charged with the murders of a man
and a woman whose bodies were found off Cowpen Road last week
(Photo: Tim Clarke/Tribune staff)

Human rights campaigner: don’t
mess with freedom of expression

B By ALISON LOWE
Tribune Staff Reporter

"punishing" media outlets that publish "biased"
reports.

Mr Davis suggested in the House of Assembly
on Friday that, in response to "assaults" on the gov-
ernment, "which...creat(ed) a sense of the negative
with respect to the Christie administration," public
funds — in the form of government advertising —
could be withheld from certain media outlets.

"Why should public funds be given to the media

SEE page seven

"DON'T mess with freedom of expression or the
generous breadth that should be given to the media
to express dissenting views."

This was the message yesterday sent by attorney
and founder of the Grand Bahama Human Rights
Association Fred Smith to Philip Davis, PLP MP for
Cat Island, Rum Cay and San Salvador, in response
to Mr Davis' recent suggestions of the possibility of

TESST LUCTUS ICU ORL LUI

LESS than two hours after
i na Tile King, The Tribune and
its affiliate radio stations, 100
JAMZ, Joy FM and COOL
FM, went on the air to
launch its $164,000 appeal
for dialysis machines for the
Princess Margaret Hospital,
a full dialysis unit was donat-
ed by a caller. A second
donation towards the pur-
chase of a second machine
soon followed. _

Shortly after Mark
Roberts of Tile King and
Sean Moore of The Tribune
launched the appeal yester-
day morning on the Eric and
Ed show on Cool 96, fol-
lowed by Kevin Harris’ show
on Joy FM, Mr Max Julien,







B RECEIVING a $20,500 cheque to purchase a complete dialysis
unit donated by Max Julien, proprietor of Cowpen Building Supplies are proprietor of Cowpen Build-
(I-r) Mark Roberts, Tile King and FYP Ltd, Garry Julien, manager, jo Supplies, wrote out a
Cowpen Building Supplies, Adriel Julien, secretary of Cowpen Building $20,500 cheque in memory
Supplies, and Robert Dupuch-Carron of The Tribune/Tribune Radio.
(Photo: SD Moore/Tribune staff) SEE page seven



“Do you get wionty back
on your niortgages






ce



We do!

ack Mortgage

Double murder charge

New Minister of

Tourism clashes

with Wilchcombe
in the House

Hi By BRENT DEAN
Tribune Staff Reporter

THE current and former min-
isters of tourism squared off yes-
terday in the House with Neko
Grant accusing Obie Wilchcombe
of recklessly handing out con-
tracts under his watch — an alle-
gation Mr Wilchcombe vehe-
mently denied.

In his budget contribution Mr
Grant told the House that “the
former minister handed out con-
tracts and hired consultants like

_Santa would hand out candies

and embrace children at a Christ-
mas party.”

Mr Grant used as an example a
$12,000 per month contract
signed by the ministry on Decem-
ber 13, 2006, with a management
group, which was to assist the
ministry in planning and market-
ing activities relating to sports.

Though not naming the group
or people involved with the con-
tract, .Mr Grant questioned the
credibility of the contractor, sug-
gesting that the contract was
nothing more than a political

SEE page seven

Body of man

reported —
missing at

sea is found

@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - The body of a
man, reported missing at sea, was
discovered Sunday in deep water
off East Grand Bahama.

Clarence Thomas, a 26-year-
old resident of McCleans Town,
wag found by a local diver sub-

_ merged in about 40-ft deep water

about three and a half miles south
of McCleans Town around
1.50pm.

According to reports, Thomas
was lying on the bottom of the
sea with his spear still clenched in
his hand.

It is believed that the victim
may have drowned while spear
fishing.

Sometime around 12.11pm on
Sunday, police at the Lucaya
Police Station received a report
from Nurse Rachel Rolle at the
McCleans Town Community
Clinic, who reported that a diver
was missing at sea after failing to

SEE page seven





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PAGE 2, TUESDAY, JUNE 12, 2007

"

THE TRIBUNE



Ee oe re eee

About the speaker’s salary |
and size of the new Cabinet

A FEW months
ago a PLP

friend suggested I was
wasting my time writing
about how our system of
government is supposed
to work, particularly how
ministers of government
are expected to behave,
and the rules and con-
ventions they are expect-
ed to honour. Nobody
was listening, he said.

He was obviously
right, up to a point,
because some ministers
in the previous adminis-
tration continued to
abuse the system and to
act as if they had no idea
of what was expected of
them as ministers, or as if
they simply did not care.

Sometimes politicians
get good advice from
those they regard as
opponents, and for that
very reason the foolish
ones can be counted on
to ignore it.

Back in the days the
PLP used to be severely
criticised by Sir Etienne
Dupuch, and more than
once decided not to do
the right thing just
because Sir Etienne had
suggested it. On one
occasion Sir Etienne told
them how to go about an
election case against the
UBP. They did just the
opposite and were thrown out
of court. °

P= Christie’s adminis-
tration was terminated
in the recent election, and no
doubt that very attitude con-
tributed to its demise. In their
arrogant presumption of enti-
tlement, some rode roughshod
over the constitution, the rules





































JAN

|



and conventions of cabinet goy-
ernment and their own code of
ethics.

The process of public educa-
tion about how we are governed
must continue so that any
debate about how we can make
better use of the system, or
make changes in it, will be
informed.

Judging from some of the
comments on radio talk shows

ie

itty










10.5701¢ |

a

and even in the print
media, we still have a
long way to go. Some
people who advocate
one change or anoth-
er obviously have a
limited understanding
of certain aspects of
the system and what it
can or cannot accom-
modate.

One big temptation

into our system fea-
tures of other systems
that are not compati-
ble. For instance, it is
easier to get rid of a
prime minister in a
properly functioning
parliamentary democ-
racy than it is to get rid
of a directly-elected
president in the Amer-
ican system.

y et we still
hear some

people complaining
that in our system the
head of government,
the Prime Minister, has
too much power. The
same people suggest
that we should have a
directly-elected head
of government.

This will more than
likely make the head
of government more,
not less, entrenched
than a prime minister
who is dependent on the sup-
port of a majority in Parlia-
ment and in his party. I keep
repeating that we have a very
short history of cabinet gov-
ernment, so we have to look to
older ones for precedents.

Margaret Thatcher was,
some say, the greatest prime
minister of Britain since Win-
ston Churchill. But when her
party thought she had become
too overbearing, they got rid
of her.

George Bush, some say, will
go down in history as one of
the worst American presi-
dents. Yet the Congress, gun-
shy after a botched attempt to
convict a popular president for

_ lying about a sexual affair,

seems unable to summon the
will to impeach Mr Bush for
misleading the country into a
disastrous war.

* * *

he new FNM Gov-
ernment is taking a-

significant step towards
upgrading the office of Speak-
er of the House of Assembly.
It has been foreshadowed as
a part of the budget exercise
that the salary of the speaker
will be increased from $62,000
to $80,000, and it is about time.

Qualified and ambitious
members of parliament have
in recent times shied away
from this office and instead
much preferred ministerial
appointments.

In most cases those who
served in recent times did so at
great sacrifice to themselves,
because while they were not
restricted from doing business



is to suggest importing '



| oul

or practising their professions
as are ministers, the duties of
the office have come to
demand full-time attention.
In the last term of the
House, the PLP majority
apparently had difficulty
attracting a top member, and
had to settle for someone who
seemed to be not suitable for



Sometimes
politicians get
good advice
from those
they regard as
opponents,
and for that
very reason
the foolish
ones can be
counted on to
ignore it.

that particular office.

Speaker Alvin Smith is far
more qualified than his imme-
diate predecessor. Despite the
fact that he had sometimes
been the victim of some bad
decisions from the chair, Mr
Smith has the intelligence, atti-
tude and temperament to
make a good speaker.

The person who presides
over and is responsible for the
administration of the elected
branch of parliament is indeed
important to that foundation-
al institution — and to the
whole society.

IE Britain, the Speaker of
the House of Commons
is referred to as the First Com-



It is not easy
to construct a

aah

portfolio with
related matters
as there are
departments of
government .
that can be
placed under
One ministry as
well as under
another.



moner of the Land, carries the
title Right Honourable and is
paid a salary on par with that
of cabinet ministers.

The practice has also been
that, once elected, a speaker
resigns his or her party affilia-
tion and is unopposed in sub-
sequent national elections.
Because of our smallness we
cannot do that, but we can do
more to enhance the office of

“FEB MAR APR MAY JUN JUL AUG _SEP OCT NOV DEC

speaker and shore up the inde-
pendence of parliament.

The Parliamentary Review
Commission appointed by
Prime Minister Hubert Ingra-
ham recommended precisely
that in its 2001 report. Sir
Clement Maynard and I co-
chaired the Commission, and
other.members were Felix
Stubbs, Raymond Winder, Ish-
mael Lightbourn and Baswell
Donaldson.

On the question of salary,
the Commission noted that the
speaker was not in receipt of a
House salary as were other
members, but instead received
only a lump sum salary of
$62,000. This was $34,000 less
than the total salary of a min-
ister who was also a member
of the House.

The proposed increase does
not close this gap. Nor does it
bring the speaker’s salary up
to that of a minister of state
in the House ($88,000), but it
is a step in the right direction.
No doubt the new administra-
tion will also address other
issues raised in the Commis-
sion’s report for the overall
development of parliament.

k ok *

D espite complaints
that the FNM cabi-

net is too big, the fact is that
Prime Minister Hubert Ingra-
ham has effected a long-need-
ed rationalisation and reduc-
tion of cabinet portfolios, and
has reduced the number of
senior ministers from 16 to 12,
including the Prime Minister
who heads the Cabinet Office
and Office of the Prime Min-
ister (prime ministry), as well
as the Ministry of Finance.

It is not easy to construct a
portfolio with related matters
as there are departments of
government that can be placed
under one ministry as well as
under another.

For instance, it would seem
that Aviation can fit just as
well into the portfolio of the
Ministry of Transport as in
that of the Minister of
Tourism; and there will always
be a department or two that
do not seem to fit neatly any-
where.

Some commentators have
sought to compare our cabi-
net with that of Britain, right-
ly pointing out that there are
only 23 ministers (most of
them styled secretaries of
state) in the British cabinet.
But that is only half the story.

These ministerial heads are
assisted by nearly a hundred
junior ministers, including
ministers of state and parlia-
mentary undersecretaries who
do not sit in cabinet. A secre-
tary of state, or senior minis-
ter, may be assisted by as
many as five junior ministers.

Because we are small, it is
not a bad idea that ministers of
state are allowed to sit in cab-
inet along with their seniors.

sirarthurfoulkes@hotmail.com
www.bahamapundit.type-
pad.com








Your electricity bill is made
up of the basic rate, which is
constant and has not
changed since October 2003,
and the fuel sur-charge, which
is based on the price of
petroleum in the intemational
market and Is calculated

monthly using a fixed formula,








In brief

Judge denies
bail for three
suspects in
JFK ‘plot’

@ TRINIDAD
Port-of-Spain



A JUDGE denied bail for
three suspects accused of plot-
ting to bomb New York’s John
F Kennedy International Air-
port, ordering them on Mon-
day to remain in jail until a
hearing on a US request for
their extradition, according to
Associated Press.

The three men — Kareem
Ibrahim, Abdul Kadir and
Abdel Nur — smiled and waved
to about 20 supporters and
family members in the court-
room but did not speak. A son
of Kadir said FBI agents had
questioned relatives over the
weekend.

Chief Magistrate Sherman
McNicols said he was denying
bail “given the nature and the
seriousness of the offense,” and
ordered them to remain in jail
until an August 2 hearing on a

-US extradition request.

The suspects, arrested this
month in the twin-island
Caribbean nation, are accused
of participating in a Muslim ter-
ror cell that planned to blow
up a jet fuel artery that runs
through residential neighbor-
hoods and feeds Kennedy air-
port.

The alleged mastermind of
the plot, US citizen Russell
Defreitas, 63, is a Guyana
native who worked as a cargo
handler at the airport until
1995. He is in custody in New
York.

US authorities claim the
alleged plotters unsuccessfully
sought support in Trinidad
from Jamaat al Muslimeen, a
radical Islamic group that
staged a deadly coup attempt
here in 1990.

Rajiv Persad, an attorney for
Kadir and Ibrahim, argued for
their release on bail, noting
they do not have criminal
records and that Kadir served
until last year as an opposition
legislator in Guyana’s parlia-
ment. ;

“There is no evidence that
these men would abscond, giv-
en that they are solid members
of their communities,” Persad
said.

Defense attorneys said Kadir
and Nur, who are from
Guyana, have relatives in
Trinidad they could stay with if
granted bail. Ibrahim is from
Trinidad.

Relatives and acquaintances
of the suspects have expressed
skepticism that they would be
capable of organizing an inter-
national plot.

“We know that the allega-
tions are all fabricated,” said
Talibah Ali, a member of the
mosque where Ibrahim is a Shi-
ite cleric.

But Israel Khan, an attorney
who represented the US gov-
ernment at the bail hearing,
said, “You cannot look at a
person and say that he looks
like a terrorist or not. They
come in all fashions.”

“There is evidence of con-
versations of them plotting to
carry out this offense,” he
added.

In court, Khan handed
defense attorneys pictures that
he said depicted Kadir and his
family carrying semiautomatic
weapons and handguns. He
offered to show them to the
judge, who replied, “I don’t
need to see them at this stage.”

Over the weekend, agents
from the US Federal Bureau
of Investigation accompanied
by local police interviewed two
children of Abdul Kadir in
Guyana, his son Salim Kadir
told The Associated Press on
Monday.

“We were questioned by
about four FBI agents but we
have nothing to hide,” he said,
adding that documents were
seized from the family’s home,
though he did not provide
specifics.

Abdul Kadir, 55, a former
mayor of Linden, Guyana, was
taken off a plane in Trinidad
and arrested as he prepared to
fly to Iran through Venezuela
to attend an international
Islamic conference.

Wc
US

FOR PEST PROBLEMS
PHONE: 322-2197





THE TRIBUNE



@ ln brief

Dominicans
charged
with illegal
fishing

FIFTY-TWO Dominican
men accused of fishing ille-
gally in the Bahamas were
arraigned in Magistrate’s
court yesterday.

The men, who according
to court dockets were the
crew of the fishing vessels
“B/P-Orion-1,” and “Anna
Luisa", were arraigned
before Magistrate Susan
Sylvester at Court 11 Nassau
Street yesterday.

They were charged with
illegal fishing, possession of
undersized crawfish, posses-
sion of fresh crawfish during
the closed season and pos-
session of prohibited appa-
ratus, namely spears and air
compressors.

According to court dock-
ets, the accused committed
these offences on Friday June
6, 2007 off Ragged Island.
They all pleaded not guilty
to the charges and will return
to court at 2pm today, which
is when prosecutors are
expected to indicate whether
they will adjourn the matter
to a later date or proceed
with a trial.

Environment
leaders meet
for talks in
Sweden

@ SWEDEN
Stockholm

ENVIRONMENT experts
and ministers from around
the world on Monday gath-
ered in Sweden to informally
discuss the options and possi-
bilities of a new global cli-
mate agreement that would
replace the Kyoto Protocol
in 2012, according to Associ-
ated Press.

Representatives from near-
ly 30 countries — including the
US, China and Indonesia —
had joined the conference at
Riksgransen, some 125 miles
north of the Arctic circle.

Sweden’s Environment
Minister Andreas Carlgren
welcomed the informal dia-
logue as a way for activists
and officials to share views
without the pressure of writ-
ing policy or reaching agree-
ments. ;

“Tf you can get a picture of
a common vision and what
elements should be part of it,
you can support each other,”
Carlgren’s spokesman,
Thomas Uddin, said.

At the Group of Eight
summit in Germany last
week, leaders from developed
countries agreed to draft a
new climate agreement by
2009.

Rajendra Pachauri, an Indi-

an climatologist and head of |

the international climate
change panel, and Yvo dé
Boer, executive secretary of
the UN Framework Conven-
tion on Climate Change, will
present the result from the
UN’s climate panel during the
four-day meeting in Sweden.

The conference is the third
of its kind. The first was held
on Greenland in 2005 and the
second in South Africa in
2006.

Mefey VRAIS

TUESDAY, JUNE 12, 2007, PAGE 3

New cruise port tops plans



to stimulate Grand Bahama

@ By BRENT DEAN
Tribune Staff Reporter

MINISTER of Tourism Neko
Grant, yesterday elaborated on
the Government’s plans to
reverse trends that have seen
tourism arrivals to the Bahamas
continue to decline during

2007’s first quarter, placing sig-

nificant emphasis on the revi-
talisation of Grand Bahama
during his Budget contribution.

Mr Grant told the House that
the overall 0.9 per cent decline
in arrivals, and more specifical-
ly, a five per cent drop in those
by air, reveal a pattern that all
should “stand and take notice
of”, especially as the stopover
market is responsible for 90 per
cent of total visitor expenditure
in the Bahamas.

According to statistics from
the minister, since 2004, when
five million tourists arrived in
the Bahamas, there has been a
continued decline in this indi-
cator. In 2005, there was a 4.5
per cent drop in arrivals to 4.8
million tourists, whereas in
2006, some 4.7 million tourists



B@ NEKO Grant

came to the country.
Paralleling this fall in arrivals,
tourist spending too has
declined by 0.6 per cent
between 2005 and 2006, from
$2.069 billion to $2.056 billion.
The 10 per cent fall in nation-
al room inventory by the end
of the year results primarily

from the more than 1,300 rooms
out of service in Grand Bahama
— largely attributed to the pro-
tracted closure of the Royal
Oasis resort — along with the
expected closure of the Nassau
Beach as a part of the Cable
Beach redevelopment project.

To reverse these trends in
Grand Bahama, some $8 mil-
lion will be spent by the
tourism ministry in the upcom-
ing fiscal year, on Grand
Bahama Island development
and promotions.

Most dramatically, Mr Grant
discussed the creation of a new
cruise port that can be con-
structed in as little as 24 months.
This ambitious project has the
potential, he said of doubling
cruise arrivals in the first year of
operation and tripling the same
arrivals within two years from
351,000 visitors to some 1.1 mil-
lion visitors.

The ministry also intends to
work with Harcourt to ensure
that construction starts at the
site by the end of the year — cre-
ating work in this sector — with
jobs becoming available in the

‘More police on the streets’ as
Urban Renewal changes course

@ By ALISON LOWE
Tribune Staff Reporter

THE public can expect to see
more officers from all ranks of
the police as the force expands
its neighbourhood and commu-
nity policing.

Yesterday Chief Supt Hulan
Hanna explained the direction
the force is taking yesterday as
he announced further transfers
in what is shaping up as a dra-
matic transition period for the
police, following the promise of
adjustments to Urban Renewal
from Minister of National Secu-
rity Tommy Turnquest.

Sixteen senior officers, rang-
ing in rank from Assistant Com-
missioner to Inspector, have
been transferred “laterally”.

These include Asst Commis-
sioner Juanita Colebrooke, the

- first female to attain that rank,

who will now take on responsi-
bility for complaints and disci-
pline, along with Chief Supt
Hanna himself, whose addi-
tional responsibilities will now
include working closely with
Asst Commissioner of police
Marvin Dames to implement
the new neighbourhood and
community policing model.
"We need to empty our sta-
tions, empty our offices of every
available rank, right from the
most senior person to the junior
officer who only recently
entered the organisation,” said

- Chief Supt Hanna.

Mr Hanna said the transfers
were part of a “strategic”
response to rising crime levels,
particularly against the person
and property in newly devel-
oped areas, and were the obvi-
ous next step in putting to best
use recently promoted officers.

In early May, Mr Turnquest
received enthusiastic applause
at police headquarters when he
indicated that community polic-
ing would continue but “not
necessarily in the same struc-
tural framework of the Urban
Renewal Programme.”

Some commentators and per-
sons with involvement in the
programme interpreted his
comments as suggesting that



@ JUANITA Colebrooke

officers would be taken “out of
offices and put on the streets".

Chief Supt Hanna revealed
that police had received many
complaints about a lack of
police presence in crime and
tourist hotspots.

The new policy will specifi-
cally seek to address this, he
said, adding that by being “on
the ground” in troublesome
zones, police will be better able
to anticipate and prevent
crimes.

He said that if this increased
presence did not become a real-
ity, in a way that delivered pub-
lic satisfaction, the police would
“become irrelevant.”

While he ackowledged the
Commissioner would have had
in mind Mr Turnquest’s com-
ments when he designed the
transition, Mr Hanna said that
government influence over the



MH HULAN Hanna

moves was “miniscule at best",
and then primarily linked to
funding.

He said: “The commissioner
does not necessarily have to act
at the minister’s behest but
you're simply having an appre-
ciation for the direction in
which the goverment is head-
ed.

“Tf (the commissioner) wants
more cars he has to demon-
strate what he is doing with the
ones he has... you have to make
the case. There is a relationship
at that broad policy level,” he
explained.

Speculation about political
interference in transfer and pro-
motion decisions has been
fuelled in previous months due
to the swiftness with which cer-
tain police officers were trans-
ferred in the pre and post-elec-
tion period.

tourism services sector by the
winter of 2008.

Cross marketing projects with
existing resorts represent the
third component of the min-
istry’s overall plan of revitalising
Grand Bahama in the upcoming
fiscal year.

These initiatives for Grand
Bahama, Mr Grant said “rep-
resent the first phase priority
projects that will cause for the
rebound in economic activity
within a very short time frame
and revitalise the sector within a
two year period.”

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PAGE 4, TUESDAY, JUNE 12, 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, PO. Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

An explanation from the Publisher

WE SHALL digress today to talk about this
column and its author.

An editorial column expresses the opin-
ion, beliefs and philosophy of a newspaper.
The author behind the column should be of no
concern to readers. What is written in. this
column is what the newspaper stands for. In
most newspapers an editorial board directs
policy and editorial writers produce the copy,
sometimes consisting of several short opinion
pieces. They are not all necessarily by the
same writer.

Not so at The Tribune. For more than 60
years Sir Etienne Dupuch, the late editor/pub-
lisher of The Tribune wrote this column daily
over his own byline. He was recorded in the
Guinness Book of Records in 1984 as the
world’s longest serving editor. Four years
before his death, he handed his editorial pen
to his daughter and for a short time she also
wrote under her own byline. When she decid-
ed to change this tradition, she explained to
readers that she wanted The Tribune to have
a personality of its own — not to revolve
around the personality of the editorial writer.
It was no longer to be what Sir Etienne or
Eileen Carron stood for, but rather what The
Tribune stood for and what The Tribune had
to say. And so the byline was dropped. At
the time Mr Paul Adderley was the only per-
son to voice an objection.

It seems important to many Bahamians to
know who is behind the written word. And
to satisfy their need, they decide that Mr So-
and-So wrote such-and-such and then they sit
down to beat their toothless gums against Mr
So-and-So. Critical opinions from the pen of a
Bahamian do not generate the same stormy
emotions as do the opinions of ‘a foreigner.
Many Bahamians are so parochial that they
will not tolerate a foreigner’s honest opinion
even though that opinion might be of more
value, because, unlike a Bahamian, he has no
personal axe to grind.

The reason we are writing in this vein today
is because an incident arose last week over
information in this column. Who wrote the
column seemed more important than the ques-
tion asked in the column.

Mr Michael Foster, architect for the straw
market, felt that the writer was blaming him
for government taking so long to construct
the market after the 2001 fire. On the con-
trary, we were criticising government believing
that it was government holding back the com-
pletion of the design, when in fact much of
the delay was caused by the difficult. water-
logged terrain on which a market was to be
constructed.

In the end it transpired that Mr Foster had
completed all of his designs, and the persons
talking to us about missing designs was talking
about structural, and not architectural draw-
ings.

Anyway, Mr Foster believed that his repu-
tation was damaged. So upset was he that he
didn’t sleep that night and still in a distraught
state he arrived at The Tribune with three
volumes of his drawings, consisting of about
150 sheets, under his arms.

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_ The next day he told a radio audience how
he had waited 15 minutes at The Tribune
office, refusing to leave until he had seen “the
editor, publisher or whoever wrote that arti-
cle.”

The receptionist did not tell him that the
publisher was not in the building. However, as
managing editor John Marquis was the highest
ranking staff member in the office, the recep-
tionist naturally directed Mr Foster to Mr
Marquis’ office. As Mr Foster had asked to see
the person who had written the article, and
had been ushered into Mr Marquis’ office
without an explanation, he assumed that Mr
Marquis was indeed this column’s author. At
that hour of the morning it was a question of
whether Mr Marquis had had time to have
read the editorial in question.

Asked by the radio host whether Mr Mar-
quis admitted to writing the editorial, Mr Fos-
ter said he had not. Professional journalists are
interested in information and facts, not who
might or might not have written an article,
and so Mr Marquis was concentrating on Mr
Foster’s complaint — the writer of the article

was immaterial. As a matter of fact when Mr -

Foster showed Mr Marquis the article, Mr
Marquis would have known immediately its
author. However, he would not have known
the erroneous information that Mr Foster had
by now stored in his head... and which he was
then passing on to his radio audience.

And now for the record. The Tribune pub-
lisher, like her father and grandfather before
her, writes this column. Occasionally there
are guests columnists, and as our regular read-
ers know at the bottom of such articles their
name and newspaper with which they are asso-
ciated are printed. Those columns are the
opinions of those particular writers.

What is printed in this space, and not
signed, is written by the publisher and is the
opinion of The Tribune. It is the only column
in this newspaper where the newspaper is per-
mitted to have its own space to state its opin-
ion. All the other pages are filled with news
reports — both local and international — and
feature articles and opinion pieces by different
authors.

And so when someone comes looking for
the writer of this column there is no point
calling at The Tribune office. Although she
still has her office at The Tribune, she is not
physically present. With today’s incredible
technology she and her office is wherever her
computer is.

Although she is in daily contact with her
editors, reporters, photographers, archivists,
composing staff, accounts department, and
even her press room staff, she is not physi-
cally present. And although she is The Tri-
bune’s night editor, her physical presence is
still not required. She and her computer, wher-
ever they choose to be, can work as efficient-
ly as if she were in her downtown office.

And so whenever a member of the public
has a problem with something that has been

published, they will be shown into the office of.

The Tribune’s senior editor — Managing Edi-
tor John Marquis.



Income tax can
promote better
governance

EDITOR, The Tribune.

I MUST confess my mistak-
en ignorance on why we as a
nation have never moved with
the rest of the industrialised
world to the use of income
taxes.

All along I believed that it
was just the simple matter that
with the flat tax that we have;
everyone pays at the same lev-
el for food and other items we
import. If you import or buy a
car that already includes duty,
the tax is the same for both
rich and poor.

Naturally if you can afford
a more expensive item you
will pay more tax, but that is
not my point, you may also
get appropriately more value.
Similarly a rich and poor fam-
ily purchasing the same food
will have the same taxes

added before purchase. We, |

rich, poor or in-between, all
pay the same taxes for the
same items. In western nations
the rich pay more in taxes
than do the poor.

The less able in society pay
nothing or may get money
from their government. So
I’ve always thought that our
rich and powerful have want-
ed to retain this system for
their own personal benefit.
This may have started with the

Bay Street Boys” but have
been dutifully carried on by
their majority rule successors.
There is no way under our
existing system for a person
with little available cash to
avoid the procery taxes. We
have been brainwashed
against income’ taxes to the
benefit of the powerful. While
this may still be true, it is not
the otily reason.

After reading in The Tri-
bune about accounting prob-
lems in a local government
some time ago, I have had an
epiphany.

The real reason not to have
a graduated income tax where
the rich pay more than you
and I do, is that with an
income tax you actually see
what is being taken from you
personally to run the place.
While no one really wants to
have.-that kind of tax either,
no one really wants to pay the
taxes on us in the grocery
stores either.

Taxes do get your attention
when it is ripped from your
hard earned pay. When your
neighbour wastes his pay it
could be funny or unfortunate

NOTICE

NOTICE is hereby given that FREDO GUSTAVE OF #257 SOUTH
MALL DRIVE, FREEPORT, GRAND BAHAMA, BAHAMAS, is
applying to the Minister responsible for Nationality and Citizenship,
for registration/ naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a written and
signed statement of the facts within twenty-eight days from the
12TH day of JUNE, 2007 to the Minister responsible for Nationality
and Citizenship, PRO.Box F-41085, Grand Bahama, Bahamas.

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LETTERS

letters@tribunemedia.net



but you may not care much.
When your money is wasted
by in-laws or family it gets
your attention and you may
want to do something about
it.

Today the money that keeps
the government at all levels
running seems to land in offi-
cials laps mysteriously from
“tourism” or duties.

We have no ownership of
that money. Some people
think we have no taxes at all.
We do not see the govern-
ment’s money as ours but as
theirs.

That is wrong of course, it
still belongs to all of us. Like
my neighbour who squanders
his money, it is not my prob-
lem or may business.

With our taxes it is differ-
ent, it is our money that may
be wasted.

People of any party in pow-
er should not squander my

hard earned money. I find it a
personal affront that my tax
money is misused. Do you?
With income taxes, I would
pay less in the grocery store
less for car and grumble about
the Government taking my
hard earned cash.

But perhaps I would also be
very aware how they are
spending my money. They, the |
Bay Street Boys and all fol-
lowing people in power, have
continued this method. The
rich and powerful of all eras in
our history protect themselves
at the expense of the poorer
parts of society. Income tax
can promote better gover-
nance because it is in your
face.

Have you fallen in the trap
that the government has
“their” money, not “your”
money to do with as they will?
When they hand it out too
freely is it good that I might
get my cut of the pie or was it
mine in the first place?

CABLE BEACH
Nassau,
May, 2007.

‘Overblown’
Special Report

EDITOR, The Tribune.

WHAT an overblown piece this Special Report by PACs
Nunez was. Firstly, I can safely say I have travelled more fre-
quently via Bahamasair between Marsh Harbour/Nassau than
either the news editor and the alleged hapless reporter, and have
never experienced anything other than courtesy from the Aba-

co ground staff.

Let me clarify, I am neither economically or politically impor-
tant, nor related or personally acquainted with any of the airport

staff.

However I am blessed with a modicum of common sense, and
a healthy dose of self responsibility. The reporter and his editor
both seem to have discounted the fact that each and every pas-
senger is told to check his/her ticket details at the time of pur-

chase.

If for whatever reason your intrepid travellers were not so
informed, did they not at any time realise “Whoops I’m booked
to return on Monday, not Sunday”, or check the ticket on the
outward leg when the mistake could have been easily corrected..
Because, I hate to say it, the wrong date was a mistake, not a
nightmare, not a major failing of the Bahamasair training pro-

gramme.

Going off the number of retractions, corrigenda and sundry
apologies The Tribune management have printed over recent
times, I am quite sure that your journalists are all to familiar with

human fallibility.

Secondly, how many times do you need to ask if a flight
schedule is full on the final afternoon of a public holiday week-

end?

I think most people would realise that the chances of chang-
ing a flight would be slim indeed in those circumstances. J am
truly sorry that the young reporter felt driven to continue his
quest, and undoubtedly in the process “yuk up his vexation”
rather than cut his losses and keep his equanimity.

Finally, please don’t insult your readers’ intelligence by
labelling such personal “hype and gripe” as a “Tribune Special
Report” or investigative journalism.

MARGARET WATSON
Marsh Harbour,
June, 2007

FOMSE TANTR UBTED

Effective June 8, 2007

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Our telephone and fax numbers will
ODT MON ORS D Non





THE TRIBUNE

TUESDAY, JUNE 12, 2007, PAGE 5



DT es
© In bre’ Hanna-Martin denies ‘heated
exchanges’ with ex-US envoy

Woman is
assaulted
while out

jogging

A WOMAN jogger was
allegedly attacked early yester-
day morning during her routine
run in the southwest of New
Providence.

Speaking with The Tribune
yesterday, the woman — who
wished to remain anonymous —
said that she was assaulted at
around 5.30am during her
morning jog on Carmichael
Road .

She claims that her attacker,
“grabbed her from the side and
gyrated on her back.”

The assault reportedly hap-
pened in the vicinity of the
Bahamas Faith Ministries on
Carmichael Road.

The woman described her
attacker as a man of about Sft
7in in height and weighing
about 295 Ibs. He was shirtless
and wearing brown shorts at the
time of the attack.

Man faces
charge of
raping
woman

A MAN charged with the
rape of a 23-year-old woman
was arraigned in Magistrate’s
court yesterday.

_ According to court dockets,

Tony Lewis of Mckinney Drive
raped the woman on April 29,
2007. Lewis, who appeared
before Magistrate Susan
Sylvester at Court 11 Nassau
Street, was not required to
plead to the charge and returns
to court on Thursday for a bail
hearing.

Author
calls for
OPPs an
to Chavez —

a BRAZIL
Brasilia

PERUVIAN novelist Mario
Vargas Llosa urged Venezue-
lans to mobilise against their
nation’s “dangerous trajectory”
toward totalitarianism follow-
ing President Hugo Chavez’s
decision to force an opposition-
aligned television station off the
air, according to a Brazilian
news agency, according to Asso-
ciated Press. _

Vargas Llosa, who was in
Brazil for a series of confer-
ences, criticised Chavez’s deci-
sion not to renew the broadcast
licence of Radio Caracas Tele-
vision, or RCTY, in an inter-
view with Agencia Estado news
service.

“The important thing is for
Venezuelans to resist,” Vargas
Llosa said. “Shutting down
RCTV... will hopefully encour-
age opposition against a very
dangerous trajectory which for
Venezuela and the rest of Latin
America is very dangerous.”

“Chavez is contributing to the
destabilisation of democracy in
Latin America,” he said.
“Venezuela’s opposition must
become more and more ener-
getic against a demagogue who
can destroy Venezuela.”

RCTV, Venezuela’s oldest
and most-watched private chan-
nel, went off the air May 27,
and its licence was turned over
to a state-funded channel.

Chavez accuses the station,
which was fiercely critical of his

government, of playing a key |

role in backing a short-lived
2002 coup against him. He says
he respects freedom of speech.

International journalism
watchdogs call the move a blow
to press freedom and opponents
inside Venezuela have held
anti-Chavez protests opposing
the closure.

Vargas Llosa has written
more than 30 novels, plays and
essays, including “Conversation
in the Cathedral", “Aunt Julia
and the Scriptwriter” and “The
Green House.”

In 1995 he was awarded the
Cervantes Prize, the Spanish-
speaking world’s most distin-
guished literary honour.

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Bi JOHN Rood



@ By PAUL TURNQUEST
Tribune Staff Reporter

FORMER Minister of
Transport and Aviation,
Glenys Hanna-Martin, yester-
day denied assertions that dur-
ing her time in government
there were “heated exchanges”
between her and ex-US
Ambassador, John Rood.

Mrs Hanna-Martin said the
claims were “not true” during
her Budget presentation to the
House of Assembly.

“The former Ambassador, a
foreign diplomat, was simply
reminded that it was inappro-
priate to be discussing airport
security on a repeated basis in
such a public fashion,” she said.

“First and foremost, the
Transportation Security
Administration, the agency

within the United States gov-
ernment responsible for avia-
tion security and for oversight
of the preclearance facility at
Lynden Pindling International
Airport, and who was in con-
tinuous discussions with us, has
on more than one occasion
admonished us on the unde-
sirability of discussing airport
security in the media.”

Security problems at Lyn-
den Pindling International Air-
port have been a contentious
issue between the Bahamas
and US for years. Mr Rood
continually wrote and verbally
criticised the absence of secu-
rity measures he felt were
needed at the airport.

On more than one occasion,
Mr Rood and Mrs Hanna-
Martin’s views on the level of
security at the airport differed

New minister stresses

need for more culture |

THE new Minister of State
for Culture has said that
Bahamians need to be more
exposed to foreign cultures —
and backed increased sharing
of Bahamian culture with the
rest of the world.

Giving his contribution to

* this year’s budget debate,

Charles Maynard highlighted
the importance of cultural
exchanges to the Bahamas
“My government is con-
vinced that it is our duty to
share our cultural heritage,

our cultural expressions, our

literature, our music, songs
and most certainly our
Junkanoo, with the people of

i the world.

“We are also obliged to
expose our citizens to the cul-

tural diversity that makes up

our world and to allow our
fledgling artists to take full
advantage of the expertise that
can be gained from interacting
with other countries,” Mr
Maynard said.

Although the benefits of
such cultural exchanges are
less financially measurable
and more holistic, he said,
exchanges with other coun-
tries give “aesthetic meaning”
to citizens’ lives, to the sense
of national pride and self
esteem of the Bahamian peo-
ple, and there are tangible

ways that Bahamians can ben-
efit from such cross-nation
interactions.

He cited the recent visit of
the Mississippi Valley State
University Concert Choir as
an example of what could be
the possible outcome of
exchanges.

The choir was hosted by
Governor General Arthur
Hanna and performed at an
event along with a Bahamian
gospel group, Prophetic Voic-
es.

_By the time the event was
done, Mr Maynard said, the
prospects of academic schol-
arships for members of the
Prophetic Voices had been
explored and discussed.

Mr Maynard added: “In.an
effort to further develop this
aspect of our cultural agen-
da, substantial resources will
be allocated to ensuring that
national entities, such as the
National Youth Choir, The
National Children’s Choir,
the National Dance Compa-
ny, the National Youth
Orchestra, the Junkanoo
community, and individual
and group practitioners in
the visual, folk, and per-
forming arts sectors, are sup-
ported in their efforts to
reach out and touch the
world.”

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CHARLES Maynard

wonessesene GPi4

Sozurl

greatly, causing the US
Embassy and the Ministry of
Transport to work hard to find
some middle ground.

Mrs Hanna-Martin said:

“Secondly, the former ambas-:

sador’s public proclamations
contained inaccuracies which he
later publicly conceded. Finally,
the former ambassador was
very aware that the Govern-
ment had established a task
force which he knew was movy-
ing expeditiously and in good
faith to address the issues.

“Mr Speaker, what was puz-
zling for me was that the for-
mer Ambassador was almost
chronic in this conduct and
chose to do so in the media dur-
ing an election period.”

Calls to the US Embassy were
not returned up to press time.







li GLENYS Hanna-Martin



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PAGE 6, TUESDAY, JUNE 12, 2007



Funding set aside in budget to

expand dialysis unit at PMH

FUNDS to upgrade and
expand the Princess Margaret
Hospital's Dialysis Unit have
been allocated in the 2007/08
budget with the aim to accom-
modate the current level of
demand for services, Minis-
ter of Health Dr Hubert Min-
nis told the House of Assem-
bly.

Giving his contribution in
parliament last week, Dr Minnis
said that the budget estimates
includes funding to expand the
present unit to accommodate
an additional 10 to 14 dialysis
stations, at an estimated cost of

$200,000.

The completion date is sched-
uled for June 2008, he said.

Last year an infectious out-
break occurred in the Dialysis
Unit leading to an epidemio-
logical investigation by the Pan
American Health Organisation
(PAHO).

According to Minister Min-
nis, the investigation revealed
that the number of patients
requiring haemo dialysis is
increasing every year, resulting
in the Dialysis Unit surpassing
the capacity for which it was
originally built.

“It is therefore imperative
that the Princess Margaret Hos-
pital proceeds with the devel-
opment and implementation of
plans to expand and upgrade
the Dialysis Unit to accommo-
date the current level of
demand for services,” Dr Min-
nis said. .

The minister said that cur-
rently all infection control prac-
tices and protocols are being
reviewed, upgraded and
enforced.

“This includes the improve-
ment of monitoring and sur-
veillance processes, as well as

the reactivation of the Infection
Control Committee,” he said.

The health minister further
said that physicians have been
assigned to provide full-time
medical coverage of the unit
and that a dialysis-trained
senior nursing leader has been
designated to oversee the
quality of nursing care and the
general management of the
unit.

“Clinical protocols and the
clinical audit programme in the
unit are being restructured, and
team building and valuable
communications between staff

and with patients have
improved. Special attention is
also being placed on patient
education and compliance,” he
said.

Dr Minnis emphasised that
physicians and nurses in the unit
are required to invest part of
their time daily on patient edu-
cation and support.

“Additionally, pharmacy staff
will be required to work direct-
ly with dialysis patients in mon-
itoring their drug regimens and
to provide counseling for
improved compliance and out-
comes,” he said.

ae : ; ee ee
to attend arts

A 12-YEAR-OLD Bahami-
an boy has been chosen to
attend a world-renowned arts
programme in Michigan for the
summer.

Bernard Farquharson, of
Lake Cunningham Estates in
New Providence, will attend
Interlochen Arts Camp — the
world’s premier summer arts
programme for aspiring artists
grades three through 12.

At the camp, which in 2007
celebrates its 80th summer at
the forefront of arts education,
Bernard will study piano.

In Nassau, Bernard — the son
of Wayne and Patrina Far-
quharson — attends Tamberley
School and is tutored in piano

by Rosalie Fawkes.
Interlochen Arts Camp

“attracts students, faculty and

staff from all 50 US states and
more than 40 countries.

The 3,000 students train
intensively with world-class
instructors, and produce more
than 450 presentations each
summer in dance, theatre, cre-
ative writing, visual arts, music
and film.

Among the camp’s alumni
are singers Norah Jones and
Josh Groban; opera and con-
cert soprano Jessye Norman;
jazz pianist Eldar; actor Tom
Hulce; “Cathy” creator Cathy
Guisewite; vocalist Peter
Yarrow of Peter, Paul and

chosen
festival

Mary, and CBS News Corre-
spondent Mike Wallace.

While at the camp, the young
artists study alongside and
learn from other artists and
performers. In 2007, visiting
artists will include Joshua Bell,
Olga Kern, Branford Marsalis,
Anthony Rapp and others.

The Arts Camp also shared
in the honor recently given to
the Interlochen Centre for the
Arts.

In November of 2006, Inter-
lochen was awarded the Nation-
al Medal of Arts, the US’ high-
est honor in the arts. It is one of
only a handful of arts organisa-
tions ever to receive such recog-
nition.





event in Arizona

Realtor

A TEAM from the luxury real
estate firm Damianos Sotheby’s

_ International Realty recently
returned from in the 2nd Annu-
al Sotheby’s International Real-

ty Global Networking Event in|





Scottsdale, Arizona.

The three-day event provided
a opportunity for all sales asso-
ciates, managers and owners
who are members of the Sothe-
by’s International Realty fami-

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International Realty said that
event provides “enormous val-
ue” to her firm.

“Having the ability to share
ideas and expertise with such
an outstanding group of our
professional peers highlights the
true strength of the Sotheby's
International Realty network.
We plan on utilising many new
strategies and concepts pre-
sented at this worthwhile
event,” she said.

The annual global networking
event is aimed at giving industry
professionals opportunities to
gather and share their collec-
tive insight and experience,
Michael R Good, president and
chief executive officer at Sothe-
by’s International Realty Affil-
iates explained.

“Every individual attending
this important conference truly is
committed to helping us grow
the Sotheby’s International Real-

ty network, and we genuinely
appreciate their ongoing dedica-
tion and enthusiasm,” he said.

Damianos Sotheby’s Interna-
tional Realty, which has offices
in key areas throughout the
Bahamas, offers exclusive
Sotheby’s International Realty
marketing, advertising and
referral services designed to
attract well-qualified buyers to
the firm’s property listings. In
addition, the firm and its clients
benefit from an association with
the renowned Sotheby’s auc-
tion house, which allows sales
associates access to real estate
referral opportunities with auc-
tion house clientele.

Asa Sotheby’s International
Realty affiliate, the firm also
has the unique ability to refer its
real estate clientele to the auc-
tion house for jewelry, art,
unique furniture and collectible
appraisal services.



Recognition for Montagu
Beach front contribution

EIGHTY-YEAR-OLD
Edrick Hall was presented with
a certificate of recognition by
Michael Jervis at the Ministry ol
Tourism for his creative con-
structive contribution to the
Montagu Beach front area.

The wood and paint, which
contributed to the construction





of the three benches seen in
the background, was spon-
sored by Rocky Farms Nurs-
ery Ltd.

After 37 years of service as a
“Master” of the Boys Scout
Association, Mr Hall said it
makes him happy to contribute
to his country.

THE TRIBUNE





In brief

Minister
outlines his
plans for
missions

DEPUTY Prime Minister
and Minister of Foreign
Affairs Brent Symocnette
foreshadowed new appoint-
ments to the Bahamas’ over-
seas missions during his con-
tribution to the budget
debate.

Mr Symonette said he also
intended this year to have
designated professional staff
conduct inspection visits to
all of the country’s overseas
missions.

During this fiscal period
the government proposes to
name new resident and non-
resident Ambassadors and
funds have also been provid-
ed to cover the cost of their
travel for the presentation of
credentials.

Club owner
accused of
not having
licence

FREEPORT - The night-
club owner of a popular night
spot in West Grand Bahama
was arrested on Friday by
police, accused of breaching
the Liquor Licence Act and
not producing a valid busi-
ness licence.

According to reports, offi-
cers of the Central Detective
Unit, assisted by uniform offi-
cers, conducted a raid at the
establishment around
12.30am on Friday.

Supt Basil Rahming said
that it was initially suspect-
ed that the owner was oper-
ating in breach of the Liquor
Licence Act.

However, when officers
confronted the man, they
claim that he did not have a
valid licence to operate the
facility.

The nightclub was closed
and the club owner was

i: arrested. Police are continu-

ing their investigations into
the matter.
Cocaine
trade grows
at Bolivia and

| Brazil border

BOLIVIA ©
Puerto Suarez

THE view into Brazil from
this Bolivian border city
seems like an Amazon jun-
gle paradise: an endless green
horizon broken only by the
reflection of an urban sky-
line shimmering in Caceres
Lagoon. But authorities here
say the largely unguarded
swamps, rivers and jungles
hide an increasingly sophisti-
cated cocaine trade, accord-
ing to Associated Press.

Controlling the 2,130-mile
frontier has been a low pri-
ority for Brazil and Bolivia,
which have been preoccupied
by tense negotiations over
the Bolivian gas Brazil buys.

Bolivia has just 157 border
officers — one for every 14
miles. On the Brazilian side,
some 100 border posts are
manned by a patchwork of
local and national officers.
Chemicals used to turn Boli-
vian coca into cocaine flow
easily from Brazil, and
processed coca paste slips just
as easily back over the bor-
der, officials say.

"We have noticed a growth
in the traffic of cocaine, and
principally cocaine paste, over
the last two years,” Marcio
Paulo Buzanelli, director of
the Brazilian Intelligence
Agency, told The Associated
Press. “One indication of this
are the seizures in the Brazil-
ian states that border Bolivia.”

Cocaine seizures climbed
by 14 per cent last year to
1,570 kilograms in Brazil’s
Mato Grosso do Sul state,
and leaped nearly 347 per
cent to 670 kilograms in Ron-
donia state.

The busts pale in compari-
son to seizures along more
heavily travelled smuggling
routes father north in the
Caribbean, and Bolivia
remains a distant third
among cocaine producing
nations behind Colombia and
‘Peru. But officials say the
increasing Bolivia-Brazil bor-
der traffic reveals Bolivia’s
growing coca crop and more
sophisticated drug produc-
tion feeding an expanding
market in Brazil’s largest
cities and Europe beyond.



‘
‘
‘e

a -

THE TRIBUNE

TUESDAY, JUNE 12, 2007, PAGE 7



Body found

FROM page one

resurface after more than an :

hour.

A team of officers went to the :
settlement, where they boarded a :
vessel that ferried them about :
three and a half miles south of :

McCleans Town.

When Thomas’ body was
retrieved from the water, police :
examined it. They found no visi- :

ble injuries on the body.

Police spoke with two residents :
of High Rock who were fishing :
with Thomas at the time. They :
told officers that Thomas went :
under the water around 11.30am, :
but failed to surface after a long :

time.

The residents said that the :
\ water was too deep for them to :
retrieve him so they sent for help. :
_ . Police do not suspect foul play :

at this time and are awaiting the :
- results of an autopsy to determine :

* the cause of death.

FNM vice-chairman

FROM page one

the other half in the next one.

. “They botched the whole sys-

tem,” he said.

He said that the court would :
have’ to examine such aspects as }
how cutting the new constituencies :
boundaries just weeks before the :

election affected proceedings.

“The former prime minister }
would have to be the first one to be }
called (in court) to explain. He was :
the chief architect of the whole :

process,” Mr Ferguson said.

Although the PLP has only one :

. more week to file their cases in }
court, Mr Ferguson said that the :

. FNM has not yet assembled a legal :
team to represent the governing }

party in the election court.

“We are making no move yet in }
that direction, if they (PLP) file :
then we will have to do what we }

have to do,” he said.

Mr Ferguson said that should it }
become necessary, the FNM has a :
cadre of experienced lawyers to :
choose from who “will rise to the :

occasion.”

“Tt will be interesting to see how
they (the PLP) will challenge and :

why they challenge,” he said.

Mr Ferguson said he is confident !
‘that the courts will make a “rea- :
sonable determination” in each of ;
the cases filed by the opposition ;

party.

court.

Dialysis machines campaign receives donations

FROM page one

of his brother. Mr Julien’s donation will
purchase a complete dialysis unit.

This includes purchase price, deliv-
ery to the Princess Margaret Hospital,
installation, staff training and one year
of technical support.

“TI had intended to donate a dialysis
machine for about two years now,” Mr
Julien told Mr Moore. “I had a brother
who received dialysis treatment for over
20 years. Unfortunately he passed away
recently. I’m happy to support your
campaign.”

Mr Julien said that considering “the
amount of money circulating in this
country it makes it difficult to believe
that poor people, and people in need
suffer the way they do.”

Mr Julien hoped more people would
“step forward to help.”

Shortly afterwards Dr Ebbie Shear-
er-Jackson, proprietor of Palmdale
Vision Centre, called to donate $2,000
towards the campaign.

“It’s important to give in any capac-
ity you can,” said Dr. Jackson. “I’ve
always believed in the importance of
sacrificing for the betterment of oth-
ers. It’s a belief I try to instil in my
son.”





@ MARK ROBERTS, Tile King and FYP Ltd, (left) and Sean D Moore, marketing

manager, The Tribune (right), receive a cheque towards the purchase of a dialysis unit
from Michelle Taylor, office manager Palmdale Vision Centre. The donation was made
by Dr Ebbie-Shearer-Jackson, proprietor of the Vision Centre.

The fund-raising drive for funds to
replace eight old dialysis machines at
the Princess Margaret Hospital with
eight modern and efficient units will be

heard Wednesday morning over radio
station LOOJAMZ. ~

“Businesses should realise the impor-
tance of having sufficient equipment to



service the growing number of dialysis
patients,” said Mr Roberts, who on vis-
iting the unit recently noticed a Best
Buys staff member receiving his four-
hour treatment.

“As a valuable member of a business
team,” said Mr Roberts, “he needs to
get in, get his treatment and get back
into the working community.

“If the machine was down. for
unscheduled maintenance, his appoint-
ment would have to be rescheduled,
wasting precious time and money. A
strong dialysis unit at PMH is valuable
for the community in all respects.”

Larry Roberts and Bahamas Realty
were the first contributors to the cam-
paign. They donated funds to pay for 25
per cent of the first dialysis machine.

Tile King, FYP and an anonymous
donor also donated funds that are the
equivalent of one and a ‘quarter
machines.

Tile King, FYP, The Tribune and its
affiliated radio stations, and the
Princess Margaret Hospital Foundation
have partnered to raise the funds for
the new machines.

All donations should be in the form
of a cheque made payable to The
Princess Margaret Hospital Foundation
with a note that the donation is to go to
The Dialysis Machine Fund.

Over the weekend both the }
PLP’s chairman Raynard Rigby :
;and lawyer Wayne Munroe, a:
member of the party’s legal team, :
said they are ready for the election :

Freedom of expression

FROM page one

that fails to provide balanced
reporting?" he asked.

While not named specifically,
Mr Davis appeared to speak of
The Tribune and in particular,
managing editor John Marquis'
Insight column, when he referred
to "one of the daily newspapers
(which) made it their aim and
objective — every Monday
morning — to advocate stories
designed to give a negative slant
to the actions of government and
to the interests associated with
the government."

Yesterday, Mr Smith said: "I
am shocked that such words
were said by Phil Davis, for
whom I have had respect as one
of the few members of the PLP
who has historically sensibly
advocated promotion and pro-
tection of human rights."

The lawyer stated that the
course of action suggested by Mr
Davis, would be undemocratic
and "unconstitutional...a breach

of the fundamental rights provi-

sions of the constitution" and
called for the party to "publicly
revile" the statement.

FNM chairman Johnley Fer-
guson agreed that the statements
appeared to be representative of

FOCOL

previous claims made by the for-
mer government suggesting a dis-
position towards "muzzling" the
media.

Both Mr Smith and Mr Fer-
guson claimed that Mr Davis'
words were indicative of a ten-
dency on the part of the PLP
towards only looking favourably
on press freedom "if (the press)
report the way you want them
to report."

The media allows opportuni-
ties for the "other side of the sto-
ry" to be heard, and there are
legal avenues to be taken if state-
ments made are libellous or
defamatory, and beyond this the
press should be given freedom
to exercise its judgment in
reporting the issues at hand, Mr
Ferguson emphasised.

Mr Smith added that the for-
mer governing party should in
fact "take great comfort" from
the existence of the The Tribune
as an outlet for the expression
of their own dissenting views, as
it was such an outlet for many
during "the dark days of PLP
victimisation and oppression"
under Lynden Pindling.

He concurred with several

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Based on recent reports in the press regarding

a proposed stock split of Focol Holdings

Limited shares, Focol’s Board of Directors can

confirm that a stock split is under consider-

ation. However, no final decision has been

made regarding the specific terms and condi-

tions of a proposed stock split by Focol
Holdings Limited.

Once Focol’s Board of Directors makes a final

determination regarding the proposed stock

split, the Board will ensure a complete disclo-

sure on the same.

June 11, 2007

members of the public who con-
tacted The Tribune to express
surprise at Mr Davis' concern
with "biased" reporting in the
private news media in light of
his party's vociferous support of
former ZNS host Steve McKin-
ney, whose daily talk show on
the publicly-funded station was

widely condemned as heavily
biased in favour of the former
government.

The "government advertising"
to which the Mr Davis is most
likely referring is "Gazette" pub-
lications.

The denial of such advertising
from this newspaper would not
be unprecedented, as for twenty-

- five years such advertising was

withheld from The Tribune by

the PLP government under Sir
Lynden Pindling, being award-
ed to The Guardian instead,
according to Tribune publisher
Eileen Carron.

Under the FNM government
in 1992, the advertising was split
between The Tribune and the

The Guardian, with this remain-

ing the case to this day, other
than some additional advertis-
ing in the Bahama Journal.

FROM page one

favour to someone who is not competent in the
field.

“It is my understanding that the principal of this
group would not know the difference between a
hockey stick and a baseball bat,” he said.

Mr Grant added that in the contract, the group
was not required to provide more than three full
days of work in any week for its services, with little
work being provided. He declared that the contract
is “another shameful waste of the people’s mon-
ey.”

Mr Wilchcombe said that under his administra-
tion, employees at the ministry of tourism were not
asked their political affiliation. The former minister
declared that he is proud of his record, as under his
watch, the staff of the ministry was almost. com-
pletely Bahamianised.

Regarding the contract in question, Mr Wilch-
combe said that the ministry had fought for the con-
tract for years, with the desire of bringing the person

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in permanently, as the party has experience working
with the top hotels in the country.

“The truth of the.matter is that you are not going
to be able to build and develop tourism unless you
put in place the experts to do it. The minister can’t
do it,” he said.

During his contribution, Mr Wilchcombe further
warned the new minister to get to know the ministry
before making uninformed comments.

Mr Grant also took issue with the former gov-
ernment’s involvement with Bolam House, the build-
ing housing the Ministry of Tourism. The minister
said that after some $4.5 million had been spent on
the building, including its purchase four years ago,
and upgrade work, the building is in a state of dis-
repair with significant cracks in the concrete struc-
ture.

Staff of the ministry, Mr Grant said, are now in
about eight locations with some staff even working
at home.

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PAGE 8, TUESDAY, JUNE 12, 2007



TUESDAY EVENING

JUNE 12, 2007 |





7:30 8:00

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THE TRIBUNE





Enthusiastic reception for
‘seven principles’ address

LAWRENCE W. Reed, pres-
ident of the Mackinac Centre for
Public Policy of Michigan, spoke
at a recent dinner reception given
by The Nassau Institute on the
“Seven Principles of Sound Pub-
lic Policy.”

Mr Reed was in the Bahamas
at the invitation of the Institute.

His address was enthusiasti-
cally received by more than 60
invited guests. _

Mr Reed said that the seven
principles of sound public policy
that he was sharing with his audi-
ence were the “pillars of a free
economy.”

The principles, he said, were
not original with him, nor were
they the only pillars of a free
economy nor the only settled
truths, but they did provide a sol-
id foundation.

“In my view,” he said, “if the
cornerstone of every state and
federal building were emblazoned
with these principles — and more
importantly, if every legislator
understood and attempted to be
faithful to them — we’d be a
much stronger, much freer, more
prosperous and far better-gov-
erned people.”

Following are the seven princi-
ples.

ONE

Free people are not equal, and
equal people are not free.

First, I should clarify the kind
of “equalness” to which I refer
in this statement. I am not refer-
ring to equality before the law —
the notion that you should be
judged innocent or guilty of an
offence based upon whether or
not you did it, with your race, sex,
wealth, creed, gender or religion
having nothing to do with the out-
come. That’s an important foun-
dation of Western civilization,
and though we often fall short of
it, I doubt that anyone here would
quarrel with the concept.

No, the “equalness” to which I
refer is all about income and
material wealth — what we earn
and acquire in the marketplace
of commerce, work and exchange.
I’m speaking of economic equal-
ity. Let’s take this first principle

.and break it into its two halves.

Free people are not equal.
When people are free to be them-
selves, to be masters of their own
destinies, to apply themselves in
an effort to improve their well-
being and that of their families,
the result in the marketplace will
not be an equality of outcomes.
People will earn vastly different
levels of income; they will accu-
mulate vastly different levels of
wealth. While some lament that
fact and speak dolefully of “the
gap between rich and poor,” I
think people being themselves in
a free society is a wonderful thing.
Each of us is a unique being, dif-
ferent in endless ways from any
other single being living or dead.
Why on earth should we expect
our interactions in the market-
place to produce identical results?

We are different in terms of
our talents. Some have more than

others, or more valuable talents. .

Some don’t discover their highest
talents until late in life, or not at
all. Magic Johnson is a talented
basketball player. Should it sur-
prise anyone that he makes infi-
nitely more money at basketball
than I ever could? Will Kellogg
didn’t discover his incredible
entrepreneurial and marketing
talent until age 46; before he
struck out on his own to start the
Kellogg Company, he was making
about $25 a week doing menial
jobs for his older brother in a Bat-
tle Creek sanitarium.

We are different in terms of
our industriousness, our willing-
ness to work. Some work hard-
er, longer and smarter than oth-
ers. That makes for vast differ-
ences in how others value what
we do and in how much they’re
willing to pay for it.

We are different also in terms
of our savings. I would argue that
if the president could somehow
snap his fingers and equalize us all
in terms of income and wealth
tonight, we would be unequal
again by this time tomorrow
because some of us would save:
our money and some of us would
spend it. These are three reasons,
but by no means the only three
reasons, why free people are sim-
ply not going to be equal eco-
nomically.

Equal people are not free, the
second half of my first principle,
really gets down to brass tacks.
Show me a people anywhere on
the planet who are indeed equal
economically, and I’ll show you a
very unfree people. Why?

The only way in which you
could have even the remotest
chance of equalizing income and
wealth across society is to put a
gun to everyone’s head. You
would literally have to employ
force to make people equal. You
would have to give orders, backed
up by the guillotine, the hang-
man’s noose, the bullet or the
electric chair. Orders that would

President of the Mackinac
Centre for Public Policy
of Michigan speaks at the
Nassau Institute |



go like this: Don’t excel. Don’t
work harder or smarter than the
next guy. Don’t save more wisely
than anyone else. Don’t be there
first with a new product. Don’t
provide a good or service that
people might want more than
anything your competitor is offer-
ing.

Believe me, you wouldn’t want
a society where these were the
orders. Cambodia under the com-
munist Khmer Rouge in the late
1970s came close to it, and the
result was that upwards of 2 mil-
lion out of 8 million people died
in less than four years. Except for
the elite at the top who wielded
power, the people of that sad land
who survived that period lived at
something not much above the
Stone Age.

What’s the message of this first
principle? Don’t get hung up on
differences in income when they
result from people being them-
selves. If they result from artificial
political barriers, then get rid of
those barriers. But don’t try to
take unequal people and com-
press them into some homoge-
nous heap. You'll never get there,
and you'll wreak a lot of havoc
trying.

Confiscatory tax rates, for
example, don’t make people any
more equal; they just drive the
industrious and the entrepre-
neurial to other places or into
other endeavours while impover-
ishing the many who would oth-
erwise benefit from their
resourcefulness. Abraham Lin-
coln is reputed to have said, “You
cannot pull a man up by dragging
another man down.”

TWO:

What belongs to you, you tend
to take care of; what belongs to
no one or everyone tends to fall
into disrepair.

This essentially illuminates the
magic of private property. It
explains so much about the fail-
ure of socialized economies the
world over.

In the old Soviet empire, gov-
ernments proclaimed the superi-
ority of central planning and state
ownership. They wanted to abol-
ish or at least minimize private
property because they thought
that private ownership was selfish
and counterproductive. With the
government in charge, they
argued, resources would be uti-
lized for the benefit of everybody.

Whai was once the farmer’s
food became “the people’s food,”
and the people went hungry.
What was once the entrepre-
neur’s factory became “the peo-
ple’s factory,” and the people
made do with goods so shoddy
there was no market for them
beyond the borders.

We now know that the old
Soviet empire produced one eco-
nomic basket case after another,
and one ecological nightmare
after another. That’s the lesson
of every experiment with social-
ism: While socialists are fond of
explaining that you have to break
some eggs to make an omelette,
they never make any omelettes.
They only break eggs.

If you think you’re so good at
taking care of property, go live
in someone else’s house, or drive
their car, for a month. I guarantee
you neither their house nor their
car will look the same as yours
after the same period of time.

If you want to take the scarce
resources of society and trash
them, all you have to do is take
them away from the people who
created or earned them and hand
them over to some central author-
ity to manage. In one fell swoop,
you can ruin everything. Sadly,
governments at all levels are pro-
mulgating laws all the time that
have the effect of eroding private
property rights and socializing
property through “salami” tactics
— one slice at a time.

THREE:

Sound policy requires that we
consider long-run effects and all
people, not simply short-run
effects and a few people.

It may be true, as British econ-
omist John Maynard Keynes once
declared, that “in the long run,
we’re all dead.” But that should-
n’t be a license to enact policies
that make a few people feel good
now at the cost of hurting many
people tomorrow.

I can think of many such poli-
cies. When Lyndon Johnson
cranked up the Great Society in
the 1960s, the thought was that
some people would benefit from
a welfare cheque. We now know

“that over the long haul, the fed-

eral entitlement to welfare
encouraged idleness, broke up
families, produced intergenera-
tional dependency and hopeless-
ness, cost taxpayers a fortune and
yielded harmful cultural patholo-
gies that may take generations to
undo. Likewise, policies of deficit
spending and government growth
— while enriching a few at the
start — have eaten at the vitals of
the nation’s economy and moral
fiber for decades.

This principle is actually a call
to be thorough in our thinking.
It says that we shouldn’t be super-
ficial in our judgments. If a thief
goes from bank to bank, stealing
all the cash he can get his hands
on, and then spends it all at the
local shopping mall, you wouldn’t
be thorough in your thinking if
all you did was survey the store
owners to conclude that this guy
stimulated the economy.

We should remember that
today is the tomorrow that yes-
terday’s poor policymakers told
us we could ignore. If we want to
be responsible adults, we can’t
behave like infants whose con-
cern is overwhelmingly focused
on self and on the here-and-now.

FOUR: :

If you encourage something,
you get more of it; if you dis-
courage something, you get less of
it.

You and I as human beings
are creatures of incentives and
disincentives. We respond to
incentives and disincentives. Our
behaviour is affected by them,
sometimes very powerfully. Poli-
cymakers who forget this will do
dumb things like jack up taxes on

some activity and expect that peo--

ple will do just as much of it as
before, as if taxpayers are sheep
lining up to be sheared.
Remember when George
Bush (the first one) reneged
under pressure on his 1988 “No
New Taxes!” pledge? We got big
tax hikes in the summer of 1990.
Among other things, Congress
dramatically boosted taxes on
boats, aircraft and jewellery in
that package. Lawmakers thought
that since rich people buy such
things, we should “let ‘em have it”
with higher taxes. They expect-
ed $31 million in new revenue in
the first year from the new taxes
on those three things. We now
know that the higher levies
brought in just $16 million. We
shelled out $24 million in addi-
tional unemployment benefits
because of the people thrown out
of work in those industries by the
higher taxes. Only in Washing-
ton, D.C., where too often law-
makers forget the importance of

incentives, can you aim for 31,

get only 16, spend 24 to get it and
think that somehow you’ve done
some good.

Want to break up families?
Offer a bigger welfare cheque if
the father splits. Want to reduce
savings and investment? Double-
tax ‘em, and pile on a nice, high
capital gains tax on top of it.
Want to get less work? Impose
such high tax penalties on it that
people decide it’s not worth the
effort.

Right now in both state and
federal legislatures, much atten-
tion is being given to the ques-
tion of how to deal with deficits
due to recession and declining
revenues. At the Mackinac Cen-
ter, we believe that government
ought to deal with such circum-
stances the way you and I and
families all across the state deal
with similar circumstances: cur-
tail spending. That’s especially
true if we want to stimulate a

‘weak economy so it will produce

more jobs and more revenue.
When the patient is ill, the doctor
doesn’t bleed him.

FIVE:

Nobody spends somebody
else’s money as carefully as he
spends his own.

Ever wonder about those sto-
ries of $600 hammers and $800
toilet seats that the government
sometimes buys? You could walk
the length and breadth of this
land and not find a soul who
would say he’d gladly spend his
own money that way. And yet
this waste often occurs in gov-
ernment and occasionally in oth-
er walks of life, too. Why?
Because invariably, the spender is
spending somebody else’s mon-
ey.

Economist Milton Friedman
elaborated on this some time ago
when he pointed out that there



@ LAWRENCE W REED,
pictured here speaking at the
Rotary Club of South East Nas-
sau, spoke on the “Seven Prin-
ciples of Sound Public Policy” at
the Nassau Institute.

are only four ways to spend mon-
ey.
When you spend your own
money on yourself, you make
occasional mistakes, but they’re
few and far between. The con-
nection between the one who is
earning the money, the one who
is spending it and the one who is
reaping the final benefit is pretty
strong, direct and immediate.

When you use your money to
buy someone else a gift, you have
some incentive to get your mon-
ey’s worth, but you might not end
up getting something the intend-
ed recipient really needs or val-
ues.

When you use somebody else’s
money to buy something for
yourself, such as lunch on an
expense account, you have some
incentive to get the right thing
butlitile reason to economize.

ly, when you spend other
people’s money to buy something
for someone else, the connection
between the earner, the spender
and the recipient is the most
remote — and the potential for
mischief and waste is the greatest.
Think about it — somebody
spending somebody else’s mon-
ey on yet somebody else. That’s
what government does all the
time.

But this principle is not just a
commentary about government. I
recall a time, back in the 1990s,
when the Mackinac Center took a
close look at the Michigan Edu-
cation Association’s self-serving

statement that it would oppose
any competitive contracting of
any school support service (like
busing, food or custodial) by any
school district anytime, anywhere.
We discovered that at the MEA’s
own posh, sprawling East Lansing
headquarters, the union did not
have its own full-time, unionized
workforce of janitors and food
service workers. It was contract-
ing out all of its cafeteria, custo-
dial, security and mailing duties to
private companies, and three out
of four of them were non union!

So the MEA — the state’s
largest union of cooks, janitors,
bus drivers and teachers — was
doing one thing with its own mon-
ey and calling for something very
different with regard to the pub-
lic’s tax money. Nobody —
repeat, nobody — spends some-
one else’s money as carefully as
he spends his own.

SIX:

Government has nothing to
give anybody except what it first
takes from somebody, and a gov-
ernment that’s big enough to give
you everything you want is big
enough to take away everything
you’ve got.

This is not some radical, ideo-
logical, anti-government state-
ment. It’s simply the way things
are. It speaks volumes about the
very nature of government. And
it’s perfectly in keeping with the
philosophy and advice of Ameri-
ca’s Founders.

It’s been said that government,
like fire, is either a dangerous ser-
vant or a fearful master.

Think about that for a moment.
Even if government is no bigger
than our Founders wanted it to
be, and even if it does its work
so well that it indeed‘is a servant
to the people, it’s still a dangerous
one! As Groucho Marx once said
of his brother Harpo, “He’s hon-
est, but you’ve got to watch him.”
You’ve got to keep your eye on
even the best and smallest of gov-
ernments because, as Jefferson
warned, the natural tendency is
for government to grow and lib-
erty to retreat. You can’t wind it
up and walk away from it; it takes
eternal vigilance to keep it in its
place and keep our liberties
secure.

The so-called “welfare state” is
really not much more than rob-
bing Peter to pay Paul, after laun-
dering and squandering much of
Peter’s wealth through an indif-
ferent, costly bureaucracy.

The welfare state is like feeding
the sparrows through the horses,
if you know what I mean. Put yet
another way, it’s like all of us
standing in a big circle, with each
of us having one hand in the next
guy’s pocket. Somebody once said
that the welfare state is so named
because in it, the politicians get
well and the rest of us pay the
fare.

A free and independent peo-
ple do not look to government
for their sustenance. They see
government not as a fountain of
“free” goodies, but rather as a
protector of their liberties, con-
fined to certain minimal functions
that revolve around keeping the
peace, maximizing everyone’s
opportunities and otherwise leav-
ing us alone. There is a deadly
trade-off to reliance upon gov-
ernment, as civilizations at least as
far back as ancient Rome have
painfully learned.

When your congressman
comes home and says, “Look
what I brought for you!” you
should demand that he tell you
who’s paying for it. If he’s honest,
he’ll tell you that the only reason
he was able to get you something
was that he had to vote for the
goodies that other congressmen
wanted to take home — and
you're paying for all that, too.

SEVEN:

Liberty makes all the differ-
ence in the world.

Just in case the first six princi-
ples didn’t make the point clearly
enough, I’ve added this as my sev-
enth and final one.

Liberty isn’t just a luxury or a
nice idea. It’s much more than a
happy circumstance or a defen-
sible everyday concept. It’s what
makes just about everything else
happen. Without it, life is a bore
at best. At worst, there is no life
at all.

Public policy that dismisses lib-
erty or doesn’t preserve or
strengthen it should be immedi-
ately suspect in the minds of a
vigilant people.

They should be asking, “What
are we getting in return if we’re
being asked to give up some of
our freedom?” Hopefully, it’s not
just some short-term handout or
other “mess of pottage.” Ben
Franklin went so far as to advise
us, “Those who would give up
essential Liberty, to purchase a
little temporary Safety, deserve
neither Liberty nor Safety.”

Too often today, policymak-:

ers give no thought whatsoever
to the general state of liberty
when they craft new policies.

If it feels good or sounds good
or gets them elected, they just do
it. Anyone along the way who
might raise liberty-based objec-

- tions is ridiculed or ignored.

Today, government at all levels
consumes more than 42 per cént
of all that we produce, compared
with perhaps 6 per cent or 7 per
cent in 1900.

Yet few people seem interested
in asking the advocates of still
more government such cogent
questions as, “Why isn’t 42 per
cent enough?"; “How much more
do you want?"; or, “To what
degree do you think a person is
entitled to the fruits of his
labour?”

YOUR CONNECTION*TO THE WORLD

ee

GSM UPGRADE

The Bahamas Telecommunication Company Ltd. (BTC) wishes

to inform its valued customers and the general public that an

equipment up-grade will take place on Wednesday June 13" and
Thursday June 14 between the hours of 11pm and 5am.

As aresult, both Post-Paid and Pre-Paid GSM cellular customers

on the islands on Bimini, Berry Island and New Providence may

experience an interruption in their services.

BTC apologizes for the inconvenience caused, and assures the

public that once services are restored, customers will experience

enhanced quality.



‘paste Be HM. Va%s “aa 2 ee +



TUESDAY, JUNE 12, 2007, PAGE 11

THE TRIBUNE

Live Radio Remote - Cool 96 UOC em LU LP 4
Thursday, June 14- 10 a.m. to 2 pm Thursday, June 21- 2 to 6 p.m.
_ At Thompson Blvd | At Bernard ye







PAGE 12, TUESDAY, JUNE 12, 2007



The Bahamas Telecommunications Company Limited

THE TRIBUNE

JUNE 12, 2007





St. Andrew’s 10th Grade Economics

Students of St. Andrew's Secondary School
participated in BTC's Connecting with the
Youth Program.. The Connecting with the
Youth Program was designed to educate and
empower student about the importance of BTC
in the community and also to highlight the
opportunities available in the field of
technology and communications.

Mr. Kenyon Basden, Supervisor Outside Plant,
BTC gave an in-depth presentation 6n the
changes in technology. Mr. Basden explained
how dial tone is created from start to finish and
the hazardous conditions that technicians may
sometimes have to work, in order to provide
superior quality service to the public. Mr.
Basden further explained importance of BTC in

the community MOO ASD 4 /BS a

telecommunications provider, but as a
corporate sponsor to the youth, the environment
and as an employer who encourages, continued
education and entrepreneurship.

Mr. Steve Hepburn, Manager Outside Plant
Construction, BTC explained the importance of
the Fiber Optic System and the role it plays in
the continued development of the
telecommunications industry. Many of the
benefits that BTC's Fiber Optic System offers
to the public are: increased speed and
efficiency, decreased cost, reduced. static
interference and stronger signal strength over
longer range.

Mr. Joseph Cox Jr. Marketing & Public
Relations, BTC gave the students a brief lesson

in the various aspects of Marketing and the

many employment opportunities ‘that are

Class Gets Connected

available at BTC for those who are willing to
work hard, have a passion for customer service
and continued education. Employees of BTC
are continually attending courses locally and
internationally to keep abreast of changing
technologies no matter the area of the organized
in which they are employed.

BTC would like to thank St Andrew's School
for selecting our organization as the first choice
for their students to explore employment
opportunities in such areas as; Engineering,
Marketing, Accounting, Information
Technology and Management Information
Systems and to gain in-depth knowledge about
the technological advances in the Bahamas and

around the world.

St. Andrews 10th grade econ
tour of the BTC Poiniciana Drive Facility. Seeing the
inner workings of the opeation here at BTC helped them
to gain knowledge of how their day to day
telelcommunications worked.



udents pictured on



_ CALL BIC 225-5282 e www.btcbahamas.com









TUESDAY, JUNE 12, 2007

SECTION

Dai

HELPING YOU CREATE AND MANAGE WEALTH



7 _ NASSAU OFFICE
q Tel: (242) 356-7764



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business@tribunemedia.net

Miami Herald Business, Stocks, Analysis, Wall Street

Ga

Bahamas market access
offer on EPA ‘questionable’

_* Minister says not certain whether submission made, but FNM ‘will certainly review it’
* Laing warns Bahamas must balance need for duty-free EU access for Bacardi, seafoods
with broader trade agreement needs and impact on tourism, financial services
| * Government to avoid ‘isolated, expedient decisions’ ?



I By NEIL HARTNELL
Tribune Business Editor

he minister of state yes-
terday told The Tribune
it was “questionable”
whether the previous
Bahamian government
»had submitted a formal market access
offer for the Economic Partnership
' Agreement (EPA) with the European
‘Union (EU), adding that the FNM
sadministration “will certainly review”
‘any offer made.

Zhivargo Laing warned that the
Bahamas had to balance the need for
its exporters, such as Bacardi, to have

‘ duty-free market access to the Euro-
/pean Union (EU) with how other
‘ industries’ might be impacted and this

>
8
4
4

~ New cruise terminal

nation’s “broader participation” in
other international trade arrange-
ments.

The deadline for the Bahamas to
submit its EPA services offer to
CARIFORUM, the body negotiat-
ing with the EU on CARICOM and
the Dominican Republic’s behalf, is
imminent. Talks on the EPA are sup-
posed to be completed this year, with
the agreement implemented from
January 1, 2008, onwards as a replace-
ment for the Cotonou agreement
between the EU and 77-member
African, Caribbean and Pacific (ACP)
group of countries.

Mr Laing, who has responsibility
for international trade in the Ingra-
ham government, said the review of
the Bahamas’ position on the EPA





@ ZHIVARGO LAING



reduction in room inventory

“WTO comparability” given the plans
for this nation to begin serious talks
on full WTO membership.

“In reviewing the EPA, our review
will be against that backdrop, so that
what we do is have an international
trade position that is consistent across
the board,” Mr Laing told The Tri-
bune.

“For us, the urgency is that we have
some companies [Bacardi, the
seafoods industry and Polymers Inter-
national] that could be seriously
affected by non-participation in the
EPA. |

“We have to balance those inter-
ests against broader participation in
these agreements.”

Mr Laing said that when it came to

to effectively offset the loses

the EPA, and safeguarding duty free
market access to the EU for exports
such as Bacardi’s rum, the Bahamas
had to make a “sound decision, not an
expedient one” that could disadvan-
tage other industries and the wider
Bahamian economy. This would
result in the Bahamas suffering a net
loss, rather than a net benefit, from its
EPA position.

“There are many in the financial
services sector, the tourism sector and
others who want to know what par-
ticipation [in the EPA] means for.
them. It would be unfortunate for us
to make any move without taking into
account the implications for them,”

SEE page 6

Bahamas braces for 10% room inventory drop ,

Bahamas, they have also
allowed alternative destina-



@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

A NEW cruise port termi-

... nal for Grand Bahama is

expected to be completed with-

in 24 months, and should in

two years triple cruise arrivals

to that island and inject an

_additional $51 million in tourist
spending into the Grand

Bahama economy.
Tourism minister Neko

Grant said in his Budget con-

tribution that the Government
was looking to develop a new
cruise port on a 40-acre, cen-
trally located waterfront site,
in conjunction with a willing
financier, developer and sup-
plier, the Grand Bahama Har-
bour Company and Grand
Bahama Port Authority.

Mr Grant said that in eco-
nomic terms, cruise arrivals
should more than double in
the first year and triple within
two years from the 351,000 lev-
el to some 1.1 million.

In addition, he said the pre-

opening period will generate

a significant number of con-
struction-related jobs and
involve contracts worth tens of



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New Grand
Bahama facility
could triple
cruise arrivals

in two years, and
be completed in
24 months

millions of dollars.

Mr. Grant said that to date
there are more than 1300 hotel
rooms out of service on Grand
Bahama, primarily due to the
closure of the Royal Oasis.

He said the dramatic fall-off
in traffic triggered by the 33.3
per cent drop in hotel room
capacity had seen Grand
Bahama’s room inventory
drop from 3,500 rooms to a
record low of just 2,500 rooms.

“It should be noted that
even in their worst performing
year of operations, the Royal
Oasis and Casino’s payroll
alone represented an injection
of some $20 million into the

SEE page 8





APRABDISE sy
ARADISE EST

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@ By CARA BRENNEN-
BETHEL :
Tribune Business
Reporter |

THE Bahamas is expected
to suffer an overall reduction
in available hotel room inven-
tory of more than 10 per cent
before year-end 2007, the Min-
ister of Tourism told the
House of Assembly yesterday,
warning that occupancy levels
will have to rise significantly
to offset this loss.

In his budget contribution,

Neko Grant explained that the

would be caused by the con-
tinued closure of Grand
Bahama’s Royal Oasis resort,
combined with the loss of
rooms at the Radisson Cable
Beach Resort - set to be re-
opened as a Sheraton today -
and additional closures such as
the Nassau Beach Hotel.
“One of the messages here is
that the previous occupancy
levels that have averaged 65.2
per cent for the whole
Bahamas, over the past five
years since 2002, will have to
be raised significantly in order

in inventory,” Mr Grant said.
He added that a breakdown
of this occupancy average by
island for the 2002-2007 period
were 71.5 per cent for New
Providence and Paradise
Island, versus just/56 per cent
for Grand Bahama and only
36.8 for the Family Islands.

“There is certainly room to’

drive business throughout our
islands,” the minister said.
Mr Grant acknowledged
that while low-cost carriesr
such as Spirit and Jet Blue
have boosted arrivals to the



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PAGE 2B, TUESDAY, JUNE 12, 2007

THE TRIBUNE





Myths and realities behind stock splits

By RICHARD COULSON

recent article in The
Tribune reported
that BISX-listed

FOCOL Holdings is consider-
ing a three-for-one stock split.
If carried out, the present share
price of $17.30 would be
promptly divided by three to

COMMONWEALTH OF THE BAHAMAS

IN THE SUPREME COURT
Equity Side

IN THE MATTER of Socimer International
Bank Limited ,
(In Liquidation)

AND

IN THE MATTER of the Companies Act 1992

NOTICE OF DIVIDEND
RULE 68 of THE COMPANIES (WINDING-UP)
RULES, 1975

Name of Company:

Address of Registered Office:

Nature of Business:

Court:

Number of Matter:
Amount per B$:

First and Final or otherwise:
When Payable:

Where Payable:

Socimer International
Bank Limited

Charlotte House,
Charlotte Street,
Nassau, Bahamas
Banking Company

‘Supreme Court of the
Commonwealth of the
Bahamas, Equity Side
221 of 1998

6 cents

Second

12 June, 2007

One Montague Place,
Nassau, Bahamas

Dated this 12th day of June A.D., 2007

Paul F. Clarke
Liquidator



about $5.77, and the number
of each investor’s shares would
simultaneously be multiplied
by three. Clearly, the total val-
ue of any shareholder’s invest-
ment would be unchanged.

Why this interest by a
sophisticated, successful cor-
porate board of directors in a
re-capitalisation exercise that
will cost the company a little
money but have no immediate
effect on shareholder value?

The basic reason given is
that the present $17.30 price
of FOCOL “is likely to be per-
ceived as: prohibitive and too
expensive to encourage an
appropriate level of trading
activity ...a $5.77 share price
is likely to be perceived as an
attractive entry point for new
investors, and for encouraging
existing investors to buy and
sell”.

Let’s analyse these reasons.
(For ease of calculation, take
Commonwealth Bank, which
may soon trade at $15 and may
consider a three-for-one split
to bring the price down to $5).
First, no investor is thinking
about buying one share. It’s
not the $15 that’s deemed too
expensive, it’s the cost of buy-
ing a large block of shares. Sec-
ond, investors do not initially
think about the number of
shares they want to buy, but
rather about the number of
dollars they want to invest. Yet
third, there is always a natural
preference for buying 100-
share round lots; it makes for
easier record-keeping than
owning 50-share or 33-share
holdings, although it is usually
possible to buy these odd-lots.

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@ RICHARD COULSON

One factor motivating stock
splits is the objective of many
companies to attract the
“small” (however defined)
shareholder. At present, he
would need $1,500 to buy 100
shares. With a three-for-one
split, he could buy 100 shares
for only $500. The real ques-
tion is, in today’s Bahamian
economy are there actually
many investors who only have
$500 available to invest in a
quoted equity?

This seems doubtful. We are
not in the world of a dozen
years ago, where initial public
offerings were priced at $1 or
$2 to attract the “little man”.
Inflation and a booming econ-
omy have lifted the price of
everything, corporate shares
included: the “little man” is
earning much more than he
did then, and expects to pay
more for everything he buys.
We can be pretty sure that an
individual who these days can-
not afford to invest $1,500

should not be in the business of

picking individual shares. He
should invest in one of our
well-managed mutual funds,
where his smaller cheque will
be. welcome and his risk will
be diversified over many hold-
ings — or failing this, just put his
money on bank deposit.

In short, is not a split, result-
ing in a lower share price,
nothing but an appeal to a
market segment that may not
actually exist?

However, there are often
said to be “psychological”
advantages in executing a split
— I would call them “irra-

_ tional’. This line of thinking

(often used to justify the many

ai
Al

¢
|

And you get the gift of

6.8/1

nl j } aoe 4

Financial Soluti

stock splits in the US markets)
claims that splits are evidence
of management’s confidence
ina growing company and will
create greater liquidity. For
example, a three-for-one split
would increase the number of
FOCOL shares in public hands
from about three million to
about 10 million. If the split
theory is correct, even sub-
stantial investors (both exist-
ing and new ones) will be hap-
pier (irrationally) to own more
shares and will start trading
them actively, thus inevitably
moving the share price up. Of
course, a rational shareholder
could benefit from the actions
of the irrational ones, and sim-
ply sit back and watch his
investment appreciate. The
market is not always rational,
as even the coolest investors
know.
The true value of a share
split is an empirical one that
can only be tested after the
fact. After the split is
announced, can the share price
be seen to rise because of the
split itself ? Consider FOCOL:
the present price/earnings ratio
(P/E) is 10.4X, which will stay

the same immediately upon a. |

three-for-one share split (the
lower share price being
matched by proportionally
lower earnings per share). If
we soon see the P/E rising to,

say 12X, that may result from.

more outstanding shares lead-
ing to more active trading, or it
may simply result from
stronger shareholder convic-
tion about management’s abil-
ity to improve earnings. In oth-
er words, it’s difficult to dis-
tinguish the share-split effect
from basic investor confidence
in the company, as even split
proponents admit. Does a split
itself increase such confidence?
Very hard to say. Certainly,
the price will drop if earnings
falter, no matter how many
share splits are announced.
We should not ignore the
countervailing argument
against splits, espoused not
only by Warren Buffet, with
his unique Berkshire Hath-
away B Shares that trade at

We i

ns

Wi

for

uh

FATaAN®

OVATE:

Life!

over $3,600, and the directors _
of Google, priced over $500,
but by many other US compa- °
nies. A recent article in Seeking
Alpha, an investment newslet-
ter, reports that there are more
and more NYSE-listed com-
panies whose shares have
moved near or above $100 and
show no interest in a split to
bring the price down to the
more common $20-$50 range.
They include such popular
blue-chips as IBM, Apple and
Goldman Sachs.

These companies believe
that a high share price, without
the inducement of splits, “will
decrease speculative activity
and keep shares in the hands
of long-term holders”. These
objectives are shared by most
public companies, including
Bahamian ones, and certainly
should be given weight.

Stock-trading commissions
also have a bearing on share
splits. In the US, commissions
are usually irrelevant, since on- ©
line brokerages such as Schwab
charge a fixed commission for
any trade within a very wide
price range (presently $12.95
for most individual traders).

But in the Bahamas, the cost
of trading rises directly with
the number of shares traded.
One leading firm charges $0.05
per share to buy or sell, with a
minimum of $50, equivalent to
trading 1,000 shares. This is not
a criticism, since local firms
certainly are entitled to higher
fees than US firms to cover the
excellent service they provide
on far lower volume. But it
must be recognised that trad-
ing here can become more
expensive (and better for the

-broker) after a split. Where a

shareholder wants to cash in
$10,000 pre-split, he can do it
by selling about 670 shares at
$15 and paying the minimum
$50 commission; after a three-

~ for-one split, he has to sell

2,000 shares at $5, paying $100
commission. And the same for
the buyer.

All in all, it’s clear that the
case for a stock split is not a
“slam-dunk” decision but must _
be carefully analysed. ~ -

on all new
annuities
during the
month of June!

British

“wAmerican







BU:

The 1 Miami Herald

THE MARKETS
STOCKS, MUTUAL FUNDS, 8B
DOW30 ~=-'13,424.96 +0.57 4%
S&P500 ~—«*,509.12, #145 A
NASDAQ s.2,572.15-139 W
10-YR NOTE 5.16 +.05

65.97 -+1.21



CRUDE OIL

‘High
bond
yields:
stifle
rebound

~ BYTIM PARADIS

~ ‘Associated Press

_. NEW YORK — Stocks fin-
- ished a wobbly session. flat
.. Monday as stubbornly high
bond yields discouraged inves-
tors from extending Wall.
_ Street’s recovery from last
_week’s steep losses.

The yield on the Treasury’s
10-year note rose to 5.16 percent
Monday from 5.11 percent late
Friday. Last week, investors
took signs of recalcitrant infla-
ion to mean a rate cut by the .
‘ederal Reserve was unlikely,
and they sent stock and bond
prices tumbling; since yields
move in the opposite direction
from bond prices, market inter-
est rates soared. The 10-year
‘Treasury yield climbed above























oans, “unchanged at 5.25 percent
since last summer, following a

M1 don’t think that there isa
lot of clarity as to monetary pol-
icy for the rest of 2007 and I
_ think that in general puts mar-
kets on edge,” said Les Satlow,
_ portfolio manager at Cabot
e Money Management.
: The Dow Jones industrial
_ average rose 0.57, or less than
- Q.01 percent, to end at 13,424.96,
_ capping a day of trading that
saw stocks slip, advance, and
_ then pull back again.
i Broader stock indicators
were narrowly mixed. The
_ Standard & Poor’s 500 index
- rose 1.45, or 0.10 percent, to
1,509.12, and the Nasdaq com-
posite index fell 1.39, or 0.05
- percent, to 2,572.15.
Q Oil prices, which also stirred
_ inflation concerns last week,
_ rebounded Monday after falling
_ sharply Friday. Iran’s oil minis-
- ter said Monday the Organiza-
tion of Petroleum Exporting
_ Countries doesn’t plan to
_ release more oil into the market
_ ahead of its next policy meeting
_ in September. Light, sweet
_ crude rose $1.21 to $65.97 per
_ barrel on the New York Mer-
_ cantile Exchange.
"Amid an absence of eco-
nomic and earnings “reports,
_ investors will likely focus on
moves of the bond market and
- individual stocks as they await
_ data on inflation due later in the
week. On Thursday, the Labor
- Department releases its pro-
'. ducer price index and on Friday
the consumer price index is
due.
~The dollar was higher
“against most other major cur-
-rencies, and gold prices also
- rose.
Advancing issues just barely
- outnumbered decliners on the
New York Stock Exchange,
where consolidated volume
came to 2.47 billion shares,
-down from 2.98 billion shares
Friday.
; The Russell 2000 index of
smaller companies fell 2.13, or
0.25 percent, to 833.18.
Stock markets abroad rose
after steep declines last week.
Japan’s Nikkei stock average
rose 0.31 percent and China’s
often-volatile Shanghai Com-
posite Index rose 2.1 percent.
Britain’s FTSE 100 rose 0.96
percent, Germany’s DAX index
advanced -1.52 percent, and
France’s CAC-40 rose 0.97.





ELS ELITE EERTLEL BE












TUESDAY, JUNE 12, 2007

EQUITY COMPANY

SINESS |



INTERNATIONAL EDITION

Blackstone co-founders to get $2.33B in IPO

BY JOE BEL BRUNO
Associated Press

NEW YORK — Private-equity
powerhouse Blackstone Group said
Monday that Chief Executive Ste-
phen Schwarzman made $400 million
in 2006 — almost double the com-
bined compensation for the CEOs of
Wall Street’s five biggest investment
banks.

Schwarzman, 60, will lead the
New York-based firm to the highly
anticipated initial public offering of
its management company within the
next few weeks. He could cash in as
much as $677.2 million of his stake
during the IPO, and still walk away
with a 24 percent interest in the com-
pany valued at as much as $7.7 bil-
lion.

Blackstone’s top five executives,
including Schwarzman, earned a
combined $771.5 million in 2006 —

part of the $2.27 billion in net income
the company paid out last year.
Blackstone Group expects to record
significant losses for a number of
years following its IPO, because of
amortization and compensation
costs.

“It is a really
surprising
number,” said
Richard Fer-
lauto, director
of pension and
investment
policy for the
American Fed-
eration of
State, County
and Municipal

. Employees, about Schwarzman’s
compensation package. “There’s a
concentration of the super-wealthy
that is being created in the financial

ys
SCHWARZMAN

FAST-FOOD RESTAURANTS



services marketplace that is
unhealthy for the rest of the econ-
omy.”

The sale of 12.3 percent of Black-
stone’s management arm is expected
to value the entire company at just
more than $32 billion. Investors in the
IPO will be given little voting rights
in Blackstone itself, though. Instead,
their stakes will be tied to the man-
agement committee that runs the
firm — and not the companies and
real estate it controls.

Schwarzman’s compensation eas-
ily eclipsed the CEOs of Wall Street’s
biggest investment banks: Goldman
’ Sachs Group, Merrill Lynch & Co.,
Lehman Brothers Holdings, Bear
Stearns, and Morgan Stanley. The
highest paid CEO on Wall Street last
year was Goldman’s Lloyd Blankfein,
who made $54 million.

Schwarzman’s big payday comes











NEW Loca



SSRN,



CROSSANW 1
oat WICH? |



" PHOTOS BY LUCY PEMONI/AP

HAVE IT YOUR WAY: A sign advertises a Soam breakfast at Burger King in Honolulu. Both Burger King
and McDonald’s are offering the processed meat with eggs and rice for breakfast in Hawaii only.
Hawaii leads the nation in Soam consumption despite being one of the least populated states.

Burger King, McDonald’s
joust for Spam crown

BY JAYMES SONG
Associated Press

HONOLULU For. many
Americans, spam is a four-letter
word for unwanted e-mail. In
Hawaii, Spam is a beloved comfort
food, with cans of the gelatinous
pork bricks found in virtually every
cupboard.

Hoping to cash in on Hawaii’s
love affair with the pinkish meat
product, Burger King last month
began offering Spam for breakfast
— going head-to-head with rival
McDonald’s, which has been fea-
turing Spam in the islands for years.

Burger King is offering the Spam
Platter — two slices of Spam nes-
tled between white rice and scram-
bled eggs. The fast-food giant also
offers the Croissanwich or Biscuit
Sandwich with Spam.

Denise Yamauchi, Burger King
managing director in Hawaii, said
sales have been “very good and
very promising.”

“It’s so popular with the locals,
we wanted to cater to them,” she
said.

Putting Spam on the menu,
alongside more traditional items
such as the Whopper, has been in
the works for about a year, and Bur-
ger King’s corporate headquarters
finally signed off on the idea.

“It’s something that was a little
unique and a little different for
them, so it was a bit of a hard sell to
bring to Hawaii,” Yamauchi said.
“But they finally realized it is a
unique flavor and something the
locals really like.”

At a Burger King near down-
town Honolulu, where a poster in
the window proudly advertises
“Spam in the A.M.,” the Spam Plat-

ft eS









SPAM & EGGS: Mildred Camerino shows off her Soam breakfast at a
Burger King in Honolulu. It was Camerino’s first taste of Burger
King’s soam meal, but she had eaten the McDonald’s version.

ter was selling for $3.49. The nearly
identical Spam, Eggs and Rice plate
across the street at McDonald’s was
$3.39.

Melanie Okazaki, marketing
manager for McDonald’s Restau-
rants of Hawaii, said Spam has been
offered at the chain’s 75 island res-
taurants since 2002.

“In Hawaii, it is a very popular
menu item and we will continue to
offer it to our customers,” she said.

Burger King’s latest offering is
counter to the chain’s push to offer
healthier fare, including salads and
the meatless BK Veggie Burger. But
no one can deny Hawaii’s appetite
for Spam.

Despite being one of the least-
populated states, Hawaii leads the



SE RCS BRE ORIN

nation in consumption of the Hor-
mel Foods product. It has been a hit
ever since World War II. Isle resi-
dents consume more than 5 million
pounds of Spam a year, an average
of about six cans for every man,
woman and child.

Spam “musubi” — a slice of
Spam atop a block of rice and
wrapped in seaweed — is an island
favorite sold at nearly every con-
venience store. Spam fried rice is a
local classic.

There are also more varieties of
Spam-sold in Hawaii than any-
where else. There’s Spam Garlic,
Spam Bacon, Spam with Cheese,
Spam with Tabasco, Spam Turkey
and Spam Lite, which featured less
sodium and less fat.

as the firm — which launched in 1985

with a $400,000 investment — makes
the final arrangements on its ‘public
offering.

The flotation of the interest in the
management division to the public is
designed to cash out its founders’
stakes, and secure a more permanent
source for financing.

In addition, another 9.7 percent
will be controlled by the Chinese
government as part of a $3 billion
investment announced in May. Black-
stone’s management and underwrit-
ers will own the rest of the company.

Co-founder and Chief Operating
Officer Peter Peterson, 80, will get
$1.88 billion from the IPO, and retain
a 4 percent stake valued at about
$1.3 billion. Peterson, who plans to
retire by the end of 2008, received
$212.9 million in compensation last
year.

CHINA

Trade

in M
BY JOE McDONALD
Associated Press
BEIJING — Just last month, China
announced plans to buy $4.3 billion
of U.S. technology as a way to show
how serious it is about reducing the -
ballooning trade gap with the U.S..
So it must have come as a mixed

blessing in Beijing to see that China’s
antigravity trade surplus soared again

_in May to the third-highest monthly

level on record, according to govern-
ment figures released Monday.

The surplus hit $22.5 billion, up
73 percent from last May, the Chinese
customs agency said on its website.
Exports jumped 28.7 percent to
$94 billion, while imports rose
19.1 percent to $71.6 billion.

China has promised to narrow its
yawning trade gap under pressure
from Washington and other govern-
ments, but economists say multibil-
lion-dollar surpluses are likely to
continue.

The United States wants Beijing to
raise the value of its currency, the
yuan, which critics say is underval-
ued, giving Chinese exporters an
unfair advantage. Several American
lawmakers are calling for punitive
tariffs on Chinese goods if Beijing
fails to act.

Senior American and Chinese
envoys met last month for the second
round of a high-level dialogue meant
to address trade disputes. But they
have failed to defuse tensions with
Congress, where lawmakers say sup-
port for trade penalties is growing.

The United States reported a
$232.5 billion trade deficit with China
in 2006, and this year’s figure is
expected to surpass that.

President Hu Jintao’s government
insists it isn’t actively seeking a trade

. surplus and is taking steps to rein in

booming exports by imposing taxes
on steel shipments and repealing
export rebates.

China ended the yuan’s direct link
to the dollar in July 2005 and raised
its value by 2.1 percent. Since then,
the yuan has been allowed to rise by
about 5.7 percent in tightly controlled
trading. It has trading recently at
about 7.65 to the dollar. Many econo-
mists say a change in the yuan’s
exchange rate on its own is unlikely
to close the U.S. trade gap.

The European Union was China’s
biggest trading partner in the first
five months of the year, with total
two-way commerce rising 29 percent
to $129.9 billion, according to the cus-
toms agency.

The United States was in second
place, with two-way trade rising
18.2 percent to $115.2 billion from Jan-
uary to May, the agency said. Japan
was No. 3, with trade up 15.5 percent
at $91.2 billion.

Beijing is trying to reduce depen-
dence on exports by encouraging
China’s consumers to spend more,
which would increase imports and
narrow the trade gap. But that has
had only limited success, with
exports still growing much faster
than domestic retail sales.



THE MIAMI HERALD | MiamiHerald.com _

e TELECOMMUNICATIONS

BUSINESS BRIEF

Chief who saved Qwest
is planning retirement

From Herald Wire Services

Richard Notebaert, who pulled a troubled Qwest Com-
munications (Q) from the brink of bankruptcy amid a mul-

tibillion-dollar accounting scandal,
announced plans Monday to retire as
chairman and chief executive officer.

Qwest shares fell 8 percent.

Notebaert, 59, said he will leave the
Denver-based company after the
director pick a replacement, although
no timetable has been established. He
is the third top-ranking executive to
announce plans to leave Qwest this

year.

“The time has come for me to



spend more time with family and focus on other commit-
ments,” Notebaert said in a written statement.

At a conference in New York later Monday, Notebaert
said, “I would not walk away if I didn’t feei the legacy that I
left behind was very strong and that the platform that we put
in place was one that share owners could continue to benefit
and be rewarded by participating in.”

In the past five years, Notebaert and his team toiled to turn
the company around and drew intense national interest with
a bitter bidding war for MCI that eventually was won by Veri-
zon Communications. Last year, Qwest posted its first operat-
ing profit since acquiring U S West, one of the former Baby

Bells, in 2000.

e LABOR

HOME CARE WORKERS
LOSE OVERTIME CLAIM

Home care workers are
not entitled to overtime pay
under federal law, the U.S.
Supreme Court ruled Mon-
day, a setback for a growing

- labor force of more than
1 million people.

The unanimous decision
came in the case of Evelyn
Coke, a 73-year-old retiree
who spent more than two
decades helping the ill and
the elderly and is now in
failing health herself.

The Labor Department
did not exceed its authority
when it excluded home care
workers from overtime pro-
tection and “courts should
defer to the department’s
rule,” Justice Stephen
Breyer wrote, relieving

.fmployers and angering _
‘workers’ rights groups.
‘Phe -Glinton administra-
‘ tion had drafted a regulation
to cover the workers, but it
was shelved after President
Bush took office in 2001. —




eo SOFTWARE

IBM BUILDING ITS
SYSTEMS PORTFOLIO

International Business
Machines (IBM) said
Monday it had agreed to buy
Swedish software provider
Telelogic (TGIAF) for
$745 million in cash, bolster-
ing IBM’s portfolio in
defense, telecommunica-
tions and the automotive
industry.

_ IBMsaid Telelogic will
fit into its Rational software
division. Telelogic is IBM’s
43rd software acquisition
since 2001, and IBM plans to
maintain an aggressive
acquisition strategy.

' Telelogic products help
companies develop and test
software used in complex
systems such as aircraft
radar or anti-lock brakes.

e CONSTRUCTION

CANADIANS BID
FOR AUSSIE BUILDER

Toronto-based Brook-
field Asset Management
(BAM) has made an all-
cash takeover bid for Multi-
plex Group (MLXXF)
that values the Australian
construction and property
business at about $6.1 bil-
lion.

The companies said in a
joint statement that Multi-
‘plex directors support the
offer.

Multiplex has been trou-
bled by delays in its redevel-
opment of London’s iconic
Wembley Stadium in recent
years. It revealed earlier this
year that it had received a
conditional offer.





4 be 6:35 p.m. Late
Stock Tk. c close Chg. volume
iShR2K nya IWM 82.87 82.82 -.05 93498
SunMicro SUNW 4.96 4.96 _ 75835
TimeWarn TWX 20.61 20.59 = -.02 46468
PwShs QQQ QNQQ 46.82 46.87 +.05 34425
DukeEgys DUK 18.58 18.58 * 31203
IBM IBM 103.22. 103.22 * 27639
SPDR SPY 151.30 151.35 +.05 27133
Kraft KFT 34.52 34.52 si 26931
US Bancrp + USB 34.30 3430 0° 25316
BredeCm BRCD 8.56 8.56 % 24827
Yahoo YHOO 27.35 2740 =+.05 24124
SP Fnel XLF 37.39 37.39 . 22976
CocaCl KO 51.63 51.64 +.01 19705





e BANKING

HEDGE FUND’S STAKE
BOOSTING BARCLAYS

Shares in London-based
Barclays PLC (BCS) rose
Monday following reports
that a U.S. hedge fund had
bought a stake in the bank
and was opposing Barclays’
bid to take over ABN Amro
Holding (ABN).

The Wall Street Journal
and the Financial Times
reported that New York-
based hedge fund firm Atti-
cus Capital acquired shares
and met with the bank to
discuss whether it should
drop its friendly $83.7 billion
all-share bid for ABN Amro.

The Dutch bank is also
the target of a hostile bid led
by Royal Bank of Scotland.

Barclays declined to say
whether any meetings were
held. Barclays shares rose

ionday in London. ABN. -

‘fell less than one percent to ©

$47.09 in Amsterdam.
e AIRLINES

‘ AIRTRAN PERSISTS

IN MIDWEST OFFER

AirTran (AAI) again
extended its bid for Mid-
west Airlines (MEH) on
Monday, three days before
Midwest’s annual share-
holders meeting.

The Florida-based Air-
Tran set Aug. 10 as its new
deadline to tender shares of
Midwest, allowing time for a
new board of directors to be
certified and consider the
takeover offer.

AirTran has offered cash
and stock worth $389 mil-
lion for the Milwaukee-
based parent company of
Midwest, which has repeat-
edly rebuffed the offers.

e ELECTRONICS

NOKIA COUNTERSUES
QUALCOMM ON RIGHTS

Nokia (NOK), the
world’s largest mobile
phone maker, said Monday
it filed a patent infringement
countersuit against chip-
maker Qualcomm
(QCOM) in an ongoing bat-
tle over wireless technology.

Nokia filed the lawsuit in
a Texas court, seeking dam-
ages and injunctive relief.
The lawsuit deals with
claims of unauthorized use
of Nokia’s Brew and Medi-
aFlo patents, which allow
fast, high-quality transfer of
audio and video multimedia
to wireless subscribers.

Qualcomm had filed a
patent infringement lawsuit
in Texas against Nokia in
April, saying Nokia
infringed on patents for the
GSM standard, prevalent
outside the United States.

eatly L5percent to. $14.44







4 6:35 Late
Stock Tkr. dose oe Chg. volume
Microsoft MSFT — 30.02 30.02 17750
BrdrdgFnn BR 19.27 19,27 ° 16113
Intel INTC 21.93 21.95 +02 15709
ArchDan ADM 34.38 34.33 -.05 15029
SpiritFn SFC 14.50 14.50 > 14727
JnprNtwk = JNPR 24.93 24.93 13380
Huntsmn = HUN 19.88 19.88 13279
SiriusS SIRI 2.78 2.77 01 13193
Texinst TXN 35.79 35.05 74 12644
Altria s MO 70.22 70.22 11724
Novell NOVL 8.17 8.17 . 11518
AT&TInc = 40.12 40.10 -.02 10620

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

SOFTWARE



INTERNATIONAL EDITION

_ TUESDAY, JUNE 12, 2007 | 4B

Apple launches browser for Windows

BY MAY WONG
Associated Press

SAN FRANCISCO — Apple
Inc. launched a version of its
Safari Web browser for Win-
dows PCs on Monday, pitting
it against Microsoft Corp.’s
dominant Internet Explorer
and Mozilla’s Firefox.

“What we’ve got here is the

most innovative browser in
the world and the most power-
ful browser in the world,”
Apple CEO Steve Jobs said
during his keynote speech at
the company’s Worldwide
Developers Conference.
' Safari, which was released a
few years ago for Apple’s
Macintosh computers, has
more than 18 million users,
Jobs said — about 5 percent of
the world’s browser market
share.

Internet Explorer, which is
built into Windows, has a 78
percent share, while Firefox
has rapidly climbed to gain
about 15 percent of the market,
he said. Like the other Web
browsers, Safari is available at
no charge.

EUROPE

BY RYAN LUCAS
Associated Press

OSTROLEKA, Poland —
Three waitresses dish out waf-
fle cones topped with scoops
of strawberry, lemon and

apple gelato as fast asthey can §

at the Cafe Rialto.

Even on chilly days, the line
stretches out the door, one
more sign of Poland’s eco-
nomic boom that is putting
cash in people’s pockets and
whetting appetites for every-
thing from upscale ice cream
to sleek plasma televisions.

Increasing demand spurred
Robert Buerger, who opened
his cafe in 2001, to invest
$33,600 in a new gelato mixer
in March. He already employs
nine workers and plans to
open a second ice cream par-
lor sometime this year.

“People have more money
to.spend and are more open to

' spending it,” he said. “I see

how the market is developing,
and if I don’t open another
shop I know somebody else
will.”

Three years after Poland’s
accession to the European
Union gave the economy its
initial kick out of its doldrums
and threw open the doors to
Polish exports, investment and
domestic demand have taken
the lead in driving the coun-
try’s robust growth.

Poland’s economy
expanded 7.4 percent in the
first three months of the year,
the best quarterly result since
7.6 percent in the second quar-
ter of 1997. That comes after a
healthy 6.7 percent for all of
2006 that far outpaced the
euro zone’s 2.7 percent.

“Everything is in the right
place,” says Mateusz Szczurek,
the chief economist for ING
Bank Slaski in Warsaw. “You
have the wheels spinning with
wage and employment growth
fueling creditworthiness, and
all three fuel consumption and
that boosts sales margins, and
margins lead to investments
and further wage and employ-
ment growth.

BANKING
Chicago’s
BY DAVE CARPENTER
Associated Press
CHICAGO — Opening a
bank aimed at improving the
quality of life in poor urban
areas was supposed to be a
notion doomed for failure.
The demise of ShoreBank,
which promotes everything
from redevelopment to minor-
ity businesses to environmen-
tally responsible lending, was
so predictable that a univer-
sity professor came running to
document its beginnings for a
case study on business failure.
“Well, think about it,”
laughs Mary Houghton, one of
four co-founders of ShoreBank
and currently its president.
“Two black guys, a white Pol-
ish guy and a white female
going into a black neighbor-
hood to buy a failing bank.”
Thirty-four years later,
ShoreBank is flourishing with
a global reputation far out of
proportion to its $2.1 billion in



PAUL SAKUMA/AP

JOINING SPEED RACE: Apple chief executive Steve Jobs
talks about the Apple Safari for Windows, right logo,
and Safari for Mac, left logo, at the Apple World Wide
Developers Conference in San Francisco on Monday.

Jobs asserted that Safari
performs twice as fast as its
competitors.

Never one to disappoint his
audience, the iconic chief
executive — in his final high-

CONSUMERS SPENDING FREELY: Customers check out flat-screen televisions

light of his 142 hour speech —

said Apple’s upcoming iPhone
will run Safari.

That means, Jobs said, that
any application designed to
run on the Safari browser for

Fi eae

Exports fuel a Polish boom

pany

Macs also would be fully com-
patible with the iPhone —
Apple’s highly anticipated
combination cell phone, iPod
and wireless Web browser.
The iPhone will be available in
the United States on June 29.

The move to make Safari
available to non-Mac users is
not unprecedented: Apple also
makes its iPod media players
and iTunes Store for Win-
dows. The strategy is aimed in
part at drawing more people
to its Macintosh computers.

It appears to be paying off.

Mac sales have grown signifi-
cantly over the past two years,
pushing its slice of the PC
market in the United States
from 3.5 percent in 2004 to 4.9
percent in 2006, according to
IDC, a market research com-
pany.
“Safari is another Trojan
horse that introduces an inno-
vation of Apple to the Win-
dows community and entices
them to the Mac platform,”
said Tim Bajarin, an industry
analyst at Creative Strategies,
a technology consultancy.

Bee. a: “i Ee no



‘ CZAREK SOKOLOWSKI/AP, Sten
on opening

day at a new electronics super store on the outskirts of Warsaw earlier this month.
Poland’s economy expanded 7.4 percent in the first quarter, the best quarterly result
in a decade. Unemployment, at around.13 percent, is Europe’s highest.

“It all adds up to a very,
very healthy growth.”

In Warsaw, shoppers lug
home Hugo Boss suits and
Prada dresses below the glass
skyscrapers and cranes that
tower over construction sites
swarming with workers.

Even in Ostroleka, a town
about 75 miles northeast of
Warsaw, the trickle-down
effects can be felt.

“Normally, my profits rise
about 10 percent annually, but
this year they will definitely be
higher — maybe even 20 per-
cent,” said Buerger over a cup
of imported Italian coffee at
his cafe. At the granite-topped
tables, families in church
clothes languidly lick ice
cream cones after a late Sun-
day morning Mass.

After the lean years of the
early 2000s when the econ-
omy stagnated and unemploy-
ment soared to a post-commu-
nist high of 20.7 percent,
analysts say Poland now is
benefiting from the fastest
investment growth in a dec-

ade.

Marta Petka, an‘analyst at
Raiffeisen Bank in War-
saw,said the current economic
expansion started when
Poland joined the EU in 2004.

“The first kick to the econ-
omy was from exports,” Petka
said. “And then exports gave a
push to the next growth loco-
motive — investment.”

EU development funds —
some $81 billion for 2007-2013
— have given the economy a
nudge, as has investment in
manufacturing plants by inter-
national companies like Sharp,
Toshiba and LG.Philips.

But in many areas it is now

Polish businesses that lead the
way. Companies large and
small are pumping funds into
new projects, helping to cut
the EU’s highest jobless rate to
an estimated 13.1 percent in
May.

On top of that, domestic
demand has now taken on a
greater role in driving growth
as rising wages have fueled
creditworthiness for individu-

als and private consumption,
says Ryszard Petru, the chief
economist at Bank BPH.

Electronic retailer Saturn
and rival Media Markt both
praised the dynamism of the
Polish consumer market and
plan to open new outlets,
while Swedish retail giant
IKEA intends to build a new
store in the central city of
Lodz and expand its seven
current sites.

Analyst Szczurek notes that
because Poland has only expe-
rienced one business cycle
since the fall of communism in
1989, “no one really knows
what the Polish economy is
capable of.”

“That’s the biggest question
mark,” he says.

Still, most analysts agree
that Poland’s economy may
cool slightly in the next two to
three years, but’still forecast
growth rates at over 5 percent,
which should push unemploy- -
ment down into the single dig-
its for the first time since the
early 1990s.

‘bank with a heart’ is thriving

assets. The nation’s first com-
munity development and envi-
ronmental bank has branched
out to Cleveland, Detroit, the
Pacific Northwest and abroad,
where Shorebank Interna-
tional provides loans to bud-
ding entrepreneurs and mort-
gages to homeowners in
Africa, Asia and East Europe.

Despite its altruistic slogan
— “Let’s change the world” —
this is no charity organization.
The Chicago-based company
reported net income of
$5.3 million last year.

Its biggest impact has been
in what it calls community-
minded investing.

“They’re a bank with a
heart,” said Andres Schcolnik,
and he should know. The Chi-
cago architect and developer
saved the landmark Grand
Ballroom from the wrecking
ball thanks to a ShoreBank
loan. Its subsequent rehabilita-
tion into a rare architectural

jewel on the hardscrabble
South Side makes it a show-
piece for the bank’s work.

Once frequented by such
stars as Cab Calloway, Dizzy
Gillespie, Count Basie and The
Temptations, the 84-year-old
building was a shambles when
Schcolnik acquired it four
years ago and began a $3 mil-
lion renovation. Today it hosts
everything from gospel to bar
mitzvahs, boasting the facili-
ty’s fully restored orchestra
shell and 60-foot wooden bar,
chandeliers from the Lyric
Opera and a cherry wood floor
fit for a Chicago mayor to
dance on.

“This would have been
impossible to finance any-
where else,” he said. “At other
banks, they package things so
there’s no risk for the bank
whatsoever.”

ShoreBank was founded on
the ’60s-era idealism of Ron
Grzywinski, Houghton, Milton

Davis and James Fletcher (the
latter two now deceased), who
together ran one of the
nation’s first minority small
business loan programs. Intent
on finding ways to reverse the
decline of inner-city Chicago
neighborhoods, they zeroed in
on redlining — a once-routine
denial of credit and services to
customers in poorer areas.

The four young bankers
raised $800,000 in capital bor-
rowed $2.4 million to buy the
failing South Shore National
Bank in 1973, using it as a
model for their then-novel
idea that private bank capital
could be used to achieve social
purposes.

Underscoring ShoreBank’s
defiance of big-bank practices,
Grzywinski — still chairman
today — was the only banker
to testify in favor of the Com-
munity Reinvestment Act
which Congress passed in
1977, banning redlining.



v

THE TRIBUNE



TUESDAY, JUNE 12, 2007, PAGE 5B



PM commits to review
of port relocation plan

rime Minister

Hubert Ingraham

has committed to

examining the busi-
ness plan for the relocation of
all commercial shipping facili-
ties from downtown Nassau to
a new port in southwest New
Providence, which is being
developed by Dutch firm
ECORYS.

The Nassau Tourism and
Development Board (NTDB)
said in a statement that during
a two-hour meeting with the
Prime Minister last Friday, Mr
Ingraham said he was open to
the port’s relocation, but the
project must not cause an
undue financial burden to the
Government.

The ECORYS plan, due to
be completed shortly, will
examine the proposed port’s
financial feasibility based on a
variety of cost-profit projec-
tions for various design and
uasge proposals. Recommen-
dations on potential design,
management and ownership
structures will be made. /

“The Prime Minister’s ques-
tions regarding the cost of the
port are the same which we
have raised in the past, and
that is one of the reasons why
the previous Government
undertook the study which
ECORYS is completing. The
NTDB believes the port relo-
cation is pivotal to the city’s
redevelopment, but also
believes it must make long-
term economic sense,” said
Charles Klonaris, the NTDB’s
chairman, and co-chair of the
Nassau Economic Develop-
ment Commission (NEDC)
and downtown redevelopment
joint task force.

He added: “The revitalisa-
tion of the historic city of Nas-
sau is a process which has been



& HUBERT INGRAHAM

underway for many years. We
have welcomed and appreciat-
ed the support of every gov-
ernment, and are pleased that
the Prime Minister has
renewed his commitment to
the public and private part-
nership, which is so essential
to the transformation of our
city.

“Traffic congestion and the
lack of parking is plaguing the
city at an unprecedented level.
It is exacerbated by increased
traffic to Paradise Island,
increased trucks and shipping-
related traffic and the lack of a
comprehensive plan to deal
with jitney congestion. Solu-
tions to these problems don’t
need to wait. The public is
becoming increasingly frus-
trated by the congestion and
solutions must be advanced

quickly.”

The meeting with Mr Ingra-
ham was also attended by Nor-
man Solomon, the NITDB’s
honorary chairman and former
NEDC co-chairman; Charles
Carter, NEDC co-chair; Frank
Comito, ex-executive director
of the NTDB; and Suzanne
Pattusch-Smith, NTDB exec-
utive director.

The meeting focused on
three key issues - the imple-
mentation of a Downtown
Management Authority and
Business Improvement District
to better manage and develop
the city of Nassau; implemen-
tation of a comprehensive traf-
fic and parking plan for the
city; and the relocation of the
commercial shipping port to
the Southwest part of New

Providence.
“MRE

Bahamas braces for 10%
room inventory drop

Mr Grant added that he was pleased by the
relaxation of the WHTI requirements, which
enable persons awaiting their actual documents
to fly to the Bahamas with a passport receipt

- FROM page 1

impulse and group visitors to the Bahamas, and
the fact that the Bahamas now competes
unevenly with US island terriorties - Puerto
Rico and the US Virgin Islands - who do not
have the passport requirements and are mar-

keting themselves as such.

try”, he said.

until the end of September 2007, as it will assist
summer group travellers.
This challenges will lead the Ministry of
Tourism to undertake “aggressive promotional
_ programmes to get tourists to come to this coun-

Grains Of Wisdom.

ea Rica Thats Bight si
| STEAMED — :
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JASMINE RICE

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Father's Gifts!








I; (242) 393-4002 Monday day 9:00am 8:00pm

Tel: (242) 393.4002 ‘00am8:

Fax: 49 393.4096 ey Se
WWww.! .com



* except on red tagged and nef items



Betty K Agencies

is pleased to announce that our Nassau
Office and Warehouse will re-open for
husiness on Saturdays between the hours
of 8:00 am - 12:00 noon effective,
16th June 2007.



3 cup Mahatma® Jasmine Rice
41/2 cups water
2 teaspoons salt

We look forward to serving you and
appreciate your business.

Combine rice with water and salt in a large heavy saucepan. Bring
to a boil, then reduce heat to low and cook, covered, until rice is
tender and water is absorbed, about 15 minutes. Remove from
heat and let stand, covered, 5 minutes. Fluff with a fork.
Makes.4-6 servings (with generous leftovers).

Please contact our customer service
representative for more information

Tel: (242) 822-2142 or 322-2813

1 aU elie), aa (eae VR) TP UU

Distributed by ASA H. PRITCHARD, LTD.
Robinson & Claridge Roads : Tel: 393-2437





-~_sere:

PAGE 6B, TUESDAY, JUNE 12, 2007

Ca MUTE CD bo mta atd
URS aR a ee i

Legal Notice

NOTICE

FURRY JENNINS INC.
—4—

Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act 2000,
the dissolution of FURRY JENNINS INC. has been
completed; a Certificate of Dissolution has been issued and
the Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

NOTICE

CROSSFIRE INVESTMENTS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on the
8th day of June 2007. The Liquidator is Argosa Corp.
Inc., RO.Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

NOTICE

“MAS

JAVELOT VALLEY INC.

(In Voluntary Liquidation)

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

the 23rd day of April 2007. The Liquidator is Argosa

Corp. Inc., PRO.Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)

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.










THE TRIBUNE

Sinner eran ene... TT

Met ee Te

Bahamas market access
offer on EPA ‘questionable’

Mr Laing said.

“It is regrettable that we are
having to deal with this mat-
ter now, but it is what it is.”

The minister’s remarks indi-
cate that the FNM government
is going to take its time and
consider all the EPA’s impli-
cations, slowing down the pace
at which the former PLP
administration, led by ex-for-
eign affairs minister Fred
Mitchell, was proceeding.

Mr Mitchell had been most
concerned to safeguard duty-
free market access for the likes
of Bacardi and the seafoods _
industry, the rum exporter hav-
ing made it clear that it would
cease production and leave the
Bahamas, costing 183 jobs, if it
lost its preferential access to
the EU.

Yet Mr Laing’s comments
indicate that the new admin-
istration wants to proceed
more cautiously, assessing
what impact signing up to the
EPA will have for the
Bahamas’ two major econom-
ic earners, tourism and finan-
cial services, and other indus-
tries.

The Organisation for Eco-
nomic Co-Operation and

ARMBRISTER.

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that l,
BANNISTER of PO. Box EL 27227, Harbour Island,
Bahamas, intend to change my name to INDYA JADA
If there are any objections to: this
change of name by Deed Poll, you may write such
objections to the Chief Passport Officer, RO.Box SS-
792, Nassau, Bahamas no later than thirty (80) days after
the date of publication of this notice.



Development (OECD) and
EU have been seeking to use
the EPA as method to force
the Bahamas and others to sign
up to their tax information
exchange drive, something that
would damage this nation’s
financial services industry,
although the CARICOM
Regional Negotiating Machin-
ery (CRNM) has said there is
no likelihood of this happen-
ing.

On the tourism front, while
the major hotels in the
Bahamas are already foreign-
owned, given that the EPA
requires reciprocal market
access and trade preferences
to be given to the private sec-
tor on both sides, the agree-
ment may pave the way for
European companies to set up
in businesses here that are tra-
ditionally reserved for Bahami-
ans - tour operators, travel
agents and enue transporta-
tion.

Mr Laing, though, ques-
tioned whether the Bahamas
had already submitted a mar-
ket access offer on the EPA.

He told The Tribune yester-
day: “We will have to review
any offer that has been made. I



INDYA_ JADA

NOTICE

NOTICE is hereby given that JULIAN ROBERT JAKUSZ
OF BUEN RETIRO RD., P.O. BOX SS-5976 NASSAU,
BAHAMAS, is applying ‘to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as
a citizen of The Bahamas, and that any person who knows
any reason why registration/ naturalization should not be
granted, should send a written and signed statement of the
facts within twenty-eight days from the 5th day of June, 2007
to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.



NOTICE TO THE GENERAL PUBLIC

Please be advised that I, Ezra Baillou, heir to
the estate of Isaac Baillou in the Blue Hills
Estate, have not given Everett Baillou or his
copartners, Enamae Bowen and Joanna Swain
power of attorney or consent to negotiate any
sales or exchange of moneys for land. I will not
be held responsible for any business transactions
conducted by either of them.

Signed Ezra Baillou

Bis

Pricing Information As Of:






= me



12.25



0.20 RND Holdings

28.00 ABDAB





__0.35 RND Holdings




~ 52wk-Low























Abaco Markets

12.05 11.00 Bahamas Property Fund
9.41 7.23 Bank of Bahamas
0.85 0.70 Benchmark
2.95 1.30 Bahamas Waste
1.49 1.20 Fidelity Bank
10.60 9.00 Cable Bahamas
2.15 1.80 Colina Holdings
14.55 10.60 Commonwealth Bank
6.03 4.22 Consolidated Water BDRs
2.76 2.40 Doctor's Hospital
6.25 5.54 Famguard
12.60 11.50 Finco
14.70 12.43 FirstCaribbean
: 10.77 Focol
0.54 Freeport Concrete
7.10 ICD Utilities
8.52 J. S. Johnson ,

Premier Real Estate

Bahamas Supermarkets
10.00 Caribbean Crossings (Pref)

14.00 Bahamas Supermarkets

Fund Name









= )FIDELI

Ceiind ‘ver The coutier Securities’

am not certain to what extent .

that offer has been made by
the Government.

“It is questionable to me,

based on the information I
have, whether .a submission
offer was made by the Gov-
ernment.” ,

A. Leonard Archer, the:

Bahamas Ambassador to
CARICOM, had previously
confirmed to The Tribune that
he submitted the market access
offer to CARIFORUM at a

technical working group meet- .

ing in the Dominican Republic
earlier this year.

The Bahamas initial market |
; access offer over the EPA |

sought to exclude only about 2
per cent of this nation’s indus-
tries, rather than the maximum
14-15 per cent permitted in the
talks due to the relatively min-
imal level of trade this nation
has with Europe.

Mr Archer explained this

nation sought exclusion -. or °
reservations - for only 2 per

cent of its economic sectors

“because what is the point of .

excluding a product we’re not
trading in”?

Of the industries excluded’

from the Bahamas’ market
access offer, Mr Archer said:
“All of them are in the agri-
culture and fisheries sector.”
He explained that these
industries, and those targeted
for exclusion or reservation by

the Bahamas, were those con- -

sidered to have export poten-
tial, that have the ability to be
competitive if given some pro-

tection until they reached

maturity, or those where there
were national security impli-
cations.

Mr Laing yesterday told The
Tribune that the Government
was aware of the imminent
deadline for the Bahamas to

make offers, especially on ser-:

vices, over the EPA.

He added-that the Govern- ----

ment was “trying to balance
the need to cater to that dead-
line and the broader needs of

the country as far as our par- ~

ticipation in any trade agree-

* ments are concerned.

“We do not want to make
any isolated decisions on inter-
national trade that have broad-
er implications for any other
trade agreements. What we do
has to be consistent with a
broader approach to interna-
tional trade.”

INSIGHT

For the stories

behind the news,
read Insight
on Mondays



Mr Laing said the FNM gov-

ernment had “been trying to

get up to speed on what has ©

happened” on the EPA, and

had met with the Bahamas

Chamber: of Commerce and
other private sector respresen-

tatives to gauge their concerns - ‘

and obtain feedback.
~He confirmed that the Gov-
ernment planned ‘to move

“ahead with the accession

process towards full WTO

‘membership, and was prepar- |

ing the.Bahamas’ Memoran-

dum of Trade Regime for sub- —'

mission in that regard.

_ The previous administration _

was just waiting for the compi-
lation of the 2005 trade statis-
tics, expected to be complet-
ed. ‘before year-end 2007,
before submitting that Mem-

orandum of Trade Regime: -
Countries need to submit three -
’ years of consecutive trade data
‘when applying. -

Mr Laing said the Govern-
ment was not tied to a
timetable for its WTO submis-
sion, but said the process for
accession to full membership
would take between three to
five years.

He then appeared to criti-
cise the former administration,
hinting that the WTO acces-

"sion process had moved no fur-

ther forward than when the
FNM previously demitted
office in 2002.

A previous Government

. document detailed that the

Bahamas exported some
$66.315 million worth of goods
to the EU in 2004, largely

'. made up of Bacardi’s rum and

spirits products, lobster and

- other sea food products, and

‘polymers from Polymers Inter-

. national in Freeport.

If the Bahamas lost its duty-
free preferences by remaining
outside the EPA, the Bacardi,
Polymers International and sea
feod products would -all see

their: prices increase and ©

become uncompetitive.

For Bacardi, loss of duty-free |

access would see tariffs ~

imposed on its rum equivalent

to $5 per gallon.

“The Government document ~

said: “For the Bahamas, the
loss would be substantial, and
would include the loss of $13.
262 million in excise taxes, as
well as the loss of approxi-

mately 180 jobs for Bacardi's

Bahamian workers.”

- Just over $35 million worth ©

of sea food products were

- exported to the EU from the

Bahamas in 2004, and loss of

- duty-free access would lead to

a 12:5 per cent tariff being
imposed.

This would raise the price of
Bahamian lobster by $2-$2.50
per pound, making it uncom-

' petitive. otk
“The loss to the Bahamas -
- would be the value of the lob-

ster exported, and the income

‘loss of the Bahamian fisher-
men who catch the lobster, as:

well as $649,259 in royalties,”
the Government analysis said.





TY

41.00 43.00 41.00
14.60 15.50 14.00
0.45 0.55 0.45 |

BISK Listed Mutual Funds
YTD%

NA V



1.3418 41.2907 Colina Money Market Fund 1.341839"
3.2018 2.9038 Fidelity Bahamas G & | Fund 3.2018***
2.6629 2.3560 Colina MSI Preferred Fund 2.662852**
1.2443 1.1695 Colina Bond Fund 1.244286****
11.5519 11.0199 Fidelity Prime Income Fund 1155192 5"""

BISX ALL SHARE INDEX
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close
Today's Close
| Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today

DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings

TO TRADE CALL: COLINA 242-802-7010 / FIDELITY 242-366-7764 7 FOR MORE DATA ® INFORMATION

- 19 Dec 02 = 1,000.00

- Previous day's weighted price for daily volume
- Current day's weighted price for daily volume

FINDEX? CLOSE 862.60 7 YTD 08:14% / 2606 34.47

YIELD - last 12 month dividends divided by closing price

MARKET TERMS

Last 12 Months |

Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price
Weekly Vol.
EPS $ - Acompany’s reported earnings per share for the last 12 mths

- Trading volume of the prior week

NAV - Net Asset Value

N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100








—_ %



*-1 June 2007
*t -30 April 2007.
vn “31 May 2007

*** - 30 April 2007



es = 31 amare 2007 ’





THE TRIBUNE BUSINESS
GN-516



SUPREME COURT

SUPREME COURT :
PROBATE REGISTRY :
P.O. BOX N-167 :
Nassau, The Bahamas :
June 14, 2007 :

Probate Division
2007/PRO/npr/00260

IN THE ESTATE OF VIRGINIA SHARP, late of |
107 N. Elm Street in the Country of Champaign :

in the State of Illinois, one of the States of
America,

deceased. :

: of 14 days from the date hereof.

NOTICE is hereby given that after the :
expiration of fourteen days from the date hereof, :

_ No. 2007/PRO/npr/00263

Notice is hereby given that such applications :
: will be heard by the said Court at the expiration :
| of 14 days from the date hereof.

Sign
Desiree Robinson
(for) Registrar

Whereas, EMERALD COLLIE of #27 Colony |
Village, Eastern District, New Providence, one :
of the Islands of the Commonwealth of The :
Bahamas has made application to the Supreme :
Court of The Bahamas, for letters of :
: administration of the Real and Personal Estate :
: of EDWARD COLLIE late of #27 Colony Village, :
: Eastern District, New Providence, one of the :
Islands of the Commonwealth of The Bahamas,, :
: Ridge Subdivision in the Western District of
: the Island of New Providence, one of the Islands
: Notice is hereby given that such applications :
will be heard by the said Court at the expiration :
: Bahamas, for letters of administration of the
: Real and Personal Estate of FELIX
: MUSGROVE II late No. 42 Charlotte Ridge
: Subdivision in the Western District of the Island

deceased.

Sign
Desiree Robinson

TUESDAY, JUNE 12, 2007 PAGE 7B

Bahamas has made application to the Supreme
Court of The Bahamas, for letters of

: administration with the will annexed of the Real
: and Personal Estate of KWAN KING HO (a.k.a.)
: HO KWAN KING (a.k.a.) K. K. HO late of No.
: 4 Goldsmith Road, Jardine’s Lookout, Hong
: Kong Special Administrative Region, Hong
: Kong, deceased.

? Notice is hereby given that such applications

: will be heard by the said Court at the expiration

THE SUPREME COURT :
PROBATE DIVISION :
June 14, 2007 :

of 14 days from the date hereof.
Sign
N. Neilly
(for) Registrar

THE SUPREME COURT
PROBATE DIVISION

June 14, 2007
No. 2007/PRO/npr/00267

Whereas, ELEANOR MUSGROVE of Charlotte

of the Commonwealth of The Bahamas has
made application to the Supreme Court of The

application will be made to the Supreme Court :
of The Bahamas in the Probate Division by :
KEVIN MARTIN RUSSELL of #14 Doubloon :
Drive in the City of Freeport on the Island of :
Grand Bahama, one of the Islands of the :
Commonwealth of The Bahamas, Attorney-At- :

(for) Registrar : of New Providence, one of the Islands of The

Commonwealth of The Bahamas, deceased.
Notice is hereby given that such applications
: will be heard by the said Court at the expiration

Law, the Authorized Attorney in The Bahamas : THE SUPREME COURT : of 14 days from the date hereof.
for obtaining the Resealed Grant of letters : PROBATE DIVISION ;
testamentary in the above estate granted to : June 14, 2007 : Sign
SHIRLEY CARLTON SHARP, the Executrix of : No. 2007/PRO/npr/00264 Nicoya Neilly

the Estate, by The Circuit Court, Probate : (for) Registrar

Division in the County of Champaign in the :

State of Illinois, one of the States of the United
States of America, on the 11th day of October

2005.

Signed
Desiree Robinson
(for) Registrar

Probate Division
2007/PRO/npr/00261

IN THE ESTATE OF JOHN ELMER PAXTON, 2
JR., late of 2842 Del Laws Road in the City of |
Bear in the County of New Castle in the State :

of Delaware, one of the States of the United
States of America,

NOTICE is hereby given that after the :
expiration of fourteen days from the date hereof, :
application will be made to the Supreme Court :
of The Bahamas in the Probate Division by :
KEVIN MARTIN RUSSELL of #14 Doubloon :
Drive in the City of Freeport on the Island of :
Grand Bahama, one of the Islands of the :
Commonwealth of The Bahamas, Attorney-At- :
Law, the Authorized Attorney in The Bahamas :
for obtaining the Resealed Grant of letters :
testamentary in the above estate granted to :
BEULAH MAE PAXTON, the Personal :
Representative of the Estate, by New Castle :
County, SS in the State of Delaware, one of |
the States of the United States of America, on :



the 11th day of October 2005

Signed
Desiree Robinson
(for) Registrar

No. 2007/PRO/npr/00262

deceased.





deceased. |

COMMONWEALTH OF THE BAHAMAS :
THE SUPREME COURT :

PROBATE DIVISION :

June 14, 2007 :

Whereas, CHRISTA WAGNER of 1180 Vienna, :
Starkfriedgasse 51, Austria has made:
application to the Supreme Court of The :
Bahamas, for letters of administration of the :
Real and Personal Estate of JOSEF WAGNER :
late of 1180 Vienna, Starkfriedgasse 51, Austria, :

Whereas, CYNTHIA POITIER of Park View :
Avenue, Gleniston Gardens, Eastern District, :
: New Providence, one of the Islands of the : ©
: Commonwealth of The Bahamas has made :
! application to the Supreme Court of The :
: Bahamas, for letters of administration of the :
: Real and Personal Estate of PHILIP POITIER, :
: SR., late of Park View Avenue, Gleniston :
! Gardens Eastern District, New Providence, one
; : of the Islands of the Commonwealth of The :
: Bahamas, deceased:
SUPREME COURT :
PROBATE REGISTRY :
P.O. BOX N-167 :
Nassau, The Bahamas :
June 14, 2007 ;

of 14 days from the date hereof.
Sign
Desiree Robinson
(for) Registrar

No. 2007/PRO/npr/00265 .

Notice is hereby given that such applications :
: will be heard by the said Court at the expiration :
of 14 days from the date hereof:

Sign
Desiree Robinson
(for) Registrar

No. 2007/PRO/npr/00266

Whereas, SHANNELLE SMITH of the Western :
: District of the Island of New Providence, one :
of the Islands of the Commonwealth of The



SUPREME COURT
PROBATE REGISTRY
P.O. BOX N-167
Nassau, The Bahamas
June 14, 2007
Probate Division —s
2007/PRO/npr/00269° °' |

: IN THE ESTATE OF WILLIAMS S. GLASS, late

: of 3340 Cambridge Drive in the County of Clark
Notice is hereby given that such applications :
will be heard by the said Court at the expiration :
: America,

in the City of Springfield in the State of Ohio,
one of the States of the United States of

deceased.

NOTICE is hereby given that after the

: expiration of fourteen days from the date hereof,
: application will be made to the Supreme Court
: of The Bahamas in the Probate Division by
. : PEMBROKE H. WILLIAMS of the Western
: District of the Island of New Providence, one

THE SUPREME COURT :
PROBATE DIVISION :
June 14, 2007 :
| Resealed Letters of Authority in the above
: estate granted to DONN NIGHTINGALE,
: Executor of the Estate, by the Probate Court
Whereas, JILLIAN T. CHASE-JONES of :
Jacaranda in the Western District, New :
Providence, one of the Islands of the :
Commonwealth of The Bahamas, Attorney by :
Deed of Power of Attorney for David G. Baron, :
the Executor has made application to the :
Supreme Court of The Bahamas, for letters of :
administration with the will annexed of the Real :
and Personal Estate of SUSAN DENICE :
BARON a.k.a. SUSAN MCLAIN BARON late :
of 5211 Gladehill Drive in the County of Harris :
in the City of Houston in the State of Texas :
: one of the States of the United States of :
: America, deceased.

of the Islands of the Commonwealth of The
Bahamas, Attorney-At-Law, the Authorized
Attorney in The Bahamas for obtaining the

of Clark Count, Ohio, on the 1st day of August
2005.

Signed
N. Neilly
(for) Registrar

THE SUPREME COURT
PROBATE DIVISION
June 14, 2007
No. 2007/PRO/npr/00270

Whereas, DOROTHY MAE ROACHE of Bel-
Air Estate off Carmichael Road in the Southern

District of the Island of New Providence, one
: of the Islands of the Commonwealth of The
: Bahamas has made application to the Supreme
: court of The Bahamas, for letters of
? administration of the Real and Personal Estate
? of SAMUEL LAWRENCE ROACHE ate of
: Bel-Air Estates off Carmichael Road in the
: Southern District of the Island of New
: Providence, one of the Islands of the
THE SUPREME COURT :

PROBATE DIVISION :
June 14, 2007 :
: will be heard by the said Court at the expiration
: of 14 days from the date hereof.

Commonwealth of The Bahamas, deceased.

Notice is hereby given that such applications

Sign
Nicoya Neilly
(for) Registrar





PAGE 8B, TUESDAY, JUNE 12, 2007

THE TRIBUNE ~ .



ee) re
Bahamasair: Government will explore all options

Semen ui mus =e
Cee] Rela folate NE

NATURE

wh

@niautilus

Ne ae
“SEO With Ba TRACE MINES



~GENERAL WORKER NEEDED

With knowledge in electrical
and plumbing

Worker must be able to work a
12 hour shift.

Please contact us at:

1-(242)-377-0444-6 or
Fax resume to 1-(242)-377-0276.

Serious Inquires Only



@ By NEIL HARTNELL

Tribune Business Editor

he Government is

keeping all options

open on Bahama-

sair’s future, the
minister responsible for the
national flag carrier told The
Tribune, and will explore both
full privatisation of the airline
and hiring a mangement/oper-
ating partner to run its opera-
tions.

Branville McCartney, minis-
ter of state for tourism and avi-
ation, told The Tribune: “We
will be exploring both avenues
to see which is more beneficial
for Bahamasair. It’s something
that we will have to take into
consideration in both spheres,
to see which is more benefi-
cial.”

Mr McCartney said the FNM
had committed in its Manifesto
to searching out a strategic part-
ner for Bahamasair, which has
been a consistent drain on the
Bahamian taxpayer and the
Public Treasury since inception.

The previous PLP govern-
ment spent $1 million on com-
missioning a report by McKin-
sey, the world-renowned man-
agement consultants, on how
Bahamasair could be improved

TEACHER WANTED

Teach 2 school age children (4 1/2 & 7 1/2) in home setting.
Must possess superior verbal and writing skills. Willing to
PAT EC TET CRD MES SUL)
PTTL A CO CT CCA CCC Ceri

CYCLES MTC etm CCT eT

a.m. - 1:00 p.m.

Sy SS hachelors degree, 3 years of experience, excellent
computer skills. Knowledge of Spanish a plus. Start date

August 27, 2007.

_ homeschoolhs2@yahoo.com

HONDA

The Pawer of Dreams

WGC gr GE
MCs elt ea cE
until June 30, 2007.
ara ee

ergonomics, road handling, reliability and

Features:

¢ Air conditioning

© Immobilizer alarm

* §-disk CD player

e Remote entry locking

¢ 2.4L engine
¢ Cloth Interior

¢ Airbags

FINANCING ON-THE-SPOT
24-month/24,000-Mile factory warranty.

NASSAU MOTOR COMPANY LIMITED
Shirley Street » Nassau, Bahamas

Tel: (242) 328-2285 © Fax: (242) 323-7272
Website: www.hondabahamas.com

ay
c
o
om
a
he.
0
©



ACCORDS TU

The Accord has achieved Car and Driver magazine’s "10 Best"
status 21 times in 25 years. The Accord has consistently
been among the top five best-selling automobiles in the US.

The Honda lineup is always top-rated for fit and finish,

resale value. The °

Accord was chosen by Consumer Guide as a "Best Buy’
Midsize Car from 81 competitors. Need we say more?

¢ Power windows, mirrors & locks
¢ Stereo controls on steering wheel

seo seesect sentient

3

?
NASSAU MOTOR COLTD #

and readied for possible pri-
vatisation.

Mr McCartney said that
while he had heard about the
McKinsey report, he had not
seen it, and after the Budget
debate was completed would
be in a better position to assess
this and all other information
related to Bahamasair.

The national flag carrier con-
tinues to be a drain on the pub-
lic purse, and in the 2007-2008
fiscal year is due to receive an
$11 million subsidy from central
government to keep it in the
air - money that could be better
spent on social and infrastruc-
ture projects.

The subsidy is a $1 million
increase on the $10 million allo-
cated for 2006-2007, but previ-
ous estimates have often under-
estimated Bahamasair’s capital
needs. In the 2004-2005 fiscal
year, the Government had to
spend $31.937 million in subsi-
dies to Bahamasair, with anoth-
er $23.107 million ploughed
into the airline in 2005-2000.

During his Budget debate
contribution, Mr McCartney
said Bahamasair was expected
to lose $16 million in its upcom-
ing 2007-2008 financial year, a
$2 million decrease from the
$18 million loss projected for

New cruise terminal, trom page

Grand Bahama economy,” Mr
Grant said.

He added that the wider
impact from the loss of the
1,300 rooms, at average occu-
pancy levels and based on tra-
ditional Grand Bahama visi-
tors’ per capita spend, trans-
lated into a drop of some $270
million in gross spending that
has yet to be recouped.

While he noted that the
acquisition of the property by
Harcourt Development Com-
pany was a step in the right
direction, the loss of income
for the economy and the loss
jobs among Grand Bahamians
had made the restoration of
the Royal Oasis a priority.

Mr Grant said that as a
result of the hotel’s closure,
many salaried workers are rou-
tinely working three - and

the financial year ending on
June 30, 2007, an improvement
that is “not enough to decrease
the drain on the public purse”.
“To continue to operate a
fleet with an average aircraft
age of 20 years will result in the
losses increasing exponential-
ly, with the consequence being
increasing funding by the Gov-
ernment, funding which is aver-
aging over $25 million each
year,” Mr McCartney said.

Million

Included in Bahamasair’s $20
million loss for its year ending
on June 30, 2006, was $2.5 mil-
lion in back pay for the renew-
al of contracts for the airline’s
four unions, all of which had
expired for two years.

Bahamasair has been contin-
ually squeezed on two sides
over the past several years, its
revenues coming under pres-
sure from both low-cost carriers
such as Jet Blue, which under-
cut it on ticket prices via lower
operating costs, and Bahamas-
based charter operators that
handle Family Island routes -
some of which were outsourced
by Bahamasair.

On the cost side, Bahamasair
has struggled to cope with high

sometimes two - days a week
as an alternative to being laid
off.

Also, he said taxi drivers
“are lining up and often sleep-
ing in their vehicles” in order
to get near the front of lines
to pick up fares from the Har-
bour, their most lucrative
route. Mr Grant said that there
are days when they return
home with just a single fare
despite their family’s financial
obligations.

He added that vendors, and
store and restaurant owners,
have either lost their business
completely or are struggling to
stay alive.

The Ministry of Tourism will
spend an estimated $8 million
on Grand Bahama’s develop-
ment and promotions, as the
FNM government begins a

e

global oil prices and fuel costs, *
leading many to question why it ..
does no hedge its fuel purchas-_,

es.
“Bahamasair has seen its

annual fuel bill increase from ©
$9 million in 2001 to $21 million -

in 2006, which is an increase of

over 130 per cent with no ©

matching increasing in rev-

enue,” Mr McCartney said.
“Bahamasair’s projected rev-

enue for the year ended June

30, 2007, is the same as for 2006, . -

and the budgeted revenue for
the year ended June 2008 is
expected to show only minimal
growth of $1 million.”
Although the airline had

experienced several years of .

revenue growth, increasing this
from $66 million in 2004 to $73

illion in 2005 and $77 million
in 2006, expenses had grown
even more.

At year-end June 30, 2005,
the amount of government sub-
sidies ploughed into the strick-
en airline stood at just over

$290 million, with the accumu- *

lated deficit standing at almost
$378 million.

Bahamasair’s current and
total liabilities then exceeded
current and total assets by

$72,083 million and $78.636 mil- ;

lion respectively.

1

“full court press” in the first
year of office to restore the
island’s almost dormant econ-
omy. -

Mr Grant said: “We are
working swiftly and closely
with the Harcourt Group to
ensure that the redevelopment

takes place within the fastest —

timeframe, so as to cause for
new direct employment in the
construction stages alone by
the end of the year, and in the
tourism services area by winter
2008.”

He said the Government will
also engage the operators of
Grand Bahama’s 1200 room
Our Lucaya, operated by Star-
wood’s Westin and Sheraton
brands, along with their casino
operator, Isle of Capri, to
renengerisie marketing their
products.

The Tech Prep Program is a series of courses designed to help
students develop their academic skills in the areas of Math
and English, before proceeding with their regular curricula
courses in the fall.

Classes Begin: June 25, 2007

Classes End: August 3, 2007

Registration: Bahamian $50.00
International $150.00

For more information contact the

| Tee RL

BTV

Bonhams fechrical asd “ooo ficnal hoitute









Today Wednesday

High: Low W High =Low Ww High

FC. FIC Fe OFC F/C
\ibuquerque 81/27: 59/15 t 87/30 61/16 t Indianapolis 86/30:
Anchorage 66/18 49/9 pe 67/19 49/9 c Jacksonville 86/30
Atlanta 84/28 65/18 t 83/28 63/17. t Kansas City 85/29°
Atlantic City 76/24 61/16 pc 74/23 55/12 pc Las Vegas 98/36
Baltimore 84/28 61/16 t 80/26 62/16 t Little Rock 88/31-
Boston 70/21 55/12 pe 65/18 51/10 pc Los Angeles 83/28
Buffalo 80/26 63/17 pe 82/27 63/17 pc Louisville _ 86/30:
Charleston,SC 84/28 66/18 t 82/27 65/18 t Memphis 88/31
Chicago 85/29 58/14 pce 84/28 61/16 pc Miami 89/31
Cleveland 84/28 61/16 pc 84/28 63/17 pc Minneapolis 88/31
Dallas 94/34 74/23 pe 92/33 71/21. pc Nashville = 87730
Denver 67/19 50/10 t 78/25 52/11 pc New Orleans 89/31
Detroit: 85/29 63/17 s 88/31 64/17 pc New York 78/25
Honolulu 88/31 74/23 s 87/30 76/24 s Oklahoma City 88/31
Houston 94/34 72/22 pe 94/34 73/22 pc Orlando 92/33

TRIBUNE

THE WE

el FORECAST








High:

ALA

Li

a

Low: 76°

EAC

84° F
The exclusive AccuWeather RealFeel Temperature? is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure, and .



elevation on the human body—eve



Partly cloudy.

RealFeel

ATHER REPORT

Eau

Clouds and Rather cloudy, a t-

occasional sunshiné. storm possible.
High: 88° High: 86°
Low: 76° Low: ae









Meter lg

98°-18" F

Gaitctia:

~_98°-82° F





High: 89° F/32°C
Low: 75° F/24°C







High: 88° F/31°C
Low: 79° F/26°C

Shown is today's weather. Temperatures are today's
highs and tonights's lows.

Today
Low

F/C
63/17
69/20
§5/18
71/21
66/18
62/16
67/19
67/19
76/24
67/19

61/6

71/21

61/16-

69/20
76/21

Wednesday
High Low Ww
F/C F/C
85/29 64/17 pc
82/27 68/20 t
85/29 64/17 pc
103/39 78/25 s
91/32 66/18 pc
85/29 62/16 pc
87/30 68/20 pc
92/33 70/21 pc
89/31 75/23 t
86/30 65/18 pc
88/31 65/18 pe
90/32 72/22 pc

76/24 58/14 pe

89/31 66/18 t
87/30 71/21 t

High: 88°
Low: 78° F/26° C

FRC






Today
High Low W

FC FC
Philadelphia 82/27 647 +
Phoenix 98/36 77/25 s
Pittsburgh 83/28. 60/15. pce
Portland, OR 74/23 54/12 pc

Raleigh-Durham 84/28 64/1
St. Louis 89/31 65/18 pc
Salt Lake City 82/27 58/14 s
San Antonio 92/33 73/22 pe



73/22 53/11
oa pe
3 72/22 +

San Francisco





- 92/3



Tallahassee



oar 721s
80/26 62/16 t

THGS0h 93/33 68/20 s
Washington, DC 84/28 65/18 t

rything that effects how warm or cold a person feels. Temperatures reflect the high and the low for the day.



Rather cloudy, a t- Mostly cloudy, a t-



storm possible. storm possible;
High: 86° ‘High: 86° «
Low: 74° ‘Low: 74°







eainer ail ub

__98°-78° F 98°-76° F_=

YEE ne

Statistics are for Nassau through 2 p.m. yesterday
Temperature :

High ....... ete einieis plitshtaticvareeOOs FSR. ©
LOW sscrerieencrntentiy abiereatsaieiet’ Hes: &
Norivial TGM: 5 cccstescecessazesss sssccesstsn ees 87° F/30° C
Normal low ............. wanelibal ciinecstes caves . 74° F/23° C
Last year’s NIGH «00... sevssssenseees 89° F/32° C
Last year's IOW ......s..eeee estabetistee Oe MeL, CE.

Precipitation

As of 2 p.m. yesterday ...... eee sesso tFACO”
VOAn TO Date: o2ccsecssscolsstascceastoatvestanss ide 280M
Normal year to date ou... eeeseeseeseeseeeene 14.28”

AccuWeather.com

All forecasts and maps provided: by
AccuWeather, Inc. ©2007

»

CAT ISLAND
po 86° F/30°C

RAGGED ISLAND
High: 86° F/30° c
Low:71° F/22°C:

Lowe Te Fz



GREAT INAGUA
High:87° F/31°C
i Low: 76° F/24°C







Sunrise...... 6:19a.m. Moonrise
Sunset....... 8:00 p.m. Moonset

fun. 14

~ MODERATE

The higher the AccuWeather UV Indexâ„¢ number, the
greater the need for eye and skin protection.









Today se 24 stam 02
Mednestayy ea 33 1238 nm, 02
Tenet em 83 ate, 2
Friday Soom, 93 Dovem, D2



ST ee ee i fye

New First Full

y



Jun. 30 Jul. 7

Jun. 22

SAN SALVADOR
High: 88° F/31°C
Low: 74° F/23°C

MAYAGUANA
High:87°F/31°C
——— Low:75°F/24°C












94/34 81/27 pc
86/30. 77/25 +
74/23 63/17 pc
~- 86/30 71/21 &
73/22 72/22 s













79726 B79 c-






64/17 48/8 pc 47/8 ¢
75/23 S521 —SaN2 c
89/31 Gei18 pe



oe 68/20 s






as 96/35 86/30 t

“g5/i8 42/5 pc 60/15 = 42/5 t
4/28 72/22 4 — 84/28 72/22 +
84/28 66/18 po = 81/27 71/21 pe
= $9720 61/16 s

65/18 48/8 t



— 63/17 55/12: sh
80/26 61/16 pc
77/25 53/1

68/20 50/10 pc
85/29 73/22 t
66/18 45/7 t





59/15 pe
61/16 tL




70/21



82/27 56/13 pe

29





75/23 59/15 t

85/29 63/17. pc

Weather (W): s-sunny, pc-partly cloudy, ¢-cloudy, sh-showers, t-thunder-
storms, r-rain, sf-snow flurries, sn-snow, i-ice, Prep-precipitation, Tr-trace

Winnipeg

INSURANCE MANAGEMENT

(BAHAMAS) LIMITED. INSURANCE BROKERS & AGENTS |

PUTT ae gta



WATER TEMPS.







WINDS WAVES VISIBILITY
NASSAU = Today: E at 5-10 Knots 0-1 Feet 6-7 Miles 80° F
Wednesday: SSW at 5-10 Knots 0-1 Feet 5-7 Miles 80° F
FREEPORT Today: SE at 5-10 Knots 1-2 Feet 6-7 Miles 80° F
Wednesday: SW at 8-16 Knots 1-2 Feet 5-7 Miles BO°F !




Today:






NN] Showers
[233 T-storms
[2 6 1 Rain

*_ * | Flurries
—k ) Snow

Wednesday: SSW at 10-20 Knots

ESE at 5-10 Knots 1-2 Feet

2-3 Feet

Shown are noon positions of weather systems and

precipitation. Temperature bands are highs for the day.

Forecast high/low temperatures are for selected cities.

INS

6-7 Miles

5-7 Miles




79° F
(°F

Miami
© 89/76

Fronts
Cold ==

Warm ified
Stationary Mongrel.

ae

9

choice is
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CE BROKERS & AGENTS

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PAGE 10B, TUESDAY, JUNE 12, 2007 | THE TRIBUNE BUSINESS











ER eeroreccennerrenomeried Se eee an
FEATURING “THE QUEEN OF SOCA”



Full Text
”

= m Lhe Tribune



i'm lovin’ it.

| HIGH
LOW



88F |
76F

| PARTIAL
| Se SUNSHINE



Che Miami Herald |



BAHAMAS EDITION |





Volume: 103 No.166



‘CLUE NUMBER TWO IS ON PAGE 7C

Man in court over two
bodies found last week

‘ By NATARIO McKENZIE

A MAN, 33, was arraigned in
Magistrate’s court yesterday,
charged with two murders. The
body of a man and a woman were
found last week on a remote farm

’ off Cowpen Road.

, Hilfrant Francois Joseph, alias

» Alfred Joseph of Carmichael

* Road, was arraigned before Chief
Magistrate Roger Gomez at
Court One Bank Lane yesterday,
charged with the murders of
Denise Clarke, 42, of Market
Street, and Livingston Johnson
also 42 of Cowpen Road.

Clarke’s body was discovered
early last Thursday morning sub-
merged inside a burgundy
coloured GMC truck, which was
tipped on its side in the shallow
waters of Bonefish National
Pond.

According to reports, Clarke.

had bruises on her face and her
upper body was bound by a sheet.

Later that day a police sniffer
dog reportedly led investigators to
Johnson’s body, which was inside
an unfinished building about a
quarter mile across the farm from
the location where Clarke’s body

was discovered. Johnson had
been brutally stabbed and had
multiple chest wounds.

According to court dockets,
Joseph, sometime between Tues-
day, June 5, and Thursday, June
7, intentionally caused the death
of Denise Clarke.

Another charge read that the
accused, between Wednesday,
June 6, and Thursday, June 7, also
intentionally caused the death of
Felix Johnson.

Joseph, who is listed on court
dockets as a Bahamian, is repre-
sented by lawyers Murrio Ducille
and Tamara Taylor.

Inspector Don Bannister
appeared on behalf of the prose-
cution yesterday.

Joseph was not required to
plead to the murder charges.

The case was adjourned to 10
o’clock this morning and trans-
ferred to Court 11, Nassau Street,
where a date will be set for the
commencement of a preliminary
inquiry.

‘According to prosecutors,
Joseph was on bail in connection
with a 2002 murder before
being charged with the recent
offences.

FNM vice-chairman: contesting
seats may be detrimental to PLP

@ By KARIN HERIG
Tribune Staff Reporter

CONTESTING seats in court may highlight the PLP’s “botched” prepa-
rations for the general election and result in being detrimental to the par-
ty, Johnley Ferguson, vice-chairman of the FNM said yesterday.

Mr Ferguson told The Tribune yesterday that the PLP’s action of con-
testing five seats amounts to challenging the entire process of the 2007 gen-

eral election.

The FNM’s vice-chairman warned that the election court could bring to
light the PLP’s mismanagement of the preparation process for the gener-

al election.

“Tn filing these (cases) they are challenging the process, but they are the
ones who did things like put half of a polling station in one constituency and

SEE page seven

The Taste on Tuesdays !!
Buy any large pizza with 2 or more
toppings & Get a medium
|-topping pizza absolutely







PRICE — 75¢

KNOWLES AND NESTOR MOVE UP







@ HILFRANT Francois Joseph at court yesterday. He has been charged with the murders of a man
and a woman whose bodies were found off Cowpen Road last week
(Photo: Tim Clarke/Tribune staff)

Human rights campaigner: don’t
mess with freedom of expression

B By ALISON LOWE
Tribune Staff Reporter

"punishing" media outlets that publish "biased"
reports.

Mr Davis suggested in the House of Assembly
on Friday that, in response to "assaults" on the gov-
ernment, "which...creat(ed) a sense of the negative
with respect to the Christie administration," public
funds — in the form of government advertising —
could be withheld from certain media outlets.

"Why should public funds be given to the media

SEE page seven

"DON'T mess with freedom of expression or the
generous breadth that should be given to the media
to express dissenting views."

This was the message yesterday sent by attorney
and founder of the Grand Bahama Human Rights
Association Fred Smith to Philip Davis, PLP MP for
Cat Island, Rum Cay and San Salvador, in response
to Mr Davis' recent suggestions of the possibility of

TESST LUCTUS ICU ORL LUI

LESS than two hours after
i na Tile King, The Tribune and
its affiliate radio stations, 100
JAMZ, Joy FM and COOL
FM, went on the air to
launch its $164,000 appeal
for dialysis machines for the
Princess Margaret Hospital,
a full dialysis unit was donat-
ed by a caller. A second
donation towards the pur-
chase of a second machine
soon followed. _

Shortly after Mark
Roberts of Tile King and
Sean Moore of The Tribune
launched the appeal yester-
day morning on the Eric and
Ed show on Cool 96, fol-
lowed by Kevin Harris’ show
on Joy FM, Mr Max Julien,







B RECEIVING a $20,500 cheque to purchase a complete dialysis
unit donated by Max Julien, proprietor of Cowpen Building Supplies are proprietor of Cowpen Build-
(I-r) Mark Roberts, Tile King and FYP Ltd, Garry Julien, manager, jo Supplies, wrote out a
Cowpen Building Supplies, Adriel Julien, secretary of Cowpen Building $20,500 cheque in memory
Supplies, and Robert Dupuch-Carron of The Tribune/Tribune Radio.
(Photo: SD Moore/Tribune staff) SEE page seven



“Do you get wionty back
on your niortgages






ce



We do!

ack Mortgage

Double murder charge

New Minister of

Tourism clashes

with Wilchcombe
in the House

Hi By BRENT DEAN
Tribune Staff Reporter

THE current and former min-
isters of tourism squared off yes-
terday in the House with Neko
Grant accusing Obie Wilchcombe
of recklessly handing out con-
tracts under his watch — an alle-
gation Mr Wilchcombe vehe-
mently denied.

In his budget contribution Mr
Grant told the House that “the
former minister handed out con-
tracts and hired consultants like

_Santa would hand out candies

and embrace children at a Christ-
mas party.”

Mr Grant used as an example a
$12,000 per month contract
signed by the ministry on Decem-
ber 13, 2006, with a management
group, which was to assist the
ministry in planning and market-
ing activities relating to sports.

Though not naming the group
or people involved with the con-
tract, .Mr Grant questioned the
credibility of the contractor, sug-
gesting that the contract was
nothing more than a political

SEE page seven

Body of man

reported —
missing at

sea is found

@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - The body of a
man, reported missing at sea, was
discovered Sunday in deep water
off East Grand Bahama.

Clarence Thomas, a 26-year-
old resident of McCleans Town,
wag found by a local diver sub-

_ merged in about 40-ft deep water

about three and a half miles south
of McCleans Town around
1.50pm.

According to reports, Thomas
was lying on the bottom of the
sea with his spear still clenched in
his hand.

It is believed that the victim
may have drowned while spear
fishing.

Sometime around 12.11pm on
Sunday, police at the Lucaya
Police Station received a report
from Nurse Rachel Rolle at the
McCleans Town Community
Clinic, who reported that a diver
was missing at sea after failing to

SEE page seven





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PAGE 2, TUESDAY, JUNE 12, 2007

"

THE TRIBUNE



Ee oe re eee

About the speaker’s salary |
and size of the new Cabinet

A FEW months
ago a PLP

friend suggested I was
wasting my time writing
about how our system of
government is supposed
to work, particularly how
ministers of government
are expected to behave,
and the rules and con-
ventions they are expect-
ed to honour. Nobody
was listening, he said.

He was obviously
right, up to a point,
because some ministers
in the previous adminis-
tration continued to
abuse the system and to
act as if they had no idea
of what was expected of
them as ministers, or as if
they simply did not care.

Sometimes politicians
get good advice from
those they regard as
opponents, and for that
very reason the foolish
ones can be counted on
to ignore it.

Back in the days the
PLP used to be severely
criticised by Sir Etienne
Dupuch, and more than
once decided not to do
the right thing just
because Sir Etienne had
suggested it. On one
occasion Sir Etienne told
them how to go about an
election case against the
UBP. They did just the
opposite and were thrown out
of court. °

P= Christie’s adminis-
tration was terminated
in the recent election, and no
doubt that very attitude con-
tributed to its demise. In their
arrogant presumption of enti-
tlement, some rode roughshod
over the constitution, the rules





































JAN

|



and conventions of cabinet goy-
ernment and their own code of
ethics.

The process of public educa-
tion about how we are governed
must continue so that any
debate about how we can make
better use of the system, or
make changes in it, will be
informed.

Judging from some of the
comments on radio talk shows

ie

itty










10.5701¢ |

a

and even in the print
media, we still have a
long way to go. Some
people who advocate
one change or anoth-
er obviously have a
limited understanding
of certain aspects of
the system and what it
can or cannot accom-
modate.

One big temptation

into our system fea-
tures of other systems
that are not compati-
ble. For instance, it is
easier to get rid of a
prime minister in a
properly functioning
parliamentary democ-
racy than it is to get rid
of a directly-elected
president in the Amer-
ican system.

y et we still
hear some

people complaining
that in our system the
head of government,
the Prime Minister, has
too much power. The
same people suggest
that we should have a
directly-elected head
of government.

This will more than
likely make the head
of government more,
not less, entrenched
than a prime minister
who is dependent on the sup-
port of a majority in Parlia-
ment and in his party. I keep
repeating that we have a very
short history of cabinet gov-
ernment, so we have to look to
older ones for precedents.

Margaret Thatcher was,
some say, the greatest prime
minister of Britain since Win-
ston Churchill. But when her
party thought she had become
too overbearing, they got rid
of her.

George Bush, some say, will
go down in history as one of
the worst American presi-
dents. Yet the Congress, gun-
shy after a botched attempt to
convict a popular president for

_ lying about a sexual affair,

seems unable to summon the
will to impeach Mr Bush for
misleading the country into a
disastrous war.

* * *

he new FNM Gov-
ernment is taking a-

significant step towards
upgrading the office of Speak-
er of the House of Assembly.
It has been foreshadowed as
a part of the budget exercise
that the salary of the speaker
will be increased from $62,000
to $80,000, and it is about time.

Qualified and ambitious
members of parliament have
in recent times shied away
from this office and instead
much preferred ministerial
appointments.

In most cases those who
served in recent times did so at
great sacrifice to themselves,
because while they were not
restricted from doing business



is to suggest importing '



| oul

or practising their professions
as are ministers, the duties of
the office have come to
demand full-time attention.
In the last term of the
House, the PLP majority
apparently had difficulty
attracting a top member, and
had to settle for someone who
seemed to be not suitable for



Sometimes
politicians get
good advice
from those
they regard as
opponents,
and for that
very reason
the foolish
ones can be
counted on to
ignore it.

that particular office.

Speaker Alvin Smith is far
more qualified than his imme-
diate predecessor. Despite the
fact that he had sometimes
been the victim of some bad
decisions from the chair, Mr
Smith has the intelligence, atti-
tude and temperament to
make a good speaker.

The person who presides
over and is responsible for the
administration of the elected
branch of parliament is indeed
important to that foundation-
al institution — and to the
whole society.

IE Britain, the Speaker of
the House of Commons
is referred to as the First Com-



It is not easy
to construct a

aah

portfolio with
related matters
as there are
departments of
government .
that can be
placed under
One ministry as
well as under
another.



moner of the Land, carries the
title Right Honourable and is
paid a salary on par with that
of cabinet ministers.

The practice has also been
that, once elected, a speaker
resigns his or her party affilia-
tion and is unopposed in sub-
sequent national elections.
Because of our smallness we
cannot do that, but we can do
more to enhance the office of

“FEB MAR APR MAY JUN JUL AUG _SEP OCT NOV DEC

speaker and shore up the inde-
pendence of parliament.

The Parliamentary Review
Commission appointed by
Prime Minister Hubert Ingra-
ham recommended precisely
that in its 2001 report. Sir
Clement Maynard and I co-
chaired the Commission, and
other.members were Felix
Stubbs, Raymond Winder, Ish-
mael Lightbourn and Baswell
Donaldson.

On the question of salary,
the Commission noted that the
speaker was not in receipt of a
House salary as were other
members, but instead received
only a lump sum salary of
$62,000. This was $34,000 less
than the total salary of a min-
ister who was also a member
of the House.

The proposed increase does
not close this gap. Nor does it
bring the speaker’s salary up
to that of a minister of state
in the House ($88,000), but it
is a step in the right direction.
No doubt the new administra-
tion will also address other
issues raised in the Commis-
sion’s report for the overall
development of parliament.

k ok *

D espite complaints
that the FNM cabi-

net is too big, the fact is that
Prime Minister Hubert Ingra-
ham has effected a long-need-
ed rationalisation and reduc-
tion of cabinet portfolios, and
has reduced the number of
senior ministers from 16 to 12,
including the Prime Minister
who heads the Cabinet Office
and Office of the Prime Min-
ister (prime ministry), as well
as the Ministry of Finance.

It is not easy to construct a
portfolio with related matters
as there are departments of
government that can be placed
under one ministry as well as
under another.

For instance, it would seem
that Aviation can fit just as
well into the portfolio of the
Ministry of Transport as in
that of the Minister of
Tourism; and there will always
be a department or two that
do not seem to fit neatly any-
where.

Some commentators have
sought to compare our cabi-
net with that of Britain, right-
ly pointing out that there are
only 23 ministers (most of
them styled secretaries of
state) in the British cabinet.
But that is only half the story.

These ministerial heads are
assisted by nearly a hundred
junior ministers, including
ministers of state and parlia-
mentary undersecretaries who
do not sit in cabinet. A secre-
tary of state, or senior minis-
ter, may be assisted by as
many as five junior ministers.

Because we are small, it is
not a bad idea that ministers of
state are allowed to sit in cab-
inet along with their seniors.

sirarthurfoulkes@hotmail.com
www.bahamapundit.type-
pad.com








Your electricity bill is made
up of the basic rate, which is
constant and has not
changed since October 2003,
and the fuel sur-charge, which
is based on the price of
petroleum in the intemational
market and Is calculated

monthly using a fixed formula,








In brief

Judge denies
bail for three
suspects in
JFK ‘plot’

@ TRINIDAD
Port-of-Spain



A JUDGE denied bail for
three suspects accused of plot-
ting to bomb New York’s John
F Kennedy International Air-
port, ordering them on Mon-
day to remain in jail until a
hearing on a US request for
their extradition, according to
Associated Press.

The three men — Kareem
Ibrahim, Abdul Kadir and
Abdel Nur — smiled and waved
to about 20 supporters and
family members in the court-
room but did not speak. A son
of Kadir said FBI agents had
questioned relatives over the
weekend.

Chief Magistrate Sherman
McNicols said he was denying
bail “given the nature and the
seriousness of the offense,” and
ordered them to remain in jail
until an August 2 hearing on a

-US extradition request.

The suspects, arrested this
month in the twin-island
Caribbean nation, are accused
of participating in a Muslim ter-
ror cell that planned to blow
up a jet fuel artery that runs
through residential neighbor-
hoods and feeds Kennedy air-
port.

The alleged mastermind of
the plot, US citizen Russell
Defreitas, 63, is a Guyana
native who worked as a cargo
handler at the airport until
1995. He is in custody in New
York.

US authorities claim the
alleged plotters unsuccessfully
sought support in Trinidad
from Jamaat al Muslimeen, a
radical Islamic group that
staged a deadly coup attempt
here in 1990.

Rajiv Persad, an attorney for
Kadir and Ibrahim, argued for
their release on bail, noting
they do not have criminal
records and that Kadir served
until last year as an opposition
legislator in Guyana’s parlia-
ment. ;

“There is no evidence that
these men would abscond, giv-
en that they are solid members
of their communities,” Persad
said.

Defense attorneys said Kadir
and Nur, who are from
Guyana, have relatives in
Trinidad they could stay with if
granted bail. Ibrahim is from
Trinidad.

Relatives and acquaintances
of the suspects have expressed
skepticism that they would be
capable of organizing an inter-
national plot.

“We know that the allega-
tions are all fabricated,” said
Talibah Ali, a member of the
mosque where Ibrahim is a Shi-
ite cleric.

But Israel Khan, an attorney
who represented the US gov-
ernment at the bail hearing,
said, “You cannot look at a
person and say that he looks
like a terrorist or not. They
come in all fashions.”

“There is evidence of con-
versations of them plotting to
carry out this offense,” he
added.

In court, Khan handed
defense attorneys pictures that
he said depicted Kadir and his
family carrying semiautomatic
weapons and handguns. He
offered to show them to the
judge, who replied, “I don’t
need to see them at this stage.”

Over the weekend, agents
from the US Federal Bureau
of Investigation accompanied
by local police interviewed two
children of Abdul Kadir in
Guyana, his son Salim Kadir
told The Associated Press on
Monday.

“We were questioned by
about four FBI agents but we
have nothing to hide,” he said,
adding that documents were
seized from the family’s home,
though he did not provide
specifics.

Abdul Kadir, 55, a former
mayor of Linden, Guyana, was
taken off a plane in Trinidad
and arrested as he prepared to
fly to Iran through Venezuela
to attend an international
Islamic conference.

Wc
US

FOR PEST PROBLEMS
PHONE: 322-2197


THE TRIBUNE



@ ln brief

Dominicans
charged
with illegal
fishing

FIFTY-TWO Dominican
men accused of fishing ille-
gally in the Bahamas were
arraigned in Magistrate’s
court yesterday.

The men, who according
to court dockets were the
crew of the fishing vessels
“B/P-Orion-1,” and “Anna
Luisa", were arraigned
before Magistrate Susan
Sylvester at Court 11 Nassau
Street yesterday.

They were charged with
illegal fishing, possession of
undersized crawfish, posses-
sion of fresh crawfish during
the closed season and pos-
session of prohibited appa-
ratus, namely spears and air
compressors.

According to court dock-
ets, the accused committed
these offences on Friday June
6, 2007 off Ragged Island.
They all pleaded not guilty
to the charges and will return
to court at 2pm today, which
is when prosecutors are
expected to indicate whether
they will adjourn the matter
to a later date or proceed
with a trial.

Environment
leaders meet
for talks in
Sweden

@ SWEDEN
Stockholm

ENVIRONMENT experts
and ministers from around
the world on Monday gath-
ered in Sweden to informally
discuss the options and possi-
bilities of a new global cli-
mate agreement that would
replace the Kyoto Protocol
in 2012, according to Associ-
ated Press.

Representatives from near-
ly 30 countries — including the
US, China and Indonesia —
had joined the conference at
Riksgransen, some 125 miles
north of the Arctic circle.

Sweden’s Environment
Minister Andreas Carlgren
welcomed the informal dia-
logue as a way for activists
and officials to share views
without the pressure of writ-
ing policy or reaching agree-
ments. ;

“Tf you can get a picture of
a common vision and what
elements should be part of it,
you can support each other,”
Carlgren’s spokesman,
Thomas Uddin, said.

At the Group of Eight
summit in Germany last
week, leaders from developed
countries agreed to draft a
new climate agreement by
2009.

Rajendra Pachauri, an Indi-

an climatologist and head of |

the international climate
change panel, and Yvo dé
Boer, executive secretary of
the UN Framework Conven-
tion on Climate Change, will
present the result from the
UN’s climate panel during the
four-day meeting in Sweden.

The conference is the third
of its kind. The first was held
on Greenland in 2005 and the
second in South Africa in
2006.

Mefey VRAIS

TUESDAY, JUNE 12, 2007, PAGE 3

New cruise port tops plans



to stimulate Grand Bahama

@ By BRENT DEAN
Tribune Staff Reporter

MINISTER of Tourism Neko
Grant, yesterday elaborated on
the Government’s plans to
reverse trends that have seen
tourism arrivals to the Bahamas
continue to decline during

2007’s first quarter, placing sig-

nificant emphasis on the revi-
talisation of Grand Bahama
during his Budget contribution.

Mr Grant told the House that
the overall 0.9 per cent decline
in arrivals, and more specifical-
ly, a five per cent drop in those
by air, reveal a pattern that all
should “stand and take notice
of”, especially as the stopover
market is responsible for 90 per
cent of total visitor expenditure
in the Bahamas.

According to statistics from
the minister, since 2004, when
five million tourists arrived in
the Bahamas, there has been a
continued decline in this indi-
cator. In 2005, there was a 4.5
per cent drop in arrivals to 4.8
million tourists, whereas in
2006, some 4.7 million tourists



B@ NEKO Grant

came to the country.
Paralleling this fall in arrivals,
tourist spending too has
declined by 0.6 per cent
between 2005 and 2006, from
$2.069 billion to $2.056 billion.
The 10 per cent fall in nation-
al room inventory by the end
of the year results primarily

from the more than 1,300 rooms
out of service in Grand Bahama
— largely attributed to the pro-
tracted closure of the Royal
Oasis resort — along with the
expected closure of the Nassau
Beach as a part of the Cable
Beach redevelopment project.

To reverse these trends in
Grand Bahama, some $8 mil-
lion will be spent by the
tourism ministry in the upcom-
ing fiscal year, on Grand
Bahama Island development
and promotions.

Most dramatically, Mr Grant
discussed the creation of a new
cruise port that can be con-
structed in as little as 24 months.
This ambitious project has the
potential, he said of doubling
cruise arrivals in the first year of
operation and tripling the same
arrivals within two years from
351,000 visitors to some 1.1 mil-
lion visitors.

The ministry also intends to
work with Harcourt to ensure
that construction starts at the
site by the end of the year — cre-
ating work in this sector — with
jobs becoming available in the

‘More police on the streets’ as
Urban Renewal changes course

@ By ALISON LOWE
Tribune Staff Reporter

THE public can expect to see
more officers from all ranks of
the police as the force expands
its neighbourhood and commu-
nity policing.

Yesterday Chief Supt Hulan
Hanna explained the direction
the force is taking yesterday as
he announced further transfers
in what is shaping up as a dra-
matic transition period for the
police, following the promise of
adjustments to Urban Renewal
from Minister of National Secu-
rity Tommy Turnquest.

Sixteen senior officers, rang-
ing in rank from Assistant Com-
missioner to Inspector, have
been transferred “laterally”.

These include Asst Commis-
sioner Juanita Colebrooke, the

- first female to attain that rank,

who will now take on responsi-
bility for complaints and disci-
pline, along with Chief Supt
Hanna himself, whose addi-
tional responsibilities will now
include working closely with
Asst Commissioner of police
Marvin Dames to implement
the new neighbourhood and
community policing model.
"We need to empty our sta-
tions, empty our offices of every
available rank, right from the
most senior person to the junior
officer who only recently
entered the organisation,” said

- Chief Supt Hanna.

Mr Hanna said the transfers
were part of a “strategic”
response to rising crime levels,
particularly against the person
and property in newly devel-
oped areas, and were the obvi-
ous next step in putting to best
use recently promoted officers.

In early May, Mr Turnquest
received enthusiastic applause
at police headquarters when he
indicated that community polic-
ing would continue but “not
necessarily in the same struc-
tural framework of the Urban
Renewal Programme.”

Some commentators and per-
sons with involvement in the
programme interpreted his
comments as suggesting that



@ JUANITA Colebrooke

officers would be taken “out of
offices and put on the streets".

Chief Supt Hanna revealed
that police had received many
complaints about a lack of
police presence in crime and
tourist hotspots.

The new policy will specifi-
cally seek to address this, he
said, adding that by being “on
the ground” in troublesome
zones, police will be better able
to anticipate and prevent
crimes.

He said that if this increased
presence did not become a real-
ity, in a way that delivered pub-
lic satisfaction, the police would
“become irrelevant.”

While he ackowledged the
Commissioner would have had
in mind Mr Turnquest’s com-
ments when he designed the
transition, Mr Hanna said that
government influence over the



MH HULAN Hanna

moves was “miniscule at best",
and then primarily linked to
funding.

He said: “The commissioner
does not necessarily have to act
at the minister’s behest but
you're simply having an appre-
ciation for the direction in
which the goverment is head-
ed.

“Tf (the commissioner) wants
more cars he has to demon-
strate what he is doing with the
ones he has... you have to make
the case. There is a relationship
at that broad policy level,” he
explained.

Speculation about political
interference in transfer and pro-
motion decisions has been
fuelled in previous months due
to the swiftness with which cer-
tain police officers were trans-
ferred in the pre and post-elec-
tion period.

tourism services sector by the
winter of 2008.

Cross marketing projects with
existing resorts represent the
third component of the min-
istry’s overall plan of revitalising
Grand Bahama in the upcoming
fiscal year.

These initiatives for Grand
Bahama, Mr Grant said “rep-
resent the first phase priority
projects that will cause for the
rebound in economic activity
within a very short time frame
and revitalise the sector within a
two year period.”

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PAGE 4, TUESDAY, JUNE 12, 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, PO. Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

An explanation from the Publisher

WE SHALL digress today to talk about this
column and its author.

An editorial column expresses the opin-
ion, beliefs and philosophy of a newspaper.
The author behind the column should be of no
concern to readers. What is written in. this
column is what the newspaper stands for. In
most newspapers an editorial board directs
policy and editorial writers produce the copy,
sometimes consisting of several short opinion
pieces. They are not all necessarily by the
same writer.

Not so at The Tribune. For more than 60
years Sir Etienne Dupuch, the late editor/pub-
lisher of The Tribune wrote this column daily
over his own byline. He was recorded in the
Guinness Book of Records in 1984 as the
world’s longest serving editor. Four years
before his death, he handed his editorial pen
to his daughter and for a short time she also
wrote under her own byline. When she decid-
ed to change this tradition, she explained to
readers that she wanted The Tribune to have
a personality of its own — not to revolve
around the personality of the editorial writer.
It was no longer to be what Sir Etienne or
Eileen Carron stood for, but rather what The
Tribune stood for and what The Tribune had
to say. And so the byline was dropped. At
the time Mr Paul Adderley was the only per-
son to voice an objection.

It seems important to many Bahamians to
know who is behind the written word. And
to satisfy their need, they decide that Mr So-
and-So wrote such-and-such and then they sit
down to beat their toothless gums against Mr
So-and-So. Critical opinions from the pen of a
Bahamian do not generate the same stormy
emotions as do the opinions of ‘a foreigner.
Many Bahamians are so parochial that they
will not tolerate a foreigner’s honest opinion
even though that opinion might be of more
value, because, unlike a Bahamian, he has no
personal axe to grind.

The reason we are writing in this vein today
is because an incident arose last week over
information in this column. Who wrote the
column seemed more important than the ques-
tion asked in the column.

Mr Michael Foster, architect for the straw
market, felt that the writer was blaming him
for government taking so long to construct
the market after the 2001 fire. On the con-
trary, we were criticising government believing
that it was government holding back the com-
pletion of the design, when in fact much of
the delay was caused by the difficult. water-
logged terrain on which a market was to be
constructed.

In the end it transpired that Mr Foster had
completed all of his designs, and the persons
talking to us about missing designs was talking
about structural, and not architectural draw-
ings.

Anyway, Mr Foster believed that his repu-
tation was damaged. So upset was he that he
didn’t sleep that night and still in a distraught
state he arrived at The Tribune with three
volumes of his drawings, consisting of about
150 sheets, under his arms.

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_ The next day he told a radio audience how
he had waited 15 minutes at The Tribune
office, refusing to leave until he had seen “the
editor, publisher or whoever wrote that arti-
cle.”

The receptionist did not tell him that the
publisher was not in the building. However, as
managing editor John Marquis was the highest
ranking staff member in the office, the recep-
tionist naturally directed Mr Foster to Mr
Marquis’ office. As Mr Foster had asked to see
the person who had written the article, and
had been ushered into Mr Marquis’ office
without an explanation, he assumed that Mr
Marquis was indeed this column’s author. At
that hour of the morning it was a question of
whether Mr Marquis had had time to have
read the editorial in question.

Asked by the radio host whether Mr Mar-
quis admitted to writing the editorial, Mr Fos-
ter said he had not. Professional journalists are
interested in information and facts, not who
might or might not have written an article,
and so Mr Marquis was concentrating on Mr
Foster’s complaint — the writer of the article

was immaterial. As a matter of fact when Mr -

Foster showed Mr Marquis the article, Mr
Marquis would have known immediately its
author. However, he would not have known
the erroneous information that Mr Foster had
by now stored in his head... and which he was
then passing on to his radio audience.

And now for the record. The Tribune pub-
lisher, like her father and grandfather before
her, writes this column. Occasionally there
are guests columnists, and as our regular read-
ers know at the bottom of such articles their
name and newspaper with which they are asso-
ciated are printed. Those columns are the
opinions of those particular writers.

What is printed in this space, and not
signed, is written by the publisher and is the
opinion of The Tribune. It is the only column
in this newspaper where the newspaper is per-
mitted to have its own space to state its opin-
ion. All the other pages are filled with news
reports — both local and international — and
feature articles and opinion pieces by different
authors.

And so when someone comes looking for
the writer of this column there is no point
calling at The Tribune office. Although she
still has her office at The Tribune, she is not
physically present. With today’s incredible
technology she and her office is wherever her
computer is.

Although she is in daily contact with her
editors, reporters, photographers, archivists,
composing staff, accounts department, and
even her press room staff, she is not physi-
cally present. And although she is The Tri-
bune’s night editor, her physical presence is
still not required. She and her computer, wher-
ever they choose to be, can work as efficient-
ly as if she were in her downtown office.

And so whenever a member of the public
has a problem with something that has been

published, they will be shown into the office of.

The Tribune’s senior editor — Managing Edi-
tor John Marquis.



Income tax can
promote better
governance

EDITOR, The Tribune.

I MUST confess my mistak-
en ignorance on why we as a
nation have never moved with
the rest of the industrialised
world to the use of income
taxes.

All along I believed that it
was just the simple matter that
with the flat tax that we have;
everyone pays at the same lev-
el for food and other items we
import. If you import or buy a
car that already includes duty,
the tax is the same for both
rich and poor.

Naturally if you can afford
a more expensive item you
will pay more tax, but that is
not my point, you may also
get appropriately more value.
Similarly a rich and poor fam-
ily purchasing the same food
will have the same taxes

added before purchase. We, |

rich, poor or in-between, all
pay the same taxes for the
same items. In western nations
the rich pay more in taxes
than do the poor.

The less able in society pay
nothing or may get money
from their government. So
I’ve always thought that our
rich and powerful have want-
ed to retain this system for
their own personal benefit.
This may have started with the

Bay Street Boys” but have
been dutifully carried on by
their majority rule successors.
There is no way under our
existing system for a person
with little available cash to
avoid the procery taxes. We
have been brainwashed
against income’ taxes to the
benefit of the powerful. While
this may still be true, it is not
the otily reason.

After reading in The Tri-
bune about accounting prob-
lems in a local government
some time ago, I have had an
epiphany.

The real reason not to have
a graduated income tax where
the rich pay more than you
and I do, is that with an
income tax you actually see
what is being taken from you
personally to run the place.
While no one really wants to
have.-that kind of tax either,
no one really wants to pay the
taxes on us in the grocery
stores either.

Taxes do get your attention
when it is ripped from your
hard earned pay. When your
neighbour wastes his pay it
could be funny or unfortunate

NOTICE

NOTICE is hereby given that FREDO GUSTAVE OF #257 SOUTH
MALL DRIVE, FREEPORT, GRAND BAHAMA, BAHAMAS, is
applying to the Minister responsible for Nationality and Citizenship,
for registration/ naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a written and
signed statement of the facts within twenty-eight days from the
12TH day of JUNE, 2007 to the Minister responsible for Nationality
and Citizenship, PRO.Box F-41085, Grand Bahama, Bahamas.

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LETTERS

letters@tribunemedia.net



but you may not care much.
When your money is wasted
by in-laws or family it gets
your attention and you may
want to do something about
it.

Today the money that keeps
the government at all levels
running seems to land in offi-
cials laps mysteriously from
“tourism” or duties.

We have no ownership of
that money. Some people
think we have no taxes at all.
We do not see the govern-
ment’s money as ours but as
theirs.

That is wrong of course, it
still belongs to all of us. Like
my neighbour who squanders
his money, it is not my prob-
lem or may business.

With our taxes it is differ-
ent, it is our money that may
be wasted.

People of any party in pow-
er should not squander my

hard earned money. I find it a
personal affront that my tax
money is misused. Do you?
With income taxes, I would
pay less in the grocery store
less for car and grumble about
the Government taking my
hard earned cash.

But perhaps I would also be
very aware how they are
spending my money. They, the |
Bay Street Boys and all fol-
lowing people in power, have
continued this method. The
rich and powerful of all eras in
our history protect themselves
at the expense of the poorer
parts of society. Income tax
can promote better gover-
nance because it is in your
face.

Have you fallen in the trap
that the government has
“their” money, not “your”
money to do with as they will?
When they hand it out too
freely is it good that I might
get my cut of the pie or was it
mine in the first place?

CABLE BEACH
Nassau,
May, 2007.

‘Overblown’
Special Report

EDITOR, The Tribune.

WHAT an overblown piece this Special Report by PACs
Nunez was. Firstly, I can safely say I have travelled more fre-
quently via Bahamasair between Marsh Harbour/Nassau than
either the news editor and the alleged hapless reporter, and have
never experienced anything other than courtesy from the Aba-

co ground staff.

Let me clarify, I am neither economically or politically impor-
tant, nor related or personally acquainted with any of the airport

staff.

However I am blessed with a modicum of common sense, and
a healthy dose of self responsibility. The reporter and his editor
both seem to have discounted the fact that each and every pas-
senger is told to check his/her ticket details at the time of pur-

chase.

If for whatever reason your intrepid travellers were not so
informed, did they not at any time realise “Whoops I’m booked
to return on Monday, not Sunday”, or check the ticket on the
outward leg when the mistake could have been easily corrected..
Because, I hate to say it, the wrong date was a mistake, not a
nightmare, not a major failing of the Bahamasair training pro-

gramme.

Going off the number of retractions, corrigenda and sundry
apologies The Tribune management have printed over recent
times, I am quite sure that your journalists are all to familiar with

human fallibility.

Secondly, how many times do you need to ask if a flight
schedule is full on the final afternoon of a public holiday week-

end?

I think most people would realise that the chances of chang-
ing a flight would be slim indeed in those circumstances. J am
truly sorry that the young reporter felt driven to continue his
quest, and undoubtedly in the process “yuk up his vexation”
rather than cut his losses and keep his equanimity.

Finally, please don’t insult your readers’ intelligence by
labelling such personal “hype and gripe” as a “Tribune Special
Report” or investigative journalism.

MARGARET WATSON
Marsh Harbour,
June, 2007

FOMSE TANTR UBTED

Effective June 8, 2007

Please be

advised

that VERITAS

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administrative offices

location:

to the following

Church Street Plaza
448 Church & Shirley Streets,
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(Church St. Plaza is opposite Epworth Hall on Shirley St.)

Our telephone and fax numbers will
ODT MON ORS D Non


THE TRIBUNE

TUESDAY, JUNE 12, 2007, PAGE 5



DT es
© In bre’ Hanna-Martin denies ‘heated
exchanges’ with ex-US envoy

Woman is
assaulted
while out

jogging

A WOMAN jogger was
allegedly attacked early yester-
day morning during her routine
run in the southwest of New
Providence.

Speaking with The Tribune
yesterday, the woman — who
wished to remain anonymous —
said that she was assaulted at
around 5.30am during her
morning jog on Carmichael
Road .

She claims that her attacker,
“grabbed her from the side and
gyrated on her back.”

The assault reportedly hap-
pened in the vicinity of the
Bahamas Faith Ministries on
Carmichael Road.

The woman described her
attacker as a man of about Sft
7in in height and weighing
about 295 Ibs. He was shirtless
and wearing brown shorts at the
time of the attack.

Man faces
charge of
raping
woman

A MAN charged with the
rape of a 23-year-old woman
was arraigned in Magistrate’s
court yesterday.

_ According to court dockets,

Tony Lewis of Mckinney Drive
raped the woman on April 29,
2007. Lewis, who appeared
before Magistrate Susan
Sylvester at Court 11 Nassau
Street, was not required to
plead to the charge and returns
to court on Thursday for a bail
hearing.

Author
calls for
OPPs an
to Chavez —

a BRAZIL
Brasilia

PERUVIAN novelist Mario
Vargas Llosa urged Venezue-
lans to mobilise against their
nation’s “dangerous trajectory”
toward totalitarianism follow-
ing President Hugo Chavez’s
decision to force an opposition-
aligned television station off the
air, according to a Brazilian
news agency, according to Asso-
ciated Press. _

Vargas Llosa, who was in
Brazil for a series of confer-
ences, criticised Chavez’s deci-
sion not to renew the broadcast
licence of Radio Caracas Tele-
vision, or RCTY, in an inter-
view with Agencia Estado news
service.

“The important thing is for
Venezuelans to resist,” Vargas
Llosa said. “Shutting down
RCTV... will hopefully encour-
age opposition against a very
dangerous trajectory which for
Venezuela and the rest of Latin
America is very dangerous.”

“Chavez is contributing to the
destabilisation of democracy in
Latin America,” he said.
“Venezuela’s opposition must
become more and more ener-
getic against a demagogue who
can destroy Venezuela.”

RCTV, Venezuela’s oldest
and most-watched private chan-
nel, went off the air May 27,
and its licence was turned over
to a state-funded channel.

Chavez accuses the station,
which was fiercely critical of his

government, of playing a key |

role in backing a short-lived
2002 coup against him. He says
he respects freedom of speech.

International journalism
watchdogs call the move a blow
to press freedom and opponents
inside Venezuela have held
anti-Chavez protests opposing
the closure.

Vargas Llosa has written
more than 30 novels, plays and
essays, including “Conversation
in the Cathedral", “Aunt Julia
and the Scriptwriter” and “The
Green House.”

In 1995 he was awarded the
Cervantes Prize, the Spanish-
speaking world’s most distin-
guished literary honour.

en EW ise =
Fertilizer, Fungicide,
Pest Control

BTC CMT EL CL
Yd ay A) Aa





Bi JOHN Rood



@ By PAUL TURNQUEST
Tribune Staff Reporter

FORMER Minister of
Transport and Aviation,
Glenys Hanna-Martin, yester-
day denied assertions that dur-
ing her time in government
there were “heated exchanges”
between her and ex-US
Ambassador, John Rood.

Mrs Hanna-Martin said the
claims were “not true” during
her Budget presentation to the
House of Assembly.

“The former Ambassador, a
foreign diplomat, was simply
reminded that it was inappro-
priate to be discussing airport
security on a repeated basis in
such a public fashion,” she said.

“First and foremost, the
Transportation Security
Administration, the agency

within the United States gov-
ernment responsible for avia-
tion security and for oversight
of the preclearance facility at
Lynden Pindling International
Airport, and who was in con-
tinuous discussions with us, has
on more than one occasion
admonished us on the unde-
sirability of discussing airport
security in the media.”

Security problems at Lyn-
den Pindling International Air-
port have been a contentious
issue between the Bahamas
and US for years. Mr Rood
continually wrote and verbally
criticised the absence of secu-
rity measures he felt were
needed at the airport.

On more than one occasion,
Mr Rood and Mrs Hanna-
Martin’s views on the level of
security at the airport differed

New minister stresses

need for more culture |

THE new Minister of State
for Culture has said that
Bahamians need to be more
exposed to foreign cultures —
and backed increased sharing
of Bahamian culture with the
rest of the world.

Giving his contribution to

* this year’s budget debate,

Charles Maynard highlighted
the importance of cultural
exchanges to the Bahamas
“My government is con-
vinced that it is our duty to
share our cultural heritage,

our cultural expressions, our

literature, our music, songs
and most certainly our
Junkanoo, with the people of

i the world.

“We are also obliged to
expose our citizens to the cul-

tural diversity that makes up

our world and to allow our
fledgling artists to take full
advantage of the expertise that
can be gained from interacting
with other countries,” Mr
Maynard said.

Although the benefits of
such cultural exchanges are
less financially measurable
and more holistic, he said,
exchanges with other coun-
tries give “aesthetic meaning”
to citizens’ lives, to the sense
of national pride and self
esteem of the Bahamian peo-
ple, and there are tangible

ways that Bahamians can ben-
efit from such cross-nation
interactions.

He cited the recent visit of
the Mississippi Valley State
University Concert Choir as
an example of what could be
the possible outcome of
exchanges.

The choir was hosted by
Governor General Arthur
Hanna and performed at an
event along with a Bahamian
gospel group, Prophetic Voic-
es.

_By the time the event was
done, Mr Maynard said, the
prospects of academic schol-
arships for members of the
Prophetic Voices had been
explored and discussed.

Mr Maynard added: “In.an
effort to further develop this
aspect of our cultural agen-
da, substantial resources will
be allocated to ensuring that
national entities, such as the
National Youth Choir, The
National Children’s Choir,
the National Dance Compa-
ny, the National Youth
Orchestra, the Junkanoo
community, and individual
and group practitioners in
the visual, folk, and per-
forming arts sectors, are sup-
ported in their efforts to
reach out and touch the
world.”

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Mercedes, Nissan, BMW
also Used restaurant
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For more information call
Mr. Peter at: 326-1296 or



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DIVIDEND NOTICE

Cc

COMMONWEALTH BANK
TO ALL SHAREHOLDERS

The Board of Directors of Commonwealth Bank Limited
has declared a Quarterly Dividend for
Ordinary, “A’, “B’, “C”, “D”, “E”, “F”, “G”, “H” and “I” Preference Shares,
to all shareholders of record at June 15, 2007, as follows:-

Common

‘A’ Preference -
“B” Preference
“C” Preference
“D” Preference
“E” Preference
“F” Preference
“G” Preference
“H” Preference
“I” Preference

The payment will be made
Colina Financial Advisors Limited, the Registrar & Transfer Agent,
in the usual manner.

Charlene A. Pinder
Corporate Secretary



12¢ per share

7% per annum payable quarterly
7% per annum payable quarterly
7% per annum payable quarterly
7% per annum payable quarterly
7% per annum payable quarterly
7% per annum payable quarterly
7% per annum payable quarterly
7% per annum payable quarterly
7% per annum payable quarterly

on June 29, 2007, through







CHARLES Maynard

wonessesene GPi4

Sozurl

greatly, causing the US
Embassy and the Ministry of
Transport to work hard to find
some middle ground.

Mrs Hanna-Martin said:

“Secondly, the former ambas-:

sador’s public proclamations
contained inaccuracies which he
later publicly conceded. Finally,
the former ambassador was
very aware that the Govern-
ment had established a task
force which he knew was movy-
ing expeditiously and in good
faith to address the issues.

“Mr Speaker, what was puz-
zling for me was that the for-
mer Ambassador was almost
chronic in this conduct and
chose to do so in the media dur-
ing an election period.”

Calls to the US Embassy were
not returned up to press time.







li GLENYS Hanna-Martin



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PAGE 6, TUESDAY, JUNE 12, 2007



Funding set aside in budget to

expand dialysis unit at PMH

FUNDS to upgrade and
expand the Princess Margaret
Hospital's Dialysis Unit have
been allocated in the 2007/08
budget with the aim to accom-
modate the current level of
demand for services, Minis-
ter of Health Dr Hubert Min-
nis told the House of Assem-
bly.

Giving his contribution in
parliament last week, Dr Minnis
said that the budget estimates
includes funding to expand the
present unit to accommodate
an additional 10 to 14 dialysis
stations, at an estimated cost of

$200,000.

The completion date is sched-
uled for June 2008, he said.

Last year an infectious out-
break occurred in the Dialysis
Unit leading to an epidemio-
logical investigation by the Pan
American Health Organisation
(PAHO).

According to Minister Min-
nis, the investigation revealed
that the number of patients
requiring haemo dialysis is
increasing every year, resulting
in the Dialysis Unit surpassing
the capacity for which it was
originally built.

“It is therefore imperative
that the Princess Margaret Hos-
pital proceeds with the devel-
opment and implementation of
plans to expand and upgrade
the Dialysis Unit to accommo-
date the current level of
demand for services,” Dr Min-
nis said. .

The minister said that cur-
rently all infection control prac-
tices and protocols are being
reviewed, upgraded and
enforced.

“This includes the improve-
ment of monitoring and sur-
veillance processes, as well as

the reactivation of the Infection
Control Committee,” he said.

The health minister further
said that physicians have been
assigned to provide full-time
medical coverage of the unit
and that a dialysis-trained
senior nursing leader has been
designated to oversee the
quality of nursing care and the
general management of the
unit.

“Clinical protocols and the
clinical audit programme in the
unit are being restructured, and
team building and valuable
communications between staff

and with patients have
improved. Special attention is
also being placed on patient
education and compliance,” he
said.

Dr Minnis emphasised that
physicians and nurses in the unit
are required to invest part of
their time daily on patient edu-
cation and support.

“Additionally, pharmacy staff
will be required to work direct-
ly with dialysis patients in mon-
itoring their drug regimens and
to provide counseling for
improved compliance and out-
comes,” he said.

ae : ; ee ee
to attend arts

A 12-YEAR-OLD Bahami-
an boy has been chosen to
attend a world-renowned arts
programme in Michigan for the
summer.

Bernard Farquharson, of
Lake Cunningham Estates in
New Providence, will attend
Interlochen Arts Camp — the
world’s premier summer arts
programme for aspiring artists
grades three through 12.

At the camp, which in 2007
celebrates its 80th summer at
the forefront of arts education,
Bernard will study piano.

In Nassau, Bernard — the son
of Wayne and Patrina Far-
quharson — attends Tamberley
School and is tutored in piano

by Rosalie Fawkes.
Interlochen Arts Camp

“attracts students, faculty and

staff from all 50 US states and
more than 40 countries.

The 3,000 students train
intensively with world-class
instructors, and produce more
than 450 presentations each
summer in dance, theatre, cre-
ative writing, visual arts, music
and film.

Among the camp’s alumni
are singers Norah Jones and
Josh Groban; opera and con-
cert soprano Jessye Norman;
jazz pianist Eldar; actor Tom
Hulce; “Cathy” creator Cathy
Guisewite; vocalist Peter
Yarrow of Peter, Paul and

chosen
festival

Mary, and CBS News Corre-
spondent Mike Wallace.

While at the camp, the young
artists study alongside and
learn from other artists and
performers. In 2007, visiting
artists will include Joshua Bell,
Olga Kern, Branford Marsalis,
Anthony Rapp and others.

The Arts Camp also shared
in the honor recently given to
the Interlochen Centre for the
Arts.

In November of 2006, Inter-
lochen was awarded the Nation-
al Medal of Arts, the US’ high-
est honor in the arts. It is one of
only a handful of arts organisa-
tions ever to receive such recog-
nition.





event in Arizona

Realtor

A TEAM from the luxury real
estate firm Damianos Sotheby’s

_ International Realty recently
returned from in the 2nd Annu-
al Sotheby’s International Real-

ty Global Networking Event in|





Scottsdale, Arizona.

The three-day event provided
a opportunity for all sales asso-
ciates, managers and owners
who are members of the Sothe-
by’s International Realty fami-

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new leads to their listings.
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International Realty said that
event provides “enormous val-
ue” to her firm.

“Having the ability to share
ideas and expertise with such
an outstanding group of our
professional peers highlights the
true strength of the Sotheby's
International Realty network.
We plan on utilising many new
strategies and concepts pre-
sented at this worthwhile
event,” she said.

The annual global networking
event is aimed at giving industry
professionals opportunities to
gather and share their collec-
tive insight and experience,
Michael R Good, president and
chief executive officer at Sothe-
by’s International Realty Affil-
iates explained.

“Every individual attending
this important conference truly is
committed to helping us grow
the Sotheby’s International Real-

ty network, and we genuinely
appreciate their ongoing dedica-
tion and enthusiasm,” he said.

Damianos Sotheby’s Interna-
tional Realty, which has offices
in key areas throughout the
Bahamas, offers exclusive
Sotheby’s International Realty
marketing, advertising and
referral services designed to
attract well-qualified buyers to
the firm’s property listings. In
addition, the firm and its clients
benefit from an association with
the renowned Sotheby’s auc-
tion house, which allows sales
associates access to real estate
referral opportunities with auc-
tion house clientele.

Asa Sotheby’s International
Realty affiliate, the firm also
has the unique ability to refer its
real estate clientele to the auc-
tion house for jewelry, art,
unique furniture and collectible
appraisal services.



Recognition for Montagu
Beach front contribution

EIGHTY-YEAR-OLD
Edrick Hall was presented with
a certificate of recognition by
Michael Jervis at the Ministry ol
Tourism for his creative con-
structive contribution to the
Montagu Beach front area.

The wood and paint, which
contributed to the construction





of the three benches seen in
the background, was spon-
sored by Rocky Farms Nurs-
ery Ltd.

After 37 years of service as a
“Master” of the Boys Scout
Association, Mr Hall said it
makes him happy to contribute
to his country.

THE TRIBUNE





In brief

Minister
outlines his
plans for
missions

DEPUTY Prime Minister
and Minister of Foreign
Affairs Brent Symocnette
foreshadowed new appoint-
ments to the Bahamas’ over-
seas missions during his con-
tribution to the budget
debate.

Mr Symonette said he also
intended this year to have
designated professional staff
conduct inspection visits to
all of the country’s overseas
missions.

During this fiscal period
the government proposes to
name new resident and non-
resident Ambassadors and
funds have also been provid-
ed to cover the cost of their
travel for the presentation of
credentials.

Club owner
accused of
not having
licence

FREEPORT - The night-
club owner of a popular night
spot in West Grand Bahama
was arrested on Friday by
police, accused of breaching
the Liquor Licence Act and
not producing a valid busi-
ness licence.

According to reports, offi-
cers of the Central Detective
Unit, assisted by uniform offi-
cers, conducted a raid at the
establishment around
12.30am on Friday.

Supt Basil Rahming said
that it was initially suspect-
ed that the owner was oper-
ating in breach of the Liquor
Licence Act.

However, when officers
confronted the man, they
claim that he did not have a
valid licence to operate the
facility.

The nightclub was closed
and the club owner was

i: arrested. Police are continu-

ing their investigations into
the matter.
Cocaine
trade grows
at Bolivia and

| Brazil border

BOLIVIA ©
Puerto Suarez

THE view into Brazil from
this Bolivian border city
seems like an Amazon jun-
gle paradise: an endless green
horizon broken only by the
reflection of an urban sky-
line shimmering in Caceres
Lagoon. But authorities here
say the largely unguarded
swamps, rivers and jungles
hide an increasingly sophisti-
cated cocaine trade, accord-
ing to Associated Press.

Controlling the 2,130-mile
frontier has been a low pri-
ority for Brazil and Bolivia,
which have been preoccupied
by tense negotiations over
the Bolivian gas Brazil buys.

Bolivia has just 157 border
officers — one for every 14
miles. On the Brazilian side,
some 100 border posts are
manned by a patchwork of
local and national officers.
Chemicals used to turn Boli-
vian coca into cocaine flow
easily from Brazil, and
processed coca paste slips just
as easily back over the bor-
der, officials say.

"We have noticed a growth
in the traffic of cocaine, and
principally cocaine paste, over
the last two years,” Marcio
Paulo Buzanelli, director of
the Brazilian Intelligence
Agency, told The Associated
Press. “One indication of this
are the seizures in the Brazil-
ian states that border Bolivia.”

Cocaine seizures climbed
by 14 per cent last year to
1,570 kilograms in Brazil’s
Mato Grosso do Sul state,
and leaped nearly 347 per
cent to 670 kilograms in Ron-
donia state.

The busts pale in compari-
son to seizures along more
heavily travelled smuggling
routes father north in the
Caribbean, and Bolivia
remains a distant third
among cocaine producing
nations behind Colombia and
‘Peru. But officials say the
increasing Bolivia-Brazil bor-
der traffic reveals Bolivia’s
growing coca crop and more
sophisticated drug produc-
tion feeding an expanding
market in Brazil’s largest
cities and Europe beyond.
‘
‘
‘e

a -

THE TRIBUNE

TUESDAY, JUNE 12, 2007, PAGE 7



Body found

FROM page one

resurface after more than an :

hour.

A team of officers went to the :
settlement, where they boarded a :
vessel that ferried them about :
three and a half miles south of :

McCleans Town.

When Thomas’ body was
retrieved from the water, police :
examined it. They found no visi- :

ble injuries on the body.

Police spoke with two residents :
of High Rock who were fishing :
with Thomas at the time. They :
told officers that Thomas went :
under the water around 11.30am, :
but failed to surface after a long :

time.

The residents said that the :
\ water was too deep for them to :
retrieve him so they sent for help. :
_ . Police do not suspect foul play :

at this time and are awaiting the :
- results of an autopsy to determine :

* the cause of death.

FNM vice-chairman

FROM page one

the other half in the next one.

. “They botched the whole sys-

tem,” he said.

He said that the court would :
have’ to examine such aspects as }
how cutting the new constituencies :
boundaries just weeks before the :

election affected proceedings.

“The former prime minister }
would have to be the first one to be }
called (in court) to explain. He was :
the chief architect of the whole :

process,” Mr Ferguson said.

Although the PLP has only one :

. more week to file their cases in }
court, Mr Ferguson said that the :

. FNM has not yet assembled a legal :
team to represent the governing }

party in the election court.

“We are making no move yet in }
that direction, if they (PLP) file :
then we will have to do what we }

have to do,” he said.

Mr Ferguson said that should it }
become necessary, the FNM has a :
cadre of experienced lawyers to :
choose from who “will rise to the :

occasion.”

“Tt will be interesting to see how
they (the PLP) will challenge and :

why they challenge,” he said.

Mr Ferguson said he is confident !
‘that the courts will make a “rea- :
sonable determination” in each of ;
the cases filed by the opposition ;

party.

court.

Dialysis machines campaign receives donations

FROM page one

of his brother. Mr Julien’s donation will
purchase a complete dialysis unit.

This includes purchase price, deliv-
ery to the Princess Margaret Hospital,
installation, staff training and one year
of technical support.

“TI had intended to donate a dialysis
machine for about two years now,” Mr
Julien told Mr Moore. “I had a brother
who received dialysis treatment for over
20 years. Unfortunately he passed away
recently. I’m happy to support your
campaign.”

Mr Julien said that considering “the
amount of money circulating in this
country it makes it difficult to believe
that poor people, and people in need
suffer the way they do.”

Mr Julien hoped more people would
“step forward to help.”

Shortly afterwards Dr Ebbie Shear-
er-Jackson, proprietor of Palmdale
Vision Centre, called to donate $2,000
towards the campaign.

“It’s important to give in any capac-
ity you can,” said Dr. Jackson. “I’ve
always believed in the importance of
sacrificing for the betterment of oth-
ers. It’s a belief I try to instil in my
son.”





@ MARK ROBERTS, Tile King and FYP Ltd, (left) and Sean D Moore, marketing

manager, The Tribune (right), receive a cheque towards the purchase of a dialysis unit
from Michelle Taylor, office manager Palmdale Vision Centre. The donation was made
by Dr Ebbie-Shearer-Jackson, proprietor of the Vision Centre.

The fund-raising drive for funds to
replace eight old dialysis machines at
the Princess Margaret Hospital with
eight modern and efficient units will be

heard Wednesday morning over radio
station LOOJAMZ. ~

“Businesses should realise the impor-
tance of having sufficient equipment to



service the growing number of dialysis
patients,” said Mr Roberts, who on vis-
iting the unit recently noticed a Best
Buys staff member receiving his four-
hour treatment.

“As a valuable member of a business
team,” said Mr Roberts, “he needs to
get in, get his treatment and get back
into the working community.

“If the machine was down. for
unscheduled maintenance, his appoint-
ment would have to be rescheduled,
wasting precious time and money. A
strong dialysis unit at PMH is valuable
for the community in all respects.”

Larry Roberts and Bahamas Realty
were the first contributors to the cam-
paign. They donated funds to pay for 25
per cent of the first dialysis machine.

Tile King, FYP and an anonymous
donor also donated funds that are the
equivalent of one and a ‘quarter
machines.

Tile King, FYP, The Tribune and its
affiliated radio stations, and the
Princess Margaret Hospital Foundation
have partnered to raise the funds for
the new machines.

All donations should be in the form
of a cheque made payable to The
Princess Margaret Hospital Foundation
with a note that the donation is to go to
The Dialysis Machine Fund.

Over the weekend both the }
PLP’s chairman Raynard Rigby :
;and lawyer Wayne Munroe, a:
member of the party’s legal team, :
said they are ready for the election :

Freedom of expression

FROM page one

that fails to provide balanced
reporting?" he asked.

While not named specifically,
Mr Davis appeared to speak of
The Tribune and in particular,
managing editor John Marquis'
Insight column, when he referred
to "one of the daily newspapers
(which) made it their aim and
objective — every Monday
morning — to advocate stories
designed to give a negative slant
to the actions of government and
to the interests associated with
the government."

Yesterday, Mr Smith said: "I
am shocked that such words
were said by Phil Davis, for
whom I have had respect as one
of the few members of the PLP
who has historically sensibly
advocated promotion and pro-
tection of human rights."

The lawyer stated that the
course of action suggested by Mr
Davis, would be undemocratic
and "unconstitutional...a breach

of the fundamental rights provi-

sions of the constitution" and
called for the party to "publicly
revile" the statement.

FNM chairman Johnley Fer-
guson agreed that the statements
appeared to be representative of

FOCOL

previous claims made by the for-
mer government suggesting a dis-
position towards "muzzling" the
media.

Both Mr Smith and Mr Fer-
guson claimed that Mr Davis'
words were indicative of a ten-
dency on the part of the PLP
towards only looking favourably
on press freedom "if (the press)
report the way you want them
to report."

The media allows opportuni-
ties for the "other side of the sto-
ry" to be heard, and there are
legal avenues to be taken if state-
ments made are libellous or
defamatory, and beyond this the
press should be given freedom
to exercise its judgment in
reporting the issues at hand, Mr
Ferguson emphasised.

Mr Smith added that the for-
mer governing party should in
fact "take great comfort" from
the existence of the The Tribune
as an outlet for the expression
of their own dissenting views, as
it was such an outlet for many
during "the dark days of PLP
victimisation and oppression"
under Lynden Pindling.

He concurred with several

1133

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UNDER CONSIDERATION

Based on recent reports in the press regarding

a proposed stock split of Focol Holdings

Limited shares, Focol’s Board of Directors can

confirm that a stock split is under consider-

ation. However, no final decision has been

made regarding the specific terms and condi-

tions of a proposed stock split by Focol
Holdings Limited.

Once Focol’s Board of Directors makes a final

determination regarding the proposed stock

split, the Board will ensure a complete disclo-

sure on the same.

June 11, 2007

members of the public who con-
tacted The Tribune to express
surprise at Mr Davis' concern
with "biased" reporting in the
private news media in light of
his party's vociferous support of
former ZNS host Steve McKin-
ney, whose daily talk show on
the publicly-funded station was

widely condemned as heavily
biased in favour of the former
government.

The "government advertising"
to which the Mr Davis is most
likely referring is "Gazette" pub-
lications.

The denial of such advertising
from this newspaper would not
be unprecedented, as for twenty-

- five years such advertising was

withheld from The Tribune by

the PLP government under Sir
Lynden Pindling, being award-
ed to The Guardian instead,
according to Tribune publisher
Eileen Carron.

Under the FNM government
in 1992, the advertising was split
between The Tribune and the

The Guardian, with this remain-

ing the case to this day, other
than some additional advertis-
ing in the Bahama Journal.

FROM page one

favour to someone who is not competent in the
field.

“It is my understanding that the principal of this
group would not know the difference between a
hockey stick and a baseball bat,” he said.

Mr Grant added that in the contract, the group
was not required to provide more than three full
days of work in any week for its services, with little
work being provided. He declared that the contract
is “another shameful waste of the people’s mon-
ey.”

Mr Wilchcombe said that under his administra-
tion, employees at the ministry of tourism were not
asked their political affiliation. The former minister
declared that he is proud of his record, as under his
watch, the staff of the ministry was almost. com-
pletely Bahamianised.

Regarding the contract in question, Mr Wilch-
combe said that the ministry had fought for the con-
tract for years, with the desire of bringing the person

Totally Yours,
Totally Yaris:

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Minister of Tourism

in permanently, as the party has experience working
with the top hotels in the country.

“The truth of the.matter is that you are not going
to be able to build and develop tourism unless you
put in place the experts to do it. The minister can’t
do it,” he said.

During his contribution, Mr Wilchcombe further
warned the new minister to get to know the ministry
before making uninformed comments.

Mr Grant also took issue with the former gov-
ernment’s involvement with Bolam House, the build-
ing housing the Ministry of Tourism. The minister
said that after some $4.5 million had been spent on
the building, including its purchase four years ago,
and upgrade work, the building is in a state of dis-
repair with significant cracks in the concrete struc-
ture.

Staff of the ministry, Mr Grant said, are now in
about eight locations with some staff even working
at home.

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PAGE 8, TUESDAY, JUNE 12, 2007



TUESDAY EVENING

JUNE 12, 2007 |





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THE TRIBUNE

let Charlie the |
Bahamian Puppet and aay
his sidekick Derek put ay

some smiles on your

kids’s faces.

Bring your children to the
MctHappy Hour at McDonald's in
Palmdale every Thursday

from 3:30pm to 4:30pm during the
month of une 2007,

Enjoy Great Food, Prizes and Lots of Fun.

?m lovin’ it

For erent ee noe er yee

Movie Gift Certificates
make great giftslé
_ THE TRIBUNE | TUESDAY, JUNE 12, 2007, PAGE 9

THE TILE KING, FYP LTD & THE TRIBUNE
have partnered to supply critically needed ©
DIALYSIS MACHINES
for the Princess Margaret Hosptial

You can
help

Help us raise $164,000
to purchase 8 dialysis
machines for the PMH

2 a a





















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The number of patients that need dialysis is
pushing the dialysis center to its capacity.

Each dialysis unit costs $20,500 - i.e., complete
installation, training of staff members and 1 year
of technical support. All donations should be :
made payable to The Princess Margaret f
Hospital Foundation with a note for The Dialysis |
Machine Fund.

Your contribution will help hundreds of patients
that currently rely on these old machines for life.

Contact Sean D. Moore of The Tribune at
502-2394 or Thelma Rolle of the Princess
Margaret Hospital Foundation at 325-0048
to make a donation.

WHY NOT JOIN US? THEY HAVE!
TiLE ¥ KiNG










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PAGE 10, TUESDAY, JUNE 12, 2007



THE TRIBUNE





Enthusiastic reception for
‘seven principles’ address

LAWRENCE W. Reed, pres-
ident of the Mackinac Centre for
Public Policy of Michigan, spoke
at a recent dinner reception given
by The Nassau Institute on the
“Seven Principles of Sound Pub-
lic Policy.”

Mr Reed was in the Bahamas
at the invitation of the Institute.

His address was enthusiasti-
cally received by more than 60
invited guests. _

Mr Reed said that the seven
principles of sound public policy
that he was sharing with his audi-
ence were the “pillars of a free
economy.”

The principles, he said, were
not original with him, nor were
they the only pillars of a free
economy nor the only settled
truths, but they did provide a sol-
id foundation.

“In my view,” he said, “if the
cornerstone of every state and
federal building were emblazoned
with these principles — and more
importantly, if every legislator
understood and attempted to be
faithful to them — we’d be a
much stronger, much freer, more
prosperous and far better-gov-
erned people.”

Following are the seven princi-
ples.

ONE

Free people are not equal, and
equal people are not free.

First, I should clarify the kind
of “equalness” to which I refer
in this statement. I am not refer-
ring to equality before the law —
the notion that you should be
judged innocent or guilty of an
offence based upon whether or
not you did it, with your race, sex,
wealth, creed, gender or religion
having nothing to do with the out-
come. That’s an important foun-
dation of Western civilization,
and though we often fall short of
it, I doubt that anyone here would
quarrel with the concept.

No, the “equalness” to which I
refer is all about income and
material wealth — what we earn
and acquire in the marketplace
of commerce, work and exchange.
I’m speaking of economic equal-
ity. Let’s take this first principle

.and break it into its two halves.

Free people are not equal.
When people are free to be them-
selves, to be masters of their own
destinies, to apply themselves in
an effort to improve their well-
being and that of their families,
the result in the marketplace will
not be an equality of outcomes.
People will earn vastly different
levels of income; they will accu-
mulate vastly different levels of
wealth. While some lament that
fact and speak dolefully of “the
gap between rich and poor,” I
think people being themselves in
a free society is a wonderful thing.
Each of us is a unique being, dif-
ferent in endless ways from any
other single being living or dead.
Why on earth should we expect
our interactions in the market-
place to produce identical results?

We are different in terms of
our talents. Some have more than

others, or more valuable talents. .

Some don’t discover their highest
talents until late in life, or not at
all. Magic Johnson is a talented
basketball player. Should it sur-
prise anyone that he makes infi-
nitely more money at basketball
than I ever could? Will Kellogg
didn’t discover his incredible
entrepreneurial and marketing
talent until age 46; before he
struck out on his own to start the
Kellogg Company, he was making
about $25 a week doing menial
jobs for his older brother in a Bat-
tle Creek sanitarium.

We are different in terms of
our industriousness, our willing-
ness to work. Some work hard-
er, longer and smarter than oth-
ers. That makes for vast differ-
ences in how others value what
we do and in how much they’re
willing to pay for it.

We are different also in terms
of our savings. I would argue that
if the president could somehow
snap his fingers and equalize us all
in terms of income and wealth
tonight, we would be unequal
again by this time tomorrow
because some of us would save:
our money and some of us would
spend it. These are three reasons,
but by no means the only three
reasons, why free people are sim-
ply not going to be equal eco-
nomically.

Equal people are not free, the
second half of my first principle,
really gets down to brass tacks.
Show me a people anywhere on
the planet who are indeed equal
economically, and I’ll show you a
very unfree people. Why?

The only way in which you
could have even the remotest
chance of equalizing income and
wealth across society is to put a
gun to everyone’s head. You
would literally have to employ
force to make people equal. You
would have to give orders, backed
up by the guillotine, the hang-
man’s noose, the bullet or the
electric chair. Orders that would

President of the Mackinac
Centre for Public Policy
of Michigan speaks at the
Nassau Institute |



go like this: Don’t excel. Don’t
work harder or smarter than the
next guy. Don’t save more wisely
than anyone else. Don’t be there
first with a new product. Don’t
provide a good or service that
people might want more than
anything your competitor is offer-
ing.

Believe me, you wouldn’t want
a society where these were the
orders. Cambodia under the com-
munist Khmer Rouge in the late
1970s came close to it, and the
result was that upwards of 2 mil-
lion out of 8 million people died
in less than four years. Except for
the elite at the top who wielded
power, the people of that sad land
who survived that period lived at
something not much above the
Stone Age.

What’s the message of this first
principle? Don’t get hung up on
differences in income when they
result from people being them-
selves. If they result from artificial
political barriers, then get rid of
those barriers. But don’t try to
take unequal people and com-
press them into some homoge-
nous heap. You'll never get there,
and you'll wreak a lot of havoc
trying.

Confiscatory tax rates, for
example, don’t make people any
more equal; they just drive the
industrious and the entrepre-
neurial to other places or into
other endeavours while impover-
ishing the many who would oth-
erwise benefit from their
resourcefulness. Abraham Lin-
coln is reputed to have said, “You
cannot pull a man up by dragging
another man down.”

TWO:

What belongs to you, you tend
to take care of; what belongs to
no one or everyone tends to fall
into disrepair.

This essentially illuminates the
magic of private property. It
explains so much about the fail-
ure of socialized economies the
world over.

In the old Soviet empire, gov-
ernments proclaimed the superi-
ority of central planning and state
ownership. They wanted to abol-
ish or at least minimize private
property because they thought
that private ownership was selfish
and counterproductive. With the
government in charge, they
argued, resources would be uti-
lized for the benefit of everybody.

Whai was once the farmer’s
food became “the people’s food,”
and the people went hungry.
What was once the entrepre-
neur’s factory became “the peo-
ple’s factory,” and the people
made do with goods so shoddy
there was no market for them
beyond the borders.

We now know that the old
Soviet empire produced one eco-
nomic basket case after another,
and one ecological nightmare
after another. That’s the lesson
of every experiment with social-
ism: While socialists are fond of
explaining that you have to break
some eggs to make an omelette,
they never make any omelettes.
They only break eggs.

If you think you’re so good at
taking care of property, go live
in someone else’s house, or drive
their car, for a month. I guarantee
you neither their house nor their
car will look the same as yours
after the same period of time.

If you want to take the scarce
resources of society and trash
them, all you have to do is take
them away from the people who
created or earned them and hand
them over to some central author-
ity to manage. In one fell swoop,
you can ruin everything. Sadly,
governments at all levels are pro-
mulgating laws all the time that
have the effect of eroding private
property rights and socializing
property through “salami” tactics
— one slice at a time.

THREE:

Sound policy requires that we
consider long-run effects and all
people, not simply short-run
effects and a few people.

It may be true, as British econ-
omist John Maynard Keynes once
declared, that “in the long run,
we’re all dead.” But that should-
n’t be a license to enact policies
that make a few people feel good
now at the cost of hurting many
people tomorrow.

I can think of many such poli-
cies. When Lyndon Johnson
cranked up the Great Society in
the 1960s, the thought was that
some people would benefit from
a welfare cheque. We now know

“that over the long haul, the fed-

eral entitlement to welfare
encouraged idleness, broke up
families, produced intergenera-
tional dependency and hopeless-
ness, cost taxpayers a fortune and
yielded harmful cultural patholo-
gies that may take generations to
undo. Likewise, policies of deficit
spending and government growth
— while enriching a few at the
start — have eaten at the vitals of
the nation’s economy and moral
fiber for decades.

This principle is actually a call
to be thorough in our thinking.
It says that we shouldn’t be super-
ficial in our judgments. If a thief
goes from bank to bank, stealing
all the cash he can get his hands
on, and then spends it all at the
local shopping mall, you wouldn’t
be thorough in your thinking if
all you did was survey the store
owners to conclude that this guy
stimulated the economy.

We should remember that
today is the tomorrow that yes-
terday’s poor policymakers told
us we could ignore. If we want to
be responsible adults, we can’t
behave like infants whose con-
cern is overwhelmingly focused
on self and on the here-and-now.

FOUR: :

If you encourage something,
you get more of it; if you dis-
courage something, you get less of
it.

You and I as human beings
are creatures of incentives and
disincentives. We respond to
incentives and disincentives. Our
behaviour is affected by them,
sometimes very powerfully. Poli-
cymakers who forget this will do
dumb things like jack up taxes on

some activity and expect that peo--

ple will do just as much of it as
before, as if taxpayers are sheep
lining up to be sheared.
Remember when George
Bush (the first one) reneged
under pressure on his 1988 “No
New Taxes!” pledge? We got big
tax hikes in the summer of 1990.
Among other things, Congress
dramatically boosted taxes on
boats, aircraft and jewellery in
that package. Lawmakers thought
that since rich people buy such
things, we should “let ‘em have it”
with higher taxes. They expect-
ed $31 million in new revenue in
the first year from the new taxes
on those three things. We now
know that the higher levies
brought in just $16 million. We
shelled out $24 million in addi-
tional unemployment benefits
because of the people thrown out
of work in those industries by the
higher taxes. Only in Washing-
ton, D.C., where too often law-
makers forget the importance of

incentives, can you aim for 31,

get only 16, spend 24 to get it and
think that somehow you’ve done
some good.

Want to break up families?
Offer a bigger welfare cheque if
the father splits. Want to reduce
savings and investment? Double-
tax ‘em, and pile on a nice, high
capital gains tax on top of it.
Want to get less work? Impose
such high tax penalties on it that
people decide it’s not worth the
effort.

Right now in both state and
federal legislatures, much atten-
tion is being given to the ques-
tion of how to deal with deficits
due to recession and declining
revenues. At the Mackinac Cen-
ter, we believe that government
ought to deal with such circum-
stances the way you and I and
families all across the state deal
with similar circumstances: cur-
tail spending. That’s especially
true if we want to stimulate a

‘weak economy so it will produce

more jobs and more revenue.
When the patient is ill, the doctor
doesn’t bleed him.

FIVE:

Nobody spends somebody
else’s money as carefully as he
spends his own.

Ever wonder about those sto-
ries of $600 hammers and $800
toilet seats that the government
sometimes buys? You could walk
the length and breadth of this
land and not find a soul who
would say he’d gladly spend his
own money that way. And yet
this waste often occurs in gov-
ernment and occasionally in oth-
er walks of life, too. Why?
Because invariably, the spender is
spending somebody else’s mon-
ey.

Economist Milton Friedman
elaborated on this some time ago
when he pointed out that there



@ LAWRENCE W REED,
pictured here speaking at the
Rotary Club of South East Nas-
sau, spoke on the “Seven Prin-
ciples of Sound Public Policy” at
the Nassau Institute.

are only four ways to spend mon-
ey.
When you spend your own
money on yourself, you make
occasional mistakes, but they’re
few and far between. The con-
nection between the one who is
earning the money, the one who
is spending it and the one who is
reaping the final benefit is pretty
strong, direct and immediate.

When you use your money to
buy someone else a gift, you have
some incentive to get your mon-
ey’s worth, but you might not end
up getting something the intend-
ed recipient really needs or val-
ues.

When you use somebody else’s
money to buy something for
yourself, such as lunch on an
expense account, you have some
incentive to get the right thing
butlitile reason to economize.

ly, when you spend other
people’s money to buy something
for someone else, the connection
between the earner, the spender
and the recipient is the most
remote — and the potential for
mischief and waste is the greatest.
Think about it — somebody
spending somebody else’s mon-
ey on yet somebody else. That’s
what government does all the
time.

But this principle is not just a
commentary about government. I
recall a time, back in the 1990s,
when the Mackinac Center took a
close look at the Michigan Edu-
cation Association’s self-serving

statement that it would oppose
any competitive contracting of
any school support service (like
busing, food or custodial) by any
school district anytime, anywhere.
We discovered that at the MEA’s
own posh, sprawling East Lansing
headquarters, the union did not
have its own full-time, unionized
workforce of janitors and food
service workers. It was contract-
ing out all of its cafeteria, custo-
dial, security and mailing duties to
private companies, and three out
of four of them were non union!

So the MEA — the state’s
largest union of cooks, janitors,
bus drivers and teachers — was
doing one thing with its own mon-
ey and calling for something very
different with regard to the pub-
lic’s tax money. Nobody —
repeat, nobody — spends some-
one else’s money as carefully as
he spends his own.

SIX:

Government has nothing to
give anybody except what it first
takes from somebody, and a gov-
ernment that’s big enough to give
you everything you want is big
enough to take away everything
you’ve got.

This is not some radical, ideo-
logical, anti-government state-
ment. It’s simply the way things
are. It speaks volumes about the
very nature of government. And
it’s perfectly in keeping with the
philosophy and advice of Ameri-
ca’s Founders.

It’s been said that government,
like fire, is either a dangerous ser-
vant or a fearful master.

Think about that for a moment.
Even if government is no bigger
than our Founders wanted it to
be, and even if it does its work
so well that it indeed‘is a servant
to the people, it’s still a dangerous
one! As Groucho Marx once said
of his brother Harpo, “He’s hon-
est, but you’ve got to watch him.”
You’ve got to keep your eye on
even the best and smallest of gov-
ernments because, as Jefferson
warned, the natural tendency is
for government to grow and lib-
erty to retreat. You can’t wind it
up and walk away from it; it takes
eternal vigilance to keep it in its
place and keep our liberties
secure.

The so-called “welfare state” is
really not much more than rob-
bing Peter to pay Paul, after laun-
dering and squandering much of
Peter’s wealth through an indif-
ferent, costly bureaucracy.

The welfare state is like feeding
the sparrows through the horses,
if you know what I mean. Put yet
another way, it’s like all of us
standing in a big circle, with each
of us having one hand in the next
guy’s pocket. Somebody once said
that the welfare state is so named
because in it, the politicians get
well and the rest of us pay the
fare.

A free and independent peo-
ple do not look to government
for their sustenance. They see
government not as a fountain of
“free” goodies, but rather as a
protector of their liberties, con-
fined to certain minimal functions
that revolve around keeping the
peace, maximizing everyone’s
opportunities and otherwise leav-
ing us alone. There is a deadly
trade-off to reliance upon gov-
ernment, as civilizations at least as
far back as ancient Rome have
painfully learned.

When your congressman
comes home and says, “Look
what I brought for you!” you
should demand that he tell you
who’s paying for it. If he’s honest,
he’ll tell you that the only reason
he was able to get you something
was that he had to vote for the
goodies that other congressmen
wanted to take home — and
you're paying for all that, too.

SEVEN:

Liberty makes all the differ-
ence in the world.

Just in case the first six princi-
ples didn’t make the point clearly
enough, I’ve added this as my sev-
enth and final one.

Liberty isn’t just a luxury or a
nice idea. It’s much more than a
happy circumstance or a defen-
sible everyday concept. It’s what
makes just about everything else
happen. Without it, life is a bore
at best. At worst, there is no life
at all.

Public policy that dismisses lib-
erty or doesn’t preserve or
strengthen it should be immedi-
ately suspect in the minds of a
vigilant people.

They should be asking, “What
are we getting in return if we’re
being asked to give up some of
our freedom?” Hopefully, it’s not
just some short-term handout or
other “mess of pottage.” Ben
Franklin went so far as to advise
us, “Those who would give up
essential Liberty, to purchase a
little temporary Safety, deserve
neither Liberty nor Safety.”

Too often today, policymak-:

ers give no thought whatsoever
to the general state of liberty
when they craft new policies.

If it feels good or sounds good
or gets them elected, they just do
it. Anyone along the way who
might raise liberty-based objec-

- tions is ridiculed or ignored.

Today, government at all levels
consumes more than 42 per cént
of all that we produce, compared
with perhaps 6 per cent or 7 per
cent in 1900.

Yet few people seem interested
in asking the advocates of still
more government such cogent
questions as, “Why isn’t 42 per
cent enough?"; “How much more
do you want?"; or, “To what
degree do you think a person is
entitled to the fruits of his
labour?”

YOUR CONNECTION*TO THE WORLD

ee

GSM UPGRADE

The Bahamas Telecommunication Company Ltd. (BTC) wishes

to inform its valued customers and the general public that an

equipment up-grade will take place on Wednesday June 13" and
Thursday June 14 between the hours of 11pm and 5am.

As aresult, both Post-Paid and Pre-Paid GSM cellular customers

on the islands on Bimini, Berry Island and New Providence may

experience an interruption in their services.

BTC apologizes for the inconvenience caused, and assures the

public that once services are restored, customers will experience

enhanced quality.



‘paste Be HM. Va%s “aa 2 ee +
TUESDAY, JUNE 12, 2007, PAGE 11

THE TRIBUNE

Live Radio Remote - Cool 96 UOC em LU LP 4
Thursday, June 14- 10 a.m. to 2 pm Thursday, June 21- 2 to 6 p.m.
_ At Thompson Blvd | At Bernard ye




PAGE 12, TUESDAY, JUNE 12, 2007



The Bahamas Telecommunications Company Limited

THE TRIBUNE

JUNE 12, 2007





St. Andrew’s 10th Grade Economics

Students of St. Andrew's Secondary School
participated in BTC's Connecting with the
Youth Program.. The Connecting with the
Youth Program was designed to educate and
empower student about the importance of BTC
in the community and also to highlight the
opportunities available in the field of
technology and communications.

Mr. Kenyon Basden, Supervisor Outside Plant,
BTC gave an in-depth presentation 6n the
changes in technology. Mr. Basden explained
how dial tone is created from start to finish and
the hazardous conditions that technicians may
sometimes have to work, in order to provide
superior quality service to the public. Mr.
Basden further explained importance of BTC in

the community MOO ASD 4 /BS a

telecommunications provider, but as a
corporate sponsor to the youth, the environment
and as an employer who encourages, continued
education and entrepreneurship.

Mr. Steve Hepburn, Manager Outside Plant
Construction, BTC explained the importance of
the Fiber Optic System and the role it plays in
the continued development of the
telecommunications industry. Many of the
benefits that BTC's Fiber Optic System offers
to the public are: increased speed and
efficiency, decreased cost, reduced. static
interference and stronger signal strength over
longer range.

Mr. Joseph Cox Jr. Marketing & Public
Relations, BTC gave the students a brief lesson

in the various aspects of Marketing and the

many employment opportunities ‘that are

Class Gets Connected

available at BTC for those who are willing to
work hard, have a passion for customer service
and continued education. Employees of BTC
are continually attending courses locally and
internationally to keep abreast of changing
technologies no matter the area of the organized
in which they are employed.

BTC would like to thank St Andrew's School
for selecting our organization as the first choice
for their students to explore employment
opportunities in such areas as; Engineering,
Marketing, Accounting, Information
Technology and Management Information
Systems and to gain in-depth knowledge about
the technological advances in the Bahamas and

around the world.

St. Andrews 10th grade econ
tour of the BTC Poiniciana Drive Facility. Seeing the
inner workings of the opeation here at BTC helped them
to gain knowledge of how their day to day
telelcommunications worked.



udents pictured on



_ CALL BIC 225-5282 e www.btcbahamas.com






TUESDAY, JUNE 12, 2007

SECTION

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business@tribunemedia.net

Miami Herald Business, Stocks, Analysis, Wall Street

Ga

Bahamas market access
offer on EPA ‘questionable’

_* Minister says not certain whether submission made, but FNM ‘will certainly review it’
* Laing warns Bahamas must balance need for duty-free EU access for Bacardi, seafoods
with broader trade agreement needs and impact on tourism, financial services
| * Government to avoid ‘isolated, expedient decisions’ ?



I By NEIL HARTNELL
Tribune Business Editor

he minister of state yes-
terday told The Tribune
it was “questionable”
whether the previous
Bahamian government
»had submitted a formal market access
offer for the Economic Partnership
' Agreement (EPA) with the European
‘Union (EU), adding that the FNM
sadministration “will certainly review”
‘any offer made.

Zhivargo Laing warned that the
Bahamas had to balance the need for
its exporters, such as Bacardi, to have

‘ duty-free market access to the Euro-
/pean Union (EU) with how other
‘ industries’ might be impacted and this

>
8
4
4

~ New cruise terminal

nation’s “broader participation” in
other international trade arrange-
ments.

The deadline for the Bahamas to
submit its EPA services offer to
CARIFORUM, the body negotiat-
ing with the EU on CARICOM and
the Dominican Republic’s behalf, is
imminent. Talks on the EPA are sup-
posed to be completed this year, with
the agreement implemented from
January 1, 2008, onwards as a replace-
ment for the Cotonou agreement
between the EU and 77-member
African, Caribbean and Pacific (ACP)
group of countries.

Mr Laing, who has responsibility
for international trade in the Ingra-
ham government, said the review of
the Bahamas’ position on the EPA





@ ZHIVARGO LAING



reduction in room inventory

“WTO comparability” given the plans
for this nation to begin serious talks
on full WTO membership.

“In reviewing the EPA, our review
will be against that backdrop, so that
what we do is have an international
trade position that is consistent across
the board,” Mr Laing told The Tri-
bune.

“For us, the urgency is that we have
some companies [Bacardi, the
seafoods industry and Polymers Inter-
national] that could be seriously
affected by non-participation in the
EPA. |

“We have to balance those inter-
ests against broader participation in
these agreements.”

Mr Laing said that when it came to

to effectively offset the loses

the EPA, and safeguarding duty free
market access to the EU for exports
such as Bacardi’s rum, the Bahamas
had to make a “sound decision, not an
expedient one” that could disadvan-
tage other industries and the wider
Bahamian economy. This would
result in the Bahamas suffering a net
loss, rather than a net benefit, from its
EPA position.

“There are many in the financial
services sector, the tourism sector and
others who want to know what par-
ticipation [in the EPA] means for.
them. It would be unfortunate for us
to make any move without taking into
account the implications for them,”

SEE page 6

Bahamas braces for 10% room inventory drop ,

Bahamas, they have also
allowed alternative destina-



@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

A NEW cruise port termi-

... nal for Grand Bahama is

expected to be completed with-

in 24 months, and should in

two years triple cruise arrivals

to that island and inject an

_additional $51 million in tourist
spending into the Grand

Bahama economy.
Tourism minister Neko

Grant said in his Budget con-

tribution that the Government
was looking to develop a new
cruise port on a 40-acre, cen-
trally located waterfront site,
in conjunction with a willing
financier, developer and sup-
plier, the Grand Bahama Har-
bour Company and Grand
Bahama Port Authority.

Mr Grant said that in eco-
nomic terms, cruise arrivals
should more than double in
the first year and triple within
two years from the 351,000 lev-
el to some 1.1 million.

In addition, he said the pre-

opening period will generate

a significant number of con-
struction-related jobs and
involve contracts worth tens of



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- to give $51m boost

New Grand
Bahama facility
could triple
cruise arrivals

in two years, and
be completed in
24 months

millions of dollars.

Mr. Grant said that to date
there are more than 1300 hotel
rooms out of service on Grand
Bahama, primarily due to the
closure of the Royal Oasis.

He said the dramatic fall-off
in traffic triggered by the 33.3
per cent drop in hotel room
capacity had seen Grand
Bahama’s room inventory
drop from 3,500 rooms to a
record low of just 2,500 rooms.

“It should be noted that
even in their worst performing
year of operations, the Royal
Oasis and Casino’s payroll
alone represented an injection
of some $20 million into the

SEE page 8





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@ By CARA BRENNEN-
BETHEL :
Tribune Business
Reporter |

THE Bahamas is expected
to suffer an overall reduction
in available hotel room inven-
tory of more than 10 per cent
before year-end 2007, the Min-
ister of Tourism told the
House of Assembly yesterday,
warning that occupancy levels
will have to rise significantly
to offset this loss.

In his budget contribution,

Neko Grant explained that the

would be caused by the con-
tinued closure of Grand
Bahama’s Royal Oasis resort,
combined with the loss of
rooms at the Radisson Cable
Beach Resort - set to be re-
opened as a Sheraton today -
and additional closures such as
the Nassau Beach Hotel.
“One of the messages here is
that the previous occupancy
levels that have averaged 65.2
per cent for the whole
Bahamas, over the past five
years since 2002, will have to
be raised significantly in order

in inventory,” Mr Grant said.
He added that a breakdown
of this occupancy average by
island for the 2002-2007 period
were 71.5 per cent for New
Providence and Paradise
Island, versus just/56 per cent
for Grand Bahama and only
36.8 for the Family Islands.

“There is certainly room to’

drive business throughout our
islands,” the minister said.
Mr Grant acknowledged
that while low-cost carriesr
such as Spirit and Jet Blue
have boosted arrivals to the



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PAGE 2B, TUESDAY, JUNE 12, 2007

THE TRIBUNE





Myths and realities behind stock splits

By RICHARD COULSON

recent article in The
Tribune reported
that BISX-listed

FOCOL Holdings is consider-
ing a three-for-one stock split.
If carried out, the present share
price of $17.30 would be
promptly divided by three to

COMMONWEALTH OF THE BAHAMAS

IN THE SUPREME COURT
Equity Side

IN THE MATTER of Socimer International
Bank Limited ,
(In Liquidation)

AND

IN THE MATTER of the Companies Act 1992

NOTICE OF DIVIDEND
RULE 68 of THE COMPANIES (WINDING-UP)
RULES, 1975

Name of Company:

Address of Registered Office:

Nature of Business:

Court:

Number of Matter:
Amount per B$:

First and Final or otherwise:
When Payable:

Where Payable:

Socimer International
Bank Limited

Charlotte House,
Charlotte Street,
Nassau, Bahamas
Banking Company

‘Supreme Court of the
Commonwealth of the
Bahamas, Equity Side
221 of 1998

6 cents

Second

12 June, 2007

One Montague Place,
Nassau, Bahamas

Dated this 12th day of June A.D., 2007

Paul F. Clarke
Liquidator



about $5.77, and the number
of each investor’s shares would
simultaneously be multiplied
by three. Clearly, the total val-
ue of any shareholder’s invest-
ment would be unchanged.

Why this interest by a
sophisticated, successful cor-
porate board of directors in a
re-capitalisation exercise that
will cost the company a little
money but have no immediate
effect on shareholder value?

The basic reason given is
that the present $17.30 price
of FOCOL “is likely to be per-
ceived as: prohibitive and too
expensive to encourage an
appropriate level of trading
activity ...a $5.77 share price
is likely to be perceived as an
attractive entry point for new
investors, and for encouraging
existing investors to buy and
sell”.

Let’s analyse these reasons.
(For ease of calculation, take
Commonwealth Bank, which
may soon trade at $15 and may
consider a three-for-one split
to bring the price down to $5).
First, no investor is thinking
about buying one share. It’s
not the $15 that’s deemed too
expensive, it’s the cost of buy-
ing a large block of shares. Sec-
ond, investors do not initially
think about the number of
shares they want to buy, but
rather about the number of
dollars they want to invest. Yet
third, there is always a natural
preference for buying 100-
share round lots; it makes for
easier record-keeping than
owning 50-share or 33-share
holdings, although it is usually
possible to buy these odd-lots.

INSIGHT

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@ RICHARD COULSON

One factor motivating stock
splits is the objective of many
companies to attract the
“small” (however defined)
shareholder. At present, he
would need $1,500 to buy 100
shares. With a three-for-one
split, he could buy 100 shares
for only $500. The real ques-
tion is, in today’s Bahamian
economy are there actually
many investors who only have
$500 available to invest in a
quoted equity?

This seems doubtful. We are
not in the world of a dozen
years ago, where initial public
offerings were priced at $1 or
$2 to attract the “little man”.
Inflation and a booming econ-
omy have lifted the price of
everything, corporate shares
included: the “little man” is
earning much more than he
did then, and expects to pay
more for everything he buys.
We can be pretty sure that an
individual who these days can-
not afford to invest $1,500

should not be in the business of

picking individual shares. He
should invest in one of our
well-managed mutual funds,
where his smaller cheque will
be. welcome and his risk will
be diversified over many hold-
ings — or failing this, just put his
money on bank deposit.

In short, is not a split, result-
ing in a lower share price,
nothing but an appeal to a
market segment that may not
actually exist?

However, there are often
said to be “psychological”
advantages in executing a split
— I would call them “irra-

_ tional’. This line of thinking

(often used to justify the many

ai
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Financial Soluti

stock splits in the US markets)
claims that splits are evidence
of management’s confidence
ina growing company and will
create greater liquidity. For
example, a three-for-one split
would increase the number of
FOCOL shares in public hands
from about three million to
about 10 million. If the split
theory is correct, even sub-
stantial investors (both exist-
ing and new ones) will be hap-
pier (irrationally) to own more
shares and will start trading
them actively, thus inevitably
moving the share price up. Of
course, a rational shareholder
could benefit from the actions
of the irrational ones, and sim-
ply sit back and watch his
investment appreciate. The
market is not always rational,
as even the coolest investors
know.
The true value of a share
split is an empirical one that
can only be tested after the
fact. After the split is
announced, can the share price
be seen to rise because of the
split itself ? Consider FOCOL:
the present price/earnings ratio
(P/E) is 10.4X, which will stay

the same immediately upon a. |

three-for-one share split (the
lower share price being
matched by proportionally
lower earnings per share). If
we soon see the P/E rising to,

say 12X, that may result from.

more outstanding shares lead-
ing to more active trading, or it
may simply result from
stronger shareholder convic-
tion about management’s abil-
ity to improve earnings. In oth-
er words, it’s difficult to dis-
tinguish the share-split effect
from basic investor confidence
in the company, as even split
proponents admit. Does a split
itself increase such confidence?
Very hard to say. Certainly,
the price will drop if earnings
falter, no matter how many
share splits are announced.
We should not ignore the
countervailing argument
against splits, espoused not
only by Warren Buffet, with
his unique Berkshire Hath-
away B Shares that trade at

We i

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for

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FATaAN®

OVATE:

Life!

over $3,600, and the directors _
of Google, priced over $500,
but by many other US compa- °
nies. A recent article in Seeking
Alpha, an investment newslet-
ter, reports that there are more
and more NYSE-listed com-
panies whose shares have
moved near or above $100 and
show no interest in a split to
bring the price down to the
more common $20-$50 range.
They include such popular
blue-chips as IBM, Apple and
Goldman Sachs.

These companies believe
that a high share price, without
the inducement of splits, “will
decrease speculative activity
and keep shares in the hands
of long-term holders”. These
objectives are shared by most
public companies, including
Bahamian ones, and certainly
should be given weight.

Stock-trading commissions
also have a bearing on share
splits. In the US, commissions
are usually irrelevant, since on- ©
line brokerages such as Schwab
charge a fixed commission for
any trade within a very wide
price range (presently $12.95
for most individual traders).

But in the Bahamas, the cost
of trading rises directly with
the number of shares traded.
One leading firm charges $0.05
per share to buy or sell, with a
minimum of $50, equivalent to
trading 1,000 shares. This is not
a criticism, since local firms
certainly are entitled to higher
fees than US firms to cover the
excellent service they provide
on far lower volume. But it
must be recognised that trad-
ing here can become more
expensive (and better for the

-broker) after a split. Where a

shareholder wants to cash in
$10,000 pre-split, he can do it
by selling about 670 shares at
$15 and paying the minimum
$50 commission; after a three-

~ for-one split, he has to sell

2,000 shares at $5, paying $100
commission. And the same for
the buyer.

All in all, it’s clear that the
case for a stock split is not a
“slam-dunk” decision but must _
be carefully analysed. ~ -

on all new
annuities
during the
month of June!

British

“wAmerican




BU:

The 1 Miami Herald

THE MARKETS
STOCKS, MUTUAL FUNDS, 8B
DOW30 ~=-'13,424.96 +0.57 4%
S&P500 ~—«*,509.12, #145 A
NASDAQ s.2,572.15-139 W
10-YR NOTE 5.16 +.05

65.97 -+1.21



CRUDE OIL

‘High
bond
yields:
stifle
rebound

~ BYTIM PARADIS

~ ‘Associated Press

_. NEW YORK — Stocks fin-
- ished a wobbly session. flat
.. Monday as stubbornly high
bond yields discouraged inves-
tors from extending Wall.
_ Street’s recovery from last
_week’s steep losses.

The yield on the Treasury’s
10-year note rose to 5.16 percent
Monday from 5.11 percent late
Friday. Last week, investors
took signs of recalcitrant infla-
ion to mean a rate cut by the .
‘ederal Reserve was unlikely,
and they sent stock and bond
prices tumbling; since yields
move in the opposite direction
from bond prices, market inter-
est rates soared. The 10-year
‘Treasury yield climbed above























oans, “unchanged at 5.25 percent
since last summer, following a

M1 don’t think that there isa
lot of clarity as to monetary pol-
icy for the rest of 2007 and I
_ think that in general puts mar-
kets on edge,” said Les Satlow,
_ portfolio manager at Cabot
e Money Management.
: The Dow Jones industrial
_ average rose 0.57, or less than
- Q.01 percent, to end at 13,424.96,
_ capping a day of trading that
saw stocks slip, advance, and
_ then pull back again.
i Broader stock indicators
were narrowly mixed. The
_ Standard & Poor’s 500 index
- rose 1.45, or 0.10 percent, to
1,509.12, and the Nasdaq com-
posite index fell 1.39, or 0.05
- percent, to 2,572.15.
Q Oil prices, which also stirred
_ inflation concerns last week,
_ rebounded Monday after falling
_ sharply Friday. Iran’s oil minis-
- ter said Monday the Organiza-
tion of Petroleum Exporting
_ Countries doesn’t plan to
_ release more oil into the market
_ ahead of its next policy meeting
_ in September. Light, sweet
_ crude rose $1.21 to $65.97 per
_ barrel on the New York Mer-
_ cantile Exchange.
"Amid an absence of eco-
nomic and earnings “reports,
_ investors will likely focus on
moves of the bond market and
- individual stocks as they await
_ data on inflation due later in the
week. On Thursday, the Labor
- Department releases its pro-
'. ducer price index and on Friday
the consumer price index is
due.
~The dollar was higher
“against most other major cur-
-rencies, and gold prices also
- rose.
Advancing issues just barely
- outnumbered decliners on the
New York Stock Exchange,
where consolidated volume
came to 2.47 billion shares,
-down from 2.98 billion shares
Friday.
; The Russell 2000 index of
smaller companies fell 2.13, or
0.25 percent, to 833.18.
Stock markets abroad rose
after steep declines last week.
Japan’s Nikkei stock average
rose 0.31 percent and China’s
often-volatile Shanghai Com-
posite Index rose 2.1 percent.
Britain’s FTSE 100 rose 0.96
percent, Germany’s DAX index
advanced -1.52 percent, and
France’s CAC-40 rose 0.97.





ELS ELITE EERTLEL BE












TUESDAY, JUNE 12, 2007

EQUITY COMPANY

SINESS |



INTERNATIONAL EDITION

Blackstone co-founders to get $2.33B in IPO

BY JOE BEL BRUNO
Associated Press

NEW YORK — Private-equity
powerhouse Blackstone Group said
Monday that Chief Executive Ste-
phen Schwarzman made $400 million
in 2006 — almost double the com-
bined compensation for the CEOs of
Wall Street’s five biggest investment
banks.

Schwarzman, 60, will lead the
New York-based firm to the highly
anticipated initial public offering of
its management company within the
next few weeks. He could cash in as
much as $677.2 million of his stake
during the IPO, and still walk away
with a 24 percent interest in the com-
pany valued at as much as $7.7 bil-
lion.

Blackstone’s top five executives,
including Schwarzman, earned a
combined $771.5 million in 2006 —

part of the $2.27 billion in net income
the company paid out last year.
Blackstone Group expects to record
significant losses for a number of
years following its IPO, because of
amortization and compensation
costs.

“It is a really
surprising
number,” said
Richard Fer-
lauto, director
of pension and
investment
policy for the
American Fed-
eration of
State, County
and Municipal

. Employees, about Schwarzman’s
compensation package. “There’s a
concentration of the super-wealthy
that is being created in the financial

ys
SCHWARZMAN

FAST-FOOD RESTAURANTS



services marketplace that is
unhealthy for the rest of the econ-
omy.”

The sale of 12.3 percent of Black-
stone’s management arm is expected
to value the entire company at just
more than $32 billion. Investors in the
IPO will be given little voting rights
in Blackstone itself, though. Instead,
their stakes will be tied to the man-
agement committee that runs the
firm — and not the companies and
real estate it controls.

Schwarzman’s compensation eas-
ily eclipsed the CEOs of Wall Street’s
biggest investment banks: Goldman
’ Sachs Group, Merrill Lynch & Co.,
Lehman Brothers Holdings, Bear
Stearns, and Morgan Stanley. The
highest paid CEO on Wall Street last
year was Goldman’s Lloyd Blankfein,
who made $54 million.

Schwarzman’s big payday comes











NEW Loca



SSRN,



CROSSANW 1
oat WICH? |



" PHOTOS BY LUCY PEMONI/AP

HAVE IT YOUR WAY: A sign advertises a Soam breakfast at Burger King in Honolulu. Both Burger King
and McDonald’s are offering the processed meat with eggs and rice for breakfast in Hawaii only.
Hawaii leads the nation in Soam consumption despite being one of the least populated states.

Burger King, McDonald’s
joust for Spam crown

BY JAYMES SONG
Associated Press

HONOLULU For. many
Americans, spam is a four-letter
word for unwanted e-mail. In
Hawaii, Spam is a beloved comfort
food, with cans of the gelatinous
pork bricks found in virtually every
cupboard.

Hoping to cash in on Hawaii’s
love affair with the pinkish meat
product, Burger King last month
began offering Spam for breakfast
— going head-to-head with rival
McDonald’s, which has been fea-
turing Spam in the islands for years.

Burger King is offering the Spam
Platter — two slices of Spam nes-
tled between white rice and scram-
bled eggs. The fast-food giant also
offers the Croissanwich or Biscuit
Sandwich with Spam.

Denise Yamauchi, Burger King
managing director in Hawaii, said
sales have been “very good and
very promising.”

“It’s so popular with the locals,
we wanted to cater to them,” she
said.

Putting Spam on the menu,
alongside more traditional items
such as the Whopper, has been in
the works for about a year, and Bur-
ger King’s corporate headquarters
finally signed off on the idea.

“It’s something that was a little
unique and a little different for
them, so it was a bit of a hard sell to
bring to Hawaii,” Yamauchi said.
“But they finally realized it is a
unique flavor and something the
locals really like.”

At a Burger King near down-
town Honolulu, where a poster in
the window proudly advertises
“Spam in the A.M.,” the Spam Plat-

ft eS









SPAM & EGGS: Mildred Camerino shows off her Soam breakfast at a
Burger King in Honolulu. It was Camerino’s first taste of Burger
King’s soam meal, but she had eaten the McDonald’s version.

ter was selling for $3.49. The nearly
identical Spam, Eggs and Rice plate
across the street at McDonald’s was
$3.39.

Melanie Okazaki, marketing
manager for McDonald’s Restau-
rants of Hawaii, said Spam has been
offered at the chain’s 75 island res-
taurants since 2002.

“In Hawaii, it is a very popular
menu item and we will continue to
offer it to our customers,” she said.

Burger King’s latest offering is
counter to the chain’s push to offer
healthier fare, including salads and
the meatless BK Veggie Burger. But
no one can deny Hawaii’s appetite
for Spam.

Despite being one of the least-
populated states, Hawaii leads the



SE RCS BRE ORIN

nation in consumption of the Hor-
mel Foods product. It has been a hit
ever since World War II. Isle resi-
dents consume more than 5 million
pounds of Spam a year, an average
of about six cans for every man,
woman and child.

Spam “musubi” — a slice of
Spam atop a block of rice and
wrapped in seaweed — is an island
favorite sold at nearly every con-
venience store. Spam fried rice is a
local classic.

There are also more varieties of
Spam-sold in Hawaii than any-
where else. There’s Spam Garlic,
Spam Bacon, Spam with Cheese,
Spam with Tabasco, Spam Turkey
and Spam Lite, which featured less
sodium and less fat.

as the firm — which launched in 1985

with a $400,000 investment — makes
the final arrangements on its ‘public
offering.

The flotation of the interest in the
management division to the public is
designed to cash out its founders’
stakes, and secure a more permanent
source for financing.

In addition, another 9.7 percent
will be controlled by the Chinese
government as part of a $3 billion
investment announced in May. Black-
stone’s management and underwrit-
ers will own the rest of the company.

Co-founder and Chief Operating
Officer Peter Peterson, 80, will get
$1.88 billion from the IPO, and retain
a 4 percent stake valued at about
$1.3 billion. Peterson, who plans to
retire by the end of 2008, received
$212.9 million in compensation last
year.

CHINA

Trade

in M
BY JOE McDONALD
Associated Press
BEIJING — Just last month, China
announced plans to buy $4.3 billion
of U.S. technology as a way to show
how serious it is about reducing the -
ballooning trade gap with the U.S..
So it must have come as a mixed

blessing in Beijing to see that China’s
antigravity trade surplus soared again

_in May to the third-highest monthly

level on record, according to govern-
ment figures released Monday.

The surplus hit $22.5 billion, up
73 percent from last May, the Chinese
customs agency said on its website.
Exports jumped 28.7 percent to
$94 billion, while imports rose
19.1 percent to $71.6 billion.

China has promised to narrow its
yawning trade gap under pressure
from Washington and other govern-
ments, but economists say multibil-
lion-dollar surpluses are likely to
continue.

The United States wants Beijing to
raise the value of its currency, the
yuan, which critics say is underval-
ued, giving Chinese exporters an
unfair advantage. Several American
lawmakers are calling for punitive
tariffs on Chinese goods if Beijing
fails to act.

Senior American and Chinese
envoys met last month for the second
round of a high-level dialogue meant
to address trade disputes. But they
have failed to defuse tensions with
Congress, where lawmakers say sup-
port for trade penalties is growing.

The United States reported a
$232.5 billion trade deficit with China
in 2006, and this year’s figure is
expected to surpass that.

President Hu Jintao’s government
insists it isn’t actively seeking a trade

. surplus and is taking steps to rein in

booming exports by imposing taxes
on steel shipments and repealing
export rebates.

China ended the yuan’s direct link
to the dollar in July 2005 and raised
its value by 2.1 percent. Since then,
the yuan has been allowed to rise by
about 5.7 percent in tightly controlled
trading. It has trading recently at
about 7.65 to the dollar. Many econo-
mists say a change in the yuan’s
exchange rate on its own is unlikely
to close the U.S. trade gap.

The European Union was China’s
biggest trading partner in the first
five months of the year, with total
two-way commerce rising 29 percent
to $129.9 billion, according to the cus-
toms agency.

The United States was in second
place, with two-way trade rising
18.2 percent to $115.2 billion from Jan-
uary to May, the agency said. Japan
was No. 3, with trade up 15.5 percent
at $91.2 billion.

Beijing is trying to reduce depen-
dence on exports by encouraging
China’s consumers to spend more,
which would increase imports and
narrow the trade gap. But that has
had only limited success, with
exports still growing much faster
than domestic retail sales.
THE MIAMI HERALD | MiamiHerald.com _

e TELECOMMUNICATIONS

BUSINESS BRIEF

Chief who saved Qwest
is planning retirement

From Herald Wire Services

Richard Notebaert, who pulled a troubled Qwest Com-
munications (Q) from the brink of bankruptcy amid a mul-

tibillion-dollar accounting scandal,
announced plans Monday to retire as
chairman and chief executive officer.

Qwest shares fell 8 percent.

Notebaert, 59, said he will leave the
Denver-based company after the
director pick a replacement, although
no timetable has been established. He
is the third top-ranking executive to
announce plans to leave Qwest this

year.

“The time has come for me to



spend more time with family and focus on other commit-
ments,” Notebaert said in a written statement.

At a conference in New York later Monday, Notebaert
said, “I would not walk away if I didn’t feei the legacy that I
left behind was very strong and that the platform that we put
in place was one that share owners could continue to benefit
and be rewarded by participating in.”

In the past five years, Notebaert and his team toiled to turn
the company around and drew intense national interest with
a bitter bidding war for MCI that eventually was won by Veri-
zon Communications. Last year, Qwest posted its first operat-
ing profit since acquiring U S West, one of the former Baby

Bells, in 2000.

e LABOR

HOME CARE WORKERS
LOSE OVERTIME CLAIM

Home care workers are
not entitled to overtime pay
under federal law, the U.S.
Supreme Court ruled Mon-
day, a setback for a growing

- labor force of more than
1 million people.

The unanimous decision
came in the case of Evelyn
Coke, a 73-year-old retiree
who spent more than two
decades helping the ill and
the elderly and is now in
failing health herself.

The Labor Department
did not exceed its authority
when it excluded home care
workers from overtime pro-
tection and “courts should
defer to the department’s
rule,” Justice Stephen
Breyer wrote, relieving

.fmployers and angering _
‘workers’ rights groups.
‘Phe -Glinton administra-
‘ tion had drafted a regulation
to cover the workers, but it
was shelved after President
Bush took office in 2001. —




eo SOFTWARE

IBM BUILDING ITS
SYSTEMS PORTFOLIO

International Business
Machines (IBM) said
Monday it had agreed to buy
Swedish software provider
Telelogic (TGIAF) for
$745 million in cash, bolster-
ing IBM’s portfolio in
defense, telecommunica-
tions and the automotive
industry.

_ IBMsaid Telelogic will
fit into its Rational software
division. Telelogic is IBM’s
43rd software acquisition
since 2001, and IBM plans to
maintain an aggressive
acquisition strategy.

' Telelogic products help
companies develop and test
software used in complex
systems such as aircraft
radar or anti-lock brakes.

e CONSTRUCTION

CANADIANS BID
FOR AUSSIE BUILDER

Toronto-based Brook-
field Asset Management
(BAM) has made an all-
cash takeover bid for Multi-
plex Group (MLXXF)
that values the Australian
construction and property
business at about $6.1 bil-
lion.

The companies said in a
joint statement that Multi-
‘plex directors support the
offer.

Multiplex has been trou-
bled by delays in its redevel-
opment of London’s iconic
Wembley Stadium in recent
years. It revealed earlier this
year that it had received a
conditional offer.





4 be 6:35 p.m. Late
Stock Tk. c close Chg. volume
iShR2K nya IWM 82.87 82.82 -.05 93498
SunMicro SUNW 4.96 4.96 _ 75835
TimeWarn TWX 20.61 20.59 = -.02 46468
PwShs QQQ QNQQ 46.82 46.87 +.05 34425
DukeEgys DUK 18.58 18.58 * 31203
IBM IBM 103.22. 103.22 * 27639
SPDR SPY 151.30 151.35 +.05 27133
Kraft KFT 34.52 34.52 si 26931
US Bancrp + USB 34.30 3430 0° 25316
BredeCm BRCD 8.56 8.56 % 24827
Yahoo YHOO 27.35 2740 =+.05 24124
SP Fnel XLF 37.39 37.39 . 22976
CocaCl KO 51.63 51.64 +.01 19705





e BANKING

HEDGE FUND’S STAKE
BOOSTING BARCLAYS

Shares in London-based
Barclays PLC (BCS) rose
Monday following reports
that a U.S. hedge fund had
bought a stake in the bank
and was opposing Barclays’
bid to take over ABN Amro
Holding (ABN).

The Wall Street Journal
and the Financial Times
reported that New York-
based hedge fund firm Atti-
cus Capital acquired shares
and met with the bank to
discuss whether it should
drop its friendly $83.7 billion
all-share bid for ABN Amro.

The Dutch bank is also
the target of a hostile bid led
by Royal Bank of Scotland.

Barclays declined to say
whether any meetings were
held. Barclays shares rose

ionday in London. ABN. -

‘fell less than one percent to ©

$47.09 in Amsterdam.
e AIRLINES

‘ AIRTRAN PERSISTS

IN MIDWEST OFFER

AirTran (AAI) again
extended its bid for Mid-
west Airlines (MEH) on
Monday, three days before
Midwest’s annual share-
holders meeting.

The Florida-based Air-
Tran set Aug. 10 as its new
deadline to tender shares of
Midwest, allowing time for a
new board of directors to be
certified and consider the
takeover offer.

AirTran has offered cash
and stock worth $389 mil-
lion for the Milwaukee-
based parent company of
Midwest, which has repeat-
edly rebuffed the offers.

e ELECTRONICS

NOKIA COUNTERSUES
QUALCOMM ON RIGHTS

Nokia (NOK), the
world’s largest mobile
phone maker, said Monday
it filed a patent infringement
countersuit against chip-
maker Qualcomm
(QCOM) in an ongoing bat-
tle over wireless technology.

Nokia filed the lawsuit in
a Texas court, seeking dam-
ages and injunctive relief.
The lawsuit deals with
claims of unauthorized use
of Nokia’s Brew and Medi-
aFlo patents, which allow
fast, high-quality transfer of
audio and video multimedia
to wireless subscribers.

Qualcomm had filed a
patent infringement lawsuit
in Texas against Nokia in
April, saying Nokia
infringed on patents for the
GSM standard, prevalent
outside the United States.

eatly L5percent to. $14.44







4 6:35 Late
Stock Tkr. dose oe Chg. volume
Microsoft MSFT — 30.02 30.02 17750
BrdrdgFnn BR 19.27 19,27 ° 16113
Intel INTC 21.93 21.95 +02 15709
ArchDan ADM 34.38 34.33 -.05 15029
SpiritFn SFC 14.50 14.50 > 14727
JnprNtwk = JNPR 24.93 24.93 13380
Huntsmn = HUN 19.88 19.88 13279
SiriusS SIRI 2.78 2.77 01 13193
Texinst TXN 35.79 35.05 74 12644
Altria s MO 70.22 70.22 11724
Novell NOVL 8.17 8.17 . 11518
AT&TInc = 40.12 40.10 -.02 10620

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

SOFTWARE



INTERNATIONAL EDITION

_ TUESDAY, JUNE 12, 2007 | 4B

Apple launches browser for Windows

BY MAY WONG
Associated Press

SAN FRANCISCO — Apple
Inc. launched a version of its
Safari Web browser for Win-
dows PCs on Monday, pitting
it against Microsoft Corp.’s
dominant Internet Explorer
and Mozilla’s Firefox.

“What we’ve got here is the

most innovative browser in
the world and the most power-
ful browser in the world,”
Apple CEO Steve Jobs said
during his keynote speech at
the company’s Worldwide
Developers Conference.
' Safari, which was released a
few years ago for Apple’s
Macintosh computers, has
more than 18 million users,
Jobs said — about 5 percent of
the world’s browser market
share.

Internet Explorer, which is
built into Windows, has a 78
percent share, while Firefox
has rapidly climbed to gain
about 15 percent of the market,
he said. Like the other Web
browsers, Safari is available at
no charge.

EUROPE

BY RYAN LUCAS
Associated Press

OSTROLEKA, Poland —
Three waitresses dish out waf-
fle cones topped with scoops
of strawberry, lemon and

apple gelato as fast asthey can §

at the Cafe Rialto.

Even on chilly days, the line
stretches out the door, one
more sign of Poland’s eco-
nomic boom that is putting
cash in people’s pockets and
whetting appetites for every-
thing from upscale ice cream
to sleek plasma televisions.

Increasing demand spurred
Robert Buerger, who opened
his cafe in 2001, to invest
$33,600 in a new gelato mixer
in March. He already employs
nine workers and plans to
open a second ice cream par-
lor sometime this year.

“People have more money
to.spend and are more open to

' spending it,” he said. “I see

how the market is developing,
and if I don’t open another
shop I know somebody else
will.”

Three years after Poland’s
accession to the European
Union gave the economy its
initial kick out of its doldrums
and threw open the doors to
Polish exports, investment and
domestic demand have taken
the lead in driving the coun-
try’s robust growth.

Poland’s economy
expanded 7.4 percent in the
first three months of the year,
the best quarterly result since
7.6 percent in the second quar-
ter of 1997. That comes after a
healthy 6.7 percent for all of
2006 that far outpaced the
euro zone’s 2.7 percent.

“Everything is in the right
place,” says Mateusz Szczurek,
the chief economist for ING
Bank Slaski in Warsaw. “You
have the wheels spinning with
wage and employment growth
fueling creditworthiness, and
all three fuel consumption and
that boosts sales margins, and
margins lead to investments
and further wage and employ-
ment growth.

BANKING
Chicago’s
BY DAVE CARPENTER
Associated Press
CHICAGO — Opening a
bank aimed at improving the
quality of life in poor urban
areas was supposed to be a
notion doomed for failure.
The demise of ShoreBank,
which promotes everything
from redevelopment to minor-
ity businesses to environmen-
tally responsible lending, was
so predictable that a univer-
sity professor came running to
document its beginnings for a
case study on business failure.
“Well, think about it,”
laughs Mary Houghton, one of
four co-founders of ShoreBank
and currently its president.
“Two black guys, a white Pol-
ish guy and a white female
going into a black neighbor-
hood to buy a failing bank.”
Thirty-four years later,
ShoreBank is flourishing with
a global reputation far out of
proportion to its $2.1 billion in



PAUL SAKUMA/AP

JOINING SPEED RACE: Apple chief executive Steve Jobs
talks about the Apple Safari for Windows, right logo,
and Safari for Mac, left logo, at the Apple World Wide
Developers Conference in San Francisco on Monday.

Jobs asserted that Safari
performs twice as fast as its
competitors.

Never one to disappoint his
audience, the iconic chief
executive — in his final high-

CONSUMERS SPENDING FREELY: Customers check out flat-screen televisions

light of his 142 hour speech —

said Apple’s upcoming iPhone
will run Safari.

That means, Jobs said, that
any application designed to
run on the Safari browser for

Fi eae

Exports fuel a Polish boom

pany

Macs also would be fully com-
patible with the iPhone —
Apple’s highly anticipated
combination cell phone, iPod
and wireless Web browser.
The iPhone will be available in
the United States on June 29.

The move to make Safari
available to non-Mac users is
not unprecedented: Apple also
makes its iPod media players
and iTunes Store for Win-
dows. The strategy is aimed in
part at drawing more people
to its Macintosh computers.

It appears to be paying off.

Mac sales have grown signifi-
cantly over the past two years,
pushing its slice of the PC
market in the United States
from 3.5 percent in 2004 to 4.9
percent in 2006, according to
IDC, a market research com-
pany.
“Safari is another Trojan
horse that introduces an inno-
vation of Apple to the Win-
dows community and entices
them to the Mac platform,”
said Tim Bajarin, an industry
analyst at Creative Strategies,
a technology consultancy.

Bee. a: “i Ee no



‘ CZAREK SOKOLOWSKI/AP, Sten
on opening

day at a new electronics super store on the outskirts of Warsaw earlier this month.
Poland’s economy expanded 7.4 percent in the first quarter, the best quarterly result
in a decade. Unemployment, at around.13 percent, is Europe’s highest.

“It all adds up to a very,
very healthy growth.”

In Warsaw, shoppers lug
home Hugo Boss suits and
Prada dresses below the glass
skyscrapers and cranes that
tower over construction sites
swarming with workers.

Even in Ostroleka, a town
about 75 miles northeast of
Warsaw, the trickle-down
effects can be felt.

“Normally, my profits rise
about 10 percent annually, but
this year they will definitely be
higher — maybe even 20 per-
cent,” said Buerger over a cup
of imported Italian coffee at
his cafe. At the granite-topped
tables, families in church
clothes languidly lick ice
cream cones after a late Sun-
day morning Mass.

After the lean years of the
early 2000s when the econ-
omy stagnated and unemploy-
ment soared to a post-commu-
nist high of 20.7 percent,
analysts say Poland now is
benefiting from the fastest
investment growth in a dec-

ade.

Marta Petka, an‘analyst at
Raiffeisen Bank in War-
saw,said the current economic
expansion started when
Poland joined the EU in 2004.

“The first kick to the econ-
omy was from exports,” Petka
said. “And then exports gave a
push to the next growth loco-
motive — investment.”

EU development funds —
some $81 billion for 2007-2013
— have given the economy a
nudge, as has investment in
manufacturing plants by inter-
national companies like Sharp,
Toshiba and LG.Philips.

But in many areas it is now

Polish businesses that lead the
way. Companies large and
small are pumping funds into
new projects, helping to cut
the EU’s highest jobless rate to
an estimated 13.1 percent in
May.

On top of that, domestic
demand has now taken on a
greater role in driving growth
as rising wages have fueled
creditworthiness for individu-

als and private consumption,
says Ryszard Petru, the chief
economist at Bank BPH.

Electronic retailer Saturn
and rival Media Markt both
praised the dynamism of the
Polish consumer market and
plan to open new outlets,
while Swedish retail giant
IKEA intends to build a new
store in the central city of
Lodz and expand its seven
current sites.

Analyst Szczurek notes that
because Poland has only expe-
rienced one business cycle
since the fall of communism in
1989, “no one really knows
what the Polish economy is
capable of.”

“That’s the biggest question
mark,” he says.

Still, most analysts agree
that Poland’s economy may
cool slightly in the next two to
three years, but’still forecast
growth rates at over 5 percent,
which should push unemploy- -
ment down into the single dig-
its for the first time since the
early 1990s.

‘bank with a heart’ is thriving

assets. The nation’s first com-
munity development and envi-
ronmental bank has branched
out to Cleveland, Detroit, the
Pacific Northwest and abroad,
where Shorebank Interna-
tional provides loans to bud-
ding entrepreneurs and mort-
gages to homeowners in
Africa, Asia and East Europe.

Despite its altruistic slogan
— “Let’s change the world” —
this is no charity organization.
The Chicago-based company
reported net income of
$5.3 million last year.

Its biggest impact has been
in what it calls community-
minded investing.

“They’re a bank with a
heart,” said Andres Schcolnik,
and he should know. The Chi-
cago architect and developer
saved the landmark Grand
Ballroom from the wrecking
ball thanks to a ShoreBank
loan. Its subsequent rehabilita-
tion into a rare architectural

jewel on the hardscrabble
South Side makes it a show-
piece for the bank’s work.

Once frequented by such
stars as Cab Calloway, Dizzy
Gillespie, Count Basie and The
Temptations, the 84-year-old
building was a shambles when
Schcolnik acquired it four
years ago and began a $3 mil-
lion renovation. Today it hosts
everything from gospel to bar
mitzvahs, boasting the facili-
ty’s fully restored orchestra
shell and 60-foot wooden bar,
chandeliers from the Lyric
Opera and a cherry wood floor
fit for a Chicago mayor to
dance on.

“This would have been
impossible to finance any-
where else,” he said. “At other
banks, they package things so
there’s no risk for the bank
whatsoever.”

ShoreBank was founded on
the ’60s-era idealism of Ron
Grzywinski, Houghton, Milton

Davis and James Fletcher (the
latter two now deceased), who
together ran one of the
nation’s first minority small
business loan programs. Intent
on finding ways to reverse the
decline of inner-city Chicago
neighborhoods, they zeroed in
on redlining — a once-routine
denial of credit and services to
customers in poorer areas.

The four young bankers
raised $800,000 in capital bor-
rowed $2.4 million to buy the
failing South Shore National
Bank in 1973, using it as a
model for their then-novel
idea that private bank capital
could be used to achieve social
purposes.

Underscoring ShoreBank’s
defiance of big-bank practices,
Grzywinski — still chairman
today — was the only banker
to testify in favor of the Com-
munity Reinvestment Act
which Congress passed in
1977, banning redlining.
v

THE TRIBUNE



TUESDAY, JUNE 12, 2007, PAGE 5B



PM commits to review
of port relocation plan

rime Minister

Hubert Ingraham

has committed to

examining the busi-
ness plan for the relocation of
all commercial shipping facili-
ties from downtown Nassau to
a new port in southwest New
Providence, which is being
developed by Dutch firm
ECORYS.

The Nassau Tourism and
Development Board (NTDB)
said in a statement that during
a two-hour meeting with the
Prime Minister last Friday, Mr
Ingraham said he was open to
the port’s relocation, but the
project must not cause an
undue financial burden to the
Government.

The ECORYS plan, due to
be completed shortly, will
examine the proposed port’s
financial feasibility based on a
variety of cost-profit projec-
tions for various design and
uasge proposals. Recommen-
dations on potential design,
management and ownership
structures will be made. /

“The Prime Minister’s ques-
tions regarding the cost of the
port are the same which we
have raised in the past, and
that is one of the reasons why
the previous Government
undertook the study which
ECORYS is completing. The
NTDB believes the port relo-
cation is pivotal to the city’s
redevelopment, but also
believes it must make long-
term economic sense,” said
Charles Klonaris, the NTDB’s
chairman, and co-chair of the
Nassau Economic Develop-
ment Commission (NEDC)
and downtown redevelopment
joint task force.

He added: “The revitalisa-
tion of the historic city of Nas-
sau is a process which has been



& HUBERT INGRAHAM

underway for many years. We
have welcomed and appreciat-
ed the support of every gov-
ernment, and are pleased that
the Prime Minister has
renewed his commitment to
the public and private part-
nership, which is so essential
to the transformation of our
city.

“Traffic congestion and the
lack of parking is plaguing the
city at an unprecedented level.
It is exacerbated by increased
traffic to Paradise Island,
increased trucks and shipping-
related traffic and the lack of a
comprehensive plan to deal
with jitney congestion. Solu-
tions to these problems don’t
need to wait. The public is
becoming increasingly frus-
trated by the congestion and
solutions must be advanced

quickly.”

The meeting with Mr Ingra-
ham was also attended by Nor-
man Solomon, the NITDB’s
honorary chairman and former
NEDC co-chairman; Charles
Carter, NEDC co-chair; Frank
Comito, ex-executive director
of the NTDB; and Suzanne
Pattusch-Smith, NTDB exec-
utive director.

The meeting focused on
three key issues - the imple-
mentation of a Downtown
Management Authority and
Business Improvement District
to better manage and develop
the city of Nassau; implemen-
tation of a comprehensive traf-
fic and parking plan for the
city; and the relocation of the
commercial shipping port to
the Southwest part of New

Providence.
“MRE

Bahamas braces for 10%
room inventory drop

Mr Grant added that he was pleased by the
relaxation of the WHTI requirements, which
enable persons awaiting their actual documents
to fly to the Bahamas with a passport receipt

- FROM page 1

impulse and group visitors to the Bahamas, and
the fact that the Bahamas now competes
unevenly with US island terriorties - Puerto
Rico and the US Virgin Islands - who do not
have the passport requirements and are mar-

keting themselves as such.

try”, he said.

until the end of September 2007, as it will assist
summer group travellers.
This challenges will lead the Ministry of
Tourism to undertake “aggressive promotional
_ programmes to get tourists to come to this coun-

Grains Of Wisdom.

ea Rica Thats Bight si
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I; (242) 393-4002 Monday day 9:00am 8:00pm

Tel: (242) 393.4002 ‘00am8:

Fax: 49 393.4096 ey Se
WWww.! .com



* except on red tagged and nef items



Betty K Agencies

is pleased to announce that our Nassau
Office and Warehouse will re-open for
husiness on Saturdays between the hours
of 8:00 am - 12:00 noon effective,
16th June 2007.



3 cup Mahatma® Jasmine Rice
41/2 cups water
2 teaspoons salt

We look forward to serving you and
appreciate your business.

Combine rice with water and salt in a large heavy saucepan. Bring
to a boil, then reduce heat to low and cook, covered, until rice is
tender and water is absorbed, about 15 minutes. Remove from
heat and let stand, covered, 5 minutes. Fluff with a fork.
Makes.4-6 servings (with generous leftovers).

Please contact our customer service
representative for more information

Tel: (242) 822-2142 or 322-2813

1 aU elie), aa (eae VR) TP UU

Distributed by ASA H. PRITCHARD, LTD.
Robinson & Claridge Roads : Tel: 393-2437


-~_sere:

PAGE 6B, TUESDAY, JUNE 12, 2007

Ca MUTE CD bo mta atd
URS aR a ee i

Legal Notice

NOTICE

FURRY JENNINS INC.
—4—

Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act 2000,
the dissolution of FURRY JENNINS INC. has been
completed; a Certificate of Dissolution has been issued and
the Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

NOTICE

CROSSFIRE INVESTMENTS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on the
8th day of June 2007. The Liquidator is Argosa Corp.
Inc., RO.Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

NOTICE

“MAS

JAVELOT VALLEY INC.

(In Voluntary Liquidation)

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

the 23rd day of April 2007. The Liquidator is Argosa

Corp. Inc., PRO.Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)

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.










THE TRIBUNE

Sinner eran ene... TT

Met ee Te

Bahamas market access
offer on EPA ‘questionable’

Mr Laing said.

“It is regrettable that we are
having to deal with this mat-
ter now, but it is what it is.”

The minister’s remarks indi-
cate that the FNM government
is going to take its time and
consider all the EPA’s impli-
cations, slowing down the pace
at which the former PLP
administration, led by ex-for-
eign affairs minister Fred
Mitchell, was proceeding.

Mr Mitchell had been most
concerned to safeguard duty-
free market access for the likes
of Bacardi and the seafoods _
industry, the rum exporter hav-
ing made it clear that it would
cease production and leave the
Bahamas, costing 183 jobs, if it
lost its preferential access to
the EU.

Yet Mr Laing’s comments
indicate that the new admin-
istration wants to proceed
more cautiously, assessing
what impact signing up to the
EPA will have for the
Bahamas’ two major econom-
ic earners, tourism and finan-
cial services, and other indus-
tries.

The Organisation for Eco-
nomic Co-Operation and

ARMBRISTER.

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that l,
BANNISTER of PO. Box EL 27227, Harbour Island,
Bahamas, intend to change my name to INDYA JADA
If there are any objections to: this
change of name by Deed Poll, you may write such
objections to the Chief Passport Officer, RO.Box SS-
792, Nassau, Bahamas no later than thirty (80) days after
the date of publication of this notice.



Development (OECD) and
EU have been seeking to use
the EPA as method to force
the Bahamas and others to sign
up to their tax information
exchange drive, something that
would damage this nation’s
financial services industry,
although the CARICOM
Regional Negotiating Machin-
ery (CRNM) has said there is
no likelihood of this happen-
ing.

On the tourism front, while
the major hotels in the
Bahamas are already foreign-
owned, given that the EPA
requires reciprocal market
access and trade preferences
to be given to the private sec-
tor on both sides, the agree-
ment may pave the way for
European companies to set up
in businesses here that are tra-
ditionally reserved for Bahami-
ans - tour operators, travel
agents and enue transporta-
tion.

Mr Laing, though, ques-
tioned whether the Bahamas
had already submitted a mar-
ket access offer on the EPA.

He told The Tribune yester-
day: “We will have to review
any offer that has been made. I



INDYA_ JADA

NOTICE

NOTICE is hereby given that JULIAN ROBERT JAKUSZ
OF BUEN RETIRO RD., P.O. BOX SS-5976 NASSAU,
BAHAMAS, is applying ‘to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as
a citizen of The Bahamas, and that any person who knows
any reason why registration/ naturalization should not be
granted, should send a written and signed statement of the
facts within twenty-eight days from the 5th day of June, 2007
to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.



NOTICE TO THE GENERAL PUBLIC

Please be advised that I, Ezra Baillou, heir to
the estate of Isaac Baillou in the Blue Hills
Estate, have not given Everett Baillou or his
copartners, Enamae Bowen and Joanna Swain
power of attorney or consent to negotiate any
sales or exchange of moneys for land. I will not
be held responsible for any business transactions
conducted by either of them.

Signed Ezra Baillou

Bis

Pricing Information As Of:






= me



12.25



0.20 RND Holdings

28.00 ABDAB





__0.35 RND Holdings




~ 52wk-Low























Abaco Markets

12.05 11.00 Bahamas Property Fund
9.41 7.23 Bank of Bahamas
0.85 0.70 Benchmark
2.95 1.30 Bahamas Waste
1.49 1.20 Fidelity Bank
10.60 9.00 Cable Bahamas
2.15 1.80 Colina Holdings
14.55 10.60 Commonwealth Bank
6.03 4.22 Consolidated Water BDRs
2.76 2.40 Doctor's Hospital
6.25 5.54 Famguard
12.60 11.50 Finco
14.70 12.43 FirstCaribbean
: 10.77 Focol
0.54 Freeport Concrete
7.10 ICD Utilities
8.52 J. S. Johnson ,

Premier Real Estate

Bahamas Supermarkets
10.00 Caribbean Crossings (Pref)

14.00 Bahamas Supermarkets

Fund Name









= )FIDELI

Ceiind ‘ver The coutier Securities’

am not certain to what extent .

that offer has been made by
the Government.

“It is questionable to me,

based on the information I
have, whether .a submission
offer was made by the Gov-
ernment.” ,

A. Leonard Archer, the:

Bahamas Ambassador to
CARICOM, had previously
confirmed to The Tribune that
he submitted the market access
offer to CARIFORUM at a

technical working group meet- .

ing in the Dominican Republic
earlier this year.

The Bahamas initial market |
; access offer over the EPA |

sought to exclude only about 2
per cent of this nation’s indus-
tries, rather than the maximum
14-15 per cent permitted in the
talks due to the relatively min-
imal level of trade this nation
has with Europe.

Mr Archer explained this

nation sought exclusion -. or °
reservations - for only 2 per

cent of its economic sectors

“because what is the point of .

excluding a product we’re not
trading in”?

Of the industries excluded’

from the Bahamas’ market
access offer, Mr Archer said:
“All of them are in the agri-
culture and fisheries sector.”
He explained that these
industries, and those targeted
for exclusion or reservation by

the Bahamas, were those con- -

sidered to have export poten-
tial, that have the ability to be
competitive if given some pro-

tection until they reached

maturity, or those where there
were national security impli-
cations.

Mr Laing yesterday told The
Tribune that the Government
was aware of the imminent
deadline for the Bahamas to

make offers, especially on ser-:

vices, over the EPA.

He added-that the Govern- ----

ment was “trying to balance
the need to cater to that dead-
line and the broader needs of

the country as far as our par- ~

ticipation in any trade agree-

* ments are concerned.

“We do not want to make
any isolated decisions on inter-
national trade that have broad-
er implications for any other
trade agreements. What we do
has to be consistent with a
broader approach to interna-
tional trade.”

INSIGHT

For the stories

behind the news,
read Insight
on Mondays



Mr Laing said the FNM gov-

ernment had “been trying to

get up to speed on what has ©

happened” on the EPA, and

had met with the Bahamas

Chamber: of Commerce and
other private sector respresen-

tatives to gauge their concerns - ‘

and obtain feedback.
~He confirmed that the Gov-
ernment planned ‘to move

“ahead with the accession

process towards full WTO

‘membership, and was prepar- |

ing the.Bahamas’ Memoran-

dum of Trade Regime for sub- —'

mission in that regard.

_ The previous administration _

was just waiting for the compi-
lation of the 2005 trade statis-
tics, expected to be complet-
ed. ‘before year-end 2007,
before submitting that Mem-

orandum of Trade Regime: -
Countries need to submit three -
’ years of consecutive trade data
‘when applying. -

Mr Laing said the Govern-
ment was not tied to a
timetable for its WTO submis-
sion, but said the process for
accession to full membership
would take between three to
five years.

He then appeared to criti-
cise the former administration,
hinting that the WTO acces-

"sion process had moved no fur-

ther forward than when the
FNM previously demitted
office in 2002.

A previous Government

. document detailed that the

Bahamas exported some
$66.315 million worth of goods
to the EU in 2004, largely

'. made up of Bacardi’s rum and

spirits products, lobster and

- other sea food products, and

‘polymers from Polymers Inter-

. national in Freeport.

If the Bahamas lost its duty-
free preferences by remaining
outside the EPA, the Bacardi,
Polymers International and sea
feod products would -all see

their: prices increase and ©

become uncompetitive.

For Bacardi, loss of duty-free |

access would see tariffs ~

imposed on its rum equivalent

to $5 per gallon.

“The Government document ~

said: “For the Bahamas, the
loss would be substantial, and
would include the loss of $13.
262 million in excise taxes, as
well as the loss of approxi-

mately 180 jobs for Bacardi's

Bahamian workers.”

- Just over $35 million worth ©

of sea food products were

- exported to the EU from the

Bahamas in 2004, and loss of

- duty-free access would lead to

a 12:5 per cent tariff being
imposed.

This would raise the price of
Bahamian lobster by $2-$2.50
per pound, making it uncom-

' petitive. otk
“The loss to the Bahamas -
- would be the value of the lob-

ster exported, and the income

‘loss of the Bahamian fisher-
men who catch the lobster, as:

well as $649,259 in royalties,”
the Government analysis said.





TY

41.00 43.00 41.00
14.60 15.50 14.00
0.45 0.55 0.45 |

BISK Listed Mutual Funds
YTD%

NA V



1.3418 41.2907 Colina Money Market Fund 1.341839"
3.2018 2.9038 Fidelity Bahamas G & | Fund 3.2018***
2.6629 2.3560 Colina MSI Preferred Fund 2.662852**
1.2443 1.1695 Colina Bond Fund 1.244286****
11.5519 11.0199 Fidelity Prime Income Fund 1155192 5"""

BISX ALL SHARE INDEX
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close
Today's Close
| Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today

DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings

TO TRADE CALL: COLINA 242-802-7010 / FIDELITY 242-366-7764 7 FOR MORE DATA ® INFORMATION

- 19 Dec 02 = 1,000.00

- Previous day's weighted price for daily volume
- Current day's weighted price for daily volume

FINDEX? CLOSE 862.60 7 YTD 08:14% / 2606 34.47

YIELD - last 12 month dividends divided by closing price

MARKET TERMS

Last 12 Months |

Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price
Weekly Vol.
EPS $ - Acompany’s reported earnings per share for the last 12 mths

- Trading volume of the prior week

NAV - Net Asset Value

N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100








—_ %



*-1 June 2007
*t -30 April 2007.
vn “31 May 2007

*** - 30 April 2007



es = 31 amare 2007 ’


THE TRIBUNE BUSINESS
GN-516



SUPREME COURT

SUPREME COURT :
PROBATE REGISTRY :
P.O. BOX N-167 :
Nassau, The Bahamas :
June 14, 2007 :

Probate Division
2007/PRO/npr/00260

IN THE ESTATE OF VIRGINIA SHARP, late of |
107 N. Elm Street in the Country of Champaign :

in the State of Illinois, one of the States of
America,

deceased. :

: of 14 days from the date hereof.

NOTICE is hereby given that after the :
expiration of fourteen days from the date hereof, :

_ No. 2007/PRO/npr/00263

Notice is hereby given that such applications :
: will be heard by the said Court at the expiration :
| of 14 days from the date hereof.

Sign
Desiree Robinson
(for) Registrar

Whereas, EMERALD COLLIE of #27 Colony |
Village, Eastern District, New Providence, one :
of the Islands of the Commonwealth of The :
Bahamas has made application to the Supreme :
Court of The Bahamas, for letters of :
: administration of the Real and Personal Estate :
: of EDWARD COLLIE late of #27 Colony Village, :
: Eastern District, New Providence, one of the :
Islands of the Commonwealth of The Bahamas,, :
: Ridge Subdivision in the Western District of
: the Island of New Providence, one of the Islands
: Notice is hereby given that such applications :
will be heard by the said Court at the expiration :
: Bahamas, for letters of administration of the
: Real and Personal Estate of FELIX
: MUSGROVE II late No. 42 Charlotte Ridge
: Subdivision in the Western District of the Island

deceased.

Sign
Desiree Robinson

TUESDAY, JUNE 12, 2007 PAGE 7B

Bahamas has made application to the Supreme
Court of The Bahamas, for letters of

: administration with the will annexed of the Real
: and Personal Estate of KWAN KING HO (a.k.a.)
: HO KWAN KING (a.k.a.) K. K. HO late of No.
: 4 Goldsmith Road, Jardine’s Lookout, Hong
: Kong Special Administrative Region, Hong
: Kong, deceased.

? Notice is hereby given that such applications

: will be heard by the said Court at the expiration

THE SUPREME COURT :
PROBATE DIVISION :
June 14, 2007 :

of 14 days from the date hereof.
Sign
N. Neilly
(for) Registrar

THE SUPREME COURT
PROBATE DIVISION

June 14, 2007
No. 2007/PRO/npr/00267

Whereas, ELEANOR MUSGROVE of Charlotte

of the Commonwealth of The Bahamas has
made application to the Supreme Court of The

application will be made to the Supreme Court :
of The Bahamas in the Probate Division by :
KEVIN MARTIN RUSSELL of #14 Doubloon :
Drive in the City of Freeport on the Island of :
Grand Bahama, one of the Islands of the :
Commonwealth of The Bahamas, Attorney-At- :

(for) Registrar : of New Providence, one of the Islands of The

Commonwealth of The Bahamas, deceased.
Notice is hereby given that such applications
: will be heard by the said Court at the expiration

Law, the Authorized Attorney in The Bahamas : THE SUPREME COURT : of 14 days from the date hereof.
for obtaining the Resealed Grant of letters : PROBATE DIVISION ;
testamentary in the above estate granted to : June 14, 2007 : Sign
SHIRLEY CARLTON SHARP, the Executrix of : No. 2007/PRO/npr/00264 Nicoya Neilly

the Estate, by The Circuit Court, Probate : (for) Registrar

Division in the County of Champaign in the :

State of Illinois, one of the States of the United
States of America, on the 11th day of October

2005.

Signed
Desiree Robinson
(for) Registrar

Probate Division
2007/PRO/npr/00261

IN THE ESTATE OF JOHN ELMER PAXTON, 2
JR., late of 2842 Del Laws Road in the City of |
Bear in the County of New Castle in the State :

of Delaware, one of the States of the United
States of America,

NOTICE is hereby given that after the :
expiration of fourteen days from the date hereof, :
application will be made to the Supreme Court :
of The Bahamas in the Probate Division by :
KEVIN MARTIN RUSSELL of #14 Doubloon :
Drive in the City of Freeport on the Island of :
Grand Bahama, one of the Islands of the :
Commonwealth of The Bahamas, Attorney-At- :
Law, the Authorized Attorney in The Bahamas :
for obtaining the Resealed Grant of letters :
testamentary in the above estate granted to :
BEULAH MAE PAXTON, the Personal :
Representative of the Estate, by New Castle :
County, SS in the State of Delaware, one of |
the States of the United States of America, on :



the 11th day of October 2005

Signed
Desiree Robinson
(for) Registrar

No. 2007/PRO/npr/00262

deceased.





deceased. |

COMMONWEALTH OF THE BAHAMAS :
THE SUPREME COURT :

PROBATE DIVISION :

June 14, 2007 :

Whereas, CHRISTA WAGNER of 1180 Vienna, :
Starkfriedgasse 51, Austria has made:
application to the Supreme Court of The :
Bahamas, for letters of administration of the :
Real and Personal Estate of JOSEF WAGNER :
late of 1180 Vienna, Starkfriedgasse 51, Austria, :

Whereas, CYNTHIA POITIER of Park View :
Avenue, Gleniston Gardens, Eastern District, :
: New Providence, one of the Islands of the : ©
: Commonwealth of The Bahamas has made :
! application to the Supreme Court of The :
: Bahamas, for letters of administration of the :
: Real and Personal Estate of PHILIP POITIER, :
: SR., late of Park View Avenue, Gleniston :
! Gardens Eastern District, New Providence, one
; : of the Islands of the Commonwealth of The :
: Bahamas, deceased:
SUPREME COURT :
PROBATE REGISTRY :
P.O. BOX N-167 :
Nassau, The Bahamas :
June 14, 2007 ;

of 14 days from the date hereof.
Sign
Desiree Robinson
(for) Registrar

No. 2007/PRO/npr/00265 .

Notice is hereby given that such applications :
: will be heard by the said Court at the expiration :
of 14 days from the date hereof:

Sign
Desiree Robinson
(for) Registrar

No. 2007/PRO/npr/00266

Whereas, SHANNELLE SMITH of the Western :
: District of the Island of New Providence, one :
of the Islands of the Commonwealth of The



SUPREME COURT
PROBATE REGISTRY
P.O. BOX N-167
Nassau, The Bahamas
June 14, 2007
Probate Division —s
2007/PRO/npr/00269° °' |

: IN THE ESTATE OF WILLIAMS S. GLASS, late

: of 3340 Cambridge Drive in the County of Clark
Notice is hereby given that such applications :
will be heard by the said Court at the expiration :
: America,

in the City of Springfield in the State of Ohio,
one of the States of the United States of

deceased.

NOTICE is hereby given that after the

: expiration of fourteen days from the date hereof,
: application will be made to the Supreme Court
: of The Bahamas in the Probate Division by
. : PEMBROKE H. WILLIAMS of the Western
: District of the Island of New Providence, one

THE SUPREME COURT :
PROBATE DIVISION :
June 14, 2007 :
| Resealed Letters of Authority in the above
: estate granted to DONN NIGHTINGALE,
: Executor of the Estate, by the Probate Court
Whereas, JILLIAN T. CHASE-JONES of :
Jacaranda in the Western District, New :
Providence, one of the Islands of the :
Commonwealth of The Bahamas, Attorney by :
Deed of Power of Attorney for David G. Baron, :
the Executor has made application to the :
Supreme Court of The Bahamas, for letters of :
administration with the will annexed of the Real :
and Personal Estate of SUSAN DENICE :
BARON a.k.a. SUSAN MCLAIN BARON late :
of 5211 Gladehill Drive in the County of Harris :
in the City of Houston in the State of Texas :
: one of the States of the United States of :
: America, deceased.

of the Islands of the Commonwealth of The
Bahamas, Attorney-At-Law, the Authorized
Attorney in The Bahamas for obtaining the

of Clark Count, Ohio, on the 1st day of August
2005.

Signed
N. Neilly
(for) Registrar

THE SUPREME COURT
PROBATE DIVISION
June 14, 2007
No. 2007/PRO/npr/00270

Whereas, DOROTHY MAE ROACHE of Bel-
Air Estate off Carmichael Road in the Southern

District of the Island of New Providence, one
: of the Islands of the Commonwealth of The
: Bahamas has made application to the Supreme
: court of The Bahamas, for letters of
? administration of the Real and Personal Estate
? of SAMUEL LAWRENCE ROACHE ate of
: Bel-Air Estates off Carmichael Road in the
: Southern District of the Island of New
: Providence, one of the Islands of the
THE SUPREME COURT :

PROBATE DIVISION :
June 14, 2007 :
: will be heard by the said Court at the expiration
: of 14 days from the date hereof.

Commonwealth of The Bahamas, deceased.

Notice is hereby given that such applications

Sign
Nicoya Neilly
(for) Registrar


PAGE 8B, TUESDAY, JUNE 12, 2007

THE TRIBUNE ~ .



ee) re
Bahamasair: Government will explore all options

Semen ui mus =e
Cee] Rela folate NE

NATURE

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@ By NEIL HARTNELL

Tribune Business Editor

he Government is

keeping all options

open on Bahama-

sair’s future, the
minister responsible for the
national flag carrier told The
Tribune, and will explore both
full privatisation of the airline
and hiring a mangement/oper-
ating partner to run its opera-
tions.

Branville McCartney, minis-
ter of state for tourism and avi-
ation, told The Tribune: “We
will be exploring both avenues
to see which is more beneficial
for Bahamasair. It’s something
that we will have to take into
consideration in both spheres,
to see which is more benefi-
cial.”

Mr McCartney said the FNM
had committed in its Manifesto
to searching out a strategic part-
ner for Bahamasair, which has
been a consistent drain on the
Bahamian taxpayer and the
Public Treasury since inception.

The previous PLP govern-
ment spent $1 million on com-
missioning a report by McKin-
sey, the world-renowned man-
agement consultants, on how
Bahamasair could be improved

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vatisation.

Mr McCartney said that
while he had heard about the
McKinsey report, he had not
seen it, and after the Budget
debate was completed would
be in a better position to assess
this and all other information
related to Bahamasair.

The national flag carrier con-
tinues to be a drain on the pub-
lic purse, and in the 2007-2008
fiscal year is due to receive an
$11 million subsidy from central
government to keep it in the
air - money that could be better
spent on social and infrastruc-
ture projects.

The subsidy is a $1 million
increase on the $10 million allo-
cated for 2006-2007, but previ-
ous estimates have often under-
estimated Bahamasair’s capital
needs. In the 2004-2005 fiscal
year, the Government had to
spend $31.937 million in subsi-
dies to Bahamasair, with anoth-
er $23.107 million ploughed
into the airline in 2005-2000.

During his Budget debate
contribution, Mr McCartney
said Bahamasair was expected
to lose $16 million in its upcom-
ing 2007-2008 financial year, a
$2 million decrease from the
$18 million loss projected for

New cruise terminal, trom page

Grand Bahama economy,” Mr
Grant said.

He added that the wider
impact from the loss of the
1,300 rooms, at average occu-
pancy levels and based on tra-
ditional Grand Bahama visi-
tors’ per capita spend, trans-
lated into a drop of some $270
million in gross spending that
has yet to be recouped.

While he noted that the
acquisition of the property by
Harcourt Development Com-
pany was a step in the right
direction, the loss of income
for the economy and the loss
jobs among Grand Bahamians
had made the restoration of
the Royal Oasis a priority.

Mr Grant said that as a
result of the hotel’s closure,
many salaried workers are rou-
tinely working three - and

the financial year ending on
June 30, 2007, an improvement
that is “not enough to decrease
the drain on the public purse”.
“To continue to operate a
fleet with an average aircraft
age of 20 years will result in the
losses increasing exponential-
ly, with the consequence being
increasing funding by the Gov-
ernment, funding which is aver-
aging over $25 million each
year,” Mr McCartney said.

Million

Included in Bahamasair’s $20
million loss for its year ending
on June 30, 2006, was $2.5 mil-
lion in back pay for the renew-
al of contracts for the airline’s
four unions, all of which had
expired for two years.

Bahamasair has been contin-
ually squeezed on two sides
over the past several years, its
revenues coming under pres-
sure from both low-cost carriers
such as Jet Blue, which under-
cut it on ticket prices via lower
operating costs, and Bahamas-
based charter operators that
handle Family Island routes -
some of which were outsourced
by Bahamasair.

On the cost side, Bahamasair
has struggled to cope with high

sometimes two - days a week
as an alternative to being laid
off.

Also, he said taxi drivers
“are lining up and often sleep-
ing in their vehicles” in order
to get near the front of lines
to pick up fares from the Har-
bour, their most lucrative
route. Mr Grant said that there
are days when they return
home with just a single fare
despite their family’s financial
obligations.

He added that vendors, and
store and restaurant owners,
have either lost their business
completely or are struggling to
stay alive.

The Ministry of Tourism will
spend an estimated $8 million
on Grand Bahama’s develop-
ment and promotions, as the
FNM government begins a

e

global oil prices and fuel costs, *
leading many to question why it ..
does no hedge its fuel purchas-_,

es.
“Bahamasair has seen its

annual fuel bill increase from ©
$9 million in 2001 to $21 million -

in 2006, which is an increase of

over 130 per cent with no ©

matching increasing in rev-

enue,” Mr McCartney said.
“Bahamasair’s projected rev-

enue for the year ended June

30, 2007, is the same as for 2006, . -

and the budgeted revenue for
the year ended June 2008 is
expected to show only minimal
growth of $1 million.”
Although the airline had

experienced several years of .

revenue growth, increasing this
from $66 million in 2004 to $73

illion in 2005 and $77 million
in 2006, expenses had grown
even more.

At year-end June 30, 2005,
the amount of government sub-
sidies ploughed into the strick-
en airline stood at just over

$290 million, with the accumu- *

lated deficit standing at almost
$378 million.

Bahamasair’s current and
total liabilities then exceeded
current and total assets by

$72,083 million and $78.636 mil- ;

lion respectively.

1

“full court press” in the first
year of office to restore the
island’s almost dormant econ-
omy. -

Mr Grant said: “We are
working swiftly and closely
with the Harcourt Group to
ensure that the redevelopment

takes place within the fastest —

timeframe, so as to cause for
new direct employment in the
construction stages alone by
the end of the year, and in the
tourism services area by winter
2008.”

He said the Government will
also engage the operators of
Grand Bahama’s 1200 room
Our Lucaya, operated by Star-
wood’s Westin and Sheraton
brands, along with their casino
operator, Isle of Capri, to
renengerisie marketing their
products.

The Tech Prep Program is a series of courses designed to help
students develop their academic skills in the areas of Math
and English, before proceeding with their regular curricula
courses in the fall.

Classes Begin: June 25, 2007

Classes End: August 3, 2007

Registration: Bahamian $50.00
International $150.00

For more information contact the

| Tee RL

BTV

Bonhams fechrical asd “ooo ficnal hoitute






Today Wednesday

High: Low W High =Low Ww High

FC. FIC Fe OFC F/C
\ibuquerque 81/27: 59/15 t 87/30 61/16 t Indianapolis 86/30:
Anchorage 66/18 49/9 pe 67/19 49/9 c Jacksonville 86/30
Atlanta 84/28 65/18 t 83/28 63/17. t Kansas City 85/29°
Atlantic City 76/24 61/16 pc 74/23 55/12 pc Las Vegas 98/36
Baltimore 84/28 61/16 t 80/26 62/16 t Little Rock 88/31-
Boston 70/21 55/12 pe 65/18 51/10 pc Los Angeles 83/28
Buffalo 80/26 63/17 pe 82/27 63/17 pc Louisville _ 86/30:
Charleston,SC 84/28 66/18 t 82/27 65/18 t Memphis 88/31
Chicago 85/29 58/14 pce 84/28 61/16 pc Miami 89/31
Cleveland 84/28 61/16 pc 84/28 63/17 pc Minneapolis 88/31
Dallas 94/34 74/23 pe 92/33 71/21. pc Nashville = 87730
Denver 67/19 50/10 t 78/25 52/11 pc New Orleans 89/31
Detroit: 85/29 63/17 s 88/31 64/17 pc New York 78/25
Honolulu 88/31 74/23 s 87/30 76/24 s Oklahoma City 88/31
Houston 94/34 72/22 pe 94/34 73/22 pc Orlando 92/33

TRIBUNE

THE WE

el FORECAST








High:

ALA

Li

a

Low: 76°

EAC

84° F
The exclusive AccuWeather RealFeel Temperature? is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure, and .



elevation on the human body—eve



Partly cloudy.

RealFeel

ATHER REPORT

Eau

Clouds and Rather cloudy, a t-

occasional sunshiné. storm possible.
High: 88° High: 86°
Low: 76° Low: ae









Meter lg

98°-18" F

Gaitctia:

~_98°-82° F





High: 89° F/32°C
Low: 75° F/24°C







High: 88° F/31°C
Low: 79° F/26°C

Shown is today's weather. Temperatures are today's
highs and tonights's lows.

Today
Low

F/C
63/17
69/20
§5/18
71/21
66/18
62/16
67/19
67/19
76/24
67/19

61/6

71/21

61/16-

69/20
76/21

Wednesday
High Low Ww
F/C F/C
85/29 64/17 pc
82/27 68/20 t
85/29 64/17 pc
103/39 78/25 s
91/32 66/18 pc
85/29 62/16 pc
87/30 68/20 pc
92/33 70/21 pc
89/31 75/23 t
86/30 65/18 pc
88/31 65/18 pe
90/32 72/22 pc

76/24 58/14 pe

89/31 66/18 t
87/30 71/21 t

High: 88°
Low: 78° F/26° C

FRC






Today
High Low W

FC FC
Philadelphia 82/27 647 +
Phoenix 98/36 77/25 s
Pittsburgh 83/28. 60/15. pce
Portland, OR 74/23 54/12 pc

Raleigh-Durham 84/28 64/1
St. Louis 89/31 65/18 pc
Salt Lake City 82/27 58/14 s
San Antonio 92/33 73/22 pe



73/22 53/11
oa pe
3 72/22 +

San Francisco





- 92/3



Tallahassee



oar 721s
80/26 62/16 t

THGS0h 93/33 68/20 s
Washington, DC 84/28 65/18 t

rything that effects how warm or cold a person feels. Temperatures reflect the high and the low for the day.



Rather cloudy, a t- Mostly cloudy, a t-



storm possible. storm possible;
High: 86° ‘High: 86° «
Low: 74° ‘Low: 74°







eainer ail ub

__98°-78° F 98°-76° F_=

YEE ne

Statistics are for Nassau through 2 p.m. yesterday
Temperature :

High ....... ete einieis plitshtaticvareeOOs FSR. ©
LOW sscrerieencrntentiy abiereatsaieiet’ Hes: &
Norivial TGM: 5 cccstescecessazesss sssccesstsn ees 87° F/30° C
Normal low ............. wanelibal ciinecstes caves . 74° F/23° C
Last year’s NIGH «00... sevssssenseees 89° F/32° C
Last year's IOW ......s..eeee estabetistee Oe MeL, CE.

Precipitation

As of 2 p.m. yesterday ...... eee sesso tFACO”
VOAn TO Date: o2ccsecssscolsstascceastoatvestanss ide 280M
Normal year to date ou... eeeseeseeseeseeeene 14.28”

AccuWeather.com

All forecasts and maps provided: by
AccuWeather, Inc. ©2007

»

CAT ISLAND
po 86° F/30°C

RAGGED ISLAND
High: 86° F/30° c
Low:71° F/22°C:

Lowe Te Fz



GREAT INAGUA
High:87° F/31°C
i Low: 76° F/24°C







Sunrise...... 6:19a.m. Moonrise
Sunset....... 8:00 p.m. Moonset

fun. 14

~ MODERATE

The higher the AccuWeather UV Indexâ„¢ number, the
greater the need for eye and skin protection.









Today se 24 stam 02
Mednestayy ea 33 1238 nm, 02
Tenet em 83 ate, 2
Friday Soom, 93 Dovem, D2



ST ee ee i fye

New First Full

y



Jun. 30 Jul. 7

Jun. 22

SAN SALVADOR
High: 88° F/31°C
Low: 74° F/23°C

MAYAGUANA
High:87°F/31°C
——— Low:75°F/24°C












94/34 81/27 pc
86/30. 77/25 +
74/23 63/17 pc
~- 86/30 71/21 &
73/22 72/22 s













79726 B79 c-






64/17 48/8 pc 47/8 ¢
75/23 S521 —SaN2 c
89/31 Gei18 pe



oe 68/20 s






as 96/35 86/30 t

“g5/i8 42/5 pc 60/15 = 42/5 t
4/28 72/22 4 — 84/28 72/22 +
84/28 66/18 po = 81/27 71/21 pe
= $9720 61/16 s

65/18 48/8 t



— 63/17 55/12: sh
80/26 61/16 pc
77/25 53/1

68/20 50/10 pc
85/29 73/22 t
66/18 45/7 t





59/15 pe
61/16 tL




70/21



82/27 56/13 pe

29





75/23 59/15 t

85/29 63/17. pc

Weather (W): s-sunny, pc-partly cloudy, ¢-cloudy, sh-showers, t-thunder-
storms, r-rain, sf-snow flurries, sn-snow, i-ice, Prep-precipitation, Tr-trace

Winnipeg

INSURANCE MANAGEMENT

(BAHAMAS) LIMITED. INSURANCE BROKERS & AGENTS |

PUTT ae gta



WATER TEMPS.







WINDS WAVES VISIBILITY
NASSAU = Today: E at 5-10 Knots 0-1 Feet 6-7 Miles 80° F
Wednesday: SSW at 5-10 Knots 0-1 Feet 5-7 Miles 80° F
FREEPORT Today: SE at 5-10 Knots 1-2 Feet 6-7 Miles 80° F
Wednesday: SW at 8-16 Knots 1-2 Feet 5-7 Miles BO°F !




Today:






NN] Showers
[233 T-storms
[2 6 1 Rain

*_ * | Flurries
—k ) Snow

Wednesday: SSW at 10-20 Knots

ESE at 5-10 Knots 1-2 Feet

2-3 Feet

Shown are noon positions of weather systems and

precipitation. Temperature bands are highs for the day.

Forecast high/low temperatures are for selected cities.

INS

6-7 Miles

5-7 Miles




79° F
(°F

Miami
© 89/76

Fronts
Cold ==

Warm ified
Stationary Mongrel.

ae

9

choice is
ement

CE BROKERS & AGENTS

Eleuthera
Tek: (242} 332-2862

Frum
Tels (242) 336-2308


PAGE 10B, TUESDAY, JUNE 12, 2007 | THE TRIBUNE BUSINESS











ER eeroreccennerrenomeried Se eee an
FEATURING “THE QUEEN OF SOCA”