Citation
The Tribune.

Material Information

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

Subjects

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

Notes

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

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
This item was contributed to the Digital Library of the Caribbean (dLOC) by the source institution listed in the metadata. This item may or may not be protected by copyright in the country where it was produced. Users of this work have responsibility for determining copyright status prior to reusing, publishing or reproducing this item for purposes other than what is allowed by applicable law, including any applicable international copyright treaty or fair use or fair dealing statutes, which dLOC partners have explicitly supported and endorsed. Any reuse of this item in excess of applicable copyright exceptions may require permission. dLOC would encourage users to contact the source institution directly or dloc@fiu.edu to request more information about copyright status or to provide additional information about the item
Resource Identifier:
09994850 ( OCLC )
9994850 ( OCLC )
UF00084249_02915 ( sobekcm )

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i'm lovin’ it.

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“ates. SUNSHINE

Volume: 103 No.167



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| a Se CLOUDS AND

Che Miami Herald

BAHAMAS EDITION

WEDNESDAY, JUNE 13, 2007





PRICE — 75¢




FEATURES





Three incidents
within 24 hours

@ By ALISON LOWE
Tribune Staff Reporter

THREE separate shootings
within twenty-four hours occur-
ring less than a mile apart in an
East Street community have left
two people dead and one in critical
condition — raising the spectre of
gang-related violence.

The week began with yet anoth-
er round of firearm-assisted bru-
tality Monday evening when two
young men were gunned down —
one on each of the roads that runs
parallel to the Church of God of
Prophecy off East Street.

One man died that evening of
gun shot wounds to his head, while
a second is being treated in hospi-
tal. ;

On Monday police were uncer-
tain whether the incidents were
committed by the same person, or
were in any way connected. No
one has yet been detained in con-
nection with the shootings.

Later, yesterday afternoon at
around 3 o’clock as school chil-
dren flooded the streets, a 21-year-
old, believed to be D'Angelo
Armbrister, was found shot in the
face outside his girlfriend’s moth-
er’s home on Brougham Street —
the road that runs directly opposite
Church of God of Prophecy, on
the other side of East Street.

While police would not confirm
his identity, neighbours and others
in the large crowd that had gath-
ered were convinced, due to the
location of the body — outside
the house of his girlfriend's moth-
er — and other factors, that it was
indeed d’Angelo.

His body lay in the road, his
head in a pool of blood, as friends
and relatives broke down in the
street on hearing of his death.

Meanwhile, his three-month-old
daughter was held by a family
friend, on whose shoulder she

SEE page 10

Female store clerk
dies after stabbing

@ By DENISE MAYCOCK

Tribune Freeport Reporter

FREEPORT — A young female store clerk who was brutally
stabbed while at work in Eight Mile Rock died early Tuesday
morning at the Rand Memorial Hospital.

Roselyn Louis, 20, a resident of Hepburn Town, Eight Mile
Rock, died of her injuries around 1.05am in the Intensive Care Unit.
Her death pushes the murder count on Grand Bahama to seven for

the year.

Ms Louis, an employee of ‘Keeping Babies Until Two’ store, was
discovered lying on the floor in the store in a pool of blood on Mon-

day.

Chief Superintendent of Police Basil Rahming said the police are
seeking the public’s assistance in capturing the perpetrator of this

SEE page 10

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wo dead in soon



US report: Bahamas may face problem
of labour exploitation of immigrants

@ By KARIN HERIG
Tribune Staff Reporter

THE Bahamas may be fac-
ing a significant problem of
labour exploitation of immi-
grants, according to the US’
annual human’ trafficking
report.

For the second consecutive
year the Bahamas has been des-
ignated as a “special case” in
the US Department of State’s
Trafficking in Persons report.

Addressing the media on the

report yesterday, Dan O’Con-
nor, chief political, economic
and public diplomacy officer at
the US Embassy, said that
although the Bahamas is still at
the “lowest rank of concern’
unlike most of the region —
there is data that suggests that
the country has a possible
labour trafficking problem.

Mr O’Connor explained that
although the 2007 report on the
Bahamas is very similar to that

SEE page 10

i
#
Z
2







@ ABOVE: Police remove the body of a 21-year-old man who
was fatally shot on Brougham Street yesterday.
(Photo: Tim Clarke/Tribune staff)

@ LEFT: The body of a 20-year-old man is carried by police
near the Church of God of Prophecy off East Street.
(Photo: Felipé Major/Tribune staff)



Minister claims PLP
spending left the
Bahamas Mortgage
Corporation unable
to pay contractors

PLP ‘approved
SUE
TRCN)

TNT PTET a}

MTA Court




By BRENT DEAN
Tribune Staff Reporter



@ By PAUL WHEN the FNM came to
TURNQUEST power the Bahamas Mortgage
Tribune Staff Corporation was at the stage
Reporter where it was unable to pay con-

tractors, due to the irresponsible
spending of the former govern-
ment, according to Kenneth
Russell the new Minister of
Housing and National Insur-
ance.

Mr Russell told the House,
during his budget contribution,
that one of the first pieces of
correspondence he received as °
minister was revealing the state
of the corporation, including a
request for another bridge loan
to finance the organisation.

The Mortgage Corporation is
financed through the sale of
government guaranteed bonds,
which supplies funds for the
construction, purchase, enlarge-
ment and renovation of homes.
In 2005, Mr Russell said, gov-
ernment approved an addition-

SEE page 10

THE Progressive Liberal
Party approved $90 million
worth of contracts in the
Ministry of Works from
January of this year up until
the general election on May
2, newly appointed Minister
of Transport and Public
Utilities Earl Deveaux told
the House yesterday.

This figure is some $30
million more than the PLP
had projected in any budget
it presented ftom 2002/2003
to 2006/2007.

During his Budget con-
tribution, Mr Deveaux
revealed that of the 29
major projects, valued
above one maillion dollars

SEE page 10













Fax

info@ssibahamas.com . www.ss







FAUE 2, WEUNESUVAY, JUINE 13, ZUU/ THE TRIBUNE
Bs ; LOCAL NEWS

Sheraton Cable Beach opens

SHERATON Cable Beach Resort, previously expansive set of guest offerings and amenities,





know as Radisson, officially opened its doors along with those of the neighbouring Wyndham
with a flag-raising ceremony yesterday. Nassau Resort.

Owned by Baha Mar Resorts and managed by

Starwood Hotels, this resort promises an ¢ SEE Business

Mu



B CHAIRMAN and CEO Baha Mar Sarkis Izmirlian, and Minister of Tourism and Aviation Neko
Grant looking at the food serving areas

———o



Hi GENERAL manager Hans Altenhoff and Neko Grant examine the acl of ‘tues in the
bedrooms

@ FROM left to right, the
MC at the event Robert
Sands, Sheraton Cable
Beach Resort GM Hans
Altenhoff, chairman/CEO
Baha Mar Sarkis Izmirlian,
Don Robinson and Minister
of Tourism and Aviation
Neko Grant at the Sheraton
flag-raising yesterday

(Photos: Tim Clarke/
Tribune staff)



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THE TRIBUNE

WEDNESDAY, JUNE 13, 2007, PAGE 3





© In brief

Constable
airlifted
after traffic
accident

FREEPORT - A police con-
stable was airlifted to a New
Providence hospital after being
seriously injured in a traffic acci-
dent on the Warren J Levarity
Highway on Monday.

Police reported that speed
was a factor in the accident that
occurred around 4.35pm when
the vehicle, driven by 26-year-
old Constable Elliot Melus of
Freeport, spun out of control
and overturned several times.

According to Chief Supt Basil
Rahming, Mr Melus was dri-
ving his black 1998 Lincoln Jeep
east on the highway, heading to
Freeport from West End.

Neva Elidore, 30, of Green-
way Drive, and Jqghnny
Francois, 21,.of Pioneers Way,
were passengers in the vehicle.

While approaching the wind- -

ing curve in the vicinity of Rock
‘Island Grille Restaurant and
Bar, Mr Melus attempted to
slow down.

The constable lost control of ~

the car and skidded along the
road before overturning several
times.

Mr Melus was ejected in the
process and sustained serious
injuries, including two broken
legs.

Ms Elidore and Mr Francois
were treated for minor injuries
and discharged from hospital.

Mr Melus was flown to the
Princess Margaret Hospital in
New Providence.

Traffic police are investigat-
ing the accident.

Cuba’s first
Episcopal
woman bishop
feels ‘honoured’

@ HAVANA ©

NEW Episcopal Bishop Ner-

va Cot Aguilera, the church’s
first female bishop in Cuba and
the developing world, said Mon-
day she welcomed the oppor-
tunity to show what women can
do if given the chance, accord-
ing to Associated Press.

“I feel very honoured by my
designation,” Cot told Associ-
ated Press in a phone interview,
a day after being consecrated
at the Holy Trinity Episcopal
Cathedral in Havana. “It’s a his-
toric act that demonstrates
women’s possibilities.”

Cot’s designation as suffra-
gan bishop was first announced
in February.

“Her appointment is a won-
derful reminder that in some
nations, leadership is primarily
about gifts for service and not
about gender,” US Presiding
Bishop Katharine Jefferts
Schori, who took office in
November as the first woman
to lead the church, said at the
time.

Also consecrated on Sunday
was Cuban’s other new suffra-
gan bishop, Ulises Mario
Aguiera Prendes.

Cuba’s Episcopal Church has
about 10,000 members in a
nation of more than 11 million.
A majority of Cubans are nom-
inally Roman Catholic; but
Protestant denominations and
the African-influenced faith
Santeria have gained in popu-
larity in recent years.

Cot was a secondary school
teacher before church reforms
permitted her ordination as one
of the first three Episcopal
women priests in Cuba in 1987.





think, say or do

1. ls it the TRUTH?

2.ls it FAIR to all
concerned?

3. Will it build
GOODWILL and
BETTER
FRIENDSHIPS?

4. Will it be

BENEFICIAL to
all concerned?
rye
EXTERMINATORS

We
Maerz eb



LOCAL NEWS

‘Double murder charge prompts



call for examination of bail

H By ALISON LOWE
Tribune Staff Reporter

A MAN charged Monday in
a double murder was on bail
for another murder at the time
— prompting renewed calls for
action to be taken to avoid pos-
sible repetition in the future.

“Really what this has done
is put the justice system under
the spotlight yet again in a neg-
ative way,” lawyer and human
rights activist Paul Moss said
yesterday.

The backlog of individuals
awaiting trial, the laws relating
to bail as well as the monitoring
of suspected criminals who are
released under those laws are
all serious factors that need to
be addressed if such repeat
offences are to be halted, com-
mentators say.

Hilfrant Francois Joseph was
charged Monday with the mur-
der of Denise Clarke, 42, and

Z Livingston Johnson, also 42.

The constitution stipulates

that individuals cannot be
detained for more than a “rea-
sonable” period of time with-
out coming to trial. This means
that after two years a person
has a right to petition for bail. It
is not known how long Joseph
was detained on the previous
charge before being granted
bail.

Yesterday, murder victims
advocacy group — Families
Against Murder — called for
a group to investigate and
make recommendations as to
what can be done to curtail the
“seemingly frequent granting
of bail to persons charged with
murder”.

Mr Moss, and former assis-
tant commissioner in charge of
crime Reginald Ferguson claim
that such incidences weaken
public confidence in the justice
system.

“This is the system that real-
ly keeps the country afloat, if
people lose faith in our admin-
istration of justice system, if



@ PAUL Moss

they lose faith in our court sys-
tem it means we are no differ-
ent from a failed society — and

that means that nothing will '

happen, everything is broken,”



said Mr Moss.

Mr Ferguson suggested that
the Bahamas might need to
consider if “what is good for
other countries” — such as the
UK or US — is “good for us”
in terms of the constitutional
requirement on bail.

“We have to do what we
need to do to deal with our
own situations,” he said.

Witnesses of crimes, and
friends and relatives of victims,
as well as senior police have
spoken out in the past about
the potential for bailed indi-
viduals to engage in intimida-
tion — a factor that is exacer-
bated by the small size of this
country and its communities.

“We must have more courts,
more judges, more prosecutors
and more police officers in
order to have swift and timely
trials for those persons who are
accused,” said Mr Moss.

In this way, difficult decisions
about how best to handle those
accused of serious crimes who

have spent enough time in
detention prior to being
assigned a trial date to warrant
bail would be a less common
occurrence.

This year’s Speech from the
Throne indicated that a gov-
ernment priority is increasing
the swiftness with which justice
is administered.

Under secretary in the Min-
istry of National Security, Peter
Deveaux-Isaacs also affirmed
that it is a matter of priority
for the new government to find
a way to address the bail issue.

Electronic monitoring —
which would require bailed
individuals to wear an ankle
bracelet that could be tracked
— is one of the options "under
active consideration" by
National Security in conjunc:
tion with other ministries to
allow authorities greater con-
trol over freed individuals, he
said. Although he added that ,

‘ the process was only in the dis-

cussion stage at present.

condemns comment on US relations

Mitchell

THE assertion that relations
between the US and the
Bahamas have improved since
the victory of the FNM on May
2 is “inane, silly and childish”,
Fox Hill MP and former For-
eign Affairs Minister, Fred
Mitchell, said yesterday.

Mr Mitchell said his succes-
sor, Deputy Prime Minister
and Minister of Foreign
Affairs, Brent Symonette,
should be “condemned” for a
comment he made last week
when he stated that relations
between the two countries had
improved. since the establish-
ment of the new government.

“What I take strong objec-
tion to, and what I find offen-
sive, is his assertion that since
he became foreign minister the
relationship between the Unit-
ed States and the Bahamas is
much better than it was under
the PLP,” Mr Mitchell said.

“They have been in power
for just about five weeks and
there is nothing they have done
that demonstrates the logic of
what he says.”

Mr Mitchell said that has
been no change in the rela-
tionship between the two coun-
tries since May 2.

He added that Mr Symon-

ette’s claim that he is a friend
and neighbour to the US
Chargé d’ Affaires, Dr Brent
Hardt, has nothing to do
with the interests of two
countries.

“It was certainly improper
for Mr Symonette to bring the
US diplomat into a matter
which is purely domestic, mak-
ing him the subject of contro-
versy and compromising his
independence of action in the

Bahamas. Mr Symonette just

doesn’t get it,” the Fox Hill
MP said.

Referring to the deputy
prime minister’s contribution

NIB owed more than $4m
by ZNS and Bahamasair

ZNS and Bahamasair, both
subsidised from the public trea-
sury, each owe the National
Insurance Board more than $2
million.

Housing and National Insur-
ance Minister Kenneth Russell
revealed this in the House dur-
ing his budget contribution,
saying that his ministry will try
to collect these funds in the

coming fiscal year.

“The success of the NIB and
its ability to sustain funding
social programmes depends on
its ability to not just collect
contributions from those
employers who voluntarily pay,
but to ensure compliance from
most of the persons who are
obliged to pay,” Mr Russell
said.

“Contributions need to be
collected when they are due
or shortly thereafter. NIB

needs to implement aggres-—

sive and creative collection

efforts and implement public

relations programmes to build
support for future increases
by explaining NIB’s success
in this area,” Mr Russell
added.

Thick fog is blamed for
serious traffic accident

@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - Thick fog is
thought to have been a major
factor in a traffic accident that
resulted in one person being
airlifted to a Florida hospital
on Sunday, with another two
sustaining minor injuries.

American Scott Langen, 27,
of Delray Beach, Florida, and
his colleague Troy Forte, 25,
of Palm Beach, Florida, were
on Grand Bahama Highway
around 5.50 am, placing plastic
cones on the road as markers
for a triathlon event sched-

uled to start at 6am on Sun-

day.

Visibility was poor, as thick
ground fog conditions were
reported in the area at the
time, according to police
reports.

Chief Superintendent Basil
Rahming said a white Toyota
Corolla, license #5D786, was
travelling east of the water
tanks on Grand Bahama High-
way when the driver, 21-year-
old Shelton Roberts, of
McCleans Town, crashed into

a parked van with the licence ,

number SD#1398.
Both Langen and Forte, who

CONSE TARTE URITEO

LOPE AC CLC PA

5

Please be advised that WERITAS
Consultants Limited will be moving their
administrative offices to the following

location:

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

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

Our telephone and fax numbers will
remain the same.

were in the road putting down
the plastic markers, were
struck.

Two ambulances were dis-
patched to the scene and trans-
ported all three persons to the
Rand Memorial Hospital.

Roberts and Forte were
treated for minor injuries and
discharged. However, Langen,
the event director for Exclu-
sive Sports Marketing, sus-
tained multiple broken ribs,
and was stabilised at the hos-
pital before being airlifted to
hospital in Florida.

Police investigations are con-
tinuing into the accident.

to the budget debate, Mr
Mitchell said the new govern-
ment has embraced all the for-
eign policies of the PLP.

Mr Mitchell also criticised Mr
Symonette for giving credit to
the ministry of foreign affairs
for accomplishing certain ini-
tiatives, rather than himself.

“It was interesting to sec how
he wangled his way through-his
presentation, giving credit to

the ministry but not to the min-
ister,” Mr Mitchell added.

“It was not the ministry that
accomplished the signing of the
comprehensive maritime agree-
ment with the United States or
the ministry that accomplished
the mega-ports initiative. It was
not the ministry that accom
plished the accord with India.
It was the minister, and that
minister was Fred Mitchell.”

Savings

on selected items

: Parliament Street Location ONLY

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Telephone: (242) 323-6145
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PAGE 4, VWWEDNESDAY, JUNE 13, 2007 THE TRIBUNE

EDITORIAL/LETTERS TO THE EDITOR

S2.8m for
school was
not wasteful -





~

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, Dy, DiLat.

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 deciGans Giatoald aliBek he

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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352
Circulation Department - (242) 502-2387
Nassau Fax: - (242) 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608
Freeport fax: (242) 352-9348

Press freedom under attack again

ON FRIDAY a PLP MP suggested that the
House should consider taking punitive action
against a “biased” media by withholding gov-
ernment advertising.

We have heard these words before. The Tri-
bune has even experienced 25 years of such
an experiment under the former PLP regime, so
we are not surprised. The only feature about
this that does surprise — even shock us — is
that such unenlightened words should have
fallen from the lips of Philip “Brave” Davis,
PLP MP for Cat Island. Mr Davis is a man
who we have always considered head and
shoulders above his PLP colleagues when it
comes to sound commonsense.

Mr Davis did not define what he meant by
“biased”, nor did he say who would decide
what was biased. Of course, if put to the test
one would discover that in PLP eyes anything
would be “biased” that was not in lock-step
with their thinking.

It was obvious that Mr Davis was deeply
offended by Tribune Managing Editor John
Marquis’ Monday morning column, “Insight,”
which he termed a “media blitz” that went a
“long way in focusing public opinion and cre-
ating a sense of the negative with respect to the
Christie administration.”

Mr Davis would term that column, which
encapsulated the views of a wide circle of
Bahamians, as biased. However, there was an
even larger section of the public that welcomed
the column. To them it was not only “bang
on”, but it expressed their own views in a way
that they could not. Maybe if the PLP had paid
more attention to the content of those articles,
they would have understood what was agitating
the Bahamian people. Instead of spending so
much energy vowing to “run John Marquis off
the island,” they should have been trying to
salvage their sinking political boat. But, as usu-
al, their eyes were off the main target.

“Why should public funds be given to the
media that fails to provide balanced report-
ing?” Mr Davis asked. “If you are going to
spend public funds, there ought to be in place a
provision that that media outlet ought to at
least print the other side. Or at least let both
sides be printed.”

This statement is as laughable as it is ill .

informed. It would be interesting to have Mr
Davis tell us when The Tvibune has ever
refused to publish the other side.

As one of our Bahamian staff said on hear-
ing this comment: “The trouble with the PLP is
that they are the victims of their own para-
noia.”

This young staff-member has had much
experience with the PLP’s paranoia. When a

Tribune reporter calls a PLP official to try to
get the party’s side of a story, their attitude is
“here comes the lying Tribune,” and up go
their defences. At one of their annual conven-
tions a Tribune team left our offices deter-
mined to give the PLP as good coverage as
they had just given the FNM. The PLP them-
selves thwarted their efforts. They were so hos-
tile and in some instances so rude that some of
the staff wanted to pull out and deny all cov-
erage.

However, they were convinced that that was
not in the true spirit of journalism. They stayed.
But the PLP made their own story. Instead of
writing about what was being said at the con-
vention, the story became a report on their
hostility.

As the young journalist said. “They really
make me tired. How can you write the other
side when they refuse to give it to you.”

That is a question for Mr Davis to answer.
And if Mr Davis does not believe that The Tri-
bune goes out of its way to publish the other
side, he should refer to his colleague Fred
Mitchell.

Of course, today Mr Mitchell would proba-
bly bite his tongue, regretting he ever uttered
such words, but in October, 1998, Mr Mitchell,
in criticising the local media, removed The Tri-
bune from the rest. And this is what he had to
say: “Strange as it may seem, The Tribune has
the fairest policy with regard to coverage of
political news. They seem to understand that
the news is the news and not what your edito-
rial opinion ‘is.”

Ten years earlier, the same Mr Mitchell in a
talk to the Journalism Class of COB, told stu-
dents that the press “is the saviour of the poor
man who has no other avenue for his voice to
be heard.”

Opposition politicians and critics like him-
self, he said, could not have survived as well
without The Tribune or the Guardian.

“These newspapers,” he said, “serve a vital
function for our democracy, and we ought to do
everything we can to protect their freedom to
publish and be damned.”

We would like to remind Mr Davis that in
2002 Prime Minister Hubert Ingraham, in one,
of his last acts before being defeated at the
polls that year, signed on behalf of the Bahamas
the Declaration of Chapultepec. This declara-
tion, sponsored by the Inter American Press
Association, protects the press and its journal-
ists from such threats as proposed by Mr Davis.

“No news medium nor journalist may be
punished for publishing the truth or criticising
or denouncing the government,” says article
10 of that Declaration.

EDITOR, The Tribune.

THREE storms in two
years, and we have not learnt
anything from our experi-
ences. I speak of Senator
Johnley Ferguson, vice chair-
man of the FNM’s appearance
on Jeff Lloyd’s Radio Talk
show, “Real Talk Live” where
he sought to make a case that
the Progressive Liberal Party
government was being waste-
ful by allocating $3 million for
a Primary School in Acklins.

What Senator Ferguson

We should be

more balanced

with criticism
and praise

EDITOR, The Tribune.






MANY of us find it very
easy to criticise what we
perceive to be wrong, but
are seldom interested in or
find the time to comment
on anything that goes well.
I believe that we should be
more balanced in this
regard. Some weeks ago I
offered some comments on
your feature ‘In days gone
by’; they were intended to
be constructive, and I see
that you accepted them as
such, and actually pub-
lished my letter. I thank
you for doing so.

I read your article on the
Yarmouth Castle fire
whith occurred in 1965,
when I was a 12-year-old
GHS student. We had no
television then, but the
news as conveyed through
the print media, and excel-
lent radio reporting by the
likes of Don Pritchard of
ZNS, provided images that
were comparable to a pre-
sent day CNN report.

Your feature provided
excellent recall of the
events — the frenzy, the
heroism, and the cowardice
surrounding the event.
Thank you for that very
vivid piece of history.









































SAXON 2
Nassau,
May 20, 2007.

IDM UES

letters@tnbunemedia.net



failed to outline is the fact that
the $2.8 million that was allo-
cated for the Primary school

was a multipurpose facility

entailing a community centre,
school, auditorium, a 440M
Track, and a hurricane shel-
ter.

Acklins is one of those
remote southern islands I am
told that it would take as
many as two days to reach by

mailboat; so to invest $2.8 Mil- °

lion in a school/community
centre able to withstand hur-
ricane force winds is not an
unreasonable figure.
Listening to, the Senator’s
view it became clear that he
could not identify with the cat-
astrophic experiences that
Grand Bahamians realised
during hurricanes Frances,
Jean and Wilma and a sug-
gestion of any type of wooden
structure is a non-starter,
therefore, as a leader he
should not be around any
table making public policy

lives of ordinary. Bahamians
in a modern Bahamas.

The following day Prime
Minister Ingraham presented
his Budget communication, it
was interesting to note that
high on the agenda of the new ©
government was a one million
dollar per annum grant to the
Bahamas National Trust for
all the wonderful work they
do in conservation and preser-
vation of the environment yet
$2.8 million is too much to
invest in a school/hurricane
shelter for the people of Ack-
lins.

As.we chart a new course, it
would be a grave mistake for
the Government to allocate
less than one million dollar
grant per annum to the vari-
ous children’s homes, homes
for the aged and the disabled.

Finally, I trust that we are
not following other nations
that put animals and nature
over people, to do so would
be heresy.

BRIAN N SEYMOUR
Freeport,

_ Grand Bahama,
June 4, 2007.

Why must muc
needed funds

_ be withheld?:

EDITOR, The Tribune.



THE home of one of my relatives is being foreclosed by a local
bank. This man, who is now 63, had to retire eight years ago

because of medical problems.

He paid most of the gratuity that he received from his employ-
er on the mortgage at that time, but has struggled to make the

payments since then.

Three years ago, he assigned his invalidity benefits from NIB
to the bank in order to keep the roof over his head and his son
has tried to help him with the payments as best he could; how-
ever, they were unable to keep the mortgage current.

While my relative accepts that he is losing his house, he can-
not understand why the bank has told him that they will keep his ©
invalidity benefits until the house is sold, as we all know that this

can take years sometimes.

My relative has told the bank that those funds are all that he
will have to take care of himself, buy his medication, etc., but
they have rudely informed him that all they care about is getting
their money back and he has to look after his own welfare.

Since the bank is repossessing the property, I too cannot













understand why they have to withhold these much-needed
funds, leaving my relative both homeless and penniless.

Perhaps Prime Minister Ingraham will consider legislation to
assist people who find themselves in a similarly difficult position,
so that they will at least be left with some funds to take care of
their basic needs and a modicum of dignity.



Share your news

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



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for improvements in the area | June 7, 2007.

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THE TRIBUNE

WEDNESDAY, JUNE 13, 2007, PAGE 5



° hi brief

Fourth man
charged with
attempted
murders

A FOURTH man has been
charged and arraigned in court
in connection with the attempt-
ed murders of three people.

Marvin Lewis, 27, of Prince
Charles Drive was arraigned
before Magistrate Susan
Sylvester at Court 11, Nassau
Street, yesterday morning and
charged with three counts of
attempted murder.

It is alleged that Lewis on
April 8, 2007 while being con-
cerned with others attempted
to cause the deaths of Rosten
Moxey, Jamal Rolle and Dew-
ery Ryan Bonaby.

John Tellus, 27, of Minnie
Street; Edroy Burrows, 30, of
Podoleo Street, and Romeo
Lynes, 26, of Ethel Street, have
already been arraigned on the
same charges.

Lewis was not required to
plead to the attempted murder
charges and was granted bail in
the sum of $45,000 with one
surety. The case was adjourned
to September 28.

19-year-old
denies charge
of armed

robbery

_ A 19-year-old man was
arraigned in Magistrate’s court
on Monday charged with rob-
bery.

-It is alleged that Shakator
Thompson on April 6, 2007,
while at the Sports Centre,
robbed Martin Bonneau of.

~ $415.

’ Thompson, who was
arraigned before Magistrate
Guillimena Archer at Court 10,
Nassau Street, pleaded not
guilty to the charge and was

granted bail in the sum of

3,000. The matter was
adjourned to October 16.

Woman faces
charge of: .: .
stealing from:

employer

A WOMAN, 21, of Claridge
Road, was charged with stealing
by reason of employment dur-
ing an arraignment in the Mag-
istrate’s Court yesterday.

It is alleged that Shameka
Ramsey, during the month of
May, stole $805 from Solomon’s
Super Centre on Old Trail
Road.

Ramsey, who appeared
before Magistrate Guillimena
Archer at Court 10, Nassau
Street, pleaded not guilty to the
charges and was granted bail in
the sum of $3,000. The matter
was adjourned to October 15.

‘Actress flies -

to Puerto
Rico for
wedding

@ PUERTO RICO
San Juan

ANA Ortiz, who plays the
older sister of the title character
in the television series “Ugly
Betty,” married musician Noah
Lebenzon in a weekend cere-
mony in Puerto Rico, accord-
ing to Associated Press.

Ortiz, 36, wore a white lace
gown at the wedding Saturday
afternoon in an oceanview din-
ing room of the Horned Dorset

- Primavera Hotel in Rincon, on
_ the Caribbean island’s west

coast, manager Wilhelm Sack
said Monday.

Among the 80 guests were
Ortiz’s cast members from
“Ugly Betty,” including Amer-
ica Ferrera, the star of the hit
series.

“T would call it a mixture
between Hollywood and Puerto
Rico,” Sack said. “It was very
glamorous.”

Ortiz, a New York City
native, was honored for her role
in the series with the best sup-
porting actress award at the
2007 ALMA Awards, dedicated
to achievements by Hispanic
artists.

Lebenzon, 37, is a guitarist
forthe rock group Everything is
Energy.

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LOCAL NEWS

Supermarket chain under fire



for employing young children

@ By ASHLEY THOMPSON

BDM member Omar Archer
has blasted supermarkets for
the gainful employment of

young children.

For the past two weeks, Mr

Archer has had four City Mar-
: ket locations — South Beach,
: Rosetta Street, Independence

Drive and Sea Grapes — under

close watch.

The observations, he said,

have shown children as young

as 10 packing groceries and
shelves, and once the store clos-
es mopping floors until 10

o’clock at night.

He said he noticed that a

group of young boys did not
: leave the South Beach location
: until 10.45 one evening.

These children were leaving

: without adult supervision and,
: when approached by a car, ran

Russell claims PLP hired ‘unqualified’ inspectors

: â„¢ By BRENT DEAN

Tribune Staff Reporter
HOUSING and National

i Insurance Minister Kenneth
: Russell has vowed to change
: the inspection process in his

: ministry, alleging that the PLP
i government

employed
“unqualified” contractual

: inspectors, some of whom he
i has been forced to let go since
? coming to office.

Though not providing spe-

i: cific numbers, Mr Russell told
i the House during his budget
? communication that many of
i these inspectors also had
i expired contracts, yet they
: remained on the payroll of the
: ministry.

“T have no choice but to let

these people go and to wish
them well in any future endeav-

our — as long as it is not one

i involved with the inspection of
: homes,” he said.

oS yy

An investigation was

off, obviously aware of the safe-
ty issues presented by leaving
so late.

“The government is turning a
blind eye to this issue,” Mr
Archer claimed. Once a former
assistant manager at City Mar-
ket in Rosetta Street, he claims
he has seen first-hand the
exploitation of these children.

On average children work
five days a week from 4pm until
10pm, and 10 hours on Satur-
days. He said that a 40-hour

work week is in direct violation -

of the Employment Act, 2001.

Article 51 of this Act per-
tains to children and young per-
sons and prohibits children
being employed during school
hours, at times that will jeopar-
dise their attendance, or times
that will affect their ability to
“obtain the full benefit of the
education provided” for them.

launched into the practices at
the Ministry of Housing fol-
lowing a series of Tribune
investigations. The stories
reported allegations of bribery
and favoritism in the ministry
surrounding the awarding of
contracts, along with question-
ing the integrity of the entire
inspection system. As a result
the Ministry ordered a police

‘investigation.

Along with providing photos
of some of the sub-standard
work, Mr Russell used the
example of a male resident of
Emerald Gardens, New Provi-
dence, who has been seeking
redress for his home with the
Ministry of Housing since 2003.
An assessment of the home,
which has significant cracks, the
minister said, reveals that
$55,000 to $60,000 is needed to
repair a home, which initially
cost $61,847 to construct.

The 600 homes with which
government plans to assist in



OMAR Archer

Mr Archer sees this employ-
ment as an infraction of the
Act, stating: “These children
have no time for homework
and cannot prepare for school

the coming fiscal year, as
revealed in the Throne Speech,
are a part of a mixed model
programme that Prime Minister
Ingraham announced on the
campaign trail in San Salvador.

The plan seeks to facilitate
the construction of 3000 homes
over five years through the sell-
ing of lots at nominal fees, pro-
viding individuals the opportu-
nity to construct their own
homes with the contractor of
their choice; or, if needed, the
government could also assist in
the erection of the home.

Reflecting the policy of the
prime minister, Mr Russell said
that “it was and is intended for
government to identify and
assist individuals to acquire
land,” rather than the “grand
affair” of state involvement that
has evolved.

Despite the challenge of
widespread repairs to govern-
ment homes throughout New
Providence, Mr Russell told the

the next day. Therefore, they
are unfit to obtain the full ben-
efit of the education provided
to them.”

Under the Employment Act,
employers who violate the Act
are fined $1,000.

Mr Archer wants the fine to
be raised to $10,000 and for
parents to pay a fine also, as
they should also be held
responsible for allowing their
children to work these hours.

Other suggestions made by
Mr Archer were to stop chil-
dren under 17 years six months
from being gainfully employed,

where the only pay they receive

is in the form of tips. This is
considered “degrading” to
Bahamians. :

He also believes that students
should only be allowed to work
during the summer months and
not throughout the school year.

@ KENNETH Russell

House that his ministry will suc-
ceed as his government will
implement a “well designed
transparent process that is fair

Mr Archer, BDM candidate
for the Kennedy constituency
in the 2007 general election,
has been trying to raise aware-
ness of the need for stronger
child labour laws in the country.

He is dissatisfied with the
poor child labour laws current-
ly in existence. The children are
the country’s “most valuable
untapped resource”, Mr Archer
said, while also urging the need
to “save them” from the injus-
tice they are suffering.

He demanded that other
supermarkets, including Cost
Right and Solomon’s Super-
centre, also be held account-
able.

City Markets did not com-
ment on the allegations as
repeated calls to Peter Gaudy,
Human Resources Manager for
Bahamas Food Services, were
not returned.



and that will serve all categories
of Bahamians irrespective of
race, creed or political ideolo-

gy.”

Tougher sen

: ll By ASHLEY THOMPSON

THE Sexual Offences and

: Domestic Violence Act is being
: described as inadequate after
i the case of a six-year-old girl
: being raped.

Fathers’ rights campaigner
Clever Duncombe and pastor

Ethelbert Diamond Harrison

are calling for amendments to

be made to both that act and
: the Child Protection Act .

Currently, the maximum

i penalties for sexual offences
i are seven years, fourteen years,

and life, for first, second, and

: third offences respectively.

Mr Duncombe, president of

Bahamian Fathers for Children
: Everywhere, says this is unac-

ceptable as scientific research

i indicates it is highly unlikely
: sexual offenders will ever be
: cured of their habits. He
: believes that if studies are true,
i these predators should not be
: given a second chance.



Mr Duncombe claims that



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when she spoke to the mother
of a recent sexual assault vic-
tim, she indicated the charges
against the attacker were
inconsistent with what hap-
pened to her daughter.

Although the child was kid-
napped, raped, sodomised, and
badly beaten, the man was only
charged with rape.

Mr Duncombe said: “If this is
the case, the prosecutor’s office
did a sloppy and lousy job.” He
also indicated that if the prose-
cutors had done their job prop-
erly there would be no need for
an appeal with this case.

He is also supporting Mr
Harrison’s efforts to amend the
Family and Child Protection
Act, which was passed in
November of last year without
stating anything about the pro-
tection of a foetus.

The law already states that
the destruction of a live fetus
constitutes a crime, but Mr
Harrison does not believe
enough attention is being paid

1 A.

rhe
PORTS
ENTER

Harbour Bay: 394-7660 / Marathon Mall: 393-7979

to this law.

The Family and Child Pro-
tection Act safeguards children
up until the age of eighteen,
but these men are asking for a
decision as to when during a
woman’s pregnancy does the
law recognize the fetus as a
human being and start pro-
tecting its life.

They are also urging that stiff
penalties be incorporated into
the Act to protect foetuses
from being disposed of for con-
venience.

The pair would like a change
to section 14(2) of the Act,
which requires a father of a
child born in wedlock to make
court-ordered payments to the
maintenance of the child. If a
father cannot afford to make
these payments, they lose their
parental rights - a move Har-
rison states is unjust.

The last thing the two men
want is a national parenting
programme.

This programme would be a

class, designed to teach parents
how to parent their children.
The government has tried to
implement seminars before, but
according to Mr. Duncombe
they failed. These new classes





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sibly be a requirement for par-
ents brought before the courts
due to neglect or abuse of their
child.



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PAGE 6, WEDNESDAY, JUNE 13, 2007

SLL LRAT SO ae

Tourism minister stresses need |

for increased airlift facilities

WITH $26.6 million being
spent on marketing and pro-
motions, and a further estimat-
ed $4.1 million on airlift devel-
opment, the new Minister of
Tourism and Aviation Neko
Grant emphasised that the
Bahamas now needs to secure
more airlift capacity.

Addressing the House of
Assembly during the budget
debate this week, Mr Grant
said that to date, the level of
air seat capacity does not meet
the threshold needed to fill

every hotel room in the>

Bahamas.

However, he said that his
ministry has an “aggressive”
programme for tourism devel-
opment and that this year’s
budget reflects planned efforts
to sustain and grow airlift qual-
ity and capacity as required.

“As we move forward with
an aggressive programme for
tourism and economic expan-
sion in the islands of the
Bahamas, including new invest-
ments over the next several
years, the industry will require
a matching increase in the qual-
ity and capacity of our sched-





200








2 year/24,000-mile factory warranty.

uled airlift in New Providence
and Paradise Island, Grand
Bahama and the Family
Islands.

“Our strategies then will be
focused on ensuring that airlift
capacity keeps pace with our
growing resort inventory,” he
said.

Mr Grant said the ministry
will seek to rise to the chal-
lenge of continuing to secure
incremental capacity at com-
petitive fare offerings, against
the increased challenge of des-
tinations like Turks and Caicos
Islands, Bermuda, and Cayman
Islands.

These countries, he said,
have been able to offer lower
turn around costs and attrac-
tive customer friendly facilities
which supplement the resort
brands of those islands:

The minister said that efforts
to grow airlift quality and
capacity will be underpinned
by initiatives including Jet
Blue’s northeast corridor to
Nassau; Gulfstream’s Conti-
nental Connection services
expansion to the Family
Islands; Air Tran’s daily

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2007 inaugural flights of non-
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Atlanta to George Town, Exu-
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service from Atlanta to North
Eleuthera,” he said.

The minister added that
negotiations which are cur-
rently taking place with other
airlines also carry great poten-
tial for the Bahamas’ tourism
industry.

“With the help or our indus-
try partners, we have secured,
in principle, agreements from
key airlines which will position
us to meet the increased air
seat capacity needed to fill the
new rooms which will come on-
line throughout the Bahamas
in the coming years,” he said.

The minister noted that in
the upcoming fiscal year his
ministry will welcome new non-
stop services, while also open-
ing up one-stop, same-day con-
nections from numerous inter-
national cities.

“These initiatives are being
accomplished while we contin-
ue to maintain a healthy bal-
ance between in-bound air seat
capacity and existing hotel
room capacity. Marketing and
promotion as I mentioned
remain a core function of our
business,” he said.

With regards to marketing
and promotions in the US,
Minister Grant emphasised
that there will be three primary
objectives, namely: “To reverse
the softness in the marketplace,
to mitigate anticipated poten-
tial losses of family business
this summer due to the West-
ern Hemisphere Travel Initia-
tive, to implement a strong pro-
motional campaign for the
coming fall season.”

The minister said that the
competitive environment is
unprecedented and that the
Bahamas “will never be able
to outspend the competition.”

“To meet these principal
objectives, our spending then
must reflect unprecedented lev-
els of innovation and creativity
and must be strategically
placed across all media.

“It is important to note that
now more than ever, the inter-
net, with its pervasive usage by
our intended target audiences,
requires exciting, breakthrough
advertising banners on the pop-
ular sites trafficked by our tar-
get customers, in order to push
them to our,” he said.



Scotiabank pays
visit to the PM

SCOTIABANK executives
recently paid a courtesy call
on the Prime Minister Hubert
Ingraham.

Pat Krajewski, senior vice
president of international
-human resources; Rob Pitfield,
executive vice president and
head of Scotiabank’s Interna-
tional Banking; Anthony
Allen, Scotiabank Bahamas’

H PICTURED from left are
Mr Allen, Ms Israel,

Mr Ingraham, Ms Krajewski
and Mr Pitfield

(Photo: BIS/Patrick Hanna)

Our Lucaya

chairman, and Minna Israel,
Scotiabank Bahamas’ Manag-
ing Director visited with the
prime minister for a brief meet
and greet session.

This is the group’s first offi-
cial meeting with the newly
elected prime minister.

Scotiabank is one of North
Americas’ premier financial
institutions and Canada’s most
international bank.

With over 57,000 employ-
ees, Scotiabank Group and its
affiliates serve approximate-
ly 12 million customers in
some 50 countries around the
world.

employees

recognised for service

@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - The Our
Lucaya Resort has recognised
several employees for provid-
ing outstanding service at the
Westin and Sheraton Grand
Bahama during the 2007 first
quarter.

Earnestine Moxyz, the
resort’s public relations direc-
tor, said hundreds of employ-
ees were nominated for the
associates and supervisor of
the month awards, afd man-
ager of the quarter, for the

period February-April 2007. °

During February, Shenique
Hopkins, front of the house,
and Dwayne Jones, heart of
the house, were recognised as
the associates of the month.
Dawndenezza Sands was
awarded supervisor of the
month.

For March, the award winners
were Azure Major, front of the
house associate of the month;
Keva McIntosh, heart of the
house, associate of the month;
Darren King, supervisor of the
month; and Allison Tucker,
manager of the quarter.










For the month of April:
Lacarra Bethel-Missick, front
of the house associate of the
month; Kirkland Wildgoose,
heart of the house associate
of the month; and Robert
McPhee, supervisor of the
month.

Mrs Moxyz said nomina-
tions for the resort’s employee
recognition programme were
based on a strict criteria, as all
persons would need to receive
commendation from the
resort’s guests, (internal and
external), demonstrate excel-
lence in a specific area during
the month in question, and be
a full-time employee with no
active reprimands.

She said winners received
cash prizes, dinner for two gift
certificates, fruit baskets and
plaques.

The winners are also eligible
to win the year-end awards,
including cash prizes ranging
from $500 to $1500, dinners
for four, and five-day all
expenses paid vacations, inclu-
sive of air and hotel accom-
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York, Florida, California,
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THE TRIBUNE

© [n brief

Bahamians
graduate in
medicine
from UWI

TWO Grand Bahamians
were among this year’s fifteen
graduates of the School of Vet-
erinary Medicine of the Faculty
of Medical Science, at the Uni-
versity of the West Indies.

The graduates, Dr Winston
Pedro Davis and Dr Kwesi
Balewa Smith, both took their
Oath as doctors of veterinary
medicine last week.

Born in Freeport to Barbara
Davis and Yeoman Wood, Dr
Davis attended Bishop Michael
Eldon High School and the Col-
lege of the Bahamas.

He graduated from the Flori-
da International University with
a BSc degree in biology and
chemistry prior to his enrolling
at the University of the West
Indies

Dr Davis was awarded both
the Helen Taylor award for the
best student in surgery and the
best student in swine medicine.

Dr Smith, son of Lenworth
and Juliet Smith, was born in
West End.

He Smith attended West End
School, St John’s College, and
the College Of The Bahamas.

He also attended
Tuskegee University were he
graduated with a degree in ani-
mal and poultry science and
pursued graduate studies at that
university prior to enrolling at
the University of the West
Indies.

Player for
White Sox
settles
shooting case

@ DOMINICAN REPUBLIC
Santo Domingo

A FARMER who accused
Chicago White Sox shortstop
Juan Uribe of shooting him dur-
ing an. altercation last year
received a payment from the
major leaguer as part of a set-
tlement, a lawyer for Uribe said
Monday, according to Associ-
ated Press.

“The complainant dropped
the charges and recognised that
Juan was not involved in the
incident,” attorney Maria Luisa
Guzman told Associated Press.
She said she could not reveal
the amount of the payment.

Another person involved in

: the case said that Uribe paid

the farmer US$25,500. That
person, an associate of the vic-
tim, did not have authorization
to discuss any details and spoke
on condition of anonymity.

District Attorney Robert
Lugo said the settlement ended
an attempted murder investiga-
tion as well as a related civil
lawsuit.

The farmer, Antonio Gonza-
lez Perez, claimed that Uribe
shot him and an Italian man on
Oct. 13 when the pair walked
too close to Uribe’s jeep after
an argument in the coastal city
of Juan Baron.

Uribe, 28, has maintained his
innocence, suggesting he was
falsely accused because he is
well known in his native
Dominican Republic. He said
messengers were once sent to
his house demanding more than
US$900,000 from him.

Reggaeton
star released |
after viral
infection

@ MIAMI

REGGAETON star Daddy
Yankee was released from a
hospital Monday after suffer-
ing from a viral infection and
dehydration, according to Asso-
ciated Press. |

The performer was ordered
by his doctor at Baptist Hospital
to rest for at least a week to
help his recovery, a news
release from his publicist said.
He had been hospitalised since
Friday, a spokeswoman said.

The illness forced Daddy
Yankee to temporarily set aside
a promotional tour for his
newest album “El Cartel: The
Big Boss.”

“Now I’m going home to rest
a while,” Daddy Yankee said
after he was released.

Daddy Yankee, of Puerto
Rico, is a major player in the
reggaeton genre, a mix of reg-
gae, rap and Latin music styles.

the ©

ae eR

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Yeeeegse ws’

€Gbweac

#£ € & 2

+s & ¢

x :
a 2 fF

ee
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"sev ae



THE TRIBUNE







@ HUGO CHAVEZ
(AP Photo)

Venezuela's Hugo
Chavez arrives
in Cuba to visit
Fidel Casiro

@ HAVANA

VENEZUELAN Pres-
ident Hugo Chavez made
a surprise visit to Cuba
Tuesday at the invitation
of his convalescing friend
and ally Fidel Castro,
state television reported,
according to Associated
Press.

' State television
showed Chavez being
greeted at the airport by
Cuban Vice President
Carlos Lage and Foreign
Minister Felipe Perez
Roque.

The announcer on
Cuba's midday news said
Chavez was scheduled to
meet with the 80-year-
old Castro as well as
Raul Castro, who has
been acting president
since his older brother
temporarily stepped
aside in late July follow-
ing emergency intestinal
surgery.

"Long live Cuba! Long ©

live Fidel!" Chavez
shouted to official media
at the airport before he
was whisked away ina
black sedan.

No other details of the
visit were immediately
available.

Chavez's visit came
just five days after Boli-
vian President Evo
Morales made a daylong
trip to Havana and spent
three hours with Castro,
later saying the Cuban
leader looked "very
recovered."

Afterward, Morales
predicted he would be
seeing more of Castro,
saying he had been invit-
ed to come back and
chat whenever he liked.

Although Castro has
not appeared in public in
the 10 months since
announcing his illness,
he has become more
active recently, writing
more than a dozen essays
on international affairs.

He has been seen only
in still photographs and
videotapes released by
the government, includ-
ing a 50-minute taped
interview that appeared
on state TV last week.
No images of his visit
with Morales or Chavez
were immediately
released.

Senior officials have
repeatedly said Castro is
on the mend, although
the bearded revolution-
ary recently acknowl-
edged in one of his
essays that his recovery
has been delayed
because one of his first
operations did not go
well.

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a

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

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

pheAedied hs

WEDNESDAY, JUNE 13, 2007, PAGE 7

Minister urges farmers to be more



competitive in globalised economy

,

MINISTER of Agriculture and
Marine Resources Larry Cartwright is
urging Bahamian farmers to become
more competitive in a globalised world
economy.

Mr Cartwright, in his contribution

to the budget debate, told the House of

Assembly that the globalisation of the
world’s economies and the liberalisa-
tion of agricultural trade “necessitates
that our farmers become more com-
petitive in the production and mar-
keting of agricultural goods if they are
to survive and realise increased carn-
ings.”

He maintained that it is “critical”
that the basic economic elements nec-
essary to support competitive, market-
driven agricultural activitics be intro-
duced in the Bahamas for the produc-
tion of food.

These activities include the intro-
duction of modern methods of farming
as well as adequate land clearing and
preparation of farm roads in areas
where farmland is not easily accessible,
he said.

Minister Cartwright told parliament
that his ministry will also seek to
encourage the expansion of the range
of crops produced in the Bahamas





@ MINISTER of Agriculture and
Marine Resources Larry Cartwright
through the introduction and expan-
sion of modern, non-traditional farm-

ing methods.
“One such method is the use of

green houses for the production of

selected herbs, fruits and vegetables.



The Department of Agriculture will
import and offer for sale small (15 feet
by 48 feet) tunnel style green houses to
small farmers,” he said.

The minister added that these units
will be used for seedling production
as well as ornamentals and vegetable
production.

“During this fiscal period it is antic-
ipated that 40 Green Houses will be
imported to facilitate the production of
salad greens and tomatoes for use in
the eco-tourism ventures,” he said.

Minister Cartwright said the consid-
erable variation in rainfall, ground
water and soil depth in the different
Family Islands suggests that not all
islands are able to produce the same
crops.

Therefore, he assured farmers, his
ministry will promote an island spe-
cific crop programme “that will seek to
have our farmers in the islands grow
crops that are best suited for their nat-
ural environmental advantages and
their level of infrastructure develop-
ment.”

To further assist farmers, Mr
Cartwright said, his ministry will help
them in the grading, packaging and
marketing of their produce.

During this fiscal period, he said,
major upgrades and refurbishment of
the units at North Andros, North and
Central Eleuthera will be conducted at
an estimated cost of $350,000.

He added that the Produce
Exchange at Potters Cay is also under
renovation at the cost of $1.5 million.

The minister also told parliament
that efforts will be made through arti-
ficial insemination strategies, to
improve and increase the yield of small
ruminants (sheep and goats) so that
farmers in this sector may be better
served.

“The introduction of artificial insem-
ination will reduce the cost of securing
improved animal genetics. The cur-
rent cost to purchase registered indi-
viduals of improved breeds varies from
$2,500 to $7,500 for small ruminants.

“By contrast, the current estimate
to produce improved stock by buying
semen and frozen embryos using arti-
ficial insemination and embryo
implants are estimated at $300 to
$1,000 each,” he said.

Mr Cartwright said that this strategy
will have the additional benefit of
reducing the risk of accidental impor-
tation of animal diseases.







@ A MODEL displays a jacket that acts as a cellular phone

and I-pod.

*

@ BIC presi-
dent and CEO
Leon Williams
(left) along
with BTC
North
Bahamas vice
president
Henry Romer
(right) pre-
sents a gift at
the expo.

THE grand ballroom of the
Westin Our Lucaya was trans-
formed into a futuristic fair
when over 3,000 guests, locals
and international delegates
joined the Bahamas Telecom-
munications Company (BTC)
last week to participate in the
Grand Bahama Trade Show
and Expo. Under the theme
“Technology and You: Con-
necting You With Tomorrow’s
Technology Today”, BTC pre-
sented the event in conjunc-
tion with the Ministry of
Tourism and the Bahamas
Chamber of Commerce.

Visitors to the trade show
had the opportunity to try out
talking vehicles, which display
text messages on dashboards
thanks to Blue Tooth technol-
ogy, and jackets that acted as
cellular phones and i-Pods.

Grand Bahamians also got
to cast text votes in real time
for their favorite seminar
speaker and exhibition booth.

BTC president and CEO
Leon Williams led his team of
executives in welcoming the
steady flow of crowds to vari-
ous exhibitions while giving
away prizes every few minutes.

Performers like Simeon
Outten, Avvy and Elon Moxey
also entertained the trade
show’s visitors.

“The event was an over-
whelming success,” said BTC
President and CEO Leon
Williams.

“We've featured products
and services sure to keep the
Bahamas at the forefront of
communications technology
for 2007 and beyond,” he
said.

Mr Williams said he was
thrilled that the event attract-
ed so many people from a
wide demographic, ranging
from teens to seniors, who
wanted to educate themselves
in the ever-changing trends of
the industry.

a Bank ap The Bahamas

L M

oe 2 E

NOTICE

Notice is hereby given in accordance with Section
64 of the Securities Industry Act, 1999 that Mr.
Alfred Jarrett is no longer a Director or Chairman

with Bank of The Bahamas Limited effective June
8, 2007.

We further advise that Mr.

Maitland Cates has been

appointed Chairman of the Board of Bank of The

Bahamas Limited.
*= )-
Sue A Whew

Laura A. Williams
Secretary





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1 AUL Oo, VWOUINCOVAT, JUINE 15, ZUU/

THE TRIBUNE



The benefits of having an |
OTEC plant in the Bahamas

W ELL-KNOWN
shipping expert

Bill Bardelmeier spoke to a
group of Rotarians last week
about getting power from the
sea. It's something he's been
touting since the 1960s.

A retired marine consul-
tant, Bardelmeier has lived
here for half-a-century and
was: a director of the
Bahamas Maritime Authori-
ty for over a decade. One of
his pet interests is something
called ocean thermal energy
conversion, and, curiously,
there's a lot of local lore
behind it.

OTEC is a 19th century
idea that uses the sea as a
gigantic solar collector, but
it has proved difficult to
implement — for both tech-
nical and economic reasons.
Some experts are now saying
that its time may have come.

They argue that technical
advances and economic
changes have made OTEC a
cost-effective alternative to
fossil fuels for many tropical
island communities. And in
addition to electricity, these
systems offer the bonus of
producing fresh water and
hydrogen, as well as nutri-
ents for maricuJture and agri-

Financing
Available

ES

culture.

"It has long been known
that some of the sun's energy
can be re-captured at sites
where there is a substantial
difference in sea water tem-
perature (say about 40
degrees Fahrenheit),"
Bardelmeier told Rotarians.
"This re-captured heat ener-
gy can be used to generate
electricity."

Essentially, an OTEC
plant pumps warm surface
sea water into a tank. The air
in the tank is pumped out to
create a vacuum, which
vapourises the water. The
steam spins a turbine to gen-
erate electricity, and then
passes through a heat
exchanger where it is con-
densed — by cold water
pumped up from the ocean —
into fresh water.

And from the sound of
things, the Bahamas is just
about the best place on Earth
to locaté such a facility. As



LARRY SMITH.

Bardelmeier pointed out, the
ideal OTEC site must be
within the tropics, have a
steep drop-off where the
water plunges to over 3,000
feet, and be close to a power
grid.

"In essence this describes
the southwest corner of New
Providence," Bardelmeier
said. And in fact, that's where
E. P. Taylor's New Provi-
dence Development Compa-
ny planned to build an
OTEC plant about 40 years
ago. ,

Taylor was the Canadian
investor who developed
Lyford Cay. And in 1966 his
NPDC was run by an engi-
neer named John Bainton —
a long-time friend of
Bardelmeier, who shared his
interest in ocean thermal
energy conversion. Bainton
died in 1989 at the age of 63,
but his widow, Aileen, still
lives at Lyford Cay.

In fact, Bainton went so

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far as to charter a Deepstar
research submersible to dive
to the bottom of the Tongue
of the Ocean. And in 1967

he commissioned one of .

Canada's top engineering
firms to study the feasibility
of an OTEC facility at
Clifton — just west of the
BEC power plant.

The idea was to develop a
10,000 kilowatt sea thermal
power plant that would also
produce 6 million gallons a
day of fresh water. Back
then, the construction cost
was estimated at about $19
million (assuming duty-free
imports).

"Jack gave a talk about it
to one of the service clubs,"
Bardelmeier told Tough Call.
"But no-one got very excit-
ed. They spent a lot of mon-
ey, and had some innovative
design ideas, but it never lit
off. Jack was ahead of his
time."

One of the stated reasons
for Bainton's interest was the
possibility that NPDC might
get into the aragonite mining
business, Which needed a
supply of low-cost power.
Aragonite is a sand produced
from mollusk shells over mil-
lions of years. Mining of this
resource was introduced near
Bimini in 1969.

erner Marine Labs of
Bimini had the initial
concession but turned it over
to Union Carbide, which sold
it to the Dillingham Corpo-
ration, a big US construction
and engineering firm. The
idea was to supply millions
of tons of pure Bahamian
sand to cement manufactur-
ers and glassmakers on the
US eastern seaboard.
Bardelmeier was Dilling-
ham's shipping adviser at the
time.

"Cement-making was a
cheapy big market,"
Bardelmeier recalled. "You
had to deliver a ton of arag-
onite to General Portland
Cement in Tampa for $2.
That meant 90 cents per ton
for freight, which was pretty
skinny. So the netback to
Ocean Cay was maybe $1.10
per ton. Profitability lay in
producing at least five mil-
lion tons a year."

And coincidentally, in
1979 Dillingham was
involved in building a float-
ing OTEC prototype plant
off Hawaii. That was soon

-after the Arab oil embargo

of 1973 had spurred intense
interest in renewable energy
systems.

After Dillingham sold its
Bahamas aragonite opera-
tion, Bardelmeier tried to
enlist Willard Rockwell, the
chairman of one of Ameri-
ca's largest technology com-
panies, who had become
famous for his role in build-
ing the Space Shuttle. Rock-

well owned a vacation homé
at Cat Cay, an upscale resort
close to the aragonite con-
cession at Ocean Cay.

"He came to Nassau in his
‘copter one day and landed
right across from our office
at the Pilot House, climbed
our fire escape and pounded
on the door," Bardelmeier
said. "Unlike the other Cat

Cayers who didn't welcome

the industrial sights at Ocean
Cay, Rockwell thought he
might buy the aragonite pro-
ject, but after a lot of
research he backed off."

Bardelmeier exploited the
contact with Rockwell to pre-
sent his own proposal for an
OTEC plant at Clifton. In
1984 he told Rockwell that
such a facility would be capi-
tal intensive, but once built
would have virtually no
maintenance, labour or fuel
costs.

"At the southwest corner
of New Providence is an area
of shallow heated sand flats
which adjoin a 6,000-foot-
deep underwater canyon,"
Bardelmeier wrote in his pro-
posal. "Onshore at this point
is the government-owned
electricity plant with its exist-
ing distribution systems...and
the cost of electric power in
Nassau is among the highest
in the western world." |

His proposal called for a
private corporation to nego-
tiate a 40-year contract with
the government to build a
40,000kw OTEC power sta-
tion at Clifton Cay, both as a
demonstration project and to
sell power to BEC. He added
that the US government
might be willing to help fund
the project. But Rockwell
turned him down.

In those days the most
expensive parts of an OTEC
plant were the large-diameter
cold water pipes which would
have to extend for a length
of 14,000 feet to a depth of
3200 feet to draw cold water.
There was no experience
then in laying pipe to such
depths, but nowadays oil
industry engineers can lay
large-diameter pipe to much
greater depths.

This became evident a few
years ago when investors pro-
posed replacing the barging
of fresh water from Andros
to New Providence with a 30-
mile undersea pipeline
through the Tongue of the
Ocean, But independent
experts said the pipeline was
an untried technology com-
pared to the reverse osmosis
plants favoured by the Water
& Sewerage Corporation.

"We know exactly what an
RO plant costs, how to build

it, and how it works. They

operate worldwide and pro-
duce drinking water in 10
Caribbean countries success-
fully."

This is essentially the same
argument used when com-



paring ocean thermal energy
with conventional fossil fuel
power generation. Despite
the fact that French Scientist
Jacques D’Arsoval described
the OTEC concept over a
century ago, there has been
slow progress in developing
the engineering systems
to realize its potential.

But at least one Bahamas-
based investor is interested.
Frank Crothers of Island
Corporate Holdings is a
major shareholder of
Caribbean Utilities Compa-
ny in the Cayman Islands (as
well as serving on the board
of a zillion other companies).

Cayman's proposed plant
will produce 10 megawatts of
electricity and 3 million gal-
lons of fresh water per

. day. The utility has a memo-

randum of understanding
with the Baltimore-based Sea
Solar International, and offi-
cials are saying that OTEC
electricity could be produced
within three years.

Currently, no OTEC plant
operates at a commercial
scale equivalent to conven-
tional power stations or wind
and mini-hydro plants. But
there is a lot of interest in
Pacific islands like Hawaii, .
which has a leading-edge
OTEC laboratory where
working models have been
proven and a deep cold water
pipe is already in place.

In fact, Hawaii exported
about $17 million worth
of desalinated deepsea water
in 2005, marketed as healthy,
pure, mineral-rich drinking
water.

Experts say OTEC facili-
ties can reuse cold outfall
water for air-conditioning,
refrigeration, agriculture and
mariculture.

or example, David

Melville, a long-time
investor on Rum Cay, grows
organic wheat grass at his
Port Nelson home using only
the nutrients contained in
deepsea water provided by a
Florida company in which he
owns shares. And a few years
ago, another American
investor proposed an OTEC
scheme for Inagua that would :
have used deepsea water to
grow several commercial
marine species on land.

But Bardelmeier says the
Bahamas is not tracking sci-
entific developments in the
renewable energy field: "Per-
haps it would be a worthy
role of government to create
a small, non-political entity |
to monitor the global scien-
tific community and dissemi-
nate studies to the public
domain, rather than treating
them as secrets or leaving
them to gather dust ona
shelf," he told Rotarians.

"It is only a matter of time
before some of the venture
capitalists who constantly
pass through or live here take
a hard look at building a
modest OTEC plant to sell
power to BEC and get in on
the ground floor of what may
well be a widespread island
industry around the globe in
the next two decades."

What do you think?
Send comments to
larry@tribunemedia.net
or Visit
www.bahamapundit.com

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

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





* NN

ee ae |

Le ra 6 8 8 8 SU Ae a oe Fe.

















WOUNCOUAT, JUINE 15, ZUU/, PAGE Y

THE TILE KING, FYP LTD & THE TRIBUNE
have partnered to supply critically needed
DIALYSIS MACHINES
for the Princess Margaret Hosptial

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The Tribune



PAGE 10, WEDNESDAY, JUNE 13, 2007

THE TRIBUNE



Two dead

FROM page one

slept contentedly while locals
speculated about her father's
death.

It was after this killing that
police said the possibility of the
incidents being of a retaliatory
nature could not be ruled out.

Officers were first alerted to
the scene of Monday's crimes at
around 10pm, when reports were
received of gunshots fired around
Toote Shop Corner, police said.

Police discovered a male in his
twenties who was shot multiple
times in the body. He was taken
to hospital.

Continuing their investigations
in the area, police discovered the
body of another man — shot in
the head — in the yard of a house
which stands about 200 feet east
of the Church of God of Prophe-
cy.
A woman claiming to be a
family friend of Mr Armbrister
denied he was likely to have
been involved in a gang. She said
he was a "good boy."

However, she said he had been
involved in altercations in the
area in the past — causing her
to warn him only a day before
to "stay from-round here."

The death of two of the three
young men brings the murder
total for the year to 37, following
the double murder of Denise
Clarke of Market Street, 42, and
Livingston Johnson, also 42, last
week — for which 33-year-old
Hilfrant Francois Joseph, who
was on bail for another murder,
was arraigned on Monday.

Echoing sentiments expressed
by Chief Supt Hulan Hanna yes-
terday as he announced new
senior transfers in the force
aimed at addressing rising crime
levels, Assistant Superintendent
Walter Evans said that society
must come together and better
assist police in the fight against
crime.

Dr David Allan, psychiatrist

and longtime social worker, has’
said that members of the public

need to be more proactive in
their handling of matters which

may be of police interest — }

reporting suspicious activities and
threats so that crimes can be pre-
vented, rather than reacted to
after the fact.

~ SADWORRS oor















PLP ‘approved

$90m in contracts

from January until election’

FROM page one

approved during the last year,
17 of them were approved
since January at an approxi-
mate value of $90 million.

Mr Deveaux noted that
much has been said about the
FNM suspending contracts
signed by the former PLP gov-
ernment. To this he highlight-
ed a few recent contracts in
particular that are now being
reviewed.

The first, the TG Glover Pri-
mary School in New Provi-
dence was awarded to ER
Hanna Construction Company
for some $9.99 million, where
work commenced in October
last year.

“The contract period is 30
months. The contractor is
using labour from China to
assist in the construction.
Delays were experienced while
the foundations were
redesigned. The contractor
wrote in February 2007, and
again on May 3, 2007 com-
plaining that workers experi-
enced unexplained rashes and
respiratory complaints.

“The Department of Envi-
ronmental Health took sam-
ples from the site. A letter was
issued to the Contractor sus-
pending the work, at no cost to
the contractor, so that the
Ministry of Health could com-
plete investigation of the com-
plaints: The contract remains
suspended pending the out-
come of the investigation. Par-
liament will be advised of the
outcome of the investigations
in due course,” he said.

Second, a Junior High







Ss

@ MINISTER of
Transport and Public
Utilities Earl Deveaux

School in Freeport, Grand
Bahama (Heritage Jr), which
was $5 million less than three
other contracts, is suspended
and under review by a private
Quantity Surveying company.

Another junior high school,
this time in New Providence,
Faith Avenue Jr High, has
been suspended. The project is
some 18 per cent lower than
the Ministry of Works’ esti-
mates, and the Ministry of
Education has advised that it
does not have access to all the
property required to construct
the school as a portion of the
land had been leased by gov-
ernment.

“The lessees have been
advised of the government’s
intention to end the leases,”
Mr Deveaux said. “In the

PEACE OF MIND





meantime the layout of the
school building has been
adjusted such that the con-
tractor was able to commence
foundation works on one zone
of the building.

“Due to questions raised

concerning the possible conta-
mination of the site from the
neighbouring site containing a
large number of dilapidated
vehicles, the Department of
Environmental Health has tak-
en soil and water samples from

. the site for testing. The same

team evaluating the TG
Glover site will evaluate the
Faith Avenue site. A report is
awaited while work continues
on one block only of the
intended school,” he said.

Mortgage corporation Store clerk stabbed

FROM page one

FROM page one

al tranche of $50 million in bonds, which was only
half of what was requested by the Ministry of Hous-
ing. Yet, the minister added, the government went
on spending some $90 million in support of
the 1,300 homes it constructed and of which it

boasts.

As a result of the overall indebtedness of the
Ministry of Housing to the Mortgage Corporation,
which includes a carry over loan from 2002, and a
previous bridge loan from NIB to allow for the con-
tinue financing of homes, Mr Russell said that anoth-
er bridge loan is now required to sustain the corpo-
ration until the government can bring to parliament
a request for another tranche of bonds.

“The government of the Bahamas will have to
consider a request for a new bond issue to settle
the indebtedness of the corporation to repay the
loan to the NIB and to move forward with a housing
programme that includes remediation of work for
which indebtedness was incurred,” he said.

The minister also made public the overstaffing
of the NIB department by the previous govern-
ment, which was discussed by Prime Minister Ingra-
ham at one of his first press conferences after return-

ing to office.

As of January 2007, Mr Russell said, NIB hired on
instruction, 90 permanent workers bringing the total
staff count at the board to nearly 500 people — when

NIB’s target staff level is 380.

“It is a fair bet to say that the National Insurance
Board needs to implement hiring policies that are
based on transparency and need rather than imme-
diate short term political benefit,” the new minister

said.

FROM page one

of 2006, this year’s report
reflects the new focus on labour
trafficking.

Therefore, he said, the report
points out that the Bahamas’
current laws do not protect vic-
tims of human trafficking and
does not specifically address
labour trafficking,

Mr O’Connor said that the
report specifically notes that
some Haitian immigrants may
be subjected to conditions of
involuntary servitude.

“The Bahamas remains a
special case for a second con-

secutive year because the pres-

ence of large numbers of
undocumented migrants in the
country continues to raise con-
cerns that there may be a sig-
nificant number of trafficking
victims in need of assistance,”
the report said. .

The 2007 Trafficking in Per-
sons report further states that
with approximately 25 per cent
of the Bahamas’ population
consisting of Haitian nationals
— who are mostly in the country
illegally — “some may be sub-

vicious crime.

Mr Rahming said sometime at about 4pm
on. Monday persons discovered the young
store clerk lying on her back near the
entrance door of the baby clothing store,

located in the John Rolle Building at

ness.

surgery.

died.

Bartlett Hill.

Ms Louis had apparently suffered severe
injury to the stomach aréa.

The two young men, who found the vic-
tim, ran to a nearby establishment and
asked persons there to call the police and an
ambulance.

When officers from the Eight Mile Rock
Police Station and Central Detective Unit
arrived at the scene, Ms Louis was still
alive, but drifting in and out of conscious-

__ She was rushed by ambulance to Rand
Memorial Hospital, where she was imme-
diately taken into the operating theatre for

She was admitted to the ICU, where she

Supt Rahming said police believe that

robbery wais the motive for the crime.
According to preliminary investigations,
it is believed that the victim was stabbed

with a sharp object following an apparent

US report

jected to conditions of invol-
untary servitude.”

“Although these migrants
arrive voluntarily in the
Bahamas to work as domestic
servants, gardeners, and in con-
struction, local sources indicate
that labour exploitation of
these workers may be wide-
spread; employers coerce them
to work long hours for no pay
or below the minimum wage
by withholding documents or
threatening arrest and depor-
tation,” the report said.

The document also states
that some commercial sexual
exploitation of women and
minors has been identified in
the Bahamas.

Mr Connor said that the US
commends the Bahamas for
establishing a trafficking-in-

persons task force, but added .

that it is recommended that
trafficking in persons be made

- illegal.

In the US’ 236-page survey
of global efforts to combat traf-
ficking in persons, 164 coun-

struggle with the culprit.

Police are: appealing to the public for
assistance in the matter. Persons with infor-
mation are asked to call the Central Detec-
tive Unit at 352-9774/5, or 350-3089.

tries — seven more than last
year — are assigned into Tier 1,
Tier 2, Tier 2 watch list, Tier 3
or into a “special cases” cate-
gory.

Countries with Tier 3 rank-
ing clo not fully comply with
the rainimum standards of the
US Congress’ Trafficking Vic-
tims Protection Act (TVPA)
of 2000, “and are not making
significant efforts to do
so.”

Tier 2 countries are those
that do not fully comply with
minimum standards but are

‘making significant efforts to do

so.

Countties listed as Tier 1, the
highest category, are nations
that comply with the minimum
standards.

Outside of these tiers there is
also a “special case” category —
to which the Bahamas belongs
— for those countries about
which information is needed to
determine the scope or
response to the trafficking
problem. 5:

The Bahama is joined in this
category by Barbados, Brunei,
Haiti, Iraq, Ireland, and
Tunisia among others.

YOUR CONNECTION*TO THE WORLD

THE BAHAMAS TELECOMMUNICATIONS COMPANY LTD.

TENDER — GENERAL INSURANCE’
2007 - 2008

The Bahamas Telecommunications Company Ltd. (BTC) is pleased to invite
Tenders to provide the Company with General Insurance coverage. Policies
include Employers Liability, Group Personal Accident, Open Marine Cargo,
Fidelity Guarantee and Public/Products Liability.

Interested companies/firms may collect a Tender Specification from the
Security’s Desk located in the Administrative building on John F. Kennedy
Drive, between the hours of 9:00 a.m. and 5:00 p.m. Monday through Friday.

e

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

Williams.

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



“eee vs x

ae aa Rea cds

- we mele wm eo



THE TRIBUNE WEDNESDAY, JUNE 13, 2007, PAGE 11

LOCAL NEWS .



Fhe detevmethnid Sohne? nf Fibe Alaiiex





mn

@ THE baby flamingo is fed one of its first meals

SUPER

wuretax



ANDRE},
SCHOOL



FOUND Doda

Leroy ‘Barrington’ Archer
Peter Auberg
Andrew Beneby
Natalya Beneby
Michael Bethel
Ashley Brown
Natasha Brown
Ashleigh Burrows
Kenrece Carey
Sakinah Cargill
Amy Collins

Leroy Dames



| wed si M |



ARDASTRA Gardens has
repeated its success with the
Caribbean Flamingo, with two
chicks arriving at the gardens
this past week.

Staff at Ardastra are excited
about the arrival of the chicks,
as they have only been breeding
the flamingo successfully since
2001, despite the fact that the
Bahamas’ national bird has
been at the zoo since the late
1950s.

The new editions are awaiting
the arrival of four other play-
mates later this month.

“Key to our success in the
past few years has been a
change in diet (of the flamin-



SUPER |
i Net

wus



St Andrew's School Cong ratulates
The Class of 200F ow this day of Graduation



@ THE flamingo chick’s father looks in o





(aes:

m its progress



gos) and modifications to their
pond,” said Jade Greensword,
curator at Ardastra.

She added: “In the past,
we’ve had a problem with the
spring rains destroying the eggs,
so this year, we moved their
nesting area to higher ground,
protecting the eggs from being
drowned. This modification has
proven successful and we’re
very happy that we did it.”

To date, Ardastra Gardens
has successfully hatched 14
Caribbean Haainees These
flamboyant birds can be seen
at the Gardens daily putting on
their world-famous marching
show.





Share your news |

The Tribune wants to hear from people who are
making news in their neighbourhoods. Call us on
322-1986 and share your story.













Distributed by Lowe’s Wholesale Soldier Road
393-7111 ¢ Fax: 393-0440



13 June 200F









Demetri Darville
Diandrea d’Arville
Gabrielle Dawkins
Shaunna Dawkins
Hillary Kieran Deveaux
Morgan Donathan
Harold Dorsett II
Liam Farmer
Andrew Fletcher
Amber Francis
Charles Hamilton

Alexander Holden

Nicholas Holvik
David Howard
Danielle Ingraham
Kara Ingraham
Christina Johnson
Jonathan Johnson
Kristin Kelly

Maria Lee

Ivan Lochan
Dominique Lowe
Danny Macdonald

Brittany Major

Brent McNeil

Sean McWeeney

Meaghan Miller
Stefan Moree
Alaina Mortimer
Alexander Nicolier
Jessica Nixon
Traceyann Perpall
Lambert Rahming
Simone Ritchie
Joslyn Roberts
Glenda Roker

Melissa Sands
Gabriella Suighi
Nicholas Sweeting
Jonathan Sykes
Eddina Taylor
Mikhail Thompson
Nomiki Tsakkos
James Virgill
Paige Waugh
Ashley Whyms
Mei-Lin Wong



PAGE 12, WEDNESDAY, JUNE 13, 2007 THE TRIBUNE

Joe eae





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WEDNESDAY. JUNE 13, 2007

SEC IION



business@tribunemedia.net

BU

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Ethanol to give Bahamas
S$1/2bn export industry

* Business executive says that producing corn for ethanol production in the Bahamas could boost employment and
entrepreneurship; enhance foreign exchange reserves; reduce Nassau overcrowding; and bring down shipping rates

@ By NEIL HARTNELL
Tribune Business Editor

he Bahamas

could develop an

export industry

that generates

more than $1/2
billion per year in foreign
exchange earnings if it was to
exploit the growing global
demand for alternative ener-
gy by producing corn for
ethanol production, a business
executive told The Tribune
yesterday.

Tony Joudi, president ee
construction, development and
project management firm,
FTC, said that developing such



B By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

BAHA Mar Resorts’ joint
venture partners, Harrah’s
Entertainment and Star-
wood Resorts, have not
walked away from the $2.4
billion Cable Beach rede-
velopment, the company’s
chairman and chief execu-
_ tive said yesterday, although
every day that passed saw
the risk they might exercise
~ escape clauses and withdraw
increase.

While he was dissapointed
that things have not moved
faster, Sarkis Izmirilan said
he was confident Baha Mar
will rise on Cable Beach.

Speaking with the press
following the flag raising and
_ rebranding of the former
~ Radision resort to the Sher-

aton at Cable Beach Resort,
_ Mr Izmirlian admitted that
while there have been chal-
lenges, he is still condfident
the project will take place.

He admitted that he was

“not onieey = but fae





an industry would increase
entrepreneurship in the
Bahamas, expand foreign cur-
rency reserves, boost the ship-
ping industry by giving it some-
thing to carry back to the US,
diversify the Bahamian econo-
my and encourage families to
move back to the Family
Islands, reducing overcrowd-
ing and congestion on New
Providence.

Mr Joudi urged Bahamians
and the Government to exploit
this nation’s proximity to the
US, climate and fertile land for
growing corn, adding that the
creation of a ‘corn-for-ethanol’
industry would be assisted if
the Government could allocate

(Photo: Timothy Clarke/Tribune Staff)

Baha Mar rt
staying the course |

pointed” that the project has
not moved faster.

“But again, I go back and
say that this is a very com-
plicated project, and as with
any complicated project you
try to come up with an esti-
mate of the timeline,” Mr
Izmirlian said.

“Those timelines move
because that is the way that
life is - you miss deadlines
on many things. We believe
that the support of the pre-
sent government will get us
where we want to be. This
project will be opened one
day. I cannot give you a date
today, but I know that Baha
Mar will rise on Cable
Beach.

“We have not lost any
partners, and we appreciate
their support of this project
and their support of the
Bahamas. But every day
that goes by, the risk
increases. That’s the way the
world works. We have been
through two governments
now, two takeovers of the

SEE page 6



@ FLYING HIGH — Baha Mar Resorts’ chairman and chief _
executive Sarkis Izmirilan (in front on left side of flag) with
Minister of Tourism Neko Grant (in front on right side of flag)

some 500,000 acres to it on
islands such as Andros, Abaco,
Eleuthera and Long Island.

One acre could produce 149
bushels of corn, Mr Joudi said,
the average yield per acre in
the US, and the Bahamas’ cli-
mate meant this nation had
“the potential to grow two
crops per year”.

With corn ethanol prices cur-
rently pushing upwards to $4
per bushel, Mr Joudi said that
assuming this price and 149
bushels per acre, this would
generate $298 million in gross
export income from one crop if
it was exported to the US for
ethanol production.

Given that the Bahamas

would have the ability to pro-
duce two crops per year, this
gross export earnings would
double to $596 million per
year, Mr Joudi explained.
Breaking this down, Mr Jou-
di said that if 5,000 families
were each able to purchase or
be granted 100 acres for pro-
ducing ethanol corn, assuming
the $4 per bushel price, 149
bushels per acre and two crops
per year, each family would
have the potential to earn
$119,200 in gross income per
year.
‘We have so much good, fer-
tile land in the Bahamas,” Mr
Joudi told The Tribune. “Let
us, for once, be an export

country.”

Demand for alternative
forms of energy, such as
ethanol, is only expected to
increase in the major
economies such as the US, in

_turn increasing demand for

corn to be used in ethanol pro-
duction.
In 2006, production of the

‘ethanol biofuel reduced US oil

imports by 170 million barrels,
but Mr Joudi pointed out that
US farmers tended to concen-
trate on producing corn for
human consumption, rather
than the hybrid corn for use in
ethanol production which is
the animal feed variety. This
would leave a potential gap for

the Bahamas to exploit.

“Ethanol is in big demand,
and the United States is look-
ing to import corn from the
Caribbean countries close to
them for ethanol production,
because eventually they’re
going to run out of oil,” Mr
Joudi said.

“We need to start faba
for diversification. We cannot
depend on tourism all the time.
If something major happens in
the world, we could starve.
This country has the potential
to be self-sufficient.”

He suggested that if ethanol

SEE page 5

Exploitation of migrant workers
‘exaggerated’ by US State reports

@ By NEIL HARTNELL

Tribune Business Editor _

TWO attorneys yesterday urged the
Government to introduce laws and make
amendments to prevent forced labour and
its exploitation in the Bahamas, although
some suggested that abuses were not as
widespread as the US State Department’s
annual report on human trafficking sug-
gested.

The US administration said limited data
suggested there was “a possible labour
trafficking problem in the Bahamas”, and
urged the Government to become more
proactive in dealing with any problems by
“enacting laws to prohibit all forms of
trafficking in persons, particularly forced

labour of adults”.

Obie Ferguson, labour attorney and
president of the Trades Union Congress
(TUC), said the Bahamas had adopted an
International Labour Organisation (ILO)
convention “that prevents forced labour”,
but he and others indicated that there may
be no specific statutes that address the
problem.

“We should have legislation in effect to
prevent forced labour,” Mr Ferguson
added. “It would be, in my view, a good
thing for the Government to consider
making the necessary amendments.”

Eliezer Regnier, a Nassau attorney of
Haitian descent, added that he “fully
agreed” with the US State Department’s
urging for laws to prohibit forced labour.



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He said: “I think we should endorse all
international laws that protect the rights of
the worker. It’s the only way we can guar-
antee these people protection by adopting
international standards.”

The US State Department report said:
“The Bahamas may be a destination coun-
try for men, women and children traf-
ficked for the purpose of labour exploita-
tion.

“Approximately 25 per cent of the coun-
try's population consists of Haitian nation-
als, who are mostly in the country illegal-
ly. Of the 20,000 to 50,000 undocumented
Haitian immigrants in the Bahamas, some

SEE page 6




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PAGE 2B, WEDNESDAY, JUNE 13, 2007

fl By CARA BRENNEN-
BETHEL
Business Reporter

BAHA Mar Resorts yester-
day reached a first milestone in
its $2.4 billion transformation

LUE Sats

Baha Mar invests $135m in Cable Beach project | FOCOL

* Resort developer says 100 contracts ranging in value from $5,000 to $35m handed out, with 700 construction jobs created
* Flag raised for new Sheraton resort

of the Cable Beach strip as it
hoisted the flag on an $85 mil-
lion renovation to turn the



Tracking and selecting the best hedge funds

and managing alternative portfolios for our clients

has been our core business for over ten years.

aC ema e CR

Radisson into the Sheraton
Cable Beach Resort.
At the flag raising yesterday,

Don Robinson, Baha Mar
Resorts’ president, announced
that to date the company has



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is fair

and objective. People can trust what I write. I’m proud to be a part of the

leading print medium in The Bahamas. The Tribune is my newspaper.”

To report the news, call our
News Tips Line at 502-2359.
®

RUPERT MISSICK, JR.

CHIEF REPORTER

THE TRIBUNE

invested $135 million into its
Cable Beach Resorts, repre-
senting more than 100 con-
tracts for Bahamian businesses
ranging in value from $5,000
to 35 million. It had created
more than 700 construction
jobs.

Baha Mar also announced
the name of the Sheraton’s
new general manager, Hans
Altenhoff, who has managed
more than nine resorts over
the last 20 years, most recently
the Sheraton Bar Harbour, a
659-room beach resort in Flori-
da.

Mr Robinson said the flag-
raising represents a new era
for tourism in the Bahamas, in
which the Sheraton will play a
vital role.

Tourism

According to Tourism Min-
ister Neko Grant, the hotel will
help reinvigorate a previously
dying Cable Beach, taking it
area into a new tourism golden
age.

He added that the presence
of such a solid brand would
provide a positive perception
in the market place, and the
training to Sheraton standards
of resort staff could only have
a positive impact on the hospi-
tality skills of Bahamian work-
ers.

Mr Grant said the resort,
coupled with Atlantis, provide
a diversity of competition at
varying price points for visi-
tors to the Bahamas.

He also expressed his plea-
sure at the use of Bahamian
workers, contractors and arti-
sans in the creation of the
Sheraton, particularly the art
work in the resort which is all
done by Bahamian artists.

In conveying his vision for
the resort, the new manager
told The Tribune that what will
make the property successful is
the attitude and dedication of
its workers.

The hotel officially reopened
today with an occupancy level
of just under 30 per cent. :

THE TRIBUNE





confirms
stock
split
plan

FOCOL Holdings, the
BISX-listed petroleum
products supplier, yes-
terday confirmed Tribune
Business’s exclusive story
that the company was
mulling a thrsee-for-one

. stock split.

The company said in a
statement: “Focol’s
Board of Directors can
confirm that a stsock split
is under consideration.
However, no final deci-
sion has been made
regarding the specific
terms and conditions of
a proposed stock split by
Focol Holdings Ltd.

“Once Focol’s Board
of Directors makes a
final determination
regarding the proposed
stock split, the Board will
ensure a complete dis-
closure on the same.”

your

news

| The Tribune wants to hear from

people who are making news in
their neighbourhoods. Perhaps
you are raising funds for a good
cause, campaigning for
improvements in the area or
have wonan award. |...
Ifso, call us on 322-1986:and
Share your story.ii. jet





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THE MARKETS:

“STOCKS, MUTUAL FUNDS, 8B

‘pow30 13,295.01 -19095 W
“'sap500 «493.00 16.12 W
‘NASDAQ 2,549.77 -2238 W
O-YRNOTE 530 +14 4&
? 6535 -62 WOW

CRUDE OIL

‘Sto cks







WEDNESDAY, JUNE 13, 2007



WIRELESS

INTERNATIONAL EDITION

Nokia shares Bluetooth-like technology

BY PETER SVENSSON
Associated Press

NEW YORK — The consortium
behind the Bluetooth wireless stan-
dard announced Tuesday that Nokia,
the world’s largest maker of cell-
phones, is contributing a technology
that promises to bring the wireless
connections to devices that are too
small for regular Bluetooth chips.

The technology, called Wibree,
opens up the possibility of a host of
small wearable gadgets, like watches,
heart rate monitors, pedometers and
pill boxes that communicate with
Bluetooth-equipped cellphones or
computers. A watch could display the
user’s incoming text messages, for
instance, or an action figure toy could
sense the presence of other toys.


















































I average down nearly 130
ats, grappled with a seem-
gly eilentless rise in bond —

yas a fitful trading session
saw stocks tumble, claw

again when the yield on the -

ar Treasury note soared to
-year high of 5.295. percent. —
limb in bond yields exac-
ted jitters about mortgage

§ rising, which could hurt
already sluggish housing
et, and about the Federal
tve hiking interest rates,

ch would slow down -COrpo-
dealmaking. —

Surging takeover activity had
ped boost stocks to record —
els until a week ago, when —
yenchmark 10-year Trea-
note’s yield passed 5 per- |
unnerving. stockinvestors .
riggering a selloff.
The rise in Treasury yields. :
day was stoked by a tepid
ction to the government’s
on of $8 billion in new 10-

r notes, and further aggra- _
ited by confounding com-
ents from former Federal
Reserve Chairman Alan Green-
span, who said he is not worried
out foreign governments sell-

g their U.S. Treasury hold-
ings, but added that yields will
ely rise in the future.

The Dow Jones industrial
average fell 129.95, or 0.97 per-
cent, to 13,295.01. The blue chip —
dex is 381 points, or 2.8 per-
nt, below its record close of
13,676.32, reached June 4.

The broader stock indexes
also declined. The Standard & _
or’s 500 index fell 16.12, or —
percent, to 1,493.00, while
Nasdaq composite index
mpped 22 38, or 0. 87 Percent



Many analysts are viewing
the recent pullback in the stock
arket as a short-term dip
lead of the second-quarter
$ season, which begins
Nn earnest in July. Yardeni
pointed out that with recent
timates of year-over-year
earnings averaging about 4 per-
cent, financial results could eas-
‘beat expectations as they did
in the first quarter.

The dollar was mixed against
other major currencies, while



LL Light, sweet crude futures
ell 62 cents to $65.35 a barrel on
the New York Mercantile

change.

Declining issues outnum-
bered advancers by about 6 to 1
on the New York Stock:
Exchange, where consolidated
volume came to 2.99 billion
lares, up from 2.47 billion
shares Monday.

The Russell 2000 index of
- smaller companies dropped
~ 1.46, or 138 percent, at 821.72.
'. Investors are awaiting retail
sales data on Wednesday, the
'. Producer Price Index on Thurs-
_ day, and the Consumer Price
- Index on Friday. The PPI and
- CPI are closely watched infla-

‘tion gauges.

‘Overseas, Japan’s Nikkei
~ stock average fell 0.41 percent,
_- Britain’s FTSE 100 fell 0.72 per-
. cent, Germany’s DAX index fell

0.36 percent, and France’s
- CAC-40 fell 0.71 percent. ,







t
|

Wibree has a lower data rate and

Chinese: Food safety |
is under contro

BY AUDRA ANG
Associated Press

BEIJING — China played down
international concerns about
tainted food exports on Tuesday,
saying the problems were not as
bad as reported and displaying
seized counterfeit products to
show authorities were enforcing
safety protections.

To make its case, the govern-
ment organized a rare visit by more
than 100 foreign and domestic
reporters to a food safety lab and
storehouse where bogus goods
from chewing gum to soy sauce
were stacked on shelves and
arrayed in rows.

“Yes, there are now some prob-
lems of food safety of Chinese
products. However, they are not
serious. We should not exaggerate
those problems,” Li Dongsheng,
vice minister for the State Adminis-
tration for Industry and Commerce,
told reporters at the lab. China has
developed “very good, very com-
plete methods” to regulate product
safety, Li said.

China’s poor safety record has
increasingly come under scrutiny
as its goods make their way to
global markets. Major buyers such
as the United States, Japan, and the
European Union have pushed for
Beijing to improve inspections.

The pressure has increased in
recent months as U.S. inspectors
have banned or turned away Chi-
nese exports including wheat glu-
ten tainted with the chemical mela-
mine, blamed for dog and cat
deaths in North America. Monkfish
containing life-threatening levels of
pufferfish toxins, drug-laced frozen
eel and juice made with unsafe
color additives have also been on
the growing list of unacceptable
products.

The U.S. Food and Drug Admin-
istration has also stopped all
imports of Chinese toothpaste to

much lower power consumption than
Bluetooth, which is in widespread
use as the interface between cell-
phones and wireless headsets. That
means smaller batteries that don’t
have to be charged often, unlike Blue-
tooth headsets.

Nokia, which is based in Finland,
started developing Wibree in 2001,
and announced the technology in
October last year. It formed a Wibree
Forum with other companies to
license and exploit the technology, an
effort that will be subsumed by the
Bluetooth Special Interest Group,
which includes about 8,000 compa-
nies.

“Our members have been asking
for an ultra low power Bluetooth
solution. With Nokia’s innovative
development and contribution to the

TAINTED FOOD



Bluetooth specification with Wibree,
we will be able to deliver this in
approximately a year,” said Michael
Foley, director of the Bluetooth SIG.

The decision by the Bluetooth SIG
to embrace Wibree validates Nokia’s
technology, but it also means the
Finnish company is giving away the
results of a multiyear development
effort as Wibree will now be licensed
royalty-free. Such a move is not
uncommon in the technology field —
Sweden’s LM Ericsson developed
and then gave away the original Blue-
tooth technology in the 1990s, calcu-
lating that widespread and fast adop-
tion would allow the company to
benefit more from its leadership than
it would from a licensing scheme.

Nokia had been looking to turn

Wibree over to an open standards

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t
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t

‘ PHOTOS BY TEH ENG KOON/AFP-GETTY IMAGES
TESTING: Chinese lab technicians collect food samples for a safety test in Beijing. Safety officials
have urged better surveillance at all levels and promised to set up a food recall system, the
country’s first, by year end. ,

i
i
i
I
i
;





COUNTERFEIT: Chinese authorities put counterfeit products on
display Tuesday to show they are enforcing safety protections.

test for a deadly chemical report-
edly found in tubes sold in Austra-
lia, the Dominican Republic and
Panama.

In response, China has gone on
the offensive. In the past week, the
country has highlighted at least
four American products as unsafe
or not up to Chinese safety stan-
dards.

But at the same time, safety offi-
cials have urged better surveillance
at all levels and promised to set up
a food recall system, the country’s
first, by year end.

“We are very concerned about
food safety in China and very con-
cerned about protecting the rights
of consumers,” Li said. “But we do
not want to cause panic among the
people.”

Li, whose agency oversees
domestic product quality, insisted
China was taking the issue seri-
ously.

“There is now largely no prob-
lem with food safety. It is an issue
the people care about greatly,” Li

said. “So if there is a small problem,
it becomes a big problem for us. So
basically for now we can guarantee
food safety.” |

At the Beijing food lab, techni- |
cians wearing white coats tested
packages of spring rolls, dumplings
and other frozen foods for toxic
chemicals. Others sat at computers
analyzing results.

In another room, a variety of
fake products were displayed
including Wrigley’s chewing gum,
Shiseido skin care products and
Levi’s jeans.

China has long been the world’s
leading source of fake medicines
and drugs, illegally copied music,
movies, designer clothes and other
goods. U.S. officials say its exports
cost legitimate producers world-
wide up to $50 billion a year in lost
potential sales.

Li said government food safety
procedures include a hot line set up
in 1999 that has grown into a sur-
veillance network of local groups
and government bodies.









MARK LENNIHAN/AP
WIBREE: A Sony Ericsson
wristwatch communicates
wirelessly with a user’s
cellphone.

group from the. beginning, said Harri
Tulimaa, Nokia’s head of technology
out-licensing. The move will help
ensure Wibree will be deployed as
widely as possible, he said Tuesday.

U.S. ECONOMY

Federal
deficit
running
lower
this year

BY MARTIN CRUTSINGER
Associated Press

WASHINGTON — The federal
deficit is running sharply lower
through the first eight months of this
budget year as growth in revenues
continues to outpace the growth in
spending.

The Treasury Department said
that the deficit through May totaled
$148.5 billion, down 34.6 percent from
the same period a year ago.

That improvement came even
though the deficit in May increased
to $67.7 billion, up 57.8 percent from
May 2006. However, analysts attrib-
uted this big increase to the fact that
the Internal Revenue Service was
more efficient in processing tax
returns this year, meaning more reve-
nue was collected in April with fewer
tax collections left to be counted in
May.

For the year, revenue and spend-
ing are both at record levels. Revenue
gains are up 8 percent while outlays
are up at a
slower pace of
2.5 percent,
compared to
the same
period a year
ago. Growth
in spending
has been
slower this
year in part
because of the
absence of last
year’s huge
outlays for
hurricane
relief.

T --h. “€
increase in
revenues has
been sup-
ported by
continued
strength in corporate profits and low
unemployment, which has helped to
push individual income taxes higher.

For the 2007 budget year, which
ends on Sept. 30, the Congressional
Budget Office is projecting a federal
deficit of $177 billion. That would be
down 28.7 percent from last year’s
imbalance of $248.2 billion, which
had been the lowest deficit in four
years.

The federal budget was in surplus
for four years from 1998 through 2001
as the long economic expansion
helped push revenues higher.

In the budget President Bush sent
Congress in February for 2008, he
projected that the government can
return to a surplus by 2012 even if his
first-term tax cuts are made perma-
nent.

Democratic critics, however, con-
tend that Bush’s spending blueprint
was based on unrealistic assumptions
and left out major spending items
such as the full costs of the Iraq war.
They also argue that the current
improvement in the deficit will be
only temporary as the 78 million baby
boomers retire, pushing spending on
Social Security and Medicare up.

For the year,
revenue and
spending are
both at record
levels.
Revenue
gains are up

8 percent
while outlays
are up ata
slower pace of
2.5 percent.





MiamiHerald.com | THE MIAMI HERALD

|4B | WEDNESDAY, JUNE 13, 2007

INTERNAT!













































































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1,493.00 % ~26-12 454977 ¥ -22.38 13,295.01 129.95 4.79% 02 535% $648.50 1.3317 0042 “$65.35 62
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1550 1559 2,700 630 Name ____last__ Ch | Interestrates = oa
= Sen ae. TREASURIES _YEST PVS CHG WK MO QTR AGO
1,51 0.) 5 2,570 | Schlmbrg 78.74 -1.44
1500 -” rN 2,600 { Schwab 21.27 -.49 Wid 3-month T-bill 4.60 4.59 +001 W VV 4.80
1,47 0 10 DAYS 2,510 10, DAYS SeagateT 20.83 -.03 6-month T-bill 4.79 481 -0.02 VW A V 4.93
1450 2,500 Pe ee og ° L-yearTnote 5.04 5.00 +004 Vv A A 510
ShawC g 42.18 — -.59 WA 2-year T-note 5.05 498 +007 A A A_ 5.02
Sherwin 64.82 -1.02
1,400 2,400 . Shinhan 120.72 -331 5-year T-note 5.15 5.05 +010 A A A 495
: : Shire 69.34 0-47 10-year T-note 5.25 513 +012 A A A 4.98
‘ SiderNac 50.09 -1.73 -year T- 5.35 5.24 +0. .
1,350 S&P 500 2,300 Nasdaq composite Siemens 129.66 +.46 ayers we a A es
Close: 1,493.00 Close: 2,549.77 SimonProp 96.81 — -2.60 : NET 1YR
Change: -16.12 (-1.1%) Change: -22.38 (-0.9%) Smith&N 59.23 -.55 BONDS YEST PVS CHG WK MOQTR AGO
1,300 nipgiadiess 2 - 2,200 scat essiesanisenenricessricasanieas Smithintl 56.00 1.21
D J F M A M 3 D J F M A M J Sodexho 70.46 = -.39 Lehman Bros Bond 1dx5.39 5.28 +0.11 A A A 5.15
SonyCp 53.60 -1.29 Bond Buyer Muni ldx 4.94 4.87 +0.07 A A A 479
: SouthnCo 34.14 -.56 Lehman US InvGrade 5.75 5.74 +0.01 A A A 5.63
StocksRecap HIGH LOW CLOSE CHG. %CHG. WK MO QTR YTD a ec eae Fee uns lehman USHigh Vield7.73 7.73. A VV 836
DOW 13449.50 1329461 13295.01 -129.95 -0.97% V WV A +6.67% SwstnEngy 4671-21 VST 825 525 ModdysBond Index 5.85 5.78 +007 A A a 5176
NYSE NASD | DOWTrans. 5091.60 4994.49 4994.82 -97.88 1.92% VW V A +9.53% SovrgnBcp 22.07 —-.40 PREV 825 5.26 — Bank Index 114.14 115.69 -155 VV V_ 108.63
Dew. Ut: B08. CARES ABBE, aeRe ERE Ne Ne Rae SpectraEn 25.70 -16 | waco 8.25 5.21 DJCorpBond ‘194.34 (195.60 -126 VV V 186.05
Vol. (in mil.) 2,992 2,025 | NYSEComp. 9841.53 9724.41 9724.49 -117.24 -119% VY V A +6.41% Sprribler. 2160 > sao 8.25 5. . 5 ;
Pvs. Volume 2,465 1,597 | NASDAQ 2576.89 2547.99 2549.77 -22.38 -0.87% V A A +5.57% SPDR 14965 -165
Advanced 462 758 | S&P 500 1511.33 1492.97 1493.00 -16.12 -107% WV VY A +5.27% SPMid 161.87 -1.99 wt
Declined 2886 2264 | S&P 400 899.75 889.18 889.72 -10.03 111% VY A A +10.61% Staples 2431-09 Commodities COMMODITY CLOSE PVS. %CH. %YTD
New Highs 35 46 | Russell 2000 831.91 819.75 821.72 -1146 -138% VY A A_ +4.32% Starbucks 27.74 +.20 Unleaded Gas (gal) 2.14 2.15 -0.47 +33.6
NewLows 137 87 | Wilshire 5000 15260.26 1508436 15085.67 -160.35 -1.05% VW WV A +5.81% StarwdHtl 69.26 92 Crude Oil (bbl) 65.35 65.97 -0.94 =+7.0
Statestr 66.76 140 on (0z) 648.50 654.30 -0.89 +21
: : 7 Platinum (0z 1296.40 1298.00 -0.12 +13.8
WidelyHeldStocks al hee Silver (oz) 13.06 13.24 -136 +20
Name Last Chg Name Last Name Last Chg Name Last Chg Name Last Chg Stryker 64.13 -1.26 Coffee (Ib) 1.13 1.15 “1.74 = -10.5
ABBLtd 21.24 «-.41_~, ‘BritSky 50.14 -77 , Ekodak 2618 -32 | ICI 41.06 +17 | NTTDOCo 1596 -19 | Suez 52.18 -1.18 Orange Juice (Ib) 1.42 147 -3.40 -29.4
ABNAmro 46.43 -.54 | Broadcom 3010 ~-64 | Eaton 91.10 +1.87 | ImpOilgs 46.15 -.51 | NYMEXn 129.90 +4.97 | SunLffng 45.76 -.43 Sugar (Ib) 0.09 0.09 -23.4
ACE Ltd 61.94 — -.40 BrkfldAs gs 37.94 = -.75 EchoStar 45.23. -.17 ImpTob 86.04 +.40 NYSEEur 80.77 -1.00 SunMicro 4.92 -.04
AESCpIf 21.05 -.66 BrkfldPrs 24.67 = -.72 Ecolab 42.75 +66 IndoTel 42.90 +.20 Nabors 33.70 — -.90 Suncorg ° 86.10 -2.06
AFLAC 52.90 -69 | Bungelt 77.11 +.24 | Edisonint 5411 -64 | Infineon 15.16 -.15 | NtAust 168.83 -253 | Sunoco -79.66_—-1.00
ASMLHId 25.04 = -.48« |: BurlNSF 86.54 -1.91 Edwards 86.20 -.78 Infosyss 50.74 -.92 NBkGreece 11.10 -27 | Suntrst 87.63 -1.32 Foreign : 6MO. 1YR
AT&T Inc 39.08 -1.04 CA Inc 25.45 -.06 ElPasoCp 16.50 -.34 IngerRd §0.20 -.99 NatICity 33.69 -.45 Supvalu 45.74 -51 E h COUNTRY CLOSE CHG. %CHG. AGO AGO
AU Optron 16.66 CBREllis 36.34 -.26 | Elan 19.61 -.05 | Intel 22.20 +27 | NatGrid 7193 +27 | Swisscom 3350 -25 xcnange
AXA 41.19 -.81 | CBOT 201.01 -53 | ElectArts 47.83 -1.04 | IntcntlEx 14898 -21 | NOilVarco 97.28 -32 | Symantec 19.62 +.01 ‘ Argent (Peso) 3252-0000 = 00-3270 +.0006
AbtLab 53.34 -72 | CBSB 32.83 -.29 | EDS 27.99 -25 | IntCtIHtl 2593° -44 | NatSemi 2897 -28 | Syngenta 35.75 -.63 Brazil (Real) 5140-0014 = -.27-— 4656 +.0730
AberFitc 7.53 +18 CDWCorp 84.95 = -.24 Embarq 61.56 -.78 IBM 102.34 —-.88 NetwkAp 30.58 = -.65 Synovus 31.60 -.44 d Britain (Pound) 1.9762 +.0069 +35 . 1.9700 +.1316
Accenture 39.50 — -.06 CHRobins 51.50 -1.17 EmersnEls 47.13 -.77 IntlGame 3866 -.52 NewellRub 29.31 = -.49 Sysco 31.83 -76 Canada (Dollar) 9392 —- -.0034 -.36 8678 +.0274
AdobeSy 42.73 -.26 | CIGNAS 5441 -37 | EEIChile 46.42 -.44 ‘| IntPap 37.09 -.83 | NewfldExp 49.42 -.08 | TDAmeritr 20.29 -.86 VA chile (Peso) 001892 -.000003 -.16 .001899 +.000073
AMD 13.80 -.11 | CITGp 58.17 -1.01 |. Enbridge 33.67 -.38 | IntlPower 86.18 -.89 | NewmtM 39.08 -58 | TDK 93.68 -1.99 Colombia (Peso) .000517 -.000006 1.16 .000439 +.000124
Advantstrs 41.76 -1.09 CNA Fn 49.96 -.60 EnCana 62.34 = --.56 Intuit s 29.42 -.42 NewsCpA 21.75 = -.48 TIX 21.73.25 Dominican Rep (Peso) .0313 +.0001 +.32 0305 +.0007
Aegon 19.43 -.37 CNH Gbl 46.45 -.48 Endesa 53.06 -.43 Invesco 23.16 -.26 NewsCpB = 23.53 -.45 TNT NV 42.56 «-.49 Euro (Euro) 1.3317 — -.0042 -32 1.3277 —-+.0714
Aetna 5177-52 | CNOOC 103.83 -1.82 | Enel 5485 -32 | Ipscog 157.78 +73 | Nexengs 29.68 -.66 | TXUCorp 67.15 -.39 Japan (Yen) 008213 +.000001 © +.01 008554 -.000544
Agilent 37.47 -.24 | CPFLEn 54.59 -1.94 | EngyTEq?” 40.64 + -.12 | JPMorgCh 49.35 -1.08 | Nidec 1439 -.18 | TaiwSemi 10.27 -.19 Mexico (Peso) 091462 -.000327 --.36- .092208 +.003670
Ahold 12.52 -.28 | CRH 47.42 -135 | EngyTsfr 60.16 -.09 | JacobsEs 55.42 -111 | NikeBwi 5319 -21 | TalismEgs 19.84 -.26 Uruguay (New Peso) .0420 +.0001 +24 | .0410 -.0001
AFrance 46.45 -1.39 CSX Ss 43.31 -1.69 Enersis 18.66 -.11 JohnJn 61.83 -.44 NippnTT 22.53 -.19 Target 62.46 -.48
AirProd = 78.88 = -.28 ~| CVSCare 37.15 -.30_| ~ENSCO 59.26 -1.20 | JohnsnCtl 10888 -1.37 | Nissan 21.52 -.30 | TataMotors 16.00 -.27
AkamaiT 45.59 = -.93 CablvsnNY 35.51 = -.24 Entergy 108.05 = -.95 JoyGlbl 57.02 -.31 NobleCorp 90.37 -1.82 Technip 74.34 = -1.64
Akzo 80.35 +22 | CadbyS 55,02 -33 | EntPrPt 30.36 -.43 | JnprNtwk 24.86 -.07 | NobleEn 62.01 -.30 | TeckCmgs 43.14 -1.05 GlobalMarkets
Alcan 82.43 -22 | Cadence 2341 -.18 | EqtRes 50.99 -63 | KLATnc 5386 +03 | NokiaCp 27.50 -81 | TelcNZ 20.18 +17
Alcatelluc 13.10 -35 | Camecogs 51.08 -~87 | EqtyRsd 46.83 -.25 | KPN 16.26 -36 | Nomura 19.67 -40 | Telltalia 27.01 -.21 INDEX YEST CHG %CHG WK MO QTR YTD
Alcoa 39.34 +.04 Cameron 69.64 -57 EricsnTl 36.36 = -1.06 KT Corp 24.16 +61 Nordstrm 51.41 -1.11 TelitaliaA 21.42 = -.21 S&P 500 1493.00 -1612 -1.07% WV W A. +5.27%
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Allergan 11857 -151 | CdnNRsg 6523 -63 | Expedia 2420 +17 | Kimbclk 69.44 + -52 | Nortrst 6320 -99 | TelMexL 39.03 -111 | Mong Kong Hang Seng 20636.39 +2090 +0.10% WV V A +3.36%
AlliBern 90.15 «+06 | CPRwyg 69.59 -1.27 | Expdintls 41.87 -54 | Kimco 41.56 -1.29 | NorthropG 75.55 -.38 | TelDatalf 63.27 -1.48 | Paris CAC-40 5898.16 -41.93 -0.71% WV Vi A +6.43%
Allianz 22.20 -.37 Canons 58.23 = -.72 ExpScripts 97.31 -.12 KindME 52.76 -.87 Novartis 54.34 = -.63 Telkom 96.00 -4.91 Tokyo Nikkei 225 17760.91 -73.57 -0.41% VW A A. +3.11%
Aldirish 56.04 -135 | CapOne 79.70 -87 | ExxonMbi 82.00 -1.06 | Kinrossg 1256 -31 | NovoNdk 101.60 -1.35 | Telusg 57.80 -1.18
Allstate 60.65 -.48 CardnlHith 71.10 = -.83 FPL Grp 59.00 -1.38 Kohls 70.65 = -1.40 Nucor 60.28 — -2.38 Templein 59.70 = -.57 SOUTH AMERICA / CANADA
Alltel 67.75 +36 | Carnival 49.70 +78 | FannieMif 67.43 +71 | Kookmin 9171 ~60 | Nvidia 36.30 -38 | Tenaris 46.21 -1.05 : . s f
AlteraCp If 22.11 -26 | CarnUK 50.51 +48 | Fastenal 41.26 +.03 | KoreaElc 21.69 -.26 | OcciPets 56.59 -.41 | Terexs 82.02 -.95 ae i ie oes oe ae x 7 j aoue
Altrias - 70.14 -.08 | CarolinaGp 7862 +.03 | FedExCp 107.05 -1.58 | Kraft 34.51 -.01 | OffcDpt 34.09 -67 | Tesorowi 57.64 1.06 - . : . :
Alumina 25.63 «= -.45-'| ‘Caterpillar 78.08 -67 | Fiat 2673-59 | Kroger 29.40 -.50 | Omnicom 10352 -85 | TevaPhrm 39.78 +10 | Sa0PaoloBovespa 51797.14 -979.70 -186% VY A A +16.47%
AmBevC 69.25 --.26-| Celgene 57.93 -1.93 | FidNinfo 52.92 +43 | Kubota 4177 -70 | Oracle 18.84 -37 | Texinst 35.04 -.75 | Toronto S&P/TSX 1372433 -108.49 -0.78% WV VW A +6.32%
AmBev 69.17 77 | Cemexs 3878 -76 | FifthThird 42.29 -33 | Kyocera 100.01 -1.45 | Orix 130.47 -252 | Textron 105.23 -.82 ;
Amazon 70.07 -110 | Cemigpfs 2081 +30 | FirstDatas 3250 -15 | L3Com 9452 -46 | PG&ECp 45.28 -35 | ThermoFis 51.44 -.86 | ASIA
AmbacF = 87.59. -1.48 | Cemigs 41.02 FTSpcFnn 20.39 ««+.14.«|-“LGPhilips 22.70 + +.06 | PNC 72.49 -47 | Thomson 41.24 -.94_ | Seoul Composite 1729.88 +13.32. +0.78% VY A A +20.59%
Amdocs 38.28. «+07 | ChesEng 35.39 01 | FirstEngy 64.15 -1.02 | LSICorp 815 -15 | POSCO 11987 -1.38 | 3MCo 85.04 -.26 | Singapore Straits Times 3561.54 +1608 +0.45% VW A A +19.28%
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AmCapStr 44.67 = -1.22 ChinaMble 47.08 -.22. | FEMSAS 38,73 -.37 LVSands_ = 78.38_~—-2.06 ParkHan 97.63 -27 4 \ Tretimrk 68.05 ~51 gna 9 . : 5 5
AEP 44.62 -.42 ChinaNet 52.21 -.94 FordM “8.32 --.08 LeggMason 97.95 -1.23 Paychex 39.55 -.33 TorDBk g 67.79 -1.50
AmExp 62.12 -94 | ChinaPet. 107.11 -2.78 | Forestlab 47.03 -16 | LehmanBr 76.06 +38 | PeabdyE 49.94 -76 | TotalSA 7334 -.93
AmIntGpif- 71.54 -11 | ChinaTel 57.65 -1.08 | FortuneBr 7872 -67 | LeucNatls 35.50 -43 | Pearson 1676 -.24 | Toyota 122.34 -1.65 Largest Mutual Funds
AmStand 57.88 -.72 | ChinaUni 14.64 »-50 | FosterWh 10114 -192 | Level3 5.55 -10 | PennWstgn 34.25 -69 | TrCdag 3453 -.29
AmTower 42.23. +31: | Chubb 53.61 -80 | FranceTel 28.10 -.40 | LibGlobA 38.12 +39 | Penney 76.65 -.65 | Transocn 9811 -.48 12-M0 12-M0 12-M0
Ameriprise 62.76 -1.16 | ChungTel 1844 -31 | FrankRes 127.93 -98 | LibGlobB 37.52 PepsiBott 33.53 -.40 | Travelers 53.68 -.90 | NAME NAV CHG %RTN | NAME NAV CHG %RTN | NAME NAV CHG %RTN
AmeriBrg 50.98 +.04 | CinnFin 44.93 -.09 | FredMac 65.03 -.55 | LibGlobC 36.10. +51 | PepsiCo 66.03 -.01_ | Tribune 30.80 -—-.50 ;
Amgen 57.46 +.05 | Cintas 38.77 -.17 | FMCG 78.97 +153 | LibtyMintd 2415 +05 | Petrocg 50.15 -68 | Turkcell 15.12 -.24 | AIM Fidelity Spartan DivrEqinA m 14.09 -.14 +26.7
Amphenols 3497 -.54 | Cisco 26.06 -26 | FresenM 47.32 +25 | LibtMCapA 115.79 +77 | PetChina 13340 -150 | Tycointl 33.40 -.51 | ConstellA m 28.41 -.28 +21.0 ame ee he 1239 | Schwab
Anadarko 50.17 07 | Citigrp 52.60 -87 | Fujifilm 4407 +49 | LillyEli 56.78 ~53 | PetrbrsA 9851-49 | Tyson 21.66. =. | AmericanCent = | |i Oe og| VidPlssel 967-01 +56
AnalogDev 35.82 -.28 | CitrixSyif 3404 +04 | Gannett 57.28 17 | Limited 25.82 -.64 | Petrobrs 111.62 26 | UBSAGs 6058-122 | 4 ey Funds (FirstEagle =S*«*~C*«*éSM ted
AngloAm 29.02 -29 | ClearChan 3830 -15 | Gap 18.75 -02 | LincNat 71.24 -1.07 | Pfizer 26.11 -26 | UPMKy 2462-51 AOA Th eri -25419.4{GIbA m 4850 -23421.4| AmerShs b 49.05. -.54 +226
AnglogldA 40.16 -77 | ClearCh 29.18 +.10 | Garmins 65.67 -.41 LinearTch 35.16 -.43 PhilLD 56.76 = +.21 UST Inc 53.44 -.91 BalA m 19.63 -.15 +166 | OverseasA m 26.79 -.10 +21.9| T Rowe Price
Anheusr 52.91 -1.06 | Clorox 63.96 79 | Genentch 76.24 -65 | LloydTSB 44.93 -71 | PhilipsEL 40.43. 92 | UltraPtg = 57.87 82 | BondA m 13.11 -.06 +5.4 | FrankTemp-Frankfin BIChpGr 38.47 -.41 +23.4
AonCorp 41.80 = +.12 Coach 47.48 = -.59 GenDynam 79.24 -1.07 LockhdM 95.25 -1.00 PioNtrl 50.93 -.21 UUniao 105.78 -2.73 CapIncBuA m 63.87 -.55+24.0|CATFA m 7.19 -.02 +3.7| CapApprec 21.90 -.19 +20.2
Apache 82.54 95 | CocaCE 22.40 -28 | GenElec 37.05 -.41_ ‘| Loews 51.00 -61 | PitnyBw 46.17 -68 | UnilevNV 29.08 +.02 | CpWidGriA m45.20 -.48 430.4] Fed TFA m 11.85 -.04 +33] Eqindex 40.15. -.44+22.6
ApolloGrp 47.47. -1.21 | CCFemsa 41.82 -88 | GnGrthPrp 54.90 — -.43 Lowes s 31.36 -44 | PlainsAA 60.87 -19 | Unilever 30.30 -+.17 EurPacGrA m 50.35 -.54 +313 | IncomeA m 2.73. -.02 +18.9/ Eqtyinc 31.14 -.36 +24.5
Appleinc 120.38 +19 | CCHellen 44.46 -22 | GenMills 59.14 -.39 | Luxottica 34.53 +13 | PlumCrk 40.34 = -.09-| UnionPac 113.31 -2.36_- | FundminvA m43.49_ -.45 +25.8 | IncomeC m 2.75 -.02 +18.7 1 Growstk «33.97 -.31 +26.0
ApldMatl 1850 -12 | Cocacl 51.14 + -49 | GnMotr 31.43 -.34-| Lyondell 37.35 «+37 «| PoloRL «94.00 -1.63 | UnBnCal 60.73 ~.67_ | GrowAmerA m35.37 -.31 +215) IncomeAdv 2.72 -.02 +19.7 intict 17.83 -.18 +305
ArcelorMit 60.76 -124 | CogTech 7550 -87 | Genuprt 49.38 -46 | M&TBk 107.22 -229 | PortglTel 13.57 +04 | UtdMicro 3.32. -.14_ | GrowAmerB m34.15 -.31 +20.6 | FrankTemp-Mutual MidCapVa 27.78 -.26 +28.0
ArchDan 34.28 + -.10 | ColgPal 67.49’ +27 | Genworth 35.27 69 | MBIA 6432 -29 | Potashs 73.36 06 | UPSB = 71.25 -1.23 | flINCA m= RGR 3 4008 | Discov A m 33.30 ~21 $308) widcpGr 6099-48 +246
Archstnsm 5980 -45 | Comcasts 2615 -22 | Genzyme 6567 +41 | MEMC 56.61 -.68_| PwShsQQQ 46.54 -.28 | USBancrp 3385 -45 | imvconrin'm 9534 334210 [ereeeg onoh cot coea | NewHoriz 34.79 -38-4175
, ; 34 -.33 +21, resZ 28.20 -.21 +25.1 79 -.38 +17.
Assurant 58.16 -.60 | Comesps 2605 -23 | Gerdau 22.73.» -57 | MGMMir 81.81 -.65 | Praxair = 68.76 62 | USCellulf 8875 ~76 | MutualA m 31.21 -31422.9 | Franktemp-Templeton SmCpStk 36.24 -.44 +174
AstraZen 51.48 = -.43 Comerica 61.70 = -1.23 GileadSci 78.92 —-.30 Macys 38.90 -.21 PrecCastpt 115.53 -1.71 USSteel 112.61 -3.59 NewEconA m 28.47 -.28 +27.4 | Fgn A m 14.63 -.07 +25.9] SmCpVal 44.04 -.47 +19.2
AustNZ 121.24 -2.01 CmcBNJ 33.36 © -.52 GlaxoSKIn 52.04 —-.38 Magnalg 89.08 _-.96 PriceTRS 49.93 -.97 UtdTech 69.67 = -.51 NewPerspA m34.12 -.35 +27.8 | ForEqls 29.11 -.14 +37.7] Value 29.32 -.31 +26.3-
Autodesk If 45.79 +96 | CVRD 43.38 -1.47 | GlobalSFe 67.12 -1.47 | Makita 43.57 +117 | Prinfncl 58.66 -.54 | UtdUtils 29.73.» -.25- | NwWrldA m 53.74 -47 +445 | Growth m 27.02 -.21424.8| third Avenue
AutoData 48.05 -58 | CVRDpf 3617 -133 | GoldFltd 1581 -33 | Manpwi 92.44 +17 | ProctGam 62.16 + -.89 | UtdhithGp 52.99.20 | SmCpWIdA m44.34 -.37 +355 | GrowthAd 27.08. -.20 +25.1| Value 63.92 -.66 +22.1
Autozone 134.21 -21 | CompsBc 67.74 -1.05 | Goldcrpg 2382 -.34 | Manulifgs 36.25 11 | ProgrssEn 46.19 -127 | UnumGrp 25.73 -.30 | WAMutlnvA m37.05 -.39+23.2 | World A m 20.59 -.13 +25.3 open
AvalonBay 120.89 -1.95 CompSci 54.74 = -.86 GoldmanS 227.85 +.69 Marathon 122.97 -1.95 ProgsvCp 23.31 = -.25 VF Cp 91.04 -1.27 Artisan Franklin Templeton GlobVal aa 14.429.4
Avaya 17.14 +10 | ConAgra 2544 -07 | Goodrich 56.02 -~62 | Marathnwi 61.80 -50 | ProLogis 59.58 -1.67 | ValeroE 72.92 + -.90_‘| Intl 30.74 -.34+30.2 | FndAllA m 14,58. -.10 +22.5| SiOPVA eee
AveryD 65.31 -~60 | ConocPhil 77.11 -76 | Goodyear 3412 -51 | Marint’ 45.13 -28 | Prudent! 9836 -113 | VeoliaEnv 77.41 -1.39 | Baron Harbor Van Kampen
Avnet 42.03 -47-| ConsolEngy 4513 -105 | Google 50477 -657 | MarshM 3085 -64 | PrudUK 2873 -34 | Verisign 29.03 -27- | Growth b 52.58 -61+18.2 | CapApinst 34.60 -.29 +17.2| ComstockA m20.11 21 +20.7
Avon 38.03 -21 | ConEd 46.11 -.41 | Graingr 87.04 +30 | Marshils 47.91 -.39_ | PSEG ASD - 26. | Meticontemit 24S 00 “akg TE ney aah. Sai ee HI BRIS Oe eee? Enea
BASF 11680 1.22 | ConstellEn 8553 -59 | GrantPrde 53.78 -2.29 | MartMM 157.18 -1.55 | PubStrg 81.32 -1.19 | ViacomB 42.09 -131 | prespock een yeh 5k 408 GrowlncA m 23.37, -.26 +23.3
BB&T Cp 41.15 -.57 Cooper s 53.15 -1.05 GpoSimec 12.88 -.12 MarvellT slf 16.71 +.34 Publicis 44.25 -.25 VimpelCm 98.12 -1.58 GlobAlcA m 19.26 -.13 +19.6 Canoe m 40.55 44 4242 Vanguard
BCE gn 37.10 -54 | Corning 25.30 -.64 | GpTelevisa 26.76 -28 | Masco 28.33.45 (| PulteH 24.65 -.T4 | VirgnMdah 2415 — -.40 | lobalcc m 1815 -13 4187 | CpApHLSIA 5798 ~66427.4| 22° 137.94 -1.49 +22.
BG Grp 75.29 -.82 | Costco 55.16 -.54 | HDFCBk 81.21 -1.78 | MasterCrd 145.31 +3.71 | Qualcom 41.81 +42 | Vodafone 31.18 -11 | calamos DVGHISIA 2441 284264 | S00Adm! 137.96 -1.49 +23.0
BHP Billlt 55.13 -.96 | Cntwdfn 3810 +26 | HSBC 9184 -79 | Matsush 20.77 ~13 | QstDiag «51.24 «+05 | Volvos 19.65 -57 | Growh m 58.64 -.64 +19.9 | JPMorgan ARSE EA SONS aT A
BHPBil plc 51.44 -.82 | CoventryH 60.54 +13 | Hallibtns 3468 -58 | Mattel 25.72 -~61 | Questar 104.95 -183 | Vornado 111.83 -242 | columbia IntrAmerS 29.72. -.32 +23.7| EmerMktld m 27.24 -.25 +48.8
BJ Svcs 28.41 -12 | CredSuiss 71.12 -1.48 | Hanson 106.20 -.04 | Maximif 30.95 -40 | Qwesttm 9.39 +03 | VulcanM 115.08 -1.77 | Acornz 32.29 -35+24.5 | Janus Energy 72.74 -.95 +29.8
BMCSft 31.84 -66 | CrwnCstle 35.24 -26 | HarleyD 5895 -70 | McDermint 77.54 +.32 | Raytheon 55.82 -.05 | WPPGp 72.19 -85 | DFA Contrarian 19.51 -.09 +435] Europeldx 39.17 -.51 +35.7
BP PLC 66.95 -24 | Cumminss 95.35 -23 | Harman 117.55 -46 | McDnids 51.48 +.23 | ReedEIsNV 37.74 ~-.87 | Wachovia 52.95 -.65 | EmgMktVal 38.73 -.40 +67.6 | Growinc 41.17 -.44 +19.4] Explr 81.36 -.97 +21.2
BT Grp 63.45 -.40 | DJIADiam 132.92 -1.32 | HarrahE 85.04.26. «| McGrwH «68.10 1.92 | ReedElsplc 51.06 -.94 | WalMart 48.91 -.90 | IntlSmCap 23.25. -.24 +37.3 | Janus 30.63 -.34+24.6| Extndidx 41.97 -.47 +23.7
BakrHu -82.81-«-1.17 | DRHorton 21.15 -37 | HarrisCorp 51.45 -.46 | McKesson 61.15 -37 | RegionsFn 33.98 -.56 | Walgrn 43.49 76 | Intlvalu © 25.16 -39+39.5 |} MidCapVal 26.06. -.22 +25.4) GNMA 9.93 -.06 +40
BcBilVArg 23.56 = -.56 | DTE 49.98 -78 | Hartfdfn 99.51 -95 | MeadWvco 3421 -60 | ReliantEn 25.01 -42 | WAMutl 42.23 -.46. (| USlgVal «27.18 -.31+25.0 | Overseas 51.38 -.67 +53.3| GNMAAdm! 9.93 -.06 +41
BoBradess 2401 -51 | Daimirc 8784 -78 | HealthNet 5525 -87 | Medimun 5791 +01 | Repsol 35.28 -.72_ | WsteMinc 38.39 75. | UsSmVal 31.23 42 +221) Twenty 59.97 -.57 #284) Gineg 25.33 -32 433.4
Bncoltau 42.75 -1.23 | Danaher 71.93 -39 | Heinz 46.05 -.45 | MedcoHlth 7846 -.44 | RschMotn 167.14 -74 | Waters 60.53 -.71_ | DWS-Scudder ae saa 98. +73.0| Srowthidx 31.71 -.30 #213
BcoSnCH 18.14 -67 | Danones 1485 03 | HellnTel 15.04 Medtrnic 51.71 +02 | ReutrGrp 73.67 -58 | Weathfdint 52.50 -1.60 | Dre mHRIEA m53.34 43 +230) Fmt ta m Go) no Tar | HitCrAdm) 6422-46 +18.7
BcSanChile 49.42. +.03 | Darden 45.39 +04 | Hershey 50.61 -69 | MellonFnc 42.21 -43 | ReynAms 62.58 -.17 | WellPoint 80.93 -.38 Re, tA m 41.18 -.45 423.1 | LifGr1 b 15.55 --15+20.7| HithCare 152.13 -1.07 +18.6
BkofAm 49.66 -.39 | Dassault 57.16 -94 | Hertzn 22.45 -.13 | Merck 50.22 -.83 | Rinker 79.03 -.15 | WellsFgos 35.18 -30 | Nyventc m 3960 434222 | Julius Baer Instldx 136.92 -1.48 +23.0
Bkirelnd 81.86 -1.77 Deere 116.65 +.10 Hess 57.97 -.94 Merrilllyn 87.30 -1.60 RioTinto- 280.60 -2.12 WstnUnn = 22.42_—-.33 NYVentY 4169 -45 +234 IntlEGA b 46.10 -.50 +36.7| InstPlus 136.93 -1.48 +23.0
BkMontg 64.33 -1.22 | Delhaize 98.37 +.05 | HewlettP 45.06 -.83 | MetLife 65.52 73 | RockwlAut 66.50 -.24 | Westpac 107.13 -1.87 | Dodge & Cox IntlEql 47.12 -51+37.0| InstTBdid = 49.06 -.27 +4.3
BKNY 39.68 -40 | Dellincif 2692 -68 | Hilton 34.32 -.52 | Metso 56.33 -76 | RockColl 6898 -.13 | Weyerh 80.27 -.40 | gal 90.03 -.86 +16,7 | Legg Mason InstTStPl 32.63 -.36 +23.4
BkNovag 48.71 -.01 | DeutschBk 142.66 -3.15 | Hitachi 71.92 -1.69 | Microchp 40.55 -.05 | RogCmgs 41.05 -.35 | Whrip! = 111.32 ~40 ‘| Income 1247 -.05 +5,2| Valuelnst 84,83 -1.07 +20.5] Intlcr 25,80 -.36 +33.1
Barclay 57.59 -37 | DeutTel 18.02 -.24 | HomeDp 37.36 ~=-.35~| MicronT 11.96 + -.03_| RoHaas 52.00 -.76 | WhtMtIns 604.49 +15.99 | IntlStk 47.93 -.44+33.7 | ValuePr b 75.95 -.96 +19.3] IntlVal 43.79 -.64 +32.6
Bard 84.28 = --.23 DevDv 56.09 -1.49 Honda 34.31 -.64 Microsoft 29.85 -.17 Rostele 53.22 -.88 WmsCos 29.71 = -.74 Stock 161.81 -1.98 +22.9 | Longleaf Partners LifeCon 17.06 -.12 +13.9
BarrickG 28.21 -.46 | DevonE 78.20 -52 | Honwilintl 56.64 -38 | Milleas 43.05 -1.63 | RoyalBkg 52.89 -71 | WillisGp 44.64 -36 | Excelsior LongPart 37.89 -.44 +26.8) LifeGro 25.29 -.26 +22.5
Baxter 56.23 +.41 | Diageo 84.03 +34 | HostHotls 2367 -.33 | Millicomint 85.30 -93 | RylCarh 42.70 -.36 | Windstrm 14.68 -.16 | ValRestrA 58.90 -.66 +30.9 | Loomis Sayles LifeMod 21.28 -.19 +18.0
BayerAG 70.79 -.23 | DiaOffs 92.54 -1.12 | HuanPwr 41.15 -.74 | Mirant 45.25 +13 | RoyDShIIB 76.73 -1.51 | Wipro 15.71 -.27_ ‘| Fidelity Bondi 14.46 -.11 +1011 widcp 21.76 -.24 425.1
Bearst 146.00 -239 | Directv’ 2264 +.01 | HudsCity 1283 -o7 | MitsuUF) 11.57 01 | RoyDShIIA 74.90 -1.22 | Wolseleys 24.74 ~.43 | AstMgr50 16.71 -.12 +13.6 | Lord Abbett MidCplst 21.84 -.23 +25.3
BectDck 74.44 -56 | DiscHoldA 2395 +41 | Humana 6256-72 | Mitsui 397.83 550 | Ryanairs 3818-56 | Woorifn 70.79 -105 | Bal Seen cities as ara Hom 20.34 204226
BedBath 3743-07. | Disney 33.56 ~62 | HutchTel 3220 +10 | MizuhoFn 14.54 -21 | SAPAG 48.12 92 | Wrigley 56.37 -51_ | Cauanr 28.94 304202 | MES alm Ae "! MulntAdml 13.03 ~.04 +2.9
Berkley 32.36 ©=-.68 -| DollarG —21.74 IAC Inter 32.96 -97 | MobileTel 56.13 +23 | SKTIcm 2611 -51 | Wyeth 5623-76 | Capinc 9:14 -044155 |totRetA m 1677 -14+167| Pacificld 13.14 214213
BerkHaA 109500 +100 | DomRes 82.01 -1.50 | ICICIBk 47.35 +45 | Mohawk 9891 -46 | SLGreén 132.56 -2.17 | Wyndhamn 36.17 -.30 | Contra 69.13 ~69 421.0 | ValueA m 2860 -26+257| Prmep 73.66 -.67 +21.6
BerkKHB 3618-~—-14_-'| DonlleyRR 42.50 -.17 | IMSHIth 31.69 -.07__ | MolsCoorsB 89.60 +1.99 | SLMCp 56.61 +46 ~| Wynn 94.05 -.28 | Discéq 31.79 -.34 +26.3 | Morgan Stanley Insti PrmcpAdml 76.49 -.70 +21.8
BestBuy 47.41. -.05_ | Dover 50.64 -30 | ING 42.54 -83 | Monsantos 60.13 -.74 | STMicro 1863 -36 | XLCap 81.37 -.52 | DivGrow —«33.63._~.32 +22.5 | intlega 22.04 -.25+26.8| REITIdx 24.48 -.43 +18.4
Biogenidc 51.07 -.14 | DowChm 4457 -81 | iShJapan 14.45 ~-.19 | Moodys 66.80 -1.65 | Safeco 61.88 -69 | XTOEngy 60.32 -38 | Divrintl 39.93 ~46 +29.9 | garmark STCor 10.47 -.03 +5.0
Biomet 45.48 -02 | DuPont 50.11 -.62 | iShDJDV 72.30 -1.03 | MorgStan 86.70 -184 | Safeway 3384 ~64 | XcelEngy 21.06 45 | Eqinc 61.69 -.69 +263 | Eqincl 27.19 --14+17.4| STGradeAd 10.47 -.03 +5.1
BlackRock 155.30 +97 | DukeEgys 1825 -.33 | iShSP500 149.82 -1.70 | Mosaiclf 35.57 -03 | Stlude 41.51 -.73 | Xerox 18.84 -.46 | Eqlncil 24.94 -.31 422.2 | inti | 27.32 -.17427.9| SmCapldx 35.11 -.44 422.6
BlockHR 22.79 -.79 | ETrade © 24.41 «= -.28- | Boeing 96.48 -1.07 | EONAG 50.53 -1.29 | iShEAFE 7853 -1.42 | MurphO 5839 -.60 | Sanofi 4438 -76 | YPFSoc 4205-15 | Feet 1491 a1 4149 | See! 35.33 ~43 4195] stratgceq 25.96 29 +245
BostProp 106.45 = -2.32 eBay 30.96 = -.53 iSRIKVnya 86.98 -.00 | NCRCp 52.16 -.71 Santos 44.58 -.42 | Yahoo 27.05 -.30 Free2020 1595 -.14 419.9 | Oppenheimer Totet2025 13.75 14 420.7
BostonSci 16.05 -.12 | EMCCp 16.30 -.33 | iShR2Knya 81.51 -1.36 | NEC 495 -09 | Saralee 17.67 -.01 | YumBrds 66.84 -91 | Free2930 «1650-16 421.7 | DeVMKtA m 46.16 -.39+50.4) eid) 973 06 444
BrMySq 28.69 «= -.49:‘|_ ENI 69.85 -.40 | ITT Corp 66.00 -.13 | NIHIdg 77.87 -.93 | Sasol 3453-31 | Zimmer —«-84.37 = --.63-| Govtinc 983-04 43,7 | SIObA m Hes 89 +25.9 | paid 973-06 +43
BritATob 65.45 -.35 | EOGRes 75.81 «+15 | ITW 5285 +31 | NRGEgys 43.41 +59 | Satyams 2492-67 | ZionBep 79.41 -1.17 | GrowCo 74.23 99 422.0 | MANDI Thad “OR ABA| Te oak oe sag
Growinc 32.80 -.32 +18.9 Bo See 2 Peyaaeternes
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intlbisc «41.07 42 4321 | PIMCO TotStiAdm 36.19 -.39 +23.3
TorontoStockExchange Tere 719 cod 24g {AllAssetl 12.76 -.09 48.4] Totstlins 36.20 -39 4233
Name Last Chg | Name Last Chg | Name Last Chg | Name last Chg | Name Last Chg | Name Last Chg | Levcost 34.07 -.33 436.7 |COMRIRSHL «14.12 -.20 41.1] TotStldx 36.18 -.39 +23.2
CoalcorpMino 66 -.01 | Abitibicons 2.91 +.02 | TeckComBSV 45.99 -~62 | CdnNatRail 55.82 -~43 | BombdrBSV 6.17 19 | BkMontreal 68.53 92 | LowPristk 46.84. -.40 +24.4 ae jon ne a Wellsl 21.97 -.20 +11.5
Nexen inc 31.65 -.50 | AuraGoldo 1.53 +.03 | Sandvineo 498 +12 | LionoreMng 27.11 -.06 | YamanaGldo 13.19 -59 | EqnoxMnriso 3.16 -.10 Hen yee ot oe | TotRetAdm b 10.07 06 +3.1| Welltn pee oe
TD Bank 72.26 -1.23 | Dynatec 4.65 -.19 | Crystallexo 4.15 -.12 | PaladinOrdo 7.72 -.15 | RoyalBnk 56.35 -.41 | SXRUranium) 14.53 -18 | QTc 4456 484279 | TotRetls 10.07 -.06 +3.4 oe oar es
BreakwaterRes 2.61 +07 | KinrossGold 13.35 -33 | CanWestUn 898 .. | EnCanaCorp 66.45 -.33 | StratosGlobal 6.84 -08 | PeruCoppero 6.45 -.01 | Overseas 48.75 -59 +31.1 | Pioneer Watce ane ards
NuvoResearch .32 +.06 | SthAmerGldo .05 -.01 | BCEInc 39.57 +26 | Opawicao 1-01 | LundinMng 12.47. -.27 ‘| StarfldReso 1.22 -.01 ey 20.81.19 +18.7 aoe a oon WndsrAdml 6666 -.74 +25.1
Oilexcoo «12.34. +.12 | EldoradoGld 5.94 -.05 | FirstNickelo 121 -.10 | BkNS 5192 +16 | AmerigoReso 252 .. | EasternPlat 2.36 +03 | ee ee eee eee wndsrll 37.68 -34 +256
UTSEngyCorp 5.36 +.06 SaskWheatPl 9.60 +.34 GoldcorpInc 25.35 -.23 UraMinincJ 7.95 +.20 HudBayMarls 24.10 -.34 TiominReso AT -.01 USBdlndx 10.61 -.06 +43] GrowincA m 21.19 -.22 +232] Western Asset
BarrickGold 30.03 -.32 NorOriono 5.60 -.05 TalismanEgy 21.14 -.14 FNXMining 32.77 --1.54 RioNarceaGld 5.25 -.06 ManulifeFin 38.70 +.15 Value 88.98 -.91 +26.1 | RiverSource CrPIBdins 10.14 -.08 +5.4









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THE TRIBUNE

BUSINESS

WEDNESDAY, JUNE 13, 2007, PAGE 5B



BORCO put up
for sale by PDVSA

& By NEIL HARTNELL
Tribune Business Editor

he Bahamas Oil

Refining Company

International

(BORCO), the
Grand Bahama-based oil bulk
storage terminal that is the
region’s largest, has been put
up for sale by its owner, the
Venezuelan state-owned oil
company PDVSA, The Tri-
bune can reveal.

Sources familiar with the sit-
uation yesterday confirmed the
potential sale, adding that “just
about every big oil company
is going to take a look” at
BORCO, which has a 20 mil-
lion barrel storage capacity.

The investment banking arm
of Citigroup, the world’s
largest financial institution, has
been hired by PDVSA to han-
dle the BORCO sales process,
which is understood to be tak-
ing the form of an open, trans-
parent ‘beauty contest’.

The Tribune was told that
all interested buyers had to
submit non-binding bids by the
end of June. These offers will
then be vetted by Citigroup,
which will help PDVSA in
drawing up a short-list of a
final four to five bidders.

These parties will then have
access to more detailed finan-
cial date on BORCO via a spe-
cially designed data room, and
be able to conduct a more
thorough due diligence
through site visits.

Decision

It is thought that PDVSA
will make a final decision on
the BORCO purchaser by the
end of August 2007.

Several sources yesterday -

expressed surprise to The Tri-

bune that PDVSA, which is
owned by the populist left-
wing government of Venezue-
lan president Hugo Chavez,
would decide to sell what could
be an important strategic asset
in the midst of the continued
financial benefits generated by
high global oil prices.

“That’s a mystery,” one con-
tact said. “PDVSA is doing
well. They don’t need the mon-
ey.

Interest

Interest in BORCO was
likely to be high, they said, due
to its unique geographical loca-
tion - proximity to the US and
potential as an oil tranship-
ment facility on the main ship-
ping routes in the Western
Hemisphere and to Europe,
plus the opportunities for
expansion.

BORCO also used to have
oil refining capabilities, and
sources said there was poten-
tial to further expand its oil
storage capabilities, as well as
get into alternative energy
forms such as liquefied natural
gas (LNG) and ethanol pro-
duction.

“It has many things going for
it,” a source said.

Yet some suggested that
PDVSA’s decision to sell and
seek a buyer may have been
prompted by the fact that the
company felt it would not
make economic sense to con-
struct a new refinery at BOR-
CO or upgrade the existing
facility, feeling it would tie-up
too much capital and not gen-
erate the needed return on
investment.

“You can’t use the existing
refinery. It’s too old and it’s
antiquated,” one source said.
“You’re talking about putting

in a lot of money to build ina
limited space, and now you’ve
got environmental matters
with Ginn down the road.”

BORCO is understood to
employ about 105 full-time
Grand Bahama-based staff,
plus another SO contractors. It
generates about $10 million
per year in net income, and
pays a $1 million per annum
fee to the Government to lease
the seabed.

Leslie Miller, the former
minister of trade and industry
in the PLP government, said
discussions had been held
about re-establishing BOR-
CO’s oil refinery capabilities,
with proposed refining capaci-
ty of 500,000 barrels per day.

Mr Miller said this, if suc-
cessful, would require a $2 bil-
lion investment and create 800
full-time jobs. In the 1970s,
BORCO was one of the
biggest refineries in the world,
but it closed in 1985 during a
world oil over-supply. Given
the current relatively high

global oil prices, some feel the

investment in re-opening the
refinery might be worth it.

Informed

The Tribune was informed
that Lester Mortimer, attorney
and partner at Callender’s &
Co, was acting for
PDVSA/BORCO in the sale.
When contacted by this news-
paper about the potential sale,
Mr Mortimer replied: “I can’t
comment.”

The Tribune was also
informed that Max Sweeting,
BORCO’s first vice-president,
was out of office until Friday
when it called seeking com-
ment.

It was told that Juan Jose
Ahumada, BORCO’s presi-

for |
‘oT |

Ethanol to give
Bahamas $1/2bn
export industry

FROM page 1

corn production really took off
in the Bahamas and became
an industry, it had the potential
to challenge tourism and finan-
cial services as a major employ-
er in this nation.

It would also reduce ship-
ping costs, Mr Joudi said, as
the shipping companies would
be able to return full boats to
the US, bringing rates for
imports and inbound journeys
down. /

To aid the corn ethanol
industry’s development, Mr
Joudi said there were several
structures that could be used,
such as the Government guar-
anteeing farmers $4 per bushel
and purchasing the product
from them, then exporting it
itself via a produce exchange.

He also suggested a pub-
lic/private partnership model
could be looked at.

Mr Joudi said the Ministry
of Agriculture and Bahamas
Technical and Vocational Insti-
tute (BTVI) needed to assist
the development of such an

INSIGHT

Forthe —
‘stories behind

ae
read Insight
on Mondays



industry, educating Bahamian
farmers and providing them
with the right tools, such as
planning their businesses and
strategies for maximising prof-

its. Loans for agricultural
development might also be
available from the World Bank
and Inter-American Develop-
ment Bank (IDB).

The Public Hospitals Authority

Bahamas National Drug Agency
PUBLIC NOTICE —

Tender for the Supply of Drugs
and Related Items

Tenders are invited for the Supply of Drugs and
Related Items for the Public Hospitals Authority and
the Ministry of Health, The Commonwealth of The
Bahamas.

The Supplementary Tender, which includes
instruction to the Tenderers along with other relevant
information, can be collected from the Bahamas

National Drug Agency, Market & McPherson Streets, |

Monday through Friday 9am - 5pm

A Tender must be submitted and duplicated in a |
sealed envelope or package identified as “Tender |

for the Supply of Drug and Related Items” and

Â¥ addressed to:

Managing Director
Public Hospitals Authority
Ist Floor, Manx Corporate Centre/Dockendale House
West Bay Strect
P.O. Box N-8200
Nassau, The Bahamas

All Tenders must be received at the above address
on or before 5pm Friday, July 6th, 2007. A
copy of a valid business license and National
Insurance Certificate must accompany all
proposals.

The Public Hospitals Authority reserves the right to
reject any or all Tender(s).



dent, would also be unavail-
able for comment.

PDVSA made a $40 million
investment to upgrade and
repair BORCO’s 73 oil stor-
age tanks in 2001, with storage
capacity increased from nine
million barrels to 20 million.

Terminal

The terminal has two jetties
and six deep sea berths, and
since 2001 PDVSA had been
focusing on getting BORCO
to maximum storage capacity
as a ‘break bulk’ facility, where
large oil shipments are blended
or broken down into smaller
consignments for onward
delivery.

BORCO had also been
looking for longer-term stor-
age contracts with its clients.
Some four major oil compa-
nies lease storage space from it,
including Total and, until
recently, the Brazilian firm
Petrobras.

The BORCO sale is the lat-
est industrial asset on Grand
Bahama to be put up for sale.
Mirant is in the process of sell-
ing its 55.4 per cent stake in
Grand Bahama Power Com-
pany to the Japanese con-
glomerate, Marubeni, while a
deal is also said to be in the
works for the former Uniroyal
plant.

Some suggested that one
possible bidder for BORCO
might be BISX-listed FOCOL
Holdings, although it is unclear
whether the company would
be interested or have the
wherewithal to do so, given
that it is still integrating the
former Shell Bahamas busi-
ness.

BORCO’s sale is expected
to attract ‘top dollar’ for
PDVSA.

Tan

RASC CCE

NOTICE. iy

INTERNATIONAL BUSINESS COMPANIES ACT. 2000
(No. 45 of 2000)

DENK INVESTMENTS COMPANY LIMITED

Notice is hereby given that in accordance with Section 138 (8)
of the International Business Companies Act, No. 45 of 2000,
of DENK INVESTMENTS COMPANY
LIMITED has been completed, a Certificate of Dissolution has

the Dissolution

been issued and the Company has therefore been struck off the

Registrar. The date of completion of the dissolution was June 4, 2007.



Small Retail Store specializing in
girls accessories is seeking a dynamic,
energetic, and highly motivated
assistant store manager with prior retail
managerial experience to handle all
aspects of store operations.

Please send resumes by e-mail to
bahamas.com@gmail.com

Phone: 394-7019







Clearing Banks Association
Public Advisory

The Clearing Banks Association is reminding the public
not to give personal or confidential banking information
such as savings or checking account numbers, or details
of credit card accounts to persons requesting these details
by telephone, e-mail or online via the internet.

c

It is not the policy of any member of the Clearing Banks
Association to have staff ask customers to verify or
update personal and confidential bank account
information by any of these methods.

Persons who provide any confidential banking
information to anyone other than an authorized banking
officer, run the risk of compromising their banking
information and exposing themselves to fraud, for which
our members cannot accept responsibility.

If faced with any of the above situations please contact
your bank immediately.

Bank of The Bahamas International

FirstCaribbean International Bank (Bahamas) Limited
Citibank, N.A.
Royal Bank of Canada
Commonwealth Bank Limited
Scotiabank (Bahamas) Ltd.
Fidelity Bank (Bahamas) Limited





eeey UU IU, OU

Inc IMIDUINE



Exploitation of

NOTICE

NOTICE is hereby given that LEROY COOKE of
DEADMAN’S REEF, 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 6th day of June, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N-7147, Freeport, Bahamas.

NOTICE

NOTICE is hereby given that MICHAEL NEVILLE of
WINTON HEIGHTS, P.O. BOX N-1770 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 6th day of
June, 2007 to the Minister responsible for Nationality
and Citizenship, PO.Box N- 7147, Nassau, Bahamas.















PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, JAMES MIGUEL
JULMAST of St. Alban’s Drive Heights, PO. Box SB-
52642, Nassau, Bahamas intend to change my name to
MIGUEL JABEZ THOMPSON. If there are any objections
j to this change of name by Deed Poll, you may write such
objections to the Chief Passport Officer, P.O.Box N-742,
Nassau, Bahamas no later than thirty (80) days after the
date of publication of this notice.



NOTICE

NOTICE is hereby given that MICHAEL BAUGHMAN of
SANDY PORT, 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. 6th day of June, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,
Bahamas.














NOTICE

NOTICE is hereby given that DEION ANDREA ROACHE of
#3 WILLIS STREET, P.O.. BOX N-8240, 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 6th day of
June, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



migrant workers
‘exaggerated’ by
US State reports

FROM page 1

may be subjected to conditions
of involuntary servitude.

“Although these migrants
arrive voluntarily in the
Bahamas to work as domestic
servants, gardeners and in con-
struction, local sources indi-
cate that labour exploitation
of these workers may be wide-
spread.

“Employers coerce them to
work long hours for no pay or
below the minimum wage by
withholding documents or
threatening arrest and depor-
tation.”

The US State Department
added: “While the Bahamas
has well-developed civil labour
laws that guarantee workers a
minimum wage, maximum
working hours and other legal
protections, it does not crimi-
nalise slavery or forced labour
practices. Moreover, migrant
workers usually do not have

Baha Mar partners

FROM page 1

Caesar’s brand, two chief exec-
utives of the Starwood organi-
sation.

“So we have survived a lot of
challenges, and we will survive
them all. Starwood and Har-

‘TEACHER WANTED

Teach 2 school age children (4 1/2 & 7 1/2) in home setting.
mcrae MM Re MC ed Cem CUE Co
PRT Om Cr CORSA ENC tC
PTT LL CRON OULU MUTE TE are Crge TT
SES CS TT TMC CCC ae ie A
Skills: bachelors degree, 3 years of experience, excellent
computer skills. Knowledge of Spanish a plus. Start dat

August 27, 2007.

MS Te ACUTE RAO







June 18, 2007.

THE COLLEGE OF THE I

Visit our website at www.cob.edu.bs Pave

REGISTRATION
FOR SUMMER SESSION II

will take place on
WEDNESDAY & THURSDAY,
JUNE 13-14, 2007 ONLY.

To accommodate the above mentioned
dates, please be advised that registration
for Fall Semester will be suspended on these
two days and will recommence on Monday,











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be Be RRS Bret SS
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CANS

(M.

Sot xt



access to labour protections
under Bahamian law.”

Brian Nutt, the Bahamas
Employers Confederation’s
(BECon) president, said that
while the US might be seek-
ing some specific statute to

deal with the prohibition of.

forced labour in the Bahamas,
he though this was already
dealt with in the constitution
and common law.

“I’m sure that even without
any specific statute law,
between the constitution and
common law, anyone involved
in forced labour and slavery
will receive punishment,” Mr
Nutt said.

The BECon president said
the exploitation of foreign
workers, making them work
long hours for inadequate pay
that was below the $150 mini-
mum wage, was not wide-
spread in the Bahamas to his
knowledge.

“It’s not something I’m
aware of as being any type of
common practice over here,”
Mr Nutt said. “I personally

rahs Bavé been very good part-
ners and we-appreciate their
support.”

Mr Izmirilan said the chal-
lenge in getting the project off
the ground was not the former
government.

“We are working closely
with the Government. The
challenge has not been the
Government; the challenge has
been the complexities of the
project. Tere are so many dif-
ferent aspects of the project
and working with the partners
- the casino company, the hotel
compan, working with the
Government - all those things
come together and it is like
putting a puzzle together.
Putting the puzzle together can
be complicated,” he added.

Mr Izmirlian said he was an
optimistic person, and was con-
fident Baha Mar and the new
FNM government would enjoy
a good working relationship.

Tourism Minister Neko
Grant told The Tribune that

Escenas

for ad i



have not come across any of
that, and not heard of it hap-
pening.

“But just because I’ve not
heard of it or come across it
does not mean it does not hap-
pen. It cannot be happening to
any great extent.”

Yet Mr Ferguson and Mr
Regnier disagreed. While say-
ing that the problem was not
“to the extent” indicated by
the US report, Mr Ferguson
said: “Practicing as a labour
attorney I have encountered
situations where migrant work-
ers are required to work longer
hours without adequate com-
pensation, and below the min-
imum wage.”

Mr Regnier added that
employers were known to keep
the work permits of migrant

Haitian workers as a way to |

control them, ensuring they did
not travel or seek employment
elsewhere.

Another forced labour issue,
Mr Regnier said, was that

_ Haitians were often having to

repay money they had bor-

_rowed from those who had

financed their journey to the
Bahamas, providing another
avenue to control the worker.

Describing the exploitation
of Haitian workers, especially
those who had come to the
Bahamas illegally, as “wide-
spread”, Mr Regnier said those
employed as manual or farm
labourers, working in the
fields, routinely earned wages
of around $30 per day - right |
on the minimum wage border-
line.

Again, if they came to the
Bahamas illegally, Haitian

“ workers found obstacles to

presenting cases of exploita-
tion to the Minister of Labour,
Director of Labour and the
wider department.
Mr Regnier said that give
the problems with Bahamian
labour relations generally, and
the mechanisms for resolving
disputes, undocumented
migrant workers were
“between a rock and a hard
place” when it came to resolv-
ing instances of exploitation...

staying the course

he could not speak to the nego-
tiations involving Harrah’s as
casino operators because he
was not aware of all the details.

However, he stressed that
the Government intended to
do everything it can to facili-
tate the Baha Mar project.

“We consider them one of
our major stakeholders in the
industry, and we are prepared
to work with anyone and
everyone. I am pleased with
the steps that they have taken
to restore the lustre and excite-
ment to the Cable Beach
Strip,” Mr Grant said.

Moving forward, Don
Robinson, Baha Mar Resorts
president, said that right now
occupancy levels have been
suffering because of all of the
construction.

“So once we opened up,
obviously it will come back as

people view the property,” he -

said.
He added that a number of
wholesalers and travel agents

have viewed the Sheraton, and
are excited about what they
see.

He said that once the reno-
vation is completed, they
expect 2008 to be a good year
for the Cable Beach Resorts.

Mr Robinson added that a,
number of Harrah’s managers:
are working with the Crystal
Palace casino staff, training
them, learning Bahamian reg-
ulations.and understanding
what it is like in the Bahamas,
teaching the best pratices of’
casino work. et:

“The next step is finishing
the negoitations. A lot of the
work we are doing now is on
the design and making sure
that it is done perfectly and
done right. We have the luxu-
ry of the time to make sure
that the blue prints are correct,
so that is what we are doing.
now,” Mr Robinson said.

He also indicated that a deci-.
son on the Nassau Beach
Hotel had not yet been made.

Communities &

Ue ee

—
?
e









THE TRIBUNE WEDNESDAY, JUNE 13, 2007, PAGE 7B
: eo, To ativertise in The Tribune,
- Doctors Hospital Biiiaam

ARR F 2S ISLES as oS EBERT ATI S 29.0

re

ON PAS oe

in 34.4 per cent

profit rise

@ By NEIL HARTNELL

Tribune Business Editor

DOCTORS Hospital Health
Systems (DHHS) generated a
34.4 per cent net income rise
for the first quarter in its 20008
fiscal year, as a 6.9 per cent
increase in total revenues out-
paced a 4.7 per cent expansion
in expenses.

Unveiling its results for the
three months to April 30, 2007,
the BISX-listed healthcare ser-
vices provider revealed that
net income rose to $1.314 mil-
lion, compared to $978,000 for
the 2006 comparative period.

The net income performance
was driven by a combination
of increased revenues, coupled
with reduced interest expenses
and losses associated with the
Western Medical Plaza facility,
which outpaced growth in total
expenses.

Driven by a 6.7 per cent
increase in net patient services
revenues, which rose to
$10.249 million from $9.604
million the year before, total
revenues for the fiscal 2008
first quarter grew to $10.402
million compared to $9.733
million. ;

Report

In his report to sharehold-
ers, Joseph Krukowski, DHHS
chairman, said all departments
generating patient services rev-
enue were positive contribu-
tors during the three months

‘to April 30, 2007.

bas.

Yous

But he added that DHHS
“continues to face challenges
from increasing expenses”, dri-

ee

ven by the rising cost of med-

ical supplies, employee benefits
and salaries and pharmaceuti-
cals/drugs.

Total expenses for the 2008
first quarter rose by $0.4 mil-
lion or 4.7 per cent, growing
from $8.479 million to $8.879
million.

Taxes

Mr Krukowski noted that
government taxes and fees
increased by 10.5 per cent, ris-
ing from $200,000 to $221,000.
Other operating expenses,
which includes items such as
insurance and leases, grew by
22.6 per cent, from $933,000 to
$1.144 million.

Medical supplies and ser-
vices costs grew by 12.4 per
cent to $2.628 million, com-
pared to $2.338 million the
year before, while payroll costs
increased by 8.1 per cent -
growing from $3.42 million to
$3.697 million.

Mr Krukowski said Western
Medical Plaza “continues to be
a challenge as we seek a buy-
er”, but the losses from this
facility - and the drag on
DHHS results - had decreased
as a result of inflows from
rental income earned on the
property.

For the 2008 first quarter,
losses from Western Medical

Plaza had decreased slightly, ©

to $145,000 from $188,000.
Meanwhile, DHHS had
been able to close the sale of
five acres of undeveloped com-
mercial land on Blake Road.
The $1.038 million deal, which
had awaited approval from the
Government’s Investments
Board and exchange control

approval from the Central
Bank of the Bahamas, likely
due to the involvement of for-
eign interests in the unnamed ©
acquiring company, generated
a $16,000 gain for DHHS.
During the 2008 first quarter,
accounts receivable owed to-
DHHS by self-pay and unin-
sured patients increased by .
39.2 per cent, growing from
$951,000 at January 31, 2007,
to $1.324 million at first quar-

ter-end.

And accounts receivable
owed by third party payors,
such as private health insur-
ance companies and govern-
ment entities, had risen by 16.2
per cent since the end of fis-
cal 2007. They had grown from
$5.521 million to $6.417 mil-
lion.

DHHS has a $6.2 million
provision for net accounts
receivables.

BCA

RAHN TONHANON ANON ONAN NNN

BAHAMIAN CONTRACTORS’ ASSOCIATION

sannasanas gene ronanongaa ans nnnannengnnRNnONRNHNGNOORNN

ANNUAL GENERAL MEETING

Notice is hereby given that the 2007

Annual General

Meeting of

the

Bahamian Contractors Association will
be held at the Nassau Yacht Club, East

Bay Street,

Nassau,

Bahamas, on

Thursday, 14th June, at 1 pm.



KPMG. =

qq

si UBS

UBS Trustees (Bahamas) Ltd., a leading international trust
company, is looking for a

New Business Officer

Responsibilities:
Review business established to ensure policies and
procedures are adhered to;
Ability to vet tailor-made deeds;
Undertake the processing of new business ensuring
proper due diligence is in place and adherence to
policy and procedures;
Serve as signatory on assigned companies;
Handle research into and prepare responses to client
enquiries including responding to and preparing a
range of correspondence;
Undertake the processing of New Business ensuring
proper due diligence is in place;
Prepare proper minutes, resolutions, account opening
forms, share certificates and relevant checklists for
new accounts;
Liaise directly with clients, their professional advisers,
trust company agents, bankers, investment advisors,
etc. in respect of routine matters;
Review and maintain accuracy of static and processing
data;

Required Qualifications:

STEP designation;

5 years of trust administration experience;

5 years legal experience;

Good analytical skills;

Good knowledge of finance industry in general and
especially foundation business and fiduciary products;
Good interpersonal skills;

Computer literacy;

Interested persons should submit a full resume, to:

UBS Trustees (Bahamas) Ltd.
Human Resources

Re: New Business Officer
P.O. Box N-7757

Nassau, Bahamas

or
hrbahamas@ubs.com
Re: New Business Officer



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SUMMER SCHOOL

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

Supervising Senior/Seniors

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The successful candidates for the Supervising Senior/Senior positions must have at least three to four years
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Applicants should submit a cover letter, resume, and a copy of their professional certification to: KPMG, Human Resources
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393-1303
OR COME IN TO REGISTER
VILLAGE RD SOUTH OF QUEEN'S COLLEGE

Bis

Pricing Information As Of:
12 J 2007

Change Daily Vol. EPS $ Div $
Abaco Markets

Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste °+
Fidelity Bank

Cable Bahamas

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

Finco

FirstCaribbean

Focol

Freeport Concrete

ICD Utilities

J. S. Johnson

NATURE

nautilus

_ GENERAL WORKER NEEDED.

With knowledge in electrical
and plumbing

S52wk-Low
12.25 Bahamas Supermarkets
10.00 Caribbean Crossings (Pref)
0.20 RND Holdings

Worker must be able to work a
12 hour shift.

‘00 A\
14.00 Bahamas Supermarkets
0.35 RND Holdings

1.341839*
3.2018°**
2.681688**
1.244286°**"
_11.5519**""*

Colina Money Market Fund
Fidelity Bahamas G & | Fund
Colina MSI Preferred Fund
Colina Bond Fund

Fidelity Prime

Please contact us at:
—1-(242)-377-0444-6 or 15519 11.0199.
Fax resume to 1-(242)-377-0276. _

Serious Inquires Only



YIELD - last 12 month dividends divided by closing price NA V KEY
Bld $ - Buying price of Colina and Fidelity
Ask § - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price
Weekly Vol. - Trading volume of the prior week

52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today
DIV $ - Dividends per share paid in the last 12 months
.. -RLE --Closing price divided by the last 12 month earnings

*- 41 June 2007

** - 30 April 2007
EPS $ - Acompany’s reported earnings per share for the last 12 mths
NAV - Net Asset Value

N/M - Not Meaningful

FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

*** 31 May 2007

see" - 30 April 2007

ek - 31 May 2007

JNEORMATION CALL (242) 354-3803



2 FO TRADE CALL: COLINA 240-6004

a



woe we tiwitt

PAGE 8B, WEDNESDAY, JUNE 13, 2007

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, :
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 :
SHIRLEY CARLTON SHARP, the Executrix of |
the Estate, by The Circuit Court, Probate :
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 |

: one of the States of the United States of

: America, deceased.

the 11th day of October 2005

Signed
Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS |
THE SUPREME COURT :

PROBATE DIVISION

June 14, 2007 :

No. 2007/PRO/npr/00262

_ Whereas, CHRISTA WAGNER of 1180 Vienna, |
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, :

Starkfriedgasse 51,

deceased.

_ No. 2007/PRO/npr/00263

deceased.

Notice is hereby given that such applications 3
: 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

deceased.

: 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
: of New Providence, one of the Islands of The
: Commonwealth of The Bahamas, deceased.

Sign
Desiree Robinson
(for) Registrar

No. 2007/PRO/npr/00264

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, Newel?

: of the Islands of-the: Comm

: 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 :

THE TRIBUNE BUSINESS

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 eon 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

: 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
Nicoya Neilly
(for) Registrar

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

2007/PRO/npr/08269 paige

: INTHE ESTATE OF WILLIAMS S. GLASS, late.
? of 3340 Cambridc'e 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,
j : 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 :
? No. 2007/PRO/npr/00270

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

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 late 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





WEDNESDAY, JUNE 13, 2007, PAGE 9B

THE TRIBUNE BUSINESS



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PAGE 10B, WEDNESDAY, JUNE 13, 2007






- 6:00pm 12 midnight

Featuring:

Colin McDonald,
Nehemiah Heild, Nita

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the Abuco Teurist Office at 242-367-3067

THE TRIBUNE



Ex-Lyford Cay
resident gets
87 months

@ By NEIL HARTNELL
Tribune Business Editor

A FORMER Lyford Cay
resident has been sentenced to
87 months in prison and
ordered to pay $34 million in
restitution after pleading guilty
in a US court last year to
defrauding investors out of $47
million through a fraudulent
investment scheme he operat-
ed.

Eric Resteiner, 48, was sen-
tenced on May 16, 2007, in the
US District Court in Massa-
chusetts, having earlier pled
guilty to seven counts of wire
and mail fraud relating to a
fraudulent ‘Ponzi’ scheme that
defrauded about 50 investors.

Mr Resteiner, a Christian Sci-
entist practitioner who was
described to The Tribune as a
“very flamboyant figure” dur-
ing his time in the Bahamas,
misappropriated investor
monies to fund his lifestyle,
“which included maintaining a
significant home in Lyford
Cay”.

To facilitate the scheme,
which involves paying off older
investors with new investor
monies, Resteiner allegedly
deposited investor funds into
accounts at Scotiabank and the
former Barclays Bank in Nas-
sau.

He opened and “exclusive-
ly” controlled these accounts,
which were in the names of
Swiss Asset Management Cor-
poration, Wail Street South
Corporation and Osaka Ltd.

There is nothing to suggest
that Scotiabank, Barclzys or
the latter’s successor institution,
FirstCaribbean International
Bank (Bahamas), have done
anything wrong in relation to

a

the Resteiner affair.
Resteiner allegedly told
investors, most of whom were
fellow Christian Scientists, that
they would enjoy returns of 4-5
per cent per month on their
investments via a European
investment technique known as

‘forfeiting’.

The US District Attorney’s
office had previously alleged:
“Resteiner told victims that
their investment was risk-free
because the instruments he was
trading were backed by Dou-
ble A rated banks, the trades
were pre-confirmed, and the
investors’ principal would nev-
er be at risk because these
instruments could be cashed-in
at the banks at any time.

“Tt is alleged that in fact,
Resteiner well knew he was not

a trader and had no way to gen- ©

erate income to provide the
promised returns; the victims’
principal was not safe and, in
fact, was being used for his own
personal use and to pay pur-
ported ‘interest’ payments to
victims in order to lure more
investors and more money into
the scheme.”

Tribune Business first
revealed Resteiner’s alleged
wrongdoings after he was sued
by the Securities and Exchange
Commission (SEC) in relation
to the same investment scheme.

In the SEC lawsuit, Restein-
er and a fellow Bahamas resi-
dent, Voldemar VonStrasdas,
allegedly promoted their
scheme through many investor
meetings in Nassau.

The SEC alleged that until
May 2000, Resteiner, whom
lived in the Bahamas from the
mid-1990s until May 2000, and
VonStrasdas received investor
funds and made monthly pay-

Life

ments. After that date pay-
ments ceased and no investors
got their money back before
the SEC lawsuit was filed in
2001.

The pair had default judge-
ments entered against them in
relation to the SEC lawsuit in
May 2002, ordering them to
each pay $4.4 million in civil
penalties and disgorge and pay
interest worth more than $25
million. VonStrasdas allegedly
filed for bankruptcy in Febru-
ary 2003, urging the SEC to

recover the funds from Nassau |
and denying ail the allegations |

against him.

To placate investors worried
about their investments, the
SEC alleged that VonStrasdas
represented in a letter that the
Central Bank of the Bahamas
had frozen all Resteiner’s
assets, which he claimed were
worth $90 million.

Resteiner was alleged to have
begun the Swiss Asset Man-
agement scheme in 1997 at a
meeting in the Bahamas, and
then started work on soliciting
investors for the Resource F
and Wall Street South schemes.

At least $12 million of the
Resource F funds raised dur-
ing 1999 and 2000 were even-
tually transferred to a Wall
Street South account in the
Bahamas. A further $7 million
raised under the Wall Street
South name was “wired or
deposited by investors into one
or more bank accounts in the
Bahamas controlled by the
defendants”, while $3 million
raised under the Swiss Asset
Management alias between
1997 and 1999 was also trans-
ferred by investors to Bahamas-
based accounts controlled by —
Resteiner and his associates.

ay

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Full Text
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SSF |
74F



i'm lovin’ it.

|



“ates. SUNSHINE

Volume: 103 No.167



eae
| a Se CLOUDS AND

Che Miami Herald

BAHAMAS EDITION

WEDNESDAY, JUNE 13, 2007





PRICE — 75¢




FEATURES





Three incidents
within 24 hours

@ By ALISON LOWE
Tribune Staff Reporter

THREE separate shootings
within twenty-four hours occur-
ring less than a mile apart in an
East Street community have left
two people dead and one in critical
condition — raising the spectre of
gang-related violence.

The week began with yet anoth-
er round of firearm-assisted bru-
tality Monday evening when two
young men were gunned down —
one on each of the roads that runs
parallel to the Church of God of
Prophecy off East Street.

One man died that evening of
gun shot wounds to his head, while
a second is being treated in hospi-
tal. ;

On Monday police were uncer-
tain whether the incidents were
committed by the same person, or
were in any way connected. No
one has yet been detained in con-
nection with the shootings.

Later, yesterday afternoon at
around 3 o’clock as school chil-
dren flooded the streets, a 21-year-
old, believed to be D'Angelo
Armbrister, was found shot in the
face outside his girlfriend’s moth-
er’s home on Brougham Street —
the road that runs directly opposite
Church of God of Prophecy, on
the other side of East Street.

While police would not confirm
his identity, neighbours and others
in the large crowd that had gath-
ered were convinced, due to the
location of the body — outside
the house of his girlfriend's moth-
er — and other factors, that it was
indeed d’Angelo.

His body lay in the road, his
head in a pool of blood, as friends
and relatives broke down in the
street on hearing of his death.

Meanwhile, his three-month-old
daughter was held by a family
friend, on whose shoulder she

SEE page 10

Female store clerk
dies after stabbing

@ By DENISE MAYCOCK

Tribune Freeport Reporter

FREEPORT — A young female store clerk who was brutally
stabbed while at work in Eight Mile Rock died early Tuesday
morning at the Rand Memorial Hospital.

Roselyn Louis, 20, a resident of Hepburn Town, Eight Mile
Rock, died of her injuries around 1.05am in the Intensive Care Unit.
Her death pushes the murder count on Grand Bahama to seven for

the year.

Ms Louis, an employee of ‘Keeping Babies Until Two’ store, was
discovered lying on the floor in the store in a pool of blood on Mon-

day.

Chief Superintendent of Police Basil Rahming said the police are
seeking the public’s assistance in capturing the perpetrator of this

SEE page 10

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US report: Bahamas may face problem
of labour exploitation of immigrants

@ By KARIN HERIG
Tribune Staff Reporter

THE Bahamas may be fac-
ing a significant problem of
labour exploitation of immi-
grants, according to the US’
annual human’ trafficking
report.

For the second consecutive
year the Bahamas has been des-
ignated as a “special case” in
the US Department of State’s
Trafficking in Persons report.

Addressing the media on the

report yesterday, Dan O’Con-
nor, chief political, economic
and public diplomacy officer at
the US Embassy, said that
although the Bahamas is still at
the “lowest rank of concern’
unlike most of the region —
there is data that suggests that
the country has a possible
labour trafficking problem.

Mr O’Connor explained that
although the 2007 report on the
Bahamas is very similar to that

SEE page 10

i
#
Z
2







@ ABOVE: Police remove the body of a 21-year-old man who
was fatally shot on Brougham Street yesterday.
(Photo: Tim Clarke/Tribune staff)

@ LEFT: The body of a 20-year-old man is carried by police
near the Church of God of Prophecy off East Street.
(Photo: Felipé Major/Tribune staff)



Minister claims PLP
spending left the
Bahamas Mortgage
Corporation unable
to pay contractors

PLP ‘approved
SUE
TRCN)

TNT PTET a}

MTA Court




By BRENT DEAN
Tribune Staff Reporter



@ By PAUL WHEN the FNM came to
TURNQUEST power the Bahamas Mortgage
Tribune Staff Corporation was at the stage
Reporter where it was unable to pay con-

tractors, due to the irresponsible
spending of the former govern-
ment, according to Kenneth
Russell the new Minister of
Housing and National Insur-
ance.

Mr Russell told the House,
during his budget contribution,
that one of the first pieces of
correspondence he received as °
minister was revealing the state
of the corporation, including a
request for another bridge loan
to finance the organisation.

The Mortgage Corporation is
financed through the sale of
government guaranteed bonds,
which supplies funds for the
construction, purchase, enlarge-
ment and renovation of homes.
In 2005, Mr Russell said, gov-
ernment approved an addition-

SEE page 10

THE Progressive Liberal
Party approved $90 million
worth of contracts in the
Ministry of Works from
January of this year up until
the general election on May
2, newly appointed Minister
of Transport and Public
Utilities Earl Deveaux told
the House yesterday.

This figure is some $30
million more than the PLP
had projected in any budget
it presented ftom 2002/2003
to 2006/2007.

During his Budget con-
tribution, Mr Deveaux
revealed that of the 29
major projects, valued
above one maillion dollars

SEE page 10













Fax

info@ssibahamas.com . www.ss




FAUE 2, WEUNESUVAY, JUINE 13, ZUU/ THE TRIBUNE
Bs ; LOCAL NEWS

Sheraton Cable Beach opens

SHERATON Cable Beach Resort, previously expansive set of guest offerings and amenities,





know as Radisson, officially opened its doors along with those of the neighbouring Wyndham
with a flag-raising ceremony yesterday. Nassau Resort.

Owned by Baha Mar Resorts and managed by

Starwood Hotels, this resort promises an ¢ SEE Business

Mu



B CHAIRMAN and CEO Baha Mar Sarkis Izmirlian, and Minister of Tourism and Aviation Neko
Grant looking at the food serving areas

———o



Hi GENERAL manager Hans Altenhoff and Neko Grant examine the acl of ‘tues in the
bedrooms

@ FROM left to right, the
MC at the event Robert
Sands, Sheraton Cable
Beach Resort GM Hans
Altenhoff, chairman/CEO
Baha Mar Sarkis Izmirlian,
Don Robinson and Minister
of Tourism and Aviation
Neko Grant at the Sheraton
flag-raising yesterday

(Photos: Tim Clarke/
Tribune staff)



among the best of the best
at gama toronto conference

Family Guardian’s Financial Services Division has been awarded the 2007
Gold Master Agency Award by the General Agents & Managers Association
International (GAMA). The award, presented at GAMA's Toronto conference,
recognizes insurance agencies or companies considered to be at the top of
their industry.

Agency Managers John Hepburn, Ann Marie Major and Ingrid Rose
were each awarded the Bronze International Management Award
for their individual agency’s performance.

GAMA promotes the professional development of managers

in the insurance and financial services industry through education, research,
and networking with professionals through its international membership.
For over 35 years GAMA has recognized nearly 36,000 sales leaders

in the industry worldwide through its management awards programme.









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CLASSIFIED SECTION 8 PAGES
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© 2007 ADWORKS


THE TRIBUNE

WEDNESDAY, JUNE 13, 2007, PAGE 3





© In brief

Constable
airlifted
after traffic
accident

FREEPORT - A police con-
stable was airlifted to a New
Providence hospital after being
seriously injured in a traffic acci-
dent on the Warren J Levarity
Highway on Monday.

Police reported that speed
was a factor in the accident that
occurred around 4.35pm when
the vehicle, driven by 26-year-
old Constable Elliot Melus of
Freeport, spun out of control
and overturned several times.

According to Chief Supt Basil
Rahming, Mr Melus was dri-
ving his black 1998 Lincoln Jeep
east on the highway, heading to
Freeport from West End.

Neva Elidore, 30, of Green-
way Drive, and Jqghnny
Francois, 21,.of Pioneers Way,
were passengers in the vehicle.

While approaching the wind- -

ing curve in the vicinity of Rock
‘Island Grille Restaurant and
Bar, Mr Melus attempted to
slow down.

The constable lost control of ~

the car and skidded along the
road before overturning several
times.

Mr Melus was ejected in the
process and sustained serious
injuries, including two broken
legs.

Ms Elidore and Mr Francois
were treated for minor injuries
and discharged from hospital.

Mr Melus was flown to the
Princess Margaret Hospital in
New Providence.

Traffic police are investigat-
ing the accident.

Cuba’s first
Episcopal
woman bishop
feels ‘honoured’

@ HAVANA ©

NEW Episcopal Bishop Ner-

va Cot Aguilera, the church’s
first female bishop in Cuba and
the developing world, said Mon-
day she welcomed the oppor-
tunity to show what women can
do if given the chance, accord-
ing to Associated Press.

“I feel very honoured by my
designation,” Cot told Associ-
ated Press in a phone interview,
a day after being consecrated
at the Holy Trinity Episcopal
Cathedral in Havana. “It’s a his-
toric act that demonstrates
women’s possibilities.”

Cot’s designation as suffra-
gan bishop was first announced
in February.

“Her appointment is a won-
derful reminder that in some
nations, leadership is primarily
about gifts for service and not
about gender,” US Presiding
Bishop Katharine Jefferts
Schori, who took office in
November as the first woman
to lead the church, said at the
time.

Also consecrated on Sunday
was Cuban’s other new suffra-
gan bishop, Ulises Mario
Aguiera Prendes.

Cuba’s Episcopal Church has
about 10,000 members in a
nation of more than 11 million.
A majority of Cubans are nom-
inally Roman Catholic; but
Protestant denominations and
the African-influenced faith
Santeria have gained in popu-
larity in recent years.

Cot was a secondary school
teacher before church reforms
permitted her ordination as one
of the first three Episcopal
women priests in Cuba in 1987.





think, say or do

1. ls it the TRUTH?

2.ls it FAIR to all
concerned?

3. Will it build
GOODWILL and
BETTER
FRIENDSHIPS?

4. Will it be

BENEFICIAL to
all concerned?
rye
EXTERMINATORS

We
Maerz eb



LOCAL NEWS

‘Double murder charge prompts



call for examination of bail

H By ALISON LOWE
Tribune Staff Reporter

A MAN charged Monday in
a double murder was on bail
for another murder at the time
— prompting renewed calls for
action to be taken to avoid pos-
sible repetition in the future.

“Really what this has done
is put the justice system under
the spotlight yet again in a neg-
ative way,” lawyer and human
rights activist Paul Moss said
yesterday.

The backlog of individuals
awaiting trial, the laws relating
to bail as well as the monitoring
of suspected criminals who are
released under those laws are
all serious factors that need to
be addressed if such repeat
offences are to be halted, com-
mentators say.

Hilfrant Francois Joseph was
charged Monday with the mur-
der of Denise Clarke, 42, and

Z Livingston Johnson, also 42.

The constitution stipulates

that individuals cannot be
detained for more than a “rea-
sonable” period of time with-
out coming to trial. This means
that after two years a person
has a right to petition for bail. It
is not known how long Joseph
was detained on the previous
charge before being granted
bail.

Yesterday, murder victims
advocacy group — Families
Against Murder — called for
a group to investigate and
make recommendations as to
what can be done to curtail the
“seemingly frequent granting
of bail to persons charged with
murder”.

Mr Moss, and former assis-
tant commissioner in charge of
crime Reginald Ferguson claim
that such incidences weaken
public confidence in the justice
system.

“This is the system that real-
ly keeps the country afloat, if
people lose faith in our admin-
istration of justice system, if



@ PAUL Moss

they lose faith in our court sys-
tem it means we are no differ-
ent from a failed society — and

that means that nothing will '

happen, everything is broken,”



said Mr Moss.

Mr Ferguson suggested that
the Bahamas might need to
consider if “what is good for
other countries” — such as the
UK or US — is “good for us”
in terms of the constitutional
requirement on bail.

“We have to do what we
need to do to deal with our
own situations,” he said.

Witnesses of crimes, and
friends and relatives of victims,
as well as senior police have
spoken out in the past about
the potential for bailed indi-
viduals to engage in intimida-
tion — a factor that is exacer-
bated by the small size of this
country and its communities.

“We must have more courts,
more judges, more prosecutors
and more police officers in
order to have swift and timely
trials for those persons who are
accused,” said Mr Moss.

In this way, difficult decisions
about how best to handle those
accused of serious crimes who

have spent enough time in
detention prior to being
assigned a trial date to warrant
bail would be a less common
occurrence.

This year’s Speech from the
Throne indicated that a gov-
ernment priority is increasing
the swiftness with which justice
is administered.

Under secretary in the Min-
istry of National Security, Peter
Deveaux-Isaacs also affirmed
that it is a matter of priority
for the new government to find
a way to address the bail issue.

Electronic monitoring —
which would require bailed
individuals to wear an ankle
bracelet that could be tracked
— is one of the options "under
active consideration" by
National Security in conjunc:
tion with other ministries to
allow authorities greater con-
trol over freed individuals, he
said. Although he added that ,

‘ the process was only in the dis-

cussion stage at present.

condemns comment on US relations

Mitchell

THE assertion that relations
between the US and the
Bahamas have improved since
the victory of the FNM on May
2 is “inane, silly and childish”,
Fox Hill MP and former For-
eign Affairs Minister, Fred
Mitchell, said yesterday.

Mr Mitchell said his succes-
sor, Deputy Prime Minister
and Minister of Foreign
Affairs, Brent Symonette,
should be “condemned” for a
comment he made last week
when he stated that relations
between the two countries had
improved. since the establish-
ment of the new government.

“What I take strong objec-
tion to, and what I find offen-
sive, is his assertion that since
he became foreign minister the
relationship between the Unit-
ed States and the Bahamas is
much better than it was under
the PLP,” Mr Mitchell said.

“They have been in power
for just about five weeks and
there is nothing they have done
that demonstrates the logic of
what he says.”

Mr Mitchell said that has
been no change in the rela-
tionship between the two coun-
tries since May 2.

He added that Mr Symon-

ette’s claim that he is a friend
and neighbour to the US
Chargé d’ Affaires, Dr Brent
Hardt, has nothing to do
with the interests of two
countries.

“It was certainly improper
for Mr Symonette to bring the
US diplomat into a matter
which is purely domestic, mak-
ing him the subject of contro-
versy and compromising his
independence of action in the

Bahamas. Mr Symonette just

doesn’t get it,” the Fox Hill
MP said.

Referring to the deputy
prime minister’s contribution

NIB owed more than $4m
by ZNS and Bahamasair

ZNS and Bahamasair, both
subsidised from the public trea-
sury, each owe the National
Insurance Board more than $2
million.

Housing and National Insur-
ance Minister Kenneth Russell
revealed this in the House dur-
ing his budget contribution,
saying that his ministry will try
to collect these funds in the

coming fiscal year.

“The success of the NIB and
its ability to sustain funding
social programmes depends on
its ability to not just collect
contributions from those
employers who voluntarily pay,
but to ensure compliance from
most of the persons who are
obliged to pay,” Mr Russell
said.

“Contributions need to be
collected when they are due
or shortly thereafter. NIB

needs to implement aggres-—

sive and creative collection

efforts and implement public

relations programmes to build
support for future increases
by explaining NIB’s success
in this area,” Mr Russell
added.

Thick fog is blamed for
serious traffic accident

@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - Thick fog is
thought to have been a major
factor in a traffic accident that
resulted in one person being
airlifted to a Florida hospital
on Sunday, with another two
sustaining minor injuries.

American Scott Langen, 27,
of Delray Beach, Florida, and
his colleague Troy Forte, 25,
of Palm Beach, Florida, were
on Grand Bahama Highway
around 5.50 am, placing plastic
cones on the road as markers
for a triathlon event sched-

uled to start at 6am on Sun-

day.

Visibility was poor, as thick
ground fog conditions were
reported in the area at the
time, according to police
reports.

Chief Superintendent Basil
Rahming said a white Toyota
Corolla, license #5D786, was
travelling east of the water
tanks on Grand Bahama High-
way when the driver, 21-year-
old Shelton Roberts, of
McCleans Town, crashed into

a parked van with the licence ,

number SD#1398.
Both Langen and Forte, who

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448 Church & Shirley Streets,
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. Nassau Bahamas)
(Church St. Plaza is opposite Epworth Hall on Shirley St.)

Our telephone and fax numbers will
remain the same.

were in the road putting down
the plastic markers, were
struck.

Two ambulances were dis-
patched to the scene and trans-
ported all three persons to the
Rand Memorial Hospital.

Roberts and Forte were
treated for minor injuries and
discharged. However, Langen,
the event director for Exclu-
sive Sports Marketing, sus-
tained multiple broken ribs,
and was stabilised at the hos-
pital before being airlifted to
hospital in Florida.

Police investigations are con-
tinuing into the accident.

to the budget debate, Mr
Mitchell said the new govern-
ment has embraced all the for-
eign policies of the PLP.

Mr Mitchell also criticised Mr
Symonette for giving credit to
the ministry of foreign affairs
for accomplishing certain ini-
tiatives, rather than himself.

“It was interesting to sec how
he wangled his way through-his
presentation, giving credit to

the ministry but not to the min-
ister,” Mr Mitchell added.

“It was not the ministry that
accomplished the signing of the
comprehensive maritime agree-
ment with the United States or
the ministry that accomplished
the mega-ports initiative. It was
not the ministry that accom
plished the accord with India.
It was the minister, and that
minister was Fred Mitchell.”

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PAGE 4, VWWEDNESDAY, JUNE 13, 2007 THE TRIBUNE

EDITORIAL/LETTERS TO THE EDITOR

S2.8m for
school was
not wasteful -





~

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, Dy, DiLat.

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 deciGans Giatoald aliBek he

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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352
Circulation Department - (242) 502-2387
Nassau Fax: - (242) 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608
Freeport fax: (242) 352-9348

Press freedom under attack again

ON FRIDAY a PLP MP suggested that the
House should consider taking punitive action
against a “biased” media by withholding gov-
ernment advertising.

We have heard these words before. The Tri-
bune has even experienced 25 years of such
an experiment under the former PLP regime, so
we are not surprised. The only feature about
this that does surprise — even shock us — is
that such unenlightened words should have
fallen from the lips of Philip “Brave” Davis,
PLP MP for Cat Island. Mr Davis is a man
who we have always considered head and
shoulders above his PLP colleagues when it
comes to sound commonsense.

Mr Davis did not define what he meant by
“biased”, nor did he say who would decide
what was biased. Of course, if put to the test
one would discover that in PLP eyes anything
would be “biased” that was not in lock-step
with their thinking.

It was obvious that Mr Davis was deeply
offended by Tribune Managing Editor John
Marquis’ Monday morning column, “Insight,”
which he termed a “media blitz” that went a
“long way in focusing public opinion and cre-
ating a sense of the negative with respect to the
Christie administration.”

Mr Davis would term that column, which
encapsulated the views of a wide circle of
Bahamians, as biased. However, there was an
even larger section of the public that welcomed
the column. To them it was not only “bang
on”, but it expressed their own views in a way
that they could not. Maybe if the PLP had paid
more attention to the content of those articles,
they would have understood what was agitating
the Bahamian people. Instead of spending so
much energy vowing to “run John Marquis off
the island,” they should have been trying to
salvage their sinking political boat. But, as usu-
al, their eyes were off the main target.

“Why should public funds be given to the
media that fails to provide balanced report-
ing?” Mr Davis asked. “If you are going to
spend public funds, there ought to be in place a
provision that that media outlet ought to at
least print the other side. Or at least let both
sides be printed.”

This statement is as laughable as it is ill .

informed. It would be interesting to have Mr
Davis tell us when The Tvibune has ever
refused to publish the other side.

As one of our Bahamian staff said on hear-
ing this comment: “The trouble with the PLP is
that they are the victims of their own para-
noia.”

This young staff-member has had much
experience with the PLP’s paranoia. When a

Tribune reporter calls a PLP official to try to
get the party’s side of a story, their attitude is
“here comes the lying Tribune,” and up go
their defences. At one of their annual conven-
tions a Tribune team left our offices deter-
mined to give the PLP as good coverage as
they had just given the FNM. The PLP them-
selves thwarted their efforts. They were so hos-
tile and in some instances so rude that some of
the staff wanted to pull out and deny all cov-
erage.

However, they were convinced that that was
not in the true spirit of journalism. They stayed.
But the PLP made their own story. Instead of
writing about what was being said at the con-
vention, the story became a report on their
hostility.

As the young journalist said. “They really
make me tired. How can you write the other
side when they refuse to give it to you.”

That is a question for Mr Davis to answer.
And if Mr Davis does not believe that The Tri-
bune goes out of its way to publish the other
side, he should refer to his colleague Fred
Mitchell.

Of course, today Mr Mitchell would proba-
bly bite his tongue, regretting he ever uttered
such words, but in October, 1998, Mr Mitchell,
in criticising the local media, removed The Tri-
bune from the rest. And this is what he had to
say: “Strange as it may seem, The Tribune has
the fairest policy with regard to coverage of
political news. They seem to understand that
the news is the news and not what your edito-
rial opinion ‘is.”

Ten years earlier, the same Mr Mitchell in a
talk to the Journalism Class of COB, told stu-
dents that the press “is the saviour of the poor
man who has no other avenue for his voice to
be heard.”

Opposition politicians and critics like him-
self, he said, could not have survived as well
without The Tribune or the Guardian.

“These newspapers,” he said, “serve a vital
function for our democracy, and we ought to do
everything we can to protect their freedom to
publish and be damned.”

We would like to remind Mr Davis that in
2002 Prime Minister Hubert Ingraham, in one,
of his last acts before being defeated at the
polls that year, signed on behalf of the Bahamas
the Declaration of Chapultepec. This declara-
tion, sponsored by the Inter American Press
Association, protects the press and its journal-
ists from such threats as proposed by Mr Davis.

“No news medium nor journalist may be
punished for publishing the truth or criticising
or denouncing the government,” says article
10 of that Declaration.

EDITOR, The Tribune.

THREE storms in two
years, and we have not learnt
anything from our experi-
ences. I speak of Senator
Johnley Ferguson, vice chair-
man of the FNM’s appearance
on Jeff Lloyd’s Radio Talk
show, “Real Talk Live” where
he sought to make a case that
the Progressive Liberal Party
government was being waste-
ful by allocating $3 million for
a Primary School in Acklins.

What Senator Ferguson

We should be

more balanced

with criticism
and praise

EDITOR, The Tribune.






MANY of us find it very
easy to criticise what we
perceive to be wrong, but
are seldom interested in or
find the time to comment
on anything that goes well.
I believe that we should be
more balanced in this
regard. Some weeks ago I
offered some comments on
your feature ‘In days gone
by’; they were intended to
be constructive, and I see
that you accepted them as
such, and actually pub-
lished my letter. I thank
you for doing so.

I read your article on the
Yarmouth Castle fire
whith occurred in 1965,
when I was a 12-year-old
GHS student. We had no
television then, but the
news as conveyed through
the print media, and excel-
lent radio reporting by the
likes of Don Pritchard of
ZNS, provided images that
were comparable to a pre-
sent day CNN report.

Your feature provided
excellent recall of the
events — the frenzy, the
heroism, and the cowardice
surrounding the event.
Thank you for that very
vivid piece of history.









































SAXON 2
Nassau,
May 20, 2007.

IDM UES

letters@tnbunemedia.net



failed to outline is the fact that
the $2.8 million that was allo-
cated for the Primary school

was a multipurpose facility

entailing a community centre,
school, auditorium, a 440M
Track, and a hurricane shel-
ter.

Acklins is one of those
remote southern islands I am
told that it would take as
many as two days to reach by

mailboat; so to invest $2.8 Mil- °

lion in a school/community
centre able to withstand hur-
ricane force winds is not an
unreasonable figure.
Listening to, the Senator’s
view it became clear that he
could not identify with the cat-
astrophic experiences that
Grand Bahamians realised
during hurricanes Frances,
Jean and Wilma and a sug-
gestion of any type of wooden
structure is a non-starter,
therefore, as a leader he
should not be around any
table making public policy

lives of ordinary. Bahamians
in a modern Bahamas.

The following day Prime
Minister Ingraham presented
his Budget communication, it
was interesting to note that
high on the agenda of the new ©
government was a one million
dollar per annum grant to the
Bahamas National Trust for
all the wonderful work they
do in conservation and preser-
vation of the environment yet
$2.8 million is too much to
invest in a school/hurricane
shelter for the people of Ack-
lins.

As.we chart a new course, it
would be a grave mistake for
the Government to allocate
less than one million dollar
grant per annum to the vari-
ous children’s homes, homes
for the aged and the disabled.

Finally, I trust that we are
not following other nations
that put animals and nature
over people, to do so would
be heresy.

BRIAN N SEYMOUR
Freeport,

_ Grand Bahama,
June 4, 2007.

Why must muc
needed funds

_ be withheld?:

EDITOR, The Tribune.



THE home of one of my relatives is being foreclosed by a local
bank. This man, who is now 63, had to retire eight years ago

because of medical problems.

He paid most of the gratuity that he received from his employ-
er on the mortgage at that time, but has struggled to make the

payments since then.

Three years ago, he assigned his invalidity benefits from NIB
to the bank in order to keep the roof over his head and his son
has tried to help him with the payments as best he could; how-
ever, they were unable to keep the mortgage current.

While my relative accepts that he is losing his house, he can-
not understand why the bank has told him that they will keep his ©
invalidity benefits until the house is sold, as we all know that this

can take years sometimes.

My relative has told the bank that those funds are all that he
will have to take care of himself, buy his medication, etc., but
they have rudely informed him that all they care about is getting
their money back and he has to look after his own welfare.

Since the bank is repossessing the property, I too cannot













understand why they have to withhold these much-needed
funds, leaving my relative both homeless and penniless.

Perhaps Prime Minister Ingraham will consider legislation to
assist people who find themselves in a similarly difficult position,
so that they will at least be left with some funds to take care of
their basic needs and a modicum of dignity.



Share your news

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from people who are making
news in their neighbourhoods.



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THE TRIBUNE

WEDNESDAY, JUNE 13, 2007, PAGE 5



° hi brief

Fourth man
charged with
attempted
murders

A FOURTH man has been
charged and arraigned in court
in connection with the attempt-
ed murders of three people.

Marvin Lewis, 27, of Prince
Charles Drive was arraigned
before Magistrate Susan
Sylvester at Court 11, Nassau
Street, yesterday morning and
charged with three counts of
attempted murder.

It is alleged that Lewis on
April 8, 2007 while being con-
cerned with others attempted
to cause the deaths of Rosten
Moxey, Jamal Rolle and Dew-
ery Ryan Bonaby.

John Tellus, 27, of Minnie
Street; Edroy Burrows, 30, of
Podoleo Street, and Romeo
Lynes, 26, of Ethel Street, have
already been arraigned on the
same charges.

Lewis was not required to
plead to the attempted murder
charges and was granted bail in
the sum of $45,000 with one
surety. The case was adjourned
to September 28.

19-year-old
denies charge
of armed

robbery

_ A 19-year-old man was
arraigned in Magistrate’s court
on Monday charged with rob-
bery.

-It is alleged that Shakator
Thompson on April 6, 2007,
while at the Sports Centre,
robbed Martin Bonneau of.

~ $415.

’ Thompson, who was
arraigned before Magistrate
Guillimena Archer at Court 10,
Nassau Street, pleaded not
guilty to the charge and was

granted bail in the sum of

3,000. The matter was
adjourned to October 16.

Woman faces
charge of: .: .
stealing from:

employer

A WOMAN, 21, of Claridge
Road, was charged with stealing
by reason of employment dur-
ing an arraignment in the Mag-
istrate’s Court yesterday.

It is alleged that Shameka
Ramsey, during the month of
May, stole $805 from Solomon’s
Super Centre on Old Trail
Road.

Ramsey, who appeared
before Magistrate Guillimena
Archer at Court 10, Nassau
Street, pleaded not guilty to the
charges and was granted bail in
the sum of $3,000. The matter
was adjourned to October 15.

‘Actress flies -

to Puerto
Rico for
wedding

@ PUERTO RICO
San Juan

ANA Ortiz, who plays the
older sister of the title character
in the television series “Ugly
Betty,” married musician Noah
Lebenzon in a weekend cere-
mony in Puerto Rico, accord-
ing to Associated Press.

Ortiz, 36, wore a white lace
gown at the wedding Saturday
afternoon in an oceanview din-
ing room of the Horned Dorset

- Primavera Hotel in Rincon, on
_ the Caribbean island’s west

coast, manager Wilhelm Sack
said Monday.

Among the 80 guests were
Ortiz’s cast members from
“Ugly Betty,” including Amer-
ica Ferrera, the star of the hit
series.

“T would call it a mixture
between Hollywood and Puerto
Rico,” Sack said. “It was very
glamorous.”

Ortiz, a New York City
native, was honored for her role
in the series with the best sup-
porting actress award at the
2007 ALMA Awards, dedicated
to achievements by Hispanic
artists.

Lebenzon, 37, is a guitarist
forthe rock group Everything is
Energy.

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LOCAL NEWS

Supermarket chain under fire



for employing young children

@ By ASHLEY THOMPSON

BDM member Omar Archer
has blasted supermarkets for
the gainful employment of

young children.

For the past two weeks, Mr

Archer has had four City Mar-
: ket locations — South Beach,
: Rosetta Street, Independence

Drive and Sea Grapes — under

close watch.

The observations, he said,

have shown children as young

as 10 packing groceries and
shelves, and once the store clos-
es mopping floors until 10

o’clock at night.

He said he noticed that a

group of young boys did not
: leave the South Beach location
: until 10.45 one evening.

These children were leaving

: without adult supervision and,
: when approached by a car, ran

Russell claims PLP hired ‘unqualified’ inspectors

: â„¢ By BRENT DEAN

Tribune Staff Reporter
HOUSING and National

i Insurance Minister Kenneth
: Russell has vowed to change
: the inspection process in his

: ministry, alleging that the PLP
i government

employed
“unqualified” contractual

: inspectors, some of whom he
i has been forced to let go since
? coming to office.

Though not providing spe-

i: cific numbers, Mr Russell told
i the House during his budget
? communication that many of
i these inspectors also had
i expired contracts, yet they
: remained on the payroll of the
: ministry.

“T have no choice but to let

these people go and to wish
them well in any future endeav-

our — as long as it is not one

i involved with the inspection of
: homes,” he said.

oS yy

An investigation was

off, obviously aware of the safe-
ty issues presented by leaving
so late.

“The government is turning a
blind eye to this issue,” Mr
Archer claimed. Once a former
assistant manager at City Mar-
ket in Rosetta Street, he claims
he has seen first-hand the
exploitation of these children.

On average children work
five days a week from 4pm until
10pm, and 10 hours on Satur-
days. He said that a 40-hour

work week is in direct violation -

of the Employment Act, 2001.

Article 51 of this Act per-
tains to children and young per-
sons and prohibits children
being employed during school
hours, at times that will jeopar-
dise their attendance, or times
that will affect their ability to
“obtain the full benefit of the
education provided” for them.

launched into the practices at
the Ministry of Housing fol-
lowing a series of Tribune
investigations. The stories
reported allegations of bribery
and favoritism in the ministry
surrounding the awarding of
contracts, along with question-
ing the integrity of the entire
inspection system. As a result
the Ministry ordered a police

‘investigation.

Along with providing photos
of some of the sub-standard
work, Mr Russell used the
example of a male resident of
Emerald Gardens, New Provi-
dence, who has been seeking
redress for his home with the
Ministry of Housing since 2003.
An assessment of the home,
which has significant cracks, the
minister said, reveals that
$55,000 to $60,000 is needed to
repair a home, which initially
cost $61,847 to construct.

The 600 homes with which
government plans to assist in



OMAR Archer

Mr Archer sees this employ-
ment as an infraction of the
Act, stating: “These children
have no time for homework
and cannot prepare for school

the coming fiscal year, as
revealed in the Throne Speech,
are a part of a mixed model
programme that Prime Minister
Ingraham announced on the
campaign trail in San Salvador.

The plan seeks to facilitate
the construction of 3000 homes
over five years through the sell-
ing of lots at nominal fees, pro-
viding individuals the opportu-
nity to construct their own
homes with the contractor of
their choice; or, if needed, the
government could also assist in
the erection of the home.

Reflecting the policy of the
prime minister, Mr Russell said
that “it was and is intended for
government to identify and
assist individuals to acquire
land,” rather than the “grand
affair” of state involvement that
has evolved.

Despite the challenge of
widespread repairs to govern-
ment homes throughout New
Providence, Mr Russell told the

the next day. Therefore, they
are unfit to obtain the full ben-
efit of the education provided
to them.”

Under the Employment Act,
employers who violate the Act
are fined $1,000.

Mr Archer wants the fine to
be raised to $10,000 and for
parents to pay a fine also, as
they should also be held
responsible for allowing their
children to work these hours.

Other suggestions made by
Mr Archer were to stop chil-
dren under 17 years six months
from being gainfully employed,

where the only pay they receive

is in the form of tips. This is
considered “degrading” to
Bahamians. :

He also believes that students
should only be allowed to work
during the summer months and
not throughout the school year.

@ KENNETH Russell

House that his ministry will suc-
ceed as his government will
implement a “well designed
transparent process that is fair

Mr Archer, BDM candidate
for the Kennedy constituency
in the 2007 general election,
has been trying to raise aware-
ness of the need for stronger
child labour laws in the country.

He is dissatisfied with the
poor child labour laws current-
ly in existence. The children are
the country’s “most valuable
untapped resource”, Mr Archer
said, while also urging the need
to “save them” from the injus-
tice they are suffering.

He demanded that other
supermarkets, including Cost
Right and Solomon’s Super-
centre, also be held account-
able.

City Markets did not com-
ment on the allegations as
repeated calls to Peter Gaudy,
Human Resources Manager for
Bahamas Food Services, were
not returned.



and that will serve all categories
of Bahamians irrespective of
race, creed or political ideolo-

gy.”

Tougher sen

: ll By ASHLEY THOMPSON

THE Sexual Offences and

: Domestic Violence Act is being
: described as inadequate after
i the case of a six-year-old girl
: being raped.

Fathers’ rights campaigner
Clever Duncombe and pastor

Ethelbert Diamond Harrison

are calling for amendments to

be made to both that act and
: the Child Protection Act .

Currently, the maximum

i penalties for sexual offences
i are seven years, fourteen years,

and life, for first, second, and

: third offences respectively.

Mr Duncombe, president of

Bahamian Fathers for Children
: Everywhere, says this is unac-

ceptable as scientific research

i indicates it is highly unlikely
: sexual offenders will ever be
: cured of their habits. He
: believes that if studies are true,
i these predators should not be
: given a second chance.



Mr Duncombe claims that



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when she spoke to the mother
of a recent sexual assault vic-
tim, she indicated the charges
against the attacker were
inconsistent with what hap-
pened to her daughter.

Although the child was kid-
napped, raped, sodomised, and
badly beaten, the man was only
charged with rape.

Mr Duncombe said: “If this is
the case, the prosecutor’s office
did a sloppy and lousy job.” He
also indicated that if the prose-
cutors had done their job prop-
erly there would be no need for
an appeal with this case.

He is also supporting Mr
Harrison’s efforts to amend the
Family and Child Protection
Act, which was passed in
November of last year without
stating anything about the pro-
tection of a foetus.

The law already states that
the destruction of a live fetus
constitutes a crime, but Mr
Harrison does not believe
enough attention is being paid

1 A.

rhe
PORTS
ENTER

Harbour Bay: 394-7660 / Marathon Mall: 393-7979

to this law.

The Family and Child Pro-
tection Act safeguards children
up until the age of eighteen,
but these men are asking for a
decision as to when during a
woman’s pregnancy does the
law recognize the fetus as a
human being and start pro-
tecting its life.

They are also urging that stiff
penalties be incorporated into
the Act to protect foetuses
from being disposed of for con-
venience.

The pair would like a change
to section 14(2) of the Act,
which requires a father of a
child born in wedlock to make
court-ordered payments to the
maintenance of the child. If a
father cannot afford to make
these payments, they lose their
parental rights - a move Har-
rison states is unjust.

The last thing the two men
want is a national parenting
programme.

This programme would be a

class, designed to teach parents
how to parent their children.
The government has tried to
implement seminars before, but
according to Mr. Duncombe
they failed. These new classes





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tences sought for child abuse

would be designed for anyone
who chooses to attend, and pos-
sibly be a requirement for par-
ents brought before the courts
due to neglect or abuse of their
child.



GIGIGIGISIGISISIGISISIGISISISIGIGIGIG


PAGE 6, WEDNESDAY, JUNE 13, 2007

SLL LRAT SO ae

Tourism minister stresses need |

for increased airlift facilities

WITH $26.6 million being
spent on marketing and pro-
motions, and a further estimat-
ed $4.1 million on airlift devel-
opment, the new Minister of
Tourism and Aviation Neko
Grant emphasised that the
Bahamas now needs to secure
more airlift capacity.

Addressing the House of
Assembly during the budget
debate this week, Mr Grant
said that to date, the level of
air seat capacity does not meet
the threshold needed to fill

every hotel room in the>

Bahamas.

However, he said that his
ministry has an “aggressive”
programme for tourism devel-
opment and that this year’s
budget reflects planned efforts
to sustain and grow airlift qual-
ity and capacity as required.

“As we move forward with
an aggressive programme for
tourism and economic expan-
sion in the islands of the
Bahamas, including new invest-
ments over the next several
years, the industry will require
a matching increase in the qual-
ity and capacity of our sched-





200








2 year/24,000-mile factory warranty.

uled airlift in New Providence
and Paradise Island, Grand
Bahama and the Family
Islands.

“Our strategies then will be
focused on ensuring that airlift
capacity keeps pace with our
growing resort inventory,” he
said.

Mr Grant said the ministry
will seek to rise to the chal-
lenge of continuing to secure
incremental capacity at com-
petitive fare offerings, against
the increased challenge of des-
tinations like Turks and Caicos
Islands, Bermuda, and Cayman
Islands.

These countries, he said,
have been able to offer lower
turn around costs and attrac-
tive customer friendly facilities
which supplement the resort
brands of those islands:

The minister said that efforts
to grow airlift quality and
capacity will be underpinned
by initiatives including Jet
Blue’s northeast corridor to
Nassau; Gulfstream’s Conti-
nental Connection services
expansion to the Family
Islands; Air Tran’s daily

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service from Atlanta to North
Eleuthera,” he said.

The minister added that
negotiations which are cur-
rently taking place with other
airlines also carry great poten-
tial for the Bahamas’ tourism
industry.

“With the help or our indus-
try partners, we have secured,
in principle, agreements from
key airlines which will position
us to meet the increased air
seat capacity needed to fill the
new rooms which will come on-
line throughout the Bahamas
in the coming years,” he said.

The minister noted that in
the upcoming fiscal year his
ministry will welcome new non-
stop services, while also open-
ing up one-stop, same-day con-
nections from numerous inter-
national cities.

“These initiatives are being
accomplished while we contin-
ue to maintain a healthy bal-
ance between in-bound air seat
capacity and existing hotel
room capacity. Marketing and
promotion as I mentioned
remain a core function of our
business,” he said.

With regards to marketing
and promotions in the US,
Minister Grant emphasised
that there will be three primary
objectives, namely: “To reverse
the softness in the marketplace,
to mitigate anticipated poten-
tial losses of family business
this summer due to the West-
ern Hemisphere Travel Initia-
tive, to implement a strong pro-
motional campaign for the
coming fall season.”

The minister said that the
competitive environment is
unprecedented and that the
Bahamas “will never be able
to outspend the competition.”

“To meet these principal
objectives, our spending then
must reflect unprecedented lev-
els of innovation and creativity
and must be strategically
placed across all media.

“It is important to note that
now more than ever, the inter-
net, with its pervasive usage by
our intended target audiences,
requires exciting, breakthrough
advertising banners on the pop-
ular sites trafficked by our tar-
get customers, in order to push
them to our,” he said.



Scotiabank pays
visit to the PM

SCOTIABANK executives
recently paid a courtesy call
on the Prime Minister Hubert
Ingraham.

Pat Krajewski, senior vice
president of international
-human resources; Rob Pitfield,
executive vice president and
head of Scotiabank’s Interna-
tional Banking; Anthony
Allen, Scotiabank Bahamas’

H PICTURED from left are
Mr Allen, Ms Israel,

Mr Ingraham, Ms Krajewski
and Mr Pitfield

(Photo: BIS/Patrick Hanna)

Our Lucaya

chairman, and Minna Israel,
Scotiabank Bahamas’ Manag-
ing Director visited with the
prime minister for a brief meet
and greet session.

This is the group’s first offi-
cial meeting with the newly
elected prime minister.

Scotiabank is one of North
Americas’ premier financial
institutions and Canada’s most
international bank.

With over 57,000 employ-
ees, Scotiabank Group and its
affiliates serve approximate-
ly 12 million customers in
some 50 countries around the
world.

employees

recognised for service

@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - The Our
Lucaya Resort has recognised
several employees for provid-
ing outstanding service at the
Westin and Sheraton Grand
Bahama during the 2007 first
quarter.

Earnestine Moxyz, the
resort’s public relations direc-
tor, said hundreds of employ-
ees were nominated for the
associates and supervisor of
the month awards, afd man-
ager of the quarter, for the

period February-April 2007. °

During February, Shenique
Hopkins, front of the house,
and Dwayne Jones, heart of
the house, were recognised as
the associates of the month.
Dawndenezza Sands was
awarded supervisor of the
month.

For March, the award winners
were Azure Major, front of the
house associate of the month;
Keva McIntosh, heart of the
house, associate of the month;
Darren King, supervisor of the
month; and Allison Tucker,
manager of the quarter.










For the month of April:
Lacarra Bethel-Missick, front
of the house associate of the
month; Kirkland Wildgoose,
heart of the house associate
of the month; and Robert
McPhee, supervisor of the
month.

Mrs Moxyz said nomina-
tions for the resort’s employee
recognition programme were
based on a strict criteria, as all
persons would need to receive
commendation from the
resort’s guests, (internal and
external), demonstrate excel-
lence in a specific area during
the month in question, and be
a full-time employee with no
active reprimands.

She said winners received
cash prizes, dinner for two gift
certificates, fruit baskets and
plaques.

The winners are also eligible
to win the year-end awards,
including cash prizes ranging
from $500 to $1500, dinners
for four, and five-day all
expenses paid vacations, inclu-
sive of air and hotel accom-
modations for two, to New
York, Florida, California,
Aruba or Atlanta, Georgia.

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THE TRIBUNE

© [n brief

Bahamians
graduate in
medicine
from UWI

TWO Grand Bahamians
were among this year’s fifteen
graduates of the School of Vet-
erinary Medicine of the Faculty
of Medical Science, at the Uni-
versity of the West Indies.

The graduates, Dr Winston
Pedro Davis and Dr Kwesi
Balewa Smith, both took their
Oath as doctors of veterinary
medicine last week.

Born in Freeport to Barbara
Davis and Yeoman Wood, Dr
Davis attended Bishop Michael
Eldon High School and the Col-
lege of the Bahamas.

He graduated from the Flori-
da International University with
a BSc degree in biology and
chemistry prior to his enrolling
at the University of the West
Indies

Dr Davis was awarded both
the Helen Taylor award for the
best student in surgery and the
best student in swine medicine.

Dr Smith, son of Lenworth
and Juliet Smith, was born in
West End.

He Smith attended West End
School, St John’s College, and
the College Of The Bahamas.

He also attended
Tuskegee University were he
graduated with a degree in ani-
mal and poultry science and
pursued graduate studies at that
university prior to enrolling at
the University of the West
Indies.

Player for
White Sox
settles
shooting case

@ DOMINICAN REPUBLIC
Santo Domingo

A FARMER who accused
Chicago White Sox shortstop
Juan Uribe of shooting him dur-
ing an. altercation last year
received a payment from the
major leaguer as part of a set-
tlement, a lawyer for Uribe said
Monday, according to Associ-
ated Press.

“The complainant dropped
the charges and recognised that
Juan was not involved in the
incident,” attorney Maria Luisa
Guzman told Associated Press.
She said she could not reveal
the amount of the payment.

Another person involved in

: the case said that Uribe paid

the farmer US$25,500. That
person, an associate of the vic-
tim, did not have authorization
to discuss any details and spoke
on condition of anonymity.

District Attorney Robert
Lugo said the settlement ended
an attempted murder investiga-
tion as well as a related civil
lawsuit.

The farmer, Antonio Gonza-
lez Perez, claimed that Uribe
shot him and an Italian man on
Oct. 13 when the pair walked
too close to Uribe’s jeep after
an argument in the coastal city
of Juan Baron.

Uribe, 28, has maintained his
innocence, suggesting he was
falsely accused because he is
well known in his native
Dominican Republic. He said
messengers were once sent to
his house demanding more than
US$900,000 from him.

Reggaeton
star released |
after viral
infection

@ MIAMI

REGGAETON star Daddy
Yankee was released from a
hospital Monday after suffer-
ing from a viral infection and
dehydration, according to Asso-
ciated Press. |

The performer was ordered
by his doctor at Baptist Hospital
to rest for at least a week to
help his recovery, a news
release from his publicist said.
He had been hospitalised since
Friday, a spokeswoman said.

The illness forced Daddy
Yankee to temporarily set aside
a promotional tour for his
newest album “El Cartel: The
Big Boss.”

“Now I’m going home to rest
a while,” Daddy Yankee said
after he was released.

Daddy Yankee, of Puerto
Rico, is a major player in the
reggaeton genre, a mix of reg-
gae, rap and Latin music styles.

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THE TRIBUNE







@ HUGO CHAVEZ
(AP Photo)

Venezuela's Hugo
Chavez arrives
in Cuba to visit
Fidel Casiro

@ HAVANA

VENEZUELAN Pres-
ident Hugo Chavez made
a surprise visit to Cuba
Tuesday at the invitation
of his convalescing friend
and ally Fidel Castro,
state television reported,
according to Associated
Press.

' State television
showed Chavez being
greeted at the airport by
Cuban Vice President
Carlos Lage and Foreign
Minister Felipe Perez
Roque.

The announcer on
Cuba's midday news said
Chavez was scheduled to
meet with the 80-year-
old Castro as well as
Raul Castro, who has
been acting president
since his older brother
temporarily stepped
aside in late July follow-
ing emergency intestinal
surgery.

"Long live Cuba! Long ©

live Fidel!" Chavez
shouted to official media
at the airport before he
was whisked away ina
black sedan.

No other details of the
visit were immediately
available.

Chavez's visit came
just five days after Boli-
vian President Evo
Morales made a daylong
trip to Havana and spent
three hours with Castro,
later saying the Cuban
leader looked "very
recovered."

Afterward, Morales
predicted he would be
seeing more of Castro,
saying he had been invit-
ed to come back and
chat whenever he liked.

Although Castro has
not appeared in public in
the 10 months since
announcing his illness,
he has become more
active recently, writing
more than a dozen essays
on international affairs.

He has been seen only
in still photographs and
videotapes released by
the government, includ-
ing a 50-minute taped
interview that appeared
on state TV last week.
No images of his visit
with Morales or Chavez
were immediately
released.

Senior officials have
repeatedly said Castro is
on the mend, although
the bearded revolution-
ary recently acknowl-
edged in one of his
essays that his recovery
has been delayed
because one of his first
operations did not go
well.

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a

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

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

pheAedied hs

WEDNESDAY, JUNE 13, 2007, PAGE 7

Minister urges farmers to be more



competitive in globalised economy

,

MINISTER of Agriculture and
Marine Resources Larry Cartwright is
urging Bahamian farmers to become
more competitive in a globalised world
economy.

Mr Cartwright, in his contribution

to the budget debate, told the House of

Assembly that the globalisation of the
world’s economies and the liberalisa-
tion of agricultural trade “necessitates
that our farmers become more com-
petitive in the production and mar-
keting of agricultural goods if they are
to survive and realise increased carn-
ings.”

He maintained that it is “critical”
that the basic economic elements nec-
essary to support competitive, market-
driven agricultural activitics be intro-
duced in the Bahamas for the produc-
tion of food.

These activities include the intro-
duction of modern methods of farming
as well as adequate land clearing and
preparation of farm roads in areas
where farmland is not easily accessible,
he said.

Minister Cartwright told parliament
that his ministry will also seek to
encourage the expansion of the range
of crops produced in the Bahamas





@ MINISTER of Agriculture and
Marine Resources Larry Cartwright
through the introduction and expan-
sion of modern, non-traditional farm-

ing methods.
“One such method is the use of

green houses for the production of

selected herbs, fruits and vegetables.



The Department of Agriculture will
import and offer for sale small (15 feet
by 48 feet) tunnel style green houses to
small farmers,” he said.

The minister added that these units
will be used for seedling production
as well as ornamentals and vegetable
production.

“During this fiscal period it is antic-
ipated that 40 Green Houses will be
imported to facilitate the production of
salad greens and tomatoes for use in
the eco-tourism ventures,” he said.

Minister Cartwright said the consid-
erable variation in rainfall, ground
water and soil depth in the different
Family Islands suggests that not all
islands are able to produce the same
crops.

Therefore, he assured farmers, his
ministry will promote an island spe-
cific crop programme “that will seek to
have our farmers in the islands grow
crops that are best suited for their nat-
ural environmental advantages and
their level of infrastructure develop-
ment.”

To further assist farmers, Mr
Cartwright said, his ministry will help
them in the grading, packaging and
marketing of their produce.

During this fiscal period, he said,
major upgrades and refurbishment of
the units at North Andros, North and
Central Eleuthera will be conducted at
an estimated cost of $350,000.

He added that the Produce
Exchange at Potters Cay is also under
renovation at the cost of $1.5 million.

The minister also told parliament
that efforts will be made through arti-
ficial insemination strategies, to
improve and increase the yield of small
ruminants (sheep and goats) so that
farmers in this sector may be better
served.

“The introduction of artificial insem-
ination will reduce the cost of securing
improved animal genetics. The cur-
rent cost to purchase registered indi-
viduals of improved breeds varies from
$2,500 to $7,500 for small ruminants.

“By contrast, the current estimate
to produce improved stock by buying
semen and frozen embryos using arti-
ficial insemination and embryo
implants are estimated at $300 to
$1,000 each,” he said.

Mr Cartwright said that this strategy
will have the additional benefit of
reducing the risk of accidental impor-
tation of animal diseases.







@ A MODEL displays a jacket that acts as a cellular phone

and I-pod.

*

@ BIC presi-
dent and CEO
Leon Williams
(left) along
with BTC
North
Bahamas vice
president
Henry Romer
(right) pre-
sents a gift at
the expo.

THE grand ballroom of the
Westin Our Lucaya was trans-
formed into a futuristic fair
when over 3,000 guests, locals
and international delegates
joined the Bahamas Telecom-
munications Company (BTC)
last week to participate in the
Grand Bahama Trade Show
and Expo. Under the theme
“Technology and You: Con-
necting You With Tomorrow’s
Technology Today”, BTC pre-
sented the event in conjunc-
tion with the Ministry of
Tourism and the Bahamas
Chamber of Commerce.

Visitors to the trade show
had the opportunity to try out
talking vehicles, which display
text messages on dashboards
thanks to Blue Tooth technol-
ogy, and jackets that acted as
cellular phones and i-Pods.

Grand Bahamians also got
to cast text votes in real time
for their favorite seminar
speaker and exhibition booth.

BTC president and CEO
Leon Williams led his team of
executives in welcoming the
steady flow of crowds to vari-
ous exhibitions while giving
away prizes every few minutes.

Performers like Simeon
Outten, Avvy and Elon Moxey
also entertained the trade
show’s visitors.

“The event was an over-
whelming success,” said BTC
President and CEO Leon
Williams.

“We've featured products
and services sure to keep the
Bahamas at the forefront of
communications technology
for 2007 and beyond,” he
said.

Mr Williams said he was
thrilled that the event attract-
ed so many people from a
wide demographic, ranging
from teens to seniors, who
wanted to educate themselves
in the ever-changing trends of
the industry.

a Bank ap The Bahamas

L M

oe 2 E

NOTICE

Notice is hereby given in accordance with Section
64 of the Securities Industry Act, 1999 that Mr.
Alfred Jarrett is no longer a Director or Chairman

with Bank of The Bahamas Limited effective June
8, 2007.

We further advise that Mr.

Maitland Cates has been

appointed Chairman of the Board of Bank of The

Bahamas Limited.
*= )-
Sue A Whew

Laura A. Williams
Secretary





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THE TRIBUNE



The benefits of having an |
OTEC plant in the Bahamas

W ELL-KNOWN
shipping expert

Bill Bardelmeier spoke to a
group of Rotarians last week
about getting power from the
sea. It's something he's been
touting since the 1960s.

A retired marine consul-
tant, Bardelmeier has lived
here for half-a-century and
was: a director of the
Bahamas Maritime Authori-
ty for over a decade. One of
his pet interests is something
called ocean thermal energy
conversion, and, curiously,
there's a lot of local lore
behind it.

OTEC is a 19th century
idea that uses the sea as a
gigantic solar collector, but
it has proved difficult to
implement — for both tech-
nical and economic reasons.
Some experts are now saying
that its time may have come.

They argue that technical
advances and economic
changes have made OTEC a
cost-effective alternative to
fossil fuels for many tropical
island communities. And in
addition to electricity, these
systems offer the bonus of
producing fresh water and
hydrogen, as well as nutri-
ents for maricuJture and agri-

Financing
Available

ES

culture.

"It has long been known
that some of the sun's energy
can be re-captured at sites
where there is a substantial
difference in sea water tem-
perature (say about 40
degrees Fahrenheit),"
Bardelmeier told Rotarians.
"This re-captured heat ener-
gy can be used to generate
electricity."

Essentially, an OTEC
plant pumps warm surface
sea water into a tank. The air
in the tank is pumped out to
create a vacuum, which
vapourises the water. The
steam spins a turbine to gen-
erate electricity, and then
passes through a heat
exchanger where it is con-
densed — by cold water
pumped up from the ocean —
into fresh water.

And from the sound of
things, the Bahamas is just
about the best place on Earth
to locaté such a facility. As



LARRY SMITH.

Bardelmeier pointed out, the
ideal OTEC site must be
within the tropics, have a
steep drop-off where the
water plunges to over 3,000
feet, and be close to a power
grid.

"In essence this describes
the southwest corner of New
Providence," Bardelmeier
said. And in fact, that's where
E. P. Taylor's New Provi-
dence Development Compa-
ny planned to build an
OTEC plant about 40 years
ago. ,

Taylor was the Canadian
investor who developed
Lyford Cay. And in 1966 his
NPDC was run by an engi-
neer named John Bainton —
a long-time friend of
Bardelmeier, who shared his
interest in ocean thermal
energy conversion. Bainton
died in 1989 at the age of 63,
but his widow, Aileen, still
lives at Lyford Cay.

In fact, Bainton went so

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far as to charter a Deepstar
research submersible to dive
to the bottom of the Tongue
of the Ocean. And in 1967

he commissioned one of .

Canada's top engineering
firms to study the feasibility
of an OTEC facility at
Clifton — just west of the
BEC power plant.

The idea was to develop a
10,000 kilowatt sea thermal
power plant that would also
produce 6 million gallons a
day of fresh water. Back
then, the construction cost
was estimated at about $19
million (assuming duty-free
imports).

"Jack gave a talk about it
to one of the service clubs,"
Bardelmeier told Tough Call.
"But no-one got very excit-
ed. They spent a lot of mon-
ey, and had some innovative
design ideas, but it never lit
off. Jack was ahead of his
time."

One of the stated reasons
for Bainton's interest was the
possibility that NPDC might
get into the aragonite mining
business, Which needed a
supply of low-cost power.
Aragonite is a sand produced
from mollusk shells over mil-
lions of years. Mining of this
resource was introduced near
Bimini in 1969.

erner Marine Labs of
Bimini had the initial
concession but turned it over
to Union Carbide, which sold
it to the Dillingham Corpo-
ration, a big US construction
and engineering firm. The
idea was to supply millions
of tons of pure Bahamian
sand to cement manufactur-
ers and glassmakers on the
US eastern seaboard.
Bardelmeier was Dilling-
ham's shipping adviser at the
time.

"Cement-making was a
cheapy big market,"
Bardelmeier recalled. "You
had to deliver a ton of arag-
onite to General Portland
Cement in Tampa for $2.
That meant 90 cents per ton
for freight, which was pretty
skinny. So the netback to
Ocean Cay was maybe $1.10
per ton. Profitability lay in
producing at least five mil-
lion tons a year."

And coincidentally, in
1979 Dillingham was
involved in building a float-
ing OTEC prototype plant
off Hawaii. That was soon

-after the Arab oil embargo

of 1973 had spurred intense
interest in renewable energy
systems.

After Dillingham sold its
Bahamas aragonite opera-
tion, Bardelmeier tried to
enlist Willard Rockwell, the
chairman of one of Ameri-
ca's largest technology com-
panies, who had become
famous for his role in build-
ing the Space Shuttle. Rock-

well owned a vacation homé
at Cat Cay, an upscale resort
close to the aragonite con-
cession at Ocean Cay.

"He came to Nassau in his
‘copter one day and landed
right across from our office
at the Pilot House, climbed
our fire escape and pounded
on the door," Bardelmeier
said. "Unlike the other Cat

Cayers who didn't welcome

the industrial sights at Ocean
Cay, Rockwell thought he
might buy the aragonite pro-
ject, but after a lot of
research he backed off."

Bardelmeier exploited the
contact with Rockwell to pre-
sent his own proposal for an
OTEC plant at Clifton. In
1984 he told Rockwell that
such a facility would be capi-
tal intensive, but once built
would have virtually no
maintenance, labour or fuel
costs.

"At the southwest corner
of New Providence is an area
of shallow heated sand flats
which adjoin a 6,000-foot-
deep underwater canyon,"
Bardelmeier wrote in his pro-
posal. "Onshore at this point
is the government-owned
electricity plant with its exist-
ing distribution systems...and
the cost of electric power in
Nassau is among the highest
in the western world." |

His proposal called for a
private corporation to nego-
tiate a 40-year contract with
the government to build a
40,000kw OTEC power sta-
tion at Clifton Cay, both as a
demonstration project and to
sell power to BEC. He added
that the US government
might be willing to help fund
the project. But Rockwell
turned him down.

In those days the most
expensive parts of an OTEC
plant were the large-diameter
cold water pipes which would
have to extend for a length
of 14,000 feet to a depth of
3200 feet to draw cold water.
There was no experience
then in laying pipe to such
depths, but nowadays oil
industry engineers can lay
large-diameter pipe to much
greater depths.

This became evident a few
years ago when investors pro-
posed replacing the barging
of fresh water from Andros
to New Providence with a 30-
mile undersea pipeline
through the Tongue of the
Ocean, But independent
experts said the pipeline was
an untried technology com-
pared to the reverse osmosis
plants favoured by the Water
& Sewerage Corporation.

"We know exactly what an
RO plant costs, how to build

it, and how it works. They

operate worldwide and pro-
duce drinking water in 10
Caribbean countries success-
fully."

This is essentially the same
argument used when com-



paring ocean thermal energy
with conventional fossil fuel
power generation. Despite
the fact that French Scientist
Jacques D’Arsoval described
the OTEC concept over a
century ago, there has been
slow progress in developing
the engineering systems
to realize its potential.

But at least one Bahamas-
based investor is interested.
Frank Crothers of Island
Corporate Holdings is a
major shareholder of
Caribbean Utilities Compa-
ny in the Cayman Islands (as
well as serving on the board
of a zillion other companies).

Cayman's proposed plant
will produce 10 megawatts of
electricity and 3 million gal-
lons of fresh water per

. day. The utility has a memo-

randum of understanding
with the Baltimore-based Sea
Solar International, and offi-
cials are saying that OTEC
electricity could be produced
within three years.

Currently, no OTEC plant
operates at a commercial
scale equivalent to conven-
tional power stations or wind
and mini-hydro plants. But
there is a lot of interest in
Pacific islands like Hawaii, .
which has a leading-edge
OTEC laboratory where
working models have been
proven and a deep cold water
pipe is already in place.

In fact, Hawaii exported
about $17 million worth
of desalinated deepsea water
in 2005, marketed as healthy,
pure, mineral-rich drinking
water.

Experts say OTEC facili-
ties can reuse cold outfall
water for air-conditioning,
refrigeration, agriculture and
mariculture.

or example, David

Melville, a long-time
investor on Rum Cay, grows
organic wheat grass at his
Port Nelson home using only
the nutrients contained in
deepsea water provided by a
Florida company in which he
owns shares. And a few years
ago, another American
investor proposed an OTEC
scheme for Inagua that would :
have used deepsea water to
grow several commercial
marine species on land.

But Bardelmeier says the
Bahamas is not tracking sci-
entific developments in the
renewable energy field: "Per-
haps it would be a worthy
role of government to create
a small, non-political entity |
to monitor the global scien-
tific community and dissemi-
nate studies to the public
domain, rather than treating
them as secrets or leaving
them to gather dust ona
shelf," he told Rotarians.

"It is only a matter of time
before some of the venture
capitalists who constantly
pass through or live here take
a hard look at building a
modest OTEC plant to sell
power to BEC and get in on
the ground floor of what may
well be a widespread island
industry around the globe in
the next two decades."

What do you think?
Send comments to
larry@tribunemedia.net
or Visit
www.bahamapundit.com

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

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


* NN

ee ae |

Le ra 6 8 8 8 SU Ae a oe Fe.

















WOUNCOUAT, JUINE 15, ZUU/, PAGE Y

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Your contribution will help hundreds of patients
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Optometrist Antoinette Rolle, Nassau, Bahamas

The Tribune
PAGE 10, WEDNESDAY, JUNE 13, 2007

THE TRIBUNE



Two dead

FROM page one

slept contentedly while locals
speculated about her father's
death.

It was after this killing that
police said the possibility of the
incidents being of a retaliatory
nature could not be ruled out.

Officers were first alerted to
the scene of Monday's crimes at
around 10pm, when reports were
received of gunshots fired around
Toote Shop Corner, police said.

Police discovered a male in his
twenties who was shot multiple
times in the body. He was taken
to hospital.

Continuing their investigations
in the area, police discovered the
body of another man — shot in
the head — in the yard of a house
which stands about 200 feet east
of the Church of God of Prophe-
cy.
A woman claiming to be a
family friend of Mr Armbrister
denied he was likely to have
been involved in a gang. She said
he was a "good boy."

However, she said he had been
involved in altercations in the
area in the past — causing her
to warn him only a day before
to "stay from-round here."

The death of two of the three
young men brings the murder
total for the year to 37, following
the double murder of Denise
Clarke of Market Street, 42, and
Livingston Johnson, also 42, last
week — for which 33-year-old
Hilfrant Francois Joseph, who
was on bail for another murder,
was arraigned on Monday.

Echoing sentiments expressed
by Chief Supt Hulan Hanna yes-
terday as he announced new
senior transfers in the force
aimed at addressing rising crime
levels, Assistant Superintendent
Walter Evans said that society
must come together and better
assist police in the fight against
crime.

Dr David Allan, psychiatrist

and longtime social worker, has’
said that members of the public

need to be more proactive in
their handling of matters which

may be of police interest — }

reporting suspicious activities and
threats so that crimes can be pre-
vented, rather than reacted to
after the fact.

~ SADWORRS oor















PLP ‘approved

$90m in contracts

from January until election’

FROM page one

approved during the last year,
17 of them were approved
since January at an approxi-
mate value of $90 million.

Mr Deveaux noted that
much has been said about the
FNM suspending contracts
signed by the former PLP gov-
ernment. To this he highlight-
ed a few recent contracts in
particular that are now being
reviewed.

The first, the TG Glover Pri-
mary School in New Provi-
dence was awarded to ER
Hanna Construction Company
for some $9.99 million, where
work commenced in October
last year.

“The contract period is 30
months. The contractor is
using labour from China to
assist in the construction.
Delays were experienced while
the foundations were
redesigned. The contractor
wrote in February 2007, and
again on May 3, 2007 com-
plaining that workers experi-
enced unexplained rashes and
respiratory complaints.

“The Department of Envi-
ronmental Health took sam-
ples from the site. A letter was
issued to the Contractor sus-
pending the work, at no cost to
the contractor, so that the
Ministry of Health could com-
plete investigation of the com-
plaints: The contract remains
suspended pending the out-
come of the investigation. Par-
liament will be advised of the
outcome of the investigations
in due course,” he said.

Second, a Junior High







Ss

@ MINISTER of
Transport and Public
Utilities Earl Deveaux

School in Freeport, Grand
Bahama (Heritage Jr), which
was $5 million less than three
other contracts, is suspended
and under review by a private
Quantity Surveying company.

Another junior high school,
this time in New Providence,
Faith Avenue Jr High, has
been suspended. The project is
some 18 per cent lower than
the Ministry of Works’ esti-
mates, and the Ministry of
Education has advised that it
does not have access to all the
property required to construct
the school as a portion of the
land had been leased by gov-
ernment.

“The lessees have been
advised of the government’s
intention to end the leases,”
Mr Deveaux said. “In the

PEACE OF MIND





meantime the layout of the
school building has been
adjusted such that the con-
tractor was able to commence
foundation works on one zone
of the building.

“Due to questions raised

concerning the possible conta-
mination of the site from the
neighbouring site containing a
large number of dilapidated
vehicles, the Department of
Environmental Health has tak-
en soil and water samples from

. the site for testing. The same

team evaluating the TG
Glover site will evaluate the
Faith Avenue site. A report is
awaited while work continues
on one block only of the
intended school,” he said.

Mortgage corporation Store clerk stabbed

FROM page one

FROM page one

al tranche of $50 million in bonds, which was only
half of what was requested by the Ministry of Hous-
ing. Yet, the minister added, the government went
on spending some $90 million in support of
the 1,300 homes it constructed and of which it

boasts.

As a result of the overall indebtedness of the
Ministry of Housing to the Mortgage Corporation,
which includes a carry over loan from 2002, and a
previous bridge loan from NIB to allow for the con-
tinue financing of homes, Mr Russell said that anoth-
er bridge loan is now required to sustain the corpo-
ration until the government can bring to parliament
a request for another tranche of bonds.

“The government of the Bahamas will have to
consider a request for a new bond issue to settle
the indebtedness of the corporation to repay the
loan to the NIB and to move forward with a housing
programme that includes remediation of work for
which indebtedness was incurred,” he said.

The minister also made public the overstaffing
of the NIB department by the previous govern-
ment, which was discussed by Prime Minister Ingra-
ham at one of his first press conferences after return-

ing to office.

As of January 2007, Mr Russell said, NIB hired on
instruction, 90 permanent workers bringing the total
staff count at the board to nearly 500 people — when

NIB’s target staff level is 380.

“It is a fair bet to say that the National Insurance
Board needs to implement hiring policies that are
based on transparency and need rather than imme-
diate short term political benefit,” the new minister

said.

FROM page one

of 2006, this year’s report
reflects the new focus on labour
trafficking.

Therefore, he said, the report
points out that the Bahamas’
current laws do not protect vic-
tims of human trafficking and
does not specifically address
labour trafficking,

Mr O’Connor said that the
report specifically notes that
some Haitian immigrants may
be subjected to conditions of
involuntary servitude.

“The Bahamas remains a
special case for a second con-

secutive year because the pres-

ence of large numbers of
undocumented migrants in the
country continues to raise con-
cerns that there may be a sig-
nificant number of trafficking
victims in need of assistance,”
the report said. .

The 2007 Trafficking in Per-
sons report further states that
with approximately 25 per cent
of the Bahamas’ population
consisting of Haitian nationals
— who are mostly in the country
illegally — “some may be sub-

vicious crime.

Mr Rahming said sometime at about 4pm
on. Monday persons discovered the young
store clerk lying on her back near the
entrance door of the baby clothing store,

located in the John Rolle Building at

ness.

surgery.

died.

Bartlett Hill.

Ms Louis had apparently suffered severe
injury to the stomach aréa.

The two young men, who found the vic-
tim, ran to a nearby establishment and
asked persons there to call the police and an
ambulance.

When officers from the Eight Mile Rock
Police Station and Central Detective Unit
arrived at the scene, Ms Louis was still
alive, but drifting in and out of conscious-

__ She was rushed by ambulance to Rand
Memorial Hospital, where she was imme-
diately taken into the operating theatre for

She was admitted to the ICU, where she

Supt Rahming said police believe that

robbery wais the motive for the crime.
According to preliminary investigations,
it is believed that the victim was stabbed

with a sharp object following an apparent

US report

jected to conditions of invol-
untary servitude.”

“Although these migrants
arrive voluntarily in the
Bahamas to work as domestic
servants, gardeners, and in con-
struction, local sources indicate
that labour exploitation of
these workers may be wide-
spread; employers coerce them
to work long hours for no pay
or below the minimum wage
by withholding documents or
threatening arrest and depor-
tation,” the report said.

The document also states
that some commercial sexual
exploitation of women and
minors has been identified in
the Bahamas.

Mr Connor said that the US
commends the Bahamas for
establishing a trafficking-in-

persons task force, but added .

that it is recommended that
trafficking in persons be made

- illegal.

In the US’ 236-page survey
of global efforts to combat traf-
ficking in persons, 164 coun-

struggle with the culprit.

Police are: appealing to the public for
assistance in the matter. Persons with infor-
mation are asked to call the Central Detec-
tive Unit at 352-9774/5, or 350-3089.

tries — seven more than last
year — are assigned into Tier 1,
Tier 2, Tier 2 watch list, Tier 3
or into a “special cases” cate-
gory.

Countries with Tier 3 rank-
ing clo not fully comply with
the rainimum standards of the
US Congress’ Trafficking Vic-
tims Protection Act (TVPA)
of 2000, “and are not making
significant efforts to do
so.”

Tier 2 countries are those
that do not fully comply with
minimum standards but are

‘making significant efforts to do

so.

Countties listed as Tier 1, the
highest category, are nations
that comply with the minimum
standards.

Outside of these tiers there is
also a “special case” category —
to which the Bahamas belongs
— for those countries about
which information is needed to
determine the scope or
response to the trafficking
problem. 5:

The Bahama is joined in this
category by Barbados, Brunei,
Haiti, Iraq, Ireland, and
Tunisia among others.

YOUR CONNECTION*TO THE WORLD

THE BAHAMAS TELECOMMUNICATIONS COMPANY LTD.

TENDER — GENERAL INSURANCE’
2007 - 2008

The Bahamas Telecommunications Company Ltd. (BTC) is pleased to invite
Tenders to provide the Company with General Insurance coverage. Policies
include Employers Liability, Group Personal Accident, Open Marine Cargo,
Fidelity Guarantee and Public/Products Liability.

Interested companies/firms may collect a Tender Specification from the
Security’s Desk located in the Administrative building on John F. Kennedy
Drive, between the hours of 9:00 a.m. and 5:00 p.m. Monday through Friday.

e

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

Williams.

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



“eee vs x

ae aa Rea cds

- we mele wm eo
THE TRIBUNE WEDNESDAY, JUNE 13, 2007, PAGE 11

LOCAL NEWS .



Fhe detevmethnid Sohne? nf Fibe Alaiiex





mn

@ THE baby flamingo is fed one of its first meals

SUPER

wuretax



ANDRE},
SCHOOL



FOUND Doda

Leroy ‘Barrington’ Archer
Peter Auberg
Andrew Beneby
Natalya Beneby
Michael Bethel
Ashley Brown
Natasha Brown
Ashleigh Burrows
Kenrece Carey
Sakinah Cargill
Amy Collins

Leroy Dames



| wed si M |



ARDASTRA Gardens has
repeated its success with the
Caribbean Flamingo, with two
chicks arriving at the gardens
this past week.

Staff at Ardastra are excited
about the arrival of the chicks,
as they have only been breeding
the flamingo successfully since
2001, despite the fact that the
Bahamas’ national bird has
been at the zoo since the late
1950s.

The new editions are awaiting
the arrival of four other play-
mates later this month.

“Key to our success in the
past few years has been a
change in diet (of the flamin-



SUPER |
i Net

wus



St Andrew's School Cong ratulates
The Class of 200F ow this day of Graduation



@ THE flamingo chick’s father looks in o





(aes:

m its progress



gos) and modifications to their
pond,” said Jade Greensword,
curator at Ardastra.

She added: “In the past,
we’ve had a problem with the
spring rains destroying the eggs,
so this year, we moved their
nesting area to higher ground,
protecting the eggs from being
drowned. This modification has
proven successful and we’re
very happy that we did it.”

To date, Ardastra Gardens
has successfully hatched 14
Caribbean Haainees These
flamboyant birds can be seen
at the Gardens daily putting on
their world-famous marching
show.





Share your news |

The Tribune wants to hear from people who are
making news in their neighbourhoods. Call us on
322-1986 and share your story.













Distributed by Lowe’s Wholesale Soldier Road
393-7111 ¢ Fax: 393-0440



13 June 200F









Demetri Darville
Diandrea d’Arville
Gabrielle Dawkins
Shaunna Dawkins
Hillary Kieran Deveaux
Morgan Donathan
Harold Dorsett II
Liam Farmer
Andrew Fletcher
Amber Francis
Charles Hamilton

Alexander Holden

Nicholas Holvik
David Howard
Danielle Ingraham
Kara Ingraham
Christina Johnson
Jonathan Johnson
Kristin Kelly

Maria Lee

Ivan Lochan
Dominique Lowe
Danny Macdonald

Brittany Major

Brent McNeil

Sean McWeeney

Meaghan Miller
Stefan Moree
Alaina Mortimer
Alexander Nicolier
Jessica Nixon
Traceyann Perpall
Lambert Rahming
Simone Ritchie
Joslyn Roberts
Glenda Roker

Melissa Sands
Gabriella Suighi
Nicholas Sweeting
Jonathan Sykes
Eddina Taylor
Mikhail Thompson
Nomiki Tsakkos
James Virgill
Paige Waugh
Ashley Whyms
Mei-Lin Wong
PAGE 12, WEDNESDAY, JUNE 13, 2007 THE TRIBUNE

Joe eae





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WEDNESDAY. JUNE 13, 2007

SEC IION



business@tribunemedia.net

BU

Miami Herald Business, Stocks, Analysis, Wall Street





HELPIN



=p ins eum 4

G YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE
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Ethanol to give Bahamas
S$1/2bn export industry

* Business executive says that producing corn for ethanol production in the Bahamas could boost employment and
entrepreneurship; enhance foreign exchange reserves; reduce Nassau overcrowding; and bring down shipping rates

@ By NEIL HARTNELL
Tribune Business Editor

he Bahamas

could develop an

export industry

that generates

more than $1/2
billion per year in foreign
exchange earnings if it was to
exploit the growing global
demand for alternative ener-
gy by producing corn for
ethanol production, a business
executive told The Tribune
yesterday.

Tony Joudi, president ee
construction, development and
project management firm,
FTC, said that developing such



B By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

BAHA Mar Resorts’ joint
venture partners, Harrah’s
Entertainment and Star-
wood Resorts, have not
walked away from the $2.4
billion Cable Beach rede-
velopment, the company’s
chairman and chief execu-
_ tive said yesterday, although
every day that passed saw
the risk they might exercise
~ escape clauses and withdraw
increase.

While he was dissapointed
that things have not moved
faster, Sarkis Izmirilan said
he was confident Baha Mar
will rise on Cable Beach.

Speaking with the press
following the flag raising and
_ rebranding of the former
~ Radision resort to the Sher-

aton at Cable Beach Resort,
_ Mr Izmirlian admitted that
while there have been chal-
lenges, he is still condfident
the project will take place.

He admitted that he was

“not onieey = but fae





an industry would increase
entrepreneurship in the
Bahamas, expand foreign cur-
rency reserves, boost the ship-
ping industry by giving it some-
thing to carry back to the US,
diversify the Bahamian econo-
my and encourage families to
move back to the Family
Islands, reducing overcrowd-
ing and congestion on New
Providence.

Mr Joudi urged Bahamians
and the Government to exploit
this nation’s proximity to the
US, climate and fertile land for
growing corn, adding that the
creation of a ‘corn-for-ethanol’
industry would be assisted if
the Government could allocate

(Photo: Timothy Clarke/Tribune Staff)

Baha Mar rt
staying the course |

pointed” that the project has
not moved faster.

“But again, I go back and
say that this is a very com-
plicated project, and as with
any complicated project you
try to come up with an esti-
mate of the timeline,” Mr
Izmirlian said.

“Those timelines move
because that is the way that
life is - you miss deadlines
on many things. We believe
that the support of the pre-
sent government will get us
where we want to be. This
project will be opened one
day. I cannot give you a date
today, but I know that Baha
Mar will rise on Cable
Beach.

“We have not lost any
partners, and we appreciate
their support of this project
and their support of the
Bahamas. But every day
that goes by, the risk
increases. That’s the way the
world works. We have been
through two governments
now, two takeovers of the

SEE page 6



@ FLYING HIGH — Baha Mar Resorts’ chairman and chief _
executive Sarkis Izmirilan (in front on left side of flag) with
Minister of Tourism Neko Grant (in front on right side of flag)

some 500,000 acres to it on
islands such as Andros, Abaco,
Eleuthera and Long Island.

One acre could produce 149
bushels of corn, Mr Joudi said,
the average yield per acre in
the US, and the Bahamas’ cli-
mate meant this nation had
“the potential to grow two
crops per year”.

With corn ethanol prices cur-
rently pushing upwards to $4
per bushel, Mr Joudi said that
assuming this price and 149
bushels per acre, this would
generate $298 million in gross
export income from one crop if
it was exported to the US for
ethanol production.

Given that the Bahamas

would have the ability to pro-
duce two crops per year, this
gross export earnings would
double to $596 million per
year, Mr Joudi explained.
Breaking this down, Mr Jou-
di said that if 5,000 families
were each able to purchase or
be granted 100 acres for pro-
ducing ethanol corn, assuming
the $4 per bushel price, 149
bushels per acre and two crops
per year, each family would
have the potential to earn
$119,200 in gross income per
year.
‘We have so much good, fer-
tile land in the Bahamas,” Mr
Joudi told The Tribune. “Let
us, for once, be an export

country.”

Demand for alternative
forms of energy, such as
ethanol, is only expected to
increase in the major
economies such as the US, in

_turn increasing demand for

corn to be used in ethanol pro-
duction.
In 2006, production of the

‘ethanol biofuel reduced US oil

imports by 170 million barrels,
but Mr Joudi pointed out that
US farmers tended to concen-
trate on producing corn for
human consumption, rather
than the hybrid corn for use in
ethanol production which is
the animal feed variety. This
would leave a potential gap for

the Bahamas to exploit.

“Ethanol is in big demand,
and the United States is look-
ing to import corn from the
Caribbean countries close to
them for ethanol production,
because eventually they’re
going to run out of oil,” Mr
Joudi said.

“We need to start faba
for diversification. We cannot
depend on tourism all the time.
If something major happens in
the world, we could starve.
This country has the potential
to be self-sufficient.”

He suggested that if ethanol

SEE page 5

Exploitation of migrant workers
‘exaggerated’ by US State reports

@ By NEIL HARTNELL

Tribune Business Editor _

TWO attorneys yesterday urged the
Government to introduce laws and make
amendments to prevent forced labour and
its exploitation in the Bahamas, although
some suggested that abuses were not as
widespread as the US State Department’s
annual report on human trafficking sug-
gested.

The US administration said limited data
suggested there was “a possible labour
trafficking problem in the Bahamas”, and
urged the Government to become more
proactive in dealing with any problems by
“enacting laws to prohibit all forms of
trafficking in persons, particularly forced

labour of adults”.

Obie Ferguson, labour attorney and
president of the Trades Union Congress
(TUC), said the Bahamas had adopted an
International Labour Organisation (ILO)
convention “that prevents forced labour”,
but he and others indicated that there may
be no specific statutes that address the
problem.

“We should have legislation in effect to
prevent forced labour,” Mr Ferguson
added. “It would be, in my view, a good
thing for the Government to consider
making the necessary amendments.”

Eliezer Regnier, a Nassau attorney of
Haitian descent, added that he “fully
agreed” with the US State Department’s
urging for laws to prohibit forced labour.



“Do you get monty back
on ty mortyaye?”

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He said: “I think we should endorse all
international laws that protect the rights of
the worker. It’s the only way we can guar-
antee these people protection by adopting
international standards.”

The US State Department report said:
“The Bahamas may be a destination coun-
try for men, women and children traf-
ficked for the purpose of labour exploita-
tion.

“Approximately 25 per cent of the coun-
try's population consists of Haitian nation-
als, who are mostly in the country illegal-
ly. Of the 20,000 to 50,000 undocumented
Haitian immigrants in the Bahamas, some

SEE page 6




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i
PAGE 2B, WEDNESDAY, JUNE 13, 2007

fl By CARA BRENNEN-
BETHEL
Business Reporter

BAHA Mar Resorts yester-
day reached a first milestone in
its $2.4 billion transformation

LUE Sats

Baha Mar invests $135m in Cable Beach project | FOCOL

* Resort developer says 100 contracts ranging in value from $5,000 to $35m handed out, with 700 construction jobs created
* Flag raised for new Sheraton resort

of the Cable Beach strip as it
hoisted the flag on an $85 mil-
lion renovation to turn the



Tracking and selecting the best hedge funds

and managing alternative portfolios for our clients

has been our core business for over ten years.

aC ema e CR

Radisson into the Sheraton
Cable Beach Resort.
At the flag raising yesterday,

Don Robinson, Baha Mar
Resorts’ president, announced
that to date the company has



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is fair

and objective. People can trust what I write. I’m proud to be a part of the

leading print medium in The Bahamas. The Tribune is my newspaper.”

To report the news, call our
News Tips Line at 502-2359.
®

RUPERT MISSICK, JR.

CHIEF REPORTER

THE TRIBUNE

invested $135 million into its
Cable Beach Resorts, repre-
senting more than 100 con-
tracts for Bahamian businesses
ranging in value from $5,000
to 35 million. It had created
more than 700 construction
jobs.

Baha Mar also announced
the name of the Sheraton’s
new general manager, Hans
Altenhoff, who has managed
more than nine resorts over
the last 20 years, most recently
the Sheraton Bar Harbour, a
659-room beach resort in Flori-
da.

Mr Robinson said the flag-
raising represents a new era
for tourism in the Bahamas, in
which the Sheraton will play a
vital role.

Tourism

According to Tourism Min-
ister Neko Grant, the hotel will
help reinvigorate a previously
dying Cable Beach, taking it
area into a new tourism golden
age.

He added that the presence
of such a solid brand would
provide a positive perception
in the market place, and the
training to Sheraton standards
of resort staff could only have
a positive impact on the hospi-
tality skills of Bahamian work-
ers.

Mr Grant said the resort,
coupled with Atlantis, provide
a diversity of competition at
varying price points for visi-
tors to the Bahamas.

He also expressed his plea-
sure at the use of Bahamian
workers, contractors and arti-
sans in the creation of the
Sheraton, particularly the art
work in the resort which is all
done by Bahamian artists.

In conveying his vision for
the resort, the new manager
told The Tribune that what will
make the property successful is
the attitude and dedication of
its workers.

The hotel officially reopened
today with an occupancy level
of just under 30 per cent. :

THE TRIBUNE





confirms
stock
split
plan

FOCOL Holdings, the
BISX-listed petroleum
products supplier, yes-
terday confirmed Tribune
Business’s exclusive story
that the company was
mulling a thrsee-for-one

. stock split.

The company said in a
statement: “Focol’s
Board of Directors can
confirm that a stsock split
is under consideration.
However, no final deci-
sion has been made
regarding the specific
terms and conditions of
a proposed stock split by
Focol Holdings Ltd.

“Once Focol’s Board
of Directors makes a
final determination
regarding the proposed
stock split, the Board will
ensure a complete dis-
closure on the same.”

your

news

| The Tribune wants to hear from

people who are making news in
their neighbourhoods. Perhaps
you are raising funds for a good
cause, campaigning for
improvements in the area or
have wonan award. |...
Ifso, call us on 322-1986:and
Share your story.ii. jet





Tribune |
My Vesce. Wy Vewspaper!
The Miami Herald |



THE MARKETS:

“STOCKS, MUTUAL FUNDS, 8B

‘pow30 13,295.01 -19095 W
“'sap500 «493.00 16.12 W
‘NASDAQ 2,549.77 -2238 W
O-YRNOTE 530 +14 4&
? 6535 -62 WOW

CRUDE OIL

‘Sto cks







WEDNESDAY, JUNE 13, 2007



WIRELESS

INTERNATIONAL EDITION

Nokia shares Bluetooth-like technology

BY PETER SVENSSON
Associated Press

NEW YORK — The consortium
behind the Bluetooth wireless stan-
dard announced Tuesday that Nokia,
the world’s largest maker of cell-
phones, is contributing a technology
that promises to bring the wireless
connections to devices that are too
small for regular Bluetooth chips.

The technology, called Wibree,
opens up the possibility of a host of
small wearable gadgets, like watches,
heart rate monitors, pedometers and
pill boxes that communicate with
Bluetooth-equipped cellphones or
computers. A watch could display the
user’s incoming text messages, for
instance, or an action figure toy could
sense the presence of other toys.


















































I average down nearly 130
ats, grappled with a seem-
gly eilentless rise in bond —

yas a fitful trading session
saw stocks tumble, claw

again when the yield on the -

ar Treasury note soared to
-year high of 5.295. percent. —
limb in bond yields exac-
ted jitters about mortgage

§ rising, which could hurt
already sluggish housing
et, and about the Federal
tve hiking interest rates,

ch would slow down -COrpo-
dealmaking. —

Surging takeover activity had
ped boost stocks to record —
els until a week ago, when —
yenchmark 10-year Trea-
note’s yield passed 5 per- |
unnerving. stockinvestors .
riggering a selloff.
The rise in Treasury yields. :
day was stoked by a tepid
ction to the government’s
on of $8 billion in new 10-

r notes, and further aggra- _
ited by confounding com-
ents from former Federal
Reserve Chairman Alan Green-
span, who said he is not worried
out foreign governments sell-

g their U.S. Treasury hold-
ings, but added that yields will
ely rise in the future.

The Dow Jones industrial
average fell 129.95, or 0.97 per-
cent, to 13,295.01. The blue chip —
dex is 381 points, or 2.8 per-
nt, below its record close of
13,676.32, reached June 4.

The broader stock indexes
also declined. The Standard & _
or’s 500 index fell 16.12, or —
percent, to 1,493.00, while
Nasdaq composite index
mpped 22 38, or 0. 87 Percent



Many analysts are viewing
the recent pullback in the stock
arket as a short-term dip
lead of the second-quarter
$ season, which begins
Nn earnest in July. Yardeni
pointed out that with recent
timates of year-over-year
earnings averaging about 4 per-
cent, financial results could eas-
‘beat expectations as they did
in the first quarter.

The dollar was mixed against
other major currencies, while



LL Light, sweet crude futures
ell 62 cents to $65.35 a barrel on
the New York Mercantile

change.

Declining issues outnum-
bered advancers by about 6 to 1
on the New York Stock:
Exchange, where consolidated
volume came to 2.99 billion
lares, up from 2.47 billion
shares Monday.

The Russell 2000 index of
- smaller companies dropped
~ 1.46, or 138 percent, at 821.72.
'. Investors are awaiting retail
sales data on Wednesday, the
'. Producer Price Index on Thurs-
_ day, and the Consumer Price
- Index on Friday. The PPI and
- CPI are closely watched infla-

‘tion gauges.

‘Overseas, Japan’s Nikkei
~ stock average fell 0.41 percent,
_- Britain’s FTSE 100 fell 0.72 per-
. cent, Germany’s DAX index fell

0.36 percent, and France’s
- CAC-40 fell 0.71 percent. ,







t
|

Wibree has a lower data rate and

Chinese: Food safety |
is under contro

BY AUDRA ANG
Associated Press

BEIJING — China played down
international concerns about
tainted food exports on Tuesday,
saying the problems were not as
bad as reported and displaying
seized counterfeit products to
show authorities were enforcing
safety protections.

To make its case, the govern-
ment organized a rare visit by more
than 100 foreign and domestic
reporters to a food safety lab and
storehouse where bogus goods
from chewing gum to soy sauce
were stacked on shelves and
arrayed in rows.

“Yes, there are now some prob-
lems of food safety of Chinese
products. However, they are not
serious. We should not exaggerate
those problems,” Li Dongsheng,
vice minister for the State Adminis-
tration for Industry and Commerce,
told reporters at the lab. China has
developed “very good, very com-
plete methods” to regulate product
safety, Li said.

China’s poor safety record has
increasingly come under scrutiny
as its goods make their way to
global markets. Major buyers such
as the United States, Japan, and the
European Union have pushed for
Beijing to improve inspections.

The pressure has increased in
recent months as U.S. inspectors
have banned or turned away Chi-
nese exports including wheat glu-
ten tainted with the chemical mela-
mine, blamed for dog and cat
deaths in North America. Monkfish
containing life-threatening levels of
pufferfish toxins, drug-laced frozen
eel and juice made with unsafe
color additives have also been on
the growing list of unacceptable
products.

The U.S. Food and Drug Admin-
istration has also stopped all
imports of Chinese toothpaste to

much lower power consumption than
Bluetooth, which is in widespread
use as the interface between cell-
phones and wireless headsets. That
means smaller batteries that don’t
have to be charged often, unlike Blue-
tooth headsets.

Nokia, which is based in Finland,
started developing Wibree in 2001,
and announced the technology in
October last year. It formed a Wibree
Forum with other companies to
license and exploit the technology, an
effort that will be subsumed by the
Bluetooth Special Interest Group,
which includes about 8,000 compa-
nies.

“Our members have been asking
for an ultra low power Bluetooth
solution. With Nokia’s innovative
development and contribution to the

TAINTED FOOD



Bluetooth specification with Wibree,
we will be able to deliver this in
approximately a year,” said Michael
Foley, director of the Bluetooth SIG.

The decision by the Bluetooth SIG
to embrace Wibree validates Nokia’s
technology, but it also means the
Finnish company is giving away the
results of a multiyear development
effort as Wibree will now be licensed
royalty-free. Such a move is not
uncommon in the technology field —
Sweden’s LM Ericsson developed
and then gave away the original Blue-
tooth technology in the 1990s, calcu-
lating that widespread and fast adop-
tion would allow the company to
benefit more from its leadership than
it would from a licensing scheme.

Nokia had been looking to turn

Wibree over to an open standards

i
i
i
|
|
t
i
i
t
i
I
i
|
|
f
|
i
|
}
t
t
t

‘ PHOTOS BY TEH ENG KOON/AFP-GETTY IMAGES
TESTING: Chinese lab technicians collect food samples for a safety test in Beijing. Safety officials
have urged better surveillance at all levels and promised to set up a food recall system, the
country’s first, by year end. ,

i
i
i
I
i
;





COUNTERFEIT: Chinese authorities put counterfeit products on
display Tuesday to show they are enforcing safety protections.

test for a deadly chemical report-
edly found in tubes sold in Austra-
lia, the Dominican Republic and
Panama.

In response, China has gone on
the offensive. In the past week, the
country has highlighted at least
four American products as unsafe
or not up to Chinese safety stan-
dards.

But at the same time, safety offi-
cials have urged better surveillance
at all levels and promised to set up
a food recall system, the country’s
first, by year end.

“We are very concerned about
food safety in China and very con-
cerned about protecting the rights
of consumers,” Li said. “But we do
not want to cause panic among the
people.”

Li, whose agency oversees
domestic product quality, insisted
China was taking the issue seri-
ously.

“There is now largely no prob-
lem with food safety. It is an issue
the people care about greatly,” Li

said. “So if there is a small problem,
it becomes a big problem for us. So
basically for now we can guarantee
food safety.” |

At the Beijing food lab, techni- |
cians wearing white coats tested
packages of spring rolls, dumplings
and other frozen foods for toxic
chemicals. Others sat at computers
analyzing results.

In another room, a variety of
fake products were displayed
including Wrigley’s chewing gum,
Shiseido skin care products and
Levi’s jeans.

China has long been the world’s
leading source of fake medicines
and drugs, illegally copied music,
movies, designer clothes and other
goods. U.S. officials say its exports
cost legitimate producers world-
wide up to $50 billion a year in lost
potential sales.

Li said government food safety
procedures include a hot line set up
in 1999 that has grown into a sur-
veillance network of local groups
and government bodies.









MARK LENNIHAN/AP
WIBREE: A Sony Ericsson
wristwatch communicates
wirelessly with a user’s
cellphone.

group from the. beginning, said Harri
Tulimaa, Nokia’s head of technology
out-licensing. The move will help
ensure Wibree will be deployed as
widely as possible, he said Tuesday.

U.S. ECONOMY

Federal
deficit
running
lower
this year

BY MARTIN CRUTSINGER
Associated Press

WASHINGTON — The federal
deficit is running sharply lower
through the first eight months of this
budget year as growth in revenues
continues to outpace the growth in
spending.

The Treasury Department said
that the deficit through May totaled
$148.5 billion, down 34.6 percent from
the same period a year ago.

That improvement came even
though the deficit in May increased
to $67.7 billion, up 57.8 percent from
May 2006. However, analysts attrib-
uted this big increase to the fact that
the Internal Revenue Service was
more efficient in processing tax
returns this year, meaning more reve-
nue was collected in April with fewer
tax collections left to be counted in
May.

For the year, revenue and spend-
ing are both at record levels. Revenue
gains are up 8 percent while outlays
are up at a
slower pace of
2.5 percent,
compared to
the same
period a year
ago. Growth
in spending
has been
slower this
year in part
because of the
absence of last
year’s huge
outlays for
hurricane
relief.

T --h. “€
increase in
revenues has
been sup-
ported by
continued
strength in corporate profits and low
unemployment, which has helped to
push individual income taxes higher.

For the 2007 budget year, which
ends on Sept. 30, the Congressional
Budget Office is projecting a federal
deficit of $177 billion. That would be
down 28.7 percent from last year’s
imbalance of $248.2 billion, which
had been the lowest deficit in four
years.

The federal budget was in surplus
for four years from 1998 through 2001
as the long economic expansion
helped push revenues higher.

In the budget President Bush sent
Congress in February for 2008, he
projected that the government can
return to a surplus by 2012 even if his
first-term tax cuts are made perma-
nent.

Democratic critics, however, con-
tend that Bush’s spending blueprint
was based on unrealistic assumptions
and left out major spending items
such as the full costs of the Iraq war.
They also argue that the current
improvement in the deficit will be
only temporary as the 78 million baby
boomers retire, pushing spending on
Social Security and Medicare up.

For the year,
revenue and
spending are
both at record
levels.
Revenue
gains are up

8 percent
while outlays
are up ata
slower pace of
2.5 percent.


MiamiHerald.com | THE MIAMI HERALD

|4B | WEDNESDAY, JUNE 13, 2007

INTERNAT!













































































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1,493.00 % ~26-12 454977 ¥ -22.38 13,295.01 129.95 4.79% 02 535% $648.50 1.3317 0042 “$65.35 62
Money&Markets
1550 1559 2,700 630 Name ____last__ Ch | Interestrates = oa
= Sen ae. TREASURIES _YEST PVS CHG WK MO QTR AGO
1,51 0.) 5 2,570 | Schlmbrg 78.74 -1.44
1500 -” rN 2,600 { Schwab 21.27 -.49 Wid 3-month T-bill 4.60 4.59 +001 W VV 4.80
1,47 0 10 DAYS 2,510 10, DAYS SeagateT 20.83 -.03 6-month T-bill 4.79 481 -0.02 VW A V 4.93
1450 2,500 Pe ee og ° L-yearTnote 5.04 5.00 +004 Vv A A 510
ShawC g 42.18 — -.59 WA 2-year T-note 5.05 498 +007 A A A_ 5.02
Sherwin 64.82 -1.02
1,400 2,400 . Shinhan 120.72 -331 5-year T-note 5.15 5.05 +010 A A A 495
: : Shire 69.34 0-47 10-year T-note 5.25 513 +012 A A A 4.98
‘ SiderNac 50.09 -1.73 -year T- 5.35 5.24 +0. .
1,350 S&P 500 2,300 Nasdaq composite Siemens 129.66 +.46 ayers we a A es
Close: 1,493.00 Close: 2,549.77 SimonProp 96.81 — -2.60 : NET 1YR
Change: -16.12 (-1.1%) Change: -22.38 (-0.9%) Smith&N 59.23 -.55 BONDS YEST PVS CHG WK MOQTR AGO
1,300 nipgiadiess 2 - 2,200 scat essiesanisenenricessricasanieas Smithintl 56.00 1.21
D J F M A M 3 D J F M A M J Sodexho 70.46 = -.39 Lehman Bros Bond 1dx5.39 5.28 +0.11 A A A 5.15
SonyCp 53.60 -1.29 Bond Buyer Muni ldx 4.94 4.87 +0.07 A A A 479
: SouthnCo 34.14 -.56 Lehman US InvGrade 5.75 5.74 +0.01 A A A 5.63
StocksRecap HIGH LOW CLOSE CHG. %CHG. WK MO QTR YTD a ec eae Fee uns lehman USHigh Vield7.73 7.73. A VV 836
DOW 13449.50 1329461 13295.01 -129.95 -0.97% V WV A +6.67% SwstnEngy 4671-21 VST 825 525 ModdysBond Index 5.85 5.78 +007 A A a 5176
NYSE NASD | DOWTrans. 5091.60 4994.49 4994.82 -97.88 1.92% VW V A +9.53% SovrgnBcp 22.07 —-.40 PREV 825 5.26 — Bank Index 114.14 115.69 -155 VV V_ 108.63
Dew. Ut: B08. CARES ABBE, aeRe ERE Ne Ne Rae SpectraEn 25.70 -16 | waco 8.25 5.21 DJCorpBond ‘194.34 (195.60 -126 VV V 186.05
Vol. (in mil.) 2,992 2,025 | NYSEComp. 9841.53 9724.41 9724.49 -117.24 -119% VY V A +6.41% Sprribler. 2160 > sao 8.25 5. . 5 ;
Pvs. Volume 2,465 1,597 | NASDAQ 2576.89 2547.99 2549.77 -22.38 -0.87% V A A +5.57% SPDR 14965 -165
Advanced 462 758 | S&P 500 1511.33 1492.97 1493.00 -16.12 -107% WV VY A +5.27% SPMid 161.87 -1.99 wt
Declined 2886 2264 | S&P 400 899.75 889.18 889.72 -10.03 111% VY A A +10.61% Staples 2431-09 Commodities COMMODITY CLOSE PVS. %CH. %YTD
New Highs 35 46 | Russell 2000 831.91 819.75 821.72 -1146 -138% VY A A_ +4.32% Starbucks 27.74 +.20 Unleaded Gas (gal) 2.14 2.15 -0.47 +33.6
NewLows 137 87 | Wilshire 5000 15260.26 1508436 15085.67 -160.35 -1.05% VW WV A +5.81% StarwdHtl 69.26 92 Crude Oil (bbl) 65.35 65.97 -0.94 =+7.0
Statestr 66.76 140 on (0z) 648.50 654.30 -0.89 +21
: : 7 Platinum (0z 1296.40 1298.00 -0.12 +13.8
WidelyHeldStocks al hee Silver (oz) 13.06 13.24 -136 +20
Name Last Chg Name Last Name Last Chg Name Last Chg Name Last Chg Stryker 64.13 -1.26 Coffee (Ib) 1.13 1.15 “1.74 = -10.5
ABBLtd 21.24 «-.41_~, ‘BritSky 50.14 -77 , Ekodak 2618 -32 | ICI 41.06 +17 | NTTDOCo 1596 -19 | Suez 52.18 -1.18 Orange Juice (Ib) 1.42 147 -3.40 -29.4
ABNAmro 46.43 -.54 | Broadcom 3010 ~-64 | Eaton 91.10 +1.87 | ImpOilgs 46.15 -.51 | NYMEXn 129.90 +4.97 | SunLffng 45.76 -.43 Sugar (Ib) 0.09 0.09 -23.4
ACE Ltd 61.94 — -.40 BrkfldAs gs 37.94 = -.75 EchoStar 45.23. -.17 ImpTob 86.04 +.40 NYSEEur 80.77 -1.00 SunMicro 4.92 -.04
AESCpIf 21.05 -.66 BrkfldPrs 24.67 = -.72 Ecolab 42.75 +66 IndoTel 42.90 +.20 Nabors 33.70 — -.90 Suncorg ° 86.10 -2.06
AFLAC 52.90 -69 | Bungelt 77.11 +.24 | Edisonint 5411 -64 | Infineon 15.16 -.15 | NtAust 168.83 -253 | Sunoco -79.66_—-1.00
ASMLHId 25.04 = -.48« |: BurlNSF 86.54 -1.91 Edwards 86.20 -.78 Infosyss 50.74 -.92 NBkGreece 11.10 -27 | Suntrst 87.63 -1.32 Foreign : 6MO. 1YR
AT&T Inc 39.08 -1.04 CA Inc 25.45 -.06 ElPasoCp 16.50 -.34 IngerRd §0.20 -.99 NatICity 33.69 -.45 Supvalu 45.74 -51 E h COUNTRY CLOSE CHG. %CHG. AGO AGO
AU Optron 16.66 CBREllis 36.34 -.26 | Elan 19.61 -.05 | Intel 22.20 +27 | NatGrid 7193 +27 | Swisscom 3350 -25 xcnange
AXA 41.19 -.81 | CBOT 201.01 -53 | ElectArts 47.83 -1.04 | IntcntlEx 14898 -21 | NOilVarco 97.28 -32 | Symantec 19.62 +.01 ‘ Argent (Peso) 3252-0000 = 00-3270 +.0006
AbtLab 53.34 -72 | CBSB 32.83 -.29 | EDS 27.99 -25 | IntCtIHtl 2593° -44 | NatSemi 2897 -28 | Syngenta 35.75 -.63 Brazil (Real) 5140-0014 = -.27-— 4656 +.0730
AberFitc 7.53 +18 CDWCorp 84.95 = -.24 Embarq 61.56 -.78 IBM 102.34 —-.88 NetwkAp 30.58 = -.65 Synovus 31.60 -.44 d Britain (Pound) 1.9762 +.0069 +35 . 1.9700 +.1316
Accenture 39.50 — -.06 CHRobins 51.50 -1.17 EmersnEls 47.13 -.77 IntlGame 3866 -.52 NewellRub 29.31 = -.49 Sysco 31.83 -76 Canada (Dollar) 9392 —- -.0034 -.36 8678 +.0274
AdobeSy 42.73 -.26 | CIGNAS 5441 -37 | EEIChile 46.42 -.44 ‘| IntPap 37.09 -.83 | NewfldExp 49.42 -.08 | TDAmeritr 20.29 -.86 VA chile (Peso) 001892 -.000003 -.16 .001899 +.000073
AMD 13.80 -.11 | CITGp 58.17 -1.01 |. Enbridge 33.67 -.38 | IntlPower 86.18 -.89 | NewmtM 39.08 -58 | TDK 93.68 -1.99 Colombia (Peso) .000517 -.000006 1.16 .000439 +.000124
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Aetna 5177-52 | CNOOC 103.83 -1.82 | Enel 5485 -32 | Ipscog 157.78 +73 | Nexengs 29.68 -.66 | TXUCorp 67.15 -.39 Japan (Yen) 008213 +.000001 © +.01 008554 -.000544
Agilent 37.47 -.24 | CPFLEn 54.59 -1.94 | EngyTEq?” 40.64 + -.12 | JPMorgCh 49.35 -1.08 | Nidec 1439 -.18 | TaiwSemi 10.27 -.19 Mexico (Peso) 091462 -.000327 --.36- .092208 +.003670
Ahold 12.52 -.28 | CRH 47.42 -135 | EngyTsfr 60.16 -.09 | JacobsEs 55.42 -111 | NikeBwi 5319 -21 | TalismEgs 19.84 -.26 Uruguay (New Peso) .0420 +.0001 +24 | .0410 -.0001
AFrance 46.45 -1.39 CSX Ss 43.31 -1.69 Enersis 18.66 -.11 JohnJn 61.83 -.44 NippnTT 22.53 -.19 Target 62.46 -.48
AirProd = 78.88 = -.28 ~| CVSCare 37.15 -.30_| ~ENSCO 59.26 -1.20 | JohnsnCtl 10888 -1.37 | Nissan 21.52 -.30 | TataMotors 16.00 -.27
AkamaiT 45.59 = -.93 CablvsnNY 35.51 = -.24 Entergy 108.05 = -.95 JoyGlbl 57.02 -.31 NobleCorp 90.37 -1.82 Technip 74.34 = -1.64
Akzo 80.35 +22 | CadbyS 55,02 -33 | EntPrPt 30.36 -.43 | JnprNtwk 24.86 -.07 | NobleEn 62.01 -.30 | TeckCmgs 43.14 -1.05 GlobalMarkets
Alcan 82.43 -22 | Cadence 2341 -.18 | EqtRes 50.99 -63 | KLATnc 5386 +03 | NokiaCp 27.50 -81 | TelcNZ 20.18 +17
Alcatelluc 13.10 -35 | Camecogs 51.08 -~87 | EqtyRsd 46.83 -.25 | KPN 16.26 -36 | Nomura 19.67 -40 | Telltalia 27.01 -.21 INDEX YEST CHG %CHG WK MO QTR YTD
Alcoa 39.34 +.04 Cameron 69.64 -57 EricsnTl 36.36 = -1.06 KT Corp 24.16 +61 Nordstrm 51.41 -1.11 TelitaliaA 21.42 = -.21 S&P 500 1493.00 -1612 -1.07% WV W A. +5.27%
Anka? see aia seme core. seo econ: Ame se | cayeoy. “sasiee caocd|-torke "GUS «ctte | eee soar cee |e Oe ee ee St
gEngy .! .. g : “1. veres' ; “1. i ~ : “1. elSPaulo , +, : :
Allegtch 108.70 -3.00 | CdnNRyg 5241 -60 | Exelon 7065-151 | KeySpan 41.82 -.03 | Nortellfrs 2541 -26 | Tolefesp 64.24 -1.31 | London FTSE 100 Bee EA nee ee mere
Allergan 11857 -151 | CdnNRsg 6523 -63 | Expedia 2420 +17 | Kimbclk 69.44 + -52 | Nortrst 6320 -99 | TelMexL 39.03 -111 | Mong Kong Hang Seng 20636.39 +2090 +0.10% WV V A +3.36%
AlliBern 90.15 «+06 | CPRwyg 69.59 -1.27 | Expdintls 41.87 -54 | Kimco 41.56 -1.29 | NorthropG 75.55 -.38 | TelDatalf 63.27 -1.48 | Paris CAC-40 5898.16 -41.93 -0.71% WV Vi A +6.43%
Allianz 22.20 -.37 Canons 58.23 = -.72 ExpScripts 97.31 -.12 KindME 52.76 -.87 Novartis 54.34 = -.63 Telkom 96.00 -4.91 Tokyo Nikkei 225 17760.91 -73.57 -0.41% VW A A. +3.11%
Aldirish 56.04 -135 | CapOne 79.70 -87 | ExxonMbi 82.00 -1.06 | Kinrossg 1256 -31 | NovoNdk 101.60 -1.35 | Telusg 57.80 -1.18
Allstate 60.65 -.48 CardnlHith 71.10 = -.83 FPL Grp 59.00 -1.38 Kohls 70.65 = -1.40 Nucor 60.28 — -2.38 Templein 59.70 = -.57 SOUTH AMERICA / CANADA
Alltel 67.75 +36 | Carnival 49.70 +78 | FannieMif 67.43 +71 | Kookmin 9171 ~60 | Nvidia 36.30 -38 | Tenaris 46.21 -1.05 : . s f
AlteraCp If 22.11 -26 | CarnUK 50.51 +48 | Fastenal 41.26 +.03 | KoreaElc 21.69 -.26 | OcciPets 56.59 -.41 | Terexs 82.02 -.95 ae i ie oes oe ae x 7 j aoue
Altrias - 70.14 -.08 | CarolinaGp 7862 +.03 | FedExCp 107.05 -1.58 | Kraft 34.51 -.01 | OffcDpt 34.09 -67 | Tesorowi 57.64 1.06 - . : . :
Alumina 25.63 «= -.45-'| ‘Caterpillar 78.08 -67 | Fiat 2673-59 | Kroger 29.40 -.50 | Omnicom 10352 -85 | TevaPhrm 39.78 +10 | Sa0PaoloBovespa 51797.14 -979.70 -186% VY A A +16.47%
AmBevC 69.25 --.26-| Celgene 57.93 -1.93 | FidNinfo 52.92 +43 | Kubota 4177 -70 | Oracle 18.84 -37 | Texinst 35.04 -.75 | Toronto S&P/TSX 1372433 -108.49 -0.78% WV VW A +6.32%
AmBev 69.17 77 | Cemexs 3878 -76 | FifthThird 42.29 -33 | Kyocera 100.01 -1.45 | Orix 130.47 -252 | Textron 105.23 -.82 ;
Amazon 70.07 -110 | Cemigpfs 2081 +30 | FirstDatas 3250 -15 | L3Com 9452 -46 | PG&ECp 45.28 -35 | ThermoFis 51.44 -.86 | ASIA
AmbacF = 87.59. -1.48 | Cemigs 41.02 FTSpcFnn 20.39 ««+.14.«|-“LGPhilips 22.70 + +.06 | PNC 72.49 -47 | Thomson 41.24 -.94_ | Seoul Composite 1729.88 +13.32. +0.78% VY A A +20.59%
Amdocs 38.28. «+07 | ChesEng 35.39 01 | FirstEngy 64.15 -1.02 | LSICorp 815 -15 | POSCO 11987 -1.38 | 3MCo 85.04 -.26 | Singapore Straits Times 3561.54 +1608 +0.45% VW A A +19.28%
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ovi 0. - iMerc ; “8. extrn ‘ ~ afarge . “1. ‘orp . “1. TWCablen 37.62 — -.63 ipei Tai +0. +6.
AMovilA 60.24 -1.07 | Chinalfes 47.00 “-67 °| Fluor 102.65 -1.35 | LamRsch 51.98 +45 | Paccars 86.29 -1.19 | TimeWarn 20.33 -.28 oe Ares hate oe ee . oe . . . cone
AmCapStr 44.67 = -1.22 ChinaMble 47.08 -.22. | FEMSAS 38,73 -.37 LVSands_ = 78.38_~—-2.06 ParkHan 97.63 -27 4 \ Tretimrk 68.05 ~51 gna 9 . : 5 5
AEP 44.62 -.42 ChinaNet 52.21 -.94 FordM “8.32 --.08 LeggMason 97.95 -1.23 Paychex 39.55 -.33 TorDBk g 67.79 -1.50
AmExp 62.12 -94 | ChinaPet. 107.11 -2.78 | Forestlab 47.03 -16 | LehmanBr 76.06 +38 | PeabdyE 49.94 -76 | TotalSA 7334 -.93
AmIntGpif- 71.54 -11 | ChinaTel 57.65 -1.08 | FortuneBr 7872 -67 | LeucNatls 35.50 -43 | Pearson 1676 -.24 | Toyota 122.34 -1.65 Largest Mutual Funds
AmStand 57.88 -.72 | ChinaUni 14.64 »-50 | FosterWh 10114 -192 | Level3 5.55 -10 | PennWstgn 34.25 -69 | TrCdag 3453 -.29
AmTower 42.23. +31: | Chubb 53.61 -80 | FranceTel 28.10 -.40 | LibGlobA 38.12 +39 | Penney 76.65 -.65 | Transocn 9811 -.48 12-M0 12-M0 12-M0
Ameriprise 62.76 -1.16 | ChungTel 1844 -31 | FrankRes 127.93 -98 | LibGlobB 37.52 PepsiBott 33.53 -.40 | Travelers 53.68 -.90 | NAME NAV CHG %RTN | NAME NAV CHG %RTN | NAME NAV CHG %RTN
AmeriBrg 50.98 +.04 | CinnFin 44.93 -.09 | FredMac 65.03 -.55 | LibGlobC 36.10. +51 | PepsiCo 66.03 -.01_ | Tribune 30.80 -—-.50 ;
Amgen 57.46 +.05 | Cintas 38.77 -.17 | FMCG 78.97 +153 | LibtyMintd 2415 +05 | Petrocg 50.15 -68 | Turkcell 15.12 -.24 | AIM Fidelity Spartan DivrEqinA m 14.09 -.14 +26.7
Amphenols 3497 -.54 | Cisco 26.06 -26 | FresenM 47.32 +25 | LibtMCapA 115.79 +77 | PetChina 13340 -150 | Tycointl 33.40 -.51 | ConstellA m 28.41 -.28 +21.0 ame ee he 1239 | Schwab
Anadarko 50.17 07 | Citigrp 52.60 -87 | Fujifilm 4407 +49 | LillyEli 56.78 ~53 | PetrbrsA 9851-49 | Tyson 21.66. =. | AmericanCent = | |i Oe og| VidPlssel 967-01 +56
AnalogDev 35.82 -.28 | CitrixSyif 3404 +04 | Gannett 57.28 17 | Limited 25.82 -.64 | Petrobrs 111.62 26 | UBSAGs 6058-122 | 4 ey Funds (FirstEagle =S*«*~C*«*éSM ted
AngloAm 29.02 -29 | ClearChan 3830 -15 | Gap 18.75 -02 | LincNat 71.24 -1.07 | Pfizer 26.11 -26 | UPMKy 2462-51 AOA Th eri -25419.4{GIbA m 4850 -23421.4| AmerShs b 49.05. -.54 +226
AnglogldA 40.16 -77 | ClearCh 29.18 +.10 | Garmins 65.67 -.41 LinearTch 35.16 -.43 PhilLD 56.76 = +.21 UST Inc 53.44 -.91 BalA m 19.63 -.15 +166 | OverseasA m 26.79 -.10 +21.9| T Rowe Price
Anheusr 52.91 -1.06 | Clorox 63.96 79 | Genentch 76.24 -65 | LloydTSB 44.93 -71 | PhilipsEL 40.43. 92 | UltraPtg = 57.87 82 | BondA m 13.11 -.06 +5.4 | FrankTemp-Frankfin BIChpGr 38.47 -.41 +23.4
AonCorp 41.80 = +.12 Coach 47.48 = -.59 GenDynam 79.24 -1.07 LockhdM 95.25 -1.00 PioNtrl 50.93 -.21 UUniao 105.78 -2.73 CapIncBuA m 63.87 -.55+24.0|CATFA m 7.19 -.02 +3.7| CapApprec 21.90 -.19 +20.2
Apache 82.54 95 | CocaCE 22.40 -28 | GenElec 37.05 -.41_ ‘| Loews 51.00 -61 | PitnyBw 46.17 -68 | UnilevNV 29.08 +.02 | CpWidGriA m45.20 -.48 430.4] Fed TFA m 11.85 -.04 +33] Eqindex 40.15. -.44+22.6
ApolloGrp 47.47. -1.21 | CCFemsa 41.82 -88 | GnGrthPrp 54.90 — -.43 Lowes s 31.36 -44 | PlainsAA 60.87 -19 | Unilever 30.30 -+.17 EurPacGrA m 50.35 -.54 +313 | IncomeA m 2.73. -.02 +18.9/ Eqtyinc 31.14 -.36 +24.5
Appleinc 120.38 +19 | CCHellen 44.46 -22 | GenMills 59.14 -.39 | Luxottica 34.53 +13 | PlumCrk 40.34 = -.09-| UnionPac 113.31 -2.36_- | FundminvA m43.49_ -.45 +25.8 | IncomeC m 2.75 -.02 +18.7 1 Growstk «33.97 -.31 +26.0
ApldMatl 1850 -12 | Cocacl 51.14 + -49 | GnMotr 31.43 -.34-| Lyondell 37.35 «+37 «| PoloRL «94.00 -1.63 | UnBnCal 60.73 ~.67_ | GrowAmerA m35.37 -.31 +215) IncomeAdv 2.72 -.02 +19.7 intict 17.83 -.18 +305
ArcelorMit 60.76 -124 | CogTech 7550 -87 | Genuprt 49.38 -46 | M&TBk 107.22 -229 | PortglTel 13.57 +04 | UtdMicro 3.32. -.14_ | GrowAmerB m34.15 -.31 +20.6 | FrankTemp-Mutual MidCapVa 27.78 -.26 +28.0
ArchDan 34.28 + -.10 | ColgPal 67.49’ +27 | Genworth 35.27 69 | MBIA 6432 -29 | Potashs 73.36 06 | UPSB = 71.25 -1.23 | flINCA m= RGR 3 4008 | Discov A m 33.30 ~21 $308) widcpGr 6099-48 +246
Archstnsm 5980 -45 | Comcasts 2615 -22 | Genzyme 6567 +41 | MEMC 56.61 -.68_| PwShsQQQ 46.54 -.28 | USBancrp 3385 -45 | imvconrin'm 9534 334210 [ereeeg onoh cot coea | NewHoriz 34.79 -38-4175
, ; 34 -.33 +21, resZ 28.20 -.21 +25.1 79 -.38 +17.
Assurant 58.16 -.60 | Comesps 2605 -23 | Gerdau 22.73.» -57 | MGMMir 81.81 -.65 | Praxair = 68.76 62 | USCellulf 8875 ~76 | MutualA m 31.21 -31422.9 | Franktemp-Templeton SmCpStk 36.24 -.44 +174
AstraZen 51.48 = -.43 Comerica 61.70 = -1.23 GileadSci 78.92 —-.30 Macys 38.90 -.21 PrecCastpt 115.53 -1.71 USSteel 112.61 -3.59 NewEconA m 28.47 -.28 +27.4 | Fgn A m 14.63 -.07 +25.9] SmCpVal 44.04 -.47 +19.2
AustNZ 121.24 -2.01 CmcBNJ 33.36 © -.52 GlaxoSKIn 52.04 —-.38 Magnalg 89.08 _-.96 PriceTRS 49.93 -.97 UtdTech 69.67 = -.51 NewPerspA m34.12 -.35 +27.8 | ForEqls 29.11 -.14 +37.7] Value 29.32 -.31 +26.3-
Autodesk If 45.79 +96 | CVRD 43.38 -1.47 | GlobalSFe 67.12 -1.47 | Makita 43.57 +117 | Prinfncl 58.66 -.54 | UtdUtils 29.73.» -.25- | NwWrldA m 53.74 -47 +445 | Growth m 27.02 -.21424.8| third Avenue
AutoData 48.05 -58 | CVRDpf 3617 -133 | GoldFltd 1581 -33 | Manpwi 92.44 +17 | ProctGam 62.16 + -.89 | UtdhithGp 52.99.20 | SmCpWIdA m44.34 -.37 +355 | GrowthAd 27.08. -.20 +25.1| Value 63.92 -.66 +22.1
Autozone 134.21 -21 | CompsBc 67.74 -1.05 | Goldcrpg 2382 -.34 | Manulifgs 36.25 11 | ProgrssEn 46.19 -127 | UnumGrp 25.73 -.30 | WAMutlnvA m37.05 -.39+23.2 | World A m 20.59 -.13 +25.3 open
AvalonBay 120.89 -1.95 CompSci 54.74 = -.86 GoldmanS 227.85 +.69 Marathon 122.97 -1.95 ProgsvCp 23.31 = -.25 VF Cp 91.04 -1.27 Artisan Franklin Templeton GlobVal aa 14.429.4
Avaya 17.14 +10 | ConAgra 2544 -07 | Goodrich 56.02 -~62 | Marathnwi 61.80 -50 | ProLogis 59.58 -1.67 | ValeroE 72.92 + -.90_‘| Intl 30.74 -.34+30.2 | FndAllA m 14,58. -.10 +22.5| SiOPVA eee
AveryD 65.31 -~60 | ConocPhil 77.11 -76 | Goodyear 3412 -51 | Marint’ 45.13 -28 | Prudent! 9836 -113 | VeoliaEnv 77.41 -1.39 | Baron Harbor Van Kampen
Avnet 42.03 -47-| ConsolEngy 4513 -105 | Google 50477 -657 | MarshM 3085 -64 | PrudUK 2873 -34 | Verisign 29.03 -27- | Growth b 52.58 -61+18.2 | CapApinst 34.60 -.29 +17.2| ComstockA m20.11 21 +20.7
Avon 38.03 -21 | ConEd 46.11 -.41 | Graingr 87.04 +30 | Marshils 47.91 -.39_ | PSEG ASD - 26. | Meticontemit 24S 00 “akg TE ney aah. Sai ee HI BRIS Oe eee? Enea
BASF 11680 1.22 | ConstellEn 8553 -59 | GrantPrde 53.78 -2.29 | MartMM 157.18 -1.55 | PubStrg 81.32 -1.19 | ViacomB 42.09 -131 | prespock een yeh 5k 408 GrowlncA m 23.37, -.26 +23.3
BB&T Cp 41.15 -.57 Cooper s 53.15 -1.05 GpoSimec 12.88 -.12 MarvellT slf 16.71 +.34 Publicis 44.25 -.25 VimpelCm 98.12 -1.58 GlobAlcA m 19.26 -.13 +19.6 Canoe m 40.55 44 4242 Vanguard
BCE gn 37.10 -54 | Corning 25.30 -.64 | GpTelevisa 26.76 -28 | Masco 28.33.45 (| PulteH 24.65 -.T4 | VirgnMdah 2415 — -.40 | lobalcc m 1815 -13 4187 | CpApHLSIA 5798 ~66427.4| 22° 137.94 -1.49 +22.
BG Grp 75.29 -.82 | Costco 55.16 -.54 | HDFCBk 81.21 -1.78 | MasterCrd 145.31 +3.71 | Qualcom 41.81 +42 | Vodafone 31.18 -11 | calamos DVGHISIA 2441 284264 | S00Adm! 137.96 -1.49 +23.0
BHP Billlt 55.13 -.96 | Cntwdfn 3810 +26 | HSBC 9184 -79 | Matsush 20.77 ~13 | QstDiag «51.24 «+05 | Volvos 19.65 -57 | Growh m 58.64 -.64 +19.9 | JPMorgan ARSE EA SONS aT A
BHPBil plc 51.44 -.82 | CoventryH 60.54 +13 | Hallibtns 3468 -58 | Mattel 25.72 -~61 | Questar 104.95 -183 | Vornado 111.83 -242 | columbia IntrAmerS 29.72. -.32 +23.7| EmerMktld m 27.24 -.25 +48.8
BJ Svcs 28.41 -12 | CredSuiss 71.12 -1.48 | Hanson 106.20 -.04 | Maximif 30.95 -40 | Qwesttm 9.39 +03 | VulcanM 115.08 -1.77 | Acornz 32.29 -35+24.5 | Janus Energy 72.74 -.95 +29.8
BMCSft 31.84 -66 | CrwnCstle 35.24 -26 | HarleyD 5895 -70 | McDermint 77.54 +.32 | Raytheon 55.82 -.05 | WPPGp 72.19 -85 | DFA Contrarian 19.51 -.09 +435] Europeldx 39.17 -.51 +35.7
BP PLC 66.95 -24 | Cumminss 95.35 -23 | Harman 117.55 -46 | McDnids 51.48 +.23 | ReedEIsNV 37.74 ~-.87 | Wachovia 52.95 -.65 | EmgMktVal 38.73 -.40 +67.6 | Growinc 41.17 -.44 +19.4] Explr 81.36 -.97 +21.2
BT Grp 63.45 -.40 | DJIADiam 132.92 -1.32 | HarrahE 85.04.26. «| McGrwH «68.10 1.92 | ReedElsplc 51.06 -.94 | WalMart 48.91 -.90 | IntlSmCap 23.25. -.24 +37.3 | Janus 30.63 -.34+24.6| Extndidx 41.97 -.47 +23.7
BakrHu -82.81-«-1.17 | DRHorton 21.15 -37 | HarrisCorp 51.45 -.46 | McKesson 61.15 -37 | RegionsFn 33.98 -.56 | Walgrn 43.49 76 | Intlvalu © 25.16 -39+39.5 |} MidCapVal 26.06. -.22 +25.4) GNMA 9.93 -.06 +40
BcBilVArg 23.56 = -.56 | DTE 49.98 -78 | Hartfdfn 99.51 -95 | MeadWvco 3421 -60 | ReliantEn 25.01 -42 | WAMutl 42.23 -.46. (| USlgVal «27.18 -.31+25.0 | Overseas 51.38 -.67 +53.3| GNMAAdm! 9.93 -.06 +41
BoBradess 2401 -51 | Daimirc 8784 -78 | HealthNet 5525 -87 | Medimun 5791 +01 | Repsol 35.28 -.72_ | WsteMinc 38.39 75. | UsSmVal 31.23 42 +221) Twenty 59.97 -.57 #284) Gineg 25.33 -32 433.4
Bncoltau 42.75 -1.23 | Danaher 71.93 -39 | Heinz 46.05 -.45 | MedcoHlth 7846 -.44 | RschMotn 167.14 -74 | Waters 60.53 -.71_ | DWS-Scudder ae saa 98. +73.0| Srowthidx 31.71 -.30 #213
BcoSnCH 18.14 -67 | Danones 1485 03 | HellnTel 15.04 Medtrnic 51.71 +02 | ReutrGrp 73.67 -58 | Weathfdint 52.50 -1.60 | Dre mHRIEA m53.34 43 +230) Fmt ta m Go) no Tar | HitCrAdm) 6422-46 +18.7
BcSanChile 49.42. +.03 | Darden 45.39 +04 | Hershey 50.61 -69 | MellonFnc 42.21 -43 | ReynAms 62.58 -.17 | WellPoint 80.93 -.38 Re, tA m 41.18 -.45 423.1 | LifGr1 b 15.55 --15+20.7| HithCare 152.13 -1.07 +18.6
BkofAm 49.66 -.39 | Dassault 57.16 -94 | Hertzn 22.45 -.13 | Merck 50.22 -.83 | Rinker 79.03 -.15 | WellsFgos 35.18 -30 | Nyventc m 3960 434222 | Julius Baer Instldx 136.92 -1.48 +23.0
Bkirelnd 81.86 -1.77 Deere 116.65 +.10 Hess 57.97 -.94 Merrilllyn 87.30 -1.60 RioTinto- 280.60 -2.12 WstnUnn = 22.42_—-.33 NYVentY 4169 -45 +234 IntlEGA b 46.10 -.50 +36.7| InstPlus 136.93 -1.48 +23.0
BkMontg 64.33 -1.22 | Delhaize 98.37 +.05 | HewlettP 45.06 -.83 | MetLife 65.52 73 | RockwlAut 66.50 -.24 | Westpac 107.13 -1.87 | Dodge & Cox IntlEql 47.12 -51+37.0| InstTBdid = 49.06 -.27 +4.3
BKNY 39.68 -40 | Dellincif 2692 -68 | Hilton 34.32 -.52 | Metso 56.33 -76 | RockColl 6898 -.13 | Weyerh 80.27 -.40 | gal 90.03 -.86 +16,7 | Legg Mason InstTStPl 32.63 -.36 +23.4
BkNovag 48.71 -.01 | DeutschBk 142.66 -3.15 | Hitachi 71.92 -1.69 | Microchp 40.55 -.05 | RogCmgs 41.05 -.35 | Whrip! = 111.32 ~40 ‘| Income 1247 -.05 +5,2| Valuelnst 84,83 -1.07 +20.5] Intlcr 25,80 -.36 +33.1
Barclay 57.59 -37 | DeutTel 18.02 -.24 | HomeDp 37.36 ~=-.35~| MicronT 11.96 + -.03_| RoHaas 52.00 -.76 | WhtMtIns 604.49 +15.99 | IntlStk 47.93 -.44+33.7 | ValuePr b 75.95 -.96 +19.3] IntlVal 43.79 -.64 +32.6
Bard 84.28 = --.23 DevDv 56.09 -1.49 Honda 34.31 -.64 Microsoft 29.85 -.17 Rostele 53.22 -.88 WmsCos 29.71 = -.74 Stock 161.81 -1.98 +22.9 | Longleaf Partners LifeCon 17.06 -.12 +13.9
BarrickG 28.21 -.46 | DevonE 78.20 -52 | Honwilintl 56.64 -38 | Milleas 43.05 -1.63 | RoyalBkg 52.89 -71 | WillisGp 44.64 -36 | Excelsior LongPart 37.89 -.44 +26.8) LifeGro 25.29 -.26 +22.5
Baxter 56.23 +.41 | Diageo 84.03 +34 | HostHotls 2367 -.33 | Millicomint 85.30 -93 | RylCarh 42.70 -.36 | Windstrm 14.68 -.16 | ValRestrA 58.90 -.66 +30.9 | Loomis Sayles LifeMod 21.28 -.19 +18.0
BayerAG 70.79 -.23 | DiaOffs 92.54 -1.12 | HuanPwr 41.15 -.74 | Mirant 45.25 +13 | RoyDShIIB 76.73 -1.51 | Wipro 15.71 -.27_ ‘| Fidelity Bondi 14.46 -.11 +1011 widcp 21.76 -.24 425.1
Bearst 146.00 -239 | Directv’ 2264 +.01 | HudsCity 1283 -o7 | MitsuUF) 11.57 01 | RoyDShIIA 74.90 -1.22 | Wolseleys 24.74 ~.43 | AstMgr50 16.71 -.12 +13.6 | Lord Abbett MidCplst 21.84 -.23 +25.3
BectDck 74.44 -56 | DiscHoldA 2395 +41 | Humana 6256-72 | Mitsui 397.83 550 | Ryanairs 3818-56 | Woorifn 70.79 -105 | Bal Seen cities as ara Hom 20.34 204226
BedBath 3743-07. | Disney 33.56 ~62 | HutchTel 3220 +10 | MizuhoFn 14.54 -21 | SAPAG 48.12 92 | Wrigley 56.37 -51_ | Cauanr 28.94 304202 | MES alm Ae "! MulntAdml 13.03 ~.04 +2.9
Berkley 32.36 ©=-.68 -| DollarG —21.74 IAC Inter 32.96 -97 | MobileTel 56.13 +23 | SKTIcm 2611 -51 | Wyeth 5623-76 | Capinc 9:14 -044155 |totRetA m 1677 -14+167| Pacificld 13.14 214213
BerkHaA 109500 +100 | DomRes 82.01 -1.50 | ICICIBk 47.35 +45 | Mohawk 9891 -46 | SLGreén 132.56 -2.17 | Wyndhamn 36.17 -.30 | Contra 69.13 ~69 421.0 | ValueA m 2860 -26+257| Prmep 73.66 -.67 +21.6
BerkKHB 3618-~—-14_-'| DonlleyRR 42.50 -.17 | IMSHIth 31.69 -.07__ | MolsCoorsB 89.60 +1.99 | SLMCp 56.61 +46 ~| Wynn 94.05 -.28 | Discéq 31.79 -.34 +26.3 | Morgan Stanley Insti PrmcpAdml 76.49 -.70 +21.8
BestBuy 47.41. -.05_ | Dover 50.64 -30 | ING 42.54 -83 | Monsantos 60.13 -.74 | STMicro 1863 -36 | XLCap 81.37 -.52 | DivGrow —«33.63._~.32 +22.5 | intlega 22.04 -.25+26.8| REITIdx 24.48 -.43 +18.4
Biogenidc 51.07 -.14 | DowChm 4457 -81 | iShJapan 14.45 ~-.19 | Moodys 66.80 -1.65 | Safeco 61.88 -69 | XTOEngy 60.32 -38 | Divrintl 39.93 ~46 +29.9 | garmark STCor 10.47 -.03 +5.0
Biomet 45.48 -02 | DuPont 50.11 -.62 | iShDJDV 72.30 -1.03 | MorgStan 86.70 -184 | Safeway 3384 ~64 | XcelEngy 21.06 45 | Eqinc 61.69 -.69 +263 | Eqincl 27.19 --14+17.4| STGradeAd 10.47 -.03 +5.1
BlackRock 155.30 +97 | DukeEgys 1825 -.33 | iShSP500 149.82 -1.70 | Mosaiclf 35.57 -03 | Stlude 41.51 -.73 | Xerox 18.84 -.46 | Eqlncil 24.94 -.31 422.2 | inti | 27.32 -.17427.9| SmCapldx 35.11 -.44 422.6
BlockHR 22.79 -.79 | ETrade © 24.41 «= -.28- | Boeing 96.48 -1.07 | EONAG 50.53 -1.29 | iShEAFE 7853 -1.42 | MurphO 5839 -.60 | Sanofi 4438 -76 | YPFSoc 4205-15 | Feet 1491 a1 4149 | See! 35.33 ~43 4195] stratgceq 25.96 29 +245
BostProp 106.45 = -2.32 eBay 30.96 = -.53 iSRIKVnya 86.98 -.00 | NCRCp 52.16 -.71 Santos 44.58 -.42 | Yahoo 27.05 -.30 Free2020 1595 -.14 419.9 | Oppenheimer Totet2025 13.75 14 420.7
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THE TRIBUNE

BUSINESS

WEDNESDAY, JUNE 13, 2007, PAGE 5B



BORCO put up
for sale by PDVSA

& By NEIL HARTNELL
Tribune Business Editor

he Bahamas Oil

Refining Company

International

(BORCO), the
Grand Bahama-based oil bulk
storage terminal that is the
region’s largest, has been put
up for sale by its owner, the
Venezuelan state-owned oil
company PDVSA, The Tri-
bune can reveal.

Sources familiar with the sit-
uation yesterday confirmed the
potential sale, adding that “just
about every big oil company
is going to take a look” at
BORCO, which has a 20 mil-
lion barrel storage capacity.

The investment banking arm
of Citigroup, the world’s
largest financial institution, has
been hired by PDVSA to han-
dle the BORCO sales process,
which is understood to be tak-
ing the form of an open, trans-
parent ‘beauty contest’.

The Tribune was told that
all interested buyers had to
submit non-binding bids by the
end of June. These offers will
then be vetted by Citigroup,
which will help PDVSA in
drawing up a short-list of a
final four to five bidders.

These parties will then have
access to more detailed finan-
cial date on BORCO via a spe-
cially designed data room, and
be able to conduct a more
thorough due diligence
through site visits.

Decision

It is thought that PDVSA
will make a final decision on
the BORCO purchaser by the
end of August 2007.

Several sources yesterday -

expressed surprise to The Tri-

bune that PDVSA, which is
owned by the populist left-
wing government of Venezue-
lan president Hugo Chavez,
would decide to sell what could
be an important strategic asset
in the midst of the continued
financial benefits generated by
high global oil prices.

“That’s a mystery,” one con-
tact said. “PDVSA is doing
well. They don’t need the mon-
ey.

Interest

Interest in BORCO was
likely to be high, they said, due
to its unique geographical loca-
tion - proximity to the US and
potential as an oil tranship-
ment facility on the main ship-
ping routes in the Western
Hemisphere and to Europe,
plus the opportunities for
expansion.

BORCO also used to have
oil refining capabilities, and
sources said there was poten-
tial to further expand its oil
storage capabilities, as well as
get into alternative energy
forms such as liquefied natural
gas (LNG) and ethanol pro-
duction.

“It has many things going for
it,” a source said.

Yet some suggested that
PDVSA’s decision to sell and
seek a buyer may have been
prompted by the fact that the
company felt it would not
make economic sense to con-
struct a new refinery at BOR-
CO or upgrade the existing
facility, feeling it would tie-up
too much capital and not gen-
erate the needed return on
investment.

“You can’t use the existing
refinery. It’s too old and it’s
antiquated,” one source said.
“You’re talking about putting

in a lot of money to build ina
limited space, and now you’ve
got environmental matters
with Ginn down the road.”

BORCO is understood to
employ about 105 full-time
Grand Bahama-based staff,
plus another SO contractors. It
generates about $10 million
per year in net income, and
pays a $1 million per annum
fee to the Government to lease
the seabed.

Leslie Miller, the former
minister of trade and industry
in the PLP government, said
discussions had been held
about re-establishing BOR-
CO’s oil refinery capabilities,
with proposed refining capaci-
ty of 500,000 barrels per day.

Mr Miller said this, if suc-
cessful, would require a $2 bil-
lion investment and create 800
full-time jobs. In the 1970s,
BORCO was one of the
biggest refineries in the world,
but it closed in 1985 during a
world oil over-supply. Given
the current relatively high

global oil prices, some feel the

investment in re-opening the
refinery might be worth it.

Informed

The Tribune was informed
that Lester Mortimer, attorney
and partner at Callender’s &
Co, was acting for
PDVSA/BORCO in the sale.
When contacted by this news-
paper about the potential sale,
Mr Mortimer replied: “I can’t
comment.”

The Tribune was also
informed that Max Sweeting,
BORCO’s first vice-president,
was out of office until Friday
when it called seeking com-
ment.

It was told that Juan Jose
Ahumada, BORCO’s presi-

for |
‘oT |

Ethanol to give
Bahamas $1/2bn
export industry

FROM page 1

corn production really took off
in the Bahamas and became
an industry, it had the potential
to challenge tourism and finan-
cial services as a major employ-
er in this nation.

It would also reduce ship-
ping costs, Mr Joudi said, as
the shipping companies would
be able to return full boats to
the US, bringing rates for
imports and inbound journeys
down. /

To aid the corn ethanol
industry’s development, Mr
Joudi said there were several
structures that could be used,
such as the Government guar-
anteeing farmers $4 per bushel
and purchasing the product
from them, then exporting it
itself via a produce exchange.

He also suggested a pub-
lic/private partnership model
could be looked at.

Mr Joudi said the Ministry
of Agriculture and Bahamas
Technical and Vocational Insti-
tute (BTVI) needed to assist
the development of such an

INSIGHT

Forthe —
‘stories behind

ae
read Insight
on Mondays



industry, educating Bahamian
farmers and providing them
with the right tools, such as
planning their businesses and
strategies for maximising prof-

its. Loans for agricultural
development might also be
available from the World Bank
and Inter-American Develop-
ment Bank (IDB).

The Public Hospitals Authority

Bahamas National Drug Agency
PUBLIC NOTICE —

Tender for the Supply of Drugs
and Related Items

Tenders are invited for the Supply of Drugs and
Related Items for the Public Hospitals Authority and
the Ministry of Health, The Commonwealth of The
Bahamas.

The Supplementary Tender, which includes
instruction to the Tenderers along with other relevant
information, can be collected from the Bahamas

National Drug Agency, Market & McPherson Streets, |

Monday through Friday 9am - 5pm

A Tender must be submitted and duplicated in a |
sealed envelope or package identified as “Tender |

for the Supply of Drug and Related Items” and

Â¥ addressed to:

Managing Director
Public Hospitals Authority
Ist Floor, Manx Corporate Centre/Dockendale House
West Bay Strect
P.O. Box N-8200
Nassau, The Bahamas

All Tenders must be received at the above address
on or before 5pm Friday, July 6th, 2007. A
copy of a valid business license and National
Insurance Certificate must accompany all
proposals.

The Public Hospitals Authority reserves the right to
reject any or all Tender(s).



dent, would also be unavail-
able for comment.

PDVSA made a $40 million
investment to upgrade and
repair BORCO’s 73 oil stor-
age tanks in 2001, with storage
capacity increased from nine
million barrels to 20 million.

Terminal

The terminal has two jetties
and six deep sea berths, and
since 2001 PDVSA had been
focusing on getting BORCO
to maximum storage capacity
as a ‘break bulk’ facility, where
large oil shipments are blended
or broken down into smaller
consignments for onward
delivery.

BORCO had also been
looking for longer-term stor-
age contracts with its clients.
Some four major oil compa-
nies lease storage space from it,
including Total and, until
recently, the Brazilian firm
Petrobras.

The BORCO sale is the lat-
est industrial asset on Grand
Bahama to be put up for sale.
Mirant is in the process of sell-
ing its 55.4 per cent stake in
Grand Bahama Power Com-
pany to the Japanese con-
glomerate, Marubeni, while a
deal is also said to be in the
works for the former Uniroyal
plant.

Some suggested that one
possible bidder for BORCO
might be BISX-listed FOCOL
Holdings, although it is unclear
whether the company would
be interested or have the
wherewithal to do so, given
that it is still integrating the
former Shell Bahamas busi-
ness.

BORCO’s sale is expected
to attract ‘top dollar’ for
PDVSA.

Tan

RASC CCE

NOTICE. iy

INTERNATIONAL BUSINESS COMPANIES ACT. 2000
(No. 45 of 2000)

DENK INVESTMENTS COMPANY LIMITED

Notice is hereby given that in accordance with Section 138 (8)
of the International Business Companies Act, No. 45 of 2000,
of DENK INVESTMENTS COMPANY
LIMITED has been completed, a Certificate of Dissolution has

the Dissolution

been issued and the Company has therefore been struck off the

Registrar. The date of completion of the dissolution was June 4, 2007.



Small Retail Store specializing in
girls accessories is seeking a dynamic,
energetic, and highly motivated
assistant store manager with prior retail
managerial experience to handle all
aspects of store operations.

Please send resumes by e-mail to
bahamas.com@gmail.com

Phone: 394-7019







Clearing Banks Association
Public Advisory

The Clearing Banks Association is reminding the public
not to give personal or confidential banking information
such as savings or checking account numbers, or details
of credit card accounts to persons requesting these details
by telephone, e-mail or online via the internet.

c

It is not the policy of any member of the Clearing Banks
Association to have staff ask customers to verify or
update personal and confidential bank account
information by any of these methods.

Persons who provide any confidential banking
information to anyone other than an authorized banking
officer, run the risk of compromising their banking
information and exposing themselves to fraud, for which
our members cannot accept responsibility.

If faced with any of the above situations please contact
your bank immediately.

Bank of The Bahamas International

FirstCaribbean International Bank (Bahamas) Limited
Citibank, N.A.
Royal Bank of Canada
Commonwealth Bank Limited
Scotiabank (Bahamas) Ltd.
Fidelity Bank (Bahamas) Limited


eeey UU IU, OU

Inc IMIDUINE



Exploitation of

NOTICE

NOTICE is hereby given that LEROY COOKE of
DEADMAN’S REEF, 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 6th day of June, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N-7147, Freeport, Bahamas.

NOTICE

NOTICE is hereby given that MICHAEL NEVILLE of
WINTON HEIGHTS, P.O. BOX N-1770 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 6th day of
June, 2007 to the Minister responsible for Nationality
and Citizenship, PO.Box N- 7147, Nassau, Bahamas.















PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, JAMES MIGUEL
JULMAST of St. Alban’s Drive Heights, PO. Box SB-
52642, Nassau, Bahamas intend to change my name to
MIGUEL JABEZ THOMPSON. If there are any objections
j to this change of name by Deed Poll, you may write such
objections to the Chief Passport Officer, P.O.Box N-742,
Nassau, Bahamas no later than thirty (80) days after the
date of publication of this notice.



NOTICE

NOTICE is hereby given that MICHAEL BAUGHMAN of
SANDY PORT, 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. 6th day of June, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,
Bahamas.














NOTICE

NOTICE is hereby given that DEION ANDREA ROACHE of
#3 WILLIS STREET, P.O.. BOX N-8240, 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 6th day of
June, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



migrant workers
‘exaggerated’ by
US State reports

FROM page 1

may be subjected to conditions
of involuntary servitude.

“Although these migrants
arrive voluntarily in the
Bahamas to work as domestic
servants, gardeners and in con-
struction, local sources indi-
cate that labour exploitation
of these workers may be wide-
spread.

“Employers coerce them to
work long hours for no pay or
below the minimum wage by
withholding documents or
threatening arrest and depor-
tation.”

The US State Department
added: “While the Bahamas
has well-developed civil labour
laws that guarantee workers a
minimum wage, maximum
working hours and other legal
protections, it does not crimi-
nalise slavery or forced labour
practices. Moreover, migrant
workers usually do not have

Baha Mar partners

FROM page 1

Caesar’s brand, two chief exec-
utives of the Starwood organi-
sation.

“So we have survived a lot of
challenges, and we will survive
them all. Starwood and Har-

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June 18, 2007.

THE COLLEGE OF THE I

Visit our website at www.cob.edu.bs Pave

REGISTRATION
FOR SUMMER SESSION II

will take place on
WEDNESDAY & THURSDAY,
JUNE 13-14, 2007 ONLY.

To accommodate the above mentioned
dates, please be advised that registration
for Fall Semester will be suspended on these
two days and will recommence on Monday,











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access to labour protections
under Bahamian law.”

Brian Nutt, the Bahamas
Employers Confederation’s
(BECon) president, said that
while the US might be seek-
ing some specific statute to

deal with the prohibition of.

forced labour in the Bahamas,
he though this was already
dealt with in the constitution
and common law.

“I’m sure that even without
any specific statute law,
between the constitution and
common law, anyone involved
in forced labour and slavery
will receive punishment,” Mr
Nutt said.

The BECon president said
the exploitation of foreign
workers, making them work
long hours for inadequate pay
that was below the $150 mini-
mum wage, was not wide-
spread in the Bahamas to his
knowledge.

“It’s not something I’m
aware of as being any type of
common practice over here,”
Mr Nutt said. “I personally

rahs Bavé been very good part-
ners and we-appreciate their
support.”

Mr Izmirilan said the chal-
lenge in getting the project off
the ground was not the former
government.

“We are working closely
with the Government. The
challenge has not been the
Government; the challenge has
been the complexities of the
project. Tere are so many dif-
ferent aspects of the project
and working with the partners
- the casino company, the hotel
compan, working with the
Government - all those things
come together and it is like
putting a puzzle together.
Putting the puzzle together can
be complicated,” he added.

Mr Izmirlian said he was an
optimistic person, and was con-
fident Baha Mar and the new
FNM government would enjoy
a good working relationship.

Tourism Minister Neko
Grant told The Tribune that

Escenas

for ad i



have not come across any of
that, and not heard of it hap-
pening.

“But just because I’ve not
heard of it or come across it
does not mean it does not hap-
pen. It cannot be happening to
any great extent.”

Yet Mr Ferguson and Mr
Regnier disagreed. While say-
ing that the problem was not
“to the extent” indicated by
the US report, Mr Ferguson
said: “Practicing as a labour
attorney I have encountered
situations where migrant work-
ers are required to work longer
hours without adequate com-
pensation, and below the min-
imum wage.”

Mr Regnier added that
employers were known to keep
the work permits of migrant

Haitian workers as a way to |

control them, ensuring they did
not travel or seek employment
elsewhere.

Another forced labour issue,
Mr Regnier said, was that

_ Haitians were often having to

repay money they had bor-

_rowed from those who had

financed their journey to the
Bahamas, providing another
avenue to control the worker.

Describing the exploitation
of Haitian workers, especially
those who had come to the
Bahamas illegally, as “wide-
spread”, Mr Regnier said those
employed as manual or farm
labourers, working in the
fields, routinely earned wages
of around $30 per day - right |
on the minimum wage border-
line.

Again, if they came to the
Bahamas illegally, Haitian

“ workers found obstacles to

presenting cases of exploita-
tion to the Minister of Labour,
Director of Labour and the
wider department.
Mr Regnier said that give
the problems with Bahamian
labour relations generally, and
the mechanisms for resolving
disputes, undocumented
migrant workers were
“between a rock and a hard
place” when it came to resolv-
ing instances of exploitation...

staying the course

he could not speak to the nego-
tiations involving Harrah’s as
casino operators because he
was not aware of all the details.

However, he stressed that
the Government intended to
do everything it can to facili-
tate the Baha Mar project.

“We consider them one of
our major stakeholders in the
industry, and we are prepared
to work with anyone and
everyone. I am pleased with
the steps that they have taken
to restore the lustre and excite-
ment to the Cable Beach
Strip,” Mr Grant said.

Moving forward, Don
Robinson, Baha Mar Resorts
president, said that right now
occupancy levels have been
suffering because of all of the
construction.

“So once we opened up,
obviously it will come back as

people view the property,” he -

said.
He added that a number of
wholesalers and travel agents

have viewed the Sheraton, and
are excited about what they
see.

He said that once the reno-
vation is completed, they
expect 2008 to be a good year
for the Cable Beach Resorts.

Mr Robinson added that a,
number of Harrah’s managers:
are working with the Crystal
Palace casino staff, training
them, learning Bahamian reg-
ulations.and understanding
what it is like in the Bahamas,
teaching the best pratices of’
casino work. et:

“The next step is finishing
the negoitations. A lot of the
work we are doing now is on
the design and making sure
that it is done perfectly and
done right. We have the luxu-
ry of the time to make sure
that the blue prints are correct,
so that is what we are doing.
now,” Mr Robinson said.

He also indicated that a deci-.
son on the Nassau Beach
Hotel had not yet been made.

Communities &

Ue ee

—
?
e






THE TRIBUNE WEDNESDAY, JUNE 13, 2007, PAGE 7B
: eo, To ativertise in The Tribune,
- Doctors Hospital Biiiaam

ARR F 2S ISLES as oS EBERT ATI S 29.0

re

ON PAS oe

in 34.4 per cent

profit rise

@ By NEIL HARTNELL

Tribune Business Editor

DOCTORS Hospital Health
Systems (DHHS) generated a
34.4 per cent net income rise
for the first quarter in its 20008
fiscal year, as a 6.9 per cent
increase in total revenues out-
paced a 4.7 per cent expansion
in expenses.

Unveiling its results for the
three months to April 30, 2007,
the BISX-listed healthcare ser-
vices provider revealed that
net income rose to $1.314 mil-
lion, compared to $978,000 for
the 2006 comparative period.

The net income performance
was driven by a combination
of increased revenues, coupled
with reduced interest expenses
and losses associated with the
Western Medical Plaza facility,
which outpaced growth in total
expenses.

Driven by a 6.7 per cent
increase in net patient services
revenues, which rose to
$10.249 million from $9.604
million the year before, total
revenues for the fiscal 2008
first quarter grew to $10.402
million compared to $9.733
million. ;

Report

In his report to sharehold-
ers, Joseph Krukowski, DHHS
chairman, said all departments
generating patient services rev-
enue were positive contribu-
tors during the three months

‘to April 30, 2007.

bas.

Yous

But he added that DHHS
“continues to face challenges
from increasing expenses”, dri-

ee

ven by the rising cost of med-

ical supplies, employee benefits
and salaries and pharmaceuti-
cals/drugs.

Total expenses for the 2008
first quarter rose by $0.4 mil-
lion or 4.7 per cent, growing
from $8.479 million to $8.879
million.

Taxes

Mr Krukowski noted that
government taxes and fees
increased by 10.5 per cent, ris-
ing from $200,000 to $221,000.
Other operating expenses,
which includes items such as
insurance and leases, grew by
22.6 per cent, from $933,000 to
$1.144 million.

Medical supplies and ser-
vices costs grew by 12.4 per
cent to $2.628 million, com-
pared to $2.338 million the
year before, while payroll costs
increased by 8.1 per cent -
growing from $3.42 million to
$3.697 million.

Mr Krukowski said Western
Medical Plaza “continues to be
a challenge as we seek a buy-
er”, but the losses from this
facility - and the drag on
DHHS results - had decreased
as a result of inflows from
rental income earned on the
property.

For the 2008 first quarter,
losses from Western Medical

Plaza had decreased slightly, ©

to $145,000 from $188,000.
Meanwhile, DHHS had
been able to close the sale of
five acres of undeveloped com-
mercial land on Blake Road.
The $1.038 million deal, which
had awaited approval from the
Government’s Investments
Board and exchange control

approval from the Central
Bank of the Bahamas, likely
due to the involvement of for-
eign interests in the unnamed ©
acquiring company, generated
a $16,000 gain for DHHS.
During the 2008 first quarter,
accounts receivable owed to-
DHHS by self-pay and unin-
sured patients increased by .
39.2 per cent, growing from
$951,000 at January 31, 2007,
to $1.324 million at first quar-

ter-end.

And accounts receivable
owed by third party payors,
such as private health insur-
ance companies and govern-
ment entities, had risen by 16.2
per cent since the end of fis-
cal 2007. They had grown from
$5.521 million to $6.417 mil-
lion.

DHHS has a $6.2 million
provision for net accounts
receivables.

BCA

RAHN TONHANON ANON ONAN NNN

BAHAMIAN CONTRACTORS’ ASSOCIATION

sannasanas gene ronanongaa ans nnnannengnnRNnONRNHNGNOORNN

ANNUAL GENERAL MEETING

Notice is hereby given that the 2007

Annual General

Meeting of

the

Bahamian Contractors Association will
be held at the Nassau Yacht Club, East

Bay Street,

Nassau,

Bahamas, on

Thursday, 14th June, at 1 pm.



KPMG. =

qq

si UBS

UBS Trustees (Bahamas) Ltd., a leading international trust
company, is looking for a

New Business Officer

Responsibilities:
Review business established to ensure policies and
procedures are adhered to;
Ability to vet tailor-made deeds;
Undertake the processing of new business ensuring
proper due diligence is in place and adherence to
policy and procedures;
Serve as signatory on assigned companies;
Handle research into and prepare responses to client
enquiries including responding to and preparing a
range of correspondence;
Undertake the processing of New Business ensuring
proper due diligence is in place;
Prepare proper minutes, resolutions, account opening
forms, share certificates and relevant checklists for
new accounts;
Liaise directly with clients, their professional advisers,
trust company agents, bankers, investment advisors,
etc. in respect of routine matters;
Review and maintain accuracy of static and processing
data;

Required Qualifications:

STEP designation;

5 years of trust administration experience;

5 years legal experience;

Good analytical skills;

Good knowledge of finance industry in general and
especially foundation business and fiduciary products;
Good interpersonal skills;

Computer literacy;

Interested persons should submit a full resume, to:

UBS Trustees (Bahamas) Ltd.
Human Resources

Re: New Business Officer
P.O. Box N-7757

Nassau, Bahamas

or
hrbahamas@ubs.com
Re: New Business Officer



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

|BLAIRWOOD ACADEMY|
SUMMER SCHOOL

July 2 to 27 9:00 to 12:30

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

Supervising Senior/Seniors

| | READING, WRITING, MATH,
STUDY SKILLS, COMPUTER

The successful candidates for the Supervising Senior/Senior positions must have at least three to four years
professional public accounting experience. Applicants must hold a CPA, CA, or other professional designation
recognized by the Bahamas Institute of Chartered Accountants.

' fs E So ee 4 Excellent opportunities exist in our Audit, Corporate Finance, and Risk Advisory departments, to broaden your
caret : professional experience. We offer competitive compensation and benefits packages.

Applicants should submit a cover letter, resume, and a copy of their professional certification to: KPMG, Human Resources
Manager, P.O. Box N123, Nassau, Bahamas or acash@kpmg.com.bs. Telephone: (242) 393 2007

OUR METHODS HELP STUDENTS
CATCH UP

IMPROVE SKILLS
MOVE FORWARD

AUDIT « TAX # ADVISORY

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



393-1303
OR COME IN TO REGISTER
VILLAGE RD SOUTH OF QUEEN'S COLLEGE

Bis

Pricing Information As Of:
12 J 2007

Change Daily Vol. EPS $ Div $
Abaco Markets

Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste °+
Fidelity Bank

Cable Bahamas

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

Finco

FirstCaribbean

Focol

Freeport Concrete

ICD Utilities

J. S. Johnson

NATURE

nautilus

_ GENERAL WORKER NEEDED.

With knowledge in electrical
and plumbing

S52wk-Low
12.25 Bahamas Supermarkets
10.00 Caribbean Crossings (Pref)
0.20 RND Holdings

Worker must be able to work a
12 hour shift.

‘00 A\
14.00 Bahamas Supermarkets
0.35 RND Holdings

1.341839*
3.2018°**
2.681688**
1.244286°**"
_11.5519**""*

Colina Money Market Fund
Fidelity Bahamas G & | Fund
Colina MSI Preferred Fund
Colina Bond Fund

Fidelity Prime

Please contact us at:
—1-(242)-377-0444-6 or 15519 11.0199.
Fax resume to 1-(242)-377-0276. _

Serious Inquires Only



YIELD - last 12 month dividends divided by closing price NA V KEY
Bld $ - Buying price of Colina and Fidelity
Ask § - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price
Weekly Vol. - Trading volume of the prior week

52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today
DIV $ - Dividends per share paid in the last 12 months
.. -RLE --Closing price divided by the last 12 month earnings

*- 41 June 2007

** - 30 April 2007
EPS $ - Acompany’s reported earnings per share for the last 12 mths
NAV - Net Asset Value

N/M - Not Meaningful

FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

*** 31 May 2007

see" - 30 April 2007

ek - 31 May 2007

JNEORMATION CALL (242) 354-3803



2 FO TRADE CALL: COLINA 240-6004

a
woe we tiwitt

PAGE 8B, WEDNESDAY, JUNE 13, 2007

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, :
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 :
SHIRLEY CARLTON SHARP, the Executrix of |
the Estate, by The Circuit Court, Probate :
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 |

: one of the States of the United States of

: America, deceased.

the 11th day of October 2005

Signed
Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS |
THE SUPREME COURT :

PROBATE DIVISION

June 14, 2007 :

No. 2007/PRO/npr/00262

_ Whereas, CHRISTA WAGNER of 1180 Vienna, |
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, :

Starkfriedgasse 51,

deceased.

_ No. 2007/PRO/npr/00263

deceased.

Notice is hereby given that such applications 3
: 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

deceased.

: 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
: of New Providence, one of the Islands of The
: Commonwealth of The Bahamas, deceased.

Sign
Desiree Robinson
(for) Registrar

No. 2007/PRO/npr/00264

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, Newel?

: of the Islands of-the: Comm

: 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 :

THE TRIBUNE BUSINESS

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 eon 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

: 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
Nicoya Neilly
(for) Registrar

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

2007/PRO/npr/08269 paige

: INTHE ESTATE OF WILLIAMS S. GLASS, late.
? of 3340 Cambridc'e 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,
j : 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 :
? No. 2007/PRO/npr/00270

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

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 late 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


WEDNESDAY, JUNE 13, 2007, PAGE 9B

THE TRIBUNE BUSINESS



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PRESENTS



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FEATURING “THE QUEEN OF SOCA"

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PAGE 10B, WEDNESDAY, JUNE 13, 2007






- 6:00pm 12 midnight

Featuring:

Colin McDonald,
Nehemiah Heild, Nita

t,



the Abuco Teurist Office at 242-367-3067

THE TRIBUNE



Ex-Lyford Cay
resident gets
87 months

@ By NEIL HARTNELL
Tribune Business Editor

A FORMER Lyford Cay
resident has been sentenced to
87 months in prison and
ordered to pay $34 million in
restitution after pleading guilty
in a US court last year to
defrauding investors out of $47
million through a fraudulent
investment scheme he operat-
ed.

Eric Resteiner, 48, was sen-
tenced on May 16, 2007, in the
US District Court in Massa-
chusetts, having earlier pled
guilty to seven counts of wire
and mail fraud relating to a
fraudulent ‘Ponzi’ scheme that
defrauded about 50 investors.

Mr Resteiner, a Christian Sci-
entist practitioner who was
described to The Tribune as a
“very flamboyant figure” dur-
ing his time in the Bahamas,
misappropriated investor
monies to fund his lifestyle,
“which included maintaining a
significant home in Lyford
Cay”.

To facilitate the scheme,
which involves paying off older
investors with new investor
monies, Resteiner allegedly
deposited investor funds into
accounts at Scotiabank and the
former Barclays Bank in Nas-
sau.

He opened and “exclusive-
ly” controlled these accounts,
which were in the names of
Swiss Asset Management Cor-
poration, Wail Street South
Corporation and Osaka Ltd.

There is nothing to suggest
that Scotiabank, Barclzys or
the latter’s successor institution,
FirstCaribbean International
Bank (Bahamas), have done
anything wrong in relation to

a

the Resteiner affair.
Resteiner allegedly told
investors, most of whom were
fellow Christian Scientists, that
they would enjoy returns of 4-5
per cent per month on their
investments via a European
investment technique known as

‘forfeiting’.

The US District Attorney’s
office had previously alleged:
“Resteiner told victims that
their investment was risk-free
because the instruments he was
trading were backed by Dou-
ble A rated banks, the trades
were pre-confirmed, and the
investors’ principal would nev-
er be at risk because these
instruments could be cashed-in
at the banks at any time.

“Tt is alleged that in fact,
Resteiner well knew he was not

a trader and had no way to gen- ©

erate income to provide the
promised returns; the victims’
principal was not safe and, in
fact, was being used for his own
personal use and to pay pur-
ported ‘interest’ payments to
victims in order to lure more
investors and more money into
the scheme.”

Tribune Business first
revealed Resteiner’s alleged
wrongdoings after he was sued
by the Securities and Exchange
Commission (SEC) in relation
to the same investment scheme.

In the SEC lawsuit, Restein-
er and a fellow Bahamas resi-
dent, Voldemar VonStrasdas,
allegedly promoted their
scheme through many investor
meetings in Nassau.

The SEC alleged that until
May 2000, Resteiner, whom
lived in the Bahamas from the
mid-1990s until May 2000, and
VonStrasdas received investor
funds and made monthly pay-

Life

ments. After that date pay-
ments ceased and no investors
got their money back before
the SEC lawsuit was filed in
2001.

The pair had default judge-
ments entered against them in
relation to the SEC lawsuit in
May 2002, ordering them to
each pay $4.4 million in civil
penalties and disgorge and pay
interest worth more than $25
million. VonStrasdas allegedly
filed for bankruptcy in Febru-
ary 2003, urging the SEC to

recover the funds from Nassau |
and denying ail the allegations |

against him.

To placate investors worried
about their investments, the
SEC alleged that VonStrasdas
represented in a letter that the
Central Bank of the Bahamas
had frozen all Resteiner’s
assets, which he claimed were
worth $90 million.

Resteiner was alleged to have
begun the Swiss Asset Man-
agement scheme in 1997 at a
meeting in the Bahamas, and
then started work on soliciting
investors for the Resource F
and Wall Street South schemes.

At least $12 million of the
Resource F funds raised dur-
ing 1999 and 2000 were even-
tually transferred to a Wall
Street South account in the
Bahamas. A further $7 million
raised under the Wall Street
South name was “wired or
deposited by investors into one
or more bank accounts in the
Bahamas controlled by the
defendants”, while $3 million
raised under the Swiss Asset
Management alias between
1997 and 1999 was also trans-
ferred by investors to Bahamas-
based accounts controlled by —
Resteiner and his associates.

ay

Tia ie lal eles ly

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