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_02920 ( sobekcm )

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Full Text
SMHiami Herald

BAHAMAS EDITION

| HIGH
LOW

—

Volume: 103 No.172






771F |

| ene GLOUDS AND
SUNSHINE |

i'm lovin’ it. |

SSF |







|

Che

TUESDAY, JUNE 19, 2007

CLUE NUMBER SEVEN IS ON PAGE 20E





STRONG TURNOUT FOR JACKIE CONYERS

PRICE — 75¢

Drop in tourism numbers

Five per cent fall in
stop-over arrivals

@ By KARIN HERIG

Tribune Staff Reporter

THE Bahamas has experi-
enced a significant five-per cent
drop in stop-over arrivals for
the first quarter of 2007 and
could face a critical decrease in
cruise passengers this summer.

According to the latest sta-

tistics of the Caribbean Tourism °

Organisation (CTO), the
Bahamas' visitor arrivals
dropped from 409,077 in 2006 to
389,597 in 2007 during the time
period of January to March.

This represents a decrease of
almost 20,000 visitors for the
first three months of this year.

Although cruise arrivals
increased slightly - a 1.7 per
cent increase from 839,777 in
2006 to 854,457 to 2007 for the
first quarter — tourism officials
fear that there could soon be a
"critical" drop in those num-
bers as well.

The Tribune reported yester-
day that Royal Caribbean
Cruise Lines and its affiliates
have pulled four ships out of
the Bahamas this summer.

Tourism Director General
Vernice Walkine told The Tri-
bune yesterday that her min-
istry is scheduled to hold talks
with the principles from the
Royal Caribbean Cruise Lines
to negotiate a new arrangement
which would be beneficial to
the Bahamas.

However, with the possibility
of a continuing decrease in
cruise arrivals looming, Mrs
Walkine said it is now more
important than ever that the
tourism: industry concentrates
on visitor expenditure rather
than on numbers.






“If in fact we face a situation
where those ships are not imme-
diately replaced we need to
replace that income for our peo-
ple,” she said.

The director general
explained yesterday that the
entire Caribbean region is suf-
fering as cruise lines are increas-
ingly repositioning their ships
to travel European routes.

“Everyone now has to push
to the front of the line to try to
get their share of what remains
of the Caribbean business,” she
said.

At this point in time, Mrs
Walkine said, she still expects
Royal Caribbean Cruise Lines
to replace the four ships they
pulled from the Bahamas.

“It is my expectation that
there will be (a replacement).
They have to satisfy me as to
why they wouldn’t be doing that
because there is no question
that the Bahamas is important
to the cruise lines due to our
geographical location. We
understand that, they under-
stand that. We just need them
to communicate to us what they
plan to do,” she said.

Mrs Walkine emphasised that
her ministry is “on top” of the
issue and has made it a priority
on their agenda to “at the very
least” retain the status quo of
the Bahamas’ cruise industry.

The tourism director gener-
al, however, emphasised that
because there is a possibility
that cruise arrivals could drop
off, it is necessary to facilitate
air arrivals as much as possible
and that this means fighting for
an extension of the relaxation of

SEE page eight

| The Taste on Tuesdays !!

| Buy any large pizza with 2 or more
toppings & Get a medium
]-fopping pizza absolutely

















VAUD ONLY.ON TUESDAYS!



l@ HUNDREDS of construction workers with various skills flocked to a job fair held by the Baha Mar group yesterday. The event,

at the Kendall Isaacs gymnasium, gave local and international contractors the opportunity to select workers before construction
begins on the Cable Beach project.

Petitions filed
to contest at
least three

constituencies.

: al Criminal Police Organisation
: (Interpol) that his name is being
: used in an internet investment

UP TO press time yesterday :
petitions had been filed for at :
least three of five seats that the :
PLP intends to contest in elec- :
tion court, The Tribune con- :
firmed with a member of the :

@ By NATARIO McKENZIE

party’s legal team.

Lawyer Wayne Munroe, a :
member of the PLP’s legal :
team, told the Tribune that peti- :
tions have been filed over the :
Blue Hills, Marco City and :
Pinewood seats, setting those :

three matters in motion.

However, The Tribune was :
unable to confirm with Mr :
Munroe the status of the other :
two applications for leave to :
petition. They were the Golden :
Isles and Sea Breeze seats, :
which the FNM won by 62 and }
64 votes respectively. Earlier in :

SEE page eight

“ Based on a $200,000, 30 year'term Pen eree AINE Mutilati eM UCLA}

A FORMER Cabinet Minis-
ter has alerted the Internation-

scam.
Bahamians are being cau-
tioned not to be taken in by a
fraudulent e-mail which seem-
ingly bears the signature of for-

(Photo: Tim Clarke/Tribune staff)

_ Former Cabinet Minister's
‘name used in Internet scam

| Ml By KARIN HERIG
: Tribune Staff Reporter

mer Minister of State for
Finance James Smith. -

The e-mail, which has been :
circulating through the internet
for the past week, includes a }
letter by an author claiming to :

be the former minister.

In it, the author requests the
assistance of the e-mail recipient : ister Brent Symonette met with
in securing $38.5 million in a :

safe bank account for future : State Condolezza Rice in

: Washington, DC, yesterday.

SEE page eight

decision on vacating post

@ By PAUL TURNQUEST —
Tribune Staff Reporter





CYNTHIA Pratt, the MP for St Cecilia and deputy leader of the
PLP, denied reports that she is vacating her post as deputy leader :

of the PLP because of health or family problems.

SEE page eight

as

Paar ep rarrerb machine min. Gamedhelupderal eco

ct pate.

ay Bahamas Growth & Income Fund and

NINE TIENT ne rea

St Nt wget

assuming the'Fund will have an average annual return of at least 8% during the life of the mortgage. Conditions apply.

Condoleezza

Rice meets with

Brent Symonette

@ By PAUL TURNQUEST
Tribune Staff Reporter

MINISTER of Foreign
Affairs and deputy Prime Min-

the United States’ Secretary of

Mr Symonette, who trav-

elled with other CARICOM

Cynthia Pratt denies making
: Caribbean: A 20/20 Vision tak-
: ing place in Washington this
: week, said that his meeting
: with Dr Rice was “very, very
: good.”

: Among the topics discussed,

Foreign Ministers and diplo-
mats to the Conference on the

Mr Symonette said, were alter-
nate energy forms, the deep-

: ening of democracy, and the
In an interview with The Tribune yesterday, Mrs Pratt said that :
the decision — if to vacate the post — will only be made after first
deep consultation with God, her leader, and then her constituents. :
“I have made absolutely no decision. And any decision I make I }

question of climate control.
“It was very productive, and

I think we have agreed to pro-

vide a format to go further so

SEE page eight

As you pay down your
mortgage your investment

account grows.

Call or visit Fidelity today.

a) FIDELITY

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PAGE 2, TUESDAY, JUNE 19, 2007

THE TRIBUNE



Time to leave 2007 election
and debate burning issues

WO friends - one Bahami-

an, one foreign — worked
together for a while in a downtown
office. At the end of every work day
the Bahamian noticed that his friend
cleared his desk and put everything
into his briefcase. Nothing was left on
the desk and nothing in the draw-
ers.

The curious Bahamian questioned
his friend, a peripatetic Jew, about
this daily ritual, and he replied some-
thing like this:

“Perhaps it’s my genes or my cul-
tural orientation, or maybe it’s just
me. I don’t know. I do know that
when I leave this place I may not be
welcomed back the next day, and
that will not be a problem for me.
There’s nothing I have to come back
for. I can easily walk away and nev-
er look back.”

Indeed, he was able to do just that.
Despite his passionate involvement
in certain aspects of Bahamian life,
he would frequently over the years
unceremoniously absent himself and
with equal lack of notice, simply re
appear months later. —

Although he was very much in the
world, he had somehow created
around him a sort of monkish
detachment from it all. Perhaps he
was a kind of soul brother of the
great Thomas Merton who wrote so
brilliantly to and about the world
from the confines of a contempla-
tive monastic order.

The Bahamian thought that his
Jewish friend was rather extreme but
he fully appreciated the message. He
had himself already experienced a
rather sudden and traumatic expulsion
from an office he had become rather
fond of and had to take to heart Rud-
yard Kipling’s advice about those twin
imposters Triumph and Disaster.

They are to be found everywhere in
human affairs, of course, but they are
particularly and perpetually busy in the
political arena where they seem to work
their frequent mischief with fiendish
delight.







er entering the arena sho

y expect to experience both of Then .

and should be prepared for these
encounters.

Triumph comes with a strong dose
of euphoria that can send weak heads



The present lot, after only five years ef





spinning out of control, seduced by

power and inflated with ego; and it can .

become dangerously addictive.

Disaster, with its bitter brew of dis- ©

appointment, frustration and depres-
sion, is not easily accommodated. How-
ever, it seems that those who manage to
keep their feet on the ground while in
the seductive embrace of triumph, and
who sip only lightly from the cup of
euphoria, are better able to maintain
their balance when this other imposter
strikes.

. That.is,.the.time.. when character is

ie put to the test, when previous protes-
tations of nobler ( ssof spirit ring either:

true or false.

It is reasonable to expect that the
older ones in the arena would be less
susceptible to the ravages of disaster,
more level-headed, more firmly ground-
ed and more able to handle the bitter

power, seem frustrated beyond
redemption. They seem to think that
their successors in office are not just

“interim” but have no right to govern at

all! So they are lashing out in a most
unseemly manner and making a
spectacle of themselves. _





brew.

But that has not been so in the case
of the PLP. Six weeks after their
defeat at the polls, most of the lead-
ers of that party are still behaving
badly and displaying the classic symp-
toms of denial and anger, much to

shame of many of their supporters.

Pe leaders have always had
an attitude of entitlement and
had great difficulty accepting their
first defeat since 1967 when the peo-
ple got tired of their antics and turned
them out of office in 1992.

Their leader at the time said the
FNM government that replaced them
was only “interim”. He was wrong, of
course, but in his case the frustration
was understandable.

After all, he enjoyed a privileged
place in the history of the country
and following 25 years of triumph,
he had become rather accustomed
to power. After a second defeat he
apparently managed to reconcile him-
self to his new status and made a grace-
ful exit from the political arena.

The present lot, after only five years
of power, seem frustrated beyond
redemption. They seem to think that
their successors in office are not just
“Gnterim” but have no right to govern at
all! So they are lashing out in a most
unseemly manner and making a spec-
tacle of themselves.

What they do not seem to realise is.

that they are hurtinp‘no-one but them-
selves, their party and their supporters
- and their future. What they are doing
today will almost certainly come back to
haunt them later on.

S:= of the vitriol and abuse
appearing on websites con-
trolled by them has been downright dis-
graceful and the public behaviour of
some of them has been pathetic.

Particularly disturbing are the angry
and threatening remarks directed at the
press by one who had hitherto been
highly regarded by everybody, including
people on both sides of the political
divide.

All of this will be recalled in vivid
detail at some future date, but they
seem quite incapable of thinking about
that now.

One in particular has been reminded
repeatedly by this newspaper, much to
his chagrin, of words he uttered and
positions he took years ago, now that he
is attempting to sing a different tune

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Monday - Saturday - 8:30am - 5:30pm

BILLY’S DREAM





The PLP members of parliament
should get over their frustration and
settle down to the job the people
elected them to do -- participate con-
structively in the national debate.



and do an unfamiliar dance. He should
know that old journalists are like old
elephants: they never forget.

Some of the others have, in recent
years, refused to reflect on the story
told in this column previously about
Sammy Haven. They should think
about it now.

B ack in the 1950s, when
younger members of The Tri-
bune staff made Mr Haven the butt of
their cruel tricks, he would simply say:
“I hope you recognise that when you
see it again.”

He was telling the youngsters that
while they giggled with delight at the
discomfiture they inflicted on him, they
should remember that a day of reck-
oning would come and he would turn
the tables on them. Mr Haven was an
accomplished trickster and more than
once he turned those giggles into
squeals of anguish.

Governor General Arthur Hanna,
during one of the swearing-in cere-
monies for the new government,
reminded his listeners of the impor-
tance of the Opposition in our system of
government. But he also reminded
them that the government of the day
must be able to get on with its legislative
agenda.

That is advice the PLP should now
take to heart and stop behaving like
spoiled brats who want to break up the
game and throw away the marbles
because they lost. They should Kick their
wounds in private and act as a respon-

‘sible Opposition in' public.

his country is facing some huge

home-grown problems, togeth-
er with a multitude of challenges pre-
sented by a rapidly-changing world.
Criminality, rents in the Bahamian
social fabric and cultural degradation
all need to be urgently addressed.

External challenges are likely to
intensify against our national sover-
eignty, our right to determine our own
model of development and our ability
to chart our own course in the world. It
is now time for serious debate on all
these burning issues — in parliament
and across the nation.

The PLP members of parliament
should get over their frustration and
settle down to the job the people elect-
ed them to do -- participate construc-
tively in the national debate.

sirarthurfoulkes@hotmail.com
bahamapundit.typepad.com



ae
aa

Te aa als
eRe aby,

| susie son



WOMAN SECTION
WOMAN .ccecseeees
Comics
Weather









Couple are
found with
pistol at
airport

FREEPORT — A married
couple with children were
taken into custody on Friday
evening after a security offi-
cer at the airport discovered
an illegal firearm in their pos-
session during screening.

Supt BasilRahming report-
ed that, around 6.20pm, a
husband and wife, along with
their two small children, were
being screened when a secu-
rity officer alerted police to a
suspicious object that
appeared on the X-ray mon-
itor.

The family was being

screened for a Bahamasair
flight to Nassau. While con-
ducting a search of their car-
ry-on baggage, officers dis-
covered a .25 semi-automatic
pistol with three .25 bullets
inside a Playstation compart-
ment.
’ The man, 30, and his 29-
year-old wife were arrested.
Both are assisting police
inquiries.

EU ready to
resume
dialogue
with Cuba

@ LUXEMBOURG

THE European Union
reached out Monday to the
new Cuban government,
inviting a delegation to Brus-
sels for what it called “open
political dialogue” - on the

* condition that they discuss

human rights, according to
Associated Press.

The EU said the temporary
transfer of power from Fidel
Castro to his brother Raul -
the first change of power in
48 years — constituted a “new
situation” and said it was
ready to resume discussion
with Cuban authorities on
political, human rights one
economic issues.

It decided not to reactivate
its sanctions against Cuba,
which were put on hold in
2005. But it reiterated its cail
on authorities to release polit-
ical prisoners and grant free-
dom of expression and infor-
mation to Cuban citizens. It
also said it would continue its
support for dissidents and the
civil society.

The EU imposed diplo-
matic sanctions on Cuba in
2003, after authorities there
detained 75 dissidents
accused of working with the
United States to undermine
Fidel Castro’s government.
Cuban authorities then
released 16 for medical rea-
sons, and in January, 2005 the
EU suspended the measures,
restoring diplomatic relations
and scrapping its ban on talks
with Cuban officials.

The invitation — which the
EU said was broadly based
and not addressed to any par-
ticular individuals — is part of
the EU’s drive to improve
relations with Cuba, strained
for years over human rights
issues.

Spain is leading efforts to
improve relations with
Havana, while countries such
as Britain, the Czech Repub-
lic, Poland and Sweden have
been more guarded, insisting
that the EU only fully nor-
malize its ties with Cuba after
civil and political freedoms
are granted to all citizens.

Business ee. 23.6.7, 8, 9,10

RAUEAREAPSR OMA O URS P4,5



be 2, 8 yy

CLASSIFIED SECTION 32 PAGES

MIAMI HERALD SECTIONS | .
Miami Herald .....ccccccsscseecsessectrersseesees P1-12
Miami Herald Sports .....0:.::cccessese. P13-17
SPOPts ...scseencnsesnensennsnsenscncaeaenseersersenee 18°20





THE TRIBUNE





Man in
custody in |
connection
with murder

THE man wanted for ques-
tioning in connection with the
murder of DeAngelo Arm-
brister is now in police cus-
tody, according to reports.

ASP Walter Evans told
The Tribune yesterday that
Eduardo Carey, 27, of Wind-
sor Estates, was held for
questioning around 4am yes-
terday after he was found in
an apartment complex in
Freeport.

Carey was wanted for
questioning in connection
with the murder of 21-year-
old DeAngelo Armbrister, of
South Beach Estates, the
country’s 37th homicide vic-
tim.

Armbrister was shot in
broad daylight last week by a
man carrying a shotgun. He
was while fixing his car off
East Street when the shoot-
ing occurred.

Two men
are shot at
Arawak Cay
during row

TWO men were shot dur-
ing a row in the Arawak Cay
area on Sunday night, accord-
ing to police.

ASP Walter Evans said
one man, aged 33, received
gunshot wounds in the left
leg, while a man aged 28 was
hit in the neck and back.

Both men were taken to
hospital where they are being
treated for their injuries.

- A 22-year-old man is assist-
ing police with their investi-
- gation.

Castro
warns: US
‘will never
have Cuba’

@ HAVANA

RECUPERATING Fidel
Castro vowed the United
States “will never have
Cuba,” saying in an essay
published Monday that near-
ly a year after emergency
surgery left him “between life
and death” the island’s com-
munist system is strong and
will stay that way, according
to Associated Press.

The essay titled “You will
never have Cuba” filled the
front page of the Communist
Party daily Granma and oth-
er official newspapers. Cas-
tro accused President Bush
of plotting to send troops to
Cuba since 2002 and to
“install a direct imperial
administration.”

“Cuba will continue devel-
oping and perfecting the
combative capacity of its peo-
ple, including our modest but
active and efficient arms
industry, against any invad-
er that it comes across, no
matter what weapons they
have,” Castro wrote in the
article, which was signed Sun-
day afternoon.

Cuba has repeatedly said
its citizens are armed and
prepared to beat back any
U.S.’ attempt to take advan-
tage of Castro’s health prob-
lems and invade.

Castro has not been seen
in public since last July,
when he announced that ill-
ness forced him to tem-
porarily cede power to a
government headed by his
brother Raul, the defense
minister.

The 80-year-old’s exact
condition and ailment are
state secrets, but life on the
island has remained little
changed since he fell ill. In
recent weeks, Castro has
signed a series editorials,
most of them on internation-
al topics such as a U.S.-
backed plan to use food crops
for biofuels.

But Monday’s was one of
just two that have focused on
Cuba, noting that nearly a
year had passed since July 31,
2006, when he was “between
life and death.”

Paraphrasing the statement
in which he turned over pow-
er, Castro said, “I don’t have
any doubt that our people
and our revolution will fight
until the last drop of blood.”

Castro blamed Washing-
ton’s 45-year-old trade
embargo and travel ban
against Cuba for widespread
hunger and malnutrition over
the years.

@ By ALISON LOWE
Tribune Staff Reporter

DECENTRALISATION of
decision-making in the educa-
tion system is set to occur as the
government has announced its
intention to allow school prin-
cipals and district superinten-
dents greater power.

“The reality is that the ten-
dency has been for far too long
to micro-manage from the high-
est level,” said acting director
of education, Lionel Sands yes-
terday.

This created a “feeling of mis-
trust” and hopelessness “among
very competent educators” and
has caused the education sys-
tem to suffer, said Mr Sands,
who himself has a significant 35
year background in education.

The announcement was wel-

_comed by principals, superin-

TUESDAY, JUNE 19, 2007, PAGE 3

ees eee a a
Government to divest more

_ power to school princ

Teachers’ union welcomes new move



tendents and Bahamas Union
of Teachers officials.

According to Mr Sands, the
ministry's intention is to allow
district superintendents greater
autonomy in determining what
must be done in the best inter-
ests of schools in their district —
a move that would be in keep-
ing with changes in the admin-
istration of education world-
wide, he noted.

With this responsibility will
come greater need for
“accountability”, he said, and
an "appropriate monitoring sys-
tem" will be put in place.

He also told superintendents
that the job will require inno-

vation and creativity. “The
order of the day cannot contin-
ue to be the order of the day.”

Meanwhile, schoo! boards
will be given increased respon-
sibility for addressing individ-
ual school's fiscal plans, includ-
ing matters such as repairs, tak-
ing that weight off the shoul-
ders of the principal, who will
have more time to focus on
"instructional" issues, relating
to teaching.

This announcement was
greeted by the most enthusiastic
round of applause of the day
from educators, who had gath-
ered with ministry staff and oth-
er stakeholder at a meeting held

$10m of school repairs
to begin next week,
announces government

@ By ALISON LOWE
Tribune Staff Reporter

THE government will begin
undertaking an estimated $10
million worth of summer school
repairs next week.

Stakeholders from the Min-
istries of Works and Education,
including ministers, permanent
secretaries and senior Officials,
along with principals, PTA and
school board members, met yes-
terday en masse to talk over the
plans and disseminate lists of

' planned repairs.

Ministry officials said that in
order to avoid the late finish-
ing of repairs, as occurred in
many instances last year - leav-
ing some schools looking like
construction sites at the start of
term - contractors will be told
not to take on further work
once on site, as has occurred in
the past.

Furthermore, lists of con-
firmed works will be provided
to various stakeholders to
ensure that all are aware of pre-
cisely what has been planned,
and contractors will be

- mobilised earlier than last year.

Minister of Works Earl
Deveaux said he hopes the pro-
gramme of repairs will be

"seamless and a non-event".

Officials across the board said
that a collaborative effort,
involving government and
school staff, is required in order
to ensure that the repairs are
completed successfully and on
time.

Lists

Minister of Education Carl
Bethel said that when he came
to office in May, he was sur-
prised to find that a complete
list of works required had not
yet been collated, despite the
fact that district superintendents
were expected to have provided
information on the repairs
required in their area by Janu-
ary. Bh
The process of determining
what repairs are required is now
"not entirely... but substantial-
ly complete," he said, adding
that the works to be done have
been prioritised based on need
and budgetary restrictions.

In total, the scope of works
for 99 schools — out of a possible
158 across the Bahamas — have
now been planned, at an esti-
mated cost of $8.6 million, to
include both major renovations

and minor aesthetic work. An
estimated further $400,000 is
expected to be spent when the
full range of works is scheduled,
pending reports back from min-
istry officials visiting schools in
the southern Bahamas this
week.

Several ministry officials pre-
sent noted the importance of a
well-maintained school envi-
ronment to creating conditions
which are conducive to learn-
ing.

Mr Bethel said that in the
long term there will be moves
by the ministry to instil a
"greater sense of ownership" in
students over their schools,
thereby lessening the likelyhood
of vandalism and breakages.

In this way, it is also hoped
the average $10 million price
tag for repairs can be reduced.

Meanwhile, he noted that
many school buildings have
"exceeded their life expectan-
cy", and in addition to repairs,
the government plans to "com-
pletely rebuild" eleven schools
across the Bahamas over a peri-
od of ten years.

This will form a part of a
"rational and focused ten-year
plan for education" to be imple-
mented by the government.

Educators complain
social promotion still
a serious problem

lm By MARK HUMES

SOCIAL promotion contin-
ues to be a problem that
plagues the educational system
according to estimates from one
New Providence junior school.

The issue of social promotion
once again moved to forefront
of the education debate when
a caller to Love 97’s Issues Of
The Day complained that a
large number of students were
allowed to graduate from LW
Young Junior School without
meeting the minimum gradua-
tion standards of 2.0.

The caller said of about 400 -

students attending the ceremo-
ny, 272 were leaving school with
less than the minimum require-
ments to earn a diploma.

However, LW Young’s prin-
cipal Telford Mullings said that
while he too is concerned about
the issue of social promotion,
there may be little that prinic-
pals can do.

“The thing about graduation
from the junior schools is that it
is not mandatory,” said Mr
Mullings. “If it were a senior
school it would be different, but
it is not compulsory.”

He said that the schools and
the Ministry of Education are
doing the best that they can to
make sure that students are pre-
pared to leave, and he called on
parents to assume some of the
responsibility for their children’s

educational success.

“Most of our problems stem
from parenting and the foun-
dation of students who are
entering the junior schools,”
said Mr Mulllings.

Mr Mullings’ comments were
supported by other educators,
with one saying that some
schools are implementing their
own initiatives to cut down on
social promotion, as the min-
istry has no blanket policy.

“But,” the official went on to
say, “parents run to the min-
istry saying that there is no
information that says that their
child cannot participate in the
passing out ceremonies. So,
whatever the ministry decides,
we must abide by it.”

Another educator, adding to
the debate, said that at his
school: “We have report cards
that have not been collected for
2 to 3 years, and yet some of
those same students are still
attending school.”

Last year, the issue of social
promotion took centre stage in
the education arguement when
a Tribune article reported that
78 per cent of A F Adderley
Junior High School’s 382 grad-
uating seniors had less than the
minimum 2.0 grade point aver-
age required to move on to the
next level.

At the time, many of the pub-
lic were concerned about the
far reaching implications that

social promotion would have
on the Bahamian society at
large.

However, The Tribune has
been able to obtain a draft copy
of proposed graduation require-
ments that the Ministry of Edu-
cation is seeking to implement
in its attempt to stem the flow of
students leaving its senior insti-
tutions ill-prepared.

The ministry is seeking to
have students pass the Bahamas
Junior Certificate Examination
in at least four subjects, inclu-
sive of Maths, English Lan-
guage, Science, and Social Stud-
ies.

“What is being lost in this
whole thing,” said Mr Mullings,
“is the achievements of those
students who are doing well.”

He said that this year’s fig-
ures at LW Young are a slight
improvement over last year’s,
with 27 more students achieving
2.0 or better. Additionally, Mr
Mullings said that his school had
the top BJC results among oth-
er public junior schools, and the
best BJC results for the school
since 1998.

The principal also noted that
his students improved in all sub-
jects, and of the various statis-
tics that he provided, he indi-
cated that he had nine students
with As in Language Arts.

Last year, Mr Mullings said
that none of his students got As
in Language Arts.

to discuss the Summer school
repairs programme.

Mrs Cleomi Burrows, princi-
pal of CW Sawyer Primary, said
she was extremely pleased to
hear that she would no longer
have to commit time to "chasing
up on" matters not related to
teaching.

With so many repairs needed
in her school alone, including a
leaking roof, and electricity
shortages affecting half of the
building, such concerns have
taken up a lot of her time and
caused significant stress.

Bahamas Union of Teachers
president Ida Poitier Turnquest
said she hopes that those desig-

CARL Bethel





9





ipals

nated new tasks will truly be
given the power to carry them
out.

Mr Sands told educators he
has the political directorate's
"full support to transform edu-

- cation", and indicated that there

would be more changes to
come.

The proposed decentralisa-
tion is necessary to alleviate a
perceived "bottleneck" in the
administration of education,
which saw schools having to go
through senior ministry officials
before action could be taken on
even the most minor matters, —
he explained.

"No longer will you be
required to ask at the director
or the deputy director's level
what it is that you need to do.
But the point is you have to
function at that level and at that —
capacity," said Mr Sands.





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PAGE 4, TUESDAY, JUNE 19, 2007

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR...

The Tribune Limited

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

Shirley Street, 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

Bahamas tourism slipping badly

FORMER PRIME MINISTER Perry
Christie’s boast at the height of the election
campaign in April that “more tourists are
coming now” is even more alarming as the
grim truth about the unstable state of our
tourism industry is coming to light.

Tourism was on a worrying downward
trend — a trend that Mr Christie should have
known about when he made his statement.

The statement was made against a back-
drop of a large placard showing Mr Christie
and his deputy. Erected at various round-
abouts it proclaimed that the Bahamas wel-
comed five million tourists in 2005.

If there were five million in 2005, and
“more were coming” in 2007, then Bahamians
were given the impression that not only was
the tourism industry in a healthy state, but it
was bursting at the seams. It was important,
therefore, that BahaMar get off the ground to
provide extra accommodation for the “more”
that were flocking to our shores.

It is now understandable why the Christie
government did not want the 2006 tourism
figures released before the election. At the
airport US Customs and Border Patrol noticed
a slippage starting in mid-2006. It estimated
that five to 10 per cent fewer Americans were
returning to the US after vacationing in the
Bahamas.

According to the Central Bank for the first
10 months of 2006 visitor arrivals fell by 4.7
per cent. Instead of the 2005 figure of five
million, the year 2006, with two more months
to go, was down to 3.9 million visitors. Instead
of flocking in, they were dribbling out. And,

according to industry reports, Nassau and Par-.

adise Island room nights for the months of
January and February this year were down
by 30,000 lower than the same time last year.

Industry officials, desperate for the offi-
cial figures, which are usually released in Feb-
ruary each year, could get nothing official
from government. All Tribune reporters got
were excuses. Nothing came out until after
the May 2 election. It was only then that it
was discovered that the people had not been
told the truth.

Today’s front page story is that for the first
quarter of this year tourism figures in stop-
over arrivals have dropped by five per cent.
This represents a decrease of 20,000 over last
year, which was already shaping up to be a
bad year. These tourists are the Bahamas’ real
bread and butter. They are the visitors who fill
the hotel rooms, patronise local restaurants,
take taxis, indulge in water sports, delight in
shopping and spend significant money on the
island.

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Although cruise arrivals — those who don’t
spend much time on land and make few pur-
chases while here — increased slightly, it is
reported that tourism officials fear that there
could soon be a “critical” drop in these num-
bers as well. On Monday, The Tribune report-
ed that Caribbean Cruise Lines and its affili-
ates have pulled four cruise ships from the
Bahamas this summer.

Although reasons are not fully known, sev-
eral shipping agents believe their pull-out
might have something to do with lack of
berthing space at Prince George.

In the mid-nineties, said one agent, our
port could accommodate 12 ships. As cruise
ships became larger the dock could not take
more than six ships at a time. It meant that
agents were constantly turning ships away. It
was the old story of “no room in the inn” — or
at the dock.

And then there were ihe bollards. The bol-
lards were located at Prince George when the
dock was built in 1928. When the dock was
extended the bollards were repositioned at
130 feet apart, instead of the former 100 feet
— and they were cared for.

Every three or four months the bollards
were chipped and repainted — that is until
Jeff Symonette and Leon Flowers left the
Maritime department. They were in excellent
condition until then. Around 2002 that care
stopped and the bollards started to deteriorate.
By now not only were the cruise ship owners
complaining, but so were the cargo shippers. It
was no longer safe to tie their ships up to the

_ bollards.

‘Tt is said that had the ships’ captains report-
ed how unsafe the bollards had now become
the Cruise Ship Association would not have
allowed them to come to Nassau. Had there
been an accident, shippers would not have
been able to claim on their insurance.

Agents and shippers were so concerned
that they met with Transport Minister Glenys
Hanna-Martin and a representative of the
Ministry of Works in 2005. They laid out their
concerns, offered suggestions for economi-
cally extending the dock by 200 to 250 feet,
and reported the urgent refurbishment need-
ed for the deteriorating bollards.

The Minister promised that corrective mea-
sures would be taken quickly. “But up to
today,” we were told, “nothing has been
done.”

Now that the truth is out, we are certainly
more confident that the Ingraham govern-
ment — and not the Christie regime — is the
presiding surgeon at the table of a very weak
tourism patient.



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The way to go
for Bahamas
energy policy

EDITOR, The Tribune.

SOME nations have been
criticised because of failed ener-
gy policies. The Bahamas can-
not be similarly faulted. We
have no such policy and have
never had one. I should note,
though that the previous admin-
istration did promise one. They
just never delivered.

A number of recent “hap-
penings” have prompted me to
put finger to keyboard. The
most recent being the Bahamas
becoming a signatory to the
“Declaration of Panama” at the
recently held OAS Foreign
Ministers General Assembly.

Not long before the Panama
declaration Philip Paulwell,
Jamaica’s energy minister,
declared that by the end of 2007
all Jamaican households will be
outfitted with compact floures-
cent light (CFL) bulbs.

Preceding the news out of
Jamaica was an announcement
by the Canadian Government
that import of incandescent (fil-
ament) light bulbs into that
country will be banned by 2010.

Government owned hospitals
in Jamaica are all outfitted with
solar water heaters. More than
85 per cent of Barbados house-
holds have solar water heaters.

Both Caribbean nations men-
tioned above have energy poli-
cies as do a number of others.

A comprehensive solar water
heater and CFL strategy will
reduce the Bahamas’ annual
fuel consumption by more than
200,000 barrels (8,000,000 plus
gallons) yielding annual fuel
import savings in excess of

$6,500,000. Big bucks by any .-

yardstick.

The Bahamas has about
100,000 households. Approxi-
mately 80,000 households still
use filament bulbs extensively,
the remainder having wisely
conv@fted to compact floures-
cents. Assuming that an aver-
age household turns on four, 60
watt filament bulbs for four
hours each day lighting in the
80,000 households will consume
28,032,000 kWh of energy each
year.

A13 watt CFL produces just
as much light as a 60 watt fila-
ment bulb. Four, 13 watt CFLs
burning in 80,000 households
four hours each day will, on the
other hand, consume only
3,416,400 kWh of energy annu-
ally.

In the Bahamas, approxi-
mately 500 kWh of electricity
is produced for every barrel of
fuel consumed. Filament bulbs
result in annual consumption of
56,064 barrels of fuel. CFLs, on

s license

Mess

letters@triounemeédia.net




the other hand, will require con-
sumption of only 12,147 barrels,

yielding annual savings of
$1. 317,504 based on a conserv-
ative fuel price of $30 per bar-
rel.

Moving next to solar water
heaters. A 1,500 watt water
heater operating for just two
hours a day consumes 1095
kWh annually.

If 80,000 households convert
to solar water heating the coun-
try’s power companies will need
to produce 87,600,000 kWh less
electricity resulting in 175,000
fewer barrels of fuel being
burned yielding annual savings
of $5,256,000 on the country’s
fuel bill.

has produced an icy chill on
those subjects.

As indicated in that earlier
article, wind energy may hold
some merit for the more
southerly islands of the
Bahamas.

The wind envelope (speed
and sustainability) in the more
northerly islands is just “not
there”.

Photovoltaics (direct elec-
tricity production from the sun)
is slowly coming into its own.
However, battery storage
remains a problem.

For the time being an energy
policy strongly focused on
encouraging and facilitating
installation of solar water
heaters and the replacement of
filament bulbs with compact
flourescents appears to hold
most merit for the consumer
and the country and definitely.
seems to be the way to go.

In a previous article I threw
cold water on suggestions

regarding the viability of “ocean MICHAEL R MOSS
thermal gradients”, “tidal vari- Freeport,
ations”, etc in a Bahamas con- Bahamas,

text. Hopefully the cold water June 10, 2007.

Open letter to the
prime minister

EDITOR, The Tribune.
The following is an open letter to the
Rt Hon Hubert A Ingraham, Prime Minister of the Bahamas.

Dear Sir:

I WOULD first like to congratulate you and your party, the Free
National Movement, on your recent electoral victory in the Bahamas.
The results of this recent general election were being watched by
many people outside of the Bahamas due specifically to one issue, the
proposed Bahamian Marine Reserve Network. In the year 2000, dur-
ing the FNM’s last period in parliament; your party put forth a plarte:
establish a network of Marine Protected Areas throughout-the
Bahamas. This is an idea that, at the time, was truly visionary and‘very*
positively proactive in sustaining the beauty and natural resources of
the Bahamas.

Now, just a few years later the concept of establishing Marine
Reserves has become far more than just a way to sustain small regions
of the ocean, it has now become the most promising remedy for curing
a global problem..Recent reports have shown the ocean's fish stocks to
be in a state of dramatic collapse, with over-fishing, habitat destruction,
and climate change pushing our marine resources past their limits.
Marine Protected Areas have been proven more effective than any oth-
er legislative or fishery management efforts to date.

The Commonwealth of the Bahamas has been given the opportunity
to be seen as a world leader in dealing with a global problem that is
wreaking havoc on many coastal countries and their economies. Your
party had the solution to this problem identified seven years ago, now
we are asking you to follow up on your promise and prevent the
Bahamas from losing its most valuable resources.

Five sites were identified as top-priority for the Bahamian Marine
Reserve Network, with Bimini topping the list. The original plan
called for these five sites to be fully implemented and established by
2003. Tragically, during the PLP’s reign in office, no movement was
made towards establishing these reserves. Over the last five years, it
seemed as if the PLP’s loyalty lay closer to foreign developers than to
Bahamians themselves. This was undoubtedly a factor in the recent
FNM victory.

The people of Bimini have voiced strong support for their MP over
the years, and as recently as January of 2007 the issue has been rein-
stated as a top priority for the island. Around the world, millions of peo-
ple have learned of Bimini’s plight from National Geographic magazine,
US & Bahamian news reports, and dozens of websites. This is both a
local and international priority. All who love the amazing islands of
Bimini are desperate for action to be taken to preserve them.

By following up on a promise made seven years ago, you have the
chance to not only guarantee economic and ecological sustainability for
the future of Bimini, and indeed all the Bahamas, but to truly become
a world leader in tackling a global crisis. Please make this one of your
administration’s highest priorities for immediate action.

LOREN SPECTOR
Nassau,
May, 2007.

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THE TRIBUNE

TUESDAY, JUNE 19, 2007, PAGE 5



0 /n brief

Police find
haul of cash,
drugs and
firearms

FREEPORT - Several
people are believed to be
helping Grand Bahama
police with investigations into
the discovery of a large quan-
tity of illegal drugs, firearms
and cash found in the
Freeport area on Sunday.

Though police have not yet
confirmed any arrests, it is
believed that several persons
were taken into custody for
questioning.

Chief Supt Basil Rahming,
press liaison officer, reported
that around 9.20am, a team
of officers from the Central
Detective Unit and Mobile
Patrol Division, acting on
information received, went
to a location within the
Freeport area, where they
discovered dangerous drugs,
firearms and cash.

He said police have now
launched an intense investiga-

tion to find the person, or per- °

sons, responsible for this cache.

‘Man arrested
at airport
after cocaine
discovered

A YOUNG man was
arrested at Grand Bahama
Airport after he was alleged-
ly caught with illegal drugs
on Sunday.

Chief Supt Basil Rahming

. Said police searched a man

- who was acting suspiciously

‘inside the domestic terminal
around 6pm.

Police allegedly discovered
two kilos of cocaine in the
man’s possession. The suspect
was arrested and taken into
custody, where he is assisting
Drug Enforcement Unit offi-
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@ By NATARIO McKENZIE

A WOMAN who claims that
she was brutally assaulted by a
police officer nearly two years
ago says that she is disappoint-
ed that, after all this time, there
has still been no resolution to
the matter. 9

“They’re making me feel as
though someone is protecting
him. I keep getting the run-
around,” a distraught Odell
Newton told The Tribune yes-
terday.

Mrs Newton, who first told
her story last year, claimed that
since that time there had been

no resolution to the matter. Mrs
Newton, 35, of Rupert Dean
Lane, said she wants the offi-
cer who assaulted her in
August, 2005, to face discipli-
nary action and pay for her
medical as well attorney fees.
A doctor's report, issued by
The Public Hospital Authority,
indicated that Mrs Newton
received a soft tissue injury to
the left side of her face. The
report also indicated that she
was seen eight days later by a
physician, because she was com-

’ plaining of numbness on the left

side of her face, as a result of
the injury.

“T’m injured and still in pain.
This isn’t fair,” she said, claiming
that she still has to take med-
ication as a result of the injury.

Claim

As highlighted in an earlier
interview, Mrs Newton again
pointed out yesterday that in
August, 2005, the officer bru-
tally slapped her on the left side
of her face during a confronta-
tion outside her home.

She was subsequently
charged with obstruction, but
that charge was later dropped,

according to a court document.
Mrs Newton claimed she made
a complaint against the officer
to the police complaints and
corruption branch of the Royal
Bahamas Police Force shortly
after the incident and produced
a letter from the branch which
acknowledged that her com-
plaint was being investigated.
Mrs Newton claims, however,
that since then she has not
received a favourable response.
“I kept checking with them
over and over again. The last
thing they told me was that the
matter was referred to the legal
office for them to start the case

Woman claims police ignoring
case of alleged assault by officer

but when I went there they told
me that it went back to the com-
plaints unit. J don’t understand
that because if they already fin-
ished their investigation why do
they have to do that? It’s been
two years,” she said.

The Tribune contacted the
complaints and corruption
branch yesterday in an attempt
to obtain a response on the mat-
ter. However, there was no
response up to press time.

Mrs Newton told The Tri-
bune that she will continue to
seek a resolution and is working
with her attorney to bring the
officer to justice.



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Works minister: we'll
still build the right
Straw Market for job

THE suspension of the con-
tract with Wooslee Domin-
ion for construction of the
new Straw Market will not
prevent the construction of
an appropriate facility for 600
straw vendors, Works Minis-
ter Earl Deveaux said yester-
day.

Mr Deveaux’s office said the
contracted price of $23 million
is simply too much when bal-
anced against other priorities.

“It is prudent to review the
current project to ensure that a
cost efficient market is built
that not only enhances the
tourism product and con-
tributes to increased sales
opportunities for the Bay Street
merchants, but above all meets
the expectations and business
needs of the straw vendors. My

government is committed to
building such a market,” Mr
Deveaux said.

Consultation

While the review is being
undertaken, the government
will, in consultation with the
vendors and other stakehold-
ers, either relocate the market
to a renovated building on
Prince George Dock or main-
tain it at the current site.

Both options wiil require sub-
stantial renovations and
upgrades, even while new
designs are being prepared.

Preliminary discussions were
held with the vendors, the con-
tractor and the architect to assist

in formulating a strategy for the »

way forward.

The Ministry of Works and
Transport said it will continue
consultations with vendors and
other stakeholders and inter-
im measures to be taken pend-
ing completion of the new
market.

“All stakeholders, particu-
larly vendors, will be fully
consulted and involved in all
aspects of the new market and
in the interim market site. We
do not take these decisions
lightly and will not make
them in the absence of the
vendors’ input,” Mr Deveaux
said.

In parliament last week,
Prime Minister Hubert Ingra-
ham said his government would
have talks with the contractor
and terminate that contract.

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IT & Logistics: management, coordination and supervision of all related projects,
including IT supplies, management of the premises, archives

Security Officer: Implementation of all Group standards related to Business
Continuity Plan and other related plans, and maintenance

Head of Finance: supervision of the Finance Dept and implementation of any
new Group guidelines
Head of Human Resources: supervision of the Human Resources Dept and

implementation of any Group procedures/new guidelines

The successful candidate will have:

Minimum 10 years experience in a Swiss Bank in a Senior position

MBA or equivalent

Strong managerial skills

Project leadership

Fluent in both English, French and German knowledge

interested persons meeting the above criteria should apply in writing, on or before

June 25th, 2007 enclosing a full résumé with cover letter to:

BY MAIL:

Personal & Confidential

Resident Manager
P.O. Box N - 4890
Nassau, Bahamas

BY HAND

Personal & Confidential

Resident Manager

Julius Baer Bank & Trust (Bahamas) Ltd.
Ocean Centre, Montagu Foreshore,

East Bay Street

Nassau, Bahamas





PAGE 6, TUESDAY, JUNE 19, 2007
New senators are sworn in during ceremony



the Senate chamber yesterday.

@ SENATOR Tanya Wright is sworn in by Christine Brown, right, assistant parliamentary clerk, in

THE TRIBUNE



chair of Free National Movement

@ By ALISON LOWE
Tribune Staff Reporter

THE FNM has a new nation-
al chairman - Senator Johnley
Ferguson.

Mr Ferguson has officially
been recognised as chairman
retroactively, effective from
June 1, after being elected by
the central council of the party.

Senator Ferguson takes over
from former chairman
Desmond Bannister, now MP
for Carmichael and Minister of
State for Legal Affairs in the
FNM government.

Ferguson - the party's candi-
date for South Eleuthera in the



















SmartChoice

recent election - has been
speaking on behalf of the FNM

since their victory on matters -

ranging from the review of con-
tracts to the election court pro-
ceedings.

Senator Ferguson first
entered frontline politics in
2001, becoming the party's can-
didate for the MICAL con-
stituency in 2002.

While he was initially deter-
mined to have won the seat by
30 votes, it was later declared

in the election court that he had,

in fact, lost by four votes to PLP
candidate V. Alfred Gray.

The former candidate is said
to be appreciative of the confi-

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dence reposed in him by the
party, and says he welcomes the
opportunity to assist in a mean-
ingful way in pushing the party's
agenda forward.

The chairman said that the
FNM's primary focus will be to
keep the party's presence in the
community "on the front burn-
er, reaching out to and touching
members and supporters, and
cultivating members of all
ages."

Meanwhile, preparation for
the 2012 election is also a pri-
ority, it was claimed.

"We have already begun that
process and will now actively
pursue the organisation and



reorganisation of constituency
associations," said Senator Fer-
guson, adding that "by the end
of 2007, all 41 associations will
be up and running."
Additionally, the FNM youth
branch - the Torchbearers'
Association - and the Woman's
Association will be strength-
ened, said Senator Ferguson.
While currently a minister in
the Church of God of Prophecy,
Senator Ferguson has previ-
ously held various posts in the
field of education, including as a
teacher at schools throughout
the Bahamas, as a principal at R
M Bailey High School, and
within’the Bahamas Union of

Teachers, where he was espe-
cially active in the Teacher's
and Salaried Workers’ Co-oper-
ative Credit Union, becoming
director of the board.

Born in Snug Corner, Ack-
lins, he holds a bachelor's
degree in general education
from the University of Miami
and a master's degree in busi-
ness administration from Nova
University, Florida.

He is married to Carnetta, his
wife of 29 years, and has four
children.

SENATOR Johnley
3 Ferguson



New book offers a
‘blueprint for livng’

@ By DENISE MAYCOCK
Tribune Freeport
Reporter

BAHAMIAN author Margo
Victor has written her first

‘book, which offers offers “a

blueprint for a renewed zest for

- living.”

Mrs Victor believes that read-
ers will see themselves “as indi-
viduals worthy to make a con-
tribution of great and eternal
value” after reading her book
titled, ‘One Day: Discover the
Significant Days of Your Life’

Margo Victor has worked in
ministry for 17 years. She is the
assistant pastor at Living Water
Assembly in Freeport. She is
married to Pastor Eddie Vic-
tor, and they have three chil-
dren, Aaron, Joel, and Abigail.

Mrs Victor said that God
gives all persons gifts to enable
their accomplishments in life.

“People all over the world
sometimes forget or do not
realise their worth in the uni-
verse,” said Mrs Victor.

“People literally get lost — lite
brings many challenges and dis-
appointments that cause (peo-
ple) to go off-track and lose
their focus and reason for being.
This is definitely good news for
everyone...this is still your
‘day’.”

Mrs Victor says that even
Jesus had only a season — one
day — on the earth. “He
emphasised.the urgency of time
to His disciples when He said:
“We must work while it is day,
because the night is coming
when no one can work.”

She says her book offers
readers a new vigour for living

Cececccccccssccvesecoeoeeeeeoooee

@ MARGO Victor

and a blueprint for accomplish-
ing their purpose, regardless of
their prior setbacks.

Her book is published by
Xulon Press, a part of Salem
Communications Corporation.
It is the world’s largest Christian
publisher, with more than 3,900
titles published to date.

Retailers may order One Day
through Ingram Book Compa-

COCO CREO EOE E AAO EEE ECOEOEEOSESOHEOOEEOH OOOH SOE OHEEEES EOE SSSEOOEOHOSEHOSEOSOOSSHESEOOOOOSOOOSOSOLOOS

INSIGHT

For the stories behind the news,
read Insight on Mondays

Cee eee ee eee E OOOOH HT OSOOOEESO EOE ESHE TOO HESESOESOSSHEEHESHOSOHETEHHHH HHH S OES ESEHSOSESLSESLEDEOEVE



ny or Spring Arbor Book Dis-
tributors, paperback, (ISBN
NO. 978-1-60266-379-4), or
from any Christian bookstore.
Mrs Victor is available for
speaking engagements and
may be contacted in the
Bahamas at numbers (242) 352-
4001, (242) 352-6931, or (954)
636-1427, or e-mail: margovic-
tor@yahoo.com.

COC Ceo o eee eeseseseseoeeseoeooese



THE TRIBUNE

TUESDAY, JUNE 19, 2007, PAGE 7



Chavez warns
against
protests at
Copa America

HB VENEZUELA
Caracas

¢ PRESIDENT Hugo
Chavez warned Sunday that
government opponents were
planning to interrupt the Copa
America in Venezuela by
staging streets protests and
possible transportation strikes,
according to Associated Press.

Chavez urged authorities —
including Venezuela’s Armed
Forces and state intelligence
services — to neutralise any
effort aimed at disrupting the
tournament, which is being
hosted in Venezuela for the
first time from June 26 to
July 15.

“This plan continues devel-
oping. We are defeating it,
_but they are not going to give
up,” said Chavez, speaking
during his weekly radio and
television programme. “No
more surprises. We won’t let
them put us on'the defensive.
We don’t lose the offensive
impulse.”

Sitting at a desk in front of
a crowd gathered at a cattle
ranch in Los Llanos
Venezuela’s heartland _
Chavez read a column pub-
lished in the pro-government
VEA newspaper, stating that
radical groups “are looking
for the transportation sector
to call a national strike ... and
have the protests coincide
with the Copa America to
create national and interna-
tional commotion.”

The Copa America this
year will include teams from
the United States and Mexico
as invited guests.

University students who
have led the recent protests —
most of them against a gov-
ernment decision that forced
an opposition TV station off
the air — deny they plan to
disrupt the Copa America.
But students have not ruled
out the possibility of peaceful
demonstrations during the
South American nations
championship.

Chavez has derided stu-
dent protesters as US
“pawns”.



from US to Family Islands

GEORGE TOWN, Exuma -
Delta Airlines made history on
Saturday by recording the first
and second direct jet service to
Family Islands from the United
States.

Minister of Tourism Neko
Grant was in Exuma to greet
Delta’s direct flight from Atlanta.
Minutes later, the airline was
landing a second flight from
Atlanta in North Eleuthera.

Mr Grant pointed out that
the weekend’s inaugural flights
were a continuation of a part-
nership the airline had formed
with the Bahamas since 1972
when Delta first came to the
Bahamas with daily 727 service
between New York and Par-
adise Island.

While Delta began its Exu-
ma service with a frequency of
four flights per week, Mr Grant
said the door is open for an
increase in frequency to the
island, which is attracting much
investor and tourist attention.



H GERALD Grinstein, president and CEO of Delta, with Min-

ister of Tourism Neko Grant

“We want to see the service
change to daily flights within a
year,” he said.

Exuma offers the Atlanta
passengers recently-upgraded



(BIS Photo: Derek Smith)

resorts and unique getaways
such as bonefishing and experi-
ences such as Stocking Island’s
Chat ‘N Chill recreation spot,
Mr Grant said.



“The Bahamas has a special
affinity for the city of Atlanta,”
he said. “Many of our children
are educated in that’city, and
we have welcomed many, many
visitors from Atlanta. With this
flight, Exuma now has access
to one of the fastest growing
cities in the United States.”

Howeve. Mr Grant pointed
out that the Atlanta service will
also open up global opportuni-
ties for Exuma and Eleuthera.
Atlanta is Delta’s major hub,
linking its more than 700 flights
per day.

Specifically, 70 per cent of
Delta’s Exuma passengers are
expected to be connecting pas-
sengers from other cities.”

Gerald Grinstein, president
and CEO of Delta, said his.
organisation was pleased to link
Atlanta with Exuma — a flight
that took one hour and fifty
minutes from take-off to land-
ing on Saturday. The inaugural
Exuma flight landed exactly on”

time at 2.30pm.

“Delta serves about 330 des-
tinations worldwide,” he said.
“Most of them come through
Atlanta. So the connection of
Atlanta and Exuma is going to
make a very rich partnership.”

Mr Grinstein said he looked
forward to seeing growth in the
partnership between Delta and
the Bahamas.

Anthony Stuart, executive
director of the Bahamas Out
Islands Promotion Board,
encouraged the growth.

“As the Out Islands Promo-
tion Board, we invite you to vis-
it Abaco and Bimini and Cat
Island and all our islands to
expand your service,” Mr Stuart
told Delta executives.

Mr Stuart said the BOIPB
will work with Delta and the
Ministry of Tourism to ensure
that all their airline seats are
filled. This, he said, will be an
incentive to expand Delta ser-
vices in the Bahamas.







The Royal Society of St
George (RSSG) committee
recently gave donations to three
separate organisations.

On behalf of its members, the
committee presented cheques
to the Heart Foundation of the



@ RSSG secretary Sally Jones; RSSG vice-president
Colin Jones; Sue Roberts representing the Cancer
Society; RSSG president Judy Grindrod, and RSSG
committee members Hilary Birch and Beryl King

eS

Bahamas, the Cancer Society
of the Bahamas, and the Salva-
tion Army.

The donation given to the
Heart Foundation’ of the
Bahamias will aid Bahamian

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NASSAU FREEPORT
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All eligible Bahamian Workers will be Skill Categories Include:
registered and interviewed. - Carpenter
- Dry Waller
Local and international contractors working - Mason
on the project will later select the workers - Roofer

that are needed before construction

begins.

The Application form will be available at
www. banarmar.com for those islands other
than New Providence and Grand Bahama.

Professionally Trained
Bahamians are also

encouraged to apply as:

- Project Manager

- Project Engineer

- General Superintendent
- Superintendent

- Sheet Metal Worker

- Plumber
- Insulator

- Electrician ~
- Plasterer / Painter
- Crane / Truck Operator

- Field Foreman

- Heavy Equipment Operator
- ron Worker

- Welder

- Landscaper

- Tiler / Carpet Layer

- Safety Officer

WWW.BAHAMAR.COM



Hi RSSG

secretary Sally Jones; RSSG vice-president
Colin Jones; Lisa Armbrister representing the
Salvation Army; RSSG president Judy Grindrod, and
RSSG committee members Hilary Birch and Beryl! King

born with heart defects — in
receiving treatment either in
the country or in the United
States.

The Cancer Society of the
Bahamas will be using the dona-
tion towards the cost of running

2007



»





their new care centre.

The care centre houses can-
cer patients from the Family
Islands who are forced to travel
to Nassau for medical treat-
ment.

The cheque presented to the

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@ RSSG vice-president Colin Jones; RSSG secretary
Sally Jones; Ernest Barnes representing the Heart
Foundation; RSSG president Judy Grindrod, and
RSSG committee members Hilary Birch and Beryl King

Salvation Army will be used for
the education of the children ~
who attend the School for the
Blind.

The donations were present-
ed by Judy Grindrod, president
of the RSSG.



$28,785.00

Montrose Ave.

yes Bus & Truck Co: Ltd.

Phone: 322-1@22/Fax: 326-7452





FAGE 8, I|UESVDAY, JUNE 19, 2U0U/



Condoleezza
Rice meets
with Brent

Symonette
FROM page one

that it doesn’t just become
a meeting that nothing
comes out of it,” Mr
Symonette said.

The issue of the recently
imposed Western Hemi-
sphere Travel Initiative did
not come up in the meet-
ing, Mr Symonette said.
However, the issue of
strengthening security with
the region was an issue that
was on the agenda.

“But yes we did make
progress, and it was very
meaningful. It has effec-
tively taken us seven years
to get to this stage in plan-
ning; and the recognition
that we are an integral part
of the Americas,” he said.

Mr Symonette said that
he and his delegation will
be meeting with US Presi-
dent George Bush and the
Foreign Affairs Committee
sometime today.



6S

KLG INVESTMENTS LTD./AQUAPURE

SALES DRIVERS WANTED
(Men or Women)



FROM page one

the day Mr Munroe said that
the legal team was waiting for
instructions on whether to pro-
ceed with the other two mat-
ters.

“There are particular rea-
sons why that is being discussed
and if it is that they are not pro-
ceeded with then we will
explain why, if it is that they are
proceeded with then we will
proceed with those as well,” he
said. ;

Yesterday the Progressive
Liberal Party’s legal team was
granted leave by a Supreme
Court judge to file a petition
over the Blue Hills seat and that
petition has been filed, accord-
ing to Mr Munroe. Last week
leave was also granted for the
filing of petitions over the
Pinewood and Marco City seats,
which the Free National Move-
ment won by 64 and 47 votes
respectively, according to results










2

Applicants must be at least 23 years of age, self-motivated,
disciplined and possess the following:

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The ability to drive standard shift vehicles

Please visit our Bernard Road office
between the hours of 9:00am and 5:00pm, Monday - Friday
to pick up an application form.











of the May 2 general election.
The FNM won the Blue Hills
seat by 47 votes.

"We have filed a petition on
Blue Hills and we have filed a
petition on Marco City. I'm not
involved with the Pinewood
matter, but I'm made to under-
stand that that may well have
been already filed as well," he
said yesterday.

Yesterday was the last day
for the filing of the applications
and petitions as the PLP had 21
days after the opening of par-
liament on May 23, excluding
Sundays and public holidays, to
file them. In order to file an
election court petition, one must
first obtain the permission of a
Supreme Court judge. Mr
Munroe noted that several oth-

er matters now have to be
addressed.

"You have three days to
enter a recognizance, that is two

eople to sign to guarantee

3,000. There is a deadline to
serve the petition and support-
ing documents which is five
days and there are 21 days after
the filing of the petition to take
out a notice of hearing of the
petition,” Mr Munroe said. Mr
Munroe, senior counsel Philip
Davis, MP for Cat Island, San
Salvador and Rum Cay, and
lawyer Damien Gomez make
up the PLP’s legal team.

Mr Munroe has suggested
that it is possible that thousands,
if not tens of thousands of non-
citizens, may have voted in the
May 2 general election.

Former Cabinet Minister

FROM page one

investment.

THE TRIBUNE -



Petitions filed to contest at
least three constituencies

Five per cent fall in
stop-over arrivals —

FROM page one

the Western Hemisphere Travel Initiative (WHTI) until June
2009.
Last week the US issued a temporary relaxation of the WHTI,
which requires all US citizens travelling to the Bahamas to be in
possession of a valid passport.

The new flexibility means that from now until September 30,.
2007, US citizens with travel plans for the Caribbean, “who have-
applied for, but not yet received passports, can re-enter the Unit-,
ed States by air by presentation of a government issued photo
identification and Department of State official proof of application
for a passport through September 30, 2007.”

Mrs Walkine said that the Bahamas appreciates the relaxation,,
but that the country’s industry earns the most of its money from air
travellers and that a 2009 deadline would greatly help the country’s
tourism sector.

Cynthia Pratt



The e-mail states: “If you are willing to participate and you are
capable of handling the amount mentioned, kindly revert back by
sending me a fax ASAP on my private number (with) your private
e-mail, fax and I will provide you more information and the pro-
cedure of making you the beneficiary of the said funds in less than
seven working days.”

Speaking with The Tribune yesterday, the former finance state

minister said similar e-mails using his name have been circulating



FROM page one

will first discuss it with my
leader, (and) with the people
of St Cecila. Certainly first of
all it will be with God. God
will be first.




to do anything he sits down
and he talks with me. And if
that decision is going to be
made, it is going to be made
through council. Through
council.

“That will not be made by
Perry Christie. Perry Christie







for the past several years.

“This has happened a half-dozen times over the past three

years,” he said.

Mr Smith said that he has now had someone contact Interpol and
a few other law enforcement agencies on his behalf to try and find

the source of the fake e-mails.

“It’s almost unnerving, you feel just totally exposed, a little vul-
nerable and absolutely powerless, I guess it’s one of the real down-
sides of the internet,” Mr Smith said of his experience with the

fraudulent e-mails.

The former PLP Cabinet minister also expressed concern that so
many people have been caught by similar internet scams:

The current Minister of State for Finance Zhivargo Laing yes-
terday said that his ministry is aware of this latest e-mail and
assured The Tribune that, as is standard practice, the matter has
been passed on to financial intelligence unit for investigation.

“Clearly people ought to be aware when they see things like this
to do whatever their own due diligence is to satisfy themselves
that they are not being targeted as victims of fraud,” Mr Laing

added.



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“I don’t do things in a vac-
uum. I have to appreciate
these people who have elected
me for three consecutive
terms. And I can’t just do
things and then go and tell
them. I have to sit and discuss
it with them first. I respect
them that much,” she said.

Until that decision is made,
Mrs Pratt pledged to continue
to serve her constituents with
“dignity and respect.”

“T have not made any deci-
sion about moving from the
position I am in. That will be
totally up to me. Now, the
leader of the party, Perry
Christie, whenever he’s going



can’t make that decision. The
council has to make that deci-
sion.

“And that is only if I don’t
want it.

“It’s not of whoever wants
to move me because they
want to move me. They are
quite satisfied with me, and so
are the Bahamian people,”
she said.

Mrs Pratt said that decision
of whether or not to stay in
her post as deputy leader of
the Opposition will be a deci-
sion that rests solely on her
shoulders, and has nothing to
do with any family or health
issues.



















Vilma Espin, wife
of Raul Castro,
dies at age of 77

B HAVANA



VILMA Espin Guillois, the wife of acting Pres-
ident Raul Castro and one of the communist
nation’s most politically powerful women, died
Monday, the Cuban government announced. She
was 77, according to Associated Press. :

As Raul Castro’s wife, Espin was Cuba’s de
facto first lady for decades because Cuban leader
Fidel Castro is divorced.

Cuban state television announced Espin died at
4:14 p.m. (2014 GMT) Monday following a long
undisclosed illness. An official mourning period
was declared from 8 p.m. Monday until 10 p.m.
Tuesday.

Born into a wealthy family in eastern Cuba,
Espin became a young urban rebel who battled
against Fulgencio Batista’s dictatorship through-
out the 1950s. After the 1959 triumph of the
Cuban revolution, she became Cuba’s, low-key
first lady as the wife of Defense Minister Raul
Castro, Fidel Castro’s designated successor.

Both as a Castro family member and a leader in
her own right, Espin assumed her first lady duties
shortly after the revolutionary triumph.

Espin maintained that role over more than 45
years, even after Fidel Castro reportedly mar-
ried Dalia Soto del Valle, with whom he is said to
have five grown sons. Extremely protective of
his private life, Fidel Castro has never discussed
that relationship publicly.

Espin’s power also was rooted in more than
four decades as president of the Federation of
Cuban Women, which she founded in 1960 and
fashioned into an important pillar of support for
the communist government. Virtually every
woman and adolescent girl on the island are list-
ed as members.

A tall woman with spectacles, her auburn hair
twisted into a bun, Espin was a highly recognized
figure across the island. She was regularly seen at
gatherings of the National Assembly and other
important government meetings.

Born in Santiago on April 7, 1930, and trained
as a chemical engineer, Espin participated in ear-
ly street protests against Batista, who seized pow-
er in a 1952 coup.

She later became deeply involved in the revo-
lutionary underground, working with regional
leader Frank Pais, who was assassinated in July



B VILMA Espin Guillois, right, looks at Raul
Castro during a meeting in Varadero, Cuba in
this April 15, 2006 file photo. Vilma Espin Guil-
lois, the wife of Cuba's acting President Raul
Castro and one of the communist nation's most
politically powerful women, died Monday, the
Cuban government announced. She was 77.

(AP Photo/Cristobal Herrera)

1957. Even before Pais died, Espin had assumed
leadership of the urban rebel movement in east-
ern Cuba.



THE TRIBUNE





seek new buyer

ONE of the Bahamas’ most
successful ‘mom and pop’ busi-
nesses is for sale, with prospects
of even brighter times ahead.

The Abaconian, the twice-
monthly free newspaper pub-
lished by long-term Marsh Har-
bour residents David and Kathy
Ralph, offers a major opportu-
nity for someone with the mon-
ey and commitment to take it
forward.

The Ralphs, who launched
the paper from their waterfront
home in the early 1990s, have
watched it grow rapidly in
recent years as Abaco’s econo-
my has boomed.

“The economy can only con-
tinue going upwards,” said Mr
Ralph yesterday, “which means
that The Abaconian offers

many growth opportunities.”

After 14 years of steady
growth, the paper now boasts
two sections totalling 54 pages,
with local advertisers eager to
buy space. It specialises in pub-
lishing grassroots stories about
everyday events in Abaco.

With free distribution of 7,500
copies, The Abaconian is essen-
tial reading for people through-
out Abaco and the cays and is
regarded locally as a very sound
business.

Mr and Mrs Ralph, Ameri-
cans who have lived on Abaco
for half a century, are now in

their seventies and want more

time to see their family in the
States. 4

So they want to sell their
beloved paper, which has

become an institution since its
launch in 1993.

“We are asking if there is any-
one within the Abaco commu-
nity with an interest in perpetu-
ating this community paper,”
they say in an advertisement in
their latest issue.

“Anyone seriously interested
must be dedicated to assist with
Abaco’s growth and develop-
ment, and have solid financial
capabilities. We are willing to
assist with the transition.”

If there are no local takers,
the Ralphs plan to put the paper
into the hands of American bro-
kers, who will then seek a buyer
on the US mainland.

e Mr and Mrs Ralph can be
contacted on 242-367-2677.

Famous potcake Amigo
turns heads in New York

THE GRAND Bahama
Humane Society’s patron
Frances Singer-Hayward and
her famous potcake dog Amigo
celebrated success on the fash-
ion runways of New York last
week.

Potcake Amigo starred as a
fashion icon in the 8th annual
“Paws for Style” fashion show —
an event benefitting the
Humane Society of New York.

The star-studded evening
brought out members of the
media, film and theatre who
came to show their support for
the popular cause.

Accompanied by his owner
and trainer Bill Grimmer, Ami-
go proudly walked the catwalk
dressed in a blue silk outfit
which matched the dress worn
by-Ms Singer-Hayward.

The outfit was specially made
by Hollywood fashion design-
er Lloyd Klein, whose celebrity
clientele includes Halle Berry,
Nicole Kidman and Eva Lon-
goria among many others.

Loud applause greeted Ami-
go and Ms Singer-Hayward as
they made their way to the run-
way.

Amigo has become quite a
star in New York as a repre-
sentative for challenged ani-
mals.

The famous potcake is a can-
cer survivor, who had to have
one of his hind legs amputated
earlier this year due to the dis-
ease.

Ms Singer-Hayward said that
she was delighted and honoured
at being asked to participate in
the “Paws for Style” show.




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

oriented warehouse.

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

package as well as ongoing professional
training & development.



M@ FRANCES Hayward and Amigo in Lloyd Klein at Animal

&

Ss

Fair Magazine’s 8th Annual Paws for Style event in New York
(Photo: Duffy-Marie Arnoult/WireIlmage.com)

“Amigo and J are thrilled to
take part in any effort support-
ing the welfare of animals. The
issues and the struggles are the
same — whether in New York
or the Bahamas — and we can

Sli O)ociomm eee ‘

only charge on, trying to make
people aware of the desperate
importance of caring and doing
whatever we can to support
helping to alleviate animal suf-
fering,” she said.

LOCAL NEWS | a

Abaco community
newspaper owners |



TUESDAY, JUNE 19, 2007, PAGE 9



First Caribbean gives donation
back to Bahamas community





FIRSTCARIBBE SS?
eibaoanes



@ FIRSTCARIBBEAN
International Bank
recently donated money
to the Nassau Street
police station for its
annual summer youth
programme. Receiving

| the cheque is Sargeant
1513 Thompson (right)
from Aubrey Colebrooke
of FirstCaribbean.

SORPHRATE GasKiiss i002









EB BAHAMAS Girl
Guides Association
recently received a
donation from
FirstCaribbean
International Bank
towards the renovation
of the Girl Guides
headquarters. At left is
Constance Miller, Girl
Guides commissioner,
receiving the cheque
from Audrey
Colebrooke, manager of
FirstCaribbean’s Mall at
Marathon branch.

(Photo: Terrance
Strachan)

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
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Interested companies/firms may collect a Tender Specification from the
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Drive, between the hours of 9:00 a.m. and 5:00 p.m. Monday through Friday.

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

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

ee Opportunity

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° A desire to improve & open to learning new skills

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or Mail to: Director of Human Resources

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P.O. Box N713, Nassau, Bahamas

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





MAGI 1U, PURUUAI, vUINE 19, cue



TUESDAY EVENING

JUNE 19, 2007



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(200)

therine Trammell







rHE TRIBUNE

let Charlie the
Bahamian Puppet and
his sidekick Derek put

some smiles on your

kids’s faces.



Bring your children to the
© McHappy Hour at McDonald's in
Palmdale every Thursday

from 3:30pm to 4:30pm during the
month of June 2007,

Enjoy Great Food, Prizes and Lots of Fun.

?m lovin’ it





| THE TRIBUNE

The Music... That’s Y!

- Boaters warned of major

THE perils of night-time
boating were highlighted last
night following a near-fatal
accident off Abaco last week.

Boaters were warned that
shallow waters and poorly
’ marked channels were a major

danger during the dark hours.

The comments came after

' 22-year-old Chad Thompson

| was flown to a Florida hospital

’ with serious injuries following

‘ an accident last Thursday
evening.

His speedboat crashed into

rocks when he misjudged a
_ channel just as darkness fell. It
is felt he was hurrying from
Marsh Harbour to reach his
destination in daylight.

“He is very lucky to be
alive,” an island source told
The Tribune. “It was pure
good fortune that someone
else was passing by in a boat
: when they saw him lying on
’ the shore.

. “His boat was apparently

‘ wrecked and the guy himself
. was badly injured, bleeding
‘ heavily with compound frac-
: tures to his leg.”



@ BOATERS attend to Chad Thompson after his accident

The source said Mr Thomp-
son could have lost his life had
he not been spotted by oth-
ers.

Though initial reports sug-
gested Mr Thompson mis-
judged the entrance to Hope

Town harbour, the source said
the crash actually occurred
between Elbow and Tilloo
Cays, off mainland Abaco.
“The channel there is only
about 200 yards wide, and it
seems he missed it and hit the

dangers during dark hours

rocks. He and pieces of the
boat, including the central
console, were left high up on
the shore.

“My understanding is that
he simply misjudged the width
of the channel and was left
lying there for quite a while.
He was taken to Marsh Har-
bour clinic before being flown
on to West Palm Beach.

“Fortunately, staff at Marsh
Harbour were able to give him
intravenous injections before
he was airlifted out. He was
bleeding badly, and the IVs
probably saved his life.”

Last night, Mr Thompson
was said to be out of danger.
Police are investigating.

The crash coincided with a
US Coast Guard seminar in
Abaco during which boating
hazards were discussed.
Police, firemen and BASRA
officials were among those
attending.

The source said: “Night-
time boating is always haz-
ardous unless you really know
what you are doing. People
must be very, very careful.”





@ THE new marines of New oie 43 and 1d Woman n Entry 15 5 displaying their drills at the epee soit ceremony at the » Coral Har-

bour Base.

RBDF welcomes
40 new marines

THIRTY new marines were officially
welcomed into the ranks of the Royal
Bahamas Defence Force during a gradu-
ation ceremony for new entrants at the
Coral Harbour base.

The passing-out parade was the culmi-
nation of a 16-week training course for
the 23 men and 7 women of New Entry
43 and Woman Entry 15 respectively.

The programme covered a curriculum
of 16 disciplines that included subjects

such as-navigation, seamanship, small. ...7

arms, first aid, fire fighting, and commu-
nications.

Academic subjects included mathe-
matics and English.

Address

Minister of National Security and
Immigration Tommy Turnquest on Fri-
day evening inspected the parade, pre-
sented the certificates and delivered the
ceremony’s keynote address.

Among the invited guests in attendance
were Clifton MP Kendal Wright and
retired Defence Force Commodore Leon
Smith.

Mr Turnquest encouraged the new
marines to continue to uphold the stan-
dards of the Defence Force and to make
positive contributions to the organisa-
tion.

At the conclusion of the ceremony, the
new marines showcased many of the drills
learnt during their training.

Receiving the best male and female

recruit honors were 22-year-old Gregory
Lockhart Jr and 20-year-old Simone
Mackey.

WOMAN Marine Simone Mackey
receiving the Best Female Recruit hon-
ors from Minister of National Security
and Immigration Tommy Turnquest.





@ MINISTER of National Security and Immigration Tommy Turnquest inspecting
the parade of New Entry 43 and Woman Entry 15 at the passing out ceremony at the

Coral Harbour Base.



TUESDAY, JUNE 19, 2007, PAGE 11





PAGE 12, TUESDAY, JUNE 19, 2007 THE TRIBUNE

THE TILE KING, FYP LTD, THE TRIBUNE,

have partnered to supply critically needed
DIALYSIS MACHINES

for the Princess Margaret Hosptial

.
7 ; : <



a

(I-r) - Barry Packington, financial controller Kelly's; Sean D. Moore, mar-

keti , The Tribune; N Kelly, executive vice president, Kelly's; — 1
David Kelly president, Kelly's, Donation $20,500. Help us raise $164,000
to purchase 8 dialysis machines for
the PMH. You can donate
$1.00 - $100,000 every cent counts.

Each dialysis unit costs $20,500 which includes complete
installation, training of staff members and 1 year of technical
support. All donations should be made payable to The
Princess Margaret Hospital Foundation with a note for The
Dialysis Machine Fund.

%
&

:






Your contribution will help hundreds of patients that currently
rely on these old machines for life.



Contact Sean D. Moore of The Tribune at 502-2394 or Thelma
Rolle of the Princess Margaret Hospital Foundation at 325-0048

to make a donation.



(I-r) Mark Roberts, Tile King & FYP Ltd.; Michelle Taylor, office manager,
Paimdale Vision Centre; Sean D. Moore, marketing manager - The Tribune.
Donation $2,000.

147,600



. a. oe ee
(I-r) Mark Roberts, Tile King & FYP Ltd.;Garry Julien, manager - Cowpen
Building Supplies; Adriel Julien, secretary - Cowpen Building Supplies;





Robert Carron : The Tribune. Donation $20,500. | $82,000 $82,000
oy $65,600 $65,600

(Sy TILE ¥ KiNG

Antoinette Rolle, Nassau, Bahamas

$49,200 $49,200



$32,800 $32,800

Tal: (242) 393-4002 Fax: (242) 393-4096 - Nesaau, Bahamas

The Tribune @ ganedale Cision Coen —
Hy Vere. My Plewgpagper | - “Retiefer youre owe wnt toon” |

Ebbie Shearer - Jackson, OD, FAAG
: Optomefrist



Donations to date.





TUESDAY, JUNE 19, 2007

2)aaana

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_ Bahamas among Caribbean
— leaders for stopover decline

* Nation suffers five per cent air arrivals decline during peak winter 2007 season, potentially causing $19.87m drop in tourist spending
* Drop ‘underscores vulnerability we have’ to United States passport initiative, more so than other states

@ By NEIL HARTNELL
Tribune Business Editor

he Bahamas suffered one

of the Caribbean’s highest

percentage declines in

stopover tourist arrivals
during the 2007 first quarter, greater
than rivals such as Jamaica, Barba-
dos and the US Virgin Islands, some-
thing officials yesterday said “under-
scores the vulnerability that we have’,
to the US Western Hemisphere Trav-
el Initiative (WHTI).

During the period from January to
March 2007, the Bahamas saw total
stopover visitor arrivals fall by 5 per
cent compared to 2006 numbers,
dropping to 389,597 from 409,077 last
year. That represents a drop of some
19,480 tourists, and given that the

Ministry of Tourism estimates that
per capita visitor spending by
stopovers totals $1,020, this could
mean that the Bahamas suffered a
$19.87 million decline in stopover
tourist expenditure during the 2007
first quarter compared to last year.

The Bahamas saw stopover arrivals
decline by 5.8 per cent in January
2007, some 8.2 per cent in February,
and 2.1 per cent in March.

The 5 per cent decline in stopover
visitors to the Bahamas was a greater
rate of decrease than that experienced
by Barbados, which suffered a 4 per
cenmt drop for the first tvo months of
2007, and Jamaica, which sustained a
2.1 per cent decline in the first quar-
_ter. The US Virgin Islands also expe-
rienced a 2.9 per cent decline in
stopover visitors during the 2007 first



B FRANK COMITO



quarter.

Other Caribbean nations, though,
were generally headed in the opposite
direction when it came to stopover
visitor arrivals. The British Virgin
Islands saw a 1.5 per cent improve-
ment; Bermuda an 8.7 per cent rise;
Aruba grew by 6.8 per cent; the
Dominican Republic by 1.4 per cent;
Guyana by 9.5 per cent; Curacao by
8.9 per cent; and the Cayman Islands
by 8.3 per cent.

In response to those figures, Frank
Comito, the Bahamas Hotel Associa-
tion’s (BHA) executive vice-presi-
dent, told The Tribune yesterday: “It
certainly underscores the vulnerabil-
ity that we have, particularly more so
than others in the region, to the US
passport matter, because of our close
proximity to the US and fact that we

probably receive a higher percentage
of US visitors than anywhere else,
other than the US Virgin Islands and
Puerto Rico.”

Mr Comito said the WHTI initia-
tive was probably the “top factor”
impacting the Bahamas stopover vis-
itor impact during the 2007 first quar-
ter, along with a loss of room inven-
tory and other issues, such as a rela-
tively soft marketing campaign com-
pared to other destinations.

Cancun, meanwhile, and Cozumel
had witnessed 56.6 per cent and 35.1
per cent increases respectively in
stopover arrivals during the first part
of 2007, but Mr Comito pointed out
this was probably due to the fact they

SEE page 7

Oceanic “75%

@ By NEIL HARTNELL
Tribune Business Editor

OCEANIC Bank & Trust,
the Bahamas-based financial
institution, was yesterday said
to be “about 75 per cent of the
way through” a major downsiz-
ing exercise that will reduce its
Nassau staff from 40 to 12, as it
exits the fund administration
and fiduciary trustee businesses.

Matt Gibbons, Oceanic Bank
& Trust’s acting chairman, told
The Tribune that the institution
was “curtailing our operations
in the Bahamas”, rather than
exiting the jurisdiction as sev-
eral financial services sources
had suggested was happening.

He described the company as
“actually curtailing our opera-

* Bahamas-based bank reducing staff from 40 to 12 in Nassau

* Exiting fiduciary trustee and fund administration business to focus on asset
management and restricted trusts

* Employees buy-out fund administration businesses, with Barbados assets still for sale

tions in the Bahamas”, and for
the last five months Oceanic
Bank & Trust had been “cut-
ting back” on its trustee busi-
ness, where it acted as a trustee
in a fiduciary capacity. It still
plans, though, to act as a trustee
“just catering to family and
friends”.

“We have a number of trust
licences here in Nassau,” Mr
Gibbons said. “We will give up
the fully unrestricted licence,

and end up being a restricted

trust company” acting as trustee
for certain named clients.

He added that Oceanic Bank
& Trust had started its down-
sizing process, and restructur-
ing into a much smaller, niche
operator, back in October 2006
- some nine to 10 months ago.

“We're downsizing quite a
bit, so we will be a much small-
er institution,” Mr Gibbons told
The Tribune. “It’s a plan to
reduce the fiduciary risk and

just cater to family and friends.”

He added that Oceanic Bank
& Trust would maintain its 50
per cent stake in the Blake
Road-based Bayside Executive
Park, and its existing office in
the complex, with the institu-
tion having no plans to exit the
Bahamas.

“We're about 75 per cent of
the way through it,” Mr Gib-
bons said of the restructuring

SEE page 7

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John S George deal
‘agreed in principle’

@ By NEIL HARTNELL
Tribune Business Editor

KEN Hutton was last night.

said to have resigned as John S
George’s chief executive, as the
private equity consortium that
owns the troubled retailer con-
firmed Tribune Business’s exclu-
sive story of over a week ago
by announcing it had signed a
Letter of Intent to sell the com-
pany to Quality Business Cen-
tre (QBC).

Benchmark (Bahamas),
which paid $300,000 for a 20 per
cent stake in John S George
Holdings, the private equity
vehicle that owns the underlying
retailer, as a BISX-listed com-
pany had to announce that the
deal in principle had been
agreed with QBC and its owner,
Andrew Wilson.

Benchmark (Bahamas)
added that the John S George
sale’s completion hinged on
approval from the private equi-
ty group’s banker, Bank of the
Bahamas International, which
has a $2.5 million loan, with an
interest rate of Bahamian
Prime + 2.75 per cent over 10
years, secured on the retailer’s
assets.

It is understood that the deal

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was structured to allow Mr
Wilson and QBC to immedi-
ately take over the manage-
ment, operations and running
of John S George, which
employs about 70 people, until
Bank of the Bahamas Interna-
tional completes its due dili-
gence and approves the trans-
action. The bank will want to
be sure that its loan is secure.

Yet the private equity own-
ers believe that the deal will
be closed within two to three
weeks, and it is understood
that the deal has been struc-
tured so that the investors,
including Benchmark, will
recover their initial equity
investment over time.

Julian Brown, Benchmark’s
president, who led efforts to
sell John S George along with
realtor David Morley, another
investor, told The Tribune last
night: “I think we have got a
deal in the best interests of the
business and the people that
work there. We have allowed
the company to have an oppor-
tunity to continue in business
with an operator with an oper-
ator who understands and

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PAGE 2B, TUESDAY, JUNE 19, 2007 THE TRIBUNE

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aribbean must boost





©2007 Ernst & YOUNG LP

single-brand identity

@ By CARA BRENNEN-BETHEL
Tribunes Business Reporter
in Miami, Florida at the
Caribbean Hotel Tourism
Conference

he Caribbean must solidify its

brand identity as one tourism

destination, as this is the way

the region is perceived, the
Caribbean Hotel Association’s (CHA)
president warned hoteliers.

Peter Odle said that while individual
islands may think of themselves as mostly
independent, individual countries, the rest
of the world does not.

“A case in point is the recent alleged
terrorist plot linking Trinidad and Guyana
nationals accused of planning to blow up
JFK (Airport in New York). Already, the
international media reports are talking
about the Caribbean as a whole and not
just the two countries,” Mr Odle said in his
opening address to the conference Sun-

day evening.

However, he later said he could not say -

whether this incident had negatively
impacted travel to the Caribbean or been
a hindrance to efforts to get the Western
Travel Hemisphere Initiative’s (WHTI)
passport requirements delayed until 2009.

“The alleged matter is still under inves-
tigation and we have not been informed
about it, so I wouldn’t want to comment,”
Mr Odle added. :

“Their perception is very different,” he
said of tourists, “and is the only one that
matters. So we need to accept that we are
seen as a common region and market our-
selves as such, while depicting a mosaic
of diverse cultures and cuisines. Frag-
mentation will not cut it.”

Mr Odle said tourism will be the cen-
terpiece of any efforts to unify the
Caribbean, adding that more needed to
be done to maximise the potential of inter-
regional travel.

“Of absolute importance is the need to

make travel in this region more afford-
able. Present air fares will keep Caribbean
vacation travellers at home, and will deter
island-hopping by foreign visitors who
might have wanted to visit a neighbouring
island or two during their holiday,” he
added.

Mr Odle warned that it was vital to
address the mountain of taxes embedded
in air travel, particularly departure taxes.

He said: “Perhaps Caribbean nationals
moving within the region could be exempt-
ed from paying departure taxes or pay
lower rates. How else are we going to
make a reality of the so-called single space
and facilitate the free movement of
labour? There must be a concerted effort
to do whatever it takes to enable our peo-
ple to move easily within the Caribbean
without the existing weighty restrictions.”

Mr Odle added that there needed to be
an ongoing analysis of the tourism product
in order to better serve and service its
markets.

Bahamas in danger of ‘falling behind’

THE Caribbean Tourism
Organisation (CTO) has just
issued its report for June. The
statistics paint a disturbing pic-
ture of stopover travel to the
Caribbean, and a very trou-
bling picture of the situation
in the Bahamas.

The numbers are not for
identical periods but the mes-
sage is clear. That message is
that the Bahamas is not keep-
ing pace with the other major
resort destinations in the
region and continues to lose
market share.

Unfortunately, all countries
have not reported for the same
number of months, but never-
theless the statistics shout a
very loud and clear message
to us all.

‘ by John Issa



In the four months, January
to April, the Dominican
Republic welcomed 1,510,341
stay over visitors, an increase
of 1.4 per cent. Cancun for the
same period received 756,935,
an increase of 56.6 per cent.
Cayman received 113,822 up
8.3 per cent.

The following numbers are
for three months, January to
March: Jamaica 427,252, down
2.1 per cent; Bahamas 389,597,
down 5. per cent; Martinique

150,623, up 5.6 percent. Aruba the same mistakes twice. We

in two months grew 6.8 per
cent to 118,834.

Not only was the percent-
age decline in the Bahamas
greater than the major players
reported above, but in total
numbers we are falling behind
as a result of a slower growth
rate over an extended period
of time.

When I entered the tourism
industry in the 1960s, the
Bahamas was number one and
the Dominican Republic had
a tiny industry. Cancun didn’t
even exist as a tourist resort.
Cayman mostly offered apart-
ments. a

The only reason for study-
ing the past is to use that
knowledge to avoid making

must, however, analyse the
current situation and reverse
the very negative trends. The
industry has changed during
the last 20 years. Cruise ships
now dominate the region and
even build their own destina-
tions, often avoiding tradition-
al ports of call. Many now have
more rooms than numerous
small island destinations. Many
have larger crews than some
smaller islands have popula-
tion.

Pricing has changed and vis-
itors expect much more for
iower prices. I recommend that
the industry and the Ministry
of Tourism urgently meet to
deal with reversing these trou-

..bling trends.

The Partners and Staff of Ernst & Young
toasts and congratulates

Philip B. Stubbs

on his retirement
as Country Managing Partner.

Thank you for your dedication and support over the years

One person can make a difference!

ey.com

__ ll ERNST & YOUNG

| Quality In Everything We Do





The Miami Herald

Be
E

S

THE MARKETS
PSTOCKS, MUTUAL FUNDS, 8B
‘Dow 30 13,612.98 -26.50
$BP500 «1,531.05 -1.86
‘NASDAQ 2,626.60 -0.1
O-YRNOTE 5.14 -.02
69.09 +1.09

CRUDE OIL. -


































ssociated Press

iged lower Monday after three
watched Treasury bond yields
tions about inflation.

aking a break aiter last week’s
sharp rally, when tame inflation

dustrial average to its biggest

ovember 2004,
With little atathcant eco-
omic data due at the start of
e week, investors were left
earching for a catalyst to
stend the rally. .



on concerns that inflation is

‘The yield on the benchmark

as 5.18 percent Monday
efore closing at 5.15 percent,

TRONG CORRELATION’

on between yields and the
*k market these days, and

vestors get more comfort-
sle,” said Mike Malone, trad-
g analyst at Cowen & Co. ©

roader stock indicators
were also slightly lower. The
Standard & Poor’s 500 index fell
1.86, or 0.12 percent, to 1,531.05,
id the Nasdaq composite
dex fell 0.11, or less than
0. 01 percent, to 2,626.60.

>» ddd<

_NEW YORK — Wall Street :
ys of solid gains as investors
ctuate amid lingering ques-

The market appeared to be .

ita pushed the Dow Jones —

hree-day point sain since _

Treasury yields have moved =
higher over the past few weeks —

tubbornly high and the econ- |
is rebounding, trends that —
e it unlikely the Federal _
eserve will lower: interest _

‘Treasury note traded as.
below Friday’ s 5.16 percent.
“There’ S$ a very strong corre- _

at will likely be the case until _

the | Dow fell 26.50, or



TUESDAY, JUNE 19, 2007









BY GREG BLUESTEIN
Associated Press

ATLANTA It’s not just

'- increased demand that sends sum-

poo

mertime gasoline prices soaring. It’s
also the increased temperature.
As the temperature rises, liquid

gasoline expands and the amount of

energy in each gallon drops. Since
gas is priced at a 60-degree standard
and gas pumps don’t adjust for any
temperature changes, motorists end
up spending more money on gaso-
line during warmer weather.

Consumer watchdog groups
warn that the temperature hike
could end up costing consumers
between 3 and 9 cents a gallon at the
pump.

The effect could cost U.S. drivers
more than $1.5 billion in the sum-
mertime, including $228 million to
drivers in California alone, accord-
ing to the House Subcommittee on
Domestic Policy, which recently
addressed it in hearings. The com-
mittee’s chair, Rep. Dennis Kucin-
ich, D-Ohio, has long been an advo-
cate on the issue and has new clout
as a member of the congressional
majority.

Gas retailers oppose forcing sta-
tions to adjust their pumps as
costly, and asked Kucinich to call
off the hearings and wait for more
studies.

The issue has daiveu trial law-
yers to fire off as many as 20 federal
lawsuits accusing retailers of using

simple physics to take advantage of

consumers. Challenges have been
filed in Alabama, Arkansas, Califor-
nia, Florida, Kansas, Missouri and
New Jersey, among other states and
some are seeking class-action sta-
tus.

The latest lawsuit, filed last week
in federal district court in Georgia,
claims that distributors have been
“unjustly enriched” by tens of mil-
lions of dollars. They did so by pay-
ing taxes on the fuel based on the
colder industry standard but pock-
eting the taxes collected from cus-
tomers when the temperature soars,
it alleged.

“I don’t beheve gas retailers
should collect more in purported
taxes than eye pay the govern-

LESS SALES:
Wenady’s
reported that
sales in the
last two
months have
been hurt
because it had










il prices continued its
narch higher, with a barrel of
light sweet crude. settling up
$1.09 at $69.09...

Energy prices have rallied in
recent weeks on speculation
refiners might not have enough
supply to meet summer ©









_ The dollar was mixed against
other major currencies, while

A downbeat report on the
housing market from the
National Association of Home

_ Builders added to the sluggish
_ tone on Wall Street Monday.
Aside from recent housing
market snapshots, most eco-
_ nomic data have been coming in
strong, and last week’s inflation
_ gauges showed milder-than-an-
_ ticipated upticks in costs once

» food and energy prices were
__ stripped out.

The Russell 2000 index of
_ smaller companies fell 1.91, or
_ 0.23 percent, to 846.28.
Declining issues narrowly
_ led advancers on the New York
_ Stock Exchange, where consoli-
dated volume came to 2.45 bil-
lion shares, down from 3.39 bil-
lion on Friday, when volume
_ ‘was swelled by the quarterly
expiration of stock options.
Overseas, Japan’s Nikkei
stock average closed up
0.99 percent, while stocks in
- Hong Kong gained 2.69 percent
and the sometimes-volatile
Shanghai Composite index rose
2.9 percent.
Britain’s FTSE 100 slipped
0.43 percent, Germany’s DAX
index rose 0.07 percent, and
--France’s CAC-40 cv 0.30 per-
cent.





















to raise prices.

NICK UT/AP

FAST FOOD

PETROLEUM

LESS BANG FOR THEIR BUCK

WARMER WEATHER MEANS THE AMOUNT OF ENERGY IN EACH GALLON OF GASOLINE DECLINES
AND CONSUMERS COULD END UP PAYING MORE TO FILL THEIR TANKS



STEVEN SENNE/AP FILE

GASING UP: Watchdog groups warn that a hike in the temperature
could end up costing consumers between 3 and 9 cents a gallon
at the pump. Above, Alda Velez, of Chelsea, Mass., fills up.

ment,” said Bryan Vroon, one of the
attorneys in the Georgia suit. “Gas
prices are high enough without the
over-collection of taxes.”

The “hot fuel” effect is a matter
of simple physics.

Almost acentury ago, the indus-
try and regulators agreed to define a
gallon of gasoline as 231 cubic
inches at 60 degrees. But as the
mercury rises and gasoline expands,
it takes more than a gallon of gas to
produce the same amount of energy
as a regular gallon in colder
weather.

U.S. gas retailers ignore the tem-
perature swings and always dis-

pense fuel as if it’s 60 degrees. As a



Wendy’s open to sale

BY MARK WILLIAMS
Associated Press

COLUMBUS, Ohio — Wendy’s
International is exploring a possible
sale of the company, the nation’s
third-largest hamburger chain said
Monday, as it warned that profits for
the year would fall short of Wali
Street expectations.

“While a sale remains only one of
the alternatives under consideration,
we believe it merits more thorough

* examination,” James V. Pickett, Wen-

dy’s chairman and head of special
committee doing the study, said ina
statement.

The company, under pressure
from shareholders, formed a commit-
tee in April to determine how to
boost its stock price, including a pos-
sible sale. JP Morgan, as lead advisor,
and Lehman Brothers, as co-advisor,
will conduct a review in conjunction
with the committee.

A sale would cap a whirlwind year
for the company, which has spun off
its Tim Hortons coffee-and-doughnut
chain, dumped its money-losing Baja
Fresh Mexican Grill and laid off
employees at its corporate office.

The company said there is no

NEE

assurance that a deal will be com-
pleted. Billionaire investor Nelson
Peltz’s Trian Partners, which owns a
big chunk of Wendy’s stock, has
pushed the company to make
changes to boost its shares. Peltz cap-
tured three seats on the board in
March 2006. His company Triarc
Cos. controls fast-food chain Arby’s.

Wendy’s said it expects to make
$1.09 to $1.23 per share for the year,
primarily because of weaker-than-ex-
pected sales at stores open at least a
year, considered a key indicator of a
retailer’s strength, and higher-than-
expected commodity costs. The com-
pany withdrew its earnings forecasts
for 2008 and 2009. Analysts surveyed
by Thomson Financial expected
earnings of $1.27 per share this year
and a $1.70 in 2008.

Wendy’s said same-store stores
are up just 0.7 percent in the second
quarter through Friday compared
with 3.8 percent in the first quarter.

Kerrii Anderson, Wendy’s chief
executive and president, said sales in
the last two months have been hurt
because Wendy’s had to raise prices.

Wendy’s shares fell $1.47, or
3.7 percent, to $38.26 Monday.

result, gas is an average of about
five degrees warmer than the fed-
eral standard, according toa study
analyzed by Dick+Stitert:of=
National Institute of Standards and
Technology. But it’s worst in south-
ern and western states where the
temperatures are the most consis-
tently warm.

According to the National Oce-
anic and Atmospheric Administra-
tion the average U.S. temperature in
May was 63 degrees; average for all
of 2006 was 55 degrees.

The impact isn’t lost upon Carl
Rittenhouse, a.carpet worker from
the north Georgia town of Chat-
sworth.



3B

INTERNATIONAL EDITION

“You can tell the difference
between the time you fill up in the
morning or night, or if you fill up in
the middle of the day,” said Ritten-
house, who joined one of the law-
suits. “All you have to do is look at
the fumes.”

The debate is now reaching
Washington.

Sen. Barbara Boxer, D-Calif.,
recently urged California lawmak-
ers to take action. And Rep. Kucin-
ich earlier this month called a hear-
ing on the issue, calling it “Big Oil’s
double standard.”

“People are paying for gasoline
they’re not getting,” said Kucinich,
who is running for president.

Lawmakers don’t have to look
very far for possible solutions.

In frigid Canada, where cold
temperatures were giving consum-
ers an edge, many gas stations vol-
untarily backed a program to add
pumps that automatically adjust
volumes based on temperature.

During the energy crisis in the
1970s, tropical Hawaii decided to set
a base fuel temperature of 80
degrees, meaning that consumers
there get more bang for their buck
because retailers now dispense 234
cubic inches of gas per gallon rather
than 231: :

The federal government is con-
sidering: a similar change as well.
The National Conference on
Weights and Measures is to vote in
July on whether to allow tempera-
ture regulation by retailers.

The upcoming decision is worry-
ing some fuel distributors, who say
the new equipment could force
some independent dealers out of

“the “sbusiness=|NATSO; a’ trade*group”~

representing truck stop owners,
estimates that each retrofitted
pump could cost between $1,500 to
$3,800.

“The average truck stop has 20
pumps,” said Mindy Long, a spokes-
woman for the group. “The burden
on them would be phenomenal.”

NATSO and other gas retailers
have formed a group called PUMP
— the Partnership for Uniform
Marketing Practices — which is
calling for more studies on the issue
before taking any action.

ANTITRUST CASE

Supreme Court rules
against investors

BY PETE YOST
Associated Press

WASHINGTON — Investors who
lost money when the dot-com bubble
burst suffered a Supreme Court set-
back Monday, and the justices are
poised to issue yet another important
decision that could restrict share-
holder lawsuits.

The court sided with Wall Street
banks that were alleged to have con-
spired to drive up prices on about
900 newly issued stocks in the late
1990s.

The justices reversed a federal
appeals court decision that would
have enabled investors to pursue
their case for anticompetitive prac-
tices.

The outcome of the antitrust case
was vital to Wall Street because dam-
ages in antitrust cases are tripled, in
contrast to penalties under the secu-
rities laws.

But the Supreme Court may be
about to raise the bar as well for
cases under the securities laws.

Forthcoming this week or next is a
ruling in a stockholders’ suit against
high-tech company Tellabs, alleged
to have misled investors by engaging
in a scheme to inflate Tellabs’ stock
price. The suit says the company’s
CEO provided false assurances of
robust demand for the company’s
products in 2001.

The Bush administration is sup-
porting the company’s position that
would impose a stringent standard on
such investor lawsuits.

The Supreme Court term that
begins next fall could provide still
more problems for trial lawyers and
their clients who bring securities
traud cases, particularly those in the
Enron scandal.

At issue are efforts to recover
investment losses from Wall Street
institutions that allegedly collude

with scandal-ridden companies.

[sie



Companies like Enron have few

assets for investors to recover. So
that leaves investment banks, attor-
neys, accountants and others who did
business with Enron and companies
like it as the only places to sue.

President Bush recently conveyed
his feelings about lawsuits to the Jus-
tice Department solicitor general,
who decided not to side with inves-
tors in the Supreme Court case that
will impact Enron. The president’s
message was that it’s important to
reduce unnecessary lawsuits and that
federal securities regulators are in
the best position to sue. Private class-
action lawsuits, say plaintiffs’ attor-
neys, provide a significant supple-
ment to the limited resources avail-
able to the Justice Department to
enforce the antitrust laws.

Monday’s decision focused on
whether Wall Street’s allegedly anti-
competitive conduct regarding new
high-tech stock issues was immune
from antitrust suits. The conduct is
already the focus of extensive federal
regulation by the Securities and
Exchange Commission.

An antitrust action raises “a sub-
stantial risk of injury to the securities
market,” Justice Stephen Breyer
wrote. He said there is “a serious
conflict” between applying antitrust
law to the case and proper enforce-
ment of the securities law.

Temple University law professor
Salil K. Mehra said Breyer’s use of the
word “risk” is significant because it
sets up a low legal threshold that will
result in immunity applying in a
greater number of cases.

In dissent, Justice Clarence
Thomas said the securities laws con-
tain language that preserves the right
to bring the kind of lawsuit investors
filed against the Wall Street invest-
ment banks.





PAGE 4b, TUESDAY, JUNE 19, 2007



Insurance Company
of the Bahamas



INDEPENDENT AUDITORS’ REPORT



KPMG

POBox N123

Montague Sterling Centre
East Bay Street

Nassau, Bahamas

Fine

To the Shareholders of
Insurance Company of The Bahamas Limited



Telephone
Fax
Internet

242 393 2007
242 393 1772
www.kpmg.com.bs

We have audited the accompanying financial statements of Insurance Company of the Bahamas Limited! (“the
Company”) which comprise the balance sheet as at December 31, 2006 and the related statements of income, changes
in shareholders’ equity and cash flows for the year then ended, and a summary of significant accounting policies and
other explanatory notes. The financial statements of the Company as at and for the year ended December 31, 2005
were audited by another firm of auditors whose report dated April 18, 2006, expressed an unqualified opinion on these
statements.



Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with
International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining
internal control relevant to the preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.



Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free
from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fina
statements. The procedures selected depend on our judgment, including the assessment of the r
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we
consider internal control relevant to the Company's preparation and fair presentation of the financial statements in
order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.



We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of Insurance
Company of The Bahamas Limited as of December 31, 2006 and its financial performance and cash flows for the year
then ended in accordance with International Financial Reporting Standards.

hort,

Chartered Accountants
Nassau, Bahamas a
April 26, 2007



Insurance Company of The Bahamas Limited

Balance Sheet
Year ended December 31, 2006, with corresponding figures for 2005 jae; vSxRIagsed,in Babgrian dollars



ASSETS
2006 2005
Cash and bank balances $ 243,578 3.001,897
Term deposits (Note 5) 3,536,870 §.176,643
Reinsurance Recoveries (Notes 4, 6) 13,323,554 16,031,256
Due from agent (Note 6) 9,953,548 2,579,079
Deferred commission reserve (Note 6) 5,680,650 5,115,580
Prepaid reinsurance premiums (Notes 6, 12) 20,127,421 19,192,775
Prepayments and other receivables (Note 7) 519,899 324,439
Investments in securities
- fair value through profit and loss (Notes 6, 8) 2,286,797 2,180,297
- held-to-maturity (Note 8) 5,418,724 3,252,831
- available for sale (Note 8) 2,000,000 250,000
Investment property (Note 9) 536,917 536,917
Property, plant and equipment (Note 10) 1,394,156 1,193,534
Total assets $ 65,022,114 58,835,248

EE







LIABILITIES
General insurance funds:
Unearned premium reserve (Note 12) $ 24,885,954 23,717,646
Outstanding claims (Note 12) 16,127,701 19,858,905
41,013,655 43,575,551
Other liabilities: :
Margin Loan (Note 13) 1,000,000 =
Unearned commission reserve (Note 6) 5,063,488 4,342,933
Due to reinsurers (Note 4, 6) 4,916,930 920,967
Accounts payable and accruals 1,027,394 747,468
Total liabilities 53,021,467 49,587,919
NET ASSETS : $ 12,000,647 9,247,329

——

Represented by:
Share capital
Authorized, issued and fully paid:-



3,000,000 ordinary shares of $1.00 each $ 3,000,000 3,000,000
General reserve (Note 15) 2,000,000 2.000,000
Retained earnings 7,000,647 4,247,329

$ 12,000,647 9,247,329





See ac



wanciat §!

These financial statements were authorized for issue on behalf of the Board of Directors on

April 26, 2007 by
Director : kK
Ly

Director

Statement of Income
Year ended December 31, 2006, with corresponding figures for 2005

Expressed in Bahamian dollars

















INCOME 2006 2005
Gross written premiums (Note 6) $ 49,924,609 42,120,234
Premium tax (1,379,945) (1,443,367)
48,544,644 40,976,867
Ceded to reinsurers (Note 6) (38,762,463) (31,752,057)
Net retained premiums 9,782,201 9,224,810
Increase in unearned premium reserve (233,622) (475,372)
Portfolio transfer (Note 14) (841,833) -
Net premiums earned
8,706,706 8,749,438
EXPENSES
Net claims incurred (Note 12) 1,798,991 4,555,618
Net commissions incurred (Notes 6. 11 ) 1,499,675 1,597,099
Excess of loss reinsurance (Note 4) 3,823,172 3,278,269
7,121,838 9,430,986
Underwriting profit (loss) 1,584,869 (681,548)
OPERATING INCOME AND EXPENSES
Interest income (Notes 5, 8) 536,514 544,126
Profit and loyalty commissions (Note 4) 578,015 476,538
Dividend and other income (Note 6) 563,141 310,393
Change in net unrealized gains
on investments in securities (Note 8) 286,175 341,199
Net realized gain/(loss) on investments in securities 102,408 (15.925)
3,651,122 974,783
Personnel expenses (Notes 6, 17) (389,346) (364,644)
Depreciation (Note 10) (56,398) (14,091)
Interest expenses (14,540)
General and administrative expenses (Note 6) (437,520) (363,416)
NET INCOME $ 2,753,318 232,632





3

Statement of Changes in Shareholders’ Equity
Year ended December 31, 2006, with cornesponding figures for 2005

Expressed in Buhamian dollars









Share General Retained

Capital Reserve Earnings Total
As of January 1, 2005 $ 3,000,000 2,000,000 4,014,697 9,014,697
Net incorne = - 232,632 232,632
Balance at December 31, 2005 $ 3,000,000 2,000,000 4,247,329 9,247,329
Net income - = 2,753,318 2,753,318
Balance at December 31, 2006 $ 3,000,000 2,000,000 7,000,647 12,000,647





3

Statement of Cash Flows

Year ended December 31. 2006, with corresponding figures for 2005 Expressed in Bahamian dollars































CASH FLOWS FROM OPERATING ACTIVITIES 2006 2005
Net Income $ 2,753,31 232,632
Adjustments for:
Depreciation 56,398 14,091
Loss on disposal of property, plant and equipmen 14,271 -
Net realized (gain)/loss on investments in securities (102,408) 15,925
Change in net unrealized gains on investments in securities (286,175) (341,199)
Interest income (536,514) (544,126)
Dividend income (178,266) (101,708)
Interest expense 14,540 -
1,735,164 (724,385)
(Increase) decrease in current assets:
Reinsurance recoveries 2,707,702 2,128,015
Due from agent (7,374,469) 3,720,952
Deferred comn (565,070) (450,103)
Prepaid reinsurance premium (934,646) (2,016,347)
Prepayments and other receivables (195,460) (266,892)
Increase (decrease) in current liabilities:
Unearned premium reserve 1,168,308 2,491,719
Outstanding claims (3,731,204) (867,031)
Unearned commission reserve 720,555 434,448
Due to reinsurers 3,995,963 (3,368,915)
Accounts payable and accruals : 279,926 417,418
Net cash (used in)/ provided by operating activities (2,193,231) -« 1,498,879
CASH FLOWS FROM INVESTING ACTIVITIES: eta am wks
Net maturity of term deposits 1,545,567 3,697,016
Purchase ot investrnent property - (536,917)
Proceeds from sale of property, plant and equipment 1,677 -
Purchase of property, plant and equipment (272,968) (368,057)
Purchase of investments in securities (3,916,324) — (1,112,120)
Proceeds from sale of investments in securities 282,083 56,075
Interest received 631,151 627,443
Dividends received 178,266 101,708
Net cash (used in)/provided by investing activities (1,550,548) 2,465,148
CASH FLOWS FROM FINANCING ACTIVITIES .
Interest paid (14,540) =
Net cash used In financing activities (14,540) -
Net (decrease) /increase in cash and cash equivalents (3,758,319) 3,964,027
Cash and cash juivalents at beginning of year 3,001,897 (962,130)
Cash and cash equivalents at end of year $ (756,422) 3,001,897
Cash and cash equivalents are represented by:
Cash and bank balances 243,578 3,001,897
Bank overdraft (1,000,000) -
$ (756,422) 3,001,897





Notes to the Financial Statements
Year ended December 31, 2006, with corresponding figures for 2005

1. Incorporation and activity

Insurance Company of The Bahamas Limited (the Company) is incorporated under the
Companies Act, 1992 of The Commonwealth of The Bahamas and is licensed to operate as a
property and casualty insurance company in The Bahamas and Turks & Caicos Islands, B.W.1
under the Insurance Act, 1969, as amended, and the Insurance Regulations, 1990, respectively.
The Company also provides treaty reinsurance with respect to property and casualty business

. in the Turks & Caicos Islands and occasional.facultative reinsurance to other miscellaneous
insurers.

The registered office of the Company is situated at the offices of Messrs. McKinney, Bancroft &
Hughes, Mareva House, 4 George Street, Nassau, The Bahamas. The Company's principal place
33 Collins Avenue, Nassau, The Bahamas.



of business is located a

2. Basis of preparation

(a) Statement of compliance

‘he financial statements have been prepared in accordance with International Financial
eporting Standards (IFRS).

Zz

(b) Basis of measurement



cept for
sured at fair value.

he financial statements have been prepared on the historical cost b:
financial instruments at fair value through profit or loss which are me:



he methods used to measure fair value are discussed further in the significant
accounting policies below.

=

(c)

Functional and presentation currency

1ese financial statements are presented in Bahamian dollars, which is the Company's
functional currency.

(d) Use of estimates and judgements



‘he preparation of financial statements requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets, liabilities, income and expenses. Actual results may differ
from these estimates. Estimates and underlying assumptions are reviewed on an ongoing
ba Revisions to accounting estimates are recognized in the period in which the estimate
is revised and in any future periods affected. In particular, information about significant
areas of estimation uncertainty and critical judgements in applying accounting policies that
have the most significant effect on the amount recognized in the financial statements are
described in notes 3(a), 3(), 3(g). 9 and 12.







Summary of significant accounting policies

The principal accounting policies set out below have been applied consistently by the Company and
are consistent with those used in the previous year:

(a) Insurance contracts
() Classification, recognition and measurement

The Company issues contracts that transfer insurance risk or financial risk or both.
Insurance contracts are those contracts that transfer insurance risks. Such contracts
Iso transfer financial risk. The Company considers an insurance risk to be
0,000. The
ance contracts






mi





significant where the sum insured or limit of indemnity exceeds §
classification of contracts identifies both the insurance and reinsur
that the Company enteérs into.



Short term insurance contracts consist of Property, Casualty, Motor and Marine
insurance contracts.

Property insurance contracts, both personal and commercial, provide compensation for
loss or damage to property. Business Interruption coverage provides compensation for
loss of earnings following physical damage to the insured premises

Casualty/liability insurance contracts protect the insured against the risk of causing
financigl loss or injury to third parties following some act of negligence. Liabilities
covered include both contractual and non-contractual. Two of the most common
protections offered are “Employer's Liability”, designed to indemnify employers who
become legally liable to pay compensation to injured employees and “Public Liability”,
designed to indemnify individuals and businesses who become legally liable to pay
compensation to third parties.



AED SS MEA Se eae

(b)

(c)

(d)

(e)

(

Lo. Dividend income -

tiie § Paleo

Motor insurance contracts cover the driver’s liability to third parties in respect of
personal injury or property damage. If comprehensive cover is purchased, the policy
also covers damage to the policyholder’s vehicle. ;

Marine insurance contracts include the insurance of goods in transit over land or sea and
also the insurance of hulls. Hull insurances typicaliy cover both physical damage to the
vessel and also the boat owner’s liability to third parties in respect of personal injury or
property damage.

Premiums generated from insurance and inwards reinsurance contracts are recognized
as revenue (gross written premiums) proportionally over the period of coverage. The
portion of premium received on in-force contracts that relates to unexpired risks at
the balance sheet date is reported as unearned premium reserve, calculated using net
retained premiums. Gross written premiums are shown before deduction of premium
tax, premiums ceded to reinsurers and commissions. Premiums received prior to the
year end and processed after the year by the agents are recognised at the time of
processing.

Claims and loss adjustment expenses are charged to income as incurred based on the
known or estimated liability for compensation owed to policyholders or third parties.
They include direct or indirect claims settlement costs and arise from events that have
occurred up to the balance sheet date regardless of whether or not they have been
reported. Gross outstanding claims comprise the estimated cost of all claims incurred
but not settled as of the balance sheet date whether reported or not. The Company does
not discount its liabilities for outstanding claims. Liabilities for outstanding claims are
estimated using: (a) the judgement of the agency’s claims manager in regards to
routine claims, (b) external legal opinion in connection with more complex claims,
and (c) statistical analyses for claims incurred but not reported.

(ii) Liability adequacy test

At each balance sheet date, liability adequacy tests are performed to ensure the adequacy
of the contract liabilities. In performing these tests, current best estimates of future
contractual cash flows and claims handling and administration expenses, as well as
investment income from the assets backing such liabilities, are used. Any deficiency is -° -
immediately charged to profit or loss by establishing a provision for losses arising from. ~
liability adequacy tests. :



(iii) Reinsurance contracts held and assumed

The Company cedes (or assumes) reinsurance under a variety of formal treaty
arrangements, with retention limits varying by the line of business. Under these
treaties which are classified as reinsurance contracts held (or assumed) the Company
is compensated (or compensates) in respect of one or more losses under contracts that
mect the classification requirements for insurance contracts. Contracts that do not meet
these classification requirements are classified as financial assets.

The benefits to which the Company is entitled under its reinsurance contracts held are
recognized as reinsurance assets. These assets are classified reinsurance recoveries and
comprise:

a) recoveries due from reinsurers in respect of claims paid, and

b) the reinsured portion of the reserves for outstanding claims allocated in
accordance with the treaty arrangements for the class of business in question.

Amounts paid to the reinsurers relating to the unexpired portion of reinsured contracts
are classified as prepaid reinsurance premiums.

Reinsurance liabilities are classified as due to reinsurers and are primarily premiums
payable under treaty reinsurance contracts after deduction of reinsurance recoveries on
proportional contracts. Premiums to be ceded are recognized as an expense from the
date the gross premiums are written and over the term of the reinsurance contract in
the statement of income.

Amounts shown as reinsurance recoveries, prepaid reinsurance premiums or due to
reinsurers are measured consistently with the amounts associated with reinsured
insurance contracts and in accordance with the terms of each reinsurance contract.

The Company assesses its reinsurance assets for any indication of impairment on

an ongoing basis. If there is objective evidence that the reinsurance asset is impaired,
the Company reduces the carrying amount of the reinsurance asset to its recoverable
amount and recognizes that impairment loss in the statement of income. The Company *
gathers the objective evidence that a reinsurance asset is impaired using the same .
process adopted for financial assets held at amortized cost. The impairment loss is also ~
calculated following the same method used for these financial assets. These processes -
are described in Note 3 (g).

(iv) Portfolio transfer

At the anniversary date of the reinsurance agreements and at the Company’s option,
proportional reinsurers agree to assume the unexpired liability of all risks in force at
such anniversary date. The unexpired liability is computed in accordance with the
method outlined in the reinsurance agreement and accounted for when determined in
the statement of income.

(v) Receivables and payables related, to insurance contracts

Receivables and payables are recognized when the contractual right to receive payment _
and contractual obligation to make payment arise, respectively. These include amounts

due to and from agents and reinsurers and are assessed for impairment and doubtful
accounts. As at December 31, 2006 and 2005, no provision was made for impairment

or doubtful accounts.

Revenue and expense recognition

Premiums are recognized as revenue over the periods covered by the related policies after
allowing for premiums ceded.

Commission expense is incurred on gross written premiums and commission income is
received on premiums ceded, and these are recognized over the periods covered by the related
policies.

Other revenues and exyienses of the Company are recognizéd on anacerual basis, except for:

{est ety + ‘ Vist.
skecognized when the Company’s right to, receive payment has been. ,«
established;, Saunt devas “Haye 1 ce Paycitieyt

) Hubs



ii. Treaty profit commission income, loyalty commission income and profit commission, °,
expense — recognized when the Company’s right to receive, or obligation to make, payment

has been established. wo,
>

iii. Fronting fees — recognized when premiums are billed to customers as the Company hes no
further service obligations associated with these fees.

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies at the date of the balance
sheet are translated to the functional currency at the exchange rate prevailing at that date.
Transactions in foreign currencies are translated to the functional currency at the exchange
rates prevailing at the date of the transactions. Foreign exchange gains and losses resulting
from settlement of such transactions and from translation of monetary assets and liabilities at
year-end exchange rates are recognized in the statement of income. :

Non-monetary assets and liabilities denominated in foreign currencies that are measured at

fair value are retranslated to the functional currency at the exchange rates ruling at the dates

that the values were determined. Foreign currency exchange differences, if any, relating to
investments at fair value through profit or loss are included in net realised gain/loss or change

in net unrealised gain/loss on investments in securities in the statement of income. All other |
foreign currency exchange differences relating to monetary items, including cash and cash - - a
equivalents are recognised in the statement of income. me

Investment property

The Company classifies property held for capital appreciation as investment property. 4
Investment property, which comprises land, is carried at cost using the cost model. No
depreciation is taken on land.



The fair value of the investment property is determined on annual basis by the directors based 4
on market values, being the estimated amount for which a property could be exchanged on the
date of the valuation between a willing buyer and a willing seller in an arm’s length transaction
after proper marketing wherein the parties had each acted knowledgeably, prudently and
without compulsion. i;

Property, plant and equipment

”
Property, plant and equipment, except for land, are stated at historical cost less accumulated
depreciation and impairment losses. Land is stated at cost and not subjected to depreciation.

a
Cost includes expenditures that are directly attributable to the acquisition of the asset. The
cost of self-constructed assets includes-the cost of materials and direct labour and any other *
costs directly attributable to bringing the asset to a working condition for its intended use. Th:
cost of replacing part of an item of property, plant and equipment is recognized in the carrying
amount of the item if it is probable that the future economic benefits embodied within the par , °
will flow to the Company and its cost can be measured reliably. The costs of the day-to-day ,
servicing of property, plant and equipment are recognized in the statement of income as ~
incurred. ~





Depreciation is recognized in the statement of income on a straight line basis over the, >
estimated useful lives of each part of an item of property, plant and equipment.

an
The estimated useful lives for the current and corresponding period are as follows:
i
Buildings 2% n
Office Furniture and equipment 15%
Computer equipment 20% :
Motor vehicles 25% CY
q

Where the carrying amount of an asset is greater than its estimated recoverable amount, it is
written down immediately to its recoverable amount. ‘
na
Gains and losses on disposals are determined by comparing proceeds with carrying amounts
and are included in other income on the statement of income. Repairs and maintenance are
charged to the statement of income when the expenditure is incurred. )



»

Financial instruments

7"
Financial instruments comprise investments in equity and debt securities, term depositsyJoan:
and receivables, cash and cash equivalents and accounts payable and accruals. fey
Financial instruments are recognised initially at fair value plus, for instruments not at fair~
value through profit or loss, any directly attributable transaction costs. Subsequent to initial
recognition financial instruments are measured as described below.

A financial instrument is recognised if the Company becomes a party to the contractual »™
provisions of the instrument. Financial assets are derecognised if the Company's contractual

rights to the cash flows from the financial assets expire or if the Company transfers the
financial asset to another party without retaining control or substantially all risks and reward:
of the asset. Regular way purchases and sales of financial assets are accounted for at trade:
date, t s, the date the Company commits itself to purchase or sell the asset. Financial ,
liabilities are derecognised if the Company's obligations specified in the contract expire or .





are discharged or cancelled.

Cash and cash equivalents comprise cash and deposits held with financial institutions with
original maturities of less than three months. Bank overdraft and margin loan that are
repayable on demand and form an integral part of the Company's cash management are :
included as a component of cash and cash equivalents for the purpose of the statement of
cash flows. _

(i) Investments at fair value through profit or loss ‘aK

>
An instrument is classified as at fair value through profit or loss if it is acquired for the
purposes of selling in the near term, and which may be disposed of in response to the
needs for liquidity or changes in interest rates, exchange rates or equity prices or is
designated as such upon initial recognition.




Financial assets and liabilities classified as held at fair value through profit or loss
include investments in equity securities.

Upon initial recognition, attributable transaction costs are recognised in profit or loss
when incurred. Financial instruments at fair value through profit or loss are measure
at fair value, and changes therein are recognised in the statement of income.



(1c. ODVONVOOO

(ii) Investments held-to-maturity

Financial assets and liabilities with fixed dates of maturity that management has the
intent and ability to hold to maturity are classified as held-to-maturity. Financial assets
a6 classified as held-to-maturity include governinent debt instruments and corporate bonds.
i Investments held-to-maturity are measured at amortized cost using the effective interest
method, less impairment losses.

' (iti) Available for sale investments

Available for sale investments are financial assets and liabilities that are either

designated in this category or are not classified as loans and receivables, held-to-

" maturity invest ments, or investments at fair value through profit or loss. Financial
assets classified as available for sale investments include preferred shares and are
measured at fair value less impairment losses. Changes in fair value are recognised
directly in equity through the statement of changes in shareholders’ equity, except for
impairment losses. When an investment is derecognised, the cumulative gain or loss
previously recognised in equity is recognised in the statement of income.

(iv) Loans and receivables

z Loans and receivables are financial assets with fixed or determinable payments that are
not held-for-trading and are measured at amortized cost using the effective interest
method, less impairment losses.

Receivables arising from insurance contracts and other receivables are classified in
this category. *

(vy) Offsetting

. Financial assets and liabilities are offset and the net amount reported in the balance

I sheet when there is a legally enforceable right to set off the recognized amounts and
there is an intention to settle on a net basis, or realize the asset and settle the liability

" simultaneously.

Impairment
@ Financial assets

A financial asset is considered to be impaired if objective evidence indicates that one or
more events have had a negative effect on the estimated future cash flows of that asset.

An impairment loss in respect of a financial asset measured at amortised cost is
calculated as the difference between its carrying amount, and the present value of

i the estimated future cash flows discounted at the original effective interest rate. An
impairment loss in respect of an available for sale financial asset is calculated by
reference to its current fair value.

” Individually significant financial assets are tested for impairment on an individual basis.
The remaining financial assets are assessed collectively in groups that share similar credit
risk characteristics.

All impairment losses are recognised in the statement of income. Any cumulative loss
in respect of an available for sale financial asset recognised previously in equity is
' transferred to the statement of income.

An impairment loss is reversed if the reversal can be related objectively to an event
occurring after the impairment loss was recognised. For financial assets measured at
amortised cost and available for sale financial assets that are debt securities, the reversal
is recognised in the statement of income. For available for sale financial assets that are
equity securities, the reversal is recognised directly in equity.

We oon
“CC® Gi) Non-financial assets
The carrying amounts of non-financial assets are reviewed at each reporting date to
ut ow determine whether there is any indication of impairment. If any such indication exists
ts then the asset's recoverable amount is estimated.
JDs
An impairment loss is recognised if the carrying amount of an asset exceeds its
a recoverable amount. Impairment losses are recognised in the statement of income.
Be KY, Impairment losses recognised in prior periods are assessed at each reporting date for
ofetsy any indications that the loss has decreased or no longer exists. An impairment loss is
gre reversed if there has been a change in the estimates used to determine the recoverable
sar amount. An impairment loss is reversed only to the extent that the asset’s carrying
Bios amount does not exceed the carrying amount that would have been determined, net
m of depreciation or amortization, if no impairment loss had been recognised.
(ch) Premium tax

Premium tax is incurred at a rate ot 3% of gross premiums written in The Commonwealth of
The Bahamas. 7

‘@) Employee benefits

The Company has a defined contribution pension plan for eligible employees whereby the

Company pays contributions to a privately administered pension plan. The Company has

no further payment obligations once the contributions have been paid. The plan requires

participants to contribute 5% of their eligible earnings and such amounts are matched by
tee the Company.

The Company’s contributions to the defined contribution pension plan are charged to the
w statement of income in the year to which they relate.
G) Related parties

Related parties are classified as related companies, shareholders, directors and key

management personnel who have the authority and responsibility for planning, directing
and controlling the activities of the Company.

4. Underwriting policies and reinsurance agreements

The Company follows the policy of underwriting and reinsuring all contracts of insurance, which limit
the retained liability of the Company. The reinsurance of'contracts does not, however, relieve the
Company of its primary obligation to the policyholders. In the event that the reinsurers are unable to
meet their obligations under the reinsurance agreements, the Company would also be liable for the
reinsured amount. The Company’s credit risk management procedures are detailed in note 18.

Aon Limited, whose registered office is in London, England, a related party of J.S. Johnson &

‘e_ Company Limited (J.S. Johnson), the latter being the Company’s primary shareholder, is the

Company’s reinsurance broker and acts as the intermediary between the Company and the reinsurers
Reinsurance contracts between the Company and its reinsurers are renewable annually in accordance

«1 with the terms of the individual contracts.

Reinsurance recoveries consist of:





2006 2005
Recoveries under excess of loss reinsurance for claims
paid and outstanding $ 1,196,443 1,331,297
aH
Recoveries under proportional contracts for
«outstanding claims (note 12) 12,127,111 14,699,959



$ 13,323,554

16,031,256



2°‘Amounts due to reinsurers of $4,916,930 (2005 - $920,967) represent premiums to be ceded to the

“reinsurers as at December 31, 2006 less reinsurance recoveries on proportional contracts.

5. Term deposits

Term deposits with banks earn interest at rates ranging from 4.1081% to 8.0% (2005 - 3.61% to
8.0%) per annum and are held more than three months from the date of origihation. Included in
term deposits are amounts totalling $139,877 (2005 - $234,083) representing accrued interest.

"6. Related parties balances and transactions

“av

-J.S. Johnson, the Company's primary shareholder which owns 40% of the Company’s issued shares,
serves as its sole agent (referred to as agents) in accordance with the Agency Agreement entered into
on January 1, 2000. The remaining shareholders of the Company represent shareholders and key
management personnel of J.S. Johnson. The Company and J.S. Johnson also have certain directors
in common. :

Amounts due from agents are interest free and are settled over a 65-day period. Included in this
balance is $500,000 held for the purpose of settling claims.

4

Balances and transactions with reinsurers are recorded through Aon Limited, the Company's
reinsurance broker, as stated in note 4.

‘The financial statements include the following balances and transactions with related parties:
" . ‘







2006 2005
Balances
Reinsurance recoveries (note 4) $ 13,323,554 16,031,256
Due from agents 9,953,548 2,579,079
Deferred commission reserve 5,680,650 5,115,580
Prepaid reinsurance premiums 20,127,421 19,192,775
Prepayments and other receivables - 250,000
Investments in securities ~ fair value through
profit or loss 258,000 271,500
Unearned commission reserve (5,063,488) (4,342,933)
Due to reinsurers (note 4) (4,916,930) (920,967)
"3
Transactions
2Premiums written 49,924,609 42,120,234
Ceded to reinsurers (38,762,463) (31,752,057)
Commission income (note 11) 9,136,920 8,153,236
Commissions expense (note 11) (10,636,595) (9,750,335)
Excess of loss reinsurance (3,823,172) (3,278,269)
Profit and loyalty commissions 578,015 476,538
“Dividend income 16,800 16,800
Personnel expenses (276,994) (271,028)
General and administrative expenses — management fees (20,000) (20,000)
7. Prepayments and other receivables
2006 2005
Prepayments $ 16,530 71,735
Other receivables 2,579 2,704
Subscription deposit 500,790 -
Loan receivable - 250,000
$ 519,899 324,439





The Company has advanced $500,790 as a deposit for a subscription in a bond offering, which had
not been settled as at December 31, 2006.

On October 6, 2005, the directors approved a loan to a director and shareholder in the amount of

_ $250,000. The loan was unsecured, bore interest at 4.25% per annum and was repaid in April 2006.
‘

"

8. Investments in securities
Securities at fair value through profit or loss
Securities at fair value through profit or loss principally comprise marketable equity securities,

which are listed on The Bahamas International Securities Exchange, and are stated at fair value
using quoted bid prices. Movements during the year were as follows: :









2006 2005
As of beginning of year $ 2,180,297 1,580,378
Additions = 330,720
Disposals (179,675) (72,000)
Change in net unrealized gains during the year 286,175 341,199
As of end of year $ 2,286,797 2,180,297







As of December 31, 2006, the cost of securities fair valued through profit and loss was $1,661,244
(2005 - $1,841,416).

Held-to-maturity securities







Interest Rates Maturity 2006 2005
Government Bridge Bonds Prime + 1.5% 2024 $ 130,508 130,508
Bahamas Government Prime + 2007 -

Registered Stocks 0.1875% to 0.53125% 2026 2,536,495 2,338,947
Clifton Heritage Authority Bonds Prime + 0.75% 2035 283,376 283,376
Waterfield Bonds 7.5% 2015 708,413 500,000
Bank of The Bahamas Bonds Prime + 1.75% 2025 750,000 -
First Caribbean International

Bank Bonds Prime + .75% 2011 1,009,932 -

$ 5,418,724 3,252,831

Included in amortized costs for held-to-maturity investments are amounts totalling $48,000
(2005 - $48,431) representing accrued interest.

Available for sale securities







Dividend Rates Maturity 2006 2005
Caribbean Crossings Ltd. 8% 2010 $ 200,000 250,000
Caribbean Crossings Ltd. 7% 2016 50,000 ~
Parliament Properties Ltd. 7.5% 2015 250,000 -
Commonwealth Bank Ltd. Prime + 1.5% perpetuity + 1,000,000 -
Bank of The Bahamas Ltd Prime + 2% perpetuity 500,000 -
$ 2,000,000 250,000

As a result of the change in management’s intention to hold its investment in preferred shares to
maturity, the investment held in Caribbean Crossings Ltd. 2010 8% preferred shares as of December
31, 2005 has been reclassified to available for sale category.

9. Investment property

As of December 31, 2006, the cost of investment property is $536,917 (2005 - $536,917). In the
directors’ opinion the fair value of the investment property as at December 31, 2006 is $536,917.

10. Property, plant and equipment











Furniture
and Computer Motor
tand Building Equipment Equipment Vehicles Total

Cost:
Balance as of .
January 1, 2006 $ 467,704 628,579 56,146 96,404 30,000 1,278,833
Additions - 100,126 147,318 25,524 « = 272,968
Disposals - - (41,455) - - (41,455)
Balance as of .
December 31, 2006 § 467,704 728,705 162,009 121,928 30,000 1,510,346
Accumulated depreciation:
Balance as of
January 1, 2006 $ oa - 46,146 20,289 18,864 85,299
Charge for the year = 13,449 17,136 18,313 7,500 56,398
Disposals . - - (25,507) = - (25,507)
Balance as of
December 31, 2006 $ 7 13,449 37,775 38,602 26,364 116,190
Net book value:
December 31, 2006 $ 467,704 715,256 124,234 83,326 3,636 1,394,156

December 31, 2005 § 467,704 628,579 10,000 76,115 11,136 1,193,534
Eee

11. Net commissions incurred

2006 2005
Commission earned from reinsurers $ (9,136,920) (8,153,236)
Commission expenses allocated to JS Johnson 10,636,595 9,750,335



1,597,099



12. Outstanding claims and net claims incurred

As at December 31, 2006 outstanding claims of $16,127,701 (2005 - $19,858,905) is shown gross of
reinsurance recoveries of $12,127,111 (2005 - $14,699,959) as disclosed in note 4.

Included in gross outstanding claims is a provision of $404,000 (2005 - $334,000) for claims
incurred but not reported as of the year end.

2006 2005
Net claims incurred:
Claims incurred $ 10,523,521 18,219,202
Less: recoverable from reinsurers (8,724,530) (13,663,586)



$ 1,798,991 4,555,616



Assumptions, change in assumptions and sensitivity
(i) Process used to decide on assumptions

The reserving process commences at the moment an insured reports a claim and there
is prima facie evidence that the Company is liable under the policy. An initial reserve is
established at that point based on the best information available. Assuming liability
subsequently confirmed, the reserve is revised whenever more detailed information becomes
available concerning the nature of the injury or physical damage involved. The setting of
reserves is the responsibility of the agency’s claims manager who will use external legal or
other expert advice where appropriate. Where the initial reserve exceeds the agency's claims
settling threshold, the adequacy of the reserve will also be discussed with the Company. An
established reserve is expected to be sufficient to meet the final cost of a claim whenever it
is finally determined.









A provision for incurred but not reported (IBNR) claims has been established for each class of
business and is monitored for accuracy at each year end. In determining the accuracy of the
provision, management reviews the historical cost of IBNR claims and amends the provision,
where necessary, taking into account statistical trends and changes in the shape and size of the
portfolio.

All claims reserves are established on a gross basis and the Company accounts to proportional
reinsurers for their share through quarterly returns. Claims recoverie inst Excess of Loss
reinsurers are made on a case by case basis on proof of payment being established.



(ii) Sensitivity analysis - claims development

The development of long tail insurance liabilities provides a measure of the Company's ability
to estimate the ultimate value of claims. Accurate claims reserving is crucial to the long term
health of the Company as it allows for more accurate pricing of products and also generates the
necessary level of confidence on the part of both reinsurers and shareholders. Management
uses a variety of statistical tools, including “Loss Triangulations” developed annually on an
underwriting year basis to monitor the development of the Company’s long tail liabilities:







(iti), Movements in outstanding claims













Year ended December 31 2006 2005
Gross Reinsurance Net Gross Reinsurance Net

Notified claims $ 19,524,905 (14,699,959) 4,824,946 = 27,987,697 (22,272,220) 5,715.47
Incurred but not reported 334,000 = 334,000 310.500 310,
Total claims outstanding
at beginning of the year 19,858,905 (14,699,959) 5,158,946 28,298,197 (22,272,220) 6,025,977
Cash paid for claims settled
in the year (14,254,726) 11,297,379 (2,957,347) (26.658.496) 21,235,847 (5,422.649)
Increase in liabilities

arising in current year claims 10,565,887 (8,758,107) 1,607,780 17,911.91) (13,436,122) 4,475 789

arising from prior year claims (42,365) 33,576 (8.789) 307.293 (227,464) 79.829
Total ciaims outstanding
at end of the year $ 16,127,701 (12,127,111) 4,000,590 19,858,905 (14,699,95°) 5,158,946
Outstanding claims at December 31
consist of:
Notified claims § 15.723,701 (12.127,111) 3.596.590 19,524,905 (1.699.959) 4,824,946
Incurred but not reported 404,000 404,000 33.1,000 434,000
Total claims outstanding :
at the end of the year $ 16,127,701 (12,127,111) 4,000,590 (14,699,959) 5,158,946

19,856 905

16. Commitments and contingencies

Oi BAe Sele oe ee ere . -e

IVLOWAT, VUINE 19, ZUU/, FAG ob

()Uneamed premium provision



Yeor ended December 31 2006 2008

@roes ~Beinewance Net Gross. Reinsurance =—s_« Mat





At beginning of the year $ 23,717,646 (19,192,778) 4,524,871 21,225,927 (17,176,428) 4,049,499
Increase in the year 1,168,308“ (627,029) $41,279 2,491,719 (2,016,347) 475,372
Portfolio transfer “ (307.617) (307,617) - - -
Total at end of the year $ 24,885,954 (20,127,421) 4,788,633 23,717,606 (19,192,775) 4,524,871



Included in the statement of income is the net increase in unearned premium reserve of
$233,662 (2005 - $475,372).

These provisions represent the liability for short-term insurance contracts for which the Company's
obligations are not expired at year-end.

13. Margin loan

The Company entered into a short-term margin loan for $1.6million during the year, of which
$1.0million was drawn-down as at December 31, 2006. The loan bears interest at Nassau prime
plus 2% per annum and is secured by government bonds valued at $3.4million. The loan was repaid
in full in January 2007. :

As at December 31, 2005 the Company had an overdraft facility for $2,700,000 which bore interest
at Nassau prime plus 2% per annum, of which $nil was drawn down at December 31, 2005. This
facility was cancelled in 2006.

14. Portfolio transfer

During 2006, the Company reduced its percentage retention over the prior year on its motor and
accident portfolio, with reinsurers receiving the additional percentage. This change required the
Company to transfer a proportion of its unearned premiums and outstanding claims reserves to
reinsurers, along with the liabilities corresponding to these funds.

15. General reserve

The Company has made an appropriation to a general reserve for unforeseeable risks and future
losses. The general reserve can only be distributed following,approval by the Board of Directors.

a a eww .

Commitments

During 2005, the Company leased its office premises under a non-cancellable operating lease, which
came to an end on November 30, 2005. The Company relocated to 33 Collins Avenue, which it
purchased in 2005. Payments made under the lease were charged to the statement of income over
the period of the lease. Included in general and administrative expenses is $nil (2005 - $16,413)
representing lease payments for the year. As of December 31, 2005 there were no future lease
commitments.

Contingencies

In the normal course of its business, the Company is involved in various legal proceedings arising
out of and incidental to its operations. Management of the Company does not anticipate that the
losses, if any, incurred as a result of these legal proceedings will materially affect the financial
position of the Company.



17. Pension plan

The Company’s employees are members of J.S. Johnson Pension Plan, a defined contribution plan
covering all eligible employees. This plan provides for benefits to be paid upon retirement.
Employees are required to contribute an amount equal to 5% of their eligible earnings, which is
matched by the Company. The amount charged to the statement of income during the year for
pension costs was $15,307 (2005 - $14,231).

18. Risk management

The Company is exposed to insurance risk and financial risk through its insurance assets and
insurance liabilities, financial assets and financial liabilities. The insurance risk covers such things
as the vagaries of the weather, the unpredictability of serious injury losses and fortuitous events
such as outbreaks of fire. The main components of the financial risk are credit risk, liquidity risk
and interest-rate risk. The Company’s financial performance is affected by its capacity to understand
and effectively manage these risks. The Company's challenge is not only to measure and monitor
these risks but also to manage them as profit opportunities. A critical goal of the Company is to
ensure that its financial assets are always more than sufficient to fund the obligations arising from
its insurance contracts. The following notes expand on the nature of the aforementioned risks and
the manner in which the Company manages them.

(a) Insurance risk

Insurance risk is the risk that an insured event might occur. At individual policy level and also
at portfolio level, there is uncertainty in terms of both frequency of occurrence and severity of
loss. For any given portfolio of insurance contracts, where the theory of probability is applied
to pricing and loss reserving, the principal risk that the Company faces is that claims and
other costs might exceed premiums earned. This could occur because the frequency or severity
of claims is greater than estimated or that estimated original policy rates prove not to be
sustainable or a combination of both. Experience shows that the greater the commonality

of risk within a class of business, the smaller will be the relative variability in the expected
outcome. In addition, a more diversified portfolio is less vulnerable to a deterioration in

the loss experience in any particular class of business. The Company has developed its .
underwriting strategy to produce a diversified portfolio of insurance risks. Within each of the
individual classes of business it has sought to achieve, wherever possible, a sufficiently large
population of risks to reduce the variability of the expected outcome.

At the macro level, the Company suffers from a lack of diversification in the sense that it
only insures the non-life risks of individuals located in The Bahamas and Turks and Caicos;
therefore, there is a concentration of insurance risk within the industry sector and territory
in which the Company operates.

° ~ eer ee we te ere . -@
Casualty insurance risks
(i) Frequency and severity of claims

The frequency and severity of claims can be affected by several factors. Claims
frequency can be influenced by changes in the size, composition and quality of a
portfolio. Changes in social / economic conditions can also severely impact claims
frequency. Claim severity is impacted by such things as general inflation. In the case
of Liability claims, the most significant factor is the increasing level of awards for
personal injury. Claims involving serious long term injury can take five years or more
to settle.

The Company manages these risks by means of its well developed underwriting and
reinsurance strategies and also by adopting a proactive approach to claims handling.
The underwriting strategy attempts to ensure that the portfolio remains biased towards
high quality risks. Underwriting guidelines are in place to enforce appropriate risk *
selection criteria. The reinsurance arrangements include both proportional and
catastrophe excess of loss coverage. The effect of such reinsurance arrangements is

to limit the total net insurance loss that the Company can suffer in any one year.





(ii) Sources of uncertainty in the estimation of future claim payments

Claims on casualty contracts are payable on a claims-occurrence basis. The Company is
liable for all insured events that occur during the term of the contract, even if the loss is
discovered after the end of the contract term. As a result, liability claims are settled over
a long period of time and an element of the claims provision relates to incurred but not
reported claims (IBNR) and unexpired risks. Given the uncertainty in establishing.
claims provisions, it is li! in many cases that the final cost of a claim will vary
significantly from the initial reserve. In calculating the estimated cost of outstanding
claims (both reported or not), the Company uses various industry standard loss
estimation techniques and the experience of its agents in settling claims of similar type.








Property insurance contracts
(i) — Frequency and severity of claims

For property insurance contracts, climatic changes are giving rise to more frequent
severe extreme weather events (cg. hurricanes, flooding, etc.) and their consequences.
The Company has the right to re-price each individual risk on renewal. It also has

the ability to impose or increase deductibles. Contracts are priced on the basis of the
commercial replacement value of the prog ss and contents insured. The sum insured
represents the maximum amount payable under a policy. The cost of repairing or
rebuilding properties, the cost of providin; ronity for damaged or stolen contents
and the time taken to restart business ope s (busine:
the key factors that influence the value of claims under these policies. The most likely
cause of major loss under the property portfolio arises from a hurricane or other set
weather related event. The Company has reinsurance coverage in place to limit the
impact of such losses in any one year.




















The Company underwrites property insurance in The Bahamas and ‘Turks and Caicos.

(ii) Sources of uncertainty in the estimation of future claim payments



ulely. Property claims
tenn’ period for these

The development of large losses/catastrophes is analysed sep.
can be estimated with greater reliability due to the
claims and relatively little IBNR is held at year-e





(b) Credit risk

+ Credit risk arises from the failure of a counterparty to perform according to the terms of
the contract. In the normal course of business, the Company seeks to limit its exposure to
hat may arise from an: le occurrence. Reinsurance is primarily placed using a
ation of proportional and excess of loss treaties. Obtaining reinsurance does not,
however, relieve the Company of its primary obligations to the policyholders, therefore the
Company is exposed to the risk that the reinsure: ay be unable to fulfil their obligations.
under the contracts. The Company seeks to miti risteby placing its¢vinsurance — « -@
‘age with large nuulti-national companies and syndicates. The Company also evaluates
ncial condition of its reinsurers and monitors the credit risk of the reinsurers to
minimize its exposure to significant losses from insurer insolvency.






















On its other assets the Company mitigates this risk as follows:
+ places cash with credit-worthy banks; S

+ invests in debt securities of The Bahamas government, government-backed companies
and financially sound companies.

(ce) Liquidity risk

The objective of liquidity management is to ensure the availability of sufficient funds to honour
all of the Company's financial commitments including claims. The Company maintains a level
of ligand 1s, which mature or could be sold immediately to meet cash requirements for
normal cperating purposes.



(d) Intcrest-rate risk

Ipterest-rate risk for the Company is comprised of the risk that the value of financial assets
may fluctuate significantly as a result of changes in market interest rates. The Company
miitizates this risk by investing in interest-bearing assets with floating interest rates, or
investing for short time periods. :






19. Yair value of financial instruments

Most of the Company's financial instruments are either measured at fair value as of the balance
sheet date or are carried at values which approximate fair value, except for balances due from
yent. Fair value estimates are made at a specific point in time, based on market conditions and
information about the financial instrument. These estimates are subjective in nature and involve
ies and matters of significant judgement and therefore, cannot be determined with







precision.

Except as stated elsewhere in the notes, the carrying amounts of the Company's financial assets and
liabilities approximate their fair values due to one or all of the following reasons:



(a) immediate or short-term maturity;
(b) carrying amount approximates or equals market value.

Because of the interest-free nature and uncertainty surrounding the timing of the settlement
of balances due from agent, management is unable to estimate the fair value of this financial
instrument.

20. Corresponding figures

Certain corresponding figures in the financial statements and notes have been reclassified to
conform with the financial statement presentation adopted in the current year as follows:

« Reclassification of held-to-maturity investments to available for sale securities (refer to note 8)
+ Receivables and payables related to insurance contracts have been grossed up for compliance
with IFRS 4 - Insurance Contracts.



THE MIAMI HERALD | MiamiHerald.com

BUSINESS BRIEFS





e FOOTWEAR



MARK HUMPHREY/AP

TRY THIS ON: Finish Line said Monday it agreed to pay
$1.5 billion for retailer Genesco. A salesman, above,
helps a customer with shoes at a Johnston & Murphy
store, operated by Genesco, in Franklin, Tenn.

Finish Line to pay $1.5B
for retailer Genesco

From Herald Wire Services
Speciality retailer Finish Line (FINL) said Monday it
agreed to pay about $L.5 billion for footwear and accessories
retailer Genesco (GCO), which recently rejected a lower

offer from Foot Locker (FL).

Finish Line, a leading mall-based retailer based in India-
napolis, said combined sales of the companies amount to
about $2.8 billion from 2,870 retail stores in the United States,

Canada and Puerto Rico.

Genesco shares rose $4.15, or 8.4 percent, to $53.75 Monday

while Finish Line shares fell $1.1,

or 8.7 percent, to $11.53.

Finish Line operates 694 Finish Line stores in 47 states, 93
Man Alive stores in 19 states and 15 Paiva stores in 10 states.

e AVIATION

EU, U.S. WILL LOWER
AIRCRAFT EMISSIONS

The European Union and
the United States said Mon-
day they would cut emis-
sions from aircraft by
improving air traffic control
systems.

But the agreement
announced Monday does
not head off a fight over the
EU’s separate plan to make
all airlines that fly to Europe~
trade carbon permits.

The European Commis-
sion and the U.S. Federal
Aviation Administration
said the plan they
announced Monday would
let them quickly put in place
emission-reduction technol-
ogies that would reduce
greenhouse gases released
from aircraft.

-Â¥

@ NEWSPAPERS

POSSIBLE BID FOR DOW
JONES HURTS PEARSON

Shares in Pearson
(PSO), publisher of the
Financial Times, fell Mon-
day following weekend
reports that the company
might try to take on Rupert
Murdoch in a takeover bat-
tle for Dow Jones (DJ).

Analysts doubted that
Pearson could put together a
package to trump News
Corp.’s $5-billion offer.

Pearson shares fell
1.26 percent to $17.03 on the
London Stock Exchange.

The Wall Street Journal
reported Sunday that Pear-
son and General Electric,
which owns U.S. broad-
caster NBC, were discussing
a joint bid which would
combine the Financial
Times, Dow Jones and busi-
ness channel CNBC in a pri-
vately held venture.

e PHARMACEUTICALS

GLAXO DEVELOPS
FIVE CANCER DRUGS

GlaxoSmithKline
(GSK), the world’s second-
largest pharmaceutical firm,
said that it expects to intro-
duce five new cancer treat-
ments through 2010.

The drugs will treat a
range of different cancers,
including cancer of the cer-
vix, the company said in a
statement. The new treat-
ments are cervarix, pazo-
panib, promacta, rezonic
and ofatumumab.

Glaxo shares fell 26 cents
to $52.49 on the NYSE.

4pm. 6:35 p.m. Late
dose close Chg. volume

Stock Tk.

Yahoo YHOO 28.12 29.38 = +1.26 160887
PwShs QQQ QQQQ 47.77 47.67 = -.10 113136
SunMicro SUNW 5.05 5.05 69256
SPDR SPY 152.89 152.71 -18 64956
iShR2K nya IWM = 84.17 «83.83 34 61989
iShapan EW) 14.61 14.56 -.05 60033
DellInclf DELL 27.85 27.92 +.07 45947
Charttm CHTR 4.13 4.13 +.00 45811
FirstDatas FDC 32.72 32.72 * 43630
Altria s MO 70.16 70.46 +.30 28038
TimeWarn TWX 20,89 21.05 +.16 = 25734
FordM F 8.85 8.83 02 22460
Microsoft MSFT 30.51 30.56 +05 18129

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

LATE TRADING ©

e DUBAI

STATE-OWNED FIRM
BUYS CRUISE LINER GE 2

A Dubai-owned company
announced Monday that it
bought the Queen Elizabeth
2, a giant ocean liner
launched in 1967, for $100
million.

State-owned Istithmar
said it plans to turn the pas-
senger ship into a first-class
floating hotel, retail and

- entertainment destination,

berthed off Dubai’s man-
made Palm Jumeirah island.

~~~ "he aging vessel, bought

from the Cunard Line divi-
sion of Miami-based Carni-
val (CCL), will end its days
as a tourist attraction,
scheduled to open to the
public at the beginning of
2009, Istithmar said in an

. e-mailed statement. Istith-

mar is a division of Dubai
World, a government-
owned holding company

‘that also owns Nakheel, the

developer of Palm Jumeirah.

e INTERNET

YAHOO REPLACES CEO
WITH CO-FOUNDER

Yahoo (YHOO) Chair-
man Terry Semel stepped
down as chief executive in a
surprise move, ending his
increasingly ineffectual pur-
suit of online search leader
Google — a losing battle
that had demoralized
Yahoo’s shareholders and
employees.

The Sunnyvale-based
company appointed co-

_ founder Jerry Yang as its

new CEO and named Susan
Decker as its president.
Decker, who had been
touted as Semel’s heir
apparent, was recently pro-
moted from Yahoo’s chief
financial officer to oversee
advertising operations.

e BRITAIN

SHARES OF ALCOA RISE
ON TAKEOVER TALK

Shares of Alcoa (AA)
rose in Europe after the
Times newspaper in London
reported that BHP Billiton
(BHP) is reviving plans to
make a $40-billion offer for
the aluminum company.

BHP, the world’s largest
mining company, had previ-
ously considered making an
offer for Alcoa in February,
but Chief Executive Chip
Goodyear preferred to
return cash to shareholders,
the newspaper said.





4 pa 6:35 p.m. Late
Stock Tk. close Chg. volume
Intel INTC 24.17 24.17 * 13235
Oracle ORCL = 19.79 19.81 +02. 13172
Novell NOVL = 7.98 7.98 7 12236
GenElec GE 38.07 38.07 = 11758
BrMySq BMY 30.31 30.36 +.05 11279
Cisco csco 27.21 27.15 -.06 11219
Minefndg = MFN 11.83 11.84 +01 = 11029
Sysco SYY 34.00 34.00 : 10807
iShREst IYR 80.78 81.94 +1.16 10500
Finisar If FNSR = 3.95 3.95 : 10004
Schwab SCHW 21.79 21.79 9766
CvS Care CVS 37.34 3737 = +.03 9665

REAL ESTATE

Index:

BY ALAN ZIBEL
Associated Press
WASHINGTON — A mea-
surement of industry senti-
ment about the housing mar-
ket fell in June for the fourth
straight month to the lowest
point in more than 16 years.
Housing developers are
being squeezed by tighter
lending standards for borrow-
ers trying to get mortgage
loans. In: response to weak
demand, developers are cut-

- ting prices and offering buyer

incentives to cope with a
mounting supply of unsold
homes, the National Associa-
tion of Home Builders said
Monday.

The trade group’s housing
market index, which tracks
builders’ perceptions of cur-
rent market conditions and
expectations for home sales
over the next six months, fell
to 28, the lowest reading since

EUROPEAN UNION

February 1991, the NAHB said.

Wall Street had expected a
reading of 30, according to the
consensus forecast of Wall
Street economists surveyed by
Thomson/IFR. Ratings higher
than 50 indicate positive senti-
ment about the market. The
seasonally adjusted index has
been below 50 since May
2006.

The continuing slump is
bad news for housing develop-
ers like Lennar, D.R. Horton,
Pulte Homes, Centex and Toll
Brothers, the largest U.S. hom-
ebuilders by market value.

The index has been sliding
since March as demand for
new housing slumped amid a
rise in defaults for borrowers
with weak, or subprime,
credit.

“It’s clear that the crisis in
the subprime sector has
prompted tighter lending stan-
dards in much of the mortgage

INTERNATIONAL EDITION

Housing level lowest

market,” David Seiders, the
group’s chief economist, said,
adding that rising interest
rates have also eroded
demand.

Home sales will continue to
decline in the months ahead,
he said, and housing starts are
not expected to improve until
next year, he said.

Sales of new homes, which
represent about 15 percent of
all home sales, surged in April,
but median prices fell 11 per-
cent from the previous month
as builders slashed prices.

Mortgage giant Freddie
Mac reported last Thursday
that 30-year, fixed-rate mort-
gages averaged 6.74 per-
cent,the highest level in 11
months. :

Meanwhile, the troubled
market for homebuyers with
weak, or subprime, credit has
hampered investors in mort-
gage securities who bought

‘



TUESDAY, JUNE 19,2007 |_B

since “91

loans backed by subprime
mortgages. Moody’s Investors
Service said Friday it down-
graded 131 mortgage invest-
ments tied to subprime loans.

Mocdy’s said the down-
grades were a result of a high-
er-than-expected default rate
among second mortgages
issued to subprime borrowers

last year and stemmed from

“an environment of aggressive
underwriting.” :

The Mortgage Bankers
Association reported last
week that the percentage of
payments that were 30 or
more days past due for sub-
prime adjustable-rate mort-
gages jumped to nearly 16 per--
cent in the first quarter, the
highest number on record.
Foreclosure filings, mean-
while, were up 90 percent in
May compared with last year,
according to industry data
firm RealtyTrac.

Airbus announces $45B in orders

BY JANE WARDELL
Associated Press

LE BOURGET, France —
Airbus stole the spotlight from
U.S. rival Boeing on the open-
ing day of the world’s largest

air show on Monday,
announcing deals worth
around $45 billion.

Boeing, in contrast, tallied

. up orders worth $4.4 billion.

However, despite its early
lead in the traditional trans-
Atlantic rivalry at the week-
long Paris Air Show in Le
Bourget, Airbus still has a long
way to go to match Boeing’s
star Dreamliner 787.

Heading into the fair, Chi-
cago-based Boeing had already
pocketed 584 orders for the
Dreamliner, compared to Air-
bus’ 13 A350 orders.

‘The Toulouse-based plane-
maker added a total of 92 firm

orders to that 13 on Monday; ~
_ comprising the 80 from. Qatar ©

and 12 from Kuwait Aviation
Lease — US Airways also
announced plans to add two to
its previous order of 20 — but
the success of the plane is by
no means assured.

Airbus’ decision to redesign
the jet after customer com-
plaints— has pushed back its
delivery date until 2013, years
behind the first deliveries of
Boeing’s rival Dreamliner 787
due in May.

Emirates, which on Monday
ordered an additional eight
Airbus double-decker A380s
in a deal estimated to be worth
about $2.5 billion (1.9 billion
euros), remained ambivalent
about its future choice
between the A350 and the
Dreamliner.

“We've got some talking to
do to both Boeing and Airbus

BRAZIL

BY ALAN CLENDENNING
Associated Press

SAO PAULO — A Brazilian
Indian tribe is linking up with
Google Earth to try to capture
vivid images that could help
stop loggers and miners from
deforesting the jungle and dig-
ging for gold on its vast Ama-
zon reservation.

Though the project is still
in the planning stages for a
remote area that doesn’t even
have Internet access, the
tribe’s chief and Google hope
their unusual alliance will
reduce illegal rain-forest
destruction where govern-
ment enforcement is spotty at
best.

Google Earth, which
enables anyone who down-
loads its free software to see
satellite images and maps of
most of the world, is increas-
ingly being called upon for
humanitarian purposes by
groups that see the technolo-
gy’s potential.

In another initiative
unveiled this year, Google and
the United States Holocaust
Memorial Museum are calling
attention to atrocities in the
Darfur region of Sudan. And
last year, Google Earth joined
forces with the United Nations
Environmental Program to
show users areas of environ-
mental destruction, and with
the Jane Goodall Institute to
highlight its research on chim-
panzees and African defores-

Indians, Google Earth to fight ille



330



". CHRISTOPHE ENA/AP

FRANCE: The Le Bourget air show, north of Paris, is bigger than ever this year, but the
rivalry between Boeing and Airbus takes center stage. Above, a worker examines a
Dassault drone aircraft at the air show.

with regard to the commercial
terms of the deal, but I think
we’re in a good position to
make an aircraft decision in
the next few months,” Emir-
ates President Tim Clark said.
Clark said the carrier would
select only one of the aircraft,
rather than buying some of
each.
Airbus has been renegotiat-
ing existing orders for the
A350 since the redesign. The
US Airways planned deal for
92 Airbus jets worth $10 bil-
lion Reportedly came at a

* heavy discount.

Emirates, the biggest single
customer for the A380, is





believed to have obtained sig-
nificantly improved financial
terms for their purchases.

Plane makers often reserve
big announcements for the air
shows held in alternate years
in Le Bourget, north of Paris,
and Farnborough, on the out-
skirts of London, to ensure
maximum impact.

Boeing is scheduled to pro-
vide an update on the Dream-
liner on Tuesday — when it is
also likely to announce more
orders for the plane.

Scott Carson, the head of
Boeing Commercial Airplanes,
said Monday that the Dreamli-
ner was on track for test

iin

GOOGLE EARTH/AP

VANISHING FOREST: Thin whitish lines suggest
deforestation in the verdant swath of reservation
belonging to Brazil’s Surui tribe.

tation.

“At Google, we feel an obli-
gation to help groups like this
when it is so clear that our
tools can make an important
positive impact,” spokes-
woman Megan Quinn said.

Eventually, Chief Almir
Narayamoga Surui envisions
many of the 1,200 members of
his Surui tribe using comput-
ers with satellite Internet con-
nections and high-resolution
images from Google Earth to
police all corners of their
618,000-acre reservation.

They could then ofter proot
to authorities that the destruc-

tion is occurring and demand
action, or possibly spook the
loggers and miners away
because they would know they
are being monitored, said
Surui, who uses his tribes’
name as his last, like many
Brazilian Indians do.

The loggers and miners
“will certainly be scared,
because we’ll be watching all
the time and denouncing the
invasions,” the chief said in an
e-mail interview from Switzer-
land, where he was meeting
with environmentalists and
United Nations officials.

Surui came up with the idea

flights in August or Septem-
ber, and delivery to its first
customers in May.

The Paris show comes amid
revived fortunes for the com-
mercial airline industry. After
two years in the red, the indus-
try will make a profit of just
over $5 billion this year,
despite rising fuel costs, says
the International Air Trans-
port Association, whose 250
members claim to represent
94 percent of international air
traffic.

Associated Press writers
Angela Charlton at Le Bourget
and John Leicester in Paris con- -
tributed to this report. .

gal logging

some time ago when he was
tooling around Google Earth
and saw thin whitish lines sug-
gesting deforestation in the
vast verdant swath that
popped up when he zoomed in
on his reservation.

With help from the U.S.-
based nonprofit group Ama-
zon Conservation Team, Surui |
met last month with Google
Earth executives in California,
wowing them with a vision of
how Google technology could
help stop the devastation, said
Quinn.

“If you look at the Surui
land today in Google Earth,
you'll see their ‘island’ of
healthy green rain forest is
surrounded almost completely
by clear-cut, barren land,” she
said.

Google Earth will now try
to buy better satellite images
of the Surui reservation trom
vendors to ramp up the quality
of shots that turn extremely
blurry when users try to focus
in closer on the reservation,
Quinn said.

Quinn declined comment
on Google Earth’s financial
commitment.

Meanwhile, Chief Surui is
lobbying for donations of com-
puters and other equipment
from companies or nonprofit
groups, and hopes to persuade
the Brazilian government to
include his tribe in a program
to provide Indians with satel-
lite Internet connections.



THE TRIBUNE

TUESDAY, JUNE 19, 2007, PAGE 7B



ioe anes ea ee
Hutton resigns as John S George

deal ‘agreed in principle’

FROM page 1

knows the local market.

“We’re very pleased with the way we
structured the transaction and the way we
can exit. Andrew has the ability to make a

success of it, and I wish him all the best:

He’s pretty well-versed in the retail busi-
ness, and adding John S George will give
him depth and the ability to bring all his
formats together to create synergies.”

The Tribune revealed last week that
John S George Holdings was in talks with
Mr Wilson and QBC to sell the retailer
less than three years after it acquired the
business from the McKinneys and Syd-
ney Sweeting.

Apart from QBC, Mr Wilson also owns
the Radioshack franchise and Curves
Gym, in addition to several fashion outlets
at the Mall at Marathon. QBC is the
largest seller of cell phone cards in the
Bahamas by volume.

It is unclear what Mr Wilson’s plans for
John S George are. Some have suggested
that QBC, which has outlets at the Mall at
Marathon and in downtown Nassau, on
East Street North, would be more inter-
ested in acquiring John S George for its
store sites to allow the QBC format’s

expansion.
Office

John S George has its head office, ware-
house and largest store in Palmdale, own-
ing the complex, and leases stores in the
Harbour Bay Shopping Centre, Lyford
Cay Shopping Centre, Cable Beach Shop-

ping Centre and Independence Drive. All
are high-footfall shopping centres for con-
sumer traffic.

Holdings

‘The John S Géorge Holdings Board is
artfully composed, with Mr Hutton and
his relatives holding 40 per cent. Bench-
mark owns 20 per cent, with the Morley
and Pritchard families each owning 15 per
cent. The remaining 10 per cent is held
by Butterfield Bank (Bahamas) manag-
ing director, Robert Lotmore. Not all
Board members, especially Mr Hutton,
were in favour of a sale.

The Board breakdown burst into the
open earlier this year after Benchmark,
which as a BISX-listed public company
has to release its financial results,
announced it was fully writing off its
$402,102 investment in John S George
and hit out at Mr Hutton’s management
style, branding it as “ ineffective”. Bench-
mark also criticised the absence of accu-
rate and timely financials on John S
George.

It is thought that Mr Brown and Mr
Morley, and possibly others, lost patience
with Mr Hutton’s attempts to turn John S
George around, leading them to search
around for an exit route and recover what
they can from their investment.

The purchase by Mr Hutton’s group
met unexpected obstacles from the start,
including the loss of the Baygone insecti-
cide product agency to the D’Albenas
Agency, which is said to have cost John S
George $1 million per annum in revenues.

The company also lost the distribution
relationship with the True Value buying
group, sources said, forcing it to switch to

CE

The upshot of all this, sources said, was
that John S George lost close to $1 million
in its first year under the new owners to
July 31, 2005, and another $300,000 in its
second fiscal year.

Benchmark’s 2006 accounts show that it
recorded a $132,103 gain from negative
goodwill on property revaluations, but its
equity interest was then diluted by $30,000
due to the issuance of 10,000 shares to Mr
Hutton for his work in identifying the

- John S George deal, negotiating the pur-

chase and bringing the investor group
together.

Investment

Benchmark’s investment in John S
George Holdings stood at $402,103 as at
December 31, 2005, the value that was
written-off. The figures then reveal that its
share of John S George’s Holdings net
loss for the period to July 31, 2006, was
$48,684. It is unclear what period of time is
covered by this, but if it is the seven
months from December 31, 2005, this
would imply John S George lost $243,420
in that time based on 5x Benchmark’s 20
per cent stake.

The full impairment provision taken by
Benchmark was $353,419, and it said in
the notes to its annual report that “John S
George Holdings has incurred continuing
operating losses for the entire time” it had
been an investor in the buyout vehicle.

Bahamas among Caribbean
leaders for stopover decline

FROM page 1

were up against weak 2006
comparatives as a result of the
damage inflicted by Hurricane
Wilma.

However, he said both des-
tinations had “invested a
tremendous amount in adver-
tising and promotions”, and
had “invested more in the first
quarter than we do in an entire
year”.

Mr Comito said the BHA
was hoping the US would pay
further attention to mitigating
the WHTI’s impact, having
already acknowledged prob-
lems with a passport applica-
tion backlog that was leaving
many travellers with a 10-12
week wait to receive their doc-
uments.

As a result, the Bush admin-
istration relaxed the WHTI’s
implementation until Septem-
ber 30, 2007, for those trav-
ellers who could produce

receipts showing they had |

already applied for a passport.
Yet this might be “too little,
too late”.

Mr Comito said the BHA
and wider Bahamian tourism
industry were hoping the US
might consider taking the
WHITI relaxation “even fur-
ther”.

He added that the BHA was
supporting the vote taken by
the House of Representatives
last Friday on extending the
WHTI implementation date
unti;] June 2009 for both land ~
and sea travellers to the
Caribbean, as the current
arrangements “continue to
place us at a further disadvan-
tage with the cruise industry”.

Mr Comito said: “The coun-
tries [in the Caribbean] are suf-
fering from the shortfall in vis-
itors. You are going to rapidly
see governments impacted by
this through the impact on tax
revenues, as the tourisrn dollar
fails to ripple through the
economy in terms of employ-
ment, spending and taxes.
We’re getting a hit on this.

“WHTI is having an impact
throughout the region’s
economies and government
rax revenues are declining.”

Legal Notice’

NOTICE |

INTERNATIONAL BUSINESS COMPANIES
ACT
(No.45 of 2000)

Oceanic ‘75% of the way through’ big downsizing

FROM page 1

process. “The sale of the entities
in Barbados is in process now,
and we expect to have it done in
the next two to three months.”

Oceanic Bank & Trust estab-
lished a presence in Barbados
via acquisition several years
ago, in a bid to explore the

potential of linking that juris-
diction’s double tax treaties with
structures that maximised the
Bahamas’ low-tax environment.

The entities for sale in Bar-
bados include the St Michael’s
Trust Company and Oceanic
Bank & Trust (Barbados),
which gave the company both
an onshore and offshore pres-

ence there.

Mr Gibbons told The Tribune
that Oceanic Bank & Trust had
sold its Bahamas-based fund
administration business to a
group of employees via man-
agement buyout on March 31.
This business, headed by Terah
Rahming in Freeport, has been
renamed as Premier Fund Ser-

tration of the M. J. Select Glob-
al Fund. The bank was sued by
a number of investors and the
liquidators of the failed $30-$40
million fund, and it is under-
stood that Oceanic Bank &
Trust incurred multi-million
costs in legal fees and other
costs to settle the actions against
it.

WHA RYAN ENTERPRISES LIMITED
In Voluntary liquidation

Notice is hereby given that in accordance with Section 137 (4)
of the International Business Companies Act (No. 45 of 2000),
WHA RYAN ENTERPRISES LIMITED has been dissolved and
struck off the Register according to the Certificate of Dissolution

} issued by the Registrar General on the 5th day of June, 2007.

Mr. Paul Evans
c/o Helvetia Court ©
South Esplanade,

St. Peter Port,
Guernscy, GY1 4EE

vices. Liquidator
“The decision to get out of
the fund administration busi-
“ ness is aligned to the risk of that
business,” Mr Gibbons said, not
denying that the exit had been
prompted by the lawsuits
Oceanic Bank & Trust became
embroiled in over its adminis-



Flat Terra Cotta Roof Tiles
7,500 sq.f. and
accessories, $19,000.00

NOTICE is hereby given that VILIO JOSEPH of EAST
’ STREET, 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 19th
day of June, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.







Phone 324-6441 or
Cell 424-8299 *

BLAIRWOOD ACADEMY
SUMMER SCHOOL

July 2 to 27 9:00 to 12:30



Legal Notice
NOTICE

VITTARO OCEAN LTD.

READING, WRITING, MATH,
STUDY SKILLS, COMPUTER

. 1;
SE RISE
Ne

(In Voluntary Liquidation)

NOTICE

NOTICE is hereby given that FREDO GUSTAVE OF #257 SOUTH
MALL DRIVE, FREEPORT, GRAND BAHAMA, BAHAMAS, is

Rl Notice is hereby given that the above-named
applying to the Minister responsible for Nationality and Citizenship,

Company is in dissolution, which commenced on
the 15th day of June 2007. The Liquidator is Argosa
Corp. Inc., RO.Box N-7757 Nassau, Bahamas.

for registration/ naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a written and
signed statement of the facts within twenty-eight days from the
12TH day of JUNE, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box F-41085, Grand Bahama, Bahamas.

OUR METHODS HELP STUDENTS
CATCH UP

IMPROVE SKILLS
MOVE FORWARD



393-1303
OR COME IN TO REGISTER
VILLAGE RD SOUTH OF QUEEN’S COLLEGE

ARGOSA CORP. INC.
(Liquidator)



INOTICE



BIS

Pricing Information As Of:
1

= )FIDELITY



Abaco Markets
Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

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

Finco

FirstCaribbean

Focol

Freeport Concrete

ICD Utilities

J. S. Johnson

Premier Real Estate



Notice is hereby given that the Twenty-seventh
(27th) Annual General Meeting of THE
PUBLIC WORKERS’ CO-OPERATIVE
CREDIT UNION LIMITED will be held at
The British Colonial Hilton Hotel, West Bay
Street, on Friday, June 22, 2007 commencing
at 6:30pm for the following purposes:







To receive the report of The
Board of Directors.



Bahamas Supermarkets
Caribbean Crossings (Pref)







To receive the Audited
Accounts for 2006.

ABDAB
Bahamas Supermarkets
RND Holdi




1.342667*
3.2018***
2.681688**
1.244286°***

POSE 802.05 7 YTD 08.20% 7 2606 34.4
MARKET TERMS YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price

Colina Money Market Fund
Fidelity Bahamas G & | Fund

To elect members of The Board
of Directors.



Colina MSI Preferred Fund
Colina Bond Fund
eli





BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 NAY KEY
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 dally 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
P/E - Closing price divided by the last 12 month earings



To discuss and approve the
budget for 2008.

* - 8 June 2007



Weekly Vol. - Trading volume of the prior week ** - 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

All members are urged to attend.
Refreshments will be served!

**** - 30 April 2007



’ 242-356-7764 7 FOR MORE DATA & INEG?





PAGE 8B, TUESDAY, JUNE 19, 2007



Ministry Of Education, Youth, Sports & Culture

NOTICE

PROCUREMENT FOR GENERAL PAPER SUPPLIES FOR THE YEAR 2007

1.0 The Ministry of Education, Youth Sports & Culture (hereafter
called the “Purchaser”) now invites sealed bids, from Suppliers
for the procurement of General Paper Supplies for the School
Year 2007.

Interested Bidders may inspect/collect the bidding documents
from the Purchasing/Supplies Section of the Ministry of Education,
Youth, Sports & Culture, Headquarters, Thompson Blvd. from
Monday, 21st May, 2007 and obtain further information, at the
second address given below. '

2.0




Bids must be in English and shall be enclosed in duplicates in
a sealed envelope bearing no identity of the bidder and endorsed
with the subject bided on (“General Paper Supplies”)

3.0





Bids must be deposited in the tender box provided, at the first
address, on or before Friday, 15th June, 2007 by 5 pm (local
time). It will not be necessary to submit bids in person since they
may be sent by mail. Late bids will be rejected and returned
unopened.

4.0.










Bids will be opened at the public ceremony, in the presence of
those Bidder(s) or their Representative (s) who choose to attend,
at 10am on Tuesday, 19th June, 2007 at the first address below.




(1) The Chairman Tender
Ministry of Finance
Cecil Wallace Whitfield
Cable Beach

P.O. Box N-3017
Nassau, The Bahamas
Tele: (242) 327-1530













Purchasing/Supplies Section
Ministry of Education, Youth, Sports & Culture
P.O. Box N-3913/4

Nassau, The Bahamas

‘Tele: (242) 502-8571





The Ministry reserves the right to reject any or al! Tenders



-Lignum Institute of Technology |

Classes starting in June:

Adobe Photoshop
And >
MS Word/Excel





Combined Course

| Came In and
Register Saday!

For more information, please contact:

Candice Albury
Office Assistant/Training Coordinator
Lignum Technologies Bahamas Ltd.
Harbor Bay Shopping Plaza
Ph: 393-2164 Fax:394-4971
Email:candice@lignumtech.com



THE TRIBUNE









= BARTENDERS at the Sheraton Cable Beach Resort pose for the camera
after preparing exotic drinks for the hotel's guests

Bristol expands.

warehouse to meet

Baha Mar’s demand

BRISTOL Cellars has
expanded its warehouse by
20,000 feet to help it meet
demand from Baha Mar, the
developers of the proposed
$2.4 billion Cable Beach rede-
velopment.

The Bahamian company
teamed up with Baha Mar two
years ago to supply the resort
owner with all its beverage
needs, which include wine,
spirits, beer and non-alcoholic
products.

Among the brands supplied

are Bacardi, Dewars, Grey
Goose and a variety of high-
end wines. Local name brands
exclusive to the Bahamas
include Nassau
Liqueur, Nassau Royale
Coconut Rum and Natasha
Vodka. Bristol Cellars also

provides Baha Mar with the.
technical support and training ~

required to properly handle
the shipments.
Edward Gardner, Bristol

Cellars vice-president of sales .

and marketing, said in a state-

Royale:

ment: “We’re a young, vibrant -
company. We appreciate the
business that we get from Baha
Mar. Demand improves the
quality of the product and
increases our portfolio.
‘““We’re always searching for
ways to accommodate needs,
improve our service and the
quality of our product. Baha ©
Mar’s growth coincides with
Bristol’s growth. Our company
is-proud to do business with
them and wish the best for
their company in the future.”

Job Vacancy
for |

Position Summary:

Plan and execute audits in accordance with accepted professional standards to
determine compliance with compay policies and procedures and adherence to
applicable laws and regulations.

Primay Duties and Responsibilities:

e Develop detailed audit plans and programmes

° Evaluate the adequacy and effectivness of internal controls

¢ Execute detailed audit procedures including reviewing transactions,
documents, financial records, policies and operating procedures and
prepare work papers documenting the audit procedures performed

e Evaluate strategies and develop recommendations

e Prepare comprehensive written reports

¢ Undertake follow-up to determine adequacy of corrective actions

e Provide assistance to external auditors as requested.

Qualifications and Experience:

¢ Bachelor’s degree in acounting or related field and professional
certification (CPA, CA, ACCA, CFA)

¢ Strong oral and written communication skills

° Excellent computer skills

¢ Five (5) years experience in a managerial position

Interested persons should provide copy(ies) of their degree(s) and transcript(s)

to:

The Human Resources Manager
c/o DA Number 19301

P.O. Box N-3207
Nassau, Bahamas

Deadline: Wednesday, June 27, 2007

cha





THE TRIBUNE

TUESDAY, JUNE 19, 2007, PAGE 9B



— ii a =
To atlvertise in The Tribune, just call 322-1986 today!

More than

50 real estate

brokers attend

two-day course |

MORE than 50 Bahamas Real Estate Asso-
ciation (BREA)-licensed brokers and salesper-
sons attended a two-day CRS course (Certified
Residential Specialist), part of the organisa-
tion’s continued 2007 programme of educational
courses for members.

The-CRS course (Certified Residential Spe-~

cialist) was held with Zan Monroe as lecturer,
- and attendees are currently awaiting their exam-
ination results.



@ PICTURED are members of the BREA
education committee with instructor Zan Mon-
roe, second from the left. From L to R: Greg
White of King's Realty; lecturer Zan Monroe;
William Wong, BREA vice-president; BREA
board member Lana Munnings-Basalyga;

’ BREA board member Theadore Sealey.

(Photo: Keith Parker,
PS News/Features)

NOTICE OF VACANCY

A vacancy exists at The Grand Bahama Port Authority, Limited for one (1)

EXECUTIVE SECRETARY.

Qualifications and Pre-requisites:

Duties:

Résumés with supporting documentation should be submitted to:





Must possess excellent shorthand skills

Minimum of five (5) years secretarial or administrative experience
Associates Degree in Secretarial Science, Business Administration or related
area

Good command of English language (verbal and written)

Working knowledge of Microsoft Word, Excel and Outlook programmes
Good organizational skills and ability to multi-task

Ability to work without direct supervision and under pressure

Confidential and flexible

The successful candidate will be responsible for providing high quality
secretarial and professional client services, including handling the telephones
and office correspondence; arranging and coordinating travel, meetings and
appointments; preparing itineraries and agendas; following up on outstanding
matters; handling and processing invoices for payment; faxing; organizing,
updating records and maintaining the filing system.

The Personnel Department :
The Grand Bahama Port Authority, Limited
P.O. Box F-42666
Freeport, Grand Bahama
or
Email: personnel@gbpa.com
On or before July 6, 2007



ife

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We're drivers too:

PAGE 10B, TUESDAY, JUNE 19, 2007 TRIBUNE



oO ee
Bank moves
toimprove —

small business
accounting

THE Bahamas Develop-
ment Bank (BDB) has spon-
sored the first of its planned
accounting and record keep-
ing seminars at the College of
the Bahamas (COB), aiming
to equip Bahamian entrepre-

' neurs with skills in an area

most small businesses are weak
in.

Fritz Stubbs, the BDB’s act-
ing chairman, said in a state-
ment: “We at the Bahamas
Development Bank are con-
vinced that in order for our
customers to move further, it
can only be done through an
educational process. The days
when you could start a busi-
ness not knowing where you
are at or where you are going
no longer exist.”

In a message aimed at small
businesses, he added: “We
want you to succeed, and when
you succeed, we succeed. We
are mandated to ensure not
only that the bank makes a
profit, but once you are trained
in the business, once the busi-
ness is profitable and can go
on, your children can continue
the business.”

Simon Bain, proprietor of
Fly Fishing Adventure, a bone
fishing company, said: “The
Bahamas Development Bank
has been working with us for
over 10 years. From these sem-
inars I hope to enhance my
business management skills,
which will help to make my
business more profitable and
also to have more fun as an
entrepreneur.

“For those who are afraid of

failure, these are the kinds of

seminars you need to attend.”

winners will
Soil and

Comparing commercial
banks to the BDB, Mr Stubbs
explained: “One of the main
goals of the bank is not only
to grant loans, like the com-. °
mercial bank, but to educate’
the business owners, get them
trained to do proper record
keeping, knowing their product
and how to build a successful
business.

“The BDB works with you
along the way so that we can
tell well in advance before you
collapse what problem is devel-
oping, and what is the solution,
because it is the duty of the
BDB to help the Bahamian
entrepreneur.”

Record |

Cheryl Alexandre, of Sweet
Indulgences Eatery and Cater-
ing, said: “Accounting and
record keeping is the pulse of a
business. Sometimes this is a
challenge for many small busi-
ness owners, so I look forward
to gaining a wealth of knowl-
edge, and I commend the bank ;
for this initiative.”

Looking back at theit
records, most default loans are
due to the lack of record keep-
ing, according to Mr Stubbs.

At the conclusion of each
tutorial with professional
accountants, participants are
given the opportunity to ask
questions. This seminar is open
to BDB clients, potential
entrepreneurs and all interest-
ed Bahamians. The seminars
will be held once every six
weeks in Nassau, and once
every three to four months
throughout the Family Islands.





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SMHiami Herald

BAHAMAS EDITION

| HIGH
LOW

—

Volume: 103 No.172






771F |

| ene GLOUDS AND
SUNSHINE |

i'm lovin’ it. |

SSF |







|

Che

TUESDAY, JUNE 19, 2007

CLUE NUMBER SEVEN IS ON PAGE 20E





STRONG TURNOUT FOR JACKIE CONYERS

PRICE — 75¢

Drop in tourism numbers

Five per cent fall in
stop-over arrivals

@ By KARIN HERIG

Tribune Staff Reporter

THE Bahamas has experi-
enced a significant five-per cent
drop in stop-over arrivals for
the first quarter of 2007 and
could face a critical decrease in
cruise passengers this summer.

According to the latest sta-

tistics of the Caribbean Tourism °

Organisation (CTO), the
Bahamas' visitor arrivals
dropped from 409,077 in 2006 to
389,597 in 2007 during the time
period of January to March.

This represents a decrease of
almost 20,000 visitors for the
first three months of this year.

Although cruise arrivals
increased slightly - a 1.7 per
cent increase from 839,777 in
2006 to 854,457 to 2007 for the
first quarter — tourism officials
fear that there could soon be a
"critical" drop in those num-
bers as well.

The Tribune reported yester-
day that Royal Caribbean
Cruise Lines and its affiliates
have pulled four ships out of
the Bahamas this summer.

Tourism Director General
Vernice Walkine told The Tri-
bune yesterday that her min-
istry is scheduled to hold talks
with the principles from the
Royal Caribbean Cruise Lines
to negotiate a new arrangement
which would be beneficial to
the Bahamas.

However, with the possibility
of a continuing decrease in
cruise arrivals looming, Mrs
Walkine said it is now more
important than ever that the
tourism: industry concentrates
on visitor expenditure rather
than on numbers.






“If in fact we face a situation
where those ships are not imme-
diately replaced we need to
replace that income for our peo-
ple,” she said.

The director general
explained yesterday that the
entire Caribbean region is suf-
fering as cruise lines are increas-
ingly repositioning their ships
to travel European routes.

“Everyone now has to push
to the front of the line to try to
get their share of what remains
of the Caribbean business,” she
said.

At this point in time, Mrs
Walkine said, she still expects
Royal Caribbean Cruise Lines
to replace the four ships they
pulled from the Bahamas.

“It is my expectation that
there will be (a replacement).
They have to satisfy me as to
why they wouldn’t be doing that
because there is no question
that the Bahamas is important
to the cruise lines due to our
geographical location. We
understand that, they under-
stand that. We just need them
to communicate to us what they
plan to do,” she said.

Mrs Walkine emphasised that
her ministry is “on top” of the
issue and has made it a priority
on their agenda to “at the very
least” retain the status quo of
the Bahamas’ cruise industry.

The tourism director gener-
al, however, emphasised that
because there is a possibility
that cruise arrivals could drop
off, it is necessary to facilitate
air arrivals as much as possible
and that this means fighting for
an extension of the relaxation of

SEE page eight

| The Taste on Tuesdays !!

| Buy any large pizza with 2 or more
toppings & Get a medium
]-fopping pizza absolutely

















VAUD ONLY.ON TUESDAYS!



l@ HUNDREDS of construction workers with various skills flocked to a job fair held by the Baha Mar group yesterday. The event,

at the Kendall Isaacs gymnasium, gave local and international contractors the opportunity to select workers before construction
begins on the Cable Beach project.

Petitions filed
to contest at
least three

constituencies.

: al Criminal Police Organisation
: (Interpol) that his name is being
: used in an internet investment

UP TO press time yesterday :
petitions had been filed for at :
least three of five seats that the :
PLP intends to contest in elec- :
tion court, The Tribune con- :
firmed with a member of the :

@ By NATARIO McKENZIE

party’s legal team.

Lawyer Wayne Munroe, a :
member of the PLP’s legal :
team, told the Tribune that peti- :
tions have been filed over the :
Blue Hills, Marco City and :
Pinewood seats, setting those :

three matters in motion.

However, The Tribune was :
unable to confirm with Mr :
Munroe the status of the other :
two applications for leave to :
petition. They were the Golden :
Isles and Sea Breeze seats, :
which the FNM won by 62 and }
64 votes respectively. Earlier in :

SEE page eight

“ Based on a $200,000, 30 year'term Pen eree AINE Mutilati eM UCLA}

A FORMER Cabinet Minis-
ter has alerted the Internation-

scam.
Bahamians are being cau-
tioned not to be taken in by a
fraudulent e-mail which seem-
ingly bears the signature of for-

(Photo: Tim Clarke/Tribune staff)

_ Former Cabinet Minister's
‘name used in Internet scam

| Ml By KARIN HERIG
: Tribune Staff Reporter

mer Minister of State for
Finance James Smith. -

The e-mail, which has been :
circulating through the internet
for the past week, includes a }
letter by an author claiming to :

be the former minister.

In it, the author requests the
assistance of the e-mail recipient : ister Brent Symonette met with
in securing $38.5 million in a :

safe bank account for future : State Condolezza Rice in

: Washington, DC, yesterday.

SEE page eight

decision on vacating post

@ By PAUL TURNQUEST —
Tribune Staff Reporter





CYNTHIA Pratt, the MP for St Cecilia and deputy leader of the
PLP, denied reports that she is vacating her post as deputy leader :

of the PLP because of health or family problems.

SEE page eight

as

Paar ep rarrerb machine min. Gamedhelupderal eco

ct pate.

ay Bahamas Growth & Income Fund and

NINE TIENT ne rea

St Nt wget

assuming the'Fund will have an average annual return of at least 8% during the life of the mortgage. Conditions apply.

Condoleezza

Rice meets with

Brent Symonette

@ By PAUL TURNQUEST
Tribune Staff Reporter

MINISTER of Foreign
Affairs and deputy Prime Min-

the United States’ Secretary of

Mr Symonette, who trav-

elled with other CARICOM

Cynthia Pratt denies making
: Caribbean: A 20/20 Vision tak-
: ing place in Washington this
: week, said that his meeting
: with Dr Rice was “very, very
: good.”

: Among the topics discussed,

Foreign Ministers and diplo-
mats to the Conference on the

Mr Symonette said, were alter-
nate energy forms, the deep-

: ening of democracy, and the
In an interview with The Tribune yesterday, Mrs Pratt said that :
the decision — if to vacate the post — will only be made after first
deep consultation with God, her leader, and then her constituents. :
“I have made absolutely no decision. And any decision I make I }

question of climate control.
“It was very productive, and

I think we have agreed to pro-

vide a format to go further so

SEE page eight

As you pay down your
mortgage your investment

account grows.

Call or visit Fidelity today.

a) FIDELITY

www.fidelitybahamas.com
emacs 1a sie Sea

Gt) een ee eae


PAGE 2, TUESDAY, JUNE 19, 2007

THE TRIBUNE



Time to leave 2007 election
and debate burning issues

WO friends - one Bahami-

an, one foreign — worked
together for a while in a downtown
office. At the end of every work day
the Bahamian noticed that his friend
cleared his desk and put everything
into his briefcase. Nothing was left on
the desk and nothing in the draw-
ers.

The curious Bahamian questioned
his friend, a peripatetic Jew, about
this daily ritual, and he replied some-
thing like this:

“Perhaps it’s my genes or my cul-
tural orientation, or maybe it’s just
me. I don’t know. I do know that
when I leave this place I may not be
welcomed back the next day, and
that will not be a problem for me.
There’s nothing I have to come back
for. I can easily walk away and nev-
er look back.”

Indeed, he was able to do just that.
Despite his passionate involvement
in certain aspects of Bahamian life,
he would frequently over the years
unceremoniously absent himself and
with equal lack of notice, simply re
appear months later. —

Although he was very much in the
world, he had somehow created
around him a sort of monkish
detachment from it all. Perhaps he
was a kind of soul brother of the
great Thomas Merton who wrote so
brilliantly to and about the world
from the confines of a contempla-
tive monastic order.

The Bahamian thought that his
Jewish friend was rather extreme but
he fully appreciated the message. He
had himself already experienced a
rather sudden and traumatic expulsion
from an office he had become rather
fond of and had to take to heart Rud-
yard Kipling’s advice about those twin
imposters Triumph and Disaster.

They are to be found everywhere in
human affairs, of course, but they are
particularly and perpetually busy in the
political arena where they seem to work
their frequent mischief with fiendish
delight.







er entering the arena sho

y expect to experience both of Then .

and should be prepared for these
encounters.

Triumph comes with a strong dose
of euphoria that can send weak heads



The present lot, after only five years ef





spinning out of control, seduced by

power and inflated with ego; and it can .

become dangerously addictive.

Disaster, with its bitter brew of dis- ©

appointment, frustration and depres-
sion, is not easily accommodated. How-
ever, it seems that those who manage to
keep their feet on the ground while in
the seductive embrace of triumph, and
who sip only lightly from the cup of
euphoria, are better able to maintain
their balance when this other imposter
strikes.

. That.is,.the.time.. when character is

ie put to the test, when previous protes-
tations of nobler ( ssof spirit ring either:

true or false.

It is reasonable to expect that the
older ones in the arena would be less
susceptible to the ravages of disaster,
more level-headed, more firmly ground-
ed and more able to handle the bitter

power, seem frustrated beyond
redemption. They seem to think that
their successors in office are not just

“interim” but have no right to govern at

all! So they are lashing out in a most
unseemly manner and making a
spectacle of themselves. _





brew.

But that has not been so in the case
of the PLP. Six weeks after their
defeat at the polls, most of the lead-
ers of that party are still behaving
badly and displaying the classic symp-
toms of denial and anger, much to

shame of many of their supporters.

Pe leaders have always had
an attitude of entitlement and
had great difficulty accepting their
first defeat since 1967 when the peo-
ple got tired of their antics and turned
them out of office in 1992.

Their leader at the time said the
FNM government that replaced them
was only “interim”. He was wrong, of
course, but in his case the frustration
was understandable.

After all, he enjoyed a privileged
place in the history of the country
and following 25 years of triumph,
he had become rather accustomed
to power. After a second defeat he
apparently managed to reconcile him-
self to his new status and made a grace-
ful exit from the political arena.

The present lot, after only five years
of power, seem frustrated beyond
redemption. They seem to think that
their successors in office are not just
“Gnterim” but have no right to govern at
all! So they are lashing out in a most
unseemly manner and making a spec-
tacle of themselves.

What they do not seem to realise is.

that they are hurtinp‘no-one but them-
selves, their party and their supporters
- and their future. What they are doing
today will almost certainly come back to
haunt them later on.

S:= of the vitriol and abuse
appearing on websites con-
trolled by them has been downright dis-
graceful and the public behaviour of
some of them has been pathetic.

Particularly disturbing are the angry
and threatening remarks directed at the
press by one who had hitherto been
highly regarded by everybody, including
people on both sides of the political
divide.

All of this will be recalled in vivid
detail at some future date, but they
seem quite incapable of thinking about
that now.

One in particular has been reminded
repeatedly by this newspaper, much to
his chagrin, of words he uttered and
positions he took years ago, now that he
is attempting to sing a different tune

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the distress of the nation and the

Monday - Saturday - 8:30am - 5:30pm

BILLY’S DREAM





The PLP members of parliament
should get over their frustration and
settle down to the job the people
elected them to do -- participate con-
structively in the national debate.



and do an unfamiliar dance. He should
know that old journalists are like old
elephants: they never forget.

Some of the others have, in recent
years, refused to reflect on the story
told in this column previously about
Sammy Haven. They should think
about it now.

B ack in the 1950s, when
younger members of The Tri-
bune staff made Mr Haven the butt of
their cruel tricks, he would simply say:
“I hope you recognise that when you
see it again.”

He was telling the youngsters that
while they giggled with delight at the
discomfiture they inflicted on him, they
should remember that a day of reck-
oning would come and he would turn
the tables on them. Mr Haven was an
accomplished trickster and more than
once he turned those giggles into
squeals of anguish.

Governor General Arthur Hanna,
during one of the swearing-in cere-
monies for the new government,
reminded his listeners of the impor-
tance of the Opposition in our system of
government. But he also reminded
them that the government of the day
must be able to get on with its legislative
agenda.

That is advice the PLP should now
take to heart and stop behaving like
spoiled brats who want to break up the
game and throw away the marbles
because they lost. They should Kick their
wounds in private and act as a respon-

‘sible Opposition in' public.

his country is facing some huge

home-grown problems, togeth-
er with a multitude of challenges pre-
sented by a rapidly-changing world.
Criminality, rents in the Bahamian
social fabric and cultural degradation
all need to be urgently addressed.

External challenges are likely to
intensify against our national sover-
eignty, our right to determine our own
model of development and our ability
to chart our own course in the world. It
is now time for serious debate on all
these burning issues — in parliament
and across the nation.

The PLP members of parliament
should get over their frustration and
settle down to the job the people elect-
ed them to do -- participate construc-
tively in the national debate.

sirarthurfoulkes@hotmail.com
bahamapundit.typepad.com



ae
aa

Te aa als
eRe aby,

| susie son



WOMAN SECTION
WOMAN .ccecseeees
Comics
Weather









Couple are
found with
pistol at
airport

FREEPORT — A married
couple with children were
taken into custody on Friday
evening after a security offi-
cer at the airport discovered
an illegal firearm in their pos-
session during screening.

Supt BasilRahming report-
ed that, around 6.20pm, a
husband and wife, along with
their two small children, were
being screened when a secu-
rity officer alerted police to a
suspicious object that
appeared on the X-ray mon-
itor.

The family was being

screened for a Bahamasair
flight to Nassau. While con-
ducting a search of their car-
ry-on baggage, officers dis-
covered a .25 semi-automatic
pistol with three .25 bullets
inside a Playstation compart-
ment.
’ The man, 30, and his 29-
year-old wife were arrested.
Both are assisting police
inquiries.

EU ready to
resume
dialogue
with Cuba

@ LUXEMBOURG

THE European Union
reached out Monday to the
new Cuban government,
inviting a delegation to Brus-
sels for what it called “open
political dialogue” - on the

* condition that they discuss

human rights, according to
Associated Press.

The EU said the temporary
transfer of power from Fidel
Castro to his brother Raul -
the first change of power in
48 years — constituted a “new
situation” and said it was
ready to resume discussion
with Cuban authorities on
political, human rights one
economic issues.

It decided not to reactivate
its sanctions against Cuba,
which were put on hold in
2005. But it reiterated its cail
on authorities to release polit-
ical prisoners and grant free-
dom of expression and infor-
mation to Cuban citizens. It
also said it would continue its
support for dissidents and the
civil society.

The EU imposed diplo-
matic sanctions on Cuba in
2003, after authorities there
detained 75 dissidents
accused of working with the
United States to undermine
Fidel Castro’s government.
Cuban authorities then
released 16 for medical rea-
sons, and in January, 2005 the
EU suspended the measures,
restoring diplomatic relations
and scrapping its ban on talks
with Cuban officials.

The invitation — which the
EU said was broadly based
and not addressed to any par-
ticular individuals — is part of
the EU’s drive to improve
relations with Cuba, strained
for years over human rights
issues.

Spain is leading efforts to
improve relations with
Havana, while countries such
as Britain, the Czech Repub-
lic, Poland and Sweden have
been more guarded, insisting
that the EU only fully nor-
malize its ties with Cuba after
civil and political freedoms
are granted to all citizens.

Business ee. 23.6.7, 8, 9,10

RAUEAREAPSR OMA O URS P4,5



be 2, 8 yy

CLASSIFIED SECTION 32 PAGES

MIAMI HERALD SECTIONS | .
Miami Herald .....ccccccsscseecsessectrersseesees P1-12
Miami Herald Sports .....0:.::cccessese. P13-17
SPOPts ...scseencnsesnensennsnsenscncaeaenseersersenee 18°20


THE TRIBUNE





Man in
custody in |
connection
with murder

THE man wanted for ques-
tioning in connection with the
murder of DeAngelo Arm-
brister is now in police cus-
tody, according to reports.

ASP Walter Evans told
The Tribune yesterday that
Eduardo Carey, 27, of Wind-
sor Estates, was held for
questioning around 4am yes-
terday after he was found in
an apartment complex in
Freeport.

Carey was wanted for
questioning in connection
with the murder of 21-year-
old DeAngelo Armbrister, of
South Beach Estates, the
country’s 37th homicide vic-
tim.

Armbrister was shot in
broad daylight last week by a
man carrying a shotgun. He
was while fixing his car off
East Street when the shoot-
ing occurred.

Two men
are shot at
Arawak Cay
during row

TWO men were shot dur-
ing a row in the Arawak Cay
area on Sunday night, accord-
ing to police.

ASP Walter Evans said
one man, aged 33, received
gunshot wounds in the left
leg, while a man aged 28 was
hit in the neck and back.

Both men were taken to
hospital where they are being
treated for their injuries.

- A 22-year-old man is assist-
ing police with their investi-
- gation.

Castro
warns: US
‘will never
have Cuba’

@ HAVANA

RECUPERATING Fidel
Castro vowed the United
States “will never have
Cuba,” saying in an essay
published Monday that near-
ly a year after emergency
surgery left him “between life
and death” the island’s com-
munist system is strong and
will stay that way, according
to Associated Press.

The essay titled “You will
never have Cuba” filled the
front page of the Communist
Party daily Granma and oth-
er official newspapers. Cas-
tro accused President Bush
of plotting to send troops to
Cuba since 2002 and to
“install a direct imperial
administration.”

“Cuba will continue devel-
oping and perfecting the
combative capacity of its peo-
ple, including our modest but
active and efficient arms
industry, against any invad-
er that it comes across, no
matter what weapons they
have,” Castro wrote in the
article, which was signed Sun-
day afternoon.

Cuba has repeatedly said
its citizens are armed and
prepared to beat back any
U.S.’ attempt to take advan-
tage of Castro’s health prob-
lems and invade.

Castro has not been seen
in public since last July,
when he announced that ill-
ness forced him to tem-
porarily cede power to a
government headed by his
brother Raul, the defense
minister.

The 80-year-old’s exact
condition and ailment are
state secrets, but life on the
island has remained little
changed since he fell ill. In
recent weeks, Castro has
signed a series editorials,
most of them on internation-
al topics such as a U.S.-
backed plan to use food crops
for biofuels.

But Monday’s was one of
just two that have focused on
Cuba, noting that nearly a
year had passed since July 31,
2006, when he was “between
life and death.”

Paraphrasing the statement
in which he turned over pow-
er, Castro said, “I don’t have
any doubt that our people
and our revolution will fight
until the last drop of blood.”

Castro blamed Washing-
ton’s 45-year-old trade
embargo and travel ban
against Cuba for widespread
hunger and malnutrition over
the years.

@ By ALISON LOWE
Tribune Staff Reporter

DECENTRALISATION of
decision-making in the educa-
tion system is set to occur as the
government has announced its
intention to allow school prin-
cipals and district superinten-
dents greater power.

“The reality is that the ten-
dency has been for far too long
to micro-manage from the high-
est level,” said acting director
of education, Lionel Sands yes-
terday.

This created a “feeling of mis-
trust” and hopelessness “among
very competent educators” and
has caused the education sys-
tem to suffer, said Mr Sands,
who himself has a significant 35
year background in education.

The announcement was wel-

_comed by principals, superin-

TUESDAY, JUNE 19, 2007, PAGE 3

ees eee a a
Government to divest more

_ power to school princ

Teachers’ union welcomes new move



tendents and Bahamas Union
of Teachers officials.

According to Mr Sands, the
ministry's intention is to allow
district superintendents greater
autonomy in determining what
must be done in the best inter-
ests of schools in their district —
a move that would be in keep-
ing with changes in the admin-
istration of education world-
wide, he noted.

With this responsibility will
come greater need for
“accountability”, he said, and
an "appropriate monitoring sys-
tem" will be put in place.

He also told superintendents
that the job will require inno-

vation and creativity. “The
order of the day cannot contin-
ue to be the order of the day.”

Meanwhile, schoo! boards
will be given increased respon-
sibility for addressing individ-
ual school's fiscal plans, includ-
ing matters such as repairs, tak-
ing that weight off the shoul-
ders of the principal, who will
have more time to focus on
"instructional" issues, relating
to teaching.

This announcement was
greeted by the most enthusiastic
round of applause of the day
from educators, who had gath-
ered with ministry staff and oth-
er stakeholder at a meeting held

$10m of school repairs
to begin next week,
announces government

@ By ALISON LOWE
Tribune Staff Reporter

THE government will begin
undertaking an estimated $10
million worth of summer school
repairs next week.

Stakeholders from the Min-
istries of Works and Education,
including ministers, permanent
secretaries and senior Officials,
along with principals, PTA and
school board members, met yes-
terday en masse to talk over the
plans and disseminate lists of

' planned repairs.

Ministry officials said that in
order to avoid the late finish-
ing of repairs, as occurred in
many instances last year - leav-
ing some schools looking like
construction sites at the start of
term - contractors will be told
not to take on further work
once on site, as has occurred in
the past.

Furthermore, lists of con-
firmed works will be provided
to various stakeholders to
ensure that all are aware of pre-
cisely what has been planned,
and contractors will be

- mobilised earlier than last year.

Minister of Works Earl
Deveaux said he hopes the pro-
gramme of repairs will be

"seamless and a non-event".

Officials across the board said
that a collaborative effort,
involving government and
school staff, is required in order
to ensure that the repairs are
completed successfully and on
time.

Lists

Minister of Education Carl
Bethel said that when he came
to office in May, he was sur-
prised to find that a complete
list of works required had not
yet been collated, despite the
fact that district superintendents
were expected to have provided
information on the repairs
required in their area by Janu-
ary. Bh
The process of determining
what repairs are required is now
"not entirely... but substantial-
ly complete," he said, adding
that the works to be done have
been prioritised based on need
and budgetary restrictions.

In total, the scope of works
for 99 schools — out of a possible
158 across the Bahamas — have
now been planned, at an esti-
mated cost of $8.6 million, to
include both major renovations

and minor aesthetic work. An
estimated further $400,000 is
expected to be spent when the
full range of works is scheduled,
pending reports back from min-
istry officials visiting schools in
the southern Bahamas this
week.

Several ministry officials pre-
sent noted the importance of a
well-maintained school envi-
ronment to creating conditions
which are conducive to learn-
ing.

Mr Bethel said that in the
long term there will be moves
by the ministry to instil a
"greater sense of ownership" in
students over their schools,
thereby lessening the likelyhood
of vandalism and breakages.

In this way, it is also hoped
the average $10 million price
tag for repairs can be reduced.

Meanwhile, he noted that
many school buildings have
"exceeded their life expectan-
cy", and in addition to repairs,
the government plans to "com-
pletely rebuild" eleven schools
across the Bahamas over a peri-
od of ten years.

This will form a part of a
"rational and focused ten-year
plan for education" to be imple-
mented by the government.

Educators complain
social promotion still
a serious problem

lm By MARK HUMES

SOCIAL promotion contin-
ues to be a problem that
plagues the educational system
according to estimates from one
New Providence junior school.

The issue of social promotion
once again moved to forefront
of the education debate when
a caller to Love 97’s Issues Of
The Day complained that a
large number of students were
allowed to graduate from LW
Young Junior School without
meeting the minimum gradua-
tion standards of 2.0.

The caller said of about 400 -

students attending the ceremo-
ny, 272 were leaving school with
less than the minimum require-
ments to earn a diploma.

However, LW Young’s prin-
cipal Telford Mullings said that
while he too is concerned about
the issue of social promotion,
there may be little that prinic-
pals can do.

“The thing about graduation
from the junior schools is that it
is not mandatory,” said Mr
Mullings. “If it were a senior
school it would be different, but
it is not compulsory.”

He said that the schools and
the Ministry of Education are
doing the best that they can to
make sure that students are pre-
pared to leave, and he called on
parents to assume some of the
responsibility for their children’s

educational success.

“Most of our problems stem
from parenting and the foun-
dation of students who are
entering the junior schools,”
said Mr Mulllings.

Mr Mullings’ comments were
supported by other educators,
with one saying that some
schools are implementing their
own initiatives to cut down on
social promotion, as the min-
istry has no blanket policy.

“But,” the official went on to
say, “parents run to the min-
istry saying that there is no
information that says that their
child cannot participate in the
passing out ceremonies. So,
whatever the ministry decides,
we must abide by it.”

Another educator, adding to
the debate, said that at his
school: “We have report cards
that have not been collected for
2 to 3 years, and yet some of
those same students are still
attending school.”

Last year, the issue of social
promotion took centre stage in
the education arguement when
a Tribune article reported that
78 per cent of A F Adderley
Junior High School’s 382 grad-
uating seniors had less than the
minimum 2.0 grade point aver-
age required to move on to the
next level.

At the time, many of the pub-
lic were concerned about the
far reaching implications that

social promotion would have
on the Bahamian society at
large.

However, The Tribune has
been able to obtain a draft copy
of proposed graduation require-
ments that the Ministry of Edu-
cation is seeking to implement
in its attempt to stem the flow of
students leaving its senior insti-
tutions ill-prepared.

The ministry is seeking to
have students pass the Bahamas
Junior Certificate Examination
in at least four subjects, inclu-
sive of Maths, English Lan-
guage, Science, and Social Stud-
ies.

“What is being lost in this
whole thing,” said Mr Mullings,
“is the achievements of those
students who are doing well.”

He said that this year’s fig-
ures at LW Young are a slight
improvement over last year’s,
with 27 more students achieving
2.0 or better. Additionally, Mr
Mullings said that his school had
the top BJC results among oth-
er public junior schools, and the
best BJC results for the school
since 1998.

The principal also noted that
his students improved in all sub-
jects, and of the various statis-
tics that he provided, he indi-
cated that he had nine students
with As in Language Arts.

Last year, Mr Mullings said
that none of his students got As
in Language Arts.

to discuss the Summer school
repairs programme.

Mrs Cleomi Burrows, princi-
pal of CW Sawyer Primary, said
she was extremely pleased to
hear that she would no longer
have to commit time to "chasing
up on" matters not related to
teaching.

With so many repairs needed
in her school alone, including a
leaking roof, and electricity
shortages affecting half of the
building, such concerns have
taken up a lot of her time and
caused significant stress.

Bahamas Union of Teachers
president Ida Poitier Turnquest
said she hopes that those desig-

CARL Bethel





9





ipals

nated new tasks will truly be
given the power to carry them
out.

Mr Sands told educators he
has the political directorate's
"full support to transform edu-

- cation", and indicated that there

would be more changes to
come.

The proposed decentralisa-
tion is necessary to alleviate a
perceived "bottleneck" in the
administration of education,
which saw schools having to go
through senior ministry officials
before action could be taken on
even the most minor matters, —
he explained.

"No longer will you be
required to ask at the director
or the deputy director's level
what it is that you need to do.
But the point is you have to
function at that level and at that —
capacity," said Mr Sands.





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PAGE 4, TUESDAY, JUNE 19, 2007

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR...

The Tribune Limited

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

Shirley Street, 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

Bahamas tourism slipping badly

FORMER PRIME MINISTER Perry
Christie’s boast at the height of the election
campaign in April that “more tourists are
coming now” is even more alarming as the
grim truth about the unstable state of our
tourism industry is coming to light.

Tourism was on a worrying downward
trend — a trend that Mr Christie should have
known about when he made his statement.

The statement was made against a back-
drop of a large placard showing Mr Christie
and his deputy. Erected at various round-
abouts it proclaimed that the Bahamas wel-
comed five million tourists in 2005.

If there were five million in 2005, and
“more were coming” in 2007, then Bahamians
were given the impression that not only was
the tourism industry in a healthy state, but it
was bursting at the seams. It was important,
therefore, that BahaMar get off the ground to
provide extra accommodation for the “more”
that were flocking to our shores.

It is now understandable why the Christie
government did not want the 2006 tourism
figures released before the election. At the
airport US Customs and Border Patrol noticed
a slippage starting in mid-2006. It estimated
that five to 10 per cent fewer Americans were
returning to the US after vacationing in the
Bahamas.

According to the Central Bank for the first
10 months of 2006 visitor arrivals fell by 4.7
per cent. Instead of the 2005 figure of five
million, the year 2006, with two more months
to go, was down to 3.9 million visitors. Instead
of flocking in, they were dribbling out. And,

according to industry reports, Nassau and Par-.

adise Island room nights for the months of
January and February this year were down
by 30,000 lower than the same time last year.

Industry officials, desperate for the offi-
cial figures, which are usually released in Feb-
ruary each year, could get nothing official
from government. All Tribune reporters got
were excuses. Nothing came out until after
the May 2 election. It was only then that it
was discovered that the people had not been
told the truth.

Today’s front page story is that for the first
quarter of this year tourism figures in stop-
over arrivals have dropped by five per cent.
This represents a decrease of 20,000 over last
year, which was already shaping up to be a
bad year. These tourists are the Bahamas’ real
bread and butter. They are the visitors who fill
the hotel rooms, patronise local restaurants,
take taxis, indulge in water sports, delight in
shopping and spend significant money on the
island.

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Although cruise arrivals — those who don’t
spend much time on land and make few pur-
chases while here — increased slightly, it is
reported that tourism officials fear that there
could soon be a “critical” drop in these num-
bers as well. On Monday, The Tribune report-
ed that Caribbean Cruise Lines and its affili-
ates have pulled four cruise ships from the
Bahamas this summer.

Although reasons are not fully known, sev-
eral shipping agents believe their pull-out
might have something to do with lack of
berthing space at Prince George.

In the mid-nineties, said one agent, our
port could accommodate 12 ships. As cruise
ships became larger the dock could not take
more than six ships at a time. It meant that
agents were constantly turning ships away. It
was the old story of “no room in the inn” — or
at the dock.

And then there were ihe bollards. The bol-
lards were located at Prince George when the
dock was built in 1928. When the dock was
extended the bollards were repositioned at
130 feet apart, instead of the former 100 feet
— and they were cared for.

Every three or four months the bollards
were chipped and repainted — that is until
Jeff Symonette and Leon Flowers left the
Maritime department. They were in excellent
condition until then. Around 2002 that care
stopped and the bollards started to deteriorate.
By now not only were the cruise ship owners
complaining, but so were the cargo shippers. It
was no longer safe to tie their ships up to the

_ bollards.

‘Tt is said that had the ships’ captains report-
ed how unsafe the bollards had now become
the Cruise Ship Association would not have
allowed them to come to Nassau. Had there
been an accident, shippers would not have
been able to claim on their insurance.

Agents and shippers were so concerned
that they met with Transport Minister Glenys
Hanna-Martin and a representative of the
Ministry of Works in 2005. They laid out their
concerns, offered suggestions for economi-
cally extending the dock by 200 to 250 feet,
and reported the urgent refurbishment need-
ed for the deteriorating bollards.

The Minister promised that corrective mea-
sures would be taken quickly. “But up to
today,” we were told, “nothing has been
done.”

Now that the truth is out, we are certainly
more confident that the Ingraham govern-
ment — and not the Christie regime — is the
presiding surgeon at the table of a very weak
tourism patient.



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The way to go
for Bahamas
energy policy

EDITOR, The Tribune.

SOME nations have been
criticised because of failed ener-
gy policies. The Bahamas can-
not be similarly faulted. We
have no such policy and have
never had one. I should note,
though that the previous admin-
istration did promise one. They
just never delivered.

A number of recent “hap-
penings” have prompted me to
put finger to keyboard. The
most recent being the Bahamas
becoming a signatory to the
“Declaration of Panama” at the
recently held OAS Foreign
Ministers General Assembly.

Not long before the Panama
declaration Philip Paulwell,
Jamaica’s energy minister,
declared that by the end of 2007
all Jamaican households will be
outfitted with compact floures-
cent light (CFL) bulbs.

Preceding the news out of
Jamaica was an announcement
by the Canadian Government
that import of incandescent (fil-
ament) light bulbs into that
country will be banned by 2010.

Government owned hospitals
in Jamaica are all outfitted with
solar water heaters. More than
85 per cent of Barbados house-
holds have solar water heaters.

Both Caribbean nations men-
tioned above have energy poli-
cies as do a number of others.

A comprehensive solar water
heater and CFL strategy will
reduce the Bahamas’ annual
fuel consumption by more than
200,000 barrels (8,000,000 plus
gallons) yielding annual fuel
import savings in excess of

$6,500,000. Big bucks by any .-

yardstick.

The Bahamas has about
100,000 households. Approxi-
mately 80,000 households still
use filament bulbs extensively,
the remainder having wisely
conv@fted to compact floures-
cents. Assuming that an aver-
age household turns on four, 60
watt filament bulbs for four
hours each day lighting in the
80,000 households will consume
28,032,000 kWh of energy each
year.

A13 watt CFL produces just
as much light as a 60 watt fila-
ment bulb. Four, 13 watt CFLs
burning in 80,000 households
four hours each day will, on the
other hand, consume only
3,416,400 kWh of energy annu-
ally.

In the Bahamas, approxi-
mately 500 kWh of electricity
is produced for every barrel of
fuel consumed. Filament bulbs
result in annual consumption of
56,064 barrels of fuel. CFLs, on

s license

Mess

letters@triounemeédia.net




the other hand, will require con-
sumption of only 12,147 barrels,

yielding annual savings of
$1. 317,504 based on a conserv-
ative fuel price of $30 per bar-
rel.

Moving next to solar water
heaters. A 1,500 watt water
heater operating for just two
hours a day consumes 1095
kWh annually.

If 80,000 households convert
to solar water heating the coun-
try’s power companies will need
to produce 87,600,000 kWh less
electricity resulting in 175,000
fewer barrels of fuel being
burned yielding annual savings
of $5,256,000 on the country’s
fuel bill.

has produced an icy chill on
those subjects.

As indicated in that earlier
article, wind energy may hold
some merit for the more
southerly islands of the
Bahamas.

The wind envelope (speed
and sustainability) in the more
northerly islands is just “not
there”.

Photovoltaics (direct elec-
tricity production from the sun)
is slowly coming into its own.
However, battery storage
remains a problem.

For the time being an energy
policy strongly focused on
encouraging and facilitating
installation of solar water
heaters and the replacement of
filament bulbs with compact
flourescents appears to hold
most merit for the consumer
and the country and definitely.
seems to be the way to go.

In a previous article I threw
cold water on suggestions

regarding the viability of “ocean MICHAEL R MOSS
thermal gradients”, “tidal vari- Freeport,
ations”, etc in a Bahamas con- Bahamas,

text. Hopefully the cold water June 10, 2007.

Open letter to the
prime minister

EDITOR, The Tribune.
The following is an open letter to the
Rt Hon Hubert A Ingraham, Prime Minister of the Bahamas.

Dear Sir:

I WOULD first like to congratulate you and your party, the Free
National Movement, on your recent electoral victory in the Bahamas.
The results of this recent general election were being watched by
many people outside of the Bahamas due specifically to one issue, the
proposed Bahamian Marine Reserve Network. In the year 2000, dur-
ing the FNM’s last period in parliament; your party put forth a plarte:
establish a network of Marine Protected Areas throughout-the
Bahamas. This is an idea that, at the time, was truly visionary and‘very*
positively proactive in sustaining the beauty and natural resources of
the Bahamas.

Now, just a few years later the concept of establishing Marine
Reserves has become far more than just a way to sustain small regions
of the ocean, it has now become the most promising remedy for curing
a global problem..Recent reports have shown the ocean's fish stocks to
be in a state of dramatic collapse, with over-fishing, habitat destruction,
and climate change pushing our marine resources past their limits.
Marine Protected Areas have been proven more effective than any oth-
er legislative or fishery management efforts to date.

The Commonwealth of the Bahamas has been given the opportunity
to be seen as a world leader in dealing with a global problem that is
wreaking havoc on many coastal countries and their economies. Your
party had the solution to this problem identified seven years ago, now
we are asking you to follow up on your promise and prevent the
Bahamas from losing its most valuable resources.

Five sites were identified as top-priority for the Bahamian Marine
Reserve Network, with Bimini topping the list. The original plan
called for these five sites to be fully implemented and established by
2003. Tragically, during the PLP’s reign in office, no movement was
made towards establishing these reserves. Over the last five years, it
seemed as if the PLP’s loyalty lay closer to foreign developers than to
Bahamians themselves. This was undoubtedly a factor in the recent
FNM victory.

The people of Bimini have voiced strong support for their MP over
the years, and as recently as January of 2007 the issue has been rein-
stated as a top priority for the island. Around the world, millions of peo-
ple have learned of Bimini’s plight from National Geographic magazine,
US & Bahamian news reports, and dozens of websites. This is both a
local and international priority. All who love the amazing islands of
Bimini are desperate for action to be taken to preserve them.

By following up on a promise made seven years ago, you have the
chance to not only guarantee economic and ecological sustainability for
the future of Bimini, and indeed all the Bahamas, but to truly become
a world leader in tackling a global crisis. Please make this one of your
administration’s highest priorities for immediate action.

LOREN SPECTOR
Nassau,
May, 2007.

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THE TRIBUNE

TUESDAY, JUNE 19, 2007, PAGE 5



0 /n brief

Police find
haul of cash,
drugs and
firearms

FREEPORT - Several
people are believed to be
helping Grand Bahama
police with investigations into
the discovery of a large quan-
tity of illegal drugs, firearms
and cash found in the
Freeport area on Sunday.

Though police have not yet
confirmed any arrests, it is
believed that several persons
were taken into custody for
questioning.

Chief Supt Basil Rahming,
press liaison officer, reported
that around 9.20am, a team
of officers from the Central
Detective Unit and Mobile
Patrol Division, acting on
information received, went
to a location within the
Freeport area, where they
discovered dangerous drugs,
firearms and cash.

He said police have now
launched an intense investiga-

tion to find the person, or per- °

sons, responsible for this cache.

‘Man arrested
at airport
after cocaine
discovered

A YOUNG man was
arrested at Grand Bahama
Airport after he was alleged-
ly caught with illegal drugs
on Sunday.

Chief Supt Basil Rahming

. Said police searched a man

- who was acting suspiciously

‘inside the domestic terminal
around 6pm.

Police allegedly discovered
two kilos of cocaine in the
man’s possession. The suspect
was arrested and taken into
custody, where he is assisting
Drug Enforcement Unit offi-
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@ By NATARIO McKENZIE

A WOMAN who claims that
she was brutally assaulted by a
police officer nearly two years
ago says that she is disappoint-
ed that, after all this time, there
has still been no resolution to
the matter. 9

“They’re making me feel as
though someone is protecting
him. I keep getting the run-
around,” a distraught Odell
Newton told The Tribune yes-
terday.

Mrs Newton, who first told
her story last year, claimed that
since that time there had been

no resolution to the matter. Mrs
Newton, 35, of Rupert Dean
Lane, said she wants the offi-
cer who assaulted her in
August, 2005, to face discipli-
nary action and pay for her
medical as well attorney fees.
A doctor's report, issued by
The Public Hospital Authority,
indicated that Mrs Newton
received a soft tissue injury to
the left side of her face. The
report also indicated that she
was seen eight days later by a
physician, because she was com-

’ plaining of numbness on the left

side of her face, as a result of
the injury.

“T’m injured and still in pain.
This isn’t fair,” she said, claiming
that she still has to take med-
ication as a result of the injury.

Claim

As highlighted in an earlier
interview, Mrs Newton again
pointed out yesterday that in
August, 2005, the officer bru-
tally slapped her on the left side
of her face during a confronta-
tion outside her home.

She was subsequently
charged with obstruction, but
that charge was later dropped,

according to a court document.
Mrs Newton claimed she made
a complaint against the officer
to the police complaints and
corruption branch of the Royal
Bahamas Police Force shortly
after the incident and produced
a letter from the branch which
acknowledged that her com-
plaint was being investigated.
Mrs Newton claims, however,
that since then she has not
received a favourable response.
“I kept checking with them
over and over again. The last
thing they told me was that the
matter was referred to the legal
office for them to start the case

Woman claims police ignoring
case of alleged assault by officer

but when I went there they told
me that it went back to the com-
plaints unit. J don’t understand
that because if they already fin-
ished their investigation why do
they have to do that? It’s been
two years,” she said.

The Tribune contacted the
complaints and corruption
branch yesterday in an attempt
to obtain a response on the mat-
ter. However, there was no
response up to press time.

Mrs Newton told The Tri-
bune that she will continue to
seek a resolution and is working
with her attorney to bring the
officer to justice.



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Works minister: we'll
still build the right
Straw Market for job

THE suspension of the con-
tract with Wooslee Domin-
ion for construction of the
new Straw Market will not
prevent the construction of
an appropriate facility for 600
straw vendors, Works Minis-
ter Earl Deveaux said yester-
day.

Mr Deveaux’s office said the
contracted price of $23 million
is simply too much when bal-
anced against other priorities.

“It is prudent to review the
current project to ensure that a
cost efficient market is built
that not only enhances the
tourism product and con-
tributes to increased sales
opportunities for the Bay Street
merchants, but above all meets
the expectations and business
needs of the straw vendors. My

government is committed to
building such a market,” Mr
Deveaux said.

Consultation

While the review is being
undertaken, the government
will, in consultation with the
vendors and other stakehold-
ers, either relocate the market
to a renovated building on
Prince George Dock or main-
tain it at the current site.

Both options wiil require sub-
stantial renovations and
upgrades, even while new
designs are being prepared.

Preliminary discussions were
held with the vendors, the con-
tractor and the architect to assist

in formulating a strategy for the »

way forward.

The Ministry of Works and
Transport said it will continue
consultations with vendors and
other stakeholders and inter-
im measures to be taken pend-
ing completion of the new
market.

“All stakeholders, particu-
larly vendors, will be fully
consulted and involved in all
aspects of the new market and
in the interim market site. We
do not take these decisions
lightly and will not make
them in the absence of the
vendors’ input,” Mr Deveaux
said.

In parliament last week,
Prime Minister Hubert Ingra-
ham said his government would
have talks with the contractor
and terminate that contract.

Julius Bar

Julius Baer, a leading global wealth manager is seeking to employ an experienced
professional to join their team as:

Chief Operations Officer

The main tasks of this position are:

Project Management: leadership and coordination of special projects

Coordinator between the Head Office in Zurich and the Nassau entity particularly
as it relates to implementing any new procedures/guidelines (but also reporting).
Coordinator for the implementation of the local guidelines

IT & Logistics: management, coordination and supervision of all related projects,
including IT supplies, management of the premises, archives

Security Officer: Implementation of all Group standards related to Business
Continuity Plan and other related plans, and maintenance

Head of Finance: supervision of the Finance Dept and implementation of any
new Group guidelines
Head of Human Resources: supervision of the Human Resources Dept and

implementation of any Group procedures/new guidelines

The successful candidate will have:

Minimum 10 years experience in a Swiss Bank in a Senior position

MBA or equivalent

Strong managerial skills

Project leadership

Fluent in both English, French and German knowledge

interested persons meeting the above criteria should apply in writing, on or before

June 25th, 2007 enclosing a full résumé with cover letter to:

BY MAIL:

Personal & Confidential

Resident Manager
P.O. Box N - 4890
Nassau, Bahamas

BY HAND

Personal & Confidential

Resident Manager

Julius Baer Bank & Trust (Bahamas) Ltd.
Ocean Centre, Montagu Foreshore,

East Bay Street

Nassau, Bahamas


PAGE 6, TUESDAY, JUNE 19, 2007
New senators are sworn in during ceremony



the Senate chamber yesterday.

@ SENATOR Tanya Wright is sworn in by Christine Brown, right, assistant parliamentary clerk, in

THE TRIBUNE



chair of Free National Movement

@ By ALISON LOWE
Tribune Staff Reporter

THE FNM has a new nation-
al chairman - Senator Johnley
Ferguson.

Mr Ferguson has officially
been recognised as chairman
retroactively, effective from
June 1, after being elected by
the central council of the party.

Senator Ferguson takes over
from former chairman
Desmond Bannister, now MP
for Carmichael and Minister of
State for Legal Affairs in the
FNM government.

Ferguson - the party's candi-
date for South Eleuthera in the



















SmartChoice

recent election - has been
speaking on behalf of the FNM

since their victory on matters -

ranging from the review of con-
tracts to the election court pro-
ceedings.

Senator Ferguson first
entered frontline politics in
2001, becoming the party's can-
didate for the MICAL con-
stituency in 2002.

While he was initially deter-
mined to have won the seat by
30 votes, it was later declared

in the election court that he had,

in fact, lost by four votes to PLP
candidate V. Alfred Gray.

The former candidate is said
to be appreciative of the confi-

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dence reposed in him by the
party, and says he welcomes the
opportunity to assist in a mean-
ingful way in pushing the party's
agenda forward.

The chairman said that the
FNM's primary focus will be to
keep the party's presence in the
community "on the front burn-
er, reaching out to and touching
members and supporters, and
cultivating members of all
ages."

Meanwhile, preparation for
the 2012 election is also a pri-
ority, it was claimed.

"We have already begun that
process and will now actively
pursue the organisation and



reorganisation of constituency
associations," said Senator Fer-
guson, adding that "by the end
of 2007, all 41 associations will
be up and running."
Additionally, the FNM youth
branch - the Torchbearers'
Association - and the Woman's
Association will be strength-
ened, said Senator Ferguson.
While currently a minister in
the Church of God of Prophecy,
Senator Ferguson has previ-
ously held various posts in the
field of education, including as a
teacher at schools throughout
the Bahamas, as a principal at R
M Bailey High School, and
within’the Bahamas Union of

Teachers, where he was espe-
cially active in the Teacher's
and Salaried Workers’ Co-oper-
ative Credit Union, becoming
director of the board.

Born in Snug Corner, Ack-
lins, he holds a bachelor's
degree in general education
from the University of Miami
and a master's degree in busi-
ness administration from Nova
University, Florida.

He is married to Carnetta, his
wife of 29 years, and has four
children.

SENATOR Johnley
3 Ferguson



New book offers a
‘blueprint for livng’

@ By DENISE MAYCOCK
Tribune Freeport
Reporter

BAHAMIAN author Margo
Victor has written her first

‘book, which offers offers “a

blueprint for a renewed zest for

- living.”

Mrs Victor believes that read-
ers will see themselves “as indi-
viduals worthy to make a con-
tribution of great and eternal
value” after reading her book
titled, ‘One Day: Discover the
Significant Days of Your Life’

Margo Victor has worked in
ministry for 17 years. She is the
assistant pastor at Living Water
Assembly in Freeport. She is
married to Pastor Eddie Vic-
tor, and they have three chil-
dren, Aaron, Joel, and Abigail.

Mrs Victor said that God
gives all persons gifts to enable
their accomplishments in life.

“People all over the world
sometimes forget or do not
realise their worth in the uni-
verse,” said Mrs Victor.

“People literally get lost — lite
brings many challenges and dis-
appointments that cause (peo-
ple) to go off-track and lose
their focus and reason for being.
This is definitely good news for
everyone...this is still your
‘day’.”

Mrs Victor says that even
Jesus had only a season — one
day — on the earth. “He
emphasised.the urgency of time
to His disciples when He said:
“We must work while it is day,
because the night is coming
when no one can work.”

She says her book offers
readers a new vigour for living

Cececccccccssccvesecoeoeeeeeoooee

@ MARGO Victor

and a blueprint for accomplish-
ing their purpose, regardless of
their prior setbacks.

Her book is published by
Xulon Press, a part of Salem
Communications Corporation.
It is the world’s largest Christian
publisher, with more than 3,900
titles published to date.

Retailers may order One Day
through Ingram Book Compa-

COCO CREO EOE E AAO EEE ECOEOEEOSESOHEOOEEOH OOOH SOE OHEEEES EOE SSSEOOEOHOSEHOSEOSOOSSHESEOOOOOSOOOSOSOLOOS

INSIGHT

For the stories behind the news,
read Insight on Mondays

Cee eee ee eee E OOOOH HT OSOOOEESO EOE ESHE TOO HESESOESOSSHEEHESHOSOHETEHHHH HHH S OES ESEHSOSESLSESLEDEOEVE



ny or Spring Arbor Book Dis-
tributors, paperback, (ISBN
NO. 978-1-60266-379-4), or
from any Christian bookstore.
Mrs Victor is available for
speaking engagements and
may be contacted in the
Bahamas at numbers (242) 352-
4001, (242) 352-6931, or (954)
636-1427, or e-mail: margovic-
tor@yahoo.com.

COC Ceo o eee eeseseseseoeeseoeooese
THE TRIBUNE

TUESDAY, JUNE 19, 2007, PAGE 7



Chavez warns
against
protests at
Copa America

HB VENEZUELA
Caracas

¢ PRESIDENT Hugo
Chavez warned Sunday that
government opponents were
planning to interrupt the Copa
America in Venezuela by
staging streets protests and
possible transportation strikes,
according to Associated Press.

Chavez urged authorities —
including Venezuela’s Armed
Forces and state intelligence
services — to neutralise any
effort aimed at disrupting the
tournament, which is being
hosted in Venezuela for the
first time from June 26 to
July 15.

“This plan continues devel-
oping. We are defeating it,
_but they are not going to give
up,” said Chavez, speaking
during his weekly radio and
television programme. “No
more surprises. We won’t let
them put us on'the defensive.
We don’t lose the offensive
impulse.”

Sitting at a desk in front of
a crowd gathered at a cattle
ranch in Los Llanos
Venezuela’s heartland _
Chavez read a column pub-
lished in the pro-government
VEA newspaper, stating that
radical groups “are looking
for the transportation sector
to call a national strike ... and
have the protests coincide
with the Copa America to
create national and interna-
tional commotion.”

The Copa America this
year will include teams from
the United States and Mexico
as invited guests.

University students who
have led the recent protests —
most of them against a gov-
ernment decision that forced
an opposition TV station off
the air — deny they plan to
disrupt the Copa America.
But students have not ruled
out the possibility of peaceful
demonstrations during the
South American nations
championship.

Chavez has derided stu-
dent protesters as US
“pawns”.



from US to Family Islands

GEORGE TOWN, Exuma -
Delta Airlines made history on
Saturday by recording the first
and second direct jet service to
Family Islands from the United
States.

Minister of Tourism Neko
Grant was in Exuma to greet
Delta’s direct flight from Atlanta.
Minutes later, the airline was
landing a second flight from
Atlanta in North Eleuthera.

Mr Grant pointed out that
the weekend’s inaugural flights
were a continuation of a part-
nership the airline had formed
with the Bahamas since 1972
when Delta first came to the
Bahamas with daily 727 service
between New York and Par-
adise Island.

While Delta began its Exu-
ma service with a frequency of
four flights per week, Mr Grant
said the door is open for an
increase in frequency to the
island, which is attracting much
investor and tourist attention.



H GERALD Grinstein, president and CEO of Delta, with Min-

ister of Tourism Neko Grant

“We want to see the service
change to daily flights within a
year,” he said.

Exuma offers the Atlanta
passengers recently-upgraded



(BIS Photo: Derek Smith)

resorts and unique getaways
such as bonefishing and experi-
ences such as Stocking Island’s
Chat ‘N Chill recreation spot,
Mr Grant said.



“The Bahamas has a special
affinity for the city of Atlanta,”
he said. “Many of our children
are educated in that’city, and
we have welcomed many, many
visitors from Atlanta. With this
flight, Exuma now has access
to one of the fastest growing
cities in the United States.”

Howeve. Mr Grant pointed
out that the Atlanta service will
also open up global opportuni-
ties for Exuma and Eleuthera.
Atlanta is Delta’s major hub,
linking its more than 700 flights
per day.

Specifically, 70 per cent of
Delta’s Exuma passengers are
expected to be connecting pas-
sengers from other cities.”

Gerald Grinstein, president
and CEO of Delta, said his.
organisation was pleased to link
Atlanta with Exuma — a flight
that took one hour and fifty
minutes from take-off to land-
ing on Saturday. The inaugural
Exuma flight landed exactly on”

time at 2.30pm.

“Delta serves about 330 des-
tinations worldwide,” he said.
“Most of them come through
Atlanta. So the connection of
Atlanta and Exuma is going to
make a very rich partnership.”

Mr Grinstein said he looked
forward to seeing growth in the
partnership between Delta and
the Bahamas.

Anthony Stuart, executive
director of the Bahamas Out
Islands Promotion Board,
encouraged the growth.

“As the Out Islands Promo-
tion Board, we invite you to vis-
it Abaco and Bimini and Cat
Island and all our islands to
expand your service,” Mr Stuart
told Delta executives.

Mr Stuart said the BOIPB
will work with Delta and the
Ministry of Tourism to ensure
that all their airline seats are
filled. This, he said, will be an
incentive to expand Delta ser-
vices in the Bahamas.







The Royal Society of St
George (RSSG) committee
recently gave donations to three
separate organisations.

On behalf of its members, the
committee presented cheques
to the Heart Foundation of the



@ RSSG secretary Sally Jones; RSSG vice-president
Colin Jones; Sue Roberts representing the Cancer
Society; RSSG president Judy Grindrod, and RSSG
committee members Hilary Birch and Beryl King

eS

Bahamas, the Cancer Society
of the Bahamas, and the Salva-
tion Army.

The donation given to the
Heart Foundation’ of the
Bahamias will aid Bahamian

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Local and international contractors working - Mason
on the project will later select the workers - Roofer

that are needed before construction

begins.

The Application form will be available at
www. banarmar.com for those islands other
than New Providence and Grand Bahama.

Professionally Trained
Bahamians are also

encouraged to apply as:

- Project Manager

- Project Engineer

- General Superintendent
- Superintendent

- Sheet Metal Worker

- Plumber
- Insulator

- Electrician ~
- Plasterer / Painter
- Crane / Truck Operator

- Field Foreman

- Heavy Equipment Operator
- ron Worker

- Welder

- Landscaper

- Tiler / Carpet Layer

- Safety Officer

WWW.BAHAMAR.COM



Hi RSSG

secretary Sally Jones; RSSG vice-president
Colin Jones; Lisa Armbrister representing the
Salvation Army; RSSG president Judy Grindrod, and
RSSG committee members Hilary Birch and Beryl! King

born with heart defects — in
receiving treatment either in
the country or in the United
States.

The Cancer Society of the
Bahamas will be using the dona-
tion towards the cost of running

2007



»





their new care centre.

The care centre houses can-
cer patients from the Family
Islands who are forced to travel
to Nassau for medical treat-
ment.

The cheque presented to the

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@ RSSG vice-president Colin Jones; RSSG secretary
Sally Jones; Ernest Barnes representing the Heart
Foundation; RSSG president Judy Grindrod, and
RSSG committee members Hilary Birch and Beryl King

Salvation Army will be used for
the education of the children ~
who attend the School for the
Blind.

The donations were present-
ed by Judy Grindrod, president
of the RSSG.



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Phone: 322-1@22/Fax: 326-7452


FAGE 8, I|UESVDAY, JUNE 19, 2U0U/



Condoleezza
Rice meets
with Brent

Symonette
FROM page one

that it doesn’t just become
a meeting that nothing
comes out of it,” Mr
Symonette said.

The issue of the recently
imposed Western Hemi-
sphere Travel Initiative did
not come up in the meet-
ing, Mr Symonette said.
However, the issue of
strengthening security with
the region was an issue that
was on the agenda.

“But yes we did make
progress, and it was very
meaningful. It has effec-
tively taken us seven years
to get to this stage in plan-
ning; and the recognition
that we are an integral part
of the Americas,” he said.

Mr Symonette said that
he and his delegation will
be meeting with US Presi-
dent George Bush and the
Foreign Affairs Committee
sometime today.



6S

KLG INVESTMENTS LTD./AQUAPURE

SALES DRIVERS WANTED
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FROM page one

the day Mr Munroe said that
the legal team was waiting for
instructions on whether to pro-
ceed with the other two mat-
ters.

“There are particular rea-
sons why that is being discussed
and if it is that they are not pro-
ceeded with then we will
explain why, if it is that they are
proceeded with then we will
proceed with those as well,” he
said. ;

Yesterday the Progressive
Liberal Party’s legal team was
granted leave by a Supreme
Court judge to file a petition
over the Blue Hills seat and that
petition has been filed, accord-
ing to Mr Munroe. Last week
leave was also granted for the
filing of petitions over the
Pinewood and Marco City seats,
which the Free National Move-
ment won by 64 and 47 votes
respectively, according to results










2

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Please visit our Bernard Road office
between the hours of 9:00am and 5:00pm, Monday - Friday
to pick up an application form.











of the May 2 general election.
The FNM won the Blue Hills
seat by 47 votes.

"We have filed a petition on
Blue Hills and we have filed a
petition on Marco City. I'm not
involved with the Pinewood
matter, but I'm made to under-
stand that that may well have
been already filed as well," he
said yesterday.

Yesterday was the last day
for the filing of the applications
and petitions as the PLP had 21
days after the opening of par-
liament on May 23, excluding
Sundays and public holidays, to
file them. In order to file an
election court petition, one must
first obtain the permission of a
Supreme Court judge. Mr
Munroe noted that several oth-

er matters now have to be
addressed.

"You have three days to
enter a recognizance, that is two

eople to sign to guarantee

3,000. There is a deadline to
serve the petition and support-
ing documents which is five
days and there are 21 days after
the filing of the petition to take
out a notice of hearing of the
petition,” Mr Munroe said. Mr
Munroe, senior counsel Philip
Davis, MP for Cat Island, San
Salvador and Rum Cay, and
lawyer Damien Gomez make
up the PLP’s legal team.

Mr Munroe has suggested
that it is possible that thousands,
if not tens of thousands of non-
citizens, may have voted in the
May 2 general election.

Former Cabinet Minister

FROM page one

investment.

THE TRIBUNE -



Petitions filed to contest at
least three constituencies

Five per cent fall in
stop-over arrivals —

FROM page one

the Western Hemisphere Travel Initiative (WHTI) until June
2009.
Last week the US issued a temporary relaxation of the WHTI,
which requires all US citizens travelling to the Bahamas to be in
possession of a valid passport.

The new flexibility means that from now until September 30,.
2007, US citizens with travel plans for the Caribbean, “who have-
applied for, but not yet received passports, can re-enter the Unit-,
ed States by air by presentation of a government issued photo
identification and Department of State official proof of application
for a passport through September 30, 2007.”

Mrs Walkine said that the Bahamas appreciates the relaxation,,
but that the country’s industry earns the most of its money from air
travellers and that a 2009 deadline would greatly help the country’s
tourism sector.

Cynthia Pratt



The e-mail states: “If you are willing to participate and you are
capable of handling the amount mentioned, kindly revert back by
sending me a fax ASAP on my private number (with) your private
e-mail, fax and I will provide you more information and the pro-
cedure of making you the beneficiary of the said funds in less than
seven working days.”

Speaking with The Tribune yesterday, the former finance state

minister said similar e-mails using his name have been circulating



FROM page one

will first discuss it with my
leader, (and) with the people
of St Cecila. Certainly first of
all it will be with God. God
will be first.




to do anything he sits down
and he talks with me. And if
that decision is going to be
made, it is going to be made
through council. Through
council.

“That will not be made by
Perry Christie. Perry Christie







for the past several years.

“This has happened a half-dozen times over the past three

years,” he said.

Mr Smith said that he has now had someone contact Interpol and
a few other law enforcement agencies on his behalf to try and find

the source of the fake e-mails.

“It’s almost unnerving, you feel just totally exposed, a little vul-
nerable and absolutely powerless, I guess it’s one of the real down-
sides of the internet,” Mr Smith said of his experience with the

fraudulent e-mails.

The former PLP Cabinet minister also expressed concern that so
many people have been caught by similar internet scams:

The current Minister of State for Finance Zhivargo Laing yes-
terday said that his ministry is aware of this latest e-mail and
assured The Tribune that, as is standard practice, the matter has
been passed on to financial intelligence unit for investigation.

“Clearly people ought to be aware when they see things like this
to do whatever their own due diligence is to satisfy themselves
that they are not being targeted as victims of fraud,” Mr Laing

added.



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“I don’t do things in a vac-
uum. I have to appreciate
these people who have elected
me for three consecutive
terms. And I can’t just do
things and then go and tell
them. I have to sit and discuss
it with them first. I respect
them that much,” she said.

Until that decision is made,
Mrs Pratt pledged to continue
to serve her constituents with
“dignity and respect.”

“T have not made any deci-
sion about moving from the
position I am in. That will be
totally up to me. Now, the
leader of the party, Perry
Christie, whenever he’s going



can’t make that decision. The
council has to make that deci-
sion.

“And that is only if I don’t
want it.

“It’s not of whoever wants
to move me because they
want to move me. They are
quite satisfied with me, and so
are the Bahamian people,”
she said.

Mrs Pratt said that decision
of whether or not to stay in
her post as deputy leader of
the Opposition will be a deci-
sion that rests solely on her
shoulders, and has nothing to
do with any family or health
issues.



















Vilma Espin, wife
of Raul Castro,
dies at age of 77

B HAVANA



VILMA Espin Guillois, the wife of acting Pres-
ident Raul Castro and one of the communist
nation’s most politically powerful women, died
Monday, the Cuban government announced. She
was 77, according to Associated Press. :

As Raul Castro’s wife, Espin was Cuba’s de
facto first lady for decades because Cuban leader
Fidel Castro is divorced.

Cuban state television announced Espin died at
4:14 p.m. (2014 GMT) Monday following a long
undisclosed illness. An official mourning period
was declared from 8 p.m. Monday until 10 p.m.
Tuesday.

Born into a wealthy family in eastern Cuba,
Espin became a young urban rebel who battled
against Fulgencio Batista’s dictatorship through-
out the 1950s. After the 1959 triumph of the
Cuban revolution, she became Cuba’s, low-key
first lady as the wife of Defense Minister Raul
Castro, Fidel Castro’s designated successor.

Both as a Castro family member and a leader in
her own right, Espin assumed her first lady duties
shortly after the revolutionary triumph.

Espin maintained that role over more than 45
years, even after Fidel Castro reportedly mar-
ried Dalia Soto del Valle, with whom he is said to
have five grown sons. Extremely protective of
his private life, Fidel Castro has never discussed
that relationship publicly.

Espin’s power also was rooted in more than
four decades as president of the Federation of
Cuban Women, which she founded in 1960 and
fashioned into an important pillar of support for
the communist government. Virtually every
woman and adolescent girl on the island are list-
ed as members.

A tall woman with spectacles, her auburn hair
twisted into a bun, Espin was a highly recognized
figure across the island. She was regularly seen at
gatherings of the National Assembly and other
important government meetings.

Born in Santiago on April 7, 1930, and trained
as a chemical engineer, Espin participated in ear-
ly street protests against Batista, who seized pow-
er in a 1952 coup.

She later became deeply involved in the revo-
lutionary underground, working with regional
leader Frank Pais, who was assassinated in July



B VILMA Espin Guillois, right, looks at Raul
Castro during a meeting in Varadero, Cuba in
this April 15, 2006 file photo. Vilma Espin Guil-
lois, the wife of Cuba's acting President Raul
Castro and one of the communist nation's most
politically powerful women, died Monday, the
Cuban government announced. She was 77.

(AP Photo/Cristobal Herrera)

1957. Even before Pais died, Espin had assumed
leadership of the urban rebel movement in east-
ern Cuba.
THE TRIBUNE





seek new buyer

ONE of the Bahamas’ most
successful ‘mom and pop’ busi-
nesses is for sale, with prospects
of even brighter times ahead.

The Abaconian, the twice-
monthly free newspaper pub-
lished by long-term Marsh Har-
bour residents David and Kathy
Ralph, offers a major opportu-
nity for someone with the mon-
ey and commitment to take it
forward.

The Ralphs, who launched
the paper from their waterfront
home in the early 1990s, have
watched it grow rapidly in
recent years as Abaco’s econo-
my has boomed.

“The economy can only con-
tinue going upwards,” said Mr
Ralph yesterday, “which means
that The Abaconian offers

many growth opportunities.”

After 14 years of steady
growth, the paper now boasts
two sections totalling 54 pages,
with local advertisers eager to
buy space. It specialises in pub-
lishing grassroots stories about
everyday events in Abaco.

With free distribution of 7,500
copies, The Abaconian is essen-
tial reading for people through-
out Abaco and the cays and is
regarded locally as a very sound
business.

Mr and Mrs Ralph, Ameri-
cans who have lived on Abaco
for half a century, are now in

their seventies and want more

time to see their family in the
States. 4

So they want to sell their
beloved paper, which has

become an institution since its
launch in 1993.

“We are asking if there is any-
one within the Abaco commu-
nity with an interest in perpetu-
ating this community paper,”
they say in an advertisement in
their latest issue.

“Anyone seriously interested
must be dedicated to assist with
Abaco’s growth and develop-
ment, and have solid financial
capabilities. We are willing to
assist with the transition.”

If there are no local takers,
the Ralphs plan to put the paper
into the hands of American bro-
kers, who will then seek a buyer
on the US mainland.

e Mr and Mrs Ralph can be
contacted on 242-367-2677.

Famous potcake Amigo
turns heads in New York

THE GRAND Bahama
Humane Society’s patron
Frances Singer-Hayward and
her famous potcake dog Amigo
celebrated success on the fash-
ion runways of New York last
week.

Potcake Amigo starred as a
fashion icon in the 8th annual
“Paws for Style” fashion show —
an event benefitting the
Humane Society of New York.

The star-studded evening
brought out members of the
media, film and theatre who
came to show their support for
the popular cause.

Accompanied by his owner
and trainer Bill Grimmer, Ami-
go proudly walked the catwalk
dressed in a blue silk outfit
which matched the dress worn
by-Ms Singer-Hayward.

The outfit was specially made
by Hollywood fashion design-
er Lloyd Klein, whose celebrity
clientele includes Halle Berry,
Nicole Kidman and Eva Lon-
goria among many others.

Loud applause greeted Ami-
go and Ms Singer-Hayward as
they made their way to the run-
way.

Amigo has become quite a
star in New York as a repre-
sentative for challenged ani-
mals.

The famous potcake is a can-
cer survivor, who had to have
one of his hind legs amputated
earlier this year due to the dis-
ease.

Ms Singer-Hayward said that
she was delighted and honoured
at being asked to participate in
the “Paws for Style” show.




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Plus Group of Companies is an
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team of professionals in various areas.
We offer a competitive salary & benefits

package as well as ongoing professional
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M@ FRANCES Hayward and Amigo in Lloyd Klein at Animal

&

Ss

Fair Magazine’s 8th Annual Paws for Style event in New York
(Photo: Duffy-Marie Arnoult/WireIlmage.com)

“Amigo and J are thrilled to
take part in any effort support-
ing the welfare of animals. The
issues and the struggles are the
same — whether in New York
or the Bahamas — and we can

Sli O)ociomm eee ‘

only charge on, trying to make
people aware of the desperate
importance of caring and doing
whatever we can to support
helping to alleviate animal suf-
fering,” she said.

LOCAL NEWS | a

Abaco community
newspaper owners |



TUESDAY, JUNE 19, 2007, PAGE 9



First Caribbean gives donation
back to Bahamas community





FIRSTCARIBBE SS?
eibaoanes



@ FIRSTCARIBBEAN
International Bank
recently donated money
to the Nassau Street
police station for its
annual summer youth
programme. Receiving

| the cheque is Sargeant
1513 Thompson (right)
from Aubrey Colebrooke
of FirstCaribbean.

SORPHRATE GasKiiss i002









EB BAHAMAS Girl
Guides Association
recently received a
donation from
FirstCaribbean
International Bank
towards the renovation
of the Girl Guides
headquarters. At left is
Constance Miller, Girl
Guides commissioner,
receiving the cheque
from Audrey
Colebrooke, manager of
FirstCaribbean’s Mall at
Marathon branch.

(Photo: Terrance
Strachan)

YOUR CONNECTION TO THE WORLD

THE BAHAMAS TELECOMMUNICATIONS COMPANY LTD.

TENDER — GENERAL INSURANCE
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The Bahamas Telecommunications Company Ltd. (BTC) is pleased to invite
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Interested companies/firms may collect a Tender Specification from the
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Drive, between the hours of 9:00 a.m. and 5:00 p.m. Monday through Friday.

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

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

ee Opportunity

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° A desire to improve & open to learning new skills

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


MAGI 1U, PURUUAI, vUINE 19, cue



TUESDAY EVENING

JUNE 19, 2007



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(200)

therine Trammell







rHE TRIBUNE

let Charlie the
Bahamian Puppet and
his sidekick Derek put

some smiles on your

kids’s faces.



Bring your children to the
© McHappy Hour at McDonald's in
Palmdale every Thursday

from 3:30pm to 4:30pm during the
month of June 2007,

Enjoy Great Food, Prizes and Lots of Fun.

?m lovin’ it


| THE TRIBUNE

The Music... That’s Y!

- Boaters warned of major

THE perils of night-time
boating were highlighted last
night following a near-fatal
accident off Abaco last week.

Boaters were warned that
shallow waters and poorly
’ marked channels were a major

danger during the dark hours.

The comments came after

' 22-year-old Chad Thompson

| was flown to a Florida hospital

’ with serious injuries following

‘ an accident last Thursday
evening.

His speedboat crashed into

rocks when he misjudged a
_ channel just as darkness fell. It
is felt he was hurrying from
Marsh Harbour to reach his
destination in daylight.

“He is very lucky to be
alive,” an island source told
The Tribune. “It was pure
good fortune that someone
else was passing by in a boat
: when they saw him lying on
’ the shore.

. “His boat was apparently

‘ wrecked and the guy himself
. was badly injured, bleeding
‘ heavily with compound frac-
: tures to his leg.”



@ BOATERS attend to Chad Thompson after his accident

The source said Mr Thomp-
son could have lost his life had
he not been spotted by oth-
ers.

Though initial reports sug-
gested Mr Thompson mis-
judged the entrance to Hope

Town harbour, the source said
the crash actually occurred
between Elbow and Tilloo
Cays, off mainland Abaco.
“The channel there is only
about 200 yards wide, and it
seems he missed it and hit the

dangers during dark hours

rocks. He and pieces of the
boat, including the central
console, were left high up on
the shore.

“My understanding is that
he simply misjudged the width
of the channel and was left
lying there for quite a while.
He was taken to Marsh Har-
bour clinic before being flown
on to West Palm Beach.

“Fortunately, staff at Marsh
Harbour were able to give him
intravenous injections before
he was airlifted out. He was
bleeding badly, and the IVs
probably saved his life.”

Last night, Mr Thompson
was said to be out of danger.
Police are investigating.

The crash coincided with a
US Coast Guard seminar in
Abaco during which boating
hazards were discussed.
Police, firemen and BASRA
officials were among those
attending.

The source said: “Night-
time boating is always haz-
ardous unless you really know
what you are doing. People
must be very, very careful.”





@ THE new marines of New oie 43 and 1d Woman n Entry 15 5 displaying their drills at the epee soit ceremony at the » Coral Har-

bour Base.

RBDF welcomes
40 new marines

THIRTY new marines were officially
welcomed into the ranks of the Royal
Bahamas Defence Force during a gradu-
ation ceremony for new entrants at the
Coral Harbour base.

The passing-out parade was the culmi-
nation of a 16-week training course for
the 23 men and 7 women of New Entry
43 and Woman Entry 15 respectively.

The programme covered a curriculum
of 16 disciplines that included subjects

such as-navigation, seamanship, small. ...7

arms, first aid, fire fighting, and commu-
nications.

Academic subjects included mathe-
matics and English.

Address

Minister of National Security and
Immigration Tommy Turnquest on Fri-
day evening inspected the parade, pre-
sented the certificates and delivered the
ceremony’s keynote address.

Among the invited guests in attendance
were Clifton MP Kendal Wright and
retired Defence Force Commodore Leon
Smith.

Mr Turnquest encouraged the new
marines to continue to uphold the stan-
dards of the Defence Force and to make
positive contributions to the organisa-
tion.

At the conclusion of the ceremony, the
new marines showcased many of the drills
learnt during their training.

Receiving the best male and female

recruit honors were 22-year-old Gregory
Lockhart Jr and 20-year-old Simone
Mackey.

WOMAN Marine Simone Mackey
receiving the Best Female Recruit hon-
ors from Minister of National Security
and Immigration Tommy Turnquest.





@ MINISTER of National Security and Immigration Tommy Turnquest inspecting
the parade of New Entry 43 and Woman Entry 15 at the passing out ceremony at the

Coral Harbour Base.



TUESDAY, JUNE 19, 2007, PAGE 11


PAGE 12, TUESDAY, JUNE 19, 2007 THE TRIBUNE

THE TILE KING, FYP LTD, THE TRIBUNE,

have partnered to supply critically needed
DIALYSIS MACHINES

for the Princess Margaret Hosptial

.
7 ; : <



a

(I-r) - Barry Packington, financial controller Kelly's; Sean D. Moore, mar-

keti , The Tribune; N Kelly, executive vice president, Kelly's; — 1
David Kelly president, Kelly's, Donation $20,500. Help us raise $164,000
to purchase 8 dialysis machines for
the PMH. You can donate
$1.00 - $100,000 every cent counts.

Each dialysis unit costs $20,500 which includes complete
installation, training of staff members and 1 year of technical
support. All donations should be made payable to The
Princess Margaret Hospital Foundation with a note for The
Dialysis Machine Fund.

%
&

:






Your contribution will help hundreds of patients that currently
rely on these old machines for life.



Contact Sean D. Moore of The Tribune at 502-2394 or Thelma
Rolle of the Princess Margaret Hospital Foundation at 325-0048

to make a donation.



(I-r) Mark Roberts, Tile King & FYP Ltd.; Michelle Taylor, office manager,
Paimdale Vision Centre; Sean D. Moore, marketing manager - The Tribune.
Donation $2,000.

147,600



. a. oe ee
(I-r) Mark Roberts, Tile King & FYP Ltd.;Garry Julien, manager - Cowpen
Building Supplies; Adriel Julien, secretary - Cowpen Building Supplies;





Robert Carron : The Tribune. Donation $20,500. | $82,000 $82,000
oy $65,600 $65,600

(Sy TILE ¥ KiNG

Antoinette Rolle, Nassau, Bahamas

$49,200 $49,200



$32,800 $32,800

Tal: (242) 393-4002 Fax: (242) 393-4096 - Nesaau, Bahamas

The Tribune @ ganedale Cision Coen —
Hy Vere. My Plewgpagper | - “Retiefer youre owe wnt toon” |

Ebbie Shearer - Jackson, OD, FAAG
: Optomefrist



Donations to date.


TUESDAY, JUNE 19, 2007

2)aaana

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_ Bahamas among Caribbean
— leaders for stopover decline

* Nation suffers five per cent air arrivals decline during peak winter 2007 season, potentially causing $19.87m drop in tourist spending
* Drop ‘underscores vulnerability we have’ to United States passport initiative, more so than other states

@ By NEIL HARTNELL
Tribune Business Editor

he Bahamas suffered one

of the Caribbean’s highest

percentage declines in

stopover tourist arrivals
during the 2007 first quarter, greater
than rivals such as Jamaica, Barba-
dos and the US Virgin Islands, some-
thing officials yesterday said “under-
scores the vulnerability that we have’,
to the US Western Hemisphere Trav-
el Initiative (WHTI).

During the period from January to
March 2007, the Bahamas saw total
stopover visitor arrivals fall by 5 per
cent compared to 2006 numbers,
dropping to 389,597 from 409,077 last
year. That represents a drop of some
19,480 tourists, and given that the

Ministry of Tourism estimates that
per capita visitor spending by
stopovers totals $1,020, this could
mean that the Bahamas suffered a
$19.87 million decline in stopover
tourist expenditure during the 2007
first quarter compared to last year.

The Bahamas saw stopover arrivals
decline by 5.8 per cent in January
2007, some 8.2 per cent in February,
and 2.1 per cent in March.

The 5 per cent decline in stopover
visitors to the Bahamas was a greater
rate of decrease than that experienced
by Barbados, which suffered a 4 per
cenmt drop for the first tvo months of
2007, and Jamaica, which sustained a
2.1 per cent decline in the first quar-
_ter. The US Virgin Islands also expe-
rienced a 2.9 per cent decline in
stopover visitors during the 2007 first



B FRANK COMITO



quarter.

Other Caribbean nations, though,
were generally headed in the opposite
direction when it came to stopover
visitor arrivals. The British Virgin
Islands saw a 1.5 per cent improve-
ment; Bermuda an 8.7 per cent rise;
Aruba grew by 6.8 per cent; the
Dominican Republic by 1.4 per cent;
Guyana by 9.5 per cent; Curacao by
8.9 per cent; and the Cayman Islands
by 8.3 per cent.

In response to those figures, Frank
Comito, the Bahamas Hotel Associa-
tion’s (BHA) executive vice-presi-
dent, told The Tribune yesterday: “It
certainly underscores the vulnerabil-
ity that we have, particularly more so
than others in the region, to the US
passport matter, because of our close
proximity to the US and fact that we

probably receive a higher percentage
of US visitors than anywhere else,
other than the US Virgin Islands and
Puerto Rico.”

Mr Comito said the WHTI initia-
tive was probably the “top factor”
impacting the Bahamas stopover vis-
itor impact during the 2007 first quar-
ter, along with a loss of room inven-
tory and other issues, such as a rela-
tively soft marketing campaign com-
pared to other destinations.

Cancun, meanwhile, and Cozumel
had witnessed 56.6 per cent and 35.1
per cent increases respectively in
stopover arrivals during the first part
of 2007, but Mr Comito pointed out
this was probably due to the fact they

SEE page 7

Oceanic “75%

@ By NEIL HARTNELL
Tribune Business Editor

OCEANIC Bank & Trust,
the Bahamas-based financial
institution, was yesterday said
to be “about 75 per cent of the
way through” a major downsiz-
ing exercise that will reduce its
Nassau staff from 40 to 12, as it
exits the fund administration
and fiduciary trustee businesses.

Matt Gibbons, Oceanic Bank
& Trust’s acting chairman, told
The Tribune that the institution
was “curtailing our operations
in the Bahamas”, rather than
exiting the jurisdiction as sev-
eral financial services sources
had suggested was happening.

He described the company as
“actually curtailing our opera-

* Bahamas-based bank reducing staff from 40 to 12 in Nassau

* Exiting fiduciary trustee and fund administration business to focus on asset
management and restricted trusts

* Employees buy-out fund administration businesses, with Barbados assets still for sale

tions in the Bahamas”, and for
the last five months Oceanic
Bank & Trust had been “cut-
ting back” on its trustee busi-
ness, where it acted as a trustee
in a fiduciary capacity. It still
plans, though, to act as a trustee
“just catering to family and
friends”.

“We have a number of trust
licences here in Nassau,” Mr
Gibbons said. “We will give up
the fully unrestricted licence,

and end up being a restricted

trust company” acting as trustee
for certain named clients.

He added that Oceanic Bank
& Trust had started its down-
sizing process, and restructur-
ing into a much smaller, niche
operator, back in October 2006
- some nine to 10 months ago.

“We're downsizing quite a
bit, so we will be a much small-
er institution,” Mr Gibbons told
The Tribune. “It’s a plan to
reduce the fiduciary risk and

just cater to family and friends.”

He added that Oceanic Bank
& Trust would maintain its 50
per cent stake in the Blake
Road-based Bayside Executive
Park, and its existing office in
the complex, with the institu-
tion having no plans to exit the
Bahamas.

“We're about 75 per cent of
the way through it,” Mr Gib-
bons said of the restructuring

SEE page 7

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John S George deal
‘agreed in principle’

@ By NEIL HARTNELL
Tribune Business Editor

KEN Hutton was last night.

said to have resigned as John S
George’s chief executive, as the
private equity consortium that
owns the troubled retailer con-
firmed Tribune Business’s exclu-
sive story of over a week ago
by announcing it had signed a
Letter of Intent to sell the com-
pany to Quality Business Cen-
tre (QBC).

Benchmark (Bahamas),
which paid $300,000 for a 20 per
cent stake in John S George
Holdings, the private equity
vehicle that owns the underlying
retailer, as a BISX-listed com-
pany had to announce that the
deal in principle had been
agreed with QBC and its owner,
Andrew Wilson.

Benchmark (Bahamas)
added that the John S George
sale’s completion hinged on
approval from the private equi-
ty group’s banker, Bank of the
Bahamas International, which
has a $2.5 million loan, with an
interest rate of Bahamian
Prime + 2.75 per cent over 10
years, secured on the retailer’s
assets.

It is understood that the deal

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was structured to allow Mr
Wilson and QBC to immedi-
ately take over the manage-
ment, operations and running
of John S George, which
employs about 70 people, until
Bank of the Bahamas Interna-
tional completes its due dili-
gence and approves the trans-
action. The bank will want to
be sure that its loan is secure.

Yet the private equity own-
ers believe that the deal will
be closed within two to three
weeks, and it is understood
that the deal has been struc-
tured so that the investors,
including Benchmark, will
recover their initial equity
investment over time.

Julian Brown, Benchmark’s
president, who led efforts to
sell John S George along with
realtor David Morley, another
investor, told The Tribune last
night: “I think we have got a
deal in the best interests of the
business and the people that
work there. We have allowed
the company to have an oppor-
tunity to continue in business
with an operator with an oper-
ator who understands and

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PAGE 2B, TUESDAY, JUNE 19, 2007 THE TRIBUNE

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just call 322-1986 today!

aribbean must boost





©2007 Ernst & YOUNG LP

single-brand identity

@ By CARA BRENNEN-BETHEL
Tribunes Business Reporter
in Miami, Florida at the
Caribbean Hotel Tourism
Conference

he Caribbean must solidify its

brand identity as one tourism

destination, as this is the way

the region is perceived, the
Caribbean Hotel Association’s (CHA)
president warned hoteliers.

Peter Odle said that while individual
islands may think of themselves as mostly
independent, individual countries, the rest
of the world does not.

“A case in point is the recent alleged
terrorist plot linking Trinidad and Guyana
nationals accused of planning to blow up
JFK (Airport in New York). Already, the
international media reports are talking
about the Caribbean as a whole and not
just the two countries,” Mr Odle said in his
opening address to the conference Sun-

day evening.

However, he later said he could not say -

whether this incident had negatively
impacted travel to the Caribbean or been
a hindrance to efforts to get the Western
Travel Hemisphere Initiative’s (WHTI)
passport requirements delayed until 2009.

“The alleged matter is still under inves-
tigation and we have not been informed
about it, so I wouldn’t want to comment,”
Mr Odle added. :

“Their perception is very different,” he
said of tourists, “and is the only one that
matters. So we need to accept that we are
seen as a common region and market our-
selves as such, while depicting a mosaic
of diverse cultures and cuisines. Frag-
mentation will not cut it.”

Mr Odle said tourism will be the cen-
terpiece of any efforts to unify the
Caribbean, adding that more needed to
be done to maximise the potential of inter-
regional travel.

“Of absolute importance is the need to

make travel in this region more afford-
able. Present air fares will keep Caribbean
vacation travellers at home, and will deter
island-hopping by foreign visitors who
might have wanted to visit a neighbouring
island or two during their holiday,” he
added.

Mr Odle warned that it was vital to
address the mountain of taxes embedded
in air travel, particularly departure taxes.

He said: “Perhaps Caribbean nationals
moving within the region could be exempt-
ed from paying departure taxes or pay
lower rates. How else are we going to
make a reality of the so-called single space
and facilitate the free movement of
labour? There must be a concerted effort
to do whatever it takes to enable our peo-
ple to move easily within the Caribbean
without the existing weighty restrictions.”

Mr Odle added that there needed to be
an ongoing analysis of the tourism product
in order to better serve and service its
markets.

Bahamas in danger of ‘falling behind’

THE Caribbean Tourism
Organisation (CTO) has just
issued its report for June. The
statistics paint a disturbing pic-
ture of stopover travel to the
Caribbean, and a very trou-
bling picture of the situation
in the Bahamas.

The numbers are not for
identical periods but the mes-
sage is clear. That message is
that the Bahamas is not keep-
ing pace with the other major
resort destinations in the
region and continues to lose
market share.

Unfortunately, all countries
have not reported for the same
number of months, but never-
theless the statistics shout a
very loud and clear message
to us all.

‘ by John Issa



In the four months, January
to April, the Dominican
Republic welcomed 1,510,341
stay over visitors, an increase
of 1.4 per cent. Cancun for the
same period received 756,935,
an increase of 56.6 per cent.
Cayman received 113,822 up
8.3 per cent.

The following numbers are
for three months, January to
March: Jamaica 427,252, down
2.1 per cent; Bahamas 389,597,
down 5. per cent; Martinique

150,623, up 5.6 percent. Aruba the same mistakes twice. We

in two months grew 6.8 per
cent to 118,834.

Not only was the percent-
age decline in the Bahamas
greater than the major players
reported above, but in total
numbers we are falling behind
as a result of a slower growth
rate over an extended period
of time.

When I entered the tourism
industry in the 1960s, the
Bahamas was number one and
the Dominican Republic had
a tiny industry. Cancun didn’t
even exist as a tourist resort.
Cayman mostly offered apart-
ments. a

The only reason for study-
ing the past is to use that
knowledge to avoid making

must, however, analyse the
current situation and reverse
the very negative trends. The
industry has changed during
the last 20 years. Cruise ships
now dominate the region and
even build their own destina-
tions, often avoiding tradition-
al ports of call. Many now have
more rooms than numerous
small island destinations. Many
have larger crews than some
smaller islands have popula-
tion.

Pricing has changed and vis-
itors expect much more for
iower prices. I recommend that
the industry and the Ministry
of Tourism urgently meet to
deal with reversing these trou-

..bling trends.

The Partners and Staff of Ernst & Young
toasts and congratulates

Philip B. Stubbs

on his retirement
as Country Managing Partner.

Thank you for your dedication and support over the years

One person can make a difference!

ey.com

__ ll ERNST & YOUNG

| Quality In Everything We Do


The Miami Herald

Be
E

S

THE MARKETS
PSTOCKS, MUTUAL FUNDS, 8B
‘Dow 30 13,612.98 -26.50
$BP500 «1,531.05 -1.86
‘NASDAQ 2,626.60 -0.1
O-YRNOTE 5.14 -.02
69.09 +1.09

CRUDE OIL. -


































ssociated Press

iged lower Monday after three
watched Treasury bond yields
tions about inflation.

aking a break aiter last week’s
sharp rally, when tame inflation

dustrial average to its biggest

ovember 2004,
With little atathcant eco-
omic data due at the start of
e week, investors were left
earching for a catalyst to
stend the rally. .



on concerns that inflation is

‘The yield on the benchmark

as 5.18 percent Monday
efore closing at 5.15 percent,

TRONG CORRELATION’

on between yields and the
*k market these days, and

vestors get more comfort-
sle,” said Mike Malone, trad-
g analyst at Cowen & Co. ©

roader stock indicators
were also slightly lower. The
Standard & Poor’s 500 index fell
1.86, or 0.12 percent, to 1,531.05,
id the Nasdaq composite
dex fell 0.11, or less than
0. 01 percent, to 2,626.60.

>» ddd<

_NEW YORK — Wall Street :
ys of solid gains as investors
ctuate amid lingering ques-

The market appeared to be .

ita pushed the Dow Jones —

hree-day point sain since _

Treasury yields have moved =
higher over the past few weeks —

tubbornly high and the econ- |
is rebounding, trends that —
e it unlikely the Federal _
eserve will lower: interest _

‘Treasury note traded as.
below Friday’ s 5.16 percent.
“There’ S$ a very strong corre- _

at will likely be the case until _

the | Dow fell 26.50, or



TUESDAY, JUNE 19, 2007









BY GREG BLUESTEIN
Associated Press

ATLANTA It’s not just

'- increased demand that sends sum-

poo

mertime gasoline prices soaring. It’s
also the increased temperature.
As the temperature rises, liquid

gasoline expands and the amount of

energy in each gallon drops. Since
gas is priced at a 60-degree standard
and gas pumps don’t adjust for any
temperature changes, motorists end
up spending more money on gaso-
line during warmer weather.

Consumer watchdog groups
warn that the temperature hike
could end up costing consumers
between 3 and 9 cents a gallon at the
pump.

The effect could cost U.S. drivers
more than $1.5 billion in the sum-
mertime, including $228 million to
drivers in California alone, accord-
ing to the House Subcommittee on
Domestic Policy, which recently
addressed it in hearings. The com-
mittee’s chair, Rep. Dennis Kucin-
ich, D-Ohio, has long been an advo-
cate on the issue and has new clout
as a member of the congressional
majority.

Gas retailers oppose forcing sta-
tions to adjust their pumps as
costly, and asked Kucinich to call
off the hearings and wait for more
studies.

The issue has daiveu trial law-
yers to fire off as many as 20 federal
lawsuits accusing retailers of using

simple physics to take advantage of

consumers. Challenges have been
filed in Alabama, Arkansas, Califor-
nia, Florida, Kansas, Missouri and
New Jersey, among other states and
some are seeking class-action sta-
tus.

The latest lawsuit, filed last week
in federal district court in Georgia,
claims that distributors have been
“unjustly enriched” by tens of mil-
lions of dollars. They did so by pay-
ing taxes on the fuel based on the
colder industry standard but pock-
eting the taxes collected from cus-
tomers when the temperature soars,
it alleged.

“I don’t beheve gas retailers
should collect more in purported
taxes than eye pay the govern-

LESS SALES:
Wenady’s
reported that
sales in the
last two
months have
been hurt
because it had










il prices continued its
narch higher, with a barrel of
light sweet crude. settling up
$1.09 at $69.09...

Energy prices have rallied in
recent weeks on speculation
refiners might not have enough
supply to meet summer ©









_ The dollar was mixed against
other major currencies, while

A downbeat report on the
housing market from the
National Association of Home

_ Builders added to the sluggish
_ tone on Wall Street Monday.
Aside from recent housing
market snapshots, most eco-
_ nomic data have been coming in
strong, and last week’s inflation
_ gauges showed milder-than-an-
_ ticipated upticks in costs once

» food and energy prices were
__ stripped out.

The Russell 2000 index of
_ smaller companies fell 1.91, or
_ 0.23 percent, to 846.28.
Declining issues narrowly
_ led advancers on the New York
_ Stock Exchange, where consoli-
dated volume came to 2.45 bil-
lion shares, down from 3.39 bil-
lion on Friday, when volume
_ ‘was swelled by the quarterly
expiration of stock options.
Overseas, Japan’s Nikkei
stock average closed up
0.99 percent, while stocks in
- Hong Kong gained 2.69 percent
and the sometimes-volatile
Shanghai Composite index rose
2.9 percent.
Britain’s FTSE 100 slipped
0.43 percent, Germany’s DAX
index rose 0.07 percent, and
--France’s CAC-40 cv 0.30 per-
cent.





















to raise prices.

NICK UT/AP

FAST FOOD

PETROLEUM

LESS BANG FOR THEIR BUCK

WARMER WEATHER MEANS THE AMOUNT OF ENERGY IN EACH GALLON OF GASOLINE DECLINES
AND CONSUMERS COULD END UP PAYING MORE TO FILL THEIR TANKS



STEVEN SENNE/AP FILE

GASING UP: Watchdog groups warn that a hike in the temperature
could end up costing consumers between 3 and 9 cents a gallon
at the pump. Above, Alda Velez, of Chelsea, Mass., fills up.

ment,” said Bryan Vroon, one of the
attorneys in the Georgia suit. “Gas
prices are high enough without the
over-collection of taxes.”

The “hot fuel” effect is a matter
of simple physics.

Almost acentury ago, the indus-
try and regulators agreed to define a
gallon of gasoline as 231 cubic
inches at 60 degrees. But as the
mercury rises and gasoline expands,
it takes more than a gallon of gas to
produce the same amount of energy
as a regular gallon in colder
weather.

U.S. gas retailers ignore the tem-
perature swings and always dis-

pense fuel as if it’s 60 degrees. As a



Wendy’s open to sale

BY MARK WILLIAMS
Associated Press

COLUMBUS, Ohio — Wendy’s
International is exploring a possible
sale of the company, the nation’s
third-largest hamburger chain said
Monday, as it warned that profits for
the year would fall short of Wali
Street expectations.

“While a sale remains only one of
the alternatives under consideration,
we believe it merits more thorough

* examination,” James V. Pickett, Wen-

dy’s chairman and head of special
committee doing the study, said ina
statement.

The company, under pressure
from shareholders, formed a commit-
tee in April to determine how to
boost its stock price, including a pos-
sible sale. JP Morgan, as lead advisor,
and Lehman Brothers, as co-advisor,
will conduct a review in conjunction
with the committee.

A sale would cap a whirlwind year
for the company, which has spun off
its Tim Hortons coffee-and-doughnut
chain, dumped its money-losing Baja
Fresh Mexican Grill and laid off
employees at its corporate office.

The company said there is no

NEE

assurance that a deal will be com-
pleted. Billionaire investor Nelson
Peltz’s Trian Partners, which owns a
big chunk of Wendy’s stock, has
pushed the company to make
changes to boost its shares. Peltz cap-
tured three seats on the board in
March 2006. His company Triarc
Cos. controls fast-food chain Arby’s.

Wendy’s said it expects to make
$1.09 to $1.23 per share for the year,
primarily because of weaker-than-ex-
pected sales at stores open at least a
year, considered a key indicator of a
retailer’s strength, and higher-than-
expected commodity costs. The com-
pany withdrew its earnings forecasts
for 2008 and 2009. Analysts surveyed
by Thomson Financial expected
earnings of $1.27 per share this year
and a $1.70 in 2008.

Wendy’s said same-store stores
are up just 0.7 percent in the second
quarter through Friday compared
with 3.8 percent in the first quarter.

Kerrii Anderson, Wendy’s chief
executive and president, said sales in
the last two months have been hurt
because Wendy’s had to raise prices.

Wendy’s shares fell $1.47, or
3.7 percent, to $38.26 Monday.

result, gas is an average of about
five degrees warmer than the fed-
eral standard, according toa study
analyzed by Dick+Stitert:of=
National Institute of Standards and
Technology. But it’s worst in south-
ern and western states where the
temperatures are the most consis-
tently warm.

According to the National Oce-
anic and Atmospheric Administra-
tion the average U.S. temperature in
May was 63 degrees; average for all
of 2006 was 55 degrees.

The impact isn’t lost upon Carl
Rittenhouse, a.carpet worker from
the north Georgia town of Chat-
sworth.



3B

INTERNATIONAL EDITION

“You can tell the difference
between the time you fill up in the
morning or night, or if you fill up in
the middle of the day,” said Ritten-
house, who joined one of the law-
suits. “All you have to do is look at
the fumes.”

The debate is now reaching
Washington.

Sen. Barbara Boxer, D-Calif.,
recently urged California lawmak-
ers to take action. And Rep. Kucin-
ich earlier this month called a hear-
ing on the issue, calling it “Big Oil’s
double standard.”

“People are paying for gasoline
they’re not getting,” said Kucinich,
who is running for president.

Lawmakers don’t have to look
very far for possible solutions.

In frigid Canada, where cold
temperatures were giving consum-
ers an edge, many gas stations vol-
untarily backed a program to add
pumps that automatically adjust
volumes based on temperature.

During the energy crisis in the
1970s, tropical Hawaii decided to set
a base fuel temperature of 80
degrees, meaning that consumers
there get more bang for their buck
because retailers now dispense 234
cubic inches of gas per gallon rather
than 231: :

The federal government is con-
sidering: a similar change as well.
The National Conference on
Weights and Measures is to vote in
July on whether to allow tempera-
ture regulation by retailers.

The upcoming decision is worry-
ing some fuel distributors, who say
the new equipment could force
some independent dealers out of

“the “sbusiness=|NATSO; a’ trade*group”~

representing truck stop owners,
estimates that each retrofitted
pump could cost between $1,500 to
$3,800.

“The average truck stop has 20
pumps,” said Mindy Long, a spokes-
woman for the group. “The burden
on them would be phenomenal.”

NATSO and other gas retailers
have formed a group called PUMP
— the Partnership for Uniform
Marketing Practices — which is
calling for more studies on the issue
before taking any action.

ANTITRUST CASE

Supreme Court rules
against investors

BY PETE YOST
Associated Press

WASHINGTON — Investors who
lost money when the dot-com bubble
burst suffered a Supreme Court set-
back Monday, and the justices are
poised to issue yet another important
decision that could restrict share-
holder lawsuits.

The court sided with Wall Street
banks that were alleged to have con-
spired to drive up prices on about
900 newly issued stocks in the late
1990s.

The justices reversed a federal
appeals court decision that would
have enabled investors to pursue
their case for anticompetitive prac-
tices.

The outcome of the antitrust case
was vital to Wall Street because dam-
ages in antitrust cases are tripled, in
contrast to penalties under the secu-
rities laws.

But the Supreme Court may be
about to raise the bar as well for
cases under the securities laws.

Forthcoming this week or next is a
ruling in a stockholders’ suit against
high-tech company Tellabs, alleged
to have misled investors by engaging
in a scheme to inflate Tellabs’ stock
price. The suit says the company’s
CEO provided false assurances of
robust demand for the company’s
products in 2001.

The Bush administration is sup-
porting the company’s position that
would impose a stringent standard on
such investor lawsuits.

The Supreme Court term that
begins next fall could provide still
more problems for trial lawyers and
their clients who bring securities
traud cases, particularly those in the
Enron scandal.

At issue are efforts to recover
investment losses from Wall Street
institutions that allegedly collude

with scandal-ridden companies.

[sie



Companies like Enron have few

assets for investors to recover. So
that leaves investment banks, attor-
neys, accountants and others who did
business with Enron and companies
like it as the only places to sue.

President Bush recently conveyed
his feelings about lawsuits to the Jus-
tice Department solicitor general,
who decided not to side with inves-
tors in the Supreme Court case that
will impact Enron. The president’s
message was that it’s important to
reduce unnecessary lawsuits and that
federal securities regulators are in
the best position to sue. Private class-
action lawsuits, say plaintiffs’ attor-
neys, provide a significant supple-
ment to the limited resources avail-
able to the Justice Department to
enforce the antitrust laws.

Monday’s decision focused on
whether Wall Street’s allegedly anti-
competitive conduct regarding new
high-tech stock issues was immune
from antitrust suits. The conduct is
already the focus of extensive federal
regulation by the Securities and
Exchange Commission.

An antitrust action raises “a sub-
stantial risk of injury to the securities
market,” Justice Stephen Breyer
wrote. He said there is “a serious
conflict” between applying antitrust
law to the case and proper enforce-
ment of the securities law.

Temple University law professor
Salil K. Mehra said Breyer’s use of the
word “risk” is significant because it
sets up a low legal threshold that will
result in immunity applying in a
greater number of cases.

In dissent, Justice Clarence
Thomas said the securities laws con-
tain language that preserves the right
to bring the kind of lawsuit investors
filed against the Wall Street invest-
ment banks.


PAGE 4b, TUESDAY, JUNE 19, 2007



Insurance Company
of the Bahamas



INDEPENDENT AUDITORS’ REPORT



KPMG

POBox N123

Montague Sterling Centre
East Bay Street

Nassau, Bahamas

Fine

To the Shareholders of
Insurance Company of The Bahamas Limited



Telephone
Fax
Internet

242 393 2007
242 393 1772
www.kpmg.com.bs

We have audited the accompanying financial statements of Insurance Company of the Bahamas Limited! (“the
Company”) which comprise the balance sheet as at December 31, 2006 and the related statements of income, changes
in shareholders’ equity and cash flows for the year then ended, and a summary of significant accounting policies and
other explanatory notes. The financial statements of the Company as at and for the year ended December 31, 2005
were audited by another firm of auditors whose report dated April 18, 2006, expressed an unqualified opinion on these
statements.



Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with
International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining
internal control relevant to the preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.



Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free
from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fina
statements. The procedures selected depend on our judgment, including the assessment of the r
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we
consider internal control relevant to the Company's preparation and fair presentation of the financial statements in
order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.



We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of Insurance
Company of The Bahamas Limited as of December 31, 2006 and its financial performance and cash flows for the year
then ended in accordance with International Financial Reporting Standards.

hort,

Chartered Accountants
Nassau, Bahamas a
April 26, 2007



Insurance Company of The Bahamas Limited

Balance Sheet
Year ended December 31, 2006, with corresponding figures for 2005 jae; vSxRIagsed,in Babgrian dollars



ASSETS
2006 2005
Cash and bank balances $ 243,578 3.001,897
Term deposits (Note 5) 3,536,870 §.176,643
Reinsurance Recoveries (Notes 4, 6) 13,323,554 16,031,256
Due from agent (Note 6) 9,953,548 2,579,079
Deferred commission reserve (Note 6) 5,680,650 5,115,580
Prepaid reinsurance premiums (Notes 6, 12) 20,127,421 19,192,775
Prepayments and other receivables (Note 7) 519,899 324,439
Investments in securities
- fair value through profit and loss (Notes 6, 8) 2,286,797 2,180,297
- held-to-maturity (Note 8) 5,418,724 3,252,831
- available for sale (Note 8) 2,000,000 250,000
Investment property (Note 9) 536,917 536,917
Property, plant and equipment (Note 10) 1,394,156 1,193,534
Total assets $ 65,022,114 58,835,248

EE







LIABILITIES
General insurance funds:
Unearned premium reserve (Note 12) $ 24,885,954 23,717,646
Outstanding claims (Note 12) 16,127,701 19,858,905
41,013,655 43,575,551
Other liabilities: :
Margin Loan (Note 13) 1,000,000 =
Unearned commission reserve (Note 6) 5,063,488 4,342,933
Due to reinsurers (Note 4, 6) 4,916,930 920,967
Accounts payable and accruals 1,027,394 747,468
Total liabilities 53,021,467 49,587,919
NET ASSETS : $ 12,000,647 9,247,329

——

Represented by:
Share capital
Authorized, issued and fully paid:-



3,000,000 ordinary shares of $1.00 each $ 3,000,000 3,000,000
General reserve (Note 15) 2,000,000 2.000,000
Retained earnings 7,000,647 4,247,329

$ 12,000,647 9,247,329





See ac



wanciat §!

These financial statements were authorized for issue on behalf of the Board of Directors on

April 26, 2007 by
Director : kK
Ly

Director

Statement of Income
Year ended December 31, 2006, with corresponding figures for 2005

Expressed in Bahamian dollars

















INCOME 2006 2005
Gross written premiums (Note 6) $ 49,924,609 42,120,234
Premium tax (1,379,945) (1,443,367)
48,544,644 40,976,867
Ceded to reinsurers (Note 6) (38,762,463) (31,752,057)
Net retained premiums 9,782,201 9,224,810
Increase in unearned premium reserve (233,622) (475,372)
Portfolio transfer (Note 14) (841,833) -
Net premiums earned
8,706,706 8,749,438
EXPENSES
Net claims incurred (Note 12) 1,798,991 4,555,618
Net commissions incurred (Notes 6. 11 ) 1,499,675 1,597,099
Excess of loss reinsurance (Note 4) 3,823,172 3,278,269
7,121,838 9,430,986
Underwriting profit (loss) 1,584,869 (681,548)
OPERATING INCOME AND EXPENSES
Interest income (Notes 5, 8) 536,514 544,126
Profit and loyalty commissions (Note 4) 578,015 476,538
Dividend and other income (Note 6) 563,141 310,393
Change in net unrealized gains
on investments in securities (Note 8) 286,175 341,199
Net realized gain/(loss) on investments in securities 102,408 (15.925)
3,651,122 974,783
Personnel expenses (Notes 6, 17) (389,346) (364,644)
Depreciation (Note 10) (56,398) (14,091)
Interest expenses (14,540)
General and administrative expenses (Note 6) (437,520) (363,416)
NET INCOME $ 2,753,318 232,632





3

Statement of Changes in Shareholders’ Equity
Year ended December 31, 2006, with cornesponding figures for 2005

Expressed in Buhamian dollars









Share General Retained

Capital Reserve Earnings Total
As of January 1, 2005 $ 3,000,000 2,000,000 4,014,697 9,014,697
Net incorne = - 232,632 232,632
Balance at December 31, 2005 $ 3,000,000 2,000,000 4,247,329 9,247,329
Net income - = 2,753,318 2,753,318
Balance at December 31, 2006 $ 3,000,000 2,000,000 7,000,647 12,000,647





3

Statement of Cash Flows

Year ended December 31. 2006, with corresponding figures for 2005 Expressed in Bahamian dollars































CASH FLOWS FROM OPERATING ACTIVITIES 2006 2005
Net Income $ 2,753,31 232,632
Adjustments for:
Depreciation 56,398 14,091
Loss on disposal of property, plant and equipmen 14,271 -
Net realized (gain)/loss on investments in securities (102,408) 15,925
Change in net unrealized gains on investments in securities (286,175) (341,199)
Interest income (536,514) (544,126)
Dividend income (178,266) (101,708)
Interest expense 14,540 -
1,735,164 (724,385)
(Increase) decrease in current assets:
Reinsurance recoveries 2,707,702 2,128,015
Due from agent (7,374,469) 3,720,952
Deferred comn (565,070) (450,103)
Prepaid reinsurance premium (934,646) (2,016,347)
Prepayments and other receivables (195,460) (266,892)
Increase (decrease) in current liabilities:
Unearned premium reserve 1,168,308 2,491,719
Outstanding claims (3,731,204) (867,031)
Unearned commission reserve 720,555 434,448
Due to reinsurers 3,995,963 (3,368,915)
Accounts payable and accruals : 279,926 417,418
Net cash (used in)/ provided by operating activities (2,193,231) -« 1,498,879
CASH FLOWS FROM INVESTING ACTIVITIES: eta am wks
Net maturity of term deposits 1,545,567 3,697,016
Purchase ot investrnent property - (536,917)
Proceeds from sale of property, plant and equipment 1,677 -
Purchase of property, plant and equipment (272,968) (368,057)
Purchase of investments in securities (3,916,324) — (1,112,120)
Proceeds from sale of investments in securities 282,083 56,075
Interest received 631,151 627,443
Dividends received 178,266 101,708
Net cash (used in)/provided by investing activities (1,550,548) 2,465,148
CASH FLOWS FROM FINANCING ACTIVITIES .
Interest paid (14,540) =
Net cash used In financing activities (14,540) -
Net (decrease) /increase in cash and cash equivalents (3,758,319) 3,964,027
Cash and cash juivalents at beginning of year 3,001,897 (962,130)
Cash and cash equivalents at end of year $ (756,422) 3,001,897
Cash and cash equivalents are represented by:
Cash and bank balances 243,578 3,001,897
Bank overdraft (1,000,000) -
$ (756,422) 3,001,897





Notes to the Financial Statements
Year ended December 31, 2006, with corresponding figures for 2005

1. Incorporation and activity

Insurance Company of The Bahamas Limited (the Company) is incorporated under the
Companies Act, 1992 of The Commonwealth of The Bahamas and is licensed to operate as a
property and casualty insurance company in The Bahamas and Turks & Caicos Islands, B.W.1
under the Insurance Act, 1969, as amended, and the Insurance Regulations, 1990, respectively.
The Company also provides treaty reinsurance with respect to property and casualty business

. in the Turks & Caicos Islands and occasional.facultative reinsurance to other miscellaneous
insurers.

The registered office of the Company is situated at the offices of Messrs. McKinney, Bancroft &
Hughes, Mareva House, 4 George Street, Nassau, The Bahamas. The Company's principal place
33 Collins Avenue, Nassau, The Bahamas.



of business is located a

2. Basis of preparation

(a) Statement of compliance

‘he financial statements have been prepared in accordance with International Financial
eporting Standards (IFRS).

Zz

(b) Basis of measurement



cept for
sured at fair value.

he financial statements have been prepared on the historical cost b:
financial instruments at fair value through profit or loss which are me:



he methods used to measure fair value are discussed further in the significant
accounting policies below.

=

(c)

Functional and presentation currency

1ese financial statements are presented in Bahamian dollars, which is the Company's
functional currency.

(d) Use of estimates and judgements



‘he preparation of financial statements requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets, liabilities, income and expenses. Actual results may differ
from these estimates. Estimates and underlying assumptions are reviewed on an ongoing
ba Revisions to accounting estimates are recognized in the period in which the estimate
is revised and in any future periods affected. In particular, information about significant
areas of estimation uncertainty and critical judgements in applying accounting policies that
have the most significant effect on the amount recognized in the financial statements are
described in notes 3(a), 3(), 3(g). 9 and 12.







Summary of significant accounting policies

The principal accounting policies set out below have been applied consistently by the Company and
are consistent with those used in the previous year:

(a) Insurance contracts
() Classification, recognition and measurement

The Company issues contracts that transfer insurance risk or financial risk or both.
Insurance contracts are those contracts that transfer insurance risks. Such contracts
Iso transfer financial risk. The Company considers an insurance risk to be
0,000. The
ance contracts






mi





significant where the sum insured or limit of indemnity exceeds §
classification of contracts identifies both the insurance and reinsur
that the Company enteérs into.



Short term insurance contracts consist of Property, Casualty, Motor and Marine
insurance contracts.

Property insurance contracts, both personal and commercial, provide compensation for
loss or damage to property. Business Interruption coverage provides compensation for
loss of earnings following physical damage to the insured premises

Casualty/liability insurance contracts protect the insured against the risk of causing
financigl loss or injury to third parties following some act of negligence. Liabilities
covered include both contractual and non-contractual. Two of the most common
protections offered are “Employer's Liability”, designed to indemnify employers who
become legally liable to pay compensation to injured employees and “Public Liability”,
designed to indemnify individuals and businesses who become legally liable to pay
compensation to third parties.



AED SS MEA Se eae

(b)

(c)

(d)

(e)

(

Lo. Dividend income -

tiie § Paleo

Motor insurance contracts cover the driver’s liability to third parties in respect of
personal injury or property damage. If comprehensive cover is purchased, the policy
also covers damage to the policyholder’s vehicle. ;

Marine insurance contracts include the insurance of goods in transit over land or sea and
also the insurance of hulls. Hull insurances typicaliy cover both physical damage to the
vessel and also the boat owner’s liability to third parties in respect of personal injury or
property damage.

Premiums generated from insurance and inwards reinsurance contracts are recognized
as revenue (gross written premiums) proportionally over the period of coverage. The
portion of premium received on in-force contracts that relates to unexpired risks at
the balance sheet date is reported as unearned premium reserve, calculated using net
retained premiums. Gross written premiums are shown before deduction of premium
tax, premiums ceded to reinsurers and commissions. Premiums received prior to the
year end and processed after the year by the agents are recognised at the time of
processing.

Claims and loss adjustment expenses are charged to income as incurred based on the
known or estimated liability for compensation owed to policyholders or third parties.
They include direct or indirect claims settlement costs and arise from events that have
occurred up to the balance sheet date regardless of whether or not they have been
reported. Gross outstanding claims comprise the estimated cost of all claims incurred
but not settled as of the balance sheet date whether reported or not. The Company does
not discount its liabilities for outstanding claims. Liabilities for outstanding claims are
estimated using: (a) the judgement of the agency’s claims manager in regards to
routine claims, (b) external legal opinion in connection with more complex claims,
and (c) statistical analyses for claims incurred but not reported.

(ii) Liability adequacy test

At each balance sheet date, liability adequacy tests are performed to ensure the adequacy
of the contract liabilities. In performing these tests, current best estimates of future
contractual cash flows and claims handling and administration expenses, as well as
investment income from the assets backing such liabilities, are used. Any deficiency is -° -
immediately charged to profit or loss by establishing a provision for losses arising from. ~
liability adequacy tests. :



(iii) Reinsurance contracts held and assumed

The Company cedes (or assumes) reinsurance under a variety of formal treaty
arrangements, with retention limits varying by the line of business. Under these
treaties which are classified as reinsurance contracts held (or assumed) the Company
is compensated (or compensates) in respect of one or more losses under contracts that
mect the classification requirements for insurance contracts. Contracts that do not meet
these classification requirements are classified as financial assets.

The benefits to which the Company is entitled under its reinsurance contracts held are
recognized as reinsurance assets. These assets are classified reinsurance recoveries and
comprise:

a) recoveries due from reinsurers in respect of claims paid, and

b) the reinsured portion of the reserves for outstanding claims allocated in
accordance with the treaty arrangements for the class of business in question.

Amounts paid to the reinsurers relating to the unexpired portion of reinsured contracts
are classified as prepaid reinsurance premiums.

Reinsurance liabilities are classified as due to reinsurers and are primarily premiums
payable under treaty reinsurance contracts after deduction of reinsurance recoveries on
proportional contracts. Premiums to be ceded are recognized as an expense from the
date the gross premiums are written and over the term of the reinsurance contract in
the statement of income.

Amounts shown as reinsurance recoveries, prepaid reinsurance premiums or due to
reinsurers are measured consistently with the amounts associated with reinsured
insurance contracts and in accordance with the terms of each reinsurance contract.

The Company assesses its reinsurance assets for any indication of impairment on

an ongoing basis. If there is objective evidence that the reinsurance asset is impaired,
the Company reduces the carrying amount of the reinsurance asset to its recoverable
amount and recognizes that impairment loss in the statement of income. The Company *
gathers the objective evidence that a reinsurance asset is impaired using the same .
process adopted for financial assets held at amortized cost. The impairment loss is also ~
calculated following the same method used for these financial assets. These processes -
are described in Note 3 (g).

(iv) Portfolio transfer

At the anniversary date of the reinsurance agreements and at the Company’s option,
proportional reinsurers agree to assume the unexpired liability of all risks in force at
such anniversary date. The unexpired liability is computed in accordance with the
method outlined in the reinsurance agreement and accounted for when determined in
the statement of income.

(v) Receivables and payables related, to insurance contracts

Receivables and payables are recognized when the contractual right to receive payment _
and contractual obligation to make payment arise, respectively. These include amounts

due to and from agents and reinsurers and are assessed for impairment and doubtful
accounts. As at December 31, 2006 and 2005, no provision was made for impairment

or doubtful accounts.

Revenue and expense recognition

Premiums are recognized as revenue over the periods covered by the related policies after
allowing for premiums ceded.

Commission expense is incurred on gross written premiums and commission income is
received on premiums ceded, and these are recognized over the periods covered by the related
policies.

Other revenues and exyienses of the Company are recognizéd on anacerual basis, except for:

{est ety + ‘ Vist.
skecognized when the Company’s right to, receive payment has been. ,«
established;, Saunt devas “Haye 1 ce Paycitieyt

) Hubs



ii. Treaty profit commission income, loyalty commission income and profit commission, °,
expense — recognized when the Company’s right to receive, or obligation to make, payment

has been established. wo,
>

iii. Fronting fees — recognized when premiums are billed to customers as the Company hes no
further service obligations associated with these fees.

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies at the date of the balance
sheet are translated to the functional currency at the exchange rate prevailing at that date.
Transactions in foreign currencies are translated to the functional currency at the exchange
rates prevailing at the date of the transactions. Foreign exchange gains and losses resulting
from settlement of such transactions and from translation of monetary assets and liabilities at
year-end exchange rates are recognized in the statement of income. :

Non-monetary assets and liabilities denominated in foreign currencies that are measured at

fair value are retranslated to the functional currency at the exchange rates ruling at the dates

that the values were determined. Foreign currency exchange differences, if any, relating to
investments at fair value through profit or loss are included in net realised gain/loss or change

in net unrealised gain/loss on investments in securities in the statement of income. All other |
foreign currency exchange differences relating to monetary items, including cash and cash - - a
equivalents are recognised in the statement of income. me

Investment property

The Company classifies property held for capital appreciation as investment property. 4
Investment property, which comprises land, is carried at cost using the cost model. No
depreciation is taken on land.



The fair value of the investment property is determined on annual basis by the directors based 4
on market values, being the estimated amount for which a property could be exchanged on the
date of the valuation between a willing buyer and a willing seller in an arm’s length transaction
after proper marketing wherein the parties had each acted knowledgeably, prudently and
without compulsion. i;

Property, plant and equipment

”
Property, plant and equipment, except for land, are stated at historical cost less accumulated
depreciation and impairment losses. Land is stated at cost and not subjected to depreciation.

a
Cost includes expenditures that are directly attributable to the acquisition of the asset. The
cost of self-constructed assets includes-the cost of materials and direct labour and any other *
costs directly attributable to bringing the asset to a working condition for its intended use. Th:
cost of replacing part of an item of property, plant and equipment is recognized in the carrying
amount of the item if it is probable that the future economic benefits embodied within the par , °
will flow to the Company and its cost can be measured reliably. The costs of the day-to-day ,
servicing of property, plant and equipment are recognized in the statement of income as ~
incurred. ~





Depreciation is recognized in the statement of income on a straight line basis over the, >
estimated useful lives of each part of an item of property, plant and equipment.

an
The estimated useful lives for the current and corresponding period are as follows:
i
Buildings 2% n
Office Furniture and equipment 15%
Computer equipment 20% :
Motor vehicles 25% CY
q

Where the carrying amount of an asset is greater than its estimated recoverable amount, it is
written down immediately to its recoverable amount. ‘
na
Gains and losses on disposals are determined by comparing proceeds with carrying amounts
and are included in other income on the statement of income. Repairs and maintenance are
charged to the statement of income when the expenditure is incurred. )



»

Financial instruments

7"
Financial instruments comprise investments in equity and debt securities, term depositsyJoan:
and receivables, cash and cash equivalents and accounts payable and accruals. fey
Financial instruments are recognised initially at fair value plus, for instruments not at fair~
value through profit or loss, any directly attributable transaction costs. Subsequent to initial
recognition financial instruments are measured as described below.

A financial instrument is recognised if the Company becomes a party to the contractual »™
provisions of the instrument. Financial assets are derecognised if the Company's contractual

rights to the cash flows from the financial assets expire or if the Company transfers the
financial asset to another party without retaining control or substantially all risks and reward:
of the asset. Regular way purchases and sales of financial assets are accounted for at trade:
date, t s, the date the Company commits itself to purchase or sell the asset. Financial ,
liabilities are derecognised if the Company's obligations specified in the contract expire or .





are discharged or cancelled.

Cash and cash equivalents comprise cash and deposits held with financial institutions with
original maturities of less than three months. Bank overdraft and margin loan that are
repayable on demand and form an integral part of the Company's cash management are :
included as a component of cash and cash equivalents for the purpose of the statement of
cash flows. _

(i) Investments at fair value through profit or loss ‘aK

>
An instrument is classified as at fair value through profit or loss if it is acquired for the
purposes of selling in the near term, and which may be disposed of in response to the
needs for liquidity or changes in interest rates, exchange rates or equity prices or is
designated as such upon initial recognition.




Financial assets and liabilities classified as held at fair value through profit or loss
include investments in equity securities.

Upon initial recognition, attributable transaction costs are recognised in profit or loss
when incurred. Financial instruments at fair value through profit or loss are measure
at fair value, and changes therein are recognised in the statement of income.
(1c. ODVONVOOO

(ii) Investments held-to-maturity

Financial assets and liabilities with fixed dates of maturity that management has the
intent and ability to hold to maturity are classified as held-to-maturity. Financial assets
a6 classified as held-to-maturity include governinent debt instruments and corporate bonds.
i Investments held-to-maturity are measured at amortized cost using the effective interest
method, less impairment losses.

' (iti) Available for sale investments

Available for sale investments are financial assets and liabilities that are either

designated in this category or are not classified as loans and receivables, held-to-

" maturity invest ments, or investments at fair value through profit or loss. Financial
assets classified as available for sale investments include preferred shares and are
measured at fair value less impairment losses. Changes in fair value are recognised
directly in equity through the statement of changes in shareholders’ equity, except for
impairment losses. When an investment is derecognised, the cumulative gain or loss
previously recognised in equity is recognised in the statement of income.

(iv) Loans and receivables

z Loans and receivables are financial assets with fixed or determinable payments that are
not held-for-trading and are measured at amortized cost using the effective interest
method, less impairment losses.

Receivables arising from insurance contracts and other receivables are classified in
this category. *

(vy) Offsetting

. Financial assets and liabilities are offset and the net amount reported in the balance

I sheet when there is a legally enforceable right to set off the recognized amounts and
there is an intention to settle on a net basis, or realize the asset and settle the liability

" simultaneously.

Impairment
@ Financial assets

A financial asset is considered to be impaired if objective evidence indicates that one or
more events have had a negative effect on the estimated future cash flows of that asset.

An impairment loss in respect of a financial asset measured at amortised cost is
calculated as the difference between its carrying amount, and the present value of

i the estimated future cash flows discounted at the original effective interest rate. An
impairment loss in respect of an available for sale financial asset is calculated by
reference to its current fair value.

” Individually significant financial assets are tested for impairment on an individual basis.
The remaining financial assets are assessed collectively in groups that share similar credit
risk characteristics.

All impairment losses are recognised in the statement of income. Any cumulative loss
in respect of an available for sale financial asset recognised previously in equity is
' transferred to the statement of income.

An impairment loss is reversed if the reversal can be related objectively to an event
occurring after the impairment loss was recognised. For financial assets measured at
amortised cost and available for sale financial assets that are debt securities, the reversal
is recognised in the statement of income. For available for sale financial assets that are
equity securities, the reversal is recognised directly in equity.

We oon
“CC® Gi) Non-financial assets
The carrying amounts of non-financial assets are reviewed at each reporting date to
ut ow determine whether there is any indication of impairment. If any such indication exists
ts then the asset's recoverable amount is estimated.
JDs
An impairment loss is recognised if the carrying amount of an asset exceeds its
a recoverable amount. Impairment losses are recognised in the statement of income.
Be KY, Impairment losses recognised in prior periods are assessed at each reporting date for
ofetsy any indications that the loss has decreased or no longer exists. An impairment loss is
gre reversed if there has been a change in the estimates used to determine the recoverable
sar amount. An impairment loss is reversed only to the extent that the asset’s carrying
Bios amount does not exceed the carrying amount that would have been determined, net
m of depreciation or amortization, if no impairment loss had been recognised.
(ch) Premium tax

Premium tax is incurred at a rate ot 3% of gross premiums written in The Commonwealth of
The Bahamas. 7

‘@) Employee benefits

The Company has a defined contribution pension plan for eligible employees whereby the

Company pays contributions to a privately administered pension plan. The Company has

no further payment obligations once the contributions have been paid. The plan requires

participants to contribute 5% of their eligible earnings and such amounts are matched by
tee the Company.

The Company’s contributions to the defined contribution pension plan are charged to the
w statement of income in the year to which they relate.
G) Related parties

Related parties are classified as related companies, shareholders, directors and key

management personnel who have the authority and responsibility for planning, directing
and controlling the activities of the Company.

4. Underwriting policies and reinsurance agreements

The Company follows the policy of underwriting and reinsuring all contracts of insurance, which limit
the retained liability of the Company. The reinsurance of'contracts does not, however, relieve the
Company of its primary obligation to the policyholders. In the event that the reinsurers are unable to
meet their obligations under the reinsurance agreements, the Company would also be liable for the
reinsured amount. The Company’s credit risk management procedures are detailed in note 18.

Aon Limited, whose registered office is in London, England, a related party of J.S. Johnson &

‘e_ Company Limited (J.S. Johnson), the latter being the Company’s primary shareholder, is the

Company’s reinsurance broker and acts as the intermediary between the Company and the reinsurers
Reinsurance contracts between the Company and its reinsurers are renewable annually in accordance

«1 with the terms of the individual contracts.

Reinsurance recoveries consist of:





2006 2005
Recoveries under excess of loss reinsurance for claims
paid and outstanding $ 1,196,443 1,331,297
aH
Recoveries under proportional contracts for
«outstanding claims (note 12) 12,127,111 14,699,959



$ 13,323,554

16,031,256



2°‘Amounts due to reinsurers of $4,916,930 (2005 - $920,967) represent premiums to be ceded to the

“reinsurers as at December 31, 2006 less reinsurance recoveries on proportional contracts.

5. Term deposits

Term deposits with banks earn interest at rates ranging from 4.1081% to 8.0% (2005 - 3.61% to
8.0%) per annum and are held more than three months from the date of origihation. Included in
term deposits are amounts totalling $139,877 (2005 - $234,083) representing accrued interest.

"6. Related parties balances and transactions

“av

-J.S. Johnson, the Company's primary shareholder which owns 40% of the Company’s issued shares,
serves as its sole agent (referred to as agents) in accordance with the Agency Agreement entered into
on January 1, 2000. The remaining shareholders of the Company represent shareholders and key
management personnel of J.S. Johnson. The Company and J.S. Johnson also have certain directors
in common. :

Amounts due from agents are interest free and are settled over a 65-day period. Included in this
balance is $500,000 held for the purpose of settling claims.

4

Balances and transactions with reinsurers are recorded through Aon Limited, the Company's
reinsurance broker, as stated in note 4.

‘The financial statements include the following balances and transactions with related parties:
" . ‘







2006 2005
Balances
Reinsurance recoveries (note 4) $ 13,323,554 16,031,256
Due from agents 9,953,548 2,579,079
Deferred commission reserve 5,680,650 5,115,580
Prepaid reinsurance premiums 20,127,421 19,192,775
Prepayments and other receivables - 250,000
Investments in securities ~ fair value through
profit or loss 258,000 271,500
Unearned commission reserve (5,063,488) (4,342,933)
Due to reinsurers (note 4) (4,916,930) (920,967)
"3
Transactions
2Premiums written 49,924,609 42,120,234
Ceded to reinsurers (38,762,463) (31,752,057)
Commission income (note 11) 9,136,920 8,153,236
Commissions expense (note 11) (10,636,595) (9,750,335)
Excess of loss reinsurance (3,823,172) (3,278,269)
Profit and loyalty commissions 578,015 476,538
“Dividend income 16,800 16,800
Personnel expenses (276,994) (271,028)
General and administrative expenses — management fees (20,000) (20,000)
7. Prepayments and other receivables
2006 2005
Prepayments $ 16,530 71,735
Other receivables 2,579 2,704
Subscription deposit 500,790 -
Loan receivable - 250,000
$ 519,899 324,439





The Company has advanced $500,790 as a deposit for a subscription in a bond offering, which had
not been settled as at December 31, 2006.

On October 6, 2005, the directors approved a loan to a director and shareholder in the amount of

_ $250,000. The loan was unsecured, bore interest at 4.25% per annum and was repaid in April 2006.
‘

"

8. Investments in securities
Securities at fair value through profit or loss
Securities at fair value through profit or loss principally comprise marketable equity securities,

which are listed on The Bahamas International Securities Exchange, and are stated at fair value
using quoted bid prices. Movements during the year were as follows: :









2006 2005
As of beginning of year $ 2,180,297 1,580,378
Additions = 330,720
Disposals (179,675) (72,000)
Change in net unrealized gains during the year 286,175 341,199
As of end of year $ 2,286,797 2,180,297







As of December 31, 2006, the cost of securities fair valued through profit and loss was $1,661,244
(2005 - $1,841,416).

Held-to-maturity securities







Interest Rates Maturity 2006 2005
Government Bridge Bonds Prime + 1.5% 2024 $ 130,508 130,508
Bahamas Government Prime + 2007 -

Registered Stocks 0.1875% to 0.53125% 2026 2,536,495 2,338,947
Clifton Heritage Authority Bonds Prime + 0.75% 2035 283,376 283,376
Waterfield Bonds 7.5% 2015 708,413 500,000
Bank of The Bahamas Bonds Prime + 1.75% 2025 750,000 -
First Caribbean International

Bank Bonds Prime + .75% 2011 1,009,932 -

$ 5,418,724 3,252,831

Included in amortized costs for held-to-maturity investments are amounts totalling $48,000
(2005 - $48,431) representing accrued interest.

Available for sale securities







Dividend Rates Maturity 2006 2005
Caribbean Crossings Ltd. 8% 2010 $ 200,000 250,000
Caribbean Crossings Ltd. 7% 2016 50,000 ~
Parliament Properties Ltd. 7.5% 2015 250,000 -
Commonwealth Bank Ltd. Prime + 1.5% perpetuity + 1,000,000 -
Bank of The Bahamas Ltd Prime + 2% perpetuity 500,000 -
$ 2,000,000 250,000

As a result of the change in management’s intention to hold its investment in preferred shares to
maturity, the investment held in Caribbean Crossings Ltd. 2010 8% preferred shares as of December
31, 2005 has been reclassified to available for sale category.

9. Investment property

As of December 31, 2006, the cost of investment property is $536,917 (2005 - $536,917). In the
directors’ opinion the fair value of the investment property as at December 31, 2006 is $536,917.

10. Property, plant and equipment











Furniture
and Computer Motor
tand Building Equipment Equipment Vehicles Total

Cost:
Balance as of .
January 1, 2006 $ 467,704 628,579 56,146 96,404 30,000 1,278,833
Additions - 100,126 147,318 25,524 « = 272,968
Disposals - - (41,455) - - (41,455)
Balance as of .
December 31, 2006 § 467,704 728,705 162,009 121,928 30,000 1,510,346
Accumulated depreciation:
Balance as of
January 1, 2006 $ oa - 46,146 20,289 18,864 85,299
Charge for the year = 13,449 17,136 18,313 7,500 56,398
Disposals . - - (25,507) = - (25,507)
Balance as of
December 31, 2006 $ 7 13,449 37,775 38,602 26,364 116,190
Net book value:
December 31, 2006 $ 467,704 715,256 124,234 83,326 3,636 1,394,156

December 31, 2005 § 467,704 628,579 10,000 76,115 11,136 1,193,534
Eee

11. Net commissions incurred

2006 2005
Commission earned from reinsurers $ (9,136,920) (8,153,236)
Commission expenses allocated to JS Johnson 10,636,595 9,750,335



1,597,099



12. Outstanding claims and net claims incurred

As at December 31, 2006 outstanding claims of $16,127,701 (2005 - $19,858,905) is shown gross of
reinsurance recoveries of $12,127,111 (2005 - $14,699,959) as disclosed in note 4.

Included in gross outstanding claims is a provision of $404,000 (2005 - $334,000) for claims
incurred but not reported as of the year end.

2006 2005
Net claims incurred:
Claims incurred $ 10,523,521 18,219,202
Less: recoverable from reinsurers (8,724,530) (13,663,586)



$ 1,798,991 4,555,616



Assumptions, change in assumptions and sensitivity
(i) Process used to decide on assumptions

The reserving process commences at the moment an insured reports a claim and there
is prima facie evidence that the Company is liable under the policy. An initial reserve is
established at that point based on the best information available. Assuming liability
subsequently confirmed, the reserve is revised whenever more detailed information becomes
available concerning the nature of the injury or physical damage involved. The setting of
reserves is the responsibility of the agency’s claims manager who will use external legal or
other expert advice where appropriate. Where the initial reserve exceeds the agency's claims
settling threshold, the adequacy of the reserve will also be discussed with the Company. An
established reserve is expected to be sufficient to meet the final cost of a claim whenever it
is finally determined.









A provision for incurred but not reported (IBNR) claims has been established for each class of
business and is monitored for accuracy at each year end. In determining the accuracy of the
provision, management reviews the historical cost of IBNR claims and amends the provision,
where necessary, taking into account statistical trends and changes in the shape and size of the
portfolio.

All claims reserves are established on a gross basis and the Company accounts to proportional
reinsurers for their share through quarterly returns. Claims recoverie inst Excess of Loss
reinsurers are made on a case by case basis on proof of payment being established.



(ii) Sensitivity analysis - claims development

The development of long tail insurance liabilities provides a measure of the Company's ability
to estimate the ultimate value of claims. Accurate claims reserving is crucial to the long term
health of the Company as it allows for more accurate pricing of products and also generates the
necessary level of confidence on the part of both reinsurers and shareholders. Management
uses a variety of statistical tools, including “Loss Triangulations” developed annually on an
underwriting year basis to monitor the development of the Company’s long tail liabilities:







(iti), Movements in outstanding claims













Year ended December 31 2006 2005
Gross Reinsurance Net Gross Reinsurance Net

Notified claims $ 19,524,905 (14,699,959) 4,824,946 = 27,987,697 (22,272,220) 5,715.47
Incurred but not reported 334,000 = 334,000 310.500 310,
Total claims outstanding
at beginning of the year 19,858,905 (14,699,959) 5,158,946 28,298,197 (22,272,220) 6,025,977
Cash paid for claims settled
in the year (14,254,726) 11,297,379 (2,957,347) (26.658.496) 21,235,847 (5,422.649)
Increase in liabilities

arising in current year claims 10,565,887 (8,758,107) 1,607,780 17,911.91) (13,436,122) 4,475 789

arising from prior year claims (42,365) 33,576 (8.789) 307.293 (227,464) 79.829
Total ciaims outstanding
at end of the year $ 16,127,701 (12,127,111) 4,000,590 19,858,905 (14,699,95°) 5,158,946
Outstanding claims at December 31
consist of:
Notified claims § 15.723,701 (12.127,111) 3.596.590 19,524,905 (1.699.959) 4,824,946
Incurred but not reported 404,000 404,000 33.1,000 434,000
Total claims outstanding :
at the end of the year $ 16,127,701 (12,127,111) 4,000,590 (14,699,959) 5,158,946

19,856 905

16. Commitments and contingencies

Oi BAe Sele oe ee ere . -e

IVLOWAT, VUINE 19, ZUU/, FAG ob

()Uneamed premium provision



Yeor ended December 31 2006 2008

@roes ~Beinewance Net Gross. Reinsurance =—s_« Mat





At beginning of the year $ 23,717,646 (19,192,778) 4,524,871 21,225,927 (17,176,428) 4,049,499
Increase in the year 1,168,308“ (627,029) $41,279 2,491,719 (2,016,347) 475,372
Portfolio transfer “ (307.617) (307,617) - - -
Total at end of the year $ 24,885,954 (20,127,421) 4,788,633 23,717,606 (19,192,775) 4,524,871



Included in the statement of income is the net increase in unearned premium reserve of
$233,662 (2005 - $475,372).

These provisions represent the liability for short-term insurance contracts for which the Company's
obligations are not expired at year-end.

13. Margin loan

The Company entered into a short-term margin loan for $1.6million during the year, of which
$1.0million was drawn-down as at December 31, 2006. The loan bears interest at Nassau prime
plus 2% per annum and is secured by government bonds valued at $3.4million. The loan was repaid
in full in January 2007. :

As at December 31, 2005 the Company had an overdraft facility for $2,700,000 which bore interest
at Nassau prime plus 2% per annum, of which $nil was drawn down at December 31, 2005. This
facility was cancelled in 2006.

14. Portfolio transfer

During 2006, the Company reduced its percentage retention over the prior year on its motor and
accident portfolio, with reinsurers receiving the additional percentage. This change required the
Company to transfer a proportion of its unearned premiums and outstanding claims reserves to
reinsurers, along with the liabilities corresponding to these funds.

15. General reserve

The Company has made an appropriation to a general reserve for unforeseeable risks and future
losses. The general reserve can only be distributed following,approval by the Board of Directors.

a a eww .

Commitments

During 2005, the Company leased its office premises under a non-cancellable operating lease, which
came to an end on November 30, 2005. The Company relocated to 33 Collins Avenue, which it
purchased in 2005. Payments made under the lease were charged to the statement of income over
the period of the lease. Included in general and administrative expenses is $nil (2005 - $16,413)
representing lease payments for the year. As of December 31, 2005 there were no future lease
commitments.

Contingencies

In the normal course of its business, the Company is involved in various legal proceedings arising
out of and incidental to its operations. Management of the Company does not anticipate that the
losses, if any, incurred as a result of these legal proceedings will materially affect the financial
position of the Company.



17. Pension plan

The Company’s employees are members of J.S. Johnson Pension Plan, a defined contribution plan
covering all eligible employees. This plan provides for benefits to be paid upon retirement.
Employees are required to contribute an amount equal to 5% of their eligible earnings, which is
matched by the Company. The amount charged to the statement of income during the year for
pension costs was $15,307 (2005 - $14,231).

18. Risk management

The Company is exposed to insurance risk and financial risk through its insurance assets and
insurance liabilities, financial assets and financial liabilities. The insurance risk covers such things
as the vagaries of the weather, the unpredictability of serious injury losses and fortuitous events
such as outbreaks of fire. The main components of the financial risk are credit risk, liquidity risk
and interest-rate risk. The Company’s financial performance is affected by its capacity to understand
and effectively manage these risks. The Company's challenge is not only to measure and monitor
these risks but also to manage them as profit opportunities. A critical goal of the Company is to
ensure that its financial assets are always more than sufficient to fund the obligations arising from
its insurance contracts. The following notes expand on the nature of the aforementioned risks and
the manner in which the Company manages them.

(a) Insurance risk

Insurance risk is the risk that an insured event might occur. At individual policy level and also
at portfolio level, there is uncertainty in terms of both frequency of occurrence and severity of
loss. For any given portfolio of insurance contracts, where the theory of probability is applied
to pricing and loss reserving, the principal risk that the Company faces is that claims and
other costs might exceed premiums earned. This could occur because the frequency or severity
of claims is greater than estimated or that estimated original policy rates prove not to be
sustainable or a combination of both. Experience shows that the greater the commonality

of risk within a class of business, the smaller will be the relative variability in the expected
outcome. In addition, a more diversified portfolio is less vulnerable to a deterioration in

the loss experience in any particular class of business. The Company has developed its .
underwriting strategy to produce a diversified portfolio of insurance risks. Within each of the
individual classes of business it has sought to achieve, wherever possible, a sufficiently large
population of risks to reduce the variability of the expected outcome.

At the macro level, the Company suffers from a lack of diversification in the sense that it
only insures the non-life risks of individuals located in The Bahamas and Turks and Caicos;
therefore, there is a concentration of insurance risk within the industry sector and territory
in which the Company operates.

° ~ eer ee we te ere . -@
Casualty insurance risks
(i) Frequency and severity of claims

The frequency and severity of claims can be affected by several factors. Claims
frequency can be influenced by changes in the size, composition and quality of a
portfolio. Changes in social / economic conditions can also severely impact claims
frequency. Claim severity is impacted by such things as general inflation. In the case
of Liability claims, the most significant factor is the increasing level of awards for
personal injury. Claims involving serious long term injury can take five years or more
to settle.

The Company manages these risks by means of its well developed underwriting and
reinsurance strategies and also by adopting a proactive approach to claims handling.
The underwriting strategy attempts to ensure that the portfolio remains biased towards
high quality risks. Underwriting guidelines are in place to enforce appropriate risk *
selection criteria. The reinsurance arrangements include both proportional and
catastrophe excess of loss coverage. The effect of such reinsurance arrangements is

to limit the total net insurance loss that the Company can suffer in any one year.





(ii) Sources of uncertainty in the estimation of future claim payments

Claims on casualty contracts are payable on a claims-occurrence basis. The Company is
liable for all insured events that occur during the term of the contract, even if the loss is
discovered after the end of the contract term. As a result, liability claims are settled over
a long period of time and an element of the claims provision relates to incurred but not
reported claims (IBNR) and unexpired risks. Given the uncertainty in establishing.
claims provisions, it is li! in many cases that the final cost of a claim will vary
significantly from the initial reserve. In calculating the estimated cost of outstanding
claims (both reported or not), the Company uses various industry standard loss
estimation techniques and the experience of its agents in settling claims of similar type.








Property insurance contracts
(i) — Frequency and severity of claims

For property insurance contracts, climatic changes are giving rise to more frequent
severe extreme weather events (cg. hurricanes, flooding, etc.) and their consequences.
The Company has the right to re-price each individual risk on renewal. It also has

the ability to impose or increase deductibles. Contracts are priced on the basis of the
commercial replacement value of the prog ss and contents insured. The sum insured
represents the maximum amount payable under a policy. The cost of repairing or
rebuilding properties, the cost of providin; ronity for damaged or stolen contents
and the time taken to restart business ope s (busine:
the key factors that influence the value of claims under these policies. The most likely
cause of major loss under the property portfolio arises from a hurricane or other set
weather related event. The Company has reinsurance coverage in place to limit the
impact of such losses in any one year.




















The Company underwrites property insurance in The Bahamas and ‘Turks and Caicos.

(ii) Sources of uncertainty in the estimation of future claim payments



ulely. Property claims
tenn’ period for these

The development of large losses/catastrophes is analysed sep.
can be estimated with greater reliability due to the
claims and relatively little IBNR is held at year-e





(b) Credit risk

+ Credit risk arises from the failure of a counterparty to perform according to the terms of
the contract. In the normal course of business, the Company seeks to limit its exposure to
hat may arise from an: le occurrence. Reinsurance is primarily placed using a
ation of proportional and excess of loss treaties. Obtaining reinsurance does not,
however, relieve the Company of its primary obligations to the policyholders, therefore the
Company is exposed to the risk that the reinsure: ay be unable to fulfil their obligations.
under the contracts. The Company seeks to miti risteby placing its¢vinsurance — « -@
‘age with large nuulti-national companies and syndicates. The Company also evaluates
ncial condition of its reinsurers and monitors the credit risk of the reinsurers to
minimize its exposure to significant losses from insurer insolvency.






















On its other assets the Company mitigates this risk as follows:
+ places cash with credit-worthy banks; S

+ invests in debt securities of The Bahamas government, government-backed companies
and financially sound companies.

(ce) Liquidity risk

The objective of liquidity management is to ensure the availability of sufficient funds to honour
all of the Company's financial commitments including claims. The Company maintains a level
of ligand 1s, which mature or could be sold immediately to meet cash requirements for
normal cperating purposes.



(d) Intcrest-rate risk

Ipterest-rate risk for the Company is comprised of the risk that the value of financial assets
may fluctuate significantly as a result of changes in market interest rates. The Company
miitizates this risk by investing in interest-bearing assets with floating interest rates, or
investing for short time periods. :






19. Yair value of financial instruments

Most of the Company's financial instruments are either measured at fair value as of the balance
sheet date or are carried at values which approximate fair value, except for balances due from
yent. Fair value estimates are made at a specific point in time, based on market conditions and
information about the financial instrument. These estimates are subjective in nature and involve
ies and matters of significant judgement and therefore, cannot be determined with







precision.

Except as stated elsewhere in the notes, the carrying amounts of the Company's financial assets and
liabilities approximate their fair values due to one or all of the following reasons:



(a) immediate or short-term maturity;
(b) carrying amount approximates or equals market value.

Because of the interest-free nature and uncertainty surrounding the timing of the settlement
of balances due from agent, management is unable to estimate the fair value of this financial
instrument.

20. Corresponding figures

Certain corresponding figures in the financial statements and notes have been reclassified to
conform with the financial statement presentation adopted in the current year as follows:

« Reclassification of held-to-maturity investments to available for sale securities (refer to note 8)
+ Receivables and payables related to insurance contracts have been grossed up for compliance
with IFRS 4 - Insurance Contracts.
THE MIAMI HERALD | MiamiHerald.com

BUSINESS BRIEFS





e FOOTWEAR



MARK HUMPHREY/AP

TRY THIS ON: Finish Line said Monday it agreed to pay
$1.5 billion for retailer Genesco. A salesman, above,
helps a customer with shoes at a Johnston & Murphy
store, operated by Genesco, in Franklin, Tenn.

Finish Line to pay $1.5B
for retailer Genesco

From Herald Wire Services
Speciality retailer Finish Line (FINL) said Monday it
agreed to pay about $L.5 billion for footwear and accessories
retailer Genesco (GCO), which recently rejected a lower

offer from Foot Locker (FL).

Finish Line, a leading mall-based retailer based in India-
napolis, said combined sales of the companies amount to
about $2.8 billion from 2,870 retail stores in the United States,

Canada and Puerto Rico.

Genesco shares rose $4.15, or 8.4 percent, to $53.75 Monday

while Finish Line shares fell $1.1,

or 8.7 percent, to $11.53.

Finish Line operates 694 Finish Line stores in 47 states, 93
Man Alive stores in 19 states and 15 Paiva stores in 10 states.

e AVIATION

EU, U.S. WILL LOWER
AIRCRAFT EMISSIONS

The European Union and
the United States said Mon-
day they would cut emis-
sions from aircraft by
improving air traffic control
systems.

But the agreement
announced Monday does
not head off a fight over the
EU’s separate plan to make
all airlines that fly to Europe~
trade carbon permits.

The European Commis-
sion and the U.S. Federal
Aviation Administration
said the plan they
announced Monday would
let them quickly put in place
emission-reduction technol-
ogies that would reduce
greenhouse gases released
from aircraft.

-Â¥

@ NEWSPAPERS

POSSIBLE BID FOR DOW
JONES HURTS PEARSON

Shares in Pearson
(PSO), publisher of the
Financial Times, fell Mon-
day following weekend
reports that the company
might try to take on Rupert
Murdoch in a takeover bat-
tle for Dow Jones (DJ).

Analysts doubted that
Pearson could put together a
package to trump News
Corp.’s $5-billion offer.

Pearson shares fell
1.26 percent to $17.03 on the
London Stock Exchange.

The Wall Street Journal
reported Sunday that Pear-
son and General Electric,
which owns U.S. broad-
caster NBC, were discussing
a joint bid which would
combine the Financial
Times, Dow Jones and busi-
ness channel CNBC in a pri-
vately held venture.

e PHARMACEUTICALS

GLAXO DEVELOPS
FIVE CANCER DRUGS

GlaxoSmithKline
(GSK), the world’s second-
largest pharmaceutical firm,
said that it expects to intro-
duce five new cancer treat-
ments through 2010.

The drugs will treat a
range of different cancers,
including cancer of the cer-
vix, the company said in a
statement. The new treat-
ments are cervarix, pazo-
panib, promacta, rezonic
and ofatumumab.

Glaxo shares fell 26 cents
to $52.49 on the NYSE.

4pm. 6:35 p.m. Late
dose close Chg. volume

Stock Tk.

Yahoo YHOO 28.12 29.38 = +1.26 160887
PwShs QQQ QQQQ 47.77 47.67 = -.10 113136
SunMicro SUNW 5.05 5.05 69256
SPDR SPY 152.89 152.71 -18 64956
iShR2K nya IWM = 84.17 «83.83 34 61989
iShapan EW) 14.61 14.56 -.05 60033
DellInclf DELL 27.85 27.92 +.07 45947
Charttm CHTR 4.13 4.13 +.00 45811
FirstDatas FDC 32.72 32.72 * 43630
Altria s MO 70.16 70.46 +.30 28038
TimeWarn TWX 20,89 21.05 +.16 = 25734
FordM F 8.85 8.83 02 22460
Microsoft MSFT 30.51 30.56 +05 18129

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

LATE TRADING ©

e DUBAI

STATE-OWNED FIRM
BUYS CRUISE LINER GE 2

A Dubai-owned company
announced Monday that it
bought the Queen Elizabeth
2, a giant ocean liner
launched in 1967, for $100
million.

State-owned Istithmar
said it plans to turn the pas-
senger ship into a first-class
floating hotel, retail and

- entertainment destination,

berthed off Dubai’s man-
made Palm Jumeirah island.

~~~ "he aging vessel, bought

from the Cunard Line divi-
sion of Miami-based Carni-
val (CCL), will end its days
as a tourist attraction,
scheduled to open to the
public at the beginning of
2009, Istithmar said in an

. e-mailed statement. Istith-

mar is a division of Dubai
World, a government-
owned holding company

‘that also owns Nakheel, the

developer of Palm Jumeirah.

e INTERNET

YAHOO REPLACES CEO
WITH CO-FOUNDER

Yahoo (YHOO) Chair-
man Terry Semel stepped
down as chief executive in a
surprise move, ending his
increasingly ineffectual pur-
suit of online search leader
Google — a losing battle
that had demoralized
Yahoo’s shareholders and
employees.

The Sunnyvale-based
company appointed co-

_ founder Jerry Yang as its

new CEO and named Susan
Decker as its president.
Decker, who had been
touted as Semel’s heir
apparent, was recently pro-
moted from Yahoo’s chief
financial officer to oversee
advertising operations.

e BRITAIN

SHARES OF ALCOA RISE
ON TAKEOVER TALK

Shares of Alcoa (AA)
rose in Europe after the
Times newspaper in London
reported that BHP Billiton
(BHP) is reviving plans to
make a $40-billion offer for
the aluminum company.

BHP, the world’s largest
mining company, had previ-
ously considered making an
offer for Alcoa in February,
but Chief Executive Chip
Goodyear preferred to
return cash to shareholders,
the newspaper said.





4 pa 6:35 p.m. Late
Stock Tk. close Chg. volume
Intel INTC 24.17 24.17 * 13235
Oracle ORCL = 19.79 19.81 +02. 13172
Novell NOVL = 7.98 7.98 7 12236
GenElec GE 38.07 38.07 = 11758
BrMySq BMY 30.31 30.36 +.05 11279
Cisco csco 27.21 27.15 -.06 11219
Minefndg = MFN 11.83 11.84 +01 = 11029
Sysco SYY 34.00 34.00 : 10807
iShREst IYR 80.78 81.94 +1.16 10500
Finisar If FNSR = 3.95 3.95 : 10004
Schwab SCHW 21.79 21.79 9766
CvS Care CVS 37.34 3737 = +.03 9665

REAL ESTATE

Index:

BY ALAN ZIBEL
Associated Press
WASHINGTON — A mea-
surement of industry senti-
ment about the housing mar-
ket fell in June for the fourth
straight month to the lowest
point in more than 16 years.
Housing developers are
being squeezed by tighter
lending standards for borrow-
ers trying to get mortgage
loans. In: response to weak
demand, developers are cut-

- ting prices and offering buyer

incentives to cope with a
mounting supply of unsold
homes, the National Associa-
tion of Home Builders said
Monday.

The trade group’s housing
market index, which tracks
builders’ perceptions of cur-
rent market conditions and
expectations for home sales
over the next six months, fell
to 28, the lowest reading since

EUROPEAN UNION

February 1991, the NAHB said.

Wall Street had expected a
reading of 30, according to the
consensus forecast of Wall
Street economists surveyed by
Thomson/IFR. Ratings higher
than 50 indicate positive senti-
ment about the market. The
seasonally adjusted index has
been below 50 since May
2006.

The continuing slump is
bad news for housing develop-
ers like Lennar, D.R. Horton,
Pulte Homes, Centex and Toll
Brothers, the largest U.S. hom-
ebuilders by market value.

The index has been sliding
since March as demand for
new housing slumped amid a
rise in defaults for borrowers
with weak, or subprime,
credit.

“It’s clear that the crisis in
the subprime sector has
prompted tighter lending stan-
dards in much of the mortgage

INTERNATIONAL EDITION

Housing level lowest

market,” David Seiders, the
group’s chief economist, said,
adding that rising interest
rates have also eroded
demand.

Home sales will continue to
decline in the months ahead,
he said, and housing starts are
not expected to improve until
next year, he said.

Sales of new homes, which
represent about 15 percent of
all home sales, surged in April,
but median prices fell 11 per-
cent from the previous month
as builders slashed prices.

Mortgage giant Freddie
Mac reported last Thursday
that 30-year, fixed-rate mort-
gages averaged 6.74 per-
cent,the highest level in 11
months. :

Meanwhile, the troubled
market for homebuyers with
weak, or subprime, credit has
hampered investors in mort-
gage securities who bought

‘



TUESDAY, JUNE 19,2007 |_B

since “91

loans backed by subprime
mortgages. Moody’s Investors
Service said Friday it down-
graded 131 mortgage invest-
ments tied to subprime loans.

Mocdy’s said the down-
grades were a result of a high-
er-than-expected default rate
among second mortgages
issued to subprime borrowers

last year and stemmed from

“an environment of aggressive
underwriting.” :

The Mortgage Bankers
Association reported last
week that the percentage of
payments that were 30 or
more days past due for sub-
prime adjustable-rate mort-
gages jumped to nearly 16 per--
cent in the first quarter, the
highest number on record.
Foreclosure filings, mean-
while, were up 90 percent in
May compared with last year,
according to industry data
firm RealtyTrac.

Airbus announces $45B in orders

BY JANE WARDELL
Associated Press

LE BOURGET, France —
Airbus stole the spotlight from
U.S. rival Boeing on the open-
ing day of the world’s largest

air show on Monday,
announcing deals worth
around $45 billion.

Boeing, in contrast, tallied

. up orders worth $4.4 billion.

However, despite its early
lead in the traditional trans-
Atlantic rivalry at the week-
long Paris Air Show in Le
Bourget, Airbus still has a long
way to go to match Boeing’s
star Dreamliner 787.

Heading into the fair, Chi-
cago-based Boeing had already
pocketed 584 orders for the
Dreamliner, compared to Air-
bus’ 13 A350 orders.

‘The Toulouse-based plane-
maker added a total of 92 firm

orders to that 13 on Monday; ~
_ comprising the 80 from. Qatar ©

and 12 from Kuwait Aviation
Lease — US Airways also
announced plans to add two to
its previous order of 20 — but
the success of the plane is by
no means assured.

Airbus’ decision to redesign
the jet after customer com-
plaints— has pushed back its
delivery date until 2013, years
behind the first deliveries of
Boeing’s rival Dreamliner 787
due in May.

Emirates, which on Monday
ordered an additional eight
Airbus double-decker A380s
in a deal estimated to be worth
about $2.5 billion (1.9 billion
euros), remained ambivalent
about its future choice
between the A350 and the
Dreamliner.

“We've got some talking to
do to both Boeing and Airbus

BRAZIL

BY ALAN CLENDENNING
Associated Press

SAO PAULO — A Brazilian
Indian tribe is linking up with
Google Earth to try to capture
vivid images that could help
stop loggers and miners from
deforesting the jungle and dig-
ging for gold on its vast Ama-
zon reservation.

Though the project is still
in the planning stages for a
remote area that doesn’t even
have Internet access, the
tribe’s chief and Google hope
their unusual alliance will
reduce illegal rain-forest
destruction where govern-
ment enforcement is spotty at
best.

Google Earth, which
enables anyone who down-
loads its free software to see
satellite images and maps of
most of the world, is increas-
ingly being called upon for
humanitarian purposes by
groups that see the technolo-
gy’s potential.

In another initiative
unveiled this year, Google and
the United States Holocaust
Memorial Museum are calling
attention to atrocities in the
Darfur region of Sudan. And
last year, Google Earth joined
forces with the United Nations
Environmental Program to
show users areas of environ-
mental destruction, and with
the Jane Goodall Institute to
highlight its research on chim-
panzees and African defores-

Indians, Google Earth to fight ille



330



". CHRISTOPHE ENA/AP

FRANCE: The Le Bourget air show, north of Paris, is bigger than ever this year, but the
rivalry between Boeing and Airbus takes center stage. Above, a worker examines a
Dassault drone aircraft at the air show.

with regard to the commercial
terms of the deal, but I think
we’re in a good position to
make an aircraft decision in
the next few months,” Emir-
ates President Tim Clark said.
Clark said the carrier would
select only one of the aircraft,
rather than buying some of
each.
Airbus has been renegotiat-
ing existing orders for the
A350 since the redesign. The
US Airways planned deal for
92 Airbus jets worth $10 bil-
lion Reportedly came at a

* heavy discount.

Emirates, the biggest single
customer for the A380, is





believed to have obtained sig-
nificantly improved financial
terms for their purchases.

Plane makers often reserve
big announcements for the air
shows held in alternate years
in Le Bourget, north of Paris,
and Farnborough, on the out-
skirts of London, to ensure
maximum impact.

Boeing is scheduled to pro-
vide an update on the Dream-
liner on Tuesday — when it is
also likely to announce more
orders for the plane.

Scott Carson, the head of
Boeing Commercial Airplanes,
said Monday that the Dreamli-
ner was on track for test

iin

GOOGLE EARTH/AP

VANISHING FOREST: Thin whitish lines suggest
deforestation in the verdant swath of reservation
belonging to Brazil’s Surui tribe.

tation.

“At Google, we feel an obli-
gation to help groups like this
when it is so clear that our
tools can make an important
positive impact,” spokes-
woman Megan Quinn said.

Eventually, Chief Almir
Narayamoga Surui envisions
many of the 1,200 members of
his Surui tribe using comput-
ers with satellite Internet con-
nections and high-resolution
images from Google Earth to
police all corners of their
618,000-acre reservation.

They could then ofter proot
to authorities that the destruc-

tion is occurring and demand
action, or possibly spook the
loggers and miners away
because they would know they
are being monitored, said
Surui, who uses his tribes’
name as his last, like many
Brazilian Indians do.

The loggers and miners
“will certainly be scared,
because we’ll be watching all
the time and denouncing the
invasions,” the chief said in an
e-mail interview from Switzer-
land, where he was meeting
with environmentalists and
United Nations officials.

Surui came up with the idea

flights in August or Septem-
ber, and delivery to its first
customers in May.

The Paris show comes amid
revived fortunes for the com-
mercial airline industry. After
two years in the red, the indus-
try will make a profit of just
over $5 billion this year,
despite rising fuel costs, says
the International Air Trans-
port Association, whose 250
members claim to represent
94 percent of international air
traffic.

Associated Press writers
Angela Charlton at Le Bourget
and John Leicester in Paris con- -
tributed to this report. .

gal logging

some time ago when he was
tooling around Google Earth
and saw thin whitish lines sug-
gesting deforestation in the
vast verdant swath that
popped up when he zoomed in
on his reservation.

With help from the U.S.-
based nonprofit group Ama-
zon Conservation Team, Surui |
met last month with Google
Earth executives in California,
wowing them with a vision of
how Google technology could
help stop the devastation, said
Quinn.

“If you look at the Surui
land today in Google Earth,
you'll see their ‘island’ of
healthy green rain forest is
surrounded almost completely
by clear-cut, barren land,” she
said.

Google Earth will now try
to buy better satellite images
of the Surui reservation trom
vendors to ramp up the quality
of shots that turn extremely
blurry when users try to focus
in closer on the reservation,
Quinn said.

Quinn declined comment
on Google Earth’s financial
commitment.

Meanwhile, Chief Surui is
lobbying for donations of com-
puters and other equipment
from companies or nonprofit
groups, and hopes to persuade
the Brazilian government to
include his tribe in a program
to provide Indians with satel-
lite Internet connections.
THE TRIBUNE

TUESDAY, JUNE 19, 2007, PAGE 7B



ioe anes ea ee
Hutton resigns as John S George

deal ‘agreed in principle’

FROM page 1

knows the local market.

“We’re very pleased with the way we
structured the transaction and the way we
can exit. Andrew has the ability to make a

success of it, and I wish him all the best:

He’s pretty well-versed in the retail busi-
ness, and adding John S George will give
him depth and the ability to bring all his
formats together to create synergies.”

The Tribune revealed last week that
John S George Holdings was in talks with
Mr Wilson and QBC to sell the retailer
less than three years after it acquired the
business from the McKinneys and Syd-
ney Sweeting.

Apart from QBC, Mr Wilson also owns
the Radioshack franchise and Curves
Gym, in addition to several fashion outlets
at the Mall at Marathon. QBC is the
largest seller of cell phone cards in the
Bahamas by volume.

It is unclear what Mr Wilson’s plans for
John S George are. Some have suggested
that QBC, which has outlets at the Mall at
Marathon and in downtown Nassau, on
East Street North, would be more inter-
ested in acquiring John S George for its
store sites to allow the QBC format’s

expansion.
Office

John S George has its head office, ware-
house and largest store in Palmdale, own-
ing the complex, and leases stores in the
Harbour Bay Shopping Centre, Lyford
Cay Shopping Centre, Cable Beach Shop-

ping Centre and Independence Drive. All
are high-footfall shopping centres for con-
sumer traffic.

Holdings

‘The John S Géorge Holdings Board is
artfully composed, with Mr Hutton and
his relatives holding 40 per cent. Bench-
mark owns 20 per cent, with the Morley
and Pritchard families each owning 15 per
cent. The remaining 10 per cent is held
by Butterfield Bank (Bahamas) manag-
ing director, Robert Lotmore. Not all
Board members, especially Mr Hutton,
were in favour of a sale.

The Board breakdown burst into the
open earlier this year after Benchmark,
which as a BISX-listed public company
has to release its financial results,
announced it was fully writing off its
$402,102 investment in John S George
and hit out at Mr Hutton’s management
style, branding it as “ ineffective”. Bench-
mark also criticised the absence of accu-
rate and timely financials on John S
George.

It is thought that Mr Brown and Mr
Morley, and possibly others, lost patience
with Mr Hutton’s attempts to turn John S
George around, leading them to search
around for an exit route and recover what
they can from their investment.

The purchase by Mr Hutton’s group
met unexpected obstacles from the start,
including the loss of the Baygone insecti-
cide product agency to the D’Albenas
Agency, which is said to have cost John S
George $1 million per annum in revenues.

The company also lost the distribution
relationship with the True Value buying
group, sources said, forcing it to switch to

CE

The upshot of all this, sources said, was
that John S George lost close to $1 million
in its first year under the new owners to
July 31, 2005, and another $300,000 in its
second fiscal year.

Benchmark’s 2006 accounts show that it
recorded a $132,103 gain from negative
goodwill on property revaluations, but its
equity interest was then diluted by $30,000
due to the issuance of 10,000 shares to Mr
Hutton for his work in identifying the

- John S George deal, negotiating the pur-

chase and bringing the investor group
together.

Investment

Benchmark’s investment in John S
George Holdings stood at $402,103 as at
December 31, 2005, the value that was
written-off. The figures then reveal that its
share of John S George’s Holdings net
loss for the period to July 31, 2006, was
$48,684. It is unclear what period of time is
covered by this, but if it is the seven
months from December 31, 2005, this
would imply John S George lost $243,420
in that time based on 5x Benchmark’s 20
per cent stake.

The full impairment provision taken by
Benchmark was $353,419, and it said in
the notes to its annual report that “John S
George Holdings has incurred continuing
operating losses for the entire time” it had
been an investor in the buyout vehicle.

Bahamas among Caribbean
leaders for stopover decline

FROM page 1

were up against weak 2006
comparatives as a result of the
damage inflicted by Hurricane
Wilma.

However, he said both des-
tinations had “invested a
tremendous amount in adver-
tising and promotions”, and
had “invested more in the first
quarter than we do in an entire
year”.

Mr Comito said the BHA
was hoping the US would pay
further attention to mitigating
the WHTI’s impact, having
already acknowledged prob-
lems with a passport applica-
tion backlog that was leaving
many travellers with a 10-12
week wait to receive their doc-
uments.

As a result, the Bush admin-
istration relaxed the WHTI’s
implementation until Septem-
ber 30, 2007, for those trav-
ellers who could produce

receipts showing they had |

already applied for a passport.
Yet this might be “too little,
too late”.

Mr Comito said the BHA
and wider Bahamian tourism
industry were hoping the US
might consider taking the
WHITI relaxation “even fur-
ther”.

He added that the BHA was
supporting the vote taken by
the House of Representatives
last Friday on extending the
WHTI implementation date
unti;] June 2009 for both land ~
and sea travellers to the
Caribbean, as the current
arrangements “continue to
place us at a further disadvan-
tage with the cruise industry”.

Mr Comito said: “The coun-
tries [in the Caribbean] are suf-
fering from the shortfall in vis-
itors. You are going to rapidly
see governments impacted by
this through the impact on tax
revenues, as the tourisrn dollar
fails to ripple through the
economy in terms of employ-
ment, spending and taxes.
We’re getting a hit on this.

“WHTI is having an impact
throughout the region’s
economies and government
rax revenues are declining.”

Legal Notice’

NOTICE |

INTERNATIONAL BUSINESS COMPANIES
ACT
(No.45 of 2000)

Oceanic ‘75% of the way through’ big downsizing

FROM page 1

process. “The sale of the entities
in Barbados is in process now,
and we expect to have it done in
the next two to three months.”

Oceanic Bank & Trust estab-
lished a presence in Barbados
via acquisition several years
ago, in a bid to explore the

potential of linking that juris-
diction’s double tax treaties with
structures that maximised the
Bahamas’ low-tax environment.

The entities for sale in Bar-
bados include the St Michael’s
Trust Company and Oceanic
Bank & Trust (Barbados),
which gave the company both
an onshore and offshore pres-

ence there.

Mr Gibbons told The Tribune
that Oceanic Bank & Trust had
sold its Bahamas-based fund
administration business to a
group of employees via man-
agement buyout on March 31.
This business, headed by Terah
Rahming in Freeport, has been
renamed as Premier Fund Ser-

tration of the M. J. Select Glob-
al Fund. The bank was sued by
a number of investors and the
liquidators of the failed $30-$40
million fund, and it is under-
stood that Oceanic Bank &
Trust incurred multi-million
costs in legal fees and other
costs to settle the actions against
it.

WHA RYAN ENTERPRISES LIMITED
In Voluntary liquidation

Notice is hereby given that in accordance with Section 137 (4)
of the International Business Companies Act (No. 45 of 2000),
WHA RYAN ENTERPRISES LIMITED has been dissolved and
struck off the Register according to the Certificate of Dissolution

} issued by the Registrar General on the 5th day of June, 2007.

Mr. Paul Evans
c/o Helvetia Court ©
South Esplanade,

St. Peter Port,
Guernscy, GY1 4EE

vices. Liquidator
“The decision to get out of
the fund administration busi-
“ ness is aligned to the risk of that
business,” Mr Gibbons said, not
denying that the exit had been
prompted by the lawsuits
Oceanic Bank & Trust became
embroiled in over its adminis-



Flat Terra Cotta Roof Tiles
7,500 sq.f. and
accessories, $19,000.00

NOTICE is hereby given that VILIO JOSEPH of EAST
’ STREET, 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 19th
day of June, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.







Phone 324-6441 or
Cell 424-8299 *

BLAIRWOOD ACADEMY
SUMMER SCHOOL

July 2 to 27 9:00 to 12:30



Legal Notice
NOTICE

VITTARO OCEAN LTD.

READING, WRITING, MATH,
STUDY SKILLS, COMPUTER

. 1;
SE RISE
Ne

(In Voluntary Liquidation)

NOTICE

NOTICE is hereby given that FREDO GUSTAVE OF #257 SOUTH
MALL DRIVE, FREEPORT, GRAND BAHAMA, BAHAMAS, is

Rl Notice is hereby given that the above-named
applying to the Minister responsible for Nationality and Citizenship,

Company is in dissolution, which commenced on
the 15th day of June 2007. The Liquidator is Argosa
Corp. Inc., RO.Box N-7757 Nassau, Bahamas.

for registration/ naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a written and
signed statement of the facts within twenty-eight days from the
12TH day of JUNE, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box F-41085, Grand Bahama, Bahamas.

OUR METHODS HELP STUDENTS
CATCH UP

IMPROVE SKILLS
MOVE FORWARD



393-1303
OR COME IN TO REGISTER
VILLAGE RD SOUTH OF QUEEN’S COLLEGE

ARGOSA CORP. INC.
(Liquidator)



INOTICE



BIS

Pricing Information As Of:
1

= )FIDELITY



Abaco Markets
Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

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

Finco

FirstCaribbean

Focol

Freeport Concrete

ICD Utilities

J. S. Johnson

Premier Real Estate



Notice is hereby given that the Twenty-seventh
(27th) Annual General Meeting of THE
PUBLIC WORKERS’ CO-OPERATIVE
CREDIT UNION LIMITED will be held at
The British Colonial Hilton Hotel, West Bay
Street, on Friday, June 22, 2007 commencing
at 6:30pm for the following purposes:







To receive the report of The
Board of Directors.



Bahamas Supermarkets
Caribbean Crossings (Pref)







To receive the Audited
Accounts for 2006.

ABDAB
Bahamas Supermarkets
RND Holdi




1.342667*
3.2018***
2.681688**
1.244286°***

POSE 802.05 7 YTD 08.20% 7 2606 34.4
MARKET TERMS YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price

Colina Money Market Fund
Fidelity Bahamas G & | Fund

To elect members of The Board
of Directors.



Colina MSI Preferred Fund
Colina Bond Fund
eli





BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 NAY KEY
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 dally 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
P/E - Closing price divided by the last 12 month earings



To discuss and approve the
budget for 2008.

* - 8 June 2007



Weekly Vol. - Trading volume of the prior week ** - 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

All members are urged to attend.
Refreshments will be served!

**** - 30 April 2007



’ 242-356-7764 7 FOR MORE DATA & INEG?


PAGE 8B, TUESDAY, JUNE 19, 2007



Ministry Of Education, Youth, Sports & Culture

NOTICE

PROCUREMENT FOR GENERAL PAPER SUPPLIES FOR THE YEAR 2007

1.0 The Ministry of Education, Youth Sports & Culture (hereafter
called the “Purchaser”) now invites sealed bids, from Suppliers
for the procurement of General Paper Supplies for the School
Year 2007.

Interested Bidders may inspect/collect the bidding documents
from the Purchasing/Supplies Section of the Ministry of Education,
Youth, Sports & Culture, Headquarters, Thompson Blvd. from
Monday, 21st May, 2007 and obtain further information, at the
second address given below. '

2.0




Bids must be in English and shall be enclosed in duplicates in
a sealed envelope bearing no identity of the bidder and endorsed
with the subject bided on (“General Paper Supplies”)

3.0





Bids must be deposited in the tender box provided, at the first
address, on or before Friday, 15th June, 2007 by 5 pm (local
time). It will not be necessary to submit bids in person since they
may be sent by mail. Late bids will be rejected and returned
unopened.

4.0.










Bids will be opened at the public ceremony, in the presence of
those Bidder(s) or their Representative (s) who choose to attend,
at 10am on Tuesday, 19th June, 2007 at the first address below.




(1) The Chairman Tender
Ministry of Finance
Cecil Wallace Whitfield
Cable Beach

P.O. Box N-3017
Nassau, The Bahamas
Tele: (242) 327-1530













Purchasing/Supplies Section
Ministry of Education, Youth, Sports & Culture
P.O. Box N-3913/4

Nassau, The Bahamas

‘Tele: (242) 502-8571





The Ministry reserves the right to reject any or al! Tenders



-Lignum Institute of Technology |

Classes starting in June:

Adobe Photoshop
And >
MS Word/Excel





Combined Course

| Came In and
Register Saday!

For more information, please contact:

Candice Albury
Office Assistant/Training Coordinator
Lignum Technologies Bahamas Ltd.
Harbor Bay Shopping Plaza
Ph: 393-2164 Fax:394-4971
Email:candice@lignumtech.com



THE TRIBUNE









= BARTENDERS at the Sheraton Cable Beach Resort pose for the camera
after preparing exotic drinks for the hotel's guests

Bristol expands.

warehouse to meet

Baha Mar’s demand

BRISTOL Cellars has
expanded its warehouse by
20,000 feet to help it meet
demand from Baha Mar, the
developers of the proposed
$2.4 billion Cable Beach rede-
velopment.

The Bahamian company
teamed up with Baha Mar two
years ago to supply the resort
owner with all its beverage
needs, which include wine,
spirits, beer and non-alcoholic
products.

Among the brands supplied

are Bacardi, Dewars, Grey
Goose and a variety of high-
end wines. Local name brands
exclusive to the Bahamas
include Nassau
Liqueur, Nassau Royale
Coconut Rum and Natasha
Vodka. Bristol Cellars also

provides Baha Mar with the.
technical support and training ~

required to properly handle
the shipments.
Edward Gardner, Bristol

Cellars vice-president of sales .

and marketing, said in a state-

Royale:

ment: “We’re a young, vibrant -
company. We appreciate the
business that we get from Baha
Mar. Demand improves the
quality of the product and
increases our portfolio.
‘““We’re always searching for
ways to accommodate needs,
improve our service and the
quality of our product. Baha ©
Mar’s growth coincides with
Bristol’s growth. Our company
is-proud to do business with
them and wish the best for
their company in the future.”

Job Vacancy
for |

Position Summary:

Plan and execute audits in accordance with accepted professional standards to
determine compliance with compay policies and procedures and adherence to
applicable laws and regulations.

Primay Duties and Responsibilities:

e Develop detailed audit plans and programmes

° Evaluate the adequacy and effectivness of internal controls

¢ Execute detailed audit procedures including reviewing transactions,
documents, financial records, policies and operating procedures and
prepare work papers documenting the audit procedures performed

e Evaluate strategies and develop recommendations

e Prepare comprehensive written reports

¢ Undertake follow-up to determine adequacy of corrective actions

e Provide assistance to external auditors as requested.

Qualifications and Experience:

¢ Bachelor’s degree in acounting or related field and professional
certification (CPA, CA, ACCA, CFA)

¢ Strong oral and written communication skills

° Excellent computer skills

¢ Five (5) years experience in a managerial position

Interested persons should provide copy(ies) of their degree(s) and transcript(s)

to:

The Human Resources Manager
c/o DA Number 19301

P.O. Box N-3207
Nassau, Bahamas

Deadline: Wednesday, June 27, 2007

cha


THE TRIBUNE

TUESDAY, JUNE 19, 2007, PAGE 9B



— ii a =
To atlvertise in The Tribune, just call 322-1986 today!

More than

50 real estate

brokers attend

two-day course |

MORE than 50 Bahamas Real Estate Asso-
ciation (BREA)-licensed brokers and salesper-
sons attended a two-day CRS course (Certified
Residential Specialist), part of the organisa-
tion’s continued 2007 programme of educational
courses for members.

The-CRS course (Certified Residential Spe-~

cialist) was held with Zan Monroe as lecturer,
- and attendees are currently awaiting their exam-
ination results.



@ PICTURED are members of the BREA
education committee with instructor Zan Mon-
roe, second from the left. From L to R: Greg
White of King's Realty; lecturer Zan Monroe;
William Wong, BREA vice-president; BREA
board member Lana Munnings-Basalyga;

’ BREA board member Theadore Sealey.

(Photo: Keith Parker,
PS News/Features)

NOTICE OF VACANCY

A vacancy exists at The Grand Bahama Port Authority, Limited for one (1)

EXECUTIVE SECRETARY.

Qualifications and Pre-requisites:

Duties:

Résumés with supporting documentation should be submitted to:





Must possess excellent shorthand skills

Minimum of five (5) years secretarial or administrative experience
Associates Degree in Secretarial Science, Business Administration or related
area

Good command of English language (verbal and written)

Working knowledge of Microsoft Word, Excel and Outlook programmes
Good organizational skills and ability to multi-task

Ability to work without direct supervision and under pressure

Confidential and flexible

The successful candidate will be responsible for providing high quality
secretarial and professional client services, including handling the telephones
and office correspondence; arranging and coordinating travel, meetings and
appointments; preparing itineraries and agendas; following up on outstanding
matters; handling and processing invoices for payment; faxing; organizing,
updating records and maintaining the filing system.

The Personnel Department :
The Grand Bahama Port Authority, Limited
P.O. Box F-42666
Freeport, Grand Bahama
or
Email: personnel@gbpa.com
On or before July 6, 2007



ife

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PAGE 10B, TUESDAY, JUNE 19, 2007 TRIBUNE



oO ee
Bank moves
toimprove —

small business
accounting

THE Bahamas Develop-
ment Bank (BDB) has spon-
sored the first of its planned
accounting and record keep-
ing seminars at the College of
the Bahamas (COB), aiming
to equip Bahamian entrepre-

' neurs with skills in an area

most small businesses are weak
in.

Fritz Stubbs, the BDB’s act-
ing chairman, said in a state-
ment: “We at the Bahamas
Development Bank are con-
vinced that in order for our
customers to move further, it
can only be done through an
educational process. The days
when you could start a busi-
ness not knowing where you
are at or where you are going
no longer exist.”

In a message aimed at small
businesses, he added: “We
want you to succeed, and when
you succeed, we succeed. We
are mandated to ensure not
only that the bank makes a
profit, but once you are trained
in the business, once the busi-
ness is profitable and can go
on, your children can continue
the business.”

Simon Bain, proprietor of
Fly Fishing Adventure, a bone
fishing company, said: “The
Bahamas Development Bank
has been working with us for
over 10 years. From these sem-
inars I hope to enhance my
business management skills,
which will help to make my
business more profitable and
also to have more fun as an
entrepreneur.

“For those who are afraid of

failure, these are the kinds of

seminars you need to attend.”

winners will
Soil and

Comparing commercial
banks to the BDB, Mr Stubbs
explained: “One of the main
goals of the bank is not only
to grant loans, like the com-. °
mercial bank, but to educate’
the business owners, get them
trained to do proper record
keeping, knowing their product
and how to build a successful
business.

“The BDB works with you
along the way so that we can
tell well in advance before you
collapse what problem is devel-
oping, and what is the solution,
because it is the duty of the
BDB to help the Bahamian
entrepreneur.”

Record |

Cheryl Alexandre, of Sweet
Indulgences Eatery and Cater-
ing, said: “Accounting and
record keeping is the pulse of a
business. Sometimes this is a
challenge for many small busi-
ness owners, so I look forward
to gaining a wealth of knowl-
edge, and I commend the bank ;
for this initiative.”

Looking back at theit
records, most default loans are
due to the lack of record keep-
ing, according to Mr Stubbs.

At the conclusion of each
tutorial with professional
accountants, participants are
given the opportunity to ask
questions. This seminar is open
to BDB clients, potential
entrepreneurs and all interest-
ed Bahamians. The seminars
will be held once every six
weeks in Nassau, and once
every three to four months
throughout the Family Islands.