Citation
The Tribune.

Material Information

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

Subjects

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

Notes

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

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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_02921 ( sobekcm )

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Full Text
75F
CLOUDS, SUN

and T-STORM





Volume: 103 No.173



Ethanol could give
BISX commodities

a trading arm

Chief executive RE OTR TEL

PLP contests only 8 seats

Golden Isles and
Sea Breeze results
not to be challenged

@ By PAUL TURNQUEST
and BRENT DEAN
Tribune Staff Reporters

THE PLP will not be con-
testing the Sea Breeze and
Golden Isles constituencies. in

_ election court as was previously
expected.

Sources told The Tribune that
the party fears the probability of
winning the seats is too low to
risk the $200,000 legal fees. the
challenges would cost.

Michael Halkitis, who lost the
Golden Isles seat to Charles
Maynard, told The Tribune that
he and his team investigated
claims of voter irregularities,
but were unable to substantiate
these claims within the legal
time limit for initiating such
challenges, to the extent of war-
ranting a court challenge.

“We suspect that there were
some persons who registered
and did not live in the area,” he
said. “We had gotten reports
that there were individuals who
had registered and they weren’t
entitled to register - i.e. they
weren’t citizens. But again, we
weren’t able to uncover our-
selves where that might have
been the case.”

Mr Halkitis said that he made
the ultimate decision to not con-
test the seat, and the full time —
up until Monday — was used to
consider the evidence before
them.

Despite the loss, Mr Halkitis °

added that he intends to be an
active voice for his former con-
stituents and will be back in the
next election to again seek their
confidence.

“T’ll be back seeking their
support. If they so desire, then

“You



@ MICHAEL Halkitis

they’ll put me back. But, I don’t
intend to go anywhere,” he said.
The Golden Isles and

Seabreeze seats were lost by 62.
_ and 64 votes respectively, with

the two losing PLP candidates —
Mr Halkitis and Hope Strachan
— both being named to the Sen-
ate.

PLP attorney Valentine
Grime was the first to publicly
indicate that Golden Isles and
Seabreeze were two of a possi-
ble five seats that the party

- would probably contest.

While Wayne Munroe, one
of the party’s attorneys in the
court challenges, has stated 'that
non-citizens voting and eligible
citizens being unfairly barred
from the polls, will be major
components of the PLP cases.

Mr Munroe, Philip Davis and
Damien Gomez make up the

‘PLP’s legal team for the elec-

tion court challenges in Blue
Hills, Pinewood and Marco
City, which are all currently
held by FNM cabinet ministers.

Hope Strachan was unavail-
able for comment.

Gan ig Blown,

Or you can rest easy knowing
that you have excellent insurance

The Tribune

#1 PAPER IN CIRCULATION
Che Miami Herald

BAHAMAS EDITION

WEDNESDAY, JUNE 20, 2007

Tough |
CALL

Larry Smith iy Aeene rr




ELC:

LUC ELE A COC TLL Mat TCR Oat Teh Co





Straw vendors complain at possible move



STRAW vendors say hisy do not want te be relocated to the Prince George Dock building,
despite complaints about the conditions they presently work in

B® By ALISON LOWE
Tribune Staff Reporter

A GROUP of straw market
vendors protested yestetday on
the basis of security, space and
economic concerns against the
perceived intention of the gov-
ernment to relocate them to a
building on the Prince George

(Photo: Tim Clarke/Tribune staff)

Dock — allegedly without con-

sultation.

Despite previously com-
plaining of poor working con-
ditions, the vendors — who
claim their views are represen-
tative of around 85 per cent of
their colleagues - announced
that they want to remain in
their tented Bay Street location

until a new building is com-
plete.

They fear that once removed
from Bay Street they will not

~ be allowed to return to the his-

toric location, and suspect busi-
ness will fair badly in the most
easterly location.

SEE page 10

Concern as
government
‘dismantles’
Urban
Renewal
Project

THE award-winning Urban
Renewal Project is being dis-
mantled under the FNM gov-
ernment.

Community police stationed
in the inner city under the
umbrella of the Project were
Tuesday told to pack their
belongings and hand over their
keys to a Ministry of Housing
administrator.

And they were instructed to
park their vehicles at police
headquarters on East Street and
report for re-assignment on Fri-
day, according to well-placed
sources,

There are nine Urban
Renewal Projects centres in
New Providence with about 30
police attached to them.

The project is being scrapped
to make way for a new neigh-
bourhood/community policing
model which, police say, is part
of an ongoing and broad- based
initiative.

SEE page 10



Appeal calls life Search still on George W Bush

imprisonment
definition into
question

@ By NATARIO McKENZIE

THE definition of the term
“life imprisonment” as it relates
to Bahamian law was called into
question yesterday as an
inmate, appealing his life sen-
tence, appeared in the Court of
Appeal

onvicted murderer For-
rester Bowe, who is appealing
his sentence of life imprison-
ment which was handed down
by a Supreme Court judge last
year, appeared in the Court of
Appeal yesterday with his new
legal team.

In December 2006 Bowe
was re-sentenced to life impris-
onment by Senior Supreme
Court Justice Anita Allen hay-
ing initially been sentenced to
death in 1998 by the same judge
for the murder of Dion Patrick

SEE page 10

for passenger
missing off
Eleuthera

@ By KARIN HERIG
Tribune Staff Reporter

THE US Coast Guard yes-
terday continued its second day
of searching for a cruise pas-
senger who disappeared from
his ship in an area east of
Eleuthera.

According to reports, the 24-
year-old man went missing from
the Freedom of the Seas at
around 1.45am on Monday. He
was reported missing seven
hours later.

The Royal Caribbean Cruise
Line, who owns and operates
the Freedom of the Seas, said
that the missing passenger was
last seen by his relatives on his
stateroom balcony.

The US Embassy in Nassau
yesterday confirmed that both
a helicopter and a C31 aircraft

SEE page 10

to meet leaders
of Caribbean
Community

US President George W
Bush will meet in Washington
today with the prime ministers
and presidents representing the
15 nations of the Caribbean
Community, the White House
announced yesterday.

Prime Minister Hubert Ingra-
ham, with his deputy leader
Brent Symonette who is the
minister of Foreign Affairs, are
in Washington to attend the
“Conference on the Caribbean
— A 20/20 Vision”.

According to US officials, the
conference will continue the
important dialogue between the
United States and CARICOM,
as it forms “an integral part of
the President’s Western Hemi-
sphere Initiative.”

The conference is expected
to examine how to foster eco-
nomic growth, and build on the

SEE page 10

Bahamian
returns home
after fighting

in Iraq

@ By DENISE MAYCOCK
Tribune Freeport Reporter

A Grand Bahama son is
returning home after serving in
Iraq and Afghanistan and
receiving commendations for
bravery and courage while serv-
ing in the British Army over the
past decade.

Adam Goldsmith, 37, the son
of well-known residents and
retired educators and youth
workers Terry and Dorothy
Goldsmith of Freeport, is the
only Bahamian serving in the
British Army as a Training and
Drill instructor.

The Goldsmiths are very
proud of their son who has suc-
cessfully completed almost 10
years of active service in the
UK, and who has been com-
mended for his demonstration

SEE page 10

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PAGE 2, WEDNESDAY, JUNE 20, 2007
DT aes a ae

BUT president ‘optimistic’ about FNM

@ By MARK HUMES

BAHAMAS Union of
Teachers president Ida Poitier-
Turnquest has expressed cau-
tious optimism in the new
administration’s ability to bring
resolution to some of the BUT’s
1,200 unresolved issues.

Laying out some of the
union’s most pressing issues, Mrs
Poitier-Turnquest said that there
are persons who have yet to be
paid gratuity and allowances for

services performed.
“We still have persons who
have not been paid gratuity and

heads of departments who have
not been paid their allowances,”
said Mrs Poitier-Turnquest.
“We still have persons who
have not received allowances

for work that they have com-

Ancient Man, O

Poitier-Turnquest lays out most
pressing concerns facing teachers



pleted in terms of after school
programmes.”

Additionally, said the union
president, there were persons
who have been waiting for more
than a year, and in one case, up
to 10 years, to have salaries
reassessed and corrected.

“This poses a problem,” not-
ed Mrs Poitier-Turnquest,
“because these persons (who
have been waiting for more
than a year) are being paid by
vouchers, and that means that



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because you have to have a let-
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employed and this is your
salary.”

Mrs Poitier-Turnquest said
that the BUT is presently dis-
cussing these matters with the
new Minister. However, she
said, it was too early to make a
judgment on how quickly these
matters would be resolved.

“They have made a promise





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that they will have things done,”
said Mrs Poitier-Turnquest.
“What they have told us is that
things have moved from the
Ministry of Education and they
are now in the Department of
Public Service or the Treasury.
So, we are waiting for things to
come back down.”

As to the hints being dropped
by the Minister of a proposed
increase in teacher’s pay, the
teacher’s union head said she
was not sure if the proposed
increase is connected to adjust-
ments coming out of a much
anticipated public service com-
pensation study.

“We are awaiting the com-
pensation study, and I believe
that the proposed increases may
be connected to that. But Iam
waiting to speak with the min-
ister to see if it is in fact a part of
the compensation study,” said
Mrs Poitier-Turnquest.

Teachers, she said, were
aware that they would have
seen increases in their salaries
after the compensation study
was completed, but she
expressed disappointment in the
length of time it has taken to
conclude the study.

“Our increases hinge on that
study,” said Mrs Poitier-Turn-
quest, “and they are saying that
they will not complete the study
until October, then they will
have to present it to the gov-
ernment before any action is

THE TRIBUNE



@ BUT president Ida Poitier Turnquest

taken.”

Now, she is concerned that
teachers will not see the pro-
posed increases until sometime
in 2008.

Last week, while addressing
the House of Assembly, Minis-
ter Bethel himself noted that
there were more than 1,200 per-
sonnel issues and complaints

left unresolved by the previous

administration.
During the address, the min-
ister said: “In order to bring

focus to remediation and soly-
ing all such job-related human
welfare issues, we will be sec-
onding a total of three highly
experienced human resource
officers from other ministries
to aggressively resolve these
issues.”

Contacted yesterday, an offi-
cial from the Ministry of Edu-
cation confirmed that the Min-
istry is working diligently with
the BUT to satisfactorily
resolve all outstanding matters.

Parents called on to take responsibility
for damage done by their children

@ By MARK HUMES

IDA Poitier-Turnquest, pres-
ident of The Bahamas Union
of Teachers, yesterday urged
Ministry of Education officials










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to enforce laws to ensure par-
ents play a more proactive role
in their children’s educational
success.

The union head’s request
came one day after the Minister






of Education, Carl Bethel, and
his ministry team announced
plans for summer renovations
of public schools.

“Parents should, one, provide
their children with tools when
they are coming to school, and
two, speak to their children
about the destruction of the
school property,” said Mrs
Poitier-Turnquest.

“This summer, there will be
repairs to all of the bathrooms,
painting will be done, and all of
that. But by December, there
will be broken toilets, there will
be graffiti on the walls, and this
is being done by the students,”
she pointed out.

“This is a lot of money wast-
ed, and this really needs to stop.
I really wish the government
would insist on parents being
responsible financially if a child
is found guilty of destroying
school property. Parents should
be held responsible by law for
their underage children’s activ-
ities in the school,” concluded
Mrs Poitier-Turnquest.

In admonishing some parents
for their hands-off approach to
their children’s educational
well-being, Mrs Poitier-Turn-
quest challenged them to stop
making excuses, and “step up
to the plate.”

The union president said that
parents should make sure that
they know what is going on in
school and that they know
where their children are, as they
are responsible for their school-
age children.

On Monday, one school offi-
cial told The Tribune: “We have
report cards that have not been
collected for two to three
years,” and he indicated that
those students were still attend-
ing school.

However, with the ministry’s
National Report Card Day
approaching on Thursday, Mrs
Poitier-Turnquest said that she
did not believe that a child
should be allowed to return to
school unless a parent or
guardian had been to the
school.

“Parents can ask their
employers’ leave to pick up
their children’s report cards,
and if they cannot make it at
the scheduled time on Thurs-
day, they can contact the school
and make a new appointment.

“Teachers are always willing
to sit at another time more con-
venient to that parent to speak
about the progress of their child.
There has never been a prob-
lem with that,” said Mrs Poitier-
Turnquest.

“fam sure that teachers will
continue to make themselves
available to parents and will be
more than happy to:see them.”

TROPICAL
EXTERMINATORS

Bee RHE
PHONE: 322-2157





fRIBUNE

WEDNESDAY, JUNE 20, 2007, PAGE 3



ZEEE ee SS es
Downtown traders concerned.

at falling cruise ship numbers



In brief

Man faces
armed
robbery
charges

A MAN was remanded to
Her Majesty’s Prison yester-
day after being arraigned in
Magistrate’s Court on a sev-
eral armed robbery charges.

Demarko Miller, alias
“Polo”, 23 of Palm Beach
Street, was arraigned before
Magistrate Guillimena
Archer at court number 10,
Nassau Street.

He is accused of robbing
several stores between May
10 and June 9 this year.
According to prosecutors,
Miller attempted to escape
while heading to court yes-
terday, but was recaptured.

Court dockets state that
that Miller, while armed with
a handgun, robbed several
establishments.

Miller is accused of rob-
bing the establishments of
hundreds of dollars in cash,
cellular phone cards and
clothing. He is accused of
robbing Jill’s Kitchen, John
Chea and Son’s No 3,
Wemiska’s Clothing Store, J
& D Convenience Store, K
& M Convenience Store, Sun
Luck Restaurant, Nimi’s
Convenience Store, and T &
K Convenience Store. Miller
was not required to plead to
the charges and was remand-
ed to Her Majesty’s Prison.
The matter was adjourned to
October 4.

Man is
accused of
intimidating
witness

A 32-YEAR-OLD man of
South Beach accused of cor-
rupting and intimidating a
witness was arraigned in
Magistrate’s Court yesterday.

According to the court
records, Montry Thompson,
between May and June 2007,
offered Kareem Dean $2,000
in an attempt to prevent him
form giving evidence in a
criminal court proceeding. It
is further alleged that
Thompson on Thursday,
June 14, 2007 threatened and
attempted to intimidate
Kareem Dean to prevént him
from giving evidence before a
criminal court.

Thompson, who was
arraigned before Magistrate
Sus? a Sylvester at court num-
ber 11, Nassau Street, plead-
«4 not guilty to both charges.
He was remanded until Fri-
day when he will return to
court for a bail hearing.

INSIGHT

For the stories
behind the
news, read
Insight on
Mondays

@ By ASHLEY THOMPSON

DOWNTOWN Nassau mer-
chants yesterday expressed con-
cern over the predicted
decrease of cruise ship arrivals.

Small businesses were anx-
ious because a large percentage
of their customers are cruise
ship passengers.

A manager of Bahamian
Marketplace, on Prince George
Wharf, said: “They (cruise ship
passengers) are our most valu-
able customers.”

She explained that the ships
pulling out, the Royal
Caribbean Voyager ships, stay
overnight, allowing the passen-
gers to leave the ship twice.

This often brings the store
more business as passengers
who did not get off the day
before can choose to visit down-
town the following morning.

Another store manager on
Prince George Wharf stated
that the store, Old Nassau;
would definitely be affected.

Stores on Bay Street are also
anxious to see what will hap-
pen to them. Management at
the Linen Shop admitted: “This
is more of a disaster than
thought.”

Manager Heather White
explained that the Royal



= Se



@ A CRITICAL drop in cruise passengers has been predicted this summer

Caribbean Voyagers” passen-

gers tended to spend a good
deal of money in the store.
When these ships were in port
there was a noticeable differ-
ence at the Linen Shop.
Another Bay Street store,
Del Sol, is also worried about
what will happen over the next
few months. Although Del Sol
has not felt the impact yet, they
do expect to be affected over
the summer as most of their

customers come from the ships.

A strong impact is already
being felt by stores such as Pipe
of Peace. Operations manager,
Richmond Fowler, stated:
“Business has decreased dras-
tically.”

Recently, there have been
fewer tourists visiting the store
and it has created concern
about the possibility of closing
down.

To counteract this decrease,



Lawyer to continue fight to keep
cell-masts away from schools

A FAMILY Island lawyer is
pressing ahead with his cam-
paign to have cell-masts
removed from school grounds.

He alleges that the masts are
a danger to health, and wants
the government to make a full
appraisal of the risks.

Lloyd Johnson, of Governor’s

Harbour, Eleuthera, is particu-
larly concerned about masts at
Central Eleuthera High School
and James Cistern Primary
School.
_ He wants the masts moved
into remote areas where they
are less likely to cause hazards
such as tumours and other ail-
ments through radiation.

The Ministry of Education,
Youth, Sports and Culture
wrote to Mr Johnson last week
saying the BEST Commision
would make an evaluation.

But he maintains that the
commission is ineffective. “My
difficulty with the BEST Com-
mittee is quite simple, it hardly
ever convenes a meeting, a ser-
vice head has not been appoint-
ed, and it lacks the technical
expertise to evaluate cell tower
sites,” he told The Tribune.

In a letter to the ministry, Mr
Johnson claims that, during the
entire time Keod Smith was
chairman, the commission was
noted for its inability to make a
decision about matters of
national importance.

“The issue regarding BTC’s
locating cell sites, within the
perimeter of school premises,
in my view requires a more
definitive and thorough
approach.

“I would suggest that BEST
are hardly equipped to evalu-
ate anything of this nature, it
lacks the technical expertise
necessary to do so.”

Mr Johnson added that if

aaa Available Through
ero ain





‘BTC had placed cell towers

where noted there must be a
proper trail indicating reasons
for the decision and technical
data to support the decision.

“As a lawyer, Iam concerned
about the impact of high levels
of radiation associated with cell
towers. As a father and hus-
band, I am concerned about my
wife teaching in an environment
that is fundamentally unsafe.

“If, in fact, in your capacity
you are unable to cause BTC
to undertake an evaluation at
its expense, then I am prepared
to engage the Supreme Court
to ensure compliance with our
laws.”





H@ KEOD Smith - Lloyd Johnson says the BEST Commission
‘avoided making decisions under his chairmanship

Studies in the UK have estab-
lished possible links between
cell masts and cancer clusters
in certain areas.

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‘Pipe of Peace will be devising a

strategy to encourage tourists
to spend more in the downtown
store. :

Mr Fowler said there was
concern that the few tourists
coming off the ships were being
transported to Paradise Island
instead of remaining downtown.

Other concerns of downtown
merchants are that the passen-
gers choose not to come off the
ships because they are “contin-

uously harassed from the
moment they step off the ship
until the moment they get back
on,” Mr Bethel said.

Taxi-drivers, hair-braiders
and bums bother tourists the
entire time they are downtown.
This, along with the general
state of the area, is why many
repeat visitors choose to remain
on the ships when they dock in
Nassau.

He also claims that “there is
absolutely no law enforcement”
despite the presence of a few
police officers. Mr Bethel
believes that law enforcement
is necessary downtown and may
motivate more tourists to come
off the ships.

Currently, the Nassau
Tourism and Development
Board is working to enhance.
the downtown experience for
tourists.

Improvements may increase
the amount of money passen-
gers spend, as well as encour-
age more visitors to stay
overnight.

Susan Pattusch-Smith, the
board’s executive director,
emphasised the need to
improve the overall product of
downtown Nassau in order to
make it a “can’t miss” destina-
tion for foreigners.

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PAGE 4, WEDNESDAY, JUNE 20, 2007 THE TRIBUNE



ERS TO THE EDITOR

~The removal of
Steve McKinney

The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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 losing its position in tourism

“THE 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,
Barbados and the US Virgin Islands, something
officials said ‘underscores the vulnerability that
we have’ to the US Western Hemisphere Trav-
el Initiative,” wrote Tribune Business editor
Neil Hartnell in Tuesday's Tribune.

From January to March this year, stopover
visitor arrivals fell by 5 per cent compared to the
same period last year, dropping to 389,597 from
last year’s figure of 409,077. Ministry of
Tourism officials estimate that per capita spend-
ing of stopover visitors totals $1,020. These fig-
ures would then translate into a decline of about
$19.87 million in stopover tourist expenditure
for the first quarter of this year compared to last
year.

It is true that the US travel initiative (WHTI)
— requiring all US citizens who return home
from Caribbean destinations by plane to have
passports— has been a heavy blow, it would
be a mistake to believe that this is the cause of
all of the industry’s problems.

Mr Frank Comito, the Bahamas Hotel Asso-
ciation’s executive vice president, while recog-
nising that the WHT] initiative is probably the
“top factor” affecting stopover tourist arrivals
this year, admits that the loss of room invento-
ry, especially during hotel renovations on the
Cable Beach strip, and the relatively soft mar-
keting campaign compared to other destina-
tions, has not helped.

The Christie government’s long, drawn-out
negotiations with Vancouver airport services
to take over management of Lynden Pindling
International Airport certainly negatively affect-
ed the industry. As a matter of fact because of
the poor conditions at the airport, which includ-
ed inferior security, a malfunctioning radar sys-
tem and much needed maintenance, the US
refused to extend its pre-clearance facilities to
private jets.

It was just a month before the May 2 election
that the Christie government signed the airport
contract with Vancouver. And so for a much

needed project that should have been almost
completed, work is just beginning. While
tourism figures fall, officials are trying desper-
ately to make up for five years of lost time.

But other factors have to be considered,
crime being ore of them. For example, cruise

ship passengers often spend the few hours that .

they have in port sunbathing and swimming at
the beach at the Western Esplanade.

On Monday two cruise passengers — hus-
band and wife — turned up at the US Embassy
after a day on the beach having had everything
that they had taken with them stolen. This

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included not only all their money, but also their
credit cards and the ID passes to return to their
cruise ship.

Security is so tight at Prince George dock
that no one can get near the ships without their
ID pass. The passengers had to be back on
board between 5pm and 6pm if they were to sail
with the ship early the next morning. However,
without their identity cards, there was no way
that they could get to their ship. The Embassy
called the ship’s agent who had to contact the
cruise ship to identify the passengers with their
stateroom number. Eventually the passengers
got back to their stateroom, but with all their
valuables in the pocket of some disreputable
local thief who roamed the beach that day. And
this despite the fact that a manned police station
is located just opposite the beach.

Apparently, this is not the first time that this
has happened to a cruise ship passenger.

In this column yesterday we reported that
for the past three years cruise ships have been
turned away from Prince George wharf because
there are not enough berths.

At a meeting with the former Minister of
Transport Glenys Martin-Hanna on M
arch 18, 2005, as a result of letters of complaint
from the shipping industry to the Port Con-
troller, it was suggested that government extend
the dock by 200 to 250 feet as was done very
economically in Puerto Rico. A similar dock
extension was done in the Turks and Caicos,
which, it is understood continues to be an attrac-
tive port of call for cruise ships. With such an
extension it was felt that more cruise ships could
be accommodated.

They also complained about the lack of trans-
portation from the cruise ships to the Welcome
Centre. There is about 2,500 feet from the far-
thest berth to the Centre. Apparently the shut-
tle service provided is not satisfactory. It has
been reported that if no passengers are return-
ing to the ship from the Welcome Centre, no
one bothers to operate the shuttle. What the
shuttle operator fails to understand is that pas-
sengers waiting at the ship’s gangway for the
shuttle, return aboard ship in disgust. No won-
der Bay Street merchants are complaining about
poor trade.

It is understood that six “trans,” which could
be put into shuttle service at Prince George’s
dock, have been sitting on the eastern end of
Potters Cay near the port’s “graveyard” since
their arrival.

It is the neglect, indifference and failure of
Bahamians to get the job done that has con-
tributed to the Bahamas’ dramatic tumble from
No. 1 position in an industry that this country
once dominated. Not too long ago the Bahamas
was the envy of the region.

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EDITOR, The Tribune.

LET me first congratulate the
Right Hon. Hubert Ingraham and
the FNM all its members and sup-
porters on the great victory they
achieved on May 2, 2007. Let me
also say how happy L am that the
former member for Bamboo
Town, Tennyson Wells has been
banished to the political wilder-
ness—hopefully never to return.
Tennyson holds the singular dis-
tinction of having made himself
politically irrelevant even as he
served. The voters of Bamboo
Town demonstrated that they
were thoroughly disgusted by Mr
Wells’ performance the past five
years.

On another matter—the recent
comments by Prime Minister
Ingraham concerning Steve McK-
inney of ZNS has set off quite a
fire storm. Many FNMs feel that
the Prime Minister was justified—
PLP’s are screaming bloody vic-
timisation. I for one feel very
strongly that the removal of Steve
McKinney from the public air-
ways would be in the national and
public interest.

A few months ago I wrote a
letter to your paper complaining
about Steve McKinney’s behav-
iour and conduct of the ‘Immedi-
ate Response’ programme. As |
was about to send in that letter
Mr McKinney suffered a family
tragedy. Not wanting to kick Mr
McKinney while he was down, I
withheld the letter. On Mr McK-
inney’s return to ‘Immediate
Response’ he was apparently so
affected by that tragedy that he
had a week of programmes on
crime. Thinking that Steve McK-
inney had reformed I felt that
there was no need to send the let-
ter. But a few days later Mr McK-
inney was back at it worse than
ever—which prompted me to
send in that letter the week before
election. | am still hoping and

~ would greatly appreciate that you

publish it.

While I do not in that letter
call directly for Mr McKinney’s
dismissal—lI feel that I lay out a
pretty case as to why he deserves
to be dismissed.

There have been many charges
that Steve McKinney is biased—
this charge. is inaccurate. Steve
McKinney ‘is actually a partisan.
He used the public airways—the
people’s rao and television sta-
tion to actively and openly cam-
paign for the PLP even while he
stifled the voices of opposition.
He went so far as to exhort Perry
Christie and the PLP to go on the
offensive and not allow them-
selves to be mauled by the oppo-
sition.

Claims that Steve McKinney’s
partisanship began with the gen-
eral election campaign are also
inaccurate. As I stated in that first
letter—tt is quite clear, at least to
me that Steve McKinney came
to ‘Immediate Response’ with this
agenda. Just witness the pro-
gramme with Loretta Butler
Turner which aired shortly after
McKinney took over ‘Immediate
Response.’ On that programme
McKinney repeatedly referred to
FNM leader Hubert Ingraham as



Hag BeAaS

letters@tribunemedia ne:



the ‘maximum leader.’ Instead
of allowing Mrs. Butler-Turner
to address her party’s plans and
policies McKinney virtually
harassed her for two hours about
Hubert Ingraham being a dicta-
tor. When listeners called in and
objected to his treatment of Mrs.
Butler-Turner—McKinney
branded them ‘FNM operatives’
and told them pointedly “If you
can’t take the heat—stay out of
the kitchen!”

It is however true that Mr
McKinney’s partisanship intensi-
fied along with the election cam-
paign. For instance, a week and a
half before the election he made
a direct and unmistakable refer-
ence to Hubert Ingraham as a
UBP puppet. Speaking about the
hidden forces foolishness that
Perry Christie constantly
mouthed during the campaign
McKinney said that he had at

home in his personal library a |

speech made by Donald D’Albe-
nas made at the D’Albenas
Agency after the ‘Bay Street
Boys’ lost the government to the
PLP! He quoted D’Albenas as
saying “We have to find us some-
one from among them—some-
one that lives like them, that looks
like them, that talks like them but
answers to us.”

McKinney went on to say “they
didn’t find their man right away—
but twenty years later, they found
their man.” “Hubert Ingraham—
a great guy, fiery and all that won
the government in 1992. Twenty
years later they had their man.”

Steve McKinney’s behaviour
became so predictable, his interest
and intentions so obvious that in
the weeks leading up to the elec-
tion, angry though we were, some
of us FNM supporters in Freeport
were laying playful bets as to
which ‘Hubert Haters’ McKin-
ney would have on his show lead-
ing up to election day. And pre-
dictably they all came.

Pierre Dupuch, George
Capron, Tennyson Wells, Al Jar-
rett. All brought in to savage
Hubert Ingraham. On the day
before Election most of us were
expecting ‘Bulgie’ Allen and were

somewhat disappointed when.

Lester Turnquest turned up
instead— along with Mr Ingra-
ham’s independent North Aba-
co opponent Cay Mills.
Speaking of Cay Mills, I had
an interesting little experience
indirectly involving Mr Mills. On
the day Tennyson Wells appeared
on ‘Immediate Response’, Mr
Wells— as was apparently his cus-
tom from the time he awakened
each morning just tearing into
Hubert Ingraham. At one point
he accused Mr Ingraham of being
so spiteful and vindictive that he
had refused to open the clinic in
South Andros for years. Now
being that I am from South
Andros I know that the clinic had
been built by the Pindling Admin-
istration and left shuttered up for

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years by that Administration
because it had purportedly been
built below the high water mark.
I felt that Tennyson Wells hav-
ing been a member of the Ingra-
ham Administration would have
known this so I attempted to call
‘Immediate Response’ to tell Ten-
nyson that he was talking fool-
ishness.

When I eventually got through
the young lady that answered
asked me to call back in five min-
utes as they were holding the line
open for a call from a Minister.
About a minute and a half after I
reluctantly hung up, Mr McKin-
ney announced that Cay Mills,
Hubert Ingraham’s North Aba-
co opponent was on the line. For
the next ten to fifteen minutes
Mr Mills went on to rip Mr Ingra-
ham calling him a terrible repre-
sentative who had done very little
for the constituency and who had-
n’t even sat and spoken to his
constituents in fifteen years.

After Mills signed off, the show
ran for another fifteen minutes
or so without a minister ever call-
ing in. I concluded at that
moment that Mills was the person
for whom the line had been
cleared. I also deduced that Mills
had not called voluntarily but that
Steve McKinney had somehow
learnt that Mills held these strong
negative views of Hubert Ingra-
ham and, and it was my impres-
sion that he had therefore sought
him out and solicited that call.
This conclusion was born out to
my mind when just a few days
later, on the day before Election
Cay Mills showed up on ‘Imme-
diate Response’.

Now, ordinarily a mediocre
Independent candidate like Cay
Mills would never have been
invited on ‘Immediate Response’.
In my opinion what made Mr
Mills attractive to Steve McKin-
ney was that he like Wells,
Capron, Turnquest, and Dupuch
had strong negative views of
Hubert Ingraham and were very
willing to express them.

It would be correct to conclude
that I did not merely listen to
Steve McKinney, I monitored
him. It can also be fairly conclud-
ed that I have no respect whatev-
er for Mr McKinney as a journal-
ist. Mr McKinney appeared not to
even know the functions and
responsibilities of a journalist, ’
especially one operating at a pub-
lic facility. I heard him say on sev-
eral occasions that since the
Broadcasting Corporation was
government owned he had a
responsibility to support and pro-
mote the government’s position.

His response to charges of bias
was usually that “Everyone is .
biased, I’m biased, you’re biasec: ~
The Tribune is biased. In fact The
Tribune is more biased than me!”
He was simply unable to grasp
the difference between the pri-
vately owned Tribune and the
publicly owned Broadcasting Cor-
poration. He certainly had no
appreciation for the fact that like
all other feelings, we humans
have the ability to feel bias but
not display it.

Which brings me to Jeff Lloyd,
who is in my view the best talk
show radio host in this country. I
have no clue who Jeff Lloyd
prefers politically, he displays no
preference. Lloyd is known to
criticise and praise both parties
and he is forever challenging
assertions by all sides. And he is
on a privately owned station.

Steve McKinney on the other |
hand allows the most ridiculous
statements and assertions to
stand, especially if they are made
by PLP’s. For example about five
months ago the ‘Immediate
Response’ programme aired from
Freeport for a couple days, every-
one interviewed complained
about the hard times being expe-
rienced in Grand Bahama. On
one of these programmes
Doswell Coakley who would go
on to become the PLP candidate
for High Rock claimed that with-
in three months all those residents
skilled and unskilled that had left
Grand Bahama to seek work else-
where could return home.

I waited for McKinney to ask
Coakley whether one pie would
fall from the, sky big enough for
all Grand Bahamians to share. I
waited in vain, not one challenge,
not one question. To further sup-
port my contention that Steve
McKinney is partisan—in the
week before the election ZNS
had its Freeport anchor Pakeshia
Parker interview the two
Eleuthera women who charged
that Brent Symonette had stolen
their land. That half hour inter-
view was heavily promoted, then
gleefully aired by McKinney on

Attention: Human Resource Department
P.O. Box SS-6704
Nassau, Bahamas
Or Fax 356-7855

‘Immediate Response’. Also only
two days before the election ZNS
took the unprecedented step of
pre-empting regular program-
ming to re-broadcast the George

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In brief Judge makes ruling over Anna

and Stern



Minister visits
urban renewal
offices on
Grand Bahama

@ By DENISE
MAYCOCK
Tribune Freeport
Reporter

FREEPORT - The
Minister of Housing and
National Insurance Ken-
neth Russell is in Grand
Bahama visiting the vari-
ous urban renewal offices
and touring housing sub-
divisions throughout the
island.

Mr Russell, who arrived
on Tuesday evening, first
visited the Urban Renew-
al Project offices and the
Pine Forest housing sub-
division at Eight Mile
Rock.

He also went into West
End, where he met with
urban renewal project
staff.

Mr Russell also visited
the West Heights subdivi-
sion, the triplex subdivi-
sion and the temporary
housing for hurricane vic-
tims.

On Wednesday, Minis-
ter Russell will visit the
Department of Housing,
and the urban renewal
and housing repair and
reconstruction office in
the Regent Centre.

He is also expected to
visit various subdivisions,
including the Sunset sub-
division, a new housing
subdivision in Hawksbill,
Frobisher Drive subdivi-
sion, and the Heritage
subdivision.

Mr Russell will visit also
the Lucaya, Marco City,
Pineridge, and High Rock
urban renewal offices, as
well as the Seahorse Vil-
lage Complex, a new
housing subdivision in
Lucaya.

While in east Grand
Bahama, he will tour the
Crown Land for settle-
ment extension at Free-
town, High Rock,
McCleans ‘Town, and Peli-
can Point.

Double honour
for Dr Harold
Munnings

ONE of Nassau’s best-
known doctors has been
honoured twice over by
fellow practitioners

IN February, Dr Harold
Munnings, the only practis-
ing gastroenterologist in
the Bahamas, became the
first Bahamian to be elect-.
ed to fellowship in the
American College of Gas-
troenterology.

This organisation has
headquarters in Bethesda,
Maryland, and was found-
ed in 1932 to advance the
scientific study and med-
ical practice of diseases of
the gastrointestinal (GI)
tract.

The college promotes
the highest standards in
medical education and ‘is
guided by its commitment
to meeting the individual
and collective needs of
clinical GI practitioners.’

Dr Munnings was again
honoured on May 1, 2007,
when he was elected as a
fellow of the Royal College
of Physicians of London.

Established in 1518, the
Royal College of Physi-
cians is a professional
membership organisation
representing the concerns
of over 22,000 fellows and
members worldwide.

Dr Munnings, a member
of the Royal College of
Physicians since 19839, is
the only Bahamian to be
honoured by this body in
some 30 years, following
the pioneer Bahamian
medical specialists, Drs —
Cecil Bethel and John
Lunn.

Dr Munnings attended
Queen's College High
School in Nassau, McGill
University in Montreal,
Canada, the University of
the West Indies (Mona,
Jamaica campus) and the
University of Bristol in
England.

He practises from
Grosvenor Medical Centre
and is a consultant at
Princess Margaret Hospital
and Doctors Hospital. He
and his wife Moneira have
two children, Harold and ;
Jennifer. i

Nicole, Birkhead

A US judge has made a
ruling in the case of Anna
Nicole Smith and the odd
pairing of Larry Birkhead
and Howard K Stern.

It does not mention
Anna’s mother, Virgie
Arthur. According to
reports, the Los Angeles
judge on Tuesday named
Smith’s former live-in ‘hus-
band’ Stern as executor of
her estate and Birkhead as
guardian of his and Smith’s
daughter, Dannielynn.

Superior Court Judge
Mitchell Beckloff told
lawyers he was concerned
about a clause in Smith’s will
disinheriting any children
born after her son, Daniel,

People 2 reports
that attorneys will return to
court later this year to
review Smith’s assets, which
Stern estimated at $710,000
— but which could grow sub-
stantially pending the out-
come of a battle over the
estate of Smith’s late hus-
band, billionaire J: Howard
Marshall.

This was the first Los
Angeles hearing involving
Stern and Birkhead since
February, when they clashed
in a family law court over
paternity of Smith’s now
nine-month-old daughter,
Dannielynn.

Stern participated in Tues-
day’s hearing by conference

who died last September call from the Bahamas.
three days after Dannielynn Birkhead appeared in per-
was born. son.

Industrial plant
management is

accused of ‘violating

abour laws’

CONCERNS are being raised by Bahamian workers at a
major industrial plant, where management is being accused
of violating the labour laws regarding the 40-hour work
week requirement and overtime pay.

In a letter to The Tribune, shift workers at Polymers
International Limited are claiming that they are not being
properly compensated for overtime and day-off pay —a
practice which they claim has been going on for the past 10
years.

The workers are afraid to speak out for fear of losing their
jobs, and are calling on the government to intervene by
ensuring that management adheres to the labour laws
regarding overtime pay.

The shift workers claim that they are being treated as the
normal eight-hour worker, but are required to work 12-hour
shifts each day, and are not paid for the additional four
hours worked.

Therefore, the workers believe that they are entitled to 16
hours in overtime pay each week.

“Any time worked over eight hours should be considered
as overtime, so the remaining four hours should be paid in
overtime,” according to workers i in the letter, titled The
Voice of PIL.

The workers said that if they are scheduled to work a 36-

: hour work week, they are called in to work sometimes dur-

ing their scheduled day off. The hours worked are used to
make up the 40 hours and any additional hours worked are
paid at time and a half.

“We (the voice of PIL) are humbly asking for some assis-
tance from the government. This should not be allowed at
all in the Bahamas,” the letter said.

“Not being able to voice our opinions out of fear of being
victimised by management has caused us to (consider) form-
ing a union to right the wrong which management has done
to the hardworking shift workers at PIL.”

The workers are threatening to send a letter about their
plight to Prime Minister Hubert Ingraham, and to owners of
Polymers International Limited.

“We love working at PIL. All we are asking for is to give
us what is owed to us, which is our overtime pay,” the letter
said.

Polymers International is a plastics manufacturing plant
that produces polystyrene beads, which are used to make
disposable Styrofoam cups and containers.

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@ ANNA NICOLE SMITH



@ LARRY BIRKHEAD @ HOWARD K STERN
(AP Photos)

# FROM left
(front row) — Dave
Foran, Narcotics
Affairs officer at the
US Embassy;
Charge d’A ffaires
Dr Brent Hardt at
the US Embassy;
Uttam Dhillon,
Director of Counter
Narcotics; Customs
Comptroller John
Rolle, and USCG
OPBAT Comman-
der David Billburg.

Back row from
left: Bradley
Schreiber, counselor
to director Dhillon;
TJ Hayden, CBP
Attache; Defence
Force Commander
Stephen Russell of
and Police Supt
Raymond Gibson.

Homeland Security official on Bahamas visit

DURING his visit to Nassau, the Department of
Homeland Security’s Director of Counter Nar-
cotics, Uttam Dhillon, met with representatives of
the Royal Bahamas Police Force, the Royal
Bahamas Defence Force and Bahamas Customs.

Mr Dhillon serves as the primary policy advisor
to the Secretary of Homeland Security for Depart-
ment-wide counter narcotics issues. ‘

He is responsible for developing policies that
will unify the department's counter narcotics
activities and coordinates efforts to monitor con-
nections between illegal drug trafficking and ter-
rorism.

Mr Dhillon travelled to the Bahamas to meet
with local officials to discuss joint US/Bahamian |
efforts to fight drug trafficking.

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{

PAGE 6, WEDNESDAY, JUNE 20, 2007

THE TRIBUNE



I wee eR Re ers
financial

potential and our indifference

-Nassau’s history, its

"Ya better see what ya looking,

at" — Emma Ritchie-Burnside

A\gcornixs to
Emma's great-grand-

son, architect Jackson Burnside,
"if we could see the value of
what we look at every day, Nas-
sau would have the same poten-
tial as Charleston, which has
exploited its past to the point
where even modest buildings
are extremely valuable."

He was a panelist on Island

FM's Sunday Conversation
(hosted by Patti Roker) this
past weekend. Other guests
included fellow architect Mark
Henderson, who is seeking to
revitalise the Bahamas Nation,
al Trust's historic preservation
committee; financial consultant
Dick Coulson, who is a mem-
ber of the Nassau Tourism
Development Board; and ama-
teur historian Paul Arahna.
The discussion was sparked

by a mini-supplement written —

by yours truly, which ran in The
Tribune a couple of weeks ago.
It was called: "Whatever Hap-
pened to Historic Nassau?" and
most of the photos were by
Dick Coulson, who had the idea
of trying to shame the owners of
some of Nassau's most valuable
— and most disgusting — real
estate.

We featured a selection of
buildings in the heart of the city
that, by any measure, are eye-
sores which grossly disrespect
our heritage and damage our
tourism industry. Some are
invaluable historical relics. Oth-
ers contribute much to the
Bahamian character of the com-
munity. All are derelict. And
most are owned by the govern-
ment or wealthy individuals
with the resources to do some-
thing about their condition.

That dozen or so eyesores —
properties that we classified as
the worst examples of civic irre-
sponsibility — included the 19th
century convent on West Hill
Street gutted by Canadian Jef-
frey Waterous; the spectacular

Cascadilla estate on East Street : .
’ area of a city is the most visible

left to rot by lawyer Raymond
Wong; the vacant loyalist home:
opposite Government House:
owned by retired politician
Henry Bostwick; the abandoned

Pan American sea plane termi-
nal at the Eastern Parade, and
the derelict Customs shed on
Arawak Cay — both owned by
government.

That little publication —
which included a thumbnail his-
tory of each property — gener-
ated a lot of interest among
folks who are worried about the
loss of our heritage and the
seemingly unstoppable deteri-
oration of the capital.

O ur goal was to support
the revitalization of

Nassau within the context of
historic preservation, which
means using the best of what
we already have as a founda-
tion for renewal. The plain fact
is that historic buildings are irre-
placeable, and we have neither

.the money nor the skills to

recreate the historic structures
‘that already exist.

As Paul Aranha put it, we
should do what the Romans do:
"The city of Rome is thousands
of years old, and it is wonderful
to imagine what those stones
can tell us. Millions go to Rome
every year for that very reason,



-ARRY SMITH

new residents, new businesses,
tourists, and others to your
community."

Fortunately, Nassau retains
much of its early architecture
and streetscapes, although they
are little appreciated and fad-
ing fast, despite the fact that
this historical context can gen-
erate big business. For exam-
ple, the main attraction for Key
West, Florida, is the unique
scale and character of its
(Bahamian) architecture and
the history that surrounds it.
The commerce produced by
that attraction is extraordinary.

It's the same with Charleston,
South Carolina — a town no
older than Nassau that shares
a close historical connection
with our capital. Since the His-
toric Charleston Foundation
launched its renewal pro-



We featured a selection of
buildings in the heart of the

‘city that, by any measure, are

eyesores which grossly
disrespect our heritage and
damage our tourism industry.



and lots of people will come
here to share our history.
"More to the point, if we

- want to know where we are

going, we must know where we
come from. It is good to find
our roots — whether it's our
family or our community."
The National Trust for His-

' toric Preservation in Washing-

ton, DC, says the downtown

indicator of community pride,

“\as well as economic and social

health: "It is either an asset or a
liability in the effort to recruit

Ue
TOA

ae ttt : :
Mg eC

PVs mele

le

gramme in 1947, the city has
become a living museum that
today earns almost $6 billion a
year in tourist revenues.

S: it's hard to explain
why we in the Bahamas
are so indifferent to our own
fascinating heritage. Some
argue that it's a racial issue, but
as Jackson Burnside pointed
out "the spirits of so many of
our people — rich and poor,
black and white — are embod-
ied in these structures. It's true



RODNEY
INOBERTS

top wot oT R | Ee 3

that some couldn't get in the
front door back then, but they
built the front door. We all con-
tributed to the development of
this town, and when we under-

make changes tor the better."

De Coulson agreed:
"What counts is the

decision of individual owners
who want to do something. For
example, I am involved with the
Jacaranda project. This fine old
home near the main post office
was vacant and neglected for
over 20 years, until one of Nan-
cy Oakes' heirs had the idea of
redeveloping it as a boutique
hotel and restaurant.



The plain fact is that historic
buildings are irreplaceable,
and we have neither the
money nor the skills to
recreate the historic structures
that already exist.



stand that history we can find
value in it."

Historic buildings have char-
acter and scale that modern
buildings often lack, experts say.
Buildings from the 19th century
and earlier predate the auto-
mobile and have details that
pedestrians can appreciate. But
most of us drive by Nassau's
crumbling walls and buildings
every day, totally immune to
the signs of decay.

Looking at communities like
Key West or Harbour Island, we
are uplifted by the sight of some-
thing beautiful. It takes a lot of
effort and investment to create
and protect these picture-perfect
communities, but there are simple

things we can do that can make a >

big difference here in Nassau —
just cleaning up, for example,
would go a long way towards
changing our perspective.

"It doesn't take a genius to
figure that out," Burnside said
ingenuously. "A little mainte-
nance and management may be
all that's necessary to encour-
age revitalisation. We just need
to take the first small steps by
getting rid of the debris and
making some repairs so we can
see the potential — just like we
did when we acquired our
decrepit old building on Village
Road. We become inspired to

Pd

"Quite often the owners of
these historic properties are not
poverty-stricken by any means.
And hard-headed business peo-
ple all over the world use their
wealth and vision to contribute
to society in this way."

And since real estate values
rise for surrounding properties
when restoration takes place, it
makes economic sense for every-
one. There are also duty and tax
exemptions for designated his-
toric buildings that owners can
take advantage of. So why just
throw that value away? What
benefit, for example, does an
enormously successful contractor
like George Mosko (who owns
the old residence on Cumber-
land Street that once housed the
Billabong Pub) get out of being
a slumlord?

As talk show host Patti Roker
said, "we are surrounded by
beautiful old buildings whose
owners apparently have no
intention of restoring. But all of
our finest restaurants are locat-
ed in similar old homes. Cas-
cadilla could be an incredible
moneymaker, and that's what is
expected from Jacaranda."

S== say we need more
heritage education in

our schools. Others — like

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- derelict Customs

architect Pat Rahming —- say
we should preserve historic Nas-
sau while building a new city
on the ridge to reflect current
values and aspirations. Others
— like Mark Henderson — say
that peripheral issues like park-
ing must be addressed as part of
an integrated plan. And still
others say we must mandate his-
toric preservation.

Jackson Burnside noted that
derelict parts of Bain Town and
Grants Town were acquired by
the government several years
ago for new public housing
developments, "Yet the gov-
ernment claims it can do noth-
ing about Jeffrey Waterous
walking away from that convent
after bastardising it. The same
people that took my grandfa-
ther's land by eminent domain
can take it from him."

This argument calls for a gov-
ernment authority with the
power to seize derelict and
neglected properties within a
designated historic district, for
repair and restoration at the
expense of the property own-
ers. In exchange there should
be incentives to make it attrac-
tive for property owners to
maintain and manage their
properties.

IE fact, The Bahamas
Antiquities Corporation
is supposed to be working to
resolve some of these issues,
although its head, Dr Keith Tin-
ker, does not return phone calls.
As a Starting point they have
published a register of historic
buildings based on earlier work
by the Bahamas National Trust.
This list is being documented
by June Maura of the Bahamas
Historical Society.

And legislation is said to be in
the works to fine recalcitrant
owners up to half-a-million dol-
lars for failure to comply with a
restoration order, and to autho-
rize the seizure of non-compli-

ant properties. But of course, —

this begs the question of what
sanctions we can apply when
the public sector fails to fulfil
its obligations.

The abandoned sea plane ter-
minal at the Eastern Parade is
the first sight of Nassau for
tourists walking over the new
Paradise Island bridge. And the
shed
on Arawak Cay is the first sight
of Nassau for hundreds of thou-
sands of cruise visitors. Both
these properties are owned by
the government and hold
immense untapped value, yet
for decades they have been left
to rot in an ever-growing pile
of garbage.

Be since the 1960s, we
have spent millions of
dollars on study after study by
both local and foreign experts
advising us to clean up our act,
preserve what's left of our cul-
ture, protect our environment
and remain Bahamian. And
every year we disregard this
costly advice.

There is no argument against
it — no philosophy that leads
us to challenge what we are
told. We just ignore it, for no
particular reason other than
boorishness and indifference.

So what, in the end, will our
grandchildren inherit from us?
How can we tackle the really
difficult issues like crime and
social implosion when we can't
even deal with a no-brainer like
this?

What do you think?

Send comments to larry@tri-
bunemedia.net. Or _ visit
www.bahamapundit.com



The

-Way
Test
of things we
think, say or do

1. Is it the TRUTH?

2.|s it FAIR to all
concerned?

3. Will it build
GOODWVILL and
BETTER
FRIENDSHIPS?

4. Will it be
BENEFICIAL to
all concerned?

www. rotary.org |











Vas
x

2



THE TRIBUNE

WEDNESDAY, JUNE 20, 2007, PAGE 7







Beer festival
set for
Saturday in
Sandyport

THE 3rd Bahamas Inter-
national Beer Festival, spon-
sored by the International
Cultural Committee of the
Ministry of Foreign Affairs,
will be held Saturday and
Sunday, June 23 and 24 at
Olde Towne Mall, Sandy-
port, from 11am to 6pm dai-
ly.

About 126 beer labels from
26 countries will be available
to beer connoisseurs attend-
ing the festival.

Participating countries
include Australia, Austria,
The Bahamas, Belgium,
Canada, Czech Republic,
China, Cuba, Denmark,
Dominican Republic, Eng-
land, France, Germany,

’ Haiti, Holland, India, Ireland,
‘Italy, Jamaica, Japan, Mexi-
co, Peru, The Philippines,
Poland, Scotland and the
USA.

’. There will be a limited
number of food outlets, fea-
turing the cuisine of several
of the participating countries.

The festival is being organ-
ised by the International
Beer Festival Committee, a
sub-committee of the Inter-
national Cultural Committee,
and is being chaired by Mr
Herve Kelecom.

The event is sponsored by
Seabord Marine Ltd in Nas-
sau and around the world,
the embassies of China,
Cuba, Haiti and the United
States, Sandyport Develop-
ment Co Ltd, Brau Union
International and the Hon-
orary Austrian consul Mr
Ernst Rumer, The Brasserie
Nationale d’Haiti and Mr
Einar Madsen, Mr Thierry
Grifoul and several Belgian
breweries.

Admission is $3 for adults.
and $1 for children. Proceeds
will aid local charities. Visit
the website at www.bahamas-
internationalbeerfest.com

The committee urges all
patrons to drink responsibly
and to have a designated dri-
ver.

BAHAMAS FIR

FIRST 18 INSURANCE. TODAY, OSORAQW.

ein brie | Celebrities to arrive in Nassau

for charity paintball contest

THE world’s most talented
athletes and celebrities are
scheduled to “splash some col-
or” around the Bahamas this
summer in the name of charity.

Dozens of celebrities from
the NFL, NBA, the recording
industry and television and film
will be in the Bahamas for a
weekend of fun at the Celebrity
Paintball event from June 28-
30.

The event, which is produced
by Celebrity Paintball Bahamas
Inc and the MADE (Mika Area
Development and Empower-
ment) Foundation, brings
together celebrities and athletes
for a weekend in the world’s
most exotic locations.

It creates an opportunity to
raise funds for charitable organ-
isations to implement valuable
programmes and continues to
have a positive impact on
America’s youth and commu-
nities.

This year’s Celebrity Paint-

ball weekend will benefit three
organisations — the MADE
Foundation, the Phil Smith
Medical Fund and the Bahamas
Children’s Emergency Hostel.

Welcome

The star-studded weekend of
festivities will kick-off with a
Thursday night welcome dinner
at Columbus Tavern hosted by
the Bahamas Ministry of
Tourism. On Friday, the
celebrities will be out and about
on the island enjoying the best
of Nassau.

Saturday’s activities will begin
with the stars attending the Miss
Bahamas World Pageant’s pre-
liminary swimsuit competition,
then it is off to the Celebrity
Paintball Challenge to be held
at St Paul Field on Lyford Cay.

The event concludes with an
after-party at Pure Nightlife in
downtown Nassau.

The all-star line-up for
Celebrity Paintball Bahamas
includes NFL stars such as Ray

ce
th

Lewis (Ravens), Willis McGa-
hee (Ravens), Bernard Berrian
(Bears), Shawne Merriman
(Chargers); Actresses ‘Tichina
Arnold, Kelly Monaco of Gen-

eral Hospital, and ‘Tisha Camp-
bell-Martin; Entertainer Patrick
“Tango” Cash; NBA star Brian
Cook (Lakers); Recording
Artists Bobby Brown and Macy



Gray; Olympic Gold Medalist
Tonique Williams-Darling, and
many more. Professional paint-
ball players will also participate
in the tournament.

The Celebrity Paintball Chal-

for adults and $10 for children.

Celebrity Paintball
Bahamas is sponsored by the
Kingman Group, the Bahamas
Ministry of Tourism, the Miss
Bahamas Organisation, Dia-



aa —

HB SEVERAL celebrities will be coming to take wate in Celebrity
Paintball Bahamas

(AP Photo/Longview Daily News, Greg Ebersole

Share your news

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

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WEDNESDAY, JUNE 20, 2007, PAGE 9



St Matthew's Anglican Church
celebrates its 205th anniversary

ST MATTHEW'S Angli-
can Church this Saturday
celebrates the 205th
anniversary of its parish as
part of this year’s ‘Great
Fair’.

Over 30 stalls attended
by families of the parish
will serve up native dishes
and children can enjoy the
different rides as well as
the petting zoo.

Other attractions will
include a backyard games
area, an antique car show,
pony and dog shows.

The funds of the ‘Great
Fair’ will go towards the
construction of the Foun-
dations of Faith Centre.

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the community’s seniors
and a youth centre.

It will also offer upgrad-
ed facilities.for the com-
munity outreach. feeding
programme for the less for-
tunate.

The 205th anniversary
year will conclude with a
honors banquet in 2008.

The cornerstone of the
edifice known as St
Matthew’s Church was laid
in 1800 and, according to
historic records, the build-
ing was erected without
steel. reinforcements.

This explains the enor-
mous pillars and the unusu-
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The opening service was

conducted by the church’s

first rector, Rev Henry

Groombridge, on July 18,
1802. .

Several other important
events are planned to com-
memorate St Matthew’s

anniversary.
All events will culminate
with the dedication

and homecoming in July
2008.

Many prominent citizens
and priests have served the
Anglican community and
the country through St
Matthew’s, and quite a
number of them will par-
in the events
planned to commemorate
the important anniversary
year.

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PAGE 10, WEDNESDAY, JUNE 20, 2007



McKinney

FROM page four

Capron appearance on
‘Iinmediate Response’ from a
few days earlier. Then the day
before the election they re-
broadcast the Pierre Dupuch
appearance. All in an attempt
to help the PLP. In the dying
days of the election campaign
the actions of Steve McKinney
and ZNS were so obvious and
in your face, they were obscene.

On the Pierre Dupuch pro-
gramme Steve McKinney
again brought up the non-issue
of Hubert Ingraham allegedly
having said that after eighteen
months in office, he would
hand over the Government to
Brent Symonette. Saying “This
is what is out there.” He asked
Dupuch whether he knew if
Mr Ingraham had said this.
Dupuch responded “I don’t
know nothing about that.”
McKinney then said: “There
might have been a recording
of that. We’re takin’ a break
but when we come back we'll
have something on that.”

The show returned from
break and not another men-
tion was made on that sub-
ject. Predictably so. Steve
McKinney was merely
indulging a nasty little habit
that he had perfected — that
of repeating the most base-
less, ridiculous charges in an
attempt to give them curren-
cy. You might call it ‘lending
prominence to lies’.

Politics aside—it is my very
strongly held belief that Steve
McKinney possesses neither the
breadth nor depth of knowl-
edge necessary to properly host
a national radio talk show.

I was shocked that Mr
McKinney actually showed up
to host ‘Immediate Response’
the day after the election. I
felt that having hitched his
wagon so securely to the PLP,
Mr McKinney was prepared
to sink or swim with them.
After uie PLP lost I thought
that he would show some class
and salvage some dignity by
tendering his resignation.

CORNELL STUART
Freeport,
May, 2007.

LOCAL NEWS

Concern as government





‘dismantles’ Urban Renewal

FROM page one

But Project sources say the
move couldn’t happen ata
worse time.

With schools closing for the
summer, thousands of young
Bahamians will be roaming the
streets in communities where
the police, aided by social ser-
vices and business people under
the Urban Renewal banner,
have provided programmes to
keep them safe and out of trou-
ble.

“Who is going to look after
these kids and keep them away
from drugs and weapons?” one
Urban Renewal worker asked.

It was not clear what would
happen to the school-based
policing unit, which also falis
under the Project.

But sources say since the
inception of the programme,
there’s been a marked drop in
school violence.

“You should have seen what
the kids had in the schools.
Knives, guns, daggers, danger-
ous drugs,” one source said.

In Pinewood, community

police were busy helping an’

elderly couple, in their 70s,
whose home was badly dam-
aged by fire, when they received
instructions to pack their
belongings.

In Fox Hill, a social worker
recounted how a mother-of-five
was able to cut the red tape to
get school lunches for her chil-
dren under the Project.

In Kemp Road, Urban
Renewal workers were won-
dering what would become of
the two sporting leagues they
were forming for boys aged 7-13
and 14-18.

Just days after taking office,
the FNM hinted that it would
disband the Urban Renewal
Project, spearheaded by the
previous administration.

The government later sought
to clarify its position, saying it
would broaden community
policing.

"It is the intention of the
commissioner of police to
ensure that no effort is spared in
delivering a very high standard
of neighbourhood /community
policing throughout The
Bahamas,” police spokesman
Hulan Hanna said after the
announcement.

"Further, the commissioner
assures the public that all mem-
bers of the force, including
police officers, police reservists
and police civilians, will be used
either on the frontline or in the
case of those support services
in a back-up role to effectively
reduce both the occurrence and
fear of crime."

Mr Hanna said there are
some similarities between the
urban renewal concept and the
RBPF’s new neighbourhood
/community policing pro-
gramme, but added that there
also were key distinctions.

"What this new thrust is
about is making every police
officer a neighbourhood police
officer," he said.

"When you talked about
urban renewal you went to an
office and you saw people.
When you talk now about
neighbourhood community
policing you’re talking about
every single officer being
engaged in the business of crime
fighting... These officers will be
in the community working with
stakeholders, making a differ-
ence, being within easy reach
of the customers and vice ver-
sa."

However, well-placed Urban
Renewal workers said this is
precisely what was happening
under the Project with commu-
nity police on the front line in
the fight against crime.

Working in the various com-
munities made them trusted
guardians of the people and
placed them in a unique posi-
tion to gather intelligence, The
Tribune was told.

Mr Hanna, according to pub-
lished reports, denied that pres-

sure was brought to bear upon
Police Commissioner Paul Far-
guharson.

However, some Urban
Renewal workers say the Pro-
ject is being scrapped purely for
political purposes.

The Project won Community
Policing Awards in 2004-2006
from The International Associ-
ation of Chiefs of Police (IACP)
and ITT Industries Night Vision
salutes the Royal Bahamas
Police Force.

During one of the award cer-
emonies, Commissioner Far-
quharson described the occa-
sion as “a proud day for the
Royal Bahamas Police Force.”

“The Royal Bahamas Police
Force is a leader in many
respects,” Mr Farquharson said
at the time. “Other commis-
sioners feel that some of the
innovative measures we under-
take in policing can be dupli-
cated in their countries.”

“To forge closer ties with

members of the community as:

well as the various community
sectors in an effort to garner
trust and unwavering public
support.”

In a recent letter to the edi-
tor, former Assistant Police
Commissioner Paul Thompson
called the Urban Renewal Pro-
ject a resounding success. He
said the police had to get the
message out.

In a 2006 report, the com-
missioner said the force had
‘reaped enormous benefit from
community support through the
implementation of several sub-
stantive initiatives.’

The most significant, he said,
was the Urban Renewal Pro-
ject, School Base Policing and
the Police Tourism Unit.

School Base Policing and the
Police Tourism Unit grew out of
a community policing pro-
gramme to train unqualified
persons to do security work and
in so doing team up with the
police in the fight against crime.

Since its inception, Mr Far-

quharson said, the Urban
Renewal Initiatives have revo-
lutionised the manner in which
policing is executed.

“As a result of our ambitious
drive to liaise with different
agencies and raise the quality
of life, the force won the covet-
ed Motorola Award from the
ACCP and the International
Community Policing Award
from the IACP. These achieve-
ments are indicative of the fact
that the police force is effec-

tively fulfilling its obligations to —

deliver total quality law enforce-
ment service to the Bahamian
people,” he said in his 2006
report.

“To complement our efforts,
we are ensuring that our
nation’s youth are developed
into model citizens. To date, we
have mobilised the School
Policing Unit to investigate and
stem criminal and gang activi-
ties occurring in schools.”

The commissioner said the
initiative also sought to coun-
se] at risk youth on the dangers
of drugs and other illegal sub-
stances and activities.

While this was a tremendous
and tedious undertaking, he
said that the police had sanc-
tioned the support of Social Ser-
vices and the Ministry of Edu-
cation to ensure that all respon-
sibilities under this jurisdiction
are carried out in an effective
and efficient manner.

Mr Farquharson said the
force also had taken measures
to ensure the safety of visitors
through the implementation of
the Police Tourism Unit.

The objective of the unit was
jointly established under The
Bahamas Visitor Safety and
Security Board to implement
programmes and initiatives per-
taining to tourist safety and
security.

It is not known which, if any,
of these programmes will con-
tinue under the neighbour-
hood/community policing mod-
el.

Appeal calls life

THE TRIBUNE



‘imprisonment
definition into
question

FROM page one

Roache, 20, at Freeport. In her
ruling, the judge noted that the
term “life” meant that Bowe
would spend the rest of his nat-
ural life in jail. The appeals of
Bowe and inmate Trono Davis ‘
against their death sentences,
led to a landmark ruling by the

London Privy Council on the ‘ ©
Bahamas’ death penalty in. .

March 2006. The Privy Coun-
cil ruled that the Bahamas’
mandatory death penalty for
those convicted of the offence
of murder was unconstitutional
and that the appropriate sen-
tence should be at the discre-
tion of the trial judge. Since that
ruling numerous persons who
had previously been sentenced
to death have had their sen-
tences commuted to life in
prison.

Mr Wayne Munroe, who is
replacing Gina Morley, Bowe’s
previous lawyer, said yesterday
that it is to be contended
whether the sentence is one
known under Bahamian law
and expressed in that particu-
lar way. Mr Munroe appeared
in court yesterday with lawyer
Shaka Serville. Lawyers Jillian
Williams and Terry Archer
appeared for the Crown. Ques- ,
tions were directed to Mr *
Munroe by the judges over *
what the term life imprisonment ,
means in this jurisdiction and
the statutes regarding the impo- *
sition of life sentences. In the |
past, a life sentence for some
had been between 14 to 20
years in jail. Mr Munroe point-
ed out that his client had
instructed him that persons
whose sentences were commut-
ed served on average 12 to 13
years in jail. It was noted that if
Bowe’s current sentence is one
that is viable under Bahamian
law it would mean that he
would not be eligible for parole.
The matter was adjourned to
September 26 and 27'when
actual submissions are expected
to. be presented by Bowe’s

_ lawyers and lawyers for the

Crown.



Bahamian.returns home after
fighting in'Iraq and Afghanistan.

FROM page one

of bravery during combat in high
risk war zones.

Mr Goldsmith is considered an
experienced and highly trained
professional soldier, who has seen
extensive combat service in Koso-
vo, Afghanistan, and Iraq.

The Bahamian soldier has
received various commendations
for bravery and his actions in com-
bat under fire, particularly in Iraq.

During a combat tour of Iraq,
where Mr Goldsmith was a Close
Protection Team Operative
(Body-Guard) to a Senior British
Officer, he was commended for
saving the life of a comrade fol-
lowing a grenade attack at “al
Amarah Province.”.

Mr Goldsmith saved the badly
wounded fellow soldier while under
heavy fire from numerous enemy
insurgents by carrying him on his

- shoulder while being fired upon.

His team counter-attacked the
enemy, and despite heavy gun-
fire he continued to fire back at
the enemy, still carrying the sol-
dier, who he brought back to safe-
ty without further harm.

Mr Goldsmith was praised by
his Commanding Officer who
reported that “it was a brave and
courageous act done without
thought for his own safety.”

The Goldsmiths said that their
son, Adam, is fiercely patriotic to
the Bahamas, and is 4n excep-
tional role model for young men
in the Bahamas.

Adam Goldsmith said: “During
my time in the British Army, espe-
cially whilst in a war zone or on
special operations, I felt it my duty
to act in a manner that would
make the Bahamas proud of me.

“I may have been fighting for
the British Crown, but in my heart
I was a Bahamian and knew I
must never let my country down.

“I actually flew the Bahamian
flag in .Kosovo, Iraq and
Afghanistan when on combat
duty to let the enemy know that
the Bahamas was doing its bit for
world peace and safety,” he said.

Mr Goldsmith, who is now ven-
turing into starting an international
security company, hopes to be of
service to his country. He also hopes
the Bahamas will support him in
his new endeavour by retaining his
new company’s expert services.

He, along with other highly
experienced ex-soldiers, recently
formed an International Security
Company, known as ‘Shield Elite
Security Specialists UK.’

Mr Goldsmith said that all the
Operatives qualified after suc-
cessfully completing an advanced




B ADAM (centre back) raise
the Bahamian flag in
Afghanistan

Ss

High Level Security Course in
the United Kingdom when they
passed their practical, oral, and
written examinations with excep-
tionally high grades.

The new company, “Shield
Elite Security Specialists UK,”
operates at an extremely high lev-
el as Consultants who perform
accurate risk assessments in
National Maritime, Port and Avi-
ation Security under TSA (USA)
and European Union Standards
and ISPS Codes.

The company also provides
Advanced Close Protection Oper-
ative (Body-Guard) Courses to
individuals, corporate entities and
government agencies, as well as
advanced security courses to estab-
lished private security companies.

_ He and his colleagues have just
completed a Close Protection
contract for a country where they
provided personal body-guard
services to a Middle Eastern Gov-
ernment’s Defence Attaché.

“Given the current situation in
that part of the world this was a
high risk assignment, which was
completed successfully without
incident and with absolute safe-
ty,” said Mr Goldsmith.

Highly qualified and certified
in all areas of individual, local
and National Security operations,
several of his company’s con-
tracted personnel are also drawn
from ex-British Army forces,
including ex-members of the
famed British Special Forces
groups, known as the “S.B.S” and
the world renowned “S.A.S.”

The company will be offering its
services to the Bahamas Govern-
ment and to the Bahamas security
industry in the very near future.

Mr Goldsmith presently resides
in England, but hopes to return to
the Bahamas to assist in upgrad-
ing local and national security at
all levels.

George W Bush to meet leaders of CA

FROM page one

development for the better-
ment of Caribbean democracy,
human rights, and justice. Con-

ference participants are expect- -

ed to also discuss promoting
more Caribbean trade activi-
ties such as tourism, encourag-
ing competitiveness and invest-
ment, and providing better
social and economic equity.

Other issues expected to be
discussed include natural dis-
aster, terrorist threats to the
Caribbean region, creating jobs
for youth in the region, fighting
drug smuggling, bringing more
stability to Haiti and strength-
ening the Caribbean diaspora
communities in the United
States.

Caribbean people, living in
the United States influence the
CARICOM economies great-
ly, as they collectively send bil-

lions of dollars in remittances to’

their home country each year.

The conference is expected
to continue today with discus-
sions being held at several
Washington venues, including
the World Bank, the Organi-
zation of American States
(OAS), and the Inter-Ameri-

can Development Bank (IDB).

Minister Symonette, who
took part in a Monday after-
noon CARICOM meeting with
U.S Secretary of State Dr. Con-
deleeza Rice, pointed-out that
economic regionalism, as well
as the growth of good gover-
nance in the region, security,
counter terrorism and counter
narcotics were among issues
discussed in that meeting. ©

“We are here to support
CARICOM in our relationship
with the rest of our Caribbean
nations to try and foster a
greater trading and coopera-
tive arrangement with the Unit-
ed States,” Minister Symonette
said following Tuesday’s Open-
ing Plenary.

As for the strengthening of
trade relations with regional
and CARICOM countries, and
the broadening of trade and
business opportunities for
Bahamians, Minister Symon-
ette indicated that the FNM
government’s plan to eliminate
exchange control is a key step
in achieving these objectives.

“One of the things investors
in the Bahamas are always con-
cerned about is the ability to
transfer their funds back to

their country of origin,” he not- »

ed. “The steps toward the elim-
ination of exchange control are
gradually a way to making sure
that Bahamians can invest over-
seas and that residents over-
seas can.-invest in The
Bahamas.

_ “Under the FNM and suc-
cessive governments you have
seen a liberalisation of
exchange controls for many
Bahamians,” Minister Symon-
ette continued. “At present, we
will not liberalise the capital
inflow but that will come over
time as we deal with the issue
of foreign exchange reserves.”

Citing the importance of dis-
cussions on the financial ser-
vices sectors of CARICOM
countries during the Confer-
ence, the Foreign Affairs Min-
ister also pointed to what con-
tinues to be a growing concern
in the region: the economic
effect of deportees from the
United States.

“Obviously the deportees
are a serious issue because we
have very little control over
when the U.S deports persons
to The Bahamas,” Minister
Symonette said. “The whole
question the Caribbean is fac-



ing now is reintegrating those
peoples into our societies and
making sure that the cost of
repatriation is not onerous on
both sides.”

He pointed out that there
are a significant number of
Bahamian nationals being
deported from the U.S to The
Bahamas for a variety of rea-
sons. .

Minister Symonette indicat- :

ed that there are concerns *

among some CARICOM coun-
tries that deportations might be
occurring under very strenuous
circumstances for the deportees.

He added, however, that he
is not aware of Bahamian
nationals being exposed to such
circumstances upon their
deportation from the United
States.

On Tuesday afternoon,
CARICOM Heads furthered
their objective of increasing
awareness of Caribbean issues
for U.S Congressional repre-
sentatives during a dialogue
with the U.S. House Ways and
Means Committee.

Mr Symonette also took part
in that session, where matters
of trade and security in the
region were discussed.

Search still on for passenger missing off Eleuthera

FROM page one

were still searching for the man.

“So far they have found
absolutely nothing,” political,
economic and public affairs
officer Greg Floyd said.

Although the search is offi-
cially still continuing, experts
think there is little to no chance
of finding the man alive.

Operations manager at the
Bahamas Air Sea and Rescue
Association (BASRA) Chris
Lloyd told The Tribune that in
situations like these, where the
person has been floating in the
water for two days without a
life jacket, chances are always
slim for a successful search and
rescue mission.

The fact that the man seem-

ingly fell overboard in shark-
infested waters also adds to the
unlikelihood of his being rescued.

After the 24-year-old pas-
senger was reported missing
on Monday, the cruise ship
turned around to return to the
waters off Eleuthera to which
the Freedom of the Seas was
sailing when the man was last
seen by his relatives.

After a fruitless search, the
cruise ship continued on its
route, making port in San Juan,
Puerto Rico yesterday morning.

The cruise ship is scheduled
to return to Miami on Sunday
morning.

The Freedom of the Seas is
the world’s largest passenger
vessel with a capacity of 4,300
passengers.

Straw vendors complain at possible move

FROM page one

However, Minister of Works
Earl Deveaux has responded
that no final decision has been
made on where the vendors will
be temporarily accommodated.

Nonetheless, he said that such
relocation would have to occur
if vendors wanted to see any
immediate improvement to
their working conditions —
whether in that new location or
by refurbishment of their cur-
rent site.

Mr Deveaux said his consul-
tations with vendors had per-
suaded him that many of them
are in fact seeking respite from
the hot, cramped, unsanitary
and occasionally flooded con-
ditions. He also added that

space concerns — the ventdors
said they think the warehouse
can only house 250, out of a
total of 600 vendors —- are
unfounded, as the building is in
fact 7000 square feet larger
than their current site.

“If the vendors, for whatever
business or emotional reasons,
feel they don’t want to relocate,
that’s one thing, but there’s no
physical, security or other
impediment that would prevent
such an accommodation,” he
said. Lied Oc gpeness ee

Underlying the whole issue
is the question of why the ven-
dors were not moved to the
dock location in 2002, follow-
ing its renovation. At that time,
US government authorities said
that housing the vendors in the

dock location would pose a
security risk. Now, the authori-
ties are said to have agreed to
the idea — provided “due dili-
gence” is done.

The timing of these
announcements has fuelled
speculation that the relaxation
of policy is politically motivated,
designed to show the former
government in a negative light.

However, political and eco-
nomic affairs officer at the US
embassy Dan O’Connor had no
comment, adding: “We work
with both governments.

“T just can’t comment on
what could’ve changed or
couldn't have changed in the
last five years, because I don’t
know what the arrangements
were in 2002.”

Meanwhile, the straw ven-
dors ask for their livelihoods
not to be “played with".

“The Straw Market provides
the livelihood of hundreds of
families,” said Ms Strachan. It
also has a positive knock-on
affect on other Bay Street mer-
chants, encouraging tourists to
explore more of Bay Street,
they claim.

Yesterday, gathered vendors
said they would instead like to
see their tented location reno-
vated, with improved bathroom
facilities and perhaps even some
air-conditioning.

“It is not just a market. It is
an industry. It is a vibrant, living
example of our culture and our
history. It’s alandmark. It is an
institution,” said Ms Strachan.



oe

ve

PAGE J], WEUINEOUAT, JUNE cu, cov, ee

iL . HOLOWESKO ‘ANTHONY M. HINSEY LINKIE B.
. General Manager Public Relations Manager ine Service ’




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PAGE 12, WEDNESDAY, JUNE 20, 2007

cE = iii
Bahamian takes Kerzner |

post at the Palm in Dubai

IN ITS second international
promotion of a Bahamian,
Kerzner International yesterday
announced that Gerard Moss
has been appointed vice-presi-
dent of human resources for
Atlantis, the Palm, in Dubai.

Employed with Kerzner Inter-
national for eight years, Mr
Moss — a certified public accoun-
tant who currently serves as vice
president of human resources at
Atlantis, Paradise Island — will
assume his new post on August
1, 2007.

The 1,539-room destination
resort, a joint venture project
between Kerzner International
and the Dubai government-
owned Istithmar PSJC, is antici-
pated to open at the end of 2008.

In his new capacity, Mr Moss
will be responsible for compen-
sation and benefits; human
resources information systems;

employee health and safety, and
general human resources admin-
istration for the resort’s 4,000
plus workforce — 98 per cent of
which are international workers.

Due to the large international
workforce, a special employee
housing complex will be con-
structed.

Mr Moss will have the task of
directing the company’s bene-
fits and assistance programmes
as it relates to providing housing,
medical, food and entertain-
ment.

Kerzner International aiiciats
said that Mr Moss’ promotion
represents a tremendous oppor-
tunity and marks the second
time that a Bahamian of his cal-
iber, strong work ethics and lev-
el of commitment, has been
afforded an opportunity to make
their mark in the international
arena within the hospitality field

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while employed with the Kerzn-
er organisation.

In announcing Mr Moss’ pro-
motion, George Markantonis,
president and managing direc-
tor of Kerzner International
Bahamas said, “Gerard has been
with us for eight years where he
provided support to the Human
Resources efforts here at
Atlantis. He implemented
numerous projects and initia-
tives over the years to support

@ KERZNER International’s
Gerard Moss has been appointed
Vice President of Human
Resources for Atlantis, The Palm,
Dubai, a joint venture between
Kerzner International and Dubai
Government owned, Istithmar,
which is anticipated to open at
the end of 2008.

Atlantis’ business objectives.
“Gerard will join the team in
Dubai on August 1. Good things
happen to good people and we
know this is an opportunity for
him to embrace new challenges,
further develop his skills and

broaden his experiences as

Atlantis, the Palm, Dubai pre-
pares to open in 2008. We are
proud of him,” he said.

Mr Moss described his pro-
motion as a “very humbling
experience, but at the same time
a very exciting one.”

He said that he and his wife
Jerus Moss, a native of Ethiopia,
have for years discussed the pos-
sibility of living in Dubai, prior
to Kerzner International
announcing its presence there.

“We are very excited, Dubai is

not a new word in our vocabu-
lary. It is something that we have
taken a look at and something
that we have been considering
and this is just an awesome
opportunity for us and we are
so thankful that God has smiled
on us in this fashion,” he said.

In 2005 Kerzner Internation-
al’s Sharon Gibson was given.an
opportunity to work for Atlantis,
the Palm, in Dubai after seven
years of working at Atlantis,
Paradise Island.

Ms Gibson continues to work
as an executive assistant and
office manager for Alan Leib-
man, Kerzner International’s
president and managing direc-
tor for the Palm.

Mr Moss said that his promo-
tion along with that of Ms Gib-
son’s says a great deal about
Kerzner International and the
Bahamas.

“The Bahamas is in the
tourism business and we ought
to be exporting that talent. We
have a great product, and we
have some true professionals
here who ought to be able to
share their expertise with the
world,” he said.

New Internet service has
‘lightning fast speeds’

CORALWAVE has launched its new internet
services which guarantee “lightning fast residential
internet speeds.”

As of Monday, CoralWave users have access to
internet speeds 66 per cent faster then the existing
services — 160 times faster than local dial-up ser-
vices and 20 times faster than the local DSL auto
speed product.

According to CoralWave, with this new service
Bahamians will have internet speeds which rival
top speeds in North America and which are
unmatched in the Caribbean region.

Director of marketing and pay-per view at Cable
Bahamas David Burrows explained that with this
service customers can now download a movie, which
would take over a day with dial-up internet service
and over four hours with DSL, in as little as 11 min-
utes.

Vice-president of IT for Cable Bahamas André
Foster said that there “is no doubt, this speed
increase marks a landmark event in communica-




ies i

j
p
Fe
|
es



tions here in the Bahamas.”

CoralWave speed offerings — which are known by
their musical names of Jazz, Lite, Groove and Rock
— will now vary from 1.5 megabits per second to 3, 6
and 9 megabits per second. There will be no increase
in price to CoralWave subscribers for this upgrade.

“We are extending an invitation to the internet
subscribers of other ISP’s (internet service providers)
in the Bahamas to switch to CoralWave and test
the power that these new speeds will bring to their
online experience,” Mr Burrows said.

IT vice-president Mr Foster said that by “lever-
aging the technology and robustness of the Cable
Bahamas network we aim to enhance the customer’s
enjoyment as they interact with the internet, with
speeds unmatched by any provider in the nation.”

“We will continue to keep pace with technology
as the demand for greater and greater internet
speeds increase to keep up with larger and larger
downloads of music, movies, software, games and
online television entertainment,” he said.

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THE TRIBUNE

— Goombay Summer
- hecomes ‘Junkanoo
— Summer Festival’

ABACO’S Goombay
Summer has been renamed
‘Junkanoo Summer Festi-
val’ and is resonating as
one of the signature events
for this destination.

Visitors and locals, who.
grew accustomed to the
Goombay Summer events,
were surprised to find out .
that their summer ritual
was replaced with
Junkanoo Summer Festi-
val.

The Ministry of Tourism
launched this event in 2006
placing New Providence,
Grand Bahama, Exuma
and Abaco under its
umbrella.

Although its name
changed, the Abaco
Tourist Office — host of the
summer event — has main-
tained the celebratory
atmosphere paying
homage to Bahamian her-
itage and culture, Abaco
style.

“It is safe to say that the
indelible impressions that
Goombay placed on their |
lives has continued with
Junkanoo Summer Festi-
val,” the Abaco Tourist
Office said.

The Abaco Junkanoo
Summer Festival will take
place every Friday night at
Goombay Park in Marsh
Harbour until July 6.

The water-front setting
encircles booths that depict
the pastel clapboard hous-
es that are found through-
out the Abaco Cays.

Each week visitors and
locals are able to sample
the island’s diversity
through the dishes, crafts,
performances and other
activities that take centre
stage.

For entertainment, the
Abaco Tourist Office has
signed up Bahamian talent
such as Ancient Man; KB;
Jay Mitchel; Geno D; the
Royal Bahamas Police
Marching and Pop Bands;
Metellus Chipman, and
other special guests
who will perform at Goom-
bay Park on scheduled
dates.





















~ bahamas

a is ot




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WEDNESDAY, JUNE 20, 2007

B BUSINESS

Jia

HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE

Tel: (242) 356-7764

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business@tribunemedia.net

Miami Herald Business, Stocks, Analysis, Wall Street





Ethanol could give BISX
commodities trading arm

@ By NEIL HARTNELL
Tribune Business Editor

he Bahamas Inter-

national Securities

Exchange (BISX)

could develop a

commodities trad-

. ing arm if it proved viable to
create in this nation industries

such as those that grow corn for |

ethanol production, its chief
executive said yesterday, urg-
ing Bahamians to “think out-
side the box” and exploit this
country’s natural advantages.
Keith Davies told The Tri-
bune that already the
exchange’s broker/dealer mem-
bers, one in particular, had
questioned whether BISX could
develop a commodities trading
arm even before the idea of cre-
ating an ‘ethanol corn’ industry
in the Bahamas was raised by a
Bahamas-based business exec-

utive in this newspaper last
week.

“T would say this is something
BISX would and could support
if it proves to be viable,” Mr
Davies said of the proposal by
Tony Joudi, president of con-
struction, development and pro-
ject management firm, FTC.

The development of an
‘ethanol corn’ industry in the

Bahamas would give this nation ~

an indigenous, home-based
commodity that could be traded
on the exchange via futures con-
tracts, a form of derivative
instrument, with BISX helping ,

‘to give buyers, sellers and

traders a sense of certainty and
transparency in their transac-
tions.

“One of the things that would
be wonderful to create in our
market would be diversity on
the exchange,” Mr Davies said,
adding that it could be used to

trade equity, debt and com-
modity derivatives.

The BISX chief executive
emphasised that for the
exchange to develop a viable
commodities trading arm, the
commodity underlying the
exchange’s activity had to be
indigenous to the Bahamas and
originate here.

It was ioo difficult to attract
commodities from other coun-
tries, he explained, as they
would naturally gravitate to
their home exchanges or the
major international exchanges
that specialised in commodities
and derivatives, such as the
Chicago Board of Trade or the
Chicago Mercantile Exchange.

‘We’ve got to capitalise and
leverage on the fact the com-
modity is here,” Mr Davies said,
pointing out that the Bahamas
already had two key ingredients
to facilitate the industry - BISX

and the Freeport Container
Port.

Commodities contracts were
often futures, where purchasers
bought now and paid later, and
BISX would fulfill the role of
the platform/mechanism where
such contracts were “agreed,
solidified and tracked”. A port
facility, such as the Freeport
Container Port, was needed to
track the delivery of commodi-
ty shipments to their end desti-
nation.

Commodities traders also
sought out countries that were
politically and economically sta-
ble, and had exchanges that
were around for the long-term,
Mr Davies said, both charac-
teristics of the Bahamas.

He added: “We have all these
things we can project. We just
have to use them. It’s frustrating
sometimes when we have all
these abilities, but lack the for-

titude” to use them.

“What we need now is a
viable commodity,” Mr Davies
said. “Mr Joudi gave some won-
derful insights in explaining the
benefits and uses that ethanol
brings to the Bahamas.”

Mr Joudi last week told The
Tribune that one acre of land
could produce 149 bushels of
corn, based on the average yield
per acre in the US, with the
Bahamas climate giving it the
potential to produce two crops
per year.

If the Government was able
to allocate 500,000 acres for
‘ethanol corn’ production, and
based on the fact that corn

rices are pushing up towards
$4 per bushel, Mr Joudi said
one crop would generate $289
million in gross export income if
it was exported to the US for
ethanol production. By produc-
ing two such crops per year, the

gross export income would be
$596 million.

Breaking this down, Mr Jou-
di said that if 5,000 families
were each able to purchase or
be granted 100 acres for pro- .
ducing ‘ethanol corn’, assuming
the previous variables, each
family would have the poten-
tial to earn $119,200 in gross
income per year.

He pointed out that develop-
ing such an industry would
boost entrepreneurship, expand
the Bahamas’ foreign currency
reserves by creating a $1/2 bil-
lion export industry; boost the
shipping indsutry by giving it
somethingto carry back to the
US; diversify the Bahamian
economy; and encourage
Bahamian families to move
back to the Family Islands,

SEE page 6

Port owners gained

June 29 target launch for BISX trading system |
$80m from asset sales

@ By NEIL HARTNELL

/ 3 : QuickTrade installation to reduce costs and boost efficiency
Tribune Business Editor ‘

@ By NEIL HARTNELL « case that the ownership and

THE Bahamas International Securities
Exchange (BISX) has set June 29, 2007, as
the target launch date for its new Quick-
Trade Windows-based trading system,

#.-.+, 7” which it believes will reduce the exchange’s

costs and overheads and enhance efficien-
cies in the electronic trading process.

Keith Davies, BISX’s chief executive,
said the upgrade and retirement of the cur-
rent system would give the exchange a “21st
century stock exchange trading system that
will enable us to seamlessly trade Govern-
ment bonds, equities, preference shares,
warranties, options and other derivatives
if need be”.

The migration from the old system to the
new will take place on the last Friday in
June, he told The Tribune. Mr Davies said
that while the BISX Automated Trading
System, which had been operating since
2000 after being obtained via an Inter-
American Development Bank (IDB) har-
monisation programme, had served the

exchange well, “we are
going to retire that sys-
tem and move to a new
and improved environ-
ment”. :

“It operates seamless-
ly in a Windows envi-
ronment, thus reducing
our overhead and costs,”
Mr Davies said. “The
launch date is Friday,
June 29, This is the first
step in the migration of
government securities to
the exchange whenever
the time comes to do that.”

The BISX chief executive said the costs of
operating the exchange’s current trading
system were “very high”, meaning that ben-
efits from lower costs and overheads would
accrue immediately to the exchange.

“The systems used to operate the new
trading system are of a lower cost, the secu-

@ DAVIES



rity and infrastructure surrounding the sys-
tem are of a lower cost, but are no less
robust than what we had before,” Mr
Davies said.

“We reduced costs, we reduced over-
heads and maintained security at the same
time.

“The efficiency is much better, the abili-
ty to upgrade and make amendments is far
superior to what we had before, the speed
and access times are quicker than what we
had, and the functionality is much broader.”

Mr Davies explained that the QuickTime
trading system would enable BISX’s bro-
ker/dealer members to access historical data
on listed equities and other instruments
much more rapidly.

The new system, Mr Davies added,
enhanced costs, accessibility and user-
friendliness, making “an important impact”
for both BISX, listed, issuers, broker/deal-
er members and the wider capital markets
and its participants.







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Tribune Business Editor

SIR Jack Hayward and his
late business partner, Edward
St George, allegedly earned
almost $80 million between
them from the sale of major
stakes in former Grand Bahama
Port Authority (GBPA) assets,
such as the power company and
DEVCO, court documents have

alleged.

The allegations come in the
statement of claim filed by the
St George estate and Caroline
sSt George in their action over
Sir Jack’s claim to 75 per cent
ownership of the GBPA and its
Port Group affiliate. The estate
is disputing this, alleging that
the ownership was always a
50/50 arrangement.

The outcome of yesterday’s
application by Sir Jack to over-
turn the GBPA and Port Group
receivership, consisting of BDO
Mann Judd’s Clifford and Myles
Culmer, was unclear as Tribune
Business went to press last
night.

Meanwhile, the statement of
claim used the profits from the
disposal of significant stakes in
the GBPA and Port Group
Ltd’s main assets to back its

joint ventures had always been
on a 50/50 basis between Mr St
George and Sir Jack.

Until 1999, the Grand
Bahama Development ompany
(Devco) was described as “the
principal operating company”
of the GBPA’s parent, Inter-
continental Diversified Corpo-
ration (IDC)m, after which this
role was taken on by Port
Group Ltd.

“When the assets of any of
these companies were sold, the
proceeds of sale were divided
equally between Sir Jack Hay-
ward and Mr St George, with
their knowledge and approval,”
the statement of claim alleged.

The proceeds were:

* Upon Devco’s 1993 sale of
a 50 per cent stake in Grand
Bahama Power Company to
Southern Electric (now Mirant),
“a special dividend” of $35.5
million was declared. Sir Jack
and Mr St George received
$17.75 million each.

* When IDC sold the 50 per
cent stake in Devco to Hutchi-
son Development Bahamas in
1999, another “special divi-

SEE page 6

Sandals resort only
Bahamian hotel
rated Green Globe

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

SANDALS Royal Caribbean
Spa & Resort is currently the
only hotel property in the
Bahamas certified as a Green
Globe hotel, indicating that this
nation can do much better in.
promoting itself as an eco-
friendly destination. The certi-
fication is granted to properties
which have implemented sub-
stantial environmentally-friend-
ly measures.

Deirdre Shurland, director of
the Caribbean Alliance for Sus-
tainable Tourism (CAST), told
Tribune Business that she was
hesitant to rank how the
Bahamas fared in relation to
the rest of the Caribbean, but
did acknowledge that in addi-
tion to Sandals the country had
‘a number of hotels who are
working very hard”.

This is especially important,
given that increasing numbers

Caribbean environmental
legislation and standards
‘so lacking it’s scary’

- of tourists are seeking destina-

tions and properties that lean
towards environmental preser-
vation.

Ms Shurland added that the
Sandals designation was due to
its branding and commitment it
had towards promoting eco-
awareness.

She said that as this Bahamas
continues to attract a high level
of tourism investment, given
that many of the proposed
resorts feature either a marina,
real estate component or both,
it will be essential that environ-
mental measures and require-
ments are set out plainly before
the projects are approved.

“It really takes leadership
from the investors and those
who are keen to develop,” Ms
Shurland said. “They will have
their first point of contact with
your local officials. They need

SEE page 7







PAGE 2B, WEDNESDAY, JUNE 20, 2007

THE TRIBUNE



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Sending the
right message
in combating
internal theft

s crime really a police

problem? Take, for

example, the repair

man. Is the fact your
septic tank has backed up, or
your car is unable to start, real-
ly the problem of the fix-it-
guy? When we consider it, the
issue may have been trans-
ferred to the police, but crime
is really our problem. So what
are we going to do, realistical-
ly, to solve the problem?

There are many suggested
solutions, primarily focused on
the concept of harsher penal-
ties. There are calls from the
public for longer sentences and
hangings. These remedies, I
feel, are at the other end of the
spectrum, similar to using a
bigger mop to soak up the spill.
However, my concern is how
we prevent the spill in the first
place.

Phillip Purpura, in his book
Security and Loss Prevention,
states: “In many businesses, so
many people are stealing that
those who do not steal are the
deviants and outcast: theft
becomes normal and honest
becomes abnormal.”

What makes people steal is
the question this article will
attempt to unravel, as it is key
to managing the problem. The

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by Gamal Newry

old adage: ‘Walking in one’s
shoes to see how they think’ is
essential if companies desire
to reduce loss via this source.

Aside from crime statistics
provided by the Royal
Bahamas Police Force, and
studies done by other groups
such as the Coalition of Pri-
vate Sector Organisations,
there is very little documented
information about employee

theft in the Bahamas.

Psychologists, sociologists
and criminologists have strug-
gled for years to understand
and describe the motivations
of dishonest individuals. These
professionals have provided
numerous studies in an effort
to identify personality traits
and characteristics most fre-
quently associated with theft
or fraud. They have also
attempted to identify social
forces and environmental fac-
tors that contribute to, or
might explain, why certain
individuals are dishonest and
others are not. Only recently
have these studies been direct-
ed to white collar crime, as the
focus has been on violent
crimes such as rapes, murders
and bank robberies.

This all changed when, in the
early 1980s, researchers from
the University of Minnesota,

Sy.
Cons

John Clark and Richard

Hollinger, published the results
of an extensive three-year
study they conducted. on
employee theft. This landmark
study identified five character-
istics to explain the phenome-
non of employee theft, and
here they are

1. External Economic
Pressures

Prior to this study, the most
frequent explanation for
employee theft was that work-
ers stoie from their employers
because they had a personal
problem involving alcohol,
gambling, illicit affairs or sim-
ilar situations. This position
asserts that “when economic
pressures become great, people
may turn to illegitimate means
to achieve socially acceptable
goals.”

Clark and _ Hollinger
observed that the alleged con-
nections between the nature
of economic needs and the
manner in which the stolen
materials satisfy those needs
had not yet been established.

2. Youth and Work

Another commonly
expressed theory stated that
younger employees are simply
not as honest or hardworking
as previous generations. Cited
were two studies on retail
employees caught in the act of

SEE page 5

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The Ansbacher Group, specialists in private banking, fiduciary services
and wealth Management has an opening in The Bahamas for the position of

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To profitably and effectively administer and manage client relationships
and portfolios of Trusts, Companies, Estates, Family Offices and other
related financial structures to achieve the client’s requirements and ob-
jectives while safeguarding the related assets and professional reputation
of the company within the required legal, financial and other parameters.

The successful candidate must have the following qualifications and

experience:

> 10+ years trust experience with sound knowledge of fiduciary
products and services

) Relevant degree level education in business, law or accounting

> STEP designation or equivalent professional qualification

Computer proficiency in relevant software programs (Windows,
Word, Excel, PowerPoint)

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Fluent in Spanish and proficient working knowledge of Portuguese

Please send all resumes to the attention of:

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P.O. Box N-7768
Nassau, Bahamas
Fax: 325-0524

E-mail: hrmanager@ansbacher.bs

Deadline for all applications by hand, fax or email is June 27, 2007



THE MARKETS

STOCKS, MUTUAL FUNDS, 8B
DOW30 «13,635.42 +22.44
S&P500 —«*1533.70-+2.65 Ab
NASDAQ 2,626.76 ~=—«+0.16
10-YRNOTE 5.09 -05 W.
CRUDE OIL 69.10 +01 4&

Stocks
manage
‘modest
gain

BY TIM PARADIS
Associated Press
_ NEW YORK — Wall Street
_ eked out small gains Tuesday as
investors found solace in
- declining Treasury yields but
- remained subdued after Best
- Buy’s lackluster profit forecast
and a drop in new home con-
struction.
The 10-year Treasury note’s
yield, which hit five-year highs
' last week, fell to 5.07 percent
_ from 5.14 percent late Monday .
— alleviating some worries
_ about high rates slowing down
_ corporate dealmaking and hurt-
' ing the already sluggish Bousibe
. market.

Also lifting the stock market
was arise in General Electric’s
_ stock, after its unit GE Energy
_ Financial Services bought a

stake in Regency Energy Part-
ners, a natural gas processor:
- and distributor, from HM Capi-
- tal Partners for $603 million. |

The major stock indexes

~ wavered throughout the day on
concerns about flagging con-
_ sumer spending when electron-

ics chain Best Buy lowered its | -

fiscal 2008 profit forecast, and
after Commerce Department
data showed construction of
_ new homes and apartments fell
_ 2.1 percent last month. The dip,
~ which followed small increases
in April and March, was
_ expected and came alongside a
_. 3 percent rise in May permit
. applications.
_. Economic data has at turns
- upended and supported the.
market in recent weeks as
_ investors try to feel their way
_ forward while juggling con-
cerns about inflation, interest
rates, the housing sector and the
overall economy. :
_ According to preliminary
_ calculations, the Dow Jones

industrial average rose 22.44, or —

_ 0.16 percent, to 13,635.42. The

blue-chip index was buoyed
largely by GE, which rose $1.22,
or 3.2 percent, to $39.29.

__ Broader stock indicators also
edged higher. The Standard &
Poor’s 500 index rose 2.65, or

_ 0.17 percent, to 1,533.70, and the

_ Nasdaq composite index rose

- 0.16, or 0.01 percent, to 2,626.76.

Bonds rose after the weak

_ housing data. While Wall Street
has largely tried to look past
weakness in the housing market
as old news, any sign that the

_ fallout isn’t contained and could

_ taint other areas of the economy |

- could alarm investors.

The dollar, which had

’ strengthened in recent weeks as

bond yields advanced, was

lower against other major cur-
rencies. Gold prices rose.

Going forward, the stock
market will be focusing more on
individual company news and

_ pre-announcements ahead of

‘July’s second-quarter profit
reports.

“It looks like investors have
lowered their expectations for
second-quarter earnings growth

.. Companies will have a fairly
low bar to step over when they
start reporting next month,”
Gayle said.

Advancing issues outnum-
bered decliners by about 5 to 3
on the New York Stock
Exchange, where volume came
to 1.46 billion shares, up from
1.23 billion Monday.

The Russell 2000 index of
smaller companies rose 2.06, or
less than 0.24 percent, to 848.34.

. Overseas, Japan’s Nikkei
stock average rose 0.08 percent.
Britain’s FTSE 100 fell 0.80 per-
cent, Germany’s DAX index fell
0.03 percent, and France’s
CAC-40 slipped 0.25 Peay

MEM Ro



Che iami Herald















3B



WEDNESDAY, JUNE 20, 2007

ECONOMY







PAUL SAKUMA/AP

WEAKNESS EXPECTED: The housing market, in the middle of its biggest downturn in 16 years, will
likely continue to face troubles, analysts say. Above, workers build a complex in Palo Alto, Calif.

New home construction
continues slide in May

BY MARTIN CRUTSINGER
Associated Press

WASHINGTON — Construc-
tion of new homes fell in May.as
the nation’s homebuilders were
battered by the crisis in subprime
lending and rising mortgage rates.

Housing, which is struggling
through its biggest downturn in
16 years, is expected to continue to
face troubles in the months ahead
before starting to stage a sustained
rebound in 2008.

The Commerce Department
reported Tuesday that construc-
tion of new homes and apartments
dropped by 2.1 percent last month
to a seasonally adjusted annual
rate of 1.474 million units, 24.2 per-
cent below the level of a year ago.

The May decline was in line
with expectations and reflected
weakness in the South and West,
which offset construction gains in
the Northeast and Midwest.

Permits, considered a good
barometer of future activity, rose
by 3 percent in May but that fol-
lowed a huge 7.1 percent plunge in
April. The strength last month
came from a rebound in permits
for apartment construction, which
can be volatile. Applications for

cent and have been down four of
the past five months.

“The downward trend remains
firmly in place and there is no
prospect of any near-term relief,
given the huge inventory overhang
in the new home market,” said Ian
Shepherdson; chief U.S. economist
for High Frequency Economics.

Home builders, struggling to
reduce record levels of unsold
homes, are slashing prices and
offering a variety of sales incen-
tives, such as kitchen upgrades
and free decks, to do so.

However, they are facing new
problems with the recent spike in
mortgage delinquencies, which
means that more homes are being
dumped on the market, and a
steady rise in mortgage rates over
the past month, with Freddie
Mac’s national survey for 30-year
mortgages hitting an ll-month
high of 6.74 percent last week.

The National Association of
Home Builders reported that its
survey of builder sentiment sank
in June to the lowest level in
16 years, a reading of 28, down
from 30 in May. The three major
components of the index — sales,
sales expectations and buyer traf-
fic — all posted declines.

single-family homes fell by 1.8 per-

HOME IMPROVEMENT

Home Depot will sell
supplies unit for $10B

BY MARK CLOTHIER AND JASON KELLY
Bloomberg News

Home Depot, the world’s largest
home-improvement retailer, agreed
to sell its contractor-supplies unit to
three buyout firms for $10.3 billion
and may purchase a record $22.5 bil-
lion of its stock.

The buyback amounts to 30 per-
cent of the company’s outstanding
shares. The sale to Bain Capital, Car-
lyle Group and Clayton Dubilier &
Rice may close before Oct. 28, Home
Depot said Tuesday in a statement.
The unit, which accounted for 13 per-
cent of Home Depot’s $91 billion in
sales last year, sells
tools and lumber to
construction compa-
nies.

Chief Executive
Officer Frank Blake,
who took over in
January, is reversing
predecessor Robert
Nardelli’s plans to
expand the unit.
Blake’s priority is
improving Home Depot’s retail
stores, which have lost market share
to Lowe’s.

“It’s good that the company is
slimming down and focusing on core
retail,” said Steve Neimeth, who
manages $850 million, including
Home Depot shares, at AIG SunA-

BLAKE

Ea eae

merica Asset Management in Jersey
City, New Jersey.

. Home Depot is selling the division
amid the most severe housing reces-
sion in 16 years. Homebuilder shares
are the worst performers on the Stan-
dard & Poor’s 500 index this year,
down 21 percent, and housing starts
fell 2.1 percent in May.

Shares of Home Depot rose 31
cents, to $38.27 in composite trading
on the New York Stock Exchange
before the announcement. However,
as of late Tuesday, the stock was up
more than 5 percent in after-hours
trading.

Analysts including Colin McGran-
ahan of Sanford C. Bernstein & Co.
expected the unit to sell for as much
as $13 billion when Home Depot
announced in February it was consid-
ering a sale. The decision to look for
alternatives for HD Supply was part
of a review conducted in November,
Home Depot said.

Home Depot paid as much as
$8 billion to acquire 38 companies
over the past several years for HD
Supply, David Schick, an analyst with
Stifel Nicolaus & Co., wrote in a
research note Feb. 12.

Nardelli expanded the wholesale
unit through the acquisitions. Some
investors said the expansion of the
division, where sales rose 46 percent
to $3.1 billion in the quarter that

“The tightening in lending stan-
dards is having quite an impact,”
said David Seiders, chief econo-
mist for the home builders. He
predicted that home sales would
likely fall further in coming
months with a sustained rebound
not occurring until 2008.

Seiders said he looked for con-
struction of new homes and apart-
ments to decline by 22 percent this
year after having fallen by 13 per-
cent in 2006.

It had appeared that the slump
in housing was hitting bottom at
the end of last year, but there has
been a renewed drop in recent
months triggered by problems in
the mortgage industry. The level
of late payments and foreclosures
on subprime mortgages hit record
highs in the first three months of
the year, according to a survey by
the Mortgage Bankers Association.

Construction of single-family
homes dropped 3.4 percent last
month while construction of
apartments rose by 3.1 percent.

By region of the country, con-
struction activity fell by 19.7 per-
cent in the West and 1.6 percent in
the South. Construction was up
15.7 percent in the Northeast and
15.5 percent in the Midwest.



INTERNATIONAL EDITION

WALL STREET

Blackstone
IPO could
he as soon
as Friday

BY JOE BEL BRUNO
Associated Press

NEW YORK — Blackstone Group,
manager of the world’s second-largest
buyout fund, moved up its much-hyped
$4.75 billion initial public offering to
this week amid growing scrutiny of the
firm on Capitol Hill and in the media.

The New York-based buyout shop,
which controls a portfolio of companies
from Madame Tussauds wax museums
to real estate goliath Equity Office Prop-
erties Trust, could join the ranks of the
New York Stock Exchange by Friday
morning. The landmark deal, originally
scheduled for sometime next week, will
likely go down as ‘the fourth-biggest
IPO in U.S. history.

The unexpected move to speed up
the offering comes amid speculation
that Chief Executive Stephen Schwarz-
man might be having second thoughts.
A spokesman for Blackstone would not
comment, citing the quiet period for ini-
tial public offerings.

“They were really hit from all sides,
and must have sat back over the week-
end and thought about what they were
going to do about all this,” said Colin
Blaydon, director of the Center for Pri-
vate Equity and Entrepreneurship at
Dartmouth College’s Tuck School of
Business. “Sooner is better than later
when facing all this uncertainty.”

‘Blackstone plans to float a 12.3 per-
cent stake in its management division,

E which gives investors little say in how

the firm operates its $88 billion portfo-
lio of companies and real-estate hold-
ings. With units in the partnership set to
price between $29 to $31, the IPO could ©
raise between $3.87 billion and $4.14 bil-
lion.

The timing of the IPO was in some
question after lawmakers proposed leg-
islation last week that would double
Blackstone’s tax bill in five years.

The legislation would abolish a two-
decade old provision that allows these
partnerships to pay capital-gains taxes
of 15 percent on their share of the firm’s
income.

The firm, which announced its IPO
in March, had already warned potential
investors it did not expect to be profit-
able for several years because of
expenses tied to becoming a public
company and executive compensation.

Bumping the IPO up could be a way
to avoid further political wrangling,
especially as senior House members are
working on similar tax legislation.

AP Business Writer Dan Seymour in
New York contributed to this report.



mat |

eit

AAS WY



unit to three buyout firms for $10.

TY WRIGHT/BLOOMBERG NEWS
SELLING UNIT: Home Depot has agreed to sell its contractor-supplies

3 billion, and it may purchase

$22.5 million of its stock, or 30 percent of its outstanding shares.

ended April 29, distracted Home
Depot from focusing on retail stores.

Blake has adopted policies to allay
shareholder criticism of the compa-
ny’s oversight under Nardelli, who
was ousted in January over his pay.
The company increased the number
of directors needed to approve exec-
utive compensation and agreed to
disclose some political donations for
the first time.

Lowe’s, which operates about
1,400 stores in the U.S., has outper-
formed Home Depot in recent years
with newer stores and customer ser-
vice that gets higher ratings. Home
Depot has 2,170 stores.

Home Depot shares fell less than a
percent last year, compared with a
6.5 percent drop for Lowe’s.

Clayton Dubilier, based in New
York, specializes in buying compli-
cated businesses that often include
retail or service components.
Founded in 1978, the firm recently
agreed to buy ServiceMaster, a home-
services company whose brands
include ChemLawn, Merry Maids
and Terminix.

Clayton Dubilier joined with
Washington-based Carlyle to buy
Ford’s Hertz rental car unit in
December 2005; the firms sold Hertz
shares to the public a year later.

Boston-based Bain has this year
purchased companies including OSI
Restaurant Partners, the operator of
Outback Steakhouse, and is set to
acquire Clear Channel Communica-
tions.





THE MIAMI HERALD | MiamiHerald.com

BUSINESS BRIEFS

e RETAIL







PAUL SAKUMA/AP

SALES FALL: A growing amount of Best Buy’s sales is
coming from items like notebook computers and
gaming hardware, which don’t bring as much profit,

the company said.

Best Buy 1Q earnings
slide on China business

From Herald Wire Services

Best Buy (BBY), the nation’s largest consumer electron-
ics retailer, lowered its 2008 profit estimate on Tuesday,
blaming a softening economy that’s steering shoppers away
from high-margin items like flat-screen TVs.

The company also reported that first-quarter earnings fell
18 percent, partly in response to the inclusion of the compa-
ny’s new lower-margin business in China. Shares slid $2.83, or

5.9 percent, to $45.18 Tuesday.

Chief Executive Officer Brad Anderson said weakness in
the overall economy was a major factor in the company’s
sales skewing away from high-margin, big-ticket products. A
growing amount of its sales is coming from items like note-
book computers and gaming hardware, which don’t bring as

much profit.

e AUTOMTIVE

$7.4B PURCHASE
OF CHRYSLER OK’D

Federal antitrust regula-
tors have cleared Cerberus
Capital Management’s
$7.4 billion purchase of
Chrysler.

Peter Duda, a Cerberus
spokesman, said that the
Federal Trade Commission
made its decision before the
end of a standard 30-day
review.

DaimlerChrysler (DCX)
agreed last month to trans-
fer an 80.1 percent stake in
its money-losing Chrysler
unit to New York-based
Cerberus.

As part of the deal, Cer-
berus agreed to invest

‘$6.1 billion in Chrysler and
its financing arm and to pay
DaimlerChrysler $1.4 billion.

Shares of DaimlerChrys-
ler dropped 9 cents to $92.28
in after-hours trading, after
increasing 22 cents to close
at $92.37 in regular trading.

e FOOD & BEVERAGE

CADBURY SCHWEPPES
TO CUT 7,500 JOBS

Cadbury Schweppes
(CSG) said it plans to close
15 percent of its candy facto-
ries by 2011, cutting about
7,500 jobs, and will likely
sell the U.S. unit that makes
7-Up, Dr Pepper and
Snapple soft drinks.

The company had
announced in March that it
. planned to separate its
drinks and candy busi-
nesses.

Cadbury Schweppes
shares fell 0.9 percent to 700
pence ($13.87) on Tuesday
in London.

e DRUG MAKER

BAYER AG LIFTS PROFIT
GUIDANCE FOR 2007

Bayer AG (BAY) said
that its purchase of Scher-
ing AG (SRNGF.PK) as
well as scaled-back research
and development costs will
help lift its profit through
2009.

The Leverkusen-based
chemical and pharmaceuti-
cal company raised its profit
margin estimates for 2007 to
2009 because the Schering
deal will help it cut costs by
some 100 million euros ($134
million), more than it had
initially expected.

Shares of Bayer were up
more than half a percent to
56.41 euros ($75.61) in Frank-
furt.

‘ing.

2

e COMPUTERS

GATEWAY RECALLS
NOTEBOOK BATTERIES

Lithium-ion battery packs
shipped with some Gate-
way (GTW) notebook com-
puters pose a fire danger,
leading to a voluntary recall
Tuesday by Gateway and
the U.S. Consumer Product
Safety Commission.

The battery packs can
overheat and pose a fire haz-
ard, the commission said in
a news release.

About 14,000 battery
packs shipped as the pri-
mary or spare power
sources for some Gateway
400VTX and 450ROG series
notebooks, and identified by
part number 6500760 or
6500761 were recalled.

e TRADE
CHINA TO CUT MORE
EXPORT REBATES

China announced it will
cut tax rebates on exports of

~ clothes, shoes and other

goods in an effort to slow
the growth of its huge trade
surplus amid rising threats
of punitive action by U.S.
lawmakers.

The move also is meant
to slow exports of cement
and other goods deemed too
energy-intensive or pollut-
ing, the Finance Ministry
said on its website.

Rebates of value-added
taxes will be eliminated on
July 1 on 553 categories of
goods.

e AIRBUS

CEO OPTIMISTIC
ABOUT RESTRUCTURING

The co-CEO of Airbus
parent EADS sounded an
optimistic note on the com-
pany’s restructuring efforts
and said that business in the
United States is developing
favorably.

Tom Enders told Dow
Jones Newswires on the
sidelines of the Paris air
show that there is a feeling
of optimism among employ-
ees, although “of course, we
aren’t exactly where we
want to be in our restructur-

As evidence of the com-
pany’s improved perfor-
mance, he pointed among
other things to additional
orders for the A350 XWB
wide-body jet, Airbus’
planned rival to the Boeing
787, and to plans to deliver
the first A380 superjumbo
before the end of this year.

LATE TRADING



INTERNET

With new chief, Yahoo facing breakup? —

BY MICHAEL LIEDTKE —
Associated Press

SAN FRANCISCO —
Yahoo thinks it’s back on the
right track now that co-
founder Jerry Yang has
replaced Terry Semel as chief
executive, but analysts and
investors already are wonder-
ing whether the shake-up is
just a prelude to more radical
measures, including a possible
sale or breakup of the troubled
Internet icon.

While Yang promised to
rejuvenate Yahoo, Wall Street
worried that the Sunnyvale-
based company’s new boss
might be too much like the old
boss.

Yahoo shares fell 49 cents,
or 1.7 percent, to finish Tues-
day at $27.63, reversing the
positive sentiments initially
expressed after the manage-
ment change was announced
late Monday.

“There was some knee-jerk
excitement when people first
heard the news, but now they
are starting to question
whether this was change just
for change’s sake,” said Stan-
dard & Poor’s equity analyst
Scott Kessler. “Is this really

CRUISE LINE

Carnival profit up nearly 3 percent

BY ADRIAN SAINZ
Associated Press

Carnival, the world’s larg- '

est cruise group, reported a
nearly 3 percent rise in sec-

ond-quarter earnings Tuesday, |

overcoming weak pricing in
the key Caribbean market and
higher fuel costs with strong

performance in Europe.



4 235 p.m. Late

sm. 6:
Stock Tkr. lose close Chg. volume

4pm. 6:35 p.m.
Stock Tkr. close close = Chg.

Late

volume



PwShsQQQ QQ0QQ 47.76 47.72 --04 = 86535
iShR2K nya IWM 84.39 84.35 -.04 60834
SPDR SPY 153.27 153.08 -.19
TimeWarn TWX 21.24 21.24 .
HomeDp HD 38.27 40.29
Comcsps CMCSK 27.68 27.69 +.01
Amazon AMZN 69.81 69.88 +.07
AlteraCp If ALTR 22.39 22.39 .

Citigrp Cc 54.26 54.30 +.04
Microsoft MSFT 30.46 30.49 +.03
GenElec GE 39.29 39.38 = +.09
BkofAm BAC 50.55 50.53 -.02
FredMac FRE 64.26 63.89 -.38

57895
36170
33781
33036
31738
28993
28002
23051
22870
21438
20346

+2.02

JPMorgCh JPM 50.85 5071 «14
Comcasts CMCSA 28.10 28.10 i

Target TGT 63.31 6344 +13
Kraft KFT 34.65 34.74 +.09
NRG Egys NRG 44.78 44.68 — -.10
FirstDatas FDC 32.73 32.71 — -.02
Novell NOVL 7.98 7.98 .

BestBuy BBY 45.18 45.25 +.07
Yahoo YHOO = 27.63 27.58 — -.05
Dellinclf DELL 27.82 27.82 -.00
ApldMatl AMAT —= 19.78 19.81 +.03
AmExp AXP 63.15 63.03 -.12

19870
16818
16762
15859
15508
15284
13712
13591
13011
12550
12183
12081



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



The Miami company also
lowered its full-year earnings
per share guidance based on
the higher fuel costs, but it
added that Caribbean book-
ings for its Carnival Cruise
Lines brand were improving.

Carnival reported net
income of $390 million, or 48
cents per share, for the quarter
ended May 31, versus $380 mil-
lion, or 46 cents per share, a
year earlier. Revenue rose to
$2.9 billion from $2.66 billion.

Analysts surveyed by
Thomson Financial were
looking for a profit of 47 cents
per share on sales of $2.88 bil-
lion, on average.

The cruise operator had
given guidance of between 45
cents per share and 47 cents
per share for its second quar-
ter earnings.

Micky Arison, Carnival
chairman and chief executive,
said revenues for North Amer-
ican and European cruises fell
in line with the company’s
expectations.

“The Caribbean, which still
had a relatively high percent-
age of our capacity during the
second quarter, continued to
experience price pressure,”
Arison said. ‘‘However,
increases in revenue yields

-- from our European brands

together with the strengthen-
ing euro and sterling produced
significant revenue yield
growth outside of North

GERMANY



going to lead to a fundamental
change in the way Yahoo sees
things and does things?”

The reservations about
Yang, 38, primarily stem from
his managerial inexperience
and ties to
Semel.

Although he
once ran
Yahoo in its
very early
days, Yang has
never been the
top executive
since the com-
pany went
public in 1996 and blossomed
into a far-flung business with
11,700 employees and more
than $6 billion in annual reve-
nue.

What’s more, Yang
emerged as one of Semel’s
closest allies during the past
six years while serving in his
role as “chief Yahoo.” He was
also a board member who pre-
sumably was consulted on
some of the key management
decisions that left the com-
pany a distant second to Goo-
gle in the lucrative online
advertising market.

“He didn’t function as chief

YANG

INTERNATIONAL EDITION

Yahoo, so why would you
think he will succeed as CEO?”
said Global Equities Research
analyst Trip Chowdhry. “They
already missed the boat and, in
the Internet space, there are
no second chances.”

Chowdhry thinks Yahoo
eventually will sell off major
chunks of its operations,
including e-mail, instant mes-
saging, finance and its photo-
sharing service Flickr.

REMAIN INDEPENDENT

Although he provided few
specifics about Yahoo’s next
move, Yang made it clear ina
Monday interview that he
believes the company can
remain independent.

Eric Jackson, a Naples, Fla.
management consultant who
sparred with Semel at Yahoo’s
annual meeting last week, said
he believes Yang has learned
from his predecessor’s mis-
takes and will engineer a
comeback.

“It’s misguided to think
Jerry will do the same thing as
Terry just because they were
allies,” Jackson said,

Yahoo’s inability to keep
pace with Google’s torrid



DAVID ADAME/AP FILE

RISING PROFIT: Carnival CEO Micky Arison said that his
company’s earnings rose nearly 3 percent in the second
quarter with strong results in its European market.

America.”

The company said fuel
prices increased 7 percent to
$333 per metric ton, compared
to its previous guidance of
$310 per metric ton. Fuel price
per metric ton in the second
quarter of 2006 was $354.

The higher fuel costs
affected earnings by approxi-
mately 2 cents per share, Ari-
son said.

Shares of Carnival rose 5
cents to $49.71 on Tuesay.

Carnival and the rest of the

cruise industry have been
dealing with sluggish demand
and weak pricing in the Carib-
bean over the past two years.
In response, Carnival and
competitor Royal Caribbean
Cruises are shifting capacity to
Europe to take advantage of
strong demand for vacations
and high net revenue yields.
Currently, Carnival’s North
American brands represent
about 69 percent of capacity,
with that number expected to
drop to about 62 percent in

WEDNESDAY, JUNE 20, 2007 4B

growth put the company in its
current bind. Once the larger
of the two companies, Yahoo
has been outsmarted by Goo-
gle at virtually every turn in
recent years.

‘ Mountain View-based Goo-
gle now makes more in three
months than Yahoo does in an
entire year.

The downturn has fueled
speculation that Yahoo might
seek a buyer like Microsoft or
consider combining some
operations with another major
Internet brand like eBay or
News Corp.’s MySpace.com.

SALE UNLIKELY
Kessler thinks an outright

‘sale of Yahoo is unlikely

because any bidder probably
would still have to pay about
$40 billion — a steep price
even for Microsoft, which also
is trying to catch up to Google.

Yahoo seems more likely to
prune its operations to try to

reduce costs and eliminate .

some of the bureaucracy that
has been blamed for stifling
innovation. Kessler believes a
large Santa Monica office that
Semel opened is now a prime
target for closure.

2010, said Howard Frank, vice
chairman and chief operating
officer.

For the second quarter, net
revenue yields edged up
0.2 percent compared with the
prior year. Adjusting for cur-
rency exchange rates, net rev-

. enue yields as measured on a

local currency basis fell
2.6 percent when compared
with the previous year. Yields
are a key profitability gauge
that measure net income
earned from passengers per
day from cruise tickets and
onboard sales.

Looking ahead, Carnival
said advance bookings taken
for the second half of 2007

| ‘were ahead of last year, with ©

pricing on a current ‘dollar
basis down slightly compared
to last year. Since Jan. 1, book-
ing volumes for Carnival
Cruise Lines, which sails
mostly in the Caribbean, were
up about 18 percent over last
year, compared to a 5.5 per-
cent capacity increase for the
full year.

However, the high fuel
prices reduced earnings esti-
mates by approximately 12
cents per share for the full
year. Thus, the company
expects full year 2007 earnings
per share to be in a range of
$2.85 to $2.95, compared to.
$2.77 in 2006. The company
previously had said it
expected 2007 earnings to be
in the range of $2.90 to $3.10
per share.

For the third quarter, the
company expects earnings per
share to be in the range of
$1.60 to $1.62, compared to
$1.49 in the same period last
year.

Carnival currently operates
10 cruise brands and 82 ships.

Air Berlin’s offices raided by police

BY MATT MOORE
Associated Press

FRANKFURT, Germany —
Police raided the offices of Air
Berlin as part of an investiga-
tion into insider trading by
management board members,
including the chairman and
chief executive, before the
acquisition of a rival company
last year.

The airline, Europe’s third-
biggest discount carrier, has
dismissed those allegations,
saying the shares were pur-
chased legally well before the
board approved any plan to
acquire dba, as police raided
homes of two board members
as well as company offices in
Berlin, Stuttgart, Munich,
Diisseldorf and Langenfeld.

Shares of Air Berlin fell
more than 6.2 percent at one
point but recovered to $21.57,
down nearly 4 percent.

The Stuttgart prosecutor’s
office said in a statement that a
Berlin-based airline and six of
its employees were being
investigated but did not iden-
tity the employees or the com-
pany.

Air Berlin said the investi-
gation centered on:claims that
$2 million worth of its shares
were purchased just ahead of
its announcement on Aug. 17,
2006, that it was acquiring
Munich-based dba.

Air Berlin spokesman Peter
Hauptvogel said that five
members of the company’s
management board, including
Chief Executive Joachim
Hunold, were among those
being investigated. The others
included supervisory board
chairman Johannes Zurnieden
and three department chiefs,
spokeswoman Claudia Loef-
fler said.

Hauptvogel said the com-
pany is cooperating with
investigators, and Hunold
called the charges
“unfounded,” adding that at no
time did he or his colleagues
do anything improper. Zurnie-
den was unavailable for com-
ment.

“Whether and to what
extent Air Berlin’s share price
would increase following the
publication of the dba acquisi-
tion was more than unknown,”

Hunold said.

“At the beginning of June
2006, I purchased shares sim-
ply because at this point the
lockup period imposed by the
stock market regulations came
to an end and I wanted to send
a positive signal to the mar-
ket,” he said. He added that he
has not sold those shares.

A lockup period is the
interval when an investment



MARKUS SCHREIBER/AP

TURBULENCE: An Air Berlin airplane takes off in Berlin.
The carrier's stock fell Tuesday after a police raid.

may not be sold.

The Federal Financial
Supervisory Authority, or
BaFin, Germany’s financial
regulator, declined to com-
ment, citing the ongoing inves-
tigation.

Air Berlin flies to destina-

tions across Europe and North.

Africa. The carrier made its
stock market debut in May
2006.

eee arse sBene .

Oe a en oe oe ee
DR a ” 7

~*teverr



THE TRIBUNE

WEDNESDAY, JUNE 20, 2007, PAGE 5B





Tourism must infiltrate
education, says CTO chief

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

ourism needs to be

more widely includ-

ed in the Bahamian

and Caribbean
school curriculum to ensure
the brightest and best local stu-
dents join -and remain - in the
industry.

Vincent Vanderpool Wal-
lace, the former Bahamian
tourism director-general, and
the Caribbean Tourism Organ-
isation’s secretary, said tourism
needs infiltrate the high school



@ WALLACE

system, so that students no
matter what their interest
realise the role that they can
play in the region’s premiere

industry.

His comments came during a
panel discussion on the state
of the tourism industry during
the first day of the Caribbean
Hotel Tourism Conference,
which allows hoteliers, the
Government and allied indus-
tries a chance to network and
discuss ways to move the sec-
tor forward.

Mr Vanderpool-Wallace said
chemistry students can learn
about the maintenance of
water quality, while physics
students can research and cre-
ate formulas to determine the
water pressure needed to pro-
vide water for all hotel guests.

He said this way of thinking
was imperative to attract the
brightest students, who would
otherwise feel a tourism career

was nol an option.

Mr Vanderpool-Wallace
added that the private and
public sector must work
together to remove the barriers
that impede tourism, noting
that visitors to an island desti-
nation do not place blame on
either party but rather the des-
tination as a whole.

He said there were four
main goals that every island
must adopt: deliver an experi-
ence that people can brag
about; provide low cost, high
quality and high frequency
transportation; effectively
deliver information; and
remove the known impedi-
ments that hinder tourism suc-
cess.

Mr Vanderpool-Wallace said
that in many cases, people try

Sending the right message in combating internal theft

FROM page 2

stealing merchandise.

Both studies indicated a dis-
proportionate number of
younger, newly-hired employ-
ees were involved in theft.
-However, no clear and con-
vincing evidence existed to
confirm this theory.

3. Opportunity

The opportunity to steal

items of value was considered .

one of the primary factors in
employee theft by security
practitioners. It was generally
held that every employee is
tempted to steal from his

*. employer at one time or anoth- '
’.er during their career, based .
-on their'opportunity to steal.,

This theory was also never
empirically studied until Clark
and Hollinger’s research in
1983.

- 4, Job Dissatisfaction

The idea that there is a cause
and effect between job dissat-
isfaction and employee theft
had not been included in most
studies of workplace theft until
Clark and Hollinger conducted
their own research. The theory
suggests that the.company
from whom employees steal
may influence such theft

because management, direct-
ly or indirectly, is responsible
for job dissatisfaction based on
the perceptions of their
employees.

5. Social Control

The social control theory
suggests that the broadly-
shared formal and informal
social structure within a com-
pany greatly influences
whether theft persists or not.
Although not empirically test-
ed until Clark and Hollinger’s
study, it emphasised the role
individual work group norms
played in deterring workplace
theft.

In addition, there was evi-
dence in existing studies that
theorised a relationship
between supervisors/manage-
ment, personnel and employ-
ees, in deterring or encourag-
ing theft behaviour by employ-
ees.

Theories

Both theories are similar to
the deterrence doctrine, which
assumes the threat of negative
social sanctions from the
organisation or criminal law
can reduce the amount of
internal theft. In essence,
employees will be more likely
to steal if they perceive the
threat of detection and/or pun-
ishment for this behaviour to

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P.O. Box SS- 6250, NASSAU, BAHAMAS

ASSOC

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be weak or non-existent.
Regardless, the primary
objective here is to reduce the
events of theft and fraud in the
workplace. The company must
be clear on identifying and uni-
formly sanctioning unaccept-
able behaviour, and also penal-
ising persons for infractions.

Regulations

As a result, regulations
regarding theft by employees
must be clear and frequently
reiterated to ensure prohibi-
tions regarding such activity
are understood by all employ-
ees.

In my opinion, the message
concerning loss prevention and
penalties resulting from such

action are lost --or even:

neglected - during. pre-employ-
ment orientations for new
workers, and never again
addressed until someone is
actually caught stealing. Com-
panies cannot rely solely on
negative sanctions from soci-
ety to apply to the workplace.

Individual sanctions within
the company are important to
help mold the culture, and
make certain expectations are
clear. Enforcing the sanctions
must also be uniform.

It takes only one incident in
which managerial employees
are given preferential treat-
ment to undermine the entire
policy. Negative sanctions for

PRESIDENT

H. E. Arlington Bulter, KMCMG..,J.P.,D.LC.
VICE-PRESIDENT

Sir Durward Knowles, O.B.E

Rey. A.Enoch Backford II, B.Sc,.B.Ed.
Harcourt M. Rolle

Leonard Archer

Roscow A.L. Davis, B.S., M.B.A
Wellington Miller

ASURE

C.Vincent Wallace-Whitfield, LLB.,L.E.C
ASSISTANT TREASURES

S.Dianne Miller

{SECRETARY GENERAL

Lawrence Davis, B.Sc.,Ph.D

ASSIS1 TANT SECRETARY GENERAL

B. Livingstone Bostwick

FAX:! (242)322 - 1195

E-MAIL:nocbah@ coralwave.com

WHEELCHAIR AND HEALTH WALK

7:00a.m., Saturday, 23rd June, 2007

eT-shirts for all participants

¢ Trophies For all categories

¢ IOC Certificates all finishers
e HEALTHY BREAKFAST

Run Route: Starts Q.E. Sports
Center, Nassau Street, Bay Street,
P.I.Bridge, Ends Native Crafts
Market.On Paradise Island.

ENTRY FEE: School Children: FREE

‘CATEGORIES.

Crafts Market

Adults:$10.00

MALE: Under20, 20-29, 30-39, 40-49,50-59, 60+
FEMALES: Under 20, 20-29, 30-39, 40-49, 50-60+
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WHEELCHAIR AND HEALTH WALK:
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to Church Street, P.I. Bridge to the

Entry Form

Olympic Day 5 Mile Race And Health Walk

Drop off ENTRY FORM at the BOA Office, Building #10, 7th Terrace West of Collins Avenue,
P.O.Box SS-6250, Tel: 322-1595, Fax: 322-1195, E-mail:nocbah@coralwave.com

Name (Last):

(First):



Age:

Event: 5 Mile Run

Date of Birth:

SEX: M F Affiliation:

Wheelchair__

Health Walk

Liability Waiver: In consideration of your accepting this entry, I declare that | am medically fit to take part
in this event; and I, intending to be legally bound hereby for myself, my heirs, executors and administrators
waive and release any and all rights and claims of damage I may have against the Bahamas Olympic Association
and/or its agents, successors and assigns for all injuries sustained by me in this event. I agree to abide by the

decisions of the medical advisor.



Signature Of Applicant



Parent/Guardian if under 18 years age



theft must apply to everyone in
order to be effective, and man-
agement must be prepared to
uniformly dispense discipline.

NB: Gamal Newry is the
president of Preventative Mea-
sures, 2 loss prevention and
asset protection training and
consulting company, specialis-
ing in policy and procedure
development, business securi-
ty reviews and audits, and
emergency and crisis manage-
ment. Comments can be sent
to PO Box N-3154 Nassau,
Bahamas, or e-mail

~ gnewry@preventativemea-

sures.net.com or Www.preven-
tativemeasures.net

to make tourism decisions
despite the fact that it might
be mathematically impossible.

One example of this, he said,
was the current US passport
requirement. Feasibility studies
from the US indicated it was
impossible to process the num-
ber of passports necessary to
meet the expected demand
from US travellers, but the
Bush administration pressed

on with implementing the
Western Hemisphere ‘Travel
Initiative (WHT.

Another case in point was
the fact that the 2007 Cricket
World Cup organisiers had
predicted that they would
attract 100,000 spectators to
the game, even though it
would require more airlift than
the region had to bring those
numbers in.

Summit Insurance Co. Ltd.
invites applications for the post of

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Duties include but not limited to:

e Supervision of the Accounts Department

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| Requirements:

¢ Must be Computer literate

e Experience of general insurance and reinsurance
treaty accounting an advantage

e CPA or similar qualifications preferred

¢ Good analytical and communication skills

Apply in writing with CV to:

General Manager
P-O.Box SS-19028
Nassau

Or fax to: 394-2353

Or email to info@ summitbah.com

Closing date: 29th June, 2007



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PAGE 6B, WEDNESDAY, JUNE 20, 2007

BUSINESS

THE TRIBUNE



Ethanol could give BISX commodities trading arm

FROM page 1

reducing population pressures and
overcrowding in Nassau.

Mr Davies said yesterday of the
‘ethanol corn’ proposal: “Honestly, I
think what needs to happen also is that
we need to become serious about
developing something like this. You

cannot back into a project like this.
You need capital and size, you need to
exploit this nation’s chain of islands,
and mitigate the risk from hurricanes.
It takes a lot of planning.

“Something like this can be viable
and can be traded through the
exchange. The numbers [Mr Joudi]
mentioned are a good step in the right
direction.”

The BISX chief executive added: “It
takes a type of creative thinking for
these things to take shape. We cannot
sit back and say: ‘Who else is doing
this?’, because that means you are
already behind the ‘8 ball’. We cannot
be a follower.

“Just like tourism, why can’t we be a
leader in other sectors? It takes cre-

8

and taking calculated risks, which is
what investments are.”

Trading

Mr Davies said trading commodities
such as ‘ethanol corn’ through BISX
removed some of the risk borne by
producers, enabling them to engage in
lots of hedging against risks such as

hurricanes and fluctuations in price
and demand.

Commodities and derivatives were a
growing industry, Mr Davies pointed
out, explaining that anything consumed
by humans and animals had the poten-
tial to be traded as a commodity. Even
energy and weather had been ‘com-
moditised’ and were taded as deriva-
tives.

BLAIRWOOD ACADEMY|
SUMMER SCHOOL

July 2 to 27 9:00 to 12:30

READING, WRITING, MATH,
STUDY SKILLS, COMPUTER

QUR METHODS H
CATCH UP
IMPROVE SKILLS
MOVE FORWARD

393-1303
OR COME IN TO REGISTER
VILLAGE RD SOUTH OF QUEEN'S COLLEGE

NOTICE











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.







To receive the Audited
Accounts for 2006.




To elect members of The Board
of Directors.

To discuss and approve the
budget for 2008.





All members are urged to attend.
Refreshments will be served!

ative thinking, thinking outside the box

Port owners gained $80m from asset sales. .

FROM page 1

dend” of $17 million was
declared, with $8.5 million paid
to the two men.

Sold

* When Port Group Ltd sold
a 28.6 per cent stake in Urban
Sanitation to Onyx, a “special
dividend” of $9.428 million was

declared, again being shared
equally with both.men receiving
$4.714 million.

* In 2001, when Port Group
Ltd sold a 50 per cent stake in
Freeport Container Port to
Hutchison Port Holdings
(Bahamas), “a special dividend”
of $18 million was allegedly
declared, with both men again
receiving $9 million.

The total comes to just under
$80 million, meaning that both

Sir Jack and Mr St George
received almost $40 million
from disposing of stakes in Dey-
co and Port Group Ltd assets
inside a decade.

Revelations

These revelations are likely
to be studied carefully by the
Freeport Property Owners and
Licencees Association, which

mons with the Supreme Court
seeking answers to certain ques-
tions surrounding the GBPA
and its operations, some of
which relate to the asset dis-
posals.

Several clauses in the Hawks-
bill Creek Agreement require
that no amendments, or own-
ership changes, be made with-
out the approval of more than
80 per cent of the GBPA’s
licencees. Se







NOTICE

NOTICE is hereby given that ADEE BAPTISTE of MOUNT
PLEASANT VILLAGE, P.O. BOX N-7776, 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 20th day
of June, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

LARGE PLOTS
LOW DOWN PAYMENTS
FINANCING BY OWNER

| 393-4476/359-0904





NOTICE

Please be advised that the
following offices will be closed
on Friday, June 22, 2007 and
will re-open on Monday, June 25
2007 at the usual business hours.

Bahamas First General Insurance
Company Limited

‘Nassau Underwriters Agency Ltd
Moseley Burnside Insurance Agency Ltd.

=) FIDELITY |

Pricing Information As Of:
‘Tuesday, 19 June 2007

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

Bahamas Supermarkets
Caribbean Crossings (Pref)

0.00
0.05
0.12
0.00
0.00
0.01
0.00
0.00
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Secures
Last Price Weekly Vol.

1.185
0.640
0.000

10.00
0.20

é Counter Securities ©

28.00 ABDAB
14.00 Bahamas Supermarkets
_0.35 RND Holdings

1.2936
2.9038
2.3915
1.1695

11,0199

1.342667"
3.2018°**
2.681688"*
1.2442867***

pho

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

52wk-Hi - Highest closing price in last 52 weeks

52wk-Low - Lowest closing price in last 52 weeks

Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day

Daily Vol. - Number of total shares traded today

DIV $ - Dividends per share paid in the last 12 months

P/E - Closing price divided by the last 12 month earnings



15. 50
epee O> Ppessrez as
sted Mutual Funds
YTD%

0.000
1.125
0.000

41.00
14.00
0.45
Yield %

Last 12 Months Div $

YTD 68.65% 1 2006 34.47%

‘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
Weekly Vol.
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

NAV KEY.
*- 8 June 2007
- Trading volume of the prior weak ** - 30 April 2007

*-31 May 2007

* - 30 April 2007

has filed an originating sum-

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, ANNETTE BLANC of
Faith Avenue, North off Carmichael Road in the Western
District of the Island of New Providence, Bahamas, intend to
change my name to ANNETTE TI-BLANC. If there are any
objections to this change of name by Deed Poll, you may
write such objections to the Chief Passport Officer, RO.Box
N-742, Nassau, Bahamas no later than thirty (80) days after
the date of publication of this notice.

NOTICE

NOTICE is hereby given that MARCEL BAPTISTE
of MOUNT PLEASANT VILLAGE, P.O. BOX N-7776,
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 20th day
of June, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.













NOTICE

NOTICE is. hereby given that MAURO ENRIQUE
RODRIGUEZ of CLIFTON WAY, LYFORD CAY, 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 20th day
of June, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

Legal Notice

NOTICE

' SINGHA INVESTMENT INC.

} NOTICE IS HEREBY GIVEN as follows:

(a) SINGHA INVESTMENT INC. is in voluntary
dissolution under the provisions of Section 137
(4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the
19th June, 2007 when the Articles of Dissolution were
submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Verduro
Associated Ltd., Pasea Estate, Road Town, Tortola,
B.VI.

Dated this 20th day of June, A.D. 2007

Verduro Associated Ltd.
Liquidator



i see this lovely lady today — please wish her | a

HAPPY BIRTHDAY

rom her loving husband of 49 years - TOMMY
ae Deonne, Sandra, Shann, Shayne, Dwayne, Pete,
Keith(KB), Paul, Jeanne & Anita
Grand-children: Niki, Tiffany, Ashley, Destiny,
Terrelle, Thomas, Wayne, Alyssa, Courtney,
Jonathan, Zach & Hailey
Great grand-children: Anthony & Milan
Rest of the family & friends
We love you MOM!!
Enjoy your day!!





THE TRIBUNE WEDNESDAY, JUNE 20, 2007, PAGE 7B



EE ee Ee
OPM a ee a

Sandals onl
— Bahamian —

in circulation, just call 322-1986 today!



hotel

rated

Green Globe

'

FROM page 1

to know that the information
exists, and it’s been used with
some success with countries
around the region. So when
they come in, give them all the
concessions that you want to
give them, but development
will happen this way and there
will be separate development
zones.

“Because of key environ-
mental sensitivities, there are

of the vote, but they also have
the power of the voice. They
can organise and lobby, and
it’s far more powerful when
you have a National non-gov-
ernment organisation lobby-
ing,” Ms Shurland said.

According to Bill Meade,
CAST’s treasurer, one of the
major challenges affecting the
Caribbean is the fact that there
remains a lack of quality legis-
lation involving environmen-
tal standards.

“It’s so lacking it’s scary,”
he said. He added that in many

UNAUDITED FINANCIAL STATEMENTS

BAHAMAS WASTE LIMITED

MARCH 31,2007

March 31 December 31
2007 2006
ASSETS
Current Assets
Cash and cash equivalents $-
Accounts receivable, net
Inventory and other
Loans
aDeposite
Total current assets :
Non-current assets

Property, plant and equipment, net 6,325,222 6,056,616

Total assets 8,593,545 8,066,685

302372 $
1,353,574
589,115
10,362
12,900
2,268,323

181,379
1,391,238
402,061
22,491
12,900
2,010,069

LIABULITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Accounts pay able and accmed liabilities 434,759 326,605

Security deposits 350369 331,423

Total liahilities 785,128 658,028

Shareholders’ equity
Share capital 42,000 42,000
Contributed surplus 2,752,113 2,752,113

Retained earnings 5,014,304 4,614,544

BAHAMAS WASTE LIMITED

CONDENSED STATEMENTS OF CASH FLOWS (unaudited)

2007 2006

Cash and cash equivalents provided by (used for):

OPERATING ACTIVITIES

Net income

Adjustments for iterns not involving use of cash:
Depreciation
Bad debt expense

Change in non-cash working capital items
Decrease (increase) in accounts receivable
Increase in inventory and other assets
Increase in accounts pay able and accrued liabilities 108,154 202,874
Increase in security deposits 18,946 10,158

Net cash flow provided by operating activities 658,082 460,788

INVES TING ACTIVITIES
Purchase of fixed assets (549,218) (416,075)
Advances (collections) of loans 12,129 1,99

Net cash flow usedin investing activities (537,089) (418,072)

42,716

$ 399,760 S$ 247,138

280,612 |
17,865

261,981
12,048

19,799
(187,054)

(232,343)
(41,068)

Increase in cash and cash equivalents 120,993

_Cash and cash equivalents at beginning of the period 181379 (14,402)
Cash andcash equivalents at endof the period $ 302372 $ 28,314

See accompanying notes to unaudited condensed interim financial statements.

BAHAMAS WASTE LIMITED

NOTES TO UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS
March 31, 2007 .

‘ a : Total shareholders’ quity
» certain limits beyond which a ia eu eould aye Teel NAUliiievandsian Taare $ eee $ tas 3 SEO REORATEINERMATION
you shall not eo o ie ae ae Meade eae Sad Leena ne ro stem en 2S, 685 Bahamas Weste Limted (“BWL") was incorporated under the laws of the C ie
under the laws of the Commonw f Th

, adhere a sucha oe o Mr fa dé saidione of thé See accompanying notes to unaudited condensed interim financial statements. Bahamas on August 18, 1987 under thename of Bahamas Waste Sy stems Limited. On Decscke -
: hotels, distance away from ad E 1999, the Company changed-its name to Bahanas-Waste-Limited. The latest audited accounts of
; water marks,. Show that you _ reasons for this is the fact that the BWL were prepared on December 31, 2006.
« have in place an environmental _ the hotels associated with cer- BAHAMAS WASTE LIMITED Pail elton
; : ) z : e quarter ends o: on March 31, June 30 and September 30, with the year end of thi

tem. tain brands have standards : , y of the
; monitoring system CONDENSED STATEMENTS OF Company being December 31.

=:

Ms Shurland said it was crit-
ical to develop systems to con-
trol pollution, control dis-
charges and how solid waste
was managed, and that these
be conditions imposed on

. investors.

+

Before a resprt property
starts operations in the US, it
has to obtain a series of per-
mits. Ms Shurland said it was
essential that the same system
be put in place in Caribbean
nations, to protect our assets

, and protect the investment.

- 4

|
\

t

e

gaa
7 ’

*

She added that while foreign

direct investment does drive

an economy, residents must
use their power to demand that
persons coming into their
country protect it.

“Citizens have one major
power, and that is the power

contributing to the look of our newspaper, while meeting the needs of

our advertisers. | enjoy working here. The Tribune is my newspaper.”

which must be adhered to, or
they face penalties.

He said that governments
must revaluate their policies,
and if the concessions they give
developers are truly worth it.

INSIGHT

For the stories

behind the news,
ero Fafo la) §
on Mondays



“Rewarding. My work at The Tribune is creative and challenging. I enjoy

The Tribune

INCOME AND RETAINED EARNINGS (unaudited)

Three months ended March 31
2007 2006

Sales and services rendered $ 2,051,679 $ 1,711,708

Cost of sales and direct expenses 1,148,383 1,056,933
Gross profit 903,296 654,775

Expenses
Operating 501,557 403,731

Interest and bank charges 1,979 3,906
Total operating expenses 503,536 407,637

Net income from operations 399,760 247,138

Retained earnings at beginning of period 4,614,544 3,845,486
Retained earnings at endof period $ 5,014,304 $ 4,092,624

Earnings pershare $ 10 $ .06

“ e " “yom Nk
See accompanying notes to unaudited condensed interim financial statements.
w
BPs

ESTHER BARRY
PRODUCTION MANAGER
THE TRIBUNE

My Voice. My Vewpaper!

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These condensed interim financial statements have been prepared in accordance with Intemational
Accounting Standard 34, Interim Financial Reporting, using the same accounting policies applied in
the December 31, 2006 audited financial statements.

3. EARNINGS PERS HARE

Earnings per share were calculated based on the shares outstanding at the end of the period, which
ap proximated average shares outstanding during the period.
is
2007 2006

Shares outstanding at March 31 4,200,000 4,200,000

4. SIGNIFICANT TRANS ACTIONS

During the quarter, BWL entered into transactions with related parties. Al transactions were

sa at arms lengh and no significant obligations to the related parties existed at March 31
7. ’

5. COMMITMENTS AND CONTIGENCIES

- 2
. The Company guarantees its compactors for a 60-day period from the date of purchase. The
Company is reimbursed by the manufacturer for any claims paid under such guarantees.

aE PPT S oe “VY ei ic Pye ri







PAGE 8B, WEDNESDAY, JUNE 20, 2007

A

Saturday, June 23, 2007

Sponsored by the Department of Co-operatives
we in conjunction with ;

. e° Bahamas Co-operative League Limited

mar

All you walkers and runners,
join us in celebration of Co-ops Month.
Come and meet other members of the
movement and learn more about...

"Securing Financial Prosperity Through
Co-operatives"

JOIN A CO-OPERATIVE TODAY!
REGISTRATION FORM
Name:

Age:
P.O. Box:

Sex: Omale UOfemale .

Phone#:

Categories: O walk Qj run

QOunder 20 Qunder30 Gunder40 Ounder50 O over 50

Prizes: (Prizes awarded to top 3 males & females in various age groups)

The first 100 participants to register will receive a free t-shirt.
Tshirt siz: QS OM OL OXL OXXL OXXXL

Registration & Packet Pick-up 5:30
Start Time 6a.m. Sharp
Starting at Goodman's Bay traveling west along

West Bay Street to Sandyport returning east .
along West Bay ending at Goodman's Bay.

Time:

Route:

Application can be collected at any credit union office, the Department of
Co-operatives: (356-3152) or The Bahamas Co-operative League (302-0100)

Participant's signature: Date:

DEADLINE FOR ENTRY IS 5PM ON WEDNESDAY, 6 JUNE, 2007



THE TRIBUNE



Hoteliers
seeking more
on United States ©

i By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
in Miami at the
Caribbean
Hotel Tourism
Conference

he recent extension
of the Western
Hemisphere Travel
Initiative (WHTI)
passport requirements to Sep-
tember 30, 2007, do not go far
enough and have resulted in
confusion for US travellers try-

-ing to determine exactly what

documents are needed, the
Caribbean Hotel Association’s
(CHA) president said.

Peter Odle said that the ini-
tially projected $2.6 billion in
visitor export earnings, and
more than 188,000 jobs, pro-
jected to be lost through. the

US passpport requirements “ -

may be peanuts” to what the

INSIGHT

For the stories

eyed alate mute m Ee
read Insight
on Mondays





The Partners and Staff of Ernst & Young
coasts and congratulates
Philip B. Stubbs
onhis retirement
as Country Managing Partner.

region could experience if the
issue is not resolved complete-

During a press luncheon on
the first day of the conference,
Mr Odle said that both the
CHA and the Caribbean
Tourism Organisation (CTO)
will be traveling to Washington
immediately after the meet-
ing ended to lend their support
to the government heads meet-
ing with Secretary of State
Condoleeza Rice and Presi-
dent George W. Bush.

He said they will be lobbying
for a vote for a full relaxation
of the. passport requirement
until 2009, although it is
believed that Mr Bush would
veto such a move.

Mr Odle said it was essen-
tial that US citizens lend their
voice to the debate, as he
believed their complaints were

~ a major factor behind the ini-

tial extension, which will allow
passengers to travel with a
passport application receipt
rather than the initial docu-
ments until September 30,
2007.

He said the CHA was con-
sidering putting together a
public service announcement
to be aired and published in
the US, which would ask
repeat visitors and potential
visitors to write and express
their desire for an extension
to their congressman.

Mr Odle added that it
remains difficult to quantify

Thank you for your dedication and support over the years

One person can make a difference!

ey.com

UT fect erect ist fesTiteuian ey SUT aC uit sialic:

©2007 Ernst & YOUNG LP



passport easing —

the exact loss of business
directly related to the WHTI,
but said that in most islands
the effects ranged from any-
where between 10 per cent to
20 per cent.

He said that one island
which had initially thought
they would only be marginally
impacted realised a 20 per cent
revenue drop.

Adding another angle to the -
passport situation, Senator
Allan Chastanent, the CTO’
chairman and St Lucia’s Min-
ister of Tourism, said-in his
address at the conference
opening: “We have a US pass-

port situation facing us that -
now calls for anew change; an .-.

immediate change in terms of -
the immediate impact that it’s
causing with people wanting |
to come down to this region
right now, but more impor-
tantly, ringing the bell of a new
dawn.

“And that new dawn is that

80 per cent of Americans pre- ~:~
viously had only been able to ©.

travel within the United States .
of America, the Caribbean,
Mexico and Canada. In three
or four years time, when the
majority of Americans have

passports, we are going to be . .-.-.
faced with the fact that all of -.---.-.

them are going to have choices,
and if we believe that all of the
other destinations in the world
are not going to recognise the

significance of this act we have _'-" é; -s

something coming for us.”

=i] FRNST & YOUNG

Quality In Everything We Do





Full Text
75F
CLOUDS, SUN

and T-STORM





Volume: 103 No.173



Ethanol could give
BISX commodities

a trading arm

Chief executive RE OTR TEL

PLP contests only 8 seats

Golden Isles and
Sea Breeze results
not to be challenged

@ By PAUL TURNQUEST
and BRENT DEAN
Tribune Staff Reporters

THE PLP will not be con-
testing the Sea Breeze and
Golden Isles constituencies. in

_ election court as was previously
expected.

Sources told The Tribune that
the party fears the probability of
winning the seats is too low to
risk the $200,000 legal fees. the
challenges would cost.

Michael Halkitis, who lost the
Golden Isles seat to Charles
Maynard, told The Tribune that
he and his team investigated
claims of voter irregularities,
but were unable to substantiate
these claims within the legal
time limit for initiating such
challenges, to the extent of war-
ranting a court challenge.

“We suspect that there were
some persons who registered
and did not live in the area,” he
said. “We had gotten reports
that there were individuals who
had registered and they weren’t
entitled to register - i.e. they
weren’t citizens. But again, we
weren’t able to uncover our-
selves where that might have
been the case.”

Mr Halkitis said that he made
the ultimate decision to not con-
test the seat, and the full time —
up until Monday — was used to
consider the evidence before
them.

Despite the loss, Mr Halkitis °

added that he intends to be an
active voice for his former con-
stituents and will be back in the
next election to again seek their
confidence.

“T’ll be back seeking their
support. If they so desire, then

“You



@ MICHAEL Halkitis

they’ll put me back. But, I don’t
intend to go anywhere,” he said.
The Golden Isles and

Seabreeze seats were lost by 62.
_ and 64 votes respectively, with

the two losing PLP candidates —
Mr Halkitis and Hope Strachan
— both being named to the Sen-
ate.

PLP attorney Valentine
Grime was the first to publicly
indicate that Golden Isles and
Seabreeze were two of a possi-
ble five seats that the party

- would probably contest.

While Wayne Munroe, one
of the party’s attorneys in the
court challenges, has stated 'that
non-citizens voting and eligible
citizens being unfairly barred
from the polls, will be major
components of the PLP cases.

Mr Munroe, Philip Davis and
Damien Gomez make up the

‘PLP’s legal team for the elec-

tion court challenges in Blue
Hills, Pinewood and Marco
City, which are all currently
held by FNM cabinet ministers.

Hope Strachan was unavail-
able for comment.

Gan ig Blown,

Or you can rest easy knowing
that you have excellent insurance

The Tribune

#1 PAPER IN CIRCULATION
Che Miami Herald

BAHAMAS EDITION

WEDNESDAY, JUNE 20, 2007

Tough |
CALL

Larry Smith iy Aeene rr




ELC:

LUC ELE A COC TLL Mat TCR Oat Teh Co





Straw vendors complain at possible move



STRAW vendors say hisy do not want te be relocated to the Prince George Dock building,
despite complaints about the conditions they presently work in

B® By ALISON LOWE
Tribune Staff Reporter

A GROUP of straw market
vendors protested yestetday on
the basis of security, space and
economic concerns against the
perceived intention of the gov-
ernment to relocate them to a
building on the Prince George

(Photo: Tim Clarke/Tribune staff)

Dock — allegedly without con-

sultation.

Despite previously com-
plaining of poor working con-
ditions, the vendors — who
claim their views are represen-
tative of around 85 per cent of
their colleagues - announced
that they want to remain in
their tented Bay Street location

until a new building is com-
plete.

They fear that once removed
from Bay Street they will not

~ be allowed to return to the his-

toric location, and suspect busi-
ness will fair badly in the most
easterly location.

SEE page 10

Concern as
government
‘dismantles’
Urban
Renewal
Project

THE award-winning Urban
Renewal Project is being dis-
mantled under the FNM gov-
ernment.

Community police stationed
in the inner city under the
umbrella of the Project were
Tuesday told to pack their
belongings and hand over their
keys to a Ministry of Housing
administrator.

And they were instructed to
park their vehicles at police
headquarters on East Street and
report for re-assignment on Fri-
day, according to well-placed
sources,

There are nine Urban
Renewal Projects centres in
New Providence with about 30
police attached to them.

The project is being scrapped
to make way for a new neigh-
bourhood/community policing
model which, police say, is part
of an ongoing and broad- based
initiative.

SEE page 10



Appeal calls life Search still on George W Bush

imprisonment
definition into
question

@ By NATARIO McKENZIE

THE definition of the term
“life imprisonment” as it relates
to Bahamian law was called into
question yesterday as an
inmate, appealing his life sen-
tence, appeared in the Court of
Appeal

onvicted murderer For-
rester Bowe, who is appealing
his sentence of life imprison-
ment which was handed down
by a Supreme Court judge last
year, appeared in the Court of
Appeal yesterday with his new
legal team.

In December 2006 Bowe
was re-sentenced to life impris-
onment by Senior Supreme
Court Justice Anita Allen hay-
ing initially been sentenced to
death in 1998 by the same judge
for the murder of Dion Patrick

SEE page 10

for passenger
missing off
Eleuthera

@ By KARIN HERIG
Tribune Staff Reporter

THE US Coast Guard yes-
terday continued its second day
of searching for a cruise pas-
senger who disappeared from
his ship in an area east of
Eleuthera.

According to reports, the 24-
year-old man went missing from
the Freedom of the Seas at
around 1.45am on Monday. He
was reported missing seven
hours later.

The Royal Caribbean Cruise
Line, who owns and operates
the Freedom of the Seas, said
that the missing passenger was
last seen by his relatives on his
stateroom balcony.

The US Embassy in Nassau
yesterday confirmed that both
a helicopter and a C31 aircraft

SEE page 10

to meet leaders
of Caribbean
Community

US President George W
Bush will meet in Washington
today with the prime ministers
and presidents representing the
15 nations of the Caribbean
Community, the White House
announced yesterday.

Prime Minister Hubert Ingra-
ham, with his deputy leader
Brent Symonette who is the
minister of Foreign Affairs, are
in Washington to attend the
“Conference on the Caribbean
— A 20/20 Vision”.

According to US officials, the
conference will continue the
important dialogue between the
United States and CARICOM,
as it forms “an integral part of
the President’s Western Hemi-
sphere Initiative.”

The conference is expected
to examine how to foster eco-
nomic growth, and build on the

SEE page 10

Bahamian
returns home
after fighting

in Iraq

@ By DENISE MAYCOCK
Tribune Freeport Reporter

A Grand Bahama son is
returning home after serving in
Iraq and Afghanistan and
receiving commendations for
bravery and courage while serv-
ing in the British Army over the
past decade.

Adam Goldsmith, 37, the son
of well-known residents and
retired educators and youth
workers Terry and Dorothy
Goldsmith of Freeport, is the
only Bahamian serving in the
British Army as a Training and
Drill instructor.

The Goldsmiths are very
proud of their son who has suc-
cessfully completed almost 10
years of active service in the
UK, and who has been com-
mended for his demonstration

SEE page 10

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PAGE 2, WEDNESDAY, JUNE 20, 2007
DT aes a ae

BUT president ‘optimistic’ about FNM

@ By MARK HUMES

BAHAMAS Union of
Teachers president Ida Poitier-
Turnquest has expressed cau-
tious optimism in the new
administration’s ability to bring
resolution to some of the BUT’s
1,200 unresolved issues.

Laying out some of the
union’s most pressing issues, Mrs
Poitier-Turnquest said that there
are persons who have yet to be
paid gratuity and allowances for

services performed.
“We still have persons who
have not been paid gratuity and

heads of departments who have
not been paid their allowances,”
said Mrs Poitier-Turnquest.
“We still have persons who
have not received allowances

for work that they have com-

Ancient Man, O

Poitier-Turnquest lays out most
pressing concerns facing teachers



pleted in terms of after school
programmes.”

Additionally, said the union
president, there were persons
who have been waiting for more
than a year, and in one case, up
to 10 years, to have salaries
reassessed and corrected.

“This poses a problem,” not-
ed Mrs Poitier-Turnquest,
“because these persons (who
have been waiting for more
than a year) are being paid by
vouchers, and that means that



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because you have to have a let-
ter that states that you are
employed and this is your
salary.”

Mrs Poitier-Turnquest said
that the BUT is presently dis-
cussing these matters with the
new Minister. However, she
said, it was too early to make a
judgment on how quickly these
matters would be resolved.

“They have made a promise





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that they will have things done,”
said Mrs Poitier-Turnquest.
“What they have told us is that
things have moved from the
Ministry of Education and they
are now in the Department of
Public Service or the Treasury.
So, we are waiting for things to
come back down.”

As to the hints being dropped
by the Minister of a proposed
increase in teacher’s pay, the
teacher’s union head said she
was not sure if the proposed
increase is connected to adjust-
ments coming out of a much
anticipated public service com-
pensation study.

“We are awaiting the com-
pensation study, and I believe
that the proposed increases may
be connected to that. But Iam
waiting to speak with the min-
ister to see if it is in fact a part of
the compensation study,” said
Mrs Poitier-Turnquest.

Teachers, she said, were
aware that they would have
seen increases in their salaries
after the compensation study
was completed, but she
expressed disappointment in the
length of time it has taken to
conclude the study.

“Our increases hinge on that
study,” said Mrs Poitier-Turn-
quest, “and they are saying that
they will not complete the study
until October, then they will
have to present it to the gov-
ernment before any action is

THE TRIBUNE



@ BUT president Ida Poitier Turnquest

taken.”

Now, she is concerned that
teachers will not see the pro-
posed increases until sometime
in 2008.

Last week, while addressing
the House of Assembly, Minis-
ter Bethel himself noted that
there were more than 1,200 per-
sonnel issues and complaints

left unresolved by the previous

administration.
During the address, the min-
ister said: “In order to bring

focus to remediation and soly-
ing all such job-related human
welfare issues, we will be sec-
onding a total of three highly
experienced human resource
officers from other ministries
to aggressively resolve these
issues.”

Contacted yesterday, an offi-
cial from the Ministry of Edu-
cation confirmed that the Min-
istry is working diligently with
the BUT to satisfactorily
resolve all outstanding matters.

Parents called on to take responsibility
for damage done by their children

@ By MARK HUMES

IDA Poitier-Turnquest, pres-
ident of The Bahamas Union
of Teachers, yesterday urged
Ministry of Education officials










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to enforce laws to ensure par-
ents play a more proactive role
in their children’s educational
success.

The union head’s request
came one day after the Minister






of Education, Carl Bethel, and
his ministry team announced
plans for summer renovations
of public schools.

“Parents should, one, provide
their children with tools when
they are coming to school, and
two, speak to their children
about the destruction of the
school property,” said Mrs
Poitier-Turnquest.

“This summer, there will be
repairs to all of the bathrooms,
painting will be done, and all of
that. But by December, there
will be broken toilets, there will
be graffiti on the walls, and this
is being done by the students,”
she pointed out.

“This is a lot of money wast-
ed, and this really needs to stop.
I really wish the government
would insist on parents being
responsible financially if a child
is found guilty of destroying
school property. Parents should
be held responsible by law for
their underage children’s activ-
ities in the school,” concluded
Mrs Poitier-Turnquest.

In admonishing some parents
for their hands-off approach to
their children’s educational
well-being, Mrs Poitier-Turn-
quest challenged them to stop
making excuses, and “step up
to the plate.”

The union president said that
parents should make sure that
they know what is going on in
school and that they know
where their children are, as they
are responsible for their school-
age children.

On Monday, one school offi-
cial told The Tribune: “We have
report cards that have not been
collected for two to three
years,” and he indicated that
those students were still attend-
ing school.

However, with the ministry’s
National Report Card Day
approaching on Thursday, Mrs
Poitier-Turnquest said that she
did not believe that a child
should be allowed to return to
school unless a parent or
guardian had been to the
school.

“Parents can ask their
employers’ leave to pick up
their children’s report cards,
and if they cannot make it at
the scheduled time on Thurs-
day, they can contact the school
and make a new appointment.

“Teachers are always willing
to sit at another time more con-
venient to that parent to speak
about the progress of their child.
There has never been a prob-
lem with that,” said Mrs Poitier-
Turnquest.

“fam sure that teachers will
continue to make themselves
available to parents and will be
more than happy to:see them.”

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EXTERMINATORS

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PHONE: 322-2157


fRIBUNE

WEDNESDAY, JUNE 20, 2007, PAGE 3



ZEEE ee SS es
Downtown traders concerned.

at falling cruise ship numbers



In brief

Man faces
armed
robbery
charges

A MAN was remanded to
Her Majesty’s Prison yester-
day after being arraigned in
Magistrate’s Court on a sev-
eral armed robbery charges.

Demarko Miller, alias
“Polo”, 23 of Palm Beach
Street, was arraigned before
Magistrate Guillimena
Archer at court number 10,
Nassau Street.

He is accused of robbing
several stores between May
10 and June 9 this year.
According to prosecutors,
Miller attempted to escape
while heading to court yes-
terday, but was recaptured.

Court dockets state that
that Miller, while armed with
a handgun, robbed several
establishments.

Miller is accused of rob-
bing the establishments of
hundreds of dollars in cash,
cellular phone cards and
clothing. He is accused of
robbing Jill’s Kitchen, John
Chea and Son’s No 3,
Wemiska’s Clothing Store, J
& D Convenience Store, K
& M Convenience Store, Sun
Luck Restaurant, Nimi’s
Convenience Store, and T &
K Convenience Store. Miller
was not required to plead to
the charges and was remand-
ed to Her Majesty’s Prison.
The matter was adjourned to
October 4.

Man is
accused of
intimidating
witness

A 32-YEAR-OLD man of
South Beach accused of cor-
rupting and intimidating a
witness was arraigned in
Magistrate’s Court yesterday.

According to the court
records, Montry Thompson,
between May and June 2007,
offered Kareem Dean $2,000
in an attempt to prevent him
form giving evidence in a
criminal court proceeding. It
is further alleged that
Thompson on Thursday,
June 14, 2007 threatened and
attempted to intimidate
Kareem Dean to prevént him
from giving evidence before a
criminal court.

Thompson, who was
arraigned before Magistrate
Sus? a Sylvester at court num-
ber 11, Nassau Street, plead-
«4 not guilty to both charges.
He was remanded until Fri-
day when he will return to
court for a bail hearing.

INSIGHT

For the stories
behind the
news, read
Insight on
Mondays

@ By ASHLEY THOMPSON

DOWNTOWN Nassau mer-
chants yesterday expressed con-
cern over the predicted
decrease of cruise ship arrivals.

Small businesses were anx-
ious because a large percentage
of their customers are cruise
ship passengers.

A manager of Bahamian
Marketplace, on Prince George
Wharf, said: “They (cruise ship
passengers) are our most valu-
able customers.”

She explained that the ships
pulling out, the Royal
Caribbean Voyager ships, stay
overnight, allowing the passen-
gers to leave the ship twice.

This often brings the store
more business as passengers
who did not get off the day
before can choose to visit down-
town the following morning.

Another store manager on
Prince George Wharf stated
that the store, Old Nassau;
would definitely be affected.

Stores on Bay Street are also
anxious to see what will hap-
pen to them. Management at
the Linen Shop admitted: “This
is more of a disaster than
thought.”

Manager Heather White
explained that the Royal



= Se



@ A CRITICAL drop in cruise passengers has been predicted this summer

Caribbean Voyagers” passen-

gers tended to spend a good
deal of money in the store.
When these ships were in port
there was a noticeable differ-
ence at the Linen Shop.
Another Bay Street store,
Del Sol, is also worried about
what will happen over the next
few months. Although Del Sol
has not felt the impact yet, they
do expect to be affected over
the summer as most of their

customers come from the ships.

A strong impact is already
being felt by stores such as Pipe
of Peace. Operations manager,
Richmond Fowler, stated:
“Business has decreased dras-
tically.”

Recently, there have been
fewer tourists visiting the store
and it has created concern
about the possibility of closing
down.

To counteract this decrease,



Lawyer to continue fight to keep
cell-masts away from schools

A FAMILY Island lawyer is
pressing ahead with his cam-
paign to have cell-masts
removed from school grounds.

He alleges that the masts are
a danger to health, and wants
the government to make a full
appraisal of the risks.

Lloyd Johnson, of Governor’s

Harbour, Eleuthera, is particu-
larly concerned about masts at
Central Eleuthera High School
and James Cistern Primary
School.
_ He wants the masts moved
into remote areas where they
are less likely to cause hazards
such as tumours and other ail-
ments through radiation.

The Ministry of Education,
Youth, Sports and Culture
wrote to Mr Johnson last week
saying the BEST Commision
would make an evaluation.

But he maintains that the
commission is ineffective. “My
difficulty with the BEST Com-
mittee is quite simple, it hardly
ever convenes a meeting, a ser-
vice head has not been appoint-
ed, and it lacks the technical
expertise to evaluate cell tower
sites,” he told The Tribune.

In a letter to the ministry, Mr
Johnson claims that, during the
entire time Keod Smith was
chairman, the commission was
noted for its inability to make a
decision about matters of
national importance.

“The issue regarding BTC’s
locating cell sites, within the
perimeter of school premises,
in my view requires a more
definitive and thorough
approach.

“I would suggest that BEST
are hardly equipped to evalu-
ate anything of this nature, it
lacks the technical expertise
necessary to do so.”

Mr Johnson added that if

aaa Available Through
ero ain





‘BTC had placed cell towers

where noted there must be a
proper trail indicating reasons
for the decision and technical
data to support the decision.

“As a lawyer, Iam concerned
about the impact of high levels
of radiation associated with cell
towers. As a father and hus-
band, I am concerned about my
wife teaching in an environment
that is fundamentally unsafe.

“If, in fact, in your capacity
you are unable to cause BTC
to undertake an evaluation at
its expense, then I am prepared
to engage the Supreme Court
to ensure compliance with our
laws.”





H@ KEOD Smith - Lloyd Johnson says the BEST Commission
‘avoided making decisions under his chairmanship

Studies in the UK have estab-
lished possible links between
cell masts and cancer clusters
in certain areas.

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‘Pipe of Peace will be devising a

strategy to encourage tourists
to spend more in the downtown
store. :

Mr Fowler said there was
concern that the few tourists
coming off the ships were being
transported to Paradise Island
instead of remaining downtown.

Other concerns of downtown
merchants are that the passen-
gers choose not to come off the
ships because they are “contin-

uously harassed from the
moment they step off the ship
until the moment they get back
on,” Mr Bethel said.

Taxi-drivers, hair-braiders
and bums bother tourists the
entire time they are downtown.
This, along with the general
state of the area, is why many
repeat visitors choose to remain
on the ships when they dock in
Nassau.

He also claims that “there is
absolutely no law enforcement”
despite the presence of a few
police officers. Mr Bethel
believes that law enforcement
is necessary downtown and may
motivate more tourists to come
off the ships.

Currently, the Nassau
Tourism and Development
Board is working to enhance.
the downtown experience for
tourists.

Improvements may increase
the amount of money passen-
gers spend, as well as encour-
age more visitors to stay
overnight.

Susan Pattusch-Smith, the
board’s executive director,
emphasised the need to
improve the overall product of
downtown Nassau in order to
make it a “can’t miss” destina-
tion for foreigners.

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PAGE 4, WEDNESDAY, JUNE 20, 2007 THE TRIBUNE



ERS TO THE EDITOR

~The removal of
Steve McKinney

The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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 losing its position in tourism

“THE 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,
Barbados and the US Virgin Islands, something
officials said ‘underscores the vulnerability that
we have’ to the US Western Hemisphere Trav-
el Initiative,” wrote Tribune Business editor
Neil Hartnell in Tuesday's Tribune.

From January to March this year, stopover
visitor arrivals fell by 5 per cent compared to the
same period last year, dropping to 389,597 from
last year’s figure of 409,077. Ministry of
Tourism officials estimate that per capita spend-
ing of stopover visitors totals $1,020. These fig-
ures would then translate into a decline of about
$19.87 million in stopover tourist expenditure
for the first quarter of this year compared to last
year.

It is true that the US travel initiative (WHTI)
— requiring all US citizens who return home
from Caribbean destinations by plane to have
passports— has been a heavy blow, it would
be a mistake to believe that this is the cause of
all of the industry’s problems.

Mr Frank Comito, the Bahamas Hotel Asso-
ciation’s executive vice president, while recog-
nising that the WHT] initiative is probably the
“top factor” affecting stopover tourist arrivals
this year, admits that the loss of room invento-
ry, especially during hotel renovations on the
Cable Beach strip, and the relatively soft mar-
keting campaign compared to other destina-
tions, has not helped.

The Christie government’s long, drawn-out
negotiations with Vancouver airport services
to take over management of Lynden Pindling
International Airport certainly negatively affect-
ed the industry. As a matter of fact because of
the poor conditions at the airport, which includ-
ed inferior security, a malfunctioning radar sys-
tem and much needed maintenance, the US
refused to extend its pre-clearance facilities to
private jets.

It was just a month before the May 2 election
that the Christie government signed the airport
contract with Vancouver. And so for a much

needed project that should have been almost
completed, work is just beginning. While
tourism figures fall, officials are trying desper-
ately to make up for five years of lost time.

But other factors have to be considered,
crime being ore of them. For example, cruise

ship passengers often spend the few hours that .

they have in port sunbathing and swimming at
the beach at the Western Esplanade.

On Monday two cruise passengers — hus-
band and wife — turned up at the US Embassy
after a day on the beach having had everything
that they had taken with them stolen. This

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included not only all their money, but also their
credit cards and the ID passes to return to their
cruise ship.

Security is so tight at Prince George dock
that no one can get near the ships without their
ID pass. The passengers had to be back on
board between 5pm and 6pm if they were to sail
with the ship early the next morning. However,
without their identity cards, there was no way
that they could get to their ship. The Embassy
called the ship’s agent who had to contact the
cruise ship to identify the passengers with their
stateroom number. Eventually the passengers
got back to their stateroom, but with all their
valuables in the pocket of some disreputable
local thief who roamed the beach that day. And
this despite the fact that a manned police station
is located just opposite the beach.

Apparently, this is not the first time that this
has happened to a cruise ship passenger.

In this column yesterday we reported that
for the past three years cruise ships have been
turned away from Prince George wharf because
there are not enough berths.

At a meeting with the former Minister of
Transport Glenys Martin-Hanna on M
arch 18, 2005, as a result of letters of complaint
from the shipping industry to the Port Con-
troller, it was suggested that government extend
the dock by 200 to 250 feet as was done very
economically in Puerto Rico. A similar dock
extension was done in the Turks and Caicos,
which, it is understood continues to be an attrac-
tive port of call for cruise ships. With such an
extension it was felt that more cruise ships could
be accommodated.

They also complained about the lack of trans-
portation from the cruise ships to the Welcome
Centre. There is about 2,500 feet from the far-
thest berth to the Centre. Apparently the shut-
tle service provided is not satisfactory. It has
been reported that if no passengers are return-
ing to the ship from the Welcome Centre, no
one bothers to operate the shuttle. What the
shuttle operator fails to understand is that pas-
sengers waiting at the ship’s gangway for the
shuttle, return aboard ship in disgust. No won-
der Bay Street merchants are complaining about
poor trade.

It is understood that six “trans,” which could
be put into shuttle service at Prince George’s
dock, have been sitting on the eastern end of
Potters Cay near the port’s “graveyard” since
their arrival.

It is the neglect, indifference and failure of
Bahamians to get the job done that has con-
tributed to the Bahamas’ dramatic tumble from
No. 1 position in an industry that this country
once dominated. Not too long ago the Bahamas
was the envy of the region.

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EDITOR, The Tribune.

LET me first congratulate the
Right Hon. Hubert Ingraham and
the FNM all its members and sup-
porters on the great victory they
achieved on May 2, 2007. Let me
also say how happy L am that the
former member for Bamboo
Town, Tennyson Wells has been
banished to the political wilder-
ness—hopefully never to return.
Tennyson holds the singular dis-
tinction of having made himself
politically irrelevant even as he
served. The voters of Bamboo
Town demonstrated that they
were thoroughly disgusted by Mr
Wells’ performance the past five
years.

On another matter—the recent
comments by Prime Minister
Ingraham concerning Steve McK-
inney of ZNS has set off quite a
fire storm. Many FNMs feel that
the Prime Minister was justified—
PLP’s are screaming bloody vic-
timisation. I for one feel very
strongly that the removal of Steve
McKinney from the public air-
ways would be in the national and
public interest.

A few months ago I wrote a
letter to your paper complaining
about Steve McKinney’s behav-
iour and conduct of the ‘Immedi-
ate Response’ programme. As |
was about to send in that letter
Mr McKinney suffered a family
tragedy. Not wanting to kick Mr
McKinney while he was down, I
withheld the letter. On Mr McK-
inney’s return to ‘Immediate
Response’ he was apparently so
affected by that tragedy that he
had a week of programmes on
crime. Thinking that Steve McK-
inney had reformed I felt that
there was no need to send the let-
ter. But a few days later Mr McK-
inney was back at it worse than
ever—which prompted me to
send in that letter the week before
election. | am still hoping and

~ would greatly appreciate that you

publish it.

While I do not in that letter
call directly for Mr McKinney’s
dismissal—lI feel that I lay out a
pretty case as to why he deserves
to be dismissed.

There have been many charges
that Steve McKinney is biased—
this charge. is inaccurate. Steve
McKinney ‘is actually a partisan.
He used the public airways—the
people’s rao and television sta-
tion to actively and openly cam-
paign for the PLP even while he
stifled the voices of opposition.
He went so far as to exhort Perry
Christie and the PLP to go on the
offensive and not allow them-
selves to be mauled by the oppo-
sition.

Claims that Steve McKinney’s
partisanship began with the gen-
eral election campaign are also
inaccurate. As I stated in that first
letter—tt is quite clear, at least to
me that Steve McKinney came
to ‘Immediate Response’ with this
agenda. Just witness the pro-
gramme with Loretta Butler
Turner which aired shortly after
McKinney took over ‘Immediate
Response.’ On that programme
McKinney repeatedly referred to
FNM leader Hubert Ingraham as



Hag BeAaS

letters@tribunemedia ne:



the ‘maximum leader.’ Instead
of allowing Mrs. Butler-Turner
to address her party’s plans and
policies McKinney virtually
harassed her for two hours about
Hubert Ingraham being a dicta-
tor. When listeners called in and
objected to his treatment of Mrs.
Butler-Turner—McKinney
branded them ‘FNM operatives’
and told them pointedly “If you
can’t take the heat—stay out of
the kitchen!”

It is however true that Mr
McKinney’s partisanship intensi-
fied along with the election cam-
paign. For instance, a week and a
half before the election he made
a direct and unmistakable refer-
ence to Hubert Ingraham as a
UBP puppet. Speaking about the
hidden forces foolishness that
Perry Christie constantly
mouthed during the campaign
McKinney said that he had at

home in his personal library a |

speech made by Donald D’Albe-
nas made at the D’Albenas
Agency after the ‘Bay Street
Boys’ lost the government to the
PLP! He quoted D’Albenas as
saying “We have to find us some-
one from among them—some-
one that lives like them, that looks
like them, that talks like them but
answers to us.”

McKinney went on to say “they
didn’t find their man right away—
but twenty years later, they found
their man.” “Hubert Ingraham—
a great guy, fiery and all that won
the government in 1992. Twenty
years later they had their man.”

Steve McKinney’s behaviour
became so predictable, his interest
and intentions so obvious that in
the weeks leading up to the elec-
tion, angry though we were, some
of us FNM supporters in Freeport
were laying playful bets as to
which ‘Hubert Haters’ McKin-
ney would have on his show lead-
ing up to election day. And pre-
dictably they all came.

Pierre Dupuch, George
Capron, Tennyson Wells, Al Jar-
rett. All brought in to savage
Hubert Ingraham. On the day
before Election most of us were
expecting ‘Bulgie’ Allen and were

somewhat disappointed when.

Lester Turnquest turned up
instead— along with Mr Ingra-
ham’s independent North Aba-
co opponent Cay Mills.
Speaking of Cay Mills, I had
an interesting little experience
indirectly involving Mr Mills. On
the day Tennyson Wells appeared
on ‘Immediate Response’, Mr
Wells— as was apparently his cus-
tom from the time he awakened
each morning just tearing into
Hubert Ingraham. At one point
he accused Mr Ingraham of being
so spiteful and vindictive that he
had refused to open the clinic in
South Andros for years. Now
being that I am from South
Andros I know that the clinic had
been built by the Pindling Admin-
istration and left shuttered up for

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years by that Administration
because it had purportedly been
built below the high water mark.
I felt that Tennyson Wells hav-
ing been a member of the Ingra-
ham Administration would have
known this so I attempted to call
‘Immediate Response’ to tell Ten-
nyson that he was talking fool-
ishness.

When I eventually got through
the young lady that answered
asked me to call back in five min-
utes as they were holding the line
open for a call from a Minister.
About a minute and a half after I
reluctantly hung up, Mr McKin-
ney announced that Cay Mills,
Hubert Ingraham’s North Aba-
co opponent was on the line. For
the next ten to fifteen minutes
Mr Mills went on to rip Mr Ingra-
ham calling him a terrible repre-
sentative who had done very little
for the constituency and who had-
n’t even sat and spoken to his
constituents in fifteen years.

After Mills signed off, the show
ran for another fifteen minutes
or so without a minister ever call-
ing in. I concluded at that
moment that Mills was the person
for whom the line had been
cleared. I also deduced that Mills
had not called voluntarily but that
Steve McKinney had somehow
learnt that Mills held these strong
negative views of Hubert Ingra-
ham and, and it was my impres-
sion that he had therefore sought
him out and solicited that call.
This conclusion was born out to
my mind when just a few days
later, on the day before Election
Cay Mills showed up on ‘Imme-
diate Response’.

Now, ordinarily a mediocre
Independent candidate like Cay
Mills would never have been
invited on ‘Immediate Response’.
In my opinion what made Mr
Mills attractive to Steve McKin-
ney was that he like Wells,
Capron, Turnquest, and Dupuch
had strong negative views of
Hubert Ingraham and were very
willing to express them.

It would be correct to conclude
that I did not merely listen to
Steve McKinney, I monitored
him. It can also be fairly conclud-
ed that I have no respect whatev-
er for Mr McKinney as a journal-
ist. Mr McKinney appeared not to
even know the functions and
responsibilities of a journalist, ’
especially one operating at a pub-
lic facility. I heard him say on sev-
eral occasions that since the
Broadcasting Corporation was
government owned he had a
responsibility to support and pro-
mote the government’s position.

His response to charges of bias
was usually that “Everyone is .
biased, I’m biased, you’re biasec: ~
The Tribune is biased. In fact The
Tribune is more biased than me!”
He was simply unable to grasp
the difference between the pri-
vately owned Tribune and the
publicly owned Broadcasting Cor-
poration. He certainly had no
appreciation for the fact that like
all other feelings, we humans
have the ability to feel bias but
not display it.

Which brings me to Jeff Lloyd,
who is in my view the best talk
show radio host in this country. I
have no clue who Jeff Lloyd
prefers politically, he displays no
preference. Lloyd is known to
criticise and praise both parties
and he is forever challenging
assertions by all sides. And he is
on a privately owned station.

Steve McKinney on the other |
hand allows the most ridiculous
statements and assertions to
stand, especially if they are made
by PLP’s. For example about five
months ago the ‘Immediate
Response’ programme aired from
Freeport for a couple days, every-
one interviewed complained
about the hard times being expe-
rienced in Grand Bahama. On
one of these programmes
Doswell Coakley who would go
on to become the PLP candidate
for High Rock claimed that with-
in three months all those residents
skilled and unskilled that had left
Grand Bahama to seek work else-
where could return home.

I waited for McKinney to ask
Coakley whether one pie would
fall from the, sky big enough for
all Grand Bahamians to share. I
waited in vain, not one challenge,
not one question. To further sup-
port my contention that Steve
McKinney is partisan—in the
week before the election ZNS
had its Freeport anchor Pakeshia
Parker interview the two
Eleuthera women who charged
that Brent Symonette had stolen
their land. That half hour inter-
view was heavily promoted, then
gleefully aired by McKinney on

Attention: Human Resource Department
P.O. Box SS-6704
Nassau, Bahamas
Or Fax 356-7855

‘Immediate Response’. Also only
two days before the election ZNS
took the unprecedented step of
pre-empting regular program-
ming to re-broadcast the George

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In brief Judge makes ruling over Anna

and Stern



Minister visits
urban renewal
offices on
Grand Bahama

@ By DENISE
MAYCOCK
Tribune Freeport
Reporter

FREEPORT - The
Minister of Housing and
National Insurance Ken-
neth Russell is in Grand
Bahama visiting the vari-
ous urban renewal offices
and touring housing sub-
divisions throughout the
island.

Mr Russell, who arrived
on Tuesday evening, first
visited the Urban Renew-
al Project offices and the
Pine Forest housing sub-
division at Eight Mile
Rock.

He also went into West
End, where he met with
urban renewal project
staff.

Mr Russell also visited
the West Heights subdivi-
sion, the triplex subdivi-
sion and the temporary
housing for hurricane vic-
tims.

On Wednesday, Minis-
ter Russell will visit the
Department of Housing,
and the urban renewal
and housing repair and
reconstruction office in
the Regent Centre.

He is also expected to
visit various subdivisions,
including the Sunset sub-
division, a new housing
subdivision in Hawksbill,
Frobisher Drive subdivi-
sion, and the Heritage
subdivision.

Mr Russell will visit also
the Lucaya, Marco City,
Pineridge, and High Rock
urban renewal offices, as
well as the Seahorse Vil-
lage Complex, a new
housing subdivision in
Lucaya.

While in east Grand
Bahama, he will tour the
Crown Land for settle-
ment extension at Free-
town, High Rock,
McCleans ‘Town, and Peli-
can Point.

Double honour
for Dr Harold
Munnings

ONE of Nassau’s best-
known doctors has been
honoured twice over by
fellow practitioners

IN February, Dr Harold
Munnings, the only practis-
ing gastroenterologist in
the Bahamas, became the
first Bahamian to be elect-.
ed to fellowship in the
American College of Gas-
troenterology.

This organisation has
headquarters in Bethesda,
Maryland, and was found-
ed in 1932 to advance the
scientific study and med-
ical practice of diseases of
the gastrointestinal (GI)
tract.

The college promotes
the highest standards in
medical education and ‘is
guided by its commitment
to meeting the individual
and collective needs of
clinical GI practitioners.’

Dr Munnings was again
honoured on May 1, 2007,
when he was elected as a
fellow of the Royal College
of Physicians of London.

Established in 1518, the
Royal College of Physi-
cians is a professional
membership organisation
representing the concerns
of over 22,000 fellows and
members worldwide.

Dr Munnings, a member
of the Royal College of
Physicians since 19839, is
the only Bahamian to be
honoured by this body in
some 30 years, following
the pioneer Bahamian
medical specialists, Drs —
Cecil Bethel and John
Lunn.

Dr Munnings attended
Queen's College High
School in Nassau, McGill
University in Montreal,
Canada, the University of
the West Indies (Mona,
Jamaica campus) and the
University of Bristol in
England.

He practises from
Grosvenor Medical Centre
and is a consultant at
Princess Margaret Hospital
and Doctors Hospital. He
and his wife Moneira have
two children, Harold and ;
Jennifer. i

Nicole, Birkhead

A US judge has made a
ruling in the case of Anna
Nicole Smith and the odd
pairing of Larry Birkhead
and Howard K Stern.

It does not mention
Anna’s mother, Virgie
Arthur. According to
reports, the Los Angeles
judge on Tuesday named
Smith’s former live-in ‘hus-
band’ Stern as executor of
her estate and Birkhead as
guardian of his and Smith’s
daughter, Dannielynn.

Superior Court Judge
Mitchell Beckloff told
lawyers he was concerned
about a clause in Smith’s will
disinheriting any children
born after her son, Daniel,

People 2 reports
that attorneys will return to
court later this year to
review Smith’s assets, which
Stern estimated at $710,000
— but which could grow sub-
stantially pending the out-
come of a battle over the
estate of Smith’s late hus-
band, billionaire J: Howard
Marshall.

This was the first Los
Angeles hearing involving
Stern and Birkhead since
February, when they clashed
in a family law court over
paternity of Smith’s now
nine-month-old daughter,
Dannielynn.

Stern participated in Tues-
day’s hearing by conference

who died last September call from the Bahamas.
three days after Dannielynn Birkhead appeared in per-
was born. son.

Industrial plant
management is

accused of ‘violating

abour laws’

CONCERNS are being raised by Bahamian workers at a
major industrial plant, where management is being accused
of violating the labour laws regarding the 40-hour work
week requirement and overtime pay.

In a letter to The Tribune, shift workers at Polymers
International Limited are claiming that they are not being
properly compensated for overtime and day-off pay —a
practice which they claim has been going on for the past 10
years.

The workers are afraid to speak out for fear of losing their
jobs, and are calling on the government to intervene by
ensuring that management adheres to the labour laws
regarding overtime pay.

The shift workers claim that they are being treated as the
normal eight-hour worker, but are required to work 12-hour
shifts each day, and are not paid for the additional four
hours worked.

Therefore, the workers believe that they are entitled to 16
hours in overtime pay each week.

“Any time worked over eight hours should be considered
as overtime, so the remaining four hours should be paid in
overtime,” according to workers i in the letter, titled The
Voice of PIL.

The workers said that if they are scheduled to work a 36-

: hour work week, they are called in to work sometimes dur-

ing their scheduled day off. The hours worked are used to
make up the 40 hours and any additional hours worked are
paid at time and a half.

“We (the voice of PIL) are humbly asking for some assis-
tance from the government. This should not be allowed at
all in the Bahamas,” the letter said.

“Not being able to voice our opinions out of fear of being
victimised by management has caused us to (consider) form-
ing a union to right the wrong which management has done
to the hardworking shift workers at PIL.”

The workers are threatening to send a letter about their
plight to Prime Minister Hubert Ingraham, and to owners of
Polymers International Limited.

“We love working at PIL. All we are asking for is to give
us what is owed to us, which is our overtime pay,” the letter
said.

Polymers International is a plastics manufacturing plant
that produces polystyrene beads, which are used to make
disposable Styrofoam cups and containers.

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@ LARRY BIRKHEAD @ HOWARD K STERN
(AP Photos)

# FROM left
(front row) — Dave
Foran, Narcotics
Affairs officer at the
US Embassy;
Charge d’A ffaires
Dr Brent Hardt at
the US Embassy;
Uttam Dhillon,
Director of Counter
Narcotics; Customs
Comptroller John
Rolle, and USCG
OPBAT Comman-
der David Billburg.

Back row from
left: Bradley
Schreiber, counselor
to director Dhillon;
TJ Hayden, CBP
Attache; Defence
Force Commander
Stephen Russell of
and Police Supt
Raymond Gibson.

Homeland Security official on Bahamas visit

DURING his visit to Nassau, the Department of
Homeland Security’s Director of Counter Nar-
cotics, Uttam Dhillon, met with representatives of
the Royal Bahamas Police Force, the Royal
Bahamas Defence Force and Bahamas Customs.

Mr Dhillon serves as the primary policy advisor
to the Secretary of Homeland Security for Depart-
ment-wide counter narcotics issues. ‘

He is responsible for developing policies that
will unify the department's counter narcotics
activities and coordinates efforts to monitor con-
nections between illegal drug trafficking and ter-
rorism.

Mr Dhillon travelled to the Bahamas to meet
with local officials to discuss joint US/Bahamian |
efforts to fight drug trafficking.

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{

PAGE 6, WEDNESDAY, JUNE 20, 2007

THE TRIBUNE



I wee eR Re ers
financial

potential and our indifference

-Nassau’s history, its

"Ya better see what ya looking,

at" — Emma Ritchie-Burnside

A\gcornixs to
Emma's great-grand-

son, architect Jackson Burnside,
"if we could see the value of
what we look at every day, Nas-
sau would have the same poten-
tial as Charleston, which has
exploited its past to the point
where even modest buildings
are extremely valuable."

He was a panelist on Island

FM's Sunday Conversation
(hosted by Patti Roker) this
past weekend. Other guests
included fellow architect Mark
Henderson, who is seeking to
revitalise the Bahamas Nation,
al Trust's historic preservation
committee; financial consultant
Dick Coulson, who is a mem-
ber of the Nassau Tourism
Development Board; and ama-
teur historian Paul Arahna.
The discussion was sparked

by a mini-supplement written —

by yours truly, which ran in The
Tribune a couple of weeks ago.
It was called: "Whatever Hap-
pened to Historic Nassau?" and
most of the photos were by
Dick Coulson, who had the idea
of trying to shame the owners of
some of Nassau's most valuable
— and most disgusting — real
estate.

We featured a selection of
buildings in the heart of the city
that, by any measure, are eye-
sores which grossly disrespect
our heritage and damage our
tourism industry. Some are
invaluable historical relics. Oth-
ers contribute much to the
Bahamian character of the com-
munity. All are derelict. And
most are owned by the govern-
ment or wealthy individuals
with the resources to do some-
thing about their condition.

That dozen or so eyesores —
properties that we classified as
the worst examples of civic irre-
sponsibility — included the 19th
century convent on West Hill
Street gutted by Canadian Jef-
frey Waterous; the spectacular

Cascadilla estate on East Street : .
’ area of a city is the most visible

left to rot by lawyer Raymond
Wong; the vacant loyalist home:
opposite Government House:
owned by retired politician
Henry Bostwick; the abandoned

Pan American sea plane termi-
nal at the Eastern Parade, and
the derelict Customs shed on
Arawak Cay — both owned by
government.

That little publication —
which included a thumbnail his-
tory of each property — gener-
ated a lot of interest among
folks who are worried about the
loss of our heritage and the
seemingly unstoppable deteri-
oration of the capital.

O ur goal was to support
the revitalization of

Nassau within the context of
historic preservation, which
means using the best of what
we already have as a founda-
tion for renewal. The plain fact
is that historic buildings are irre-
placeable, and we have neither

.the money nor the skills to

recreate the historic structures
‘that already exist.

As Paul Aranha put it, we
should do what the Romans do:
"The city of Rome is thousands
of years old, and it is wonderful
to imagine what those stones
can tell us. Millions go to Rome
every year for that very reason,



-ARRY SMITH

new residents, new businesses,
tourists, and others to your
community."

Fortunately, Nassau retains
much of its early architecture
and streetscapes, although they
are little appreciated and fad-
ing fast, despite the fact that
this historical context can gen-
erate big business. For exam-
ple, the main attraction for Key
West, Florida, is the unique
scale and character of its
(Bahamian) architecture and
the history that surrounds it.
The commerce produced by
that attraction is extraordinary.

It's the same with Charleston,
South Carolina — a town no
older than Nassau that shares
a close historical connection
with our capital. Since the His-
toric Charleston Foundation
launched its renewal pro-



We featured a selection of
buildings in the heart of the

‘city that, by any measure, are

eyesores which grossly
disrespect our heritage and
damage our tourism industry.



and lots of people will come
here to share our history.
"More to the point, if we

- want to know where we are

going, we must know where we
come from. It is good to find
our roots — whether it's our
family or our community."
The National Trust for His-

' toric Preservation in Washing-

ton, DC, says the downtown

indicator of community pride,

“\as well as economic and social

health: "It is either an asset or a
liability in the effort to recruit

Ue
TOA

ae ttt : :
Mg eC

PVs mele

le

gramme in 1947, the city has
become a living museum that
today earns almost $6 billion a
year in tourist revenues.

S: it's hard to explain
why we in the Bahamas
are so indifferent to our own
fascinating heritage. Some
argue that it's a racial issue, but
as Jackson Burnside pointed
out "the spirits of so many of
our people — rich and poor,
black and white — are embod-
ied in these structures. It's true



RODNEY
INOBERTS

top wot oT R | Ee 3

that some couldn't get in the
front door back then, but they
built the front door. We all con-
tributed to the development of
this town, and when we under-

make changes tor the better."

De Coulson agreed:
"What counts is the

decision of individual owners
who want to do something. For
example, I am involved with the
Jacaranda project. This fine old
home near the main post office
was vacant and neglected for
over 20 years, until one of Nan-
cy Oakes' heirs had the idea of
redeveloping it as a boutique
hotel and restaurant.



The plain fact is that historic
buildings are irreplaceable,
and we have neither the
money nor the skills to
recreate the historic structures
that already exist.



stand that history we can find
value in it."

Historic buildings have char-
acter and scale that modern
buildings often lack, experts say.
Buildings from the 19th century
and earlier predate the auto-
mobile and have details that
pedestrians can appreciate. But
most of us drive by Nassau's
crumbling walls and buildings
every day, totally immune to
the signs of decay.

Looking at communities like
Key West or Harbour Island, we
are uplifted by the sight of some-
thing beautiful. It takes a lot of
effort and investment to create
and protect these picture-perfect
communities, but there are simple

things we can do that can make a >

big difference here in Nassau —
just cleaning up, for example,
would go a long way towards
changing our perspective.

"It doesn't take a genius to
figure that out," Burnside said
ingenuously. "A little mainte-
nance and management may be
all that's necessary to encour-
age revitalisation. We just need
to take the first small steps by
getting rid of the debris and
making some repairs so we can
see the potential — just like we
did when we acquired our
decrepit old building on Village
Road. We become inspired to

Pd

"Quite often the owners of
these historic properties are not
poverty-stricken by any means.
And hard-headed business peo-
ple all over the world use their
wealth and vision to contribute
to society in this way."

And since real estate values
rise for surrounding properties
when restoration takes place, it
makes economic sense for every-
one. There are also duty and tax
exemptions for designated his-
toric buildings that owners can
take advantage of. So why just
throw that value away? What
benefit, for example, does an
enormously successful contractor
like George Mosko (who owns
the old residence on Cumber-
land Street that once housed the
Billabong Pub) get out of being
a slumlord?

As talk show host Patti Roker
said, "we are surrounded by
beautiful old buildings whose
owners apparently have no
intention of restoring. But all of
our finest restaurants are locat-
ed in similar old homes. Cas-
cadilla could be an incredible
moneymaker, and that's what is
expected from Jacaranda."

S== say we need more
heritage education in

our schools. Others — like

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- derelict Customs

architect Pat Rahming —- say
we should preserve historic Nas-
sau while building a new city
on the ridge to reflect current
values and aspirations. Others
— like Mark Henderson — say
that peripheral issues like park-
ing must be addressed as part of
an integrated plan. And still
others say we must mandate his-
toric preservation.

Jackson Burnside noted that
derelict parts of Bain Town and
Grants Town were acquired by
the government several years
ago for new public housing
developments, "Yet the gov-
ernment claims it can do noth-
ing about Jeffrey Waterous
walking away from that convent
after bastardising it. The same
people that took my grandfa-
ther's land by eminent domain
can take it from him."

This argument calls for a gov-
ernment authority with the
power to seize derelict and
neglected properties within a
designated historic district, for
repair and restoration at the
expense of the property own-
ers. In exchange there should
be incentives to make it attrac-
tive for property owners to
maintain and manage their
properties.

IE fact, The Bahamas
Antiquities Corporation
is supposed to be working to
resolve some of these issues,
although its head, Dr Keith Tin-
ker, does not return phone calls.
As a Starting point they have
published a register of historic
buildings based on earlier work
by the Bahamas National Trust.
This list is being documented
by June Maura of the Bahamas
Historical Society.

And legislation is said to be in
the works to fine recalcitrant
owners up to half-a-million dol-
lars for failure to comply with a
restoration order, and to autho-
rize the seizure of non-compli-

ant properties. But of course, —

this begs the question of what
sanctions we can apply when
the public sector fails to fulfil
its obligations.

The abandoned sea plane ter-
minal at the Eastern Parade is
the first sight of Nassau for
tourists walking over the new
Paradise Island bridge. And the
shed
on Arawak Cay is the first sight
of Nassau for hundreds of thou-
sands of cruise visitors. Both
these properties are owned by
the government and hold
immense untapped value, yet
for decades they have been left
to rot in an ever-growing pile
of garbage.

Be since the 1960s, we
have spent millions of
dollars on study after study by
both local and foreign experts
advising us to clean up our act,
preserve what's left of our cul-
ture, protect our environment
and remain Bahamian. And
every year we disregard this
costly advice.

There is no argument against
it — no philosophy that leads
us to challenge what we are
told. We just ignore it, for no
particular reason other than
boorishness and indifference.

So what, in the end, will our
grandchildren inherit from us?
How can we tackle the really
difficult issues like crime and
social implosion when we can't
even deal with a no-brainer like
this?

What do you think?

Send comments to larry@tri-
bunemedia.net. Or _ visit
www.bahamapundit.com



The

-Way
Test
of things we
think, say or do

1. Is it the TRUTH?

2.|s it FAIR to all
concerned?

3. Will it build
GOODWVILL and
BETTER
FRIENDSHIPS?

4. Will it be
BENEFICIAL to
all concerned?

www. rotary.org |











Vas
x

2
THE TRIBUNE

WEDNESDAY, JUNE 20, 2007, PAGE 7







Beer festival
set for
Saturday in
Sandyport

THE 3rd Bahamas Inter-
national Beer Festival, spon-
sored by the International
Cultural Committee of the
Ministry of Foreign Affairs,
will be held Saturday and
Sunday, June 23 and 24 at
Olde Towne Mall, Sandy-
port, from 11am to 6pm dai-
ly.

About 126 beer labels from
26 countries will be available
to beer connoisseurs attend-
ing the festival.

Participating countries
include Australia, Austria,
The Bahamas, Belgium,
Canada, Czech Republic,
China, Cuba, Denmark,
Dominican Republic, Eng-
land, France, Germany,

’ Haiti, Holland, India, Ireland,
‘Italy, Jamaica, Japan, Mexi-
co, Peru, The Philippines,
Poland, Scotland and the
USA.

’. There will be a limited
number of food outlets, fea-
turing the cuisine of several
of the participating countries.

The festival is being organ-
ised by the International
Beer Festival Committee, a
sub-committee of the Inter-
national Cultural Committee,
and is being chaired by Mr
Herve Kelecom.

The event is sponsored by
Seabord Marine Ltd in Nas-
sau and around the world,
the embassies of China,
Cuba, Haiti and the United
States, Sandyport Develop-
ment Co Ltd, Brau Union
International and the Hon-
orary Austrian consul Mr
Ernst Rumer, The Brasserie
Nationale d’Haiti and Mr
Einar Madsen, Mr Thierry
Grifoul and several Belgian
breweries.

Admission is $3 for adults.
and $1 for children. Proceeds
will aid local charities. Visit
the website at www.bahamas-
internationalbeerfest.com

The committee urges all
patrons to drink responsibly
and to have a designated dri-
ver.

BAHAMAS FIR

FIRST 18 INSURANCE. TODAY, OSORAQW.

ein brie | Celebrities to arrive in Nassau

for charity paintball contest

THE world’s most talented
athletes and celebrities are
scheduled to “splash some col-
or” around the Bahamas this
summer in the name of charity.

Dozens of celebrities from
the NFL, NBA, the recording
industry and television and film
will be in the Bahamas for a
weekend of fun at the Celebrity
Paintball event from June 28-
30.

The event, which is produced
by Celebrity Paintball Bahamas
Inc and the MADE (Mika Area
Development and Empower-
ment) Foundation, brings
together celebrities and athletes
for a weekend in the world’s
most exotic locations.

It creates an opportunity to
raise funds for charitable organ-
isations to implement valuable
programmes and continues to
have a positive impact on
America’s youth and commu-
nities.

This year’s Celebrity Paint-

ball weekend will benefit three
organisations — the MADE
Foundation, the Phil Smith
Medical Fund and the Bahamas
Children’s Emergency Hostel.

Welcome

The star-studded weekend of
festivities will kick-off with a
Thursday night welcome dinner
at Columbus Tavern hosted by
the Bahamas Ministry of
Tourism. On Friday, the
celebrities will be out and about
on the island enjoying the best
of Nassau.

Saturday’s activities will begin
with the stars attending the Miss
Bahamas World Pageant’s pre-
liminary swimsuit competition,
then it is off to the Celebrity
Paintball Challenge to be held
at St Paul Field on Lyford Cay.

The event concludes with an
after-party at Pure Nightlife in
downtown Nassau.

The all-star line-up for
Celebrity Paintball Bahamas
includes NFL stars such as Ray

ce
th

Lewis (Ravens), Willis McGa-
hee (Ravens), Bernard Berrian
(Bears), Shawne Merriman
(Chargers); Actresses ‘Tichina
Arnold, Kelly Monaco of Gen-

eral Hospital, and ‘Tisha Camp-
bell-Martin; Entertainer Patrick
“Tango” Cash; NBA star Brian
Cook (Lakers); Recording
Artists Bobby Brown and Macy



Gray; Olympic Gold Medalist
Tonique Williams-Darling, and
many more. Professional paint-
ball players will also participate
in the tournament.

The Celebrity Paintball Chal-

for adults and $10 for children.

Celebrity Paintball
Bahamas is sponsored by the
Kingman Group, the Bahamas
Ministry of Tourism, the Miss
Bahamas Organisation, Dia-



aa —

HB SEVERAL celebrities will be coming to take wate in Celebrity
Paintball Bahamas

(AP Photo/Longview Daily News, Greg Ebersole

Share your news

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

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



















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Your contribution will help hundreds
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these old machines for life.

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WEDNESDAY, JUNE 20, 2007, PAGE 9



St Matthew's Anglican Church
celebrates its 205th anniversary

ST MATTHEW'S Angli-
can Church this Saturday
celebrates the 205th
anniversary of its parish as
part of this year’s ‘Great
Fair’.

Over 30 stalls attended
by families of the parish
will serve up native dishes
and children can enjoy the
different rides as well as
the petting zoo.

Other attractions will
include a backyard games
area, an antique car show,
pony and dog shows.

The funds of the ‘Great
Fair’ will go towards the
construction of the Foun-
dations of Faith Centre.

The centre will house the
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the community’s seniors
and a youth centre.

It will also offer upgrad-
ed facilities.for the com-
munity outreach. feeding
programme for the less for-
tunate.

The 205th anniversary
year will conclude with a
honors banquet in 2008.

The cornerstone of the
edifice known as St
Matthew’s Church was laid
in 1800 and, according to
historic records, the build-
ing was erected without
steel. reinforcements.

This explains the enor-
mous pillars and the unusu-
ally thick walls.

The opening service was

conducted by the church’s

first rector, Rev Henry

Groombridge, on July 18,
1802. .

Several other important
events are planned to com-
memorate St Matthew’s

anniversary.
All events will culminate
with the dedication

and homecoming in July
2008.

Many prominent citizens
and priests have served the
Anglican community and
the country through St
Matthew’s, and quite a
number of them will par-
in the events
planned to commemorate
the important anniversary
year.

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PAGE 10, WEDNESDAY, JUNE 20, 2007



McKinney

FROM page four

Capron appearance on
‘Iinmediate Response’ from a
few days earlier. Then the day
before the election they re-
broadcast the Pierre Dupuch
appearance. All in an attempt
to help the PLP. In the dying
days of the election campaign
the actions of Steve McKinney
and ZNS were so obvious and
in your face, they were obscene.

On the Pierre Dupuch pro-
gramme Steve McKinney
again brought up the non-issue
of Hubert Ingraham allegedly
having said that after eighteen
months in office, he would
hand over the Government to
Brent Symonette. Saying “This
is what is out there.” He asked
Dupuch whether he knew if
Mr Ingraham had said this.
Dupuch responded “I don’t
know nothing about that.”
McKinney then said: “There
might have been a recording
of that. We’re takin’ a break
but when we come back we'll
have something on that.”

The show returned from
break and not another men-
tion was made on that sub-
ject. Predictably so. Steve
McKinney was merely
indulging a nasty little habit
that he had perfected — that
of repeating the most base-
less, ridiculous charges in an
attempt to give them curren-
cy. You might call it ‘lending
prominence to lies’.

Politics aside—it is my very
strongly held belief that Steve
McKinney possesses neither the
breadth nor depth of knowl-
edge necessary to properly host
a national radio talk show.

I was shocked that Mr
McKinney actually showed up
to host ‘Immediate Response’
the day after the election. I
felt that having hitched his
wagon so securely to the PLP,
Mr McKinney was prepared
to sink or swim with them.
After uie PLP lost I thought
that he would show some class
and salvage some dignity by
tendering his resignation.

CORNELL STUART
Freeport,
May, 2007.

LOCAL NEWS

Concern as government





‘dismantles’ Urban Renewal

FROM page one

But Project sources say the
move couldn’t happen ata
worse time.

With schools closing for the
summer, thousands of young
Bahamians will be roaming the
streets in communities where
the police, aided by social ser-
vices and business people under
the Urban Renewal banner,
have provided programmes to
keep them safe and out of trou-
ble.

“Who is going to look after
these kids and keep them away
from drugs and weapons?” one
Urban Renewal worker asked.

It was not clear what would
happen to the school-based
policing unit, which also falis
under the Project.

But sources say since the
inception of the programme,
there’s been a marked drop in
school violence.

“You should have seen what
the kids had in the schools.
Knives, guns, daggers, danger-
ous drugs,” one source said.

In Pinewood, community

police were busy helping an’

elderly couple, in their 70s,
whose home was badly dam-
aged by fire, when they received
instructions to pack their
belongings.

In Fox Hill, a social worker
recounted how a mother-of-five
was able to cut the red tape to
get school lunches for her chil-
dren under the Project.

In Kemp Road, Urban
Renewal workers were won-
dering what would become of
the two sporting leagues they
were forming for boys aged 7-13
and 14-18.

Just days after taking office,
the FNM hinted that it would
disband the Urban Renewal
Project, spearheaded by the
previous administration.

The government later sought
to clarify its position, saying it
would broaden community
policing.

"It is the intention of the
commissioner of police to
ensure that no effort is spared in
delivering a very high standard
of neighbourhood /community
policing throughout The
Bahamas,” police spokesman
Hulan Hanna said after the
announcement.

"Further, the commissioner
assures the public that all mem-
bers of the force, including
police officers, police reservists
and police civilians, will be used
either on the frontline or in the
case of those support services
in a back-up role to effectively
reduce both the occurrence and
fear of crime."

Mr Hanna said there are
some similarities between the
urban renewal concept and the
RBPF’s new neighbourhood
/community policing pro-
gramme, but added that there
also were key distinctions.

"What this new thrust is
about is making every police
officer a neighbourhood police
officer," he said.

"When you talked about
urban renewal you went to an
office and you saw people.
When you talk now about
neighbourhood community
policing you’re talking about
every single officer being
engaged in the business of crime
fighting... These officers will be
in the community working with
stakeholders, making a differ-
ence, being within easy reach
of the customers and vice ver-
sa."

However, well-placed Urban
Renewal workers said this is
precisely what was happening
under the Project with commu-
nity police on the front line in
the fight against crime.

Working in the various com-
munities made them trusted
guardians of the people and
placed them in a unique posi-
tion to gather intelligence, The
Tribune was told.

Mr Hanna, according to pub-
lished reports, denied that pres-

sure was brought to bear upon
Police Commissioner Paul Far-
guharson.

However, some Urban
Renewal workers say the Pro-
ject is being scrapped purely for
political purposes.

The Project won Community
Policing Awards in 2004-2006
from The International Associ-
ation of Chiefs of Police (IACP)
and ITT Industries Night Vision
salutes the Royal Bahamas
Police Force.

During one of the award cer-
emonies, Commissioner Far-
quharson described the occa-
sion as “a proud day for the
Royal Bahamas Police Force.”

“The Royal Bahamas Police
Force is a leader in many
respects,” Mr Farquharson said
at the time. “Other commis-
sioners feel that some of the
innovative measures we under-
take in policing can be dupli-
cated in their countries.”

“To forge closer ties with

members of the community as:

well as the various community
sectors in an effort to garner
trust and unwavering public
support.”

In a recent letter to the edi-
tor, former Assistant Police
Commissioner Paul Thompson
called the Urban Renewal Pro-
ject a resounding success. He
said the police had to get the
message out.

In a 2006 report, the com-
missioner said the force had
‘reaped enormous benefit from
community support through the
implementation of several sub-
stantive initiatives.’

The most significant, he said,
was the Urban Renewal Pro-
ject, School Base Policing and
the Police Tourism Unit.

School Base Policing and the
Police Tourism Unit grew out of
a community policing pro-
gramme to train unqualified
persons to do security work and
in so doing team up with the
police in the fight against crime.

Since its inception, Mr Far-

quharson said, the Urban
Renewal Initiatives have revo-
lutionised the manner in which
policing is executed.

“As a result of our ambitious
drive to liaise with different
agencies and raise the quality
of life, the force won the covet-
ed Motorola Award from the
ACCP and the International
Community Policing Award
from the IACP. These achieve-
ments are indicative of the fact
that the police force is effec-

tively fulfilling its obligations to —

deliver total quality law enforce-
ment service to the Bahamian
people,” he said in his 2006
report.

“To complement our efforts,
we are ensuring that our
nation’s youth are developed
into model citizens. To date, we
have mobilised the School
Policing Unit to investigate and
stem criminal and gang activi-
ties occurring in schools.”

The commissioner said the
initiative also sought to coun-
se] at risk youth on the dangers
of drugs and other illegal sub-
stances and activities.

While this was a tremendous
and tedious undertaking, he
said that the police had sanc-
tioned the support of Social Ser-
vices and the Ministry of Edu-
cation to ensure that all respon-
sibilities under this jurisdiction
are carried out in an effective
and efficient manner.

Mr Farquharson said the
force also had taken measures
to ensure the safety of visitors
through the implementation of
the Police Tourism Unit.

The objective of the unit was
jointly established under The
Bahamas Visitor Safety and
Security Board to implement
programmes and initiatives per-
taining to tourist safety and
security.

It is not known which, if any,
of these programmes will con-
tinue under the neighbour-
hood/community policing mod-
el.

Appeal calls life

THE TRIBUNE



‘imprisonment
definition into
question

FROM page one

Roache, 20, at Freeport. In her
ruling, the judge noted that the
term “life” meant that Bowe
would spend the rest of his nat-
ural life in jail. The appeals of
Bowe and inmate Trono Davis ‘
against their death sentences,
led to a landmark ruling by the

London Privy Council on the ‘ ©
Bahamas’ death penalty in. .

March 2006. The Privy Coun-
cil ruled that the Bahamas’
mandatory death penalty for
those convicted of the offence
of murder was unconstitutional
and that the appropriate sen-
tence should be at the discre-
tion of the trial judge. Since that
ruling numerous persons who
had previously been sentenced
to death have had their sen-
tences commuted to life in
prison.

Mr Wayne Munroe, who is
replacing Gina Morley, Bowe’s
previous lawyer, said yesterday
that it is to be contended
whether the sentence is one
known under Bahamian law
and expressed in that particu-
lar way. Mr Munroe appeared
in court yesterday with lawyer
Shaka Serville. Lawyers Jillian
Williams and Terry Archer
appeared for the Crown. Ques- ,
tions were directed to Mr *
Munroe by the judges over *
what the term life imprisonment ,
means in this jurisdiction and
the statutes regarding the impo- *
sition of life sentences. In the |
past, a life sentence for some
had been between 14 to 20
years in jail. Mr Munroe point-
ed out that his client had
instructed him that persons
whose sentences were commut-
ed served on average 12 to 13
years in jail. It was noted that if
Bowe’s current sentence is one
that is viable under Bahamian
law it would mean that he
would not be eligible for parole.
The matter was adjourned to
September 26 and 27'when
actual submissions are expected
to. be presented by Bowe’s

_ lawyers and lawyers for the

Crown.



Bahamian.returns home after
fighting in'Iraq and Afghanistan.

FROM page one

of bravery during combat in high
risk war zones.

Mr Goldsmith is considered an
experienced and highly trained
professional soldier, who has seen
extensive combat service in Koso-
vo, Afghanistan, and Iraq.

The Bahamian soldier has
received various commendations
for bravery and his actions in com-
bat under fire, particularly in Iraq.

During a combat tour of Iraq,
where Mr Goldsmith was a Close
Protection Team Operative
(Body-Guard) to a Senior British
Officer, he was commended for
saving the life of a comrade fol-
lowing a grenade attack at “al
Amarah Province.”.

Mr Goldsmith saved the badly
wounded fellow soldier while under
heavy fire from numerous enemy
insurgents by carrying him on his

- shoulder while being fired upon.

His team counter-attacked the
enemy, and despite heavy gun-
fire he continued to fire back at
the enemy, still carrying the sol-
dier, who he brought back to safe-
ty without further harm.

Mr Goldsmith was praised by
his Commanding Officer who
reported that “it was a brave and
courageous act done without
thought for his own safety.”

The Goldsmiths said that their
son, Adam, is fiercely patriotic to
the Bahamas, and is 4n excep-
tional role model for young men
in the Bahamas.

Adam Goldsmith said: “During
my time in the British Army, espe-
cially whilst in a war zone or on
special operations, I felt it my duty
to act in a manner that would
make the Bahamas proud of me.

“I may have been fighting for
the British Crown, but in my heart
I was a Bahamian and knew I
must never let my country down.

“I actually flew the Bahamian
flag in .Kosovo, Iraq and
Afghanistan when on combat
duty to let the enemy know that
the Bahamas was doing its bit for
world peace and safety,” he said.

Mr Goldsmith, who is now ven-
turing into starting an international
security company, hopes to be of
service to his country. He also hopes
the Bahamas will support him in
his new endeavour by retaining his
new company’s expert services.

He, along with other highly
experienced ex-soldiers, recently
formed an International Security
Company, known as ‘Shield Elite
Security Specialists UK.’

Mr Goldsmith said that all the
Operatives qualified after suc-
cessfully completing an advanced




B ADAM (centre back) raise
the Bahamian flag in
Afghanistan

Ss

High Level Security Course in
the United Kingdom when they
passed their practical, oral, and
written examinations with excep-
tionally high grades.

The new company, “Shield
Elite Security Specialists UK,”
operates at an extremely high lev-
el as Consultants who perform
accurate risk assessments in
National Maritime, Port and Avi-
ation Security under TSA (USA)
and European Union Standards
and ISPS Codes.

The company also provides
Advanced Close Protection Oper-
ative (Body-Guard) Courses to
individuals, corporate entities and
government agencies, as well as
advanced security courses to estab-
lished private security companies.

_ He and his colleagues have just
completed a Close Protection
contract for a country where they
provided personal body-guard
services to a Middle Eastern Gov-
ernment’s Defence Attaché.

“Given the current situation in
that part of the world this was a
high risk assignment, which was
completed successfully without
incident and with absolute safe-
ty,” said Mr Goldsmith.

Highly qualified and certified
in all areas of individual, local
and National Security operations,
several of his company’s con-
tracted personnel are also drawn
from ex-British Army forces,
including ex-members of the
famed British Special Forces
groups, known as the “S.B.S” and
the world renowned “S.A.S.”

The company will be offering its
services to the Bahamas Govern-
ment and to the Bahamas security
industry in the very near future.

Mr Goldsmith presently resides
in England, but hopes to return to
the Bahamas to assist in upgrad-
ing local and national security at
all levels.

George W Bush to meet leaders of CA

FROM page one

development for the better-
ment of Caribbean democracy,
human rights, and justice. Con-

ference participants are expect- -

ed to also discuss promoting
more Caribbean trade activi-
ties such as tourism, encourag-
ing competitiveness and invest-
ment, and providing better
social and economic equity.

Other issues expected to be
discussed include natural dis-
aster, terrorist threats to the
Caribbean region, creating jobs
for youth in the region, fighting
drug smuggling, bringing more
stability to Haiti and strength-
ening the Caribbean diaspora
communities in the United
States.

Caribbean people, living in
the United States influence the
CARICOM economies great-
ly, as they collectively send bil-

lions of dollars in remittances to’

their home country each year.

The conference is expected
to continue today with discus-
sions being held at several
Washington venues, including
the World Bank, the Organi-
zation of American States
(OAS), and the Inter-Ameri-

can Development Bank (IDB).

Minister Symonette, who
took part in a Monday after-
noon CARICOM meeting with
U.S Secretary of State Dr. Con-
deleeza Rice, pointed-out that
economic regionalism, as well
as the growth of good gover-
nance in the region, security,
counter terrorism and counter
narcotics were among issues
discussed in that meeting. ©

“We are here to support
CARICOM in our relationship
with the rest of our Caribbean
nations to try and foster a
greater trading and coopera-
tive arrangement with the Unit-
ed States,” Minister Symonette
said following Tuesday’s Open-
ing Plenary.

As for the strengthening of
trade relations with regional
and CARICOM countries, and
the broadening of trade and
business opportunities for
Bahamians, Minister Symon-
ette indicated that the FNM
government’s plan to eliminate
exchange control is a key step
in achieving these objectives.

“One of the things investors
in the Bahamas are always con-
cerned about is the ability to
transfer their funds back to

their country of origin,” he not- »

ed. “The steps toward the elim-
ination of exchange control are
gradually a way to making sure
that Bahamians can invest over-
seas and that residents over-
seas can.-invest in The
Bahamas.

_ “Under the FNM and suc-
cessive governments you have
seen a liberalisation of
exchange controls for many
Bahamians,” Minister Symon-
ette continued. “At present, we
will not liberalise the capital
inflow but that will come over
time as we deal with the issue
of foreign exchange reserves.”

Citing the importance of dis-
cussions on the financial ser-
vices sectors of CARICOM
countries during the Confer-
ence, the Foreign Affairs Min-
ister also pointed to what con-
tinues to be a growing concern
in the region: the economic
effect of deportees from the
United States.

“Obviously the deportees
are a serious issue because we
have very little control over
when the U.S deports persons
to The Bahamas,” Minister
Symonette said. “The whole
question the Caribbean is fac-



ing now is reintegrating those
peoples into our societies and
making sure that the cost of
repatriation is not onerous on
both sides.”

He pointed out that there
are a significant number of
Bahamian nationals being
deported from the U.S to The
Bahamas for a variety of rea-
sons. .

Minister Symonette indicat- :

ed that there are concerns *

among some CARICOM coun-
tries that deportations might be
occurring under very strenuous
circumstances for the deportees.

He added, however, that he
is not aware of Bahamian
nationals being exposed to such
circumstances upon their
deportation from the United
States.

On Tuesday afternoon,
CARICOM Heads furthered
their objective of increasing
awareness of Caribbean issues
for U.S Congressional repre-
sentatives during a dialogue
with the U.S. House Ways and
Means Committee.

Mr Symonette also took part
in that session, where matters
of trade and security in the
region were discussed.

Search still on for passenger missing off Eleuthera

FROM page one

were still searching for the man.

“So far they have found
absolutely nothing,” political,
economic and public affairs
officer Greg Floyd said.

Although the search is offi-
cially still continuing, experts
think there is little to no chance
of finding the man alive.

Operations manager at the
Bahamas Air Sea and Rescue
Association (BASRA) Chris
Lloyd told The Tribune that in
situations like these, where the
person has been floating in the
water for two days without a
life jacket, chances are always
slim for a successful search and
rescue mission.

The fact that the man seem-

ingly fell overboard in shark-
infested waters also adds to the
unlikelihood of his being rescued.

After the 24-year-old pas-
senger was reported missing
on Monday, the cruise ship
turned around to return to the
waters off Eleuthera to which
the Freedom of the Seas was
sailing when the man was last
seen by his relatives.

After a fruitless search, the
cruise ship continued on its
route, making port in San Juan,
Puerto Rico yesterday morning.

The cruise ship is scheduled
to return to Miami on Sunday
morning.

The Freedom of the Seas is
the world’s largest passenger
vessel with a capacity of 4,300
passengers.

Straw vendors complain at possible move

FROM page one

However, Minister of Works
Earl Deveaux has responded
that no final decision has been
made on where the vendors will
be temporarily accommodated.

Nonetheless, he said that such
relocation would have to occur
if vendors wanted to see any
immediate improvement to
their working conditions —
whether in that new location or
by refurbishment of their cur-
rent site.

Mr Deveaux said his consul-
tations with vendors had per-
suaded him that many of them
are in fact seeking respite from
the hot, cramped, unsanitary
and occasionally flooded con-
ditions. He also added that

space concerns — the ventdors
said they think the warehouse
can only house 250, out of a
total of 600 vendors —- are
unfounded, as the building is in
fact 7000 square feet larger
than their current site.

“If the vendors, for whatever
business or emotional reasons,
feel they don’t want to relocate,
that’s one thing, but there’s no
physical, security or other
impediment that would prevent
such an accommodation,” he
said. Lied Oc gpeness ee

Underlying the whole issue
is the question of why the ven-
dors were not moved to the
dock location in 2002, follow-
ing its renovation. At that time,
US government authorities said
that housing the vendors in the

dock location would pose a
security risk. Now, the authori-
ties are said to have agreed to
the idea — provided “due dili-
gence” is done.

The timing of these
announcements has fuelled
speculation that the relaxation
of policy is politically motivated,
designed to show the former
government in a negative light.

However, political and eco-
nomic affairs officer at the US
embassy Dan O’Connor had no
comment, adding: “We work
with both governments.

“T just can’t comment on
what could’ve changed or
couldn't have changed in the
last five years, because I don’t
know what the arrangements
were in 2002.”

Meanwhile, the straw ven-
dors ask for their livelihoods
not to be “played with".

“The Straw Market provides
the livelihood of hundreds of
families,” said Ms Strachan. It
also has a positive knock-on
affect on other Bay Street mer-
chants, encouraging tourists to
explore more of Bay Street,
they claim.

Yesterday, gathered vendors
said they would instead like to
see their tented location reno-
vated, with improved bathroom
facilities and perhaps even some
air-conditioning.

“It is not just a market. It is
an industry. It is a vibrant, living
example of our culture and our
history. It’s alandmark. It is an
institution,” said Ms Strachan.
oe

ve

PAGE J], WEUINEOUAT, JUNE cu, cov, ee

iL . HOLOWESKO ‘ANTHONY M. HINSEY LINKIE B.
. General Manager Public Relations Manager ine Service ’




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PAGE 12, WEDNESDAY, JUNE 20, 2007

cE = iii
Bahamian takes Kerzner |

post at the Palm in Dubai

IN ITS second international
promotion of a Bahamian,
Kerzner International yesterday
announced that Gerard Moss
has been appointed vice-presi-
dent of human resources for
Atlantis, the Palm, in Dubai.

Employed with Kerzner Inter-
national for eight years, Mr
Moss — a certified public accoun-
tant who currently serves as vice
president of human resources at
Atlantis, Paradise Island — will
assume his new post on August
1, 2007.

The 1,539-room destination
resort, a joint venture project
between Kerzner International
and the Dubai government-
owned Istithmar PSJC, is antici-
pated to open at the end of 2008.

In his new capacity, Mr Moss
will be responsible for compen-
sation and benefits; human
resources information systems;

employee health and safety, and
general human resources admin-
istration for the resort’s 4,000
plus workforce — 98 per cent of
which are international workers.

Due to the large international
workforce, a special employee
housing complex will be con-
structed.

Mr Moss will have the task of
directing the company’s bene-
fits and assistance programmes
as it relates to providing housing,
medical, food and entertain-
ment.

Kerzner International aiiciats
said that Mr Moss’ promotion
represents a tremendous oppor-
tunity and marks the second
time that a Bahamian of his cal-
iber, strong work ethics and lev-
el of commitment, has been
afforded an opportunity to make
their mark in the international
arena within the hospitality field

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while employed with the Kerzn-
er organisation.

In announcing Mr Moss’ pro-
motion, George Markantonis,
president and managing direc-
tor of Kerzner International
Bahamas said, “Gerard has been
with us for eight years where he
provided support to the Human
Resources efforts here at
Atlantis. He implemented
numerous projects and initia-
tives over the years to support

@ KERZNER International’s
Gerard Moss has been appointed
Vice President of Human
Resources for Atlantis, The Palm,
Dubai, a joint venture between
Kerzner International and Dubai
Government owned, Istithmar,
which is anticipated to open at
the end of 2008.

Atlantis’ business objectives.
“Gerard will join the team in
Dubai on August 1. Good things
happen to good people and we
know this is an opportunity for
him to embrace new challenges,
further develop his skills and

broaden his experiences as

Atlantis, the Palm, Dubai pre-
pares to open in 2008. We are
proud of him,” he said.

Mr Moss described his pro-
motion as a “very humbling
experience, but at the same time
a very exciting one.”

He said that he and his wife
Jerus Moss, a native of Ethiopia,
have for years discussed the pos-
sibility of living in Dubai, prior
to Kerzner International
announcing its presence there.

“We are very excited, Dubai is

not a new word in our vocabu-
lary. It is something that we have
taken a look at and something
that we have been considering
and this is just an awesome
opportunity for us and we are
so thankful that God has smiled
on us in this fashion,” he said.

In 2005 Kerzner Internation-
al’s Sharon Gibson was given.an
opportunity to work for Atlantis,
the Palm, in Dubai after seven
years of working at Atlantis,
Paradise Island.

Ms Gibson continues to work
as an executive assistant and
office manager for Alan Leib-
man, Kerzner International’s
president and managing direc-
tor for the Palm.

Mr Moss said that his promo-
tion along with that of Ms Gib-
son’s says a great deal about
Kerzner International and the
Bahamas.

“The Bahamas is in the
tourism business and we ought
to be exporting that talent. We
have a great product, and we
have some true professionals
here who ought to be able to
share their expertise with the
world,” he said.

New Internet service has
‘lightning fast speeds’

CORALWAVE has launched its new internet
services which guarantee “lightning fast residential
internet speeds.”

As of Monday, CoralWave users have access to
internet speeds 66 per cent faster then the existing
services — 160 times faster than local dial-up ser-
vices and 20 times faster than the local DSL auto
speed product.

According to CoralWave, with this new service
Bahamians will have internet speeds which rival
top speeds in North America and which are
unmatched in the Caribbean region.

Director of marketing and pay-per view at Cable
Bahamas David Burrows explained that with this
service customers can now download a movie, which
would take over a day with dial-up internet service
and over four hours with DSL, in as little as 11 min-
utes.

Vice-president of IT for Cable Bahamas André
Foster said that there “is no doubt, this speed
increase marks a landmark event in communica-




ies i

j
p
Fe
|
es



tions here in the Bahamas.”

CoralWave speed offerings — which are known by
their musical names of Jazz, Lite, Groove and Rock
— will now vary from 1.5 megabits per second to 3, 6
and 9 megabits per second. There will be no increase
in price to CoralWave subscribers for this upgrade.

“We are extending an invitation to the internet
subscribers of other ISP’s (internet service providers)
in the Bahamas to switch to CoralWave and test
the power that these new speeds will bring to their
online experience,” Mr Burrows said.

IT vice-president Mr Foster said that by “lever-
aging the technology and robustness of the Cable
Bahamas network we aim to enhance the customer’s
enjoyment as they interact with the internet, with
speeds unmatched by any provider in the nation.”

“We will continue to keep pace with technology
as the demand for greater and greater internet
speeds increase to keep up with larger and larger
downloads of music, movies, software, games and
online television entertainment,” he said.

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THE TRIBUNE

— Goombay Summer
- hecomes ‘Junkanoo
— Summer Festival’

ABACO’S Goombay
Summer has been renamed
‘Junkanoo Summer Festi-
val’ and is resonating as
one of the signature events
for this destination.

Visitors and locals, who.
grew accustomed to the
Goombay Summer events,
were surprised to find out .
that their summer ritual
was replaced with
Junkanoo Summer Festi-
val.

The Ministry of Tourism
launched this event in 2006
placing New Providence,
Grand Bahama, Exuma
and Abaco under its
umbrella.

Although its name
changed, the Abaco
Tourist Office — host of the
summer event — has main-
tained the celebratory
atmosphere paying
homage to Bahamian her-
itage and culture, Abaco
style.

“It is safe to say that the
indelible impressions that
Goombay placed on their |
lives has continued with
Junkanoo Summer Festi-
val,” the Abaco Tourist
Office said.

The Abaco Junkanoo
Summer Festival will take
place every Friday night at
Goombay Park in Marsh
Harbour until July 6.

The water-front setting
encircles booths that depict
the pastel clapboard hous-
es that are found through-
out the Abaco Cays.

Each week visitors and
locals are able to sample
the island’s diversity
through the dishes, crafts,
performances and other
activities that take centre
stage.

For entertainment, the
Abaco Tourist Office has
signed up Bahamian talent
such as Ancient Man; KB;
Jay Mitchel; Geno D; the
Royal Bahamas Police
Marching and Pop Bands;
Metellus Chipman, and
other special guests
who will perform at Goom-
bay Park on scheduled
dates.





















~ bahamas

a is ot




a


a PS



WEDNESDAY, JUNE 20, 2007

B BUSINESS

Jia

HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE

Tel: (242) 356-7764

FREEPORT OFFICE
Tel: (242) 351-3010

business@tribunemedia.net

Miami Herald Business, Stocks, Analysis, Wall Street





Ethanol could give BISX
commodities trading arm

@ By NEIL HARTNELL
Tribune Business Editor

he Bahamas Inter-

national Securities

Exchange (BISX)

could develop a

commodities trad-

. ing arm if it proved viable to
create in this nation industries

such as those that grow corn for |

ethanol production, its chief
executive said yesterday, urg-
ing Bahamians to “think out-
side the box” and exploit this
country’s natural advantages.
Keith Davies told The Tri-
bune that already the
exchange’s broker/dealer mem-
bers, one in particular, had
questioned whether BISX could
develop a commodities trading
arm even before the idea of cre-
ating an ‘ethanol corn’ industry
in the Bahamas was raised by a
Bahamas-based business exec-

utive in this newspaper last
week.

“T would say this is something
BISX would and could support
if it proves to be viable,” Mr
Davies said of the proposal by
Tony Joudi, president of con-
struction, development and pro-
ject management firm, FTC.

The development of an
‘ethanol corn’ industry in the

Bahamas would give this nation ~

an indigenous, home-based
commodity that could be traded
on the exchange via futures con-
tracts, a form of derivative
instrument, with BISX helping ,

‘to give buyers, sellers and

traders a sense of certainty and
transparency in their transac-
tions.

“One of the things that would
be wonderful to create in our
market would be diversity on
the exchange,” Mr Davies said,
adding that it could be used to

trade equity, debt and com-
modity derivatives.

The BISX chief executive
emphasised that for the
exchange to develop a viable
commodities trading arm, the
commodity underlying the
exchange’s activity had to be
indigenous to the Bahamas and
originate here.

It was ioo difficult to attract
commodities from other coun-
tries, he explained, as they
would naturally gravitate to
their home exchanges or the
major international exchanges
that specialised in commodities
and derivatives, such as the
Chicago Board of Trade or the
Chicago Mercantile Exchange.

‘We’ve got to capitalise and
leverage on the fact the com-
modity is here,” Mr Davies said,
pointing out that the Bahamas
already had two key ingredients
to facilitate the industry - BISX

and the Freeport Container
Port.

Commodities contracts were
often futures, where purchasers
bought now and paid later, and
BISX would fulfill the role of
the platform/mechanism where
such contracts were “agreed,
solidified and tracked”. A port
facility, such as the Freeport
Container Port, was needed to
track the delivery of commodi-
ty shipments to their end desti-
nation.

Commodities traders also
sought out countries that were
politically and economically sta-
ble, and had exchanges that
were around for the long-term,
Mr Davies said, both charac-
teristics of the Bahamas.

He added: “We have all these
things we can project. We just
have to use them. It’s frustrating
sometimes when we have all
these abilities, but lack the for-

titude” to use them.

“What we need now is a
viable commodity,” Mr Davies
said. “Mr Joudi gave some won-
derful insights in explaining the
benefits and uses that ethanol
brings to the Bahamas.”

Mr Joudi last week told The
Tribune that one acre of land
could produce 149 bushels of
corn, based on the average yield
per acre in the US, with the
Bahamas climate giving it the
potential to produce two crops
per year.

If the Government was able
to allocate 500,000 acres for
‘ethanol corn’ production, and
based on the fact that corn

rices are pushing up towards
$4 per bushel, Mr Joudi said
one crop would generate $289
million in gross export income if
it was exported to the US for
ethanol production. By produc-
ing two such crops per year, the

gross export income would be
$596 million.

Breaking this down, Mr Jou-
di said that if 5,000 families
were each able to purchase or
be granted 100 acres for pro- .
ducing ‘ethanol corn’, assuming
the previous variables, each
family would have the poten-
tial to earn $119,200 in gross
income per year.

He pointed out that develop-
ing such an industry would
boost entrepreneurship, expand
the Bahamas’ foreign currency
reserves by creating a $1/2 bil-
lion export industry; boost the
shipping indsutry by giving it
somethingto carry back to the
US; diversify the Bahamian
economy; and encourage
Bahamian families to move
back to the Family Islands,

SEE page 6

Port owners gained

June 29 target launch for BISX trading system |
$80m from asset sales

@ By NEIL HARTNELL

/ 3 : QuickTrade installation to reduce costs and boost efficiency
Tribune Business Editor ‘

@ By NEIL HARTNELL « case that the ownership and

THE Bahamas International Securities
Exchange (BISX) has set June 29, 2007, as
the target launch date for its new Quick-
Trade Windows-based trading system,

#.-.+, 7” which it believes will reduce the exchange’s

costs and overheads and enhance efficien-
cies in the electronic trading process.

Keith Davies, BISX’s chief executive,
said the upgrade and retirement of the cur-
rent system would give the exchange a “21st
century stock exchange trading system that
will enable us to seamlessly trade Govern-
ment bonds, equities, preference shares,
warranties, options and other derivatives
if need be”.

The migration from the old system to the
new will take place on the last Friday in
June, he told The Tribune. Mr Davies said
that while the BISX Automated Trading
System, which had been operating since
2000 after being obtained via an Inter-
American Development Bank (IDB) har-
monisation programme, had served the

exchange well, “we are
going to retire that sys-
tem and move to a new
and improved environ-
ment”. :

“It operates seamless-
ly in a Windows envi-
ronment, thus reducing
our overhead and costs,”
Mr Davies said. “The
launch date is Friday,
June 29, This is the first
step in the migration of
government securities to
the exchange whenever
the time comes to do that.”

The BISX chief executive said the costs of
operating the exchange’s current trading
system were “very high”, meaning that ben-
efits from lower costs and overheads would
accrue immediately to the exchange.

“The systems used to operate the new
trading system are of a lower cost, the secu-

@ DAVIES



rity and infrastructure surrounding the sys-
tem are of a lower cost, but are no less
robust than what we had before,” Mr
Davies said.

“We reduced costs, we reduced over-
heads and maintained security at the same
time.

“The efficiency is much better, the abili-
ty to upgrade and make amendments is far
superior to what we had before, the speed
and access times are quicker than what we
had, and the functionality is much broader.”

Mr Davies explained that the QuickTime
trading system would enable BISX’s bro-
ker/dealer members to access historical data
on listed equities and other instruments
much more rapidly.

The new system, Mr Davies added,
enhanced costs, accessibility and user-
friendliness, making “an important impact”
for both BISX, listed, issuers, broker/deal-
er members and the wider capital markets
and its participants.







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Tribune Business Editor

SIR Jack Hayward and his
late business partner, Edward
St George, allegedly earned
almost $80 million between
them from the sale of major
stakes in former Grand Bahama
Port Authority (GBPA) assets,
such as the power company and
DEVCO, court documents have

alleged.

The allegations come in the
statement of claim filed by the
St George estate and Caroline
sSt George in their action over
Sir Jack’s claim to 75 per cent
ownership of the GBPA and its
Port Group affiliate. The estate
is disputing this, alleging that
the ownership was always a
50/50 arrangement.

The outcome of yesterday’s
application by Sir Jack to over-
turn the GBPA and Port Group
receivership, consisting of BDO
Mann Judd’s Clifford and Myles
Culmer, was unclear as Tribune
Business went to press last
night.

Meanwhile, the statement of
claim used the profits from the
disposal of significant stakes in
the GBPA and Port Group
Ltd’s main assets to back its

joint ventures had always been
on a 50/50 basis between Mr St
George and Sir Jack.

Until 1999, the Grand
Bahama Development ompany
(Devco) was described as “the
principal operating company”
of the GBPA’s parent, Inter-
continental Diversified Corpo-
ration (IDC)m, after which this
role was taken on by Port
Group Ltd.

“When the assets of any of
these companies were sold, the
proceeds of sale were divided
equally between Sir Jack Hay-
ward and Mr St George, with
their knowledge and approval,”
the statement of claim alleged.

The proceeds were:

* Upon Devco’s 1993 sale of
a 50 per cent stake in Grand
Bahama Power Company to
Southern Electric (now Mirant),
“a special dividend” of $35.5
million was declared. Sir Jack
and Mr St George received
$17.75 million each.

* When IDC sold the 50 per
cent stake in Devco to Hutchi-
son Development Bahamas in
1999, another “special divi-

SEE page 6

Sandals resort only
Bahamian hotel
rated Green Globe

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

SANDALS Royal Caribbean
Spa & Resort is currently the
only hotel property in the
Bahamas certified as a Green
Globe hotel, indicating that this
nation can do much better in.
promoting itself as an eco-
friendly destination. The certi-
fication is granted to properties
which have implemented sub-
stantial environmentally-friend-
ly measures.

Deirdre Shurland, director of
the Caribbean Alliance for Sus-
tainable Tourism (CAST), told
Tribune Business that she was
hesitant to rank how the
Bahamas fared in relation to
the rest of the Caribbean, but
did acknowledge that in addi-
tion to Sandals the country had
‘a number of hotels who are
working very hard”.

This is especially important,
given that increasing numbers

Caribbean environmental
legislation and standards
‘so lacking it’s scary’

- of tourists are seeking destina-

tions and properties that lean
towards environmental preser-
vation.

Ms Shurland added that the
Sandals designation was due to
its branding and commitment it
had towards promoting eco-
awareness.

She said that as this Bahamas
continues to attract a high level
of tourism investment, given
that many of the proposed
resorts feature either a marina,
real estate component or both,
it will be essential that environ-
mental measures and require-
ments are set out plainly before
the projects are approved.

“It really takes leadership
from the investors and those
who are keen to develop,” Ms
Shurland said. “They will have
their first point of contact with
your local officials. They need

SEE page 7




PAGE 2B, WEDNESDAY, JUNE 20, 2007

THE TRIBUNE



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ebsite: www.nassaumotor.com

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Sending the
right message
in combating
internal theft

s crime really a police

problem? Take, for

example, the repair

man. Is the fact your
septic tank has backed up, or
your car is unable to start, real-
ly the problem of the fix-it-
guy? When we consider it, the
issue may have been trans-
ferred to the police, but crime
is really our problem. So what
are we going to do, realistical-
ly, to solve the problem?

There are many suggested
solutions, primarily focused on
the concept of harsher penal-
ties. There are calls from the
public for longer sentences and
hangings. These remedies, I
feel, are at the other end of the
spectrum, similar to using a
bigger mop to soak up the spill.
However, my concern is how
we prevent the spill in the first
place.

Phillip Purpura, in his book
Security and Loss Prevention,
states: “In many businesses, so
many people are stealing that
those who do not steal are the
deviants and outcast: theft
becomes normal and honest
becomes abnormal.”

What makes people steal is
the question this article will
attempt to unravel, as it is key
to managing the problem. The

Flat Terra Cotta Roof Tiles
7,500 sq.f..and
accessories, $19,000.00

Phone 324-6441 or
Cell 424-8299






Safe &
Secure

by Gamal Newry

old adage: ‘Walking in one’s
shoes to see how they think’ is
essential if companies desire
to reduce loss via this source.

Aside from crime statistics
provided by the Royal
Bahamas Police Force, and
studies done by other groups
such as the Coalition of Pri-
vate Sector Organisations,
there is very little documented
information about employee

theft in the Bahamas.

Psychologists, sociologists
and criminologists have strug-
gled for years to understand
and describe the motivations
of dishonest individuals. These
professionals have provided
numerous studies in an effort
to identify personality traits
and characteristics most fre-
quently associated with theft
or fraud. They have also
attempted to identify social
forces and environmental fac-
tors that contribute to, or
might explain, why certain
individuals are dishonest and
others are not. Only recently
have these studies been direct-
ed to white collar crime, as the
focus has been on violent
crimes such as rapes, murders
and bank robberies.

This all changed when, in the
early 1980s, researchers from
the University of Minnesota,

Sy.
Cons

John Clark and Richard

Hollinger, published the results
of an extensive three-year
study they conducted. on
employee theft. This landmark
study identified five character-
istics to explain the phenome-
non of employee theft, and
here they are

1. External Economic
Pressures

Prior to this study, the most
frequent explanation for
employee theft was that work-
ers stoie from their employers
because they had a personal
problem involving alcohol,
gambling, illicit affairs or sim-
ilar situations. This position
asserts that “when economic
pressures become great, people
may turn to illegitimate means
to achieve socially acceptable
goals.”

Clark and _ Hollinger
observed that the alleged con-
nections between the nature
of economic needs and the
manner in which the stolen
materials satisfy those needs
had not yet been established.

2. Youth and Work

Another commonly
expressed theory stated that
younger employees are simply
not as honest or hardworking
as previous generations. Cited
were two studies on retail
employees caught in the act of

SEE page 5

ANSBACHER.

member of the QNB Group

The Ansbacher Group, specialists in private banking, fiduciary services
and wealth Management has an opening in The Bahamas for the position of

SENIOR TRUST MANAGER

To profitably and effectively administer and manage client relationships
and portfolios of Trusts, Companies, Estates, Family Offices and other
related financial structures to achieve the client’s requirements and ob-
jectives while safeguarding the related assets and professional reputation
of the company within the required legal, financial and other parameters.

The successful candidate must have the following qualifications and

experience:

> 10+ years trust experience with sound knowledge of fiduciary
products and services

) Relevant degree level education in business, law or accounting

> STEP designation or equivalent professional qualification

Computer proficiency in relevant software programs (Windows,
Word, Excel, PowerPoint)

) Exceptional sales, advisory and inter-personal skills

Fluent in Spanish and proficient working knowledge of Portuguese

Please send all resumes to the attention of:

Human Resource Manager
Ansbacher (Bahamas) Limited

P.O. Box N-7768
Nassau, Bahamas
Fax: 325-0524

E-mail: hrmanager@ansbacher.bs

Deadline for all applications by hand, fax or email is June 27, 2007
THE MARKETS

STOCKS, MUTUAL FUNDS, 8B
DOW30 «13,635.42 +22.44
S&P500 —«*1533.70-+2.65 Ab
NASDAQ 2,626.76 ~=—«+0.16
10-YRNOTE 5.09 -05 W.
CRUDE OIL 69.10 +01 4&

Stocks
manage
‘modest
gain

BY TIM PARADIS
Associated Press
_ NEW YORK — Wall Street
_ eked out small gains Tuesday as
investors found solace in
- declining Treasury yields but
- remained subdued after Best
- Buy’s lackluster profit forecast
and a drop in new home con-
struction.
The 10-year Treasury note’s
yield, which hit five-year highs
' last week, fell to 5.07 percent
_ from 5.14 percent late Monday .
— alleviating some worries
_ about high rates slowing down
_ corporate dealmaking and hurt-
' ing the already sluggish Bousibe
. market.

Also lifting the stock market
was arise in General Electric’s
_ stock, after its unit GE Energy
_ Financial Services bought a

stake in Regency Energy Part-
ners, a natural gas processor:
- and distributor, from HM Capi-
- tal Partners for $603 million. |

The major stock indexes

~ wavered throughout the day on
concerns about flagging con-
_ sumer spending when electron-

ics chain Best Buy lowered its | -

fiscal 2008 profit forecast, and
after Commerce Department
data showed construction of
_ new homes and apartments fell
_ 2.1 percent last month. The dip,
~ which followed small increases
in April and March, was
_ expected and came alongside a
_. 3 percent rise in May permit
. applications.
_. Economic data has at turns
- upended and supported the.
market in recent weeks as
_ investors try to feel their way
_ forward while juggling con-
cerns about inflation, interest
rates, the housing sector and the
overall economy. :
_ According to preliminary
_ calculations, the Dow Jones

industrial average rose 22.44, or —

_ 0.16 percent, to 13,635.42. The

blue-chip index was buoyed
largely by GE, which rose $1.22,
or 3.2 percent, to $39.29.

__ Broader stock indicators also
edged higher. The Standard &
Poor’s 500 index rose 2.65, or

_ 0.17 percent, to 1,533.70, and the

_ Nasdaq composite index rose

- 0.16, or 0.01 percent, to 2,626.76.

Bonds rose after the weak

_ housing data. While Wall Street
has largely tried to look past
weakness in the housing market
as old news, any sign that the

_ fallout isn’t contained and could

_ taint other areas of the economy |

- could alarm investors.

The dollar, which had

’ strengthened in recent weeks as

bond yields advanced, was

lower against other major cur-
rencies. Gold prices rose.

Going forward, the stock
market will be focusing more on
individual company news and

_ pre-announcements ahead of

‘July’s second-quarter profit
reports.

“It looks like investors have
lowered their expectations for
second-quarter earnings growth

.. Companies will have a fairly
low bar to step over when they
start reporting next month,”
Gayle said.

Advancing issues outnum-
bered decliners by about 5 to 3
on the New York Stock
Exchange, where volume came
to 1.46 billion shares, up from
1.23 billion Monday.

The Russell 2000 index of
smaller companies rose 2.06, or
less than 0.24 percent, to 848.34.

. Overseas, Japan’s Nikkei
stock average rose 0.08 percent.
Britain’s FTSE 100 fell 0.80 per-
cent, Germany’s DAX index fell
0.03 percent, and France’s
CAC-40 slipped 0.25 Peay

MEM Ro



Che iami Herald















3B



WEDNESDAY, JUNE 20, 2007

ECONOMY







PAUL SAKUMA/AP

WEAKNESS EXPECTED: The housing market, in the middle of its biggest downturn in 16 years, will
likely continue to face troubles, analysts say. Above, workers build a complex in Palo Alto, Calif.

New home construction
continues slide in May

BY MARTIN CRUTSINGER
Associated Press

WASHINGTON — Construc-
tion of new homes fell in May.as
the nation’s homebuilders were
battered by the crisis in subprime
lending and rising mortgage rates.

Housing, which is struggling
through its biggest downturn in
16 years, is expected to continue to
face troubles in the months ahead
before starting to stage a sustained
rebound in 2008.

The Commerce Department
reported Tuesday that construc-
tion of new homes and apartments
dropped by 2.1 percent last month
to a seasonally adjusted annual
rate of 1.474 million units, 24.2 per-
cent below the level of a year ago.

The May decline was in line
with expectations and reflected
weakness in the South and West,
which offset construction gains in
the Northeast and Midwest.

Permits, considered a good
barometer of future activity, rose
by 3 percent in May but that fol-
lowed a huge 7.1 percent plunge in
April. The strength last month
came from a rebound in permits
for apartment construction, which
can be volatile. Applications for

cent and have been down four of
the past five months.

“The downward trend remains
firmly in place and there is no
prospect of any near-term relief,
given the huge inventory overhang
in the new home market,” said Ian
Shepherdson; chief U.S. economist
for High Frequency Economics.

Home builders, struggling to
reduce record levels of unsold
homes, are slashing prices and
offering a variety of sales incen-
tives, such as kitchen upgrades
and free decks, to do so.

However, they are facing new
problems with the recent spike in
mortgage delinquencies, which
means that more homes are being
dumped on the market, and a
steady rise in mortgage rates over
the past month, with Freddie
Mac’s national survey for 30-year
mortgages hitting an ll-month
high of 6.74 percent last week.

The National Association of
Home Builders reported that its
survey of builder sentiment sank
in June to the lowest level in
16 years, a reading of 28, down
from 30 in May. The three major
components of the index — sales,
sales expectations and buyer traf-
fic — all posted declines.

single-family homes fell by 1.8 per-

HOME IMPROVEMENT

Home Depot will sell
supplies unit for $10B

BY MARK CLOTHIER AND JASON KELLY
Bloomberg News

Home Depot, the world’s largest
home-improvement retailer, agreed
to sell its contractor-supplies unit to
three buyout firms for $10.3 billion
and may purchase a record $22.5 bil-
lion of its stock.

The buyback amounts to 30 per-
cent of the company’s outstanding
shares. The sale to Bain Capital, Car-
lyle Group and Clayton Dubilier &
Rice may close before Oct. 28, Home
Depot said Tuesday in a statement.
The unit, which accounted for 13 per-
cent of Home Depot’s $91 billion in
sales last year, sells
tools and lumber to
construction compa-
nies.

Chief Executive
Officer Frank Blake,
who took over in
January, is reversing
predecessor Robert
Nardelli’s plans to
expand the unit.
Blake’s priority is
improving Home Depot’s retail
stores, which have lost market share
to Lowe’s.

“It’s good that the company is
slimming down and focusing on core
retail,” said Steve Neimeth, who
manages $850 million, including
Home Depot shares, at AIG SunA-

BLAKE

Ea eae

merica Asset Management in Jersey
City, New Jersey.

. Home Depot is selling the division
amid the most severe housing reces-
sion in 16 years. Homebuilder shares
are the worst performers on the Stan-
dard & Poor’s 500 index this year,
down 21 percent, and housing starts
fell 2.1 percent in May.

Shares of Home Depot rose 31
cents, to $38.27 in composite trading
on the New York Stock Exchange
before the announcement. However,
as of late Tuesday, the stock was up
more than 5 percent in after-hours
trading.

Analysts including Colin McGran-
ahan of Sanford C. Bernstein & Co.
expected the unit to sell for as much
as $13 billion when Home Depot
announced in February it was consid-
ering a sale. The decision to look for
alternatives for HD Supply was part
of a review conducted in November,
Home Depot said.

Home Depot paid as much as
$8 billion to acquire 38 companies
over the past several years for HD
Supply, David Schick, an analyst with
Stifel Nicolaus & Co., wrote in a
research note Feb. 12.

Nardelli expanded the wholesale
unit through the acquisitions. Some
investors said the expansion of the
division, where sales rose 46 percent
to $3.1 billion in the quarter that

“The tightening in lending stan-
dards is having quite an impact,”
said David Seiders, chief econo-
mist for the home builders. He
predicted that home sales would
likely fall further in coming
months with a sustained rebound
not occurring until 2008.

Seiders said he looked for con-
struction of new homes and apart-
ments to decline by 22 percent this
year after having fallen by 13 per-
cent in 2006.

It had appeared that the slump
in housing was hitting bottom at
the end of last year, but there has
been a renewed drop in recent
months triggered by problems in
the mortgage industry. The level
of late payments and foreclosures
on subprime mortgages hit record
highs in the first three months of
the year, according to a survey by
the Mortgage Bankers Association.

Construction of single-family
homes dropped 3.4 percent last
month while construction of
apartments rose by 3.1 percent.

By region of the country, con-
struction activity fell by 19.7 per-
cent in the West and 1.6 percent in
the South. Construction was up
15.7 percent in the Northeast and
15.5 percent in the Midwest.



INTERNATIONAL EDITION

WALL STREET

Blackstone
IPO could
he as soon
as Friday

BY JOE BEL BRUNO
Associated Press

NEW YORK — Blackstone Group,
manager of the world’s second-largest
buyout fund, moved up its much-hyped
$4.75 billion initial public offering to
this week amid growing scrutiny of the
firm on Capitol Hill and in the media.

The New York-based buyout shop,
which controls a portfolio of companies
from Madame Tussauds wax museums
to real estate goliath Equity Office Prop-
erties Trust, could join the ranks of the
New York Stock Exchange by Friday
morning. The landmark deal, originally
scheduled for sometime next week, will
likely go down as ‘the fourth-biggest
IPO in U.S. history.

The unexpected move to speed up
the offering comes amid speculation
that Chief Executive Stephen Schwarz-
man might be having second thoughts.
A spokesman for Blackstone would not
comment, citing the quiet period for ini-
tial public offerings.

“They were really hit from all sides,
and must have sat back over the week-
end and thought about what they were
going to do about all this,” said Colin
Blaydon, director of the Center for Pri-
vate Equity and Entrepreneurship at
Dartmouth College’s Tuck School of
Business. “Sooner is better than later
when facing all this uncertainty.”

‘Blackstone plans to float a 12.3 per-
cent stake in its management division,

E which gives investors little say in how

the firm operates its $88 billion portfo-
lio of companies and real-estate hold-
ings. With units in the partnership set to
price between $29 to $31, the IPO could ©
raise between $3.87 billion and $4.14 bil-
lion.

The timing of the IPO was in some
question after lawmakers proposed leg-
islation last week that would double
Blackstone’s tax bill in five years.

The legislation would abolish a two-
decade old provision that allows these
partnerships to pay capital-gains taxes
of 15 percent on their share of the firm’s
income.

The firm, which announced its IPO
in March, had already warned potential
investors it did not expect to be profit-
able for several years because of
expenses tied to becoming a public
company and executive compensation.

Bumping the IPO up could be a way
to avoid further political wrangling,
especially as senior House members are
working on similar tax legislation.

AP Business Writer Dan Seymour in
New York contributed to this report.



mat |

eit

AAS WY



unit to three buyout firms for $10.

TY WRIGHT/BLOOMBERG NEWS
SELLING UNIT: Home Depot has agreed to sell its contractor-supplies

3 billion, and it may purchase

$22.5 million of its stock, or 30 percent of its outstanding shares.

ended April 29, distracted Home
Depot from focusing on retail stores.

Blake has adopted policies to allay
shareholder criticism of the compa-
ny’s oversight under Nardelli, who
was ousted in January over his pay.
The company increased the number
of directors needed to approve exec-
utive compensation and agreed to
disclose some political donations for
the first time.

Lowe’s, which operates about
1,400 stores in the U.S., has outper-
formed Home Depot in recent years
with newer stores and customer ser-
vice that gets higher ratings. Home
Depot has 2,170 stores.

Home Depot shares fell less than a
percent last year, compared with a
6.5 percent drop for Lowe’s.

Clayton Dubilier, based in New
York, specializes in buying compli-
cated businesses that often include
retail or service components.
Founded in 1978, the firm recently
agreed to buy ServiceMaster, a home-
services company whose brands
include ChemLawn, Merry Maids
and Terminix.

Clayton Dubilier joined with
Washington-based Carlyle to buy
Ford’s Hertz rental car unit in
December 2005; the firms sold Hertz
shares to the public a year later.

Boston-based Bain has this year
purchased companies including OSI
Restaurant Partners, the operator of
Outback Steakhouse, and is set to
acquire Clear Channel Communica-
tions.


THE MIAMI HERALD | MiamiHerald.com

BUSINESS BRIEFS

e RETAIL







PAUL SAKUMA/AP

SALES FALL: A growing amount of Best Buy’s sales is
coming from items like notebook computers and
gaming hardware, which don’t bring as much profit,

the company said.

Best Buy 1Q earnings
slide on China business

From Herald Wire Services

Best Buy (BBY), the nation’s largest consumer electron-
ics retailer, lowered its 2008 profit estimate on Tuesday,
blaming a softening economy that’s steering shoppers away
from high-margin items like flat-screen TVs.

The company also reported that first-quarter earnings fell
18 percent, partly in response to the inclusion of the compa-
ny’s new lower-margin business in China. Shares slid $2.83, or

5.9 percent, to $45.18 Tuesday.

Chief Executive Officer Brad Anderson said weakness in
the overall economy was a major factor in the company’s
sales skewing away from high-margin, big-ticket products. A
growing amount of its sales is coming from items like note-
book computers and gaming hardware, which don’t bring as

much profit.

e AUTOMTIVE

$7.4B PURCHASE
OF CHRYSLER OK’D

Federal antitrust regula-
tors have cleared Cerberus
Capital Management’s
$7.4 billion purchase of
Chrysler.

Peter Duda, a Cerberus
spokesman, said that the
Federal Trade Commission
made its decision before the
end of a standard 30-day
review.

DaimlerChrysler (DCX)
agreed last month to trans-
fer an 80.1 percent stake in
its money-losing Chrysler
unit to New York-based
Cerberus.

As part of the deal, Cer-
berus agreed to invest

‘$6.1 billion in Chrysler and
its financing arm and to pay
DaimlerChrysler $1.4 billion.

Shares of DaimlerChrys-
ler dropped 9 cents to $92.28
in after-hours trading, after
increasing 22 cents to close
at $92.37 in regular trading.

e FOOD & BEVERAGE

CADBURY SCHWEPPES
TO CUT 7,500 JOBS

Cadbury Schweppes
(CSG) said it plans to close
15 percent of its candy facto-
ries by 2011, cutting about
7,500 jobs, and will likely
sell the U.S. unit that makes
7-Up, Dr Pepper and
Snapple soft drinks.

The company had
announced in March that it
. planned to separate its
drinks and candy busi-
nesses.

Cadbury Schweppes
shares fell 0.9 percent to 700
pence ($13.87) on Tuesday
in London.

e DRUG MAKER

BAYER AG LIFTS PROFIT
GUIDANCE FOR 2007

Bayer AG (BAY) said
that its purchase of Scher-
ing AG (SRNGF.PK) as
well as scaled-back research
and development costs will
help lift its profit through
2009.

The Leverkusen-based
chemical and pharmaceuti-
cal company raised its profit
margin estimates for 2007 to
2009 because the Schering
deal will help it cut costs by
some 100 million euros ($134
million), more than it had
initially expected.

Shares of Bayer were up
more than half a percent to
56.41 euros ($75.61) in Frank-
furt.

‘ing.

2

e COMPUTERS

GATEWAY RECALLS
NOTEBOOK BATTERIES

Lithium-ion battery packs
shipped with some Gate-
way (GTW) notebook com-
puters pose a fire danger,
leading to a voluntary recall
Tuesday by Gateway and
the U.S. Consumer Product
Safety Commission.

The battery packs can
overheat and pose a fire haz-
ard, the commission said in
a news release.

About 14,000 battery
packs shipped as the pri-
mary or spare power
sources for some Gateway
400VTX and 450ROG series
notebooks, and identified by
part number 6500760 or
6500761 were recalled.

e TRADE
CHINA TO CUT MORE
EXPORT REBATES

China announced it will
cut tax rebates on exports of

~ clothes, shoes and other

goods in an effort to slow
the growth of its huge trade
surplus amid rising threats
of punitive action by U.S.
lawmakers.

The move also is meant
to slow exports of cement
and other goods deemed too
energy-intensive or pollut-
ing, the Finance Ministry
said on its website.

Rebates of value-added
taxes will be eliminated on
July 1 on 553 categories of
goods.

e AIRBUS

CEO OPTIMISTIC
ABOUT RESTRUCTURING

The co-CEO of Airbus
parent EADS sounded an
optimistic note on the com-
pany’s restructuring efforts
and said that business in the
United States is developing
favorably.

Tom Enders told Dow
Jones Newswires on the
sidelines of the Paris air
show that there is a feeling
of optimism among employ-
ees, although “of course, we
aren’t exactly where we
want to be in our restructur-

As evidence of the com-
pany’s improved perfor-
mance, he pointed among
other things to additional
orders for the A350 XWB
wide-body jet, Airbus’
planned rival to the Boeing
787, and to plans to deliver
the first A380 superjumbo
before the end of this year.

LATE TRADING



INTERNET

With new chief, Yahoo facing breakup? —

BY MICHAEL LIEDTKE —
Associated Press

SAN FRANCISCO —
Yahoo thinks it’s back on the
right track now that co-
founder Jerry Yang has
replaced Terry Semel as chief
executive, but analysts and
investors already are wonder-
ing whether the shake-up is
just a prelude to more radical
measures, including a possible
sale or breakup of the troubled
Internet icon.

While Yang promised to
rejuvenate Yahoo, Wall Street
worried that the Sunnyvale-
based company’s new boss
might be too much like the old
boss.

Yahoo shares fell 49 cents,
or 1.7 percent, to finish Tues-
day at $27.63, reversing the
positive sentiments initially
expressed after the manage-
ment change was announced
late Monday.

“There was some knee-jerk
excitement when people first
heard the news, but now they
are starting to question
whether this was change just
for change’s sake,” said Stan-
dard & Poor’s equity analyst
Scott Kessler. “Is this really

CRUISE LINE

Carnival profit up nearly 3 percent

BY ADRIAN SAINZ
Associated Press

Carnival, the world’s larg- '

est cruise group, reported a
nearly 3 percent rise in sec-

ond-quarter earnings Tuesday, |

overcoming weak pricing in
the key Caribbean market and
higher fuel costs with strong

performance in Europe.



4 235 p.m. Late

sm. 6:
Stock Tkr. lose close Chg. volume

4pm. 6:35 p.m.
Stock Tkr. close close = Chg.

Late

volume



PwShsQQQ QQ0QQ 47.76 47.72 --04 = 86535
iShR2K nya IWM 84.39 84.35 -.04 60834
SPDR SPY 153.27 153.08 -.19
TimeWarn TWX 21.24 21.24 .
HomeDp HD 38.27 40.29
Comcsps CMCSK 27.68 27.69 +.01
Amazon AMZN 69.81 69.88 +.07
AlteraCp If ALTR 22.39 22.39 .

Citigrp Cc 54.26 54.30 +.04
Microsoft MSFT 30.46 30.49 +.03
GenElec GE 39.29 39.38 = +.09
BkofAm BAC 50.55 50.53 -.02
FredMac FRE 64.26 63.89 -.38

57895
36170
33781
33036
31738
28993
28002
23051
22870
21438
20346

+2.02

JPMorgCh JPM 50.85 5071 «14
Comcasts CMCSA 28.10 28.10 i

Target TGT 63.31 6344 +13
Kraft KFT 34.65 34.74 +.09
NRG Egys NRG 44.78 44.68 — -.10
FirstDatas FDC 32.73 32.71 — -.02
Novell NOVL 7.98 7.98 .

BestBuy BBY 45.18 45.25 +.07
Yahoo YHOO = 27.63 27.58 — -.05
Dellinclf DELL 27.82 27.82 -.00
ApldMatl AMAT —= 19.78 19.81 +.03
AmExp AXP 63.15 63.03 -.12

19870
16818
16762
15859
15508
15284
13712
13591
13011
12550
12183
12081



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



The Miami company also
lowered its full-year earnings
per share guidance based on
the higher fuel costs, but it
added that Caribbean book-
ings for its Carnival Cruise
Lines brand were improving.

Carnival reported net
income of $390 million, or 48
cents per share, for the quarter
ended May 31, versus $380 mil-
lion, or 46 cents per share, a
year earlier. Revenue rose to
$2.9 billion from $2.66 billion.

Analysts surveyed by
Thomson Financial were
looking for a profit of 47 cents
per share on sales of $2.88 bil-
lion, on average.

The cruise operator had
given guidance of between 45
cents per share and 47 cents
per share for its second quar-
ter earnings.

Micky Arison, Carnival
chairman and chief executive,
said revenues for North Amer-
ican and European cruises fell
in line with the company’s
expectations.

“The Caribbean, which still
had a relatively high percent-
age of our capacity during the
second quarter, continued to
experience price pressure,”
Arison said. ‘‘However,
increases in revenue yields

-- from our European brands

together with the strengthen-
ing euro and sterling produced
significant revenue yield
growth outside of North

GERMANY



going to lead to a fundamental
change in the way Yahoo sees
things and does things?”

The reservations about
Yang, 38, primarily stem from
his managerial inexperience
and ties to
Semel.

Although he
once ran
Yahoo in its
very early
days, Yang has
never been the
top executive
since the com-
pany went
public in 1996 and blossomed
into a far-flung business with
11,700 employees and more
than $6 billion in annual reve-
nue.

What’s more, Yang
emerged as one of Semel’s
closest allies during the past
six years while serving in his
role as “chief Yahoo.” He was
also a board member who pre-
sumably was consulted on
some of the key management
decisions that left the com-
pany a distant second to Goo-
gle in the lucrative online
advertising market.

“He didn’t function as chief

YANG

INTERNATIONAL EDITION

Yahoo, so why would you
think he will succeed as CEO?”
said Global Equities Research
analyst Trip Chowdhry. “They
already missed the boat and, in
the Internet space, there are
no second chances.”

Chowdhry thinks Yahoo
eventually will sell off major
chunks of its operations,
including e-mail, instant mes-
saging, finance and its photo-
sharing service Flickr.

REMAIN INDEPENDENT

Although he provided few
specifics about Yahoo’s next
move, Yang made it clear ina
Monday interview that he
believes the company can
remain independent.

Eric Jackson, a Naples, Fla.
management consultant who
sparred with Semel at Yahoo’s
annual meeting last week, said
he believes Yang has learned
from his predecessor’s mis-
takes and will engineer a
comeback.

“It’s misguided to think
Jerry will do the same thing as
Terry just because they were
allies,” Jackson said,

Yahoo’s inability to keep
pace with Google’s torrid



DAVID ADAME/AP FILE

RISING PROFIT: Carnival CEO Micky Arison said that his
company’s earnings rose nearly 3 percent in the second
quarter with strong results in its European market.

America.”

The company said fuel
prices increased 7 percent to
$333 per metric ton, compared
to its previous guidance of
$310 per metric ton. Fuel price
per metric ton in the second
quarter of 2006 was $354.

The higher fuel costs
affected earnings by approxi-
mately 2 cents per share, Ari-
son said.

Shares of Carnival rose 5
cents to $49.71 on Tuesay.

Carnival and the rest of the

cruise industry have been
dealing with sluggish demand
and weak pricing in the Carib-
bean over the past two years.
In response, Carnival and
competitor Royal Caribbean
Cruises are shifting capacity to
Europe to take advantage of
strong demand for vacations
and high net revenue yields.
Currently, Carnival’s North
American brands represent
about 69 percent of capacity,
with that number expected to
drop to about 62 percent in

WEDNESDAY, JUNE 20, 2007 4B

growth put the company in its
current bind. Once the larger
of the two companies, Yahoo
has been outsmarted by Goo-
gle at virtually every turn in
recent years.

‘ Mountain View-based Goo-
gle now makes more in three
months than Yahoo does in an
entire year.

The downturn has fueled
speculation that Yahoo might
seek a buyer like Microsoft or
consider combining some
operations with another major
Internet brand like eBay or
News Corp.’s MySpace.com.

SALE UNLIKELY
Kessler thinks an outright

‘sale of Yahoo is unlikely

because any bidder probably
would still have to pay about
$40 billion — a steep price
even for Microsoft, which also
is trying to catch up to Google.

Yahoo seems more likely to
prune its operations to try to

reduce costs and eliminate .

some of the bureaucracy that
has been blamed for stifling
innovation. Kessler believes a
large Santa Monica office that
Semel opened is now a prime
target for closure.

2010, said Howard Frank, vice
chairman and chief operating
officer.

For the second quarter, net
revenue yields edged up
0.2 percent compared with the
prior year. Adjusting for cur-
rency exchange rates, net rev-

. enue yields as measured on a

local currency basis fell
2.6 percent when compared
with the previous year. Yields
are a key profitability gauge
that measure net income
earned from passengers per
day from cruise tickets and
onboard sales.

Looking ahead, Carnival
said advance bookings taken
for the second half of 2007

| ‘were ahead of last year, with ©

pricing on a current ‘dollar
basis down slightly compared
to last year. Since Jan. 1, book-
ing volumes for Carnival
Cruise Lines, which sails
mostly in the Caribbean, were
up about 18 percent over last
year, compared to a 5.5 per-
cent capacity increase for the
full year.

However, the high fuel
prices reduced earnings esti-
mates by approximately 12
cents per share for the full
year. Thus, the company
expects full year 2007 earnings
per share to be in a range of
$2.85 to $2.95, compared to.
$2.77 in 2006. The company
previously had said it
expected 2007 earnings to be
in the range of $2.90 to $3.10
per share.

For the third quarter, the
company expects earnings per
share to be in the range of
$1.60 to $1.62, compared to
$1.49 in the same period last
year.

Carnival currently operates
10 cruise brands and 82 ships.

Air Berlin’s offices raided by police

BY MATT MOORE
Associated Press

FRANKFURT, Germany —
Police raided the offices of Air
Berlin as part of an investiga-
tion into insider trading by
management board members,
including the chairman and
chief executive, before the
acquisition of a rival company
last year.

The airline, Europe’s third-
biggest discount carrier, has
dismissed those allegations,
saying the shares were pur-
chased legally well before the
board approved any plan to
acquire dba, as police raided
homes of two board members
as well as company offices in
Berlin, Stuttgart, Munich,
Diisseldorf and Langenfeld.

Shares of Air Berlin fell
more than 6.2 percent at one
point but recovered to $21.57,
down nearly 4 percent.

The Stuttgart prosecutor’s
office said in a statement that a
Berlin-based airline and six of
its employees were being
investigated but did not iden-
tity the employees or the com-
pany.

Air Berlin said the investi-
gation centered on:claims that
$2 million worth of its shares
were purchased just ahead of
its announcement on Aug. 17,
2006, that it was acquiring
Munich-based dba.

Air Berlin spokesman Peter
Hauptvogel said that five
members of the company’s
management board, including
Chief Executive Joachim
Hunold, were among those
being investigated. The others
included supervisory board
chairman Johannes Zurnieden
and three department chiefs,
spokeswoman Claudia Loef-
fler said.

Hauptvogel said the com-
pany is cooperating with
investigators, and Hunold
called the charges
“unfounded,” adding that at no
time did he or his colleagues
do anything improper. Zurnie-
den was unavailable for com-
ment.

“Whether and to what
extent Air Berlin’s share price
would increase following the
publication of the dba acquisi-
tion was more than unknown,”

Hunold said.

“At the beginning of June
2006, I purchased shares sim-
ply because at this point the
lockup period imposed by the
stock market regulations came
to an end and I wanted to send
a positive signal to the mar-
ket,” he said. He added that he
has not sold those shares.

A lockup period is the
interval when an investment



MARKUS SCHREIBER/AP

TURBULENCE: An Air Berlin airplane takes off in Berlin.
The carrier's stock fell Tuesday after a police raid.

may not be sold.

The Federal Financial
Supervisory Authority, or
BaFin, Germany’s financial
regulator, declined to com-
ment, citing the ongoing inves-
tigation.

Air Berlin flies to destina-

tions across Europe and North.

Africa. The carrier made its
stock market debut in May
2006.

eee arse sBene .

Oe a en oe oe ee
DR a ” 7

~*teverr
THE TRIBUNE

WEDNESDAY, JUNE 20, 2007, PAGE 5B





Tourism must infiltrate
education, says CTO chief

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

ourism needs to be

more widely includ-

ed in the Bahamian

and Caribbean
school curriculum to ensure
the brightest and best local stu-
dents join -and remain - in the
industry.

Vincent Vanderpool Wal-
lace, the former Bahamian
tourism director-general, and
the Caribbean Tourism Organ-
isation’s secretary, said tourism
needs infiltrate the high school



@ WALLACE

system, so that students no
matter what their interest
realise the role that they can
play in the region’s premiere

industry.

His comments came during a
panel discussion on the state
of the tourism industry during
the first day of the Caribbean
Hotel Tourism Conference,
which allows hoteliers, the
Government and allied indus-
tries a chance to network and
discuss ways to move the sec-
tor forward.

Mr Vanderpool-Wallace said
chemistry students can learn
about the maintenance of
water quality, while physics
students can research and cre-
ate formulas to determine the
water pressure needed to pro-
vide water for all hotel guests.

He said this way of thinking
was imperative to attract the
brightest students, who would
otherwise feel a tourism career

was nol an option.

Mr Vanderpool-Wallace
added that the private and
public sector must work
together to remove the barriers
that impede tourism, noting
that visitors to an island desti-
nation do not place blame on
either party but rather the des-
tination as a whole.

He said there were four
main goals that every island
must adopt: deliver an experi-
ence that people can brag
about; provide low cost, high
quality and high frequency
transportation; effectively
deliver information; and
remove the known impedi-
ments that hinder tourism suc-
cess.

Mr Vanderpool-Wallace said
that in many cases, people try

Sending the right message in combating internal theft

FROM page 2

stealing merchandise.

Both studies indicated a dis-
proportionate number of
younger, newly-hired employ-
ees were involved in theft.
-However, no clear and con-
vincing evidence existed to
confirm this theory.

3. Opportunity

The opportunity to steal

items of value was considered .

one of the primary factors in
employee theft by security
practitioners. It was generally
held that every employee is
tempted to steal from his

*. employer at one time or anoth- '
’.er during their career, based .
-on their'opportunity to steal.,

This theory was also never
empirically studied until Clark
and Hollinger’s research in
1983.

- 4, Job Dissatisfaction

The idea that there is a cause
and effect between job dissat-
isfaction and employee theft
had not been included in most
studies of workplace theft until
Clark and Hollinger conducted
their own research. The theory
suggests that the.company
from whom employees steal
may influence such theft

because management, direct-
ly or indirectly, is responsible
for job dissatisfaction based on
the perceptions of their
employees.

5. Social Control

The social control theory
suggests that the broadly-
shared formal and informal
social structure within a com-
pany greatly influences
whether theft persists or not.
Although not empirically test-
ed until Clark and Hollinger’s
study, it emphasised the role
individual work group norms
played in deterring workplace
theft.

In addition, there was evi-
dence in existing studies that
theorised a relationship
between supervisors/manage-
ment, personnel and employ-
ees, in deterring or encourag-
ing theft behaviour by employ-
ees.

Theories

Both theories are similar to
the deterrence doctrine, which
assumes the threat of negative
social sanctions from the
organisation or criminal law
can reduce the amount of
internal theft. In essence,
employees will be more likely
to steal if they perceive the
threat of detection and/or pun-
ishment for this behaviour to

LOO BAHAMAS
OLYMPIC

Raye

P.O. Box SS- 6250, NASSAU, BAHAMAS

ASSOC

Tel: 1 (242) 322 - 1595

OLYMPIC HEALTH DAY

5 MILE RACE

be weak or non-existent.
Regardless, the primary
objective here is to reduce the
events of theft and fraud in the
workplace. The company must
be clear on identifying and uni-
formly sanctioning unaccept-
able behaviour, and also penal-
ising persons for infractions.

Regulations

As a result, regulations
regarding theft by employees
must be clear and frequently
reiterated to ensure prohibi-
tions regarding such activity
are understood by all employ-
ees.

In my opinion, the message
concerning loss prevention and
penalties resulting from such

action are lost --or even:

neglected - during. pre-employ-
ment orientations for new
workers, and never again
addressed until someone is
actually caught stealing. Com-
panies cannot rely solely on
negative sanctions from soci-
ety to apply to the workplace.

Individual sanctions within
the company are important to
help mold the culture, and
make certain expectations are
clear. Enforcing the sanctions
must also be uniform.

It takes only one incident in
which managerial employees
are given preferential treat-
ment to undermine the entire
policy. Negative sanctions for

PRESIDENT

H. E. Arlington Bulter, KMCMG..,J.P.,D.LC.
VICE-PRESIDENT

Sir Durward Knowles, O.B.E

Rey. A.Enoch Backford II, B.Sc,.B.Ed.
Harcourt M. Rolle

Leonard Archer

Roscow A.L. Davis, B.S., M.B.A
Wellington Miller

ASURE

C.Vincent Wallace-Whitfield, LLB.,L.E.C
ASSISTANT TREASURES

S.Dianne Miller

{SECRETARY GENERAL

Lawrence Davis, B.Sc.,Ph.D

ASSIS1 TANT SECRETARY GENERAL

B. Livingstone Bostwick

FAX:! (242)322 - 1195

E-MAIL:nocbah@ coralwave.com

WHEELCHAIR AND HEALTH WALK

7:00a.m., Saturday, 23rd June, 2007

eT-shirts for all participants

¢ Trophies For all categories

¢ IOC Certificates all finishers
e HEALTHY BREAKFAST

Run Route: Starts Q.E. Sports
Center, Nassau Street, Bay Street,
P.I.Bridge, Ends Native Crafts
Market.On Paradise Island.

ENTRY FEE: School Children: FREE

‘CATEGORIES.

Crafts Market

Adults:$10.00

MALE: Under20, 20-29, 30-39, 40-49,50-59, 60+
FEMALES: Under 20, 20-29, 30-39, 40-49, 50-60+
Children And Group Awards

WHEELCHAIR AND HEALTH WALK:
Starts at Fort Montagu,west on Shirle Street
to Church Street, P.I. Bridge to the

Entry Form

Olympic Day 5 Mile Race And Health Walk

Drop off ENTRY FORM at the BOA Office, Building #10, 7th Terrace West of Collins Avenue,
P.O.Box SS-6250, Tel: 322-1595, Fax: 322-1195, E-mail:nocbah@coralwave.com

Name (Last):

(First):



Age:

Event: 5 Mile Run

Date of Birth:

SEX: M F Affiliation:

Wheelchair__

Health Walk

Liability Waiver: In consideration of your accepting this entry, I declare that | am medically fit to take part
in this event; and I, intending to be legally bound hereby for myself, my heirs, executors and administrators
waive and release any and all rights and claims of damage I may have against the Bahamas Olympic Association
and/or its agents, successors and assigns for all injuries sustained by me in this event. I agree to abide by the

decisions of the medical advisor.



Signature Of Applicant



Parent/Guardian if under 18 years age



theft must apply to everyone in
order to be effective, and man-
agement must be prepared to
uniformly dispense discipline.

NB: Gamal Newry is the
president of Preventative Mea-
sures, 2 loss prevention and
asset protection training and
consulting company, specialis-
ing in policy and procedure
development, business securi-
ty reviews and audits, and
emergency and crisis manage-
ment. Comments can be sent
to PO Box N-3154 Nassau,
Bahamas, or e-mail

~ gnewry@preventativemea-

sures.net.com or Www.preven-
tativemeasures.net

to make tourism decisions
despite the fact that it might
be mathematically impossible.

One example of this, he said,
was the current US passport
requirement. Feasibility studies
from the US indicated it was
impossible to process the num-
ber of passports necessary to
meet the expected demand
from US travellers, but the
Bush administration pressed

on with implementing the
Western Hemisphere ‘Travel
Initiative (WHT.

Another case in point was
the fact that the 2007 Cricket
World Cup organisiers had
predicted that they would
attract 100,000 spectators to
the game, even though it
would require more airlift than
the region had to bring those
numbers in.

Summit Insurance Co. Ltd.
invites applications for the post of

FINANCIAL CONTROLLER

Duties include but not limited to:

e Supervision of the Accounts Department

¢ Preparation of management accounts and salaries
e Preparation of annual statements for audit

e Liaising with auditors and other external partners

| Requirements:

¢ Must be Computer literate

e Experience of general insurance and reinsurance
treaty accounting an advantage

e CPA or similar qualifications preferred

¢ Good analytical and communication skills

Apply in writing with CV to:

General Manager
P-O.Box SS-19028
Nassau

Or fax to: 394-2353

Or email to info@ summitbah.com

Closing date: 29th June, 2007



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PAGE 6B, WEDNESDAY, JUNE 20, 2007

BUSINESS

THE TRIBUNE



Ethanol could give BISX commodities trading arm

FROM page 1

reducing population pressures and
overcrowding in Nassau.

Mr Davies said yesterday of the
‘ethanol corn’ proposal: “Honestly, I
think what needs to happen also is that
we need to become serious about
developing something like this. You

cannot back into a project like this.
You need capital and size, you need to
exploit this nation’s chain of islands,
and mitigate the risk from hurricanes.
It takes a lot of planning.

“Something like this can be viable
and can be traded through the
exchange. The numbers [Mr Joudi]
mentioned are a good step in the right
direction.”

The BISX chief executive added: “It
takes a type of creative thinking for
these things to take shape. We cannot
sit back and say: ‘Who else is doing
this?’, because that means you are
already behind the ‘8 ball’. We cannot
be a follower.

“Just like tourism, why can’t we be a
leader in other sectors? It takes cre-

8

and taking calculated risks, which is
what investments are.”

Trading

Mr Davies said trading commodities
such as ‘ethanol corn’ through BISX
removed some of the risk borne by
producers, enabling them to engage in
lots of hedging against risks such as

hurricanes and fluctuations in price
and demand.

Commodities and derivatives were a
growing industry, Mr Davies pointed
out, explaining that anything consumed
by humans and animals had the poten-
tial to be traded as a commodity. Even
energy and weather had been ‘com-
moditised’ and were taded as deriva-
tives.

BLAIRWOOD ACADEMY|
SUMMER SCHOOL

July 2 to 27 9:00 to 12:30

READING, WRITING, MATH,
STUDY SKILLS, COMPUTER

QUR METHODS H
CATCH UP
IMPROVE SKILLS
MOVE FORWARD

393-1303
OR COME IN TO REGISTER
VILLAGE RD SOUTH OF QUEEN'S COLLEGE

NOTICE











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.







To receive the Audited
Accounts for 2006.




To elect members of The Board
of Directors.

To discuss and approve the
budget for 2008.





All members are urged to attend.
Refreshments will be served!

ative thinking, thinking outside the box

Port owners gained $80m from asset sales. .

FROM page 1

dend” of $17 million was
declared, with $8.5 million paid
to the two men.

Sold

* When Port Group Ltd sold
a 28.6 per cent stake in Urban
Sanitation to Onyx, a “special
dividend” of $9.428 million was

declared, again being shared
equally with both.men receiving
$4.714 million.

* In 2001, when Port Group
Ltd sold a 50 per cent stake in
Freeport Container Port to
Hutchison Port Holdings
(Bahamas), “a special dividend”
of $18 million was allegedly
declared, with both men again
receiving $9 million.

The total comes to just under
$80 million, meaning that both

Sir Jack and Mr St George
received almost $40 million
from disposing of stakes in Dey-
co and Port Group Ltd assets
inside a decade.

Revelations

These revelations are likely
to be studied carefully by the
Freeport Property Owners and
Licencees Association, which

mons with the Supreme Court
seeking answers to certain ques-
tions surrounding the GBPA
and its operations, some of
which relate to the asset dis-
posals.

Several clauses in the Hawks-
bill Creek Agreement require
that no amendments, or own-
ership changes, be made with-
out the approval of more than
80 per cent of the GBPA’s
licencees. Se







NOTICE

NOTICE is hereby given that ADEE BAPTISTE of MOUNT
PLEASANT VILLAGE, P.O. BOX N-7776, 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 20th day
of June, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

LARGE PLOTS
LOW DOWN PAYMENTS
FINANCING BY OWNER

| 393-4476/359-0904





NOTICE

Please be advised that the
following offices will be closed
on Friday, June 22, 2007 and
will re-open on Monday, June 25
2007 at the usual business hours.

Bahamas First General Insurance
Company Limited

‘Nassau Underwriters Agency Ltd
Moseley Burnside Insurance Agency Ltd.

=) FIDELITY |

Pricing Information As Of:
‘Tuesday, 19 June 2007

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

Bahamas Supermarkets
Caribbean Crossings (Pref)

0.00
0.05
0.12
0.00
0.00
0.01
0.00
0.00
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Secures
Last Price Weekly Vol.

1.185
0.640
0.000

10.00
0.20

é Counter Securities ©

28.00 ABDAB
14.00 Bahamas Supermarkets
_0.35 RND Holdings

1.2936
2.9038
2.3915
1.1695

11,0199

1.342667"
3.2018°**
2.681688"*
1.2442867***

pho

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

52wk-Hi - Highest closing price in last 52 weeks

52wk-Low - Lowest closing price in last 52 weeks

Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day

Daily Vol. - Number of total shares traded today

DIV $ - Dividends per share paid in the last 12 months

P/E - Closing price divided by the last 12 month earnings



15. 50
epee O> Ppessrez as
sted Mutual Funds
YTD%

0.000
1.125
0.000

41.00
14.00
0.45
Yield %

Last 12 Months Div $

YTD 68.65% 1 2006 34.47%

‘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
Weekly Vol.
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

NAV KEY.
*- 8 June 2007
- Trading volume of the prior weak ** - 30 April 2007

*-31 May 2007

* - 30 April 2007

has filed an originating sum-

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, ANNETTE BLANC of
Faith Avenue, North off Carmichael Road in the Western
District of the Island of New Providence, Bahamas, intend to
change my name to ANNETTE TI-BLANC. If there are any
objections to this change of name by Deed Poll, you may
write such objections to the Chief Passport Officer, RO.Box
N-742, Nassau, Bahamas no later than thirty (80) days after
the date of publication of this notice.

NOTICE

NOTICE is hereby given that MARCEL BAPTISTE
of MOUNT PLEASANT VILLAGE, P.O. BOX N-7776,
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 20th day
of June, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.













NOTICE

NOTICE is. hereby given that MAURO ENRIQUE
RODRIGUEZ of CLIFTON WAY, LYFORD CAY, 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 20th day
of June, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

Legal Notice

NOTICE

' SINGHA INVESTMENT INC.

} NOTICE IS HEREBY GIVEN as follows:

(a) SINGHA INVESTMENT INC. is in voluntary
dissolution under the provisions of Section 137
(4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the
19th June, 2007 when the Articles of Dissolution were
submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Verduro
Associated Ltd., Pasea Estate, Road Town, Tortola,
B.VI.

Dated this 20th day of June, A.D. 2007

Verduro Associated Ltd.
Liquidator



i see this lovely lady today — please wish her | a

HAPPY BIRTHDAY

rom her loving husband of 49 years - TOMMY
ae Deonne, Sandra, Shann, Shayne, Dwayne, Pete,
Keith(KB), Paul, Jeanne & Anita
Grand-children: Niki, Tiffany, Ashley, Destiny,
Terrelle, Thomas, Wayne, Alyssa, Courtney,
Jonathan, Zach & Hailey
Great grand-children: Anthony & Milan
Rest of the family & friends
We love you MOM!!
Enjoy your day!!


THE TRIBUNE WEDNESDAY, JUNE 20, 2007, PAGE 7B



EE ee Ee
OPM a ee a

Sandals onl
— Bahamian —

in circulation, just call 322-1986 today!



hotel

rated

Green Globe

'

FROM page 1

to know that the information
exists, and it’s been used with
some success with countries
around the region. So when
they come in, give them all the
concessions that you want to
give them, but development
will happen this way and there
will be separate development
zones.

“Because of key environ-
mental sensitivities, there are

of the vote, but they also have
the power of the voice. They
can organise and lobby, and
it’s far more powerful when
you have a National non-gov-
ernment organisation lobby-
ing,” Ms Shurland said.

According to Bill Meade,
CAST’s treasurer, one of the
major challenges affecting the
Caribbean is the fact that there
remains a lack of quality legis-
lation involving environmen-
tal standards.

“It’s so lacking it’s scary,”
he said. He added that in many

UNAUDITED FINANCIAL STATEMENTS

BAHAMAS WASTE LIMITED

MARCH 31,2007

March 31 December 31
2007 2006
ASSETS
Current Assets
Cash and cash equivalents $-
Accounts receivable, net
Inventory and other
Loans
aDeposite
Total current assets :
Non-current assets

Property, plant and equipment, net 6,325,222 6,056,616

Total assets 8,593,545 8,066,685

302372 $
1,353,574
589,115
10,362
12,900
2,268,323

181,379
1,391,238
402,061
22,491
12,900
2,010,069

LIABULITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Accounts pay able and accmed liabilities 434,759 326,605

Security deposits 350369 331,423

Total liahilities 785,128 658,028

Shareholders’ equity
Share capital 42,000 42,000
Contributed surplus 2,752,113 2,752,113

Retained earnings 5,014,304 4,614,544

BAHAMAS WASTE LIMITED

CONDENSED STATEMENTS OF CASH FLOWS (unaudited)

2007 2006

Cash and cash equivalents provided by (used for):

OPERATING ACTIVITIES

Net income

Adjustments for iterns not involving use of cash:
Depreciation
Bad debt expense

Change in non-cash working capital items
Decrease (increase) in accounts receivable
Increase in inventory and other assets
Increase in accounts pay able and accrued liabilities 108,154 202,874
Increase in security deposits 18,946 10,158

Net cash flow provided by operating activities 658,082 460,788

INVES TING ACTIVITIES
Purchase of fixed assets (549,218) (416,075)
Advances (collections) of loans 12,129 1,99

Net cash flow usedin investing activities (537,089) (418,072)

42,716

$ 399,760 S$ 247,138

280,612 |
17,865

261,981
12,048

19,799
(187,054)

(232,343)
(41,068)

Increase in cash and cash equivalents 120,993

_Cash and cash equivalents at beginning of the period 181379 (14,402)
Cash andcash equivalents at endof the period $ 302372 $ 28,314

See accompanying notes to unaudited condensed interim financial statements.

BAHAMAS WASTE LIMITED

NOTES TO UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS
March 31, 2007 .

‘ a : Total shareholders’ quity
» certain limits beyond which a ia eu eould aye Teel NAUliiievandsian Taare $ eee $ tas 3 SEO REORATEINERMATION
you shall not eo o ie ae ae Meade eae Sad Leena ne ro stem en 2S, 685 Bahamas Weste Limted (“BWL") was incorporated under the laws of the C ie
under the laws of the Commonw f Th

, adhere a sucha oe o Mr fa dé saidione of thé See accompanying notes to unaudited condensed interim financial statements. Bahamas on August 18, 1987 under thename of Bahamas Waste Sy stems Limited. On Decscke -
: hotels, distance away from ad E 1999, the Company changed-its name to Bahanas-Waste-Limited. The latest audited accounts of
; water marks,. Show that you _ reasons for this is the fact that the BWL were prepared on December 31, 2006.
« have in place an environmental _ the hotels associated with cer- BAHAMAS WASTE LIMITED Pail elton
; : ) z : e quarter ends o: on March 31, June 30 and September 30, with the year end of thi

tem. tain brands have standards : , y of the
; monitoring system CONDENSED STATEMENTS OF Company being December 31.

=:

Ms Shurland said it was crit-
ical to develop systems to con-
trol pollution, control dis-
charges and how solid waste
was managed, and that these
be conditions imposed on

. investors.

+

Before a resprt property
starts operations in the US, it
has to obtain a series of per-
mits. Ms Shurland said it was
essential that the same system
be put in place in Caribbean
nations, to protect our assets

, and protect the investment.

- 4

|
\

t

e

gaa
7 ’

*

She added that while foreign

direct investment does drive

an economy, residents must
use their power to demand that
persons coming into their
country protect it.

“Citizens have one major
power, and that is the power

contributing to the look of our newspaper, while meeting the needs of

our advertisers. | enjoy working here. The Tribune is my newspaper.”

which must be adhered to, or
they face penalties.

He said that governments
must revaluate their policies,
and if the concessions they give
developers are truly worth it.

INSIGHT

For the stories

behind the news,
ero Fafo la) §
on Mondays



“Rewarding. My work at The Tribune is creative and challenging. I enjoy

The Tribune

INCOME AND RETAINED EARNINGS (unaudited)

Three months ended March 31
2007 2006

Sales and services rendered $ 2,051,679 $ 1,711,708

Cost of sales and direct expenses 1,148,383 1,056,933
Gross profit 903,296 654,775

Expenses
Operating 501,557 403,731

Interest and bank charges 1,979 3,906
Total operating expenses 503,536 407,637

Net income from operations 399,760 247,138

Retained earnings at beginning of period 4,614,544 3,845,486
Retained earnings at endof period $ 5,014,304 $ 4,092,624

Earnings pershare $ 10 $ .06

“ e " “yom Nk
See accompanying notes to unaudited condensed interim financial statements.
w
BPs

ESTHER BARRY
PRODUCTION MANAGER
THE TRIBUNE

My Voice. My Vewpaper!

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These condensed interim financial statements have been prepared in accordance with Intemational
Accounting Standard 34, Interim Financial Reporting, using the same accounting policies applied in
the December 31, 2006 audited financial statements.

3. EARNINGS PERS HARE

Earnings per share were calculated based on the shares outstanding at the end of the period, which
ap proximated average shares outstanding during the period.
is
2007 2006

Shares outstanding at March 31 4,200,000 4,200,000

4. SIGNIFICANT TRANS ACTIONS

During the quarter, BWL entered into transactions with related parties. Al transactions were

sa at arms lengh and no significant obligations to the related parties existed at March 31
7. ’

5. COMMITMENTS AND CONTIGENCIES

- 2
. The Company guarantees its compactors for a 60-day period from the date of purchase. The
Company is reimbursed by the manufacturer for any claims paid under such guarantees.

aE PPT S oe “VY ei ic Pye ri




PAGE 8B, WEDNESDAY, JUNE 20, 2007

A

Saturday, June 23, 2007

Sponsored by the Department of Co-operatives
we in conjunction with ;

. e° Bahamas Co-operative League Limited

mar

All you walkers and runners,
join us in celebration of Co-ops Month.
Come and meet other members of the
movement and learn more about...

"Securing Financial Prosperity Through
Co-operatives"

JOIN A CO-OPERATIVE TODAY!
REGISTRATION FORM
Name:

Age:
P.O. Box:

Sex: Omale UOfemale .

Phone#:

Categories: O walk Qj run

QOunder 20 Qunder30 Gunder40 Ounder50 O over 50

Prizes: (Prizes awarded to top 3 males & females in various age groups)

The first 100 participants to register will receive a free t-shirt.
Tshirt siz: QS OM OL OXL OXXL OXXXL

Registration & Packet Pick-up 5:30
Start Time 6a.m. Sharp
Starting at Goodman's Bay traveling west along

West Bay Street to Sandyport returning east .
along West Bay ending at Goodman's Bay.

Time:

Route:

Application can be collected at any credit union office, the Department of
Co-operatives: (356-3152) or The Bahamas Co-operative League (302-0100)

Participant's signature: Date:

DEADLINE FOR ENTRY IS 5PM ON WEDNESDAY, 6 JUNE, 2007



THE TRIBUNE



Hoteliers
seeking more
on United States ©

i By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
in Miami at the
Caribbean
Hotel Tourism
Conference

he recent extension
of the Western
Hemisphere Travel
Initiative (WHTI)
passport requirements to Sep-
tember 30, 2007, do not go far
enough and have resulted in
confusion for US travellers try-

-ing to determine exactly what

documents are needed, the
Caribbean Hotel Association’s
(CHA) president said.

Peter Odle said that the ini-
tially projected $2.6 billion in
visitor export earnings, and
more than 188,000 jobs, pro-
jected to be lost through. the

US passpport requirements “ -

may be peanuts” to what the

INSIGHT

For the stories

eyed alate mute m Ee
read Insight
on Mondays





The Partners and Staff of Ernst & Young
coasts and congratulates
Philip B. Stubbs
onhis retirement
as Country Managing Partner.

region could experience if the
issue is not resolved complete-

During a press luncheon on
the first day of the conference,
Mr Odle said that both the
CHA and the Caribbean
Tourism Organisation (CTO)
will be traveling to Washington
immediately after the meet-
ing ended to lend their support
to the government heads meet-
ing with Secretary of State
Condoleeza Rice and Presi-
dent George W. Bush.

He said they will be lobbying
for a vote for a full relaxation
of the. passport requirement
until 2009, although it is
believed that Mr Bush would
veto such a move.

Mr Odle said it was essen-
tial that US citizens lend their
voice to the debate, as he
believed their complaints were

~ a major factor behind the ini-

tial extension, which will allow
passengers to travel with a
passport application receipt
rather than the initial docu-
ments until September 30,
2007.

He said the CHA was con-
sidering putting together a
public service announcement
to be aired and published in
the US, which would ask
repeat visitors and potential
visitors to write and express
their desire for an extension
to their congressman.

Mr Odle added that it
remains difficult to quantify

Thank you for your dedication and support over the years

One person can make a difference!

ey.com

UT fect erect ist fesTiteuian ey SUT aC uit sialic:

©2007 Ernst & YOUNG LP



passport easing —

the exact loss of business
directly related to the WHTI,
but said that in most islands
the effects ranged from any-
where between 10 per cent to
20 per cent.

He said that one island
which had initially thought
they would only be marginally
impacted realised a 20 per cent
revenue drop.

Adding another angle to the -
passport situation, Senator
Allan Chastanent, the CTO’
chairman and St Lucia’s Min-
ister of Tourism, said-in his
address at the conference
opening: “We have a US pass-

port situation facing us that -
now calls for anew change; an .-.

immediate change in terms of -
the immediate impact that it’s
causing with people wanting |
to come down to this region
right now, but more impor-
tantly, ringing the bell of a new
dawn.

“And that new dawn is that

80 per cent of Americans pre- ~:~
viously had only been able to ©.

travel within the United States .
of America, the Caribbean,
Mexico and Canada. In three
or four years time, when the
majority of Americans have

passports, we are going to be . .-.-.
faced with the fact that all of -.---.-.

them are going to have choices,
and if we believe that all of the
other destinations in the world
are not going to recognise the

significance of this act we have _'-" é; -s

something coming for us.”

=i] FRNST & YOUNG

Quality In Everything We Do





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