Citation
The Tribune.

Material Information

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

Subjects

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

Notes

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

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
This item was contributed to the Digital Library of the Caribbean (dLOC) by the source institution listed in the metadata. This item may or may not be protected by copyright in the country where it was produced. Users of this work have responsibility for determining copyright status prior to reusing, publishing or reproducing this item for purposes other than what is allowed by applicable law, including any applicable international copyright treaty or fair use or fair dealing statutes, which dLOC partners have explicitly supported and endorsed. Any reuse of this item in excess of applicable copyright exceptions may require permission. dLOC would encourage users to contact the source institution directly or dloc@fiu.edu to request more information about copyright status or to provide additional information about the item
Resource Identifier:
09994850 ( OCLC )
9994850 ( OCLC )
UF00084249_02929 ( sobekcm )

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“ft




Volume: 103 No.181

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The Tribune





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Maynard-Gibson

leads PLP walkout &

lm By RUPERT MISSICK Jr
and MARK HUMES __

A HEATED row over the
“early” passage of the 2007
budget has arisen, with oppo-
sition Senators accusing gov-
ernment of being “high hand-
ed and undemocratic” and
government Senators accus-
ing the opposition of attempt-
ing to obstruct the passage of
the key piece of legislation.

Opposition Senate leader
Allyson Maynard Gibson,
who in protest, led a walkout
of PLP Senators before the

bill was passed yesterday, --
- accused government senators

of a “grossly unfair, obscene
and undemocratic violation of
constitutional procedure and
practice” by allowing a vote
of closure on the bill before
opposition concerns were
addressed.

“The cloud of arrogance,
victimization, abuse of power
and intimidation that has
affected so many people in the
last six weeks has finally found
its way to the Senate.

“On Wednesday the Vice
President of the Senate and
Chairman of the FNM took
over in the absence of the
president and in high-handed,
procedurally incorrect and
undemocratic manner sought
to force the passage of the
budget without regard to the
legitimate and vital questions
that the opposition sought to
raise,” she said.

However, government Sen-
ate leader, Minister of Labour
and Maritime Affairs, Dion

Foulkes yesterday defended
his decision saying that Sena-

‘tor Gibson’s refusal to coop-

erate and her intention to
“hold the country hostage to
their arrogance and immatu-
rity” forced him to bring the
process to a conclusion
Wednesday night if the gov-
ernment were to meet its July
1 deadline for the passage of
the bill.

“Senator Gibson’s behav-
iour was disgraceful but not
surprising since she obviously
intends to carry out threats
emanating from some PLP
quarters to obstruct the work
of the Government in this par-
liamentary session.

“This behaviour was remi-
niscent of her reaction to her
defeat in the Pinewood Con-
stituency. She refused to

‘accept the verdict of the peo-

ple and helped to keep the
country on edge while she
demanded recounts that took
a whole day and up until mid-

night of the day after the elec-

tion,” Mr Foulkes said.

Yet despite Mr Foulkes’ ref-
erence to the aftermath of the
Pinewood mix-up, Senator
Gibson-Maynard remained
focused on the Opposition’s
concerns over government’s
actions in bringing closure to

- the bill.

She told the crowd of
reporters that, at the Com-
mittee stage of a Bill, Parlia-
ment performs one of its fun-
damental functions, making

SEE page 13





















@ THIS car was crushed
against a utility pole by a
dump truck on Gladstone
Road.

(Photo: Felipé Major/
Tribune staff)

@ By ALISON LOWE
' Tribune Staff Reporter

A WOMAN was seriously
injured yesterday when a car
in which she was travelling
was crushed "like a pan-
cake" against a utility pole
by a dump truck on Glad-
stone Road.

The accident has renewed
calls from a concerned resi-
dent for authorities to rein
in "intimidating" dump truck
drivers who regularly speed
on the road and have been
seen. "running cars off the
street" with their threaten-
ing behaviour.

"Right now people in
Carmichael Road, the
Carmichael area, are in fear
for their lives every day,"
said the man, who said it was
only last week that he saw
another car being forced
onto the verge by a truck.

That incident prompted
him to contact the Road
Traffic Department, but
despite promises to send
someone to look into the
reported problem, no one
showed up. Prior complaints

SEE page 15







Men in custody i in connection
with seizure of $7million in cash

il By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - The three men,
wanted by Grand Bahama Police
for questioning in connection
with the seizure of money, drugs,
and weapons, are in police cus-
tody.

Devin Gilroy Garland, 30, of
251 Melbourne Crescent, Hud-
son Estates; Larry McIntosh, 32
of 91 East Atlantic Drive and
No 9 Drake Avenue; and
Reynold “Rennie” Newbold, 28,

of 48 Pinta Avenue, South
Bahamia, are assisting
police’ with their investig-
ations.

The men are being questioned
in connection with the massive
money, drugs and weapons
seizure on June 17 at.the Bron-
stone Storage Facility on
Grenville Drive and Milton
Street.

Chief Superintendent Basil
Rahming thanked the news
media for its assistance in pub-
lishing the all points bulletin on

the three wanted men.

On Sunday, June 17, Grand
Bahama Police seized $7 mil-
lion in cash — the largest single
cash discovery by Bahamian law
enforcement.

Also seized were more than
100 kilos of drugs, and weapons,
including six rifles and four pis-
tols, and more than 1,000 rounds
of ammunition.

The Central Detective Unit
and Drug Enforcement Unit
officers are investigating the mat-
ter.

Man claims Department of Social Services
denying him assistance due to his HIV status

@ By TANEKA THOMPSON

the year.



AN HIV positive New Providence resi-
dent alleges that he and his terminally ill
wife are being denied assistance from the
Department of Social Services because of
their HIV status. The gentleman, who
asked for his name to be withheld, reports
that he has only received two month’s
worth of financial assistance from the
Department in 2007, even though he was
promised assistance throughout the rest of







He claims that February was the last
time he received assistance from Social
Services and that officers from the Wulff
Road office never visited his home to check
on his living conditions where they would
have seen that he is in dire
gency assistance.”

Shunned by relatives and their church
the married couple is currently living “in

SEE page 15

need of “emer-





PAGE 2, FRIDAY, JUNE 29, 2007

Pees ek ee eee

Atlantis: we aren’t drawing custom

. Woman denies
_ having 16

away from downtown businesses

ATLANTIS is only one seg-
ment of the overall destination
of Nassau, George Markanto-
nis, president and managing
director at Kerzner Interna-
tional said in a statement yes-
terday.

He said downtown businesses
need to present themselves as
viable options for visitors in
order get their share of the
tourist market.

Mr Markantonis was
responding to claims by a down-
town business that Atlantis is
“sucking the life out” of Bay
Street, especially in the evening
hours.

The furious businessman said
that downtown restaurants and

clubs were suffering and that it
was difficult for establishments
to be successful “if Atlantis is
keeping all the trade to itself.”

Mr Markantonis yesterday
emphasised that Atlantis is in
fact promoting local downtown
businesses and tourist sites. |

“We want visitors to experi-
ence all facets of Nassau, but
there must be product available
at a standard that is attractive to
the visitor,” he said.

Mr Markantonis said that
when looking at such destina-
tions as Orlando, “Disney and
Universal attract millions, but
International Drive or down-
town Orlando benefits tremen-
dously from the critical mass



ATLANTIS

created.”

The businessman who spoke
with The Tribune earlier this
week also claimed that Atlantis

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staff were telling tourists that it
is dangerous to visit the down-
town area at night. .

“We do not have any policy
that dictates what our staff say

‘to our guests with respect to

other attractions or Bay Street.
It is unfair to lay this claim at
the feet of Atlantis and their
employees, when newspapers
outline the problems of down-
town on a daily basis.

“In fact we have two tour
centres on our property that
promote and sell attractions
throughout the island,” Mr
Markantonis said..

In addition to this, he said, a
“wide variety of tourist attrac-
tions are promoted on our in-

room video loops, including the
Straw Market, Ardastra Gar-
dens, historical sites and others.”

As concerns Atlantis’ new
nightclub, Aura, “Atlantis and
Resorts International before
that, and the hotels on Cable
Beach and elsewhere, all have
and have always had night
clubs,” he said.

Responding to the criticism
that local businesses cannot dis-
tribute fliers on the Atlantis
property, Mr Markantonis said
that Atlantis is not aware of any
business that allows other busi-
nesses — especially competing
businesses — to distribute pro-
motional material on their
premises. ,

Clarification on response

ATLANTIS management took
grave exception to a sentence in
The Tribune article under the
heading, “Claim that Atlantis
‘sucking the life’ out of Bay
Street”, which appeared in yes-
terday’s newspaper on page two.

The last sentence of the story
stated that the resort did not
respond to The Tribune up until
press time on Wednesday night.

“The perception that the last
paragraph of your story gives is
that we may have been dodg-
ing the allegations. We would
assert that no media can ever
accuse us of not responding.

“We will either forward that we
have no comment or we will issue
a statement. That is our record,
plain and simple,” said senior vice-
president in charge of public rela-
tions at Atlantis, Ed Fields.

Mr Fields said that the
request to respond to the article
was sent to him via e-mail at
1.47pm, but that he did not
actually receive it until 3.30pm.

Mr Fields said a response was
then written and forwarded to
the newspaper at 5.38pm.

He added that while e-mail
is an extremely legitimate vehi-
cle of communication, it is not
time sensitive.

However, Mr Fields in the
past has encouraged several Tri-
bune, reporters to use e-mail
when.they have questions and

requests for a comment on a sit-
uation concerning Atlahtis.
While it may be true that the
reporter should have also con-
tacted Mr Fields by telephone to
alert him to the e-mail, the senior
vice-president was able to
respond to a second request for
information by another reporter,
which was also sent by e-mail,
without a phone call being made.
This second request was made
later than the first, but was
answered three hours earlier.
In Wednesday’s e-mail, a
request was also made of Mr
Fields to contact The Tribune,
by either e-mail or phone call, if
he intended to respond. No
such call or e-mail was received
before his response was sent.
Mr Fields also said that the sen-
tence “Atlantis did not respond to
The Tribune up until press time
last night” was misleading, as the
newspaper had received a response
by press time, which is 8pm.
While press time is indeed
8pm for the press room, the
deadline in the editorial depart-
ment for all inside pages to meet
the press deadline is 5.15pm. Mr
Fields’ response was received 18
minutes after that deadline. The
article that referred to Atlantis
was positioned on an inside page
and, therefore, had to be written,
edited and positioned in a com-
pleted page by 5.15pm.

THE TRIBUNE



pounds of

3 drugs at home

A WOMAN accused of

being found in possession of

16 pounds of marijuana was

arraigned in Magistrate's
; Court yesterday.

Ingrid Bain, 29, of

i Carmichael Road appeared
: before Magistrate Carolita
: Bethel at Court eight Bank
i Lane yesterday and pleaded
: not guilty to the charge of pos-
i session of marijuana with the
: intent to supply,to another.

It is alleged the drugs was

found in her home on Tues-
i day June 26.

Bain was remanded to Her

: Majesty's Prison yesterday
: and the matter was adjourned
: to July 5 at 2pm for a bail
: hearing.

_ Appeal begins
for man who
tried to rape
83-year-old

A MAN who last year was

: convicted of burglary caus-
: ing harm and the attempted
: rape of an 83-year-old woman
: appeared in the Court of
: Appeal yesterday.

Last October Alutus New-

: bold was sentenced to serve
: 16 years in jail on a burglary

: conviction, six years.in jail for.
; attempted rape and two years

: ona causing harm conviction

i which are to run concurrently.

: Justice Jon Isaacs also

: ordered that he receive eigh

i strokes of the rod.

Yesterday his attorney,

i Kenneth Toppin, argued in
i the Court of Appeal against
: the administration of corporal
: punishment on his client,
: Claiming it is excessive.

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THE TRIBUNE

ame

age
In brief

Man faces
charge of
Marijuana
possession

A MAN was arraigned in
Magistrate's Court on
Wednesday charged with
possession of a half pound
of marijuana.

It was alleged that on
Tuesday, June 26, Bianco
Smith, 30, was found in pos-
session of a quiantity of mar-’
ijuana which authorities
believed he intended to sup-
ply to another.

Smith, who appeared
before Magistrate Carolita
Bethel at court eight in Bank
Lane, pleaded not guilty to
the charge and was denied
bail because, according to
the prosecuticn, he has
another matter pending
before the courts.

The case was adjourned to
October 17.

Man denies
causinq
GBH to two
persons

A MAN was arraigned in
Magistrate’s Court! on Wed-
nesday accused of causing
grievous harm to two people.

Kenron Jamaal Dean of
Yellow Elder appeared
before Chief Magistrate
Roger Gomez.

It was alleged that on
Monday, June 18,, Dean
caused grievous harm to
both Everett Patton and
Dario Mortimer.

Dean, who pleaded not
guilty to the charges, was
granted bail in the sum of
$9,000 with one surety.

The case was adjourned to
July 17 and transferred to
court 11 on Nassau Street.

Paintings
shown to
raise AIDS

awareness

TWENTY-ONE recent
paintings by Antonius
Roberts will be exhibited on
July 2 in an effort to help :
change the way Bahamians © :
look at AIDS in their corn-
munity.

The showing will be held
at the Central Bank of the
Bahamas Gallery from 6 to
9pm.

The paintings are silhou-
ettes of seven persons who
are HIV positive. Along with
each painting will be dis-
played the story of each per-
son in their own words.

“The objective is to elimi-
nate stigma and discrimina-
tion by putting a face on HIV
and AIDS in our community
without putting an actual face
in the public arena,” said a
statement released by the
organisers. “As a result of



stigma and discrimination
persons who are living with
HIV and AIDS live in the
shadows of our society.”

This exhibition is the first
of a three-part series initiat-
ed by Mr Roberts.






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HM BYRAN Woodside of
Pinewood

S with seats
contested are
served writs

@ By ALISON LOWE
Tribune Staff Reporter

ALL three MPs whose con-
stituencies are being contested
in election court have now been
served with a copy of the peti-
tions filed by the PLP, bringing
the cases ever closer to a court
showdown that could have far
reaching political implications.

It has also been revealed that
the government will be repre-
sented by lawyers from the firm
of Graham Thompson and Co —
ensuring that the country is set
to see a clash between some of
the country's most renowned
legal minds.

The firm has some strong
FNM links, as the base for
lawyer Claire Hepburn, now
Attorney General, and Michael
Barnett, FNM candidate for
Fort Charlotte in the May 2
election.

Representatives from both
sides, including PLP lawyer, MP
Philip Davis, and FNM sources,
have indicated that they want
the election court matters dealt
with speedily.

Petitions were filed to initi-
ate election court proceedings
in the case of the Pinewood,
Blue Hills and Marco City con-
stituencies on June 18. The seats
were Officially won by the FNM
by 64, 47 and 47 seats respec-
tively.

In the five days preceding the
serving of the petitions upon
the MPs — which by law had
to occur within the five days fol-
lowing the filing of the original
petition — they are entitled to
respond with any technical
objections to the terms as laid
out in the document. However,
it is not necessarily required
that they must object, as they
can also choose to "join them
(the PLP) on the issues and
take issue with the issues," said
a legal source.

Speaking with Mr Davis yes-
terday, the PLP's legal team had
"just heard" from the FNM's
lawyers.

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LOCAL NEWS





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Previously, the FNM have
remained silent about the whole
matter of who would represent
them in court. FNM chairman
Johnley Ferguson described the
entire proceedings as "embry-
onic" on Monday, claiming the
party had not yet officially
determined who would present
the party's side.

He said: "The party is prepar-
ing. While there have been no
collective meetings on that lev-
el that the public would be
aware of the party is (prepar-
ing) and I’m sure they will begin
to make some mental notes and
when the time is right you'll do
what you have to do."

However, the chairman
played down the affair, claiming
there is "nothing big to be pre-
pared for."

Attorney for the PLP, Wayne ~

Munroe, has stated that the par-
ty's contesting the three seats
is primarily based on the asser-
tion that non-citizens voted in
the election, along with persons
in constituencies where they did
not live.

In order for the result of the
election in that area to be over-
turned, it would have to be
proven that the PLP gained
more legitimate votes than the
FNM, once all illegitimate bal-
lots have been discounted.

However, some commenta-
tors have noted that although
the numbers were small - 67, 45
and 45 - it would still be a mam-
moth task to rule out, with ade-
quate evidence, that many votes
in the election court.

Nonetheless, if such a task is
achieved, and the opposition
are victorious in all three elec-
tion court cases, the PLP would
officially become the govern-
ment, holding 21 to the FNM's
20 seats, compared with the cur-
rent 18 to 23 split. However,
Prime Minister Hubert Ingra-
ham has said that "only the peo-
ple of the Bahamas can deter-
mine their government."

While he has indicated that
his government will abide by









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the court decision - from which
there is no appeal - he also sug-
gested that he is not afraid to
exercise his right to call another
election to secure his party's
position, if his party looked set
to lose all the challenges, rather
than concede the government
as a result of a court decision
based on allegations of election
mismanagement.

Such an - albeit rare - possi-
bility was one that Mr Fergu-
son played down.

"You'll have to make a deci-
sion," he admitted, adding how-
ever that “at this time it’s not
necessary to give it any serious
thought."

Asked how many witnesses
may be called to testify in the
court cases, Mr Davis could not
be specific, but said that he
hopes the number can be min-
imised through cooperation
between the parties’ lawyers,
speeding up the process.

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PAGE 4, FRIDAY, JUNE 29, 2007



EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

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

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

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

(Hon.) LbaD3 Diabet:

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Secrecy raises question for democracy

NEW YORK — The release this past
week of the “family jewels” — the CIA’s
records of its abuses and illegal activities
during the 1960s and 1970s — serves as a
timely reminder of the threat secrecy can
pose to democracy. It also reinforces the
importance of vigorous oversight of our
nation’s secret-keepers, of watching the
watchmen.

This past week brought fresh evidence
that these concerns are as relevant now as
they have ever been, with the latest story
about how the White House is seeking to
keep not only its documents but also the
way it handles these documents secret from
our government’s appointed overseers.

President Bush signed Executive Order
13292 in 2003, amending President Bill
Clinton’s 1995 Executive Order 12958,
which dealt with the handling of classified
information in the executive branch. You
may have heard Vice President Dick
Cheney’s claim that because the Constitu-
tion provides a legislative role for his office
— president of the Senate — he is not,
actually, part of the executive branch and
therefore not subject to the order.

This is a novel argument, to put it polite-
ly, and one the vice president has backed
away from in recent days, though he has
maintained that he is exempt from the
order. Indeed, the vice president and his
office have not complied with the executive
order’s oversight requirements since 2003.
When the Information Security Oversight
Office (ISOO), the office in the National
Archives charged with enforcing and car-
rying out the executive order, wrote Attor-
ney General Alberto Gonzales about the
vice president’s non-compliance, Cheney’s
staff responded by trying to get the ISOO
abolished.

Interestingly, this has not been the first
time that E.O. 13292 has appeared in the
news — quite an illustrious career for one
of what must be millions of orders and reg-
ulations dealing with the internal opera-
tions of our government.

Early last year, when Vice President
Cheney appeared on Fox News’ “Special
Report With Brit Hume” after Cheney’s
hunting accident, Mr. Hume asked him

THOUGHT FOR THE WEEK

“The gem cannot be perfected without

about some of the questions that were com-
ing out of Special Prosecutor Patrick
Fitzgerald’s investigation of the Valerie
Palme leak case. Among these was former
Cheney aide Lewis “Scooter” Libby’s tes-
timony that he had been authorized by his
superiors to disclose classified information.

When ‘Mr. Hume asked the vice presi-
dent if it was his “view that a vice president
has the authority to declassify informa-
tion,” Cheney answered, “There is an exec-
utive order to that effect.”

As certain commentators on the left and
the right helpfully pointed out at the time.
the vice president was evidently referring to
E.O. 13292. Among the many changes that
President Bush’s 2003 amendment made to
President Clinton’s original order were
provisions that allowed the vice president
— in addition to the president — to classi-
fy information.

Whether or not this also gives vice pres-
idents power to declassify information is a
subject of debate. But the executive order
from which Vice President Cheney now
claims to be exempt is the same one he
seemed to cite last year to justify his
actions.

These shifting sands of logic, the claims
of “executive privilege” followed by denials
of executive-branch membership, should
raise real questions in the minds of con-
cerned citizens, no matter where one stands
on the political spectrum.

— Questions about whether our repub-
lic — about to turn 231 years old — is
being changed in significant ways, and often
by fiat.

— Questions about whether those who
advocate and practice such secrecy in the
White House are trying to hide anything,
and, if so, what.

— Questions about the press and the
public’s ability to sustain interest in the
seemingly arcane legal matters that are
key parts of the rule of law.

— And finally, what is perhaps the sur-
mounting question: Who watches the
watchmen?

(© This article is by Dan Rather of
Hearst Newspapers — © 2007)



THE TRIBUINE

Allow us to
freely plan
in Fox Hill

EDITOR, The Tribune.
PLEASE allow us space to
voice our cry on what we
think is a situation that needs
an urgent mediator, and we
hope that we can gain that
from you, the public or even
the Prime Minister, the Hon.
Hubert A Ingraham himself.
Please let’s all learn to hear,
we are not addressing this
issue to get points for any
political party, rather we are
fighting for our history and a
heritage that was passed down
through the lineage of all Fox
Hillians and for our children
and grandchildren to enjoy.
Last Fox Hill day a group
of people got together and
allegedly tried to politicise
along with others tricks even
to the extent of renaming the

‘historical Fox Hill day cele-

bration after Mr George
Mackey. A ploy that was
fought and successfully won
by the coming together of the
Fox Hill people and con-
cerned Bahamians alike. In
addition I was shocked at the
article in the daily newspaper
by the member of parliament
the then Minister Fred
Mitchell stating in my own
words to be brief how dis-
pleased he was in this same
committee and how disap-
pointed he was in their inabil-
ity to put on a successful
event, especially one that we
have been celebrating for
years. Mr Fred Mitchell went
on to invite that committee to
go to Gambier and learn how
to put together a proper event.
From that point Mr Mitchell
brought in government min-
istries to allegedly take over
the show, while it was an
enjoyable event it was not a
foxhillian event. In an effort
not to sound ungrateful for
the minister’s efforts, let us
explain, unlike other events
Fox Hill day is about us enter-
taining our guests and family
alike and not us being enter-
tained as it is done at other
festivals. As a result a group of
us made an agreement to step
up and bring back the people-
to-people touch to our home-
town celebrations and limit
the number of outsiders (be
it outsiders or entertainers) so
that we could preserve the
venue for the participation of
our future young people.

Fox Hill day is now a matter
of weeks away and this same
committee has held one meet-



LETTERS

letters@tribunemedia.net




ing (which Mr Fred Mitchell
came by) in regards to plan-
ning and ever since it’s as
though it’s hide-and-seek or
catch-us-if-you-can if you want
to join this committee. We
have met with Dr Jacinta Hig-
gs and asked her to please
assist us in bringing this child’s
play to an end before our cel-
ebrations as we know it will
be lost. We are now asking for
the voice of all Bahamians to
intercede on our behalf, and
for those who are seemingly
power struck to please move
on. If I may interject here,
honestly you old guys (1 would
name you if the press would
allow) need to know when to
move off the scene, especially
if you cannot put your political
differences as well as personal

feelings aside for the welfare
of a better good. Please look
around you, this. very action
is what has this country and
even our churches divided
today, it’s time to stop the
foolishness.

Mr Mitchell please tell the
committee it’s a bad reflection
on you and your leadership
and allow these meetings and
plans to proceed.

‘Just as the elections were
called at the last minute, and
we admit that it is already late,
please do not play with or
delay our celebration planning
any longer.

You have proven once
again that you are the man in
charge, now please let eman-
cipation reign once more for
us as a people and allow us to
freely plan amd celebrate in
Fox Hill as we always do.

MINISTER S DAVIS
Nassau,
June 27, 20107.

Use of ‘signing’ in
election campaign

EDITOR, The Tribune.

THE country, via television, might have observed during the
general election campaign that the Free National Movement, at its
rallies, employed the use of “signing”. That innovation did not go
unnoticed nor unappreciated, especially by the deaf citizens in the

country.

The Free National Movement are to be congratulated for their
vision and listening ear, as it is quite known that Bahamas Loving
Care has been agitating for several years that “signing” on the
local television station (ZNS) be reintroduced for the benefit of the

country’s deaf.

For something so important as the general election, wherein
everyone is required to participate. The introduction of signing was
a welcomed innovation. After all, how are tthe deaf able to make an
informed decision in casting their votes when they are not privy to
the issue and the candidates and parties stance on those matters?

Actually, the first effort to have signirig on television was first
introduced by the first Free National Movement government in
1993, but was halted after two years, due to financial problems expe-
rienced by the then sponsor — Commonwealth Bank.

Bahamas Loving Care’s president, Mr ‘Sam Williams, through his
insistence was able to convince certair1 members of the FNM’s
hierarchy to include signing during their rallies. Once the idea
was accepted, Mr Williams introduced Je:ron Morley to the relevant

people and the rest is now history.

Sadly though, Bahamas Loving Care was somewhat miffed that
“signing” was not employed during the opening of Parliament.
Hopefully, that was an oversight and will be corrected in the future.

BAHAMAS
LOVING
CARE
Nassau,
June 4, 2007.

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THE TRIBUNE

FRIDAY, JUNE 29, 2007, PAGE 5



rl don’t let regard for

tights get in way of crime fight



Emergency
drill held by
GB Airport
Company

m By DENISE MAYCOCK
Tribune Freeport
Reporter

FREEPORT - The Grand
Bahama Airport Company
held an emergency drill on
Tuesday evening at Grand
Bahama International Airport.

Airport officials ran the drill
in an effort to evaluate the
effectiveness of various emer-
gency response agencies on the
island.

The Royal Bahamas Police
Force, the Department of
Immigration, Customs, US
Customs and Border Protec-
tion and the Grand Bahama
Health Services took part.

Several airlines, including
Bahamasair, Gulfstream/ Con-
tinental, American Eagle, as
well as mutual aid providers
and volunteers also participat-
ed.

After the drill, an evaluation
of the airport’s emergency plan
and response systems was car-
ried out.

The International Civil Avi-
ation Organisation mandates
that all major international air-
ports test their emergency pro-
cedures and response capabil-
ities at least once every two
years by simulating a major air-
craft disaster in a drill.

Not guilty plea
to charge of
drug possession

A 23-YEAR-OLD man
pleaded not guilty in Magistrate’s
Court to a drug possession charge
on Wednesday.

It is alleged that on Tuesday,
June 26, Presley Vildor was
found in possession of a quantity
of marijuana which authorities
believed he intended to supply
to another.

Vildor, who was arraigned

before Magistrate Carolita Bethel _

at court eight in Bank Lane, was
granted bail in the sum of $7,500.

It is alleged by the prosecu-
tion that Vildor was found in pos-
session of 17 grams of marijuana.

The matter was adjourned to «::

November 27.






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BAHAMIANS should not
let a regard for their rights
and freedoms get in the way
of the fight against crime,
according to Pastor Rex
Major.

“The soft attitude coming
from the Liberal thought is
wrong,” he said, stating that it
has undermined God’ s
decree.

Pastor Major recommend-
ed random searches of cars
for illegal weapons as one
measure to fight crime, saying
that citizens “must be willing
to pay the price of inconve-
nience” in order to remove
criminals from the streets.

To those who would cry out
that the rights of Bahamians
should not be stepped on
while officers police the
streets, he replied: “Keep
your freedoms and your
rights — and let that be the





@ PASTOR Rex Major

many Bahamians are too

“apathetic” about same sex
marriages, which he adamant-
ly opposes.

the Bahamas is in a state of
crisis, and Bahamians should
“become more crisis orient-
ed.”

Appearing on 105.9 FM
yesterday as a representative
of the conservative Christian
right, Pastor Major also
announced that he will be cir-
culating a petition to parlia-
ment calling for stiffer penal-
ties against sexual offenders.

' “Society is responsible to
shape itself... by what you
allow to be right and what
you allow to be wrong.”

Pastor Moss spoke at
length about the case of con-
victed child raprst Andrew
Bridgewater, who was sen-
tenced to seven years in



According to Pastor Major, .

avenue by which your whole
life is taken.”

Known for his candid and
ee pronouncements

on social issues, Pastor Major
said law makers have a “soft
attitude” towards convicted
sexual criminals and hat

prison and 10 strokes of the
cat o nine tails. “It is time to
break with the law” he
declared, adding that it seems

14” longer
The al-new RAV4 has a powerful,
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Break-in suspect shot by police

@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT — A man suspected of being
involved in a break-in at the home of the late
Preston Stuart in Bahama Terrace was shot by
police on Wednesday evening.

The 36-year-old was shot in the left thigh fol-
lowing a foot chase, which ended in gunfire some
time after 8pm in the nearby subdivision of Car-
avel Beach.

According to police reports, a security officer
contacted police at and reported that a man had
broken into the home.

The police said they were told that a man was
in the process of stealing items when the security
guard surprised him, and that the guard was now
in pursuit of a suspect through Bahama Terrace.

Chief Superintendent of Police Basil Rahming
said that a Mobile Patrol unit responded imme-
diately and intercepted a suspect and the securi-

_ ty officer near Hawksbill Street, Caravel Beach.

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At that time, one officer joined the foot-chase
and caught up with the suspect near the 249
Apartments on Ladyfish Street.

According to witnesses, the suspect retrieved a
knife from his pocket and raised it as if he was
going to stab the officer.

Mr Rahming said the officer quickly drew his
service weapon and fired a shot, striking the sus-
pect in his left thigh.

He said the officer retrieved the knife from
the suspect’s hand, and summoned an ambulance.

The suspect was transported to the Rand
Memorial Hospital, where he was treated and
later discharged.

Investigating officers reportedly then went to
Preston Stuart’s residence, where it was discov-
ered that entry had been forced through a south-
ern kitchen window.

Officers discovered that several bags had been
filled up with groceries and other items when the
culprit was apparently interrupted and fled on
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to him that justice in the
Bahamas “is now being car-
ried on to see how easy it can
be for the criminal.”

Pastor Major went on to
promote his cause, “Save the
Family”, lambasting homo-
sexuality and same-sex mar-
riages.

He is one of the main pro-
ponents for an amendment to
the Bahamian constitution
“stipulating that marriage is a
union between a man and a
woman only” therefore dis-
allowing the future possibili-
ty of same-sex marriages in
the Bahamas.

Pastor Major maintained
that the lifestyle of homosex-
ual Bahamians is ruining the
family structure, and that
immoral behaviour “transfers
to criminal activity.”

On the issue of gays and .

lesbians having children,
Major said it would “add to
the crumbling of the Western

society,” and he does not see
it as a “normal” practice in
sync with “Kingdom Princi-
ples”.

In 2001, the former FNM
administration repealed the
law that made sodomy ille-
gal.

Pastor Major has asserted
that the sexual orientation of
parliamentarians should be
made public, despite preva-
lent prejudice against homo-
sexuality in the Bahamas.

Representatives from the
gay and lesbian rights group,
the Bahamas Rainbow
Alliance, could not be
reached for comment.

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PAGE 6, FRIDAY, JUNE 29, 2007

THE TRIBUNE



Fire confirmed at

registrar’s office

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@ By BRENT DEAN
Tribune Staff Reporter

POLICE have officially con-
firmed that there was a small
fire at the parliamentary regis-
trar’s office at around 9am last
Saturday in an outside area con-
taining old files and garbagé.

Fire chief, Superintendent
Jeffrey Deleveaux confirmed
the event yesterday to The Tri-
bune, after a story was run on
the incident in The Punch.

“It was the outside area
where some unused files were
kept,” he said. “For a matter of
fact, they were getting ready to
discard all of those items that
were there for some time.”

Mr Deleveaux said that
somebody may have inadver-
tently, or intentionally, dropped
a cigarette on the combustible
material, causing the fire.

The low-level blaze was out

' by the time fire officials arrived

on the scene, the fire chief said,
and the only damage that
occurred was the burning of a
box, along with some smoke

‘stains on the wall of one on the

stairwells of the building.
- An investigation will ensue,
as is the case with all fires Mr



i JOHNLEY Ferguson —
blames any election confusion
on the PLP

' Deleveaux told The Tribune.

However, at this stage, he con-
tinued, the incident does not
look like it was intended to
cause damage to the structure
and police are not viewing the
matter as a possible arson
attempt.

Parliamentary Commission-
er Errol Bethel, was said to be
on leave by registrar staff, how-
ever, deputy permanent secre-
tary in the department, Sherlyn
Hall, said that the documents
that caught fire were “old



garbage” and the event was
“nothing serious”.

Mr Hall added that there was
no serious damage to the build-
ing and that there was no dam-
age to any files or documents
inside the department.

This fire comes at a time
when the parliamentary regis-
tration department is under
considerable scrutiny as a result
of claims by the PLP of serious
voting irregularities in the last
election.

The opposition party has
asserted that non-citizen voting
will be a major component of
the three election court chal-
lenges is has presented before
the courts, along with the claim
of citizens being barred from
the polls who were eligible to
vote.

FNM Chairman Johnley Fer-
guson has charged that any con-
fusion surrounding the election
is the fault of the PLP for how
poorly they handled the elec-
tion process as the government
of the day.

However, PLP Senate Leader
Allyson Maynard-Gibson has
said, “the law makes it very
clear that the parliamentary
commissioner is in charge.”

see eeteeeneeeeneeaeeseeeeeceneee ees eaeeeeeeneeeeneee esses essen ens ee eee ee ens eeE ee eH An EE Eee es ene see Ee ee ene e ene eeensenentedeseeeenenseneesetsnseatereneesensecsesesensesecseseeesesesrasecresensecenseaseces

Appeal filed against rapist’s flogging

AN appeal filed over the flog-
ging sentence of a convicted

rapist has halted that sentence °
’ being carried out.

Last month Andrew Bridge-

water, 33, was sentenced to
serve seven years in jail and also
receive ten strokes of the cat 0’
nine tails, having pleaded guilty
to the brutal rape of a six -year-

NOTICE

NOTICE is hereby given that ANNE-MARIE ZORINA
BRAITHWAITE OF #7 EISENHOWER CLOSE, WINTON
HEIGHTS, P.O. BOX EE-16969, 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
22ND day of JUNE, 2007 to the Minister responsible for



Nationality and Citizenship, PO.Box N-7147, Nassau, Bahamas.

old girl.

His attorney, Wayne Watson,
said yesterday that he has filed
an appeal over that sentence,
which he claims is harsh.

Mr Watson said that the sen-
tence could have been executed
anytime after yesterday but
authorities at Her Majesty's
Prison have been notified that
he intends to appeal the flog- |
ging sentence, halting it being
carried out.

Prosecutors had sought to
have Bridgewater’s prison sen-
tence extended however the
Tribune was not able to con-
firm yesterday whether an
appeal has’ been filed in that
regard.



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GB police
discover
shotgun
cartridges

FREEPORT - Grand
Bahama Police were shocked
to discover several live shot-
gun cartridges under a tree
at the West Mall Shopping
Centre.

Chief Superintendent of
Police Basil Rahming report-
ed that at about 12.20pm on
Tuesday, officers went to an
area of the shopping centre
near Brother Mac’s restau-
rant, where they found and
retrieved a total of 10 live
shotgun cartridges.

The cartridges were on the
ground underneath a tree in
the parking lot. The ammu-
nition, which included seven
20-gauge cartridges and three
12-gauge cartridges, were
retrieved by officers from the
Central Detective Unit for
forensic processing.

Supt Rahming said no
arrests have been made in
connection with the matter.
He said investigations are
continuing.

Man heid
after police
break up
argument

A MALE resident of South
Bahamia was taken into cus-
tody by police in connection
with a drugs find following an
alleged altercation with a

young woman on Wednes-. i

day.

Supt Basil Rahming said
police received a call at about
1.40am on Wednesday from
an unidentified woman who
reported that a man driving a
truck was beating up a
woman on Blue Fish Street
in Caravel Beach.

Police went to the location
and intervened in the alter-
cation.

Officers reported that they
were able to restrain the
attacker, but the victim then
pleaded with officers not to
arrest the man, who she said
was her boyfriend.

She wanted them to warn
him instead.

However, while searching
the man’s vehicle, the officers
reportedly discovered a small
quantity of marijuana.

_ A 20-year-old resident of
Hampshire Drive, South
Bahamia, is helping the Drug
Enforcement Unit with fur-
ther investigations.

Share
your
news

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














responsible for

NOTICE

NOTICE is hereby given that SCHADRAC NICOLAS, CABLE
BEACH, NASSAU, BAHAMAS, is applying to the Minister
Nationality and Citizenship,
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 22ND
day of JUNE, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Nassau, Bahamas.

@ By ASHLEY THOMPSON

THE strong smell! emitting
from the inactive waterfall at
the Queen’s Staircase has led
to a number of complaints over
the last few weeks.

Those who frequent the area
say water has not been coming
through the waterfall for the
past month.

One person explained that
the water that has been left to
settle has turned green and is
creating a “stench” that is
putting visitors off.

When the Department of
Antiquities, Monuments and
Museums was contacted about
the issue, they admitted noticing
that the waterfall was not work-
ing a few days ago.

It was also confirmed that a
meeting had been arranged with
the Ministry of Tourism and the
Ministry of Works to address
the problem.

The Queen’s Staircase is one

In brief Complains o
at Queen’s Staircase

of Nassau’s well known monu-
ments and has been placed in the
care of the Ministry of Tourism.

An employee of the Ministry,
Sheila Cox, explained that the
waterfall is still functioning,
although the water is off. This,
she said, is due to the fact that
the water system for the
Queen’s Staircase is connected
{o the water supply for the near-
by Princess Margaret Hospital.

“The water had to be turned
off at the main to work on the
lines,” she said.

Ms Cox said she has been
told that the water will be back
on soon, and in fact had been
on for a short period about two
weeks ago.

She added that the ministry
has been “working feverishly”
on plans to beautify the area.

For the past year, workers
have been cleaning up the area
and removing garbage on a reg-
ular basis.

Work has also been done to

PMH blood bank in
urgent need of stock

@ By TAMARA FERGUSON

THE blood bank at the
Princess Margaret Hospital is
in urgent need of public assis-
tance, one official has warned.

Everette Miller, supervisor of
the blood bank, urged the pub-
lic to participate in a joint ven-
ture being undertaken by his

unit and the Diamonds Inter- —

national jewellery store.

“The process is simple and
takes about 10 to 15 minutes.
Blood is a product that saves
lives,” he said.

According to Mr Miller, the
blood bank is almost always
short of blood.

He explained that many citi-
zens refuse to volunteer to con-
tribute “because of a fear of
needles and selfishness, among
other reasons.

“Donating blood is safe and
needles are only used once and
then destroyed. We need to
come together and ensure that
our health facilities are supplied
with blood.” he said.

Mr Miller added that this.

time of year is particularly dif-
ficult, as there are even fewer
volunteers that usual.

“Fighty five to ninety five per
cent of our blood, or blood that
we collect, is taken from per-
sons as replaced blood on
behalf of another person, as
opposed to voluntary donations
in which volunteers come in and
just give blood because they
want to give blood,” he said.

Mr Miller said that last year,
the blood bank collected under
three thousand units of blood
— significantly less than what
was needed to supply patients.

He also claimed that there
are many patients whose surg-
eries had to be postponed
because of lack of blood.

TIPS FOR DONATING
BLOOD

¢ Donating blood is a safe
and sterile process — the bags,
tubing and needles are used
only once and then destroyed.



for

Important

eld tee

To Our Valued Customers:

This is to inform you that our Mackey Street telephone numbers
393-3727 and 393-7657 are temporarily out of service.
During the interim please call us at 393-8951.

We apologize for any inconvenience caused.

ws
Imperial Mattress Company Ltd.
Manufacturer of high quality mattresses and retailer of elegant furniture



° It is not possible to get
AIDS from giving blood

e Donating blood rarely
hurts. You will briefly feel a
slight sting on the inside of your
arm near your elbow.

e Although some people who
are afraid of the process can get
sick or faint, reactions when
donating rarely occur and are
usually minor. You should eat
before donating and drink plen-
ty of fluids before and after.

e Any fatigue experienced
after donating will pass in a few
hours.

° It is safe to donate blood
every 56 days.

LOCAL NEWS

over smell



replant the area with colourful
and attractive vegetation. The
plants chosen must be carefully
selected as not much light reach-
es the staircase, Ms Cox said

The Ministry of Tourism has
also worked with the Ministry
of Works to fix and clean the
bathrooms at the staircase,
which are now functioning.

A barricade has been placed in
the frent of the property to pre-
vent drivers from parking their
vehicles in the area. If persons
wish to visit the Queen’s Stair-
case, they must do so on foot.



@ THE Queen’s Staircase

Santander
SANTANDER BANK & TRUST LTD.
Has an immediate vacancy for a
SYSTEMS PROGRAMMER

The successful applicant will be responsible for programming, analyzing and application
development of various applications used by the Bank. He should have developmental experience
with other banking applications.

Qualifications required:
Bachelor of Science Degree in Computer Science or related field.
5 years experience in a bank or other financial institution.

1
2

| 3 Experience in visual basic language and SQL database.
2. Knowledge of Unix, LINUX and Windows 2000/XP.

Desirable:

Knowledge of Globus and 4 Series banking application, programuning and administration.
Fluency in Spanish.

Applications in writing with details of education and experience should be addressed to The Human
Resources Manager, P.O. Box N-1682, Nassau, Bahamas not later than date July 12, 2007. :

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Independence plans announced

THE government has
announced that this year’s inde-
pendence celebrations will pay
homage to the nation’s ances-
tors particularly those who
were instrumental in changing
the course of history.

Independence Celebrations
Committee Peter Deveaux-
Isaacs, the theme, “Celebrat-
ing our Forebears” was selected

to recognise the importance of

the 200th anniversary of the
abolition of the Atlantic slave











According to chairman of the





trade.

Bethel Brothers Morticians

Telephone: 322-4433, 326-7030
Nassau Street, P.O.Box N-1026

_ FULL MILITARY
FUNERAL SERVICE FOR



CLIVE YOLAND
"YOKE"
ROLLE, 36

of Haven Road, off
Farrington Road will
be held an Friday
10:30 a.m. at Church
of God Convention
Center, Joe Farrington
Road. Bishop Revy
Francis, Rev 'd Ivan
Rolle and Rev ‘d
‘Sanfard Rolle will
officiate. Interment will
be made in Lakeview
Memarial Gardens,

J.F.K. Drive.

Indelible memory will forever be cherished and engraved
in the heart and mind of his father, Henry Rolle; his five
(5) brothers, Clayton, Pastor Sanford of Cathedral of
Praise, Mt. Pleasant, Sub-Lieutenant Valentino, Sergeant
#1796 Presley and Horatio Rolle; one adopted brother,

Omar Williams; one adopted sister, Portia McKenzie;

Three (3) sister-in-laws, Denise, Shereen and Staff
Nurse Eloise Vanessa Rolle; five (5) nephews, Clayton
Jr., Renaldo, Sanford Jr., Sanchez and Presley Jr, three
(3) nieces Valvanique, Vashawn, and Vashti Rolle; ten
(10) aunts including, Mavis Ensley of Ossining New
York, Madline Rolle, Ruth Rosa of Long Island New
York, Bernice Francis, Rosemary Bodie, Bessie Rolle.

Ophelia Rolle, Beverley Martin of Grand Bahama, Paula
Saunders and:Patricia Simmons; six (6) uncles, Bishop
Revy Francis and Alfred Morris, Michael Simmons,

Carl Martin, Ronald Saunders and Thomas Bodie;

cousins, Eloise, Doretha, Heather, Claudine,

Adennyakah, Sherece and Natasha Curtis, Marva
Edwards of New York, Gail, Donna, Alphanette, Michelle,

Florinda, Daphne, Anastacia, Darcel, Jamaal, Mario,

Dena, Astra, Michael Jr. Tamika, Gary, Chanarlse,

Michelle Curtis, Rev. Humphrey Minnis of South
Carolina, Lynden, Livingston, Edward, Rev. Ivan Rolle,

Antonio Rolle, Shawn, Marcus, Devard Francis, and
Desmond Rosa of New York, and Corey, Demeich
Allen: best friends, Mercy Brown, Rossano Coleby,

Andrew Jamma Symonette, Kevin Country Miller, Henry
Jonnson, Mervin and Rochelle Wallace, The HMP
staff, his numerous godchilren, and many other relatives
and friends including, the Brown family, the Basder
family, Carmetta Hart, Carolyn, Ruthanne and Karen
Rolle,, David Ramsey, the Hinsey family, Cathedral Of
Praise Church Of God family, The Rock Crusher-Haven
Road family including, Joy. Julia Smith and family, the
Bain family including Portia, Dominic ana Deandre
Austin, Karen Richardson and family, Angela and Dealo,

Raymond Larramore and family, the Minnis family
(South Carolina), the Edwards family (New York), Jill
and Allen, the Munnings family, Overseer saiathiel
Rolle and The Pinewood Gardens Outreach Ministries
family, The Happy Hour Crew at The Cutting Edge,

The RBDF Band, and his dogs, Amanda and King
Kong.

May His Soul Rest In Peace

Friends may pay their last respects at Bethel Brothers |
Morticians, #44 Nassau Street on Thursday from |
10:00 a.m. to. 6:00 p.m. and on Friday at the Church
from 9:30 a.m. until service time

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“We thought the indepen-
dence celebrations should
somehow tie into that very, very
significant event in our histo-
y.” Mr Deveaux-Isaacs said
during a press conference held
on June 25.

~©ur ancestors in this regard
are really the bridge between
the two significant events,” he
said. “We intend to recognise
people who at the turn of the
last century, played a very, very
important role in building a con-
sensus, fighting for liberty, fight-
ing for education, the right to
co-exist.”

Mr Deveaux-Isaacs was
accompanied by other members
of the Independence Commit-
tee who outlined the events that
will lead up to the nation’s 34th
independence Day on July 10.

The activities will cost a total
of $500,000, according to the
committee.

The schedule of events is as

follows:

e Thursday, July 5 —- E
Clement Bethel National Arts
Festival at Arawak Cay -
8.30pm

° Friday, July 6 ~ National
Pride Day — Rawson Square —
Yam to 6pm

e Friday, July 6— Youth Way
National Pride Celebrations —
COB Band Shell — 7.30pm

e Saturday, July 7 — Indepen-



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

share your story.

Share your news

Call us on 322-1986 and &



m@ MEMBERS of the Independence Committee announce plans
for the 34th Independence celebrations. Pictured from left are
Dr Nicolette Bethel, director of culture; Mr Peter Deveaux
Isaacs, chairman Independence Committee; and Robert Pinder,
member of the Independence Committee.

(BIS photo: Tim Aylen)

‘dence Beat Retreat — Rawson

Square — 5pm

e Sunday, July 8 — Ecumeni-
cal church service — Kendal G L
Isaacs Gym — 3pmto 4.30pm

¢ Monday, July 9 - Cultural
show, inspection, prayers, flag
raising ceremony, fireworks —

Clifford Park — 8.30pm — mid-
night.
¢ Tuesday, July 10 - inde-

pendence concert — Arawak
Cay — 12.01lam to 4am.





















wee
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applications fro

of Vice Principal -
September 2007.

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(242) 322-3015.

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° Tuesday, July 10 —- The Peo-
ple’s Rush Out —~ Rawson
Square to Arawak Cay -
4.30am.

Regarding the Independence
theme, director of culture Dr
Nicolette Bethel recalled that
in 1807 the British Parliament
abolished the transhipment of
slaves from Africa across the
Atlantic.

“For the Bahamas, that time
began a period toward inde-
pendence which continues
today,” she said. “So what we

have decided to do with our |

theme is to keep in our memo-
ries the fact that we are a soci-
ety that was created by the insti-
tution of slavery.

“In 1973 we got our indepen-
dence from Great Britain. We
want to keep in people’s mind
that Independence in not one
day, it’s a process. We are look-
ing back at the turn of the cen-
tury to the people who made
independence possible.”

Those to be recognised
include, among others: RM
Bailey, L W Young, C H
Reeves, Stephen Dillet, Dr C
R Walker, T A Toote, Sir Eti-
enne Dupuch, Dr Cleveland
Eneas, Timothy Gibson, D W
Davis, Charles Rodriquez, Bert
Cambridge and A F Adderley.



Plans being
looked at
for northern
command

PLANS are _ being
reviewed to establish a
Defence Force northern
command in Grand
Bahama.

Public relations officer
Lieutenant Sonia Miller said
the advantages would be
better patrols of the north-
ern region and a shorter
response time to incidents .
occurring in the area.

“T can’t give you specifics,
but plans are under review
to start a permanent base
here. When you're moving
and trying to establish plans
for an organisation it will
take some time because
there is a lot of ground work
that has to be done,” she
explained.

Ms Miller stated that the
Defence Force has been in
Grand Bahama in the past
few years dealing with hur-
ricane relief and training.

She said that the organi-
sation plans to launch a
recruitment drive in July
and August in the major
Family Islands and noted
that officers will be available
to accept applications in
Freeport. Applications can
also be collected at Police
Headquarters and the Sev-
enteen Shop.

Ms Miller said that quali-
fied applicants must be
Bahamian citizens and must
have five BJCs with passes
of C or above, including
math and English, and a
clean police record.

Qualified applicants will
be required to sit an
entrance exam on the spot
and must be deemed med-
ically fit by an RBDF med-
ical doctor. -

Ms Miller said that
although applicants must
usually be at least 18 years
old, the Defence Force will
accept applications from 17
and-a-half year olds as well.

NOTICE

NOTICE is hereby given that DIAH FERDINAND OF P.O.
BOX CB-12281, 2 CAMBRIDGE AVENUE, CABLE, BEACH,
NEW PROVIDENCE, 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 29TH
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 WILFRED JEAN-PIERRE OF
CABLE BEACH, 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 22ND day of JUNE, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N-7147, Nassau,
Bahamas.













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THE TRIBUNE

FRIDAY, JUNE 29, 2007, PAGE 11





@ THE Orlando Magic launched Islands of the Bahamas T-shirts and give-aways into an excited
crowd during the last Bahamas-themed night at the Amway Arena, Orlando, Florida in March

Orlando Magic
to hold camp in



: LOCAL NEWS





Training Officer

Kelly's is seeking a fully-qualified and experienced teacher to become a full-
time Training Officer for the 350 + employees in Kelly's House & Home and
Kelly's Lumber. The position will denend an experienced and resourceful
communicator able to motivate adults with varying educational backgrounds
and qualifications, and capable of devising, developing and implementing
on-going in-house training and development programs, with their attendant
testing and evaluation procedures. Such programs will include, but not
necessarily be limited to:

Orientation courses for all new employees

Customer Service courses for all retail employees
Computer familiarisation courses

Product-specific knowledge courses for all retail employees
Safety courses for drivers and warehouse/yard personnel

Supervisory courses for new and prospective supervisors
Personal development courses for career advancement



The successful applicant will also be expected to develop and maintain strong



links with other providers of on-going work-related courses in specialised and
technical areas. Previous experience in adult education would be an asset.

This is a middle management position for an experienced and qualified
professional educator, who is willing to demonstrate a long-term commitment
to Kelly's development and expansion. Benefits include medical, pension, and
profit-sharing plans, with remuneration package dependant on qualifications
and experience.

E-mail letter of application and comprehensive resume to
info@kellysbahamas.com with "Training Officer" as subject.

No phone calls please

Kelly's "313%.

Mall at Marathon



Monday-Friday 9:00am8:00pm
Tel: (242) 393-4002 rd 00am-9:00pm
th eC B ahamas Cee avons a sere

THE Orlando Magic will
bring top players and coaches
to the Bahamas to host a bas-
ketball camp, it was announced
yesterday.

This follows a successful
series of Bahamas themed
nights during the Orlando Mag-
ic home games this NBA sea-
son.

The camp is being dubbed
“Magic in Paradise” and will
target children between ages 6
and 17, giving them the oppor-
tunity to have one-on-one
instruction in a number of game
techniques.

‘To ensure that some of the
most promising young Bahami-
an basketball talents-get the
opportunity to benefit from the
exposure the camp will provide,
the Orlando Magic has joined
forces with the Bahamas Bas-

ketball Federation to draft par-.

ticipants for the Magic Camp.
“We see this as a wonderful
opportunity to expose some of
our top young basketball talent
to the possibilities that could
one day be available to them,”
Minister of Tourism and Avia-
tion Neko Grants said. “Our lit-
tle country has produced a num-
ber of top basketball players,
who have gone on to achieve
international fame and we see
this as another avenue to con-
tinue to nurture that trend.”
The camp will be held on Sat-
urday, July 21 at the newly con-



@ EXCITED Orlando

Magic Fans won several
four-day/three-night vacations
during the Bahamas-themed
night at the Amway Arena

structed Kendal Isaacs Gymna-
sium.

“Magic in Paradise” organis-
ers are also opening the camp
up to young aspiring profes-
sional basketball players living
in-central and south Florida.
“We are thrilled to be able to
offer the expertise and knowl-
edge of our Magic players and
coaches and even more excited
to pair that with the beauty of
the islands of the Bahamas for
the perfect package,” Jennifer
Carlson, director of partnership

activation for the Orlando Mag- -

ic, said. “With the excellent rate
the Bahamas is providing cen-
tral and south Floridians this
offers the opportunity for one-
on-one professional basketball
instruction while enjoying one
of the top destinations in the
world.”

NOTICE

NOTICE is hereby given that AGILUS PETIT of,
COLONEL’ HILL, CROOKED ISLAND, 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 29th day of
June, 2007 to the Minister responsible for. Nationality
and Citizenship, PO.Box N-7147, Nassau, Bahamas.

Legal Office Assistant Required

For a small Law Practice
Located in the West
some Legal Secretarial Experience
would be an asset





Junior Attorney Required

For Small Legal Practice
Located in the West
1-5 years Pratice required

Please email resume to
andrewa@coralwave.com








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PAGE 12, FRIDAY, JUNE 29, 2007

MPa. i.) ee :
A family’s sorrow

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pee

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OSING a family mem-
ber to the sadistic

hands of a cold-blooded mur-
derer is heart wrenching to
every family, but the pain only
deepens when there is no clo-
sure and a police investigation
has stalled.

The family of then 24-year-
old Eric “Muff” McGregor have
been grieving his loss without
“finality and any comfort” since
he was brutally murdered out-
side the Pondwash washhouse
on Carmichael Road on May
18, 20006.

According to the mother of
the deceased, before “Muff’s”
death, he spent the day partici-
pating in recreational events
with his parents and siblings.
Patricia McGregor (Muff’s
mother) told me that around
1.45pm on May 18, she asked
Eric to take his younger sister
and niece to th: laundromat,
and then return tor his father
who was leaving for work.

Mrs McGregor, a resident of
the western New Providence,
said that five minutes after they
left, their car pulled up with the

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ADRIAN

GIBSON



driver hysterically blowing the
horn. At the wheel was her 13-
year-old daughter who horrity-
ingly shouted “Muff, Muff got
shot!”

“My 13 year old daughter
drove home! She never drove
before — I say God was with
her — ahh, what a pain, what a
pain all this has been!” said the
distraught mother.

The grief stricken mother
became overwhelmed with
emotion as she relayed to me
the events of that fateful day —

to the best of her knowledge..

She said that when Muff pulled
into the parking area and
stepped out of the car, a vehicle
abruptly pulled up and a male
passenger emerged, asking Muff
“if he had something to say or
wanted to see him”. The
anguished mother said that eye-
witnesses said that Muff seemed
rather puzzled, questioning who
the guy was as he did not know
him. It was then that the hostile
individual drew a gun and shot
him.

At: Muff was shot,
eyewitnesses say that

he ran into the washhouse and
fell behind the counter. As his
sister and niece (16 at the time)
watched — screaming—anoth-
er shot was fired at Muff as he
ran. The first shot penetrated
his arm, entered his torso and
punctured his lung, while the
second bullet grazed his fore-
head.

When the family arrived on
the scene, a tearful Mrs McGre-
gor said that she identified her-
self and asked a police officer
what had happened. She admit-
ted that she was panicky and
hysterical, but the officer
showed no empathy and unpro-
fessionally responded: “Ms, I
don’t care who you is, you can-
not come inside—this is a police
matter!”

Sobbing and sighing, she said:
“I begged them to explain what
was happening and they would-
n't tell. | even tried to go around
the back of the building, but
they held me down. There was
nobody to explain the situation
my child was in.”

In a muffled voice, the
bereaved mother explained that
the family’s undertaker (Dean-
lee Penn) arrived on the scene
even before an ambulance, and
that after she was allowed to
examine Eric, she (Deanlee
Penn) was the person who told
his relatives that he was dead.

What’s worse, says Mrs
McGregor, is that the police
have acknowledged that they
are aware of the perpetrator of
this heinous crime, yet they
have not arrested him or pro-
vided the family with any infor-
mation.

“We have been told that the
police know who they are look-
ing for, they know! I want noth-
ing to do with the Carmichael
Road police station because
they have allowed this case to
become stagnant and cold, and
furthermore, when the (alleged
perpetrator) initially threatened
us, after we reported it, they
withheld information,” she said.

S: went on: “After a
year, this investigation
is not going fast enough—CDU
hasn’t called as yet, although
I’m called every other day by
officers from Quiet Storm.” Mrs
McGregor also alleges that the
police had confiscated the vehi-
cle that her son’s murderer
drove, but it has since been
released from the police com-
pound.



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The brokenhearted mother
said that her entire family has
been devastated by Muff’s mur-
der. She claims that both her
youngest daughter—who wit- .
nessed the incident—and Muff’s
oldest son have been trauma-
tized. ;

“My daughter was a top stu-
dent. Since the incident, her
grades have dropped. Do you
know what it is for her to be in
school, looking ’round for when.
the ‘bad man’ is coming to,
shoot her. She used to go to
church, now she is too afraid to’
even sit down or go. She can’t’
even go to the mall! If we are:
driving and a tinted car pulls’
up, she puts her seat back to
hide, because she is afraid of
who might be in the car. I’m
afraid for her —she wakes up'
screaming and just wants to be’
by herself!” said the sobbing.
mother. \

Mrs McGregor said that Muf-
f’s girlfriend and son have relo-
cated to another Family Island,
and that while she has taken her.
grandson to psychologist Dr,
David Allen, he continues to.
suffer emotionally/psychologi-
cally. “The teachers on the
island say that my grandson
constantly draws a man hold-
ing a gun and standing over
another. He always tells them
“the bad man killed my dad-
dy!””

I: desperation, Mrs
McGregor says she hired

a private investigator who
turned out to be a fraud. How-
ever, she did say that one “one
top level police officer told me
that Muff’s murder was a case
of mistaken identity.”

Sorrowfully, Mrs McGregor
said:

“Muft’s death was like a ripe
dilly that just dropped and
crumbled. That was a blow for
me. The worst thing about it is
that the (alleged) murderer is
still free. Is this fella going to
get away with murder? I guess
he doesn’t have a conscience.”

Mrs McGregor expressed her
gratitude to the activist group,
Families Against Murder
(FAM), which counselled her
family and provided some com-
fort during their season of grief.

Further, she strongly lobbied
for the enforcement of the
death penalty. “I feel that the
drug dealers go to jail, the
rapists go, the thieves and fraud-
sters go, but the murderers get
bail. If it’s on the books to
hang—then hang! Every time I
turn on my TV or radio and
hear someone got shot, it
pierces my soul!”

“Muff wasn’t just an ordinary
guy. He wasn’t an officer, but he
was a gentleman. It hurts me so
much that the last time I saw
my son on May 18 was in the
morgue. He left my house a
hearty child with not even a
pain or ache, and J never heard
from my child anymore,” she
cried.

It is only midway through the
year 2007, and the country’s
murder count has exceeded 40.
As a people we must learn to
better handle our differences

-peacefully, rather than resort-

ing to boorish, vicious means to
settle our disagreements. We
must immediately and stead-
fastly examine the sociology of
our people, before our society
not only becomes a frightened
war zone but our prized econo-
my falls into an irreparable
slump because visitors and
investors are afraid to come to a
violent society.
ajbahama@hotmail.com
www.weblogbahamas.com



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5





THE TRIBUNE

FRIDAY, JUNE 29, 2007, PAGE 13



PA ae ee) ee

Opposition Senate

leader

leads PLP walkout

FROM page one

the government responsible
to Parliament (the people).
This, she said, is done by the
Opposition when it exercises
its right to question the gov-
ernment on matters in the Bill
under consideration.

“We simply wish to exer-
cise our right, as is guaran-
teed by the Constitution, to
hold government accountable
to the Bahamian people by
conducting the review of Bills
carefully and with full trans-
parency,” Senator Maynard-
Gibson concluded.

Nevertheless, Mr Foulkes
claimed that it was clear that
her intentions were to
obstruct the government, and
he pointed out that Senator
Gibson, herself, took up a
whole day to debate the bill.

“Senator Gibson and some
members of the PLP may find
it difficult to adjust to their
role in opposition but while
they struggle with that reality
the work of Parliament and
the work of the Government
will continue. They will not
be allowed to hold the coun-
try hostage to their arrogance
and immaturity,” he said.

Mr Foulkes described Mrs
Gibson’s behaviour as a “dis-
graceful assault not only on
our Parliamentary democra-
cy but on the very processes
of orderly constitutional gov-
ernment in The Bahamas.”

The government leader in
the Senate said that Mrs May-
nard Gibson attempted to
obstruct the passage of legis-
lation for the 2007/08 Budge,
and when they were not
allowed to do that, they decid-
ed to walk out of the Senate.

“Although many people are
already aware of what hap-
pened last night, I should like



B OPPOSITION Senate
leader Allyson Maynard
Gibson



to inform the Bahamian peo-
ple of the background and cir-
cumstances of those events.
The overriding consideration
was that the Budget process
has to be concluded before
July Ist if the business of the
country is to proceed in an
orderly and constitutional
fashion.

“July 1 is on Sunday coming
so the Budget process must
be completed before the end
of this week. That process
includes passage by the Sen-
ate of the Appropriation Bills,
but it does not end there.
After passage in the Senate it
must go to the Office of the
Attorney General for certifi-
cation and then to the Cabinet
office before it is presented
to the Governor General for

his signature,” Mr Foulkes
said.

He said that Senator Gib-
son, a former Cabinet Minis-
ter and Attorney General, is
fully aware ‘of this process yet
she chose from the very
beginning of the Senate part
of the process to adopt an
“uncooperative and obstruc-
tionist posture.”

Mr Foulkes said that it was
intended that the Senate com-
plete its work on the Budget
by Friday of last week and no
later than Monday of this
week. When that did not hap-
pen, because of Senator Gib-
son’s refusal to cooperate, he
said he had no choice but to
bring the process to a conclu-
sion Wednesday night.

“At the very beginning I sat
down with Senator Gibson
face-to-face in the presence
of the President of the Sen-
ate, Senator Lynn
Holowesko, and tried to work
out speaking allocations with
her. This is common practice,
but she flatly refused to co-
operate,” the Senate leader
said.

He said that Senator Gib-
son attempted at every oppor-
tunity to turn the committal
stage of the process into
another debate on the Bud-
get.

“I repeatedly told her that
that was not what the com-
mittal stage was for. Other
members of the Opposition
acted responsibly in this mat-
ter. I pointed out to Opposi-
tion Senators that the House
of Assembly with 41 mem-
bers, including 18 members of
the Opposition, had conclud-
ed the committal stage by 10
o’clock in the evening and
that there was no good rea-
son why the Senate should go
beyond that,” Mr Foulkes
said.









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IN THE FOLLOWING AREAS:

Mt Royal Ave, Hawkins Hill, Palmdale, Mackey St and
Murphyville. Yamacraw, Elizabeth Estates, Kool Acres,
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PRIORITIZE!

PAY ALL ARREARS ON YOUR BEC BILL IMMEDIATELY!

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*

The minister alleged that
Senator Gibson, despite his
repeated objections,
“indulged in tedious repeti-
tion, unnecessary interven-
tions and continued in her
efforts to turn the committal
stage into a debate.” :

Plans to conclude budget
matters in the Senate on
Tuesday night, however, was
the view of the FNM, said
Senator Gibson. She noted
that there was no such agree-
ment on the part of the Oppo-
sition to complete Senate
matters on this Bill by Tues-
day night.

“There is only one dead-
line, and that is that every-
thing be passed in time for the
budget to commence on July
1,” the Senator pointed out.
“Having been the Attorney
General, I can say that it is
certainly ideal that 48 hours
be given to enable those in
the office of the AG and
those in other places to com-
fortably work towards having
all of the documents signed.”

She said that, in the past,
the House and the Senate
have met far into the night
and into the early morning
hours to meet the deadline,
so that the budget, all ques-
tions having been asked, can

been answered, can com-

mence on July 1.

“That is what we intended,
and that is the assurance that
I personally gave to Senator
Foulkes from my mouth to his
ear,” said the Senator.

Therefore, any claims by
Senator Foulkes to accuse her
of “filibustering” is a “com-
plete and absolute untruth.”

“It is not the job of the Sen-
ate to rubber stamp Bills sent
by the government,” said Sen-
ator Maynard Gibson. “It is
the Senate’s job to review all
Bills, ensuring that they are

in the best interest of Bahami-
ans.

“Clearly the FNM govern-
ment of mistrust does not

- wish to be asked tough ques-

tions about how its policies
are to be implemented and it
does not want to have its deci-_
sions be subjected to the light
of day. Clearly, in the spirit



from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
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area or have won an
award.

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

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of mistrust, the FNM wants
you to know only what the
FNM says about its deci-
sions.”

She concluded by saying:
“We will continue to speak
for good governance and we
will continue to carry out our
role to ensure good gover-
nance.”













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PAGE 14, FRIDAY, JUNE 29, 2007 THE TRIBUNE





_ FRIDAY EVENING JUNE 29, 2007 |
|
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MAX-E







‘MOMAX



“SHOW















~
-~



THE TRIBUNE

FROM page one

to the local police station have
also gone unheeded. When
contacted by The Tribune
about the matter yesterday,
both departments denied it
would fall under their portfo-
lio.

Trucks, said the man, have
been observed regularly blow-
ing their horns and "getting
right up in the back of peo-
ple's cars until they have to
pull off the road."

While some of the trucks
travelling that road abide by
the law, some do not, and
their speed often increases to
dangerous levels once they
have offloaded their cargo.

The resident suggested the
trucks are carrying fill from
the Harrold Road area to the
site of a new road being con-
structed behind Carmichael
Road, however permanent
secretary at the Ministry of
Works Colin Higgs could not
confirm this, and messages left
for Director of Public Works
Melanie Roach were not
returned.

Car crushed |

Yesterday, an officer at
Carmichael Road’s Traffic
Department denied that
addressing such concerns
would fall within their remit.
“We are responsible for
licensing," said the officer,
who directed The Tribune to
contact the traffic police.

An officer at the traffic
police station said that speed-
ing vehicles would certainly
not be his department's prob-
lem,-and redirected The Tri-
bune back to Road Traffic.
When advised as to the fact
that Road Traffic had said it
was not their concern, he sug-
gested they were incorrect.

Previously, the concerned
citizen said conversations with
an inspector at the Carmichael
Road police station following
Thursday's incident had led
to a promise that an officer
would be sent out on Monday
— "depending on the weath-
er," the man claimed.

He added that further haz-

ards are created by the fact
that a number of the trucks,
including the one involved in
yesterday's accident, despite
being required to cover their
loads with a tarpaulin, do not
do so, often causing debris to
spill onto the road.

The victim of yesterday's
accident was taken away after
two ambulances arrived on
the scene.

Attempts fo gain any fur-
ther details of the accident
from the Carmichael Road
police station or Road Traf-
fic Department were unsuc-
cessful yesterday as they
claimed they were unaware of

the accident. Calls to various’

stations, including Carmichael
police and road traffic depart-
ment to follow up on the resi-
dent's prior complaints proved
fruitless.

Police press liaison officer
Walter Evans could also pro-
vide no details up to press
time.

Man claims Department of
Social Services denying him >
assistance due to his HIV status

FROM page one

poverty” on Solider Road, without a tele-
phone or electricity. He told The Tribune
that he has nowhere else to turn and the
media outlets are his last ditch attempt to
receive some compassion.

“This morning we had one can of corned
beef in the cupboard and that’s what me
and my-.wife had for breakfast,” he said. “I
just want to know why Social Services has
cut us off and left us in this situation.” He
and his wife are residing in a home with a
leaky roof and with no money to repair the
problem. His wife’s health in further decline.

He has appealed to the Department of ~

Social Services for emergency food services,
but said he was asked to leave the premises
by staff members.

“Peopie unconsciously discriminate
against those with HIV. They put you on
the back burner as if they are waiting on
you to die,” he said. Fortunately the couple
is still able to access the necessary medica-
tion to sustain their lives. With medication,
persons with HIV can live in relative health
for 10 to 20 or more years. He said he con-

tracted the virus in 2002 and as a result of
his HIV status, the only employment he was
able to acquire was with a security firm.

“My job temporarily laid me off because |
need time to take care of my wife. They
[his workplace] always schedule me for the
graveyard shift, and my wife is so sick I am
afraid to leave her alone.”

~-~-When-contacted for comment, represen-

tatives from the Department of Social Ser-
vices told The Tribune that the couple
informed their office they would be moving
into the AIDS camp, therefore public assis-
tance would no longer be needed. Social
Services explained that they recently
..became aware that the couple is no longer
residing in the camp and have been
approved for assistance, and that an offi-
cer would be dispatched to their home

today.

Last year, former Minister of Health Dr..

Bernard Nottage spoke out against the stig-
ma that those with HIV/AIDS face, “the
starting place is saying out loud that preju-
dice and discrimination against people per-
ceived to be HIV positive is wrong, plain
and simple.”

+



Wisi, ewivi av, ZU07, PAGE 15



Clee eae

ae ae

@ FABULOUS FOUR — Shown (from L-R) are features sub-editor Samora Justin St

Rose (second place winner), press operator Jamal Brown (first place winner), Tribune ,
staff reporter Alison Lowe and night operations manager Philip Brown (third place win-

ner). The Tribune’s third annual pool tournament at Hard Time Billiards was held in ©

memory of Erica Fowler, a former employee who took third place in the 2006 -

tourney. Soa eet cat tana ©

WINES & SPIRITS













PAGE 16, FRIDAY, JUNE 29, 2007

Ree. 2 a eo
Graduation at school for the blind

AS their families, friends and
teachers watched with admira-
tion, Tayo Bethel, Antoine
Munroe and Javear Cleare of
The Salvation Army’s Erin
Gilmour School for the Blind
graciously accepted their diplo-
mas in a bittersweet graduation







ariatin & One
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e
BACARDI
ANEJjO

ceremony at the Citadel on
Mackey Street, Monday night.

The three scholars were pre-
sented with their diplomas by
Minister of Social Services
Loretta Butler-Turner, who
commended their valiant acad-
emic efforts. Canon Basil Tynes









of St Barnabas Rectory reiter-
ated this sentiment.

Like so many other gradua-
tions, there were tears of joy
and smiles of pride. Unlike most
graduations, however, the grad-
uates, though present, never
saw the happy well-wishers,
their awards or even each other.

Antoine lost his sight as a
young child and Javear’s deplet-
ing vision only allows him to
make out blurs of objects. Tayo
was born blind. Despite this,
their amazing lives have gone
on and if the three of them con-
tinue their path of perseverance
the best is yet to come.

Antoine and Javear are both
confident of securing careers in
the computer and graphics
industries. Meanwhile, Tayo,
who refused to touch models of
the brain for his first two years
of school, plans to be the first
blind Bahamian with a degree
in science.

“I’m so pleased for them
because they are all excellent

@ MINISTER of Social Services L



vd

oretta Butler-Tuner (left) and

Erin Gilmour principal Maria Deleveaux (right) congratulate
blind scholar Tayo Bethel (centre) during Monday’s graduation

services at the Salvation Army

students and I know they will
succeed in whatever it is they
set their minds to,” said school
principal Maria Deleveaux. “It’s
just hard facing the realisation
that when the new school year





eps verter teats mart

NEES

rolls in, three of my boys will
not be there every day. I feel
as if I’m a mother saying good-
bye to my little boys because
they’re all men now.”

Ms Deleveaux added that the
trio’s graduation has left the stu-
dents and staff feeling sombre.

“Some students looked up to
them for help and the boys nev-
er once said no. They always
volunteered to help out with
students and teachers and the
children are really concerned
because they feel they’ve lost
their school band. They were
all pivotal members,” she said.

The night was truly one to
remember for the boys when
Erin Gilmour alumnus Alvin

@ ERIN H Gilmour Schooi for the Blind principal Maria

THE TRIBUNE

Forbes, who is now majoring in
philosophy and religion at a
Canadian college, joined them
as they played together one last
time with the school band.

Divisional Commander of
The Salvation Army, Major
Lester Ferguson, also applaud-
ed the three.

“We have so many success
stories,” said Major Ferguson.
“There’s Samantha, a govern-
ment-employed receptionist
and aspiring writer, Abby who
is constantly in the IT industry,
Kevin, who is fresh off a teach-
ing internship with a BA degree
in English, and Alvin.”

“Alvin, Tayo and Javear are
three remarkable individuals,”
noted Major Ferguson. “With
all of their challenges, these
boys are examples of stellar suc-
cess. They have been an asset to
our school and I’m sure they
will be an asset to our society
because they are not waiting for
opportunity to knock, they are
grabbing it. ”

While reciting one of his works,
Ode To Erin Gilmour School,
Tayo Bethel, affectionately
known as the school’s walking
encyclopedia, reflected on the
lessons he learnt over the years.

“We graduate tonight, the
class of 2007, but Erin H
Gilmour is still our piece of heav-
en,” he said. “Thank you for
your time and dedication with
us and for giving us a chance to
not see the future as an obstacle
but as an opportunity.”



Deleveaux poses with her boys (from left ) Tayo Bethel, Javear
Cleare, EHGS alumnus Alvin Forbes and Antoine Munroe

(Photos: Arthia Nixon-Stack, DPA)

Available At All

B

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Nationwide!

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BACARDI AND THE BAT DEVICE ARE REGISTERED TRADEMARKS OF BACARDI AND COMPANY LIMITED

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FRIDAY, JUNE 29, 2007

SECTION

business@tribunemedia.net

BUSINES

Miami Herald Business, Stocks, Analysis, Wall Street









Emerald Bay receivership
- shows ‘anchor’ hotel flaws

* Sale to Petters Group Worldwide latest to falter, as resort's difficulties undermine ‘mega resort’ strategy for Family Islands
* PwC appointed to sell $320m Exuma resort after numerous previous deals fall through

@ By NEIL HARTNELL
Tribune Business Editor

he troubled Four
Seasons Emerald
Bay Resort’s
‘main creditor has

appointed.
receivers for the $320 million

property’s holding company in
a bid to sell the Exuma devel-
opment, after it defaulted on
its repayments in April 2007, a
move that highlights the flaws
in the ‘anchor property’ strat-

egy for the Family Islands.

It was confirmed yesterday
that Wayne Aranha, a partner
in the PricewaterhouseCoop-
ers Bahamas (PwC) account-
ing firm, together with Lon-

‘don-based PwC accountant

Russell Downs, had been
appointed as receivers of
Emerald Bay Resort (EBR)
Holdings on June 22, a devel-
opment that will come as lit-
tle surprise to those in the
know - including this newspa-
per.

Insurers: Storm
criticism ‘flawed
and overblown’

@ By NEIL HARTNELL
Tribune Business Editor

BAHAMIAN general insur-
ance carriers yesterday
described as “flawed” claims
that they were placing the post-
hurricane claims servicing
process in danger by not hav-
ing evacuation plans, adding
that damage assessments of a
Category 4 or 5 storm’s impact
on New Providence were
“overblown”.

The carriers spoken to by
The Tribune agreed that the

_most important issue post-hur-

ricane was to have loss
adjusters on the ground in the
affected areas as quickly as
possible, so they could assess
the damage and as many
claims as they can.

The companies said that in
the event of a Category 4 or 5
hurricane that inflicted major
damage on New Providence,
Grand Bahama and other
major islands, it was likely to
be five to six days before elec-
tricity and telecommunications
capabilities were restored.

This meant that even if they
were able to process claims
and issue cheques to policy-
holders whose properties had

been damaged, these people
would have nowhere to deposit
or cash the cheques as the
banking system and general
business community would not
be operational yet.

The carriers were respond-
ing to claims by Darren Adler,
the Nassau-based operations
chief for Humanitarian Oper-
ations, the disaster relief oper-
ation, that insurance compa-
nies were being negligent by
not having evacuation plans in
place for their staff when faced
with a major hurricane, and
that the claims servicing
process could collapse as a
result.

‘Patrick Ward, Bahamas
First’s president and chief
executive, told The Tribune:
“I think the insurance indus-
try has done very well in every
single disaster that has
occurred, going back to 1992,
when Hurricane Andrew hap-
pened.

“As a result, every company
has a contingency plan in
place. I think it’s wrong to crit-
icise the industry when we’ve
actually responded very well.”

SEE page 8

Change to stop the BTC
unilaterally altering deals

@ By NEIL HARTNELL
Tribune Business Editor

THE Public Utilities Com-
mission (PUC) yesterday said
it would amend the language in
its guidelines on interconnec-
tion offers between different
Bahamas-based telecoms car-
riers to ensure a dominant
operator such as the Bahamas
Teleccommunications Compa-
ny (BTC) cannot alter the
terms of any such deal unilat-
erally.

In its statement of results on
its proposed interconnection
guidelines, the PUC said it
would alter the guidelines to
enable other telecoms carriers
to decide whether to accept
BTC’s terms in a modified
interconnection offer.

Interconnection and the
prices charged for this are key
to a competitive, liberalised
telecoms market in the
Bahamas, as this enables calls
originating on one carrier’s
network, such as BTC’s, to
flow seamlessly on to and com-

plete on another carrier’s net-
work. Basically, it is a tool to
enable customers of two dif-
ferent phone networks to con-
nect.

The PUC said that once
BTC had signed an intercon-
nection agreement with a rival,
it should not be able to unilat-
erally amend it, with changes
needing the consent of both
parties.

The telecoms regulator said:
“BTC should not be able to
unilaterally amend an inter-
connection agreement simply
by changing the Reference
Interconnection Offer (RIO).

“The other party to any
existing interconnection agree-
ment should be able to choose
whether or not to adopt such
changes into its existing agree-
ment.

“However, the other party
should not be given the free-
dom to pick and choose
changes, as this would enable

SEE page 10

Tribune Business revealed
as far back as 2005, and regu-
larly throughout 2006, that the
EBR investor group was
attempting to either sell the
resort or attract additional
investors and capital, with the
project failing to generate a
profit.

The receivers’ appointment
is understood to have come
after the latest attempt to sell
the Four Seasons Emerald Bay
Resort to a Minnesota-based
company fell through within

@ By NEIL HARTNELL
Tribune Business Editor

A FORMER Cabi-
net minister has
backed proposals to
develop an export
industry that could
generate more than
$1/2 billion per year in
foreign exchange earn-
ings, telling The Tri-
bune yesterday that
producing corn for use
in ethanol production
would diversify the

economy and create “well paying job
opportunities for Bahamians”.

Vincent Peet, the former minister of
financial services and investments, said
his constituency, Andros and the Berry
Islands, was the “ideal place” to look at
establishing such an industry, given the
former’s history as the Bahamas “farm-
ing capital” and availability of some

160,000 acres of arable land.

“I think it’s an exciting idea, and would



@ PEET

the past two weeks, the latest
in a series of potential deals to
seemingly bite the dust.
Sources told The Tribune
that EBR Holdings had been
negotiating to sell the 500-acre
property, which charges a $375
per night room rate, to Petters
Group Worldwide, and had
halted work on Phase Two of
the resort’s build out in the
hope that the deal would go
through.
But a source told The Tri-
bune yesterday: “This one

looked very close, and fell
through a couple of weeks
ago.”

It is likely that this was the
‘final straw’ for the Four Sea-
sons Emerald Bay Resort’s
main creditor, and prompted
the decision to appoint the
receivers to oversee a sales
process that would result in
success.

The source confirmed:
“Emerald Bay has been seri-
ously for sale for one-and-a-
half years.”

The Tribune previously
revealed that a sale to Gold-
man Sachs’ real estate private
equity arm and another pri-
vate equity fund, Rockpoint,
fell through last year.

This newspaper also learnt
that the Philadelphia-based

_ Adler Group, the financial

backer and supplier of seed
capital for Ginn Clubs &
Resorts’ $4.9 billion Ginn sur

SEE page 9

Ex-Cabinet minister gives backing for ethanol plan

Andros’ 160,000 acres of land ‘ideal’ for growing ethanol

areas.”

di outlined.

create a lot of employment opportunities,
which is critical for Andros and the wider
Bahamas,” Mr Peet said. “It would pro-
vide well-trained persons in specialist

The idea of exploiting the growing glob-
al demand for alternative energy by pro-
ducing corn for ethanol production in the
Bahamas was first suggested by Tony Jou-
di, president of construction, development
and project management firm, FTC, via an
interview with Tribune Business.

The article is understood to have
aroused considerable interest in business
and political circles, with the current FNM
administration also thought to be inter-
ested in exploring the possibilities Mr Jou-

Mr Peet yesterday told The Tribune

corn, as industry has potential to grow economy and
provide ‘well-paying jobs’ for Bahamians

that establishing such an industry was
something Bahamians of all political per-
suasions could agree on, since it had the
potential to benefit the entire country.

“The idea is one we should exploit to



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the full, and from where I’m sitting the
benefits would outweigh whatever the
downside might be,” he added.
“We're talking about a brand new indus-
try, so apart from making a major eco-
-nomic impact, it has the potential to pro-
vide an alternative energy source and low-
er energy costs. ,
“Tt creates a new industry and well-pay-
ing job opportunities for Bahamians, not
just in Andros but for Bahamians across

SEE page 2





Heayin

a



PAGE 2B, FRIDAY, JUNE 29, 2007

THE TRIBUNE BUSINESS

i eee
Private sector should ‘deliver the solutions’ to Bahamians

@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

he Bahamian private

sector needs to take

the lead in bringing

the Government to
world-class service standards,
Senator Tanya Wright, who is
president of her own company,
the World Co-Operation Group,
said recently.

“I have always maintained
that the role of the Government
is merely to establish the frame-
work for growth and economic
development, but the private
sector should use its resources
and business acumen to deliver
the solutions to the Bahamian
people,” the former Chamber of

Commerce
president said.

Mrs Wright
added that in
her new capaci-
ty as a Senator,
what had
become abun- .
dantly clear was
that were many
opportunities
for Bahamian
business people to partictipate
in the Government’s plans to
improve the economy..

“The Government has
pledged to support the develop-
ment of the Bahamas as an elec-
tronically and technologically
sophisticated country,” she said.
“The Bahamas has some of the
finest technology businesses and
professionals, who have sought

@ WRIGHT



and obtained world-class train-
ing from instututions in this
country and around the world.

“Each of them should consid-
er this commitment as an invita-
tion to partner with the Gov-
ernment in initiatives that would
bring much-needed Internet
capabilities to every government
ministry.”

Mrs Wright added that it was
amazing how much technology
was underused in the public sec-
tor.

“The private sector should
take the lead in making the pro-
posals that are necessay to bring
our government up to a world
standard in communication.
Where ever private sector inter-
raction with the public sector
can be made more efficient, the
private sector must see it as hav-

Quantity Surveyor

required for a Nassau based Construction Company

We currently have contacts in Nassau and the Family Islands and require a Quantity
Surveyor to work within a small team of professionals overseeing several high profile

projects.

The applicant should have over 1 year experience in working in the Bahamas as
a Quantity Surveyor, with Family Island experience being an advantage but not
necessary. They must be able to work on more than one project at a time with minimal

supervision, under the direction of the Commercial Manager.

The Applicant should have the following expertise and experience in Quantity

Surveying duties

Formulate bid documents

Analyze and report finding for bid documents return
Assessing contractor application

Agreeing change orders
Agreeing final accounts
Accurate take offs

Good record keeping

The individual should have the relevant Quantity Surveying qualifications, and be able
to satisfy the requirements of the Bahamas Immigration Department for working in the

Bahamas

Please forward your resume to P.O. Box N-9322, Nassau, The Bahamas addressed to

the Commercial Manager

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ing an obligation to work with
the Government to bring about
these efficiencies,” she said.
Mrs Wright said one such
example of the Government’s
underuse of technology was that
often persons have to wait for
government documents to be
delivered by hard copy, when at
“this stage of the country’s

ETHANOL, from 1

the Bahamas. The finished
product can benefit the entire
Bahamas and be used for
export.”

Mr Peet said the “exciting
possibilities” offered by pro-
ducing corn for ethanol pro-
duction would “bring new
meaning to diversification,
allow the economy and industry
to expand, and provide excit-
ing opportunities for current
and future Bahamian high
school and college graduates.”

Andros, he added, would “be
an ideal place to look at such an
opportunity”, given the avail-
ability of agricultural land and a
relatively large agricultural
skills base in the Bahamian
context, given the island’s his-
tory.

Corn was already grown on
the island in small quantities,
and Mr Peet said the main issue
was whether Andros could
attract the expertise and gen-
erate the production volume to
“move it to another level”.

He encouraged entrepre-
neurs and investors who had
the capital, expertise and time
to examine how a major indus-
try to produce corn for ethanol
use could be established in
Andros, as the Bahamian cli-
mate was perfect for growing
two corn crops per year.

Describing the ethanol
proposition as a “win-win situ-
ation”, Mr Peet said: “Andros
is the farming capital of the

country, although it has not.

been fully exploited. It is the
agricultural centre, and this is
an agricultural venture, so
Andros would be ideal.

“The land is there, the water
is there, the proximity to the
main markets is there, the skills
sets are there, with the students

| being graduated now.”

Mr Peet said North Andros

development”, they should be
e-mailed.

Mrs Wright said it was imper-
ative that technolgy becomes a
national priority, where the risks
and exposures are mitigated.

This technology should extend
beyond financial and technolog-
ical services, and include the arts
as well.

“There may be many private
sector driven initiatives which,
with some out-of-the-box think-
ing and joint venture funding,
can bring about new business
opportunities that can easily be
advanced or justified because it
complements the growth and
improvement strategy of the
government,” Mrs Wright said.



High School had the “most
advanced agricultural pro-

gramme of any secondary .

school in the country”, which
expanded every year.

He added that he had been
assured by the FNM minister
of agriculture and fisheries,
Larry Cartwright, that the plans
the former PLP administration
had left in place for a 200-acre
agricultural training farm on
Andros would continue.

The land had already been
cleared for the complex, Mr
Peet said, with key staff
employed. “It is in the best
interests of all to have that pro-
ceed, as it will provide training
for young Bahamians in agri-
culture and horticulture,” the
North Andros and Berry
Islands MP added.

Production

Mr Joudi had previously told
The Tribune that growing corn
for ethanol production would
increase entrepreneurship in
the Bahamas, expand foreign
currency reserves, boost the
shipping industry by giving it
something to carry back to the
US, diversify the Bahamian
economy and encourage fami-
lies to move back to the Fami-
ly Islands, reducing over-
crowding and congestion on
New Providence.

He added that the creation
of a ‘corn-for-ethanol’ industry
would be assisted if the Gov-
ernment could allocate some
500,000 acres to it on islands
such as Andros, Abaco,
Eleuthera and Long Island.

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

With corn ethanol prices cur-



ots a
utered trademarks of

Reet

4 The d’Albenas Agency Lid.

These produ
Mie re

Employees of The d'Albenas Agency, Madia Enterprices, their agents and



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

Given that the Bahamas
would ‘have the ability to pro-
duce two crops per year, this
gross export earnings would
double to $596 million per year,
Mr Joudi explained. Breaking
this down, Mr Joudi said that if
5,000 families were each able
to purchase or be granted 100
acres for producing ethanol
corn, assuming the $4 per
bushel price, 149 bushels per
acre and two crops per year,
each family would have the
potential to earn $119,200 in
gross income per year.

Demand for alternative
forms of energy, such as
ethanol, is only expected to
increase in the major
economies such as the US, in
turn increasing demand for
corn to be used in ethanol pro-
duction.

In 2006, production of the
ethanol biofuel reduced US oil
imports by 170 million barrels,
but Mr Joudi pointed out that
US farmers tended to concen-
trate on producing corn for
human consumption, rather
than the hybrid corn for use in
ethanol production which is the
animal feed variety. This would
leave a potential gap for the
Bahamas to exploit.

_ Ethanol production in
Jamaica was restarted in 2004
via a partnership between that
country’s Petrojam Ethanol
and COIMEX of Brazil, and
meetings last week between
President George W Bush and
the Jamaican prime minister
saw the US extend the period
for Jamaican-produced ethanol
to enter that market duty-free.

Photo (0) required





































aos a eg TE Se



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ans.

Miinwibethsttey ~*

BUSINESS





Che Miami Herald

THE MARKETS
STOCKS, MUTUAL FUNDS, 8B
DOW30 13,422.28 = -5.45
S&P 500 1505.71 -0.63
NASDAQ 2,608.37 +3.02
10-YR NOTE 5.11 +0,03
CRUDE OIL ' 69.57 +0.60

Cautious



BvT TIM PARADIS
. Associated Press
NEW YORK — Stocks fin-
ished flat Thursday after the
Ee Federal Reserve said the econ-
omy appeared to be growing at
__ a “moderate” pace but offered a
~ cautious reading on inflation.
The central bank, which
stood pat on short-term interest
s had been widely
expected, offered investors a
atively unchanged assess-
















primary concern remains the







_ Stocks fhounced around after
_ the Fed said recent readings on
_ inflation excluding energy and
_ food prices showed some
mprovement but no pro-
nounced signals of easing.

_ According to preliminary
calculations, the Dow Jones
industrial average fell 5.45, or
0.04 percent, to 13,422.28. ,
Broader stock indicators fin-
hed mixed. The Standard &
Poor’s 3 500 index slipped 0.63, or























asdaq composite index rose
2, or 0.12 percent, to 2,608.37.

ments, with the yield on the
enchmark 10-year Treasury
rising to 5.11 percent from

8 percent late Wednesday.
f lollar was ued against

iting the past few weeks
yecause of soaring bond yields
and concern about the broader
ee of dae seDexie




eC “Wall Street's focus on the

_ Fed’s comments left little room
_ for attention elsewhere; inves-
_ tors appeared unfazed as oil
__ prices rose above $70 per barrel
on the New York Mercantile
change for the first time since

aS









_ rose $2.76, or 8.1 percent, to
$ 6. 69 after an investment
_ group representing minority
. shareholders said it plans to
_ press the department store
2 chain to boost profits.
Digital River fell $5.67, or 11.2
_ percent, to $45 after the e-com-
merce outsourcing company
_ Cut its second-quarter and full-
5 year forecasts.
Bed Bath & Beyond fell $1.47,
or 3.9 percent, to $36.09 after
_ the home goods chain lowered
its full-year profit target, citing
uncertain economic trends.

Novellus Systems, a semi-

a Oaiducwor equipment maker,

_ fell $1.01, or 3.4 percent, to

_ $28.89 after warning its second-

quarter results would come in

_ at the low end of its forecast

amid weakness in the chip mar-
ket.

Advancing issues outnum-

‘bered decliners by about 3 to 2
on the New York Stock
Exchange, where volume came

- to 1.49 billion shares compared
with 1.76 billion traded
Wednesday.

The Russell 2000 index’ of
‘smaller companies rose 0.57, or
0.07 percent, to 839.03.

Overseas, Japan’s Nikkei
stock average rose 0.46 percent.
Britain’s FTSE 100 rose closed
up 0.67 percent, Germany’s

_ DAX index rose 1.54 percent,
and France’s CAC-40 rose
109 percent.









FRIDAY, JUNE 29, 2007





>>> <<

of the economy, saying its

risk that jaflation will fail to’

04 percent, to 1,505.71, and the.

nds fell after the Fed com-

t cks have heen tue

: corporate news, Dillard’s

WHILE THE U.S. INKED A TRADE AND INVESTMENT ACCORD WITH
PANAMA, IT IS SET TO SIGN A SEPARATE DEAL WITH SOUTH KOREA

BY JANE BUSSEY

jbussey@MiamiHerald.com

U.S. and Panamanian officials

signed a trade and investment
agreement in a ceremony at the

| Organization of American States

| Thursday in a low-key prelude to

_ be an easy passage through Con-
| gress and into law.
Both U.S. Trade Representative
' Susan C. Schwab and Panamanian
Minister of Commerce and Indus-
try Alejandro Ferrer lauded the
agreement, which took three years
to negotiate and will lower tariffs,
strengthen investment rules and
’ attempt to harmonize business
practices in the two countries.
The administration is racing a
Saturday midnight deadline to
conclude all aspects of pending
free-trade deals. That is when the
president’s power to negotiate
agreements under an expedited
Congressional review process
expires.
In praising the United States-
Panama Trade Promotion Agree-
ment, Schwab also noted that one
of Panama’s greatest assets, the
Panama Canal, showcases that
| country’s role in world commerce.
| The country has plans to begin a
|
t



$5.25 billion expansion of the canal
next year and complete it in 2014.

Trade between the United
States and Panama totals about

ECONOMY

| what the White House hopes will.

DIPLOMACY



MARKET DRIVEN: Farmers and producers sell their Brecuces in a public market in Panama City.
Panama and the United States signed a bilateral free trade agreement on Thursday.

U.S. and Panama
sign trade pact

$3 billion, out of the roughly $2.9
trillion in total goods the United
States traded worldwide last year.
No date has been set for a vote on
the agreement.

Washington and Seoul also are
hoping to sign a U.S.-Korean pact
on Saturday despite opposition
from South Korean workers. More
than 100,000 members of the
Metal Workers Union walked off
their jobs to protest the deal.

Meanwhile, the United States
also has signed but unapproved
trade agreements with Peru and
Colombia. Because those agree-
ments haven’t been ratified, the
House approved an eight-month
extension of the Andean trade
preferences, which gives most
exports from Colombia, Peru,
Bolivia and Ecuador. duty-free
access to the U.S. market.

The U.S.-Panama signing cere-
mony came as presidential author-
ity to negotiate trade agreements
is on the verge of expiring. Other
countries may not want to negoti-
ate without the presidential
authority, knowing that now Con-
gress will be able to amend agree-
ments later, according to trade
proponents. While Schwab wrote
a letter to Rep. Charles Rangel,
D-N.Y., the chairman of the House
Ways and Means Committee, urg-
ing Congress to renew the presi-
dent’s authority to pursue trade



Fed keeps rates steady,

BY JEANNINE AVERSA
Associated Press

WASHINGTON — The Federal
Reserve held interest rates steady
Thursday, extending a yearlong
breather for borrowers. Although
policymakers observed improve-
ments on inflation, they made clear
they were not ready to declare vic-
tory on that front.

Wrapping up a two-day meeting,
Fed Chairman Ben Bernanke and his
central bank colleagues left an impor-
tant interest rate at 5.25 percent, the
same as it was last June. The decision
was unanimous.

The Fed’s decision means that
commercial banks’ prime interest
rates — for certain credit card , home
equity lines of credit and oth: r loans
— should stay at 8.25 percent.

Before the Fed’s interest-rate
pause, borrowers had endured two
years of rate increases. The current
period of level rates can help them
regain their footing by paying down
or consolidating debt.

Looking at economic conditions,
Fed officials said readings on “core”
inflation, which excludes energy and
food prices, have gotten “modestly”
better in recent months.

In noting this improvement, they
abandoned language in previous
statements that described underlying
inflation as “somewhat elevated.”



WATCHING: William Fong of Credit Suisse watches the Fed’s interest





ARNULFO FRANCO/AP





at MARTIAL TREZZINU/KEYSTONE {
TRADE REP: Susan C. Schwab
signed the pact that will
lower tariffs with Panama.

accords, others celebrated the
pending expiration with calls for
trade negotiations to take a new
approach that would staunch U.S.
job losses.

After Democrats won control of
Congress, they demanded that
pending deals with Peru, Colom- —
bia, Panama and South Korea
address concerns about workers’
rights and the environment if the
administration wanted to see the
agreements approved.

The Associated Press contrib-
uted to this report.



INTERNATIONAL EDITION

AUTOMOTIVE

GM sheds
Allison
business
for $5.6B;
stock soars

BY SVEN GUSTAFSON
Associated Press

DETROIT — Shares of General
Motors hit a two-year high Thursday
after the automaker said it had agreed to
sell its Allison Transmission commer-
cial and military business to an invest-
ment conglomerate and a private equity
firm. :

The deal adds funds to GM’s coffers
as it gears up for crucial contract nego-
tiations with unionized workers,
although it also means losing a profit-
able division.

GM shares rose 74 cents, or 1.98 per-
cent, to $38.15 Thursday after climbing
as high as $38.66.

The sale to Onex and The Carlyle
Group includes seven manufacturing
plants in Indianapolis and its global dis-

-tribution network and sales offices. A

production facility in Baltimore, which .
makes conventional and hybrid trans-
missions for pickup trucks and sport
utility vehicles, will remain with GM.

The Detroit automaker said the deal,
expected to close as early as the third
quarter of 2007 pending union and reg-
ulatory approval, is part of an effort to
raise money and focus on its core
business.

“This is another important step to
strengthen our liquidity and provide
resources to support our heavy invest-
ments in new products and technol-
ogy,” GM Chairman and Chief Execu-
tive Officer Rick Wagoner said in
Thursday’s statement. “At the same
time, this sale will position Allison for
growth with strong partners in Carlyle
and Onex, which have well-established
track records of working effectively
with their management teams, unions

: and employees.”

‘Indianapolis-based Allison designs
and builds commercial-duty automatic
transmissions, hybrid propulsion sys-
tems and parts for trucks and buses, off-
highway equipment and military vehi-
cles. The company boasts an 80 percent
market share of all medium- and heavy-
duty commercial transmissions, with
annual revenues of more than $2 billion.

Greg Ledford, Carlyle’s managing
director, said the new owners aim to
eventually take Allison public. He said
Carlyle and Onex would assume all
UAW contracts for employees from
GM, although he would not comment
on any possible changes during collec-
tive bargaining later this year. The firms
have no plans to close any of the seven
plants, he said.

“I think it’s the best automotive
industrial company that I’ve every |
seen,” Ledford said.

still on ‘inflation watch’

RICHARD DREW/AP

rate announcement on the floor of the New York Stock Exchange.

Even so, Fed policymakers contin-
ued to identify the “predominate”
risk to the economy as inflation’s fail-
ure to moderate as they now antici-
pate. “A sustained moderation in
inflation pressures has yet to be con-
vincingly demonstrated,” according
to the statement.

On the sidelines for eight straight
meetings, the Fed does not want
investors or consumers to think it is
letting down its guard on inflation.

“The Federal Reserve remains on

inflation watch,”

Investment Strategies Group.

said Lynn Reaser,
chief economist at Bank of America’s

compares with March’s 2.1 percent
annual increase. Economists pre-
dicted underlying inflation should
dip below 2 percent for the 12 months
ending in May. That report was to be
released today.

Gyrating energy prices are a wild
card to the inflation outlook. Econo-
mists said there is always a risk that
higher energy prices could affect
other prices, which would boost
underlying inflation.

The Fed once again said future
rate moves will hinge on what incom-
ing data says about inflation and eco-
nomic growth. Many economists
believe the Fed will keep rates steady
at its next meeting Aug. 7, and proba-
bly through the year.

Fed policymakers upgraded their
assessment of the economy’s perfor-
mance. They said growth appeared to
have been moderate over the first
half of the year despite the housing
slump. In its previous assessment, in
early May, Fed officials noted that

Inflation is bad for the economy
and for the pocketbook. Out-of-con-
trol prices can eat away at paychecks,
investments and standards of living.
“And once expectations of higher
inflation start to take hold, it is very
difficult to dislodge them,” Reaser
explained.

Core inflation rose 2 percent over
the 12 months ending in April. That

growth had slowed in the early part
of the year.

The Fed stuck to its forecast that
the economy probably would expand
“at a moderate pace” over upcoming
quarters.

The Fed’s goal is for the economy
to slow sufficiently to fend off infla-
tion, but not so much as to slide into a
recession.



THE MIAMI HERALD | MiamiHerald.com

BUSINESS BRIEFS



40 earnings

From Herald Wire Services
With the cost of grain and dairy soaring, food maker Gen-
eral Mills (GIS) on Thursday reported al percent fiscal -
fourth-quarter earnings increase and said it would look to
streamlined operations and price hikes to stay profitable in

2008.

The maker of Wheaties and Cheerios cereals, Yoplait
yogurt, and Progresso soup said it expected prices for raw
materials to rise 5 percent next year, including a $260 million
increase in the cost of corn, oats, natural oils and dairy.

Chief Executive Officer Steve Sanger said the company
had hedged about half the cost of its commodities — and 70
percent of its energy costs — going into the year. The ethanol
industry’s demand for corn is expected to continue to drive

up its price, however.

General Mills predicted 2008 profits of $3.39 to $3.43 per
share, 7 percent to 8 percent growth over 2007 results but still
between 1 cent and 5 cents below analysts’ estimates.

e HOUSING

HOMEBUILDER SEES
REVENUE DROP

KB Home (KBH), one of
the nation’s biggest home-
builders, said Thursday it
swung to a loss in its second
quarter, as revenue declined
amid weak home sales and
lower home prices and the
homebuilder booked a
major charge to write down
unsold inventory.

The Los Angeles-based
company, which declined to
give future earnings esti-
mates or project when the’
housing market would
rebound, reported a loss of
$148.7 million, or $1.93 per
share, for the period ended
May 31. A year ago, the com-
pany posted net income of
$205.4 million ($2.45/share).

e MEDIA

REPORTERS PROTEST
MURDOCH’S BID

Unionized Wall Street
Journal reporters didn’t
show up for work Thursday
morning to protest Rupert
Murdoch’s bid for the Jour-
nal’s parent company, as
well as Dow Jones’ (DJ)
proposals for a new labor
contract.

The Independent Associ-
ation of Publishers’ Employ-
ees said in a statement that
the reporters would return
to work in the afternoon.
Steve Yount, president of
the union, said said the
employees were concerned
about the pending $5 billion
offer from Murdoch’s media
conglomerate News Corp.
and the latest contract pro-
posals from Dow Jones,
which include higher health
care premiums.

e IMF

MANAGING DIRECTOR
TO LEAVE IN OCTOBER

Rodrigo de Rato, manag-
ing director of the Interna-
tional Monetary Fund, said
he will step down in Octo-
ber for “personal reasons,”
leaving the Washington-
based post two years before
his term ends.

“My family circum-
stances and responsibilities,
particularly with regard to
the education of my chil-
dren, are the reason for
relinquishing earlier than
expected my responsibilities
at the Fund,” he said ina
statement sent Thursday to
the Fund’s staff

’



_ Ltd., said the $500 “IQ PC”

PAUL SAKUMA/AP

A SMALL PROFIT: General Mills, maker of Cheerios, said
Thursday that its fourth-quarter profit rose 1 percent.

General Mills says

edge up

e COMPUTERS

MICROSOFT TARGETS
STUDENTS IN INDIA

Microsoft (MSFT) will
sell “affordable” Windows
computers aimed at stu-
dents in India, but the $500
price tag is more than what
U.S. consumers might pay
for a basic laptop.

Microsoft, with chip-
maker Advanced Micro
Devices (AMD) and Indian
PC maker Zenith Computers



runs the most basic version
of the Windows Vista oper-
ating system and comes
packed with the Office suite
and programs to help stu-
dents practice English and
prepare for exams. The
computer and related online
content will be available in
Bangalore and Pune on Sun-
day.

The price seems high
when compared with |
another project to bring
low-cost computers to poor
children around the world.
One Laptop Per Child’s KO
notebook computer is
expected to cost about $175,
but several factors set the
two initiatives apart, said
Josh Bernoff, an industry
analyst at Forrester
Research.



e AIRLINES

CANCELLATIONS TO
EASE AT NORTHWEST

The recent spike in
Northwest Airlines
(NWA) flight cancelltions
should ease next week as
pilots who are limited to fly-
ing 90 hours a month return,
but a pilots’ union spokes-
man said the problem won’t
go away until the airline
hires more pilots.

The Eagan, Minn.-based |
corporation has seen a surge
in cancellations since last
Friday. It has blamed air
traffic control restrictions, i
severe weather and an i
unusually high number of
pilots calling in sick.



e EUROPE

UNEMPLOYMENT RATE
DROPS IN GERMANY

Germany’s unemploy-
ment rate slipped to 8.8 per-
cent in June, falling from 9.1
percent the previous month
in a sign of better times in
Europe’s biggest economy.

The number of unem-
ployed people fell to 3.687
million from 3.812 million.



LATE TRADING

4p.m. 6:35 p.m. Late
Chg. volume

4 pat. 6:35 p.m. Late



Stock Tkr. close _close Stock Tkr. close close Chg. volume
Microsoft. MSFT 29.83 29.83 * 64306 | Oracle ORCL 19.85 19.94 +09 19188
RschMotn RIMM 165.59 193.05 +27.46 54653 | Symantec SYMC 2043 20.43 * 19149
SPDR SPY 150.38 150.37 -.01 51197 Qwesttm Q 9.73 9.68 -.05 17142
iSHR2K nya IWM — 83.42 83.42 * 42716 | MicronT = MU 12.41 12.65 +24 16067
FordM F 9.49 9.45 0442158 | Forde pfs = FpS._ = 38.90 = 38.70 = -.20 15500
PwshsQQQ QQ00 47.52 47.58 +06 38177 | cypcem = cy 23:36 23.36 -01—«15423
AT&T Inc T 40.74 40.87 +13 31057 ¥P: ; j :

: AppleInc AAPL = 120.56 121.07 +.51 14529
TXUCorp XU 67-10 67.10 31017
Kraft KFT 35.37 35.36 ~01 30301: | Komag = KOMG 23.58 31.84 42.26 13172
SunMicro SUNW 516 522 4.06 28244 | iShEAFE EFA 80.26» 80.31. +05 12635
Comcsps CMCSK 27.91 27.85 -.06 20583 SunTrst sTl 86.82 86.82 +00 12226
StdPac = SPF-—s«18.17 = s‘18.18 += +.01_-~—«-20412:'| Cisco CSCO 27.85 = -27.98 ~=— #1311847

Citad|Br COL 6.29 6.31 +.01 20033

Starbucks SBUX 26.45 26.43 -.02 11755



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



RETAIL PRICES

_INTERNATIONAL EDITION

FRIDAY, JUNE 29,2007 4B

Court overturns minimum
pricing decision from 191]

BY CHRISTOPHER S. RUGABER
Associated Press

WASHINGTON — Manu-
facturers will have greater lee-
way to set minimum prices at
the retail level without violat-
ing antitrust laws under a
Supreme Court ruling Thurs-
day that could’ hurt consumers
and small merchants.

By allowing minimum price
agreements, the court’s 5-4
decision could lead to higher
prices, dissenting justices said,

as it becomes more difficult .

for smaller stores and Internet
retailers to offer lower-priced
goods.

The court said agreements
on minimum prices are legal if
they promote competition,
meaning accusations of anti-
trust violations will be evalu-
ated case by case.

In a 1911 decision, the
Supreme Court had declared
that minimum pricing agree-
ments always violate federal
antitrust law. But Justice
Anthony Kennedy wrote in
the majority opinion that the
principle that past decisions
should be left alone “does not
compel our continued adher-

ECONOMY



ence” in this instance.

Minimum price agreements
can benefit consumers, Ken-
nedy wrote, by enabling retail-
ers to invest in greater cus-
tomer service without fear of
being undercut by discount

rivals. The
agreements
also . could
make it easier
for new prod-
ucts to com-
pete, he added,
‘because a
retailer could
recoup- the
costs of mar-
_ keting a new
good by charging a higher
price.

Dissenting from that view,
Justice Stephen Breyer wrote:
“The only safe predictions to
make about today’s decision
are that it will likely raise the
price of goods at retail.”

The Consumer Federation
of America said in court filings
that the ban on minimum price
agreements allowed “innova-
tive retailers to continually
enter the market, offering new
and lower priced alternatives

KENNEDY

to consumers.”

But Roy Englert, an anti-
trust attorney at Robbins Rus-
sell, said the court’s decision
does have boundaries that will
protect entrepreneurs. The
ruling only allows minimum
price agreements between
manufacturers of a single
brand of a product and retail-
ers, Englert said, while other
brands of the same product
can still compete on price.

WILL EVALUATE MERITS

Moreover, if only one brand
is available, retailers and con-
sumers can still sue manufac-
turers for anticompetitive con-
duct, Englert said. The courts
will now evaluate such suits
on the merits, rather than
automatically finding them
illegal. :

Englert helped prepare a
brief in support of Leegin.

The current case involves
Leegin Creative Leather Prod-
ucts, based in City of Industry,

- Calif. The company entered

agreements with retailers set-
ting minimum prices for the
Brighton brand of women’s
fashion accessories.

Leegin said that by main-
taining price consistency
among niche retailers it sells
to, businesses can offer
improved customer service.
This enables smaller stores to
compete against rival brands
sold by. discounters, Leegin
argues.

Several retailers in Dallas
selling Leegin’s products low-
ered prices below the mini-

mum. Family operated Kay’s .

Kloset said it followed suit to '

stay competitive. Phil and Kay
Smith say that when they
refused to raise prices, Leegin
cut off their supply.

Kay’s Kloset sued, and the
Smiths. won a $3.6 million
judgment. The 5th U.S. Circuit
Court of Appeals upheld the
lower court’s finding.

JUDGES’ POSITIONS
Joining Kennedy in the

majority were Chief Justice '

John Roberts and Justices
Antonin Scalia, Clarence
Thomas and Samuel Alito.
With Breyer in dissent were
Justices John Paul Stevens,
David Souter and Ruth Bader
Ginsburg.

Growth weakest in more than 4 years

BY JEANNINE AVERSA
Associated Press

WASHINGTON — The
economy limped ahead at just
a 0.7 percent pace in the first
quarter, the slowest in more
than four years. Some busi-
nesses clamped down on
spending, given the uncertain-
ties about the severity of the
housing slump.

The Commerce Depart-
ment’s new reading on gross
domestic product for the Janu-
ary through March period,
released Thursday, was a
slight upgrade from the
0.6 percent growth rate esti-
mated a month ago. But it fell
short of economists’ forecasts
for a 0.8 percent pace and may
turn out to be the weakest
point for the economy this
year.

“Companies were really
watching their cash,” said
Oscar Gonzalez, economist at
John Hancock Financial Ser-
vices.

Gross domestic product
measures the value of all
goods and services produced
in the United States. It is con-
sidered the best barometer of
the country’s economic stand-

. ing. Although businesses

turned cautious, consumer
spending remained sturdy,
preventing the economy from
stalling out.

INFLATION GAUGE

Even though the economy
slowed in the first quarter, an
inflation gauge picked up
speed.

The measure tied to the
GDP report and closely
watched by the Federal
Reserve showed that core
prices — excluding food and
energy — rose at a rate of
2.4 percent in the first quarter.
That was higher than previ-
ously estimated and faster

PETROLEUM



fr

DAVID ZALUBOWSKI/AP

HANGING ON: Workers toil to finish the installation of windows on a high-dollar
condominium complex being built in east Denver. Housing was a big factor in the
limping economic growth of 0.7 percent over the last quarter, analysts said.

than the 1.8 percent pace in the
fourth quarter.

In other economic news,
fewer people signed up for
unemployment insurance last
week, a sign the national job
climate remains healthy. The
Labor Department reported
that new applications for job-
less benefits dropped by
13,000 to 313,000 last week.

The economy’s feeble
0.7 percent growth rate
marked a significant loss of
momentum from the 2.5 per-
cent pace logged in the final
quarter of last year. For nearly
a year, the economy has been
enduring a stretch of subpar
economic growth mostly
blamed on the housing slump.

Federal Reserve Chairman
Ben Bernanke has said other
forces that figured promi-
nently into the first-quarter’s
anemic performance —

including a bloated trade defi-
cit, business cutbacks in
inventory investment and
weak federal defense spending
— “seem likely to be at least
partially reversed in the near
term.” .

INVENTORY CUT

Facing uncertainties about
the economy, businesses cut
inventory investment as they
tried to make sure unsold
stocks didn’t get out of line
with customer demand. That
lopped off nearly a percentage
point from first quarter GDP.
The trade deficit also weighed
on GDP in the first quarter,
though slightly less so than
previously estimated. That
was the main reason the first
quarter was upgraded to a
0.7 percent growth rate from
the 0.6 percent pace reported
a month ago.

Cuts in federal spending
also contributed to the weak
first-quarter showing.

As businesses tightened the
belt, their profits gained
ground.



a care

rmeean

One measure showed after- _
tax profits rising 1.7 percent in °

the first quarter. That was bet-
ter than estimated a month
ago and was an improvement

ce we

from the 0.8 percent rise ,,

logged in the fourth quarter.

Consumers pretty much
carried the economy in the
first quarter. And consumer
spending grew at a brisk
4.2 percent pace for the sec-
ond quarter in a row.

One reason consumers
have remained resilient is
because the job climate has
stayed healthy despite the eco-

a"... we ee

were ee wx

nomic slowdown. The unem- *

ployment rate is at a relatively
low 4.5 percent.

Oil futures pass $70 on supply concerns

BY JOHN WILEN
Associated Press
NEW YORK — Oil futures
spiked above $70 a barrel on
Thursday for the first time
since Sept. 1 on a government
report that showed gasoline
inventories dropped unex-
pectedly as the summer driv-
ing season neared its peak.
Retail gasoline prices,
meanwhile, broke a month-
long decline and held steady
overnight at a national average
price of $2.975 a gallon,
according to AAA and the Oil
Price Information Service. Gas
prices had been falling steadily
since their May 24 peak of
$3.227 a gallon.
Analysts warned that pump
prices could start rising again
if there’s an imbalance
between demand and supply.
“Gasoline demand stays
strong,” said Paul Horsnell, an
analyst at Barclays Capital.

“While it is still early in the
driving season, June demand
has now moved close to the
all-time record for any
month.”

After rising as high as
$70.52 and trading above $70
for several hours, light, sweet
crude for August delivery
closed the day’s trading up
60 cents at $69.57 a barrel on
the New York Mercantile
Exchange. The front.month
contract last settled above $70
on Aug. 31, 2006.

OTHER MEASURES

Gasoline futures for July
rose 1.21 cents to settle at
$2.2667 a gallon on the Nymex.
Brent crude for August deliv-
ery fell a cent to settle at
$70.52 a barrel on the ICE
Futures exchange in London.

In other Nymex trading,
July heating oil futures slipped
0.63 cent to settle at $2.0183 a

gallon, while natural gas prices
for August delivery plum-
meted 42.8 cents to settle at
$6.655 per 1,000 cubic feet. A
government report on Thurs-
day showed natural gas inven-
tories rose by 99 billion cubic
feet last week, more than ana-
lysts expected.

LATE PULL BACK

Analysts said oil prices
pulled back late in the session
as traders locked in profits
after prices penetrated the
psychologically important
$70 level, considered by trad-
ers to be a technical barrier.

In its weekly inventory
report on Wednesday, the U.S.
Energy Department’s Energy
Information Administration
said gasoline inventories
dropped 700,000 barrels in the
week ended June 22. Analysts
polled by Dow Jones News-
wires had expected a 1.1 mil-

lion barrel gain.
“The market is reacting to
the surprising result,” said

=wese -

Victor Shum, an energy ana- ~

lyst with Purvin & Gertz in
Singapore.

The EIA report also
showed that crude oil supplies
rose 1.6 million barrels to
350.9 million barrels last week,
above the average estimate of
a 1 million barrel increase.
Refinery utilization
rebounded 1.8 percentage
points to 89.4 percent, higher
than estimates of a gain of
0.8 percentage points.

Crude inventories are at
nine-year highs, but that oil is
going to be in demand by
refineries looking to turn it
into gasoline and heating oil,
said Addison Armstrong, an
analyst at TFS Energy.

Associated Press writer Der-
rick Ho in Singapore contrib-
uted to this report.



h

vere
e

elt

qe tees



=

THE TRIBUNE BUSINESS

Government open

to suggestions on
worker ranking

@ By CARA BRENNEN-
‘BETHEL
Tribune Business
Reporter

he Department of

Labour would wel-

come any sugges-

tions on how sev-
erance pay any monies owed
to employees of a liquidated
company should be dealt
with, the director of labour
told The Tribune yesterday,
especially when it came to
where they ranked in the list
of creditors. .

Capacity

Recently, Obie Ferguson,
in his capacity as president of
the Bahamas Hotel Manage-
rial Association (BHMA),

INSIGHT

For the stories
behind the news,
read Insight
on Mondays

Tne 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.





Da te







Fri, July 6th

Sat, July 7th

said that under his represen-
tation, industrial agreements
will be directly negotiated
with asset holding entities
rather than shell companies,
so that in cases of liquida-
tion, workers have assets to
claim against in order to .
recieve what is owed to
them.

Severance

Mr Ferguson added that he
would be asking the Govern-
ment to move severance pay
for liquidated companies fur-
ther up the priority list, as he
felt that workers’ salaries
were only prioritsed after
government taxes and utility
bills were paid, rather than
given equal significance.

Harcourt Brown told Tri-

bune Business that while he
would prefer not to comment
without the specifics of a par-
ticular company, he could
say that the Department
looked forward to dialogue
on the issue of serverance
pay and other labour mat-
ters.

“The Government has
undertaken to amend the
legislation as it relates to
labour, and we have solicited
views from our partners,”
said Mr Brown.

Views

He added that he hoped
Mr Ferguson and his execu-
tives would bring their views
forward as the department
worked to ammend the legis-
lation.

POBT BANK AND TRUST LIMITED

LEGAL NOTICE



All persons are hereby put on NOTICE
that POBT Bank and Trust Limited, One
Montague Place, East Bay Street, Nassau, The
Bahamas (the “Bank”) has ceased banking
and trust operations effective 22nd June, 2007.

Any client of the Bank who has not already |

closed their account is hereby put on NOTICE
‘to contact The Winterbotham Trust Company.
Limited, Nassau The Bahamas, as trustee of
the POBT Liquidating Trust, in order to claim



Thurs, July Sth = 8-30pm

Sun, July 8th

and redeem the proceeds of their account

forthwith.

The contact details for The Winterbotham
Trust Company Limited are as follows:

The Winterbotham Trust Company Limited
Winterbotham Place
Marlborough & Queen Streets

P.O.Box N3026

Nassau, The Bahamas
Tel: 1-242-356-5454
Fax:1-242-356-9432
www.winterbotham.com



amas J:

i Gk dh obs



<<.

f%,

FRIDAY, JUNE 29, 2007, PAGE 5B

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

#@ OBIE FERGUSON

in creditor lists






International Protector Group
is seeking to recruit the following persons:

TRUST OFFICER

The successful candidate should have -at least. 2 year's
experience in the administration of trusts and companies.
Previous experience will include the incorporation of |
companies and ensuring compliance with local regulations,
updating corporate records, preparing company and trust
minutes and opening bank accounts. A familiarity with the | |
applicable laws of The Bahamas would be an advantage but
is not essential. :
i
|
|
i

ACCOUNTANT

The successful candidate should have previously worked in
the accounting department of a Trust Company or other
financial institution. They should be familiar with integrated
accounting software. ae



International Protector Group is a specialist provider of
Protector and related services in the trust industry. We are
closely involved in the establishment and operation of Private
Trust Companies, Foundations, Trusts and Companies for our
clients.

Interested candidates who wish to apply for either of the
above positions should apply in writing to the following:

Andrew Law

International Protector Group Limited
Montague Sterling Centre

East Bay Street

P.O. Box N-3924

Nassau, Bahamas

info@ipg-protector.com

eG www.ipg-protector.com

PROTECTOR



Time

Festival
9:00am-6:00pm

8:30pm

Event

E. Clement Bethel National Arts
uise¥s Arawak Cay

National Pride Day......Rawson Square \

“YouthWay” National Pride Day I

Celebrations for the Youth
...COB Band Shell

Independence Beat Retreat.....
ibeSesasis Rawson Square

Ecumenical Church Service.....
sicerie Sir Kendal lsaacs Gym

j “Mon, July 9th

Lues, July 10th =4-30am

I
Fri, July 13th









9.00pm-12:00m/n Cultural Show, Inspection, Pr
Flag Raising Ceremony, Firewor.

sesetesce Clifford Park









12:0lam-4:00am Independence Concert .....Arawak Cay

“The Peoples Rush Out”
Rawson Square to Arawak Cay"





8.30pm









PAGE 6B, FRIDAY, JUNE 29, 2007



FAMILY GUARDIAN INSURANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2006

2, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(g) IMPAIRMENT OF ASSETS

‘The Company assesses at each balance sheet date whether there is objective evidence that a financial asset
ora group of financial assets is impaired. A financial asset is impaired if its carrying amount is greater than
its estimated recoverable amount. The impaired amount of the impairment for assets caried at amortized
cost is calculated as the difference between the asset's carrying amount and the present value of expected
future cash flows discounted at the financial instrument's original effective interest rate.

If in a subsequent period, the amount of the impairment decreases and the decrease can be related
objectively to an event occurring after the impairment was recognized, the previously recognized
impairment is decreased and the decrease is recognized in the income statement.

(h) REINSURANCE TRANSACTIONS

In the normal course of its life insurance business, the Company seeks to limit its exposure to Joss on any
single insured and to recover benefits paid, by ceding premiums to reinsurers under excess coverage
contracts. Contracts entered into that meet the Classification requirements for insurance contracts in Note
2(0) are classified as reinsurance contracts held. The Company retains a range of $25,000 to $110,000
(2005: $25,000 to $110,000) coverage per individual lie

‘The benefits to which the Company is entitled under reinsurance contracts held are recognized as
reinsurance assets. These assets consist of short-term balances due from reinsurers and are classified within
receivables and other assets. Amounts recoverable from or due to reinsurers are measured consistently with
the amounts associated with the reinsured contracts and in accordance with the terms of each reinsurance
contract. Reinsurance liabilities are primarily premiums payable for reinsurance contracts and are
recognized as an expense when due.

() NON PREMIUM REVENUE AND EXPENSE RECOGNITION

Non premium revenue and expenses are accounted for on the accrual basis. Interest income is recognized
using the effective interest method. Dividend income is recorded when the right to receive payment 1s
established.

() CASH AND CASH EQUIVALENTS

For purposes of the cash flow statement, cash and cash equivalents consist of cash on hand, demand
balances with banks and bank term deposits with original contractual maturities of three months or less.

(k) LEASES

Leases, where a significant portion of the risks and rewards of ownership are retained by the lessor, are
classified as operating leases. Payments made under operating leases are recognized in the income
statement on a straight-line basis over the period of the lease.

(). EMPLOYEE BENEFITS — PENSION OBLIGATIONS

‘The Company has a defined contribution pension plan for eligible agents and employees whereby the
Company pays contributions to a pension plan separately administered by the Company. The Company
has no further payment obligations once the contributions have been paid. ‘The plan requires participants
to contribute 5% of their gross earnings and commissions and the Company contributes 3.5% of eligible
eamings. The Company's contributions to the defined contribution pension plan are recognized in the
income statement in the year which they relate.

(m) DIVIDEND DISTRIBUTION

Dividend distribution to the Company's shareholder is recognized in the financial statements in the year
in which the dividend is declared by the Board of Directors.

(n) INSURANCE CONTRACTS — CLASSIFICATION

‘The Company issues contracts that transfer insurance tisk or financial risk or both. Insurance contracts are
those contracts that transfer significant insurance risk. Such contracts may also transfer financial risk. As a
general guideline, the Company defines as significant insurance risk the possibility of having to pay benefits
on the occurrence of an insured event that are at least 10% more than the benefits payable if the insured
event did not occur.

‘A number of insurance contracts contain a Discretionary Participation Feature (DPF). This feature entitles
the holder to receive, as a supplement to guaranteed benefits, additional benefits or bonuses:

o that are likely to be a significant portion of the total contractual benefits;
whose amount or timing is contractually at the discretion of the Company; and
e that are contractually based on:

(i) the performance of a specified pool of contracts or a specified type of contract; and
(ii) realized and/or unrealized investment retums on a specified pool of assets held by the Company.

‘The amount and timing of the distribution to individual contract holders is at the discretion of the
Company, subject to the advice of the appointed actuary.

(0) INSURANCE CONTRACTS — RECOGNITION AND MEASUREMENT

Insurance contracts including those with DPF are classified into four main categories, depending on the
duration of risk and whether or not the tems and conditions are fixed.

© Short-term insurance contracts

‘These contracts are ‘group and individual health and hospitalization contracts-and short-duration life
insurance contracts. These contracts protect policyholders from the consequences of events (such as death,
disability or sickness) that would affect the ability of the policyholder or his/her dependents to maintain
their current level of income. Guaranteed benefits paid on occurrence of the specified insurance event are
either fixed or are linked to the extent of the economic loss suffered by the policyholder. There are no
maturity or surrender benefits.

Premiums on these contracts are recognized as premium revenue proportionally over the period of
coverage. The portion of premium received on in-force contracts that relates to unexpired. risks at the
balance sheet date is reported as the uneamed premium liability. Premiums are shown before deduction
of commission.

Claims and loss adjustment expenses are recognized in the income statement as incurred based on the
estimated liability for compensation owed to policyholders. They include direct and indirect aims settlement
costs and arise from events that have occurred up to the balance sheet date even if they have not yet been
reported to the Company. Liabilities for unpaid claims are estimated using the input of assessments for
individual cases reported to the Company and statistical analysis for the daims incurred but not reported.

© Long-term insurance contracts with fived and guaranteed terms

These coniracts insure events associated with human life (for example death, or survival) over a long
duration, Premiums are recognized as revenue when they become payable by the policyholder. Premiums
are shown before deduction of commission.

Benefits payable to beneficiaries are recorded as an expense when they are incurred.

A liability for contractual benefits that are expected to be incurred is recorded when the premiums are
recognized. The liability is based on assumptions as to mortality, persistency, maintenance expenses and
investment income that are established at the time the contract is issued. A margin for adverse deviations
is included in the assumptions.

© Long-term irisurance contracts without fixed and guaranteed terms

These contracts insure events assocated with human life (for example death, or survival) over a long
duration. Premiums are recognized as revenue when they become payable. ‘These liabilities however, are
increased by credited interest (in the case of universal life contracts) or change in the unit prices (in the case
of unit-linked contracts) and are decreased by policy administration fees, mortality and surrender charges
and any withdrawals. ;

Liabilities for Universal Life policies, including unitlinked contracts, are based on assumptions as to future
mortality, persistency, maintenance expenses, ‘nvestment income, and crediting interest rates. A margin for
adverse deviations is included in the assumptions.

Liabilities for deferred annuities are set equal to the policyholder account values.

© Long-term insurance contracts with fixed and guaranteed terms and with DPF

‘These contracts insure events associated with human life (for example death, or survival) over.a long
duration, Premiums are recognized as revenue when they become payable by the policyholder. Premiums
are shown before deduction of commission.

Benefits payable to beneficiaries are recorded as an expense when they are incurred.

A liability for contractual benefits that are expected to be incurred is recorded when the premiums are
recognized. The liability is based on assumptions as to mortality, persistency, maintenance expenses and
investment income that are established at the time the contract is issued. A margin for adverse deviations
is induded in the assumptions.

In addition, these contracts also participate in the profits of the Company. As the Company declares the
bonus to be paid, it is credited to the individual policyholders.

3, CRITICAL ACCOUNTING ESTIMATES, AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES

‘The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities within the
next financial year. Estimates and judgements are continually evaluated and based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the circumstances.

‘The determination of the liabilities under long-term insurance contracts is dependent on estimates made by the
Company. Estimates are made as to the expected number of deaths for each of the years in which the Company is
exposed to risk ‘The Company bases these estimates on mortality tables that reflect recent historical morality
experience, adjusted where appropriate to reflect the Company's own experience. For contracts that insure the risk of
longevity, appropriate but not excessively prudent allowance is made for expected mortality improvements. ‘he
estimated number of deaths determines the value of the benefit payments and the value of the valuation premiums.
The main source of uncertainty is that epidemics such as AIDS, and wide-ranging lifestyle changes, such as in eating,
smoking and exercise habits, could result in future mortality being significantly worse than in the past for the age
groups in which the Company has significant exposure to morality risk. However, continuing improvements in
medical care and social conditions could result in improvements in longevity in excess of those allowed for in the
estimates used to determine the liability for contracts where the Company is exposed to longevity risk.

MANAGEMENT OF INSURANCE AND FINANCIAL RISK

‘The Company issues contracts that transfer insurance risk or finandal risk or both. ‘The Companys activities expose it to a
variety of financial risks, incuding the effecs of changes in equity market prices and interest rates ‘The Company's overall risk
management approach focuses on the unprediaability of insured events and finandal markets and seeks to minimize
potential adverse effects on the financial performance of the Company.

(a) INSURANCE RISK

‘The risk under any one insurance contract is the possibility that the insured event occurs and the uncertainty
of the amount of the resulting claim. By the very nature of an insurance contract this risk is random and
therefore unpredictable.

Fora portfolio of insurance contracts where the theory of probability is applied to pricing and provisioning,
the principal risk that the Company faces under insurance contracts is that the actual claims and benefit
payments exceed the carrying amount of the insurance liabilities. This could occur because the frequency
or severity of claims and benefits are greater than expected. Insurance events are random. and the actual
number and amounts of claims and benefits will vary from year to year from the estimate established via
statistical techniques.

Experience shows that the larger the portfolio of similar insurance contracts, the smaller the relative
variability about the expected outcome will be In addition, a more diversified portfolio is less likely to be
affected across the board by a change in any subset of the portfolio.

(i) Long-term insurance contracts
© Frequency and severity of claims

For contracts where death is the insured risk, the most significant factors that could increase the overall
frequency and severity of claims are epidemics, such as AIDS, and wide-ranging lifestyle changes, such as
eating, smoking and exercise habits resulting in earlier or more daims than expected.

‘The Company manages these risks through its underwriting strategy and reinsurance arrangements ‘The
+ underwriting strategy is intended to ensure that the risks underwritten are well diversified in terms of type

and level of insured benefits. ‘The Company's underwnting strategy includes medical selection with benefits

limited to reflect the health condition of applicants and retention limits on any single life insured.

4.

5.

FAMILY GUARDIAN

THE TRIBUNE BUSINESS

INSURANCE COMPANY LIMITED

(Incorporated under the laws of the Commonwealth of The Bahamas)

MANAGEMENT OF INSURANCE AND FINANCIAL RISK (CONTINUED)
(a) INSURANCE RISK (CONTINUED)

‘The table below indicates the concentration of insured benefits across four bands of insured benefits per
individual life insured to the nearest thousand.

BENEFITS ASSURED PER LIFE INSURED
AT END OF YEAR :

2006 2005
$ $ $
0-9,999 123,064,000 124,627,000
10,000-24,999 301,945,000 295,841,000
25,000-49,999 112,062,000 105,125,000

732,877,000 704,100,000
1,269,948,000 1,229,693,000

50,000 and over

Total

(b) CASH FLOW AND FAIR VALUE INTEREST RATE RISK

Cash flow risk is the risk that the future cash flows of a financial instrument will fluctuate because-of
changes in market interest rates. Fair value interest risk is the risk that the value of a financial instrument
will fluctuate because of changes in market interest rates. ‘The Company takes on exposure to the effects of
fluctuations in the prevailing levels of market interest rates on its financial position and cash flows. Interest
margins may increase as a result of such changes but may reduce or create losses in the event that
unexpected movements arise. The Board sets limits on the level of mismatch of interest rate repricing that
may be undertaken, which is monitored daily.

(Q. MARKET RISK

Market risk is the risk that the value of the financial instrument will fluctuate as a result of changes in market
prices whether those changes ate caused by factors specific to the individual security, its issuer or factors
affecting all securities traded in the market. ‘The Company manages its risk through the Investment
Committee, which monitors the price movernent of securities on the Bahamas Intemational Securities
Exchange (BISX). :

(d) CREDIT RISK

he Company has exposure to credit risk, which is the risk that a counter party will be unable to pay
amounts in full when due. Key areas where the Company is exposed to credit risk are:

~ term deposits placed with banks

- mortgage loans and loans to policyholders

~ reinsurers’ share of insurance liabilities

~ amounts due from reinsurers in respect of claims already paid
— amounts due from insurance policyholders

‘The Company's term deposits are mainly placed with well-known high quality banks. Mortgage loans and
loans to policyholders are fully collateralized.

Reinsurance is used to manage insurance risk, This does not, however, discharge the Company's liability as
primary insurer. If a reinsurer fails to pay a claim for any reason, the Company remains liable for the
payment to the policyholder. ‘The credit worthiness of reinsurers is considered on an annual basis by
reviewing their publicly available financial information prior to finalization of any contract.

‘The Company has one main teinsurer for its long-term insurance contracts, a large multinational
corporation that has a Standard & Poors (S&P) rating of A+.

(e) LIQUIDITY RISK
‘The Company is exposed to daily calls on its available cash resources mainly from claims short-term
contracts. Liquidity risk is the risk that cash may not be available to pay obligations when due at a
reasonable cost. The Board sets limits on the minimum proportion of maturing funds available to meet

such calls and on the minimum level of borrowing facilities that should be in place to cover maturities,
claims and surrenders at unexpected levels of demand.

(f) INTEREST RATE RISK
‘The Company manages this risk by attempting to retain a level of assets to liabilities with similar principal
values, interest rates and maturity dates.
‘The Company's exposure to the effects of fluctuations in the prevailing levels of market interest rates on its
financial position and cash flows is reduced as the Company retains the right to change interest rates on
most of its interest earning loan assets.

FINANCIAL INVESTMENT ASSETS

LOANS AND RECEIVABLES COMPRISE THE FOLLOWING:

2006 2005

$ $

Bahamas Government bonds 25,170,900 17,152,700

Bridge Authority bonds 307,400 307,400

Education Loan Authority bonds 2,300,000 1,800,000

Clifton Heritage bonds 2,004,800 2,004,800

Government bonds, at cost 29,783,100 21,264,900

Add: Accrued interest receivable 481,273 328,417
30,264,373 21,593,317 _

$ $

Redeemable preferred shares, at cost 1,120,000 1,150,000

Add: Accrued interest receivable 5,040 252

1,125,040 1,150,252

During the year, the Company redeemed a preferred shareholding for $230,000 and purchased another shareholding for
$200,000. In 2005 the Company exercised a final redemption on one of its preferred shareholdings for $283,334 and
received an additional $50,000 that was previously provided for and recorded as other income in the income statement.

2006
$

INVESTMENTS IN EQUITIES
At beginning of year 6,336,293
Purchases 212,940
Sales proceeds. (873,400)
Realized gain from sales of equities 228,525
Change in unrealized appreciation on equities 939,123
At end of year ; 6,843,481

Investments in equities comprise ordinary shares of Bahamian companies that are listed on BISX.

6. POLICY LOANS

2006
$

POLICY LOANS COMPRISE:
Policy loans 6,791,863
Automatic premium loans 2,483,243
9,275,106
Add: Accrued interest receivable 327,219
9,602,325

2005
$

5,776,325
329,114
(879,630)
161,126
949,358
6,336,293

2005
$

6,558,210
2,437,291
8,995,501

311,820
9,307,321

Policy loans and automatic premium Joans (APLs) are allowed on Ordinary Life policies. An interest rate ranging from 10%

to 11% (2005: 10% to 11%) per annum is charged on policy loans and APLs.
7. MORTGAGE LOANS

2006
$
MORTGAGE LOANS COMPRISE:
Loan to parent company 4,082,457
Loans to Company officers and their immediate families 1,952,893
Others 50,296,985
56,332,335
Less: Provision for inherent risk (777,363)
Specific provision for credit risk 80,711

55,474,261
Add: Accrued interest receivable 338,580
55,812,841
$

TOTAL MORTGAGE LOANS MAY BE ANALYZED AS FOLLOWS:
Commercial: Current 11,528,776
Over 90 days 1,095,110
Residential: Current 42,367,261
Over 90 days 1,341,188
56,332,335

2005

4,232,927
2,880,594
50,776,446
57,889,967
(791,947)
197,000

56,901,020
340,208
57,241,228

$

13,115,782
1,726,840
42,223,303
824,042
57,889,967

‘The provision for inherent risk is calculated on total mortgage loans except for the loan to the parent company, which

deemed to be fully collectible.

MOVEMENTS IN LOAN LOSS PROVISIONS ARE AS FOLLOWS:

Provision for

Inherent Risk

$

Balance as of 1 January 2005 1,173,240
(Decrease) Increase in the provision (381,293)
Loans written-off -
Balance as of 31 December 2005 791,947
Decrease in the provision (14,584)
Loans written-off :
Balance as of 31 December 2006 777,363

Specific
Provision for
Credit Risk

$

136,034
132,765
71,799
197,000
(46,289)
70,000

80,71

is

a A nT TT

‘The loan tc the parent company eams interest ata rate of 8.5% per annum (2005: 8.5%). An interest rate of 6.5% per annum
(2005: 6.5%) is charged on residential mortgage loans to directors, officers and staff with two or more years of service. Related
party interest income from mortgages for the year ended 31 December 2006 is $496,706 (2005: $599,796) and related party

interest receivable on mortgages as of 31 December 2006 is $11,015 (2005: $14,097).

As of December 2006, the Company had non-performing morgage loans of $2,436,298 (2005: $2,550,88

interest of $436,282 (2005: $434,903) had not been recognized in the income statement.
8. RECEIVABLES AND OTHER ASSETS

2006
$

RECEIVABLES AND OTHER ASSETS COMPRISE:
Accrued interest receivable — bank term deposits 142,812
Accrued interest receivable — staff loans * aie 689
Reinsurance recoveries * 1,290,841
Utility deposits 42,560
Due from parent company -
Other receivables and other assets 779,835
2,256,737









2005
$

45,812
~* 468
2,525,887

40,896
246,025
740,175
3,599,263

2) for which

$ $ Reinsurance recoveries are in respect of claims already paid by the Company. All receivables noted above are due within
Corporate bond, at cost 2,000,000 : twelve months. As of 31 December 2005, the amount due from the parent company is interest-free, unsecured and have no
Add: Accrued interest receivable 20,205 - fixed terms of repayment
___ 2,020,205 -
9, PROPERTY, PLANT AND EQUIPMENT
Computer
Freehold Freehold Furniture Motor Hardware Leasehold ;
Land Buildings & Equipment Vehicles & Software Improvements Torat
: $ $ $ $ $ $ 5
Year ended 31 December 2006
Opening net book amount 3,294,716 7,186,954 962,518 - 748,020 180,922 12,373,130
Additions - 363,921 105,459 26,867 328,466 106,400 931,113
Depreciation charge - (157,369) (186,488) (2,239) (165,346) (61,841) (573,283)
Depreciation on the revalued portion
of freehold buildings : (40,220) : : - - (40,220)
Closing net book amount , 3,294,716 _ a _7,353,286_ = 881,489 __ 24,628 _ 911,140 225,481 12,690,740
As of 31 December 2006
Cost of revaluation 3,294,716 7,903,541 1,375,029 26,867 1,451,789 461,618 14,513,560
Accumulated depreciation ; (510,035) (493,540) (2,239) (540,649) (236,137) (1,782,600)
Depreciation on the revalued portion
of freehold buildings - _ (40,220) _ sh - : : (40,220)
Net book amount “ e 3,294,716 7,353,286 881,489 24,628 911,140 225,481 12,690,740

Freehold land and buildings include
Company wrote-off cost and accumulated depreciation

a revaluation surplus of $1,422,044 (2005:

$1,422,044) and $1,346,811 (2005:

relating, to fully depreciated computer equipment, furniture and equipment and

$61,375 (2005: $77,465), $43,956 (2005: $86,062) and $30,095 (2005: $ Nil), respectively.

During 2005, the Company entered into an agreement to se

Il one of its buildings for a price of $4,500,000. The agreement Is expected to be completed in 2007.





$1,346,811), respectively. During the year, the
leasehold improvements of





Computer
Freehold Freehold Furniture Motor Hardware Leasehold
Land Buildings & Equipment Vehicles & Software Improvements Total
$ $ $ $ $ $
As of 1 January 2005
Cost or revaluation 3,029,840 6,257,389 845,947 30,095 777,863 232,313 11,173,447
Accumulated depreciation - (153,340) (307,851) (27,739) (372,208) (142,679) (1,003,817)
Depreciation on the revalued portion .
of freehold buildings - (40,220) : - : - (40,220)
Net book amount 3,029,840 _ 6,063,829 538,096 2,356 405,655 89,634 10,129,410
Year ended 31 December 2005
Opening net book amount 3,029,840 6,063,829 538,096 2,356 405,655 89,634 10,129,410
Additions 264,876 1,282,231 553,641 - 484,300 153,000 2,738,048
Depreciation charge : - (118,886) (129,219) (2,356) (141,935) (61,712) (454, 108)
Depreciation on the revalued portion
of freehold buildings (40,220) 2 : : (40,220)
Closing net book amount 3,294,716 7,186,954 962,518 - 748,020 180,922 12,373,130
As of 31 December 2005
Cost or revaluation 3,294,716 7,539,620 1,313,526 30,095 1,184,698 385,313 13,747,968
Accumulated depreciation - (312,446) (351,008) (30,095) (436,678) (204,391) (1,334,618)
Depreciation on the revalued portion :
of freehold buildings (40,220) : - (40,220)
Net book amount 3,294,716 _7,186,954 962,518 : 748,020 180,922 12,373,130

40. RESERVES FOR FUTURE POLICYHOLDERS' BENEFITS

‘The Canadian Asset Liability Method (CALM) is used for the determination of reserves for future policyholder benefits
of long-term insurance contracts.

Asof 31 December 2006 the aggregate reserves for future policyholders’ benefits and related life insurance in force are
summarized as follows:



Reserves Insurance in force
2006 2005 2006 2005
$ $ $ $
Ordinary life 23,623,279 21,284,841 1,489, 149,873 1,305,545,275
Annuities 31,555,557 26,962,849 - -
Home service life 25,434,201 23,563,536 483,179,145 492,820,742
Accident and Health 4,278,059 4,707,552 102,192,883 106,207,996
__ 84,891,696 __ 76,518,778 ___2,074,521,901_1,904,574,013.

the reserves for future policyholders’ benefits are determined annually by actuarial valuation and represent an estimate of the
amount required, together with future premiums and investment income, to provide for future benefits and expenses payable
on insurance and annuity contracts. Lhe reserves are calculated using assumptions for future policy lapse rates, montality, mor-
bidity rates, maintenance expenses and interest rates. [he assumptions also indude provisions for adverse deviation to recognize
uncertainty in establishing the assumpuons and to allow for possible deterioration in expenence. Ihe process of detentuning the
provision necessarily involves risks that the actual results will deviate from the assumptions made.

Policy liabilities are calculated using best estimate assumptions with margins for adverse deviation.

(i) Mortality and Morbidity

Assumptions for Home service life business are based on Company experience. Assumptions for other business
lines are based on industry experience, as the Company does not have sufficient of its own experience. A margin Is

40. RESERVES FOR FUTURE POLICYHOLDERS' BENEFITS (CONTINUED)
(i) Mortality and Morbidity (Continued)

added for adverse deviation equal to 15 per 1,000 divided by the expectation of life for mortality and 8% to 10%

for morbidity. If future mortality and morbidity rates were to differ by 10% from that assumed, the liabili

increase by $3,128,952 (2005: $2,933,000) or decrease by $3,136,688 (2005: $2,902,000).

(ii) Investment Yields

ty would

Assets are notionally allocated to life and annuity business lines. Expected investment yields are based on new
money rates and expectant asset mix. A margin for adverse deviation is added by deducting 50 basis points from
current rates and assuming future interest rates reduce to 5% over 20 years If future interest rates were to differ by

1% from that
$11,388 448 (2005: $10,307,000) or decrease by $8,010,992 (2005: $7,078,000).

(tii) Persistency

assumed, without changing the policyholder dividend scale, the liability would increase by

Lapse rates are based on Company's experience where credible experience is available and industry experience is

used where credible Company experience is not available. A margin for adverse deviatio

or decreasing lapse rates; whichever is adverse, by 20%. If future lapse rates were (0

assumed, the liability would increase by $927,368 (2005: $1,300,000) or decrease

$1,229,000)
(iv) Expenses

nis added by increasing
differ by 10% from that

by $1,018,016 (2005:

Expenses are based on best estimates of Company experience. Expenses are increased 10% as a margin for adverse

deviation. Expenses are assumed to increase with inflation of 3% in 2006 decreasing to

2% in 2026 and later. If

future expenses were to differ by 10% from that assumed, the liability would increase by $2,834,544 (2005:

$2,655,000) or decrease by $2,789,336 (2005: $2,613,000)



ne

THE TRIBUNE BUSINESS = FRIDAY, JUNE 29, 2007 PAGE 7B

*m FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

(Incorporated under the laws of the Commonwealth of The Bahamas)





FAMILY GUARDIAN INSURANCE COMPANY LIMITED FAMILY GUARDIAN INSURANCE COMPANY LIMITED

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2006

Price WaterhouseCoopers
Providence House
East Hill Street

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2006
DIN BAHAMIAN DOLLARS)























PO. Box N-3910 (AMOUNTS EXPRI (AMOUNTS EXPRESSED IN BAHAMIAN DOLLARS)
Nassau, The Bahamas an io patna sbettontsebadetterete pnnncenonneonnnenevnneennnninnennnbenietntennterntennnehnnlttetCnnrtnvennecentennnenntCnnnnrctenenneeneet’ nneonnnennecenvonanenneveneenscenenteetenneeeeeny eevee,
Website: www.pwe.com -
=-mail: pwebs@bs.pwe.com
Telephone (242) M230 2006 2005 2006 = 20085
Facsimile (242) 302-5350 $ * : (Ni i
9 lote
INDEPENDENT AUDITORS’ REPORT DIRECT PREMIUMS
To the Shareholder of Family Guardian Insurance Company Limited Preniium-revenue 57,720,629 51,793,949 CASH FLOWS FROM OPERATING ACTIVITIES:
Premium ceded to reinsurers (Note 14) (3 618 000) (3 236 822) Net income 5,744,924 5,238,698
We have audited the accompanying financial statements of Family Guardian Insurance Company es . Adjustments for
Limited (the Company), which comprise the balance sheet as of 31 December 2006, and the income —- Net premium revenue 54,102,629 48,557,127 Depreciation and amortization (Note 9) 613,503 494,328
statement, statement of changes in equity and cash flow statement for the year then ended, and Annuity deposits 6,242,596 6,592,793 Change in appreciation on investments
a summary of significant accounting policies and other explanatory notes. Nec preiiiuii revenie-and ae ee ee) . ere bee eae
Management's Responsibility for the Financial Statements annuity deposits (Note 14) 60,345,225 55,149,920 e alized’ gain trom investments in equities (Note 5) (228,525) (161,126)
: f : : : : . lnterestine 7.459.148 7,070,156 ecovery of investment provision - (50,000)
Management is responsible for the preparation and fair presentation of these financial statements in ae come Hee pal Loans written-off, net of recoveries (70,000) (71,799)
accordance with International Financial Reporting Standards. This responsibility includes: designing, Dividend income oes 378,755 359,746 Change in mortgage/investment provision (60,873) (248,528)
implementing and maintaining internal contro] relevant to the preparation and fair presentation of Change in unrealized appreciation on Reserve for policyholders’ benefits 8 372 918 8 976 723
financial statements that are free from material misstatement, whether due to fraud or error; selecting investments in equities (Note 5) 939,123 949,358 Interest expense " 219,019 ’ 23.767
and applying appropriate accounting policies; and making accounting estimates that are reasonable _—Realized gain from investments Interest a (7,459 148) (7,070 156)
in the circumstances. 3 in equities (Note 5) 228,525 161,126 Dividend income (378.755 (359.746
Auditors’ Ri ‘bili Other operating income 502,942 479,914 (378,755) __(359,746)
AOS ep On On, : Decrease in provision for inherent risk : 381,293 Operating profit before working capital changes 5,813,940 - 5,822,803
Our responsibility is to express an opinion on these financial statements based on our audit. We (Increase) Decrease in operatinh assets
conducted our audit in accordance with International Standards on Auditing. Those standards Total income 69,853,718 64,551,513 Receivables and other assets 1,439,747 (1,844,573)
require that we comply with ethical requirements and plan and perform the audit to obtain Premiums receivable (1,019,784) . (324,306)
reasonable assurance whether the financial statements are free from material misstatement. . BENEFITS : (Decrease) Increase in operating liabilities
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in Policyholders’ benefits (Note 15) 32,234,776 26,412,537 Payables and accruals (411,435) 2,458,716
the financial statements. The procedures selected depend on the auditors’ judgment, including the Reinsurance recoveries (2,774,405) (2,182,873) Other policyholders’ funds ___936,153___(1,260,238) _
assessment of the risks of material misstatement of the financial statements, whether due to fraud or Net cash provided by operating activities 6,758.621 4,812,402
error. In. making those risk assessments, the auditors consider internal control relevant to the entity's Net policyholders’ benefits 29,460,371 24,229,664
preparation and fair presentation of the financial statements in order to design audit procedures that Increase in reserves for future CASH FLOWS FROM INVESTING ACTIVITIES:
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness policyholders’ benefits 8,460,563 9,133,864 Policy loans (279,605) (527,393)
of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting Proceeds from redemption of preferred shares 230,000 533,334
policies used and the reasonableness of accounting estimates made by management, as well as 37,920,934 33,363,528 Purchase of property, plant and equipment (Note 9) (931,113) (2,738,048)
evaluating the overall presentation of the financial statements, Proceeds from maturity of bank term deposits peso eat
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis pnreneeS greater than three months 7,810,019 6,501,922
for our audit opinion. Commissions 10,727,734 11,249,498 Maturity of Government bonds 43,100 =
Opini Operating expenses (Notes 17 and 18) 14,623,483 14,048,280 Placement of bank term deposits greater than
Eee : Depreciation and amortization expense 613,503 494,328 three months (12,858,117) (7,563,635)
In our opinion, the accompanying financial statements present fairly, in all material respects, the Interest expense 219,019 23,767 Net mortgage loans issued 1,557,632 (6,178,936)
financial position of the Company as of 31 December 2006, and its financial performance and its Bad debt expense 4,121 133,414 Purchase of preferred shares (200,000) e
cash flows for the year then added in accordance with International Financial Reporting Standards. : Purchase of Government bonds (8,561,300) (3,038,300)
} 26,187,860 25,949,287 Purchase of equities (Note 5) (212,940) (329,114)
Purchase of corporate bonds 2,000,000 : -
Dewial Laie spit Total benefits’ ancl expenses 64,108,794 are Proceeds from ale of equities (Note 5) f aren 879,630
Net income 5,744,924 5,238,698 Interest received 7,170,307 7,127,349
Chartered Accountants Dividends received 378,755 359,746
Nassau, Bahamas Net cash used in investing activities (6,979,862) (4,973,445)
19 March 2007
‘ CASH FLOWS FROM FINANCING ACTIVITIES:
: Dividends paid (2,500,000) (3,312,500)
: — : : : — Interest paid (11,503) (23,767)
Net cash used in financing activities (2,511,503) (3,336,267)
Net decrease in cash and cash equivalents (2,732,744) (3,497,310)
Eckler Ltd fo Cash and cash equivalents at beginning of year 4,185,115 7,682,425
. Cash and cash equivalents at end of year 1,452,371 4,185,115 -
Consultants and Actuarias
: COMPRISED OF:
Cash and bank balances 1,141,473 1,728,889
Short-term bank deposits 310,898 2,456,226
1,452,371 4,185,115
; The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements. *
APPOINTED ACTUARY’S REPORT eset eit ied eee ti et ee eed et ee ed pieces emai eens oto Sesto Diaconate
To the Board of Directors and Shareholders of Family Guardian Insurance Company Limited FAMILY GUARDIAN INSURANCE COMPANY LIMITED
ett STATEMENT OF CHANGES IN EQUITY
IT have valued the actuarial ‘liabilities and other policy liabilities of Family Guardian’ Insurance FOR THE YEAR ENDED 31 DECEMBER 2006
Company Limited for its balance sheet at 31 December 2006 and the change in the income (AMOUNTS EXPRESSED IN BAHAMIAN DOLLARS)
statement for the year ended 31 December 2006 in accordance with generally accepted :
actuarial practice including selection of appropriate assumptions and methods. _ is "
; sage, Seen abdicdatcedabled - oa en Share Share Revaluation Retained
n my opinion, the amount of the actuarial and other policy liabilities makes appropriate provision . . .
for all policyholder obligations and the financial statements of Family Guardian Insurance Company en a Fiera Surplus Earnings Total
Limited fairly represent-the results of the valuation, : . $ $ $ $ $
Lat ay Balance as of 1 January 2005 31: 1,707,462 11,401,314 2,768,855 14,831,881 30,709,512
(igen ey f tip ‘Transfer from revaluation surplus - - (40,220) 40,220 7
- fe ete Net income for 2005 - - - 5,238,698 5,238,698
Dividends declared and paid - ordinary shares .
Richard F. Labelle 3 ($1.94 per share) , - - - 3,312,500 3,312,500
ee ee Balance as of 31 December 2005 1,707,462 11,401,314 2,728,635 16,798,299 32,635,710
ellow, Society of Actuaries
: +3 Balance as of 1 January 2006 1,707,462 11,401,314 2,728,635 16,798,299 32,635,710
19 March 2007 Transfer from revaluation surplus : - - (40,220) 40,220 -
: ‘ Net income for 2006 - - - 5,744,924 5,744,924
Dividends declared and paid - ordinary shares ; :
($1.46 per share) : - - 2,500,000 2,500,000
Balance as of 31 December 2006, 1,707,462 11,401,314 2,688,415 20,083,443 35,880,634



NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2006



Gains and losses on disposals are determined by comparing proceeds with the canying amount. These are
included in the income statement. When revalued assets are sold, the amounts included in the revaluation
surplus are transferred to retained eamings.

(d) RNANCAL INVESTMENT ASSETS

‘the Company classifies its financial investment assets, other than bank term deposits, in the following
categories: at fair value through profit or loss and loans and receivables. The classification depends on the
purpose for which the investment assets were acquired. Management determines the classification of its
investment assets at initial recognition and re-evaluates this designation at every reporting date.

(i) Financial investment assets at fair value through profit or loss

Financial investment assets are classified as financial assets at fair value through profit or loss if acquired
principally for the purpose of selling in the short-term or if so designated by management.

1. INCORPORATION AND ACTIVITY

Family Guardian Insurance Company Limited (the Company is incorporated under the laws of the Commonwealth
of The Bahamas, sells life and health insurance and is a wholly-owned subsidiary of FamGuard Corporation Limited
(FamGuard), also incorporated in the Commonwealth of The Bahamas

‘The registered office of the Company is situated at the offices of E. Dawson Roberts & Co., Parliament and Shirley
Streets, Nassau, ‘Ihe Bahamas.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICES

‘The significant accounting policies applied in preparation of these financial statements are set out below. These
policies have been consistently applied to all the years presented, unless otherwise stated.

(a) BASIS OF PRESENTATION
‘The financial statements have been prepared in accordance with Intemational Financial Reporting

FAMILY GUARDIAN INSURANCE COMPANY LIMITED
(INCORPORATED UNTER THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS) 2:

BALANCE SHEET
AS OF 31 DECEMBER 2006 ; .
(AMOUNTS EXPRESSED IN BAHAMIAN DOLLARS)

Investments in equities are classified as financial assets at fair value through profit or loss.

2006 2005 Standards (IFRS).’Ihe Company has adopted accounting policies for the computation of reserves for future i : ee
$ $ policyholder benefits on life insurance and annuity contracts which comply with the Canadian Asset rippin a af ee oe ee sesinanions ihe ite hes =
Liability Method (CALM). As no specific guidance is provided by IFRS for computing reserves for future d hee tly pul fi * al ety Demme in eduits

ASSETS : policyholder benefits, management has judged that CALM should continue to be applied. ‘Ihe adoption of pateert arate
Bank term deposits 8,430,710 « 5,527,939 IFRS 4 — Insurance Contracts permits the Company to continue with this accounting policy, ‘Ihe financial Fair value is determined by reference to quoted bid prices for ordinary shares. Investments are
Government bonds (Note 5) 30,264,373 21,593,317 statements have been prepared under the historical cost convention, as modified by the revaluation of derecognized when the rights to receive cash flows from the investments have expired or have been
Preferred shares (Note 5) 1,125,040 1,150,252 ° freehold land and buildings, and financial assets at fair value through profit or loss. transferred and the Company has transferred substantially all risks and rewards of ownership. Realized
Corporate bonds (Note 5) 2,020,205 - uth jon of financial in conformity with IERSrequires th f certain citical and unrealized gains and losses arising from changes in the fair value of the investments in equities
Investments in equities (Note 5) 6,843,481 6,336,293 le: Preparation. of, unancu eSatemens en ts di ue ike we Ot cera ae category are presented in the income statement in the year in which they arise.
Policy loans (Note 6) - 9,602,325 9,307,321: accounting estimates. It also Tequites management to exercise its judgement in the process of applying the 2
Mortgage loans, net (Note 7) 35,812,841 57,241,228 Company's accounting policies. ‘Ihe areas involving a higher degree of judgement or complexity or areas (ii) Loans and receivables

’ be Se ae — where assumptions and estimates are significant to the financial statements are disclosed in Note 3. Financial investment assets are classified as loans and receivables if they are non-derivative financial
ee son ose aee (b) RESERVES FOR INSURANCE CONTRACTS as wih ed dria pymens ht a ot ute nan ace mate, and hat he
Receivables and other assets (Note 8) 2,256,737 3,599,263 ‘The reserves for insurance contracts in force at the balance sheet date are calculated according to principles mpany does not intend to sellin the short-term.
Premiums receivable . 2,714,962 1,695,178 determined by the Company's appointed actuary. Investments in government bonds, preferred shares and corporate bonds are classified as loans and
Property, plant and equipment, net (Note 9). . 12,690,740 12,373, 130 ‘The Company calculate its liabilities for individual life insurance policies using the Canadian Policy receivables. ae receivables oe amortized cost, using the effective interest method less
TOTAL ASSETS 132,902,887 __-_120,552,810 Premium Method (PPM), the calculation of these policy reserves is based on assumptions as to future rates gy, Pension 10r impale i valve



A loan or receivable is impaired if its carrying amount is greater than its estimated recoverable amount.

for mortality and morbidity, investment yields, policy lapse and expenses, which contain margins for
‘The amount of the impairment loss for loans and receivables carried at amortized cost is calculated as

LIABILITIES adverse deviations.



Reserves for future policyholders’ benefits (Note 10) 84,891,696 76,518,778 Chad, Peer : the difference between the carying amount and the present value of future cash flows
Other policyholders’ funds (Note 11) 5,919,613 __ 4,983,460 ee dcr the fyneal esiccads xgal Ure hese pn
Policy liabilities ‘ : 90,811,309 81,502,238 Immediate Payment annuities are equal to the present ue Of future Denelits. ( ) LOANS AND LOAN LOSS PROVIRONS
Payables and accruals : 6,210,94 4° 6, 41 4, 862 Claim reserves for group health polices are estimated from incurred daims and the history of prior daim payments. e

iabiliti Liabilities for other short-term health policies renewable at the option of the Company comprise uneamed Policy loans are carried at the balance outstanding plus accrued interest. No provision for loss on these
Total liabilities 97,022,253 87,917,100 - Seattle mney net aims : ia reat necessary by management because these loans are fully collateralized by the cash surrender

aye . value of the ponies.

EQUITY PLANT
Share capital (Note 13) 1,707,462 1,707,462 © BND EQUEMENT Mortgage loans are non-derivative financial assets with fixed or determinable payments that are not quoted
Shares premium 11,401,314 11,401,314 Freehold land and buildings are shown at fair value, based on periodic, normally triennial, valuations by in an active market. They arise when the Company provides money directly to a borrower with no intention
Revaluation surplus 2,688,415 2,728,635 extemal independent appraisers, less accumulated depreciation for buildings. Any accumulated of trading the receivable. Mortgage loans are secured by first mortgages and provide for monthly

Retained earnings
Total Equity
TOTAL LIABILITIES AND EQUITY

SIGNED AS APPROVED FOR ISSUE ON BEHALF OF THE BOARD OF DIRECTORS:



Director

Director

19 March 2007
—
Date

The accompanying notes are an integral part of these financial statements.

20,083,443 16,798,299
35,880,634 32,635,710
132,902,887 120,552,810

depreciation at the date of revaluation is eliminated against the gross caning amount of the asset, and the
net amount is adjusted to the revalued amount of the asset. All other property, plant and equipment is
stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly
attributable to the acquisition of the assets.

Improvements, which extend the useful lives or increase the value of assets are capitalized.

Subsequent costs are included in the assets's camying amount or recognized as a separate asset, as
appropriate only when it is probable that future economic benefits associated with the item will flow to the
Company and the cost of the item can be measured reliably. All other costs are charge to the income
statement as repairs and maintenance during the financial year in which they are incurred.

Increases in the carrying amount arising on revaluation of freehold land and buildings are credited to the
revaluation surplus account in equity. Decreases that offset previous increases of th same asset are charged
against the revaluation surplus account directly in equity; all other decreases are charged to the income
statement. Lach year the difference between depreciation based on the revalued camying amount of the asset
is charged to the income statement and depreciatior. based on the asset's original cost is transferred from
the revaluation surplus account to retained eamings.

‘The assets’ risidual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

An asset's carrying amount is written down immediately to its estimated recoverable amount if the asset's
carrying amount is greater than its estimated recoverable amount.

Freehold land is not depreciated. Depreciation on other assets is calculated using the straight-line method
to allocate their cost or revalued amounts over the estimated useful lives, as follows:

Tepayments at variable interest rates over periods of up to twenty-five years on residential loans and up to
twenty years on commercial loans.

Mortgage loans are stated at the principle balance outstanding plus accrued interest, less an inherent
provision for loan losses on current loans and specific provisions on certain non-current loans. Specific
provisions are made on non-current loans for mortgages over three months in arrears, based on
management's evaluation of the respective loans. A specific provision for non-current mortgage loans is
established if there is objective evidence that the Company will not be able to collect all amounts due
according to the original terms of the mortgage loan. Significant financial difficulties of the borrower,
probability that the borrower will enter financial reorganization, and default or delinquency in payments
are considered indicators that the mortgage loan is impaired. The amount of the specific provision for loan
loss is the difference between the loan’s carrying amount and the recoverable amount, being the present
value of estimated future cash flows, including recoveries from guarantees and collateral, discounted at the
effective interest rate at inception of the loan. ‘The amount of the provision for loan loss is recognized in
the income statement. If the amount of the provision subsequently decreases due to an event occuring
after the write-down, the release of the provision is recognized in the income statement.

Accrued interest on non-current loans is excluded from interest income.

(f) FOREIGN CURRENCY TRANSLATION

(i) Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic
environment in which the Company operates (functional currency), the Bahamian dollar. The financial
statements are presented in Bahamian dollars, which is also the Company's presentation currency.

Freehold buildings 2.5% per annum | + ;

Fumiture and equipment 10%-20% per annum (i) Transactions and balances

Motor vehicles 25% per annum Assets and liabilities denominated or accounted for in currencies other than the Bahamian dollar have been
Computer software and development costs 20% -33% per annum translated to Bahamian dollars using the rates of exchange prevailing at the balance sheet date. Foreign

shorter of period of the leases and estimated
economic life of the improvements

Leasehold improvements

currency transactions and income and expense items have been translated at the exchange rates prevailing
at the time of the transaction. Gains and losses on translation are reflected in the income statement.



PAGE 8B, FRIDAY, JUNE 29, 2007

THE TRIBUNE BUSINESS



Aneel

FAMILY GUARDIAN INSURANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2006

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

(Incorporated under the laws of the Commonwealth of The Bahamas)

15. POLICYHOLDERS' BENEFITS :

POLICYHOLDERS’ BENEFITS FOR THE YEAR ENDED 31 DECEMBER 2006 BY INSURANCE CONTRACTS
WERE AS FOLLOWS:



~ epiehiannnmaneaieeee wees ~ a — — — 2006 2005
Gross Reinsurance Net Gross Reinsurance Net
10. RESERVES FOR FUTURE POLICYHOLDERS’ BENEFITS (CONTINUED) $s. $ $s $ $ $
(v) Ongoing Review Short-term insurance contracts 19,923,679 (1,682,823) 18,240,856 15,625,559 (1,595,315) 14,030,244
Actuarial assumptions are continuously reviewed based on emerging Company and industry experience and Long-term instance contracts i
revised if appropriate and material. seelised nl ss
‘ guaranteed terms 5,725,788 (586,528) 5,139,260 5,584,596 (239,346) 5,345,250
(11) Margins for Adivrse Deviation Assumptions Long-term insurance contracts
4 . : . a 5 ay Liab Titi : ‘ rithout fixed and
the basic assumptions made in establishing policy liabilities are best estimates for a range of possible outcomes wit
{o recognize the uncertainty in establishing these best estimates, to allow for possible deterioration in experience Suaranteed terins HIIS,183 (181,917) 3,933,266 3,011,261 (204,998) 2,806,263
and to provide greater comfort that the reserves are adequate to pay future benefits, the appoinied actuary is /ons-term insurance contracts
7 ‘ with fixed and guaranteed

required to include a margin in each assumption.

‘The impact of these margins is to increase reserves and so decrease the income that would be recognized on
inception of the policy. The Canadian Institute of Actuaries prescribes a range of allowable margins. Ihe Company
Uses assumptions at the conservative end of the range, taking into account the risk profiles of the business

‘The movements in reserves for future policyholders’ benefits and other policyholder benefits (namely insurance liabilities),

by line of business, are summarized below:

(a) Short-term insurance contracts:

Liabilities at beginning of year
Usual change in In-Force Business and New Business

Liabilities at end of year

(b) Long-term insurance contracts with fixed and guaranteed terms:

terms with discretionary

participation teature (DPE) 2,470,126 2,146,989

29,460,371

2,191,121
26,412,537










2,774,405,



32,234,776 |

16. OPERATING LEASES
the Company leases certain office premises under non-cancellable operating leases. Future minimum rental

2006 2005 commitments as of 31 December 2096 are as follows:
$ s 2006 2005
4,132,552 2,706,536 $ $
146,107 1,426,016 Upto t year 1,080,630 900,360
_4278,659___4,132,552__ I year to 5 years 1,182,940 1,803,095
2,263,570 2,703,455
ma as ‘The Company leases its corporate office building from its parent company and provided the financing to the parent

Liabilities at beginning of year

Changes in Data, Methods, and Assumptions
New Business

Usual change in In-Force Business

Liabilities at end of year

33,923,847

(1,430,937)

(652,988)

5,666,155

(¢) Long-term insurance contracts without fixed and guaranteed terms:

Liabilities at beginning of year

Changes in Data, Methods, and Assumptions
New Business

Usual change in In-Force Business

Liabilities at end of year

26,366,583

2006
$

84,641
3,664,050

32,093,154

972,000

(1,979,000)

2,837,693

37,506,077 ___33,923,847_

2005
$

21,035,369

913,000
(334,000)
4,752,214

(d) Long-term insurance contracts with fixed and guaranteed terms and with Discretionary

Participation Features (DPF):

Liabilities at beginning of year

Changes in Data, Methods, and Assumptions
New Business

Usual change in In-Force Business

company for construction of the building by way of a commercial mortgage loan; see Note 5. The annual rental
expense under the lease is $800,000 (2005: $716,560) and this is equal to the annual mortgage payments received
from the parent company.

17. TAXATION

there are no corporate, income or capital gains taxes levied in ‘The Bahamas and the Company, therefore, pays no
Laxes on its net income. However, taxes based on premium income levied at 3% for the year ended 31 December 2006
amounted (0 $1,725,146 (2005: $1,556,087) and is included within operating expenses in the income statement.

18. PENSION PLAN

the Company has a defined contribution plan (the “Plan*) for eligible agents and employees. The employees
contribute 5% of gross salary and commissiong, and the Company contributes 3.5% of eligible eamings.

‘The Company's pension costs net of forfeitures in respect to the Plan for the year ended 31 December 2006 amounted
to $442,318 (2005: $450,582), which is included in operating expenses in the income statement.

19. COMMITMENTS

Outstanding commitments to extend credit under mortgage loan agreements amounted to $4,947,187 as of
31 December 2006 (2005: $2,150,056).

the following are related party transactions not disclosed elsewhere in the financial statements:

2006 2005
$ $20. RELATED PARTY TRANSACTIONS
12,095,796 11,706,996
- (305,000)
(807,679) (935,000) : :
1,703,569 1,628,800 KEY MANAGEMENT PERSONNEL COMPENSATION:

Liabilities at end of year 12,991,686 12,095,796 _ aM ree
$ $ Salaries and other short-term employee benefits 1,360,246 1,356,606
Post-employment benefits 85,158 62,036
TOTALS FOR ALL LINES OF BUSINESS Share-based payments 170,084 -
Liabilities at beginning of year 76,518,778 67,542,055 1,615,488 1,418,642
Changes in Data, Methods, and Assumptions (652,988) 1,580,000
New business (2,153,975) (3,248,000) ‘The Company sponsors a plan as an on-going incentive system for its key employees. The plan holds shares of the parent
Usual change in In-Force Business 11,179,881 10,644,723 company and these shares are awarded to the plan Participants on an annual basis for services rendered in the previous year

Liabilities at end of year
11. OTHER POLICYHOLDERS’ FUNDS

Other policyholders’ funds relate to unpaid benefits premiums received in advance, uneamed premiums and

accumulated dividends.

12, BANK OVERDRAFT FACILITIES

‘The Company has bank overdraft facilities of $750,000 (2005: $750,000). Amounts utilized under the facilities attract

interest at Nassau prime plus 1.5%.

13. SHARE CAPITAL

84,891,696 76,518,778 __

period of years, depending on the type of award granted,

21. POST RETIREMENT MEDICAL BENEFIT

In 2006, the total remuneration of the directors was $167,000 (2005: $167,236).

or as special awards for a promotion or upon hiring at the executive level. ‘The Company makes cash awards as the need
arises to the plan and the plan purchase the shares as needed on the open market at market value. The shares vest over a

the Company introduced a post-retitement medical plan on 1 January 1999 for employees who retire after

that date. Cost sharing with participants varies with year of retirement and years of service to the Company.

{he Company's contributions will be provided, as premium payments are due, for retired participants.



















Premium revenue arising from
insurance contracts issued

Premiums ceded for short-term and
long-term insurance contracts to reinsurers

Ss

Pricing Information As Of:
Wednesday, 27 June 2007

Securit y
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

Bahamas Supermarkets
Caribbean Crossings (Pref)

Bahamas Supermarkets
RND Holdi

1.2945
2.9038
2.3915
1.1695
11.0199

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

Fidelity Prime Income Fund

X ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price in last 52 weeks
S2wk-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 rhonths
P/E - Closing price divided by the last 12 month earnings

63,963,225 58

(3,618,000) (3,236,822) 23.

60,345,225

386,742

2006 2005
$ $
Redeemable Cumulative 2006 2005 Amounts recognized in the balance sheet y want Sead j
_ Non-voting Non- ~ Ordinary Ordinary Present value of unfunded obligations 239,310 164,463
Participating Preferred Shares Shares Unrecognized past service cost tt (257) (2,592)
Shares at $1 each at $1 each at $1 each Unrecognized actuarial gains (losses) yi (37,834) :
3-73" Authorised: chitige serevrey ¢¢s-500,000) 3 + 5°2,000,000 esrers -!). 2,000,000 Net liability in balance sheet bots 201,219 161,871
AE iSD A Sts Tre v 1 het eed Sea A MUU OUU
Issued and fully paid : $1,707,462 __ $1,707,462 Amounts recognized in the income statement
Current service cost 22,246 18,600
14, NET PREMIUM REVENUE AND ANNUITY DEPOSITS Interest on obligation 17,040 11,648
Amortization of prior service costs for non-vested benefits 2,335 2,335
NET PREMIUM REVENUE AND ANNUITY DEPOSITS ARE COMPRISED OF: Bev acuaabless tecegnized 4234 -
2006 2005 otal expense recognized 45,855 32,583
$ 5 Change in amount recognized in the balance sheet
Short-term insurance contracts 33,471,861 30,618,184 Net balance sheet liability at beginning of year 161,871 134,187
Long-term insurance contracts with fixed ‘ Net expense recognized 45,855 32,583
and guaranteed terms 15;833,378 14,244,114 Company contributions (6,507) (4,899)
Long-term insurance contracts without fixed ‘i iabili
and guaranteed terms 9,846,729 9,763,141 et balance sheet liability at end of year 201,219 161,871
Long-term insurance contracts with fixed . A discount rate of 7.5% for 2006 and 2005 is assumed.
and guaranteed terms and with discretionary
Participation feature (DPF) 3,759,002 3,517,969 22. CONTINGENT LIABILITIES
Change in premium receivables 1,049,344 279,349 . . .
Change in uneamed premium provisions 2,911 (36,015) the Company is a defendant in several legal actions arising in the normal course of its’business affairs.

Management believes that the resolution of these matters will not have a material impact on the Company's
financial position.

FAIR VALUE OF FINANCIAL INSTRUMENTS

Mortgages and policy loans are carried at the balance outstanding plus accrued interest, less an inherent
provision. Corporate bond, preferred stiares and Bahamas Government bonds are classified as loans and
receivables and are carried at cost, less any necessary provision for impairment in value. The carrying values
of these assets approximate their fair value as the majority of these assets bear interest at variable rates,

Financial assets at fair value through profit or loss are cartied at fair value.

24. CORRESPONDING FIGURES

‘The corresponding figures for cash and cash equivalents and interest expense in the cash flow statement and
the note disclosure for related party transactions have been reclassified to conform with the presentation
idopted for the current year.

= )FIDELITY

is Close Today's Close

0.85
3.22
1.42
10.60
2.30
14.68
5.43
2.43
6.40
12.61
14.54
18.97
0.54
7.25
9.50
10.00

_ Fidelity Over-The-Counter Securities’
Ask $
15.60

0.45

WW BISXBAHAMAS.C
SHG 00.70 ( “CHO O

1

1

1
1
1

1

8.25
0.55

‘Change

1.42
0.60
2.30
4.68
5.72
2.43
6.40
2.61
4.54
8.97
0.54
7.25
9.50
0.00
Last Price Weekly Vol. EPS $
16.00

10.00

0.20

Golina Over-the-Counter Sécunties

41.00
14.60
0.45

BISX Listed Mutual Funds
YTD%

NA V
1.345055*
3.2018°**
2.681688**
1.244286°"**
11.5519

43.00
15.50

0.55

YIELD - last

41.00
14.00
0.45

Last 12 Months Div 3

FINDEX: CLOSE 813.50 / YTD 09.62% / 2006 34.47%

NAV KEY

12 month dividends divided by closing price

Bid $ - Buying price of Colina and Fidelity

Ask $ - Selli
Last Price -
Weekly Vol

ng price of Colina and fidelity * - 22 June 2007

Last traded over-the-counter price

- Trading volume of the prior week ** - 30 April 2007

EPS $ - Acompany’s reported earnings per share for the last 12 mths

NAV - Net Asset Value

N/M - Not M
FINDEX - Tr

*** - 31 May 2007
jeaningful

he Fidelity Bahamas Stock Index. January 1, 1994 = 100 wee" - 30 April 2007

6 / FIDELITY 242-356-7764 / FOR MORE DATA ® INE



BUSINESS

Storm

Criticism —



‘flawed’

FROM page 1

Mr Ward said Bahamas First
had back-up data and servers
located at a remote location in
the event that the worst hap-
pened.

However, he pointed out
that Bahamas First, RoyalStar
Assurance, Security & Gener-
al and Insurance Company of
the Bahamas all had their head
offices located on the hill on
Collins Avenue, one of the
highest points on New Provi-
dence, with the slope likely to
counter any storm surge and
flooding that could come from
a Category 5 hurricane.

As a result, almost all the
major general insurance carri-
ers were unlikely to be impact-
ed by flooding, arguably the
greatest risk of damage during
a hurricane. Insurance Man-
agement’s Palmdale head-
quarters has also been built
like a bomb shelter to with-
stand the greatest storms.

Mr Ward said Bahamas
First’s headquarters had been
designed “with the intent of
being able to survive a high
category, pretty fully blown
hurricane”, meaning that wind
damage was unlikely to be an
issue.

“The damage assessment
made by this individual is to
some extent overblown,” Mr
Ward said of Mr Adler.

Tom Duff, Insurance Com-
pany of the Bahamas’ general
manager, said he felt Mr
Adler’s evacuation plan con-
cept was “flawed”.

He added that there was “a
very good reason” why insur-
ance companies did not look
to evacuate their personnel
with a major storm approach-
ing, and that was because it

would “not look very. good to:

our customers: if all the staff
were off to Miami or Jamaica
in the event of a major hurri-
cane; you don’t expect your
insurance company to evacu-
ate”.

Mr Duff explained that it
was also not a good idea to
encourage homeowners to
vacate their homes, as experi-
ence had shown that damage,
losses and th size of claims pay-
outs were lower if people were
around to secure their homes.

He added that the “number
one priority, the best thing you

‘ people.”

can do”, is to have loss
adjusters and staff on the
ground in the immediate after-
math of a storm.

“If you’re evacuated, it could
be days before you get. people
back in. By being proactive,
being on the ground, you’re
able to help people more
quickly,” Mr Duff said.

“Until the adjusters get to
the scene and complete their
provisional reports, there’s
nothing you can do. You can
only look at your database,
estimate what the losses might
be, pass that on to the reinsur-
ers and get them ready to
make the funds available.”

Steve Watson, RoyalStar
Assurance’s managing direc-
tor, agreed with Mr Duff that
getting loss adjusters on the
ground in the immediate after-
math of a storm was the great-
est priority for insurance com-
panies, drawing on his compa-
ny’s experiences in the Cay-
man Islands in the aftermath of
Hurricane Ivan.

“The most important thing
is to get the adjusters on the
island, and get them visiting
people very quickly,” Mr Wat-
son said, adding that Royal-
Star had a contract with a loss
adjusting company that would
provide it with resources
enabling it to respond to all
scenarios.

He added of Mr Adler’s
comments: “I don’t think he
understands the claims process,
because the most important
thing in the aftermath of a hur-
ricane is to get loss adjusters

.on the ground, and they need

to be fed, transported and
accommodated.

“To say the insurance indus-
try is being grossly negligent
is completely wrong, as you
just can’t evacuate all your

“We're fairly confident we
can handle most things nature
throws at us,” Mr Watson said,
adding that RoyalStar backed
up its data every two days and
stored it in a waterproof bank
vault in the centre of its build-
ing, away from storm surges
and wind damage.

RoyalStar had a Business
Continuity Plan, and Mr Wat-
son said the company also kept
paper files on all its clients’
policies in the event of elec-
tronic and communications
failures.

Legal Notice

NOTICE
JEEVESLAND INC.

(In Voluntary Liquidation)

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

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
TURVEY CORPORATION

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on
the 25th day of June 2007. The Liquidator is Argosa
Corp. Inc., PO.Box N-7757 Nassau, Bahamas.

-e—

ARGOSA CORP. INC.
(Liquidator)



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THE TRIBUNE BUSINESS

FRIDAY, JUNE 29, 2007, PAGE 9B



Emerald Bay receivership

shows ‘anchor’ hotel flaws

FROM page 1

mer project in Grand Bahama,
was approached to see if it was
interested in acquiring Emer-
ald Bay. The offer was under-
stood to have been declined.

Although the receivership
announcement did not identify
the main creditor, The Tribune
has been informed that it is the
London branch of a Japanese
financial conglomerate called
Sumitomo Mitsui.

Appointment

Through the appointment of
the receivers, and the hiring of
London-based Cairn Financial
Products Ltd as its corporate
advisor, Mitsui is understood
to be trying to put as much dis-
tance between itself and the
Four Seasons Emerald Bay
Resort, but it will not allow the
assets on Exuma to deterio-
rate while it seeks a buyer -
especially if the sales efforts
are protracted or unsuccessful.

“There are people who
believe that if PwC is not able
to find a buyer for Four Sea-
sons in three months, then Mit-
sui might send its own people
in and manage it itself,” the
source said.

The reasons behind the col-
lapse of the deal with Petters
Group Worldwide are unclear,
although there was a sugges-
tion that the potential buyer

’ had offered a sum that would

have cleared Mitsui’s debt -
alleged to be around $117 mil-
lion - only for the bank to
reject that.

One Bahamian-based exec-
utive, who was acting for a
group interested in acquiring
the Four Seasons Emerald Bay
Resort; told The Tribune that
his clients “kept being given
the runaround” by EBR Hold-

ings because they were con- .

vinced the agreement with Pet-

ters Group Worldwide would .

go through.
However, he suggested that

Petters had pulled out of the .

original deal in the knowledge
that receivers would be
appointed, hoping that they
would be able to better nego-
tiate with them and arrive at
a lower price for the resort.
Yesterday’s statement said
the receivers had been
appointed to oversee the sales
process, and that neither this
nor their appointment would

have any impact on the resort’s

staffing levels or daily opera-
tions, with Four Seasons con-
tinuing as the
management/operating part-
ner.

Mr Downs said: “Our objec-
tives are very clear. We will be
working to ensure the contin-
ued smooth running of the
master development and the
Four Seasons hotel. As far as
employees, customers and sup-
pliers are concerned, it will be
very much business as usual at
the resort development. ;

“At the same time we will
be seeking buyers for the assets
of the master development. It
is rare that a resort develop-
ment of this scope and quality
and in such an exceptional
location comes onto the mar-
ket. This is a valuable asset,
which has already attracted sig-
nificant interest. I am confi-
dent that a sale can be
achieved with the minimum of
disruption and in a relatively



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short time frame.”

David Henriques, of Cairn
Financial Products Ltd, added:
“We have been working on the
refinancing of EBR Holdings
for a number of months, and
have been talking to several
parties who are interested in
purchasing the master devel-
opment.

“The Four Seasons hotel is
profitable and performing well,
but there are certain circum-
stances surrounding the master
development loan that facili-
tates a disposal through a for-
mal receivership process.

“As PwC commence the sale
process, it is encouraging that
they have already received sig-
nificant interest and potential
buyers are not viewing this as a
distressed sale despite the pres-
ence of a receiver.”

Yet sources said an invest-
ment of about $7 million would
be needed to complete the 23-
acre marina, which can accom-

' modate vessels up to 200 feet

in length.

The resort.has acted as Exu-
ma’s main economic engine,
attracting additional foreign
direct investment to the island.
It employs almost 500 staff,

‘ and features an 18-hole Greg

Norman Golf Course, two
restaurants, three pools, spa,
six meeting rooms and 450-per-
son capacity ballroom.

Other investment projects
attracted to the Emerald Bay
vicinity include the resort’s
Pinnacle Entertainment-man-
aged $5 million casino, the
$110 million Grand Isle Villas
development, plus the 80/50
fractional ownership compo-
nent.

A shopping complex has also
opened at Emerald Bay, the
anchor retailer being the
Emerald Isle supermarket. The
complex also includes busi-
nesses such as Scotiabank and
Mail Boxes Etc.

Yet as one source said of the
receivership announcement:
“It sends out a very bad signal
to the world,”

It also seemingly has shot a
big hole in the ‘anchor proper-
ty’ strategy of establishing
mega resorts on the Family
Islands to act as economic
engines.

Policy —

The policy was started under
the first FNM government and
pursued even more vigorously
by the former PLP adminis-
tration, with the Four Seasons
Emerald Bay resort acting as
the model or ‘poster boy’ for
the plan.

David Johnson, deputy
director-general in the Min-
istry of Tourism with respon-
sibility for planning, invest-
ment and business develop-
ment, warned earlier this year
that the Four Seasons needed
to become a sustainable, prof-
itable resort, and the Bahamas
could not afford for it to fail.

He said then that factors
such as building costs being
about 40 per cent higher per
square foot than they are in
Nassau, had retarded Emerald
Bay’s growth and kept it from
reaching the development its
owners had previously pre-
dicted.

Mr Johnson said of Emer-
ald Bay: “The property was
conceived to be a mixed-use
project, with 185 keys under
the Four Seasons brand. The
vast majority of the property

















was to be for mixed-use, con-
dos and hundreds of lots sold
for significant family homes.

“After four years of opera-

yn, they have developed very
uitle of the sold inventory.
There’s been a lot of trading
of the land by the owners, but
the cost of building is prohibi-
tive.

“The buildings costs, the
iumbers suggest, are in excess
of 40 per cent higher per
square foot to build.”

Mr Johnson explained that
due to Four Seasons’ reputa-
tion and marketing position-
ing at the five-star, luxury end
of the market, properties con-
structed there would be similar
to those built on Kerzner Inter-
national’s Ocean Club Estates
on Paradise Island.

Costs to construct such prop-
erties in Nassau were $500 per
square foot, while in Exuma
the price was $800 per square
foot.

Mr Johnson also underlined
the impact the relatively high
» ailding costs on Exuma, com-
pared to’ Nassau, were having
on Emerald Bay’s margins. He
pointed out that concrete there
cost $200 per yard, whereas in
Nassau it cost $125 per yard.

Hotel

“The hotel, with a golf
course and spa, as a 185-room
resort of Four Seasons’ cali-
bre, can only be profitable if
it has a much larger customer
base outside those rooms,” Mr
Johnson said.

He added that the resort
needed to build out to 700-800
units to get close to profitabil-
ity, whereas it was currently
closer to 300-400 units.

Simply put, the costs of
putting in infrastructure at
Emerald Bay, such as roads
and all the utilities - paid for at
least in part by the developers
- coupled with the high oper-
ating cost environment both
inside and outside the resort,
have made it difficult for the
owners to generate a return on
their investment and profit.

While Four Seasons, as the
operating/management part-
ner, may be earning a profit
because it collects its money
as a percentage of the gross
revenues and operating profits,
the resort’s owners - like so
many in the Bahamas - are not
and are losing money.

Their failure to generate sigi-
cant critical mass through real
estate and land sales, the sec-
tors most likely to give them
an instant - and greatest -
investment return have also
contributed to the difficulties.

Critics have argued that the
‘anchor project’ strategy has
done little to diversify the
Bahamian economy, and that
the scale of some investments
is completely out of propor-
tion to the islands and popula-
tions being asked to support

' them.

As a result, concerns have
been expressed about how
some investments have
changed the character of their
respective locations, potential
environmental damage, and
the inability of the public sec-
tor - utility corporations and




other infrastructure - to keep
pace with private sector devel-
opment.

The experiences of the Four
Seasons Emerald Bay resort
provide a salutary warning for
other investors contemplating,
or in the stages of construct-
ing, similar mega projects on
other Family Islands.

These include the Boston-
based I-Group, joint 50/50
partners with the Government
on Mayaguana; Montana

‘Holdings’ $700 million Rum

Cay project: numerous projects
on Eleuthera; and the Ritz-
Carlton branded Abaco Club
at Winding Bay and Discov-
ery Land Company’s Baker’s
Bay development in Abaco.





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. Primary Responsibilities: Enforcement of the rules and regulations
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: Duties:

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Serve as BNT representative at Park committee meetings.

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PAGE 10B, FRIDAY, JUNE 29, 2007

THE TRIBUNE BUSINESS



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altering

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

We invite outstanding



Financial Reporting Analyst

ROLE RESPONSIBILITIES

Reporting to our Country Financial Controller, the position is
responsible for management and regulatory reporting. Key
responsibilities include the preparation of monthly financial
statements, profitability reports and local regulatory reporting.

individuals, wanting to build a
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Additional

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local



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FINANCE CORPORATION OF BAHAMAS LIMITED

Chairman’s review of the unaudited results
For the three months ended 30" April, 2007

responsibilities

regulatory reporting

Challenge
yourself to a career like no other

“We: are ‘pleased ‘to report ‘that Net Income for the three months ended 30" April, 2007
increased by $103m or 2.2% over the corresponding period last year to $4,920,952

The company’s return on equity was 20.96% compared to 23.22% for the same period last
year. Earnings per share totaled .18¢ consistent with the comparable period last year. The

bank experienced good mortgage growth although net interest margins were

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during the ‘quarter, due to contracting spreads. Demand for mortgages remains strong and the

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An interim dividend of .13¢ per share declared for the quarter ended 30" April

, 2007, was

paid on 12â„¢ June 2007 to all shareholders of record as of 5" June, 2007. The dividend

‘payment of .13¢ is consistent with the payment for the same period last ve>~






Director °

VA Mataging Director

FINANCE CORPORATION OF THE BAHAMAS LIMITED









will

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include managing process
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KNOWLEDGE/ SKILLS REQUIRED

The ideal candidate will possess a Bachelors degree in Finance,
Accounting or related field and a minimum of 3-5 years of related
experience preferably in
designation (CPA/CA) is also required. Detailed knowledge of
requirements and GAAP,
analytical skills, attention to detail, superior pc skills.and an ability
to work under pressure with tight deadlines are also required.

services. A professional

strong

~ deals

FROM page 1

them to adopt only modifica-
tions to the RIO that are
favourable, and not those that
are unfavourable.”

Both carriers would have to

Tu

For the stories

FTAs
read Insight
on Mondays

FINANCE CORPORATION OF THE BAHAMAS LIMITED
STATEMENT OF CHANGES IN EQUITY (Unaudited)

(Expressed in Bahamian dollars)
(3 months ended April 30, 2007)

Balance at 31 January, 2006

Net profit for the period
Dividends
Balance at 30 April, 2006

Balance at 31 January, 2007
Net profit for the period

Dividends. .
Balance at 30 April, 2007






FINANCE CORPORATION OF THE BAHAMAS LIMITED

Share
Capital

Share General
Premium Reserve

$5,333,334 2,552,258



$5,333,334 2,552,258 500,000

$5,333,334 2,552,258 500,000



$5,333,334 2,552,258



STATEMENT OF CASH FLOWS (Unaudited)

(Expressed in Bahamian dollars)
(3 months ended April 30, 2007)



Retained
. Earnings

500,000 78,368,822 86,754,414
(3,466,667) (3,466,667)
79,719,116
84,056,031

(3,466,667)
500,000 - 85,510,316 93,895,908

negotiate over which changes
to adopt into the RIO. The
interconnection guidelines cur-
rently apply only to fixed-line
voice services, and not data or
non-voice services. An inter-
connection agreement already
exists between BTC and SRG.

The PUC disagreed with
BTC’s treatment of interna-
tional long distance and intra-
island long distance calls as a
wholesale service, saying the
interconnection services the
incumbent, dominant carrier
provided to SRG were inter-
connection, in line with the
existing agreement between
the two sides.

“Allowing BTC to produce a
RIO that does not include
[these] services would be
inconsistent with the Telecom-
munications Sector Policy, as it
would not allow for current or
planned future liberalisation
of the sector.”











Total




4,816,961 ! 4,816,961





88,104,708



92,441,623



4,920,952 4,920,952

(3,466,667)




































BALANCE SHEET (Unaudited) 30 April, 2007 . 30 April, 2006
(Expressed in Bahamian dollars) CASH FLOWS FROM OPERATING ACTIVITIES
At April 30, 2007 and Netacone
January 31, 2007 $ 4,920,952 $ 4,816,961
ASSETS 30 April, 2007 31 January, 2007 Adjustments for
| Depreciation 121,684 117,299
Cash vara $ 48,359.43] $ 30,346,621 Provision for credit losses 85,330 109,488
Statutory reserve account with ; Loss on disposal of fixed assets 4,822 10,274
a 26,843,939 26,128,341 ae
ee a. 30,873,738 28,395,269 5,132,788 5,054,022
Loans - Net 580,966,631 571,669,554 Changes in operating assets and liabilities 1,602,515 (503,739)
Fixed assets - Net 2,153,433 2,659,398 Increase in loans and advances, net (9,382,407) (10,426,996)
Other assets 1,455,171 1,602,757 Increase in deposits 26,825,591 10,351,179
: TOTAL S$ 691,252,343 S___ 660,801,940 Net cash from operating activities 24,178,487 4,474,466
See AND SHAREHOLDERS’ EQUITY CASH FLOWS FROM INVESTING ACTIVITIES
Ss Purchase of fixed assets
eee : Sena acre Net (Purchase) Proceeds of investments ne 4 a
Dividends payable 14,000,000 11,400,000 1410, ___ (4,069,563)
Giheriapiices 1,297,857 1,727,330 Net cash used in investing activities ____(2,699,010) (4,078,422)
Satie . $ 597,356,435 $ 568,360,317 CASH FLOWS FROM FINANCING ACTIVITY
SHAREHOLDERS' EQUITY Dividends (3,466,667) __(3,466,667)
Share capital 5,333,334 5,333,334 NET INCREASE (DECREASE) IN CASH AND
Share premium perch a, CASH EQUIVALENTS 18,012,810 (3,070,623)
Rated eaceg 85,510.31 6 / 84,056,031 CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 30,346,621 34,854,154
93,895,908 92,441,623 CASH AND CASH EQUIVALENTS, END OF THE PERIOD $ 48,359,431 $ 31,783,531




Total shareholders' equity

TOTAL $ 691,252,343 S$
FINANCE CORPORATION OF THE BAHAMAS LIMITED
STATEMENT OF INCOME (Unaudited)

(Expressed in Bahamian dollars)
(3 months ended April 30, 2007)




FINANCE CORPORATION OF THE BAHAMAS LIMITED
Notes to Unaudited Interim Consolidated Financial Statements
(3 months ended April 30, 2007)






30April, 2007 30 April, 2006
INCOME i
6,842,287 4 6,848,991




. ACCOUNTING POLICIES




Net interest income , $


























Provision for credit losses net (85,330) — (109,488) These interim condensed financial statements have been prepared in accordance with
Net interest income after provision for credit losses 6,756,957 6.739.503 International Accounting Standards 34 Interim Financial Reporting. The accounting

Rees and conics 985,827 825.278 policies used in the preparation of these interim financial statements are consistent with

See. a Tre thos sed in the audit tal ste i ;

jaraiiiecue 7,142,784 7,564,781 1ose used in the audited financial statements for the year ended October 31, 2006

NON-INTEREST EXPENSES 2. COMPARATIVES

Total non-interest expenses 2,821,832 2,747,820

NET INCOME 4,920,952 § 4,816,961 Certain comparative figures have been restated to comply with the presentation of these

EARNINGS PER SHARE § 0.18 § 0 18 interim financial statements.



IME THIBUNE BUSINESS

m@ Phone: 242 502-6000

ei ERNST & YOUNG @ Chartered Accountants

One Montague Place Fax: 242 502-6090
Third Floor www.ey.com

Fast Bay Street

P.O. Box N-3231

Nassau, Bahamas

INDEPENDENT AUDITORS' REPORT

To the Shareholder of
SG HAMBROS BANK & TRUST (BAHAMAS) LIMITED

We have audited the accompanying balance sheet of SG Hambros Bank & Trust (Bahamas) Limited and its
subsidiaries (the Bank) and a summary of significant accounting policies and other explanatory notes.

Management’s Responsibility for the Financial Statements

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

Auditors’ Responsibility
Our responsibility is to express an opinion on the balance sheet based on our audit. We conducted our audit

in accordance with International Standards on Auditing. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance whether the balance
sheet is free from material misstatement.

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

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

Opinion ;
In our opinion, the consolidated balance sheet presents fairly, in all material respects, the financial
position of the Bank as of December 31, 2006 in accordance with International Financial Reporting

Standards. :
Ganet + tt

A Member Practice of Ernst & Young International

June 21, 2007

SG HAMBROS BANK & TRUST (BAHAMAS) LIMITED

CONSOLIDATED BALANCE SHEET

December 31



2006 2005
$°000 $’000
4ASSETS

Cash and due from banks on demand 19,487 15,407
Deposits with banks 481,220 242,293
Security settlements pending - 13,779
Accounts receivable 2,113 2,080
Loans and mortgages (note 3) 47,188 52.127
Investments available-for-sale (note 4) 424,385 -
Investments held-to-maturity (note 4) 7,757 376,309
- Property and equipment, net (note 5) 13,727 11.869
Other assets (note 6) 6,248 5,586
Pension plan asset (note 7) é 3,366 3.530
Total assets 1,005,491 722,980

SG HAMBROS BANK & TRUST (BAHAMAS) LIMITED
CONSOLIDATED BALANCE SHEET (Continued)

December 31



2006 2005
$’000 $7000
LIABILITIES AND SHAREHOLDER’S EQUITY
Liabilities
Due to banks on demand . 8,865 4.963
Current and deposit accounts 957,249 673,045
Security settlements pending - 10,734
Other liabilities (note 8) 8,768 6.540
Pension plan liability (note 7) 242 + 184
Post-employment healthcare plan liability (note 7) 1,920 1,962
Total liabilities 977,044 _ 697,428
Shareholder’s equity
Share capital:
Authorised — 75,000 shares of B$57.15 each
Issued and fully paid — 35,001 shares 2,000 2.000
Contributed surplus 8,266 . 8.266
Retained earnings 17,656 15.286
Available-for-sale reserve 525 -
Total shareholder’s equity 28,447 25,552
Total liabilities and shareholder’s equity 1,005,491 722,980
NO

COMMITMENTS AND CONTINGENCIES (note 9)

Approved By The Board:

Director

Director



SG HAMBROS BANK & TRUST (BAHAMAS) LIMITED

NOTES TO CONSOLIDATED BALANCE SHEET
December 31, 2006

1. CORPORATE INFORMATION

SG Hambros Bank & Trust (Bahamas) Limited (the Bank) is incorporated under the laws of the
Commonwealth of The Bahamas and its principal activities include banking, investment advisory
services, trust and company administration and fund management. The Bank is a wholly-owned
subsidiary of SG Hambros Bank and Trust (United Kingdom), whose ultimate parent company 1s
Société Générale SA which is incorporated in France. The consolidated balance shect of the group
are available from the Company Secretary, Societe Generale, 29 Boulevard Haussmann, 75009
Paris, France.

The registered office of the Bank is located at West Bay Street, Nassau, Bahamas.

The consolidated balance sheet has been approved for issue by the Directors of the Bank on June
21, 2007.

rHiVAY, JUNE 29, 2007, PAGE 11B

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Statement of compliance

The consolidated balance sheet has been prepared in accordance with International Financial
Reporting Standards (IFRS).

Basis of preparation

? .
The consolidated balance sheet is presented in United States dollars. The. preparation of
consolidated balance sheet requires management to make estimates and assumptions that affect the
reported amounts and disclosures in the consolidated balance sheet. Actual results could differ
from those estimates.

The consolidated balance sheet was prepared under the historical cost convention, except for the
measurement at fair value of financial assets and liabilities, and loans and mortgages. Investments
held to maturity are stated at amortized cost.

Basis of consolidation

The accompanying consolidated balance sheet include the balance sheet of the Bank and those of its
wholly-owned subsidiaries, Adansonia Investments Limited, Bannervale Investments Limited.
Dragonian Investments Limited, Goshen Investments Limited, Maridi Investment Company
Limited and SG Hambros Corporate Services (Bahamas) Limited, all of which are nomince non-
trading companies and are incorporated under the laws of the Commonwealth of The Bahamas. All
significant intercompany accounts have been eliminated on consolidation.

Change in accounting standards

Since March 2004, the International Accounting Standards Board (IASB) has significantly amended
IAS 32 Financial Instruments: Disclosure and Presentation and IAS 39 Financial Instruments:
Recognition and Measurement. The amendments became effective on January 1, 2005.
Comparative information was adjusted in accordance with IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors, to ensure the appropriate accounting policies are applicd in each
period, where necessary.

The amended IAS 39 introduced a new category of financial instruments, financial assets and
liabilities at fair value through profit or loss, which is divided into two sub-categories, “‘held-for-
trading”, and “financial instruments designated at fair value through profit and loss on initial
recognition”. The Bank determines the classification of its financial assets upon initial recognition
and, where allowed and appropriate, re-evaluates this designation at each financial year-end.

Investments available-for-sale

Available-for-sale financial investments are financial assets which the Bank has designated as such
and represents floating rate notes, where the interest rate is tied to the one-month or three-month

LIBOR plus a fixed spread.

After initial measurement, available-for-sale financial investments are subsequently measurcd at
fair value. Unrealized gains and losses are recognized directly in equity in the ‘available-for-sale
reserve’. Where the Bank holds more than one investment in the same security they are deemcd to
be disposed of on a first-in first-out basis.

Investments held-to-maturity
4

Held-to-maturity financial instruments are those which carry fixed or determinable payments and
have fixed maturities and which the Bank has the intention and ability to hold io maturity.
Investments held-to-maturity are financial assets which the Bank intends to hold to maturity and
represent U.S. Government Securities. These securities are stated al amortized cost (which
approximates market value), using the effective interest rate method, less allowance for impairment.
Amortized cost is calculated by taking into account any discount or premium on acquisition. over
the period to maturity. Investments are recorded on a trade date basis.

Impairment and uncollectibility of financial assets

An assessment is made at each balance sheet date to determine whether there is objective evidencc
that a financial asset or group of financial assets may be impaired. If such evidence exists, thc
estimated recoverable amount of that asset is determined and an impairment loss is recognized for
the difference between the recoverable amount and the carrying amount. The Bank did not recorc
any impairment adjustments at December 31, 2006 (2005 — nil).

Accounts receivable

Accounts receivable are stated at original invoice amount less any provision for doubtful debts. An
estimate for doubtful accounts is made on a specific identification basis, when collection of the full
amount is considered no longer probable. There was no provision for doubtful debts necessary as
of December 31, 2006 (2005 — nil). Bad debts are written-off as incurred.

Loans and mortgages

Loans and mortgages are stated at the principal amount outstanding adjusted for charge-offs and
provision for loan losses. The provision for loan losses is increased by charges to income and
decreased by charge-offs (net of recoveries). Management’s periodic evaluation of the adequacy of
the provision is based on the Bank’s past loan loss experience, known and inherent risks in the
portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of
any underlying collateral, and current economic conditions. No loans were considered impaircd at
December 31, 2006 (2005 — nil).

Property and equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated
on the straight-line basis over the estimated useful lives of the assets as follows:

Building 40 years
Furniture and fixtures 5-10 years
Motor vehicles 5 years
? E.D.P. - Software 5 years
E.D.P. - Hardware 5 years

Machinery and equipment 3-5 years

The carrying amounts of property and equipment are reviewed at each balance sheet date to assess
whether they are recorded in excess of their recoverable amounts, and where carrying values excced
this estimated recoverable amount, assets are written down to their recoverable amount. No such
write-downs have been recorded by the Bank.

I} .

Accounts payable and accrued liabilities
Liabilities for accounts payable and accrued liabilities, which are normally settled on 30-60 day

terms, are carried at cost, which is the fair value of the consideration to be paid in the future for
goods and services received. Payables to related parties are carried at cost. Accounts payable and

~ accrued liabilities are reported in other liabilities on the consolidated balance sheet.

Provisions

Provisions are recognized when the Bank has a present obligation (legal or constructive) as a result
of a past event, it is probable that an outflow of resources embodying economic bencfits will be
required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Pensions and other post-employment benefits

The Bank operates two defined benefit pension plans, both of which require contributions to be
made to separately administered funds. The Bank also provides defined benefit post-employment
healthcare benefits to its retirees. These benefits are unfunded. The cost of providing benefits
under these plans is determined separately for each plan using the projected unit credit actuarial
valuation method. Actuarial valuations are performed by qualified independent actuaries.

Translation of foreign currencies

Monetary assets and liabilities denominated in currencies other than United States dollars, the
functional and presentation currency of the Bank, are translated at the rates of exchange prevailing
al the year end.

Related party balances

All balances with the ultimate parent company or its subsidiaries are shown in the consolidated
balance sheet as related party.

Assets under management

No account is taken in the consolidated balance sheet of assets and liabilities of clients managed
and administered by the Bank or its subsidiaries as custodian, trustee or nominee, other than thosc
assets and liabilities which relate to the banking services provided by the Bank or its subsidiarics
for their clients.



PAGE 12B, FRIDAY, JUNE 29, 2007

Taxes

There are no income taxes imposed on the Bank in the Commonwealth of The Bahamas.

Adoption ot If KSs during the year

The Bank has adopted the following revised standards during the year. Adoption of revised
standards does not have any effect on equity as at January 1, 2005.

e JAS 19 Amendments - Employee Benefits
e IAS21 Amendments - The Effects of Changes-in Foreign Exchange Rates
e JAS 39 Amendments - Financial Instruments: Recognition and Measurement

Future changes in accounting policies

Early adoption

The Bank did not early adopt any new standards during the year.

IFRSs and IFRIC Interpretations not yet effective

The Bank has not applied the following IFRSs and IFRIC Interpretations that have been issued but
are not yet effective:

IFRS 7 Financial Instruments: Disclosures, requires disclosures that enable users to cvaluate the .
significance of the Bank’s financial instruments and the nature and extent of the risks from thosc -
financial instruments. This standard becomes effective for annual periods beginning on or after
January 1, 2007, and as a result, certain amounts and disclosures related to the Bank’s financial

instruments may change upon adoption.

IFRS 1 Presentation of Financial Statements includes amendments that require that an entity
discloses information that enables the users of the balance sheet to evaluate the entity’s objectives.
policies and processes for managing capital. These amendments are effective for annual: pcriods
beginning on or after January 1, 2007, and as a xesult, certain amounts and disclosures related to the

Bank’s capital may change upon adoption.

IFRIC Interpretation 8 was issued in January 2006 and is required to be applied for financial ycars
beginning on or after May 1, 2006. It requires IFRS 2 Share-Based Payment to.be applied to any
arrangements where equity instruments are issued for consideration which appears to’ be less than
fair value. As equity instruments are only issued to employees in accordance with the ‘employee: ©
equity participation plans, the interpretation had no impact on the financial position of the Bank. ~

IFRIC 9 was issued in March 2006, and becomes effective for financial years beginning on or after
June 1, 2006. This interpretation establishes that the date to assess the existence of-an embedded
derivative is the date an entity first becomes a party to the contract, with reassessment ‘only if‘ there
is a change to the contract that significantly modifies the cash flows. The Bank expects that
adoption of this interpretation will have no impact on the Bank’s consolidated balance shect when: . ”
implemented in 2007. , hare city poe ase orth Ps
ot sae LES |
IFRIC 10 was issued in November 2006, and becomes effective for financial years beginning on or
after November 1, 2006. This interpretation addresses the reversal of impairment losses recognized _,
in an interim period. The Bank does not have interim reporting requirements and expects that
adoption of this interpretation will have no impact on the Bank’s consolidated balance sheet when
implemented in 2007. we Bo tea.

IFRIC 11 was issued in November 2006, and becomes effective for financial years beginning on or
after March 1, 2007. This interpretation addresses group and treasury share transactions related to
share-based payments to employees. As equity instruments are. only. issued to. employees in. |
accordance with the employee equity participation plans, the interpretation will have not impact on
the Bank. Ne eee eee ‘
IFRIC 12 was issued in November 2006, and becomes effective for financial years beginning on or
after January 1, 2008. This interpretation gives guidance on the accounting by operators: for public-
to-private service concession arrangements. This interpretation is not expected to. be relevant for the
@tivities of the Bank. , : Mes

3, LOANS AND MORTGAGES



47,188 52127"

2006 2005
* Demand loans teers mL 28,2800: 32,670
> Fixed-term loans be Bs Me Abb 6,164. 20 & E926 =
Mortgages Siete a “15,744. 7,53

Loans and mortgages ‘are denominated primarily in United States dollars and United Kingdom
pounds. Loans are secured primarily by cash deposits and marketable United States securities.

Mortgages are secured primarily by real-estate located in the United Kingdom and The Bahamas. oe

The total lending value of al! collateral held against outstanding loans at December 31,2006 was
$283 million (2005 - $102 million). ae Boe area a Be tS

At December 31, 2006, there are no loans and mortgages on which interest is not being accrued, or
where interest is suspended. ; epee ee cn
4. INVESTMENTS

Investment held-to-maturity consist. of U.S. Treasury notes valued at $7,757,000 (2005. -

$9,858,000). - Investmenits available-for-sale. consist of corporate, bonds valued at $424,385,000 fs

(2005 - $366,451,000). a

The maturity profile and interest rates of the investments are shown in note 12.

5. PROPERTY AND EQUIPMENT

An analysis of activity in property and equipment was as follows:

Beginning leet © ae Ending
Cost : “Balance . Additions ‘Disposals .. . Balance
; : sooo | $7000 000 S000
Land . Sas ter re Ree a ia
Building 9568 235 a tee 9,803
Machinery & Equipment 2,892 76 (310).. 2,658
Furniture & Fixtures 1,102 28 OF ee ke
Motor Vehicles 167, a ee as heh aG7
EDP Software & Hardware 7,988 2,551 (1,706) 8,833
Total 24,830 - 2,890 (2,016) 25,704
Beginning Charge for os Ending
Accumulated Depreciation . Balance — Year Disposals Balance.
e $7000 $000 $7000 $000
Building ee : 1,837 280 a9
Machinery & Equipment 2,641 142 (310): 2,473
Furniture & Fixtures 1,052: 1G. Fe. 1,062
Motor Vehicles 40 35 hee” IK
EDP Software & Hardware 7,391 565 (1,706) 6,250
Total 12,961 1,032 (2,016) 11,977
Beginning He Ending
Balance Additions __ Depreciation —_— Balance

Net book value

December 31, 2006 ; 11,869 2,890 (1,032) 43727

December 31, 2005 12,096 553.5 aE) 11.869

6. OTHER ASSETS

2006 2005

$7000 $7000
Interest receivable : 2,824 ~ . 2,158
Prepaid 515. 2.122
Other 626 © 333
Accrued fees 2,283 073

Total other assets 6,248 5.586

/



THE TRIBUNE BUSINESS

7. EMPLOYEE BENEFITS

Pension plans

‘lhe Bank has two defined benefit pension plans - Retirement Scheme for Bahamian |imployccs
(Bahamian) and Retirement Scheme for Non-Bahamian Employees (Non-Bahamian) - covering
substantially all of the employees. The plans provide benefits based on final pensionable salary.
The level of contributions required to cover future retirement benefits is based on the projected final
salaries and is determined by a qualified actuary on the basis of valuations using the projected unit
credit actuarial cost method. The plans are subject to annual actuarial valuations and the most
recent valuations were made as at December 31; 2006. These plans are closed to new cmployccs
from October 2003. The Bank will offer a defined contribution plan to new employces.

The following tables summarize the funded status and amounts recognized in the consolidated
balance sheet.

Pension plan liability (asset)

Pension Plans



Bahamian: Non-Bahamian
2006 2005 2006 2005
? 7 “$°000 $°000 5°00 $°000
Benefit obligation ; (15,807) (17,948) (2,227 2,367
- Plan assets a Sse 18,885. 18,4200. Fv 3» Oa10
Go (unfunded) benefit : d
: obligation - ESE oe 3,078 : 472 796 S
Unrecognized net actuarial gains |= —-_-288 3,058 C54) On
Pension plan asset (liability) 3,366 Z





a 3,530 (242

> Activity in the pension plan liability (asset) during the year was as follows:

‘ Pension Plans .



fee Bahamian ~Non-Bahamian _
2006 2005 2006 2005
i | $'000 a ee $7000
"Pension plan asset (liability), Oe gens p sae ee enn” Otis
opr beet 3,530 OS BTA 088) (155)
enefit expense (164 (244 .
Coe : ; 4) | em) (124) (130)

Hibution: is 67 101
Pension plan asset (liability), end a
‘of year. mon ie











3,366 ~ 3.530 242



(184)




ce wee ot ee

The principal assumptions used: in determining pension benefit obligations for the Bank’s plans ar
shown below: . PE gas

sores Pension Plans
Bahamian _. Non-Bahamian

2006 “ 2005 ss 2006 2005.
OY % %
Discount rate at December 31 6.16... 5.30 6.12 5.35
Expected return on plan assets 7.10 7.29 6.60 4.26
: Future pension a DAB ES AG) oS DAD «7 245)
-___ Proportion of employees opting ra SAE
for early retirement ___ Pelee - 1.00.00 >. 1,000 2° 400° 1.00

Post-employment healthcare benefits

.- The Bank also provides post-employment healthcare benefits: to a small-number of retirees... On
~ January 29, 2004, the Bank cancelled this benefit for current employees and significantly reduced
-- the benefit offered to retirees. woes LEE Blew iqie Foie the SBS,
~ During, 2005, the Bank .reached an agreement with most: of ‘the retirees to accept. a Jump sum
- payirient which significantly reduced its liability as at December 31 9905

yh

The following table summarizes the amount recognized in the consolidated balance sheet.

2006 2005

eae — $000 ———~—«8°000
Unfunded benefit obligation. = ES Sg ed RRS: 2.022
Unrecognized net actuarial gains : : 35 (60

_Unrecognized net actuarial gains SO)
Post-employment healthcare liability : : 1,920 1,962

Activity in the post-employment healthcare plan liability during the year was as follows:



2006 ‘ 2005

| ] $°000 $°000
Post-employment healthcare liability, beginning of year 1,962 4.444
Benefit expense 103 422

Contributions / adjustment: ___. Sk (145) (2,904)
Post-employment healthcare liability, end of year oe 1,920 1,962

Ine principal actuarial assumptions used in determining the post-employment healthcare bencfit
obligation are as follows:



2006 2005

% %
Discount rate 6.00 5.17
Healthcare cost increase rate : 5.00 5.00

8. . OTHER LIABILITES

2006 2005
$°000 $000
Legal provisions 1,686 2181
Accrued expenses 1,724 1,645
Interest payable 1,873 659
- Due to group companies 925 1.002
Other =: 1,148 470
Fees charged in advance 1,412 583
Total other liabilities 8,768 6.540

9. COMMITMENTS AND CONTINGENCIES

The Bank is a party to certain financial instruments with off-balance sheet risk, in the normal coursc
of business, to meet the financing needs of its customers. These financial instruments include
acceptances and guarantees, commitments to extend credit under lines of credit, and commitments
to originate loans and mortgages. Exposure to loss is represented by the contractual amount of
those instruments, however, the Bank uses the same credit and hypothecation criteria when entcring
into these commitments and conditional obligations as it does for loans and mortgages.

Contingent liabilities under acceptances and guarantees entered into on behalf of customers and

commitments to extend credit under lines of credit, in respect of which there are corresponding

obligations by customers, amounted to $14.4 million at December 31, 2006 (2005 - $9.9 million)
. and are not included in the consolidated balance sheet.

As of December 31, 2006, legal actions brought against the Bank by clients had not becn finalized.
The Bank has been advised by lawyers that it is probable that these actions will succeed and
accordingly, at December 31, 2006, a provision of $1.7 million (2005: $2.1 million) has been made
in the consolidated balance sheet.



THE TRIBUNE BUSINESS

10. RELATED PARTY BALANCES

The following is a summary of related party balances in the consolidated balance sheet at December
31:



2006 2005,
$°000 $000
Cash and due from banks on demand
Parent 74 89
Other affiliates 200 2.717
Deposits with banks
Parent 475,220 175,345
Other affiliates 6 28,299
Other assets
Other affiliates - 91
Total amount due from related parties 475,500 206,541
Current and deposit accounts
Other affiliates 2,062 4,752
Other liabilities
Parent 689 738
Total amount due to related parties 2,751 5.490
11. GEOGRAPHICAL ANALYSIS
2006 2005
Assets _ Liabilities Assets _ Liabilities
$000 $°000 $000 $°000
Europe 812,931 384,251 518,304 178.286
North America 57,868 . 33,346 109,630 153.095
Caribbean 45,947 364,513 69,419 213.279
Other 88,745 194,934 25,627 152.768

1,005,491 977,044 722,980 697.428

“12. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Financial risk management objectives and policies

The Bank’s financial instruments comprise deposits, money market assets and liabilities. some cash
and liquid resources, and other various items that arise directly from its operations. The main risks
arising from the Bank’s financial instruments are credit risk, liquidity risk, interest rate risk and
foreign currency risk. The Board reviews and agrees on policies for managing cach of these risks
and they are summarized in the following notes.

Credit risk —

Credit risk is the risk that a customer or counterparty will be unable or unwilling to mcet a
commitment that it has entered into with the Bank. The Bank manages counterparty credit risk
centrally to optimize the use of credit availability and to avoid excessive risk concentration.
Customer credit risk is monitored on a regular basis by management. The Bank’s maximum
exposure to credit risk (not taking into account the value of any collateral or other security held) in
the event the counterparties fail to perform their obligations as of December 31, 2006 in relation to
each class of recognized financial assets, is the carrying amount of those assets as indicated on the
consolidated balance sheet. The Bank has not experienced significant credit losses.

Liquidity risk

Liquidity risk is the risk that the Bank will encounter difficulty in realizing assets or otherwisc
raising funds to meet commitments. The Bank monitors expected cash outflows on a daily basis.
Its policy throughout the period has been to ensure liquidity by maintaining at all times sufficient
high quality liquid assets to cover expected net cash outflows.

Significant monetary assets and liabilities can be classified, based on the period remaining to
maturity from the balance sheet date, as follows:











2006 °~ -
Six EEE
Three Four to Months One Year
Months Six To One To More than
or Less Months Year Five Years Five Years Total
$°000 $°000 $°000 $°000 $°000 $7000
ASSETS
Cash and due from 19,487 - - - - 19,487
banks on demand
Deposits with banks 481,113 59 49. - - 481,220
Loansand —
mortgages 42,056 - 5,132 - - 47,188
Investments
available-for-sale 4,000 25,874 46,027 348,484 - 424,385
Investments held- .
to-maturi - - 1,795 4,974 988 7,757
546,656 25,933 §3,003 353,458 988 980,038
LIABILITIES
Due to banks on .
demand 8,865 - - - - 8,865
Current and : .
deposit accounts 934,071 7,370 15,808 . - 957,249
942,936 — 7,370 15,808 - - 966,114
2005
Six
Three Four to Months One Year ;
Months Six . To One To More than
or Less Months Year Five Years Five Years Total
$°000 $°000 $000 $°000 $°000 $000
ASSETS ‘ :
Cash and due from
banks on demand 15,407 - e - - 15.407
Deposits with banks 241,339 5] 860 43 - 242.293
Loans and
mortgages 24,896 7,256 10,355 9,620 - 52.127
Investments held-
to-maturi 32,122 11,010 24,785 306,315 2,077 376,309
313,764 18,317 36,000 315,978 2.077 686.136
LIABILITIES
Due to banks on
demand 4,963 - - - - 4.963
Current and
deposit accounts 666,284 5,990 771 - - 673.045
671,247 5,990 _ - 771 - - 678,008

Interest rate exposure

Interest rate risk is the risk that arises where there is an imbalance between rate and non-rate
sensitive assets and liabilities. The Bank’s exposure to interest rate risk is monitored on a daily
basis and reviewed by management.

The Bank’s exposure 1o interest vates for significant interest-bearing monetary assets and liabilities
by major currencies was as follows: .

2006 _
United States Pound
Dollars Euro Sterling —

ASSETS

Deposits with banks

Loans and mortgages
Investments available-for-sale
Investments held-to-maturity

5.23% to5.29% 3.62% to 3.65% 4.68% to 5.15%
6.25% to 8.37% 4.25% 0.5% to 12%
5.44% to5.65% 3.56% to 3.91% §.25% to 5.50%

2.93% to 4.18% - :

LIABILITIES
Customer current accounts
Customer deposit accounts

1.75% to 3.78%
2.75% to 11.50%

1.98% to 3.98% -
2.94% to 5.35% 1.25% to 3.36%

FRIDAY, JUNE 29, 2007, PAGE 13B

2008
United States Pound
Dollars Euro Sterling
ASSETS
Deposits with banks 4.00% to 4.37% 2.13% to.2.45% 4.52% to 4.75%
Loarls and mortgages 4.50% to 6.54% 3.00% to 4.49% 5.00% to 12.00%
Investments held-to-maturity 2.66% to 4.64% 2.32% to 2.69% 4.72% to 4.85%

LIABILITIES
Customer current accounts 1.25% to 1.87% - 1.75% to 2.38%

Customer deposit accounts 2.00% to 4.19% 0.06% to 2.00% 2.38% to 11.50%

At December 31, 2006 and 2005, the Pound Sterling current account was eligible to bear interest
based on current market conditions on balances over £10,000.

Currency risk

Currency risk is the risk that the value of a financial instrument wil] fluctuate because of changes in
foreign exchange rates. The Bank’s foreign exchange exposure arises from providing scrviccs 10
customers. The Bank’s policy is to hedge against foreign exchange risk by matching foreign
currency liabilities with foreign currency assets. Currency exposure is monitored on a daily basis
and reviewed by management.

2006
United States Pound
Dollars Euro Sterling Others
$°000 $000 $000 $000
Assets 484,787 408,316 49,435 62,953
Liabilities and |
shareholder’s equity 508,404 408,563 49,326 39,198
2005
United States Pound
Dollars Euro Sterling Others
. $°000 $°000 $°000 $000
Assets 466,840 127,687 51,962 76.491
Liabilities and
shareholder’s equity 465,740 126,496 51,454 79,290)

Net fair value of financial instruments

Financial instruments utilized by the Bank include recorded assets and liabilities, as well as items
that principally involve off-balance sheet risk. The majority of the Bank’s financial instruments arc
either short-term in nature-or have interest rates that automatically reset to market on a periodic
basis. Accordingly, the estimated fair value is not significantly different from the carrying value for
each major category of the Bank’s recorded assets and liabilities.

13. COMPARATIVE FIGURES

Certain 2005 amounts have been reclassified to conform with the consolidated balance shect
presentation adopted for 2006.

Nassau Airport
Development Company

Passenger Facility & Security Charges

Effective - July 01, 2007

In accordance with The Airport Authority (Passenger Facility and
Security Charge) Order, 2007, dated March 30, 2007, every passenger
departing Lynden Pindling International Airport on or after July 01, 2007
will be required to pay a Passenger Facility Charge (PFC) and Security
Fee at the following rates: ;

Passengers departing to international destinations:
$15 PFC and $7 Security Fee

Passengers departing to domestic destinations:
$5 PFC and $5 Security Fee

The following passengers will be exempt from paying these fees:
- Infants (children under 2 years of age)
- Diplomats
- Passengers on flights that are involuntarily rerouted
- Airline crew on duty
- Personnel on military service

How will these fees be collected? .
- The PFC and Security fee will be collected by the airline either
at the time of the ticket sale or at check in.

What are the fees used for?

- The PFC will be used to fund redevelopment and improvement of
the Lynden Pindling International Airport by the Nassau Airport
Development Company (NAD). The Security Fee will be used by
the Airport Authority to fund security initiatives.

If you have any questions or comments, please feel free to contact us:
- Send us an e-mail at feedback@nas.bs
- Write usa letter and send it to: Nassau Airport Development
Company Limited, PO Box AP 59229, Nassau, The Bahamas



To advertise in The Tribune’s Classified

Call 502-2351

Haterz one

EN FEFRSES

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LuESBER

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Bal N

ShSSZS A

Ad RRRETELRES





PAGE 14B, FRIDAY, JUNE 29, 2007




Tribune Comics

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I HAVE TO Vo
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FOR MY



CRYPTIC PUZZLE |

ACROSS

DOWN

What nobody knows is the source of 1 Inorder to be honest (8)

the hum? (3,6) 2 Take away something to drink (6)
Wind a chain round the spigot if really J 3 | Someone very nice getting stick and
necessary (2,1,5) criticism (8)

One has been written about royal 4 Bump into as you go out (6)
land (4) 5 Reason for raised eyebrows in the



SOUND OF SPRING
MAKE ME THINK ot q



AND HE'S ALSO TRYING TO FILL A
BOOKCASE HE JUST MADE IN HIS
WORKSHOP 5






’ COMICS PAGE

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WAIT! YOLU’RE
AMERICANS



WILL SPRING ALWAYS

NINE TIMES AS MANY BATHS.”





West dealer.

Neither side vulnerable.
‘NORTH
@AQ9
VKI83
#AJ10
&974
WEST EAST
853 a6
V9 ¥Q7652
74 98532
&®AKQ10652 . #53
SOUTH:
WITH OL’ WHAT'S @KI10742
HER NAME ¥A 104
OQ #KQ6
&8
The bidding:
West North East South
3& Dble Pass 4NT
Pass 59% Pass 6¢

Opening lead — king of clubs.

Declarer is often faced with the
problem of resolving which way to
finesse against a missing queen.
From a mathematical standpoint, this
appears to be a straightforward 50-50
proposition, but in fact a skillful
declarer will “guess” correctly far
more than half the time.

One way of improving the suc-
cess ratio is for declarer to try to
learn as much as possible about the

Wiyoou

§ | opponents’ distribution before com-
& | mitting himself one way or the other.
“ |} How he goes about doing this is
‘
3 :
5 | HOW many words of
Â¥ four letters or more

WNW. UCOMICS.. COM can you make from

the letters shown
here? In making a
word, each letter may
be used once only. .
Each must contain the
centre letter and there
must he at Jeast one
nine-letter word. No
plurals or verb forms




inkjet printer).

TODAY’S TARGET
Good 13; very good 19; excellent 26.
zs : Solution tomorrow.













°]’M GLAD IM NOT A CAT. NINE LIVES MEANS

The So-Called Educated Guess

TARGET

BiA
[AIKIR

ending in “s”, no words with initial capitals and no.
words with a hyphen or apostrophe permitted. The
first word of a phrase is permitted (e.g. inkjet in





13 Busy restoring it when the cave
collapsed, trapping (6)

14 Because taking again to be true (7)
15 Choose somewhere in the restaurant
there's easy access to? (3-2-4)

17 Showed I'd acted badly in the
beginning (9)

18 Leading the bouncy poms and the
child outside (7)

20 Why shift it back in? (6)

- 21 Incline towards, you say, the right (4)
24 Went towards having patched up (8)
26 Besides being further across (8)

28 Was lashed or wasn't beaten (4)

29 Signal that means “Avandon’” (6)

31 Bolt when there's a shot from right
beside you (5-2)

34 Heavens! Meant to build onto fhe
house! (9)

36 The fruit fly returns to “22”
fluttering (9)

38 Forbearing with “21” in trouble with
the network (7)

39 Supposition is, as a Conservative he
will get in (6)

40 The date is around the beginning of
December (4)

41 Apointer from the boss (8)

42 Manifesting itself when one’s
amplifying (7,2)





ee



YESTERDAY'S CRYPTIC SOLUTIONS

ACROSS: 1, Props 6, Hoots 9, Le-
XIC-on 10, Scrip 11, Lying 12, Caly-X
13, Festoon 15, Sec 17, It-CH 18, W-
A-V-ell 19, Aster 20, Enlist 22, Legs
(eleven) 24, Dad('s army) 25, Al-pines
26, Heavy 27, R-I've-T. 28, E-tude 29,
Risible 30, Medoc 31, I¢-nife

DOWN: 2, Rock-E.T. 3, Plinth 4, Sep
§,W-igan 6, Holy war 7, Ony-x 8, Tin-
sel 12, Coast 13, Fine-D 14, S-C-old
15, Seven 16, Class 18, We-L-ly 19,
A-s-cetic 21, Nat-I've 22, Listen 23,
Geldof 25, Avail 26, Her-O 28, Elk



16

19
20

22

23
25

26
27

30

32

33

35
36

37

surgery? (4-4)

How the plane that went by was
disregarded? (6,4)

Climbing into the tree can reveal craft
(7)

Take it you don't deny (6)

Shut up and locked inside is the item
of jewellery (7)

Hamming it up in the villain role,
which is a shame (3,3)

Not all in harmony, to the ear (5)
Not all there being very enthusiastic
about (3)

She got in high dudgeon when half
cut (5)

Extra big interior that's gloomy (6)
Least upset when a tree is felled
outside the property (4,6)

Wow! An island! (3)

Cunning to conceai the row?
Hardly! (7)

Have a greater regard for than (8)
Not running in to carry out, being
perverse (8)

Drink urge stifled, what | do to

keep fit (5-3)

Getting the signal, the danger signal,
was indecisive (7)
Fled from the police, being bad (6)
Begin turning the key in, while one
deals with (6)

The one doing splits, in blue (6)

VESTERDAY’S EASY SOLUTIONS

ACRUSS: 1, Cramp 6, Punch 9,
Earlier 10, Spent 11, Latin 12, Peril
13, Strolls 15, Hen 17, Tear 18, Valise
19, Raven 20, Opined 22, Sere 24,
Pad 25, Cruiser 26, Rails 27, Wafer
28, Ambil 29, Presume 30, Pansy 31,
Pries

DOWN: 2, Repule 3, Mentor 4, Pal
5, Fiies 6, Pelican 7, Ural 8, Chimes
12, Plead 13, Stoop 14, Rapid 15,
Hives 16, Never 18, Veers 19,
Remarry 21, Panama 22, Simmer 23,
Revise 25, Clash 26, Reps 28, Amp

are,





























wo wo rm]

| =|

ACROSS DOWN
aa puge election win (9) \ eee
ged a8) locomotive (6)
12 Among (4) 3 Of the Bible
13 Shall 4 Of the teeth (6
dishes (6 5, Contemplate
13 Equilbrum (7) 6 ema
xaclly alike (9) bad (10) oY
id a FeprecentalveaGh 7 School science
chool scie
x 18 Not artificial (7) subject (7)
N 20 Rigorous 19) 8 = Marine bird (6)
> 21 Hire car (4) 11 Allow to escape (a
24 Of Europe and 16 Sikh's headgear (6)
Qa. Asia (8) 19 Armistice (6
> 26 End of a football 20 Transgression (3
match (4,4) 22 Letin, confess (5)
wo 28 Far down (4) 23 Hit (6)
Lu 31 Aimless or rootless a6 oe
xy ea 20 Urea
p 1 ain
38 Made aee ©) 32 frewiy (8
39 Anticipate (6 32 dense cmon (7)
pee) 35 South Ameri
40 Portent (4) ee
i pel tegments (8) 36 Sees pibmant (6)
roughly (9) 37 Love apple (6)

Ea
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THE TRIBUNE BUSINESS

TM HAVING AN \ 45
INVENTORY
REDUCTION SALE!
GREAT IDEAS
ARE NOW JUST
A QUARTER !

‘© 1992 Watterson Distributed by Universal Press Syndicate

shown in today’s hand.

West led the king of clubs and
continued with the ace. Declarer
ruffed, drew three rounds of trumps,
West following suit to all three, and
then ruffed dummy’s last club. East’s
diamond discard confirmed that
West, as expected, had started with
seven clubs.

One more piece of information
regarding West’s distribution
remained to be uncovered, and South
quickly resolved it by cashing the A-
K-Q of diamonds, West showing out
on the third round. The picture of the
hand West held originally was now
complete. He had started with seven
clubs, three spades, two diamonds
and therefore only one heart.

Declarer was now ready to tackle
the heart suit, but, thanks to his care-
ful preparatory steps, the location of
the queen was no longer a guess.
Either East had the missing damsel
or West had it singleton. So, at trick
ten declarer led a heart to dummy’s
king. When the queen did not appear,
South next led a heart to his ten to
bring home the slam.

- Admittedly, there are deals where
declarer, despite diligent efforts, will
be unable to significantly increase
his chances of locating a missing
queen. But in the present case, by
simply adding up to 13, South was
able to raise his chances from 50 per-
cent to 100 percent.







as

bran

rawn broad brood

brown drab snob



and bard barn baron
ard bond boon boor

oron boson brad

SNOWBOARD sorb swab

YESTERDAY’S SOLUTION

adsorb b
boar bo
born b
brand b:
brow

reform

To improve by
re aol g
removing

problems or
ar lett



Peter Wells v Andrei Kharlov,
European championship,
Dresden 2007. In yesterday's
puzzle the veteran English
grandmaster Wells snared his
opponent's queen early in the
game, but Kharlov refused to
resign and the Muscovite
battled on with bishop, knight
and pawn for the queen.
However, the diagram shows
that Black's position was really
awful, with most of his army
besieged on the queen’s side far
from his endangered king.
Wells, who can win in several
ways, chose the most elegant
and precise method, forcing
checkmate. Can you do as well?

_ Calvin & Hobbes











Ok, WERE. WHATS
YOUR GREAT IDEA?





I'M GETTING ANOTHER GREAT] “
IDEA RIGHT NOW.



FRIDAY
JUNE 29

ARIES ~ March 21/April 20
Focus less on career relationships
and more on friendships based on
mutual values and beliefs. Now’s the
time to slow down enjoy life at an
easier pace.

TAURUS - April 21/May 21
Well, Taurus, now’s the time to dress
to impress if you’re determined to
move up in the world. Don’t try to be
something you’re not, but do show
others what you’re capable of.

GEMINI — May 22/June 21
This is one of the most positive times
of the year for you. Smile and don’t
be afraid to walk with your head held
high. You can do no wrong this
week, Gemini.

CANCER - June 22/July 22
Money’s on your mind this week,
Cancer. You’ve been distracted as of
late, and have neglected your cash
flow situation. Don’t worry — you'll
soon be able to make up any short-
falls in your accounts.

LEO - July 23/August 23

This promises to be a wonderful week
for you, Leo, as you’re feeling particu-
larly amorous. Treat that special some-
one to a romantic dinner night out on
the town. It will definitely be worth it.

VIRGO - Aug 24/Sept 22

The sign of health, you’re in the
mood to improve your fitness
level, Virgo. A change of diet and
exercise routine is a must if you’re
to remain interested.

LIBRA - Sept 23/Oct 23
Forget.about the past and all that’s
gone wrong in it, Libra. Many things
are set to go right for you in the next
couple of weeks. Loosen up and
enjoy it!

SCORPIO -— Oct 24/Nov 22
Focus on what’s important to you
this week, Scorpio. You could miss
out if you spend too much time wor-
rying about minor setbacks in recent
weeks. Take it easy.
SAGITTARIUS — Nov 23/Dec 21
You may be feeling more relaxed
than usual this week, which is great-
because the more you sit back and let
life come to you, the more you'll °
enjoy every day. Money problems
will cease to bother you by Thursday. -
CAPRICORN — Dec 22/Jan 20 «
Over the next four weeks or so,”
you’ll consolidate what you have~
gained and make it permanent. You
should make time to enjoy it, you’ve _
certainly worked hard enough. 4

AQUARIUS - Jan 2U/Feb18 *
What goes around comes around, so_
think before you speak. There’s no -
better time than the present to decide -
what you want most out of life and ©
make it your own.

PISCES - Feb 19/March 20
Profit and popularity are important,
but peace of mind is even more so. If
you have any nagging doubts about .
your personal or professional relation-
ships, confront them now.

4 a4

CHESS by Leonard Barden



LEONARD BARDEN

(OPT



Chess solution 8402: 1 Rxg6+! Kxg6 (if hxg6 2 Qh8
mate) 2 Rg8+ Kf5 (if Rg7 3 Qg4+ and 4 Qxg7+ mates
quickly) 3 Rg5+ Kf6 4 Rh5+ Kg7 5 Rxh7+ Kf8 6 Rh8+
Kg7 7 Qh6 mate.

|





INSURANCE MANAGEMENT

(BAHAMAS) LIMITED. INSURANCE BROKERS & AGENTS

om US































A Te us ut




co ESDAY
































































Today. Saturday WINDS WAVES VISIBILITY WATER TEMPS.
High = Low W High Low W WASSAU = Today: SE at 7-14 Knots 1-3 Feet 3-5 Miles 84° F
ee F/C F/C ; F/C F/C Saturda' SSE at 5-10 Knots 1-2 Feet 4-7 Miles 84° F
Acapulco 90/32 77/25 pe 87/30. 79/26 C ~~ FREEPORT Today: —‘SE at 6-12 Knots 1-3 Feet 2-4 Miles 84° F
_ Amsterdam __ _ B47 54/12 ©. 66/18 57/13 pc Saturday: _$ at 5-10 Knots 1-2 Feet 3-5 Miles 84° F
P s Ankara, Turkey 86/30 55/12 pe. = 82/27 54/12 S ABACO Today: SE at 8-16 Knots 3-5 Feet 2-4 Miles 83° F
Mostly cloudy, a Rather cloudy, a Variable clouds, a Clouds and sun, a Clouds and sun, a Intervals of clouds The higher the AccuWeather UV Index™ number, the Athens _ 91/82 73/22 s 90/32 72/22 s Saturday: S$ at 6-12 Knots 2-4 Feet 3-5 Miles 83° F
_ couple of t-storms. couple of t-storms. thunderstorm. shower possible. shower possible. and sun. greater the need for eye and skin protection. Auckland = 2G BO/1E 64/17 «56/13 +
High: 88° High: 90° High: 92° : Bangkok a 90/32 78/25 t 89/31 78/25 t
Hi h: 86° Low 77° caer 79° Low 79° Barbados. 2 B680: 71/25 1 86/30 77/25 t
9 7 * - TUE ETT ea Barcelona 75/23 64/17 pc 74/23 66/18 s
i LU. <] oe AUS BUR THT DY painer neal Roe Beiii - : : a5 = = 9 4t 97/36 75/23 ~
The excl AccuWeather RealFeel T: tt dex that 0 ffects of t ot humidity, hi a diness, it ae and 7:40 a.m 2 2 46 a.m 0. 2 set ras 7a s eee c
e exclusive AccuWeather RealFeel Temperature? is an index that combines the effects of temperature, win umiaity, sunsnine intensity, cloudi precipitation rn 3 mM. : ti: mM. oF Ps si iS
elevation on the human body—everything that effects how warm or cold a person feels. Temperatures reflect the high and the low for the day. many 8:05p.m. 2.9 1:31pm. 0.2 Belgrade 8428 61/16 . 85/29 61/16 pe



Berlin = —=—- 70/21 50/10 70/21 54/12 c
Saturday 8:28am. 2.3 2:28am. 0.2 Bermuda | 82/27 70/21 pc 83/28 72/22 pc
a Y ga7pm. 29 2:15pm. 02 Bogota 64/17 46/7 64/17 46/7 pc





















































pc
Statistics are for Nassau through 2 p.m. yesterday Sunday 906am. 23 310am O04 Brussel Se 2 88/17 dB/B er ~~ 70/21 54/12
ABACO Temperature 9:29p.m. 3.0 3:00pm. 0.1 Se _ a an pe aa aoa pe
° : High .. 82° F/28° C ; : wenos Aires. s s
| ‘Hight 85°F/29°C lee 74° Fi23 ¢ Monday Ma eam od Cairo 105/40 75/23 s 104/40 77/25 s
Normal high 87° F/31° C Sewn ie RS Calcutta = 9182 82/27 8 92/33 82/27 t
Normal low . 74° F/24° C Calgary 75/23 52/11 t 67/19 48/8 s
Mast year SiMiQh vicscnsscsssssscsrsaseaszsannstes 89° F/32° C ATT Pei (fit Cancun 86/80 75/23 pc 87/30 75/23 c
High:88°F/31°C Last year’s IOW ..essessesseeceeseeeeeeeere 19° F/26° C j Caracas 82/27 68/20 pc 81/27 68/20 t
Low: 76° F/24°C Precipitation 6:23a.m. Moonrise ....7:42p.m. Casablanca ==—————«78/2H.s«GB/20 s 77/25. 64/17 s
As of 2 p.m. yesterday .. adivanac AS 8:04 p.m. Moonset : Copenhagen 65/18 55/12 t 6116 52/11 6
Year to date oo... re . 31.29" Dublin B i... 64170 5442 pe = 66/18 «54/12 r
High: 85° F/29° C Normal year to date ......seseesseseeeeeees .- 18.01” Frankfurt 62/16 47/8 ¢ 67/19 56/13 c
Low: 71° F/22°C Geneva. 2 7021. S82 poe. 78/25 53/17 pc 90/74 9% =). **
al AccuWeather.com Halifax 72/22 54/10 s 68/20 4885 |) SSS Miami, .
All forecasts and maps provided by ‘ — ae — cng oe — — pc emia ae stress > .
AccuWeather, Inc. ©2007 - i : : ~ Helsink! c c : ronts
ELEUTHERA 2 ane a me HongKong 87/80 «80/26 t = 87/80 82/27 t aaunics Shown are noon positions of weather systems and aie
High: 86° F/30°C “OE ov Islamabad : 96/35 83/28 r 96/35 76/24 r _ Snow precipitation. Temperature bands are highs for the day. War tenia
- (Low: 76° F/24°C Istanbul: ©) 83/28 67/19 s «= 85/29 68/20 -s - Forecast high/low temperatures are for selected cities. Stationary Megemfi
; at, Jerusalem 90/32 61/16 s 85/29 63/17 s ; s see
Johannesburg 65/18 9B Ss AAT 88/2 Ss
WEST = : Kingston 91/32 79/26 t 89/31 78/25 pc
KEV CAT ISLAND lima BRAG 58/14 pc 6920 57/13. s
High: 89° F/32° C ‘High: 85° F/29° C : London 69/20 55/12 r 70/21 57/13 t
Low:80°F/27°C Low: C : ‘Madrid He B0RI S713 s. 912 57/13 s_
a” Manila “8/31 78/25 pc 88/31 78/25 c
/ UMexic'Gity gab S42 C8 oe 77/25 Sh2 1
Monterrey _ 91/32 73/22 t 95/35 75/23 t
» SAN SALVADOR jtrel 9 7222 SBT ss baa SOO
ye High: 87° F/31°C 69/20 52/11 pe : 64/17, 50/10 co
Low: 75° F/24°C 67/19 53/11 ¢ 72/22. S1/10-
Shown is today's weather. Temperatures are today's ——— oe anet ea eam ce tea
highs and tonights's lows. 92/33 80/26 c 95/85 82/27 pe
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PAGE 16B, FRIDAY, JUNE 29, 2007 THE TRIBUNE BUSINESS

aX:

4

ColinaImperial.



Welcomes
Million Dollar Round Table
(MDRT) Delegates un}

Andre Wilmott, Local Chair, Membership Communications Committee
and Alfreda Knowles, Country Chair, Membership Communications
‘ Committee welcome all delegates to the
Million Dollar Round Table Day Conference ~‘. |
Nassau, Bahamas ~ June 29th, 2007.



_ Have a productive -
& enjoyable conference!

: : : The Essence Of Success!
Seated: Sheryl Seymour, Eddison Brice, Sandradee C. Henfield; Second Row: Andre Wilmott, Beverley Bethel, Deveral
Ferguson, Carmen Major, Anthony Longley, Sharlene Hanna, Montgomery L. Braithwaite - President Colinalmperial;

Me Cee a ak Ae CL Colinalmperial, Ednol Farquharson - Colina Holdings Bahamas Limited Board
Member, Genevieve Burrows, Bernadette Hepburn, Beryl Norris, George Pinder, Eleanor Stuart (not in photo).









PAGE 2E THE TRIBUNE




A a ’ » .

ps Ne “a (yc



eer

(Re



THE TRIBUNE

HURRICANE GUIDE 2007

PAGE 3E



Brace yourself. \ts difficult



0 Say

how many will impact the Bahamas’

@ By YOLANDA DELEVEAUX



ith parts of the coun-

try still recovering

from the devastation

caused by past hurri-
canes of recent years, the islands of
the Bahamas, from Grand Bahama
and Abaco in the north to Mayagua-
na and Inagua in the south, are brac-
ing for what could be a tremendous
hurricane season.

Basil Dean, senior meteorologist
at the Bahamas Department of Mete-
orology, said the country is looking at
a very active season, with some 17
named storms expected to develop.
Out of that 17 some nine are expect-
ed to reach hurricane status, with five
expected to develop into major sys-
tems - category three storms or
greater.

“It’s difficult to say how many will
impact the Bahamas,” Mr Dean said.
“The seasonal forecast for the
Atlantic basin - the north Atlantic,
the Gulf of Mexico and the Caribbean
Sea - these are the three major water
bodies that we are concerned with -
and to attempt to guess how many
storms, I cannot say, but the proba-
bility is very high.”

He noted further that this coming
hurricane season has been forecast
to be an above average season for the
following reasons: ~

e Apart from the sea surface tem-
peratures being positive, we also
expect a weak to moderate la Nina
to develop which favours the develop
of tropical cyclones.

e It is forecast that weak trade
winds and vertical wind shears are
expected throughout the season, all of
which are positive indicators of an
active season and additionally. A pio-
neer in the science of forecasting hur-
ricanes, Dr William Gray, an Ameri-
can, has included what is called an
extended range statistical forecast
procedure to his seasonal forecast for-
mula.

His procedure takes into consider-

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ation the last 40 years of global re-
analysis data, and with this 40 year
data he looks for years where atmos-
pheric conditions are similar to con-
ditions experienced during February
and March of this year.

The years where atmospheric con-
ditions are similar to that of the Feb-
ruary and March data of this year,
the average of tropical cyclone activ-
ity in those years are obtained and
used along with analog predictors to
compute the number of storms.

A major reason that the Bahamas
will always be impacted by hurricanes
is because the country sits to the west
of the Bermuda-Azores High, (a
group of islands off the West African
coast), a large subtropical semi-per-
manent centre of high atmospheric
pressure which is found near the
Azores in the Atlantic Ocean. In
years when the system is well formed
it extends westward toward Bermuda.
“When one takes into consideration
the cyclonic flow around this high,
the northward recurvature is always
either to the east of the Bahamas - it

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can occur over the Bahamas - as well
as it can occur further west of the
Bahamas - when this recurvature
takes place over the Bahamas during
an approaching storm it makes the
Bahamas extremely vulnerable for a
direct hit. This all depends on the
behaviour of the Bermuda Azores
High, so in a somewhat simplistic
sense where the recurvature is at the
time determines whether or not we
are likely to be hit by a tropical
storm,” he said.

According to Mr Dean, meteorol-
ogy is an ongoing science and the
technology that drives it is always
being critiqued and improved, and
each year scientists around the region
continue to work on various comput-
er models with a view to improving
the forecast product.

“We have come quite a long way
over the years in terms of technology,
so much so that we are able to detect
weather systems, such as tropical
cyclones, from the time they devel-
op to the time they reach our forecast
area. This is done via geostationary
satellites which provides us with
round the clock surveillance.

“In addition to the geostationary
satellites which allow us to detect
these systems at a considerable dis-
tance away, reconnaissance aircraft
are deployed when these systems are
within flight range. These reconnais-
sance missions allow us, meteorolo-
gists, to obtain critical data through-
out the storm thus giving us a better
understanding of what is going on
within a particular storm. This all has
led to improved weather and hurri-
cane forecasting over the years,” he
said.

Another instrument that aids in
weather forecast is the Doppler Radar
system.

Once a weather system or a tropical
cyclone reaches within radar range,
Mr Dean said, the modern day
Doppler radar enables meteorologists
to estimate the rate of rainfall and
allows them to warn of potential





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I ON THE CARIBBEAN COURSE — Hurricane Frances
passed over the Baharnas on August 30, 2004

flooding. Additionally, he noted, the
Doppler radar also provides meteo-
rologists with strong indications of
where tornadic activity is likely to
occur.

Mr Dean said further that comput-
er models have certainly been a bless-
ing to forecasters with regard to short,
medium, and long term forecasting.
These models, he said, which use
actual atmospheric data to simulate
atmospheric conditions, have, over
the years, improved to the point
where three day forecasts have
become the norm and seven day fore-
casts and beyond, although not as reli-
able, still give fairly good indications
as to what one may expect.

There are some of the things that
are still uncertain, Mr Dean noted,
such as how changing weather pat-
terns will affect hurricanes and rainfall
patterns. d

The global climate change scenarios
that have been developed suggest that
with increasing global temperatures

rT is
DY yall
Abaco 242 367 2688

one can anticipate a rise in sea surface
- so for every degree in temperature
rise, one can expect a foot increase in
sea level, and should this scenario pan
out it will result in the loss of land at
the coast. And it is conceivable, Mr
Dean pointed out, that the Bahamas
is currently experiencing a loss of
land.

Some scenarios have also devel-
oped in regard to global research and
global warming, particularly in the
tropics.

Tropical cyclones rely on warm sea
surface temperatures, and looking at
increased temperatures, the thresh-
old temperature needed for cycione
development would be achieved a lot
quicker and could lead to an increase
in tropical cyclone activity.

Mr Dean urged caution however,
saying that tropical cyclone develop-
ment does not rely solely on sea sur-
face temperatures, but rather a variety
of atmospheric and oceanic condi-
tions.









PAGE 4E THE TRIBUNE
i ee ED

i | } Tey RC sears






















@ STANDING TOGETHER —
Shown (from L-R) are: Kevin
Basden, general manager of
the Bahamas Electricity Cor-
poration; Godfrey Sherman,
general manager of the Water
and Sewerage Corporation;
Brent Symonette, Deputy
Prime Minister and minister of
Foreign Affairs; Leon
Williams, chief executive offi-
cer of the Bahamas Telecom-
munications Company, and
Mario Newry, host and exec-
utive producer of “A Unified
Effort: Hurricane Prepared-
ness 2007”

he Bahamas can be affect-

ed by hurricanes or tropi-

cal storms between June

1 and November 30, the
greatest risk being in August, Sep-
tember and October.

For 2007, the National Oceanic
-and Atmospheric Administration is
reporting that the likelihood of
above-normal hurricane activity is
75 per cent. Weather forecasters are
expecting three to seventeen tropical
storms, with seven to ten of them
becoming hurricanes. This has
become more evident with the for-
mation of Tropical Storm Barry at
the beginning of hurricane season.

Upon being notified of this impor-
tant assessment, Mr Newry said that
he decided to produce a hurricane
preparedness documentary that

LESLIE ETE

ave the coverage you

would encourage residents of the
Bahamas to think seriously about
preparations, if they have not already
started.

In May, Mr Newry brought togeth-
er a panel of distinguished profes-
sionals to assist communities with
preparations leading to, or following
the hurricane season, or any calami-
tous event.

The panel was convened and inter-
viewed by Deputy Prime Minister
Brent Symonette, and the unified
effort from all connected agencies
was positively uplifting. ;

The preparedness panel included
Mr Symonette; Kevin Basden, gen-
eral manager of the Bahamas Elec-
tricity Corporation (BEC); Leon
Williams, chief executive officer of
the Bahamas Telecommunications

Company (BTC); Godfrey Sherman,
general manager of the Water and
Sewerage Corporation; Carl F Smith,
under secretary at the Cabinet Office
and interim director of the National
Emergency Management Agency
(NEMA); Marina Glinton, the direc-
tor general of the Bahamas Red
Cross Society; Trevor Basden, senior
deputy director of the Department of
Meteorology; Arnold King, chief
meteorological officer of the Depart-
ment of Meteorology; Gayle Outten-
Moncur, administrative officer with
responsibility for training at NEMA;
Lieutenant Commander Herbert
Bain, Operations and Logistics offi-
cer of NEMA; Stephen Turnquest,
Shelter manager of the Bahamas
Humane Society; Azaleta Ishmael-
Newry, marketing director, Bahamas

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Limited/Operators of City Markets
Supermarkets, and Rodd Bethell,
City Market Cable Beach Store man-
ager.

The panel addressed the respon-
siveness of each agency and issues
that might impact their performance.
Each person gave points of interest in
an effort to better prepare the
Bahamas for a possible hurricane dis-
aster.

As host and executive producer of
the programme, Mr Newry said that
he wanted to produce the segment
to assist every individual that lives
in or visits the hurricane belt, and to
help educate and make them aware

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of the phenomenon in all of its facets
and consequences.

“My final thought to this impor-
tant topic is every year people who
live on islands and cays between the
West Coast of Africa and the United
States of America respond to a fact
of life - hurricanes. They have blown
over this region and wreaked havoc
for hundreds of years.

“J encourage everyone to prepare
for a familiar walk as we take steps to
view the facts of life in the Bahamas;
steps toward hurricane preparedness.

“As we take these steps, we are
reminded through programmes like |
this that the unified effort of each
agency would ensure that owr miti-
gation and prevention programmes
are robust. Let us continue to work
together to keep the Bahamas safe.”





+o me «

THE TRIBUNE



British forecasters: Season may not

HURRICANE GUIDE 2007

PAGE 5E

he as husy as the Americans expect

@ By JESSICA GRESKO
Associated Press Writer

MIAMI (AP) — British gov-
ernment forecasters are predict-
ing that the Atlantic hurricane sea-
son may not be as busy as their
American counterparts expect.

It is most likely that 10 more
tropical storms will form from July
to November, the British fore-

‘casters have said. An expected

cooling trend in Atlantic Ocean
surface waters favours fewer trop-
ical storms than in recent years,
the British meteorologists said in
their first-ever hurricane season
forecast.

The British scientists did not
predict a number of hurricanes
that would form or how many
would become strong, as Ameri-
can forecasters do. There is a 70
per cent chance that the number of
storms will be in the range of sev-
en to 13, according to the British.

Matt Huddleston at the UK’s
Met Office, a weather tracking
agency within the British Ministry
of Defense, said its numbers are
based on a “brand new forecasting
system” using a global climate
model.

In May, US government fore-
casters predicted 13 to 17 tropical
storms in the season that runs from
June 1 to November 30. The
National Oceanic and Atmos-
pheric Administration scientists
said they expect seven to 10 tropi-
cal storms to become hurricanes
and three to five of them in the
strong category.

Colorado State University
researcher William Gray predicted
double-digit tropical storm num-
bers. Gray predicted 17 named
storms and nine hurricanes, five ,
of them intense.

The Atlantic season has already
had two named storms, Andrea
and Barry. The US government
and Gray will update their sea-
sonal predictions in August.



@ PREDICTING STORMS IN THE ATLANTIC — In their first-ever hurricane season forecast, British meteorologists said
an expected cooling trend in Atlantic Ocean surface waters favours fewer tropical storms than in recent years

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THE TRIBUNE

HURRICANE GUIDE 2007 ei : :







se mew 2

> -s"g-





































\
‘
Bahamas Red Cross: helping to
e
find shelter for the homeless ;
m@ By PETURA BURROWS New Providence in the after- | we come.” )
Tribune Feature Writer math of a hurricane. The training began in June
Since last year was a “pret- 2006 and ended in February \
nthe event of a hurri- ty quiet year” in terms of 2007, with 187 persons pass- ,
cane, the Bahamas Red hurricanes, Ms Glinton and ing out as fully trained first
Cross Society is among her staff took the opportuni- —_ responders in the following i
c the first respondents, helping __ ty to identify several islands areas: Grand Bahama, Aba-
to find shelter for the home- which have been prone to co, and the Adelaide and
less, providing food and disaster. They then train indi- Gambier communities in
water, and medical care. And viduals in those communities © New Providence.
with such a great undertak- in capacity assessment. The Red Cross is hoping to
ing, the more funds and more “We trained certain people extend the same training in
hands on board continues to who came forward, then other islands in July. Howev-
be an essential component of | formed groups for training. er, that all depends on the
the organisation’s success. We provided them with dis- availability of funds, Ms
Marina Glinton, director of | aster supplies like boots, Glinton said.
the Bahamas Red Cross, said _ raincoats, helmets, chain “Well, funds coming in has
that while the Red Cross is saws, rakes, shovels, flash- been very slow lately. The ™@ DISASTER ZONE — The Bahamas Red Cross Society provides
currently operating far below _ lights, gloves, and safety only real income we get food. water and medical care to those in need
its $500,000 budget, they vests,” Ms Glinton said. comes from the ball and the
have been actively training “We trained these persons fair. And we’re getting ready
members of the public to be in first.aid, CPR, shelter to have our raffle, so hope- year’s Red Cross Ball raised The raffle, she added, will operational budget for this
first responders — the first management, disaster man- fully that will bring in some $120,000. Membership fees, probably raise $40,000 as year. And that, Ms Glinton
people on the ground who agement, and in how to con- money,” Ms Glinton said. which are due by December, well. said, does no include the cost
will assess damages in their duct damage assessments, so According to Ms Glinton, will probably bring in $40,000 But even when taken of responding effectively to a
respective islands and then that these people can tell us the 2007 Red Cross Fair — that is once all fees are together, the total is only half national disaster, whose
report to the Red Cross in what we need to bring before raised $79,000, and this - paid. of the Red Cross’ $500,000 impact cannot be predicted.
]
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THE TRIBUNE

PAGE 7E



Tee kelly eae

Catastrophe insurance: ‘necessity’

‘for business and pre

he Caribbean region - from
the islands of the Bahamas,
South Florida, the islands
of the Caribbean, and the
countries surrounding the Caribbean
Basin - are exposed annually to the
ravages of hurricanes, floods, and
storm surges. As such events can both
destroy or extensively damage prop-
erty and kill or injure the inhabitants,
it is important that the public know
and be concerned about the differ-
ent mechanisms that exist to mini-
mize the impact of such natural dis-
asters. ;

Catastrophe insurance is one indis-
pensable mechanism for mitigating
the impact of disasters, both natural
and otherwise, and is both a necessi-
ty and an important part of owning
property and/or a business.

In any discussion of the role, value,
and cost of catastrophe insurance in
the Bahamas, it must be understood
that while the Bahamas may not have
been affected by any storms last year,
over the past decade the region has
experienced a dramatic upsurge in
the level of physical destruction and
economic loss caused by hurricanes.

Each year these natural disasters
take a huge toll in deaths and injuries,
property damage, and economic loss,
however, an even greater tragedy is
the fact that much of the physical,
emotional, and financial impact of

‘this devastation and loss can be
reduced through preparedness,
including adequate insurance cover,
existing mitigation techniques, and
greater public awareness of them.

It must also be understood that
because of its small population the
volume of insured risks in the region
is small and the overall premium base
is minuscule in relation to the world
insurance markets. :

Insurance premium income for the
whole of the Bahamas, the Caribbean
and Central America, has been
reported as being only one tenth of
one per cent of premiums payable
worldwide. However, the cost of





ase



@ DISASTER ZONE — Catastrophe insurance is one indispensable mech-
anism for mitigating the impact of disasters, both natural and otherwise, and
is both a necessity and an important part of owning property and/or a business.

claims for the region is about three
per cent of worldwide losses.

And because the region as a whole
produces only a small amount of pre-

mium income in relation to the large
loss potential, and because of the
inevitability of further hurricanes,
regional insurance companies must



purchase essential catastrophe pro-
tection from other international “rein-
surance” companies.

Such reinsurers do business on a
worldwide basis and view this region,
including Central America, Florida
and the Gulf Coast of the US, as a
very high-risk area. It can also be
argued that the past decade was the
worst ever for the region, in terms of
property damage and economic loss
resulting from hurricanes.

Losses have been enormous from
hurricanes such as Ivan, Wilma, Rita,

Katrina, Jeanne, Frances, and Floyd..

e In 1999, Floyd caused some $6
billion in damage in the region, $175
million of that being insured losses
in the Bahamas.

e In 2004, Frances and Jeanne
caused estimated total losses of $16
billion, with $348 million of insured
losses in the Bahamas.

¢ 2005 proved to be the most active
year ever with some 26 named storms,
the last occurring in January 2006.
Dennis, Katrina, Rita and Wilma
racked up estimated total losses of
$159 billion, $125 billion of this caused
by Katrina alone.

Katrina was the largest disaster to
hit the region and the effects of this
storm are still being felt by the insur-
ance industry as numerous law suits
have been filed in the United States
and the final cost to the industry is
still unknown. Rita missed us, but
Wilma caused $47 million of insured
losses in the Bahamas.

It is important to note that the fig-
ures given for the Bahamas are for
insured losses only, they do not
include uninsured losses, which were
probably higher than the losses cov-
ered by insurance. :

As a result of the tremendous loss-
es in 2005, a number of insurance
companies withdrew from providing
catastrophe perils cover completely,
while others decided to reduce their
risks.

Reinsurers-were no longer prepared

perty owners

to grant reinsurance cover to insurers’
in the region without increasing their
rates, and without putting strict limits
on the scope of cover available, either
geographically or in terms of what to
cover. This lack of capacity and
increased costs for reinsurance led to
a hardening of the market generally,
and this in turn led to increases in
rates for the average policyholder.
What can be expected to happen
with insurance rates in the foresee-
able future? While the large losses in
2004 and 2005 did cause an ingrease in
rates in the Bahamas for 2006, prices
in 2007 remain generally steady. For
2007 experts are forecasting above
average hurricane activity, and while
a similar prediction last year was not
fulfilled it is hard to see them getting
it wrong for two years running.

' Already there have been two named

storms in the Atlantic/Caribbean
region and increased activity in the
Pacific, with a significant storm,
Oman, the strongest experienced by
them since 1890.

These forecasts, combined with the
ever growing reports on global warm-
ing, and the effects on low lying coun-
tries such as the Bahamas, make it
very difficult to predict what the
future might hold for this region.

The region's potential for destruc-
tion from hurricanes and other nat-
ural hazards will remain. The
Bahamas and Caribbean's insurance ©
market will remain small with tremen-
dous catastrophe exposure, thus caus-
ing continued dependence on outside
reinsurers.

To avoid a continuing rise and fall
of insurance rates, and stabilize the
market, property owners and insur-
ance companies will have to focus
their attention more on alternative
approaches to their risk management.

Along with government and other
community partners, they will have
to develop cost-effective mechanisms
to reduce the vulnerability of their
properties to damage caused by such
natural hazards as hurricanes.





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PAGE 8E THE TRIBUNE

HURRICANE GUIDE 2007



lm A DEEP ROAD — Residents of .
the Holmes Rock settlement in
Eight Mile Rock, Grand Bahama,
search for dry land.in the aftermath
of Hurricane Frances



@ SURVIVING THE
STORM — This potcake
survived Hurricane
Frances, which damaged
many homes in North
Eleuthera

i MAKING A WAVE no Frances and Jeanne caused estimated total losses
of $16 billion, with $348 million of insured losses in the Bahamas

















“Very Active
OO7 Hurricane
Season Predicted”

Are you. repared??
Being properly insured is half the battle!




Brokers Add Valuo









To discuss Hurricane Insurance and other
pe of fnsurance, please contact one of our
Member Companies, as follows:

Rede Insurance Broker Bilas te oo aa 53-4545
Advantage Insurance Brokers. ........:....00.6..806-O285
Bahamas Insurance Brokers & Agents.....356-6482/3
Cole Insurance Brokers. icecccccscaesssvesseesvesOeo-41 11
Colina General Insurance... 825-3816
CMA Insurance Brokers.........ccssscssreeersese OO 90-O7BA
Vaughan L. Culmer & Associates.............856-0159
Insurance Management Bahamas.............394-5555
J.S. Johnson & Company........ cere 823-234]
Lampkin & Company Insurance Brokers

& benetit Consttltantes.icscccsvnarscedeectvesesss O2O-OOOU -
Moseley Burnside Insurance Agency.........394-8305
Nassau Underwriters AQency....cces 828-5992
Professional Insurance Consultants..........827-2142
Fred S. Ramsey General Agency...............325-6724
Summerlea Insurance Brokers..................894-512¢
Sunshine [nsurance......ccccccesscccseesescensecee B94-OO1I









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a ee





THE TRIBUNE PAGE 9E
HURRICANE GUIDE 2007 »

2001 Flashback: Michelle's power












M@ DRIVING FORCE —
Sea surges as a result of
Hurricane Michelle almost
pushed this vessel onto the
sidewalk at Long Wharf, in
the area of Arawak Cay,
New Providence

+ ean

aoe







*
é
-"%



i FAMILY ISLAND NIGHTMARE —
Uprooted trees and damaged roofs
were a sight to see on Andros in the
aftermath of Michelle — winds reached l@ FOX HILL FURY — Fallen trees were a major hazard to many
wee = 100 miles per hour homes, including this residence in the Fox Hill Road area



aC Ce

YOU NEED )
IN A HURRICANE! te 3 ~LUMBER AND

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* Dewalt, Makita, Milwaukee, Porter Cable, \ < SOME OF THE
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During Hurricane | — SS
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Tel: 393-0512, 393-8006, 393-3513 emergency!

Open Monday to Friday 7am - 4pm + 7am - 3pm on Saturday Open Monday to Friday 7am to.4pm





PAGE 10E



HURRICANE GUIDE 2007

THE TRIBUNE















ll DEVASTATION — A view of West Bay Street after the 1929 hurricane devastated New Providence for
ihree days and three nights. Many homes were wrecked and hundreds of people were left homeless







) Plastic Containers
‘“Q) Fuel Containers



re wate at

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East Street
| All your Lumber and
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“WE GO OUT ON A LIMB FOR YOU”

Tel: 364-5506
Fax: 364-4219
Email: info@A1treepeople.com
Website: www.Aitreepeople.com

Hurricane or No Hurricane

We Need To Take Care Of Our Trees.

People do more damage to trees than any Hurricane, either through ignorance or
neglect. Every year and especially during hurricane season Bahamians and

residents go on a tree topping or tree cutting binge, not realizing how valuable an

asset is being destroyed.

Selective tree trimming can be done 365 days a year. Trim for the health and beauty

of your tree.



Services Offered:










HURTS |

\nenenanenasennennsannnsensen sonemmcccmnsenence/

TREE |
Free estimates & TOPPING |
Consultation ae
Tree Trimming | LS
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Aerial Lift Services |

Hazardous Tree Removal



Whats wrong with topping It won’t work ‘Its Ugly






Trees can be a stimulus to
economic development, attracting
new business and tourism.






Commercial retail areas are mg
attractive to shoppers,
apartments rent more quick?
tenants stay longer, and

space in a wooded setting ‘
more valuable to sell or /

The National Arbor D

Foundation

/



aah oe 2



THETRIBUNE me od

PAGE 11E

Ese

hal ae ee veroyell 2007

Let us take care of your lifestyle by guiding you through the storm...

Our knowledgeable customer service representatives & network
of agents strive to deliver superior products at competitive prices,
in a fast, friendly & efficient service environment.

We also offer the most effective claims handling around, to support
_ our agents, brokers & _ business | partners in delivering our products
“to our policy holders.

AGENTS & BUSINESS PARTNERS —

New Providence — 7 CMA Brokers & Agents
A. Scott Fitzgerald Ins. Brokers & Agents Tel. 393 6734 _.
Tel. 356 5709 Dean Associates Professional Consultants
Advaniane Ins. Brokers & Agents Ltd. Tel: 394-7287
ae Tel. 356 0285 Gateway Insurance Brokers & Agents
-Andeaus Insurance Basket Co. Ltd. Tel. 324 5920
Tel. 323 4545/6 - General Brokers & Agents Ltd. Tel. 322
Bahamas Ins. Brokers & Agents Ltd. cia ge
Tel. 356 6482 oS Insurance Management (Bahamas) Ltd.
Bahama Life & Hiaiseby fi Ins. s Agency Tel. 394 5555 |
Tel. 393. 1034... Lampkin & Company
Carib Insurance Awency Limited | Tel. 325 0850
Tel: 322- 8210/4 i na Professional Insurance Consultants Ltd.
Cedar's Insurance Brokers & Agents Tel. 327 2142/5
- 2 Tel: 326-6263__-- _. ...-. ---__...._..______Summerlee Insurance
Tel. 327 8026 | Sunshine Insurance (Agents & Brokers)
Ltd. Tel. 394 0011

Cole Insurance Agents Brokers Lp Lit
Tel. 323 4111 -

Comprehensive Ins. Brokers & Agents
Tel. 327 0854



INSURANCE

~~. Security & General



Grand Bahama

General Brokers & Agents Ltd.
Tel. 352 7891

Insurance Management (Bahamas) Ltd.
Tel. 352 7421

Pinnacle Insurance Agency Ltd.
Tel. 351 9747

Trinity Insurance Agents & Brokerage
Services Ltd. Tel. 351 2022

Andros .
Francita Neely Agency Tel: 369 4745

Exuma

Anthony Moss Agency Tel: 336 2055
Esther Rolle Tel: 339 1391

Inagua pee
Esther Rolle Tel: 339 1232

Long Island

SunQuest Services Tel: 337-6786

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PAGE 12E THE TRIBUNE

NEW PROVIDENCE PELE
Ay cscs ye) Ree AUG Dy ery L yg)
osetta Street East . oiled mays
Beast “i
VD i. ; 4g te A
Fax: (242) 350-3510 ©
Info.freeport@imbbah.com

a ae)



2 ~ ey



ah

THE TRIBUNE PAGE 13E



Looking for
Integrity?

You'll Find It —

Do you need hurricane shutters?

Secure your ‘ Is your roof leaking and in need

of repairs?

p ro perty befo re RBC Royal Bank of Canada’s

Royal Premier® Loan gets you : ;
ready for the hurricane season.

the sto rm with Take steps now to protect your

family and your property.
Whether your needs are big or

a Royal Prem 4 er small, we have a financing

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Loan Woofer:

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> Call or visit your nearest RBC Royal Bank

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ntegrity & Experience

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Visit our premises situated on
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Insurance Company
Exclusive Agents
Insurance Management (Bahamas) Limited
Rosetta Street East, Nassau
Tel: 394-5555 + Fax: 323-6520
email: info.nassau@imbbah.com
Pioneers Way West, Freeport
Tel: 350-3500 + Fax: 350-3510
email: info.freeport@imbbah.com
Queens Highway, Governors Harbour
Tel: 332-2862 « Fax: 332-2863
email: info.freeport@imbbah.cam
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Tel: 367-4204 + Fax: 367-4208
email: info.abaco@imbbah.com
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Tel: 336-2304 » Fax: 396-2305
i all 131 Shirley Street * PO Box N-121 ® Nassau ® NP ® Bahamas

Tel: 242 323-4111 © Fax: 242 323-4222 ° Email: info@cole-insurance.com



e



ac Pelt) yhTtT |



PAGE 14k THE TRIBUNE

SUVA el:
PROTECTION

ATU Ce
0) ee

HURRICANE
Owes



WANT TO MAKE SURE YOU'R
SO DO WE.

Sa Be prepared.

Get the peace of mind that a Scotia Plan Loan can provide.
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HOME | | | & Scotiabank’
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Life. Money. Balance both:







‘@ Stock up on non-perishable food,
medicine, baby supplies and pet food.
a. Purchase bottled water; 1 gallon of
water per. person per day.
mâ„¢ Check emergency equipment
(flashlights, battery-operated
radios, emergency generator, etc.)
Pe ication aicc cla c a e
â„¢ Consider the installation of shutters



Head Office itd (242) 397-3000

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THE TRIBUNE

m By JOY BURROWS
A1 Tree Services
Limited



id you know that
the 2007 Hurri-

cane season offi- .

cially starts June
1 2007? And with forecasters
predicting an above average
season, preparation rather
than procrastination is the
key to preserving your land-
scape. |

Unfortunately, many home
and property owners in the
Bahamas prefer to wait until
the eleventh hour, sometimes
mere moments before a hur-
ricane makes landfall, to
enlist the services of a “pro-
fessional tree chapper” to do
nothing more than brutally
destroy what was once a love-
ly shade tree or remove it
altogether. To me, this just
doesn’t make any sense, and
it’s this type of ill conceived
action that ends up costing
home owners much more in
the end.

The reality is that trees
properly placed on your
property are excellent wind-
breakers in the high wind
conditions that accompany
hurricanes. And beyond this
seasonal attribute, trees,
when properly placed around
your house or business, can
reduce your electrical bill by
as much as thirty per cent on
a monthly basis. Did you
know that trees not only help
us to breathe clean, but also
act as sound dampers and
improve water quality? Here,
try this one on for size; did
you know that trees can be a
stimulus for economic devel-
opment, attracting new busi-

, ness as well as tourism?

The list of benefits to be



“SO Why
should we
play a part in
the ruthless
destruction
of an
environmental
ally that has so
much to offer?”

— Joy Burrows



gained as a result of having
not just trees, but properly
cared for trees on your prop-
erty is inexhaustible. So why
should we play a part in the
ruthless destruction of an
environmental ally that has
so much to offer? .

Think ‘about it, if you were
to cut off your finger every
time you got a paper cut or
snagged a nail, you wouldn’t
be left with much, now would
you? It just wouldn’t make
any sense; the actions taken -
to bring relief have to be
commensurate with your
problem. So remember, call a
professional tree care special-
ist and have them provide
you with the best possible
options as to what you should
do with your trees this hurri-
cane season.

BETHEL - THOMPSON

Te Re seri g

Pravaration 13 the ley

@ ONCE A LOVELY SHADE TREE — With forecasters predicting an above average season,

preparation rather than procrastination is the key to preserving your landscape

PAGE 15E




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PAGE 16E





e Flash Flood Warning
means a flash flood 1s
imminent. Take immed1-
ate action.

¢ Tornadoes: Spawned
by hurricanes, tornadoes
sometimes produce
severe damage and casu-
alties. If a tornado is
reported in your area, a
warning will be issued.

e Always make sure
you have plenty of
tinned foods - especially
vegetables - in the house
just in case you are
unable to access food
stores for several days.
Food that can be eaten
hot or cold is always
preferable for obvious
reasons.

e Before a hurricane
strikes, have a good hot
bath or shower, which
will at least leave you
feeling clean for a time.
Loss of power or water
can mean that you have
to go without a proper
bath or shower for sev-
eral days.



¢ Double check shut-
ters before winds get too
strong. A loose shutter
can be a menace during
the height of the storm.
Apart from the fact that
it will expose your win-
dow to damage, it might
also blow off and cause
damage elsewhere.



e Forecasting has
grown more sophisticat-
ed over the years. New
satellites, more refined
computer programmes
and other advances are
helping scientists keep
on top of the storm pre-





e LUMBER
e TOOLS

diction game. te

e The number of Category 4 and 5
hurricanes worldwide has nearly dou-

bled over the past 35 years.

e In 2005 Wilma became the most
intense hurricane on record, with sus-
tained winds of 175 mph. It showed
that there is the need for a higher cate-
gory to be added to the current scale.

4

© The 2005 Hurricane Season includ-
ed three Category 5 hurricanes for the
first time on record in the Atlantic

Basin.

The Aftermath

A slow-moving Category 4 or 5 Hur-
ricane can leave more than destruction
in its wake. If key infrastructure is
severely damaged or destroyed, life can
become difficult and definitely not suit-
able for children. If a facility is inca-
pacitated, the service it provides ceases.

The problem gets even worse if the
people skilled in repairing the facility
have been injured or decided to evac-
uate. This is common in the aftermath
of most major natural disasters.

Imagine life if the following elements
of key infrastructure became inopera-

ble:

Power

IF the power generating plant was
severely damaged or destroyed, and
repairs were scheduled to take weeks to
complete, those with generators would
soon run out of fuel, especially if the

Reese fs ee |

{URRICANE GUIDE 2007



l= SEA MEETS ROAD — In this photograph by Franklyn G Ferguson, an ocean
surge leapt over the road at Saunders Beach in August, 2004, when Hurricane
Frances passed over the Caribbean

your hurricane facts

fuel dock was incapacitated. Life with-
out electricity is possible as long as
there is power nearby, but if no one
has power for an extended period of
time, life becomes difficult.

Fuel

IF the fuel dock was inoperable or
destroyed it could cause fuel deliveries
to be depleted or cease altogether.

If the fuel supply is not restored |
promptly, life would simply grind toa. .
halt, this in turn could affect the ability -
to deliver or collect supplies, generate
electricity, and therefore supply water.

THE TRIBUNE

Airport

Something as simple as debris cover-
ing the runway could mean the airport
is unable to operate. If the cause was
due to something more permanent,
food, water and medical supplies may
be inadequate for weeks, even longer if
Florida is hit as well. The problem is
exacerbated if the required equipment
or manpower is unavailable. Equip-
ment could be destroyed, roads could
be blocked, and faced with a cata-
strophic event, the manpower may have
evacuated.

If a Category 4 or 5 Hurricane struck,
causing the damage detailed above and
rendering the docks inaccessable, life
would be almost impossible. People

would become isolated for weeks —

longer if Florida was hit or a large part
of the island's private fleet of boats was

destroyed.



Rebuilding spotty along hurricane-battered highway

\

Bi By MICHAEL
KUNZELMAN
Associated Press Writer



GULFPORT, Mississippi
(AP) — Scott Oliver didn’t
need government help to
rebuild his beachfront proper-
ty. Using his own money, he
built a concrete compound to
replace the wood-frame home
Hurricane Katrina smashed to

THE BEST

out of a cramped trailer and
into the new storm-resistant
house just in time for the start
of the 2007 hurricane season.
“We didn’t wait on any-
body. We just went ahead and
did it,” said Oliver, 60, who
turned down a federal disaster
loan to avoid going into debt.
The Olivers are the first and
only residents of their Gulf-
port neighbourhood to
rebuild. Progress like theirs is
spotty along US 90, a coastal

¢ PLYWOOD
¢ NAILS, ETC.

OF THE BETTER KIND

Se

TREN SUR

eZ

ese

MONDAY - SATURDAY
7:30 A.M. - 4:30 P.M.

MARATHON ESTATES
Phones: 393-0191 / 393-0096
¢ P.O. Box N-3711





highway that spans the length
of Katrina’s destructive path,
from New Orleans to the
southeastern tip of Mississip-
pi’s Gulf Coast.

In May 2006, a reporter for
The Associated Press traveled
along the highway to take
stock of rebuilding efforts nine
months after Katrina. At the
time, the landscape looked as
if the hurricane had just
struck, with piles of smelly
debris sitting untouched next
to shattered homes and top-
pled trees awaiting chain saws.

A year later, homeowners
with both the means and the
will to rebuild are forging:
ahead on their own, gradually
repopulating neighbourhoods
along US 90 where scores of
ruined homes remain virtually
untouched since the hurricane.

For some, self-reliance isn’t
an option. Many are waiting
for government grants to
rebuild. Others don’t qualify
for the aid. Some families are
fighting insurance companies
for refusing to cover damage
from Katrina’s storm surge,
which inundated large swaths
of Mississippi’s coastline.

From their new third-floor
bedroom, which is nearly 50
feet above the ground, the
Olivers have a clear view of
the slow recovery.

A few blocks east is the
Island View Casino, which
opened last September on the
site of a storm-damaged hotel.
To the west is a FEMA trailer
park. In between is a sea of
barren slabs and weed-choked
lots where houses once stood.

“I’m so shocked at how
slowly everything is coming
back,” said Oliver’s wife,
Caprice.

But other signs of recovery
abound on US 90, which runs
from Florida to Texas.

The highway is nearly whole
again. A bridge across Chef
Menteur Pass in eastern New
Orleans reopened last August.
A new bridge reconnecting
Bay St Louis and Pass Christ-
ian, Miss., opened May 17. A
third span, between Biloxi and
Ocean Springs, Miss., is
expected to open in Novem-
ber.

Mississippi beaches, closed
for months after the storm, are
now filled with sunbathers.
Many Biloxi casinos are busier
than ever, and condominiums
are popping up, too.

Near the new bridge is a
miniature castle that was
Denise Shute’s vacation home
before Katrina. The Home-
stead, Fla., resident and her
companion, Richard Loth,
bought the property nearly a
decade ago, intending to retire
there someday.

The anachronistic castle
remains a mud-encrusted
mess. Plywood boards cover
all the windows and doors.
The house doesn’t have elec-
trical, water or sewer service.
Weeds choke the front lawn.
Looters keep breaking in.

“We're the forgotten ones
down on this end of the
beach,” said Shute, a United



@ CAPRICE Oliver and her husband Scott Oliver pose in front of
their new home made from concrete in Gulfport. The Olivers are
the first and only residents of their Gulfport neighbourhood to
rebuild after Hurricane Katrina.

Airlines flight attendant.

The couple is still hunting
for belongings scattered by the
hurricane. Katrina’s storm
surge swept through the house
and deposited possessions in a
patch of woods about a quar-
ter of a mile north of their
home.

During a recent hike
through the woods, they sifted
through twisted piles of debris
and found their garage win-
dows, a string of Christmas
tree lights, Loth’s golf shoes
and his old briefcase.

Loth, a Navy SEAL about
to embark on an overseas
assignment, also found the
remnants of a rattan dining
room set he bought during a
trip to the Philippines.

“Denise didn’t like it, any-
way, so she’s glad it’s gone,”
he joked.

Before they start rebuilding,
the couple must decide
whether to accept a $150,000
federal grant earmarked for
preserving historical buildings.
But the money comes with
strings attached.

“If we use the grant money,
we’re more restricted,” Shute
said. “We might just take the
money out of our own pockets
and rebuild it as we can.”

Dale Womack would love to
have that choice, but neither
appears to be an option for
the shrimper, who lives on a
storm-damaged boat he can’t
afford to repair. The Shelley
Lynn, moored on the water-
front off US 90 in Louisiana’s
St Tammany Parish, keeps
taking on water and flooding
his engines.

“J just have to pray to God
it doesn’t sink on me,” he said.

Womack owes $5,000 in
back taxes to the federal goy-
ernment, so the Small Busi-
ness Administration won't
give him a disaster loan. The
Federal Emergency Manage-
ment Agency cut him a check
for $800 after Katrina, but he
doesn’t qualify for a much
larger homeowner grant
because he lives on a boat.

“Here Lam, just begging
and dying for help, and they
won't,” he said.

Womack’s boat is tied up
next to Dwayne Shockley’s

(AP Photo: Alex Brandon)

newly renovated home ona
vulnerable strip of land
between two lakes. Shockley’s
flood and homeowner insur-
ance policies covered some of
the roughly $200,000 in dam-
age. He used his savings to
pay for the rest.

Shockley’s house is in better
shape than ever, but he’s still
feeling the pain from Katrina:
His annual insurance premium
has increased from about
$4,200 to $10,000.

“This insurance thing is just
outrageous, and there doesn’t
appear to be any relief in
sight,” he said.

Mere mention of the word
“insurance” is enough to ruin
a relaxing evening for Oliver
Lancaster, who sipped a beer
on the porch outside his gut-
ted home in Biloxi. Lancast-
er’s insurer, Lexington Insur-
ance Co., blamed Katrina’s
storm surge for his home’s
destruction and refused to pay
most of his claim, saying his
policy did not cover flood
damage.

Lancaster has a reason for
believing wind, not water,
wrecked the 140-year-old
house.

During the storm, he said,
all the clocks in his collection
froze at 7:50 am — before
Katrina’s storm surge could
have reached his home.

“T know (wind) knocked it
off the foundation. I don’t
care what the insurance peo-
ple say. That’s what hap-
pened,” Said the 77-year-old
retiree, Who filed a lawsuit
against the insurer on May 24
in federal court.

A $150,000 federal grant has
helped Lancaster build a new
porch, replace walls and
doors, and install new
Sheetrock, but the grant only
pays for about half the neces-
sary repairs. He’s drawing
from his savings for the rest.

A condo developer recently
offered him more than $1 mil-
lion for the properly, but Lan-
caster turned him down. The
start of another hurricane sea-
son makes him nervous, but
he doesn’t want to leave.

“] like living on the beach,”
he said. “I'm willing to take
the risk.”



THE TRIBUNE



HURRICANE GUIDE 2007







PAGE 17E

@ THIS photo taken from the
top of the flood wall on the
Wesiern side of Inner Harbor
Navigational Canal is part of
the system that didn]t fail dur-
ing Hurricane Katrina. The
canal, a five-mile waterway’
that divides New Orleans in
half, has turned into the weak-
est spot in a levee system rid-
dled with problems, or as one
Army Corps of Engineers
commander calls it, the sys-
tem’s “Achille’s heel.”

(AP Photo: Bill Haber)

Army engineers: New Orleans still at risk for
flooding despite post-Katrina improvements

@ By CAIN BURDEAU
Associated Press Writer

NEW ORLEANS (AP) — Large
areas of this city, including sections
that are being rebuilt, remain at risk
from flooding despite more than $1
billion in work to fix and upgrade the
-hurricane protection system, accord-
ing to a new Army Corps of Engi-
neers report.

The corps released risk assessments
on a block-by-block basis in the form
of maps showing the estimated threat

. of flooding each year from hurricanes.

But the corps did not release much-
anticipated technical data accompa-
nying the risk assessment, leaving
many independent experts unable to
assess the accuracy of the agency’s
assumptions on risk.

’ The mapping was based on exten-
sive modeling and statistical analysis.
For example, in a flood that has the
likelihood of occurring at least once in
100 years, many neighbourhoods in

are often oddities

the central part of the city.that were
inundated during Katrina are now
less likely to flood because of levee
improvements.

Comparison

By comparison, other areas like the
Lower 9th Ward, Gentilly and St
Bernard Parish have not benefited
greatly from levee work done since
Katrina hit on August 29, 2005 storm
and could see as much as eight feet of
flooding.

However, nearly every part of the
city, except for a sliver along the Mis-
sissippi River where the French Quar-
ter sits, would flood under current
levee conditions in a flood that has
the likelihood of occurring once every
500 years. Katrina was a storm that
happens once every 400 years, accord-
ing to the corps.

“What we’re doing here is show-
ing people what the magnitude of the
risk is,” said Lt Gen Robert Van

Antwerp, the Corps’ chief engineer.
“The whole purpose of providing

’ this information is so people can

make a personal decision” about the
risk they face, he said.

The analysis, while not providing
a complete picture of the region’s pre-
sent and future vulnerability, wili like-
ly be used in rebuilding plans and‘by
insurance companies assessing where
to invest and where not to.

“What insurers are all about is cat-
egorizing similar risk,” said David
Rossmiller, a Portland, Oregon-based
lawyer who analyzes Katrina insur-
ance issues. But, he added, insurance
companies may not find much in the
new flood risk assessments to entice
them to start offering cheaper insur-
ance. “If anybody’s hoping rates will
go down, I doubt this study will be a
big driving point, or an-impetus to
drive the rates down a whole lot.
Overall, there’s a huge problem with
the insurance market in New
Orleans.”

tbs

Early season storms

Karen Durham-Aguilera, a corps
official overseeing levee work in New
Orleans, said insurance companies
have so far responded favourably to
the new data because it shows some
areas now face. less risk. The new
maps were developed by testing a
variety of features, including levees
and topography, against 152 possible
future storms. The maps, which take a
snapshot of the risk on June 1 of this
year, will be updated as upgrades to
the system are made.

Maps

What the maps fail to show, though,
is what kind of risk areas face once
the corps finishes work to protect the
city from a 100-year storm, which is
expected to be done by 2011.

Ed Link, an engineer with the Uni-
versity of Maryland who oversaw the
analysis, said he expects most areas of
the city will face much less chance of
flooding once that work is done.

The corps said this is the first time
an entire levee system’s risk potential
has been assessed. The same model-
ing will be performed on other flood
defense systems around the nation in
the future, corps officials said.

J David Rogers, an engineer at the
University of Missouri-Rolla involved
in a study of levee failures commis-
sioned by the National Science Foun-
dation, said a meaningful assessment
of the corps’ risk study is not possible
without the technical assumptions.

Instead of showing what risk each
part of the city has in a particular hur-
ricane, the corps study looks at the .
probability of flooding in any given
year. “We’re trying to get away from
the probability of storms because it
leads to a lot of confusion about the
probability of being flooding,” Link
said. He said the maps were issued
without the technical data because
the information was deemed so criti-
cal that delaying the data was not jus-

_ tifiable.

items for your home
. or the shelter,



@ By TIM O’MEILIA
Cox News Service



WEST PALM BEACH, Florida — The
start of hurricane season was a storm shutter
salesman’s dream: two named storms by the
time the starting bell had rung June 1.

Andrea and Barry, serious enough to make
people think about home protection but too
weak to do any real home damage — unless
erosion chewed the beach right up to your
condo patio.

Since then: zip, zero, nada. A three-week
drought of storms.

So, what’s it all mean? Put up the shutters
now or start drinking those gallon jugs of
water? And what does El Nino have to do
with it?

“Early season storms have little or nothing
to do with peak of season activity,” said
Richard Knapp, a senior forecaster at the
National Hurricane Center in Miami.

“Often we’ve had one June storm and we’ve
had a strong peak season. And we’ve had
Junes without a storm when the peak of the
season hasn’t been as strong,” he said.

In 2003, the tropics had spawned two trop-
ical storms by the end of June, concluding

. with two in December, for a total of 16 named
storms.
A year later, the first storm didn’t form
until July 31, then the season exploded with
Charley, Frances, Ivan and Jeanne striking
Florida within a 45-day period.
Fourteen of 2004’s 15 storms were com-
pacted into 73 days from July 31 to October
11. The 16 storms of 2003 were nicely spread
over seven months.
Only September had as many as four
storms.
“It can be a quiet season through July, then
all.of a sudden, BOOM,” Knapp said.
Truth be told, the early season storms are
often oddities, cyclonic anomalies with little
connection to the real storm season.
Subtropical Storm Andrea, which materi-
alized May 9, was the first May storm in 26
years, a hybrid born as an extra-tropical storm
off the south Georgia-north Florida coast that
briefly adopted warm-water storm character-
istics.
In its two-day life, June 1-2, Barry earned a
tropical storm tag by generating thunder-
storms near its center before sliding over land
north of Tampa.
“It’s usual for June and July to be pretty
quiet,” said Chris Landsea, a storm researcher
for the National Hurricane Center. “A large
majority of the storms come in August, Sep-
tember and October.”

Seventy-seven per cent, to be exact, accord-
ing to National Hurricane Center records.





In 2000, 15 storms formed, all of them in the

Big 3 storm months.

Of 455 named storms since 1996, only 69
have swirled to life in June or July, an average
of less than two per year.

On the flip side, five storms had formed by
the end of July in 1997, two of them hurri-
canes, suggesting a busy year. But only three
more happened the rest of the year.

“You can’t judge anything by what hap-
pens early. There’s just no connection,” said
semi-retired Florida State University hurri-
cane expert

James O’Brien, former state meteorologist.

Federal forecasters have predicted above
average storm activity this year, after E] Nino
stunted last year’s season at the end of Sep-
tember with nine named storms. E] Nino is the
term given for warming waters off the Pacific
South American coast that results in winds
that shear forming storms in the Atlantic
Ocean.

Tropical

The NOAA forecast is for 12 to 17 tropical
storms, seven to 10 of them hurricanes and
three to five storms of Category 3 or stronger.
While that’s above average based on weather
records dating to 1851, it’s in the normal range
for the past 12 years.

From 1995, the Atlantic storm basin has
averaged 14.7 tropical storms, 8.1 hurricanes
and 3.9 major hurricanes per year.

“We’re still expecting an active season,”
said National Weather Service meteorologist
Dennis Fettgen. “We don’t see signs of an El
Nino yet. At best we see neutral conditions
and, at worst, conditions for an active sea-
son.”

Despite the two early storms, this has been
a typical June, said the hurricane center’s
Knapp.

A low pressure area of thunderstorms off
Florida’s Atlantic coast has little chance of
developing because of the tell-tale “fairly sig-
nificant upper-level westerly winds that shear
off the tops of the thunderstorms,” he said.

Strong westerlies are typical of June. That
pattern is likely to continue for weeks.

“The further out you try to forecast, the
more uncertain it is,” Knapp said. “Let’s just
wait to see what things look like at the end of
July.”

Whatever the mid-season outlook, fore-
casters always point to 1992, when Category 5
Hurricane Andrew ripped through Home-
stead in Miami-Dade County. Only seven
storms formed that year and one was sub-
tropical.

“JT know it’s a cliche, but it’s a cliche because
it’s true,” Knapp said. “It only takes one.”







eR}
Hurricane Preparedness Grocery List |

FOOD SUPPLIES

Get enough nonperishable foods now
for two weeks. Then set aside. Avoid
foods that are salty or dry or high in fat
or protein; they'll make you thirsty.
You'll have to purchase last minute
items that cannot be stored.

__.Water: 2 quarts to 1 gallon per
person per day (purchase 2 week's
supply)

__Ice

__Shelf-package juice and milk boxes

__Canned and powdered milk

___Beverages (powdered or canned,
fruit juices, instant coffee, tea)

__Prepared foods (canned soups, beef,

spaghetti, tuna, chicken, ham,
corned beef, sausages, packaged
pudding)

__Canned vegetables and fruits

__Dried fruits
__ Snacks (crackers, cookies, hard
candy, nuts)
__Snack spreads (peanut butter,
cheese spreads, jelly)

__ Cereals

__ Sugar; salt, pepper

__ Bread

__Raw vegetables

__ Supplement drinks

___ Special dietary foods or bars

PET SUPPLIES

__Non-spill food and water containers
__Dry and canned pet food
___Pet medication

__leash, harness and toys

ENTERTAINMENT
SUPPLIES

__Colourbooks __ Crayons
__Puzzles or games

_Stationery, envelopes and folders
___Pens and pencils

KITCHEN SUPPLIES

___Manual can opener

___ Bottle opener

__Matches in a water tight container

___Camp stove or other cooking
device and plenty of fuel (Use
canned fuel, not charcoal or gas)

__Sterno

__Ice chests or coolers
___Paper plates, napkins

___Plastic cups, knives, forks, spoons

__ Plastic storage bags (resealable)

__foil and Saran Wrap

__ Paper Towels (in water tight
container)

__Garbage bags and ties

__Mop

__Bucket

___Bleach

__kKitchen gloves

HOUSEHOLD ITEMS

__Towels
__ Sunglasses
__ Sunscreen

__ Camera/Film

BABY NEEDS

___Disposable diapers

___Wipes
Diaper-rash ointment, petroleum
jelly

___Baby medicines (pain, cold,
cough)

__Medicine dropper

_ Extra formula, baby food, juice

EVe.’

TOILETRIES &
SANITATION ITEMS

__Medicines (pain reliever,
anti-diarrhoea antacid, vitamins, etc.)

__Insect repellent

___First aid kits

__Bandaids

___loilet Paper

___Hair brush and comb

__Toothbrushes and Toothpaste

___Soap, liquid detergent

___Shampoo

___ Feminine hygiene products

__ Adult disposable garment

__Disinfectant

__ Household or chlorine bleach

__Wipes

EMERGENCY TOILET

__ Small can or garbage can with fight lid

__Plastic bags for liners

__ Disinfectant or bleach
__ Deodorizer

TOOLS & SUPPLIES

__ Hand tools - hammer, screwdrivers
__ Plastic sheeting

__Rope

__ Sturdy working gloves

__ Duct tape

__ Flashlights

__ Batteries

__ Plastic storage containers
__ Matches

__Candles

___Hurricane Lamps

___Bbq Grills and supplies

__ Garbage Bags - different sizes
__ Garbage Bins (water storage)

“

SC ye for, LOM,

qe

There are 12 City Market Locations to serve you

New Providence: Cable Beach 327 7955, Harbour Bay 393 6060,
Independence Drive 341 2842, Lyford Cay 362 4283, Oakes Field 328 6046, Rosetta Street 356 2351,

Sea Grape Shopping Centre 324 0946, South Beach 392 7126, Village Road 393 2666.

Grand Bahama: Downtown Freeport 352 7901, 8 Mile Rock 348 3644, Lucaya 373 5500

Bahamas Supermarkets Limited. East West Highway. 242 393 2830. Support Centre Freeport 242 352-7902





+

PAGE 18E

HURRICAN

THE TRIBUNE



MYTH

‘THE walls of my house are made of
solid reinforced concrete, they're
impregnable.

FACT

A 74 mph wind (the minimum
windspeed of a hurricane) has the
ability to drive a piece of 2x4 lumber
through a reinforced concrete wall
four inches thick. Imagine how dead-
lv. faster windspeeds and larger
objects can be. This is one reason why
you should never venture outside
unless you have to.



MYTH

YOU should close and board up
all doors and windows especially on
the storm side. During a hurricane
the doors and windows on the lee side
can be opened to release the pres-
sure.

FACT

NEVER open a door or window
during a hurricane. Every door and
window should be closed (and shut-
tered) for the duration of the storm.

The difference in pressure between
inside your house and outside during
the storm is insignificant because no
house is airtight. Hurricane winds are
very turbulent and an open door or
window can easily be torn from its

hinges.
ok of ok ok ok ok ok ok ok ok

MYTH
THE size of a hurricane is an indi-
cation of its strength.

« FACT

THE extent of the cloud cover sur-
rounding a hurricane bears no rela-
tionship to its strength. Strength is
measured according to the maximum

sustained wind speed.
ok of of of of als ok ok of ok

MYTH
FRICTION over land kills a hurri-
cane.

FACT

DURING landfall, increased fric-
tion over land acts in a contradictory
manner. It both decreases sustained
wind speed and increases the intensi-
ty of the gusts felt at the surface.

MYTH
A HURRICANE is really a high
wind event.

FACT

WIND accounts for about three per
cent of a hurricane’s energy. Mois-
ture condensation and rainfall make
up most of the rest.

Hurricane-induced flood-related
deaths outnumber all the other hur-

ricane-related fatalities. Sea surges”

causing severe flooding have meant
that some hurricane evacuees have
had to spend more than eight weeks

in emergency shelters.
skis



MYTH

THERE’S only a 50 mph differ--

ence between a 100 and a 150 mph
hurricane, so it’s not worth panick-
ing about.

FACT

AS wind speed increases the force
exerted by the wind grows exponen-
tially. Each time the wind speed 1s
doubled, the force exerted multiplies
by four.

So if you triple the wind speed. the
force exerted multiplies by nine.
Therefore when compared to a 50
mph wind, a 100 mph wind has four
times the force and a 150 mph wind
has nine times the force.



MYTH
LIGHT candles if the power goes
out.

FACT

NEVER use gas or oil lanterns and
try not to use candles during a storm.
If you start a fire accidentally, emer-
gency responders may not be able to
attend. Use flash lights or battery-

powered lanterns where possible.
sksk xk



MYTH
WHEN a hurricane strikes it’s only
the sea surge that causes flooding.

FACT

EVEN though sea surges are his-
torically the biggest killer, far more
people have died inland over the past
three decades as a result of flooding

triggered by heavy rains associated



@ THE FORCE OF MOTHER NATURE — A 74 mph wind (the minimum windspeed of a hurricane) has the ability
to drive a piece of 2x4 lumber through a reinforced concrete wall four inches thick. Imagine how deadly, faster wind-
speeds and larger objects can be. This is one reason why you should never venture outside unless you have to.

with hurricanes.
pic ois 2 ok 2 ois ok ok ok

MYTH

IF you live more than half-a-mile
inland you don’t have to worry about
a sea surge, even if you live at sea
level.

FACT ;
FEW locations are capable of fend-
ing off a 10 foot plus sea surge. Most

A eMC murey(ucra st lN nic. Cue)
Pe MAU Se

BAHAMAS
VASTE.

flood defenses are designed to keep
sea water out, so if the water pene-
trates the barrier, it has nowhere to
go. Canal systems and lakes offer no
protection as they tend to magnify

the effects of a sea surge.
fe fe ole fe sie sk oft ok ok ok

MYTH

THE weather looks okay even
though the media are saying that a
Category 4 hurricane will make land-

fall. When the weather starts to dete-
riorate that’s the time to evacuate.

FACT

THIS can be one of the most dan-
gerdus decisions you make. Storm
paths are unpredictable; waiting until
the last minute can leave you with no
place to go to escape a storm’s fury.
The advice is to gather your posses-
sions, secure your home and leave as
quickly and safely as possible.



BAHAMAS
WASTE













ae ae. ae ee Se ae

- ee ee wm



"THE TRIBUNE

woth



te ao eee s
i
oe | RRR

_As Caring Citizens of This Country
Po ras LETS ASSISt Our Red Cross
} sin Every Way Possible
~ During This Hurricane Season







“ ’

t



"*

PAGE 19E










PAGE 20E



Yel: (242) 393-4002





Fax: (242) 393-4096 - Nassau, Bahamas













Prepare early for

ee



Hurricane Season...

we have all the supplies you'll need!

mCi i cele

O) Candles & Holders
eR le

O Lamp Oil

_j Buckets
. Chain Saws
4) Tools
O Window Tape
QO Sterno
) Rope
Qj Flashlights
Q Battery Clocks
=F CE tr)
QO Cut Nails.
and much, more!

a B18] 0) ey
C] AM/FM Battery Radios
QO) Battery Lamps

©) Manual Can Openers
QO Garbage Bags
Coolers (all sizes)

Q Plastic Containers

_) Fuel Containers

U Blankets & Sheets
LU Sleeping Bags

leer tetas

Pete Be Da ecinw isola)



Kelly’s Lumber Yard
Fost Street
All your Lumber and

building supply needs!

, i Valera
e S Home
Lior eva Ch Kw Or eee Hee
Fons (242) 3934095 Soterday vista ee

ee freer]
S aehatectd bend anN

see RS

A sensmioapess oon nan aaa otS













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Volume: 103 No.181

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i'm lovin’ it.

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#1 PAPER IN CIRCULATION







She Miami Herald

BAHAMAS EDITION







PRICE — 75¢



Maynard-Gibson

leads PLP walkout &

lm By RUPERT MISSICK Jr
and MARK HUMES __

A HEATED row over the
“early” passage of the 2007
budget has arisen, with oppo-
sition Senators accusing gov-
ernment of being “high hand-
ed and undemocratic” and
government Senators accus-
ing the opposition of attempt-
ing to obstruct the passage of
the key piece of legislation.

Opposition Senate leader
Allyson Maynard Gibson,
who in protest, led a walkout
of PLP Senators before the

bill was passed yesterday, --
- accused government senators

of a “grossly unfair, obscene
and undemocratic violation of
constitutional procedure and
practice” by allowing a vote
of closure on the bill before
opposition concerns were
addressed.

“The cloud of arrogance,
victimization, abuse of power
and intimidation that has
affected so many people in the
last six weeks has finally found
its way to the Senate.

“On Wednesday the Vice
President of the Senate and
Chairman of the FNM took
over in the absence of the
president and in high-handed,
procedurally incorrect and
undemocratic manner sought
to force the passage of the
budget without regard to the
legitimate and vital questions
that the opposition sought to
raise,” she said.

However, government Sen-
ate leader, Minister of Labour
and Maritime Affairs, Dion

Foulkes yesterday defended
his decision saying that Sena-

‘tor Gibson’s refusal to coop-

erate and her intention to
“hold the country hostage to
their arrogance and immatu-
rity” forced him to bring the
process to a conclusion
Wednesday night if the gov-
ernment were to meet its July
1 deadline for the passage of
the bill.

“Senator Gibson’s behav-
iour was disgraceful but not
surprising since she obviously
intends to carry out threats
emanating from some PLP
quarters to obstruct the work
of the Government in this par-
liamentary session.

“This behaviour was remi-
niscent of her reaction to her
defeat in the Pinewood Con-
stituency. She refused to

‘accept the verdict of the peo-

ple and helped to keep the
country on edge while she
demanded recounts that took
a whole day and up until mid-

night of the day after the elec-

tion,” Mr Foulkes said.

Yet despite Mr Foulkes’ ref-
erence to the aftermath of the
Pinewood mix-up, Senator
Gibson-Maynard remained
focused on the Opposition’s
concerns over government’s
actions in bringing closure to

- the bill.

She told the crowd of
reporters that, at the Com-
mittee stage of a Bill, Parlia-
ment performs one of its fun-
damental functions, making

SEE page 13





















@ THIS car was crushed
against a utility pole by a
dump truck on Gladstone
Road.

(Photo: Felipé Major/
Tribune staff)

@ By ALISON LOWE
' Tribune Staff Reporter

A WOMAN was seriously
injured yesterday when a car
in which she was travelling
was crushed "like a pan-
cake" against a utility pole
by a dump truck on Glad-
stone Road.

The accident has renewed
calls from a concerned resi-
dent for authorities to rein
in "intimidating" dump truck
drivers who regularly speed
on the road and have been
seen. "running cars off the
street" with their threaten-
ing behaviour.

"Right now people in
Carmichael Road, the
Carmichael area, are in fear
for their lives every day,"
said the man, who said it was
only last week that he saw
another car being forced
onto the verge by a truck.

That incident prompted
him to contact the Road
Traffic Department, but
despite promises to send
someone to look into the
reported problem, no one
showed up. Prior complaints

SEE page 15







Men in custody i in connection
with seizure of $7million in cash

il By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - The three men,
wanted by Grand Bahama Police
for questioning in connection
with the seizure of money, drugs,
and weapons, are in police cus-
tody.

Devin Gilroy Garland, 30, of
251 Melbourne Crescent, Hud-
son Estates; Larry McIntosh, 32
of 91 East Atlantic Drive and
No 9 Drake Avenue; and
Reynold “Rennie” Newbold, 28,

of 48 Pinta Avenue, South
Bahamia, are assisting
police’ with their investig-
ations.

The men are being questioned
in connection with the massive
money, drugs and weapons
seizure on June 17 at.the Bron-
stone Storage Facility on
Grenville Drive and Milton
Street.

Chief Superintendent Basil
Rahming thanked the news
media for its assistance in pub-
lishing the all points bulletin on

the three wanted men.

On Sunday, June 17, Grand
Bahama Police seized $7 mil-
lion in cash — the largest single
cash discovery by Bahamian law
enforcement.

Also seized were more than
100 kilos of drugs, and weapons,
including six rifles and four pis-
tols, and more than 1,000 rounds
of ammunition.

The Central Detective Unit
and Drug Enforcement Unit
officers are investigating the mat-
ter.

Man claims Department of Social Services
denying him assistance due to his HIV status

@ By TANEKA THOMPSON

the year.



AN HIV positive New Providence resi-
dent alleges that he and his terminally ill
wife are being denied assistance from the
Department of Social Services because of
their HIV status. The gentleman, who
asked for his name to be withheld, reports
that he has only received two month’s
worth of financial assistance from the
Department in 2007, even though he was
promised assistance throughout the rest of







He claims that February was the last
time he received assistance from Social
Services and that officers from the Wulff
Road office never visited his home to check
on his living conditions where they would
have seen that he is in dire
gency assistance.”

Shunned by relatives and their church
the married couple is currently living “in

SEE page 15

need of “emer-


PAGE 2, FRIDAY, JUNE 29, 2007

Pees ek ee eee

Atlantis: we aren’t drawing custom

. Woman denies
_ having 16

away from downtown businesses

ATLANTIS is only one seg-
ment of the overall destination
of Nassau, George Markanto-
nis, president and managing
director at Kerzner Interna-
tional said in a statement yes-
terday.

He said downtown businesses
need to present themselves as
viable options for visitors in
order get their share of the
tourist market.

Mr Markantonis was
responding to claims by a down-
town business that Atlantis is
“sucking the life out” of Bay
Street, especially in the evening
hours.

The furious businessman said
that downtown restaurants and

clubs were suffering and that it
was difficult for establishments
to be successful “if Atlantis is
keeping all the trade to itself.”

Mr Markantonis yesterday
emphasised that Atlantis is in
fact promoting local downtown
businesses and tourist sites. |

“We want visitors to experi-
ence all facets of Nassau, but
there must be product available
at a standard that is attractive to
the visitor,” he said.

Mr Markantonis said that
when looking at such destina-
tions as Orlando, “Disney and
Universal attract millions, but
International Drive or down-
town Orlando benefits tremen-
dously from the critical mass



ATLANTIS

created.”

The businessman who spoke
with The Tribune earlier this
week also claimed that Atlantis

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staff were telling tourists that it
is dangerous to visit the down-
town area at night. .

“We do not have any policy
that dictates what our staff say

‘to our guests with respect to

other attractions or Bay Street.
It is unfair to lay this claim at
the feet of Atlantis and their
employees, when newspapers
outline the problems of down-
town on a daily basis.

“In fact we have two tour
centres on our property that
promote and sell attractions
throughout the island,” Mr
Markantonis said..

In addition to this, he said, a
“wide variety of tourist attrac-
tions are promoted on our in-

room video loops, including the
Straw Market, Ardastra Gar-
dens, historical sites and others.”

As concerns Atlantis’ new
nightclub, Aura, “Atlantis and
Resorts International before
that, and the hotels on Cable
Beach and elsewhere, all have
and have always had night
clubs,” he said.

Responding to the criticism
that local businesses cannot dis-
tribute fliers on the Atlantis
property, Mr Markantonis said
that Atlantis is not aware of any
business that allows other busi-
nesses — especially competing
businesses — to distribute pro-
motional material on their
premises. ,

Clarification on response

ATLANTIS management took
grave exception to a sentence in
The Tribune article under the
heading, “Claim that Atlantis
‘sucking the life’ out of Bay
Street”, which appeared in yes-
terday’s newspaper on page two.

The last sentence of the story
stated that the resort did not
respond to The Tribune up until
press time on Wednesday night.

“The perception that the last
paragraph of your story gives is
that we may have been dodg-
ing the allegations. We would
assert that no media can ever
accuse us of not responding.

“We will either forward that we
have no comment or we will issue
a statement. That is our record,
plain and simple,” said senior vice-
president in charge of public rela-
tions at Atlantis, Ed Fields.

Mr Fields said that the
request to respond to the article
was sent to him via e-mail at
1.47pm, but that he did not
actually receive it until 3.30pm.

Mr Fields said a response was
then written and forwarded to
the newspaper at 5.38pm.

He added that while e-mail
is an extremely legitimate vehi-
cle of communication, it is not
time sensitive.

However, Mr Fields in the
past has encouraged several Tri-
bune, reporters to use e-mail
when.they have questions and

requests for a comment on a sit-
uation concerning Atlahtis.
While it may be true that the
reporter should have also con-
tacted Mr Fields by telephone to
alert him to the e-mail, the senior
vice-president was able to
respond to a second request for
information by another reporter,
which was also sent by e-mail,
without a phone call being made.
This second request was made
later than the first, but was
answered three hours earlier.
In Wednesday’s e-mail, a
request was also made of Mr
Fields to contact The Tribune,
by either e-mail or phone call, if
he intended to respond. No
such call or e-mail was received
before his response was sent.
Mr Fields also said that the sen-
tence “Atlantis did not respond to
The Tribune up until press time
last night” was misleading, as the
newspaper had received a response
by press time, which is 8pm.
While press time is indeed
8pm for the press room, the
deadline in the editorial depart-
ment for all inside pages to meet
the press deadline is 5.15pm. Mr
Fields’ response was received 18
minutes after that deadline. The
article that referred to Atlantis
was positioned on an inside page
and, therefore, had to be written,
edited and positioned in a com-
pleted page by 5.15pm.

THE TRIBUNE



pounds of

3 drugs at home

A WOMAN accused of

being found in possession of

16 pounds of marijuana was

arraigned in Magistrate's
; Court yesterday.

Ingrid Bain, 29, of

i Carmichael Road appeared
: before Magistrate Carolita
: Bethel at Court eight Bank
i Lane yesterday and pleaded
: not guilty to the charge of pos-
i session of marijuana with the
: intent to supply,to another.

It is alleged the drugs was

found in her home on Tues-
i day June 26.

Bain was remanded to Her

: Majesty's Prison yesterday
: and the matter was adjourned
: to July 5 at 2pm for a bail
: hearing.

_ Appeal begins
for man who
tried to rape
83-year-old

A MAN who last year was

: convicted of burglary caus-
: ing harm and the attempted
: rape of an 83-year-old woman
: appeared in the Court of
: Appeal yesterday.

Last October Alutus New-

: bold was sentenced to serve
: 16 years in jail on a burglary

: conviction, six years.in jail for.
; attempted rape and two years

: ona causing harm conviction

i which are to run concurrently.

: Justice Jon Isaacs also

: ordered that he receive eigh

i strokes of the rod.

Yesterday his attorney,

i Kenneth Toppin, argued in
i the Court of Appeal against
: the administration of corporal
: punishment on his client,
: Claiming it is excessive.

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ame

age
In brief

Man faces
charge of
Marijuana
possession

A MAN was arraigned in
Magistrate's Court on
Wednesday charged with
possession of a half pound
of marijuana.

It was alleged that on
Tuesday, June 26, Bianco
Smith, 30, was found in pos-
session of a quiantity of mar-’
ijuana which authorities
believed he intended to sup-
ply to another.

Smith, who appeared
before Magistrate Carolita
Bethel at court eight in Bank
Lane, pleaded not guilty to
the charge and was denied
bail because, according to
the prosecuticn, he has
another matter pending
before the courts.

The case was adjourned to
October 17.

Man denies
causinq
GBH to two
persons

A MAN was arraigned in
Magistrate’s Court! on Wed-
nesday accused of causing
grievous harm to two people.

Kenron Jamaal Dean of
Yellow Elder appeared
before Chief Magistrate
Roger Gomez.

It was alleged that on
Monday, June 18,, Dean
caused grievous harm to
both Everett Patton and
Dario Mortimer.

Dean, who pleaded not
guilty to the charges, was
granted bail in the sum of
$9,000 with one surety.

The case was adjourned to
July 17 and transferred to
court 11 on Nassau Street.

Paintings
shown to
raise AIDS

awareness

TWENTY-ONE recent
paintings by Antonius
Roberts will be exhibited on
July 2 in an effort to help :
change the way Bahamians © :
look at AIDS in their corn-
munity.

The showing will be held
at the Central Bank of the
Bahamas Gallery from 6 to
9pm.

The paintings are silhou-
ettes of seven persons who
are HIV positive. Along with
each painting will be dis-
played the story of each per-
son in their own words.

“The objective is to elimi-
nate stigma and discrimina-
tion by putting a face on HIV
and AIDS in our community
without putting an actual face
in the public arena,” said a
statement released by the
organisers. “As a result of



stigma and discrimination
persons who are living with
HIV and AIDS live in the
shadows of our society.”

This exhibition is the first
of a three-part series initiat-
ed by Mr Roberts.






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HM BYRAN Woodside of
Pinewood

S with seats
contested are
served writs

@ By ALISON LOWE
Tribune Staff Reporter

ALL three MPs whose con-
stituencies are being contested
in election court have now been
served with a copy of the peti-
tions filed by the PLP, bringing
the cases ever closer to a court
showdown that could have far
reaching political implications.

It has also been revealed that
the government will be repre-
sented by lawyers from the firm
of Graham Thompson and Co —
ensuring that the country is set
to see a clash between some of
the country's most renowned
legal minds.

The firm has some strong
FNM links, as the base for
lawyer Claire Hepburn, now
Attorney General, and Michael
Barnett, FNM candidate for
Fort Charlotte in the May 2
election.

Representatives from both
sides, including PLP lawyer, MP
Philip Davis, and FNM sources,
have indicated that they want
the election court matters dealt
with speedily.

Petitions were filed to initi-
ate election court proceedings
in the case of the Pinewood,
Blue Hills and Marco City con-
stituencies on June 18. The seats
were Officially won by the FNM
by 64, 47 and 47 seats respec-
tively.

In the five days preceding the
serving of the petitions upon
the MPs — which by law had
to occur within the five days fol-
lowing the filing of the original
petition — they are entitled to
respond with any technical
objections to the terms as laid
out in the document. However,
it is not necessarily required
that they must object, as they
can also choose to "join them
(the PLP) on the issues and
take issue with the issues," said
a legal source.

Speaking with Mr Davis yes-
terday, the PLP's legal team had
"just heard" from the FNM's
lawyers.

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Previously, the FNM have
remained silent about the whole
matter of who would represent
them in court. FNM chairman
Johnley Ferguson described the
entire proceedings as "embry-
onic" on Monday, claiming the
party had not yet officially
determined who would present
the party's side.

He said: "The party is prepar-
ing. While there have been no
collective meetings on that lev-
el that the public would be
aware of the party is (prepar-
ing) and I’m sure they will begin
to make some mental notes and
when the time is right you'll do
what you have to do."

However, the chairman
played down the affair, claiming
there is "nothing big to be pre-
pared for."

Attorney for the PLP, Wayne ~

Munroe, has stated that the par-
ty's contesting the three seats
is primarily based on the asser-
tion that non-citizens voted in
the election, along with persons
in constituencies where they did
not live.

In order for the result of the
election in that area to be over-
turned, it would have to be
proven that the PLP gained
more legitimate votes than the
FNM, once all illegitimate bal-
lots have been discounted.

However, some commenta-
tors have noted that although
the numbers were small - 67, 45
and 45 - it would still be a mam-
moth task to rule out, with ade-
quate evidence, that many votes
in the election court.

Nonetheless, if such a task is
achieved, and the opposition
are victorious in all three elec-
tion court cases, the PLP would
officially become the govern-
ment, holding 21 to the FNM's
20 seats, compared with the cur-
rent 18 to 23 split. However,
Prime Minister Hubert Ingra-
ham has said that "only the peo-
ple of the Bahamas can deter-
mine their government."

While he has indicated that
his government will abide by









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the court decision - from which
there is no appeal - he also sug-
gested that he is not afraid to
exercise his right to call another
election to secure his party's
position, if his party looked set
to lose all the challenges, rather
than concede the government
as a result of a court decision
based on allegations of election
mismanagement.

Such an - albeit rare - possi-
bility was one that Mr Fergu-
son played down.

"You'll have to make a deci-
sion," he admitted, adding how-
ever that “at this time it’s not
necessary to give it any serious
thought."

Asked how many witnesses
may be called to testify in the
court cases, Mr Davis could not
be specific, but said that he
hopes the number can be min-
imised through cooperation
between the parties’ lawyers,
speeding up the process.

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PAGE 4, FRIDAY, JUNE 29, 2007



EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

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

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

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

(Hon.) LbaD3 Diabet:

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Secrecy raises question for democracy

NEW YORK — The release this past
week of the “family jewels” — the CIA’s
records of its abuses and illegal activities
during the 1960s and 1970s — serves as a
timely reminder of the threat secrecy can
pose to democracy. It also reinforces the
importance of vigorous oversight of our
nation’s secret-keepers, of watching the
watchmen.

This past week brought fresh evidence
that these concerns are as relevant now as
they have ever been, with the latest story
about how the White House is seeking to
keep not only its documents but also the
way it handles these documents secret from
our government’s appointed overseers.

President Bush signed Executive Order
13292 in 2003, amending President Bill
Clinton’s 1995 Executive Order 12958,
which dealt with the handling of classified
information in the executive branch. You
may have heard Vice President Dick
Cheney’s claim that because the Constitu-
tion provides a legislative role for his office
— president of the Senate — he is not,
actually, part of the executive branch and
therefore not subject to the order.

This is a novel argument, to put it polite-
ly, and one the vice president has backed
away from in recent days, though he has
maintained that he is exempt from the
order. Indeed, the vice president and his
office have not complied with the executive
order’s oversight requirements since 2003.
When the Information Security Oversight
Office (ISOO), the office in the National
Archives charged with enforcing and car-
rying out the executive order, wrote Attor-
ney General Alberto Gonzales about the
vice president’s non-compliance, Cheney’s
staff responded by trying to get the ISOO
abolished.

Interestingly, this has not been the first
time that E.O. 13292 has appeared in the
news — quite an illustrious career for one
of what must be millions of orders and reg-
ulations dealing with the internal opera-
tions of our government.

Early last year, when Vice President
Cheney appeared on Fox News’ “Special
Report With Brit Hume” after Cheney’s
hunting accident, Mr. Hume asked him

THOUGHT FOR THE WEEK

“The gem cannot be perfected without

about some of the questions that were com-
ing out of Special Prosecutor Patrick
Fitzgerald’s investigation of the Valerie
Palme leak case. Among these was former
Cheney aide Lewis “Scooter” Libby’s tes-
timony that he had been authorized by his
superiors to disclose classified information.

When ‘Mr. Hume asked the vice presi-
dent if it was his “view that a vice president
has the authority to declassify informa-
tion,” Cheney answered, “There is an exec-
utive order to that effect.”

As certain commentators on the left and
the right helpfully pointed out at the time.
the vice president was evidently referring to
E.O. 13292. Among the many changes that
President Bush’s 2003 amendment made to
President Clinton’s original order were
provisions that allowed the vice president
— in addition to the president — to classi-
fy information.

Whether or not this also gives vice pres-
idents power to declassify information is a
subject of debate. But the executive order
from which Vice President Cheney now
claims to be exempt is the same one he
seemed to cite last year to justify his
actions.

These shifting sands of logic, the claims
of “executive privilege” followed by denials
of executive-branch membership, should
raise real questions in the minds of con-
cerned citizens, no matter where one stands
on the political spectrum.

— Questions about whether our repub-
lic — about to turn 231 years old — is
being changed in significant ways, and often
by fiat.

— Questions about whether those who
advocate and practice such secrecy in the
White House are trying to hide anything,
and, if so, what.

— Questions about the press and the
public’s ability to sustain interest in the
seemingly arcane legal matters that are
key parts of the rule of law.

— And finally, what is perhaps the sur-
mounting question: Who watches the
watchmen?

(© This article is by Dan Rather of
Hearst Newspapers — © 2007)



THE TRIBUINE

Allow us to
freely plan
in Fox Hill

EDITOR, The Tribune.
PLEASE allow us space to
voice our cry on what we
think is a situation that needs
an urgent mediator, and we
hope that we can gain that
from you, the public or even
the Prime Minister, the Hon.
Hubert A Ingraham himself.
Please let’s all learn to hear,
we are not addressing this
issue to get points for any
political party, rather we are
fighting for our history and a
heritage that was passed down
through the lineage of all Fox
Hillians and for our children
and grandchildren to enjoy.
Last Fox Hill day a group
of people got together and
allegedly tried to politicise
along with others tricks even
to the extent of renaming the

‘historical Fox Hill day cele-

bration after Mr George
Mackey. A ploy that was
fought and successfully won
by the coming together of the
Fox Hill people and con-
cerned Bahamians alike. In
addition I was shocked at the
article in the daily newspaper
by the member of parliament
the then Minister Fred
Mitchell stating in my own
words to be brief how dis-
pleased he was in this same
committee and how disap-
pointed he was in their inabil-
ity to put on a successful
event, especially one that we
have been celebrating for
years. Mr Fred Mitchell went
on to invite that committee to
go to Gambier and learn how
to put together a proper event.
From that point Mr Mitchell
brought in government min-
istries to allegedly take over
the show, while it was an
enjoyable event it was not a
foxhillian event. In an effort
not to sound ungrateful for
the minister’s efforts, let us
explain, unlike other events
Fox Hill day is about us enter-
taining our guests and family
alike and not us being enter-
tained as it is done at other
festivals. As a result a group of
us made an agreement to step
up and bring back the people-
to-people touch to our home-
town celebrations and limit
the number of outsiders (be
it outsiders or entertainers) so
that we could preserve the
venue for the participation of
our future young people.

Fox Hill day is now a matter
of weeks away and this same
committee has held one meet-



LETTERS

letters@tribunemedia.net




ing (which Mr Fred Mitchell
came by) in regards to plan-
ning and ever since it’s as
though it’s hide-and-seek or
catch-us-if-you-can if you want
to join this committee. We
have met with Dr Jacinta Hig-
gs and asked her to please
assist us in bringing this child’s
play to an end before our cel-
ebrations as we know it will
be lost. We are now asking for
the voice of all Bahamians to
intercede on our behalf, and
for those who are seemingly
power struck to please move
on. If I may interject here,
honestly you old guys (1 would
name you if the press would
allow) need to know when to
move off the scene, especially
if you cannot put your political
differences as well as personal

feelings aside for the welfare
of a better good. Please look
around you, this. very action
is what has this country and
even our churches divided
today, it’s time to stop the
foolishness.

Mr Mitchell please tell the
committee it’s a bad reflection
on you and your leadership
and allow these meetings and
plans to proceed.

‘Just as the elections were
called at the last minute, and
we admit that it is already late,
please do not play with or
delay our celebration planning
any longer.

You have proven once
again that you are the man in
charge, now please let eman-
cipation reign once more for
us as a people and allow us to
freely plan amd celebrate in
Fox Hill as we always do.

MINISTER S DAVIS
Nassau,
June 27, 20107.

Use of ‘signing’ in
election campaign

EDITOR, The Tribune.

THE country, via television, might have observed during the
general election campaign that the Free National Movement, at its
rallies, employed the use of “signing”. That innovation did not go
unnoticed nor unappreciated, especially by the deaf citizens in the

country.

The Free National Movement are to be congratulated for their
vision and listening ear, as it is quite known that Bahamas Loving
Care has been agitating for several years that “signing” on the
local television station (ZNS) be reintroduced for the benefit of the

country’s deaf.

For something so important as the general election, wherein
everyone is required to participate. The introduction of signing was
a welcomed innovation. After all, how are tthe deaf able to make an
informed decision in casting their votes when they are not privy to
the issue and the candidates and parties stance on those matters?

Actually, the first effort to have signirig on television was first
introduced by the first Free National Movement government in
1993, but was halted after two years, due to financial problems expe-
rienced by the then sponsor — Commonwealth Bank.

Bahamas Loving Care’s president, Mr ‘Sam Williams, through his
insistence was able to convince certair1 members of the FNM’s
hierarchy to include signing during their rallies. Once the idea
was accepted, Mr Williams introduced Je:ron Morley to the relevant

people and the rest is now history.

Sadly though, Bahamas Loving Care was somewhat miffed that
“signing” was not employed during the opening of Parliament.
Hopefully, that was an oversight and will be corrected in the future.

BAHAMAS
LOVING
CARE
Nassau,
June 4, 2007.

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THE TRIBUNE

FRIDAY, JUNE 29, 2007, PAGE 5



rl don’t let regard for

tights get in way of crime fight



Emergency
drill held by
GB Airport
Company

m By DENISE MAYCOCK
Tribune Freeport
Reporter

FREEPORT - The Grand
Bahama Airport Company
held an emergency drill on
Tuesday evening at Grand
Bahama International Airport.

Airport officials ran the drill
in an effort to evaluate the
effectiveness of various emer-
gency response agencies on the
island.

The Royal Bahamas Police
Force, the Department of
Immigration, Customs, US
Customs and Border Protec-
tion and the Grand Bahama
Health Services took part.

Several airlines, including
Bahamasair, Gulfstream/ Con-
tinental, American Eagle, as
well as mutual aid providers
and volunteers also participat-
ed.

After the drill, an evaluation
of the airport’s emergency plan
and response systems was car-
ried out.

The International Civil Avi-
ation Organisation mandates
that all major international air-
ports test their emergency pro-
cedures and response capabil-
ities at least once every two
years by simulating a major air-
craft disaster in a drill.

Not guilty plea
to charge of
drug possession

A 23-YEAR-OLD man
pleaded not guilty in Magistrate’s
Court to a drug possession charge
on Wednesday.

It is alleged that on Tuesday,
June 26, Presley Vildor was
found in possession of a quantity
of marijuana which authorities
believed he intended to supply
to another.

Vildor, who was arraigned

before Magistrate Carolita Bethel _

at court eight in Bank Lane, was
granted bail in the sum of $7,500.

It is alleged by the prosecu-
tion that Vildor was found in pos-
session of 17 grams of marijuana.

The matter was adjourned to «::

November 27.






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Pastor:



BAHAMIANS should not
let a regard for their rights
and freedoms get in the way
of the fight against crime,
according to Pastor Rex
Major.

“The soft attitude coming
from the Liberal thought is
wrong,” he said, stating that it
has undermined God’ s
decree.

Pastor Major recommend-
ed random searches of cars
for illegal weapons as one
measure to fight crime, saying
that citizens “must be willing
to pay the price of inconve-
nience” in order to remove
criminals from the streets.

To those who would cry out
that the rights of Bahamians
should not be stepped on
while officers police the
streets, he replied: “Keep
your freedoms and your
rights — and let that be the





@ PASTOR Rex Major

many Bahamians are too

“apathetic” about same sex
marriages, which he adamant-
ly opposes.

the Bahamas is in a state of
crisis, and Bahamians should
“become more crisis orient-
ed.”

Appearing on 105.9 FM
yesterday as a representative
of the conservative Christian
right, Pastor Major also
announced that he will be cir-
culating a petition to parlia-
ment calling for stiffer penal-
ties against sexual offenders.

' “Society is responsible to
shape itself... by what you
allow to be right and what
you allow to be wrong.”

Pastor Moss spoke at
length about the case of con-
victed child raprst Andrew
Bridgewater, who was sen-
tenced to seven years in



According to Pastor Major, .

avenue by which your whole
life is taken.”

Known for his candid and
ee pronouncements

on social issues, Pastor Major
said law makers have a “soft
attitude” towards convicted
sexual criminals and hat

prison and 10 strokes of the
cat o nine tails. “It is time to
break with the law” he
declared, adding that it seems

14” longer
The al-new RAV4 has a powerful,
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Break-in suspect shot by police

@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT — A man suspected of being
involved in a break-in at the home of the late
Preston Stuart in Bahama Terrace was shot by
police on Wednesday evening.

The 36-year-old was shot in the left thigh fol-
lowing a foot chase, which ended in gunfire some
time after 8pm in the nearby subdivision of Car-
avel Beach.

According to police reports, a security officer
contacted police at and reported that a man had
broken into the home.

The police said they were told that a man was
in the process of stealing items when the security
guard surprised him, and that the guard was now
in pursuit of a suspect through Bahama Terrace.

Chief Superintendent of Police Basil Rahming
said that a Mobile Patrol unit responded imme-
diately and intercepted a suspect and the securi-

_ ty officer near Hawksbill Street, Caravel Beach.

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Auto Mall. Shirley Street (opp. St. Matthew’s Chureh)

At that time, one officer joined the foot-chase
and caught up with the suspect near the 249
Apartments on Ladyfish Street.

According to witnesses, the suspect retrieved a
knife from his pocket and raised it as if he was
going to stab the officer.

Mr Rahming said the officer quickly drew his
service weapon and fired a shot, striking the sus-
pect in his left thigh.

He said the officer retrieved the knife from
the suspect’s hand, and summoned an ambulance.

The suspect was transported to the Rand
Memorial Hospital, where he was treated and
later discharged.

Investigating officers reportedly then went to
Preston Stuart’s residence, where it was discov-
ered that entry had been forced through a south-
ern kitchen window.

Officers discovered that several bags had been
filled up with groceries and other items when the
culprit was apparently interrupted and fled on
foot. °.)







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to him that justice in the
Bahamas “is now being car-
ried on to see how easy it can
be for the criminal.”

Pastor Major went on to
promote his cause, “Save the
Family”, lambasting homo-
sexuality and same-sex mar-
riages.

He is one of the main pro-
ponents for an amendment to
the Bahamian constitution
“stipulating that marriage is a
union between a man and a
woman only” therefore dis-
allowing the future possibili-
ty of same-sex marriages in
the Bahamas.

Pastor Major maintained
that the lifestyle of homosex-
ual Bahamians is ruining the
family structure, and that
immoral behaviour “transfers
to criminal activity.”

On the issue of gays and .

lesbians having children,
Major said it would “add to
the crumbling of the Western

society,” and he does not see
it as a “normal” practice in
sync with “Kingdom Princi-
ples”.

In 2001, the former FNM
administration repealed the
law that made sodomy ille-
gal.

Pastor Major has asserted
that the sexual orientation of
parliamentarians should be
made public, despite preva-
lent prejudice against homo-
sexuality in the Bahamas.

Representatives from the
gay and lesbian rights group,
the Bahamas Rainbow
Alliance, could not be
reached for comment.

TROPICAL
ase

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PAGE 6, FRIDAY, JUNE 29, 2007

THE TRIBUNE



Fire confirmed at

registrar’s office

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@ By BRENT DEAN
Tribune Staff Reporter

POLICE have officially con-
firmed that there was a small
fire at the parliamentary regis-
trar’s office at around 9am last
Saturday in an outside area con-
taining old files and garbagé.

Fire chief, Superintendent
Jeffrey Deleveaux confirmed
the event yesterday to The Tri-
bune, after a story was run on
the incident in The Punch.

“It was the outside area
where some unused files were
kept,” he said. “For a matter of
fact, they were getting ready to
discard all of those items that
were there for some time.”

Mr Deleveaux said that
somebody may have inadver-
tently, or intentionally, dropped
a cigarette on the combustible
material, causing the fire.

The low-level blaze was out

' by the time fire officials arrived

on the scene, the fire chief said,
and the only damage that
occurred was the burning of a
box, along with some smoke

‘stains on the wall of one on the

stairwells of the building.
- An investigation will ensue,
as is the case with all fires Mr



i JOHNLEY Ferguson —
blames any election confusion
on the PLP

' Deleveaux told The Tribune.

However, at this stage, he con-
tinued, the incident does not
look like it was intended to
cause damage to the structure
and police are not viewing the
matter as a possible arson
attempt.

Parliamentary Commission-
er Errol Bethel, was said to be
on leave by registrar staff, how-
ever, deputy permanent secre-
tary in the department, Sherlyn
Hall, said that the documents
that caught fire were “old



garbage” and the event was
“nothing serious”.

Mr Hall added that there was
no serious damage to the build-
ing and that there was no dam-
age to any files or documents
inside the department.

This fire comes at a time
when the parliamentary regis-
tration department is under
considerable scrutiny as a result
of claims by the PLP of serious
voting irregularities in the last
election.

The opposition party has
asserted that non-citizen voting
will be a major component of
the three election court chal-
lenges is has presented before
the courts, along with the claim
of citizens being barred from
the polls who were eligible to
vote.

FNM Chairman Johnley Fer-
guson has charged that any con-
fusion surrounding the election
is the fault of the PLP for how
poorly they handled the elec-
tion process as the government
of the day.

However, PLP Senate Leader
Allyson Maynard-Gibson has
said, “the law makes it very
clear that the parliamentary
commissioner is in charge.”

see eeteeeneeeeneeaeeseeeeeceneee ees eaeeeeeeneeeeneee esses essen ens ee eee ee ens eeE ee eH An EE Eee es ene see Ee ee ene e ene eeensenentedeseeeenenseneesetsnseatereneesensecsesesensesecseseeesesesrasecresensecenseaseces

Appeal filed against rapist’s flogging

AN appeal filed over the flog-
ging sentence of a convicted

rapist has halted that sentence °
’ being carried out.

Last month Andrew Bridge-

water, 33, was sentenced to
serve seven years in jail and also
receive ten strokes of the cat 0’
nine tails, having pleaded guilty
to the brutal rape of a six -year-

NOTICE

NOTICE is hereby given that ANNE-MARIE ZORINA
BRAITHWAITE OF #7 EISENHOWER CLOSE, WINTON
HEIGHTS, P.O. BOX EE-16969, 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
22ND day of JUNE, 2007 to the Minister responsible for



Nationality and Citizenship, PO.Box N-7147, Nassau, Bahamas.

old girl.

His attorney, Wayne Watson,
said yesterday that he has filed
an appeal over that sentence,
which he claims is harsh.

Mr Watson said that the sen-
tence could have been executed
anytime after yesterday but
authorities at Her Majesty's
Prison have been notified that
he intends to appeal the flog- |
ging sentence, halting it being
carried out.

Prosecutors had sought to
have Bridgewater’s prison sen-
tence extended however the
Tribune was not able to con-
firm yesterday whether an
appeal has’ been filed in that
regard.



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GB police
discover
shotgun
cartridges

FREEPORT - Grand
Bahama Police were shocked
to discover several live shot-
gun cartridges under a tree
at the West Mall Shopping
Centre.

Chief Superintendent of
Police Basil Rahming report-
ed that at about 12.20pm on
Tuesday, officers went to an
area of the shopping centre
near Brother Mac’s restau-
rant, where they found and
retrieved a total of 10 live
shotgun cartridges.

The cartridges were on the
ground underneath a tree in
the parking lot. The ammu-
nition, which included seven
20-gauge cartridges and three
12-gauge cartridges, were
retrieved by officers from the
Central Detective Unit for
forensic processing.

Supt Rahming said no
arrests have been made in
connection with the matter.
He said investigations are
continuing.

Man heid
after police
break up
argument

A MALE resident of South
Bahamia was taken into cus-
tody by police in connection
with a drugs find following an
alleged altercation with a

young woman on Wednes-. i

day.

Supt Basil Rahming said
police received a call at about
1.40am on Wednesday from
an unidentified woman who
reported that a man driving a
truck was beating up a
woman on Blue Fish Street
in Caravel Beach.

Police went to the location
and intervened in the alter-
cation.

Officers reported that they
were able to restrain the
attacker, but the victim then
pleaded with officers not to
arrest the man, who she said
was her boyfriend.

She wanted them to warn
him instead.

However, while searching
the man’s vehicle, the officers
reportedly discovered a small
quantity of marijuana.

_ A 20-year-old resident of
Hampshire Drive, South
Bahamia, is helping the Drug
Enforcement Unit with fur-
ther investigations.

Share
your
news

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














responsible for

NOTICE

NOTICE is hereby given that SCHADRAC NICOLAS, CABLE
BEACH, NASSAU, BAHAMAS, is applying to the Minister
Nationality and Citizenship,
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 22ND
day of JUNE, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Nassau, Bahamas.

@ By ASHLEY THOMPSON

THE strong smell! emitting
from the inactive waterfall at
the Queen’s Staircase has led
to a number of complaints over
the last few weeks.

Those who frequent the area
say water has not been coming
through the waterfall for the
past month.

One person explained that
the water that has been left to
settle has turned green and is
creating a “stench” that is
putting visitors off.

When the Department of
Antiquities, Monuments and
Museums was contacted about
the issue, they admitted noticing
that the waterfall was not work-
ing a few days ago.

It was also confirmed that a
meeting had been arranged with
the Ministry of Tourism and the
Ministry of Works to address
the problem.

The Queen’s Staircase is one

In brief Complains o
at Queen’s Staircase

of Nassau’s well known monu-
ments and has been placed in the
care of the Ministry of Tourism.

An employee of the Ministry,
Sheila Cox, explained that the
waterfall is still functioning,
although the water is off. This,
she said, is due to the fact that
the water system for the
Queen’s Staircase is connected
{o the water supply for the near-
by Princess Margaret Hospital.

“The water had to be turned
off at the main to work on the
lines,” she said.

Ms Cox said she has been
told that the water will be back
on soon, and in fact had been
on for a short period about two
weeks ago.

She added that the ministry
has been “working feverishly”
on plans to beautify the area.

For the past year, workers
have been cleaning up the area
and removing garbage on a reg-
ular basis.

Work has also been done to

PMH blood bank in
urgent need of stock

@ By TAMARA FERGUSON

THE blood bank at the
Princess Margaret Hospital is
in urgent need of public assis-
tance, one official has warned.

Everette Miller, supervisor of
the blood bank, urged the pub-
lic to participate in a joint ven-
ture being undertaken by his

unit and the Diamonds Inter- —

national jewellery store.

“The process is simple and
takes about 10 to 15 minutes.
Blood is a product that saves
lives,” he said.

According to Mr Miller, the
blood bank is almost always
short of blood.

He explained that many citi-
zens refuse to volunteer to con-
tribute “because of a fear of
needles and selfishness, among
other reasons.

“Donating blood is safe and
needles are only used once and
then destroyed. We need to
come together and ensure that
our health facilities are supplied
with blood.” he said.

Mr Miller added that this.

time of year is particularly dif-
ficult, as there are even fewer
volunteers that usual.

“Fighty five to ninety five per
cent of our blood, or blood that
we collect, is taken from per-
sons as replaced blood on
behalf of another person, as
opposed to voluntary donations
in which volunteers come in and
just give blood because they
want to give blood,” he said.

Mr Miller said that last year,
the blood bank collected under
three thousand units of blood
— significantly less than what
was needed to supply patients.

He also claimed that there
are many patients whose surg-
eries had to be postponed
because of lack of blood.

TIPS FOR DONATING
BLOOD

¢ Donating blood is a safe
and sterile process — the bags,
tubing and needles are used
only once and then destroyed.



for

Important

eld tee

To Our Valued Customers:

This is to inform you that our Mackey Street telephone numbers
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During the interim please call us at 393-8951.

We apologize for any inconvenience caused.

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° It is not possible to get
AIDS from giving blood

e Donating blood rarely
hurts. You will briefly feel a
slight sting on the inside of your
arm near your elbow.

e Although some people who
are afraid of the process can get
sick or faint, reactions when
donating rarely occur and are
usually minor. You should eat
before donating and drink plen-
ty of fluids before and after.

e Any fatigue experienced
after donating will pass in a few
hours.

° It is safe to donate blood
every 56 days.

LOCAL NEWS

over smell



replant the area with colourful
and attractive vegetation. The
plants chosen must be carefully
selected as not much light reach-
es the staircase, Ms Cox said

The Ministry of Tourism has
also worked with the Ministry
of Works to fix and clean the
bathrooms at the staircase,
which are now functioning.

A barricade has been placed in
the frent of the property to pre-
vent drivers from parking their
vehicles in the area. If persons
wish to visit the Queen’s Stair-
case, they must do so on foot.



@ THE Queen’s Staircase

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Independence plans announced

THE government has
announced that this year’s inde-
pendence celebrations will pay
homage to the nation’s ances-
tors particularly those who
were instrumental in changing
the course of history.

Independence Celebrations
Committee Peter Deveaux-
Isaacs, the theme, “Celebrat-
ing our Forebears” was selected

to recognise the importance of

the 200th anniversary of the
abolition of the Atlantic slave











According to chairman of the





trade.

Bethel Brothers Morticians

Telephone: 322-4433, 326-7030
Nassau Street, P.O.Box N-1026

_ FULL MILITARY
FUNERAL SERVICE FOR



CLIVE YOLAND
"YOKE"
ROLLE, 36

of Haven Road, off
Farrington Road will
be held an Friday
10:30 a.m. at Church
of God Convention
Center, Joe Farrington
Road. Bishop Revy
Francis, Rev 'd Ivan
Rolle and Rev ‘d
‘Sanfard Rolle will
officiate. Interment will
be made in Lakeview
Memarial Gardens,

J.F.K. Drive.

Indelible memory will forever be cherished and engraved
in the heart and mind of his father, Henry Rolle; his five
(5) brothers, Clayton, Pastor Sanford of Cathedral of
Praise, Mt. Pleasant, Sub-Lieutenant Valentino, Sergeant
#1796 Presley and Horatio Rolle; one adopted brother,

Omar Williams; one adopted sister, Portia McKenzie;

Three (3) sister-in-laws, Denise, Shereen and Staff
Nurse Eloise Vanessa Rolle; five (5) nephews, Clayton
Jr., Renaldo, Sanford Jr., Sanchez and Presley Jr, three
(3) nieces Valvanique, Vashawn, and Vashti Rolle; ten
(10) aunts including, Mavis Ensley of Ossining New
York, Madline Rolle, Ruth Rosa of Long Island New
York, Bernice Francis, Rosemary Bodie, Bessie Rolle.

Ophelia Rolle, Beverley Martin of Grand Bahama, Paula
Saunders and:Patricia Simmons; six (6) uncles, Bishop
Revy Francis and Alfred Morris, Michael Simmons,

Carl Martin, Ronald Saunders and Thomas Bodie;

cousins, Eloise, Doretha, Heather, Claudine,

Adennyakah, Sherece and Natasha Curtis, Marva
Edwards of New York, Gail, Donna, Alphanette, Michelle,

Florinda, Daphne, Anastacia, Darcel, Jamaal, Mario,

Dena, Astra, Michael Jr. Tamika, Gary, Chanarlse,

Michelle Curtis, Rev. Humphrey Minnis of South
Carolina, Lynden, Livingston, Edward, Rev. Ivan Rolle,

Antonio Rolle, Shawn, Marcus, Devard Francis, and
Desmond Rosa of New York, and Corey, Demeich
Allen: best friends, Mercy Brown, Rossano Coleby,

Andrew Jamma Symonette, Kevin Country Miller, Henry
Jonnson, Mervin and Rochelle Wallace, The HMP
staff, his numerous godchilren, and many other relatives
and friends including, the Brown family, the Basder
family, Carmetta Hart, Carolyn, Ruthanne and Karen
Rolle,, David Ramsey, the Hinsey family, Cathedral Of
Praise Church Of God family, The Rock Crusher-Haven
Road family including, Joy. Julia Smith and family, the
Bain family including Portia, Dominic ana Deandre
Austin, Karen Richardson and family, Angela and Dealo,

Raymond Larramore and family, the Minnis family
(South Carolina), the Edwards family (New York), Jill
and Allen, the Munnings family, Overseer saiathiel
Rolle and The Pinewood Gardens Outreach Ministries
family, The Happy Hour Crew at The Cutting Edge,

The RBDF Band, and his dogs, Amanda and King
Kong.

May His Soul Rest In Peace

Friends may pay their last respects at Bethel Brothers |
Morticians, #44 Nassau Street on Thursday from |
10:00 a.m. to. 6:00 p.m. and on Friday at the Church
from 9:30 a.m. until service time

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“We thought the indepen-
dence celebrations should
somehow tie into that very, very
significant event in our histo-
y.” Mr Deveaux-Isaacs said
during a press conference held
on June 25.

~©ur ancestors in this regard
are really the bridge between
the two significant events,” he
said. “We intend to recognise
people who at the turn of the
last century, played a very, very
important role in building a con-
sensus, fighting for liberty, fight-
ing for education, the right to
co-exist.”

Mr Deveaux-Isaacs was
accompanied by other members
of the Independence Commit-
tee who outlined the events that
will lead up to the nation’s 34th
independence Day on July 10.

The activities will cost a total
of $500,000, according to the
committee.

The schedule of events is as

follows:

e Thursday, July 5 —- E
Clement Bethel National Arts
Festival at Arawak Cay -
8.30pm

° Friday, July 6 ~ National
Pride Day — Rawson Square —
Yam to 6pm

e Friday, July 6— Youth Way
National Pride Celebrations —
COB Band Shell — 7.30pm

e Saturday, July 7 — Indepen-



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

share your story.

Share your news

Call us on 322-1986 and &



m@ MEMBERS of the Independence Committee announce plans
for the 34th Independence celebrations. Pictured from left are
Dr Nicolette Bethel, director of culture; Mr Peter Deveaux
Isaacs, chairman Independence Committee; and Robert Pinder,
member of the Independence Committee.

(BIS photo: Tim Aylen)

‘dence Beat Retreat — Rawson

Square — 5pm

e Sunday, July 8 — Ecumeni-
cal church service — Kendal G L
Isaacs Gym — 3pmto 4.30pm

¢ Monday, July 9 - Cultural
show, inspection, prayers, flag
raising ceremony, fireworks —

Clifford Park — 8.30pm — mid-
night.
¢ Tuesday, July 10 - inde-

pendence concert — Arawak
Cay — 12.01lam to 4am.





















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° Tuesday, July 10 —- The Peo-
ple’s Rush Out —~ Rawson
Square to Arawak Cay -
4.30am.

Regarding the Independence
theme, director of culture Dr
Nicolette Bethel recalled that
in 1807 the British Parliament
abolished the transhipment of
slaves from Africa across the
Atlantic.

“For the Bahamas, that time
began a period toward inde-
pendence which continues
today,” she said. “So what we

have decided to do with our |

theme is to keep in our memo-
ries the fact that we are a soci-
ety that was created by the insti-
tution of slavery.

“In 1973 we got our indepen-
dence from Great Britain. We
want to keep in people’s mind
that Independence in not one
day, it’s a process. We are look-
ing back at the turn of the cen-
tury to the people who made
independence possible.”

Those to be recognised
include, among others: RM
Bailey, L W Young, C H
Reeves, Stephen Dillet, Dr C
R Walker, T A Toote, Sir Eti-
enne Dupuch, Dr Cleveland
Eneas, Timothy Gibson, D W
Davis, Charles Rodriquez, Bert
Cambridge and A F Adderley.



Plans being
looked at
for northern
command

PLANS are _ being
reviewed to establish a
Defence Force northern
command in Grand
Bahama.

Public relations officer
Lieutenant Sonia Miller said
the advantages would be
better patrols of the north-
ern region and a shorter
response time to incidents .
occurring in the area.

“T can’t give you specifics,
but plans are under review
to start a permanent base
here. When you're moving
and trying to establish plans
for an organisation it will
take some time because
there is a lot of ground work
that has to be done,” she
explained.

Ms Miller stated that the
Defence Force has been in
Grand Bahama in the past
few years dealing with hur-
ricane relief and training.

She said that the organi-
sation plans to launch a
recruitment drive in July
and August in the major
Family Islands and noted
that officers will be available
to accept applications in
Freeport. Applications can
also be collected at Police
Headquarters and the Sev-
enteen Shop.

Ms Miller said that quali-
fied applicants must be
Bahamian citizens and must
have five BJCs with passes
of C or above, including
math and English, and a
clean police record.

Qualified applicants will
be required to sit an
entrance exam on the spot
and must be deemed med-
ically fit by an RBDF med-
ical doctor. -

Ms Miller said that
although applicants must
usually be at least 18 years
old, the Defence Force will
accept applications from 17
and-a-half year olds as well.

NOTICE

NOTICE is hereby given that DIAH FERDINAND OF P.O.
BOX CB-12281, 2 CAMBRIDGE AVENUE, CABLE, BEACH,
NEW PROVIDENCE, 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 29TH
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 WILFRED JEAN-PIERRE OF
CABLE BEACH, 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 22ND day of JUNE, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N-7147, Nassau,
Bahamas.













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’
THE TRIBUNE

FRIDAY, JUNE 29, 2007, PAGE 11





@ THE Orlando Magic launched Islands of the Bahamas T-shirts and give-aways into an excited
crowd during the last Bahamas-themed night at the Amway Arena, Orlando, Florida in March

Orlando Magic
to hold camp in



: LOCAL NEWS





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testing and evaluation procedures. Such programs will include, but not
necessarily be limited to:

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Monday-Friday 9:00am8:00pm
Tel: (242) 393-4002 rd 00am-9:00pm
th eC B ahamas Cee avons a sere

THE Orlando Magic will
bring top players and coaches
to the Bahamas to host a bas-
ketball camp, it was announced
yesterday.

This follows a successful
series of Bahamas themed
nights during the Orlando Mag-
ic home games this NBA sea-
son.

The camp is being dubbed
“Magic in Paradise” and will
target children between ages 6
and 17, giving them the oppor-
tunity to have one-on-one
instruction in a number of game
techniques.

‘To ensure that some of the
most promising young Bahami-
an basketball talents-get the
opportunity to benefit from the
exposure the camp will provide,
the Orlando Magic has joined
forces with the Bahamas Bas-

ketball Federation to draft par-.

ticipants for the Magic Camp.
“We see this as a wonderful
opportunity to expose some of
our top young basketball talent
to the possibilities that could
one day be available to them,”
Minister of Tourism and Avia-
tion Neko Grants said. “Our lit-
tle country has produced a num-
ber of top basketball players,
who have gone on to achieve
international fame and we see
this as another avenue to con-
tinue to nurture that trend.”
The camp will be held on Sat-
urday, July 21 at the newly con-



@ EXCITED Orlando

Magic Fans won several
four-day/three-night vacations
during the Bahamas-themed
night at the Amway Arena

structed Kendal Isaacs Gymna-
sium.

“Magic in Paradise” organis-
ers are also opening the camp
up to young aspiring profes-
sional basketball players living
in-central and south Florida.
“We are thrilled to be able to
offer the expertise and knowl-
edge of our Magic players and
coaches and even more excited
to pair that with the beauty of
the islands of the Bahamas for
the perfect package,” Jennifer
Carlson, director of partnership

activation for the Orlando Mag- -

ic, said. “With the excellent rate
the Bahamas is providing cen-
tral and south Floridians this
offers the opportunity for one-
on-one professional basketball
instruction while enjoying one
of the top destinations in the
world.”

NOTICE

NOTICE is hereby given that AGILUS PETIT of,
COLONEL’ HILL, CROOKED ISLAND, 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 29th day of
June, 2007 to the Minister responsible for. Nationality
and Citizenship, PO.Box N-7147, Nassau, Bahamas.

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PAGE 12, FRIDAY, JUNE 29, 2007

MPa. i.) ee :
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OSING a family mem-
ber to the sadistic

hands of a cold-blooded mur-
derer is heart wrenching to
every family, but the pain only
deepens when there is no clo-
sure and a police investigation
has stalled.

The family of then 24-year-
old Eric “Muff” McGregor have
been grieving his loss without
“finality and any comfort” since
he was brutally murdered out-
side the Pondwash washhouse
on Carmichael Road on May
18, 20006.

According to the mother of
the deceased, before “Muff’s”
death, he spent the day partici-
pating in recreational events
with his parents and siblings.
Patricia McGregor (Muff’s
mother) told me that around
1.45pm on May 18, she asked
Eric to take his younger sister
and niece to th: laundromat,
and then return tor his father
who was leaving for work.

Mrs McGregor, a resident of
the western New Providence,
said that five minutes after they
left, their car pulled up with the

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ADRIAN

GIBSON



driver hysterically blowing the
horn. At the wheel was her 13-
year-old daughter who horrity-
ingly shouted “Muff, Muff got
shot!”

“My 13 year old daughter
drove home! She never drove
before — I say God was with
her — ahh, what a pain, what a
pain all this has been!” said the
distraught mother.

The grief stricken mother
became overwhelmed with
emotion as she relayed to me
the events of that fateful day —

to the best of her knowledge..

She said that when Muff pulled
into the parking area and
stepped out of the car, a vehicle
abruptly pulled up and a male
passenger emerged, asking Muff
“if he had something to say or
wanted to see him”. The
anguished mother said that eye-
witnesses said that Muff seemed
rather puzzled, questioning who
the guy was as he did not know
him. It was then that the hostile
individual drew a gun and shot
him.

At: Muff was shot,
eyewitnesses say that

he ran into the washhouse and
fell behind the counter. As his
sister and niece (16 at the time)
watched — screaming—anoth-
er shot was fired at Muff as he
ran. The first shot penetrated
his arm, entered his torso and
punctured his lung, while the
second bullet grazed his fore-
head.

When the family arrived on
the scene, a tearful Mrs McGre-
gor said that she identified her-
self and asked a police officer
what had happened. She admit-
ted that she was panicky and
hysterical, but the officer
showed no empathy and unpro-
fessionally responded: “Ms, I
don’t care who you is, you can-
not come inside—this is a police
matter!”

Sobbing and sighing, she said:
“I begged them to explain what
was happening and they would-
n't tell. | even tried to go around
the back of the building, but
they held me down. There was
nobody to explain the situation
my child was in.”

In a muffled voice, the
bereaved mother explained that
the family’s undertaker (Dean-
lee Penn) arrived on the scene
even before an ambulance, and
that after she was allowed to
examine Eric, she (Deanlee
Penn) was the person who told
his relatives that he was dead.

What’s worse, says Mrs
McGregor, is that the police
have acknowledged that they
are aware of the perpetrator of
this heinous crime, yet they
have not arrested him or pro-
vided the family with any infor-
mation.

“We have been told that the
police know who they are look-
ing for, they know! I want noth-
ing to do with the Carmichael
Road police station because
they have allowed this case to
become stagnant and cold, and
furthermore, when the (alleged
perpetrator) initially threatened
us, after we reported it, they
withheld information,” she said.

S: went on: “After a
year, this investigation
is not going fast enough—CDU
hasn’t called as yet, although
I’m called every other day by
officers from Quiet Storm.” Mrs
McGregor also alleges that the
police had confiscated the vehi-
cle that her son’s murderer
drove, but it has since been
released from the police com-
pound.



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The brokenhearted mother
said that her entire family has
been devastated by Muff’s mur-
der. She claims that both her
youngest daughter—who wit- .
nessed the incident—and Muff’s
oldest son have been trauma-
tized. ;

“My daughter was a top stu-
dent. Since the incident, her
grades have dropped. Do you
know what it is for her to be in
school, looking ’round for when.
the ‘bad man’ is coming to,
shoot her. She used to go to
church, now she is too afraid to’
even sit down or go. She can’t’
even go to the mall! If we are:
driving and a tinted car pulls’
up, she puts her seat back to
hide, because she is afraid of
who might be in the car. I’m
afraid for her —she wakes up'
screaming and just wants to be’
by herself!” said the sobbing.
mother. \

Mrs McGregor said that Muf-
f’s girlfriend and son have relo-
cated to another Family Island,
and that while she has taken her.
grandson to psychologist Dr,
David Allen, he continues to.
suffer emotionally/psychologi-
cally. “The teachers on the
island say that my grandson
constantly draws a man hold-
ing a gun and standing over
another. He always tells them
“the bad man killed my dad-
dy!””

I: desperation, Mrs
McGregor says she hired

a private investigator who
turned out to be a fraud. How-
ever, she did say that one “one
top level police officer told me
that Muff’s murder was a case
of mistaken identity.”

Sorrowfully, Mrs McGregor
said:

“Muft’s death was like a ripe
dilly that just dropped and
crumbled. That was a blow for
me. The worst thing about it is
that the (alleged) murderer is
still free. Is this fella going to
get away with murder? I guess
he doesn’t have a conscience.”

Mrs McGregor expressed her
gratitude to the activist group,
Families Against Murder
(FAM), which counselled her
family and provided some com-
fort during their season of grief.

Further, she strongly lobbied
for the enforcement of the
death penalty. “I feel that the
drug dealers go to jail, the
rapists go, the thieves and fraud-
sters go, but the murderers get
bail. If it’s on the books to
hang—then hang! Every time I
turn on my TV or radio and
hear someone got shot, it
pierces my soul!”

“Muff wasn’t just an ordinary
guy. He wasn’t an officer, but he
was a gentleman. It hurts me so
much that the last time I saw
my son on May 18 was in the
morgue. He left my house a
hearty child with not even a
pain or ache, and J never heard
from my child anymore,” she
cried.

It is only midway through the
year 2007, and the country’s
murder count has exceeded 40.
As a people we must learn to
better handle our differences

-peacefully, rather than resort-

ing to boorish, vicious means to
settle our disagreements. We
must immediately and stead-
fastly examine the sociology of
our people, before our society
not only becomes a frightened
war zone but our prized econo-
my falls into an irreparable
slump because visitors and
investors are afraid to come to a
violent society.
ajbahama@hotmail.com
www.weblogbahamas.com



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5


THE TRIBUNE

FRIDAY, JUNE 29, 2007, PAGE 13



PA ae ee) ee

Opposition Senate

leader

leads PLP walkout

FROM page one

the government responsible
to Parliament (the people).
This, she said, is done by the
Opposition when it exercises
its right to question the gov-
ernment on matters in the Bill
under consideration.

“We simply wish to exer-
cise our right, as is guaran-
teed by the Constitution, to
hold government accountable
to the Bahamian people by
conducting the review of Bills
carefully and with full trans-
parency,” Senator Maynard-
Gibson concluded.

Nevertheless, Mr Foulkes
claimed that it was clear that
her intentions were to
obstruct the government, and
he pointed out that Senator
Gibson, herself, took up a
whole day to debate the bill.

“Senator Gibson and some
members of the PLP may find
it difficult to adjust to their
role in opposition but while
they struggle with that reality
the work of Parliament and
the work of the Government
will continue. They will not
be allowed to hold the coun-
try hostage to their arrogance
and immaturity,” he said.

Mr Foulkes described Mrs
Gibson’s behaviour as a “dis-
graceful assault not only on
our Parliamentary democra-
cy but on the very processes
of orderly constitutional gov-
ernment in The Bahamas.”

The government leader in
the Senate said that Mrs May-
nard Gibson attempted to
obstruct the passage of legis-
lation for the 2007/08 Budge,
and when they were not
allowed to do that, they decid-
ed to walk out of the Senate.

“Although many people are
already aware of what hap-
pened last night, I should like



B OPPOSITION Senate
leader Allyson Maynard
Gibson



to inform the Bahamian peo-
ple of the background and cir-
cumstances of those events.
The overriding consideration
was that the Budget process
has to be concluded before
July Ist if the business of the
country is to proceed in an
orderly and constitutional
fashion.

“July 1 is on Sunday coming
so the Budget process must
be completed before the end
of this week. That process
includes passage by the Sen-
ate of the Appropriation Bills,
but it does not end there.
After passage in the Senate it
must go to the Office of the
Attorney General for certifi-
cation and then to the Cabinet
office before it is presented
to the Governor General for

his signature,” Mr Foulkes
said.

He said that Senator Gib-
son, a former Cabinet Minis-
ter and Attorney General, is
fully aware ‘of this process yet
she chose from the very
beginning of the Senate part
of the process to adopt an
“uncooperative and obstruc-
tionist posture.”

Mr Foulkes said that it was
intended that the Senate com-
plete its work on the Budget
by Friday of last week and no
later than Monday of this
week. When that did not hap-
pen, because of Senator Gib-
son’s refusal to cooperate, he
said he had no choice but to
bring the process to a conclu-
sion Wednesday night.

“At the very beginning I sat
down with Senator Gibson
face-to-face in the presence
of the President of the Sen-
ate, Senator Lynn
Holowesko, and tried to work
out speaking allocations with
her. This is common practice,
but she flatly refused to co-
operate,” the Senate leader
said.

He said that Senator Gib-
son attempted at every oppor-
tunity to turn the committal
stage of the process into
another debate on the Bud-
get.

“I repeatedly told her that
that was not what the com-
mittal stage was for. Other
members of the Opposition
acted responsibly in this mat-
ter. I pointed out to Opposi-
tion Senators that the House
of Assembly with 41 mem-
bers, including 18 members of
the Opposition, had conclud-
ed the committal stage by 10
o’clock in the evening and
that there was no good rea-
son why the Senate should go
beyond that,” Mr Foulkes
said.









A FRIENDLY REMINDER

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IN THE FOLLOWING AREAS:

Mt Royal Ave, Hawkins Hill, Palmdale, Mackey St and
Murphyville. Yamacraw, Elizabeth Estates, Kool Acres,
Lumumba Lane and Hanna Rd, Sandilands Village, Seabreeze
Lane, Eastern Estates and San Souci. Marshall and Cowpen
Rd including Misty, Pastel and Faith Gardens, Golden Gates,
Carmichael Rd, Yellow Elder Gardens and Bluehill Estates.

PRIORITIZE!

PAY ALL ARREARS ON YOUR BEC BILL IMMEDIATELY!

All overdue BEC payments must be made at the Head
Office on Blue Hill and Tucker Roads, the Mall at Marathon

or the Main Post Office.

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*

The minister alleged that
Senator Gibson, despite his
repeated objections,
“indulged in tedious repeti-
tion, unnecessary interven-
tions and continued in her
efforts to turn the committal
stage into a debate.” :

Plans to conclude budget
matters in the Senate on
Tuesday night, however, was
the view of the FNM, said
Senator Gibson. She noted
that there was no such agree-
ment on the part of the Oppo-
sition to complete Senate
matters on this Bill by Tues-
day night.

“There is only one dead-
line, and that is that every-
thing be passed in time for the
budget to commence on July
1,” the Senator pointed out.
“Having been the Attorney
General, I can say that it is
certainly ideal that 48 hours
be given to enable those in
the office of the AG and
those in other places to com-
fortably work towards having
all of the documents signed.”

She said that, in the past,
the House and the Senate
have met far into the night
and into the early morning
hours to meet the deadline,
so that the budget, all ques-
tions having been asked, can

been answered, can com-

mence on July 1.

“That is what we intended,
and that is the assurance that
I personally gave to Senator
Foulkes from my mouth to his
ear,” said the Senator.

Therefore, any claims by
Senator Foulkes to accuse her
of “filibustering” is a “com-
plete and absolute untruth.”

“It is not the job of the Sen-
ate to rubber stamp Bills sent
by the government,” said Sen-
ator Maynard Gibson. “It is
the Senate’s job to review all
Bills, ensuring that they are

in the best interest of Bahami-
ans.

“Clearly the FNM govern-
ment of mistrust does not

- wish to be asked tough ques-

tions about how its policies
are to be implemented and it
does not want to have its deci-_
sions be subjected to the light
of day. Clearly, in the spirit



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

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

Share your news

The Tribune wants to hear

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of mistrust, the FNM wants
you to know only what the
FNM says about its deci-
sions.”

She concluded by saying:
“We will continue to speak
for good governance and we
will continue to carry out our
role to ensure good gover-
nance.”













Ve Mae



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PAGE 14, FRIDAY, JUNE 29, 2007 THE TRIBUNE





_ FRIDAY EVENING JUNE 29, 2007 |
|
|








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MAX-E







‘MOMAX



“SHOW















~
-~
THE TRIBUNE

FROM page one

to the local police station have
also gone unheeded. When
contacted by The Tribune
about the matter yesterday,
both departments denied it
would fall under their portfo-
lio.

Trucks, said the man, have
been observed regularly blow-
ing their horns and "getting
right up in the back of peo-
ple's cars until they have to
pull off the road."

While some of the trucks
travelling that road abide by
the law, some do not, and
their speed often increases to
dangerous levels once they
have offloaded their cargo.

The resident suggested the
trucks are carrying fill from
the Harrold Road area to the
site of a new road being con-
structed behind Carmichael
Road, however permanent
secretary at the Ministry of
Works Colin Higgs could not
confirm this, and messages left
for Director of Public Works
Melanie Roach were not
returned.

Car crushed |

Yesterday, an officer at
Carmichael Road’s Traffic
Department denied that
addressing such concerns
would fall within their remit.
“We are responsible for
licensing," said the officer,
who directed The Tribune to
contact the traffic police.

An officer at the traffic
police station said that speed-
ing vehicles would certainly
not be his department's prob-
lem,-and redirected The Tri-
bune back to Road Traffic.
When advised as to the fact
that Road Traffic had said it
was not their concern, he sug-
gested they were incorrect.

Previously, the concerned
citizen said conversations with
an inspector at the Carmichael
Road police station following
Thursday's incident had led
to a promise that an officer
would be sent out on Monday
— "depending on the weath-
er," the man claimed.

He added that further haz-

ards are created by the fact
that a number of the trucks,
including the one involved in
yesterday's accident, despite
being required to cover their
loads with a tarpaulin, do not
do so, often causing debris to
spill onto the road.

The victim of yesterday's
accident was taken away after
two ambulances arrived on
the scene.

Attempts fo gain any fur-
ther details of the accident
from the Carmichael Road
police station or Road Traf-
fic Department were unsuc-
cessful yesterday as they
claimed they were unaware of

the accident. Calls to various’

stations, including Carmichael
police and road traffic depart-
ment to follow up on the resi-
dent's prior complaints proved
fruitless.

Police press liaison officer
Walter Evans could also pro-
vide no details up to press
time.

Man claims Department of
Social Services denying him >
assistance due to his HIV status

FROM page one

poverty” on Solider Road, without a tele-
phone or electricity. He told The Tribune
that he has nowhere else to turn and the
media outlets are his last ditch attempt to
receive some compassion.

“This morning we had one can of corned
beef in the cupboard and that’s what me
and my-.wife had for breakfast,” he said. “I
just want to know why Social Services has
cut us off and left us in this situation.” He
and his wife are residing in a home with a
leaky roof and with no money to repair the
problem. His wife’s health in further decline.

He has appealed to the Department of ~

Social Services for emergency food services,
but said he was asked to leave the premises
by staff members.

“Peopie unconsciously discriminate
against those with HIV. They put you on
the back burner as if they are waiting on
you to die,” he said. Fortunately the couple
is still able to access the necessary medica-
tion to sustain their lives. With medication,
persons with HIV can live in relative health
for 10 to 20 or more years. He said he con-

tracted the virus in 2002 and as a result of
his HIV status, the only employment he was
able to acquire was with a security firm.

“My job temporarily laid me off because |
need time to take care of my wife. They
[his workplace] always schedule me for the
graveyard shift, and my wife is so sick I am
afraid to leave her alone.”

~-~-When-contacted for comment, represen-

tatives from the Department of Social Ser-
vices told The Tribune that the couple
informed their office they would be moving
into the AIDS camp, therefore public assis-
tance would no longer be needed. Social
Services explained that they recently
..became aware that the couple is no longer
residing in the camp and have been
approved for assistance, and that an offi-
cer would be dispatched to their home

today.

Last year, former Minister of Health Dr..

Bernard Nottage spoke out against the stig-
ma that those with HIV/AIDS face, “the
starting place is saying out loud that preju-
dice and discrimination against people per-
ceived to be HIV positive is wrong, plain
and simple.”

+



Wisi, ewivi av, ZU07, PAGE 15



Clee eae

ae ae

@ FABULOUS FOUR — Shown (from L-R) are features sub-editor Samora Justin St

Rose (second place winner), press operator Jamal Brown (first place winner), Tribune ,
staff reporter Alison Lowe and night operations manager Philip Brown (third place win-

ner). The Tribune’s third annual pool tournament at Hard Time Billiards was held in ©

memory of Erica Fowler, a former employee who took third place in the 2006 -

tourney. Soa eet cat tana ©

WINES & SPIRITS










PAGE 16, FRIDAY, JUNE 29, 2007

Ree. 2 a eo
Graduation at school for the blind

AS their families, friends and
teachers watched with admira-
tion, Tayo Bethel, Antoine
Munroe and Javear Cleare of
The Salvation Army’s Erin
Gilmour School for the Blind
graciously accepted their diplo-
mas in a bittersweet graduation







ariatin & One
Â¥ Na; 9

e
BACARDI
ANEJjO

ceremony at the Citadel on
Mackey Street, Monday night.

The three scholars were pre-
sented with their diplomas by
Minister of Social Services
Loretta Butler-Turner, who
commended their valiant acad-
emic efforts. Canon Basil Tynes









of St Barnabas Rectory reiter-
ated this sentiment.

Like so many other gradua-
tions, there were tears of joy
and smiles of pride. Unlike most
graduations, however, the grad-
uates, though present, never
saw the happy well-wishers,
their awards or even each other.

Antoine lost his sight as a
young child and Javear’s deplet-
ing vision only allows him to
make out blurs of objects. Tayo
was born blind. Despite this,
their amazing lives have gone
on and if the three of them con-
tinue their path of perseverance
the best is yet to come.

Antoine and Javear are both
confident of securing careers in
the computer and graphics
industries. Meanwhile, Tayo,
who refused to touch models of
the brain for his first two years
of school, plans to be the first
blind Bahamian with a degree
in science.

“I’m so pleased for them
because they are all excellent

@ MINISTER of Social Services L



vd

oretta Butler-Tuner (left) and

Erin Gilmour principal Maria Deleveaux (right) congratulate
blind scholar Tayo Bethel (centre) during Monday’s graduation

services at the Salvation Army

students and I know they will
succeed in whatever it is they
set their minds to,” said school
principal Maria Deleveaux. “It’s
just hard facing the realisation
that when the new school year





eps verter teats mart

NEES

rolls in, three of my boys will
not be there every day. I feel
as if I’m a mother saying good-
bye to my little boys because
they’re all men now.”

Ms Deleveaux added that the
trio’s graduation has left the stu-
dents and staff feeling sombre.

“Some students looked up to
them for help and the boys nev-
er once said no. They always
volunteered to help out with
students and teachers and the
children are really concerned
because they feel they’ve lost
their school band. They were
all pivotal members,” she said.

The night was truly one to
remember for the boys when
Erin Gilmour alumnus Alvin

@ ERIN H Gilmour Schooi for the Blind principal Maria

THE TRIBUNE

Forbes, who is now majoring in
philosophy and religion at a
Canadian college, joined them
as they played together one last
time with the school band.

Divisional Commander of
The Salvation Army, Major
Lester Ferguson, also applaud-
ed the three.

“We have so many success
stories,” said Major Ferguson.
“There’s Samantha, a govern-
ment-employed receptionist
and aspiring writer, Abby who
is constantly in the IT industry,
Kevin, who is fresh off a teach-
ing internship with a BA degree
in English, and Alvin.”

“Alvin, Tayo and Javear are
three remarkable individuals,”
noted Major Ferguson. “With
all of their challenges, these
boys are examples of stellar suc-
cess. They have been an asset to
our school and I’m sure they
will be an asset to our society
because they are not waiting for
opportunity to knock, they are
grabbing it. ”

While reciting one of his works,
Ode To Erin Gilmour School,
Tayo Bethel, affectionately
known as the school’s walking
encyclopedia, reflected on the
lessons he learnt over the years.

“We graduate tonight, the
class of 2007, but Erin H
Gilmour is still our piece of heav-
en,” he said. “Thank you for
your time and dedication with
us and for giving us a chance to
not see the future as an obstacle
but as an opportunity.”



Deleveaux poses with her boys (from left ) Tayo Bethel, Javear
Cleare, EHGS alumnus Alvin Forbes and Antoine Munroe

(Photos: Arthia Nixon-Stack, DPA)

Available At All

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FRIDAY, JUNE 29, 2007

SECTION

business@tribunemedia.net

BUSINES

Miami Herald Business, Stocks, Analysis, Wall Street









Emerald Bay receivership
- shows ‘anchor’ hotel flaws

* Sale to Petters Group Worldwide latest to falter, as resort's difficulties undermine ‘mega resort’ strategy for Family Islands
* PwC appointed to sell $320m Exuma resort after numerous previous deals fall through

@ By NEIL HARTNELL
Tribune Business Editor

he troubled Four
Seasons Emerald
Bay Resort’s
‘main creditor has

appointed.
receivers for the $320 million

property’s holding company in
a bid to sell the Exuma devel-
opment, after it defaulted on
its repayments in April 2007, a
move that highlights the flaws
in the ‘anchor property’ strat-

egy for the Family Islands.

It was confirmed yesterday
that Wayne Aranha, a partner
in the PricewaterhouseCoop-
ers Bahamas (PwC) account-
ing firm, together with Lon-

‘don-based PwC accountant

Russell Downs, had been
appointed as receivers of
Emerald Bay Resort (EBR)
Holdings on June 22, a devel-
opment that will come as lit-
tle surprise to those in the
know - including this newspa-
per.

Insurers: Storm
criticism ‘flawed
and overblown’

@ By NEIL HARTNELL
Tribune Business Editor

BAHAMIAN general insur-
ance carriers yesterday
described as “flawed” claims
that they were placing the post-
hurricane claims servicing
process in danger by not hav-
ing evacuation plans, adding
that damage assessments of a
Category 4 or 5 storm’s impact
on New Providence were
“overblown”.

The carriers spoken to by
The Tribune agreed that the

_most important issue post-hur-

ricane was to have loss
adjusters on the ground in the
affected areas as quickly as
possible, so they could assess
the damage and as many
claims as they can.

The companies said that in
the event of a Category 4 or 5
hurricane that inflicted major
damage on New Providence,
Grand Bahama and other
major islands, it was likely to
be five to six days before elec-
tricity and telecommunications
capabilities were restored.

This meant that even if they
were able to process claims
and issue cheques to policy-
holders whose properties had

been damaged, these people
would have nowhere to deposit
or cash the cheques as the
banking system and general
business community would not
be operational yet.

The carriers were respond-
ing to claims by Darren Adler,
the Nassau-based operations
chief for Humanitarian Oper-
ations, the disaster relief oper-
ation, that insurance compa-
nies were being negligent by
not having evacuation plans in
place for their staff when faced
with a major hurricane, and
that the claims servicing
process could collapse as a
result.

‘Patrick Ward, Bahamas
First’s president and chief
executive, told The Tribune:
“I think the insurance indus-
try has done very well in every
single disaster that has
occurred, going back to 1992,
when Hurricane Andrew hap-
pened.

“As a result, every company
has a contingency plan in
place. I think it’s wrong to crit-
icise the industry when we’ve
actually responded very well.”

SEE page 8

Change to stop the BTC
unilaterally altering deals

@ By NEIL HARTNELL
Tribune Business Editor

THE Public Utilities Com-
mission (PUC) yesterday said
it would amend the language in
its guidelines on interconnec-
tion offers between different
Bahamas-based telecoms car-
riers to ensure a dominant
operator such as the Bahamas
Teleccommunications Compa-
ny (BTC) cannot alter the
terms of any such deal unilat-
erally.

In its statement of results on
its proposed interconnection
guidelines, the PUC said it
would alter the guidelines to
enable other telecoms carriers
to decide whether to accept
BTC’s terms in a modified
interconnection offer.

Interconnection and the
prices charged for this are key
to a competitive, liberalised
telecoms market in the
Bahamas, as this enables calls
originating on one carrier’s
network, such as BTC’s, to
flow seamlessly on to and com-

plete on another carrier’s net-
work. Basically, it is a tool to
enable customers of two dif-
ferent phone networks to con-
nect.

The PUC said that once
BTC had signed an intercon-
nection agreement with a rival,
it should not be able to unilat-
erally amend it, with changes
needing the consent of both
parties.

The telecoms regulator said:
“BTC should not be able to
unilaterally amend an inter-
connection agreement simply
by changing the Reference
Interconnection Offer (RIO).

“The other party to any
existing interconnection agree-
ment should be able to choose
whether or not to adopt such
changes into its existing agree-
ment.

“However, the other party
should not be given the free-
dom to pick and choose
changes, as this would enable

SEE page 10

Tribune Business revealed
as far back as 2005, and regu-
larly throughout 2006, that the
EBR investor group was
attempting to either sell the
resort or attract additional
investors and capital, with the
project failing to generate a
profit.

The receivers’ appointment
is understood to have come
after the latest attempt to sell
the Four Seasons Emerald Bay
Resort to a Minnesota-based
company fell through within

@ By NEIL HARTNELL
Tribune Business Editor

A FORMER Cabi-
net minister has
backed proposals to
develop an export
industry that could
generate more than
$1/2 billion per year in
foreign exchange earn-
ings, telling The Tri-
bune yesterday that
producing corn for use
in ethanol production
would diversify the

economy and create “well paying job
opportunities for Bahamians”.

Vincent Peet, the former minister of
financial services and investments, said
his constituency, Andros and the Berry
Islands, was the “ideal place” to look at
establishing such an industry, given the
former’s history as the Bahamas “farm-
ing capital” and availability of some

160,000 acres of arable land.

“I think it’s an exciting idea, and would



@ PEET

the past two weeks, the latest
in a series of potential deals to
seemingly bite the dust.
Sources told The Tribune
that EBR Holdings had been
negotiating to sell the 500-acre
property, which charges a $375
per night room rate, to Petters
Group Worldwide, and had
halted work on Phase Two of
the resort’s build out in the
hope that the deal would go
through.
But a source told The Tri-
bune yesterday: “This one

looked very close, and fell
through a couple of weeks
ago.”

It is likely that this was the
‘final straw’ for the Four Sea-
sons Emerald Bay Resort’s
main creditor, and prompted
the decision to appoint the
receivers to oversee a sales
process that would result in
success.

The source confirmed:
“Emerald Bay has been seri-
ously for sale for one-and-a-
half years.”

The Tribune previously
revealed that a sale to Gold-
man Sachs’ real estate private
equity arm and another pri-
vate equity fund, Rockpoint,
fell through last year.

This newspaper also learnt
that the Philadelphia-based

_ Adler Group, the financial

backer and supplier of seed
capital for Ginn Clubs &
Resorts’ $4.9 billion Ginn sur

SEE page 9

Ex-Cabinet minister gives backing for ethanol plan

Andros’ 160,000 acres of land ‘ideal’ for growing ethanol

areas.”

di outlined.

create a lot of employment opportunities,
which is critical for Andros and the wider
Bahamas,” Mr Peet said. “It would pro-
vide well-trained persons in specialist

The idea of exploiting the growing glob-
al demand for alternative energy by pro-
ducing corn for ethanol production in the
Bahamas was first suggested by Tony Jou-
di, president of construction, development
and project management firm, FTC, via an
interview with Tribune Business.

The article is understood to have
aroused considerable interest in business
and political circles, with the current FNM
administration also thought to be inter-
ested in exploring the possibilities Mr Jou-

Mr Peet yesterday told The Tribune

corn, as industry has potential to grow economy and
provide ‘well-paying jobs’ for Bahamians

that establishing such an industry was
something Bahamians of all political per-
suasions could agree on, since it had the
potential to benefit the entire country.

“The idea is one we should exploit to



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the full, and from where I’m sitting the
benefits would outweigh whatever the
downside might be,” he added.
“We're talking about a brand new indus-
try, so apart from making a major eco-
-nomic impact, it has the potential to pro-
vide an alternative energy source and low-
er energy costs. ,
“Tt creates a new industry and well-pay-
ing job opportunities for Bahamians, not
just in Andros but for Bahamians across

SEE page 2





Heayin

a
PAGE 2B, FRIDAY, JUNE 29, 2007

THE TRIBUNE BUSINESS

i eee
Private sector should ‘deliver the solutions’ to Bahamians

@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

he Bahamian private

sector needs to take

the lead in bringing

the Government to
world-class service standards,
Senator Tanya Wright, who is
president of her own company,
the World Co-Operation Group,
said recently.

“I have always maintained
that the role of the Government
is merely to establish the frame-
work for growth and economic
development, but the private
sector should use its resources
and business acumen to deliver
the solutions to the Bahamian
people,” the former Chamber of

Commerce
president said.

Mrs Wright
added that in
her new capaci-
ty as a Senator,
what had
become abun- .
dantly clear was
that were many
opportunities
for Bahamian
business people to partictipate
in the Government’s plans to
improve the economy..

“The Government has
pledged to support the develop-
ment of the Bahamas as an elec-
tronically and technologically
sophisticated country,” she said.
“The Bahamas has some of the
finest technology businesses and
professionals, who have sought

@ WRIGHT



and obtained world-class train-
ing from instututions in this
country and around the world.

“Each of them should consid-
er this commitment as an invita-
tion to partner with the Gov-
ernment in initiatives that would
bring much-needed Internet
capabilities to every government
ministry.”

Mrs Wright added that it was
amazing how much technology
was underused in the public sec-
tor.

“The private sector should
take the lead in making the pro-
posals that are necessay to bring
our government up to a world
standard in communication.
Where ever private sector inter-
raction with the public sector
can be made more efficient, the
private sector must see it as hav-

Quantity Surveyor

required for a Nassau based Construction Company

We currently have contacts in Nassau and the Family Islands and require a Quantity
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The applicant should have over 1 year experience in working in the Bahamas as
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ing an obligation to work with
the Government to bring about
these efficiencies,” she said.
Mrs Wright said one such
example of the Government’s
underuse of technology was that
often persons have to wait for
government documents to be
delivered by hard copy, when at
“this stage of the country’s

ETHANOL, from 1

the Bahamas. The finished
product can benefit the entire
Bahamas and be used for
export.”

Mr Peet said the “exciting
possibilities” offered by pro-
ducing corn for ethanol pro-
duction would “bring new
meaning to diversification,
allow the economy and industry
to expand, and provide excit-
ing opportunities for current
and future Bahamian high
school and college graduates.”

Andros, he added, would “be
an ideal place to look at such an
opportunity”, given the avail-
ability of agricultural land and a
relatively large agricultural
skills base in the Bahamian
context, given the island’s his-
tory.

Corn was already grown on
the island in small quantities,
and Mr Peet said the main issue
was whether Andros could
attract the expertise and gen-
erate the production volume to
“move it to another level”.

He encouraged entrepre-
neurs and investors who had
the capital, expertise and time
to examine how a major indus-
try to produce corn for ethanol
use could be established in
Andros, as the Bahamian cli-
mate was perfect for growing
two corn crops per year.

Describing the ethanol
proposition as a “win-win situ-
ation”, Mr Peet said: “Andros
is the farming capital of the

country, although it has not.

been fully exploited. It is the
agricultural centre, and this is
an agricultural venture, so
Andros would be ideal.

“The land is there, the water
is there, the proximity to the
main markets is there, the skills
sets are there, with the students

| being graduated now.”

Mr Peet said North Andros

development”, they should be
e-mailed.

Mrs Wright said it was imper-
ative that technolgy becomes a
national priority, where the risks
and exposures are mitigated.

This technology should extend
beyond financial and technolog-
ical services, and include the arts
as well.

“There may be many private
sector driven initiatives which,
with some out-of-the-box think-
ing and joint venture funding,
can bring about new business
opportunities that can easily be
advanced or justified because it
complements the growth and
improvement strategy of the
government,” Mrs Wright said.



High School had the “most
advanced agricultural pro-

gramme of any secondary .

school in the country”, which
expanded every year.

He added that he had been
assured by the FNM minister
of agriculture and fisheries,
Larry Cartwright, that the plans
the former PLP administration
had left in place for a 200-acre
agricultural training farm on
Andros would continue.

The land had already been
cleared for the complex, Mr
Peet said, with key staff
employed. “It is in the best
interests of all to have that pro-
ceed, as it will provide training
for young Bahamians in agri-
culture and horticulture,” the
North Andros and Berry
Islands MP added.

Production

Mr Joudi had previously told
The Tribune that growing corn
for ethanol production would
increase entrepreneurship in
the Bahamas, expand foreign
currency reserves, boost the
shipping industry by giving it
something to carry back to the
US, diversify the Bahamian
economy and encourage fami-
lies to move back to the Fami-
ly Islands, reducing over-
crowding and congestion on
New Providence.

He added that the creation
of a ‘corn-for-ethanol’ industry
would be assisted if the Gov-
ernment could allocate some
500,000 acres to it on islands
such as Andros, Abaco,
Eleuthera and Long Island.

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

With corn ethanol prices cur-



ots a
utered trademarks of

Reet

4 The d’Albenas Agency Lid.

These produ
Mie re

Employees of The d'Albenas Agency, Madia Enterprices, their agents and



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

Given that the Bahamas
would ‘have the ability to pro-
duce two crops per year, this
gross export earnings would
double to $596 million per year,
Mr Joudi explained. Breaking
this down, Mr Joudi said that if
5,000 families were each able
to purchase or be granted 100
acres for producing ethanol
corn, assuming the $4 per
bushel price, 149 bushels per
acre and two crops per year,
each family would have the
potential to earn $119,200 in
gross income per year.

Demand for alternative
forms of energy, such as
ethanol, is only expected to
increase in the major
economies such as the US, in
turn increasing demand for
corn to be used in ethanol pro-
duction.

In 2006, production of the
ethanol biofuel reduced US oil
imports by 170 million barrels,
but Mr Joudi pointed out that
US farmers tended to concen-
trate on producing corn for
human consumption, rather
than the hybrid corn for use in
ethanol production which is the
animal feed variety. This would
leave a potential gap for the
Bahamas to exploit.

_ Ethanol production in
Jamaica was restarted in 2004
via a partnership between that
country’s Petrojam Ethanol
and COIMEX of Brazil, and
meetings last week between
President George W Bush and
the Jamaican prime minister
saw the US extend the period
for Jamaican-produced ethanol
to enter that market duty-free.

Photo (0) required





































aos a eg TE Se
A
ans.

Miinwibethsttey ~*

BUSINESS





Che Miami Herald

THE MARKETS
STOCKS, MUTUAL FUNDS, 8B
DOW30 13,422.28 = -5.45
S&P 500 1505.71 -0.63
NASDAQ 2,608.37 +3.02
10-YR NOTE 5.11 +0,03
CRUDE OIL ' 69.57 +0.60

Cautious



BvT TIM PARADIS
. Associated Press
NEW YORK — Stocks fin-
ished flat Thursday after the
Ee Federal Reserve said the econ-
omy appeared to be growing at
__ a “moderate” pace but offered a
~ cautious reading on inflation.
The central bank, which
stood pat on short-term interest
s had been widely
expected, offered investors a
atively unchanged assess-
















primary concern remains the







_ Stocks fhounced around after
_ the Fed said recent readings on
_ inflation excluding energy and
_ food prices showed some
mprovement but no pro-
nounced signals of easing.

_ According to preliminary
calculations, the Dow Jones
industrial average fell 5.45, or
0.04 percent, to 13,422.28. ,
Broader stock indicators fin-
hed mixed. The Standard &
Poor’s 3 500 index slipped 0.63, or























asdaq composite index rose
2, or 0.12 percent, to 2,608.37.

ments, with the yield on the
enchmark 10-year Treasury
rising to 5.11 percent from

8 percent late Wednesday.
f lollar was ued against

iting the past few weeks
yecause of soaring bond yields
and concern about the broader
ee of dae seDexie




eC “Wall Street's focus on the

_ Fed’s comments left little room
_ for attention elsewhere; inves-
_ tors appeared unfazed as oil
__ prices rose above $70 per barrel
on the New York Mercantile
change for the first time since

aS









_ rose $2.76, or 8.1 percent, to
$ 6. 69 after an investment
_ group representing minority
. shareholders said it plans to
_ press the department store
2 chain to boost profits.
Digital River fell $5.67, or 11.2
_ percent, to $45 after the e-com-
merce outsourcing company
_ Cut its second-quarter and full-
5 year forecasts.
Bed Bath & Beyond fell $1.47,
or 3.9 percent, to $36.09 after
_ the home goods chain lowered
its full-year profit target, citing
uncertain economic trends.

Novellus Systems, a semi-

a Oaiducwor equipment maker,

_ fell $1.01, or 3.4 percent, to

_ $28.89 after warning its second-

quarter results would come in

_ at the low end of its forecast

amid weakness in the chip mar-
ket.

Advancing issues outnum-

‘bered decliners by about 3 to 2
on the New York Stock
Exchange, where volume came

- to 1.49 billion shares compared
with 1.76 billion traded
Wednesday.

The Russell 2000 index’ of
‘smaller companies rose 0.57, or
0.07 percent, to 839.03.

Overseas, Japan’s Nikkei
stock average rose 0.46 percent.
Britain’s FTSE 100 rose closed
up 0.67 percent, Germany’s

_ DAX index rose 1.54 percent,
and France’s CAC-40 rose
109 percent.









FRIDAY, JUNE 29, 2007





>>> <<

of the economy, saying its

risk that jaflation will fail to’

04 percent, to 1,505.71, and the.

nds fell after the Fed com-

t cks have heen tue

: corporate news, Dillard’s

WHILE THE U.S. INKED A TRADE AND INVESTMENT ACCORD WITH
PANAMA, IT IS SET TO SIGN A SEPARATE DEAL WITH SOUTH KOREA

BY JANE BUSSEY

jbussey@MiamiHerald.com

U.S. and Panamanian officials

signed a trade and investment
agreement in a ceremony at the

| Organization of American States

| Thursday in a low-key prelude to

_ be an easy passage through Con-
| gress and into law.
Both U.S. Trade Representative
' Susan C. Schwab and Panamanian
Minister of Commerce and Indus-
try Alejandro Ferrer lauded the
agreement, which took three years
to negotiate and will lower tariffs,
strengthen investment rules and
’ attempt to harmonize business
practices in the two countries.
The administration is racing a
Saturday midnight deadline to
conclude all aspects of pending
free-trade deals. That is when the
president’s power to negotiate
agreements under an expedited
Congressional review process
expires.
In praising the United States-
Panama Trade Promotion Agree-
ment, Schwab also noted that one
of Panama’s greatest assets, the
Panama Canal, showcases that
| country’s role in world commerce.
| The country has plans to begin a
|
t



$5.25 billion expansion of the canal
next year and complete it in 2014.

Trade between the United
States and Panama totals about

ECONOMY

| what the White House hopes will.

DIPLOMACY



MARKET DRIVEN: Farmers and producers sell their Brecuces in a public market in Panama City.
Panama and the United States signed a bilateral free trade agreement on Thursday.

U.S. and Panama
sign trade pact

$3 billion, out of the roughly $2.9
trillion in total goods the United
States traded worldwide last year.
No date has been set for a vote on
the agreement.

Washington and Seoul also are
hoping to sign a U.S.-Korean pact
on Saturday despite opposition
from South Korean workers. More
than 100,000 members of the
Metal Workers Union walked off
their jobs to protest the deal.

Meanwhile, the United States
also has signed but unapproved
trade agreements with Peru and
Colombia. Because those agree-
ments haven’t been ratified, the
House approved an eight-month
extension of the Andean trade
preferences, which gives most
exports from Colombia, Peru,
Bolivia and Ecuador. duty-free
access to the U.S. market.

The U.S.-Panama signing cere-
mony came as presidential author-
ity to negotiate trade agreements
is on the verge of expiring. Other
countries may not want to negoti-
ate without the presidential
authority, knowing that now Con-
gress will be able to amend agree-
ments later, according to trade
proponents. While Schwab wrote
a letter to Rep. Charles Rangel,
D-N.Y., the chairman of the House
Ways and Means Committee, urg-
ing Congress to renew the presi-
dent’s authority to pursue trade



Fed keeps rates steady,

BY JEANNINE AVERSA
Associated Press

WASHINGTON — The Federal
Reserve held interest rates steady
Thursday, extending a yearlong
breather for borrowers. Although
policymakers observed improve-
ments on inflation, they made clear
they were not ready to declare vic-
tory on that front.

Wrapping up a two-day meeting,
Fed Chairman Ben Bernanke and his
central bank colleagues left an impor-
tant interest rate at 5.25 percent, the
same as it was last June. The decision
was unanimous.

The Fed’s decision means that
commercial banks’ prime interest
rates — for certain credit card , home
equity lines of credit and oth: r loans
— should stay at 8.25 percent.

Before the Fed’s interest-rate
pause, borrowers had endured two
years of rate increases. The current
period of level rates can help them
regain their footing by paying down
or consolidating debt.

Looking at economic conditions,
Fed officials said readings on “core”
inflation, which excludes energy and
food prices, have gotten “modestly”
better in recent months.

In noting this improvement, they
abandoned language in previous
statements that described underlying
inflation as “somewhat elevated.”



WATCHING: William Fong of Credit Suisse watches the Fed’s interest





ARNULFO FRANCO/AP





at MARTIAL TREZZINU/KEYSTONE {
TRADE REP: Susan C. Schwab
signed the pact that will
lower tariffs with Panama.

accords, others celebrated the
pending expiration with calls for
trade negotiations to take a new
approach that would staunch U.S.
job losses.

After Democrats won control of
Congress, they demanded that
pending deals with Peru, Colom- —
bia, Panama and South Korea
address concerns about workers’
rights and the environment if the
administration wanted to see the
agreements approved.

The Associated Press contrib-
uted to this report.



INTERNATIONAL EDITION

AUTOMOTIVE

GM sheds
Allison
business
for $5.6B;
stock soars

BY SVEN GUSTAFSON
Associated Press

DETROIT — Shares of General
Motors hit a two-year high Thursday
after the automaker said it had agreed to
sell its Allison Transmission commer-
cial and military business to an invest-
ment conglomerate and a private equity
firm. :

The deal adds funds to GM’s coffers
as it gears up for crucial contract nego-
tiations with unionized workers,
although it also means losing a profit-
able division.

GM shares rose 74 cents, or 1.98 per-
cent, to $38.15 Thursday after climbing
as high as $38.66.

The sale to Onex and The Carlyle
Group includes seven manufacturing
plants in Indianapolis and its global dis-

-tribution network and sales offices. A

production facility in Baltimore, which .
makes conventional and hybrid trans-
missions for pickup trucks and sport
utility vehicles, will remain with GM.

The Detroit automaker said the deal,
expected to close as early as the third
quarter of 2007 pending union and reg-
ulatory approval, is part of an effort to
raise money and focus on its core
business.

“This is another important step to
strengthen our liquidity and provide
resources to support our heavy invest-
ments in new products and technol-
ogy,” GM Chairman and Chief Execu-
tive Officer Rick Wagoner said in
Thursday’s statement. “At the same
time, this sale will position Allison for
growth with strong partners in Carlyle
and Onex, which have well-established
track records of working effectively
with their management teams, unions

: and employees.”

‘Indianapolis-based Allison designs
and builds commercial-duty automatic
transmissions, hybrid propulsion sys-
tems and parts for trucks and buses, off-
highway equipment and military vehi-
cles. The company boasts an 80 percent
market share of all medium- and heavy-
duty commercial transmissions, with
annual revenues of more than $2 billion.

Greg Ledford, Carlyle’s managing
director, said the new owners aim to
eventually take Allison public. He said
Carlyle and Onex would assume all
UAW contracts for employees from
GM, although he would not comment
on any possible changes during collec-
tive bargaining later this year. The firms
have no plans to close any of the seven
plants, he said.

“I think it’s the best automotive
industrial company that I’ve every |
seen,” Ledford said.

still on ‘inflation watch’

RICHARD DREW/AP

rate announcement on the floor of the New York Stock Exchange.

Even so, Fed policymakers contin-
ued to identify the “predominate”
risk to the economy as inflation’s fail-
ure to moderate as they now antici-
pate. “A sustained moderation in
inflation pressures has yet to be con-
vincingly demonstrated,” according
to the statement.

On the sidelines for eight straight
meetings, the Fed does not want
investors or consumers to think it is
letting down its guard on inflation.

“The Federal Reserve remains on

inflation watch,”

Investment Strategies Group.

said Lynn Reaser,
chief economist at Bank of America’s

compares with March’s 2.1 percent
annual increase. Economists pre-
dicted underlying inflation should
dip below 2 percent for the 12 months
ending in May. That report was to be
released today.

Gyrating energy prices are a wild
card to the inflation outlook. Econo-
mists said there is always a risk that
higher energy prices could affect
other prices, which would boost
underlying inflation.

The Fed once again said future
rate moves will hinge on what incom-
ing data says about inflation and eco-
nomic growth. Many economists
believe the Fed will keep rates steady
at its next meeting Aug. 7, and proba-
bly through the year.

Fed policymakers upgraded their
assessment of the economy’s perfor-
mance. They said growth appeared to
have been moderate over the first
half of the year despite the housing
slump. In its previous assessment, in
early May, Fed officials noted that

Inflation is bad for the economy
and for the pocketbook. Out-of-con-
trol prices can eat away at paychecks,
investments and standards of living.
“And once expectations of higher
inflation start to take hold, it is very
difficult to dislodge them,” Reaser
explained.

Core inflation rose 2 percent over
the 12 months ending in April. That

growth had slowed in the early part
of the year.

The Fed stuck to its forecast that
the economy probably would expand
“at a moderate pace” over upcoming
quarters.

The Fed’s goal is for the economy
to slow sufficiently to fend off infla-
tion, but not so much as to slide into a
recession.
THE MIAMI HERALD | MiamiHerald.com

BUSINESS BRIEFS



40 earnings

From Herald Wire Services
With the cost of grain and dairy soaring, food maker Gen-
eral Mills (GIS) on Thursday reported al percent fiscal -
fourth-quarter earnings increase and said it would look to
streamlined operations and price hikes to stay profitable in

2008.

The maker of Wheaties and Cheerios cereals, Yoplait
yogurt, and Progresso soup said it expected prices for raw
materials to rise 5 percent next year, including a $260 million
increase in the cost of corn, oats, natural oils and dairy.

Chief Executive Officer Steve Sanger said the company
had hedged about half the cost of its commodities — and 70
percent of its energy costs — going into the year. The ethanol
industry’s demand for corn is expected to continue to drive

up its price, however.

General Mills predicted 2008 profits of $3.39 to $3.43 per
share, 7 percent to 8 percent growth over 2007 results but still
between 1 cent and 5 cents below analysts’ estimates.

e HOUSING

HOMEBUILDER SEES
REVENUE DROP

KB Home (KBH), one of
the nation’s biggest home-
builders, said Thursday it
swung to a loss in its second
quarter, as revenue declined
amid weak home sales and
lower home prices and the
homebuilder booked a
major charge to write down
unsold inventory.

The Los Angeles-based
company, which declined to
give future earnings esti-
mates or project when the’
housing market would
rebound, reported a loss of
$148.7 million, or $1.93 per
share, for the period ended
May 31. A year ago, the com-
pany posted net income of
$205.4 million ($2.45/share).

e MEDIA

REPORTERS PROTEST
MURDOCH’S BID

Unionized Wall Street
Journal reporters didn’t
show up for work Thursday
morning to protest Rupert
Murdoch’s bid for the Jour-
nal’s parent company, as
well as Dow Jones’ (DJ)
proposals for a new labor
contract.

The Independent Associ-
ation of Publishers’ Employ-
ees said in a statement that
the reporters would return
to work in the afternoon.
Steve Yount, president of
the union, said said the
employees were concerned
about the pending $5 billion
offer from Murdoch’s media
conglomerate News Corp.
and the latest contract pro-
posals from Dow Jones,
which include higher health
care premiums.

e IMF

MANAGING DIRECTOR
TO LEAVE IN OCTOBER

Rodrigo de Rato, manag-
ing director of the Interna-
tional Monetary Fund, said
he will step down in Octo-
ber for “personal reasons,”
leaving the Washington-
based post two years before
his term ends.

“My family circum-
stances and responsibilities,
particularly with regard to
the education of my chil-
dren, are the reason for
relinquishing earlier than
expected my responsibilities
at the Fund,” he said ina
statement sent Thursday to
the Fund’s staff

’



_ Ltd., said the $500 “IQ PC”

PAUL SAKUMA/AP

A SMALL PROFIT: General Mills, maker of Cheerios, said
Thursday that its fourth-quarter profit rose 1 percent.

General Mills says

edge up

e COMPUTERS

MICROSOFT TARGETS
STUDENTS IN INDIA

Microsoft (MSFT) will
sell “affordable” Windows
computers aimed at stu-
dents in India, but the $500
price tag is more than what
U.S. consumers might pay
for a basic laptop.

Microsoft, with chip-
maker Advanced Micro
Devices (AMD) and Indian
PC maker Zenith Computers



runs the most basic version
of the Windows Vista oper-
ating system and comes
packed with the Office suite
and programs to help stu-
dents practice English and
prepare for exams. The
computer and related online
content will be available in
Bangalore and Pune on Sun-
day.

The price seems high
when compared with |
another project to bring
low-cost computers to poor
children around the world.
One Laptop Per Child’s KO
notebook computer is
expected to cost about $175,
but several factors set the
two initiatives apart, said
Josh Bernoff, an industry
analyst at Forrester
Research.



e AIRLINES

CANCELLATIONS TO
EASE AT NORTHWEST

The recent spike in
Northwest Airlines
(NWA) flight cancelltions
should ease next week as
pilots who are limited to fly-
ing 90 hours a month return,
but a pilots’ union spokes-
man said the problem won’t
go away until the airline
hires more pilots.

The Eagan, Minn.-based |
corporation has seen a surge
in cancellations since last
Friday. It has blamed air
traffic control restrictions, i
severe weather and an i
unusually high number of
pilots calling in sick.



e EUROPE

UNEMPLOYMENT RATE
DROPS IN GERMANY

Germany’s unemploy-
ment rate slipped to 8.8 per-
cent in June, falling from 9.1
percent the previous month
in a sign of better times in
Europe’s biggest economy.

The number of unem-
ployed people fell to 3.687
million from 3.812 million.



LATE TRADING

4p.m. 6:35 p.m. Late
Chg. volume

4 pat. 6:35 p.m. Late



Stock Tkr. close _close Stock Tkr. close close Chg. volume
Microsoft. MSFT 29.83 29.83 * 64306 | Oracle ORCL 19.85 19.94 +09 19188
RschMotn RIMM 165.59 193.05 +27.46 54653 | Symantec SYMC 2043 20.43 * 19149
SPDR SPY 150.38 150.37 -.01 51197 Qwesttm Q 9.73 9.68 -.05 17142
iSHR2K nya IWM — 83.42 83.42 * 42716 | MicronT = MU 12.41 12.65 +24 16067
FordM F 9.49 9.45 0442158 | Forde pfs = FpS._ = 38.90 = 38.70 = -.20 15500
PwshsQQQ QQ00 47.52 47.58 +06 38177 | cypcem = cy 23:36 23.36 -01—«15423
AT&T Inc T 40.74 40.87 +13 31057 ¥P: ; j :

: AppleInc AAPL = 120.56 121.07 +.51 14529
TXUCorp XU 67-10 67.10 31017
Kraft KFT 35.37 35.36 ~01 30301: | Komag = KOMG 23.58 31.84 42.26 13172
SunMicro SUNW 516 522 4.06 28244 | iShEAFE EFA 80.26» 80.31. +05 12635
Comcsps CMCSK 27.91 27.85 -.06 20583 SunTrst sTl 86.82 86.82 +00 12226
StdPac = SPF-—s«18.17 = s‘18.18 += +.01_-~—«-20412:'| Cisco CSCO 27.85 = -27.98 ~=— #1311847

Citad|Br COL 6.29 6.31 +.01 20033

Starbucks SBUX 26.45 26.43 -.02 11755



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



RETAIL PRICES

_INTERNATIONAL EDITION

FRIDAY, JUNE 29,2007 4B

Court overturns minimum
pricing decision from 191]

BY CHRISTOPHER S. RUGABER
Associated Press

WASHINGTON — Manu-
facturers will have greater lee-
way to set minimum prices at
the retail level without violat-
ing antitrust laws under a
Supreme Court ruling Thurs-
day that could’ hurt consumers
and small merchants.

By allowing minimum price
agreements, the court’s 5-4
decision could lead to higher
prices, dissenting justices said,

as it becomes more difficult .

for smaller stores and Internet
retailers to offer lower-priced
goods.

The court said agreements
on minimum prices are legal if
they promote competition,
meaning accusations of anti-
trust violations will be evalu-
ated case by case.

In a 1911 decision, the
Supreme Court had declared
that minimum pricing agree-
ments always violate federal
antitrust law. But Justice
Anthony Kennedy wrote in
the majority opinion that the
principle that past decisions
should be left alone “does not
compel our continued adher-

ECONOMY



ence” in this instance.

Minimum price agreements
can benefit consumers, Ken-
nedy wrote, by enabling retail-
ers to invest in greater cus-
tomer service without fear of
being undercut by discount

rivals. The
agreements
also . could
make it easier
for new prod-
ucts to com-
pete, he added,
‘because a
retailer could
recoup- the
costs of mar-
_ keting a new
good by charging a higher
price.

Dissenting from that view,
Justice Stephen Breyer wrote:
“The only safe predictions to
make about today’s decision
are that it will likely raise the
price of goods at retail.”

The Consumer Federation
of America said in court filings
that the ban on minimum price
agreements allowed “innova-
tive retailers to continually
enter the market, offering new
and lower priced alternatives

KENNEDY

to consumers.”

But Roy Englert, an anti-
trust attorney at Robbins Rus-
sell, said the court’s decision
does have boundaries that will
protect entrepreneurs. The
ruling only allows minimum
price agreements between
manufacturers of a single
brand of a product and retail-
ers, Englert said, while other
brands of the same product
can still compete on price.

WILL EVALUATE MERITS

Moreover, if only one brand
is available, retailers and con-
sumers can still sue manufac-
turers for anticompetitive con-
duct, Englert said. The courts
will now evaluate such suits
on the merits, rather than
automatically finding them
illegal. :

Englert helped prepare a
brief in support of Leegin.

The current case involves
Leegin Creative Leather Prod-
ucts, based in City of Industry,

- Calif. The company entered

agreements with retailers set-
ting minimum prices for the
Brighton brand of women’s
fashion accessories.

Leegin said that by main-
taining price consistency
among niche retailers it sells
to, businesses can offer
improved customer service.
This enables smaller stores to
compete against rival brands
sold by. discounters, Leegin
argues.

Several retailers in Dallas
selling Leegin’s products low-
ered prices below the mini-

mum. Family operated Kay’s .

Kloset said it followed suit to '

stay competitive. Phil and Kay
Smith say that when they
refused to raise prices, Leegin
cut off their supply.

Kay’s Kloset sued, and the
Smiths. won a $3.6 million
judgment. The 5th U.S. Circuit
Court of Appeals upheld the
lower court’s finding.

JUDGES’ POSITIONS
Joining Kennedy in the

majority were Chief Justice '

John Roberts and Justices
Antonin Scalia, Clarence
Thomas and Samuel Alito.
With Breyer in dissent were
Justices John Paul Stevens,
David Souter and Ruth Bader
Ginsburg.

Growth weakest in more than 4 years

BY JEANNINE AVERSA
Associated Press

WASHINGTON — The
economy limped ahead at just
a 0.7 percent pace in the first
quarter, the slowest in more
than four years. Some busi-
nesses clamped down on
spending, given the uncertain-
ties about the severity of the
housing slump.

The Commerce Depart-
ment’s new reading on gross
domestic product for the Janu-
ary through March period,
released Thursday, was a
slight upgrade from the
0.6 percent growth rate esti-
mated a month ago. But it fell
short of economists’ forecasts
for a 0.8 percent pace and may
turn out to be the weakest
point for the economy this
year.

“Companies were really
watching their cash,” said
Oscar Gonzalez, economist at
John Hancock Financial Ser-
vices.

Gross domestic product
measures the value of all
goods and services produced
in the United States. It is con-
sidered the best barometer of
the country’s economic stand-

. ing. Although businesses

turned cautious, consumer
spending remained sturdy,
preventing the economy from
stalling out.

INFLATION GAUGE

Even though the economy
slowed in the first quarter, an
inflation gauge picked up
speed.

The measure tied to the
GDP report and closely
watched by the Federal
Reserve showed that core
prices — excluding food and
energy — rose at a rate of
2.4 percent in the first quarter.
That was higher than previ-
ously estimated and faster

PETROLEUM



fr

DAVID ZALUBOWSKI/AP

HANGING ON: Workers toil to finish the installation of windows on a high-dollar
condominium complex being built in east Denver. Housing was a big factor in the
limping economic growth of 0.7 percent over the last quarter, analysts said.

than the 1.8 percent pace in the
fourth quarter.

In other economic news,
fewer people signed up for
unemployment insurance last
week, a sign the national job
climate remains healthy. The
Labor Department reported
that new applications for job-
less benefits dropped by
13,000 to 313,000 last week.

The economy’s feeble
0.7 percent growth rate
marked a significant loss of
momentum from the 2.5 per-
cent pace logged in the final
quarter of last year. For nearly
a year, the economy has been
enduring a stretch of subpar
economic growth mostly
blamed on the housing slump.

Federal Reserve Chairman
Ben Bernanke has said other
forces that figured promi-
nently into the first-quarter’s
anemic performance —

including a bloated trade defi-
cit, business cutbacks in
inventory investment and
weak federal defense spending
— “seem likely to be at least
partially reversed in the near
term.” .

INVENTORY CUT

Facing uncertainties about
the economy, businesses cut
inventory investment as they
tried to make sure unsold
stocks didn’t get out of line
with customer demand. That
lopped off nearly a percentage
point from first quarter GDP.
The trade deficit also weighed
on GDP in the first quarter,
though slightly less so than
previously estimated. That
was the main reason the first
quarter was upgraded to a
0.7 percent growth rate from
the 0.6 percent pace reported
a month ago.

Cuts in federal spending
also contributed to the weak
first-quarter showing.

As businesses tightened the
belt, their profits gained
ground.



a care

rmeean

One measure showed after- _
tax profits rising 1.7 percent in °

the first quarter. That was bet-
ter than estimated a month
ago and was an improvement

ce we

from the 0.8 percent rise ,,

logged in the fourth quarter.

Consumers pretty much
carried the economy in the
first quarter. And consumer
spending grew at a brisk
4.2 percent pace for the sec-
ond quarter in a row.

One reason consumers
have remained resilient is
because the job climate has
stayed healthy despite the eco-

a"... we ee

were ee wx

nomic slowdown. The unem- *

ployment rate is at a relatively
low 4.5 percent.

Oil futures pass $70 on supply concerns

BY JOHN WILEN
Associated Press
NEW YORK — Oil futures
spiked above $70 a barrel on
Thursday for the first time
since Sept. 1 on a government
report that showed gasoline
inventories dropped unex-
pectedly as the summer driv-
ing season neared its peak.
Retail gasoline prices,
meanwhile, broke a month-
long decline and held steady
overnight at a national average
price of $2.975 a gallon,
according to AAA and the Oil
Price Information Service. Gas
prices had been falling steadily
since their May 24 peak of
$3.227 a gallon.
Analysts warned that pump
prices could start rising again
if there’s an imbalance
between demand and supply.
“Gasoline demand stays
strong,” said Paul Horsnell, an
analyst at Barclays Capital.

“While it is still early in the
driving season, June demand
has now moved close to the
all-time record for any
month.”

After rising as high as
$70.52 and trading above $70
for several hours, light, sweet
crude for August delivery
closed the day’s trading up
60 cents at $69.57 a barrel on
the New York Mercantile
Exchange. The front.month
contract last settled above $70
on Aug. 31, 2006.

OTHER MEASURES

Gasoline futures for July
rose 1.21 cents to settle at
$2.2667 a gallon on the Nymex.
Brent crude for August deliv-
ery fell a cent to settle at
$70.52 a barrel on the ICE
Futures exchange in London.

In other Nymex trading,
July heating oil futures slipped
0.63 cent to settle at $2.0183 a

gallon, while natural gas prices
for August delivery plum-
meted 42.8 cents to settle at
$6.655 per 1,000 cubic feet. A
government report on Thurs-
day showed natural gas inven-
tories rose by 99 billion cubic
feet last week, more than ana-
lysts expected.

LATE PULL BACK

Analysts said oil prices
pulled back late in the session
as traders locked in profits
after prices penetrated the
psychologically important
$70 level, considered by trad-
ers to be a technical barrier.

In its weekly inventory
report on Wednesday, the U.S.
Energy Department’s Energy
Information Administration
said gasoline inventories
dropped 700,000 barrels in the
week ended June 22. Analysts
polled by Dow Jones News-
wires had expected a 1.1 mil-

lion barrel gain.
“The market is reacting to
the surprising result,” said

=wese -

Victor Shum, an energy ana- ~

lyst with Purvin & Gertz in
Singapore.

The EIA report also
showed that crude oil supplies
rose 1.6 million barrels to
350.9 million barrels last week,
above the average estimate of
a 1 million barrel increase.
Refinery utilization
rebounded 1.8 percentage
points to 89.4 percent, higher
than estimates of a gain of
0.8 percentage points.

Crude inventories are at
nine-year highs, but that oil is
going to be in demand by
refineries looking to turn it
into gasoline and heating oil,
said Addison Armstrong, an
analyst at TFS Energy.

Associated Press writer Der-
rick Ho in Singapore contrib-
uted to this report.



h

vere
e

elt

qe tees
=

THE TRIBUNE BUSINESS

Government open

to suggestions on
worker ranking

@ By CARA BRENNEN-
‘BETHEL
Tribune Business
Reporter

he Department of

Labour would wel-

come any sugges-

tions on how sev-
erance pay any monies owed
to employees of a liquidated
company should be dealt
with, the director of labour
told The Tribune yesterday,
especially when it came to
where they ranked in the list
of creditors. .

Capacity

Recently, Obie Ferguson,
in his capacity as president of
the Bahamas Hotel Manage-
rial Association (BHMA),

INSIGHT

For the stories
behind the news,
read Insight
on Mondays

Tne 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.





Da te







Fri, July 6th

Sat, July 7th

said that under his represen-
tation, industrial agreements
will be directly negotiated
with asset holding entities
rather than shell companies,
so that in cases of liquida-
tion, workers have assets to
claim against in order to .
recieve what is owed to
them.

Severance

Mr Ferguson added that he
would be asking the Govern-
ment to move severance pay
for liquidated companies fur-
ther up the priority list, as he
felt that workers’ salaries
were only prioritsed after
government taxes and utility
bills were paid, rather than
given equal significance.

Harcourt Brown told Tri-

bune Business that while he
would prefer not to comment
without the specifics of a par-
ticular company, he could
say that the Department
looked forward to dialogue
on the issue of serverance
pay and other labour mat-
ters.

“The Government has
undertaken to amend the
legislation as it relates to
labour, and we have solicited
views from our partners,”
said Mr Brown.

Views

He added that he hoped
Mr Ferguson and his execu-
tives would bring their views
forward as the department
worked to ammend the legis-
lation.

POBT BANK AND TRUST LIMITED

LEGAL NOTICE



All persons are hereby put on NOTICE
that POBT Bank and Trust Limited, One
Montague Place, East Bay Street, Nassau, The
Bahamas (the “Bank”) has ceased banking
and trust operations effective 22nd June, 2007.

Any client of the Bank who has not already |

closed their account is hereby put on NOTICE
‘to contact The Winterbotham Trust Company.
Limited, Nassau The Bahamas, as trustee of
the POBT Liquidating Trust, in order to claim



Thurs, July Sth = 8-30pm

Sun, July 8th

and redeem the proceeds of their account

forthwith.

The contact details for The Winterbotham
Trust Company Limited are as follows:

The Winterbotham Trust Company Limited
Winterbotham Place
Marlborough & Queen Streets

P.O.Box N3026

Nassau, The Bahamas
Tel: 1-242-356-5454
Fax:1-242-356-9432
www.winterbotham.com



amas J:

i Gk dh obs



<<.

f%,

FRIDAY, JUNE 29, 2007, PAGE 5B

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

#@ OBIE FERGUSON

in creditor lists






International Protector Group
is seeking to recruit the following persons:

TRUST OFFICER

The successful candidate should have -at least. 2 year's
experience in the administration of trusts and companies.
Previous experience will include the incorporation of |
companies and ensuring compliance with local regulations,
updating corporate records, preparing company and trust
minutes and opening bank accounts. A familiarity with the | |
applicable laws of The Bahamas would be an advantage but
is not essential. :
i
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ACCOUNTANT

The successful candidate should have previously worked in
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International Protector Group is a specialist provider of
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Interested candidates who wish to apply for either of the
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Montague Sterling Centre

East Bay Street

P.O. Box N-3924

Nassau, Bahamas

info@ipg-protector.com

eG www.ipg-protector.com

PROTECTOR



Time

Festival
9:00am-6:00pm

8:30pm

Event

E. Clement Bethel National Arts
uise¥s Arawak Cay

National Pride Day......Rawson Square \

“YouthWay” National Pride Day I

Celebrations for the Youth
...COB Band Shell

Independence Beat Retreat.....
ibeSesasis Rawson Square

Ecumenical Church Service.....
sicerie Sir Kendal lsaacs Gym

j “Mon, July 9th

Lues, July 10th =4-30am

I
Fri, July 13th









9.00pm-12:00m/n Cultural Show, Inspection, Pr
Flag Raising Ceremony, Firewor.

sesetesce Clifford Park









12:0lam-4:00am Independence Concert .....Arawak Cay

“The Peoples Rush Out”
Rawson Square to Arawak Cay"





8.30pm






PAGE 6B, FRIDAY, JUNE 29, 2007



FAMILY GUARDIAN INSURANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2006

2, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(g) IMPAIRMENT OF ASSETS

‘The Company assesses at each balance sheet date whether there is objective evidence that a financial asset
ora group of financial assets is impaired. A financial asset is impaired if its carrying amount is greater than
its estimated recoverable amount. The impaired amount of the impairment for assets caried at amortized
cost is calculated as the difference between the asset's carrying amount and the present value of expected
future cash flows discounted at the financial instrument's original effective interest rate.

If in a subsequent period, the amount of the impairment decreases and the decrease can be related
objectively to an event occurring after the impairment was recognized, the previously recognized
impairment is decreased and the decrease is recognized in the income statement.

(h) REINSURANCE TRANSACTIONS

In the normal course of its life insurance business, the Company seeks to limit its exposure to Joss on any
single insured and to recover benefits paid, by ceding premiums to reinsurers under excess coverage
contracts. Contracts entered into that meet the Classification requirements for insurance contracts in Note
2(0) are classified as reinsurance contracts held. The Company retains a range of $25,000 to $110,000
(2005: $25,000 to $110,000) coverage per individual lie

‘The benefits to which the Company is entitled under reinsurance contracts held are recognized as
reinsurance assets. These assets consist of short-term balances due from reinsurers and are classified within
receivables and other assets. Amounts recoverable from or due to reinsurers are measured consistently with
the amounts associated with the reinsured contracts and in accordance with the terms of each reinsurance
contract. Reinsurance liabilities are primarily premiums payable for reinsurance contracts and are
recognized as an expense when due.

() NON PREMIUM REVENUE AND EXPENSE RECOGNITION

Non premium revenue and expenses are accounted for on the accrual basis. Interest income is recognized
using the effective interest method. Dividend income is recorded when the right to receive payment 1s
established.

() CASH AND CASH EQUIVALENTS

For purposes of the cash flow statement, cash and cash equivalents consist of cash on hand, demand
balances with banks and bank term deposits with original contractual maturities of three months or less.

(k) LEASES

Leases, where a significant portion of the risks and rewards of ownership are retained by the lessor, are
classified as operating leases. Payments made under operating leases are recognized in the income
statement on a straight-line basis over the period of the lease.

(). EMPLOYEE BENEFITS — PENSION OBLIGATIONS

‘The Company has a defined contribution pension plan for eligible agents and employees whereby the
Company pays contributions to a pension plan separately administered by the Company. The Company
has no further payment obligations once the contributions have been paid. ‘The plan requires participants
to contribute 5% of their gross earnings and commissions and the Company contributes 3.5% of eligible
eamings. The Company's contributions to the defined contribution pension plan are recognized in the
income statement in the year which they relate.

(m) DIVIDEND DISTRIBUTION

Dividend distribution to the Company's shareholder is recognized in the financial statements in the year
in which the dividend is declared by the Board of Directors.

(n) INSURANCE CONTRACTS — CLASSIFICATION

‘The Company issues contracts that transfer insurance tisk or financial risk or both. Insurance contracts are
those contracts that transfer significant insurance risk. Such contracts may also transfer financial risk. As a
general guideline, the Company defines as significant insurance risk the possibility of having to pay benefits
on the occurrence of an insured event that are at least 10% more than the benefits payable if the insured
event did not occur.

‘A number of insurance contracts contain a Discretionary Participation Feature (DPF). This feature entitles
the holder to receive, as a supplement to guaranteed benefits, additional benefits or bonuses:

o that are likely to be a significant portion of the total contractual benefits;
whose amount or timing is contractually at the discretion of the Company; and
e that are contractually based on:

(i) the performance of a specified pool of contracts or a specified type of contract; and
(ii) realized and/or unrealized investment retums on a specified pool of assets held by the Company.

‘The amount and timing of the distribution to individual contract holders is at the discretion of the
Company, subject to the advice of the appointed actuary.

(0) INSURANCE CONTRACTS — RECOGNITION AND MEASUREMENT

Insurance contracts including those with DPF are classified into four main categories, depending on the
duration of risk and whether or not the tems and conditions are fixed.

© Short-term insurance contracts

‘These contracts are ‘group and individual health and hospitalization contracts-and short-duration life
insurance contracts. These contracts protect policyholders from the consequences of events (such as death,
disability or sickness) that would affect the ability of the policyholder or his/her dependents to maintain
their current level of income. Guaranteed benefits paid on occurrence of the specified insurance event are
either fixed or are linked to the extent of the economic loss suffered by the policyholder. There are no
maturity or surrender benefits.

Premiums on these contracts are recognized as premium revenue proportionally over the period of
coverage. The portion of premium received on in-force contracts that relates to unexpired. risks at the
balance sheet date is reported as the uneamed premium liability. Premiums are shown before deduction
of commission.

Claims and loss adjustment expenses are recognized in the income statement as incurred based on the
estimated liability for compensation owed to policyholders. They include direct and indirect aims settlement
costs and arise from events that have occurred up to the balance sheet date even if they have not yet been
reported to the Company. Liabilities for unpaid claims are estimated using the input of assessments for
individual cases reported to the Company and statistical analysis for the daims incurred but not reported.

© Long-term insurance contracts with fived and guaranteed terms

These coniracts insure events associated with human life (for example death, or survival) over a long
duration, Premiums are recognized as revenue when they become payable by the policyholder. Premiums
are shown before deduction of commission.

Benefits payable to beneficiaries are recorded as an expense when they are incurred.

A liability for contractual benefits that are expected to be incurred is recorded when the premiums are
recognized. The liability is based on assumptions as to mortality, persistency, maintenance expenses and
investment income that are established at the time the contract is issued. A margin for adverse deviations
is included in the assumptions.

© Long-term irisurance contracts without fixed and guaranteed terms

These contracts insure events assocated with human life (for example death, or survival) over a long
duration. Premiums are recognized as revenue when they become payable. ‘These liabilities however, are
increased by credited interest (in the case of universal life contracts) or change in the unit prices (in the case
of unit-linked contracts) and are decreased by policy administration fees, mortality and surrender charges
and any withdrawals. ;

Liabilities for Universal Life policies, including unitlinked contracts, are based on assumptions as to future
mortality, persistency, maintenance expenses, ‘nvestment income, and crediting interest rates. A margin for
adverse deviations is included in the assumptions.

Liabilities for deferred annuities are set equal to the policyholder account values.

© Long-term insurance contracts with fixed and guaranteed terms and with DPF

‘These contracts insure events associated with human life (for example death, or survival) over.a long
duration, Premiums are recognized as revenue when they become payable by the policyholder. Premiums
are shown before deduction of commission.

Benefits payable to beneficiaries are recorded as an expense when they are incurred.

A liability for contractual benefits that are expected to be incurred is recorded when the premiums are
recognized. The liability is based on assumptions as to mortality, persistency, maintenance expenses and
investment income that are established at the time the contract is issued. A margin for adverse deviations
is induded in the assumptions.

In addition, these contracts also participate in the profits of the Company. As the Company declares the
bonus to be paid, it is credited to the individual policyholders.

3, CRITICAL ACCOUNTING ESTIMATES, AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES

‘The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities within the
next financial year. Estimates and judgements are continually evaluated and based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the circumstances.

‘The determination of the liabilities under long-term insurance contracts is dependent on estimates made by the
Company. Estimates are made as to the expected number of deaths for each of the years in which the Company is
exposed to risk ‘The Company bases these estimates on mortality tables that reflect recent historical morality
experience, adjusted where appropriate to reflect the Company's own experience. For contracts that insure the risk of
longevity, appropriate but not excessively prudent allowance is made for expected mortality improvements. ‘he
estimated number of deaths determines the value of the benefit payments and the value of the valuation premiums.
The main source of uncertainty is that epidemics such as AIDS, and wide-ranging lifestyle changes, such as in eating,
smoking and exercise habits, could result in future mortality being significantly worse than in the past for the age
groups in which the Company has significant exposure to morality risk. However, continuing improvements in
medical care and social conditions could result in improvements in longevity in excess of those allowed for in the
estimates used to determine the liability for contracts where the Company is exposed to longevity risk.

MANAGEMENT OF INSURANCE AND FINANCIAL RISK

‘The Company issues contracts that transfer insurance risk or finandal risk or both. ‘The Companys activities expose it to a
variety of financial risks, incuding the effecs of changes in equity market prices and interest rates ‘The Company's overall risk
management approach focuses on the unprediaability of insured events and finandal markets and seeks to minimize
potential adverse effects on the financial performance of the Company.

(a) INSURANCE RISK

‘The risk under any one insurance contract is the possibility that the insured event occurs and the uncertainty
of the amount of the resulting claim. By the very nature of an insurance contract this risk is random and
therefore unpredictable.

Fora portfolio of insurance contracts where the theory of probability is applied to pricing and provisioning,
the principal risk that the Company faces under insurance contracts is that the actual claims and benefit
payments exceed the carrying amount of the insurance liabilities. This could occur because the frequency
or severity of claims and benefits are greater than expected. Insurance events are random. and the actual
number and amounts of claims and benefits will vary from year to year from the estimate established via
statistical techniques.

Experience shows that the larger the portfolio of similar insurance contracts, the smaller the relative
variability about the expected outcome will be In addition, a more diversified portfolio is less likely to be
affected across the board by a change in any subset of the portfolio.

(i) Long-term insurance contracts
© Frequency and severity of claims

For contracts where death is the insured risk, the most significant factors that could increase the overall
frequency and severity of claims are epidemics, such as AIDS, and wide-ranging lifestyle changes, such as
eating, smoking and exercise habits resulting in earlier or more daims than expected.

‘The Company manages these risks through its underwriting strategy and reinsurance arrangements ‘The
+ underwriting strategy is intended to ensure that the risks underwritten are well diversified in terms of type

and level of insured benefits. ‘The Company's underwnting strategy includes medical selection with benefits

limited to reflect the health condition of applicants and retention limits on any single life insured.

4.

5.

FAMILY GUARDIAN

THE TRIBUNE BUSINESS

INSURANCE COMPANY LIMITED

(Incorporated under the laws of the Commonwealth of The Bahamas)

MANAGEMENT OF INSURANCE AND FINANCIAL RISK (CONTINUED)
(a) INSURANCE RISK (CONTINUED)

‘The table below indicates the concentration of insured benefits across four bands of insured benefits per
individual life insured to the nearest thousand.

BENEFITS ASSURED PER LIFE INSURED
AT END OF YEAR :

2006 2005
$ $ $
0-9,999 123,064,000 124,627,000
10,000-24,999 301,945,000 295,841,000
25,000-49,999 112,062,000 105,125,000

732,877,000 704,100,000
1,269,948,000 1,229,693,000

50,000 and over

Total

(b) CASH FLOW AND FAIR VALUE INTEREST RATE RISK

Cash flow risk is the risk that the future cash flows of a financial instrument will fluctuate because-of
changes in market interest rates. Fair value interest risk is the risk that the value of a financial instrument
will fluctuate because of changes in market interest rates. ‘The Company takes on exposure to the effects of
fluctuations in the prevailing levels of market interest rates on its financial position and cash flows. Interest
margins may increase as a result of such changes but may reduce or create losses in the event that
unexpected movements arise. The Board sets limits on the level of mismatch of interest rate repricing that
may be undertaken, which is monitored daily.

(Q. MARKET RISK

Market risk is the risk that the value of the financial instrument will fluctuate as a result of changes in market
prices whether those changes ate caused by factors specific to the individual security, its issuer or factors
affecting all securities traded in the market. ‘The Company manages its risk through the Investment
Committee, which monitors the price movernent of securities on the Bahamas Intemational Securities
Exchange (BISX). :

(d) CREDIT RISK

he Company has exposure to credit risk, which is the risk that a counter party will be unable to pay
amounts in full when due. Key areas where the Company is exposed to credit risk are:

~ term deposits placed with banks

- mortgage loans and loans to policyholders

~ reinsurers’ share of insurance liabilities

~ amounts due from reinsurers in respect of claims already paid
— amounts due from insurance policyholders

‘The Company's term deposits are mainly placed with well-known high quality banks. Mortgage loans and
loans to policyholders are fully collateralized.

Reinsurance is used to manage insurance risk, This does not, however, discharge the Company's liability as
primary insurer. If a reinsurer fails to pay a claim for any reason, the Company remains liable for the
payment to the policyholder. ‘The credit worthiness of reinsurers is considered on an annual basis by
reviewing their publicly available financial information prior to finalization of any contract.

‘The Company has one main teinsurer for its long-term insurance contracts, a large multinational
corporation that has a Standard & Poors (S&P) rating of A+.

(e) LIQUIDITY RISK
‘The Company is exposed to daily calls on its available cash resources mainly from claims short-term
contracts. Liquidity risk is the risk that cash may not be available to pay obligations when due at a
reasonable cost. The Board sets limits on the minimum proportion of maturing funds available to meet

such calls and on the minimum level of borrowing facilities that should be in place to cover maturities,
claims and surrenders at unexpected levels of demand.

(f) INTEREST RATE RISK
‘The Company manages this risk by attempting to retain a level of assets to liabilities with similar principal
values, interest rates and maturity dates.
‘The Company's exposure to the effects of fluctuations in the prevailing levels of market interest rates on its
financial position and cash flows is reduced as the Company retains the right to change interest rates on
most of its interest earning loan assets.

FINANCIAL INVESTMENT ASSETS

LOANS AND RECEIVABLES COMPRISE THE FOLLOWING:

2006 2005

$ $

Bahamas Government bonds 25,170,900 17,152,700

Bridge Authority bonds 307,400 307,400

Education Loan Authority bonds 2,300,000 1,800,000

Clifton Heritage bonds 2,004,800 2,004,800

Government bonds, at cost 29,783,100 21,264,900

Add: Accrued interest receivable 481,273 328,417
30,264,373 21,593,317 _

$ $

Redeemable preferred shares, at cost 1,120,000 1,150,000

Add: Accrued interest receivable 5,040 252

1,125,040 1,150,252

During the year, the Company redeemed a preferred shareholding for $230,000 and purchased another shareholding for
$200,000. In 2005 the Company exercised a final redemption on one of its preferred shareholdings for $283,334 and
received an additional $50,000 that was previously provided for and recorded as other income in the income statement.

2006
$

INVESTMENTS IN EQUITIES
At beginning of year 6,336,293
Purchases 212,940
Sales proceeds. (873,400)
Realized gain from sales of equities 228,525
Change in unrealized appreciation on equities 939,123
At end of year ; 6,843,481

Investments in equities comprise ordinary shares of Bahamian companies that are listed on BISX.

6. POLICY LOANS

2006
$

POLICY LOANS COMPRISE:
Policy loans 6,791,863
Automatic premium loans 2,483,243
9,275,106
Add: Accrued interest receivable 327,219
9,602,325

2005
$

5,776,325
329,114
(879,630)
161,126
949,358
6,336,293

2005
$

6,558,210
2,437,291
8,995,501

311,820
9,307,321

Policy loans and automatic premium Joans (APLs) are allowed on Ordinary Life policies. An interest rate ranging from 10%

to 11% (2005: 10% to 11%) per annum is charged on policy loans and APLs.
7. MORTGAGE LOANS

2006
$
MORTGAGE LOANS COMPRISE:
Loan to parent company 4,082,457
Loans to Company officers and their immediate families 1,952,893
Others 50,296,985
56,332,335
Less: Provision for inherent risk (777,363)
Specific provision for credit risk 80,711

55,474,261
Add: Accrued interest receivable 338,580
55,812,841
$

TOTAL MORTGAGE LOANS MAY BE ANALYZED AS FOLLOWS:
Commercial: Current 11,528,776
Over 90 days 1,095,110
Residential: Current 42,367,261
Over 90 days 1,341,188
56,332,335

2005

4,232,927
2,880,594
50,776,446
57,889,967
(791,947)
197,000

56,901,020
340,208
57,241,228

$

13,115,782
1,726,840
42,223,303
824,042
57,889,967

‘The provision for inherent risk is calculated on total mortgage loans except for the loan to the parent company, which

deemed to be fully collectible.

MOVEMENTS IN LOAN LOSS PROVISIONS ARE AS FOLLOWS:

Provision for

Inherent Risk

$

Balance as of 1 January 2005 1,173,240
(Decrease) Increase in the provision (381,293)
Loans written-off -
Balance as of 31 December 2005 791,947
Decrease in the provision (14,584)
Loans written-off :
Balance as of 31 December 2006 777,363

Specific
Provision for
Credit Risk

$

136,034
132,765
71,799
197,000
(46,289)
70,000

80,71

is

a A nT TT

‘The loan tc the parent company eams interest ata rate of 8.5% per annum (2005: 8.5%). An interest rate of 6.5% per annum
(2005: 6.5%) is charged on residential mortgage loans to directors, officers and staff with two or more years of service. Related
party interest income from mortgages for the year ended 31 December 2006 is $496,706 (2005: $599,796) and related party

interest receivable on mortgages as of 31 December 2006 is $11,015 (2005: $14,097).

As of December 2006, the Company had non-performing morgage loans of $2,436,298 (2005: $2,550,88

interest of $436,282 (2005: $434,903) had not been recognized in the income statement.
8. RECEIVABLES AND OTHER ASSETS

2006
$

RECEIVABLES AND OTHER ASSETS COMPRISE:
Accrued interest receivable — bank term deposits 142,812
Accrued interest receivable — staff loans * aie 689
Reinsurance recoveries * 1,290,841
Utility deposits 42,560
Due from parent company -
Other receivables and other assets 779,835
2,256,737









2005
$

45,812
~* 468
2,525,887

40,896
246,025
740,175
3,599,263

2) for which

$ $ Reinsurance recoveries are in respect of claims already paid by the Company. All receivables noted above are due within
Corporate bond, at cost 2,000,000 : twelve months. As of 31 December 2005, the amount due from the parent company is interest-free, unsecured and have no
Add: Accrued interest receivable 20,205 - fixed terms of repayment
___ 2,020,205 -
9, PROPERTY, PLANT AND EQUIPMENT
Computer
Freehold Freehold Furniture Motor Hardware Leasehold ;
Land Buildings & Equipment Vehicles & Software Improvements Torat
: $ $ $ $ $ $ 5
Year ended 31 December 2006
Opening net book amount 3,294,716 7,186,954 962,518 - 748,020 180,922 12,373,130
Additions - 363,921 105,459 26,867 328,466 106,400 931,113
Depreciation charge - (157,369) (186,488) (2,239) (165,346) (61,841) (573,283)
Depreciation on the revalued portion
of freehold buildings : (40,220) : : - - (40,220)
Closing net book amount , 3,294,716 _ a _7,353,286_ = 881,489 __ 24,628 _ 911,140 225,481 12,690,740
As of 31 December 2006
Cost of revaluation 3,294,716 7,903,541 1,375,029 26,867 1,451,789 461,618 14,513,560
Accumulated depreciation ; (510,035) (493,540) (2,239) (540,649) (236,137) (1,782,600)
Depreciation on the revalued portion
of freehold buildings - _ (40,220) _ sh - : : (40,220)
Net book amount “ e 3,294,716 7,353,286 881,489 24,628 911,140 225,481 12,690,740

Freehold land and buildings include
Company wrote-off cost and accumulated depreciation

a revaluation surplus of $1,422,044 (2005:

$1,422,044) and $1,346,811 (2005:

relating, to fully depreciated computer equipment, furniture and equipment and

$61,375 (2005: $77,465), $43,956 (2005: $86,062) and $30,095 (2005: $ Nil), respectively.

During 2005, the Company entered into an agreement to se

Il one of its buildings for a price of $4,500,000. The agreement Is expected to be completed in 2007.





$1,346,811), respectively. During the year, the
leasehold improvements of





Computer
Freehold Freehold Furniture Motor Hardware Leasehold
Land Buildings & Equipment Vehicles & Software Improvements Total
$ $ $ $ $ $
As of 1 January 2005
Cost or revaluation 3,029,840 6,257,389 845,947 30,095 777,863 232,313 11,173,447
Accumulated depreciation - (153,340) (307,851) (27,739) (372,208) (142,679) (1,003,817)
Depreciation on the revalued portion .
of freehold buildings - (40,220) : - : - (40,220)
Net book amount 3,029,840 _ 6,063,829 538,096 2,356 405,655 89,634 10,129,410
Year ended 31 December 2005
Opening net book amount 3,029,840 6,063,829 538,096 2,356 405,655 89,634 10,129,410
Additions 264,876 1,282,231 553,641 - 484,300 153,000 2,738,048
Depreciation charge : - (118,886) (129,219) (2,356) (141,935) (61,712) (454, 108)
Depreciation on the revalued portion
of freehold buildings (40,220) 2 : : (40,220)
Closing net book amount 3,294,716 7,186,954 962,518 - 748,020 180,922 12,373,130
As of 31 December 2005
Cost or revaluation 3,294,716 7,539,620 1,313,526 30,095 1,184,698 385,313 13,747,968
Accumulated depreciation - (312,446) (351,008) (30,095) (436,678) (204,391) (1,334,618)
Depreciation on the revalued portion :
of freehold buildings (40,220) : - (40,220)
Net book amount 3,294,716 _7,186,954 962,518 : 748,020 180,922 12,373,130

40. RESERVES FOR FUTURE POLICYHOLDERS' BENEFITS

‘The Canadian Asset Liability Method (CALM) is used for the determination of reserves for future policyholder benefits
of long-term insurance contracts.

Asof 31 December 2006 the aggregate reserves for future policyholders’ benefits and related life insurance in force are
summarized as follows:



Reserves Insurance in force
2006 2005 2006 2005
$ $ $ $
Ordinary life 23,623,279 21,284,841 1,489, 149,873 1,305,545,275
Annuities 31,555,557 26,962,849 - -
Home service life 25,434,201 23,563,536 483,179,145 492,820,742
Accident and Health 4,278,059 4,707,552 102,192,883 106,207,996
__ 84,891,696 __ 76,518,778 ___2,074,521,901_1,904,574,013.

the reserves for future policyholders’ benefits are determined annually by actuarial valuation and represent an estimate of the
amount required, together with future premiums and investment income, to provide for future benefits and expenses payable
on insurance and annuity contracts. Lhe reserves are calculated using assumptions for future policy lapse rates, montality, mor-
bidity rates, maintenance expenses and interest rates. [he assumptions also indude provisions for adverse deviation to recognize
uncertainty in establishing the assumpuons and to allow for possible deterioration in expenence. Ihe process of detentuning the
provision necessarily involves risks that the actual results will deviate from the assumptions made.

Policy liabilities are calculated using best estimate assumptions with margins for adverse deviation.

(i) Mortality and Morbidity

Assumptions for Home service life business are based on Company experience. Assumptions for other business
lines are based on industry experience, as the Company does not have sufficient of its own experience. A margin Is

40. RESERVES FOR FUTURE POLICYHOLDERS' BENEFITS (CONTINUED)
(i) Mortality and Morbidity (Continued)

added for adverse deviation equal to 15 per 1,000 divided by the expectation of life for mortality and 8% to 10%

for morbidity. If future mortality and morbidity rates were to differ by 10% from that assumed, the liabili

increase by $3,128,952 (2005: $2,933,000) or decrease by $3,136,688 (2005: $2,902,000).

(ii) Investment Yields

ty would

Assets are notionally allocated to life and annuity business lines. Expected investment yields are based on new
money rates and expectant asset mix. A margin for adverse deviation is added by deducting 50 basis points from
current rates and assuming future interest rates reduce to 5% over 20 years If future interest rates were to differ by

1% from that
$11,388 448 (2005: $10,307,000) or decrease by $8,010,992 (2005: $7,078,000).

(tii) Persistency

assumed, without changing the policyholder dividend scale, the liability would increase by

Lapse rates are based on Company's experience where credible experience is available and industry experience is

used where credible Company experience is not available. A margin for adverse deviatio

or decreasing lapse rates; whichever is adverse, by 20%. If future lapse rates were (0

assumed, the liability would increase by $927,368 (2005: $1,300,000) or decrease

$1,229,000)
(iv) Expenses

nis added by increasing
differ by 10% from that

by $1,018,016 (2005:

Expenses are based on best estimates of Company experience. Expenses are increased 10% as a margin for adverse

deviation. Expenses are assumed to increase with inflation of 3% in 2006 decreasing to

2% in 2026 and later. If

future expenses were to differ by 10% from that assumed, the liability would increase by $2,834,544 (2005:

$2,655,000) or decrease by $2,789,336 (2005: $2,613,000)
ne

THE TRIBUNE BUSINESS = FRIDAY, JUNE 29, 2007 PAGE 7B

*m FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

(Incorporated under the laws of the Commonwealth of The Bahamas)





FAMILY GUARDIAN INSURANCE COMPANY LIMITED FAMILY GUARDIAN INSURANCE COMPANY LIMITED

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2006

Price WaterhouseCoopers
Providence House
East Hill Street

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2006
DIN BAHAMIAN DOLLARS)























PO. Box N-3910 (AMOUNTS EXPRI (AMOUNTS EXPRESSED IN BAHAMIAN DOLLARS)
Nassau, The Bahamas an io patna sbettontsebadetterete pnnncenonneonnnenevnneennnninnennnbenietntennterntennnehnnlttetCnnrtnvennecentennnenntCnnnnrctenenneeneet’ nneonnnennecenvonanenneveneenscenenteetenneeeeeny eevee,
Website: www.pwe.com -
=-mail: pwebs@bs.pwe.com
Telephone (242) M230 2006 2005 2006 = 20085
Facsimile (242) 302-5350 $ * : (Ni i
9 lote
INDEPENDENT AUDITORS’ REPORT DIRECT PREMIUMS
To the Shareholder of Family Guardian Insurance Company Limited Preniium-revenue 57,720,629 51,793,949 CASH FLOWS FROM OPERATING ACTIVITIES:
Premium ceded to reinsurers (Note 14) (3 618 000) (3 236 822) Net income 5,744,924 5,238,698
We have audited the accompanying financial statements of Family Guardian Insurance Company es . Adjustments for
Limited (the Company), which comprise the balance sheet as of 31 December 2006, and the income —- Net premium revenue 54,102,629 48,557,127 Depreciation and amortization (Note 9) 613,503 494,328
statement, statement of changes in equity and cash flow statement for the year then ended, and Annuity deposits 6,242,596 6,592,793 Change in appreciation on investments
a summary of significant accounting policies and other explanatory notes. Nec preiiiuii revenie-and ae ee ee) . ere bee eae
Management's Responsibility for the Financial Statements annuity deposits (Note 14) 60,345,225 55,149,920 e alized’ gain trom investments in equities (Note 5) (228,525) (161,126)
: f : : : : . lnterestine 7.459.148 7,070,156 ecovery of investment provision - (50,000)
Management is responsible for the preparation and fair presentation of these financial statements in ae come Hee pal Loans written-off, net of recoveries (70,000) (71,799)
accordance with International Financial Reporting Standards. This responsibility includes: designing, Dividend income oes 378,755 359,746 Change in mortgage/investment provision (60,873) (248,528)
implementing and maintaining internal contro] relevant to the preparation and fair presentation of Change in unrealized appreciation on Reserve for policyholders’ benefits 8 372 918 8 976 723
financial statements that are free from material misstatement, whether due to fraud or error; selecting investments in equities (Note 5) 939,123 949,358 Interest expense " 219,019 ’ 23.767
and applying appropriate accounting policies; and making accounting estimates that are reasonable _—Realized gain from investments Interest a (7,459 148) (7,070 156)
in the circumstances. 3 in equities (Note 5) 228,525 161,126 Dividend income (378.755 (359.746
Auditors’ Ri ‘bili Other operating income 502,942 479,914 (378,755) __(359,746)
AOS ep On On, : Decrease in provision for inherent risk : 381,293 Operating profit before working capital changes 5,813,940 - 5,822,803
Our responsibility is to express an opinion on these financial statements based on our audit. We (Increase) Decrease in operatinh assets
conducted our audit in accordance with International Standards on Auditing. Those standards Total income 69,853,718 64,551,513 Receivables and other assets 1,439,747 (1,844,573)
require that we comply with ethical requirements and plan and perform the audit to obtain Premiums receivable (1,019,784) . (324,306)
reasonable assurance whether the financial statements are free from material misstatement. . BENEFITS : (Decrease) Increase in operating liabilities
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in Policyholders’ benefits (Note 15) 32,234,776 26,412,537 Payables and accruals (411,435) 2,458,716
the financial statements. The procedures selected depend on the auditors’ judgment, including the Reinsurance recoveries (2,774,405) (2,182,873) Other policyholders’ funds ___936,153___(1,260,238) _
assessment of the risks of material misstatement of the financial statements, whether due to fraud or Net cash provided by operating activities 6,758.621 4,812,402
error. In. making those risk assessments, the auditors consider internal control relevant to the entity's Net policyholders’ benefits 29,460,371 24,229,664
preparation and fair presentation of the financial statements in order to design audit procedures that Increase in reserves for future CASH FLOWS FROM INVESTING ACTIVITIES:
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness policyholders’ benefits 8,460,563 9,133,864 Policy loans (279,605) (527,393)
of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting Proceeds from redemption of preferred shares 230,000 533,334
policies used and the reasonableness of accounting estimates made by management, as well as 37,920,934 33,363,528 Purchase of property, plant and equipment (Note 9) (931,113) (2,738,048)
evaluating the overall presentation of the financial statements, Proceeds from maturity of bank term deposits peso eat
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis pnreneeS greater than three months 7,810,019 6,501,922
for our audit opinion. Commissions 10,727,734 11,249,498 Maturity of Government bonds 43,100 =
Opini Operating expenses (Notes 17 and 18) 14,623,483 14,048,280 Placement of bank term deposits greater than
Eee : Depreciation and amortization expense 613,503 494,328 three months (12,858,117) (7,563,635)
In our opinion, the accompanying financial statements present fairly, in all material respects, the Interest expense 219,019 23,767 Net mortgage loans issued 1,557,632 (6,178,936)
financial position of the Company as of 31 December 2006, and its financial performance and its Bad debt expense 4,121 133,414 Purchase of preferred shares (200,000) e
cash flows for the year then added in accordance with International Financial Reporting Standards. : Purchase of Government bonds (8,561,300) (3,038,300)
} 26,187,860 25,949,287 Purchase of equities (Note 5) (212,940) (329,114)
Purchase of corporate bonds 2,000,000 : -
Dewial Laie spit Total benefits’ ancl expenses 64,108,794 are Proceeds from ale of equities (Note 5) f aren 879,630
Net income 5,744,924 5,238,698 Interest received 7,170,307 7,127,349
Chartered Accountants Dividends received 378,755 359,746
Nassau, Bahamas Net cash used in investing activities (6,979,862) (4,973,445)
19 March 2007
‘ CASH FLOWS FROM FINANCING ACTIVITIES:
: Dividends paid (2,500,000) (3,312,500)
: — : : : — Interest paid (11,503) (23,767)
Net cash used in financing activities (2,511,503) (3,336,267)
Net decrease in cash and cash equivalents (2,732,744) (3,497,310)
Eckler Ltd fo Cash and cash equivalents at beginning of year 4,185,115 7,682,425
. Cash and cash equivalents at end of year 1,452,371 4,185,115 -
Consultants and Actuarias
: COMPRISED OF:
Cash and bank balances 1,141,473 1,728,889
Short-term bank deposits 310,898 2,456,226
1,452,371 4,185,115
; The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements. *
APPOINTED ACTUARY’S REPORT eset eit ied eee ti et ee eed et ee ed pieces emai eens oto Sesto Diaconate
To the Board of Directors and Shareholders of Family Guardian Insurance Company Limited FAMILY GUARDIAN INSURANCE COMPANY LIMITED
ett STATEMENT OF CHANGES IN EQUITY
IT have valued the actuarial ‘liabilities and other policy liabilities of Family Guardian’ Insurance FOR THE YEAR ENDED 31 DECEMBER 2006
Company Limited for its balance sheet at 31 December 2006 and the change in the income (AMOUNTS EXPRESSED IN BAHAMIAN DOLLARS)
statement for the year ended 31 December 2006 in accordance with generally accepted :
actuarial practice including selection of appropriate assumptions and methods. _ is "
; sage, Seen abdicdatcedabled - oa en Share Share Revaluation Retained
n my opinion, the amount of the actuarial and other policy liabilities makes appropriate provision . . .
for all policyholder obligations and the financial statements of Family Guardian Insurance Company en a Fiera Surplus Earnings Total
Limited fairly represent-the results of the valuation, : . $ $ $ $ $
Lat ay Balance as of 1 January 2005 31: 1,707,462 11,401,314 2,768,855 14,831,881 30,709,512
(igen ey f tip ‘Transfer from revaluation surplus - - (40,220) 40,220 7
- fe ete Net income for 2005 - - - 5,238,698 5,238,698
Dividends declared and paid - ordinary shares .
Richard F. Labelle 3 ($1.94 per share) , - - - 3,312,500 3,312,500
ee ee Balance as of 31 December 2005 1,707,462 11,401,314 2,728,635 16,798,299 32,635,710
ellow, Society of Actuaries
: +3 Balance as of 1 January 2006 1,707,462 11,401,314 2,728,635 16,798,299 32,635,710
19 March 2007 Transfer from revaluation surplus : - - (40,220) 40,220 -
: ‘ Net income for 2006 - - - 5,744,924 5,744,924
Dividends declared and paid - ordinary shares ; :
($1.46 per share) : - - 2,500,000 2,500,000
Balance as of 31 December 2006, 1,707,462 11,401,314 2,688,415 20,083,443 35,880,634



NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2006



Gains and losses on disposals are determined by comparing proceeds with the canying amount. These are
included in the income statement. When revalued assets are sold, the amounts included in the revaluation
surplus are transferred to retained eamings.

(d) RNANCAL INVESTMENT ASSETS

‘the Company classifies its financial investment assets, other than bank term deposits, in the following
categories: at fair value through profit or loss and loans and receivables. The classification depends on the
purpose for which the investment assets were acquired. Management determines the classification of its
investment assets at initial recognition and re-evaluates this designation at every reporting date.

(i) Financial investment assets at fair value through profit or loss

Financial investment assets are classified as financial assets at fair value through profit or loss if acquired
principally for the purpose of selling in the short-term or if so designated by management.

1. INCORPORATION AND ACTIVITY

Family Guardian Insurance Company Limited (the Company is incorporated under the laws of the Commonwealth
of The Bahamas, sells life and health insurance and is a wholly-owned subsidiary of FamGuard Corporation Limited
(FamGuard), also incorporated in the Commonwealth of The Bahamas

‘The registered office of the Company is situated at the offices of E. Dawson Roberts & Co., Parliament and Shirley
Streets, Nassau, ‘Ihe Bahamas.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICES

‘The significant accounting policies applied in preparation of these financial statements are set out below. These
policies have been consistently applied to all the years presented, unless otherwise stated.

(a) BASIS OF PRESENTATION
‘The financial statements have been prepared in accordance with Intemational Financial Reporting

FAMILY GUARDIAN INSURANCE COMPANY LIMITED
(INCORPORATED UNTER THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS) 2:

BALANCE SHEET
AS OF 31 DECEMBER 2006 ; .
(AMOUNTS EXPRESSED IN BAHAMIAN DOLLARS)

Investments in equities are classified as financial assets at fair value through profit or loss.

2006 2005 Standards (IFRS).’Ihe Company has adopted accounting policies for the computation of reserves for future i : ee
$ $ policyholder benefits on life insurance and annuity contracts which comply with the Canadian Asset rippin a af ee oe ee sesinanions ihe ite hes =
Liability Method (CALM). As no specific guidance is provided by IFRS for computing reserves for future d hee tly pul fi * al ety Demme in eduits

ASSETS : policyholder benefits, management has judged that CALM should continue to be applied. ‘Ihe adoption of pateert arate
Bank term deposits 8,430,710 « 5,527,939 IFRS 4 — Insurance Contracts permits the Company to continue with this accounting policy, ‘Ihe financial Fair value is determined by reference to quoted bid prices for ordinary shares. Investments are
Government bonds (Note 5) 30,264,373 21,593,317 statements have been prepared under the historical cost convention, as modified by the revaluation of derecognized when the rights to receive cash flows from the investments have expired or have been
Preferred shares (Note 5) 1,125,040 1,150,252 ° freehold land and buildings, and financial assets at fair value through profit or loss. transferred and the Company has transferred substantially all risks and rewards of ownership. Realized
Corporate bonds (Note 5) 2,020,205 - uth jon of financial in conformity with IERSrequires th f certain citical and unrealized gains and losses arising from changes in the fair value of the investments in equities
Investments in equities (Note 5) 6,843,481 6,336,293 le: Preparation. of, unancu eSatemens en ts di ue ike we Ot cera ae category are presented in the income statement in the year in which they arise.
Policy loans (Note 6) - 9,602,325 9,307,321: accounting estimates. It also Tequites management to exercise its judgement in the process of applying the 2
Mortgage loans, net (Note 7) 35,812,841 57,241,228 Company's accounting policies. ‘Ihe areas involving a higher degree of judgement or complexity or areas (ii) Loans and receivables

’ be Se ae — where assumptions and estimates are significant to the financial statements are disclosed in Note 3. Financial investment assets are classified as loans and receivables if they are non-derivative financial
ee son ose aee (b) RESERVES FOR INSURANCE CONTRACTS as wih ed dria pymens ht a ot ute nan ace mate, and hat he
Receivables and other assets (Note 8) 2,256,737 3,599,263 ‘The reserves for insurance contracts in force at the balance sheet date are calculated according to principles mpany does not intend to sellin the short-term.
Premiums receivable . 2,714,962 1,695,178 determined by the Company's appointed actuary. Investments in government bonds, preferred shares and corporate bonds are classified as loans and
Property, plant and equipment, net (Note 9). . 12,690,740 12,373, 130 ‘The Company calculate its liabilities for individual life insurance policies using the Canadian Policy receivables. ae receivables oe amortized cost, using the effective interest method less
TOTAL ASSETS 132,902,887 __-_120,552,810 Premium Method (PPM), the calculation of these policy reserves is based on assumptions as to future rates gy, Pension 10r impale i valve



A loan or receivable is impaired if its carrying amount is greater than its estimated recoverable amount.

for mortality and morbidity, investment yields, policy lapse and expenses, which contain margins for
‘The amount of the impairment loss for loans and receivables carried at amortized cost is calculated as

LIABILITIES adverse deviations.



Reserves for future policyholders’ benefits (Note 10) 84,891,696 76,518,778 Chad, Peer : the difference between the carying amount and the present value of future cash flows
Other policyholders’ funds (Note 11) 5,919,613 __ 4,983,460 ee dcr the fyneal esiccads xgal Ure hese pn
Policy liabilities ‘ : 90,811,309 81,502,238 Immediate Payment annuities are equal to the present ue Of future Denelits. ( ) LOANS AND LOAN LOSS PROVIRONS
Payables and accruals : 6,210,94 4° 6, 41 4, 862 Claim reserves for group health polices are estimated from incurred daims and the history of prior daim payments. e

iabiliti Liabilities for other short-term health policies renewable at the option of the Company comprise uneamed Policy loans are carried at the balance outstanding plus accrued interest. No provision for loss on these
Total liabilities 97,022,253 87,917,100 - Seattle mney net aims : ia reat necessary by management because these loans are fully collateralized by the cash surrender

aye . value of the ponies.

EQUITY PLANT
Share capital (Note 13) 1,707,462 1,707,462 © BND EQUEMENT Mortgage loans are non-derivative financial assets with fixed or determinable payments that are not quoted
Shares premium 11,401,314 11,401,314 Freehold land and buildings are shown at fair value, based on periodic, normally triennial, valuations by in an active market. They arise when the Company provides money directly to a borrower with no intention
Revaluation surplus 2,688,415 2,728,635 extemal independent appraisers, less accumulated depreciation for buildings. Any accumulated of trading the receivable. Mortgage loans are secured by first mortgages and provide for monthly

Retained earnings
Total Equity
TOTAL LIABILITIES AND EQUITY

SIGNED AS APPROVED FOR ISSUE ON BEHALF OF THE BOARD OF DIRECTORS:



Director

Director

19 March 2007
—
Date

The accompanying notes are an integral part of these financial statements.

20,083,443 16,798,299
35,880,634 32,635,710
132,902,887 120,552,810

depreciation at the date of revaluation is eliminated against the gross caning amount of the asset, and the
net amount is adjusted to the revalued amount of the asset. All other property, plant and equipment is
stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly
attributable to the acquisition of the assets.

Improvements, which extend the useful lives or increase the value of assets are capitalized.

Subsequent costs are included in the assets's camying amount or recognized as a separate asset, as
appropriate only when it is probable that future economic benefits associated with the item will flow to the
Company and the cost of the item can be measured reliably. All other costs are charge to the income
statement as repairs and maintenance during the financial year in which they are incurred.

Increases in the carrying amount arising on revaluation of freehold land and buildings are credited to the
revaluation surplus account in equity. Decreases that offset previous increases of th same asset are charged
against the revaluation surplus account directly in equity; all other decreases are charged to the income
statement. Lach year the difference between depreciation based on the revalued camying amount of the asset
is charged to the income statement and depreciatior. based on the asset's original cost is transferred from
the revaluation surplus account to retained eamings.

‘The assets’ risidual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

An asset's carrying amount is written down immediately to its estimated recoverable amount if the asset's
carrying amount is greater than its estimated recoverable amount.

Freehold land is not depreciated. Depreciation on other assets is calculated using the straight-line method
to allocate their cost or revalued amounts over the estimated useful lives, as follows:

Tepayments at variable interest rates over periods of up to twenty-five years on residential loans and up to
twenty years on commercial loans.

Mortgage loans are stated at the principle balance outstanding plus accrued interest, less an inherent
provision for loan losses on current loans and specific provisions on certain non-current loans. Specific
provisions are made on non-current loans for mortgages over three months in arrears, based on
management's evaluation of the respective loans. A specific provision for non-current mortgage loans is
established if there is objective evidence that the Company will not be able to collect all amounts due
according to the original terms of the mortgage loan. Significant financial difficulties of the borrower,
probability that the borrower will enter financial reorganization, and default or delinquency in payments
are considered indicators that the mortgage loan is impaired. The amount of the specific provision for loan
loss is the difference between the loan’s carrying amount and the recoverable amount, being the present
value of estimated future cash flows, including recoveries from guarantees and collateral, discounted at the
effective interest rate at inception of the loan. ‘The amount of the provision for loan loss is recognized in
the income statement. If the amount of the provision subsequently decreases due to an event occuring
after the write-down, the release of the provision is recognized in the income statement.

Accrued interest on non-current loans is excluded from interest income.

(f) FOREIGN CURRENCY TRANSLATION

(i) Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic
environment in which the Company operates (functional currency), the Bahamian dollar. The financial
statements are presented in Bahamian dollars, which is also the Company's presentation currency.

Freehold buildings 2.5% per annum | + ;

Fumiture and equipment 10%-20% per annum (i) Transactions and balances

Motor vehicles 25% per annum Assets and liabilities denominated or accounted for in currencies other than the Bahamian dollar have been
Computer software and development costs 20% -33% per annum translated to Bahamian dollars using the rates of exchange prevailing at the balance sheet date. Foreign

shorter of period of the leases and estimated
economic life of the improvements

Leasehold improvements

currency transactions and income and expense items have been translated at the exchange rates prevailing
at the time of the transaction. Gains and losses on translation are reflected in the income statement.
PAGE 8B, FRIDAY, JUNE 29, 2007

THE TRIBUNE BUSINESS



Aneel

FAMILY GUARDIAN INSURANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2006

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

(Incorporated under the laws of the Commonwealth of The Bahamas)

15. POLICYHOLDERS' BENEFITS :

POLICYHOLDERS’ BENEFITS FOR THE YEAR ENDED 31 DECEMBER 2006 BY INSURANCE CONTRACTS
WERE AS FOLLOWS:



~ epiehiannnmaneaieeee wees ~ a — — — 2006 2005
Gross Reinsurance Net Gross Reinsurance Net
10. RESERVES FOR FUTURE POLICYHOLDERS’ BENEFITS (CONTINUED) $s. $ $s $ $ $
(v) Ongoing Review Short-term insurance contracts 19,923,679 (1,682,823) 18,240,856 15,625,559 (1,595,315) 14,030,244
Actuarial assumptions are continuously reviewed based on emerging Company and industry experience and Long-term instance contracts i
revised if appropriate and material. seelised nl ss
‘ guaranteed terms 5,725,788 (586,528) 5,139,260 5,584,596 (239,346) 5,345,250
(11) Margins for Adivrse Deviation Assumptions Long-term insurance contracts
4 . : . a 5 ay Liab Titi : ‘ rithout fixed and
the basic assumptions made in establishing policy liabilities are best estimates for a range of possible outcomes wit
{o recognize the uncertainty in establishing these best estimates, to allow for possible deterioration in experience Suaranteed terins HIIS,183 (181,917) 3,933,266 3,011,261 (204,998) 2,806,263
and to provide greater comfort that the reserves are adequate to pay future benefits, the appoinied actuary is /ons-term insurance contracts
7 ‘ with fixed and guaranteed

required to include a margin in each assumption.

‘The impact of these margins is to increase reserves and so decrease the income that would be recognized on
inception of the policy. The Canadian Institute of Actuaries prescribes a range of allowable margins. Ihe Company
Uses assumptions at the conservative end of the range, taking into account the risk profiles of the business

‘The movements in reserves for future policyholders’ benefits and other policyholder benefits (namely insurance liabilities),

by line of business, are summarized below:

(a) Short-term insurance contracts:

Liabilities at beginning of year
Usual change in In-Force Business and New Business

Liabilities at end of year

(b) Long-term insurance contracts with fixed and guaranteed terms:

terms with discretionary

participation teature (DPE) 2,470,126 2,146,989

29,460,371

2,191,121
26,412,537










2,774,405,



32,234,776 |

16. OPERATING LEASES
the Company leases certain office premises under non-cancellable operating leases. Future minimum rental

2006 2005 commitments as of 31 December 2096 are as follows:
$ s 2006 2005
4,132,552 2,706,536 $ $
146,107 1,426,016 Upto t year 1,080,630 900,360
_4278,659___4,132,552__ I year to 5 years 1,182,940 1,803,095
2,263,570 2,703,455
ma as ‘The Company leases its corporate office building from its parent company and provided the financing to the parent

Liabilities at beginning of year

Changes in Data, Methods, and Assumptions
New Business

Usual change in In-Force Business

Liabilities at end of year

33,923,847

(1,430,937)

(652,988)

5,666,155

(¢) Long-term insurance contracts without fixed and guaranteed terms:

Liabilities at beginning of year

Changes in Data, Methods, and Assumptions
New Business

Usual change in In-Force Business

Liabilities at end of year

26,366,583

2006
$

84,641
3,664,050

32,093,154

972,000

(1,979,000)

2,837,693

37,506,077 ___33,923,847_

2005
$

21,035,369

913,000
(334,000)
4,752,214

(d) Long-term insurance contracts with fixed and guaranteed terms and with Discretionary

Participation Features (DPF):

Liabilities at beginning of year

Changes in Data, Methods, and Assumptions
New Business

Usual change in In-Force Business

company for construction of the building by way of a commercial mortgage loan; see Note 5. The annual rental
expense under the lease is $800,000 (2005: $716,560) and this is equal to the annual mortgage payments received
from the parent company.

17. TAXATION

there are no corporate, income or capital gains taxes levied in ‘The Bahamas and the Company, therefore, pays no
Laxes on its net income. However, taxes based on premium income levied at 3% for the year ended 31 December 2006
amounted (0 $1,725,146 (2005: $1,556,087) and is included within operating expenses in the income statement.

18. PENSION PLAN

the Company has a defined contribution plan (the “Plan*) for eligible agents and employees. The employees
contribute 5% of gross salary and commissiong, and the Company contributes 3.5% of eligible eamings.

‘The Company's pension costs net of forfeitures in respect to the Plan for the year ended 31 December 2006 amounted
to $442,318 (2005: $450,582), which is included in operating expenses in the income statement.

19. COMMITMENTS

Outstanding commitments to extend credit under mortgage loan agreements amounted to $4,947,187 as of
31 December 2006 (2005: $2,150,056).

the following are related party transactions not disclosed elsewhere in the financial statements:

2006 2005
$ $20. RELATED PARTY TRANSACTIONS
12,095,796 11,706,996
- (305,000)
(807,679) (935,000) : :
1,703,569 1,628,800 KEY MANAGEMENT PERSONNEL COMPENSATION:

Liabilities at end of year 12,991,686 12,095,796 _ aM ree
$ $ Salaries and other short-term employee benefits 1,360,246 1,356,606
Post-employment benefits 85,158 62,036
TOTALS FOR ALL LINES OF BUSINESS Share-based payments 170,084 -
Liabilities at beginning of year 76,518,778 67,542,055 1,615,488 1,418,642
Changes in Data, Methods, and Assumptions (652,988) 1,580,000
New business (2,153,975) (3,248,000) ‘The Company sponsors a plan as an on-going incentive system for its key employees. The plan holds shares of the parent
Usual change in In-Force Business 11,179,881 10,644,723 company and these shares are awarded to the plan Participants on an annual basis for services rendered in the previous year

Liabilities at end of year
11. OTHER POLICYHOLDERS’ FUNDS

Other policyholders’ funds relate to unpaid benefits premiums received in advance, uneamed premiums and

accumulated dividends.

12, BANK OVERDRAFT FACILITIES

‘The Company has bank overdraft facilities of $750,000 (2005: $750,000). Amounts utilized under the facilities attract

interest at Nassau prime plus 1.5%.

13. SHARE CAPITAL

84,891,696 76,518,778 __

period of years, depending on the type of award granted,

21. POST RETIREMENT MEDICAL BENEFIT

In 2006, the total remuneration of the directors was $167,000 (2005: $167,236).

or as special awards for a promotion or upon hiring at the executive level. ‘The Company makes cash awards as the need
arises to the plan and the plan purchase the shares as needed on the open market at market value. The shares vest over a

the Company introduced a post-retitement medical plan on 1 January 1999 for employees who retire after

that date. Cost sharing with participants varies with year of retirement and years of service to the Company.

{he Company's contributions will be provided, as premium payments are due, for retired participants.



















Premium revenue arising from
insurance contracts issued

Premiums ceded for short-term and
long-term insurance contracts to reinsurers

Ss

Pricing Information As Of:
Wednesday, 27 June 2007

Securit y
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

Bahamas Supermarkets
Caribbean Crossings (Pref)

Bahamas Supermarkets
RND Holdi

1.2945
2.9038
2.3915
1.1695
11.0199

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

Fidelity Prime Income Fund

X ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price in last 52 weeks
S2wk-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 rhonths
P/E - Closing price divided by the last 12 month earnings

63,963,225 58

(3,618,000) (3,236,822) 23.

60,345,225

386,742

2006 2005
$ $
Redeemable Cumulative 2006 2005 Amounts recognized in the balance sheet y want Sead j
_ Non-voting Non- ~ Ordinary Ordinary Present value of unfunded obligations 239,310 164,463
Participating Preferred Shares Shares Unrecognized past service cost tt (257) (2,592)
Shares at $1 each at $1 each at $1 each Unrecognized actuarial gains (losses) yi (37,834) :
3-73" Authorised: chitige serevrey ¢¢s-500,000) 3 + 5°2,000,000 esrers -!). 2,000,000 Net liability in balance sheet bots 201,219 161,871
AE iSD A Sts Tre v 1 het eed Sea A MUU OUU
Issued and fully paid : $1,707,462 __ $1,707,462 Amounts recognized in the income statement
Current service cost 22,246 18,600
14, NET PREMIUM REVENUE AND ANNUITY DEPOSITS Interest on obligation 17,040 11,648
Amortization of prior service costs for non-vested benefits 2,335 2,335
NET PREMIUM REVENUE AND ANNUITY DEPOSITS ARE COMPRISED OF: Bev acuaabless tecegnized 4234 -
2006 2005 otal expense recognized 45,855 32,583
$ 5 Change in amount recognized in the balance sheet
Short-term insurance contracts 33,471,861 30,618,184 Net balance sheet liability at beginning of year 161,871 134,187
Long-term insurance contracts with fixed ‘ Net expense recognized 45,855 32,583
and guaranteed terms 15;833,378 14,244,114 Company contributions (6,507) (4,899)
Long-term insurance contracts without fixed ‘i iabili
and guaranteed terms 9,846,729 9,763,141 et balance sheet liability at end of year 201,219 161,871
Long-term insurance contracts with fixed . A discount rate of 7.5% for 2006 and 2005 is assumed.
and guaranteed terms and with discretionary
Participation feature (DPF) 3,759,002 3,517,969 22. CONTINGENT LIABILITIES
Change in premium receivables 1,049,344 279,349 . . .
Change in uneamed premium provisions 2,911 (36,015) the Company is a defendant in several legal actions arising in the normal course of its’business affairs.

Management believes that the resolution of these matters will not have a material impact on the Company's
financial position.

FAIR VALUE OF FINANCIAL INSTRUMENTS

Mortgages and policy loans are carried at the balance outstanding plus accrued interest, less an inherent
provision. Corporate bond, preferred stiares and Bahamas Government bonds are classified as loans and
receivables and are carried at cost, less any necessary provision for impairment in value. The carrying values
of these assets approximate their fair value as the majority of these assets bear interest at variable rates,

Financial assets at fair value through profit or loss are cartied at fair value.

24. CORRESPONDING FIGURES

‘The corresponding figures for cash and cash equivalents and interest expense in the cash flow statement and
the note disclosure for related party transactions have been reclassified to conform with the presentation
idopted for the current year.

= )FIDELITY

is Close Today's Close

0.85
3.22
1.42
10.60
2.30
14.68
5.43
2.43
6.40
12.61
14.54
18.97
0.54
7.25
9.50
10.00

_ Fidelity Over-The-Counter Securities’
Ask $
15.60

0.45

WW BISXBAHAMAS.C
SHG 00.70 ( “CHO O

1

1

1
1
1

1

8.25
0.55

‘Change

1.42
0.60
2.30
4.68
5.72
2.43
6.40
2.61
4.54
8.97
0.54
7.25
9.50
0.00
Last Price Weekly Vol. EPS $
16.00

10.00

0.20

Golina Over-the-Counter Sécunties

41.00
14.60
0.45

BISX Listed Mutual Funds
YTD%

NA V
1.345055*
3.2018°**
2.681688**
1.244286°"**
11.5519

43.00
15.50

0.55

YIELD - last

41.00
14.00
0.45

Last 12 Months Div 3

FINDEX: CLOSE 813.50 / YTD 09.62% / 2006 34.47%

NAV KEY

12 month dividends divided by closing price

Bid $ - Buying price of Colina and Fidelity

Ask $ - Selli
Last Price -
Weekly Vol

ng price of Colina and fidelity * - 22 June 2007

Last traded over-the-counter price

- Trading volume of the prior week ** - 30 April 2007

EPS $ - Acompany’s reported earnings per share for the last 12 mths

NAV - Net Asset Value

N/M - Not M
FINDEX - Tr

*** - 31 May 2007
jeaningful

he Fidelity Bahamas Stock Index. January 1, 1994 = 100 wee" - 30 April 2007

6 / FIDELITY 242-356-7764 / FOR MORE DATA ® INE



BUSINESS

Storm

Criticism —



‘flawed’

FROM page 1

Mr Ward said Bahamas First
had back-up data and servers
located at a remote location in
the event that the worst hap-
pened.

However, he pointed out
that Bahamas First, RoyalStar
Assurance, Security & Gener-
al and Insurance Company of
the Bahamas all had their head
offices located on the hill on
Collins Avenue, one of the
highest points on New Provi-
dence, with the slope likely to
counter any storm surge and
flooding that could come from
a Category 5 hurricane.

As a result, almost all the
major general insurance carri-
ers were unlikely to be impact-
ed by flooding, arguably the
greatest risk of damage during
a hurricane. Insurance Man-
agement’s Palmdale head-
quarters has also been built
like a bomb shelter to with-
stand the greatest storms.

Mr Ward said Bahamas
First’s headquarters had been
designed “with the intent of
being able to survive a high
category, pretty fully blown
hurricane”, meaning that wind
damage was unlikely to be an
issue.

“The damage assessment
made by this individual is to
some extent overblown,” Mr
Ward said of Mr Adler.

Tom Duff, Insurance Com-
pany of the Bahamas’ general
manager, said he felt Mr
Adler’s evacuation plan con-
cept was “flawed”.

He added that there was “a
very good reason” why insur-
ance companies did not look
to evacuate their personnel
with a major storm approach-
ing, and that was because it

would “not look very. good to:

our customers: if all the staff
were off to Miami or Jamaica
in the event of a major hurri-
cane; you don’t expect your
insurance company to evacu-
ate”.

Mr Duff explained that it
was also not a good idea to
encourage homeowners to
vacate their homes, as experi-
ence had shown that damage,
losses and th size of claims pay-
outs were lower if people were
around to secure their homes.

He added that the “number
one priority, the best thing you

‘ people.”

can do”, is to have loss
adjusters and staff on the
ground in the immediate after-
math of a storm.

“If you’re evacuated, it could
be days before you get. people
back in. By being proactive,
being on the ground, you’re
able to help people more
quickly,” Mr Duff said.

“Until the adjusters get to
the scene and complete their
provisional reports, there’s
nothing you can do. You can
only look at your database,
estimate what the losses might
be, pass that on to the reinsur-
ers and get them ready to
make the funds available.”

Steve Watson, RoyalStar
Assurance’s managing direc-
tor, agreed with Mr Duff that
getting loss adjusters on the
ground in the immediate after-
math of a storm was the great-
est priority for insurance com-
panies, drawing on his compa-
ny’s experiences in the Cay-
man Islands in the aftermath of
Hurricane Ivan.

“The most important thing
is to get the adjusters on the
island, and get them visiting
people very quickly,” Mr Wat-
son said, adding that Royal-
Star had a contract with a loss
adjusting company that would
provide it with resources
enabling it to respond to all
scenarios.

He added of Mr Adler’s
comments: “I don’t think he
understands the claims process,
because the most important
thing in the aftermath of a hur-
ricane is to get loss adjusters

.on the ground, and they need

to be fed, transported and
accommodated.

“To say the insurance indus-
try is being grossly negligent
is completely wrong, as you
just can’t evacuate all your

“We're fairly confident we
can handle most things nature
throws at us,” Mr Watson said,
adding that RoyalStar backed
up its data every two days and
stored it in a waterproof bank
vault in the centre of its build-
ing, away from storm surges
and wind damage.

RoyalStar had a Business
Continuity Plan, and Mr Wat-
son said the company also kept
paper files on all its clients’
policies in the event of elec-
tronic and communications
failures.

Legal Notice

NOTICE
JEEVESLAND INC.

(In Voluntary Liquidation)

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

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
TURVEY CORPORATION

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on
the 25th day of June 2007. The Liquidator is Argosa
Corp. Inc., PO.Box N-7757 Nassau, Bahamas.

-e—

ARGOSA CORP. INC.
(Liquidator)



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THE TRIBUNE BUSINESS

FRIDAY, JUNE 29, 2007, PAGE 9B



Emerald Bay receivership

shows ‘anchor’ hotel flaws

FROM page 1

mer project in Grand Bahama,
was approached to see if it was
interested in acquiring Emer-
ald Bay. The offer was under-
stood to have been declined.

Although the receivership
announcement did not identify
the main creditor, The Tribune
has been informed that it is the
London branch of a Japanese
financial conglomerate called
Sumitomo Mitsui.

Appointment

Through the appointment of
the receivers, and the hiring of
London-based Cairn Financial
Products Ltd as its corporate
advisor, Mitsui is understood
to be trying to put as much dis-
tance between itself and the
Four Seasons Emerald Bay
Resort, but it will not allow the
assets on Exuma to deterio-
rate while it seeks a buyer -
especially if the sales efforts
are protracted or unsuccessful.

“There are people who
believe that if PwC is not able
to find a buyer for Four Sea-
sons in three months, then Mit-
sui might send its own people
in and manage it itself,” the
source said.

The reasons behind the col-
lapse of the deal with Petters
Group Worldwide are unclear,
although there was a sugges-
tion that the potential buyer

’ had offered a sum that would

have cleared Mitsui’s debt -
alleged to be around $117 mil-
lion - only for the bank to
reject that.

One Bahamian-based exec-
utive, who was acting for a
group interested in acquiring
the Four Seasons Emerald Bay
Resort; told The Tribune that
his clients “kept being given
the runaround” by EBR Hold-

ings because they were con- .

vinced the agreement with Pet-

ters Group Worldwide would .

go through.
However, he suggested that

Petters had pulled out of the .

original deal in the knowledge
that receivers would be
appointed, hoping that they
would be able to better nego-
tiate with them and arrive at
a lower price for the resort.
Yesterday’s statement said
the receivers had been
appointed to oversee the sales
process, and that neither this
nor their appointment would

have any impact on the resort’s

staffing levels or daily opera-
tions, with Four Seasons con-
tinuing as the
management/operating part-
ner.

Mr Downs said: “Our objec-
tives are very clear. We will be
working to ensure the contin-
ued smooth running of the
master development and the
Four Seasons hotel. As far as
employees, customers and sup-
pliers are concerned, it will be
very much business as usual at
the resort development. ;

“At the same time we will
be seeking buyers for the assets
of the master development. It
is rare that a resort develop-
ment of this scope and quality
and in such an exceptional
location comes onto the mar-
ket. This is a valuable asset,
which has already attracted sig-
nificant interest. I am confi-
dent that a sale can be
achieved with the minimum of
disruption and in a relatively



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short time frame.”

David Henriques, of Cairn
Financial Products Ltd, added:
“We have been working on the
refinancing of EBR Holdings
for a number of months, and
have been talking to several
parties who are interested in
purchasing the master devel-
opment.

“The Four Seasons hotel is
profitable and performing well,
but there are certain circum-
stances surrounding the master
development loan that facili-
tates a disposal through a for-
mal receivership process.

“As PwC commence the sale
process, it is encouraging that
they have already received sig-
nificant interest and potential
buyers are not viewing this as a
distressed sale despite the pres-
ence of a receiver.”

Yet sources said an invest-
ment of about $7 million would
be needed to complete the 23-
acre marina, which can accom-

' modate vessels up to 200 feet

in length.

The resort.has acted as Exu-
ma’s main economic engine,
attracting additional foreign
direct investment to the island.
It employs almost 500 staff,

‘ and features an 18-hole Greg

Norman Golf Course, two
restaurants, three pools, spa,
six meeting rooms and 450-per-
son capacity ballroom.

Other investment projects
attracted to the Emerald Bay
vicinity include the resort’s
Pinnacle Entertainment-man-
aged $5 million casino, the
$110 million Grand Isle Villas
development, plus the 80/50
fractional ownership compo-
nent.

A shopping complex has also
opened at Emerald Bay, the
anchor retailer being the
Emerald Isle supermarket. The
complex also includes busi-
nesses such as Scotiabank and
Mail Boxes Etc.

Yet as one source said of the
receivership announcement:
“It sends out a very bad signal
to the world,”

It also seemingly has shot a
big hole in the ‘anchor proper-
ty’ strategy of establishing
mega resorts on the Family
Islands to act as economic
engines.

Policy —

The policy was started under
the first FNM government and
pursued even more vigorously
by the former PLP adminis-
tration, with the Four Seasons
Emerald Bay resort acting as
the model or ‘poster boy’ for
the plan.

David Johnson, deputy
director-general in the Min-
istry of Tourism with respon-
sibility for planning, invest-
ment and business develop-
ment, warned earlier this year
that the Four Seasons needed
to become a sustainable, prof-
itable resort, and the Bahamas
could not afford for it to fail.

He said then that factors
such as building costs being
about 40 per cent higher per
square foot than they are in
Nassau, had retarded Emerald
Bay’s growth and kept it from
reaching the development its
owners had previously pre-
dicted.

Mr Johnson said of Emer-
ald Bay: “The property was
conceived to be a mixed-use
project, with 185 keys under
the Four Seasons brand. The
vast majority of the property

















was to be for mixed-use, con-
dos and hundreds of lots sold
for significant family homes.

“After four years of opera-

yn, they have developed very
uitle of the sold inventory.
There’s been a lot of trading
of the land by the owners, but
the cost of building is prohibi-
tive.

“The buildings costs, the
iumbers suggest, are in excess
of 40 per cent higher per
square foot to build.”

Mr Johnson explained that
due to Four Seasons’ reputa-
tion and marketing position-
ing at the five-star, luxury end
of the market, properties con-
structed there would be similar
to those built on Kerzner Inter-
national’s Ocean Club Estates
on Paradise Island.

Costs to construct such prop-
erties in Nassau were $500 per
square foot, while in Exuma
the price was $800 per square
foot.

Mr Johnson also underlined
the impact the relatively high
» ailding costs on Exuma, com-
pared to’ Nassau, were having
on Emerald Bay’s margins. He
pointed out that concrete there
cost $200 per yard, whereas in
Nassau it cost $125 per yard.

Hotel

“The hotel, with a golf
course and spa, as a 185-room
resort of Four Seasons’ cali-
bre, can only be profitable if
it has a much larger customer
base outside those rooms,” Mr
Johnson said.

He added that the resort
needed to build out to 700-800
units to get close to profitabil-
ity, whereas it was currently
closer to 300-400 units.

Simply put, the costs of
putting in infrastructure at
Emerald Bay, such as roads
and all the utilities - paid for at
least in part by the developers
- coupled with the high oper-
ating cost environment both
inside and outside the resort,
have made it difficult for the
owners to generate a return on
their investment and profit.

While Four Seasons, as the
operating/management part-
ner, may be earning a profit
because it collects its money
as a percentage of the gross
revenues and operating profits,
the resort’s owners - like so
many in the Bahamas - are not
and are losing money.

Their failure to generate sigi-
cant critical mass through real
estate and land sales, the sec-
tors most likely to give them
an instant - and greatest -
investment return have also
contributed to the difficulties.

Critics have argued that the
‘anchor project’ strategy has
done little to diversify the
Bahamian economy, and that
the scale of some investments
is completely out of propor-
tion to the islands and popula-
tions being asked to support

' them.

As a result, concerns have
been expressed about how
some investments have
changed the character of their
respective locations, potential
environmental damage, and
the inability of the public sec-
tor - utility corporations and




other infrastructure - to keep
pace with private sector devel-
opment.

The experiences of the Four
Seasons Emerald Bay resort
provide a salutary warning for
other investors contemplating,
or in the stages of construct-
ing, similar mega projects on
other Family Islands.

These include the Boston-
based I-Group, joint 50/50
partners with the Government
on Mayaguana; Montana

‘Holdings’ $700 million Rum

Cay project: numerous projects
on Eleuthera; and the Ritz-
Carlton branded Abaco Club
at Winding Bay and Discov-
ery Land Company’s Baker’s
Bay development in Abaco.





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| Join the leading Conservation
Organization in The Bahamas

Position: Park Warden

Primary Location: Warderick Wells, Exuma Cays Land & Sea

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. Primary Responsibilities: Enforcement of the rules and regulations
within the national parks. Assist Park Administrator with day to
day management and administration of the park.

: Duties:

Enforce the rules and regulations to protect native species and

the public in the park.

Undertake required maintenance and repair of Park property
e.g. building, boats and vehicle maintenance, task inciude
mechanical, carpentry and general construction.

Serve as BNT representative at Park committee meetings.

Assist with fund raising activities as appropriate.

In conjunction with the BNT staff, plan, develop and implement
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Assist with scientific research programmes within the Park.

Provide support to the Royal Bahamas Police and Defence
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Required Skills:

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5 + years law enforcement experience, an advantage
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Willingness to carry-out organizational mission with little day-to-
day supervision.

To apply: provide cover letter, ‘Tesume, three references to
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Wardle ein | teeny em tie
PAGE 10B, FRIDAY, JUNE 29, 2007

THE TRIBUNE BUSINESS



Change to
stop the BTC
unilaterally |
altering

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

We invite outstanding



Financial Reporting Analyst

ROLE RESPONSIBILITIES

Reporting to our Country Financial Controller, the position is
responsible for management and regulatory reporting. Key
responsibilities include the preparation of monthly financial
statements, profitability reports and local regulatory reporting.

individuals, wanting to build a
career in financial management,
to be part of our dynamic global

team. You will interact with
colleagues from around the
world and across the
organization and local regulatory
bodies.

Additional

Interested Bahamian candidates
should forward a copy of their
resume by July 9, 2007 to:
Human Resources, Cititrust
(Bahamas) Limited, P.O. Box N-
1576, Nassau, Bahamas OR

Fax: (242) 302-8732 OR Email:

janice.gibson@citigroup.com

local



RBC
Ne FINCO

La eLS.

FINANCE CORPORATION OF BAHAMAS LIMITED

Chairman’s review of the unaudited results
For the three months ended 30" April, 2007

responsibilities

regulatory reporting

Challenge
yourself to a career like no other

“We: are ‘pleased ‘to report ‘that Net Income for the three months ended 30" April, 2007
increased by $103m or 2.2% over the corresponding period last year to $4,920,952

The company’s return on equity was 20.96% compared to 23.22% for the same period last
year. Earnings per share totaled .18¢ consistent with the comparable period last year. The

bank experienced good mortgage growth although net interest margins were

compressed

during the ‘quarter, due to contracting spreads. Demand for mortgages remains strong and the

bank is well positioned to take advantage of growth opportunities.

An interim dividend of .13¢ per share declared for the quarter ended 30" April

, 2007, was

paid on 12â„¢ June 2007 to all shareholders of record as of 5" June, 2007. The dividend

‘payment of .13¢ is consistent with the payment for the same period last ve>~






Director °

VA Mataging Director

FINANCE CORPORATION OF THE BAHAMAS LIMITED









will

financial

include managing process
reengineering efforts, unit level self-testing requirements and ad
hoc projects as assigned.

KNOWLEDGE/ SKILLS REQUIRED

The ideal candidate will possess a Bachelors degree in Finance,
Accounting or related field and a minimum of 3-5 years of related
experience preferably in
designation (CPA/CA) is also required. Detailed knowledge of
requirements and GAAP,
analytical skills, attention to detail, superior pc skills.and an ability
to work under pressure with tight deadlines are also required.

services. A professional

strong

~ deals

FROM page 1

them to adopt only modifica-
tions to the RIO that are
favourable, and not those that
are unfavourable.”

Both carriers would have to

Tu

For the stories

FTAs
read Insight
on Mondays

FINANCE CORPORATION OF THE BAHAMAS LIMITED
STATEMENT OF CHANGES IN EQUITY (Unaudited)

(Expressed in Bahamian dollars)
(3 months ended April 30, 2007)

Balance at 31 January, 2006

Net profit for the period
Dividends
Balance at 30 April, 2006

Balance at 31 January, 2007
Net profit for the period

Dividends. .
Balance at 30 April, 2007






FINANCE CORPORATION OF THE BAHAMAS LIMITED

Share
Capital

Share General
Premium Reserve

$5,333,334 2,552,258



$5,333,334 2,552,258 500,000

$5,333,334 2,552,258 500,000



$5,333,334 2,552,258



STATEMENT OF CASH FLOWS (Unaudited)

(Expressed in Bahamian dollars)
(3 months ended April 30, 2007)



Retained
. Earnings

500,000 78,368,822 86,754,414
(3,466,667) (3,466,667)
79,719,116
84,056,031

(3,466,667)
500,000 - 85,510,316 93,895,908

negotiate over which changes
to adopt into the RIO. The
interconnection guidelines cur-
rently apply only to fixed-line
voice services, and not data or
non-voice services. An inter-
connection agreement already
exists between BTC and SRG.

The PUC disagreed with
BTC’s treatment of interna-
tional long distance and intra-
island long distance calls as a
wholesale service, saying the
interconnection services the
incumbent, dominant carrier
provided to SRG were inter-
connection, in line with the
existing agreement between
the two sides.

“Allowing BTC to produce a
RIO that does not include
[these] services would be
inconsistent with the Telecom-
munications Sector Policy, as it
would not allow for current or
planned future liberalisation
of the sector.”











Total




4,816,961 ! 4,816,961





88,104,708



92,441,623



4,920,952 4,920,952

(3,466,667)




































BALANCE SHEET (Unaudited) 30 April, 2007 . 30 April, 2006
(Expressed in Bahamian dollars) CASH FLOWS FROM OPERATING ACTIVITIES
At April 30, 2007 and Netacone
January 31, 2007 $ 4,920,952 $ 4,816,961
ASSETS 30 April, 2007 31 January, 2007 Adjustments for
| Depreciation 121,684 117,299
Cash vara $ 48,359.43] $ 30,346,621 Provision for credit losses 85,330 109,488
Statutory reserve account with ; Loss on disposal of fixed assets 4,822 10,274
a 26,843,939 26,128,341 ae
ee a. 30,873,738 28,395,269 5,132,788 5,054,022
Loans - Net 580,966,631 571,669,554 Changes in operating assets and liabilities 1,602,515 (503,739)
Fixed assets - Net 2,153,433 2,659,398 Increase in loans and advances, net (9,382,407) (10,426,996)
Other assets 1,455,171 1,602,757 Increase in deposits 26,825,591 10,351,179
: TOTAL S$ 691,252,343 S___ 660,801,940 Net cash from operating activities 24,178,487 4,474,466
See AND SHAREHOLDERS’ EQUITY CASH FLOWS FROM INVESTING ACTIVITIES
Ss Purchase of fixed assets
eee : Sena acre Net (Purchase) Proceeds of investments ne 4 a
Dividends payable 14,000,000 11,400,000 1410, ___ (4,069,563)
Giheriapiices 1,297,857 1,727,330 Net cash used in investing activities ____(2,699,010) (4,078,422)
Satie . $ 597,356,435 $ 568,360,317 CASH FLOWS FROM FINANCING ACTIVITY
SHAREHOLDERS' EQUITY Dividends (3,466,667) __(3,466,667)
Share capital 5,333,334 5,333,334 NET INCREASE (DECREASE) IN CASH AND
Share premium perch a, CASH EQUIVALENTS 18,012,810 (3,070,623)
Rated eaceg 85,510.31 6 / 84,056,031 CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 30,346,621 34,854,154
93,895,908 92,441,623 CASH AND CASH EQUIVALENTS, END OF THE PERIOD $ 48,359,431 $ 31,783,531




Total shareholders' equity

TOTAL $ 691,252,343 S$
FINANCE CORPORATION OF THE BAHAMAS LIMITED
STATEMENT OF INCOME (Unaudited)

(Expressed in Bahamian dollars)
(3 months ended April 30, 2007)




FINANCE CORPORATION OF THE BAHAMAS LIMITED
Notes to Unaudited Interim Consolidated Financial Statements
(3 months ended April 30, 2007)






30April, 2007 30 April, 2006
INCOME i
6,842,287 4 6,848,991




. ACCOUNTING POLICIES




Net interest income , $


























Provision for credit losses net (85,330) — (109,488) These interim condensed financial statements have been prepared in accordance with
Net interest income after provision for credit losses 6,756,957 6.739.503 International Accounting Standards 34 Interim Financial Reporting. The accounting

Rees and conics 985,827 825.278 policies used in the preparation of these interim financial statements are consistent with

See. a Tre thos sed in the audit tal ste i ;

jaraiiiecue 7,142,784 7,564,781 1ose used in the audited financial statements for the year ended October 31, 2006

NON-INTEREST EXPENSES 2. COMPARATIVES

Total non-interest expenses 2,821,832 2,747,820

NET INCOME 4,920,952 § 4,816,961 Certain comparative figures have been restated to comply with the presentation of these

EARNINGS PER SHARE § 0.18 § 0 18 interim financial statements.
IME THIBUNE BUSINESS

m@ Phone: 242 502-6000

ei ERNST & YOUNG @ Chartered Accountants

One Montague Place Fax: 242 502-6090
Third Floor www.ey.com

Fast Bay Street

P.O. Box N-3231

Nassau, Bahamas

INDEPENDENT AUDITORS' REPORT

To the Shareholder of
SG HAMBROS BANK & TRUST (BAHAMAS) LIMITED

We have audited the accompanying balance sheet of SG Hambros Bank & Trust (Bahamas) Limited and its
subsidiaries (the Bank) and a summary of significant accounting policies and other explanatory notes.

Management’s Responsibility for the Financial Statements

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

Auditors’ Responsibility
Our responsibility is to express an opinion on the balance sheet based on our audit. We conducted our audit

in accordance with International Standards on Auditing. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance whether the balance
sheet is free from material misstatement.

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

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

Opinion ;
In our opinion, the consolidated balance sheet presents fairly, in all material respects, the financial
position of the Bank as of December 31, 2006 in accordance with International Financial Reporting

Standards. :
Ganet + tt

A Member Practice of Ernst & Young International

June 21, 2007

SG HAMBROS BANK & TRUST (BAHAMAS) LIMITED

CONSOLIDATED BALANCE SHEET

December 31



2006 2005
$°000 $’000
4ASSETS

Cash and due from banks on demand 19,487 15,407
Deposits with banks 481,220 242,293
Security settlements pending - 13,779
Accounts receivable 2,113 2,080
Loans and mortgages (note 3) 47,188 52.127
Investments available-for-sale (note 4) 424,385 -
Investments held-to-maturity (note 4) 7,757 376,309
- Property and equipment, net (note 5) 13,727 11.869
Other assets (note 6) 6,248 5,586
Pension plan asset (note 7) é 3,366 3.530
Total assets 1,005,491 722,980

SG HAMBROS BANK & TRUST (BAHAMAS) LIMITED
CONSOLIDATED BALANCE SHEET (Continued)

December 31



2006 2005
$’000 $7000
LIABILITIES AND SHAREHOLDER’S EQUITY
Liabilities
Due to banks on demand . 8,865 4.963
Current and deposit accounts 957,249 673,045
Security settlements pending - 10,734
Other liabilities (note 8) 8,768 6.540
Pension plan liability (note 7) 242 + 184
Post-employment healthcare plan liability (note 7) 1,920 1,962
Total liabilities 977,044 _ 697,428
Shareholder’s equity
Share capital:
Authorised — 75,000 shares of B$57.15 each
Issued and fully paid — 35,001 shares 2,000 2.000
Contributed surplus 8,266 . 8.266
Retained earnings 17,656 15.286
Available-for-sale reserve 525 -
Total shareholder’s equity 28,447 25,552
Total liabilities and shareholder’s equity 1,005,491 722,980
NO

COMMITMENTS AND CONTINGENCIES (note 9)

Approved By The Board:

Director

Director



SG HAMBROS BANK & TRUST (BAHAMAS) LIMITED

NOTES TO CONSOLIDATED BALANCE SHEET
December 31, 2006

1. CORPORATE INFORMATION

SG Hambros Bank & Trust (Bahamas) Limited (the Bank) is incorporated under the laws of the
Commonwealth of The Bahamas and its principal activities include banking, investment advisory
services, trust and company administration and fund management. The Bank is a wholly-owned
subsidiary of SG Hambros Bank and Trust (United Kingdom), whose ultimate parent company 1s
Société Générale SA which is incorporated in France. The consolidated balance shect of the group
are available from the Company Secretary, Societe Generale, 29 Boulevard Haussmann, 75009
Paris, France.

The registered office of the Bank is located at West Bay Street, Nassau, Bahamas.

The consolidated balance sheet has been approved for issue by the Directors of the Bank on June
21, 2007.

rHiVAY, JUNE 29, 2007, PAGE 11B

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Statement of compliance

The consolidated balance sheet has been prepared in accordance with International Financial
Reporting Standards (IFRS).

Basis of preparation

? .
The consolidated balance sheet is presented in United States dollars. The. preparation of
consolidated balance sheet requires management to make estimates and assumptions that affect the
reported amounts and disclosures in the consolidated balance sheet. Actual results could differ
from those estimates.

The consolidated balance sheet was prepared under the historical cost convention, except for the
measurement at fair value of financial assets and liabilities, and loans and mortgages. Investments
held to maturity are stated at amortized cost.

Basis of consolidation

The accompanying consolidated balance sheet include the balance sheet of the Bank and those of its
wholly-owned subsidiaries, Adansonia Investments Limited, Bannervale Investments Limited.
Dragonian Investments Limited, Goshen Investments Limited, Maridi Investment Company
Limited and SG Hambros Corporate Services (Bahamas) Limited, all of which are nomince non-
trading companies and are incorporated under the laws of the Commonwealth of The Bahamas. All
significant intercompany accounts have been eliminated on consolidation.

Change in accounting standards

Since March 2004, the International Accounting Standards Board (IASB) has significantly amended
IAS 32 Financial Instruments: Disclosure and Presentation and IAS 39 Financial Instruments:
Recognition and Measurement. The amendments became effective on January 1, 2005.
Comparative information was adjusted in accordance with IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors, to ensure the appropriate accounting policies are applicd in each
period, where necessary.

The amended IAS 39 introduced a new category of financial instruments, financial assets and
liabilities at fair value through profit or loss, which is divided into two sub-categories, “‘held-for-
trading”, and “financial instruments designated at fair value through profit and loss on initial
recognition”. The Bank determines the classification of its financial assets upon initial recognition
and, where allowed and appropriate, re-evaluates this designation at each financial year-end.

Investments available-for-sale

Available-for-sale financial investments are financial assets which the Bank has designated as such
and represents floating rate notes, where the interest rate is tied to the one-month or three-month

LIBOR plus a fixed spread.

After initial measurement, available-for-sale financial investments are subsequently measurcd at
fair value. Unrealized gains and losses are recognized directly in equity in the ‘available-for-sale
reserve’. Where the Bank holds more than one investment in the same security they are deemcd to
be disposed of on a first-in first-out basis.

Investments held-to-maturity
4

Held-to-maturity financial instruments are those which carry fixed or determinable payments and
have fixed maturities and which the Bank has the intention and ability to hold io maturity.
Investments held-to-maturity are financial assets which the Bank intends to hold to maturity and
represent U.S. Government Securities. These securities are stated al amortized cost (which
approximates market value), using the effective interest rate method, less allowance for impairment.
Amortized cost is calculated by taking into account any discount or premium on acquisition. over
the period to maturity. Investments are recorded on a trade date basis.

Impairment and uncollectibility of financial assets

An assessment is made at each balance sheet date to determine whether there is objective evidencc
that a financial asset or group of financial assets may be impaired. If such evidence exists, thc
estimated recoverable amount of that asset is determined and an impairment loss is recognized for
the difference between the recoverable amount and the carrying amount. The Bank did not recorc
any impairment adjustments at December 31, 2006 (2005 — nil).

Accounts receivable

Accounts receivable are stated at original invoice amount less any provision for doubtful debts. An
estimate for doubtful accounts is made on a specific identification basis, when collection of the full
amount is considered no longer probable. There was no provision for doubtful debts necessary as
of December 31, 2006 (2005 — nil). Bad debts are written-off as incurred.

Loans and mortgages

Loans and mortgages are stated at the principal amount outstanding adjusted for charge-offs and
provision for loan losses. The provision for loan losses is increased by charges to income and
decreased by charge-offs (net of recoveries). Management’s periodic evaluation of the adequacy of
the provision is based on the Bank’s past loan loss experience, known and inherent risks in the
portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of
any underlying collateral, and current economic conditions. No loans were considered impaircd at
December 31, 2006 (2005 — nil).

Property and equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated
on the straight-line basis over the estimated useful lives of the assets as follows:

Building 40 years
Furniture and fixtures 5-10 years
Motor vehicles 5 years
? E.D.P. - Software 5 years
E.D.P. - Hardware 5 years

Machinery and equipment 3-5 years

The carrying amounts of property and equipment are reviewed at each balance sheet date to assess
whether they are recorded in excess of their recoverable amounts, and where carrying values excced
this estimated recoverable amount, assets are written down to their recoverable amount. No such
write-downs have been recorded by the Bank.

I} .

Accounts payable and accrued liabilities
Liabilities for accounts payable and accrued liabilities, which are normally settled on 30-60 day

terms, are carried at cost, which is the fair value of the consideration to be paid in the future for
goods and services received. Payables to related parties are carried at cost. Accounts payable and

~ accrued liabilities are reported in other liabilities on the consolidated balance sheet.

Provisions

Provisions are recognized when the Bank has a present obligation (legal or constructive) as a result
of a past event, it is probable that an outflow of resources embodying economic bencfits will be
required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Pensions and other post-employment benefits

The Bank operates two defined benefit pension plans, both of which require contributions to be
made to separately administered funds. The Bank also provides defined benefit post-employment
healthcare benefits to its retirees. These benefits are unfunded. The cost of providing benefits
under these plans is determined separately for each plan using the projected unit credit actuarial
valuation method. Actuarial valuations are performed by qualified independent actuaries.

Translation of foreign currencies

Monetary assets and liabilities denominated in currencies other than United States dollars, the
functional and presentation currency of the Bank, are translated at the rates of exchange prevailing
al the year end.

Related party balances

All balances with the ultimate parent company or its subsidiaries are shown in the consolidated
balance sheet as related party.

Assets under management

No account is taken in the consolidated balance sheet of assets and liabilities of clients managed
and administered by the Bank or its subsidiaries as custodian, trustee or nominee, other than thosc
assets and liabilities which relate to the banking services provided by the Bank or its subsidiarics
for their clients.
PAGE 12B, FRIDAY, JUNE 29, 2007

Taxes

There are no income taxes imposed on the Bank in the Commonwealth of The Bahamas.

Adoption ot If KSs during the year

The Bank has adopted the following revised standards during the year. Adoption of revised
standards does not have any effect on equity as at January 1, 2005.

e JAS 19 Amendments - Employee Benefits
e IAS21 Amendments - The Effects of Changes-in Foreign Exchange Rates
e JAS 39 Amendments - Financial Instruments: Recognition and Measurement

Future changes in accounting policies

Early adoption

The Bank did not early adopt any new standards during the year.

IFRSs and IFRIC Interpretations not yet effective

The Bank has not applied the following IFRSs and IFRIC Interpretations that have been issued but
are not yet effective:

IFRS 7 Financial Instruments: Disclosures, requires disclosures that enable users to cvaluate the .
significance of the Bank’s financial instruments and the nature and extent of the risks from thosc -
financial instruments. This standard becomes effective for annual periods beginning on or after
January 1, 2007, and as a result, certain amounts and disclosures related to the Bank’s financial

instruments may change upon adoption.

IFRS 1 Presentation of Financial Statements includes amendments that require that an entity
discloses information that enables the users of the balance sheet to evaluate the entity’s objectives.
policies and processes for managing capital. These amendments are effective for annual: pcriods
beginning on or after January 1, 2007, and as a xesult, certain amounts and disclosures related to the

Bank’s capital may change upon adoption.

IFRIC Interpretation 8 was issued in January 2006 and is required to be applied for financial ycars
beginning on or after May 1, 2006. It requires IFRS 2 Share-Based Payment to.be applied to any
arrangements where equity instruments are issued for consideration which appears to’ be less than
fair value. As equity instruments are only issued to employees in accordance with the ‘employee: ©
equity participation plans, the interpretation had no impact on the financial position of the Bank. ~

IFRIC 9 was issued in March 2006, and becomes effective for financial years beginning on or after
June 1, 2006. This interpretation establishes that the date to assess the existence of-an embedded
derivative is the date an entity first becomes a party to the contract, with reassessment ‘only if‘ there
is a change to the contract that significantly modifies the cash flows. The Bank expects that
adoption of this interpretation will have no impact on the Bank’s consolidated balance shect when: . ”
implemented in 2007. , hare city poe ase orth Ps
ot sae LES |
IFRIC 10 was issued in November 2006, and becomes effective for financial years beginning on or
after November 1, 2006. This interpretation addresses the reversal of impairment losses recognized _,
in an interim period. The Bank does not have interim reporting requirements and expects that
adoption of this interpretation will have no impact on the Bank’s consolidated balance sheet when
implemented in 2007. we Bo tea.

IFRIC 11 was issued in November 2006, and becomes effective for financial years beginning on or
after March 1, 2007. This interpretation addresses group and treasury share transactions related to
share-based payments to employees. As equity instruments are. only. issued to. employees in. |
accordance with the employee equity participation plans, the interpretation will have not impact on
the Bank. Ne eee eee ‘
IFRIC 12 was issued in November 2006, and becomes effective for financial years beginning on or
after January 1, 2008. This interpretation gives guidance on the accounting by operators: for public-
to-private service concession arrangements. This interpretation is not expected to. be relevant for the
@tivities of the Bank. , : Mes

3, LOANS AND MORTGAGES



47,188 52127"

2006 2005
* Demand loans teers mL 28,2800: 32,670
> Fixed-term loans be Bs Me Abb 6,164. 20 & E926 =
Mortgages Siete a “15,744. 7,53

Loans and mortgages ‘are denominated primarily in United States dollars and United Kingdom
pounds. Loans are secured primarily by cash deposits and marketable United States securities.

Mortgages are secured primarily by real-estate located in the United Kingdom and The Bahamas. oe

The total lending value of al! collateral held against outstanding loans at December 31,2006 was
$283 million (2005 - $102 million). ae Boe area a Be tS

At December 31, 2006, there are no loans and mortgages on which interest is not being accrued, or
where interest is suspended. ; epee ee cn
4. INVESTMENTS

Investment held-to-maturity consist. of U.S. Treasury notes valued at $7,757,000 (2005. -

$9,858,000). - Investmenits available-for-sale. consist of corporate, bonds valued at $424,385,000 fs

(2005 - $366,451,000). a

The maturity profile and interest rates of the investments are shown in note 12.

5. PROPERTY AND EQUIPMENT

An analysis of activity in property and equipment was as follows:

Beginning leet © ae Ending
Cost : “Balance . Additions ‘Disposals .. . Balance
; : sooo | $7000 000 S000
Land . Sas ter re Ree a ia
Building 9568 235 a tee 9,803
Machinery & Equipment 2,892 76 (310).. 2,658
Furniture & Fixtures 1,102 28 OF ee ke
Motor Vehicles 167, a ee as heh aG7
EDP Software & Hardware 7,988 2,551 (1,706) 8,833
Total 24,830 - 2,890 (2,016) 25,704
Beginning Charge for os Ending
Accumulated Depreciation . Balance — Year Disposals Balance.
e $7000 $000 $7000 $000
Building ee : 1,837 280 a9
Machinery & Equipment 2,641 142 (310): 2,473
Furniture & Fixtures 1,052: 1G. Fe. 1,062
Motor Vehicles 40 35 hee” IK
EDP Software & Hardware 7,391 565 (1,706) 6,250
Total 12,961 1,032 (2,016) 11,977
Beginning He Ending
Balance Additions __ Depreciation —_— Balance

Net book value

December 31, 2006 ; 11,869 2,890 (1,032) 43727

December 31, 2005 12,096 553.5 aE) 11.869

6. OTHER ASSETS

2006 2005

$7000 $7000
Interest receivable : 2,824 ~ . 2,158
Prepaid 515. 2.122
Other 626 © 333
Accrued fees 2,283 073

Total other assets 6,248 5.586

/



THE TRIBUNE BUSINESS

7. EMPLOYEE BENEFITS

Pension plans

‘lhe Bank has two defined benefit pension plans - Retirement Scheme for Bahamian |imployccs
(Bahamian) and Retirement Scheme for Non-Bahamian Employees (Non-Bahamian) - covering
substantially all of the employees. The plans provide benefits based on final pensionable salary.
The level of contributions required to cover future retirement benefits is based on the projected final
salaries and is determined by a qualified actuary on the basis of valuations using the projected unit
credit actuarial cost method. The plans are subject to annual actuarial valuations and the most
recent valuations were made as at December 31; 2006. These plans are closed to new cmployccs
from October 2003. The Bank will offer a defined contribution plan to new employces.

The following tables summarize the funded status and amounts recognized in the consolidated
balance sheet.

Pension plan liability (asset)

Pension Plans



Bahamian: Non-Bahamian
2006 2005 2006 2005
? 7 “$°000 $°000 5°00 $°000
Benefit obligation ; (15,807) (17,948) (2,227 2,367
- Plan assets a Sse 18,885. 18,4200. Fv 3» Oa10
Go (unfunded) benefit : d
: obligation - ESE oe 3,078 : 472 796 S
Unrecognized net actuarial gains |= —-_-288 3,058 C54) On
Pension plan asset (liability) 3,366 Z





a 3,530 (242

> Activity in the pension plan liability (asset) during the year was as follows:

‘ Pension Plans .



fee Bahamian ~Non-Bahamian _
2006 2005 2006 2005
i | $'000 a ee $7000
"Pension plan asset (liability), Oe gens p sae ee enn” Otis
opr beet 3,530 OS BTA 088) (155)
enefit expense (164 (244 .
Coe : ; 4) | em) (124) (130)

Hibution: is 67 101
Pension plan asset (liability), end a
‘of year. mon ie











3,366 ~ 3.530 242



(184)




ce wee ot ee

The principal assumptions used: in determining pension benefit obligations for the Bank’s plans ar
shown below: . PE gas

sores Pension Plans
Bahamian _. Non-Bahamian

2006 “ 2005 ss 2006 2005.
OY % %
Discount rate at December 31 6.16... 5.30 6.12 5.35
Expected return on plan assets 7.10 7.29 6.60 4.26
: Future pension a DAB ES AG) oS DAD «7 245)
-___ Proportion of employees opting ra SAE
for early retirement ___ Pelee - 1.00.00 >. 1,000 2° 400° 1.00

Post-employment healthcare benefits

.- The Bank also provides post-employment healthcare benefits: to a small-number of retirees... On
~ January 29, 2004, the Bank cancelled this benefit for current employees and significantly reduced
-- the benefit offered to retirees. woes LEE Blew iqie Foie the SBS,
~ During, 2005, the Bank .reached an agreement with most: of ‘the retirees to accept. a Jump sum
- payirient which significantly reduced its liability as at December 31 9905

yh

The following table summarizes the amount recognized in the consolidated balance sheet.

2006 2005

eae — $000 ———~—«8°000
Unfunded benefit obligation. = ES Sg ed RRS: 2.022
Unrecognized net actuarial gains : : 35 (60

_Unrecognized net actuarial gains SO)
Post-employment healthcare liability : : 1,920 1,962

Activity in the post-employment healthcare plan liability during the year was as follows:



2006 ‘ 2005

| ] $°000 $°000
Post-employment healthcare liability, beginning of year 1,962 4.444
Benefit expense 103 422

Contributions / adjustment: ___. Sk (145) (2,904)
Post-employment healthcare liability, end of year oe 1,920 1,962

Ine principal actuarial assumptions used in determining the post-employment healthcare bencfit
obligation are as follows:



2006 2005

% %
Discount rate 6.00 5.17
Healthcare cost increase rate : 5.00 5.00

8. . OTHER LIABILITES

2006 2005
$°000 $000
Legal provisions 1,686 2181
Accrued expenses 1,724 1,645
Interest payable 1,873 659
- Due to group companies 925 1.002
Other =: 1,148 470
Fees charged in advance 1,412 583
Total other liabilities 8,768 6.540

9. COMMITMENTS AND CONTINGENCIES

The Bank is a party to certain financial instruments with off-balance sheet risk, in the normal coursc
of business, to meet the financing needs of its customers. These financial instruments include
acceptances and guarantees, commitments to extend credit under lines of credit, and commitments
to originate loans and mortgages. Exposure to loss is represented by the contractual amount of
those instruments, however, the Bank uses the same credit and hypothecation criteria when entcring
into these commitments and conditional obligations as it does for loans and mortgages.

Contingent liabilities under acceptances and guarantees entered into on behalf of customers and

commitments to extend credit under lines of credit, in respect of which there are corresponding

obligations by customers, amounted to $14.4 million at December 31, 2006 (2005 - $9.9 million)
. and are not included in the consolidated balance sheet.

As of December 31, 2006, legal actions brought against the Bank by clients had not becn finalized.
The Bank has been advised by lawyers that it is probable that these actions will succeed and
accordingly, at December 31, 2006, a provision of $1.7 million (2005: $2.1 million) has been made
in the consolidated balance sheet.
THE TRIBUNE BUSINESS

10. RELATED PARTY BALANCES

The following is a summary of related party balances in the consolidated balance sheet at December
31:



2006 2005,
$°000 $000
Cash and due from banks on demand
Parent 74 89
Other affiliates 200 2.717
Deposits with banks
Parent 475,220 175,345
Other affiliates 6 28,299
Other assets
Other affiliates - 91
Total amount due from related parties 475,500 206,541
Current and deposit accounts
Other affiliates 2,062 4,752
Other liabilities
Parent 689 738
Total amount due to related parties 2,751 5.490
11. GEOGRAPHICAL ANALYSIS
2006 2005
Assets _ Liabilities Assets _ Liabilities
$000 $°000 $000 $°000
Europe 812,931 384,251 518,304 178.286
North America 57,868 . 33,346 109,630 153.095
Caribbean 45,947 364,513 69,419 213.279
Other 88,745 194,934 25,627 152.768

1,005,491 977,044 722,980 697.428

“12. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Financial risk management objectives and policies

The Bank’s financial instruments comprise deposits, money market assets and liabilities. some cash
and liquid resources, and other various items that arise directly from its operations. The main risks
arising from the Bank’s financial instruments are credit risk, liquidity risk, interest rate risk and
foreign currency risk. The Board reviews and agrees on policies for managing cach of these risks
and they are summarized in the following notes.

Credit risk —

Credit risk is the risk that a customer or counterparty will be unable or unwilling to mcet a
commitment that it has entered into with the Bank. The Bank manages counterparty credit risk
centrally to optimize the use of credit availability and to avoid excessive risk concentration.
Customer credit risk is monitored on a regular basis by management. The Bank’s maximum
exposure to credit risk (not taking into account the value of any collateral or other security held) in
the event the counterparties fail to perform their obligations as of December 31, 2006 in relation to
each class of recognized financial assets, is the carrying amount of those assets as indicated on the
consolidated balance sheet. The Bank has not experienced significant credit losses.

Liquidity risk

Liquidity risk is the risk that the Bank will encounter difficulty in realizing assets or otherwisc
raising funds to meet commitments. The Bank monitors expected cash outflows on a daily basis.
Its policy throughout the period has been to ensure liquidity by maintaining at all times sufficient
high quality liquid assets to cover expected net cash outflows.

Significant monetary assets and liabilities can be classified, based on the period remaining to
maturity from the balance sheet date, as follows:











2006 °~ -
Six EEE
Three Four to Months One Year
Months Six To One To More than
or Less Months Year Five Years Five Years Total
$°000 $°000 $°000 $°000 $°000 $7000
ASSETS
Cash and due from 19,487 - - - - 19,487
banks on demand
Deposits with banks 481,113 59 49. - - 481,220
Loansand —
mortgages 42,056 - 5,132 - - 47,188
Investments
available-for-sale 4,000 25,874 46,027 348,484 - 424,385
Investments held- .
to-maturi - - 1,795 4,974 988 7,757
546,656 25,933 §3,003 353,458 988 980,038
LIABILITIES
Due to banks on .
demand 8,865 - - - - 8,865
Current and : .
deposit accounts 934,071 7,370 15,808 . - 957,249
942,936 — 7,370 15,808 - - 966,114
2005
Six
Three Four to Months One Year ;
Months Six . To One To More than
or Less Months Year Five Years Five Years Total
$°000 $°000 $000 $°000 $°000 $000
ASSETS ‘ :
Cash and due from
banks on demand 15,407 - e - - 15.407
Deposits with banks 241,339 5] 860 43 - 242.293
Loans and
mortgages 24,896 7,256 10,355 9,620 - 52.127
Investments held-
to-maturi 32,122 11,010 24,785 306,315 2,077 376,309
313,764 18,317 36,000 315,978 2.077 686.136
LIABILITIES
Due to banks on
demand 4,963 - - - - 4.963
Current and
deposit accounts 666,284 5,990 771 - - 673.045
671,247 5,990 _ - 771 - - 678,008

Interest rate exposure

Interest rate risk is the risk that arises where there is an imbalance between rate and non-rate
sensitive assets and liabilities. The Bank’s exposure to interest rate risk is monitored on a daily
basis and reviewed by management.

The Bank’s exposure 1o interest vates for significant interest-bearing monetary assets and liabilities
by major currencies was as follows: .

2006 _
United States Pound
Dollars Euro Sterling —

ASSETS

Deposits with banks

Loans and mortgages
Investments available-for-sale
Investments held-to-maturity

5.23% to5.29% 3.62% to 3.65% 4.68% to 5.15%
6.25% to 8.37% 4.25% 0.5% to 12%
5.44% to5.65% 3.56% to 3.91% §.25% to 5.50%

2.93% to 4.18% - :

LIABILITIES
Customer current accounts
Customer deposit accounts

1.75% to 3.78%
2.75% to 11.50%

1.98% to 3.98% -
2.94% to 5.35% 1.25% to 3.36%

FRIDAY, JUNE 29, 2007, PAGE 13B

2008
United States Pound
Dollars Euro Sterling
ASSETS
Deposits with banks 4.00% to 4.37% 2.13% to.2.45% 4.52% to 4.75%
Loarls and mortgages 4.50% to 6.54% 3.00% to 4.49% 5.00% to 12.00%
Investments held-to-maturity 2.66% to 4.64% 2.32% to 2.69% 4.72% to 4.85%

LIABILITIES
Customer current accounts 1.25% to 1.87% - 1.75% to 2.38%

Customer deposit accounts 2.00% to 4.19% 0.06% to 2.00% 2.38% to 11.50%

At December 31, 2006 and 2005, the Pound Sterling current account was eligible to bear interest
based on current market conditions on balances over £10,000.

Currency risk

Currency risk is the risk that the value of a financial instrument wil] fluctuate because of changes in
foreign exchange rates. The Bank’s foreign exchange exposure arises from providing scrviccs 10
customers. The Bank’s policy is to hedge against foreign exchange risk by matching foreign
currency liabilities with foreign currency assets. Currency exposure is monitored on a daily basis
and reviewed by management.

2006
United States Pound
Dollars Euro Sterling Others
$°000 $000 $000 $000
Assets 484,787 408,316 49,435 62,953
Liabilities and |
shareholder’s equity 508,404 408,563 49,326 39,198
2005
United States Pound
Dollars Euro Sterling Others
. $°000 $°000 $°000 $000
Assets 466,840 127,687 51,962 76.491
Liabilities and
shareholder’s equity 465,740 126,496 51,454 79,290)

Net fair value of financial instruments

Financial instruments utilized by the Bank include recorded assets and liabilities, as well as items
that principally involve off-balance sheet risk. The majority of the Bank’s financial instruments arc
either short-term in nature-or have interest rates that automatically reset to market on a periodic
basis. Accordingly, the estimated fair value is not significantly different from the carrying value for
each major category of the Bank’s recorded assets and liabilities.

13. COMPARATIVE FIGURES

Certain 2005 amounts have been reclassified to conform with the consolidated balance shect
presentation adopted for 2006.

Nassau Airport
Development Company

Passenger Facility & Security Charges

Effective - July 01, 2007

In accordance with The Airport Authority (Passenger Facility and
Security Charge) Order, 2007, dated March 30, 2007, every passenger
departing Lynden Pindling International Airport on or after July 01, 2007
will be required to pay a Passenger Facility Charge (PFC) and Security
Fee at the following rates: ;

Passengers departing to international destinations:
$15 PFC and $7 Security Fee

Passengers departing to domestic destinations:
$5 PFC and $5 Security Fee

The following passengers will be exempt from paying these fees:
- Infants (children under 2 years of age)
- Diplomats
- Passengers on flights that are involuntarily rerouted
- Airline crew on duty
- Personnel on military service

How will these fees be collected? .
- The PFC and Security fee will be collected by the airline either
at the time of the ticket sale or at check in.

What are the fees used for?

- The PFC will be used to fund redevelopment and improvement of
the Lynden Pindling International Airport by the Nassau Airport
Development Company (NAD). The Security Fee will be used by
the Airport Authority to fund security initiatives.

If you have any questions or comments, please feel free to contact us:
- Send us an e-mail at feedback@nas.bs
- Write usa letter and send it to: Nassau Airport Development
Company Limited, PO Box AP 59229, Nassau, The Bahamas



To advertise in The Tribune’s Classified

Call 502-2351

Haterz one

EN FEFRSES

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LuESBER

SSBigpSge RK AEP Yea ST:

Bal N

ShSSZS A

Ad RRRETELRES


PAGE 14B, FRIDAY, JUNE 29, 2007




Tribune Comics

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FOR MY



CRYPTIC PUZZLE |

ACROSS

DOWN

What nobody knows is the source of 1 Inorder to be honest (8)

the hum? (3,6) 2 Take away something to drink (6)
Wind a chain round the spigot if really J 3 | Someone very nice getting stick and
necessary (2,1,5) criticism (8)

One has been written about royal 4 Bump into as you go out (6)
land (4) 5 Reason for raised eyebrows in the



SOUND OF SPRING
MAKE ME THINK ot q



AND HE'S ALSO TRYING TO FILL A
BOOKCASE HE JUST MADE IN HIS
WORKSHOP 5






’ COMICS PAGE

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WAIT! YOLU’RE
AMERICANS



WILL SPRING ALWAYS

NINE TIMES AS MANY BATHS.”





West dealer.

Neither side vulnerable.
‘NORTH
@AQ9
VKI83
#AJ10
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WEST EAST
853 a6
V9 ¥Q7652
74 98532
&®AKQ10652 . #53
SOUTH:
WITH OL’ WHAT'S @KI10742
HER NAME ¥A 104
OQ #KQ6
&8
The bidding:
West North East South
3& Dble Pass 4NT
Pass 59% Pass 6¢

Opening lead — king of clubs.

Declarer is often faced with the
problem of resolving which way to
finesse against a missing queen.
From a mathematical standpoint, this
appears to be a straightforward 50-50
proposition, but in fact a skillful
declarer will “guess” correctly far
more than half the time.

One way of improving the suc-
cess ratio is for declarer to try to
learn as much as possible about the

Wiyoou

§ | opponents’ distribution before com-
& | mitting himself one way or the other.
“ |} How he goes about doing this is
‘
3 :
5 | HOW many words of
Â¥ four letters or more

WNW. UCOMICS.. COM can you make from

the letters shown
here? In making a
word, each letter may
be used once only. .
Each must contain the
centre letter and there
must he at Jeast one
nine-letter word. No
plurals or verb forms




inkjet printer).

TODAY’S TARGET
Good 13; very good 19; excellent 26.
zs : Solution tomorrow.













°]’M GLAD IM NOT A CAT. NINE LIVES MEANS

The So-Called Educated Guess

TARGET

BiA
[AIKIR

ending in “s”, no words with initial capitals and no.
words with a hyphen or apostrophe permitted. The
first word of a phrase is permitted (e.g. inkjet in





13 Busy restoring it when the cave
collapsed, trapping (6)

14 Because taking again to be true (7)
15 Choose somewhere in the restaurant
there's easy access to? (3-2-4)

17 Showed I'd acted badly in the
beginning (9)

18 Leading the bouncy poms and the
child outside (7)

20 Why shift it back in? (6)

- 21 Incline towards, you say, the right (4)
24 Went towards having patched up (8)
26 Besides being further across (8)

28 Was lashed or wasn't beaten (4)

29 Signal that means “Avandon’” (6)

31 Bolt when there's a shot from right
beside you (5-2)

34 Heavens! Meant to build onto fhe
house! (9)

36 The fruit fly returns to “22”
fluttering (9)

38 Forbearing with “21” in trouble with
the network (7)

39 Supposition is, as a Conservative he
will get in (6)

40 The date is around the beginning of
December (4)

41 Apointer from the boss (8)

42 Manifesting itself when one’s
amplifying (7,2)





ee



YESTERDAY'S CRYPTIC SOLUTIONS

ACROSS: 1, Props 6, Hoots 9, Le-
XIC-on 10, Scrip 11, Lying 12, Caly-X
13, Festoon 15, Sec 17, It-CH 18, W-
A-V-ell 19, Aster 20, Enlist 22, Legs
(eleven) 24, Dad('s army) 25, Al-pines
26, Heavy 27, R-I've-T. 28, E-tude 29,
Risible 30, Medoc 31, I¢-nife

DOWN: 2, Rock-E.T. 3, Plinth 4, Sep
§,W-igan 6, Holy war 7, Ony-x 8, Tin-
sel 12, Coast 13, Fine-D 14, S-C-old
15, Seven 16, Class 18, We-L-ly 19,
A-s-cetic 21, Nat-I've 22, Listen 23,
Geldof 25, Avail 26, Her-O 28, Elk



16

19
20

22

23
25

26
27

30

32

33

35
36

37

surgery? (4-4)

How the plane that went by was
disregarded? (6,4)

Climbing into the tree can reveal craft
(7)

Take it you don't deny (6)

Shut up and locked inside is the item
of jewellery (7)

Hamming it up in the villain role,
which is a shame (3,3)

Not all in harmony, to the ear (5)
Not all there being very enthusiastic
about (3)

She got in high dudgeon when half
cut (5)

Extra big interior that's gloomy (6)
Least upset when a tree is felled
outside the property (4,6)

Wow! An island! (3)

Cunning to conceai the row?
Hardly! (7)

Have a greater regard for than (8)
Not running in to carry out, being
perverse (8)

Drink urge stifled, what | do to

keep fit (5-3)

Getting the signal, the danger signal,
was indecisive (7)
Fled from the police, being bad (6)
Begin turning the key in, while one
deals with (6)

The one doing splits, in blue (6)

VESTERDAY’S EASY SOLUTIONS

ACRUSS: 1, Cramp 6, Punch 9,
Earlier 10, Spent 11, Latin 12, Peril
13, Strolls 15, Hen 17, Tear 18, Valise
19, Raven 20, Opined 22, Sere 24,
Pad 25, Cruiser 26, Rails 27, Wafer
28, Ambil 29, Presume 30, Pansy 31,
Pries

DOWN: 2, Repule 3, Mentor 4, Pal
5, Fiies 6, Pelican 7, Ural 8, Chimes
12, Plead 13, Stoop 14, Rapid 15,
Hives 16, Never 18, Veers 19,
Remarry 21, Panama 22, Simmer 23,
Revise 25, Clash 26, Reps 28, Amp

are,





























wo wo rm]

| =|

ACROSS DOWN
aa puge election win (9) \ eee
ged a8) locomotive (6)
12 Among (4) 3 Of the Bible
13 Shall 4 Of the teeth (6
dishes (6 5, Contemplate
13 Equilbrum (7) 6 ema
xaclly alike (9) bad (10) oY
id a FeprecentalveaGh 7 School science
chool scie
x 18 Not artificial (7) subject (7)
N 20 Rigorous 19) 8 = Marine bird (6)
> 21 Hire car (4) 11 Allow to escape (a
24 Of Europe and 16 Sikh's headgear (6)
Qa. Asia (8) 19 Armistice (6
> 26 End of a football 20 Transgression (3
match (4,4) 22 Letin, confess (5)
wo 28 Far down (4) 23 Hit (6)
Lu 31 Aimless or rootless a6 oe
xy ea 20 Urea
p 1 ain
38 Made aee ©) 32 frewiy (8
39 Anticipate (6 32 dense cmon (7)
pee) 35 South Ameri
40 Portent (4) ee
i pel tegments (8) 36 Sees pibmant (6)
roughly (9) 37 Love apple (6)

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THE TRIBUNE BUSINESS

TM HAVING AN \ 45
INVENTORY
REDUCTION SALE!
GREAT IDEAS
ARE NOW JUST
A QUARTER !

‘© 1992 Watterson Distributed by Universal Press Syndicate

shown in today’s hand.

West led the king of clubs and
continued with the ace. Declarer
ruffed, drew three rounds of trumps,
West following suit to all three, and
then ruffed dummy’s last club. East’s
diamond discard confirmed that
West, as expected, had started with
seven clubs.

One more piece of information
regarding West’s distribution
remained to be uncovered, and South
quickly resolved it by cashing the A-
K-Q of diamonds, West showing out
on the third round. The picture of the
hand West held originally was now
complete. He had started with seven
clubs, three spades, two diamonds
and therefore only one heart.

Declarer was now ready to tackle
the heart suit, but, thanks to his care-
ful preparatory steps, the location of
the queen was no longer a guess.
Either East had the missing damsel
or West had it singleton. So, at trick
ten declarer led a heart to dummy’s
king. When the queen did not appear,
South next led a heart to his ten to
bring home the slam.

- Admittedly, there are deals where
declarer, despite diligent efforts, will
be unable to significantly increase
his chances of locating a missing
queen. But in the present case, by
simply adding up to 13, South was
able to raise his chances from 50 per-
cent to 100 percent.







as

bran

rawn broad brood

brown drab snob



and bard barn baron
ard bond boon boor

oron boson brad

SNOWBOARD sorb swab

YESTERDAY’S SOLUTION

adsorb b
boar bo
born b
brand b:
brow

reform

To improve by
re aol g
removing

problems or
ar lett



Peter Wells v Andrei Kharlov,
European championship,
Dresden 2007. In yesterday's
puzzle the veteran English
grandmaster Wells snared his
opponent's queen early in the
game, but Kharlov refused to
resign and the Muscovite
battled on with bishop, knight
and pawn for the queen.
However, the diagram shows
that Black's position was really
awful, with most of his army
besieged on the queen’s side far
from his endangered king.
Wells, who can win in several
ways, chose the most elegant
and precise method, forcing
checkmate. Can you do as well?

_ Calvin & Hobbes











Ok, WERE. WHATS
YOUR GREAT IDEA?





I'M GETTING ANOTHER GREAT] “
IDEA RIGHT NOW.



FRIDAY
JUNE 29

ARIES ~ March 21/April 20
Focus less on career relationships
and more on friendships based on
mutual values and beliefs. Now’s the
time to slow down enjoy life at an
easier pace.

TAURUS - April 21/May 21
Well, Taurus, now’s the time to dress
to impress if you’re determined to
move up in the world. Don’t try to be
something you’re not, but do show
others what you’re capable of.

GEMINI — May 22/June 21
This is one of the most positive times
of the year for you. Smile and don’t
be afraid to walk with your head held
high. You can do no wrong this
week, Gemini.

CANCER - June 22/July 22
Money’s on your mind this week,
Cancer. You’ve been distracted as of
late, and have neglected your cash
flow situation. Don’t worry — you'll
soon be able to make up any short-
falls in your accounts.

LEO - July 23/August 23

This promises to be a wonderful week
for you, Leo, as you’re feeling particu-
larly amorous. Treat that special some-
one to a romantic dinner night out on
the town. It will definitely be worth it.

VIRGO - Aug 24/Sept 22

The sign of health, you’re in the
mood to improve your fitness
level, Virgo. A change of diet and
exercise routine is a must if you’re
to remain interested.

LIBRA - Sept 23/Oct 23
Forget.about the past and all that’s
gone wrong in it, Libra. Many things
are set to go right for you in the next
couple of weeks. Loosen up and
enjoy it!

SCORPIO -— Oct 24/Nov 22
Focus on what’s important to you
this week, Scorpio. You could miss
out if you spend too much time wor-
rying about minor setbacks in recent
weeks. Take it easy.
SAGITTARIUS — Nov 23/Dec 21
You may be feeling more relaxed
than usual this week, which is great-
because the more you sit back and let
life come to you, the more you'll °
enjoy every day. Money problems
will cease to bother you by Thursday. -
CAPRICORN — Dec 22/Jan 20 «
Over the next four weeks or so,”
you’ll consolidate what you have~
gained and make it permanent. You
should make time to enjoy it, you’ve _
certainly worked hard enough. 4

AQUARIUS - Jan 2U/Feb18 *
What goes around comes around, so_
think before you speak. There’s no -
better time than the present to decide -
what you want most out of life and ©
make it your own.

PISCES - Feb 19/March 20
Profit and popularity are important,
but peace of mind is even more so. If
you have any nagging doubts about .
your personal or professional relation-
ships, confront them now.

4 a4

CHESS by Leonard Barden



LEONARD BARDEN

(OPT



Chess solution 8402: 1 Rxg6+! Kxg6 (if hxg6 2 Qh8
mate) 2 Rg8+ Kf5 (if Rg7 3 Qg4+ and 4 Qxg7+ mates
quickly) 3 Rg5+ Kf6 4 Rh5+ Kg7 5 Rxh7+ Kf8 6 Rh8+
Kg7 7 Qh6 mate.

|


INSURANCE MANAGEMENT

(BAHAMAS) LIMITED. INSURANCE BROKERS & AGENTS

om US































A Te us ut




co ESDAY
































































Today. Saturday WINDS WAVES VISIBILITY WATER TEMPS.
High = Low W High Low W WASSAU = Today: SE at 7-14 Knots 1-3 Feet 3-5 Miles 84° F
ee F/C F/C ; F/C F/C Saturda' SSE at 5-10 Knots 1-2 Feet 4-7 Miles 84° F
Acapulco 90/32 77/25 pe 87/30. 79/26 C ~~ FREEPORT Today: —‘SE at 6-12 Knots 1-3 Feet 2-4 Miles 84° F
_ Amsterdam __ _ B47 54/12 ©. 66/18 57/13 pc Saturday: _$ at 5-10 Knots 1-2 Feet 3-5 Miles 84° F
P s Ankara, Turkey 86/30 55/12 pe. = 82/27 54/12 S ABACO Today: SE at 8-16 Knots 3-5 Feet 2-4 Miles 83° F
Mostly cloudy, a Rather cloudy, a Variable clouds, a Clouds and sun, a Clouds and sun, a Intervals of clouds The higher the AccuWeather UV Index™ number, the Athens _ 91/82 73/22 s 90/32 72/22 s Saturday: S$ at 6-12 Knots 2-4 Feet 3-5 Miles 83° F
_ couple of t-storms. couple of t-storms. thunderstorm. shower possible. shower possible. and sun. greater the need for eye and skin protection. Auckland = 2G BO/1E 64/17 «56/13 +
High: 88° High: 90° High: 92° : Bangkok a 90/32 78/25 t 89/31 78/25 t
Hi h: 86° Low 77° caer 79° Low 79° Barbados. 2 B680: 71/25 1 86/30 77/25 t
9 7 * - TUE ETT ea Barcelona 75/23 64/17 pc 74/23 66/18 s
i LU. <] oe AUS BUR THT DY painer neal Roe Beiii - : : a5 = = 9 4t 97/36 75/23 ~
The excl AccuWeather RealFeel T: tt dex that 0 ffects of t ot humidity, hi a diness, it ae and 7:40 a.m 2 2 46 a.m 0. 2 set ras 7a s eee c
e exclusive AccuWeather RealFeel Temperature? is an index that combines the effects of temperature, win umiaity, sunsnine intensity, cloudi precipitation rn 3 mM. : ti: mM. oF Ps si iS
elevation on the human body—everything that effects how warm or cold a person feels. Temperatures reflect the high and the low for the day. many 8:05p.m. 2.9 1:31pm. 0.2 Belgrade 8428 61/16 . 85/29 61/16 pe



Berlin = —=—- 70/21 50/10 70/21 54/12 c
Saturday 8:28am. 2.3 2:28am. 0.2 Bermuda | 82/27 70/21 pc 83/28 72/22 pc
a Y ga7pm. 29 2:15pm. 02 Bogota 64/17 46/7 64/17 46/7 pc





















































pc
Statistics are for Nassau through 2 p.m. yesterday Sunday 906am. 23 310am O04 Brussel Se 2 88/17 dB/B er ~~ 70/21 54/12
ABACO Temperature 9:29p.m. 3.0 3:00pm. 0.1 Se _ a an pe aa aoa pe
° : High .. 82° F/28° C ; : wenos Aires. s s
| ‘Hight 85°F/29°C lee 74° Fi23 ¢ Monday Ma eam od Cairo 105/40 75/23 s 104/40 77/25 s
Normal high 87° F/31° C Sewn ie RS Calcutta = 9182 82/27 8 92/33 82/27 t
Normal low . 74° F/24° C Calgary 75/23 52/11 t 67/19 48/8 s
Mast year SiMiQh vicscnsscsssssscsrsaseaszsannstes 89° F/32° C ATT Pei (fit Cancun 86/80 75/23 pc 87/30 75/23 c
High:88°F/31°C Last year’s IOW ..essessesseeceeseeeeeeeere 19° F/26° C j Caracas 82/27 68/20 pc 81/27 68/20 t
Low: 76° F/24°C Precipitation 6:23a.m. Moonrise ....7:42p.m. Casablanca ==—————«78/2H.s«GB/20 s 77/25. 64/17 s
As of 2 p.m. yesterday .. adivanac AS 8:04 p.m. Moonset : Copenhagen 65/18 55/12 t 6116 52/11 6
Year to date oo... re . 31.29" Dublin B i... 64170 5442 pe = 66/18 «54/12 r
High: 85° F/29° C Normal year to date ......seseesseseeeeeees .- 18.01” Frankfurt 62/16 47/8 ¢ 67/19 56/13 c
Low: 71° F/22°C Geneva. 2 7021. S82 poe. 78/25 53/17 pc 90/74 9% =). **
al AccuWeather.com Halifax 72/22 54/10 s 68/20 4885 |) SSS Miami, .
All forecasts and maps provided by ‘ — ae — cng oe — — pc emia ae stress > .
AccuWeather, Inc. ©2007 - i : : ~ Helsink! c c : ronts
ELEUTHERA 2 ane a me HongKong 87/80 «80/26 t = 87/80 82/27 t aaunics Shown are noon positions of weather systems and aie
High: 86° F/30°C “OE ov Islamabad : 96/35 83/28 r 96/35 76/24 r _ Snow precipitation. Temperature bands are highs for the day. War tenia
- (Low: 76° F/24°C Istanbul: ©) 83/28 67/19 s «= 85/29 68/20 -s - Forecast high/low temperatures are for selected cities. Stationary Megemfi
; at, Jerusalem 90/32 61/16 s 85/29 63/17 s ; s see
Johannesburg 65/18 9B Ss AAT 88/2 Ss
WEST = : Kingston 91/32 79/26 t 89/31 78/25 pc
KEV CAT ISLAND lima BRAG 58/14 pc 6920 57/13. s
High: 89° F/32° C ‘High: 85° F/29° C : London 69/20 55/12 r 70/21 57/13 t
Low:80°F/27°C Low: C : ‘Madrid He B0RI S713 s. 912 57/13 s_
a” Manila “8/31 78/25 pc 88/31 78/25 c
/ UMexic'Gity gab S42 C8 oe 77/25 Sh2 1
Monterrey _ 91/32 73/22 t 95/35 75/23 t
» SAN SALVADOR jtrel 9 7222 SBT ss baa SOO
ye High: 87° F/31°C 69/20 52/11 pe : 64/17, 50/10 co
Low: 75° F/24°C 67/19 53/11 ¢ 72/22. S1/10-
Shown is today's weather. Temperatures are today's ——— oe anet ea eam ce tea
highs and tonights's lows. 92/33 80/26 c 95/85 82/27 pe
64/17 54/12 6 70/21 55/12 +
64/172 S780. :



73/22 53/11 c
3/22 65/18
10540 7926 =

74/23 55/12 c



can rest easy knowing
























Today Saturday . Today : Saturday Today Saturday _ MAYAGUANA : lave excellent insurance

High Low W High Low W ; High Low) W High Low W . High Low Wo High Low W _ High:91° F733" OV era © no matter which
Fe FC F/C F/C Fe Ss FC F/C F/C F/C F/C . :

Albuquerque 91/32 67/19 pc 95/35 68/20 s Indianapolis 80/26 60/15 pe 81/27 59/15 pc Philadelphia j 81/27 62/16 s_ cROO! Cc wind blows.

Anchorage 71/21 54/12 s 71/21 54/12 pc Jacksonville 86/30 70/21 t 91/32 73/22 t Phoenix 110/43 81/27 s 112/44 82/27 s :

Atlanta 90/32 71/21 t 89/31 69/20 t Kansas City 80/26 Gi/16 pe 84/28 65/18 pc Pittsburgh «78/25 56/13‘ pe 79/26 531s RAGGED ISLAND ;

Atlantic City 74/23 60/15 sh 81/27 57/13 s — LasVegas 106/41 76/24 s 107/41 80/26 s Portland,OR 70/21 53/11: c 74/23 ‘S412 pe High: 88° F/31°C

Baltimore 78/25 62/16 t 82/27 58/14 pc Little Rock; 84/28 69/20 t 86/30 70/21 t Raleigh-Durham 94/34 72/22 89/31 66/18 tt Low:72°F/22°C

Boston 74/23 56/13 s 76/24 58/14 pc Los Angeles 83/28 63/17 pc 82/27 63/17 pc St. Louis 78/25 65/18 pc 81/27 66/18

Buffalo 74/23 5512 s 74/23 53/11 pc Louisville 85/29 67/19 ¢ 85/29 62/16 pc Salt Lake City 96/35 66/18 s € GREAT INAGUA

Charleston, SC 88/31 73/22 t 90/32 72/22 t Memphis - 89/31 74/23 t 89/31 70/21 tt San Antonio 84/28 72/22 t High: 91° F/33°C ;

Chicago =—s—(‘
Cleveland 76/24 57/13 s 76/24 54/12 s Minneapolis 78/25 61/16 s 84/28 64/17 s San Francisco 69/20 54/12 pe "Hoe :

Dallas =—«é«BD.s« 71/21 t= 89/31 71/21 «+t Nashville. —-- 88/31. 69/20 t —-s«87/80 64/17 tt) ~—CSeeattlg : 74723 53/11 ¢ 77/25 59/15 pe

Denver 90/32 58/14 s 94/34 59/15 s New Orleans 91/32 74/23 t 91/32 15/23 t Tallahassee — ; Warsa ae 72/

onolulu s s ahoma Ci ucson s : z - ceeeneienre _~ -
Houston = 90/32074/23- tt BBBI7B2Z tt — Orlando BBN 74S tN OTSZ TSAI — Washington, DC 80/26 G7/I9 t _ 83/28 BAIT poo. 7 me soe en ee shin ane
wed es oe ee tes ae ee oe ne Shee ete
* “ae :
c: |

PAGE 16B, FRIDAY, JUNE 29, 2007 THE TRIBUNE BUSINESS

aX:

4

ColinaImperial.



Welcomes
Million Dollar Round Table
(MDRT) Delegates un}

Andre Wilmott, Local Chair, Membership Communications Committee
and Alfreda Knowles, Country Chair, Membership Communications
‘ Committee welcome all delegates to the
Million Dollar Round Table Day Conference ~‘. |
Nassau, Bahamas ~ June 29th, 2007.



_ Have a productive -
& enjoyable conference!

: : : The Essence Of Success!
Seated: Sheryl Seymour, Eddison Brice, Sandradee C. Henfield; Second Row: Andre Wilmott, Beverley Bethel, Deveral
Ferguson, Carmen Major, Anthony Longley, Sharlene Hanna, Montgomery L. Braithwaite - President Colinalmperial;

Me Cee a ak Ae CL Colinalmperial, Ednol Farquharson - Colina Holdings Bahamas Limited Board
Member, Genevieve Burrows, Bernadette Hepburn, Beryl Norris, George Pinder, Eleanor Stuart (not in photo).



PAGE 2E THE TRIBUNE




A a ’ » .

ps Ne “a (yc



eer

(Re
THE TRIBUNE

HURRICANE GUIDE 2007

PAGE 3E



Brace yourself. \ts difficult



0 Say

how many will impact the Bahamas’

@ By YOLANDA DELEVEAUX



ith parts of the coun-

try still recovering

from the devastation

caused by past hurri-
canes of recent years, the islands of
the Bahamas, from Grand Bahama
and Abaco in the north to Mayagua-
na and Inagua in the south, are brac-
ing for what could be a tremendous
hurricane season.

Basil Dean, senior meteorologist
at the Bahamas Department of Mete-
orology, said the country is looking at
a very active season, with some 17
named storms expected to develop.
Out of that 17 some nine are expect-
ed to reach hurricane status, with five
expected to develop into major sys-
tems - category three storms or
greater.

“It’s difficult to say how many will
impact the Bahamas,” Mr Dean said.
“The seasonal forecast for the
Atlantic basin - the north Atlantic,
the Gulf of Mexico and the Caribbean
Sea - these are the three major water
bodies that we are concerned with -
and to attempt to guess how many
storms, I cannot say, but the proba-
bility is very high.”

He noted further that this coming
hurricane season has been forecast
to be an above average season for the
following reasons: ~

e Apart from the sea surface tem-
peratures being positive, we also
expect a weak to moderate la Nina
to develop which favours the develop
of tropical cyclones.

e It is forecast that weak trade
winds and vertical wind shears are
expected throughout the season, all of
which are positive indicators of an
active season and additionally. A pio-
neer in the science of forecasting hur-
ricanes, Dr William Gray, an Ameri-
can, has included what is called an
extended range statistical forecast
procedure to his seasonal forecast for-
mula.

His procedure takes into consider-

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data he looks for years where atmos-
pheric conditions are similar to con-
ditions experienced during February
and March of this year.

The years where atmospheric con-
ditions are similar to that of the Feb-
ruary and March data of this year,
the average of tropical cyclone activ-
ity in those years are obtained and
used along with analog predictors to
compute the number of storms.

A major reason that the Bahamas
will always be impacted by hurricanes
is because the country sits to the west
of the Bermuda-Azores High, (a
group of islands off the West African
coast), a large subtropical semi-per-
manent centre of high atmospheric
pressure which is found near the
Azores in the Atlantic Ocean. In
years when the system is well formed
it extends westward toward Bermuda.
“When one takes into consideration
the cyclonic flow around this high,
the northward recurvature is always
either to the east of the Bahamas - it

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can occur over the Bahamas - as well
as it can occur further west of the
Bahamas - when this recurvature
takes place over the Bahamas during
an approaching storm it makes the
Bahamas extremely vulnerable for a
direct hit. This all depends on the
behaviour of the Bermuda Azores
High, so in a somewhat simplistic
sense where the recurvature is at the
time determines whether or not we
are likely to be hit by a tropical
storm,” he said.

According to Mr Dean, meteorol-
ogy is an ongoing science and the
technology that drives it is always
being critiqued and improved, and
each year scientists around the region
continue to work on various comput-
er models with a view to improving
the forecast product.

“We have come quite a long way
over the years in terms of technology,
so much so that we are able to detect
weather systems, such as tropical
cyclones, from the time they devel-
op to the time they reach our forecast
area. This is done via geostationary
satellites which provides us with
round the clock surveillance.

“In addition to the geostationary
satellites which allow us to detect
these systems at a considerable dis-
tance away, reconnaissance aircraft
are deployed when these systems are
within flight range. These reconnais-
sance missions allow us, meteorolo-
gists, to obtain critical data through-
out the storm thus giving us a better
understanding of what is going on
within a particular storm. This all has
led to improved weather and hurri-
cane forecasting over the years,” he
said.

Another instrument that aids in
weather forecast is the Doppler Radar
system.

Once a weather system or a tropical
cyclone reaches within radar range,
Mr Dean said, the modern day
Doppler radar enables meteorologists
to estimate the rate of rainfall and
allows them to warn of potential





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I ON THE CARIBBEAN COURSE — Hurricane Frances
passed over the Baharnas on August 30, 2004

flooding. Additionally, he noted, the
Doppler radar also provides meteo-
rologists with strong indications of
where tornadic activity is likely to
occur.

Mr Dean said further that comput-
er models have certainly been a bless-
ing to forecasters with regard to short,
medium, and long term forecasting.
These models, he said, which use
actual atmospheric data to simulate
atmospheric conditions, have, over
the years, improved to the point
where three day forecasts have
become the norm and seven day fore-
casts and beyond, although not as reli-
able, still give fairly good indications
as to what one may expect.

There are some of the things that
are still uncertain, Mr Dean noted,
such as how changing weather pat-
terns will affect hurricanes and rainfall
patterns. d

The global climate change scenarios
that have been developed suggest that
with increasing global temperatures

rT is
DY yall
Abaco 242 367 2688

one can anticipate a rise in sea surface
- so for every degree in temperature
rise, one can expect a foot increase in
sea level, and should this scenario pan
out it will result in the loss of land at
the coast. And it is conceivable, Mr
Dean pointed out, that the Bahamas
is currently experiencing a loss of
land.

Some scenarios have also devel-
oped in regard to global research and
global warming, particularly in the
tropics.

Tropical cyclones rely on warm sea
surface temperatures, and looking at
increased temperatures, the thresh-
old temperature needed for cycione
development would be achieved a lot
quicker and could lead to an increase
in tropical cyclone activity.

Mr Dean urged caution however,
saying that tropical cyclone develop-
ment does not rely solely on sea sur-
face temperatures, but rather a variety
of atmospheric and oceanic condi-
tions.






PAGE 4E THE TRIBUNE
i ee ED

i | } Tey RC sears






















@ STANDING TOGETHER —
Shown (from L-R) are: Kevin
Basden, general manager of
the Bahamas Electricity Cor-
poration; Godfrey Sherman,
general manager of the Water
and Sewerage Corporation;
Brent Symonette, Deputy
Prime Minister and minister of
Foreign Affairs; Leon
Williams, chief executive offi-
cer of the Bahamas Telecom-
munications Company, and
Mario Newry, host and exec-
utive producer of “A Unified
Effort: Hurricane Prepared-
ness 2007”

he Bahamas can be affect-

ed by hurricanes or tropi-

cal storms between June

1 and November 30, the
greatest risk being in August, Sep-
tember and October.

For 2007, the National Oceanic
-and Atmospheric Administration is
reporting that the likelihood of
above-normal hurricane activity is
75 per cent. Weather forecasters are
expecting three to seventeen tropical
storms, with seven to ten of them
becoming hurricanes. This has
become more evident with the for-
mation of Tropical Storm Barry at
the beginning of hurricane season.

Upon being notified of this impor-
tant assessment, Mr Newry said that
he decided to produce a hurricane
preparedness documentary that

LESLIE ETE

ave the coverage you

would encourage residents of the
Bahamas to think seriously about
preparations, if they have not already
started.

In May, Mr Newry brought togeth-
er a panel of distinguished profes-
sionals to assist communities with
preparations leading to, or following
the hurricane season, or any calami-
tous event.

The panel was convened and inter-
viewed by Deputy Prime Minister
Brent Symonette, and the unified
effort from all connected agencies
was positively uplifting. ;

The preparedness panel included
Mr Symonette; Kevin Basden, gen-
eral manager of the Bahamas Elec-
tricity Corporation (BEC); Leon
Williams, chief executive officer of
the Bahamas Telecommunications

Company (BTC); Godfrey Sherman,
general manager of the Water and
Sewerage Corporation; Carl F Smith,
under secretary at the Cabinet Office
and interim director of the National
Emergency Management Agency
(NEMA); Marina Glinton, the direc-
tor general of the Bahamas Red
Cross Society; Trevor Basden, senior
deputy director of the Department of
Meteorology; Arnold King, chief
meteorological officer of the Depart-
ment of Meteorology; Gayle Outten-
Moncur, administrative officer with
responsibility for training at NEMA;
Lieutenant Commander Herbert
Bain, Operations and Logistics offi-
cer of NEMA; Stephen Turnquest,
Shelter manager of the Bahamas
Humane Society; Azaleta Ishmael-
Newry, marketing director, Bahamas

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ager.

The panel addressed the respon-
siveness of each agency and issues
that might impact their performance.
Each person gave points of interest in
an effort to better prepare the
Bahamas for a possible hurricane dis-
aster.

As host and executive producer of
the programme, Mr Newry said that
he wanted to produce the segment
to assist every individual that lives
in or visits the hurricane belt, and to
help educate and make them aware

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of the phenomenon in all of its facets
and consequences.

“My final thought to this impor-
tant topic is every year people who
live on islands and cays between the
West Coast of Africa and the United
States of America respond to a fact
of life - hurricanes. They have blown
over this region and wreaked havoc
for hundreds of years.

“J encourage everyone to prepare
for a familiar walk as we take steps to
view the facts of life in the Bahamas;
steps toward hurricane preparedness.

“As we take these steps, we are
reminded through programmes like |
this that the unified effort of each
agency would ensure that owr miti-
gation and prevention programmes
are robust. Let us continue to work
together to keep the Bahamas safe.”


+o me «

THE TRIBUNE



British forecasters: Season may not

HURRICANE GUIDE 2007

PAGE 5E

he as husy as the Americans expect

@ By JESSICA GRESKO
Associated Press Writer

MIAMI (AP) — British gov-
ernment forecasters are predict-
ing that the Atlantic hurricane sea-
son may not be as busy as their
American counterparts expect.

It is most likely that 10 more
tropical storms will form from July
to November, the British fore-

‘casters have said. An expected

cooling trend in Atlantic Ocean
surface waters favours fewer trop-
ical storms than in recent years,
the British meteorologists said in
their first-ever hurricane season
forecast.

The British scientists did not
predict a number of hurricanes
that would form or how many
would become strong, as Ameri-
can forecasters do. There is a 70
per cent chance that the number of
storms will be in the range of sev-
en to 13, according to the British.

Matt Huddleston at the UK’s
Met Office, a weather tracking
agency within the British Ministry
of Defense, said its numbers are
based on a “brand new forecasting
system” using a global climate
model.

In May, US government fore-
casters predicted 13 to 17 tropical
storms in the season that runs from
June 1 to November 30. The
National Oceanic and Atmos-
pheric Administration scientists
said they expect seven to 10 tropi-
cal storms to become hurricanes
and three to five of them in the
strong category.

Colorado State University
researcher William Gray predicted
double-digit tropical storm num-
bers. Gray predicted 17 named
storms and nine hurricanes, five ,
of them intense.

The Atlantic season has already
had two named storms, Andrea
and Barry. The US government
and Gray will update their sea-
sonal predictions in August.



@ PREDICTING STORMS IN THE ATLANTIC — In their first-ever hurricane season forecast, British meteorologists said
an expected cooling trend in Atlantic Ocean surface waters favours fewer tropical storms than in recent years

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PAGE 6E







THE TRIBUNE

HURRICANE GUIDE 2007 ei : :







se mew 2

> -s"g-





































\
‘
Bahamas Red Cross: helping to
e
find shelter for the homeless ;
m@ By PETURA BURROWS New Providence in the after- | we come.” )
Tribune Feature Writer math of a hurricane. The training began in June
Since last year was a “pret- 2006 and ended in February \
nthe event of a hurri- ty quiet year” in terms of 2007, with 187 persons pass- ,
cane, the Bahamas Red hurricanes, Ms Glinton and ing out as fully trained first
Cross Society is among her staff took the opportuni- —_ responders in the following i
c the first respondents, helping __ ty to identify several islands areas: Grand Bahama, Aba-
to find shelter for the home- which have been prone to co, and the Adelaide and
less, providing food and disaster. They then train indi- Gambier communities in
water, and medical care. And viduals in those communities © New Providence.
with such a great undertak- in capacity assessment. The Red Cross is hoping to
ing, the more funds and more “We trained certain people extend the same training in
hands on board continues to who came forward, then other islands in July. Howev-
be an essential component of | formed groups for training. er, that all depends on the
the organisation’s success. We provided them with dis- availability of funds, Ms
Marina Glinton, director of | aster supplies like boots, Glinton said.
the Bahamas Red Cross, said _ raincoats, helmets, chain “Well, funds coming in has
that while the Red Cross is saws, rakes, shovels, flash- been very slow lately. The ™@ DISASTER ZONE — The Bahamas Red Cross Society provides
currently operating far below _ lights, gloves, and safety only real income we get food. water and medical care to those in need
its $500,000 budget, they vests,” Ms Glinton said. comes from the ball and the
have been actively training “We trained these persons fair. And we’re getting ready
members of the public to be in first.aid, CPR, shelter to have our raffle, so hope- year’s Red Cross Ball raised The raffle, she added, will operational budget for this
first responders — the first management, disaster man- fully that will bring in some $120,000. Membership fees, probably raise $40,000 as year. And that, Ms Glinton
people on the ground who agement, and in how to con- money,” Ms Glinton said. which are due by December, well. said, does no include the cost
will assess damages in their duct damage assessments, so According to Ms Glinton, will probably bring in $40,000 But even when taken of responding effectively to a
respective islands and then that these people can tell us the 2007 Red Cross Fair — that is once all fees are together, the total is only half national disaster, whose
report to the Red Cross in what we need to bring before raised $79,000, and this - paid. of the Red Cross’ $500,000 impact cannot be predicted.
]
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THE TRIBUNE

PAGE 7E



Tee kelly eae

Catastrophe insurance: ‘necessity’

‘for business and pre

he Caribbean region - from
the islands of the Bahamas,
South Florida, the islands
of the Caribbean, and the
countries surrounding the Caribbean
Basin - are exposed annually to the
ravages of hurricanes, floods, and
storm surges. As such events can both
destroy or extensively damage prop-
erty and kill or injure the inhabitants,
it is important that the public know
and be concerned about the differ-
ent mechanisms that exist to mini-
mize the impact of such natural dis-
asters. ;

Catastrophe insurance is one indis-
pensable mechanism for mitigating
the impact of disasters, both natural
and otherwise, and is both a necessi-
ty and an important part of owning
property and/or a business.

In any discussion of the role, value,
and cost of catastrophe insurance in
the Bahamas, it must be understood
that while the Bahamas may not have
been affected by any storms last year,
over the past decade the region has
experienced a dramatic upsurge in
the level of physical destruction and
economic loss caused by hurricanes.

Each year these natural disasters
take a huge toll in deaths and injuries,
property damage, and economic loss,
however, an even greater tragedy is
the fact that much of the physical,
emotional, and financial impact of

‘this devastation and loss can be
reduced through preparedness,
including adequate insurance cover,
existing mitigation techniques, and
greater public awareness of them.

It must also be understood that
because of its small population the
volume of insured risks in the region
is small and the overall premium base
is minuscule in relation to the world
insurance markets. :

Insurance premium income for the
whole of the Bahamas, the Caribbean
and Central America, has been
reported as being only one tenth of
one per cent of premiums payable
worldwide. However, the cost of





ase



@ DISASTER ZONE — Catastrophe insurance is one indispensable mech-
anism for mitigating the impact of disasters, both natural and otherwise, and
is both a necessity and an important part of owning property and/or a business.

claims for the region is about three
per cent of worldwide losses.

And because the region as a whole
produces only a small amount of pre-

mium income in relation to the large
loss potential, and because of the
inevitability of further hurricanes,
regional insurance companies must



purchase essential catastrophe pro-
tection from other international “rein-
surance” companies.

Such reinsurers do business on a
worldwide basis and view this region,
including Central America, Florida
and the Gulf Coast of the US, as a
very high-risk area. It can also be
argued that the past decade was the
worst ever for the region, in terms of
property damage and economic loss
resulting from hurricanes.

Losses have been enormous from
hurricanes such as Ivan, Wilma, Rita,

Katrina, Jeanne, Frances, and Floyd..

e In 1999, Floyd caused some $6
billion in damage in the region, $175
million of that being insured losses
in the Bahamas.

e In 2004, Frances and Jeanne
caused estimated total losses of $16
billion, with $348 million of insured
losses in the Bahamas.

¢ 2005 proved to be the most active
year ever with some 26 named storms,
the last occurring in January 2006.
Dennis, Katrina, Rita and Wilma
racked up estimated total losses of
$159 billion, $125 billion of this caused
by Katrina alone.

Katrina was the largest disaster to
hit the region and the effects of this
storm are still being felt by the insur-
ance industry as numerous law suits
have been filed in the United States
and the final cost to the industry is
still unknown. Rita missed us, but
Wilma caused $47 million of insured
losses in the Bahamas.

It is important to note that the fig-
ures given for the Bahamas are for
insured losses only, they do not
include uninsured losses, which were
probably higher than the losses cov-
ered by insurance. :

As a result of the tremendous loss-
es in 2005, a number of insurance
companies withdrew from providing
catastrophe perils cover completely,
while others decided to reduce their
risks.

Reinsurers-were no longer prepared

perty owners

to grant reinsurance cover to insurers’
in the region without increasing their
rates, and without putting strict limits
on the scope of cover available, either
geographically or in terms of what to
cover. This lack of capacity and
increased costs for reinsurance led to
a hardening of the market generally,
and this in turn led to increases in
rates for the average policyholder.
What can be expected to happen
with insurance rates in the foresee-
able future? While the large losses in
2004 and 2005 did cause an ingrease in
rates in the Bahamas for 2006, prices
in 2007 remain generally steady. For
2007 experts are forecasting above
average hurricane activity, and while
a similar prediction last year was not
fulfilled it is hard to see them getting
it wrong for two years running.

' Already there have been two named

storms in the Atlantic/Caribbean
region and increased activity in the
Pacific, with a significant storm,
Oman, the strongest experienced by
them since 1890.

These forecasts, combined with the
ever growing reports on global warm-
ing, and the effects on low lying coun-
tries such as the Bahamas, make it
very difficult to predict what the
future might hold for this region.

The region's potential for destruc-
tion from hurricanes and other nat-
ural hazards will remain. The
Bahamas and Caribbean's insurance ©
market will remain small with tremen-
dous catastrophe exposure, thus caus-
ing continued dependence on outside
reinsurers.

To avoid a continuing rise and fall
of insurance rates, and stabilize the
market, property owners and insur-
ance companies will have to focus
their attention more on alternative
approaches to their risk management.

Along with government and other
community partners, they will have
to develop cost-effective mechanisms
to reduce the vulnerability of their
properties to damage caused by such
natural hazards as hurricanes.





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PAGE 8E THE TRIBUNE

HURRICANE GUIDE 2007



lm A DEEP ROAD — Residents of .
the Holmes Rock settlement in
Eight Mile Rock, Grand Bahama,
search for dry land.in the aftermath
of Hurricane Frances



@ SURVIVING THE
STORM — This potcake
survived Hurricane
Frances, which damaged
many homes in North
Eleuthera

i MAKING A WAVE no Frances and Jeanne caused estimated total losses
of $16 billion, with $348 million of insured losses in the Bahamas

















“Very Active
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THE TRIBUNE PAGE 9E
HURRICANE GUIDE 2007 »

2001 Flashback: Michelle's power












M@ DRIVING FORCE —
Sea surges as a result of
Hurricane Michelle almost
pushed this vessel onto the
sidewalk at Long Wharf, in
the area of Arawak Cay,
New Providence

+ ean

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é
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i FAMILY ISLAND NIGHTMARE —
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aftermath of Michelle — winds reached l@ FOX HILL FURY — Fallen trees were a major hazard to many
wee = 100 miles per hour homes, including this residence in the Fox Hill Road area



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PAGE 10E



HURRICANE GUIDE 2007

THE TRIBUNE















ll DEVASTATION — A view of West Bay Street after the 1929 hurricane devastated New Providence for
ihree days and three nights. Many homes were wrecked and hundreds of people were left homeless







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THETRIBUNE me od

PAGE 11E

Ese

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THE TRIBUNE PAGE 13E



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PAGE 14k THE TRIBUNE

SUVA el:
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0) ee

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medicine, baby supplies and pet food.
a. Purchase bottled water; 1 gallon of
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mâ„¢ Check emergency equipment
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Pe ication aicc cla c a e
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THE TRIBUNE

m By JOY BURROWS
A1 Tree Services
Limited



id you know that
the 2007 Hurri-

cane season offi- .

cially starts June
1 2007? And with forecasters
predicting an above average
season, preparation rather
than procrastination is the
key to preserving your land-
scape. |

Unfortunately, many home
and property owners in the
Bahamas prefer to wait until
the eleventh hour, sometimes
mere moments before a hur-
ricane makes landfall, to
enlist the services of a “pro-
fessional tree chapper” to do
nothing more than brutally
destroy what was once a love-
ly shade tree or remove it
altogether. To me, this just
doesn’t make any sense, and
it’s this type of ill conceived
action that ends up costing
home owners much more in
the end.

The reality is that trees
properly placed on your
property are excellent wind-
breakers in the high wind
conditions that accompany
hurricanes. And beyond this
seasonal attribute, trees,
when properly placed around
your house or business, can
reduce your electrical bill by
as much as thirty per cent on
a monthly basis. Did you
know that trees not only help
us to breathe clean, but also
act as sound dampers and
improve water quality? Here,
try this one on for size; did
you know that trees can be a
stimulus for economic devel-
opment, attracting new busi-

, ness as well as tourism?

The list of benefits to be



“SO Why
should we
play a part in
the ruthless
destruction
of an
environmental
ally that has so
much to offer?”

— Joy Burrows



gained as a result of having
not just trees, but properly
cared for trees on your prop-
erty is inexhaustible. So why
should we play a part in the
ruthless destruction of an
environmental ally that has
so much to offer? .

Think ‘about it, if you were
to cut off your finger every
time you got a paper cut or
snagged a nail, you wouldn’t
be left with much, now would
you? It just wouldn’t make
any sense; the actions taken -
to bring relief have to be
commensurate with your
problem. So remember, call a
professional tree care special-
ist and have them provide
you with the best possible
options as to what you should
do with your trees this hurri-
cane season.

BETHEL - THOMPSON

Te Re seri g

Pravaration 13 the ley

@ ONCE A LOVELY SHADE TREE — With forecasters predicting an above average season,

preparation rather than procrastination is the key to preserving your landscape

PAGE 15E




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PAGE 16E





e Flash Flood Warning
means a flash flood 1s
imminent. Take immed1-
ate action.

¢ Tornadoes: Spawned
by hurricanes, tornadoes
sometimes produce
severe damage and casu-
alties. If a tornado is
reported in your area, a
warning will be issued.

e Always make sure
you have plenty of
tinned foods - especially
vegetables - in the house
just in case you are
unable to access food
stores for several days.
Food that can be eaten
hot or cold is always
preferable for obvious
reasons.

e Before a hurricane
strikes, have a good hot
bath or shower, which
will at least leave you
feeling clean for a time.
Loss of power or water
can mean that you have
to go without a proper
bath or shower for sev-
eral days.



¢ Double check shut-
ters before winds get too
strong. A loose shutter
can be a menace during
the height of the storm.
Apart from the fact that
it will expose your win-
dow to damage, it might
also blow off and cause
damage elsewhere.



e Forecasting has
grown more sophisticat-
ed over the years. New
satellites, more refined
computer programmes
and other advances are
helping scientists keep
on top of the storm pre-





e LUMBER
e TOOLS

diction game. te

e The number of Category 4 and 5
hurricanes worldwide has nearly dou-

bled over the past 35 years.

e In 2005 Wilma became the most
intense hurricane on record, with sus-
tained winds of 175 mph. It showed
that there is the need for a higher cate-
gory to be added to the current scale.

4

© The 2005 Hurricane Season includ-
ed three Category 5 hurricanes for the
first time on record in the Atlantic

Basin.

The Aftermath

A slow-moving Category 4 or 5 Hur-
ricane can leave more than destruction
in its wake. If key infrastructure is
severely damaged or destroyed, life can
become difficult and definitely not suit-
able for children. If a facility is inca-
pacitated, the service it provides ceases.

The problem gets even worse if the
people skilled in repairing the facility
have been injured or decided to evac-
uate. This is common in the aftermath
of most major natural disasters.

Imagine life if the following elements
of key infrastructure became inopera-

ble:

Power

IF the power generating plant was
severely damaged or destroyed, and
repairs were scheduled to take weeks to
complete, those with generators would
soon run out of fuel, especially if the

Reese fs ee |

{URRICANE GUIDE 2007



l= SEA MEETS ROAD — In this photograph by Franklyn G Ferguson, an ocean
surge leapt over the road at Saunders Beach in August, 2004, when Hurricane
Frances passed over the Caribbean

your hurricane facts

fuel dock was incapacitated. Life with-
out electricity is possible as long as
there is power nearby, but if no one
has power for an extended period of
time, life becomes difficult.

Fuel

IF the fuel dock was inoperable or
destroyed it could cause fuel deliveries
to be depleted or cease altogether.

If the fuel supply is not restored |
promptly, life would simply grind toa. .
halt, this in turn could affect the ability -
to deliver or collect supplies, generate
electricity, and therefore supply water.

THE TRIBUNE

Airport

Something as simple as debris cover-
ing the runway could mean the airport
is unable to operate. If the cause was
due to something more permanent,
food, water and medical supplies may
be inadequate for weeks, even longer if
Florida is hit as well. The problem is
exacerbated if the required equipment
or manpower is unavailable. Equip-
ment could be destroyed, roads could
be blocked, and faced with a cata-
strophic event, the manpower may have
evacuated.

If a Category 4 or 5 Hurricane struck,
causing the damage detailed above and
rendering the docks inaccessable, life
would be almost impossible. People

would become isolated for weeks —

longer if Florida was hit or a large part
of the island's private fleet of boats was

destroyed.



Rebuilding spotty along hurricane-battered highway

\

Bi By MICHAEL
KUNZELMAN
Associated Press Writer



GULFPORT, Mississippi
(AP) — Scott Oliver didn’t
need government help to
rebuild his beachfront proper-
ty. Using his own money, he
built a concrete compound to
replace the wood-frame home
Hurricane Katrina smashed to

THE BEST

out of a cramped trailer and
into the new storm-resistant
house just in time for the start
of the 2007 hurricane season.
“We didn’t wait on any-
body. We just went ahead and
did it,” said Oliver, 60, who
turned down a federal disaster
loan to avoid going into debt.
The Olivers are the first and
only residents of their Gulf-
port neighbourhood to
rebuild. Progress like theirs is
spotty along US 90, a coastal

¢ PLYWOOD
¢ NAILS, ETC.

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MONDAY - SATURDAY
7:30 A.M. - 4:30 P.M.

MARATHON ESTATES
Phones: 393-0191 / 393-0096
¢ P.O. Box N-3711





highway that spans the length
of Katrina’s destructive path,
from New Orleans to the
southeastern tip of Mississip-
pi’s Gulf Coast.

In May 2006, a reporter for
The Associated Press traveled
along the highway to take
stock of rebuilding efforts nine
months after Katrina. At the
time, the landscape looked as
if the hurricane had just
struck, with piles of smelly
debris sitting untouched next
to shattered homes and top-
pled trees awaiting chain saws.

A year later, homeowners
with both the means and the
will to rebuild are forging:
ahead on their own, gradually
repopulating neighbourhoods
along US 90 where scores of
ruined homes remain virtually
untouched since the hurricane.

For some, self-reliance isn’t
an option. Many are waiting
for government grants to
rebuild. Others don’t qualify
for the aid. Some families are
fighting insurance companies
for refusing to cover damage
from Katrina’s storm surge,
which inundated large swaths
of Mississippi’s coastline.

From their new third-floor
bedroom, which is nearly 50
feet above the ground, the
Olivers have a clear view of
the slow recovery.

A few blocks east is the
Island View Casino, which
opened last September on the
site of a storm-damaged hotel.
To the west is a FEMA trailer
park. In between is a sea of
barren slabs and weed-choked
lots where houses once stood.

“I’m so shocked at how
slowly everything is coming
back,” said Oliver’s wife,
Caprice.

But other signs of recovery
abound on US 90, which runs
from Florida to Texas.

The highway is nearly whole
again. A bridge across Chef
Menteur Pass in eastern New
Orleans reopened last August.
A new bridge reconnecting
Bay St Louis and Pass Christ-
ian, Miss., opened May 17. A
third span, between Biloxi and
Ocean Springs, Miss., is
expected to open in Novem-
ber.

Mississippi beaches, closed
for months after the storm, are
now filled with sunbathers.
Many Biloxi casinos are busier
than ever, and condominiums
are popping up, too.

Near the new bridge is a
miniature castle that was
Denise Shute’s vacation home
before Katrina. The Home-
stead, Fla., resident and her
companion, Richard Loth,
bought the property nearly a
decade ago, intending to retire
there someday.

The anachronistic castle
remains a mud-encrusted
mess. Plywood boards cover
all the windows and doors.
The house doesn’t have elec-
trical, water or sewer service.
Weeds choke the front lawn.
Looters keep breaking in.

“We're the forgotten ones
down on this end of the
beach,” said Shute, a United



@ CAPRICE Oliver and her husband Scott Oliver pose in front of
their new home made from concrete in Gulfport. The Olivers are
the first and only residents of their Gulfport neighbourhood to
rebuild after Hurricane Katrina.

Airlines flight attendant.

The couple is still hunting
for belongings scattered by the
hurricane. Katrina’s storm
surge swept through the house
and deposited possessions in a
patch of woods about a quar-
ter of a mile north of their
home.

During a recent hike
through the woods, they sifted
through twisted piles of debris
and found their garage win-
dows, a string of Christmas
tree lights, Loth’s golf shoes
and his old briefcase.

Loth, a Navy SEAL about
to embark on an overseas
assignment, also found the
remnants of a rattan dining
room set he bought during a
trip to the Philippines.

“Denise didn’t like it, any-
way, so she’s glad it’s gone,”
he joked.

Before they start rebuilding,
the couple must decide
whether to accept a $150,000
federal grant earmarked for
preserving historical buildings.
But the money comes with
strings attached.

“If we use the grant money,
we’re more restricted,” Shute
said. “We might just take the
money out of our own pockets
and rebuild it as we can.”

Dale Womack would love to
have that choice, but neither
appears to be an option for
the shrimper, who lives on a
storm-damaged boat he can’t
afford to repair. The Shelley
Lynn, moored on the water-
front off US 90 in Louisiana’s
St Tammany Parish, keeps
taking on water and flooding
his engines.

“J just have to pray to God
it doesn’t sink on me,” he said.

Womack owes $5,000 in
back taxes to the federal goy-
ernment, so the Small Busi-
ness Administration won't
give him a disaster loan. The
Federal Emergency Manage-
ment Agency cut him a check
for $800 after Katrina, but he
doesn’t qualify for a much
larger homeowner grant
because he lives on a boat.

“Here Lam, just begging
and dying for help, and they
won't,” he said.

Womack’s boat is tied up
next to Dwayne Shockley’s

(AP Photo: Alex Brandon)

newly renovated home ona
vulnerable strip of land
between two lakes. Shockley’s
flood and homeowner insur-
ance policies covered some of
the roughly $200,000 in dam-
age. He used his savings to
pay for the rest.

Shockley’s house is in better
shape than ever, but he’s still
feeling the pain from Katrina:
His annual insurance premium
has increased from about
$4,200 to $10,000.

“This insurance thing is just
outrageous, and there doesn’t
appear to be any relief in
sight,” he said.

Mere mention of the word
“insurance” is enough to ruin
a relaxing evening for Oliver
Lancaster, who sipped a beer
on the porch outside his gut-
ted home in Biloxi. Lancast-
er’s insurer, Lexington Insur-
ance Co., blamed Katrina’s
storm surge for his home’s
destruction and refused to pay
most of his claim, saying his
policy did not cover flood
damage.

Lancaster has a reason for
believing wind, not water,
wrecked the 140-year-old
house.

During the storm, he said,
all the clocks in his collection
froze at 7:50 am — before
Katrina’s storm surge could
have reached his home.

“T know (wind) knocked it
off the foundation. I don’t
care what the insurance peo-
ple say. That’s what hap-
pened,” Said the 77-year-old
retiree, Who filed a lawsuit
against the insurer on May 24
in federal court.

A $150,000 federal grant has
helped Lancaster build a new
porch, replace walls and
doors, and install new
Sheetrock, but the grant only
pays for about half the neces-
sary repairs. He’s drawing
from his savings for the rest.

A condo developer recently
offered him more than $1 mil-
lion for the properly, but Lan-
caster turned him down. The
start of another hurricane sea-
son makes him nervous, but
he doesn’t want to leave.

“] like living on the beach,”
he said. “I'm willing to take
the risk.”
THE TRIBUNE



HURRICANE GUIDE 2007







PAGE 17E

@ THIS photo taken from the
top of the flood wall on the
Wesiern side of Inner Harbor
Navigational Canal is part of
the system that didn]t fail dur-
ing Hurricane Katrina. The
canal, a five-mile waterway’
that divides New Orleans in
half, has turned into the weak-
est spot in a levee system rid-
dled with problems, or as one
Army Corps of Engineers
commander calls it, the sys-
tem’s “Achille’s heel.”

(AP Photo: Bill Haber)

Army engineers: New Orleans still at risk for
flooding despite post-Katrina improvements

@ By CAIN BURDEAU
Associated Press Writer

NEW ORLEANS (AP) — Large
areas of this city, including sections
that are being rebuilt, remain at risk
from flooding despite more than $1
billion in work to fix and upgrade the
-hurricane protection system, accord-
ing to a new Army Corps of Engi-
neers report.

The corps released risk assessments
on a block-by-block basis in the form
of maps showing the estimated threat

. of flooding each year from hurricanes.

But the corps did not release much-
anticipated technical data accompa-
nying the risk assessment, leaving
many independent experts unable to
assess the accuracy of the agency’s
assumptions on risk.

’ The mapping was based on exten-
sive modeling and statistical analysis.
For example, in a flood that has the
likelihood of occurring at least once in
100 years, many neighbourhoods in

are often oddities

the central part of the city.that were
inundated during Katrina are now
less likely to flood because of levee
improvements.

Comparison

By comparison, other areas like the
Lower 9th Ward, Gentilly and St
Bernard Parish have not benefited
greatly from levee work done since
Katrina hit on August 29, 2005 storm
and could see as much as eight feet of
flooding.

However, nearly every part of the
city, except for a sliver along the Mis-
sissippi River where the French Quar-
ter sits, would flood under current
levee conditions in a flood that has
the likelihood of occurring once every
500 years. Katrina was a storm that
happens once every 400 years, accord-
ing to the corps.

“What we’re doing here is show-
ing people what the magnitude of the
risk is,” said Lt Gen Robert Van

Antwerp, the Corps’ chief engineer.
“The whole purpose of providing

’ this information is so people can

make a personal decision” about the
risk they face, he said.

The analysis, while not providing
a complete picture of the region’s pre-
sent and future vulnerability, wili like-
ly be used in rebuilding plans and‘by
insurance companies assessing where
to invest and where not to.

“What insurers are all about is cat-
egorizing similar risk,” said David
Rossmiller, a Portland, Oregon-based
lawyer who analyzes Katrina insur-
ance issues. But, he added, insurance
companies may not find much in the
new flood risk assessments to entice
them to start offering cheaper insur-
ance. “If anybody’s hoping rates will
go down, I doubt this study will be a
big driving point, or an-impetus to
drive the rates down a whole lot.
Overall, there’s a huge problem with
the insurance market in New
Orleans.”

tbs

Early season storms

Karen Durham-Aguilera, a corps
official overseeing levee work in New
Orleans, said insurance companies
have so far responded favourably to
the new data because it shows some
areas now face. less risk. The new
maps were developed by testing a
variety of features, including levees
and topography, against 152 possible
future storms. The maps, which take a
snapshot of the risk on June 1 of this
year, will be updated as upgrades to
the system are made.

Maps

What the maps fail to show, though,
is what kind of risk areas face once
the corps finishes work to protect the
city from a 100-year storm, which is
expected to be done by 2011.

Ed Link, an engineer with the Uni-
versity of Maryland who oversaw the
analysis, said he expects most areas of
the city will face much less chance of
flooding once that work is done.

The corps said this is the first time
an entire levee system’s risk potential
has been assessed. The same model-
ing will be performed on other flood
defense systems around the nation in
the future, corps officials said.

J David Rogers, an engineer at the
University of Missouri-Rolla involved
in a study of levee failures commis-
sioned by the National Science Foun-
dation, said a meaningful assessment
of the corps’ risk study is not possible
without the technical assumptions.

Instead of showing what risk each
part of the city has in a particular hur-
ricane, the corps study looks at the .
probability of flooding in any given
year. “We’re trying to get away from
the probability of storms because it
leads to a lot of confusion about the
probability of being flooding,” Link
said. He said the maps were issued
without the technical data because
the information was deemed so criti-
cal that delaying the data was not jus-

_ tifiable.

items for your home
. or the shelter,



@ By TIM O’MEILIA
Cox News Service



WEST PALM BEACH, Florida — The
start of hurricane season was a storm shutter
salesman’s dream: two named storms by the
time the starting bell had rung June 1.

Andrea and Barry, serious enough to make
people think about home protection but too
weak to do any real home damage — unless
erosion chewed the beach right up to your
condo patio.

Since then: zip, zero, nada. A three-week
drought of storms.

So, what’s it all mean? Put up the shutters
now or start drinking those gallon jugs of
water? And what does El Nino have to do
with it?

“Early season storms have little or nothing
to do with peak of season activity,” said
Richard Knapp, a senior forecaster at the
National Hurricane Center in Miami.

“Often we’ve had one June storm and we’ve
had a strong peak season. And we’ve had
Junes without a storm when the peak of the
season hasn’t been as strong,” he said.

In 2003, the tropics had spawned two trop-
ical storms by the end of June, concluding

. with two in December, for a total of 16 named
storms.
A year later, the first storm didn’t form
until July 31, then the season exploded with
Charley, Frances, Ivan and Jeanne striking
Florida within a 45-day period.
Fourteen of 2004’s 15 storms were com-
pacted into 73 days from July 31 to October
11. The 16 storms of 2003 were nicely spread
over seven months.
Only September had as many as four
storms.
“It can be a quiet season through July, then
all.of a sudden, BOOM,” Knapp said.
Truth be told, the early season storms are
often oddities, cyclonic anomalies with little
connection to the real storm season.
Subtropical Storm Andrea, which materi-
alized May 9, was the first May storm in 26
years, a hybrid born as an extra-tropical storm
off the south Georgia-north Florida coast that
briefly adopted warm-water storm character-
istics.
In its two-day life, June 1-2, Barry earned a
tropical storm tag by generating thunder-
storms near its center before sliding over land
north of Tampa.
“It’s usual for June and July to be pretty
quiet,” said Chris Landsea, a storm researcher
for the National Hurricane Center. “A large
majority of the storms come in August, Sep-
tember and October.”

Seventy-seven per cent, to be exact, accord-
ing to National Hurricane Center records.





In 2000, 15 storms formed, all of them in the

Big 3 storm months.

Of 455 named storms since 1996, only 69
have swirled to life in June or July, an average
of less than two per year.

On the flip side, five storms had formed by
the end of July in 1997, two of them hurri-
canes, suggesting a busy year. But only three
more happened the rest of the year.

“You can’t judge anything by what hap-
pens early. There’s just no connection,” said
semi-retired Florida State University hurri-
cane expert

James O’Brien, former state meteorologist.

Federal forecasters have predicted above
average storm activity this year, after E] Nino
stunted last year’s season at the end of Sep-
tember with nine named storms. E] Nino is the
term given for warming waters off the Pacific
South American coast that results in winds
that shear forming storms in the Atlantic
Ocean.

Tropical

The NOAA forecast is for 12 to 17 tropical
storms, seven to 10 of them hurricanes and
three to five storms of Category 3 or stronger.
While that’s above average based on weather
records dating to 1851, it’s in the normal range
for the past 12 years.

From 1995, the Atlantic storm basin has
averaged 14.7 tropical storms, 8.1 hurricanes
and 3.9 major hurricanes per year.

“We’re still expecting an active season,”
said National Weather Service meteorologist
Dennis Fettgen. “We don’t see signs of an El
Nino yet. At best we see neutral conditions
and, at worst, conditions for an active sea-
son.”

Despite the two early storms, this has been
a typical June, said the hurricane center’s
Knapp.

A low pressure area of thunderstorms off
Florida’s Atlantic coast has little chance of
developing because of the tell-tale “fairly sig-
nificant upper-level westerly winds that shear
off the tops of the thunderstorms,” he said.

Strong westerlies are typical of June. That
pattern is likely to continue for weeks.

“The further out you try to forecast, the
more uncertain it is,” Knapp said. “Let’s just
wait to see what things look like at the end of
July.”

Whatever the mid-season outlook, fore-
casters always point to 1992, when Category 5
Hurricane Andrew ripped through Home-
stead in Miami-Dade County. Only seven
storms formed that year and one was sub-
tropical.

“JT know it’s a cliche, but it’s a cliche because
it’s true,” Knapp said. “It only takes one.”







eR}
Hurricane Preparedness Grocery List |

FOOD SUPPLIES

Get enough nonperishable foods now
for two weeks. Then set aside. Avoid
foods that are salty or dry or high in fat
or protein; they'll make you thirsty.
You'll have to purchase last minute
items that cannot be stored.

__.Water: 2 quarts to 1 gallon per
person per day (purchase 2 week's
supply)

__Ice

__Shelf-package juice and milk boxes

__Canned and powdered milk

___Beverages (powdered or canned,
fruit juices, instant coffee, tea)

__Prepared foods (canned soups, beef,

spaghetti, tuna, chicken, ham,
corned beef, sausages, packaged
pudding)

__Canned vegetables and fruits

__Dried fruits
__ Snacks (crackers, cookies, hard
candy, nuts)
__Snack spreads (peanut butter,
cheese spreads, jelly)

__ Cereals

__ Sugar; salt, pepper

__ Bread

__Raw vegetables

__ Supplement drinks

___ Special dietary foods or bars

PET SUPPLIES

__Non-spill food and water containers
__Dry and canned pet food
___Pet medication

__leash, harness and toys

ENTERTAINMENT
SUPPLIES

__Colourbooks __ Crayons
__Puzzles or games

_Stationery, envelopes and folders
___Pens and pencils

KITCHEN SUPPLIES

___Manual can opener

___ Bottle opener

__Matches in a water tight container

___Camp stove or other cooking
device and plenty of fuel (Use
canned fuel, not charcoal or gas)

__Sterno

__Ice chests or coolers
___Paper plates, napkins

___Plastic cups, knives, forks, spoons

__ Plastic storage bags (resealable)

__foil and Saran Wrap

__ Paper Towels (in water tight
container)

__Garbage bags and ties

__Mop

__Bucket

___Bleach

__kKitchen gloves

HOUSEHOLD ITEMS

__Towels
__ Sunglasses
__ Sunscreen

__ Camera/Film

BABY NEEDS

___Disposable diapers

___Wipes
Diaper-rash ointment, petroleum
jelly

___Baby medicines (pain, cold,
cough)

__Medicine dropper

_ Extra formula, baby food, juice

EVe.’

TOILETRIES &
SANITATION ITEMS

__Medicines (pain reliever,
anti-diarrhoea antacid, vitamins, etc.)

__Insect repellent

___First aid kits

__Bandaids

___loilet Paper

___Hair brush and comb

__Toothbrushes and Toothpaste

___Soap, liquid detergent

___Shampoo

___ Feminine hygiene products

__ Adult disposable garment

__Disinfectant

__ Household or chlorine bleach

__Wipes

EMERGENCY TOILET

__ Small can or garbage can with fight lid

__Plastic bags for liners

__ Disinfectant or bleach
__ Deodorizer

TOOLS & SUPPLIES

__ Hand tools - hammer, screwdrivers
__ Plastic sheeting

__Rope

__ Sturdy working gloves

__ Duct tape

__ Flashlights

__ Batteries

__ Plastic storage containers
__ Matches

__Candles

___Hurricane Lamps

___Bbq Grills and supplies

__ Garbage Bags - different sizes
__ Garbage Bins (water storage)

“

SC ye for, LOM,

qe

There are 12 City Market Locations to serve you

New Providence: Cable Beach 327 7955, Harbour Bay 393 6060,
Independence Drive 341 2842, Lyford Cay 362 4283, Oakes Field 328 6046, Rosetta Street 356 2351,

Sea Grape Shopping Centre 324 0946, South Beach 392 7126, Village Road 393 2666.

Grand Bahama: Downtown Freeport 352 7901, 8 Mile Rock 348 3644, Lucaya 373 5500

Bahamas Supermarkets Limited. East West Highway. 242 393 2830. Support Centre Freeport 242 352-7902


+

PAGE 18E

HURRICAN

THE TRIBUNE



MYTH

‘THE walls of my house are made of
solid reinforced concrete, they're
impregnable.

FACT

A 74 mph wind (the minimum
windspeed of a hurricane) has the
ability to drive a piece of 2x4 lumber
through a reinforced concrete wall
four inches thick. Imagine how dead-
lv. faster windspeeds and larger
objects can be. This is one reason why
you should never venture outside
unless you have to.



MYTH

YOU should close and board up
all doors and windows especially on
the storm side. During a hurricane
the doors and windows on the lee side
can be opened to release the pres-
sure.

FACT

NEVER open a door or window
during a hurricane. Every door and
window should be closed (and shut-
tered) for the duration of the storm.

The difference in pressure between
inside your house and outside during
the storm is insignificant because no
house is airtight. Hurricane winds are
very turbulent and an open door or
window can easily be torn from its

hinges.
ok of ok ok ok ok ok ok ok ok

MYTH
THE size of a hurricane is an indi-
cation of its strength.

« FACT

THE extent of the cloud cover sur-
rounding a hurricane bears no rela-
tionship to its strength. Strength is
measured according to the maximum

sustained wind speed.
ok of of of of als ok ok of ok

MYTH
FRICTION over land kills a hurri-
cane.

FACT

DURING landfall, increased fric-
tion over land acts in a contradictory
manner. It both decreases sustained
wind speed and increases the intensi-
ty of the gusts felt at the surface.

MYTH
A HURRICANE is really a high
wind event.

FACT

WIND accounts for about three per
cent of a hurricane’s energy. Mois-
ture condensation and rainfall make
up most of the rest.

Hurricane-induced flood-related
deaths outnumber all the other hur-

ricane-related fatalities. Sea surges”

causing severe flooding have meant
that some hurricane evacuees have
had to spend more than eight weeks

in emergency shelters.
skis



MYTH

THERE’S only a 50 mph differ--

ence between a 100 and a 150 mph
hurricane, so it’s not worth panick-
ing about.

FACT

AS wind speed increases the force
exerted by the wind grows exponen-
tially. Each time the wind speed 1s
doubled, the force exerted multiplies
by four.

So if you triple the wind speed. the
force exerted multiplies by nine.
Therefore when compared to a 50
mph wind, a 100 mph wind has four
times the force and a 150 mph wind
has nine times the force.



MYTH
LIGHT candles if the power goes
out.

FACT

NEVER use gas or oil lanterns and
try not to use candles during a storm.
If you start a fire accidentally, emer-
gency responders may not be able to
attend. Use flash lights or battery-

powered lanterns where possible.
sksk xk



MYTH
WHEN a hurricane strikes it’s only
the sea surge that causes flooding.

FACT

EVEN though sea surges are his-
torically the biggest killer, far more
people have died inland over the past
three decades as a result of flooding

triggered by heavy rains associated



@ THE FORCE OF MOTHER NATURE — A 74 mph wind (the minimum windspeed of a hurricane) has the ability
to drive a piece of 2x4 lumber through a reinforced concrete wall four inches thick. Imagine how deadly, faster wind-
speeds and larger objects can be. This is one reason why you should never venture outside unless you have to.

with hurricanes.
pic ois 2 ok 2 ois ok ok ok

MYTH

IF you live more than half-a-mile
inland you don’t have to worry about
a sea surge, even if you live at sea
level.

FACT ;
FEW locations are capable of fend-
ing off a 10 foot plus sea surge. Most

A eMC murey(ucra st lN nic. Cue)
Pe MAU Se

BAHAMAS
VASTE.

flood defenses are designed to keep
sea water out, so if the water pene-
trates the barrier, it has nowhere to
go. Canal systems and lakes offer no
protection as they tend to magnify

the effects of a sea surge.
fe fe ole fe sie sk oft ok ok ok

MYTH

THE weather looks okay even
though the media are saying that a
Category 4 hurricane will make land-

fall. When the weather starts to dete-
riorate that’s the time to evacuate.

FACT

THIS can be one of the most dan-
gerdus decisions you make. Storm
paths are unpredictable; waiting until
the last minute can leave you with no
place to go to escape a storm’s fury.
The advice is to gather your posses-
sions, secure your home and leave as
quickly and safely as possible.



BAHAMAS
WASTE













ae ae. ae ee Se ae

- ee ee wm
"THE TRIBUNE

woth



te ao eee s
i
oe | RRR

_As Caring Citizens of This Country
Po ras LETS ASSISt Our Red Cross
} sin Every Way Possible
~ During This Hurricane Season







“ ’

t



"*

PAGE 19E







PAGE 20E



Yel: (242) 393-4002





Fax: (242) 393-4096 - Nassau, Bahamas













Prepare early for

ee



Hurricane Season...

we have all the supplies you'll need!

mCi i cele

O) Candles & Holders
eR le

O Lamp Oil

_j Buckets
. Chain Saws
4) Tools
O Window Tape
QO Sterno
) Rope
Qj Flashlights
Q Battery Clocks
=F CE tr)
QO Cut Nails.
and much, more!

a B18] 0) ey
C] AM/FM Battery Radios
QO) Battery Lamps

©) Manual Can Openers
QO Garbage Bags
Coolers (all sizes)

Q Plastic Containers

_) Fuel Containers

U Blankets & Sheets
LU Sleeping Bags

leer tetas

Pete Be Da ecinw isola)



Kelly’s Lumber Yard
Fost Street
All your Lumber and

building supply needs!

, i Valera
e S Home
Lior eva Ch Kw Or eee Hee
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see RS

A sensmioapess oon nan aaa otS