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 )

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Full Text
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then Pm lovin’ it.



SUN, SOME

~~ CLOUDS



Volume: 103 No.189



Tourism ‘seizing best lant’,
argue 2/3 of Bahamians

SEE FRONT PAGE OF BUSINESS SECTION





=m Lhe Iribune

he Hiami Herald

BAHAMAS EDITION

MONDAY, JULY 9, 2007

Mort ern aaa









PRICE — 75 ge

MEDAL JOY FOR THE BAHAMAS



PLP Senate challenge file

Christie announces
action over appointment
of Tanya Wright

@ By RUPERT MISSICK Jr
Chief Report



THE PLP’s challenge of Tanya
Wright’s appointment to the senate
has been filed in the Supreme
Court and has already been served
on the Attorney General, PLP

leader Perry Christie said yester- .

day during a webchat with PLP
supporters on the party’s website.

In May, Michael Halkitis and
Tanya Wright were appointed to
two of the three remaining Senate
seats.

When Ms Wright was selected
by Prime Minister Hubert Ingra-
ham, opposition leader Perry
Christie objected, but was over-
ruled by Mr Ingraham under the
provision of article 79(5) of the
constitution, which empowers him
to continue with his appointment
even if the opposition leader
objects.

However, the PLP said that in
keeping with the provisions of arti-
cle 40, the seat that Ms Wright now
holds should have gone to a PLP
member.

The opposition has also
launched petitions to challenge the
outcome of the results of three
seats, Marco City, Blue Hills and
Pinewood in election court. If suc-
cessful it would give the party a
one seat majority.

Yesterday Mr Christie said that
the PLP is determined to regain
the government either through the
court or in an election and said
that he has no doubt that Prime
Minister Hubert Ingraham will
exercise his right “very soon” and
call for a general election.

PLPs have, since announcing
their plans to challenge the results
of the election in the aforemen-
tioned areas, claimed that there
will be a general election earlier
than 2012.

Members of the party claim to



Seen









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see evidence of government MPs
campaigning in areas in anticipa-
tion of this “snap” election.

“We have heard many things,
however our eyes are firmly set on
regaining the government, either
through the court or in an elec-
tion,” Mr Christie told his sup-
porters.

He repeated a call that he had
made before in urging all PLPs
who have not yet registered to
vote, to do so immediately.

“If you know of someone who is
eligible but not registered, get them
registered. We cannot miss the
next opportunity to cast our ballots
as I expect the Prime Minister
could exercise his rights relatively
soon,” the opposition leader said.

“This question is one we have
been dealing with the past week
and our view is that one need not
wait on a candidate to begin the
work in your communities,” he
said.

“We have a process that, once
completed, will allow all of our
candidates to catch up with the
teams on the ground.

“You guys are the tip of the
spear and therefore must not hold
back.”

Man shot
to death

THE Bahamas recorded its
forty-third homicide last night
when a young man in his late
teens was shot to death in the
vicinity of Thomas A Robinson
Sports Centre’s track and field.

The shooting took place short-
ly after 9pm. Police could not con-
firm the youth’s identity, nor the
reason for the shooting, but did
confirm that he had been shot in
his chest.





MSL Col mel teow Mer Cel clos
eel) cit SA eaheky or. NIA annie Cts tae ttt ch heheh








@ PRIME Minister Hubert rt Ingraham and his wife Delores listen yesterday andaig the ecumenical church service at Sir Kendal
Isaacs Gymnasium. The service was held as part of the 34th Bahamas Independence celebrations.



Police alerted after
military device is
washed up on beach -

@ By RUPERT MISSICK Jr
Chief Reporter

Christie: FNM attempt to
claim Urban Renewal
ownership ‘laughable’ -

@ By RUPERT MISSICK Jr
Chief Reporter





SECURITY officers at a Grand Bahama
Primary school alerted police over the
weekend of the presence of a military grade
ordinance that washed up on the beach in
the Lewis Yard area.

The security guards, who are attached
to the Lewis Yard Primary School, made
the report after they discovered children in
the area bringing the object in from the
beach.

Police received information about the
discovery around 8.35 Saturday evening
and dispatched a team of uniformed and
plainclothes officers with a bomb disposal
expert to investigate.

The device, which had US military mark-

ings and is approximately one and a half :

feet long, was retrieved from the water in
the blue hole opposite the school where it
was reportedly brought from the beach by
the children who live in the area.

Grand Bahama fire services personnel
scoher have the gray canister in their

No one was hurt by the object and it is
still not known whether it is active or not.
This incident could have ended more

SEE page 14






Quiznos






srerong eine mantoakyapsNton hy Sain nent hw tagnton patel ttt Sen Acs weet Weta

SAH AMA

FRESH AND TOASTY

BREAKFAST

LIOOAUING DS 6

THE, “attempt”
the Urban Renewal Programme by the
FNM is “laughable and is something that
ought not to be given more serious atten-
tion than it deserves”, PLP leader Perry
Christie said yesterday.

The former prime minister was respond-
ing to assertions by the FNM that the
award winning urban renewal programme
began in the year 2000 rather than with
Mr Christie’s administration.

“I suppose next week there will be some
announcement from that side that I was
never Prime Minister of the Common-
wealth of the Bahamas,” Mr Christie said.

Mr Christie made the statement during a
webchat with PLP supporters yesterday on
the party’s website.

Last week at a press conference Ken-
neth Russell, the minister responsible for
the programme, moved to correct what he
described as the “perception that urban
renewal is or was the brainchild of former
prime minister Perry G. Christie.”

He said that the first proposals for urban
renewal were put forth by Prime Minister
Hubert Ingraham in 2000.

SEE page 14

RG se ale .

Palmdale ‘ Paradine ‘Toland Oakes Field
Major Greult Garde Accepted

(Photo: Tim Clarke/Tribune staff)



ed

US concern
over security at
Caribbean ports

; Mi By KARIN HERIG
to claim ownership of :

Tribune Staff Reporter

THE United States is concerned about a

: number of “overarching” security concerns
; as they relate to all Caribbean ports,
; according to a new report.

The US Government Accountability

i Organisation (GOA) yesterday presenied
: Congress with a report that raised con-
: cerns about lax security, poorly trained
: port security personnel and the growing
influence of radical Islamic groups in the

Caribbean region.
“While intelligence sources report that

: no specific, credible terrorist threats to
: maritime security exists in the Caribbean

Basin, the officials we spoke to indicated

: that there are a number of security con-
: cerns that could affect port security in the
} region,”

the GAO report said.
The report further said that “given the

i volume and value of maritime trade (in
: the Caribbean), the facilities
: structure of the maritime trans;

and infra-
Ortation

: system may be attractive targets for a ter-
: rorist attack.”

The GAO said that there are also a num-

SEE page 14




Breakfast
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PAGE 2, MONDAY, JULY 9, 2007

THE TRIBUNE



LOCAL NEWS

Defence
Force
apprehends
76 Haitians
in Exumas

WHILE on routine patrol
in the Central Bahamas
over the weekend, crew
members of HMBS P-43
under the command of Chief
Petty Officer Berkley
Thompson apprehended 76
Haitian nationals.

The men and women
were taken aboard the
40-foot patrol craft and
arrived in New Providence
early Saturday morning
where they were all turned
over to immigration
authorities for processing.

The group, made up of
63 men and 13 women, was
apprehended 7.5 nautical
miles off Halls Point, in the
Exuma chain at 6.34 pm on
Friday.

Family of four







escapes blaze

GRAND BAHAMA:
Tragedy was narrowly averted
early Friday morning when fire
broke out in a two-storey apart-
ment complex in Caravel Beach
while a family of four slept.

Two fire units rushed to the
corner of East Atlantic Drive
and Amberjack Street where
flames were seen coming from
apartment No. 3 on the second
floor of the four-unit complex.
It took fire fighters about 45
minutes to extinguish the rag-
ing blaze, but not before exten-
sive damage had been done to
the kitchen, sitting room and
back bedrooms of the apart-

ment, said Chief Superinten-
dent Basil Rahming. Apart-
ments Nos. 1 and 4 were dam-
aged by smoke and water. The
fire broke out around 1. 10am
Friday.

Ms Mervie Knowles, 46, told
investigators that she and her
family had been watching tele-
vision when the electricity went
off. As a result they all went to
bed.

Sometime later she was wak-
ened by her 17-year-old son,
Emmanuel Fox, screaming that
the apartment was on fire.

Ms Knowles said that as she
ran from the building she

‘noticed that the fire was coming

from the kitchen area and that
the power was back on.

No one was hurt, but damage
to the apartment was estimated
at around $50,000.

It is understood that the
building, which is said to be
owned by Mrs Elizabeth Russell
and Mr Damien Fox, is not
insured.

Although investigations had
not been completed by Friday
evening, fire officials suspect
that some shortage occurred
when the power surged back
on. It is believed that this might
have ignited the blaze.

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THE TRIBUNE

LOCAL NEWS

MONDAY, JULY 9, 2007, PAGE 3



© In brief

$24,000 of
marijuana
discovered
in house raid

TWO persons have been
arrested after police searched a
home in western New Provi-
dence

According to Assistant
Superintendent Walter Evans,
on Saturday morning just after
midnight, officers from the
Drug Enforcement Unit acted
on a tip and conducted the
search.

Mr Evans said: “Officers, as
they got thére; they found in a
blue and white cooler six taped
packages of marijuana. The offi-
cers collected those products,
and the marijuana has a street
~ value of over $24,000 — weigh-
ing 24 pounds.”

A 40-year-old man, and 36-
year-old woman were arrested
in connection with this matter.

“We urge the public to con-
tinue to support us as we con-
tinue to move these drugs from
our streets,” Mr Evans said.

Seventeen
bullets are
handed in
to police

SEVENTEEN bullets were
turned over to police at around
8am Saturday by a “concerned
citizen” who police say lives in
central New Providence.

Fifteen of the bullets were for
a 9mm hand gun, and the final
two were for a 0.38 hand gun.

All of these were turned over to

the police.

Gunman
raids booth
in armed
robbery

POLICE reported an armed
robbery of a Quickcell booth
off Bernard Road around 3pm
on Saturday.

According to ASP Evans, the
lone gunman approached the
employee and robbed him of

$700 cash, and $60 worth of.

phone cards. The gunman then
escaped on foot, later making
his getaway on a nearby 650
trail motorbike.

Police investigations continue
into these matters.

Newspaper
vendor is
robbed on
the street

A STREETSIDE newspaper
vendor was robbed yesterday
morning while on the job.

Rubin Fleming was heading
towards Wulff Road after col-
lecting 80 newspapers for him-
self and a friend to sell.

While he was driving, two
men in a light blue Honda start-
ed to chase him.

In his attempt to speed away
from them, Mr Fleming hit the
car of a lady who is now in the
hospital.

The two men smashed his —

windshield and got into his car.
Scared that they might hurt him,
he told the men to take what-
ever they wanted.

Mr. Fleming was robbed of
the few dollars he had on him
before they got out of his car.

The only description he could
give of the men was that one
had dreadlocks.

The incident has been report-
ed to the police.

Share
your
news

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

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

TROPICAL
EXTERMINATORS
MSHI E
PHONE: 322-2157



Christie ‘may stay for
more year after convention’

OPPOSITION leader
Perry Christie may stay on
for an additional year as
leader of the PLP follow-
ing the party’s annual con-
vention in November, party
insiders claim.

The challenge over the
leadership of the PLP is
currently being fought
behind the scenes with front
runners, Dr Bernard Not-
tage, Obie Wilchcombe,
and to a lesser extent
Allyson Me qynard- Gibson
and Fred Mitchell.

However, sources
revealed that Mr Christie
will not be moved in the
foreseeable future as the
party hopes to cause a snap
election within the next 18
months by continuing to
pressure the FNM and
threaten their slim majority
in the House of Assembly.

Therefore, the presence
of a leader, without the

trauma the party could go
through with in a transition
of power is vital for its sur-
vival for the foreseeable
future.

Of the four contestants,





PERRY Christie

eo? @¢@ @ @ @ © @ ®@

Cushions

(any size any quan

Dr Nottage remains in front.
He will inevitably inherit the
support that Mr Christie cur-
rently enjoys. Despite her
wealth, Mrs Maynard-Gibson
remains with Mr Mitchell at the
bottom of the scale in terms of
base support for the position.
Mr Wilchcombe, despite his
charisma is still overshadowed
by the experience and name
recognition of Dr Nottage, it
was claimed.

However, the position of
deputy leader is expected to
change.

The current deputy leader

MAIN SECTION

Cynthia Pratt is expected to
gracefully bow out of front line
politics at the November con-
vention. To fill this position, a
“young” — if not in actuality
then in appearance — deputy
must be elected to this position,
sources claim. This move, it was
revealed, would be done to con-
tinue the impression that the
PLP is the party for the young
in order to hopefully persuade
first time voters to their side
whenever the next general elec-
tion is called.

Those seen to be in the run-
ning for the deputy leader’s

Local News...P1 2 3.5, 6, r 8, 9, 10 1

Local NOWS esses:
_Editorial/Letters. ....
AOVIS ccc
COMICS...
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position continue to be Frank
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However, the most probable

outcome, as one source claimed,
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\GE 4, MONDAY, JULY 9, 2007

EDITORIAL/LETTERS TO THE EDITOR

It would be more

The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

A litany of complaints against PLP

FORMER Prime Minister Perry Christie’s

prudent government would be well advised to

THE TRIBUNE

appropriate to
celebrate universal.
adult suffrage

EDITOR, The Tribune.

NOT long ago, a friend
came close to accusing me of
harbouring a decided pro-
clivity towards saying things
ungenerous regarding the
PLP. I suppose the content
of this letter, which I have
finally gained the courage to
write, will likely now push
the individual over the edge
in forming an opinion one
way or the other..,

Yet, it has never been my
nature to circumspectly nav-
igate a subject and I have no
intention of doing so at this
stage of the game.

Prior to launching into this

LETTERS

letters@tribunemedia.net



sive as “majority rule”.

In my view, the proposal
being proffered appears to
be nothing more than a self
serving effort by some to
have the anniversary of the
PLP’s first victory at the
polls indelibly entrenched in
history to the exclusion of
poll victories by all others.

Why should the PLP’s vic-
tory over the supposed racist
UBP in 1967 be celebrated
while the FNM’s victory over

That youthful experience
of rank prejudice, which |
remains indelibly etched in
my mind, no doubt influ-
enced my decision to travel
home from university in 1967
to cast my ballot for the very |



t

Jf)

first time. I voted for the *:

PLP, a black government.

However, I am painfully »”

aware that prejudice comes
in all colours.

Sometime around 1970, as |
a young graduate engineer °
working for one of the public

-

corporations, I was afforded °°
the opportunity to meet with »

a particular Government
minister, in an effort to'

secure permission for an ?

@}

it

| sovty to ruin government hat he gh Gheck everything inthe best interest ofthe | proygeaive and likely con- the “drug smeared”, “nation easement over a commer Of
Pee ee eee te ee eee i i or sale in is ‘4
' seems almost obscene when one considers that Then there are the promised low cost homes. Tegal Cpe feel ebliged swept aside? the minister’ peierens The
| the peril our tourist industry is now in demands The PLP promised low cost homes in abun- OR Oreo the: GAL Ao LR LLaYy Teadothe: eelobearinn as request was being made so , ,
| the attention of all Bahamians — particularly dance during the 2002 election campaign. Under chest. that affordable utility service : »

government and opposition.

the 1968 Housing Act the Minister was empow-

Ever since the results of

called for, surely it would be

could be provided to a num-





We find it particularly offensive when it is ered to promote the “construction of new the 2007 General Elections more appropriate to cele- ber of households at the rear “7
‘ recalled the lengths to which the Christie gov- dwelling houses of sound construction.” became evident, many PLPs__brate the attainment of uni- of the minister’s property. |
ernment went to keep the truth about tourism True to their promise the PLP opened many have resorted to behaving versal adult suffrage (one The government minister
figures from the voters before they went to the low cost housing projects with much fanfare, like curmudgeons. Unseemly Man one vote) in 1962. The was black. The owners/occu-
polls on May 2. How can anyone forget that a but it was soon found that they were not of behaviour has not only been outcome of the initial elec- pants of the households were i
| prime Eaimistes who promised accountability and sound construction.” _ the order of the day for _ tion following the attainment poor, black folk. i
; {ransparency would get up on a public platform The FNM also promised affordable housing fth ty’ t of “one man one vote” does Th inisier’ ’
{ and assure voters that more tourists were com- during the 2007 campaign, but now that they Da eae) Pee te eee ae thi tisfy the ulti ee ae cage ,
ing. This “more were coming” comment for are in power, in the words of Housing Minister ers at large, such behaviour erge Nc mee e z PLES ae ass the EEA. . }
| 2007 was against a backdrop of five million vis- Kenneth Russell, the FNM’s planned housing has also been very much in mate motive of the : _ That episode also remains 4
itor arrivals for 2005. As Mr Christie stood on programme will have to be “significantly amend- -} evidence among the 18 party Alternatively, more col- indelibly etched in my mind. }
the platform that night. those in the industry ed,” because most of their budget will have to be members who succeeded in _ lective energies ought to be I refuse to countenance the ,
knew that tourism was in a lot of trouble. The spent on making the PLP-built homes livable. their election bids as wellas put into the celebration of potion of one group of |
Tribune also knew. But the government was He told the House of the shoddy workman- the even larger number of 21 Independence, an achieve- - Bahamians even harbouring a
carefully guarding the 20V6 tourism figures. In ship on these subdivisions. One house, he said, party candidates who the ment which all Bahamians, the slightest notion of domin- ‘
2005 this country did indeed have 5 million vis- which cost $61,847 to build had so many flaws electorate rejected regardless of ethnicity, jon or dominance over '
itors, but by October, 2006 that figure had that quotes for needed repairs ranged from ‘. ‘
already fallen to 3.9 million and Reena to $55,000 to $60,000. “There has to be something Fora number of years rons Sd be equally proud. another ON Any celebra- a
hoteliers by DOO ReEStREL Ai isti ny ete, several individuals, PLPs in _ Having been born in the tion along such lines is anath-
oteliers by 2007 — the night Mr Christie gave very wrong when it costs almost as much to 2 dO4nerandhaviie bee b d
ais rah-rah speech — the figures were still falling. repair a home as it did to build it,” said Mr Rus- particular, have been push- | aving Deen sub- ema for me. I hope all well «
\nd so for him to say that “more (tourists) were sell. ing to secure support for a jectedtoaninstance ofrank thinking Bahamians feel sim- /
oming” in 2007 was not true. His statement “When the PLP government took over in “majority rule” public holi- prejudice, when I attempted _ jlarly. "
oldly contradicted the facts. 2002, it did not have to deal with the litany of day. For some “die hards” to gain admission to the For me its....One eee ;
After the election Bahamians were told the complaints that have surfaced about their hous- matory rule has been like Savoy Theatre at arather One Batis “«
ily truth We donot think they vere ‘tmipressed.’*~’ ing programme in 2007,” Mr Russell told the : “polestar”. tender age, I might easily = 4
\nd for his party to think that dfter five-years of ~~ ~“House, “the correction of which will slow us I view the push, which for- have allowed myself to be MICHAEL * “3
ig talk and little action, voters would want the a down in realising our goal of facilitating the tunately has failed to gain aligned with the notion of R MOSS
| Christie government back is nothie moréthan * ‘construction of 3000 affordable homes by pro- lebrating “maiori le”:
| Re a ea ee tae . widespread traction, as being celebrating “majority rule’; Freeport,
g either fully serviced lots and/or newly Bieahinckhoaoneritand on
ut as usual, instead of putting the people’s constructed houses.” reprehensible though not O18 Peele: Bahamas,
/ _-nterests first, they are thinking only of them- “How was it,” Mr Russell asked, “that there inconsistent with the divisive dem folks”. July, 2007.

|
j
|
|
|
|





‘Ives. Their only concern is how to get back into
ie seat of power.

For five years the Christie government
‘romised to rebuild the downtown straw market.
\fter the election there was still no straw mar-

wet, but there was a lot of confusion. There was
onfusion because, although plans were being
lrawn, the Bahamian people were not being
kept in the picture. However, their hopes were
kept up every time there was a flutter of activi-
ty on the site. What they didn’t know — and
were not told — was that the start-and-stop
activily was indicating problems. Added to which

were so many allegations of corruption in the
process, allegations of lack of transparency
regarding contracts to construct affordable hous-
ing from 2002-05, that the Royal Bahamas Police
Force was required to investigate those claims?”

He reminded the House that the Christie
government did not provide records in response
to The Tribune’s request. It was not until
November 1, 2005 when The Tribune obtained
the records from other sources that it could
report that there appeared to be unaccounted

_ funds from various housing contracts.

Mr Russell pledged that his Ministry would



posturing of the PLP over
the years and during the
recent General Election
campaign, in particular. For
surely, rather than emphasis
being placed on the fact that
“all a we is one”, as we
should, the celebration of
“majority rule” inherently
conveys a notion of one
group holding preeminence
over another group or alter-

Response to Chinua
J Miller letter

EDITOR, The Tribune.

EXCELLENT letter Mr Miller (Chinua A J Miller - Tri-

the estimated cost was more than the country “seek the answers to those questions, and will nately the subjugation of one _ bune, July 6, 2007). I totally and completely agree with you. It’s
could afford. ensure that at the end of its term, rampant dis- group by another. a pity our politicians are illiterate and the general public does-
All of this information came out only after the content and a multiplicity of complaints are not I know of no other country nt read.
election. at ie its legacy to the Bahamian people. in the region, each of whom
The former government is now complaining With answers to so many questions still pend- h hist eration TONY
about their decisions being second-guessed by ing what makes the Christie government think aes 8 res Pee? DUNCOMBE
the new government. From what has already that Bahamians would welcome them back as who celebrate or who would N
been leaked out as to the true state of affairs, a the government? even harbour a notion of cel- Sey
ebrating something so divi- July 6,.2007.

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Development
at Breezes to
continue in
September

ON the back of negative
‘ reports about the state of the

tourism industry, SuperClubs
Breezes confirmed that the
first phase of its current
development programme,
which started last year, will
recommence in September.

The September work
involves new guest bath-
rooms, balcony doors, flat
screen televisions. and a num-
ber of other product
enhancements. ’

Last year all of the guest
bedrooms were refurnished.

Breezes emphasised that
guests services would not be
affected as the work would
be taking place inside indi-
vidual bedrooms.

Unfortunately, the phase
involving the addition of
almost 200 suites, new sports
facilities, restaurants and
swimming poois have been
delayed awaiting the reloca-
tion of West Bay Street.

That project has forced
changes of the original sports
complex and parking facili-
ties. This has been very cost-
ly to SuperClubs as it esti-
mates that each year’s delay
costs it approximately
$3,000,000.

Share
your
news

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



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HB NEW Royal Bahamas Police Force band conductor, Inspector .Anthony
Butler during the fourth movement, Espana

GIVEN the relatively high
price for food and the vast dif-
ferences in average income
between its various islands as
well as between household
incomes per island, Bahamian
households, particularly those
on the islands in the lower
income range, are vulnerable to
inadequate food intake, accord-
ing to the Food and Agriculture
Organisation of the United
Nations, Bahamas report.

No national surveys on food
consumption have been carried
out in the Bahamas.

However, the available data
indicate that the changes in the
consumption pattern over the
past 20-30 years have led to
increased consumption of food
from animal (fatty foods), sugar
and sugar products, and salt.

This coupled with a decrease
in the consumption of fruits,
vegetables and complex carbo-
hydrates, along with a seden-
tary lifestyle, including a lack
of exercise, may in large part
be responsible for the preva-
lence of obesity and overweight
in the country.

These facts are being publi-
cised by GNLD International
as it opens up for business in
the Bahamas.

GNLD specialises in vitamins

Available at

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and minerals, protein supple-
ments, whole-food concentrate:s,
as well as personal and skin care
products.

It aims to strike a balance
between nutrition, disease pire-
vention and helping people to
secure their financial future.

The story of this company
which has been providing prood-
ucts and home-business oppior-
tunities for nearly SO years, is
about to unfold, as GNLD aidds
the Bahamas to its over 53
worldwide locations.












The Bahamas grand opening
event is to start July 12, Nassau
Hilton

GNLD describes itself as “a
company that consumers and
distributors turn to as a leading
source for nutritional supple-
ments as well as a time-tested
financial growth opportunity
and remarkable stability”.

GNLD is a global family,
making a positive difference in
the lives of people seeking opti-
mal health, said CEO Roget
Uys.

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MONDAY, JULY 9, 2007, PAGE 5



Royal Bahamas Police Force Band performs for Independence

1



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PAGE 6, MONDAY, JULY 9, 2007



LOCA A



a AE)



THE TRIBUNE |;

Ante
>

im



GB Power Company ‘prepared’:

to cope in event of hurricane -

WITH the hurricane season
upon us, Grand Bahama Power
Company stands ready to be
tested to the highest extreme
should another disaster occur,
said a company statement.

The company, has initiated
in-house hurricane drills, to
make sure that its emergency
procedures are in place and that
it is prepared for this hurricane
season.

“We have spent many man
hours preparing for any disaster
situation. Each team member
is designated with specific tasks
that they will immediately carry
out once a hurricane hits us. We
have rechecked contact infor-
mation, gone over reporting tac-
tics, organized our transporta-
tion and accommodation details
for incoming crews, and so on,”
stated Carlton Bosfield, Direc-
tor of Environment, Safety and
Security. All of this is to make
sure all procedures are in place
and to ensure the quickest pos-

sible restoration of power.

As most in Grand Bahama
know, some hurricanes are mild
and others can take residents
by surprise causing catastroph-
ic damage.

“We learned from the last
storms that each storm is unique
and impacts our system differ-
ently,” said Mr Bosfield.

Grand Bahama Power Com-
pany’s on the job training in
2005 made sure that it used the
last two years to reinforce its
hurricane preparedness so it can
better serve its customers dur-
ing the hurricane season. The
company has now increased its
in-house replacement inventory,
including an increase of trans-
formers, wires and spare pole
inventory, the largest back up
supply that the company has
ever had.

Grand Bahama Power Com-
pany has given itself a six-week
lead-time for supplies, so that
it is not dependent on the South

Florida market for supplies,
which may also be under Hur-
ricane reconstruction and
unable to assist if a disaster
occurred. The company has
also established a 12-person
team to handle immediate hur-
ricane damage assessment. This
team will break into groups of
two, and will be the company’s
immediate “on the ground”
assessment team in a disaster
situation.

After hurricanes Frances and
Jean, Grand Bahama Power
Company replaced more than
2,000 power poles. As a result,
its construction specification has
been upgraded to withstand 150
mph winds.

In addition to this Grand
Bahama Power Company has
established international rela-
tionships with companies from
the U.S.A., Canada, the
Caribbean, and BEC to enlist
support for hurricane restora-
tion efforts, including addition-

ial line crews, special technical
expertise and equipment should
it become necessary.

“We are very pleased with
all our teams’ efforts to make
us Hurricane prepared for 2007.
WVe know that power is the life
line for so many and we have
worked hard to prepare for any
situation,” said Timothy
Bwrkowski, President and CEO
of Grand Bahama Power Com-

pany. “We of course are pray-.

ing: that we have another quiet
season, but I am confident that
the: men and women of this
corapany will work diligently
in any disaster to return power
to customers as quickly as they
can.”

Grand Bahama Power Com-
pany is a totally integrated util-
ity company and serves the
islad’s 50,000 residents from
east to west. The company
emyyloys more than 180
Bahiamians and has one of the
lowe:st rates in the Caribbean.

is



@ PICTURED from left to right are Micah Johnson,

engineering clerk for T&D; Carol Been, secretary for
environmental, safety and security dept; Carlton Bosfield,
director of snvironmental safety and security; Solana Deal,
executive secretary for community and customer relations, Evis -

Missick, director of HR and Charmaine Jackson, accounts

customer service rep, this team was rechecking all contact
information, going over reporting tactics, reviewing rr
transportation and accommodation details for incoming crews _,.

and reviewing emergency customer information services.

3 el



PTTL STIPE Ri ree eeeerrerrrierreerirrreeerreerritrrrerrrererrererretrerirereeei reset ier Tiree teeter tet eetrriee Pee PePeeee Teer eter Tere eee etree er etree terre reer rere eee eTe er ree Peer eer rer reey Peer eee eTeeeererreer ree rer erie ePeer Terry eererrerer eee rrr rey PeerrPL eee reer rrrrerereryi PPerrrr rr Peery ers IV.

Activities planned for Water and Sewerage anniversary

THE Water and Sewerage
Corporation is celebrating its
31st anniversary this month with
a series of planned media events
and customer service initiatives.

The events are designed to
commemorate the Corpora-
tion’s significant historical mile-
stones and recent successes
while providing additional
incentives for customers to
return to an improved water

supply.
According to Abraham But-

ler, General Manager, WSC the

Corporation continues to make
progress to expand and upgrade
water supply and customer ser-
vice throughout the Bahamas.
He said the Corporation is mak-
ing strides in most of the Fami-
ly Islands and is especially
proud of the significant
improvement in the quantity

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Management.

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and quality of water made avail-
able to New Providence by the
completion of the Blue Hills
reverse osmosis plant.

“Our capacity to service the
island of New Providence has
been tremendously enhanced
and we hope durirfg this month
to remind the public of this fact.
We also want to encourage
those persons who may have
left or resorted to private wells
to return to our supply. There is
a potentially serious health risk
involved in using private wells
but in most areas of Nassau
there is no need to do so
because our supply is safe and
we are now able to provide
much more reliable service and
a better product to our cus-
tomers,” Mr Butler said.

During July, the Corporation
will reach out to educate its
existing and potential customers
through radio and television
appearances and other media.
According to Mr Butler special
incentives and giveaways also
will be made available to pre-



@ ABJRAHAM Butler,
generaill manager of WSC

sent ajid returning customers
now through July 31.

On tehalf of the Corporation,
Ms Hainna, Assistant General

Manager, Commercial Opera-
tions Division extended a spe-
cial invitation to all dormant
customers to return to the Cor-
poration’s supply. She explained
that the Division’s Delinquency
Processing Team will be avail-
able to listen, review, and
resolve legacy issues.

“We want to mend fences
with our customers. We are
committed to exceeding our

- existing and new customers’

expectations. To this end, we
welcome with open arms all of
our dormant customers who left
upset or disappointed because
we simply could not satisfy their
water needs. We are now poised
and ready; our product is better,
fresher, and most certainly
more reliable. All returning cus-
tomers will be reconnected free
of charge, with discounts on
accumulated minimum charges
ranging from 25 per cent to 100
per cent. Our discounts are
available to all qualifying
returning customers,” Ms Han-
na said.

All bill paying customers Sill

receive complimentary gifts.

while supplies last. As for new

customers Ms Hanna said all.

qualifying new customers,

requiring multiple new services.‘

will be given special considera-"s.

?

tion. She also invited senior cit-+.

izen customers to use this>

opportunity to sign up for the.
Corporation’s 30 per cent dis-1*
count on water and sewer\J

charges for senior citizens, or

to renew their existing rebate.

status with the Customer Rela-

tions Team. ur

“We appreciate our cus-'
tomers, and the month of July

will be dubbed — Customer:,

Appreciation Month, for the
Commercial Operations Team,”
Ms Hanna said.

The Water & Sewerage Cor- ..:
poration was established by an»,
Act of Parliament and started.
operations on July 14, 1976. Its .=

primary mandate is to control

and ensure the optimum devel-".
opment and use of the water::'

resources of the Bahamas.

Finnish Ambassador visiting Bahamas’

lH By Bahamas
Information Services

FREEPORT -— The Finnish
Ambassador to Canada Pasi
Patokallio and his wife, Raija
Patokalio, are in the Bahamas
on a week’s official visit.

Ambassador and Mrs
Patokallio, who arrived in Nas-
sau from Canada on Thursday
evening, flew into Grand
Bahama three hours later. His
visit here was arranged by the

Embassy of the Republic of Fin-
land.

They returned to Nassau yes-
terday and are expected to par-
ticipate in several official func-
tions marking the country’s
34th In dependence anniver-
sary.

While: in New Providence the
Ambassador is scheduled to
pay a ciurtesy call on Prime
Minister’ Hubert Ingraham and
Deputy Prime Minister and
Minister of Foreign Affairs

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Ambassador Patokallio is
a graduate of the University
of Tampere, Finland, with a
MA in International Rela-
tions.

He joined the Finnish For-
eign Service in 1974 and has
served in a number of positions,
including Ambassador of Fin-
land to Israel and Cyprus from
1998 to 2003.

In July, 2005 Mr Patokallio
also served as Chairman of the

United Nation’s Second Bien- ,
nial Meeting of States to con- *
sider the implementation of...
the programme of action tos

prevent, combat and eradicate
the illicit trade in small arms

and light weapons in all its , ‘

aspects.

Ambassador Patokallio was |,

\

born September 29, 1949 and is’ *

the father of two sons, Jani, 28,
and Mikko, 19. He and his wife
will leave for Canada on Thurs-
day.

Former minister gives |
copy of new book to -
Governor General



lM FORMER Cabinet Minister Sir Clement Maynard, left,
presents the first copy of his memoirs “Put On More Speed” to
Governor General Arthur Hanna at Government House on
Thursday, July 5. Written over a six-year period, the book takes
the reader on a journey from The Bahamas’ colonial status to
majority rule and sovereignty. The Governor General remarked
that he is certain “‘it will tell the story accurately” and “‘it is
important to tell the story from this generation”’.

(Photo: BIS/Tim Aylen)



‘

THE TRIBUNE

MONDAY, JULY 9, 2007, PAGE 7



0 In brief

Concern at
effect of
fireworks
on animals

DAYNE D’ Aguilar, Bahamas
Humane Society vice president,
has expressed the concern of
those who care for animals that
the very loud firework displays
experienced on Cable Beach
and elsewhere on the night of
July 4th must have had a trau-
matic effect on a large number
of pets.

Even though he knew that
some dogs had been prescribed
with sedatives in anticipation of
the fireworks, many were still
upset by the experience.

Mr D’Aguilar said that “the
BHS has just embarked on a
national educational project to
promote responsible animal own-
ership and care in schools and
we believe taking special care of
your pets which become fright-
ened of loud noises is all part of
being a responsible pet owner”.

He explained that the fire-
works on American Indepen-
dence Day were particularly
loud and animals in the vicinity
were probably terrified. “I am
concerned that there will be a
repeat performance of firework
displays on our Bahamian Inde-
pendence Day so we need to
warn animal owners to think of
these loud explosions from the
pets’ point of view. They don’t
know what is happening and
they certainly don’t enjoy fire-
works like people do”.

In view of these events, and
due to the increased thunder-
storm activity at this time of
year, the BHS has provided the
following advice which it has
adapted from advice given by
the Humane Society of the
United States.

“Tf you live near any location
where fireworks are likely to be
used, please think of your pets
in advance,” said Mr D’ Aguilar.
“If you are organizing such an
event please think of the decibel
rating of the fireworks as they
frighten most animals. If you are
lighting your own fireworks
please do not do so near animals
and. never throw fireworks as
doing so is a danger to yourself
and anyone or any animal
around you. Enjoy them safely.”

Any reports of animals
abused by fireworks will be
investigated by BHS inspectors
with a view to possible prose-
cution.

Discovery
to arrange
transport for
Dol-Fan Fest

DISCOVERY Cruise Line,
the largest tour operator to
Grand Bahama from South
Florida, has announced that it
will be offering transportation
to the island for those attending
the Dol-Fan Fest from July 13-
15th arranged by the Bahamas
Ministry of Tourism and fea-
turing present and former Mia-
mi Dolphin football players and
the Dolphin Cheerleaders.

Scheduled to sail on Discov-
ery will be Derrick Rodgers, a
premier linebacker with the
Dolphins for five years, Oronde
Gadsden, the Dolphins' go-to
wide receiver from 1998 to 2003,
and Ed Perry, tight end for the
Dolphins until 2004. Big Papa
Pump, the biggest Dolphin fan
is also scheduled to be onboard.

According to Hanns J. Hahn,
General Manager of Discovery,
"This will be an opportunity for
our passengers to party with the

players onboard and then have ©

a fun weekend on Grand
Bahama Island, where there are
plenty of things to see and do."



The

-Way
\ Test

Bahamas lacking in

trained professionals
in childhood care

@ By Bahamas
Information Services

Although the Bahamas is a
leader in the region in the
field of early childhood care
and education, recent findings
indicate there is a need for
training in this area, an official
said.

Agatha Archer, Senior
Education
Preschools in the Ministry of
Education, Youth, Sports and
Culture, said that while sev-
eral institutions in the country
offer training at the infant,
toddler and auxiliary levels,
many persons are not taking
advantage of the opportuni-
ties.

“The majority of caregivers
receive minimum or less than
minimum wage and are
unable to pay college fees,”
she said at the opening cere-
mony of the five-day Support
Programme for Transforming,
Education and Training work-
shop at the Learning
Resources Section of the Min-
istry of Education on Mon-
day, June 25.

The main focus of the
workshop is to educate 55
government and private sec-
tor teachers in pedagogical
understandings, child devel-
opment and appropriate
teaching strategies. They will
then be able to train others,
Mrs Archer said. ~

The training is also for the
educators to become familiar
with the various components
of the Department of Educa-
tion’s preschool curriculum,
the National Day Care and
Preschool standards, and
become skilled in basic first
aid, she added.

Education Minister Carl
Bethel said his Ministry is cog-
nisant of the fact that the

“early years are the learning
years.’

As.a result, early childhood
education will continue to
receive the national attention
and focus it deserves, he



Officer “for,

LOCAL NEWS

@ AGATHA Archer, Senior
Education Officer for
Preschools in the Ministry of
Education, Youth, Sports
and Culture, a presenter at
the Support Programme for
Transforming, Education
and Training workshop, at
the opening ceremony

promised.

“We will strengthen this
critical area with resources,
and ensure that additional
preschool units are created in
New Providence and the Fam-
ily Islands so that as many
children as possible have
access to high quality early
childhood education.”

Mr Bethel said his Ministry
also pledges:

e To collaborate with
churches with a view towards
causing an increase in
preschool places to meet the
needs of working parents;
and,

¢ To seek the means in the
future to develop a grant in
aid programme for qualifying
preschools and after school
care programmes.

“Our goal is to produce
well rounded educated chil-
dren, who would have mas-
tered social, moral, spiritual,
creative, physical, cognitive
and emotional skills, which
will better prepare them to
function and live in our soci-
ety.”

Mr Bethel said he was
delighted parents were invited
to be a part of the training.

He encouraged them to
become partners in early
childhood education and care.

“This will provide the nec-
essary linkages and bonds
between parents, teachers,

students and the wider com- ©
munity, which will strength-

en relationships in the home,
school and the wider society,
thereby impacting the lives of
our young children,” he said.

i MINISTER of Education, Youth, Sports and Culture Carl
Bethel officially opened the Support Programme for Trans-
forming, Education and Training workshop Monday, June
25, at the Learning Resources Section office.

(Photos: BIS/Kristaan Then.

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.





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PAGE 8, MONDAY, JULY 9, 2007

i
4
)
4

THE TRIBUNE

MMM ae a er:
Planning for Zimbabwe after Mugabe

@ By Sir Ronald Sanders



(The writer is a business exec-
utive and former Caribbean
diplomat)

HE political and eco-

nomic crises in Zim-
babwe are rapidly getting
worse; the vast majority of the
people of Zimbabwe are suf-
fering with many hundreds
crossing borders into neigh-
bouring countries seeking
refuge.

It is time for the international
community to put plans in place
to rescue the country from cer-
tain disaster, and to save the peo-
ple of Zimbabwe from the untold
suffering they are enduring.

Once regarded as a bread

basket of Southern Africa, Zim-
babwe’s economy is in a fright-
ening state of disarray.

The annual inflation rate is
the world’s highest. It was
reported in May at an unimag-
inable 4,500 per cent. Since
then, expert reports have put
the rate closer to a staggering
10,000 per cent. By compari-
son the average annual infla-
tion rate in the United States is
about 3 per cent; and about 10
per cent in Latin America and
the Caribbean as a whole.

Prices in shops for basic
goods are more than doubling
every week, and the cost of liv-
ing for an average urban family
is reported to have increased
by 66 per cent in May alone.

International agencies put
unemployment at a mind bog-

Harbour Bay

gling 80 per cent, and have
dropped life expectancy to 39
years as the health system nears
collapse.

These conditions have led to
the extraordinary situation in
which the Roman Catholic
Archbishop of Bulawayo, Picus
Ncube, has called for Britain to
invade Zimbabwe and topple
President Robert Mugabe’s
government.

Even within the government,
there is division and discord.
There are two factions in the
ruling ZANU PF party, but the
one thing they appear united
on is to stop an attempt by Pres-
ident Mugabe to stay in office
beyond the expiration of his
present term in 2008.

It is at President Mugabe’s
feet that the catastrophic con-

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ditions in Zimbabwe are firmly
placed.

Hi: policies of seizing
agricultural lands

from experienced and seasoned
white farmers without a plan to
replace them with a function-
ing system, have devastated the
country’s agricultural produc-
tion.

Land ownership and reform
remains a fundamental prob-

lem in Zimbabwe. While Presi-,

dent Mugabe’s tactics for deal-
ing with land redistribution
were high-handed and resulted
in the destruction of the coun-
try’s agricultural base, central
to any long-term solution to
Zimbabwe’s problems is redis-
tribution of land so that the

‘black majority has a far greater

stake in its ownership.

In the treatment meted out
to political opponents and to
hundreds of thousands of black
Zimbabweans who oppose him,
President Mugabe has been dic-
tatorial and merciless. For
instance, the homes of over
700,000 people were destroyed
in 2005 and they were forced
into rural areas to live below
the poverty line.

Recent violent tactics have
seen ordinary people beaten by
law enforcement officers and
government-sponsored vigilante
groups for standing up against
draconian laws. :

While the international com-
munity as a whole has a respon-
sibility to act to stop the alarm-
ing deterioration in Zimbabwe,
so far the response of the Unit-
ed States and the European
Union (EU) has been limited
to punishing Mugabe and mem-
bers of his government by the
application of sanctions against
them, but no programme of
action has been devised to
negotiate an orderly change in
government and to address the
urgent need for economic reha-
bilitation.

More than any other organi-
zation, the Commonwealth — a
grouping of Britain and 52 of
its former colonies around the
world — has an obligation to
help the Zimbabwean people.

/ imbabwe’s indepen-
dence and the empow-



vitae
@ SIR Ronald Sanders

erment of its black people were
achieved with the strong sup-
port dnd commitment of the
Commonwealth.

And, even though President
Mugabe angrily withdrew Zim-
babwe from the Common-
wealth in 2003 because he
feared that the organization
would take disciplinary mea-
sures against his government
for violations of its governing
democratic principles, the Com-
monwealth is still obliged to
keep Zimbabwe firmly on its
agenda.

The fact that Mugabe with-
drew Zimbabwe from the Com-



The fact that
Mugabe withdrew
Zimbabwe
from the
Commonwealth
is not sufficient
reason for the
organization
to abandon
Zimbabwe.

monwealth is not sufficient rea-
son for the organization to
abandon Zimbabwe.

When South Africa left the
Commonwealth because of
opposition to its Apartheid
regime, the Commonwealth
kept it on its agenda and

worked strenuously to help free
Nelson Mandela, legitimize the
African National Congress
(ANC) and end Apartheid.

The late Oliver Tambo of the
ANC had made the telling point
that it was the South African
government that left the Com-
monwealth, not the South
African people.

As Commonwealth heads of
government prepare to meet in
Uganda in November, rescuing
Zimbabwe and sparing Zim-
babweans further pain should
be firmly on their agenda.

| here is much that the
Commonwealth can do.

In immediate terms, its mem-
ber countries in Southern Africa
should be encouraged to take
more positive action to effect
immediate change in Zimbabwe
in areas such as: the restoration
of democracy; the rebuilding of
political and democratic insti-
tutions; promoting political dia-
logue; the establishment of a
government of national unity
leading to free and fair general
elections; and immediate pro-
grammes for economic devel-
opment particularly agricultur-
al production.

And, in terms of planning
for the future, the Common. —
wealth should also establish a
Commission of Eminent Per-
sons, as suggested by the Inter-
national Crisis Group, to draw
on the knowledge and experi-
ence of the Zimbabwean people
in devising a blueprint for the
way forward that would include
land reform, economic devel-
opment, constitutional reform,
political stability. and institu-
tions of governance.

Commonwealth Caribbean

_, countries are well placed to pro-

vide experienced people to
serve on such a Commission
and to give technical knowledge
and support. 4
But, while the Common-
wealth is uniquely positioned
politically to engage Zimbab-
we for change, it will need the
international community — the
EU, the US, Japan and China in
particular — to provide
resources through specially ded-
icated interconnected, coordi- .
nated and sustainable pro-
grammes to implement pro-
grammes of action.
Failure to act will see Zim-
babwean suffer even more and
will risk dragging down the
entire Southern African region
at a high cost to the rest of the
world. y

. Responses. to: ronald-
sanders29@hotmail.co.u

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THE TRIBUNE

MONDAY, JULY 9, 2007, PAGE 9



MRR RIE 5 Re ae
The Bahamas and
the legislative curve

@ By The Nassau Institute

THERE are many circum-
stances where being behind
the legislative curve is good,
but here in The Bahamas we
seem to be behind in areas
that are detrimental to the
good of all Bahamians, these
areas are:

e Education,

e Accountability of legislators,
e Health Care, and

e Labour legislation.

EDUCATION

Semin must be done
to improve our abysmal
educational system where about
50 per cent of school leavers do
not get a passing grade. They
get a fancy prom, but a poor
education.

A voucher system, or school
choice, would certainly help.

Over S50 years ago the great
economist Dr. Milton Fried-
man advocated school choice
which is essentially where par-
ents receive a voucher for the
amount of money the govern-
ment pays from taxes to edu-
cate a child in the public sys-
tem. This voucher is used by
parents at a school of their
choice. If they wish to pay the
difference for their child to go
to private school, or even
move them to a better public
school, they are "free to
choose". ;

ACCOUNTABILITY OF
LEGISLATORS

Me first world coun-
tries have legislation

that clearly outlines breaches
by legislators and the penalties
associated with those trans-
gressions. Canada for instance
has had a Code of Conduct for

. Several years now. Britain has

had one for even longer, not to
mention the strict enforcement
of their Seca, Conven-

+, tions:

‘While both major political
parties have discussed the issue
here at home; nothing of con-
sequence has happened where
legislation is concerned.

_ HEALTH CARE

H:: again, The
Bahamas has started

down the road to socialised
medicine by copying the Cana-
dian model. A programme, that
after 40 years, is being'rejected
by Canadians themselves. In
fact, the Supreme Court of
Canada has ruled that the sin-
gle payer system there is ille-
gal and private clinics and hos-
pitals are being opened once
again.

Hopefully the many Cana-
dian citizen’s who are now
denied care because of govern-
ment rationing will be able to
stay home for their health ser-
vices rather than being forced to
travel abroad.

Of course the Bahamas has
had a form of socialised health
care for many years in the pub-
lic system. Unfortunately this
has been a miserable failure in
many respects. Even so, the
Blue Ribbon Commission pro-
posed, that the government
expand this system and fund it
by implementing an income
tax.

OPINION



LABOUR LEGISLATION

| his is an area that is”
sorely lacking in legis-

lation that encourages produc-
tivity. And productivity is an
important ingredient for the
advancement of a nation and
her people.

Yet some people would wish
to see the country implement
the International Labour
Organisation's 67-year-old Con-
vention 87.

The Freedom of Association



Something
must be done
to improve
our abysmal
educational
system where
about 50 per cent
of school leavers
do not geta
passing grade.



‘ and Protection of the Right to

Organise Convention, of 1948,
commonly referred to as Con-
vention 87 is being pushed by
the newly appointed labour
minister and some of the labour
unions.

According to the Bahamas
Employers Confederation's
(BECon) news bulletin of June
2006, there is a belief that Con-
vention 87 would allow "gener-
al unions", rather than indus-
try specific representation, and
from this a very powerful union
could materialise. BECon says
this "could effectively stop com-
merce in the nation through the
industrial action of a general
strike that would result in dev-
astating economic ruin to the
country."

So there seems to be con-

sensus among employers and —

some unions alike that Article
24 of The Bahamas Constitu-
tion adequately covers the
requirements of Convention 87.

This begs the question, why
should The Bahamas bother
taking this initiative any fur-

.ther? After all, should a branch

of the United Nations be writ-
ing public policy for The
Bahamas that is fast becoming
outmoded elsewhere?

RIGHT TO WORK LAWS

Lees Reed, presi-
dent of the Mackinac
Centre for Public Policy, sug-
gests in The Wall Street Journal
that the right-to-work is the way
forward to employee advance-
ment.

In a recent op-ed column,
Mr Reed, a Michigan resident
notes:

"Making Michigan a right-to-
work state would quash with
one powerful blow the nagging
perception that our labour cli-
mate is too hostile and costly

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for business. It would provide
freedom of choice in labour rep-

_resentation for workers and a

temporizing influence on union
leadership."

Right to work laws in the US
counteract "Closed Shops",
which means one is forced to
be a union member if a bar-
gaining unit exists. In The
Bahamas we have what is
referred to as "Agency Shop"
where non-union members are
forced to pay union dues even if
they are not a member. That is
coercion, not a fundamental
right to association. Everyone
should have the right to join a
union and pay dues if they
choose, or the right not to join
a union and not pay dues if they
choose. That is what will pro-
vide the "fundamental right of
association".

So a form of right to work

laws are appropriate for The

Bahamas as well.

CONCLUSION

I: closing, it is fair to say
that The Bahamas is con-

sistently behind the legislative
curve. Implementing legislation
and programmes that are in
some cases almost 70 years old
does not cut it. The legislation
and programmes that are
copied are so old that other
countries are amending or
removing them to make them
more useful to life in the 21st
Century.

Hopefully, The Bahamas can
change course before it's too
late.

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PAGE 10, MONDAY, JULY 9, 2007

THE TRIBUNE



LOCAL NEWS







nt fisheries officer at the Department



ae

@ JARED Dillet, assista
of Marine Resources.
(BIS photo: Kristaan Ingraham)

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Public Utilities Commission

a ee

STATEMENT OF RESULTS

Interconnection Guidelines For The Bahamas

The Public Utilities Commission (PUC) has concluded its public consultation
on “Proposed Interconnection Guidelines For The Bahamas.’ The Statement of
Results as at captioned summarizes and responds to the substantive issues

raised by respondents to the Public Consultation Document.

The objectives of the public consultation were to:

(a) inform licensees of the PUC’s expectations in relation to interconnec-
tion negotiation, principles to be reflected in The Bahamas
Telecommunications Company’s (BTC’s) Reference Interconnection
Offer (RIO) and Interconnection Agreements negotiated between BTC

and Other Licensed Operators for the provision of voice services;

(b) describe the PUC’s approach to resolving interconnection disputes;

and

(a) invite comments from licensees and other interested parties on the

Proposed Guidelines.

Copies of the Statement of Results and the PUC’s final Interconnection Guide-
lines may be obtained from the PUC’s office located at Fourth Terrace East,
Collins Avenue, Nassau, The Bahamas or downloaded from the PUC’s website
_ at www.pucbahamas.gov.bs.
Mr. Barrett A. Russell

Executive Director
Public Utilities Commission

P. O. Box N-4860
Fourth Terrace, East, Collins Avenue
Nassau, Bahamas.

Telephone 242-322-4437
Fax 242-323-7288
Email: Info@PUCBahamas.gov.bs.



,

Fisheries official

outreach programme



lm By BAHAMAS
INFORMATION
SERVICES

JARED Dillet, assistant
fisheries officer at the Depart-
ment of Marine Resources, is
in China on a course in aqua
culture that ends August 28.

The Chinese Ministry of
Commerce is offering the
‘course to developing nations
as part of an outreach pro-
gramme, Mr Dillet said.

One of Mr Dillet’s main
responsibilities in the Depart-
ment is the handling of
requests to cultivate aquatic
organisms in the Bahamas.

Once the course is complet-
ed, Mr Dillet should be able to
give better recommendations
to persons applying for aqua
culture permits.

In addition to reviewing the
different types of marine
species, it will include how to
feed them, the best pump sys-
tems for each species, and dis-
ease management and pre-
vention.

In the Bahamas, there are
several operations working
with aquatic species, Mr Dillet
said.

There is a US company that
imports cobia and Florida
Pompano eggs and hatchlings
to a facility north of Spanish
Wells...

The company grows the fish
in open cages, which are then
shipped to various markets
in Florida, Mr Dillet
explained.

In Eleuthera, the Island
School is engaged in aqua cul-
ture at the research level.

“They grow fish,” he said.















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“They deal with aquaponics,
which is using fish waste to
grow plants. So it is kind of a
symbiotic thing between fish
and plants.

“They also do some sponge
culture as well. That industry
is making a comeback.”

These sponge end up all
over the world, including Italy
and Greece, Mr Dillet said.

Before deciding on a career
in marine science, he tried
engineering, electronics, com-
puter science and chemistry.

Then he settled on an asso-
ciate’s degree in bio-chemistry
from the College of the
Bahamas, completing a Bach-
elor’s degree in marine sci-
ence at Savannah State Uni-
versity, Georgia.

Fishermen

There is no typical day at

the office for Mr Dillet. He
may be found going in the
field to do environmental
impact assessments, land sur-

veys, special dives, taking bio- ©

logical sampling, interviewing
fishermen or going to fish
houses to obtain information
concerning their catch, how
much they caught, what they
caught and what state the:
catch was in. ¥ot

He encourages students. to’
enter marine science as many
Bahamians depend on the sea
for their livelihood.

He wants Bahamians to
become more interested in
keeping the oceans clean.

“Water is a part of the
Bahamian heritage, so I would
encourage anybody to pursue
it,” he said.

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‘fulfilling
the dream’

m@ By TANEKA THOMPSON

THE Junior Achievement
programme has been inspir-
ing Bahamian youth to
embrace entrepreneurship,
work readiness and financial
literacy for 28 years.

For 26 of those years, the
Bahamas Telecommunica-
tions Company (BTC) has
sponsored a Junior Achieve-
ment company, boasting
numerous sales records and
collecting various individual
student awards.

On Thursday night, BTC’s
JA company, ‘VIBP’, held
an awards ceremony and vic-
tory celebration at BCPOU
Hall on Farrington Road.

; Under the theme, “Fulfill-
?. ing the Dream”, VIBE stu-
dent officers, advisers and
members of BTC staff gath-
ered to celebrate the
achievement of being the
number one JA sales team in
the Bahamas and the region.

With 80 student members,
the BTC sponsored JA com-
pany boasts record-breaking
revenue of $30,000 in com-
pany sales for 2006/2007.

The previous record was
held by a former BTC spon-
sored company. McFal-
loughn Bowleg, a recent
graduate of Jordan Prince
William High School, was
VIBE’s president. He also
holds the honour of being
the top student sales repre-
sentative of the year, with
individual sales exceeding
$1,000. .

“Our programmes help
prepare young people for the
real world by showing them
how to generate wealth and
effectively manage it, how to
create jobs which make their
communities more robust,
and how to apply entrepre-
neurial thinking to the work-
place. Students put these
lessons into action, and learn
the value of contributing to
their communities,” says
Junior Achievement World-
wide on their website.

_Lionel Williams, executive: .
director of JA Bahamas, and... ,
a,former junior achiever, ., ,
believes the programme’s
success is due to the hard
work and dedication of vol-
unteer advisers, and the
sense of camaraderie
between students and advis-
ers.

He encouraged all stu-
dents interested in joining
the programme to contact
the JA office on Collins
Avenue.

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THE TRIBUNE

MONDAY, JULY 9, 2007, PAGE 11





Sandals showcase
Preston Bailey’s
collections at

wedding symposium |

SANDALS Royal Bahami-
an Spa Resort and Offshore
Island recently hosted 100
travel agents and 40 local
wedding consultants to a full
day of wedding events that
included a panel discussion
on destination weddings, a
presentation of the four San-
dals’ Preston Bailey collec-
tions, original wedding cakes
designed by the renowned
Sylvia Weinstock and view-
ing of a real wedding.

The Ministry of Tourism
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able to couples seeking an
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Sandals Resorts has assem-
bled the top names in the
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brated event designer and
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Bailey, who, together with
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ated Preston Bailey Signa-
ture WeddingMoons® at
Sandals and Beaches Resorts.

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Trump, Michael Douglas
and Catherine Zeta-Jones,
Donna Karan, Matt Lauer,
Joan Rivers, and Oprah Win-
frey.

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dals and Beaches Resorts —
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Seascape and Crystal — Pre-
ston’s incredible vision and
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wedding of their very own.

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available as an enhancement
to the standard Wedding-
Moons® programme,
includes unique, beautifully
designed wedding settings
and décor such as contempo-
rary floral screens and arches
to frame the couple during
the ceremony and for photos
afterward.

Preston has also designed
stylish keepsakes for the
bride, unique bouquets, spe-

cialty boutonnieres for the
groom that incorporate local
plants and flowers, and
favours such as amenity box-
es and decorated picture
frames that serve as keep-
sakes for the special day.
The programme features
four exciting collections
designed by Bailey, which
brides can choose as an
enhancement to the standard
WeddingMoons® package.
More than a decade ago, San-
dals developed the concept
of WeddingMoons®, which
is the union of the wedding
and honeymoon in one idyllic
Sandals Resorts location.

Dinner

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wedding ceremony compli-
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PAGE 12, MONDAY, JULY 9, 2007 THE TRIBUNE
LOC

Beating the heat at the Beat



Tate











GY Wb



See ee Be 8 2 es oe REET SS

TaN Me

Tas



® THE Royal Bahamas Police Force Band perform in the
“Beat Retreat” ceremony during the week-long 34th Anniversary
of Independence celebrations on Saturday, July 7, 2007 in Rawson
Square. The event took place on a scorching late afternoon with a
temperature of 91 degrees and a high heat index, making it feel like
101.5 degrees.

& wa me wes 5

(BIS Photos: Tim Aylen)

Ret en a eae ae ks



@ PRIME Minister Hubert Ingraham, along with Deputy Prime Minister and Minister of Foreign
Affairs Brent Symonette, left, and other dignitaries watch the Royal Bahamas Police Force Band’s
‘Beat Retreat” ceremony during the week-long 34th Anniversary of Independence celebrations on,!
Saturday, July 7, 2007 in Rawson Square. Be ey



= 3
ted



=

(BIS Photo: Tim Aylen)

“. The Central Bank |
HEALTH WEEK 2007 |

FUN RUN/WALK

Saturday, July 14, 2007 @ 6:00am

Route: From the Frederick Street entrance of the Bank, north to
Bay Street, west on Bay Street to Marlborough Street West, on
to West Bay Street, around at Goodman’s Bay and return.

ARK KS

Entry Fee - $10.00 (T-Shirt included)

Name:

Institution:

Emergency Contact: Telephone:

Size:|_ |XXXL [|XX | _]Xt [| |t [ |M [_|s
Caters] Greens al eli a Ore | a ee

THANK YOU TO ALL OF THE SPONSORS

Payment by:

7 * ° : , a: 2 Abaco Beach Resort & Boat Harbour Data Systems Int'l. Nautilus Water
F or f urther infe ormation contact: Ms. D’Andrea Laing 302-9839 Allied Caribbean Ltd. Deloitte & Touche Phoenix Aviation / Million Air

Ms. Donna Mortimer 302-2796 ; Anthony’s Caribbean Grill Disston Realty: Purity Bakery / Bacardi Rum Cakes
Ms. Rhonda Williams 302-2750 Audio Concepts Robert Dunkley * Prime Bahamas Ltd.
Facsimile: 356-4324 Bahamas Bus & Truck Elgin Marble Ltd. Rocky Farms Nursery
Bahamas Ferries Esso on The Run - Bay & Fowler — Royal Bank of Canada ~ Commercial
E ntry Deadline: Thur. sday, J uly 12 ’ 2007 Bahamas Food Services Florida Air Cargo Banking Centre

: : pra Boone Bait Co. Graham Realty Ltd. Salty Dog Rod & Reel Repair
The Central Banke of The: Bahamas, will not Beeld responsible, for ally Bombardier Recreational Products Graham, Thompson & Co. Sandals Royal Bahamian

injury/sickness caused as a result of the fun run/walk. Persons with any medical "Bristol Wines & Spirits Harbourside Marine Ltd. Sun Tee Mig, Co. Ltd,
conditions should refrain from siemne Up for the walk and TAY CaS Dee robaly. Brown’s Boat Basin Kentucky Fried Chicken Super Club Breezes
persons should consult their physician before participation in the above mentioned. Callenders & Co King & Co. Super Value Food Stores

Trophies are award to winners in the following categories. Caribbean Beverage Ltd, Lightbourne Marine Ltd. Thompson Trading Co, Ltd.
Comfort Suites — Paradise Island Magic Photo Thriller Power Boat Tours Ltd.

fe 12 and Under Be 13 - 19 [S] 20 - 29 Crown Jewelers Master Technicians Ltd. Mr. & Mrs. Donald Tomlinson
J Damianos Realty Ltd. ~In Memory of Montagu Gardens Restaurant Tropical Shipping
fra] 30 - 39 [__]40-49 a] 50 - 59 (a4 60 and over

“Jay ”





THE TRIBUNE MONDAY, JULY 9, 2007, PAGE 13

LOCAL NEWS

ROYAL
HOLIDAY

TT) im COMM meet

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@ TAKING shelter from the blazing sun during the ceremony



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Please fax resume to (242) 393-5802

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e Financing available for closing costs and legal fees

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Please submit resume to: Human Resources Departnient | Doctors Hospital
P.O. Box N-3018 | Nassau, Bahamas | or call 302-4618 | Website: www.doctorshosp.com





PAGE 14, MONDAY, JULY 9, 2007

THE TRIBUNE



Christie: FNM attempt -
to claim Urban Renewal |

ownership ‘laughable’

FROM page one

“In January of 2000, Prime
Minister Ingraham proposed to
’ cabinet that some $10 million in

bonds be issued at 2 per cent
below the prime rate, which
would be dedicated exclusively
to urban renewal in the inner
city of New Providence,” he
said.

Mr Russell said that at that
time Mr Ingraham proposed a
committee that would make
recommendation for urban
renewal in over-the-hill com-
munities.

“That time, it was suggested
that programmes for the rede-
velopment of entire streets, on
a street by street basis in those
areas, be formulated,” Mr Rus-
sell continued.

Mr Russell said there was
nothing new about the services
under the urban renewal pro-
gramme and saved most of his

‘ praise for the programme’s suc-

cess, to police officers who par-
ticipated in the scheme.

The FNM has come under
fire for what PLPs have
described as the “gutting” of
the urban renewal programme,
an assertion that the governing
party dismisses pointing out
that it has given more money
to Urban Renewal in this bud-
get cycle than the PLP did.

The current government has
said that urban renewal is not
dead but it has announced sev-
eral changes to the programme.

At least two officers will be
assigned to each of the urban
renewal centres, but they will
be under the supervision of the
neighbourhood station.

Whereas, under the previous
PLP version of the scheme larg-
er groups of officers — up to 20
— were assigned to the centres
specifically under the supervi-
sion of senior officers with
ranks as senior as Superinten-
dent.

Mr Russell was critical of the







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is considering applications for

Manager,Data
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The successful candidate should possess the following
qualifications:
° A College Degree in Computer Information Systems
or related field. (BSc an asset)
’ eI-Series System Administration (AS/400)
¢ Knowledge of ABM Networks

_ © Microsoft Certification (Microsoft Active Directory) a

plus ;

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° Teamwork & Co-operation

* Problem Management

® Client Service oriented outlook

* Confidentiality

° Knowledge of RIBS and/or Kirchman Bankway System

¢ Proven track record of working in a data centre
environment

* Expert Computer Systems knowledge

¢ Project Management

¢ Leadership

e Impact and influence

¢ Relationship Building

¢ Strong communications and interpersonal skills:
including writing and negotiating

¢ Organizational skills

Responsibilities include:

¢ Responsible for the leadership and management of
Data Processing department, inclusive of the
operations and management of I-Series (AS/400), RIBS,
Kirchman Bankway, Internet Banking, POSH, ABM,
Card400, MasterCard, Visa networks

. ° Responsible for the delivery of Client Care strategies,

providing direction relative to the identification of
process and efficiency/effectiveness improvements,
problem resolution and the
integration/implementation of now initiatives and
activities

* Responsible for the attainment and maintenance of
established service standards (Service Partnering
Agreements), and overall accountable for mitigation
of operational/system risk

e Assisting with the development and implementation
of the Centre business plan and contributes to the
achievement of RBC strategic priorities

¢ Responsible for the maintenance of disaster recovery
plans, leading ongoing initiatives to enact plans in
preparation in the event of a disaster \

¢ Responsible for the leadership, training and
development of personnel

A competitive compensation package (base salary &
bonus) commensurate with relevant experience and
qualification is offered.

Please apply by July 12, 2007 to:
Regional Manager

Human Resources

Caribbean Banking

Royal Bank of Canada

Bahamas Regional Office

P.O. Box N-7549, Nassau, N.P, Bahamas
Via fax: (242) 328-7145

Via email: bahcayjp@rbc.com

SS Royal Bank
Bom of Canada

Per)





former system which he sug-
gested did not use the skills of
these officers effectively.

“We don’t need superinten-
dents to go out.and be gather-
ing intelligence. We don’t need
them to be sitting in the cen-
tres talking to people who have
concerns — police concerns. We
need to use their expertise in
the field twenty-four hours a
day, so that we can truly reduce
the crime level in our country

and the fear of crime,” he said. ,

“We believe that the police
role is a little different from
what happened in urban renew-
al. While we need the police to
be a part of urban renewal, the
police are not equipped and
trained to go out there and deal
with house repairs and deal
with delivering goods and ser-
vices to people,” Mr Russell
said.

Mr Rolle said that managers
selected from the mid-levels of
the public service will be placed
in each of the nine centres in
New Providence and six in
Grand Bahama. While, assis-
tant managers will be selected
from the various communities
to assist with oversight.

Police alerted
after military

device washed
up on beach
FROM page one

tragically, however, and as
Grand Bahama Chief Superin-
tendent Basil Rahming points
out, the public is encouraged to
leave the handling or removal
of suspicious or potentially dan-

gerous devices to the experts. °

“Persons finding this type of
device in the future are urged
not to-handle it, but to immedi-
ately call the police at 919 or
911 so that properly trained per-
sonnel can deal with the mat-
ter,” he said.

inal

Town Centre Mall

Approved fet cyo fhe

Stipulations May Ae

US concern over security

at all Caribbean ports

FROM page one

ber of “overarching security concerns that relate
to the Caribbean Basin as a whole.”

Some of these concerns include “the level of
corruption that exists in some Caribbean nations
to undermine the rule of law”, as well as gang
activity occurring in proximity to or within port
facilities.

The geographic proximity of many Caribbean
countries to the US, “which has made them
transit countries for cocaine and heroin des-
tined for US markets” is also a matter for con-
cern, the report states.

Last year, a memorandum of understand-
ing was signed between US and Bahamas Cus-
toms officials to increase security levels at
Freeport’s container port to the point that it
will be an outpost in America’s “war



on terror.”

The port will be equipped to screen con-
tainers destined for the United States for ter-
rorists and weapons of mass destruction.

The US’ recent concern about radical Islam-
ic groups in the Caribbean stems from an

y

alleged terror plot on New York’s John F

Kennedy airport last month.

Four men from Guyana and Trinidad were
arrested and accused of conspiring to blow up
the airport.

The GAO’s report said that although violent
extremist groups traditionally have not taken
root in the Caribbean, new information indi-
cates that militant organisations, including

Hezbollah, have a presence in such countries as

Venezuela and Colombia.

The report said that members of these :

extremist groups could use the security gaps at
Caribbean ports to their advantage.

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THE TRIBUNE



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PAGE 16, MONDAY, JULY 9, 2007

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THE TRIBUNE
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Ny
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THE TRIBUNE MONDAY, JULY 9, 2007, PAGE 17

300 thousand people
700 islands —

34 years of independence
1 bahamas

Family Guardian joins the nation
in celebrating another year
of independence.

happy birthday
bahamas!



FAMILY
GUARDIAN

INSURANCE





PAGE 18, MONDAY, JULY 9, 2007

THE TRIBUNE °



Pope, about to start holiday in Alps, hopes

others get vacation to recharge body and soul

@ VATICAN CITY

POPE Benedict XVI, about
to begin an Alpine holiday, said
on Sunday that the mountain
air will be good for him, and he

wished everybody the chance

to go on vacation to recharge
body and soul, according to
Associated Press.

Benedict told pilgrims and
tourists that he leaves on Mon-

day for Lorenzago di Cadore,
where he will stay in a villa until
July 27 in the Dolomite moun-
tains. He noted that the Alpine
town was a favorite of his pre-

decessor, John Paul II.

"The air of the mountains will
do me good, and I will be more
free to dedicate myself to reflec-
tion and prayer," Benedict said
in his weekly appearance at his
studio window overlooking St.
Peter's Square.

"I hope everybody, especial-
ly those who feel a great need
for it, can have a bit of vaca-
tion, to recharge physical and
spiritual energies and regain a
healthy contact with nature,"
the pontiff said.

“Mountains, in particular,
evoke the ascent of the spirit
toward on high, the elevation
toward the ‘high altitude’ of our
humanity, which, ee,
daily life tends to bring down,"
he said.





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PE. Benedict X VI .waves:at faithful as he appears from his Studio's window for the Angeliis ©
pra er, Sunday, July 8, 2007. The Pontiff, about to begin an Alpine vacation, wished everybody the:
change to go on vacation; recharge their body and soul as he plans to do and get back in touch with
nature.

‘ (AP Photo/Pier Paolo Cito) « 4



2 & gel



Glo bal |! Marke

‘Chevron

. ee

Our Family of Brands

'L-R, Jesus Sumimo, Gerieral Manager C&I, Caribbean;

‘Bereket ‘Haragot, Vice President, ‘Latin America, Global

Marketing; Casey Wood, Texaco Recipient of the Living

Culture Customer Facing Award; ‘Glenn Johnson, ‘
(Marketing ‘Director, Latin America. Raa ee

Chevron Caribbean Inc. is proud to announce the selection of Casey Wood, Texaco Commercial &
Industrial District Sales Manager for Bahamas, Cayman Islands, Jamaica and Turks & Caicos, as ‘the
company’s 2006 recipient of the Living the Culture: Customer Facing Award, an internal Chevron Corpora-
tion programme recognizing employees who demonstrate the type of behaviour encouraged, as defined
ih Our cultural characteristics. MS

Living the Culture awards are given out in each region. Ary employee working in the region, irrespective
of which team or global function they work in, can be nominated for one of these awards. The winners are
nominated by their fellow regional employees and final selection iis made ‘hy the regional leadership
team. Awards are given in six categories: Operational Excellence, Winning Together, Customer Facing,
High Performance, Accountability and the Vice President's Award (for overall contribution).

Mr. Wood is credited with creating the Enduring Performance Awards and establishing the Texaco Marina
Council: initiatives designed to more closely align the company’s business strategies with its 65 Texaco-

branded marinas across the southeastern United States and the Caribbean. Asa reward for Mr. Wood's
great achievements with ensuring that the company’s Vision of being #1 in the hearts and minds of our
customers, he received a plaque and cash award. “| am grateful to have been ‘recagnized with this
prestigious Chevron award and would like to thank all of the Texaco brand-layal customers'in the markets
that | serve for their support” said Mr. Wood.

‘We are all very proud of Mr. Wood's excellent performance and recognition and I'm sure that Texaco-
branded customers in his aréa of responsibility appreciate his commitment to providing Great eee
service,” said Mr. Sumpno, Texaco's General Manager, C&l Fuels, ‘Caribbean.

Casey has been employed with Chevron for the past 10 years and has held numerous positions including
Latin America Marketing Commercial & tndustrial (Ca), Pricing Specialist, Senior Business Planner -
North America Marketing Strategic Business Unit, Business Planning Analyst - US Retail Gasoline &
Convenience Stores, Senior Financial Analyst - California Refining Strategic Business Unit, Finalist Analyst

= California Refining Strategic Business Unit, Financial Forecast Analyst — US Refining & Marketing Opco, a
and Assistant Financial Analyst - US Exploration & Production Opco. Mahima cnlinincieltt ol on
since January 2006. ta
He currently resides in Miami, FL. and outside of Chevron is very active, as he enjoys playing tennis, Golf,

He was born in Los Angeles, California and is married to the former Andrea Deluiz Cortez and does notyet
have any children.

About Chevron Bahamas Limited in The Bahamas '

Chevron Bahamas Ltd. has a 50 year legacy in The Bahamas, 21 service stations and a solid roster of Commercial
and Industrial customers, Itis‘a Chevron Corporation company, which markets its products in The Bahamas inder
the Texaco brand. |





THE TRIBUNE



- True believers flock to |

INTERNATIONAL NEWS

Roswell, New Mexico,
for 60th anniversary
of alleged ‘alien crash’

@ ROSWELL, New Mexico

IF YOU truly believe a UFO
and its crew of bug-eyed aliens
came crashing down here 60
years ago, rest assured: You're
not alone, according to Associ-
ated Press.

At least 35,000 people have
descended on Roswell this
’ weekend for the 2007 Amazing
Roswell UFO Festival to com-
memorate a purported flying
saucer crash on a nearby ranch
in July 1947. Participants have
filled hotel rooms and nearly
doubled the southeastern New
Mexico town's population for a
few days.

The festival, which began
Thursday, is a mixed bag that
_includes live concerts (one head-
lined by a band with a-comput-
er-generated ‘alien' drummer),
costume contests, a Main Street
parade and a slew of lectures
that ponder everything from
body snatchers to "What Does
NASA Really Know?"

The festival emerged in the
1990s to spark debate about the
purported flying saucer crash,
which the government says was
a top-secret weather balloon.
Believers in the Roswell Inci-
dent say the government is con-
spiring to hide the truth about
the events of that day and, more
broadly, the existence of

extraterrestrial life.

Al Dooley, 59, of Seattle, said
he wasn't sure what happened
back then, but came to the fes-
tival to learn more. He was nes-
tled into a seat at a convention
center auditorium, eager to hear
a talk on "UFO Files from the
UK and Government Surveil-
lance of Ufologists."

His wife, Nancy, sat nearby,
visibly less interested. She was
waiting for the festival to be
over so the couple could move
on to the next leg of their vaca-
tion in Sedona, Arizona.

"T didn't come for the carnival
atmosphere. I came to listen to
the speakers," Al Dooley said.
"[ wanted to hear what serious
and educated discussion there
is."

Although he's not certain
whether an alien craft crashed
here, he might have seen one
himself in 1968 or 1969, he said.

Michael, who plays guitar in a
rock band called Element 115
and doesn't use his last name,
said he doesn't merely believe
the crash happened. "I KNOW
it," he said, as he handed out a
business card.

Michael said he hoped Ele-
ment 115 would one day be the
house ‘band for a huge theme
park being debated here — fea-
turing amusement rides, a con-
cert hall and a 300-room hotel

that looks like a flying saucer.
"I want to help them with
that," he said. "I see millions
and millions of dollars in this
place — they just need to know
how to market it right."
The city's convention center

‘was swarming with vendors

hawking trinkets and dolls, pho-
to ops with costumed aliens,
psychic readings and a kit to test
whether your neighbor or boss
is from outer space. Many ped-
dled their books, DVDs or art-
work of all things otherworld-
ly.

(Chase Masterson, a singer
and actress, was signing auto-
graphs for fans who remem-
bered her role as Leeta on sev-
eral episodes of "Star Trek:
Deep Space Nine."

"Tam having a very interest-
ing time exploring the theories
that are set forth here," she said.
"Some are completely outra-
geous but some are very intrigu-
ing."

The festival was being orga-
nized for the first time by the
city of Roswell, after the local
UFO museum hosted it for
more than a decade.

Mayor Sam LaGrone said he
was happily surprised by the
turnout — and the economic
boost it would give the city.

"T've never seen so many cars
in town," he said.



MONDAY, JULY 9, 2007, PAGE 19

@ ROSWELL businessman Thomas Armstrong secures a large rendition of the earth, in Roswell,
N.M., Tuesday, May 22, 2007, above the store front for his Planet Roswell, an outlet store for
"Roswell Gear" jeans, jackets and other apparel. The target audience, he said, is "anybody who likes
UFOs, Star Trek and the Sci-Fi Channel."

(AP Photo/Jake Schoellkopf)

Joli Description
Job Title: Production Shift Supervisor

Department: Production



The Production Shift Supervisor shall report to the Production Manager and must be familiar
with, understand and operate according to the relevant elements of the Coca Cola Quality System.
@ A VISITOR takes a picture of an alien on a gurney at the International UFO Museum and

Research Center in Roswell, N.M., May 23, 2007. The rise of the UFO tourist economy signals

diversification for Roswell, which traditionally relied on petroleum exploration, banking, dairies, ranch-
ing and — until an Air Force base closed in 1967- the military.

Main Duties & Responsibilities:

The Production Shift Supervisor shall be responsible for the operations of the Production plant

(AP Photo/Jake Schoellkopf) ¢ ; : rg ,
during the respective production shift. Duties shall include but not be limited to the following:

1) Ensuring that production targets are met by providing adequate guidance and
supervision to Operations, Maintenance Supervision & Syrup Room Attendants.

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3) Liasing with all departments to ensure that all raw materials and semi finished
product requirements as well as quality, safety and efficiency standards are
adequately met.

4) Liasing with external and internal sanitation crews with respect to production.

5) Ensuring that all Production transactions are completed at the end of each shift.

6) The generation of comprehensive and concise shift reports at the end of each

production shift for management review.

7) Ensuring adherence to Good Manufacturing Practices.

8) Identifying staff training requirements and assisting with the training.

9) Performing other reasonable job related duties may be assigned by management.
Qualifications & Experience
Tertiary education in a Science discipline

Aminimum of three years experience in a supervisory capacity in a manufacturing environment

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PAGE 20, MONDAY, JULY 9, 2007

THE TRIBUNE



INTERNATIONAL NEWS



Great Wall, Colosseum, among |

new seven wonders of the world —

i LISBON, Portugal

THE Great Wall of China,
Rome’s Colosseum, India’s
Taj Mahal and three archi-
tectural marvels from Latin
America were among the new
seven wonders of the world
chosen in a global poll
released on Saturday, accord-
ing to Associated Press.

Jordan’s Petra was the sev-
enth winner. Peru’s Machu
Picchu, Brazil’s Statue of
Christ Redeemer and Mexi-
co’s Chichen Itza pyramid
also made the cut.

About 100 million votes
were cast by the Internet and
cellphone text messages, said
New7Wonders, the nonprofit
organization that conducted
the poll.

The seven beat out 14 other
nominated landmarks, includ-
ing the Eiffel Tower, Easter
Island in the Pacific, the Stat-
u® of Liberty, the Acropolis,
Russia’s Kremlin and Aus-
tralia’s Sydney Opera House.

The pyramids of Giza, the
only surviving structures from
the original seven wonders of
the ancient world, were
assured of retaining their sta-
tus in addition to the new sev-
en after indignant Egyptian
officials said it was a disgrace
they had to compete.

The campaign to name new
wonders was launched in 1999
by the Swiss adventurer
Bernard Weber. Almost 200
nominations came in, and the
list was narrowed to the 21
most-voted by the start of
2006. Organizers admit there
was no foolproof way to pre-
vent people from voting more
than once for their favorite.

A Peruvian in national cos-
tume held up Macchu Pic-
chu’s award to the sky and
bowed to the crowd with his
hands clasped, eliciting one
of the biggest cheers from the
audience of 50,000 people at a
soccer stadium in Portugal’s
capital, Lisbon. .

Many jeered when the Stat-
ue of Liberty was announced
as one of the candidates. Por-
tugal was widely opposed to
the U.S.-led invasion of Iraq.

Another Swiss adventurer,
Bertrand Piccard, pilot of the
first hot-air balloon to fly
nonstop around the world,

announced one of the winners
— then launched into an
appeal for people to combat
climate change and stand up
for human rights before being
ushered off the stage.

The Colosseum, the Great
Wall, Machu Picchu, the Taj
Mahal and Petra had been
among the leading candidates
since January, while the Stat-
ue of Christ Redeemer
received a surge in votes more
recently.

The Statue of Liberty and
Australia’s Sydney Opera
House were near the bottom
of the list from the start.

Also among the losing can-
didates were Cambodia’s
Angkor, Spain’s Alhambra,
Turkey’s Hagia Sophia,
Japan’s Kiyomizu Temple,
Russia’s Kremlin and St.
Basil’s Cathedral, Germany’s
Neuschwanstein Castle,
Britain’s Stonehenge and

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Mali’s Timbuktu.

Weber’s Switzerland-based
foundation aims to promote
cultural diversity by support-
ing, preserving and restoring
monuments. It relies on pri-
vate donations and revenue
from selling broadcasting
rights.



@ CHINESE teens try to find their way through a rugged s

_The U.N. Educational, Sci-
entific and Cultural Organi-
zation, or UNESCO, keeps a
list of World Heritage Sites,
which now totals 851 monu-
ments. But the agency was
not involved in Weber’s pro-
ject. ‘
The traditional seven won-

ection of the Grea



ders were concentrated in the
Mediterranean and Middle
East.

That list was derived from
lists of marvels compiled by
ancient Greek observers, the
best known being Antipater
of Sidon, a writer in the 2nd
century B.C.

S

t Wall of China in Beijing, China, Sunday, July 8, 2007.

@ RIO DE
JANEIRO'S Governor
Sergio Cabral, second
left, celebrates the
Christ the Redeemer's
selection among the
new seven wonders of
the world in Rio de
Janeiro, Sunday, July 8,
2007. The giant statue
was selected as one of
the new seven wonders
of the world in a global
poll announced Satur-
day, July 7, 2007,
together with China's
Great Wall, Jordan's
Petra, Peru's Machu
Picchu, Mexico's
Chichen Itza
pyramid,Rome's Colos-
seum and India's Taj
Mahal.

(AP Photo/
Ricardo Moraes

The Hanging Gardens of
Babylon, the Statue of Zeus
at Olympia, the Temple of
Artemis at Ephesus, the
Mausoleum of Halicarnassus,
the Colossus of Rhodes
and the Pharos lighthouse
off Alexandria have all van-
ished.



The Great Wall of China, Rome's Colosseum, India's Taj Mahal and three architectural marvels from Latin America were among the
new seven wonders of the world chosen in a global poll.



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THE TRIBUNE



-Greece’s envitronmentalists rally

MONDAY, JULY 9, 2007, PAGE 21
INTERNATIONAL NEWS

outside parliament in protests

@ GREECE
Athens

GREEK environmental
demonstrators rallied outside
parliament, cycled through
nature trails and sent thousands
of protest e-mails to the gov-
ernment, according to Associ-
ated Press.

Sunday’s action was not part
of Live Earth concerts around
the world, but was held to
protest damage to a national
park caused by a recent wild-
fire.

The blaze destroyed thou-
sands of hectares of pine, fir and
oak forest on Mount Parnitha,
near Athens, between June 28
and July 3. Protected species of
deer, turtle, snakes and other
animals were also killed in the
fire or forced to scatter.

Several thousand demon-
strators, blowing whistles and
chanting “shame on you,” gath-
ered outside parliament Sun-
day, some holding up pieces of
burnt trees from Parnitha for-
est.

“This time, people have real-
ly had enough ... we need more
greenery in Athens,” said pro-
tester Alexandra Kouraki, who
was waving a green flag.

“Look what happened other
times ... forests burnt down and
houses appeared in their place.”

Earlier Sunday, cyclists gath-
ered at Parnitha, about 20 kilo-
meters (12 miles) north of the
capital, other protesters with
cell phones and digital cameras

“took pictures of the burnt forest,

and bloggers continued a mass
e-mailing campaign to govern-
ment agencies.

Protesters are demanding
tougher forest protection laws,
arguing the government mis-

handled the Parnitha firefight-
ing effort.

They also claim rapid urban
expansion in the capital has
been allowed spread across
Greece’s southern Attica region
at the expense of the environ-
ment _ recently aided by large
infrastructure projects built for
the 2004 Olympics in Athens.

Greater Athens is home to
around 4 million people, or

more than a third of ee S
population.

“There is a genuine interest -

from the public (about the envi-
ronment) that we’ve never seen
before,” Constantinos Liarikos,
of the conservation group
WWF, told The Associated
Press.

“This protest started sponta-
neously, with some young peo-
ple exchanging text messages
on their cell phones, and it grew
from there ih a totally grass-
roots way ... We are simply
backing this effort.”

Deaths

The Parnitha fire broke out
during a June heat wave across
southeast Europe that saw tem-
peratures reach 46°C (114.8°F)
in Greece and killed more than
40 people in the Balkans and
Italy.

Greek firefighters had been

_ battling wildfires at the rate of

100 per day, when the blaze
swept across the Parnitha
national park and surrounding
forests.

Public Order Minister Byron
Polydoras described the Par-
nitha fire as “an act of God,”
and authorities rushed out plans
to plant new trees and protect
the scorched land from illegal

Sri Lankan warplanes
bomb Tamil rebel mortar
locations in the east



@ A SRI Lankan soldier walks past a wood fire set near Thoppi-
gala, about 150 miles northeast of Colombo, Sri Lanka

(AP Photo / Gemunu Amarasinghe)

m@ SRI LANKA
Colombo —

FIGHTER jets pounded
rebel mortar positions in what
the military calls the last Tamil
Tiger stronghold in Sri
Lanka’s east on Sunday, hours
after a major sea clash in the
region, according to Associat-
ed Press.

Airstrikes hit four guerrilla
mortar positions in Thoppigala,
but there were no casualty fig-
ures to report, an official at the
Defence Ministry’s information
center said on condition of
anonymity, in line with policy.

Government forces have
cleared the Tamil Tigers from
much of eastern Sri Lanka, but
_ have struggled to seize the east-
ern rebel bastion of Thoppigala
for 14 years.

The army began what it
called a final push into the area
in late April, but claims of
imminent victory have proven
premature.

A fierce sea battle, mean-
while, erupted between Sri
Lanka’s navy and Tiger vessels
off the country’s east coast
overnight, the military said Sun-
day. Fighting began after a
flotilla of 15 rebel boats tried

to attack naval vessels patrolling

~ off Kallarawa, a fishing village

in the eastern Trincomalee dis-
trict, on Saturday night, said
navy spokesman Cmdr D.K.P.
Dassanayake.

He said the battle lasted near-
ly an hour, and the insurgents
were believed to have suffered
heavy casualties before fleeing.
There was no immediate com-
ment from the rebels.

Rebel spokesman Rasiah
Ilanthirayan confirmed the sea
battle but said he did not have
any casualty details. He could
not be reached for comment on
Sunday’s reported air attack.

The rebels have fought since
1983 to create an independent
homeland for Sri Lanka’s ethnic
minority Tamils, who have suf-
fered decades of discrimination
by majority Sinhalese-con-
trolled governments.

Assassinations, airstrikes and
clashes have killed more than
5,000 people in the past 20
months, and have taken the
death toll in two decades of vio-
lence past 70,000.

A Norway-brokered cease-

fire signed in 2002 still holds.

officially, and neither side has
withdrawn from it fearing inter-
national criticism.

development.

Polydoras said around 2,500
hectares of forest had been
destroyed on Parnitha, but the
WWE estimates about double
that area was affected.

The group said more than
half of the 3,800-hectare pro-
tected forest was destroyed in
the fire. It wants that protected
area to be expanded eight-fold
to include surrounding forests,
and to impose an overnight traf-
fic ban to protect roaming ani-
mals.

“Right now the animals are
scattered and scared, they don’t
know where to go. Lots of cars
passing through the forest, espe-
cially at night, will only make
this worse,” Liarikos said.

An opinion poll published
Sunday in the weekly Proto
Thema newspaper found that
55 per cent of Greeks personal-
ly held conservative Prime Min-
ister Costas Karamanlis respon-
sible for failing to deal with the
fires adequately.

The GPO survey of 1,200
adults across Greece was car-
ried on July 4 and 5. No margin
of error was given.

Elz ‘To ae

OT
Brace
sche aN \



A GIANT puppet of Red Riding Hood is held up by environmental demonstrators outside
parliament, in central Athens on Sunday

(AP Photo/Dimitri Messinis)

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PAGE 22, MONDAY, JULY 9, 200/

THE TRIBUNE



INTERNATIONAL NEWS

Congress of Russian opposition
exposes deeper disagreements

m MOSCOW

A TWO-DAY congress of
Russia’s most vocal opposition
alliance ended Sunday with no
visible progress, exposing a
deeper rift among the country’s

opposition groups before elec-
tions, according to Associated
Press.

Leaders of the Other Russia
umbrella, a loose organisation
uniting liberal and leftist groups,
agreed to pick a single opposi-
tion candidate in the fall to run

in the March presidential elec-
tion and challenge what they
called the Kremlin’s increas-
ingly authoritarian rule.

“Our task is to gather all
opposition forces and to dis-
mantle the regime,” said chess
grandmaster Garry Kasparov,

beleaguered and fractured
one of the coalition’s top lead-
ers.

However, Andrei Illarionov,
a former economic adviser to
President Vladimir Putin turned
Kremlin critic said the group
should boycott the vote.

“A single candidate for the
Other Russia cannot exist — it
will destroy the Other Russia
and it will legitimise an illegiti-
mate government,” he told
reporters.

The Other Russia has held a
series of street protests in the
past six months, and police have
reacted by beating and detain-
ing dozens, drawing Western
criticism of Putin and his gov-
ernment.

The popular Putin is consti-
tutionally barred from seeking a
third consecutive term in
March, but he has hinted he will
throw his weight behind a
favoured successor, who will
likely win.

Russia’s embattled opposi-

CABINET . OFFICE

RE: THE OPENING OF SHOPS ON PUBLIC HOLIDAYS

tion groups failed to join forces
in the 2003 parliamentary and

In accordance with Section 3 of the Public Holidays Act, 2004 presidential elections and

(Chapter 3%), the following day: will be observed as Public Holidays:-

Tuesday, 10th July, 2007-Independence Day
On the said day, all public offices, banks and shops throughout The
Bahamas must be kept closed, except that shops may open:-
(a) for the sale of food, cooked or prepared for
consumption on the premises;
for the sale of drugs, medicines or surgical appliances;
MINISTRY OF LANDS AND LOCAL GOVERNMENT

for the sale of ice;

for the sale of bread, fresh and frozen fish, fresh.
THE PRICE CONTROL ACT (1971)

, (CHAPTER 339)
THE PRICE CONTROL (GENERAL) (AMENDMENT)
REGULATIONS, 2007

fruits, fresh vegetables, butcher’s meat, and-fresh
dairy products, until the hour of ten o’clock in the
morning; eae
NOTICE
for the sale of any article required for the burial of a

The public is hereby advised that effective Friday, June 29" 2007 The Honourable Maiger of

dead body; or in the case of illness of any person or
Lands and Local Government has approved prices for the following breadbasket commodities:

animal, or in any other emergency;

for the sale of petroleum products;

1) Butter
2) Comed Beef
3) Rice
4) Sugar

for the sale of fresh water;

for the sale of newspapers and periodicals,

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PERMANENT SECRETARY









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NCTM To TeAmeLLUUm el aoa O OT Kea On



support a single party or candi-
date. Analysts say the opposi-
tion stands no chance of chal-

B@ ALBANIA
Tirana

TWO new candidates were
nominated Sunday for the pres-
idential election in parliament
after the governing majority did
not accept a military official
proposed by the opposition as a
consensus candidate to be the
country’s next president,
according to Associated Press.

Bamir Topi, deputy leader of
the governing Democratic Par-
ty-led coalition of Prime Minis-
ter Sali Berisha, and former
Prime Minister and opposition

- Socialist Party leader Fatos

Nano will run for the post.

But most of the Socialist Par-
ty-led coalition now run by
Tirana Mayor Edi-Rama said
they would boycott the vote
because they do not support
Nano.

Earlier, Rama said they
agreed with the governing
majority to nominate Albania’s
military representative to

_ NATO, Brig. Gen. Arjan Zai-

mi, as a consensus candidate to
be the country’s next president.
But Fatos Beja, the Democ-



M@ LEADER of the Other Russia opposition alliance and former world chess champion Garry Kas-
paroy speaks during a conference of Other Russia in Moscow

(AP Photo)

lenging the Kremlin if it fails to
agree on a single presidential
candidate this time.

Albanian parliament set to vote for
new president after candidate fails

rats’ deputy speaker, said they
had not reached a consensus
because the opposition did
not agree on some major
reforms.

Nano had always said he
would run for the post, a move
that may create further confu-
sion in the long dispute of more
than two weeks that has threat-
ened to take the country to ear-
ly elections.

Lawmakers have failed twice

to elect a new president and- °-

both sides rejected the other
side’s proposals earlier this
week.

If Parliament fails to vote on
a candidate a third time, the
constitution calls for dissolving
the legislature and holding elec-
tions within 60 days. ,

The president is chosen by at:
least a three-fifths majority in
parliament, or 84 of the legis-
lature’s 140 seats. The Democ-
rats have 80 seats, too few to
overcome an opposition boy-
cott.

The Socialists had threatened
to boycott the presidential elec-

tion unless they were allowed ».-°

to present their own candidate.

Pakistan commando
killed as army blasts
through mosque walls

m@ PAKISTAN
Islamabad

TERRORISTS wanted for
attacks in Pakistan and beyond
are leading fierce resistance
against troops besieging Islam-
abad’s Red Mosque, the gov-
ernment said Sunday, while a
mosque spokesman claimed
hundreds of people died in an
overnight assault, according to
Associated Press.

President Gen. Pervez
Musharraf sent in troops on
Wednesday, a day after sup-
porters of the mosque’s radical
clerics fought gunbattles with
security forces sent to contain
their campaign to impose Tal-
iban-style rule in the capital.

At least 24 people have died
so far, including a special forces
commander shot during
overnight operation to blast
holes in the walls of the fortified
compound.

Musharraf vowed on Satur-
day to kill the militants in the
mosque if they didn’t surrender.

However, on Sunday, the
gunfire and explosions that
echoed across the city for much
of the night gave way to an
intensifying war of words
between the government and
the mosque’s defenders.

Religious Affairs Minister
Ejaz ul-Haz said terrorists,
including a suspect in a plot
against Prime Minister Shaukat
Aziz, were in control of the
mosque.

“IT can only tell you they are
involved in many terrorist activ-
ities inside and outside” Pak-
istan, ul-Haq said. “And there

~are a few who are very

renowned, very well known,
more well known than al-Qaida
and the Taliban.”

Ul-Haq provided no details.
However, Musharraf has said
members of Jaish-e-
Mohammed, a radical group
involved in fighting Indian rule
in Kashmir and with links to al-
Qaida, was involved.

A military official who said
he was not allowed to speak on
the record said intercepts of
telephone calls from the
mosque indicated the defend-
ers also had links to Harkat
Jihad-e-Islami.

Some members of Harkat
have been suspected of involve-
ment in the killing of Wall Street
Journal reporter Daniel Pearl in
Karachi in 2002, and in a bomb;
ing the same year in the city that
killed 11 French engineers.

“The very fact that they can
use heavy automatic weapons
with some expertise shows that
they are not just ordinary 14,
15-year-old students,” govern-
ment spokesman Tariq Azim
said.

It was impossible to check the
government’s claims. Journal-
ists have been pushed back 500
yards from the scene and secu-
tity forces have prevented cler-
ics hoping to mediate from
reaching the mosque.

Mosque leaders laid out an
unverifiable claim of their own.

The local Geo television
channel quoted an unnamed
spokesman inside the mosque
as saying 305 men and women
had been killed in the overnight
assaults.





THE TRIBUNE

VIONDAY, JULY 9, 2007, PAGE 23

NE

COMICS PAGE







TLL TEACH YOU TO TRICK
ME, YOU BIG HAIRBALL /

ITS JUST
THAT WAS A
TERRIBLE ,
NASTY, AWFUL
THING To DO,
AND T'LL NEVER

IS HE FOLLOWING US

HEY.-WHAT \
ACROSS THE STREET?

HAPPENED |:
TO ALL THE
PEOPLE? 4

PICK UP THE
PACE, NED!

Yr

7
¢ \)
COUR
i LUN KX? We.
Pe
Re) ig
WSN y
LOY
We -

YES..-HE'S
STILL BACK
THERE!

HENNY, You'Re
RIGHT! iT /S
FUNNY HA HA



XY) Y
ee SKY
YS Or

IM SURE YOU'VE GUESSED
MY MARGO 18 EXPECTING

SO MUCH HAS BEEN



HAPPENING IT’S HARD To
JAKE ITALL IN, NOP

Th Ka
f

GABRIELLA— HOW) I WAS JUST



THINKING OF
: oO)

BLONDIE



DAGWOOD, DO YOU KNOW WHAT
eee TO THE LEFTOVER

ROAST BEEF I WAS
SAVING FOR OUR
DINNER TONIGHT?

NON SEQUITUR

01ST, BY UMVeRSIL PRESS SyWOlcaTe

OK.wALTIOUGH THERE
NRCN'T ANY “WRONG”
RESPONSES, THERE
ARE FUNNY ONES
TART MAKE GREAT
ANECDSTES AT
COCKTAIL PARTIES.
60. LET'S TRY
IT AGAIN...



BEN

rt
ia
Ey fy
yn



HOW LONG ARE yOu
GOING TO KEEP THIS UP?





4 ©2007 by North Americe Syedicste, ine. Wastd tights reserved.

6OLOM( C5, Cor OPSSQUTIZ





“1S THAT WHERE YOU KEEP THE BIG SPARE
TIRE MY DAP SAYS YOU HAVE?"

Partner bids One Heart, and the
next player passes, both sides’ vulner-
able. What would you bid with each
of the following five hands?

1. # KQ872 ¥ Q652 ¢ 83 & 74

2. # 82 ¥ KQ7 @ J97 #& KQ932

3. #53 ¥ KI84 ¢AQ96 & K98

4.4 AQJ3 ¥ 8 K62 & AJ874

5. # 6 ¥ K97542 7 & QI863

eee

1. Two hearts. It is better to
respond with two hearts, indicating
six to 10 points and adequate trump
support, than one spade. One objec-
tion to a one-spade response is that if
partner rebids two hearts, you will be
faced with a bidding problem of your
own creation. To bid three hearts
would constitute an overbid not war-
ranted by your cards; to pass would
result in ending the bidding without
ever revealing your heart support.
Such problems can be avoided by
raising immediately and leaving the
rest to partner.

2. Two clubs. This band is too

Bidding Quiz

3. Three hearts. This is a typical
hand for a double raise of partner’s
suit (forcing to game). It is better to
raise directly than to respond with
two diamonds, which would tend to
overemphasize your diamond
strength when you next jump-raise
hearts. (For those who play limit
raises, be sure you have discussed
with your partner how you would
make a forcing raise with this hand.)

4. Two clubs. It is clear that your
side has at least a game on this hand,
but you cannot tell at this point just
what game you belong in. The best
you can do is to try to describe your
hand as accurately as possible in an
effort to get to the best contract.

You therefore bid clubs first with
the intention of bidding spades next
to show that you have more’ clubs
than spades. If partner shows a liking
for either of your suits, you can con-
sider trying for slam. If no fit in
either suit is discovered along the
way, and if partner keeps on bidding
hearts, you can then undertake a





MONDAY,
JULY 9

ARIES — Mar 21/Apr 20
Overindulging in all areas of your life

‘is not a healthy way to live, Aries.

Rethink your personal goals and
streamline so you’re not being pulled
into too many directions, t

TAURUS - Apr 21/May 21
You want to support a friend,
Taurus, but you just don’t agree
with this person’s motives. Don’t
get involved in the situation; you’ll
regret it later.

GEMINI — May 22/Jun 21
Someone in the family has stepped
on your toes, Gemini. Rather than
lash out, keep your feelings to
yourself and ‘be the bigger person
in this situation.

CANCER - Jun 22/Jul 22

You’vé put all your eggs in one bas-

good for a raise to two hearts, andnot game in notrump. ket, Cancer, and now that things
good enough for a raise to three 5. Four hearts. This is not a } haven’t worked out, you're left won-
hearts, which would show 13 to 15 _ strength-showing bid insofar as high J} dering what to do. Family members

points. A temporizing bid of two
clubs is therefore made, the intention
being to support hearts after partner
rebids. (Even if you play limit raises,
wherein an immediate raise to three
hearts would show: 11 or 12 points,
two clubs would be the better bid
with this hand.)

cards are concerned, but instead
shows a distributional hand that con-
tains long trump support. (five..or
more cards) and no more than nine
high-card points. Its chief purpose is
to try to keep the opponents out of
the bidding, although partner may
very well make four hearts.

TARGET



HOW many words of
four letters or more



CRYPTIC PUZZLE



ie |
Pe fe esate a
| |
















won’t let you down.

LEO — Jul 23/Aug 23

Watch how much you spend this
week, Leo. You could go overboard
if you’re not paying attention.
Better leave the credit at home and
use cash instead.
VIRGO - Aug 24/Sept 22

Tf you don’t make a move soon in your
love life, you’re going to miss the
opportunity, Virgo. Stop looking for
the perfect Mr. or Ms. Right. Rather,
look outside your comfort zone.

LIBRA - Sept 23/Oct 23

Khe Ciresiat z Now is not the time to make rash
i WILET IPE, Ie, wiLenipk@eAemUvk.vet . | Can you make from snes B career decisions, Libra. You have too
the letters shown Se many responsibilities and bills com-
TIGER here?In making a EB gee. ing in. Even though your job may not
won pa letter may op ed & . | appeal to you anymore, stick with it.
THEY SAY PROBABLY Ie EN aa ts 5.2855, | SCORPIO — Oct 24/Nov 22
ITS A SMALL REAL Bic Pits: © Pm E & | Normally a go-getter, Scorpio, you're
centre letter and there BF So B Pee Betels BCCTEIOS 9.
| must be at least one Ge Saw steady to throw in Se eu eeaics
nine-letter word. No Seam = ea nee ne eee ae
i plurals or verb forms eR Sis al aca Sire bowers yon
ending in “s”, no words with initial capitals and no Zz ops :
ij words with a hyphen or apostrophe permnittedt The ° = = eS ae SAGITTARIUS — Nov 23/Dec 21
{ first word of a phrase is permitted (eg. inkjet in 5 Se ae eee > oes, and
j inkjet printer). ey & 5 | start concentrating on your immedi-
8 ES Se ate family, Sagittarius. They’re in
| TODAY'S TARGET y BS ak [need of your love and attention,
5 Good 14; very good 21; excellent 28. Zz WAG & 3 Quality family time is key.
Solution tomorrow. 8 sgé oS | CAPRICORN - Dec 22/Jan ‘20
pe = ee ‘& || Your love life is a mess, Capricom.
< EBS 3 5 You can’t seem to get along with your

partner no matter what you do. Instead
of butting heads, sit down and talk
camly and rationally.



ANOS Soe Ee pam ae ee il AQUARIUS - Jan 21/Feb 18°
lM Nem cen ae oneal aa Pee ee Cy Stop being argumentative, Aquarius
boss (7) “estate” (6) : Those around you will grow tired of
9 — Stayed away from, while the visibility jf 2 Viewasa girl sheltered by her fag ee ee & | ee rs word hearing how you're always right.
remained gro (5) parent () Pe Accept that someone else's opinion
13 After the uproar, try to find the dog (5) 7 3 Making a secret of the fact that one’s a oe | | drench might be valid.
S epaieenEi foe Karena ek Se met me PISCES — Feb 19/Mar 20
experimental programme (5) “4 Willthe mates pitch tent on the Recuperation from an injury or iHness
15 Itturns, retreating, too (7) periphery? (9). a ee | si ea | ee Prev = ; will take time, Pisces. Don’t try to do
16 Confident it’s sure-fire (7) _ 5 Very interested in seaing the way - 25] f feet | | 27 Thais 2 hae oO wet through; it all now. You'll have plenty of time
17. The halfleft a day after is sour (5) grains threshed (7) | rea ral 28 | 29 | gl eg soak to catch up in the weeks to come.
18. Support when you're creating a 6 Despite that, indistinguishable one
scene(s) from the other (2,84) Seal classe Meee eesti] mss [ate toes |
20 | say travel right through the Not all get divorced (4) | | | fa 34 | || & | | ii F
Tee reels 10 The editoris holding court, giving pes al. (ai mest et MME el Peas S| | CHESS by Leonard Barden
22 After a bad beginning — wet - it's orders (6) Pa ea | | | ce ied | re
bright (6) 11 Part of a book on entomology? (3-4)
23. Figuete sgn keeps chanaing (6) M+) stove ne ain coming tvowp te Seether es |
25 From the very beginning, when day decordtve borders (6) | | aan. = AED aincieey v Elmir
dreaming (7) a useinov, uropean
27 Finding it, for genealogists, is a job i sige ee vee ey peste a Sere eee es i
that takes time (7) et 4 Material is level, king, rook, an
‘ f 21 Contacts the university in the spring i
30. Frenzied fans in the back of the five pawns each, so Timofeev,
break (5,2) ho th Rxf7 Il
queue are dangerous (6) os who threatens +, menta Y y
31 Doctor Bird is an Indian (6) a NERA coe | EASY PUZZLE | chalked up half a point. Black’s
32 Classes as utilitarian furniture (5) course (44,8) : next turn came as a shock. At
35 “Great Stuff” gets us to back (5) 26 Astory about a car in the inexpensive peuateenicie ; . first glance it is irrelevant, but
meant 10) ACROSS 2 Valuable thing ; actually it forces checkmate or
36 Father's home again (5) range ( : 7 35 Prepared (5 10 Busy or doin Uy taker
37 Abigwig eating from a tray on his 28 For the state, a sine qua non (9) 5 Fee balan 36 Weird 6) e) someting (8 decisive material gain. What
lap? (7) 2 eo erg aah 34 Pitot bed temper (7) 2 Peo a charge (6) happened? Golders Green hosts
39 With the storm at its height, taking no hot to eat (7) >! eo 41 Fool(5) 19 Rules (7) an open-to-all one-day congress
nolice inside (7) 30 Tips over when one raitles (6) 15 Any fast sailing a beeen (5) i pec tery (7) on Saturday. Anyone from
41, Sounds heard when you turn the TV 32 Attractive, is going for (8) 16 ae) or 44 Soe eae (7) 26 Form of motor Se RAS Pee
onin (5) 33 For three-quarters, home is in indisposition (7) , Sport (1 everybody plays t e six
42. Thatanimal of hers Is wanderin Europe (6) 17. Han part (5 DOWN 28 Wig or tou a (9) games, each lasting one hour
nei 5 16. Bar ot geKt3) 1. Yearly (6 alias peoug pare maximum, while winners qualify
ee 0 ee ee tara 39 Ae in) thquake (6) 3 Pra) 30 Piatt tial (6) for cash awards and national
i i ies. j i i 2 inor earthquake rying . 0
43 lneiead of having vanous parties, just Be Again, A i ad ital 23 Strainers (6) 4 Ridicule, leride 32 Tries (8) ranking points. Call Adam Raoof
ponents cheatetieg 25 Meee ls bury oil) | = agreement (6) on 020 8202 0982 if you'd like
i irl is i i i i jal ~ lummy pi .
ease lelidoeshE hA LAH AO: 5 Chisel & ieee Of Noy 1) “a7 Forks! oe elc.(7)| Produced by man (10)) 34 European country (7 more details. LEONARD BARDEN
30 Cricketdelivery(6) | 7 — Simple car 38 Monarch’s chair (6)
31 Jungle expedition (6) game 40 Midday (4)



CRYPTIC SOLUTIONS

YESTERDAY'S EASY SOLUTIONS





4 ACROSS: 4, A-cross 7, The blues 8, Tanner 10, C-h-ops 13, Rink 14, Kite 15,
Y-ur-i 16, Mew 17, Dies 19, M-O-an 21, Fast train 23, Solo 24, L-O-LL 26, Fix

ACROSS: 4, Ballad 7, Retrieve 8, Gander 10, Fancy 13, Cave 14, Tier 15, Arne 16,
27, BR-EW 29, Eyed 32, L-air 33, Ado-re 34, Re-war-d 35, Ga-rde-ner 36, Stable

Asp 17, Emma 19, Rose 21, Stopwatch 23, Meet 24, List 26, Box 27, Iced 29,
Eros 32, Cord 33, Stage 34, Marine 35, Enlarged 36, Ascend

Chess solution 8400: 1...g5+! Ifnow 2 hxg5 Kg6
(threat e6-e5 mate) 3 94 (hoping for e5+ 4 Kg3) ha!
and e5 mate. The game ended 2 Kxg5 Re5+ 3 Kfd RfS+
4Ke3 d4+ and White resigned because he loses his b5
rook.

DOWN: 1, Stac-k 2, De-pot 3, Plus 4, A-stir 5, Ran-k 6, SW-Eden 9, Animal 11,
Hit 12, Pedal 13, Ru-St.-ler 15, Ye-t 16, Ma-N. 18, Is.-obar 20, Oiled 21, Fox 22,

DOWN: 1, Graft 2, Stone 3, Tiny 4, Began 5, Lane 6, Averse 9, Averts 11, Air 12,
Row 23, Silent 25, Per(-son) 28, Ridge 30, You-NG 31, D-ears 32, LA-MB_ 33, Aide

Crete 13, Crawled 15, Amp 16, Ash 18, Motion 20, Octet 21, Sex 22, Aid 23,
Morass 25, Log 28, Creed 30, Range 31, Seedy 32, Cite, 33, Slap’



PAGE 24, MONDAY, JULY 9, 2007

-s
@

t 8
|

awk



;

i
5
jon

o ns & © SG

non ow aA

eo,

@ FRENCH President Nicolas Sarkozy



(AP Photo/Michael Sawyer)

INTERNATIONAL NEWS

a
a] © French president says no

_ to mass Bastille Day
pardons under his regime —

m@ PARIS

FRENCH President Nicolas
Sarkozy, true to his law-and-
order reputation, is offering no
mass mercy to the nation’s pris-
oners on Bastille Day this year,
accordinhg t9o0 Associated Press.

Sarkozy said in an interview
published Sunday that he is
breaking — yet again — from tra-
ditions championed by prede-
cessor Jacques Chirac, this time
by refusing to grant a mass par-
don to thousands of prisoners
on the nation’s biggest holiday,
July 14.

Chirac and previous leaders
had used the measure to relieve
chronic overcrowding in French
prisons, a move supported by
prisoners’ rights groups and
prison guards. Several cate-
gories of violent or dangerous
criminals are excluded.

“There will be no mass par-
don,” Sarkozy told the Journal
du Dimanche newspaper, con-

‘firming a pledge he made dur-

ing his presidential campaign
this spring.

He said he had been present-
ed with a decree proposing the
release of 3,000 prisoners.

“Since when has the right to
pardon served as a way to man-
age prisons?” he asked.
Sarkozy said he would issue
individual pardons on a case-
by-case basis for “humanitari-
an or exceptional reasons.”
“Someone jumps in the Seine
River, and saves three drowning
children. It turns out he has a
criminal record. The presiden-
tial pardon could play a role
here,” he was quoted as saying.
Chirac came under fire for
using presidential pardons for
personal reasons when he
cleared his friend and former

basic ra, which is
- and has not

sn Oct 3



July Ist - August 31st, 2007
_ Bring us your Report Card and show us ,

_ your “‘A’ for a free cheeseburger!

Village Road . Phone 393-5310. Open 8:30AM. - 6:30PM. Mon = Sat.

THE TRIBUNE



athlete Guy Drut of corruption
charges last year.

According to judicial figures,
France’s prisons house nearly
61,000 prisoners but were built
to take only 50,000 inmates. ~

Prison officers have expressed
concern about a backlash by
inmates expecting a pardon, and :

a new crush of inmates because °-'.’. ’

of a draft law championed by
Sarkozy imposing minimum
sentences for repeat offenders.

The leader of the opposition
Socialist Party, Francois Hol-
lande, called for an immediate
boost in prison funding, and
urged alternatives to prisons for
those convicted of minor viola-
tions.

“We are heading toward very

big tensions (in prison popula- °. ra

tions), and therefore we must ~
immediately release the neces-
sary funds,” he said Sunday
evening on Radio-J.

Gabrielle Mouesca, a former
inmate and president of the
French section of the Interna-
tional Observatory of Prisons,
denounced conditions in the
nation’s jails, saying on RTL
radio that the decision “risks
becoming the spark that vill set
French prisons ablaze.”

Bastille Day commemorates
the 1789 storming of the former
Bastille prison in Paris by angry

_crowds, sparking the revolution

that rid France of its monarchy.

share
your
news

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

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

Pm lovin’ it









MONDAY, JULY 9, 2007

SECTION

business@tribunemedia.net

The Tribune

BUSINESS

Miami Herald Business, Stocks, Analysis, Wall Street









Colinalmperial.

Confidence For Life



Tourism ‘seizing best land’,
argue 2/5 of Bahamians

* Survey finding has implications for government and investors
* 85 per cent of Bahamians say tourism service needs to be improved, with another 72 per cent believing product quality is lacking
* Report recommends increasing salary scales to attract brightest Bahamians into sector, despite 75 per cent feeling operating costs high

@ By NEIL HARTNELL
Tribune Business Editor

lImost two-
thirds of
Bahamians
believe that
tourism-related

real estate developments are
“taking” this nation’s best land
and beaches, a perception that
may have implications for
future investment projects, with
a survey for the Ministry of
Tourism revealing there are
concerns about industry service

PM to meet over
‘stuck’ marina deal

@ By NEIL HARTNELL
Tribune Business Editor

PRIME Minister Hubert
Ingraham will this week meet
with potential investors in an
attempt to remove the ‘log jam’
that has left a proposed multi-
million dollar marina/resort
investment at the British Colo-
nial Hilton in limbo, govern-
ment sources have told The Tri-
bune, the initial contract on the
proposed joint venture having
been terminated.

The project by New York-
based Island Global Yachting
(IGY), which was earmarked
for land just to the west of the
existing resort and seen as revi-
talising a rundown area of
downtown Nassau, has not
moved since the company and
the Hilton’s new majority own-
er were unable to agree terms
for the venture.

Given that IGY has been
working on the marina project
for some two-and-a-half years,
the window in which the deal
can successfully be closed seems

to be fast running out, especial-
ly as there seems to have been
no ‘meeting of minds’ between
the developer and the Hilton’s
new majority owner.

There is a time when all deals
are ‘hot’, but if the two parties
do not consummate the trans-
action then, it often goes cold.
Despite numerous meetings and
conference calls between IGY
and Adurion executives, it is
understood that they have been
able to agree terms on a new
deal.

The Tribune reported earlier
this year how the Canadian
Commercial Workers Industry
Pension Plan (CCWIPP) sold a
majority stake in the British
Colonial Hilton’s holding com-
pany to Adurion Investment
Management, a boutique
Swiss/UK investment house.

Adurion itself has made a
more-than $30 million invest-
ment commitment to revitalise
the hotel, including a $15 mil-

SEE page 14

Breezes losing $3m every year
West Bay Street re-routing delayed

SUPERCLUBS Breezes, the ©

Nassau-based resort, said it los-
es $3 million every year that the
re-routing of West Bay Street
for Baha Mar’s $2.4 billion
Cable Beach redevelopment is
delayed, as this is interfering
with a planned expansion pro-
ject.

The resort, part of the Super-
Clubs chain owned by Jamaican
hotel investor John Issa, said it
will restart the first phase of its
product upgrade in September
this year with enhancements to
guest bathrooms, balcony doors
and flat screen televisions.
There will be no impact on
guests, as the work will be done
in individual bedrooms.

The guest bedroom refur-
bishments were completed last
year. :

However, SuperClubs
Breezes said in a statement that
is planned 200-suite expansion,
which also involves new sports
facilities, restaurants and swim-
ming pools, continues toe be
delayed by uncertainty over the
West Bay Street re-routing.

The road re-location, the
resort said in a statement, had
forced changes to the plans for

the sports complex and parking
facilities.

The fate of the Baha Mar
project is still plagued by uncer-
tainty, as the former Christie
administration had failed to
negotiate a supplemental Heads
of Agreement with the devel-
opers. It was felt that the
increase in investment incen-
tives that Baha Mar was seeking
in proportion to the size of its

roject, which has gone from

1 billion to $2.4 billion, was
too uncomfortable for the then-
government to stomach with a
general election rapidly
approaching.

The Ingraham government’s
attitude to the Baha Mar pro-
ject is unclear, although The
Tribune had been told that the
FNM government had commu-
nicated to the developers that it
would sit down with them to
address their concerns once the
Budget debate was over.

Reaching a supplemental
Heads of Agreement is critical
for Baha Mar, as it needs these
to tie down agreements with its

SEE page 6

Toshiba Makes
Color History

with 4 Prestigious Awards

standards, pay scales, the qual-
ity of its products and high
operating costs.

The 2006 survey, conducted
by the Ministry of the Tourism
and The Counsellors to gain an
insight into how Bahamians
viewed the tourism industry,

. found that 64 per cent of

respondents qn New Provi-
dence felt that “tourism has tak-
en all our best beaches and
land”, a significant increase
upon the 53 per cent who
agreed with this in 2005.

This suggests that Bahamians

are becoming increasingly con-
cerned that the numerous
mixed-use resort projects, par-
ticularly in the Family Islands,
which are heavily reliant on real
estate sales to generate cash
flow and profits, are taking over
the best land for exclusive, high-

end gated communities targeted
at foreign buyers. Beach access
for Bahamians is another con-
cern.

High-profile cases such as the

SEE page 15

Bahamas First overcomes $3.3m fire, commissions hit

@ By NEIL HARTNELL
Tribune Business Editor

BAHAMAS First Holdings,
parent company of general
insurer Bahamas First, saw its
2006 net income increase by 176
per cent to $4.486 million, with

the absence of hurricanes more |

than compensating for the $3.3
million hit it took from fire-
related property claims and
reduction in profit commissions.

Patrick Ward, Bahamas
First’s president and chief exec-
utive, told shareholders via the
company’s 2006 annual report



Colinalmperial.

Confidence For Life

Lite and Hadith Insurance

THE DAVIS FAMILY

* Insurer sees net income rise 176% to $4.486m in absence of storms
* Property losses $1m above average due to record fire claims

* Marine claims hit by ‘alarming number of reported thefts’

* $6m Butterfield loan used to bolster capital, reassure A. M. Best

that both those factors
“adversely affected” the com-
pany’s financial results.

He said: “The first relates to
the unusually high frequency
and severity of fire losses that
impacted our property account
during 2006. The second
involves the absence of incom-

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“The combination of these
two factors was a net reduction
of approximately $3.3 million
in the net underwriting profit

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for the year.”

Bahamas First saw written
premiums for its property insur-
ance portfolio increase by 18
per cent during 2006, due to a
combination of increased pre-

SEE page 10 —







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PAGE 2B, MONDAY, JULY 9, 2007






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TradeInvest Asset Management Ltd., a private wealth
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Lyford Manor, West Building
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P. O. Box N 7776 (Slot 193)

Lyford Cay, N.P., Bahamas

Or by e mail to dfawkes@tradeinvest.com .











~THE TRIBUNE



I-Group marketing
Mayaguana project.

to hotel operators

m@ By CARA BRENNEN- =
BETHEL j
Tribune Business |
Reporter

he developers’
behind the $1.8 bil-
lion Mayaguana
investment project:
have started marketing the,
development to a brand-name,
hotel operators and others,
telling The Tribune they were;
confident of the new adminis-
tration’s support and the
progress made to date.
Junaid Yasin, the Mayagua-}
na Development Company’s
(MDC) executive vice-presi-~
dent, told Tribune Business.
they had wanted to get to a;
“certain level” of develop-:
ment before starting to. mar-
ket the project, and have now;
reached that point.

Project

The Mayaguana project is.
a 50-50 joint venture between,
the Boston-based I- -Group
and the Government.

Mr Yasin added that the
office in Boston had been
working on the marketing,
and indicated that a number
of “name brand. operators”

have viewed the property. He

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Finance & Operations.

Cecile Greene named Senior Vice President
of Finance & Operations at Family Guardian

Patricia Hermanns, President & CEO of Family Guardian, has announced
the promotion of Cecile Greene to the position of Senior Vice President,

In her expanded role, Mrs. Greene will have overall responsibility for the

Developer not worried

about project falling
behind, as logistics and.
location issues bite

said that negotiations have
begun to see what companies
may be coming in.

Prime Minister Hubert
Ingraham said during the gen-
eral election campaign that if
elected to office, the FNM
would seek to amend the
Heads of Agreement between
the I-Group and the Christie
administration, which led to
the creation of MDC and pro-
ject management. firm,
Mayaguana Island Develop-
ers Ltd.

Yet this has not disrupted
work on Mayaguana or rela-
tions with the new govern-
ment. “As far as we are con-
cerned, we are going on as
planned according to the
agreement that we have with
the Government of the
Bahamas and the Bahamian
people, which is for a 50-50
partnership, and we have a
very definite number of oblig-
ations that we have to meet,”
Mr Yasin said.

Too date, he added that the
I-Group has met with several
Cabinet ministers and things
are proceeding as planned.

~ Schedule

Mr Yasin admitted that the
project is behind schedule, but
said that they are not worried.
“Mayaguana is a hard place
to work because of the loca-
tion and the logistics of build-
ing there, but we are grinding
away,” he added.

Too date, Mr Yasin said the
70 -75 employees on the pro-
ject have been working on
asphalting and paving the
roads.

He said the teams are work-
ing on the island’s roads as a
first step to not only improve
the island’s infrastructure, but












a plus.

RESPONSIBILITI



¢ Business planning and development

ensure that all the workers are
on the same page ahead of
paving the 7,300 foot runway
and apron for the new airport
facility .

The paving is the main con-
cern at present and should
continue for at least another
30-60 days, Mr Yasin added.

The joint venture between
the Government and the I-
Group is supposed to lead to
the creation of the Bahamas’
second free trade zone after
a 15-year build-out.

Components

The development compo- :

nents are slated to include two
200-room hotels; 2,194 resi-
dential sites; two golf cours-
es; an equestrian ranch facili-
ty; a wellness centre and edu-
cational institutions; commer-
cial centres; marina.city and
expanded marina of 200 slips;
luxury villas; and a 500-acre
industrial park.

Mayaguana Island Devel-
opers is to pay the Hotel Cor-
poration 10 per cent of the
sales proceeds received from
all sales of residential lots in
the development area, and 5,
per cent of the gross sales pro-
ceeds received from the sale
of all commercial lots.

The project will involve
some 9,999. acres of land, of
which 5,825 are involved in
the first phase. The second
tranche of 2,087 acres to
Mayaguana Island Develop-
ers will occur once substan-
tial completion of the airport
has been confirmed, and the

asaene ce

”

ar

.

airport is open and opera- -

tional.

The third tranche of 2,087
acres will be transferred once
the initial project is substan-
tially completed.

NR TTT |
CHIEF OPERATING OFFICER |

A large company in the hospitality industry with
offices based both in the USA and The Bahamas is
looking for a Chief Operating Officer with strong
business skills; experience in the hospitality industry

° All operational functions for the business.
¢ Staff supervision, training and development
¢ Liaising with bankers, lawyers and accountants.

inance and Operations departments of Family Guardian, supervising
he fiscal management and financial reporting of the company as well
s all aspects of premium processing and policyowner administration.
































Mrs. Greene joined Family Guardian in 1996 as Vice President, Finance.
She holds a Bachelor of Commerce degree from Dalhousie University,
Halifax, Nova Scotia, and is a Fellow of the Life Management Institute
of Atlanta, Georgia. Mrs. Greene is a certified public accountant and

a member of the Bahamas Institute of Chartered Accountants and

the Bahamas Association of Compliance Officers.

MI T



Bachelor’s degree in Business Management
* 10 years experience in Management.

* Computer literate: Knowledge of QuickBooks &
Microsoft Office.

Strong organizational skills, including the ability
to prioritize, multi-task and work effectively with
no supervision

Independent and self motivated

Excellent communication, planning and analytical
skills

Experience managing a team

Cecile B. Greene, CA, FLMI
Senior Vice President
Finance & Operations

Salary commensurate with experience.

Please send resume to:

COO
P.O Box CB-13335
Nassau, Bahamas



FAMILY
GUARDIAN

INSURANCE
COMPANY
ORATE CENTRE: EAST BAY STREET, NASSAU P.O. BOX SS 6232

r

a Ge Hon Menon Ps bihat ea RO TR Mary CPAs Gps fe YA





WALL STREET

| MONDAY, JULY 9, 2007





Private equity firms show staying power

BY JOE BEL BRUNO
Associated Press

NEW YORK — Wall Street
seemed almost ready to say goodbye
to the big buyout boom of 2007.

Just a week ago, some analysts
were questioning whether private
equity firms could survive a trifecta
of problems. Bond market turbulence
seemed to be curbing enthusiasm for
debt sales used to fund deals, while
lawmakers in Washington were
looking to raise taxes for the indus-
try. And Blackstone Group’s public
debut didn’t resonate with investors.

Such speculation now seems quite
unfounded. This past week, Black-
stone’s Stephen Schwarzman
secured 4 $26 billion acquisition of

Hilton Hotels, and KKR & Co.’s _

Henry Kravis unveiled a $1.25 billion
plan to go public! Apollo Manage-
-ment’s Leon Black was said to be in

talks with Abu Dhabi about a minor-
ity stake ahead of a potential initial
public offering.

It was clear that the big buyout
shops expect to remain viable no
matter what the market conditions or
political sentiment might be.
“Nobody wants to be at a competi-
tive disadvantage,” said Colin Blay-
don, director for the Center of Pri-
vate Equity and Entrepreneurship at
Dartmouth’s Tuck School of Busi-
ness. “These guys are bringing about
the birth of the bulge-bracket private
equity firm — much the way invest-
ment banks emerged in the 1980s.”
Relatively low interest rates and the
availability of easy credit from lend-
ers fueled the surge in leveraged buy-
outs the past two years. Massive
amounts of untapped liquidity has
helped buyout shops orchestrate big-
ger and broader deals. During the

first half of this year, private equity
accounted for 34 percent of the over-
all $1 trillion in U.S. acquisition activ-
ity, according to deal tracker Dealo-
gic.

That didn’t slow last week when
Blackstone made its offer to buy Hil-
ton, offering a near 40 percent pre-
mium to the hotelier’s shareholders.
And Providence Equity Partners last
Saturday led a $48.8 billion takeover
offer for Bell Canada — a deal that
could go down as the largest leverage
buyout in history.

Blackstone’s highly anticipated
IPO last month has largely failed to
keep shares above the offering price.
But, that hasn’t discouraged rival
Kohlberg Kravis Roberts & Co. from
bringing its own flotation forward.
The New York-based firm, famous
for its buyout of RJR Nabisco in the
late 1980s, said it hopes to raise $1.25

ear eet caeeosine neon een aaa eee





MEXICO



MANUEL Sie adnan WAS UNGTOU POST SERVICE

SWELTERING HEAT: Luis Arnaya Espinosa picks table grapes at a ranch outside Hermosillo, Mexico,
where temperatures routinely top 100 degrees during harvest season.

SWEET HARVEST,
BITTER TOIL

BY MANUEL ROIG-FRANZIA
Washington Post Service

HERMOSILLO, Mexico — So much sun. Blistering,
brutal sun.

Eyes squint. Hats get tugged down tight. But there’s
no escaping the rays. They bounce off the desert floor,
transforming the horizon into a wavy, woozy blur.

Aide Espinosa sees it all through the narrowest of
slits in the red bandannas she pulls over her mouth,
her nose, her forehead. Wrapped like this, she sheds
her identity, falling into line with dozens of other face-
less men and women in the vineyards of the Sonoran
Desert.

It’s 7:45 a.m., but the temperature has already
topped 80 degrees. It will get hotter, as Espinosa
knows, up to 102 degrees by midday. Sweat darkens
her bandannas, although her workday has barely
begun.

As April gives way to May and June and the Chilean
grape crop runs out, it is Mexico’s turn to send table
grapes to U.S. grocery stores. The fruit comes from the
harshest of environments, vineyards watered by wells
that plunge as deep as 450 feet below the Sonoran Des-
ert’s parched, dusty. surface.

Last year, 213 million tons of table grapes — most of
them from these fields in the state of Sonora — flowed
from Mexico to the United States. The grapes are har-
vested by itinerant workers, women like Espinosa, 31,
who ride buses that crisscross Mexico’s seasonal agri-
cultural landscape. Grapes today. Maybe tomatoes
next. It doesn’t matter to Espinosa — she’ll pick any-
thing.

The fields are her life’s canvas. Between rows of
grapes, she met a husband, raised a son, left behind her
20s. She daydreams most of the time, slipping into a
trancelike state, lost in the rhythm of the work. Clip,
stuff, label. Clip, stuff, label.

Most of her family is with her. One row over, her
son, Alvaro Orona, 16, squats beneath the canopy of a
vine heavy with red Flame grapes. A few steps away,
her husband, Luis Arnaya Espinosa, stoops to lift a
bright orange tub.

It’s quiet, the workers still shaking off sleep. But by
8:20, Alvaro can’t take the silence anymore — he’s not
as Zen about this work as his mom. He reaches into his
pocket and pushes a button.

A heavy guitar chord blares out of his cellphone,
which he has loaded with music.

“These hands are stained red for all the times that
I’ve killed you so passionately in my dreams,” the lead
singer screeches. “Bad thoughts.”

Alvaro dropped out of school this year and didn’t
have much else to do. A few pesos in his pocket would

be nice, he figured, so he hopped a bus with his mother
and stepfather.

The harvesters work in two-person teams. Alvaro
pairs up with another teenager, a giggly 16-year-old
with sleepy eyes. But Aide Espinosa always works
with her husband.

They start a new row at 8:45. Luis Espinosa, 30,
walks to the end, leaving the soft soil pocked beneath
his boots. Aide Espinosa unfolds a metal stand and
places on top of it a box decorated with pictures of
grapes and the words “Sonora Queen” in cheerful
script. Next to that, she puts up a tall metal post with
prongs to hold zipper-locking produce bags. The bags
are stamped with PLU codes — the “price-look up”
numbers used by grocery stores — and are ready to go
straight to the shelves once they arrive in the United
States.

Luis Espinosa fills a tub and drops it at his wife’s
feet. She stoops and inspects a bunch of grapes. Deftly,
she twirls the bunch in her left hand and painstakingly
clips off half a dozen green grapes from an otherwise
perfectly ripened bunch. The bunches go into the bag,
followed by another and another. Once the bag is full,
she plops it into the cardboard Sonora Queen box. Ten
bags fill a box, and pickers earn the equivalent of $1 per
box. In their first hour of work, husband and wife have
made $7.

A friend, weary and needing a break, strolls up.

“You going to Caborca?” Aide Espinosa asks, refer-
ring to the next stop in the harvest cycle.

‘Don’t know,” the woman says.

“Oh, come on, please come,” Espinosa pleads.

She likes the company of the other women. They
help fill the hours in the bunkhouses after work. Some-
times they pray together in the mornings — Espinosa
always strings a rosary around her neck.

At 9:45, the Espinosas are ready to move on to the
next row. They gather their things and start a long
trudge, passing more than a dozen rows occupied by
other crews. Alvaro and his buddy walk alongside.

“Ay,” Alvaro says. “My sunglasses. I left them.”

Luis Espinosa stops.

“You know what?” he says. “I forgot the plastic
bags.”

Aide Espinosa shakes her head.

“Burritos,” she calls after them, a word here that
means “little donkeys,” not a menu item.

A truck rolls by as she waits. Up in the trailer, a man
with a creased face, a veteran of many harvests, smiles
and breaks out in song — a familiar Mexican peasant
anthem.

“With or without money,” he warbles, his voice fad-
ing as the truck moves on, “I am peers the Paes 2

billion in an IPO later this year.

Those are positive sign amid fears
Congress might Pass a bill that would
tax private equity firms as corpora-
tions instead of partnerships. That’s
also good news for invéstors, in part
because the flood of acquisitions has
been one of the major factors behind
the record surge by major stock
indexes this year.

“There’s been a lot of noise
recently, but it is still a relatively
favorable environment,” said Eric
Weber, a managing director with
boutique management consulting
firm Freeman & Co., which advises
the investment banking industry.

Still, concerns remain that the
market might sour on private equity
deals. Threats of interest rates tick-
ing higher and a lending squeeze
linked to the subprime mortgage
market have made some fixed-in-

SNACK PACKS

come investors jittery. The market
has resisted a string of recent debt
offerings.

' Dutch supermarket group Royal
Ahold had difficulties selling $650
million in bonds as part of the sale of
its U.S. Food Service unit to a group
of buyout firms led by KKR.

Blackstone and Lion Capital were
said to be having problems unloading
$259 million of loans to acquire soft-
drink maker Orangina. And, this past
week KKR had some difficulty with a
borrowing for its $22 billion acquisi-
tion of British drugstore chain Alli-
ance Boots. Some have interpreted
resistance by investors as being the
first signs the buyout boom has
topped. Others believe it simply
means a progression, and that private
equity firms will instead take a more
steady and slower approach than
they had before.

Portion control help
yields heavier profit

BY JEREMY W. PETERS
New York Times News Service

Snack food companies are placing
bigger bets on smaller packages.

In just three years, sales of 100-cal-
orie packs of crackers, chips, cookies
and candy have passed the $200 mil-
lion-a-year mark, making them a
breakout hit on par with the Snack-
Wells low-fat fad of the 1990s,

But food companies are cramming
store shelves with even more offer-
ings, and new ones are on the way.
Frito-Lay has started selling 100-calo-
rie servings of beef jerky. Pepperidge
‘Farm said it is developing several
‘more 100-calorie variations of Gold-
‘fish and cookies, after rolling out
three new ones a couple of weeks
ago. In time for back-to-school, Her-
shey said it will offer 100-calorie bags
of Twizzlers, and Nabisco will sell
two new cookies, Alpha-Bits and Ani-
mals Choco Crackers, in 100-calorie
packs.

Michael Simon, vice president of
snacks for Pepperidge Farm, a unit of
Campbell Soup, predicts that the
market for these pint-size packages
could easily double because of their
simple appeal: they help consumers
eat less without having to count calo-
ries themselves.

The growing popularity of these
snack packs — sales grew nearly 30
percent last year — may also be
another sign that some consumers
have had their fill of super-sized food.

As a business concept, the idea is
simple. Take an existing product,
portion smaller amounts of it into
single-serving bags, and sell several
of the bags for about the same or
more as a regular-size package.

Consumers don’t seem to mind
paying more even though they are
getting fewer Goldfish.

“It’s the smaller bite sizes that res-

onate with people,” said Michelle
Barry, a vice president of the Hart-
man Group, a Bellevue, Wash., based
food market research firm. “I don’t
think we see a lot of
small sizes in this
country. Everything
tends to be super-
sized.”

A report last
month from the Hart-
man Group found
that 29 percent of
Americans believe
that 100-calorie pack-
ages are worth the
extra cost.

“The irony,” said
David Adelman, who
follows the food
industry for Morgan
Stanley, “is if you take
Wheat Thins or Gold-
fish, buy a large-size
box, count out the
items and put them in
a Ziploc bag, you’d
have essentially the
same product.” Adel-
man estimates that
snack packs are about
20 percent more prof-
itable than larger
packages.

Food company executives say that
while smaller packs do cost more,
they help people exercise a little
hand-to-mouth restraint.

_ “What consumers tell us is that
they don’t think about how much
they put in their mouths,” Mark
Schiller, president of Quaker’s foods



MARK LENNIHAN/AP

EATING LESS: If a
consumer counts out
the items from a
large-size box of
Goldfish or Wheat Thins
into a Ziploc bag, one
would have the same
product as a smaller
snack pack.

and snacks division, a unit of Pepsico,
which makes both 100- and 90-calorie
snacks. “What portion control does is
tell people the right time to stop.”
Last year, sales of 100-calorie
snack packs grew 28 percent, Infor-
mation Resources, the food industry
research firm, said. The snack indus-
try as a whole grew just 3.5 percent.
Now it seems a race is under way
to offer less. Some snack makers, for °
example, think even 100 calories
might be too much for some diet-con-
scious consumers. Hershey, for
example, now sells 60-calorie choco-
late bars. And Jell-& 2 60-calo
pudding patks. is Sabie. >

® nutritiox art e log’
“People like to think, ‘Oh, this is»

healthy, it’s only 100 calories,’ ” said fei
Lisa Young, author of The Portion -
Teller Plan, a book on portion con-
trol. “A single portion of junk food is
better than a large portion of junk
food, but it’s not better than an aPEIE.
a peach or'a vegetable.”

Tessa Shropshire, a 22-year-old
Brooklyn resident, admitted she loses
track of how much she eats when
snacking from a regular-size bag.

She’s not entirely convinced that
snack packs are worth the money, but
she says she understands their lure.

“With these little bags, you can’t
go for another or you’d feel like a
pig,” she said, though she decided on
value over convenience and bought a
big box of Triscuits on a recent out-
ing.

Because consumers know they are
getting such small servings in these
packs, snack makers have tried to
find ways to make them think they
are getting more bite for their buck.

Pepperidge Farm, for example, cut
its Chessmen cookies down into bite-
size portions for its 100-calorie pack.
Frito-Lay, a unit of Pepsico, now
makes Doritos and Cheetos that are
slightly smaller than the ones sold in
regular-size bags.

“As we talk to con-
sumers, the more
quantity they get, the
more psychologically
filled they get,” said
Simon of Pepperidge
Farm. “So in our
design we try to give
them as many pieces
as we could.”

Daisy Beltran, 41,
who was shopping for
snacks at a drugstore
in midtown Manhat-
tan one recent after-
noon, said she consid-
ers the extra money
she pays for 100-calo-
rie packs a kind of
convenience sur-
charge. Chips Ahoy
does the portion con-
trol for her, she said,
so she knows when to
stop.

“They’re pretty
expensive, but they’re
worth it,” she said.
“It’s individually
packed for the amount I need, so I
don’t go overboard.”

But sometimes 100 calories just
isn’t enough.

“Don’t tell anyone,” said Meredith
Berkowicz, 29, a court reporter who
lives in Manhattan and is also a fan of |
the Chips Ahoy mini’ packs, “but
sometimes I have two.”







THE MIAMI HERALD | MiamiHerald.com



TAKING STOCK:
Chad
Scheridan
washes out
empty kegs at
Lakefront
Brewing Co. in
Milwaukee.

PHOTOS BY
MORRY GASH/AP

BREWERIES

3

INTERNATIONAL EDITION MONDAY, JULY 9, 2007 4B



Beer industry cracks down on stolen kegs

BY EMILY FREDRIX
Associated Press

MILWAUKEE — Tap it,
don’t scrap it.

With metal prices rising,
beer makers say they expect
to lose hundreds of thousands
of kegs and millions of dollars
this year as those stainless
steel holders of brew are sto-
len and sold for scrap.

The beer industry is cou-
pling with the scrap metal
recycling industry to let metal
buyers know they can’t
accept kegs unless they’re
sold by the breweries that
own them. They’re also push-
ing for legislation that'would-_
require scrap metal recyclers

yr.

HARD TO TRACK: Russ Klisch, president of

to ask for proof of ownership
from would-be sellers.

The beer industry’s main
trade group, the Beer Insti-
tute, noticed the problem in
the past few years as it saw
more brewers reporting miss-
ing kegs, resulting in an
industrywide loss of up to $50
million a year, said Jeff
Becker, president of the Beer
Institute.

“It really got people’s
attention because that’s a sig-
nificant flow of our kegs that
we'll never see again,” Becker
said. “We know some of it’s
very innocent, but some of it’s
not.”

’ The theft problem is two-

years for brewers to realize a keg has been lost.

RESTAURANTS

Lakefront Brewing Co., said it can take -

fold, he said. Some average
keg-buying customers opt to
forgo their deposits, which
can sometimes range from
$10 to $30, because they can
cover that expense, and then
some, if they sell to scrap
dealers.

He could not say how
much kegs go for, because
prices change locally. But
given metal trading prices in
the past year, a keg could
fetch from $15 to $55 or more
at scrap yards.

While only about 12 per-
cent of the beer in the United
States is sold in kegs each
year, it costs brewers as much
as $150 to replace each keg, so



It costs brewers as much as $150 to replace
each stolen keg, so the thefts have a big

impact.

the thefts have a big impact.
In the past few years, brewer-
ies have collectively lost
about 300,000 kegs a year,
Becker said, out of an esti-
mated 10.7 million in circula-
tion.

The Fourth of July, when
many Americans rent kegs for
their parties, is the nation’s
biggest beer-drinking holiday,
ahead of Memorial Day,
Labor Day and Super Bowl
Sunday, the Beer Institute
reports.

Craft brewers are anxious
to solve the theft problem
because as much as 40 per-
cent of their business is tied
up in keg sales, triple the
industry average, said Ken
Grossman, founder and
owner of Sierra Nevada
Brewing Co.

The thefts couldn’t come
at a worse time because the
craft beer segment has out-
paced growth in the domestic
market, he said.

“If you can’t meet the
need, you’re not going to
grow much anymore,” Gross-
man said.

Milwaukee-based Miller’

Brewing Co. said it has mil-
lions invested in kegs, which
typically last 20 years. Whole-
salers and distributors are
being encouraged to let their
customers know so they will
keep their kegs in more
secure areas, said spokesman

Julian Green. ;

Metal prices are high
around the world now, par-
tially because of increased
demand caused by a spike in
construction in growing
economies, said Chuck Carr,
spokesman for the Institute of
Scrap Recycling Industries, a
trade group whose members
run about 3,000 facilities in
the United States.

The price scrap yards pay :

for stainless steel has steadily
grown for a year, peaking at

‘ about $1.50 to $1.70 a pound

last month, said Marty For-
man, president of Forman
Metal Co. in Milwaukee. But
that has dropped to about 50
to 70 cents a pound recently,
which could provide some
relief to frustrated brewers,
he said.

Most empty barrels weigh
about 30 pounds.

Still, Forman has heard
from upset brewers like Lake-
front Brewing Co., asking
what can be done to prevent
disappearing kegs.

Russ Klisch, president of
the Milwaukee-based craft
brewer, said it sometimes
takes years before brewers
know that a keg has been lost.

“You never really know
who has them or where
they’re going,” he said. “But I
heard a lot of them were end-
ing up at different scrap
yards.”

Darden Restaurants seeks next new dish

BY TRAVIS REED
Associated Press

ORLANDO, Fla. — Pineap-
ple upside down cake is near-
ing perfection. Cooks are sim-
mering citrus-rum scallops
and whipping up a a brown
sugar rib glaze.

The test oven rarely goes
off at Darden Restaurants,
which runs the Olive Garden,
Red Lobster and three other
chains. The company has
1,400 restaurants, making it
the world’s biggest casual
dining operator.

But times are lean-in the
industry, and Darden will
have to grow if it wants to
stay that way. It plans aggres-
sive expansion of its already-
ubiquitous Italian eatery, and
might even buy another res-
taurant chain. The changes
come as Darden tries to move
past its failed Smokey Bones
operation, a more than nine-
year investment in American
barbecue that never caught
on.

In May, the company
closed nearly half its 129
Bones locations and put the
other 73 on,the sales block
because stores weren’t selling
enough. Full-year earnings

dropped about 40 percent last
fiscal year largely because of
charges related to the Smokey
Bones moves.

Wall Street applauded the
decision to drop the chain.
Darden share prices hit an all-
time high of $47.60 in the next
few weeks, although have
fallen to around $45 recently.

Darden has about 1,400
restaurants, with Olive Gar-
den and Red Lobster each
accounting for more than 600.

UPSCALE EXPERIMENT

The company also has
Bahama Breeze, a Caribbean-
themed restaurant and bar,
and Seasons 52 — an upscale
dining experiment close to
maturing past the test phase.
Breezes has 23 restaurants
and Seasons has just seven
locations — two in Atlanta
and the rest in Florida — but
more are planned in 2009.

But Darden’s focus is still
on Olive Garden. This year it
plans 40 new stores, up from
32 last year and 19 the year
before, as it nears a goal of
800 to 900. Olive Garden
began in Orlando’s tourist
corridor in 1982 and has
posted 51 straight quarters of

Darden has about 1,400 restaurants, with
Olive Garden and Red Lobster each
accounting for more than 600.

same-store growth, nearly
unheard of in the industry.

“They’ve put together this
great track record. They’re
really connected with main-
stream America,” said Joe
Buckley, an analyst at Bear
Stearns who follows Darden.

Wall Street has also specu-
lated that Darden’s next
brand could be someone
else’s. Analysts have men-
tioned high-end seafood eat-
ery Bonefish Grill, which
might be available as OSI Res-
taurant Partners, the com-
pany that owns it and Out-
back Steakhouse, goes
private.

Darden chairman and CEO
Clarence Otis would only say
any new chain would have to
be well-established, with a lot
of room for growth.

“We have venture con-
cepts already — we’ve got
Seasons 52 and we have
Bahama Breeze,” Otis said.
“We think that if we’re going
to acquire something, that

next something ought to be
more proven.”

Darden has stayed mostly
steady despite tough times in
dining, with high mortgage
interest rates, skyrocketing
gas prices and even increased
competition from fast-food
restaurants possibly crimping
profits.

For the fiscal year which
ended in June, Darden sales
were up 4 percent to $5.57 bil-
lion.

CONSERVATIVE

“They take things pretty
slow and conservative for the
most part,” said Steve West,
an analyst with AG Edwards.
“They’re not too concerned
about getting a fast growth
model out there. That’s one of
the things I like about them.”

Red Lobster is doing much
better, but hasn’t increased
the number of restaurants.
That will change in the next
few years as the company
ramps up to 10 openings a

year, Otis said.

The chain has also begun
printing separate lunch and
dinner menus to reinforce to
diners the fish is fresh, and
restaurants are due for a
remodeling in the next year
or two.

Red Lobster and Olive
Garden’s customers cut a
broad swath, typically earn-
ing between $45,000 and
$75,000 a year. Those who eat
at Seasons, which has expen-
sive steaks, rare vegetables
and valet parking, typically
top $100,000 a year, Otis said.

Darden’s wide reach
means its stores compete
against themselves, but also
offers a big supply chain
advantage. Red Lobster and
Olive Garden use many of the
same oils and ingredients, and
around a quarter of all entrees
at the Italian chain are sea-
food anyway.

Otis said that wouldn’t
limit Darden’s options as it
searches for a new brand.

“This is a risky business,”
Otis said. “You take some of
that out if you’re looking at
vehicles that are more proven

than others. But we’re com-’'

fortable with taking risk.”



‘explains:





INTERNET

Integrate

a website
into your

marketing
plans

BY JACK HARDY
Special to the Miami Herald

Carly Fiorina, former CEO
of Hewlett-Packard, speaking
about technology, declared:
“Technology will literally
transform every aspect of
business, every aspect of life
and every aspect of society.”

Thomas L. Friedman, in his
book The World is Flat, coun-
sels: “The average Joe has to
become something special,
specialized, synthesizing, or
adaptable Joe.”

Rebecca Jennings, leading
analyst from Forrester
Research,

“Understand-
ing where
online inte-
gration fits in
the media mix |
is a critical
challenge fac-
ing all mar-
keters today.” :

In yesterday’s advertising
world, we identified an effec-
tive media mix by evaluating
the target audience, the cre-
ative message and the client’s
budget.

REACH AND BE REACHED

Today, it’s not just who you
want to reach but how others
can reach you. Online integra-
tion means you must have a
website. That’s where others
reach you.

Here are four important
facts for the Bootstrap Mar-
keter:

e A massive shift in media
use has occurred.

e Seven out of every 10
families have access to the
Internet.

e Online utilization has
risen from nowhere to surpass
radio as the second most used
media channel.

e Website building is no
longer intimidating.

Most likely you think of
website building as intimidat-
ing, if not impossible, for the
average Joe. It’s an expensive,
time-consuming task best out-
sourced to website specialists.

Not any more! Easy-to-use,



‘reasonably priced website

builder platforms provide
powerful yet simple tools for
creating professional business
websites. No need for pro-
gramming skills or additional
software. The most difficult
challenge you’ll encounter is
creating the text and gathering
photos to include in your new
website. Visit these website
builders — Citymax.com or
Camelback.net — for a dem-
onstration.

I set out to see how much
online integration exists. I
chose The Miami Herald’s
Weekend section. Turning to
restaurant advertising, I
checked restaurant space ads
as well as the Dining column
that sorts restaurants by
neighborhood.

The results were difficult to
believe. Only one out of three
restaurant ads displayed a
website address. The ratio was
just about the same for the
neighborhood Dining list.

WINNING WEBSITES

Several restaurants do
reach out effectively to cus-
tomers. Take a minute to visit
Mrchu.net (Hong Kong cui-
sine) and Rodizioplace.com
(Porcao for Brazilian cuisine).
Or travel to the Big Apple’s
44th Street theater district and
connect to world famous Sar-
di’s restaurant at sardis.com —
enjoy the menu!

Then I hunted new restau-
rant promotion ideas. I found
a new integrated promotion
source: Restaurant.com. Res-
taurant owners promote their
business while providing din-
ers with added value in a new
and cost effective way.

All this is just the tip of the
iceberg. I only explored a
handful of a restaurant’s basic
online integration needs and
opportunities. So, if you see
yourself as an “Average Joe,”
open your mind to the power
of all these new technologies.

EDL TELS DDO ST LE RTT I SY E T



THE TRIBUNE

MONDAY, JULY 9, 2007, PAGE 5B





Contractors
hopeful on
industry Bill

t
'@

‘lM By CARA BRENNEN-
. BETHEL

Tribune Businesss
} Reporter

he Bahamian Con-
‘ _ tractors Association
. (BCA) expects to
( meet with the new-

Jy-appointed Attorney Gener-
al, Senator Claire Hepburn,
within the next two weeks to
‘discuss where the much-antic-
ipated Contractors Bill cur-
rently lies in the legislative
process.

Stephen Wrinkle, the BCA’s

president, told Tribune Busi-
ness that the association was
desperately awaiting the Act
iand its accompanying regula-
(tions to be put in place to reg-
ulate then industry.
- Mr Wrinkle explained that
.both Mrs Hepburn and new
‘works minister, Earl Deveaux,
‘had promised to meet with the
‘association.

“They had promised us a

‘meeting, but they both asked if
we could wait until after the
Budget debate, because that
was their main priority since
taking” office, so we expect to
‘meet with the Attorney Gen-
eral i in about 10 days, right
‘after independence,” Mr Wrin-
‘kle said.
. “After we discuss the legis-
lation with her, then we have
been promised a meeting with
Mr Deveaux.”

“Mr Wrinkle said both Mrs

OL yr8ve %&
“s ws r

aI Aa

For the stories

behind the news,
icstle Me (e] 4) 4
on Mondays





Hepburn and Mr Deveaux
have been accommodating,
and he anticipates positive
results from the meeting.

Meanwhile, Mr Wrinkle said
the Bahamian construction
industry had experienced a
slowdown in terms of the num-
ber of major active projects
companies can work on.

With the Atlantis Phase III
expansion having been virtu-
ally completed, Mr Wrinkle
said the construction industry
was now waiting for develop-
ments such as Baha Mar and
Albany to begin in earnest.

The Contractors Bill, which
would require all Bahamian
contractors seeking and con-
tracting for work with the pub-
lic to be licensed, aims to safe-
guard residents from shoddy

workmanship performed by

unqualified, disreputable com-
panies that may be proliferat-
ing as a result of the height-
ened construction demand.
Their activities can give the
reputable construction com-

panies who are in the majority
by far a bad name.

The Bill would also prevent
foreign contractors from sim-
ply walking into the Bahamas
to do jobs that Bahamian con-
tractors can do. The BCA also
wants the Ministry of Works
to publish a list of forthcoming
public contracts, rather than
use a closed, non-transparent
process that resulted in con-
tracts being awarded to
“cronies and generals.

The BCA is also seeking to
partner more effectively with
real estate agents, architects
and engineers, and develop a
more effective way for its
members to learn what con-
struction jobs were coming up,
how they could get involved
and who the contracts were.

Immediate past BCA presi-
dent, Terrance Knowles,
described the fact that the
Contractors Bill had not been
finalised as one of the biggest
disappointments of his two-
year tenure.

LEGAL NOTICE OF DISSOLUTION

INTERNATIONAL BUSINESS
COMPANIES ACT
(No. 45 of 2000)

In Voluntary Liquidation |

Notice is hereby given in accordance with Section 137 of
The International Business Companies Act No. 45 of 2000,
the Dissolution of VICTORIA ASSET MANAGEMENT
LTD. has been completed, a Certificate of Dissolution has
been issued and the Company has therefore been struck off
the Registrar. The date of completion of the dissolution was

the 22°” day of June 2007.

PAUL A. GOMEZ and PATRICK E. SMITH
Joint Liquidators

| BAHAMAS PROPERTY FUND LIMITED

CONSOLIDATED INCOME STATEMENT
FOR THE QUARTER ENDED 31 MARCH, 2007

( UNAUDITED J.














THREE MONTHS THREE MONTHS :
, ENDED ENDED |
31.03.07 31.03.06
INCOME |
RENTAL REVENUES 957 521 1.043.708
OTHER INCOME 7.683 97,274
965 204 1,070,982
OPERATING EXPENSES
BANK INTEREST 255,356 202,158
PREFERENCE SHARE DIVIDENDS : 110,904
OTHER EXPENSES ; 69,040 78,186 |
324 396 391,249 |
FUNDS FROM OPERATIONS (FFO ) 640,808 679.733
GAIN/ (LOSS ) ON REVALUATION E :
AMORTISATION OF EXPENSES ° (17,539) (5,410)
BAD DEBT EXPENSE ‘ :
NET INCOME 623,269 674.324
FFO PER SHARE $0.27 $0.28
EARNINGS PER SHARE




























FLORIDA REAL ESTATE SALES

/ Ever need to buy real estate in Florida or elsewhere in the U.S.

| can help!
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7 Florida trained and licensed, | am your down home connection








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CENTURY 21

Elite Properties

6700 Conroy Road, Suite 150
Orlando, Florida 32835
sylvia.paul@century21.com
Business (407) 295-1700 £







Cell (407) 864-3139
Fax (407) 295-4900





| Sylvia Paul
REALTOR®
E Your Satisfaction is My Goal!







The Broadcasting Corporation of The Bahamas is
seeking a suitably qualified company to dismantle and
erect a new 350 foot Transmitting Guyed Tower on its.
proprty located Settler’s Way, Freeport, Grand

Bahama.








Interested parties should contact Mrs. Sharnett
Ferguson, Executive Assistant to The General
Manager at 242-502-3945, between the hours of
9a.m.- 5p.m., Monday to Friday to collect a copy of the
Tender documents, from our headquarters located on
Harcourt (Rusty) Bethel Drive, formerly 3rd Terrace,
Centreville, Nassau.








Bids must be returned in a sealed envelope to
Mrs. Ferguson No Later Than Friday, July 6, 2007.





POSITION VACANCY
QUALITY ASSURANCE SUPERVISOR

Pepsi Cola Bahamas, an affiliate of Pepsi Americas, Inc., is searching
for a qualified individual to supervise its quality assurance department.
Responsibilities include but not limited to identifying, troubleshooting
and correcting issues affecting product quality related to the
manufacture, storage, or distribution of all company manufactured
and purchased products.

Qualified candidates must posses the following:
Education:

* College degree or equivalent experience
Experience:

° Prior leadership, supervisor and coaching experience required.
Experience in a lab or manufacturing quality department.

«

Personal:

* Results oriented

¢ Strong leadership

¢ Team builder / Team player

¢ Ability to coach and develop people
° Excellent interpersonal skills

¢ Process oriented

¢ Problem solver

¢ Ability to multi task

A competitive salary and benefits package will be offered to the
successful candidate. If you are interested in being part of a dynamic,
growing international company, please mail or email resume to:

Human Resources Manager
Pepsi Cola Bahamas Bottling Co., Ltd.
P. O. Box N-3004
Prince Charles Drive
Nassau, Bahamas
Fax: 364-2123
e-mail: human.resources@pepsibahamas.com





PAGE 6B, MONDAY, JULY 9, 2007 THE TRIBUNE

Jia

[DORE ty Sen TE ae ROE iS ee
invites applications for the position of Bre eC Ze S lo Ss1Ing
Cee Senior Internal Auditor

UME connmmuncaeanen | POO Every year West
performing audits on the banking, insurance and securities principles Bay S tree t re-
routing delayed





and practices of the Fidelity Group of Companies.

RESPONSIBILITIES:
* Conducting meetings and interviews with all levels of
management and personnel
Performance of thorough studies of business processes for areas
under audit

oR Fee eater et -

Developing specific audit procedures to accomplish the objectives
of the audit to determine whether assets are adequately safe
guarded and whether policies, plans, and procedures are complied
with and whether management reports are accurate
Performance of specific audit tests and thoroughly documenting
work performed in the audit working papers

Drawing conclusions based on the results of tests performed
Arriving at feasible cost effective solutions to problems
encountered and making specific recommendations

Organizing the audit working papers in a manner conducive to
developing a report on audit results, findings, and
recommendations

Holding preliminary discussions of the audit findings and results
with operating personnel to verify facts and to ensure that every
one has a thorough understanding of the nature, source and
extent of the issue. Also, input and action plans of operating
personnel are obtained

Preparing reports detailing the audit results, findings, and
Leconte Raut

“Scapbooking and keepsake collecting >

pr KESHIA or AJA @ 356-5913

TOE TE

FROM page 1

casino and hotel operating part-
ners, Harrah’s and Starwood
respectively. Those agreements
were supposed to have been
sealed four months ago, in mid-
March, and although neither of
the two companies have walked
away from the deal yet, the risk
increases with every day that
goes by as both have, ‘walk-
away’ clauses.

Without a new agreement,
the West Bay Street road re-
routing will not take place.
There are also several land
deals relating to the new road to
be concluded, and it is thought
that the FNM government is
uncomfortable with the terms
of the original Heads of Agree-
ment, which required the Goy-
ernment to part finance the

SN a LL SF Be) Oe eS

x

> 2 S

a LO ee SD OSE aL

QUALIFICATIONS:

To be successful in this role you will have a Bachelors degree in
accounting or a Bachelors degree in finance or business administra-
tion with advanced knowledge of accounting principles. You will
have at least 2-5 years of auditing experience and have a good
working knowledge of Microsoft Excel and Word. You will also have
strong written skills, the ability to understand and analyze opera-
tional functions, excellent problem solving skills and Bessa inter-
personal and communications skills.

road re-location to the tune of
$45 million, via a joint venture
with Baha Mar.

Prestigious Private Island Resort has immediate positions
available for the follow:

1 Housekeeping Supervisor (a minimum of seven
years experience in supervisory position in major
hotel)

share
your
news

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

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

2 Housekeepers

1 Captain/Maitred’ (Formal/gourmet dining room
experience and table side preparation)



The Senior Internal Auditor is expected to work towards or have a professional designation
such as CPA or CIA and should be willing and able to travel about 10-15% of the year. 1 Seasonal Executive Chef (five to ten years
Caribbean experience and knowledge of

The Senior Internal Auditor reports directly to the Group Internal Auditor. A competitive European/American Cooking) 5

compensation package is offered and will include salary, benefits and bonuses.
2 Cafeteria cooks/attendants (three to five years

Send resumes no later than 20th July 2007 to: experience in a major hotel)

Group Internal Auditor
JHE

51 Frederick Street
P.O. Box N-4853

Nassau
Fax 328.1180

Competitive salary commensurate with experience and
qualifications. Free housing and other benefits available.

Interested pesons should fax resume to 242-347-5004 or
email to tstewart@catcayyachtclub.com

vy
ae
rE
-
ss
¢
Be
i
r
['
bu
:
2
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Ui



Sumit Insurance Company Limited
CGacorporated under the laws of the Commonwealth of The Bahamas)

Balance Sheet
As of 31 December 2006
(Amounts expressed in Bahamian dollars)

Citco Fund Services is a division of the Citco Group of Companies eS as
and is the largest independent administrator of Hedge Funds in the
world with offices in The Bahamas, Curacao, Amsterdam, Dublin,
London, Luxembourg, Miami, New York, Toronto, Cayman Islands,
the British Virgin Islands, Bermuda, San Francisco and Sydney.

ASSETS

Cash in hand and at banks
Term deposits

Due from broker

2,118,661
15,338,068

1,826,615

6,770,247

Deferred peer ;

commission expense 3,166,806

Prepayments snd.other assets : 85,933

CARMAGRE Rie oe }

vaileble-for-s: 4,168,913 2,210,174
Loans and receivables 1,120,293 708,400
215,815 220,664

Investment property
Property, plant and equipment 356,302 264,427
—— 20,877,949

12,544,621

As part of our continued expansion, in our office in The Bahamas, we

are looking for a number of motivated and pro-active Total assets 167

LIABILITIES AND EQUITY

LIABILITIES

General insurance finds;

Unearned premium reserve 11,250,434 8,394,524
Uneamed commission income 1,394,776 1,804
Outstanding claims reserve 5,864,649 6,11

18,509,859 16,308,809

3,400,546 3,690,317
343,540 290,08)

22,253,945 ___ 20,289,207

Senior Fund Accountants

Your most important tasks and responsibilities would be:

* preparing periodical financial reporting for the Hedge Funds,
including the determination of the “Net Asset Value”

* maintain contact with Investment Managers, Investors, Banks and
Brokers

* monitoring of irregularities and developments through ad-hoc
reports

° handle payment transactions

° liaise with international clients and other Citco Offices worldwide,
to ensure that client needs are met

Other liabilities:
Due to reinsurers
Accounts payable and accruals

Total Habilitics

EQUITY

Share capital:

Authonzed: 10,000,000 shares of $1 exch

Issued and fully paid: 5,000,000 shares of $1 each 5,000,000
General reserve 9 1,000,000 ‘
Fair value reserve 497,45 196,127
Retained cannings 4 __ 4,193,715

Total equity 12,913,708 10,389,842
Total liabilities and equity - _ 35,167,653 30,679,049

The successful candidate should meet the following criteria:
° a bachelors degree in accounting, finance, economics or a
professional
accounting designation
affinity with investments and figures
a team player, able to cope with individual responsibilities
highly accurate and excellent communication skills
working experience in the financial area or at an accounting firm
is an advantage

SIGNED AS APPROVED ON BEHALF OF THE BOARD OF DIRECTORS:
We offer you: a challenging job in a rapidly expanding international LAS astndiarge Waa
company, with an informal company culture. You will have the

opportunity to broaden your job specific knowledge with excellent

prospects for a further international career in one of our worldwide
offices.

If you are interested in this opportunity, please send your Curriculum
Vitae and covering letter via e-mail to: Citco Fund Services (Bahamas)
Limited at: hrbahamas@citco.com You can find more information
about our organization, on our website: www.citco.com

Full details available at www.summitbahamas.com

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



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THE TRIBUNE

Cabex Internacional, Ltd.

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

Balance Sheet

As of December 31, 2006
(Expressed in United States Dollars)
Assets 2006 2005
Due from banks (Notes 3, 4 and 5)
Non-interest earning deposits $ 1,212,081 $ 959,303
Interest earning deposits 19,801,866 19,685,700
21,013,947 20,645,003

Other assets (Note 5)

GL T82 sige Pa 36,935

Total assets $ 21,075,709 $20,681,938
Liabilities and Equity
* Other bilities sc ipso ag
Equity
Share capital:
TaRb OG) ate u SIO EER T 10,000,000 - 10,000,000
Retained earnings 11,074,459 10,681,938
Total equity 21,074,459 20,681,938
Total liabilities and equity $ 21,075,709 $20,681,938

Signed as approved by the Board on July 3, 2007:

ee

Director




Director

”

Notes to the Balance Sheet

I. Organization and Operations

Cabex Internacional, Ltd. (the Bank) is incorporated under the Companies Act, 1992 of the
Commonwealth of The Bahamas and is licensed under the Banks and Trust Companies
Regulation Act, 2000 to conduct banking operations from and within The Bahamas. The
principal activities of the Bank are commercial banking.. The Bank is a wholly owned
subsidiary of Primer Banco del Istmo, S. A. (the parent company) which is incorporated in
the Republic of Panama and in tum is a wholly owned subsidiary of Grupo Banistmo, S. A.
(the ultimate parent company), also incorporated in Panama. All significant balances with
the ultimate parent company and companies in which the ultimate parent company controls
20% or more of the issued share capital (related parties) are disclosed in these notes to the

balance sheet (see Note 4). In November 2006, HSBC Asia Holdings, B. V. acquired
99.98% of Grupo Banistmo, S. A. :

The registered office of the Bank is located at Caves Professional Centre, Unit 2 & 11,
Southside of West Bay St. and Blake Rd., Nassau, Bahamas.

2. Summary of Significant Accounting Policies

(a) Basis of Preparation ‘

The Bank’s balance sheet has been prepared in accordance with Intemational Financial

Reporting Standards (IFRS). THe balance’ shéét has been prepared tinder the historical"

cost convention.

The preparation of a balance sheet in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its judgment in
the process of applying the Bank’s accounting policies.

Standards, amendments to published standards and interpretations effective
January 1, 2006

The following amendments and interpretations that are not applicable to the Bank are:

IAS 19 Amendment — Actuarial Gains and Losses, Group Plans and Disclosures;

IAS 21 Amendment — Net Investment in a Foreign Operation;

IAS 39 Amendment — The Fair Value Option;

IAS 39 and IFRS 4 Amendment — Financial Guarantee Contracts; and

IAS 39 Amendment — Cash Flow Hedge Accounting of Forecast Intragroup

Transactions;

e IFRS 1 (Amendment), First-time Adoption of Intemational Financial Reporting

. Standards, and IFRS 6 (Amendment), Exploration for and Evaluation of Mineral

Resources;

e IFRS 6 — Exploration for and Evaluation of Mineral Resources; ;

e IFRIC 5 — Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds; and :

e IFRIC 4 — Determining whether an Arrangement contains a Lease.

e IFRIC 6 — Liabilities arising from Participating in a Specific Market — Waste

Electrical and Electronic Equipment.

Interpretations issued but not yet effective

The Bank has chosen not to early adopt the following standard and interpretations that
were issued but not yet effective for accounting periods beginning on J anuary 1, 2006:

e IFRS 7, Financial Instriments: Disclosures, and a complementary amendment to
IAS 1, Presentation of Financial Statements — Capital Disclosures (effective from
January 1, 2007). IFRS 7 introduces new disclosures to improve qualitative and
quantitative information about exposure to risks arising from financial instruments.
It replaces IAS 30, Disclosures in the Financial Statements of Banks and Similar
Financial Institutions, and disclosure requirements in LAS 32, Financial Instruments:
Disclosure and Presentation. ‘

The following interpretations that were issued but not yet effective for accounting
periods beginning on January 1, 2006 and that are not applicable to the Bank are:

e IFRS 8, Operating Segments (effective January 1, 2009).

e IFRIC 7, Applying the Restatement Approach under IAS 29 (effective March 1,
2006);

IFRIC 8, Scope of IFRS 2 (effective May 1, 2006);
IFRIC 9, Reassessment of embedded derivative (effective June 1, 2006);
IFRIC 10, Interim Financial Reporting and Impairment (effective November 1, 2006);

IFRIC 11, IFRS 2 — Group Treasury Share Transactions (effective March 1, 2007);
and

e IFRIC 12, Service Concession Arrangements (effective January 1, 2008).

(b) Cash Equivalents

The Bank considers as cash equivalents, all deposits with original maturity of three
months or less.

(c) Translation of Foreign Currencics

(i) Functional and Presentation Currency
Items included in the balance sheet are measured using the currency of the primary
economic environment in which the Bank operates (“the functional currency”). The

balance sheet is presented in United States dollars, which is the Bank’s functional
and presentation currency.

(ii) Balances %
Monetary assets and liabilities in currencies other than the United States dollar are
translated at rates of exchange prevailing at the year-end.



MONDAY, JULY 9, 2007 PAGE 7B

3. Due from Banks

The following is a summary and maturity analysis of amounts due from banks:
2006 2005

Current accounts:



Non-interest earning deposits $ 1,212,081 $ 959,303
Interest earning deposits 6,532,010 6,420,428
7,744,091 7,379,731

Time deposits
Up to 1 month 13,269,856 13,265,272



$21,013,947 $20,645,003
For the year ended December 31, 2006, the effective interest rate was 3.1% (2005: 3%).

4. Balances with Related Parties

Included in the balance sheet are balances with related parties, which are summarized as

follows:
2006 2005
Assets
Due from banks
Non-interest earning deposits $. 1,212,081 ~$ 959,303
Interest earning deposits 19,801,866 | _ 19,685,700

321,013,947 $20,645,003
5. Use of Financial Instruments
Risk Management of Financial Instruments

Credit Risk

The Bank takes on exposure to credit risk, which is the risk that the counterparty would be
unable to pay amounts in full when due. The financial assets that are potentially exposed to
credit risk are non-interest and interest earning deposits. Since substantially all assets are
due from related parties, the Bank views this risk as low.

The geographical concentrati6n of assets is as follows:

2006 2005
Panama $ 12,820,216 $ 12,451,954
- Caribbean 8.255.493 8,229,984
$21,075,709 $20,681,938
Interest Rate Risk

The Bank’s exposure to interest rate risk is very limited because it does not have any
interest sensitive liabilities.

Liquidity Risk

The Bank does not have any liquidity risk because it has no banking liabilities.

6. Fair Value of Financial Instruments

The estimated fair value of a financial instrument is the current amount that would be

exchanged between willing parties, other than in a forced liquidation, and is determined
using current market prices, if any.

Fair value estimates are made at a specific point in time, based on relevant market
information and information about.the finaricial-instrument. These estimates do not reflect
any premium or discount that could result from offering for sale at one time the Bank's
entire holdings of a particular financial-instrument. These-estimates are subjective in nature
and involve uncertainties and matters of significant judgment and, therefore, cannot be
determined with precision. Changes in assumptions could significantly affect the estimates.
The carrying value of amounts due from banks approximates its fair value due to their
liquidity and short-term maturities.

PRICEWATERHOUSE(COPERS



PricewaterhouseCoopers
Providence House
East Hill Street

’ P.O. Box N-3910
Nassau, Bahamas
Website: www.pwe.com
E-mail: pwcbs@bs.pwe.com
Telephone (242) 302-5300
Facsimile (242) 302-5350

INDEPENDENT AUDITORS’ REPORT
To the Shareholder of Cabex Internacional, Ltd.

We have.audited the accompanying balance sheet of Cabex Internacional, Ltd. (formerly
Pribanco Internacional, Ltd.) as of December 31, 2006 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 this 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 financial statements that are free from material misstatement, whether due to

fraud or error; selecting and applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.

Auditors ’-Responsibility

Our responsibility is to express an opinion on this balance sheet based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those Standards
Tequire 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 audit evidence about the amounts and
disclosures in the financial statements. ‘The procedures selected depend on the auditors’
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditors consider
internal control relevant to the entity’s preparation and fair presentation of the financial
Statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An
audit also includes evaluating the appropriateness of accounting policies used and the

reasonableness of accounting estisnates made by management, as well as evaluating the overall
presentation of the financial statements.

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

Opinion

In our opinion, the accompanying 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.

Emphasis of Matter

Without qualifying our opinion, we emphasise that the accompanying balance sheet does not
comprise a complete set of financial statements in accordance with International Financial
Reporting Standards. Information on results of operations, cash flows and changes in equity is
necessary to obtain a complete understanding of the financial position, performance and changes
in financial position of Cabex Internacional, Ltd.

Chartered Accountants

Nassau, Bahamas
July 3, 2007



PAGE 8B, MONDAY, JULY 9, 2007 THE TRIBUNE
Banco del Istmo (Bahamas) Limited ¢ IFRIC 10, Interim Financial Reporting and Impairment (effective November 1, 2006);

(incorporated under the laws of the Commonwealth of The Bahamas) x sg 11, TERS 2 — Group ‘Treasury Shere Transactions (effective March 1, 2007)

Balance Shee e IFRIC 12, Service Concession Arrangements (effective January 1, 2008).

As of December 31, 2006
(Expressed in United States Dollars)

(b) Cash Equivalents

The Bank considers as cash equivalents, all deposits with original maturities of three







2006 2005 months or less.
Assets j
Due from banks (Notes 3, 5 and 6) (c) Translation of Foreign Currencies
Sere gee © Fac! an Preaon Cree
* BoP SO hOliyet 320,340,153 Items included in the’balance sheet are measured using the currency of the primary
284,895,722 323,557,881 economic environment in which the Bank operates (“the functional currency”). The
Prepaid expenses (Note 6) 35.000 ” 35.057 balance sheet is presented in United States dollars, which is the Bank’s functional
RMP ee Sap ena ee Th and presentation currency.
Total assets £.284,930,722.
$.223,592,038 (ii) Balances
Liabilities and Equity Monetary assets and liabilities in currencies other than the United States dollar are
> translated at rates of exchange prevailing at the year-end. f
Liabilities
Customers’ non-interest bearing deposits (Notes 5
2a $ 1,935,724 $ 1,935,724 ee aes
rust certificates (Notes 4 and 6 . 256,142,473
Other liabilities ne 6) ) 11.065 2g OR ORS The following is a summary and maturity analysis of amounts due from banks:
Total liabilities 258,089,262 299,844,812 pees Pane
Current accounts:
Equi Non-interest earning deposits $ 3,217,728 $ 3,217,728
ee ayn Interest earning deposits 12,760,485 9,761,642
POE Th f 15,978,213 12,979,370
eaten ee ae ea Time deposits up to 3 months 23,854,203 22,620.73
nies eee ares at $1 eac Teleay 4e5 a eaeoe Cash and Cash Equivalents 39,832,416 35,600,109
ings 8414 12,748,126 j
Toul eaiy Be hiieakn Time deposits more than 3 months ~ 245,063,306 287.9
e4 —26,841460 _23.748,126 $.284.895.722 $323,557.81
Total liabilities and equity 4. Trust Certificates
Signed ss approved by the Board on July 3, 2007: Trust certificates are comprised of the following:
; :
2006 2005
pe eOG ae Series 2001, due in 2006 $ - $27,206,128
Director Series 2004, due in 2011 256,142,473 270,702,960
£256,142.473:° $.297,909,088
On December 13, 2004 and September 20, 2001, Primer Banco del Istmo, S. A. (PBI),
arranged through its wholly-owned subsidiary Banco del Istmo (Bahamas) Limited, the
issuance and sale of Trust Certificates by a US based Trust, IBL Credit Card Receivables
Notes to the Balance Sheet Master Trust, with Bankers Trust Company as Trustee. The Certificates represent a
Geena ‘3 fractional undivided interest in certain future US$ denominated Visa and MasterCard
1. eee Receivables (net of certain fees and banks charges) (base receivables) which amounts are
ted : : :
Banco del Istmo (Bahamas) Limited (the Bank) is incorporated under the Companies Act, Soares Seen the/use of Visa: and MasterCard credit cards tn Panama, other.
1992 of the Commonwealth of The Bahamas and is licenced under the Banks and Trust ;
Companies Regulation Act, 2000 to carry on banking and trust business from within The ° : ; : BRE is
Bahamas. The Bank commenced operations on December 21,.1992 and is a wholly owned baa tee eee a ithe Oe St ae a
subsidiary of Primer Banco del Istmo, S. A. (the parent company) which is incorporated in Beneltiokihe et pe Cain Oh the Trust Certificates. ol 5 i and
the Republic of Panama. The ultimate parent company is Grupo Banistmo, S. A., also a Bi dthornerey ate ine en collected: *Nationalantacsees the eared will
incorporated in Panama. All significant balances and transactions with the ultimate parent “an Eioaumtent TiTeanceninenemiitbe re is ae eae at a fixed rate of 6.78%
company and companies in which the ultimate parent company controls 20% or more of the per Rea the ae of Series 2001, and 5.858% per Sate in the case of the Secies aie
issued share capital are disclosed in these financial statements as related parties; see Note 6. Renita : ; *P
In November 2006, HSBC Asia Holdings, B. V. acquired 99.98% of Grupo Banistmo, S. A. :
In June 1998, the Bank entered into various agreements in connection with its participation i" ae Shah patria eam ee an ae ea ee oe Pa
in the securitization of Visa and MasterCard receivables originating in Panama. The Bank’s Bieter thencTistoek Gemtey ting ic tt tth ne a a rate ons 4 Ms es
role is to (i) purchase the future Visa and MasterCard receivable-rights from the Parent r hr rairaant ee bother at ter een -
‘Company and transfer. thern’ to. the Tnist,’ (ii): transfer ‘the actual receivables as they are ens eae ee ne le ceuneates pa eee dips nae oe ae ee coh bed
originated from the Parent Company to thé Trust, (iii) at inception transfer the proceeds = gear art ea ea eee ne TE oe
generated by the issuance and sale of the Trust Certificates (in the form of inter-bank ab {0 petite the applicable series of Trust Certificates) is that of PBI alone, ot ae ee
deposits) to the Parent Company, and (iv) receive the periodic differentials which result obligation on the Bank to make any such payments. However, the Bank’s interest bearing
from the collection of receivables from Visa and MasterCard USA by the Trust and the deposits are available for distribution to PBI in the event they are needed to cure an
segregation of the proceeds needed to service the principal-amortization and interest ANE
payments due on the Certificates. 5. Balances with Related Parties
In performing this role, the Bank covenants to limit its activities to, and not to incur any Balances with related partf€s are summarized as follows:
liabilities other than (i) business activities with, and non-recourse liabilities to, the Parent
Company or its affiliates, and (ii) business activities and liabilities related to the issuance 2006 2005
and sale of the 2001 and 2004 Certificates and any similar, future Parent Company Assets
issuance. Due from banks:
Non-interest earning deposits
The registered office of the Bank is located at Caves Professional Centre, Unit 2 &-11, Interest earning deposits : oGEoe : aes
Southside of West Bay St. and Blake Rd., Nassau, Bahamas. —320,340,153
2. Summary of Significant Accounting Policies Liabilities
Customers’ non-interest bearing deposits $1,935,724 §°] 935,724
(a) Basis of Preparation :
6. Use of Financial Instruments (Continued)

The Bank’s balance sheet is prepared in accordance with International Financial
Reporting Standards (IFRS). The balance sheet is prepared under the historical cost
convention. ;

The preparation of a balance sheet in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its judgment in
the process of applying the Bank’s accounting policies.

Standards, amendments to published standards and interpretations effective
January 1, 2006 ;

The following amendments and interpretations that are not applicable to the Bank are:

IAS 19 Amendment — Actuarial Gains and Losses, Group Plans and Disclosures;

IAS 21 Amendment - Net Investment in a Foreign Operation;

IAS 39 Amendment — The Fair Value Option;

IAS 39 and IFRS 4 Amendment - Financial Guarantee Contracts; and

IAS 39 Amendment —- Cash Flow Hedge Accounting of Forecast Intragroup

Transactions;

e IFRS 1 (Amendment), First-time Adoption of International Financial Reporting
Standards, and IFRS 6 (Amendment), Exploration for and Evaluation of Mineral
Resources; ‘s

e IFRS 6 —Exploration for and Evaluation of Mineral Resources;

e IFRIC 5 —- Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds; and

e IFRIC 4 — Determining whether an Arrangement contains a Lease.

e IFRIC 6 - Liabilities arising from Participating in a Specific Market — Waste
Electrical and Electronic Equipment.

Interpretations issued but not yet effective

The Bank has chosen not to early adopt the following standards and interpretations that
were issued but not yet effective for accounting periods beginning on January 1, 2006:

e IFRS 7, Financial Instruments: Disclosures, and a complementary amendment to

“IAS 1, Presentation of Financial Statements — Capital Disclosures (effective from

January 1, 2007). IFRS 7 introduces new disclosures to improve qualitative and

quantitative information about exposure to risks arising from financial instruments.

It replaces IAS 30, Disclosures in the Financial Statements of Banks and Similar

Financial Institutions, and disclosure requirements in IAS 32, Financial Instruments:
Disclosure and Presentation.

The following interpretations that were issued but not yet effective for accounting
periods beginning on January 1, 2006 and that are not applicable to the Bank are:

2 IFRS 8, Operating Segments (effective January 1, 2009).
e IFRIC 7, Applying the Restatement Approach under IAS 29 (effective March 1,
2006);
e IFRIC 8, Scope of IFRS 2 (effective May 1, 2006);
e IFRIC 9, Reassessment of embedded derivative (effective June 1, 2006);

Risk Management of Financial Instruments (Continued)

. Interest Rate Risk (Continued)

December 31, 2005









1-3 36 6 months Morethan = Non sensitive to
Months Months fo_Lyear Lyear changes in rates Total
Assets
Due from banks $32,382,381 $10,209,185 $21,425,297 $ 255,477,324 $ 4,063,694 $ 323,557,881
Other assets = : ——ii02 ___i$097
Total assets LARAAIL = $10200185 = $.21.425.207 $.255.477324 | $408 75. «=. 371592 938
Liabilities
Customers’ non-interest bearing
deposits $s - $ Trust certificates —10.038.076 __10,209.186 __21.425.297 __255.477.323 ___759.206 __297.909.088
Total liabilities $10.038.07 $10.200186 $.21.425.297 $.255.477323 §___ 2.694930 $.292.844,812
Liquidity Risk

Liquidity risk is the risk that, the Bank will be unable to fulfill all of its obligations. ie
Bank mitigates this risk setting limits on the minimum proportion of funds available in high
liquidity instruments and limits on the minimum level of interbank and other borrowing
facilities that should be in,place to cover withdrawals at unexpected levels of demand.

. The maturities of assets and liabilities, based on the remaining period at balance sheet to the

contractual maturity date, are as follows:

December 31, 2006



























13 346 6 months More than No
Meaths Months fo_Lyear Lysar Maturity Total
Assets :
Due from banks $ 40,497,566 $11,242,215 $ 22,983,208 $210,172,733 $ - $ 284,895,722
Other assets : : ——35.002- ____15.000
Total assets £.40.497.566 > $.11.242.215 S$ 22983208 $210.172.733 35.000 5.284.990.7272
Liabilities
Customers’ non-interest bearing
deposits $ 1,935,724 $ - §$ - $ : $ - $ 1,935,724
‘Trust certificates 11,744,317 11,242,215 22,983,208 210,172,733 - 256,142,473
Other liabilities : : eS eS
Total liabilities SRLRG2L10§ «= $1242.215 9 $22 28L208 = 8.210.172.7233 Ks | 4.258.089.2602
Net liquidity gap W7R25.006490) Ss St iL AOL AO
December 31, 2005
13 36 6 months More than No
Months Months fo_l year Lyear Maturity Total
Assets . .
Due from banks $ 36,446,075 $ 10,209,186 $ 21,425,297 $ 255,477,323 s - $ 323,557,881
Other assets : ; : . 35,057 35.057
Total assets $36.446.075 9 3.10.200.186 S.21425297 £255.472.32) SiedS057 9 SAS
Liabilities
Customers’ noninterest bearing
deposits $ 1,935,724 $ - $ -$ : s - $ 1,935,724
Trust certificates 10,797,282 __10.209,186 __21.425.297 _ 255.477.3223 .._...-- _297,909.088
Total liabilities $12.733.006 $.10.200.186 £.21.425.292 $255477323 Snes 9 AER
Net liquidity gap $23.713.062 Ss Ss Ks KAO «| SHR I26



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THE TRIBUNE

Fair Vale of Financial Instruments

The estimated fair value of a financial instrument is the current amount that would be
exchanged between willing parties, other than in a forced liquidation, and is determined
using current market prices, if any.

Use of Financial Instruments
Risk Management of Financial Instruments

Credit Risk

The Bank takes on exposure to credit risk, which is the risk that counterparty would be
unable to pay amounts in full when due. The financial assets that are potentially exposed to
credit risk are non-interest and interest earning deposits. Since substantially all assets are
due from related parties, the Bank views this risk as low.

The geographical concentration of assets is as follows:

2006 2005

Panama $ 266,171,640
The Caribbean

$ 307,936,865
18,759,082 15,656,073

$_284,930,722 $ 323,592,938

Interest Rate Risk.

The Bank is exposed to various risks associated with the effects of market fluctuations on
interest rates. Exposure to interest rate risk is the risk that arises when there is an
imbalance between rate and non rate-sensitive assets and liabilities. The Bank’s policy is to
maintain the interest rate risk within prescribed limits. The Bank’s policy is monitored on a

daily basis and reviewed by management. Because of the limited nature of its operations,
the Bank views this risk as low.

The Bank manages this risk through policies that control the limits for financial
instruments, including the maximum exposure for loss in their fair value, future gains and
cash flows. These policies take into consideration the maintenance of prudent margins
between the assets and the liabilities. Because of the limited nature of its operations, the
Bank views this risk as low.

Management of interest rate risk for assets and liabilities considers factors, such as
contractual clauses, dates of review of prices, effective rates and maturities for both
financial instruments. Credit agreements set the interest rate for each loan. The policies
related to managing interest rate risk include monitoring by a Special Committee,
designated by the Board of Directors.

The following are the ranggs of effective interest rates earned and paid by the Bank in the
different assets and liabilities categories:

2006 2005
From To From To

Interest earning deposits 1.50% 6.78% 1.50% 6.78%
- Trust certificates 5.86% 6.78% 5.98% 6.78%

Assets and liabilities subject to change in interest rates are detailed as follows:

December 31, 2006

1-3 3-6 6 months More than Non sensitive to
Months Months to _lyear lyear * changes in rates Total

«

Assets
Due from banks $ 36,523,449 $ 11,242,215 $ 22,983,208 $210,172,733 $ 3,974,117 $ 284,895,722
Other assets : : : 2 351000) 35.000

Total assets $46,523,449 $11,242,215 $22,983,208 = $ 210,172,733 $4,009.17 $284,930.72

Liabilities

Customers’ non-interest bearing
ce. deposits y ce eqit) of -noveolda vee. Sataoitiia > j2) +) 1,935,724. $ 1,935,724
“Y-" Trust tertificates eR 11,079,168" °° "11,242,215 22,983,208 210,172,733 665,149 256,142,473
yyiig OlberJiabilities 34 gu Booe > ha suds 11,065 11.065

$ ove Saizizas! s229820" S210 S_zeLge §.25n.on262

"Total liabilities

Fair value estimates are made at a specific: point in time, based on relevant market
information and information about the financial instrument. These estimates do not reflect
any premium or discount that could result from offering for sale at one time the Bank’s
entire holdings of a particular financial instrument. These estimates are subjective in nature
and involve uncertainties and matters of significant judgment and, therefore, cannot be
determined with precision. Changes in assumptions could significantly affect the estimates.

Following is a summary of assumptions used by the Bank in estimating fair value
disclosures for the most significant financial instruments:

MONDAY, JULY 9, 2007, PAGE 9B

Due from Banks

The carrying value of amounts due from banks approximates its fair value due to their
liquidity and short-term maturities.

Trust Certificates

The fair value of trust certificates was calculated upon the appropriate interest rates for

securitizations of similar instruments, and management believes that carrying value
approximates fair value.

Income Taxes

The Bank is not subject to income tax in The Bahamas.

PRICEWATERHOUSE(COPERS



PricewaterhouseCoopers
East Hill Street

P.O. Box N-3910

Website: www.pwe.com
E-mail: pwcbs@bs.pwc.com
Telephone (242) 302-5300
Facsimile (242) 302-5350

INDEPENDENT AUDITORS’ REPORT
To the Shareholder of Banco del Istmo (Bahamas) Limited

We have audited the accompanying balance sheet of Banco del Istmo (Bahamas) Limited as of

December 31, 2006 and a summary of significant eae policies and other explanatory
notes.

Management's Responsibility for the Financial Statements

Management is resp6nsible for the preparation and fair presentation of this 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 financial statements that are free from material misstatement, whether due to

fraud or error; selecting and applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on this 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 audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors’
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditors consider
internal control relevant to the entity’s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the 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 financial statéments.

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 accompanying financial statements present fairly, in all material respects, the
financial position of Banco del Istmo (Bahamas) Limited‘as rf ee dh 2006 i in eae
with International Financial Bene ee Similars OF SBE

Emphasis of Matter i 2

Without qualifying our opinion, we emphasise that the accompanying balance sheet does not
comprise a complete set of financial statements in accordance with International Financial
Reporting Standards. Information on results of operations, cash flows and changes in equity is
necessary to obtain a complete understanding of the financial position, performance and changes
in financial position of Banco del Istmo (Bahamas) Limited.

Para tienai bempart .

Ch artered Account Accountants
Nassau, Bahamas
July 3, 2007

Legal Notice

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Legal Notice

NOTICE

DUILLIER LIMITED

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

ARGOSA CORP. INC.
(Liquidator)

WANTED

Cardiac Cath Lab Technician
and/or

Experienced Registered Nurse

Call:
242-326-2346

Dr. H. Coleman

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Legal Notice

NOTICE

RADIANT HEART
INVESTMENTS INC.

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

ARGOSA CORP. INC.
(Liquidator)

NOTICE
AUTIGNY VALLEY CORP.

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

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
VOLGA LTD.

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

ARGOSA CORP. INC.
(Liquidator)





CALYON

Df
beac CREDIT AGRICOLE CIB
CREDIT AGRICOLE GROUP

~) CONSOLIDATED BALANCE SHEETS

ASSETS






: ERE

{in main of euros)





Cash, due from central banks and French postal system 7A 6,194 8,721

Financial assets at fair value through profit or loss 7.2 417,852 339,65,

Derivative hedging instruments ; 42-44 3,834 4,947,

Financial assets avaiable for sale 74 173,530 444267

Oue from banks 4.1-4.3-7.5-7.6 292,207

Loans and advances to customers 41-43-75-78 248,145

Valuation adjustement on portfolios of hedged items 42-44 1,621

Held-to-maturity financial assets 76-78 18,007

Current tax assets 607

Deterred tax assets 7.10 1,042

Acctuals, prepayments and sundry assets 7H $5,913

Fixed assets held for sale 7.12 677 ue

Investments in equity affiliates 3.3 17,248 AS 494.

investment property 7.44 2,971 3,278

Property, plant & equipment 7.15 3,931 24

Intangible assets 7.15 811

Goodwill 3.6 16,706

TOTAL ASSETS sis Sera eae Di die Vata ae PsA coh we ee eA ROT ROG wie 14 061 AKS
FINANCIAL STATEMENTS

Congolidated financial statements for the year ended 31 December 2006
CONSOLIDATED BALANCE SHEETS ¢

a ee reel nee eet See Aas tamecrcs epee ates. CACC.




(IO Ol OS ener ntoncrernen fc eave See
Due to central banks and current accounts with French postal system. 7A 89 484
Financial habilities at fair value through profit or loss. 72 207,284 243,432
Derivative hedging instruments 4.4 ge 4284 teat §,607
Due to banks Pee kaOS 77 134,239 114,494
Customer accounts ay . V8 : 41-43-77 950,811. 318,365
Debt securities in issue f ae, ; : 43-79 162,824 98,123
Valuation adjustment on portfolios of hedged items 4A 307 2,569
Current tax liabilities ; 1.49 780
Deferred tax liabilities FAO. i an cenee ties 9,822
Accruals, deferred income and sundry liabilities 7A $4,792 48,838
Liabilities associated with fixed assets held for sale ; 7.12 655
insurance companies’ technical reserves. 137 186,154 162,482
Reserves _ 718 ee 454 4,291
Subordinated debt 43-79 24,a70 21,248
Shareholders’ equity , 7.19 :
Shareholders’ equity, group share en 35,078 30,682
“__ Share capital and reserves _ pata none 17,008 17,520
Consolidated reserves _ ; : 10,569 7,126
Unrealised or deterred gains or losses 2,583 2,145
4,820., 3,891
are: 4,226
AOU ROG 1,069,443.



FINANCIAL STATEMENTS
Bey Lompany flnansial chrternents at G4 Recamber £406 « hi Feameh gaa ~ approved by tne Roar

> DFF-BSLANE SHEET TEMS





OFF-BALANCE SHEETITEMS





4s coon : oe rae Pa A Laake auecagee Ee
Financing commitments given . 3,988 - §,667
Banks and financi tutions : 2.412 9,458
Crsoit Agnoute exifitias 3,572 1.08
Guarantees given 15,123 12,343
Ranks aa: fnanciat institutions 2.432 240
Credit Agricole entising E whglontthtonqo ingot ef tanw: IGeer : 82 a4



faskpitd? Tees lay CLLRMEY i



Financing commitments receiv:
Sanks and financial naitutions
Crédit Agdnole entities

Other

Guarantees received



Zanks and financial mstitutions



Credit Agricole entities

STATUTORY AUDITORS REPORT ON THE
CONSOLIDATED FINANCIAL STATEMENTS

This is @ free transiation into English of the Statutory Auditors’ report issued in the French language and is provided solely for the convenience
of English speaking readers. The Statutory Auditors’ report includes information specifically required by French law in all audit reports, whether
qualified or not, and this is presented below the opinion on the consolidated financial statements. This information includes an explanatory
paragraph discussing the auditors’ assessments of certain significant accounting and auditing matters. These assessments were considered
for the purpose of issuing an audit opinion on the consolidated financial statements taken as a whole and not to provide separate assurance on
individual account captions or on information taken outside of the consolidated financial statements.

This report should be read in conjunction with, and. construed in accordance with, French law and professional auditing standards applicable
In France.

For the year ended 31 December 2006
To the shareholders:

in compliance with the assignment entrusted to us by your Shareholders’ Meeting, we have audited the accompanying consolidated financial
statements of Crédit Agricole S.A. for the year ending 31 December 2006.

The consolidated financial statements have been approved by the Board of Directors. Our role is to express an opinion on these financial
statements based on our audit.

1- Cninion on the consolidated financial stalemments

We have conducted our audit in accordance with professional standards applicable in France. These standards require that we plan and
perform the audit to obtain reasonablé assurance about whether the consolidated financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financlal statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the
financial statements. We believe that our audit provides a reasonable basis. for our opinion.

in our opinion, the consolidated financial statements give a true and fair view of the assets liabilities, financial position and results of the
companies and entities included in the consolidated group in accordance with the IFRS standards as adopted in the European Union.

fi - Justification of our assessments :

In accordance with the requirements of article L. 823-9 of the Code de Commerce (French company law) relating to the Justification of our

assessments, we bring to your attention the following matters:

* as indicated in note 2 to the financial statements, the Group accounts for provisions on impaired loans to cover the risk of non-recoverable loans
inherent to its business activities. We have reviewed the arrangements put in place by management to identify and evaluate these risks and to
determine the amount of impairment provisions It considers necessary, and we have verified that these accounting estimates were based on
documented methods that conform to the principles described in notes 1.1 and 2 to the consolidated financial statements;

* the Group uses internal models to assess the fair value of financial instruments that are not traded on organised exchanges. We have reviewed the
procedures used by management to determine and control these models and the parameters used and whether they reflect the risks associated
with such instruments, and we have verified that these accounting estimates were based on documented methods that conform to the principles
described in notes 1.1 and 2 to the consolidated financial statements;

*as indicated in notes 1.1,2 and 7.1B to thé financial statements, the Group sets aside provisions to cover home ownership savings scheme
imbalance risk. The method for calculating such provisions has been established in accordance with the terms set out in CNC Notice No, 2006-02
of 31 March 2006 on accounting for home ownership savings plans and accounts. We have carried out various tests to verify application of such
calculation methods;

as a customary part of the process of preparing financial statements, the Group’s management has made a number of other accounting estimates
as explained in note 2 to the financial statements, notably on the costs of pension provisions and future employee benefits, permanent decline
in value of non-consolidated participating interests, provisions for operating risks, provisions for legal risks, impairment of goodwill and deferred
taxes, We have reviewed the methods and assumptions used as described in notes 4.1 and 2 to the financial statements, assessed the resulting
valuations and checked that the notes give appropriate information.

We assessed whether these estimates were reasonable.

‘Our assessments were made in the context of our audit of the consolidated financial statements, taken as a whale, and therefore assisted us
in reaching our unqualified opinion as expressed in the first part of this report.

Wi - Specific verification

in accordance with professional standards applicable in France, we have also verified the information given in the Group management report.
We have no comments to report with respect to the fairness of their presentation and consistency with the consolidated financial statements.
Neuilly-sur-Seine, 21 March 2007

The Statutory Auditors

PricewaterhouseCoopers Audit ERNST & YOUNG et Autres

Gérard Haulefeuille Valérie Meeus

Interested parties may obtain a complete copy of the Audited Accounts from:
Credit Agricole Suisse (Bahamas) Ltd.
P.O. Box AP59237
Nassau, Bahamas ‘





PAGE 10B, MONDAY, JULY 9, 2007

THE TRIBUNE



Bahamas First overcomes
S3.3m fire, commissions hit

FROM page 1

mium rates and new business
coming on line as the economy
expanded.

But Mr Ward wrote in his
analysis of the company’s
results: “We experienced a
record number of fire losses that
generated gross losses in excess
of $100,000 which, when aggre-
gated, resulted in incurred loss-
es well in excess of $1 million

- over and above the historically

annual net losses from this class
of business.

“Unfortunately, this factor,
together with the lack of profit
commission from reinsurers,
erased the profit margin from
this line of business in 2006.”

Instead, the “main contribu-
tors” to Bahamas First’s 2006
underwriting profit, were its
motor and liability insurance
businesses, Gross written pre-
mium values increased by 17
per cent for the company’s
motor insurance portfolio, while
the number of policies by vol-
ume rose by 6 per cent.

On the liability side, Bahamas
First saw its gross written pre-
miums rise by 15 per cent, and
despite a “fairly large employ-
er’s claim”, the earned loss ratio
was described by Mr Ward as
“very respectable”.

Yet on the marine insurance
side, Bahamas First said: “This
line of business was plagued by
an alarming number of reported
theft claims.” The marine port-
folio, though, still generated a
“modest” underwriting profit
as hull and cargo premiums
increased over 2005.

Bahamas First’s gross written
premiums increased by 20 per
cent over 2005, growing from
$82.454 million to $98.91 mil-
lion, while net written premi-
ums were up by 13 per cent to
$34.408 million, compared to
$30.482 million the year before.

The rapid growth in Bahamas
First’s gross and net written pre-
miums created a temporary
issue with A. M. Best, the glob-
al insurance credit rating
agency, as this expansion had
outpaced the company’s capi-
tal base, impacting risk-based
capitalisation, «- ««.

-The issue was solved after
Bahamas First Holdings inject-

ed some $10 million in capital
into its general insurance sub-
sidiary, but it is only now in the
annual report that the company
has revealed how this was done.

To meet A. M. Best’s require-
ments and its own, Bahamas
First obtained regulatory
approval and borrowed US$6
million of that $10 million from
Bank of Butterfield. The loan,
which is due for repayment this
year, carries an interest rate of 2
per cent above the US London
Inter-Bank Offering Rate or
LIBOR.

Both Mr Ward and Ian Fair,
Bahamas First’s chairman, said
the Butterfield loan would be
replaced by a “more permanent
capital structure” in 2007. Mr
Fair added: “If we want. to grow
our business, and thereby prof-
itability and overall shareholder
value, we may be faced with
having to consider an increase
in our capital base. This is a key
focus of attention for your
Board in the ensuing year.”

The Butterfield bank loan has
been collateralized by a portion
of Bahamas First’s equities
holdings, namely 711,000 ordi-
nary shares and 4,000 prefer-
ence shares the company holds
in Commonwealth Bank.

To mitigate the increased risk
to Bahamas First’s property
portfolio from the increased fre-
quency and severity of storms,
Mr Ward said the company had
implemented higher catastro-
phe deductibles for clients in
certain areas throughout the
Bahamas that were more prone
to storm surges..

As a result, more than 10 per
cent of Bahamas First’s prop-
erty insurance portfolio had to
pay deductibles of more than
the standard 2 per cent in the
event if a hurricane-related
claim.

Property insurance margins,
Mr Ward added, continued to
be dampened by competition
and the cost/risk associated with
catastrophe protection, with
2006 witnessing premium price
differences between the various
carriers in the Bahamian mar-
ket.

Nevertheless, Bahamas First's ..
net underwriting income rose,
by more than $2 million to ~



Nassau Airport

Revelapment Company

$8.563 million in fiscal 2006,
helping to drive earnings per
share to $0.14 compared to
$0.05 the previous year.

Bahamas First’s return on
equity was 18 per cent, 2.5 times
the return in 2005, while the
company’s solvency ratio
increased from 66 per cent to
68 per cent, and its combined
ratio fell to 98 per cent.

Mr Fair said Bahamas First

would review its dividend poli-
cy in 2007, trying to strike a bal-
ance between the company’s
financial strength and the need
to ensure investors “receive an
appropriate return on your
investment”.
* Hinting at the recent 100 per
cent acquisition of Carib Insur-
ance Agency, Mr Fair said
Bahamas First would continue
to seek out insurance acquisi-
tion opportunities, the company
seeing these targets as deliver-
ing a better rate of return and
cash flows than other invest-
ment options. Its 20 per cent
stake in Star General Agency
(Grand Bahama) generated
some $177,437 in net earnings
during 2006, and overall invest-
ment revenues were up by 43
per cent over 2005.

In a likely reference to the
Carib Insurance Agency deal,
Bahamas First said it had
acquired a 30 per cent stake in
an unidentified agent that wrote
business for it, for $500,000, in
March 2007. Several sources
have suggested that Bahamas
First’s drive to acquire agencies
is because it wants to keep the
agent commissions, usually
about 15-25 per cent, in-house
because in the Bahamian mar-
ket the real profits are at the
front-end — through agents and
brokers, who take on no under-
writing risks. Bahamas First has
been one of the poorer per-
formers in recent years when it
comes to underwriting profits.

During 2007, one of Bahamas
First’s wholly-owned agencies,
Nassau Underwriters Agency
(NUA), acquired a sub-agent’s
portfolio for $100,000, while the
carrier paid the last instalment
of the purchase price for Com-
monwealth General’s insurance

portfolio, taking. this. to $2.387

million.

Lynden Pindling International Airport — Construction
Management Opportunities

Vancouver Airport Services (Bahamas) Limited has been awarded a contract to operate,
manage and develop the Lynden Pindling International Airport, the fourth busiest
airport in the Caribbean, serving over 3 million passengers. The development and
construction of the new passenger terminal and related infrastructure is scheduled to
commence in 2008. YVRAS (Bahamas) is seeking 2 experienced construction
management professionals to participate in this facility expansion program.

The successful candidates will have at least 10 years’ progressively responsible
construction/project management experience with a minimum of 5 years in an international

airport construction environment.

Preference will be given to those with terminal

building, airside and airport systems expertise. Proven leadership skills, the ability to
work effectively with all stakeholders, and excellent oral and written communication
skills are all prerequisites. Candidates must have superior analytical and problem
solving skills, the capability to work in a deadline oriented team environment and
proficiency in project related software.

CONSTRUCTION MANAGER

Reporting to the Project Director, the Construction Manager will be responsible
for the planning, development and execution of all construction deliverables,
as well as leading, coordinating and managing site Project Coordinators. This
position will also have overall responsibility for safety, security and the
delivery of quality control systems in accordance with construction drawings
and specifications. Experience in an operationally constrained construction
environment (such as airports or ports) will be an asset. Experience dealing
with multiple stakeholders is also preferred. The successful candidate will
have a graduate degree in Engineering (preferably Civil) and professional

PROJECT CONTROLLER

Reporting to the Project Director, the Project Controller will have responsibility
for contract management and for leading, coordinating and successfully
managing all project control functions including budgeting, forecasting,
contract change management, trending and cost reporting.

engineer status.

Candidates should have a university degree with relevant cost accounting
expertise including experience as a cost controller for large sized industrial
projects.

We will also be seeking applications for scheduling, project engineer/project
coordinator roles in the foreseeable future.

Qualified and interested candidates should submit their applications (including

covering letter) to:

Manager- People, Nassau Airport Development Company,

P.O. Box AP-59229,
Nassau, Bahamas

Deadline for Applications is July 27", 2007

Only those applicants granted interviews will be contacted.



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7



THE TRIBUNE

1.

Banistmo International (Bahamas), Ltd.
(Incorporated under the laws of the Commonwealth of The Bahamas)

Balance Sheet
As of December 31, 2006
(Expressed in United States Dollars)
2006 2005
(Restated)
Assets
Due from banks (Notes 4, 8 and 9)
Non-interest earning deposits _ $ 20,134,924 $ 13,924,638
Interest earning deposits 70,926,649 18,887,538
91,061,573 32,812,176
Securities purchased under resale
agreements (Note 9) - 18,031,281
Investment securities (Notes 5 and 9) 220,770 23,364,464
Loans, net (Notes 6, 8 and 9) 45,167,020 116,141,620
Other assets (Notes 7, 8 and 9) 203,527 6,219,935
Total assets £.136,652,890 £.126,569.476
Liabilities and Equity
Liabilities
Due to bank - demand $ 577,939 -
Customers’ non-interest bearing deposits (Notes 8 and 9) 57,384,433 $ 45,007,312
Customers’ interest bearing deposits (Notes 6, 8 and 9) 57,993,019 37,695,275
Loan payable (Notes 8 and 9) - 71,089,623
Other liabilities (Note 9) 263,370 101,351
Total liabilities 116,218,761 153,893,561
Equity
Share capital
Authorized - 20,000,000 shares of par value $1 each
Issued, outstanding and fully paid - 11,000,000 shares
of par value $1 each 11,000,000 11,000,000
Capital reserve 9,008,585 3,878,585
Retained earnings 425,544 27,797,330
Total equity 20,434,129 42,675,915
Total liabilities and equity £.136,652,890 $.196,569.476

Signed as approved by the Board on July 3, 2007: .

pole viene

Director

Direct
Notes to the Balance Sheet

General Information

Banistmo International (Bahamas), Ltd. (the Bank) was incarporated in the Commonwealth of
The Bahamas on March 28, 1989 and is licenced under the Banks and Trust Companies
Regulation Act, 2000 to carry on banking and trust business from and within The Bahamas. The
principal activities of the Bank are commercial and retail banking. The Bank is a wholly-owned
subsidiary of Primer Banco del Istmo, S. A. (the parent company) which is incorporated in the
Republic of Panama and in tur is a wholly-owned subsidiary of Grupo Banistmo, S. A. (the
ultimate parent company), also incorporated in Panama. Grupo Banistmo, S. A. and its
subsidiaries are referred to collectively as the Group. All significant balances and transactions
with the ultimate parent company and companies in which the ultimate parent company controls
20% or more of the issued share capital are disclosed in the balance sheet as related parties. In
November 2006, the HSBC Asia Holdings, B. V. acquired 99.98% of Grupo Banistmo, S. A.

The registered office of the Bank is located at Caves Professional Centre Unit 2 & 11, Southside ng

of West Bay Street and Blake Road, Nassau, Bahamas.

Summary of Significant Accounting Policies

SfELs

(a) Basis of Preparation

‘ The Bank’s balance sheet is prepared in accordance with International Financial Reporting

Standards (IFRS). The balance sheet has been prepared under the historical cost convention,
as modified by the revaluation of available-for-sale financial assets.

The preparation of a balance sheet in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgment in the process of
applying the Bank’s accounting policies. The areas involving a higher degree of judgment or
complexity, or areas where assumptions and estimates are significant to the balance sheet are
disclosed in Note 11.

Standards, amendments to published standards and interpretations effectivé January 1,
2006

The following amendments and interpretations that are not applicable to the Bank are:

IAS 19 Amendment — Actuarial Gains and Losses, Group Plans and Disclosures;

IAS 21 Amendment - Net Investment in a Foreign Operation;

IAS 39 Amendment — The Fair Value Option;

IAS 39 and IFRS 4 Amendment — Financial Guarantee Contracts; and.

IAS 39 Amendment — Cash Flow Hedge Accounting of Forecast Intragroup Transactions;
IFRS 1 (Amendment), First-time Adoption of International Financial Reporting Standards,
and IFRS 6 (Amendment), Exploration for and Evaluation of Mineral Resources;

IFRS 6 — Exploration for and Evaluation of Mineral Resources;

IFRIC 4 — Determining whether an Arrangement contains a Lease;

IFRIC 5 — Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds; and

e IFRIC 6 — Liabilities arising from Participating in a Specific Market — Waste, Electrical
and Electronic Equipment.

Standards and interpretations issued but not yet effective

The Bank has chosen not to early adopt the following standards and interpretations that were
issued but not yet effective for accounting periods beginning on January 1, 2006:

e IFRS 7, Financial Instruments: Disclosures, and a complementary amendment to IAS 1,
Presentation of Financial Statements — Capital Disclosures (effective from January 1,
2007). IFRS 7 introduces new disclosures to improve qualitative and quantitative
information about exposure to risks arising from financial instruments. It replaces IAS
30, Disclosures in the Financial Statements of Banks and Similar Financial Institutions,
and disclosure requirements in IAS 32, Financial Instruments: Disclosure and

- Presentation.

The following standards and interpretations that were issued but not yet effective tor
accounting periods beginning on January 1, 2006 and that are not applicable to the Bank are:

The financial assets are classified in the following categories:

IFRS 8, Operating Segments (effective January 1, 2009).

IFRIC 7, Applying the Restatement Approach under IAS 29 (effective March 1, 2006);
IFRIC 8, Scope of IFRS 2 (effective May 1, 2006);

IFRIC 9, Reassessment of embedded derivative (effective June 1,'2006);

IFRIC 10, Interim Financial Reporting and Impairment (effective November 1, 2006);
IFRIC 11, IFRS 2 — Group Treasury Share Transactions (effective March 1, 2007); and
IFRIC 12, Service Concession Arrangements (effective January 1, 2008).

(b) Financial Assets

loans, available-for-sale

investments and held-to-maturity investments. Management determines the classification of
its investments at initial recognition.

Loans
Loans are non derivative eaaieal assets with fixed or determinable payments that are not

quoted in an active market. They arise when the Bank provides money, goods or services
directly to a debtor with no intention of trading the receivable.

MONDAY, JULY 9, 2007, PAGE 11B

Held-to-maturity

Held to maturity investments are non-derivative financial assets with fixed or determinable
payments and fjxed maturities that the Bank’s management has the positive intention and
ability to hold to maturity. If the Bank were to sell other than insignificant amount of held to
maturity assets, the entire category would be reclassified as available for sale.

Available-for-sale

Available for sale investments are those intended to be held for an indefinite period of time,

which may be sold in response to needs for liquidity or changes in interest rates, exchange
rates or equity prices.

Purchases and sales of held to maturity and available for sale investment securities are
recognized at the trade date, which is the date the Bank commits to purchase or sell the asset.
Loans are recognized when cash is advanced to the borrowers.

Available for sale financial assets are subsequently carried at fair value. Loans are carried at
amortized cost using the effective interest method. Gains and losses arising from changes in
the fair value of available for sale financial assets are recognized directly in equity, until the
financial asset is derecognized or impaired at which time the cumulative gain or loss
previously recognized in equity is recognized in the income statement. However, interest
calculated using the effective interest method is recognized in the income statement.
Dividends on available for sale equity instruments are recognized in the income statement
when the entity’s right to receive payment is established.

The fair values of quoted investments in active markets are based on current bid prices. If the
market for an available-for-sale financial asset is not active (and for unlisted securities),
management establishes fair value by using valuation techniques, that include the use of
recent arm’s length transactions, discounted cash flow analysis and other valuation
techniques commonly used by market participants. Equity securities for which fair values
cannot be measured reliably are recognized at cost less impairment.

(c) Securities Purchased under Resale Agreements

Securities purchased under agreements to resell (reverse repo) are recorded as a separate asset

account. The difference between the sale and repurchase price is treated as interest and
accrued over the life of the agreements using the effective interest method.

(d) Impairment of Financial Assets

Assets Carried at Amortized Cost

At each balance sheet date, the Bank assesses whether there is objective evidence that a
financial asset or group of financial assets carried at amortized cost is impaired. A financial
asset or a group of financial assets is impaired and impairment losses are incurred if, and only
if, there is objective evidence of impairment as a result of one or more events that occurred
after the initial recognition of the asset (a “loss event”) and that loss event (or events) has an
impact on the estimated future cash flows of the financial asset or group of financial assets
that can be reliably estimated. Objective evidence that a financial asset or group of assets is

impaired includes observable data that comes to the attention of the Bank about the following
loss events:

significant financial difficulty of the issuer or obligor;
a breach of contract, such as a default or delinquency in interest or principal payments;
granting to the borrower, for economic or legal reasons relating to the borrower’s
financial difficulty, a concession that the lender would not otherwise consider;

e it becoming probable that the borrower will enter bankruptcy or other financial

_ Teorganization;

e the disappearance of an active market for that financial asset because of financial
difficulties; or

e observable data indicating that there is a measurable decrease in the estimated future cash
flows from a group of financial assets since the initial recognition of those assets,

although the decrease cannot yet be identified with the individual financial assets in the
Bank.

The Bank assesses whether objective evidence of impairment exists individually for financial
assets that are individually significant, and collectively for financial assets that are not
individually significant. If it determines that no objective evidence of impairment exists for
an individually assessed financial asset, whether significant or not, it includes the asset in a
group of financial assets with similar credit risk characteristics and collectively assesses them
for impairment. Assets that are individually assessed for impairment and for which an

impairment loss is or continues to be recognized are not included in a collective assessment
of impairment.

When a loan is uncollectible, it is written off against the related provision for loan
impairment. Such loans are written-off when all ‘the necessary procedures have been
completed and the amount of the loss has been determined. Subsequent recoveries on loans
previously written-off are credited to the income statement.

Assets Carried at Fair Value

At each balance sheet date, the Bank assesses whether there is objective evidence that an
available for sale financial asset or a group of available for sale financial assets is impaired.
In the case of equity investments classified as available for sale, a significant or prolonged
decline in the fair value of the security below its cost is considered in determining whether
the assets are impaired. If any such evidence exists for available for sale financial assets, the
cumulative loss measured as the difference between the acquisition cost and the current fair
value, less any impairment loss on that financial asset previously recognized in profit or loss
is removed from equity and recognized in the income statement. Impairment losses
recognized in the income statement on equity instruments are not reversedsthrough the
income statement. If, in a subsequent period, the fair value of a debt instrument classified as
available for sale increases and the increase can be objectively related to an event occurring
after the impairment loss was recognized in. the income statement, the impairment loss is
reversed through the income statement.

(e) Translation of Foreign Currencies

Functional and Presentation Currency

Items included in the balance sheet are measured using the currency of the primary economic

environment in which the Bank operates (‘‘the functional currency”). The balance sheet is
. presented in United States dollars, which is the Bank’s functional and presentation currency.

Balances :
Monetary assets and liabilities in currencies other than the United States dollar are translated at
rates of exchange prevailing at the year-end. Foreign exchange gains and losses resulting from

the translation at year-end rates of monetary assets and liabilities denominated in foreign
currencies are recognized. in the income statement.

Prior Period Adjustments

Subsequent to the change of ownership of Grupo Banistmo, S. A. in November 2006, management
has undertaken a review of the Group’s key accounting policies and estimates. As a result, a
number of changes have been made in accounting estimates to align the Group, including Banistmo
International (Bahamas), Ltd., with the standards and practices adopted worldwide by HSBC. In
addition, in some cases misstatements in previous periods’ balance sheets were identified and have
been rectified as prior period adjustments.

Prior Period Errors Recorded in 2006

The following is a description of prior period errors which have had a significant impact on the
balance sheet of the Bank in 2006:

a) Commercial Loans and Advances to Customers

Effective in November 2006, management undertook an analysis of the commercial loan portfolio
applying standards for accessing impairment in accordance with global HSBC Credit and Risk
Management Policies and identified a number of credits as impaired that previously had not been
classified as impaired. However, in cases where there was insufficient documentation available to
evidence the circumstances that existed at the time of preparing the balance sheet in previous
periods, the impairment losses on these loans have been included in the current year. As a result,
specific allowances for commercial loan impairments were increased by $12,558,000 with the
corresponding charge to the income statement'(See Note 6).

b) Investments
Effective in November 2006 management conducted a review of the valuation of investments
applying a discounted cash flow methodology to determine values for investments which are
unlisted or which do not have a readily determinable market price. As a.result, a number of
investments were noted as impaired and a corresponding valuation adjustment and losses of
$3,567,239 were recognized in the year. However, in cases where there was insufficient
documentation available to evidence the circumstances that existed at the time of preparing the

balance sheet in previous periods, the impairment losses on these investments have been
included in the current year. (See Note 5).



PAGE 12B, MONDAY, JULY 9, 2007

Prior Period Errors Recorded in 2005 and Previous Years
In accordance with IAS 8, management has corrected various accounting errors relating to

2606

THE TRIBUNE

2005

o











: ; : Assets
previous accounting periods as follows: Duncebanke $ 72,234,171 $ 16,704,142
Adjustments to Loans ; 78,008 20
2005 Earnings 2005 Opening Other assets 115,837 2,478,798
Adjustments Retained Total
Prior Period Adjustments (S) Earnings (S$) (S) $72,350,008 $47,281,066
a) Commercial Loan Impairment Allowances je
: ; : Liabilities
An analysis of the commercial loan portfolio revealed an ; ;
impaired loan that based on the evidence of deterioration Customers’ deposits $ 30,852,177 $ 31,875,576
available in previous accounting periods should have Loan payable aA = __71,089,623
been recognized as an impairment allowance in those
periods. (See Note 6). 2,922,595 5,384,133 8,306,728 $30,852,177 $.102,965,199
b) Exchange of Non Monetary « Assets for Structured 9, Use of Financial Instruments
Derivatives
In December 2005 various subsidiaries of Primer Banco
del Istmo, S. A. exchanged a series of non monetary A. Risk Management of Financial Instruments
assets for structured securities (Credit Linked Notes)
which in fact are derivatives. These notes were Credit Risk ’
accounted for in the held to maturity portfolio, but should
have been classified as trading in accordance with the byte ale | i f ;
requirements“iof TAS'39) In’ addition, ‘these notes Were Pe pas takes on exposure to credit risk, which is the risk that the counterparty will be
Eeoadt aly destcttece vatpever’ $17°734. 162, rather than unable to pay amounts in full when due. The financial assets that are potentially exposed to
"their market value of $4,723,739. The resulting loss is credit risk are interest earnings deposits and loans. The interest earning deposits are mainly
shown as a trading loss in 2005 as management has not placed with related entities and prestigious financial institutions. Exposure to credit risk is
been Bik 2 ae precisely when the impairment Vaiersn gas managed through regular analysis of the ability of borrowers and potential borrowers to meet
occurred. (See : 13,010,423 —_— interest and capital repayment obligations and by changing these lending limits where
5.933.018 5.384133 2131715) appropriate. Exposure to credit risk is also managed in part by obtaining collaterals.
4. Due from Banks Shia i
Credit risk exposures relating to on balance sheet exposures are as follows:
The following is a summary and maturity analysis of amounts due from banks:
2006 2005
Zac a pus Ss bank $ 91,061,573 $ 32,812,176
ec’
Current accounts: ae pe eee under resale agreements a 18,031,281
Non-interest eaming deposits $ 20,134,924 $ 13,924,638 his 220770 ae Ons
Time deposits up to 3 months —— 57,000,000 Overdrafts
Cash and cash equivalents 87,134,924 28,924,638 Gana is ae ee
? * 4 A » > ? >
Time deposits more than 3 months 3,926,649 3,887,538 Other assets — Accounts receivable 203,527 6.219.935
q
B21.,061,573 $32,812,176 Total $.136,652,890 $ 196,569,476 3
5 I a J i
nvestment Securities The following table analyses the Bank’s credit exposure at their carrying amounts by 4
\ . . we a
Beret he @hrcitian toragat Cie or oe geographical region, based on the domicile of the counterparty. ‘
December 31, 2006 ;
2006 2005 Cente 1 &
(Restated) or oe
Securities at fair value through profit or loss Amerie 4 ere ‘
Listed securities $ = § 4723,739 ane amen i
- ee Panama Caribbean and Other Total 4
Z
Seeuvitler avaltable-farenks aa ms Pees $ Soh $ 4,019,204 $ 18,510,812 $ 91,061,573 ¢
: ae 771 - 2 220,770 4
Unlisted securities 220,770 1,200,000 Loans: '
| Overdrafts 920,579 - E 920,579 4
Securities held-to-maturity Commercial 18,585,293 20,168,630 5,492,518 + 44,246,441 ‘
Listed eonautite . ¢ 14,316,043 Other assets -accounts receivable Es 6:'S05 eee ___ 203,527 {
Unlisted securities pee RS ce PS 124 O82 Total $88,275,004 §_24.187.834 $24,190,052 _$136.652,290
: 17,440,725 December 31, 2005
Total investment securities $ 220,770 $ 23,364,464 Central 4
America North ;
The movement in investment securities is summarized as follows: and America 4
Panama Caribbean and Other Total {
Scout wise ci tal?) Secaring |. Reeatie Total Det Bo pees Estes $ 12,904,142 $ 3,837,080 $ 16,070,954 $ 32,812,176 {
value through Available- Held-to- investment resale agreements 18,031,281 - ,- 18,031,281 ;
profit or loss for-sale maturity securities Investment securities 6,893,435 12,593,138 3,877,891 23,364,464 4
. Loans: B
Balance as of January 1, 2005 $ - $ 25,938,874 $ 17,071,411 $ 43,010,285 Overdrafts . 2,621,596 1,019,270 - 3,640,866 4
Radiicneee hs ding adjustment x Cnet ae: 57,980,895 47,394,315 7,125,544 112,500,754 ‘
(Note 3) 4,723,739 ix) 482,665 5,206,404 va er assets -accounts receivable moni507-260 —— BEES i
Redemptions - (25,070,000) (113,351) (25,183,351) Hist noon pga oT tenamsiage 10} sous 9 jen teen bavivome je barns nod
Changes in fair value, net __,, 5 & Saint * 331.126 oli avwuli Gesa grits 3 3 £63.351,063 Ty Out S-GLOT4 82 Txcs 26,309,476 ¢

Use of Financial Instruments (Continued)

$4,723,739 $1,200,000 $17,440,725 $23,364,464 ff * | 4
A. Risk Management of Financial Instruments (Continued)

Balance as of December 31, 2005

Balance as of January 1, 2006:

As previously reported $ - § 1,200,000 $ 35,174,887 $ 36,374,887 } I Rate Risk ‘

Prior period adjustmients (Note3) 4,723,739 - _(17,734,162) _ (13,010,423) piel caere
The Bank takes on exposure to the effects of fluctuations in the prevailing levels of market i

Mine alee reece raaiee te interest rates on its financial position and cash flows. The Bank takes on exposure to interest

Redemptions and sales (4,723,739) (1 33 66.05 4) (5,51 3,759) (25,603 552) rate risk as a result of not controlling the margins that should exist among its assets, liabilities

Reclassification of investments - 14,386,824 (14,386,824) : Te On ON ee RE ea a :

Impairment loss ene rm The Bank manages this risk through policies controlling the limits for financial instruments,

Hulsties ss ar Daenhe 31° 2006 including the maximum exposure for loss in their fair value, future gains and cash flows.

be bk Bs he These policies take into consideration maintaining prudent margins between the assets and

the liabilities. Because of the limited nature of its operations, the Bank views this risk as

Included in securities held-to-maturity as of December 31, 2005 is accrued interest receivable of low.
$744,397.
Management of interest rate risk for assets and liabilities considers factors, such as
contractual clauses, dates of review of prices, effective rates and maturities for both financial
6. Loans instruments. Credit agreements set the interest rate for each loan. The policies related to

managing interest rate risk are monitored by a Special Committee, designated by the Board of

Loans are summarized as follows: Directors.

2005
(Restated)

2006
The following are the ranges of effective interest rates collected and paid by the Bank in the
different assets and liabilities categories:
$ 126,949,327

Foreign commercial loans and overdrafts $ 67,541,864

Less: Allowance for impairment 22,374,844 10,807,707 2006 2005
From To From To
$45,167,020 $116,141,620
3 Interest earning deposits 1.50% 6.28% 1.50% 5.02%
The movements in allowance for impairment during the year are as follows: Tnvcsimentheaninites ‘ - 425% 10.00%
Loans. 4.00% 13.00% 2.97% 13.00%
2006 200 ‘ Customers’ interest bearing deposits 2.00% 12.00% 2.00% 12.00%
(Restated) Loan payable § - 424% 4.62%
Balance as of January 1
As previously reported $ 2,500,979 $ 3,269,581 Assets and liabilities subject to change in interest rates are detailed as follows:
Prior period adjustments (Note 3) ___ 8,306,728 5,384,133
As restated 10,807,707 8,653,714 2006
Allowance for loan impairment (Note 3) 13,261,000 3,839,392 aial mace Catan Mark han Taakue
Loans written off as uncollectible 1,693,863). 1,685,399) ee ——Month______Month ___Tolyear_____iyear ______Free _Total__
rec
Due from banks $ 90,934,923 $ - § - § - $ 126,650 $ 91,061,573
Balance as of December 31 $22,374,844 $10,807,707 Inceuraerk eeutities 2 4 220,770 % i 220,770
_ Loans, net 7,268,301 5,347,760 6,878,341 23,520,141 2,152,477 45,167,020
As of December 31, 2005, the loans to related parties of $28,098,126 are guaranteed by Other assets a Nonlin Woe weal ees : f
customers’ deposits $45,109,113. ” $.28,203.224 § 5.347.760 $7,090.11] $23,520.14. $2.482.654 $136,652.80
. : i Liabiliti
Past due loans amounting to $139,425 (2005: $484,253) are fully collateralized. Dus to Mee sanerigis ‘ < K WWE S735
_ Customers’ deposits 101,438,408 2,255,959 2,866,110 8,354,047 462,928 115,377,452
7. Other Assets Other liabilities one eae Sa GS a a aa Ne OO > "263370
$102.016,347 §2.255.952 S$ 2866110 § 8.354.047 $§ 726.298 $116,218.76) -
Other assets are as follows:
2005 (Restated)
2006 2005
1-3 3-6 6 month More than Interest
Accounts receivable $ 30,694 $6,052,922 ose 538 $ 32,812,176
it f 131,415 Due from banks $ 32,724,638 $ - § ak ==) $14, 87, 812,
Furniture and equipment, net 137,833 i sca eines nett ae
Prepaid expenses ___35,000 —_-——eeee resale agreements 4,111 - 8,515,496 9,214,465 297,209 18,031,281
Inyestment securities 2,287,712 1,200,000 - 17,932,355 1,944,397 -23,364,464
$ 203,527 § 6,219,935 ‘ Loans, net 33,589,252 8,996,803 31,580,534 39,423,343 2,551,688 116,141,620
Other assets ee cee ee ee ee ee eel
8. Balances with Related Parties £.68,605.713 $10,196,803 §40,096.030 §.66.570.163 §11.100.767 $_196.569.476
b : ; P rey aay Liabiliti
Related parties comprise the ultimate parent company, its significant shareholders, entities over energt deposits $ 68,551,945 $ 1,142,969 $ 4,524,701 $ 8,081,525 $ 401,447 $ 82,702,587
which it exercises significant influence, the directors and key management personnel of the Loan payable 70,500,000 : : - $89,623 71,089,623
Bank. As of December 31, 2006 the Bank had the following significant balances with related Other liabilities 2) Yyraord haat te ery Serene = 101,351
eee ; $120,051.04) $1142962 $4524.70, S$ BORLS2S S105242) §.151.893.561



THE TRIBUNE

9. Use of Financial Instruments (Continued)
A. Risk Management of Financial Instruments (Continued)
Interest Rate Risk (Continued)

Liquidity Risk

Liquidity risk is the risk that the Bank will be unable to fulfill all of its obligations. The

Bank mitigates this risk by setting limits on the minimum proportion of funds available in

high liquidity instruments and limits on inter-bank and other borrowing facilities.

The maturities of assets and liabilities, based on the remaining period at the balance sheet to

the contractual maturity date, are the following:

2006
0-3 3-6 6 month ’ More than No
—Month____Month ___Tolyear __.__iyear__ Maturity _Total__
Assets
Due from banks $91,061,573 ~$ - § - S$ ~reS - $91,061,573
Investment securities - - 220,770 - - 220,770
Loans, net 7,508,680 6,517,388 6,958,627 24,182,325 - 45,167,020
Other assets 17,500 - — 151722
$28,525,808 S$ 6526.138 S$ L1068972 $.24182325 S$ 151722 £136.652,890

Liabilities :
Due to’ bank $ 577,939 §$ - $ - $ - $ - $ 577,939
Customers’ deposits 191,789,965 2,293,673 2,902,320 8,391,494 - 115,377,452
Other liabilities 5,000 pera op SAN ZS B 370 iy hw Oe Sis od Hy NT at

Net liquidity gap

($.3.772.096) $4.232465 $.4.036.207 $15,700,831

2005 (Restated)
0-3 3-6 6 month More than No .
——Month ____Month ____Tolyear____Jvear___ Maturity _ Tota] __

L1L222 .£.20,434.129

Assets

Due from banks

Securities purchased under
resale agreements 4,262 -

Investment securities

Loans, net

Other assets

$ 28,924,638 $ aS - $ 3,887,538 §$ - $32,812,176
8,607,839 9,419,180 ees
3,863,965 : . 18,300,499
34,367,089 9,988,339 31,639,085 40,147,107 :
——__436.725 136418 W256 _ 3.178930 _ 2.467.606

a

18,031,281
23,364,464
116,141,620

Liabilities

Customers’ deposits
Loan payable
Other liabilities

Net liquidity gap

9.

11.

$ 68,677,809 $ 1,147,290 $ 4,534,407 $ 8,343,081 $ - $ 82,702,587
71,089,623 - - - 71,089,623
8132.852.238 S$ LI63835 §.4.534407 $834,081 f= $193,803.56)

($72,255,552) §_8.960.022 $35.712773 $.66500173 $.3.667608 $.42,675.915

Use of Financial Instruments (Continued)

R. Fair Value of Financial Instruments

The fair value of a financial instrument is the current amount that would be exchanged
between willing parties, other than in a forced liquidation. Fair value is best determined
using current market prices, if any.

Fair value estimates are made at a specific point in time, based on relevant market
information and information about the financial instrument. These estimates do not reflect
any premium or discount that could result from offering for sale at one time the Bank’s entire
holdings of a particular financial instrument. These estimates are subjective in nature and
involve uncertainties and matters of significant judgment and, therefore, cannot be
determined with precision. Changes in assumptions could significantly affect the estimates.

The following assumptions were used by the Bank in estimating fair value disclosures for the
most important financial instruments:

Due from banks

The carrying amount of due from banks approximates their fair values due to their liquidity
and short-term maturities.

Loans bah ie CeO S 1) HOSE ithe

Loans are carried at amortized cost net of an allowance for impairment. The estimated fair
value of loans represents the discounted amount of estimated future cash flows expected to
be received. The loan portfolio is comprised substantially of short and medium term loans

and the effective interest rate approximates market rates, thus its carrying amount
approximates its fair value.

Investment securities

The fair value of the investment securities is based on market prices or quoted market prices
for similar securities based on expected cash flows on such investments or recent buying
offers, as disclosed in Note 2.

Deposits and financing received :
The estimated fair value of deposits received with no stated maturity, such as current and

savings accounts is the amount repayable on demand, which is equivalent to the carrying
amount. ,

The fair value of customers’ time deposits and financing received approximate their carrying
amounts, since they have short term maturities.

Income Taxes

The Bank is not subject to income tax in The Bahamas.

Critical Accounting Estimates and Judgments in Applying Accounting Policies

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

NOTICE

NOTICE

MONDAY, JULY 9,.2007, PAGE 13B

(a) Impairment losses on loans

The Bank reviews its loan portfolio to assess impairment at least on a quarterly basis. In
determining whether an impairment loss should be recorded in the statement of income, the
Bank makes judgments as to whether there is any observable data indicating that there is a
measurable decrease in the estimated future cash flows from a portfolio of loans before the
decrease can be identified with an individual loan in that portfolio. This evidence may include
observable data indicating that there has been an adverse change in the payment status of
borrowers in a group, or national or local economic conditions that correlate with defaults on
assets in the Bank. Management uses estimates based on historical loss experience for assets
with credit risk characteristics and objective evidence of impairment similar to those in the
portfolio when scheduling its future cash flows. The methodology and assumptions used for
estimating both the amount and timing of future cash flows are reviewed regularly to reduce
any differences between loss estimates and actual loss experience.

b) Impairment of available for-sale equity investments
The Bank determines that available-for-sale equity investments are impaired when there has

been a significant or prolonged decline in the fair value below its cost. This determination of

what is significant or prolonged requires judgment. In making this judgment, the Bank
evaluates among other factors, the normal volatility in share price. In addition, impairment
may be appropriate when there is evidence of deterioration in the financial health of the

investee, industry and sector performance, changes in technology, and operational and
financing cash flows.

PRICEWATERHOUSE(COPERS



PricewaterhouseCoopers

Providence House

East Hill Street

P.O. Box N-3910
Nassau, Bahamas
Website: www.pwc.com

INDEPENDENT AUDITORS’ REPORT

To the Shareholder of Banistmo International (Bahamas), Ltd.
Facsimile (242) 302-5350

We have audited the accompanying balance sheet of Banistmo International (Bahamas), Ltd. as of

December 31, 2006 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 this 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 financial statements
that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our tesponsibility is to express an opinion on this 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 audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditors’ judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditors consider internal control relevant to the entity’s/
Preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the 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 financial statements.

We believe that the audit evidence we have obtained is sufficient and

leve thi appropriate to provide a basis for
our audit opinion.

Opinion

In our opinion, the accompanying balance sheet-presents fairly, in all material respects, the fina >al
position of Banistmo International (Bahamas), Ltd. as of December 31, 2006 in accordance wth
International Financial Reporting Standards.

Emphasis of Matter

Without qualifying our opinion, we emphasise that the accompanying balance sheet does not comprise a
complete set of financial statements in accordance with International Financial Reporting Standards.

‘Information on results of operations, cash flows and changes in equity is necessary to obtain a complete

understanding of the financial position, performance and changes in financial position of Banistmo
International (Bahamas), Ltd.

We draw attention to Note 1 which discloses that on November 23, 2006 HSBC Asia Holdings BV
acquired 99.98% of the issued and outstahding shares of Grupo Banistmo, S.A. (holding company of
Primer Banco del Istmo, S.A. and subsidiaries) and to Note 3 which describes the effect of the change of
ownership. Our opinion is not qualified in respect of this matter. .

Prremttelreulenpr =

Chartered Accountants
Nassau, Bahamas
July 3, 2007

NOTICE

E-mail: pwcbs@bs.pwc.com
Telephone (242) 302-5300



NOTICE is hereby given that ELISABEL RODRIGUEZ
OLIVO (MISSICK) of 115 WINDSOR ON THE MALL, EIGHT
MILE ROCK, GRAND BAHAMA, BAHAMAS is applying to
the Minister responsible for Nationality and Citizenship, for
registrationmaturalization 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
2ND day of July, 2007 to the Minister responsible for Nationality

and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

Legal Notice

NOTICE

OUTBOUND ENGINES INC.

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

ARGOSA CORP. INC.
(Liquidator)



NOTICE is hereby given that WINNIFRED RUTH JOHNSON
of NICHOLLS TOWN, GENERAL DELIVERY, ABACO,
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 2ND day
of JULY, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

Legal Notice

NOTICE

DUSKY BLOOMS INC.

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

ARGOSA CORP. INC.
(Liquidator)



NOTICE is hereby given that JOHN WIBERG OF 4 BAY
SHORE CLOSE, WEST BAY, P.O. BOX CB-11000, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as a
citizen of The Bahames, and that any person who knows any
reason why registt‘\vn/ naturalization should not be granted,
should send a w.uen and signed statement of the facts within
twenty-eight days from the 2ND day of JULY, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.

Legal Notice

NOTICE

ARUMANJA LTD.

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

~ ARGOSA CORP. INC.
(Liquidator)





PAGE 14B, MONDAY, JULY 9, 2007

THE TRIBUNE



FROM page 1

lion refurbishment programme,
after taking control of the
British Colonial Development
Company from its Canadian
pension fund partner.
However, despite having
received government approval
in principle for his project,
IGY’s chairman and chief exec-
utive, Andrew Farkas, said it
had run into trouble and was
effectively “in limbo” after
Adurion allegedly tried to alter
the terms of the original deal.
Mr Farkas did not return The
Tribune’s call seeking comment,
but earlier this year told. this
newspaper: “Right now, it’s in
limbo because Adurion and the
pension fund who own the
property, and have a joint ven-
ture deal with IGY, decided
they wanted to change the

COMMONWEALTH OF THE BAHAMAS

IN THE SUPREME COURT

dealin

“The Government had
approved everything, and our
deal with the pension fund was
fine. Everything was in great
shape, but then three weeks lat-
er the pension fund decided to
take on a new partner....”

Hinting that IGY would look
at alternative sites for its mari-
na, and was not prepared to
give the project more time, he
added back then: ““We’re very
committed to the Bahamas and
have been for a long time. We
are participating in a whole
bunch of different things going
on down there. If the worst
comes to the worst, and we end
up in conflict with Adurion, we
might have to look elsewhere.”

Yet the original joint venture
contract, and the one IGY was

2001
No. 1076

hoping Adurion would stick
with, has officially been termi-
nated by the Swiss/UK invest-
ment house, sources familiar
with the situation told The Tri-
bune. It is unclear now whether
the gap between the two par-
ties can be bridged, especially
given that the new governmen-
t’s position is uncertain,
although contacts close to Prime
Minister Hubert Ingraham’s
administration said the Goy-
ernment wanted the project to
go forward as it would play a
key role in reviving the mori-
bund downtown Bay Street dis-
trict.

That is similar to the Christie
administration’s attitude, which
was that although it wanted the
IGY project to happen, it would

‘not interfere in commercial

negotiations between two pri-
vate companies, as is the case
with Adurion.

Sources familiar with the sit-

current impasse should not be
laid at either party’s door. There
was a suggestion that Adurion
became concerned when IGY
left it late to supply it with
financial projections and details
on a project that would be hap-
pening next door to its latest
multi-million dollar investment,
as it needed to know what
potential impact there might be.

In addition, Adurion was also
said to have been uncomfort-
able with the price IGY was
paying under the original con-
tract to acquire the land it need-
ed from the British Colonial

Development Company, and.

wanted to increase it —- some-
thing Mr Farkas had previously
confirmed. Adurion is also said
to have wanted to play 2 more
active role in the marina pro-
ject, participating as a co-
investor in the project.

It is understood that the for-
mer Government was.also con-

ject design might limit Bahami-
an access to the beach at the
Western Esplanade.

An economic impact study
predicted that the IGY project
would generate “very substan-
tial employment”, creating 700
direct full-time jobs and anoth-
er 400 indirect permanent jobs
for Bahamians. The indirect
jobs will be created at suppli-
ers of goods and services to the
development, and through ser-
vices. provided to yachts.

The study also forecast that
the IGY development would
create 200-250 full-time jobs
during construction, and have
a total economic impact of
$222.8 million over a 20-year
period.

IGY’s arororeat marina on
West Bay Street would have 72
slips, catering chiefly to the larg-
er yachts and vessels, those of
between 100-150 feet to 200 feet
and longer.



a boutique hotel of about 150-
200 rooms, several restaurants,
retail and a parking structure
for over 300 cars.

The project would also be a
key component to the Govern-
ment’s project to revitalize
downtown Bay Street and
waterfront Nassau. IGY spe-
cialises in reintegrating water-
fronts back into their commu-
nities and tourist industries, hav-
ing done this with its newly-
opened flagship development,
the $150 million Yacht Haven
Grande on St Thomas in the
US Virgin Islands. Its target
market is five-star marina devel-
opments on a global scale.

The West Bay Street marina
is the first one that IGY will be
developing, owning and build-
ing from scratch in the
Bahamas, and is also involved in
a potential deal with Kerzner
International to redevelop Hur-
ricane Hole marina on Paradise

uation said the blame for the cerned that IGY’s initial pro- The development will feature Island. *

MI D WAY ae ST

“Where Our Quality & Experience Shine!”
Specializing in: ©

Roofing, Home Maintenance, Painting & Varnishing,
Pressure & Mildew Cleaning, Roof Painting, Water
Proofing, Plumbing, Window Cleaning, Drywall

* Installation, Replace Rotten Woodwork, righ
Laminate Floor, Tiling, Repair
Cracks to Concrete Walls
LEROY TUCKER - Proprietor
Tel: 242-325-5633, 242-425-8580 ¢ P.O. Box SP -60315

Equity Side

IN THE MATTER OF M.J. SELECT GLOBAL, LTD.

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
Common Law & Equity Division

2006
CLE/qui/1039

AND






IN THE MATTER OF SECTION 92 OF THE
INTERNATIONAL BUSINESS COMPANIES ACT, 2000

NOTICE

TAKE NOTICE that the Official Liquidator of
M.J. Select Global Ltd., in compulsory liquidation,
intends to make a distribution to all
Shareholders/Creditors of the Company in the
aggregate amount of $4,800,504 million dollars
(namely, “18.1¢ in the dollar”). All persons having
a claim in the liquidation of the Company are
required to submit a proof of their claim to the
Official Liquidator on or before the 23rd day of
July 2007. Any person failing to submit a proof
of their claim within the aforesaid time shall be
excluded from this dividend.



IN THE MATTER of the Petition of ETHLYN ADDERLEY
AND
IN THE MATTER of the QUIETING of TITLES ACT of 1959
AND

IN T HE MATTER of ALL THAT piece, parcel or lot of land
containing 5,090 square feet of land being known as Lot Number
Twenty-Four (24) in Block Number Thirty-nine (39), Englerston
Subdivision situate in the Southern District of the Island of New
Providence one of the Islands of the Commonwealth of The Bahamas
as shown on the Nassau Master Plan of the said Subdivision which
Plan is filed in the Department of Lands and Surveys in the City of
Nassau in the Island of New Providence and demarked by Auxiliary
Plan and marked “E.A.” filed herein and shown coloured PINK
thereon.










Employment
Opportunity

Administrative Assistant/ Book Keeper

Small Business out West looking for a Successful
Candidate to meet
the following requirements:
Computer literate on Word, Excel, Outlook and
Quick books
Good Organizational Skills
Experienced with accounting and bookkeeping.
Self motivated and able to work without supervision.
Good Communication Skills, Verbal and written
Own transportations is a plus.

ORDER

DATED the 18th day of June, A.D., 2007
BEFORE The Honourable Justice Mrs. Cheryl Albury, Justice
of the Supreme Court of the Commonwealth The Bahamas.
AND UPON the Application of the Petitioner by Summons for
Directions filed on the 10th day of October A.D., 2006
UPON HEARING Richard Peter Snopes Esq. of Counsel for
the Petitioner herein.

IT IS HEREBY ORDERED:-

1. That notice in the usual form be advertised at Ten (10) day
intervals on Three (3) consecutive occasions at least one week apart
in the Nassau Guardian and Tribune intimating that copies of the
Plan filed herein may be inspected at the Registry of the Supreme
Court; New Providence and at the Chambers of the Petitioner’s
Attorney in the City of Nassau.

2. That the notice of Adverse Claims be filed by the 30th day
of after the last day on which the advertisement appears in the Papers.

FURTHER TAKE NOTICE that a proof of claim
must be in the form of an Affidavit and verified
pursuant to Rule 52 of the Winding Up Rules.
The form of Affidavit can be obtained from the
Official Liquidator by writing to him at
PricewaterhouseCoopers, Providence House,
P.O. Box N-3910, Nassau, Bahamas or by email
‘wayne.j.aranha@bs.pwc.com’.

FURTHER TAKE NOTICE that persons who
have completed a proof of claim form in response
to the Official Liquidator’s letter of the 3rd
December 2003 shall not be required to submit
a proof of claim to be verified by Affidavit.
Persons that wish to confirm that they have
submitted a proof of claim do so by addressing
such request to the Official Liquidator.

3. That a copy of the said notice be served upon:
(a) The Department of Lands & Surveys ;
(b) The Ministry of Works (Chairman of the Board of Works)
(c) The adjoining owners/occupiers and occupants of the
land, if any;
(d) The Treasurer
(e) The Attorney-General

4. That a sworn list persons served be filed.

Great Compensation package plus benefits:

Send Resume by July 31* to
Apply to: DA 798
c/o The Tribue
P.O. Box N-3207
Nassau, Bahamas

5. That a copy of the said notice and plan be affixed and ata
conspicuous position on the land the subject of the Petition, for
Thirty (30) days prior to the date on which the period for filing
adverse claims expires.

Dated this 21st day of June, A.D., 2007.

ALEXIOU, KNOWLES & CO.
Chambers
St. Andrew’s Court, Frederick Street Steps

Nassau, Bahamas
Attoriioye for the Official Liquidator of M.J. Select Global, Ltd.

6. Dispense with Statement of facts.
7. That further proceedings in the Summons be adjoined sine
die; with liberty to restore and apply.

BY ORDER OF THE COURT
REGISTRAR



VP & MANAGER - BUISNESS DEVELOPMENT

CHNS LOGY

Monday, July 9, 2007
for our
Annual Fun Day

Wednesday 11th, 2007
9:00a.m. - 5:00

The Winterbotham Trust Company Limited, incorporating
The Winterbotham Merchant Bank, (“Winterbotham”) is
a bank and trust company, broker/dealer and mutual fund
administrator, registered in The Bahamas. The Company
is dedicated to providing tailor made financial, fiduciary
and administrative services to corporate and institutional
customers and their shareholders worldwide.

IN THE ESTATE OF KENNETH
DELANO DUWAINE JONES late of
Infant View Road, Western District,
New Providence, Bahamas, deseased.
Winterbotham is seeking a professional to assume
responsibility, reporting directly to the Chairman, for

business development in Central America and the North
and West Coasts of South America.

NOTICE is hereby given that all
persons having any claim or
demand against the above _ Estate
are required to send the same duly
certified in writing to the Undersigned
on or before the 19th day of July,
2007, after which date the Executors
will proceed to distribute the assets
having regard only to the claims of

which he shall then have had notice.

The candidate should be young, energetic, self motivated
and be well educated, and preferably hold a degree in
finance, economics or business administration. Relevant
post graduate studies and/or professional qualifications
will also be beneficial. It is vital that the candidate have
hands-on business development experience in several
Latin American markets in the financial services sector,
gained while residing in one or more markets over a
period of at least 2/3 years, and be able to demonstrate.
that he/she has successfully generated revenue-producing
business. Clearly, complete business and social fluency
in Spanish is an absolute pre-requisite. Fluency in
Portuguese will also be an advantage.

AND NOTICE is hereby also given that
all persons indebted to the said Estate are
requested to make full settlement on or
before the date hereinbefore mentioned.

Winterbotham is passing through an exciting period of
evolution as it adapts to developments in the international
financial services industry, and the opportunity offers
tremendous scope to an innovative and entrepreneurial
self starter who is willing to travel up to 50% of the time
in Latin America.

HIGGS & JOHNSON
Attorneys for the Executors
Chambers

P.O. BOX N-3247

Ocean Centre

Montagu Foreshore,

East Bay Street

Nassau, Bahamas

We offer excellent compensation, including financial
incentives tied directly to performance and a group health
scheme.

Candidates should send a detailed CV together with
a covering letter describing why you think you are
qualified for the job, directly to: The Chairman,

The Winterbotham Trust Company Limited,
P.O. Box N-3026, Nassau or by email to
chairman@vip-wtb.com. All interviews will be held in
Spanish & English.





THE TRIBUNE

MONDAY, JULY 9, 2007, PAGE 15B



Pa ea ee SOS EE ee rr
Tourism ‘seizing best land’,

argue 2/3 of Bahamians

FROM page 1

Save Guana Cay Reef Associa-
tion’s fight against the Baker’s
Bay Golf & Ocean Club may
have amplified Bahamian con-
cerns and raised awareness, but
there is little doubt that both
investors and the Government
will have to become more sen-
sitive to the electorate’s per-
ceptions, perceived or reality.

The survey found that 85 per
cent of New Providence resi-
dents felt service standards in
the Bahamian tourism industry
needed to be improved, this
result having stayed broadly
consistent since 2002, while
another 82 per cent agreed that
“Bahamians do not give other
Bahamians good service or val-
ue for money”.

A further 72 per cent of New

Providence residents agreed

with the statement that “the
quality of the tourism product
needs great improvement”,
while many also expressed con-
cerns about salary levels in the
industry. Some 46 per cent of
New Providence residents felt
“tourism salaries are not on a
par with similar positions in the
private sector”.

Low salaries were the third-
placed factor behind why the
22 per cent of respondents said
they would not work in the
tourism industry. Perceived low
salaries was also the second-
ranked reason for why Bahami-
ans felt tourism industry jobs
were not the first choice for
high school and college gradu-
eeates:

All these findings are proba-
bly why the Ministry of
Tourism/Counsellors report rec-
ommended that “an increase in
tourism pay scales is also need-
ed to attract bright Bahamians”,
even though this will add to the
high cost burden faced by
Bahamian hotels and other
tourism operators, which has
shrunk their margins and made
it difficult for them to make a
profit.

Bahamians themselves are
alive to the high operating cost
environment in which they and
the tourism industry have to

* tion,
- English/French.

operate, with 75 per cent of
New Providence respondents to
the Ministry of Tourism survey
agreeing that “costs such as
wages, electricity and telephone
are higher in the Bahamas than
most parts of the region, includ-
ing the US and Canada”.

Yet only 20 per cent of New
Providence respondents felt that
the automatic 15 per cent gra-
tuity imposed on visiting tourists
should be eliminated.

To attract the best and bright-
est Bahamians to work in the
tourism sector, some 40 per cent
of New Providence respondents
to the survey said the best way
to do so would be through train-
ing and education in schools
and colleges, with 21 per cent
instead suggesting that the
tourism industry should offer
higher salaries.

The report recommended:
“An increase in training and
education in schools, specifical-
ly high schools, is important in
increasing awareness among
youth with regards to the types
of jobs and number of attrac-
tive positions available in the
tourism sector........

‘A mandatory training in ser-
vice and hospitality schedule for
all tourism workers is sorely
needed...

“While the Bahamas has an
extensive media campaign,

' there are still untapped media

resources in which ads can be
targeted to Bahamians to pro-
mote the tourism job market.”

Yet some 72 per cent of New
Providence survey respondents
“felt that the Bahamas govern-
ment is not doing sufficient to
train Bahamians for positions
in the tourism industry now pre-
dominantly held by expatri-
ates”.

A further 58 per cent
believed the tourism industry
did not use enough Bahamian
food, music and other products
and services in its offering but,
encouragingly, a huge majority
of respondents felt all Bahami-
ans should speak two languages
— 87 per cent were in favour of
an English/Spanish combina-
ANG. 79 Peleacent

‘The ‘survey found that
Bahamians with high levels of

education were less likely to
respond positively to issues such
as whether tourists are satisfied
with their experience in the
Bahamas and whether they
receive true value for money.
The same pattern was shown
by respondents with relatively
higher income levels, with those
earning $50,000 or more seem-
ing “more likely to agree that
tourism jobs are at the bottom
of the ladder, and that the 15

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per cent gratuity should be elim-
inated”.

The Ministry of Tourism sur-
vey also recommended: “Poten-
tial visitors, be they foreign or
Bahamian, to the family Islands
are still an untapped market.
While the increase in anchor
projects may have increased vis-
itors and jobs, their unspoiled
beauty can be even more pro-
moted in the fairly new eco-
tourism market.”

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EMPLOYMENT OPPORTUNITY
Computer Company Seeks Person to fill the
position of Receptionist/Sales Clerk.

Applicants should possess the following:-
¢ Good Organization Skills
¢ Be Computer Literate
¢ Be Punctual

Previous experience in computer equipment sales
industry a plus.

Interested applicants should send resumes and

other information to nassautechjob@ yahoo.com



re ori
Bernard Road Shop & Of

BAHAMAS REALTY trp
COMMERCIAL

In association with: ¥

CBRE _ |

CB RICHARD ELLIS
NAVIGATING A NEW WORLD

nuOb) 2) © ha

> ~/iLast Price~ ~ Weekly Vol.

KINGSWAY ACADEMY
Vacancies for Teachers for September 2007

S52wk-Hi - Highest closing price in last 52 weeks

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

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

Dally Vol. - Number of total shares traded today

Bid $ - Buying price of Colina and Fidelity

Ask $ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week

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Kingsway Academy, an Interdenominational,
Evangelical, Co-Educational Christian Day School,
invites applicants from qualified and experienced
candidates for teaching positions at the Elementary and
High School levels (grades 7 through 12).

ELEMENTARY:

Trained Physical Education Teacher for grades K-4
through grade 6

HIGH SCHOOL

High School applicants should possess a Teachers
Certificate, at least a Bachelor’s Degree in the particular
subject area would be an asset.

May 2007



; Join Cititrust
(Bahamas) Limited,
one of the most
established trust
organizations in the
world.

LEGAL OFFICER

ROLE RESPONSIBILITIES

Reporting to our global Chief Trust Officer, the position is
responsible for providing legal support to our Risk, Product
Development and business development teams. Key
responsibilities include managing the legal review process for
product documentation, managing the legal opinions process for
critical global projects, and liaising with product partners on the
resolution of legal matters related to the management of specially
customized product offerings. Additional responsibilities include
providing legal assistance to the Product Development and Risk
Assessment teams, partnering with the legal division to monitor
and facilitate the resolution of outstanding litigation matters, and,
researching complex risk-related issues in order to provide
supplemental analyses for decision-making/informational
purposes.

KNOWLEDGE/ SKILLS REQUIRED

The ideal candidate will possess LLB or JD qualifications and a
minimum of 7+ years of related experience in a legal or accounting
firm. STEP qualifications are an asset. A strong knowledge of
Trust and Fiduciary products and services together with an ability
to understand legal and tax planning concepts are required,
Additionally, excellent research and analytical skills, superior
communication skills, and sound judgment/decision-making skills
are also necessary. i

* Biology/General Science

* English Language/Spanish

¢ English Language/Literature

* Mathematics/Physics

¢ Business Studies (Office Procedures, Economics,
Accounts)

° Food & Nutrition and Clothing

¢ Information Technology

We invite outstanding
individuals, wanting to build a
career in trust and estate
management services, to be part
of our dynamic global team. You
will interact with colleagues from
around the world and across the
organization, providing
specialized services to our high
net worth clients and their

families.

The successful candidates should have the following:

* An Academic Degree in the area of specialization
* A Teaching Certificate

° Excellent Communication Skills

* A love for children and learning

* High standards of morality

¢ Be a born again Christian

Letters of application together with a recent color
photograpgh and detailed Curriculum Vita (including
the names and addresses of at least three references,
one being the name of one’s church minister) should be
forwarded to:

Interested Bahamian candidates
should forward a copy of their
resume by July 13, 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

Ms. Kelcine Hamilton
Academy Affairs Manager
Kingsway Academy Business Office
Bernard Road
Nassau, Bahamas

Salaries would be commensurate with qualifications and
experience.

Challenge
yourself to a career like no other |

Deadline for applications is Monday July 16, 2007.





PAGE 16B, MONDAY, JULY 9, 2007 THE TRIBUNE



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At RBC rti thi
RBC Royal Bank of one Scere ace at
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Canada supports program. Here in The Bahamas,
we've chosen to support
the jeff Rodgers initiatives like the Jeff Rodgers
Basketball Camp because we
Basketball Cam p believe that athletic training is
critical to helping young people
realize their full potential. +

Pictured Left to Right are:-
Robert Pantry RBC Leadership Trainee
presenting a donation to Jeff Rodgers

This is. the Sth year that RBC has ' ‘
along with camp participants.

sponsored the camp.

Photo by Vincent Vaughan

About RBC Royal Bank of Canada:

RBC Royal Bank of Canada Bahamas and Caribbean has a long-standing presence in the
Bahamas, with operations first established on November 2, 1908. Today, it boasts a retail
network of 43 branches throughout New Providence and the Family Islands, 4 Commercial
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employing 1,400 persons, serving 205,000 customers.

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SUN, SOME

~~ CLOUDS



Volume: 103 No.189



Tourism ‘seizing best lant’,
argue 2/3 of Bahamians

SEE FRONT PAGE OF BUSINESS SECTION





=m Lhe Iribune

he Hiami Herald

BAHAMAS EDITION

MONDAY, JULY 9, 2007

Mort ern aaa









PRICE — 75 ge

MEDAL JOY FOR THE BAHAMAS



PLP Senate challenge file

Christie announces
action over appointment
of Tanya Wright

@ By RUPERT MISSICK Jr
Chief Report



THE PLP’s challenge of Tanya
Wright’s appointment to the senate
has been filed in the Supreme
Court and has already been served
on the Attorney General, PLP

leader Perry Christie said yester- .

day during a webchat with PLP
supporters on the party’s website.

In May, Michael Halkitis and
Tanya Wright were appointed to
two of the three remaining Senate
seats.

When Ms Wright was selected
by Prime Minister Hubert Ingra-
ham, opposition leader Perry
Christie objected, but was over-
ruled by Mr Ingraham under the
provision of article 79(5) of the
constitution, which empowers him
to continue with his appointment
even if the opposition leader
objects.

However, the PLP said that in
keeping with the provisions of arti-
cle 40, the seat that Ms Wright now
holds should have gone to a PLP
member.

The opposition has also
launched petitions to challenge the
outcome of the results of three
seats, Marco City, Blue Hills and
Pinewood in election court. If suc-
cessful it would give the party a
one seat majority.

Yesterday Mr Christie said that
the PLP is determined to regain
the government either through the
court or in an election and said
that he has no doubt that Prime
Minister Hubert Ingraham will
exercise his right “very soon” and
call for a general election.

PLPs have, since announcing
their plans to challenge the results
of the election in the aforemen-
tioned areas, claimed that there
will be a general election earlier
than 2012.

Members of the party claim to



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see evidence of government MPs
campaigning in areas in anticipa-
tion of this “snap” election.

“We have heard many things,
however our eyes are firmly set on
regaining the government, either
through the court or in an elec-
tion,” Mr Christie told his sup-
porters.

He repeated a call that he had
made before in urging all PLPs
who have not yet registered to
vote, to do so immediately.

“If you know of someone who is
eligible but not registered, get them
registered. We cannot miss the
next opportunity to cast our ballots
as I expect the Prime Minister
could exercise his rights relatively
soon,” the opposition leader said.

“This question is one we have
been dealing with the past week
and our view is that one need not
wait on a candidate to begin the
work in your communities,” he
said.

“We have a process that, once
completed, will allow all of our
candidates to catch up with the
teams on the ground.

“You guys are the tip of the
spear and therefore must not hold
back.”

Man shot
to death

THE Bahamas recorded its
forty-third homicide last night
when a young man in his late
teens was shot to death in the
vicinity of Thomas A Robinson
Sports Centre’s track and field.

The shooting took place short-
ly after 9pm. Police could not con-
firm the youth’s identity, nor the
reason for the shooting, but did
confirm that he had been shot in
his chest.





MSL Col mel teow Mer Cel clos
eel) cit SA eaheky or. NIA annie Cts tae ttt ch heheh








@ PRIME Minister Hubert rt Ingraham and his wife Delores listen yesterday andaig the ecumenical church service at Sir Kendal
Isaacs Gymnasium. The service was held as part of the 34th Bahamas Independence celebrations.



Police alerted after
military device is
washed up on beach -

@ By RUPERT MISSICK Jr
Chief Reporter

Christie: FNM attempt to
claim Urban Renewal
ownership ‘laughable’ -

@ By RUPERT MISSICK Jr
Chief Reporter





SECURITY officers at a Grand Bahama
Primary school alerted police over the
weekend of the presence of a military grade
ordinance that washed up on the beach in
the Lewis Yard area.

The security guards, who are attached
to the Lewis Yard Primary School, made
the report after they discovered children in
the area bringing the object in from the
beach.

Police received information about the
discovery around 8.35 Saturday evening
and dispatched a team of uniformed and
plainclothes officers with a bomb disposal
expert to investigate.

The device, which had US military mark-

ings and is approximately one and a half :

feet long, was retrieved from the water in
the blue hole opposite the school where it
was reportedly brought from the beach by
the children who live in the area.

Grand Bahama fire services personnel
scoher have the gray canister in their

No one was hurt by the object and it is
still not known whether it is active or not.
This incident could have ended more

SEE page 14






Quiznos






srerong eine mantoakyapsNton hy Sain nent hw tagnton patel ttt Sen Acs weet Weta

SAH AMA

FRESH AND TOASTY

BREAKFAST

LIOOAUING DS 6

THE, “attempt”
the Urban Renewal Programme by the
FNM is “laughable and is something that
ought not to be given more serious atten-
tion than it deserves”, PLP leader Perry
Christie said yesterday.

The former prime minister was respond-
ing to assertions by the FNM that the
award winning urban renewal programme
began in the year 2000 rather than with
Mr Christie’s administration.

“I suppose next week there will be some
announcement from that side that I was
never Prime Minister of the Common-
wealth of the Bahamas,” Mr Christie said.

Mr Christie made the statement during a
webchat with PLP supporters yesterday on
the party’s website.

Last week at a press conference Ken-
neth Russell, the minister responsible for
the programme, moved to correct what he
described as the “perception that urban
renewal is or was the brainchild of former
prime minister Perry G. Christie.”

He said that the first proposals for urban
renewal were put forth by Prime Minister
Hubert Ingraham in 2000.

SEE page 14

RG se ale .

Palmdale ‘ Paradine ‘Toland Oakes Field
Major Greult Garde Accepted

(Photo: Tim Clarke/Tribune staff)



ed

US concern
over security at
Caribbean ports

; Mi By KARIN HERIG
to claim ownership of :

Tribune Staff Reporter

THE United States is concerned about a

: number of “overarching” security concerns
; as they relate to all Caribbean ports,
; according to a new report.

The US Government Accountability

i Organisation (GOA) yesterday presenied
: Congress with a report that raised con-
: cerns about lax security, poorly trained
: port security personnel and the growing
influence of radical Islamic groups in the

Caribbean region.
“While intelligence sources report that

: no specific, credible terrorist threats to
: maritime security exists in the Caribbean

Basin, the officials we spoke to indicated

: that there are a number of security con-
: cerns that could affect port security in the
} region,”

the GAO report said.
The report further said that “given the

i volume and value of maritime trade (in
: the Caribbean), the facilities
: structure of the maritime trans;

and infra-
Ortation

: system may be attractive targets for a ter-
: rorist attack.”

The GAO said that there are also a num-

SEE page 14




Breakfast
Served
From 7 am» Ti am








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Add $1.95

Soe Se

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) SY



PAGE 2, MONDAY, JULY 9, 2007

THE TRIBUNE



LOCAL NEWS

Defence
Force
apprehends
76 Haitians
in Exumas

WHILE on routine patrol
in the Central Bahamas
over the weekend, crew
members of HMBS P-43
under the command of Chief
Petty Officer Berkley
Thompson apprehended 76
Haitian nationals.

The men and women
were taken aboard the
40-foot patrol craft and
arrived in New Providence
early Saturday morning
where they were all turned
over to immigration
authorities for processing.

The group, made up of
63 men and 13 women, was
apprehended 7.5 nautical
miles off Halls Point, in the
Exuma chain at 6.34 pm on
Friday.

Family of four







escapes blaze

GRAND BAHAMA:
Tragedy was narrowly averted
early Friday morning when fire
broke out in a two-storey apart-
ment complex in Caravel Beach
while a family of four slept.

Two fire units rushed to the
corner of East Atlantic Drive
and Amberjack Street where
flames were seen coming from
apartment No. 3 on the second
floor of the four-unit complex.
It took fire fighters about 45
minutes to extinguish the rag-
ing blaze, but not before exten-
sive damage had been done to
the kitchen, sitting room and
back bedrooms of the apart-

ment, said Chief Superinten-
dent Basil Rahming. Apart-
ments Nos. 1 and 4 were dam-
aged by smoke and water. The
fire broke out around 1. 10am
Friday.

Ms Mervie Knowles, 46, told
investigators that she and her
family had been watching tele-
vision when the electricity went
off. As a result they all went to
bed.

Sometime later she was wak-
ened by her 17-year-old son,
Emmanuel Fox, screaming that
the apartment was on fire.

Ms Knowles said that as she
ran from the building she

‘noticed that the fire was coming

from the kitchen area and that
the power was back on.

No one was hurt, but damage
to the apartment was estimated
at around $50,000.

It is understood that the
building, which is said to be
owned by Mrs Elizabeth Russell
and Mr Damien Fox, is not
insured.

Although investigations had
not been completed by Friday
evening, fire officials suspect
that some shortage occurred
when the power surged back
on. It is believed that this might
have ignited the blaze.

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THE TRIBUNE

LOCAL NEWS

MONDAY, JULY 9, 2007, PAGE 3



© In brief

$24,000 of
marijuana
discovered
in house raid

TWO persons have been
arrested after police searched a
home in western New Provi-
dence

According to Assistant
Superintendent Walter Evans,
on Saturday morning just after
midnight, officers from the
Drug Enforcement Unit acted
on a tip and conducted the
search.

Mr Evans said: “Officers, as
they got thére; they found in a
blue and white cooler six taped
packages of marijuana. The offi-
cers collected those products,
and the marijuana has a street
~ value of over $24,000 — weigh-
ing 24 pounds.”

A 40-year-old man, and 36-
year-old woman were arrested
in connection with this matter.

“We urge the public to con-
tinue to support us as we con-
tinue to move these drugs from
our streets,” Mr Evans said.

Seventeen
bullets are
handed in
to police

SEVENTEEN bullets were
turned over to police at around
8am Saturday by a “concerned
citizen” who police say lives in
central New Providence.

Fifteen of the bullets were for
a 9mm hand gun, and the final
two were for a 0.38 hand gun.

All of these were turned over to

the police.

Gunman
raids booth
in armed
robbery

POLICE reported an armed
robbery of a Quickcell booth
off Bernard Road around 3pm
on Saturday.

According to ASP Evans, the
lone gunman approached the
employee and robbed him of

$700 cash, and $60 worth of.

phone cards. The gunman then
escaped on foot, later making
his getaway on a nearby 650
trail motorbike.

Police investigations continue
into these matters.

Newspaper
vendor is
robbed on
the street

A STREETSIDE newspaper
vendor was robbed yesterday
morning while on the job.

Rubin Fleming was heading
towards Wulff Road after col-
lecting 80 newspapers for him-
self and a friend to sell.

While he was driving, two
men in a light blue Honda start-
ed to chase him.

In his attempt to speed away
from them, Mr Fleming hit the
car of a lady who is now in the
hospital.

The two men smashed his —

windshield and got into his car.
Scared that they might hurt him,
he told the men to take what-
ever they wanted.

Mr. Fleming was robbed of
the few dollars he had on him
before they got out of his car.

The only description he could
give of the men was that one
had dreadlocks.

The incident has been report-
ed to the police.

Share
your
news

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

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

TROPICAL
EXTERMINATORS
MSHI E
PHONE: 322-2157



Christie ‘may stay for
more year after convention’

OPPOSITION leader
Perry Christie may stay on
for an additional year as
leader of the PLP follow-
ing the party’s annual con-
vention in November, party
insiders claim.

The challenge over the
leadership of the PLP is
currently being fought
behind the scenes with front
runners, Dr Bernard Not-
tage, Obie Wilchcombe,
and to a lesser extent
Allyson Me qynard- Gibson
and Fred Mitchell.

However, sources
revealed that Mr Christie
will not be moved in the
foreseeable future as the
party hopes to cause a snap
election within the next 18
months by continuing to
pressure the FNM and
threaten their slim majority
in the House of Assembly.

Therefore, the presence
of a leader, without the

trauma the party could go
through with in a transition
of power is vital for its sur-
vival for the foreseeable
future.

Of the four contestants,





PERRY Christie

eo? @¢@ @ @ @ © @ ®@

Cushions

(any size any quan

Dr Nottage remains in front.
He will inevitably inherit the
support that Mr Christie cur-
rently enjoys. Despite her
wealth, Mrs Maynard-Gibson
remains with Mr Mitchell at the
bottom of the scale in terms of
base support for the position.
Mr Wilchcombe, despite his
charisma is still overshadowed
by the experience and name
recognition of Dr Nottage, it
was claimed.

However, the position of
deputy leader is expected to
change.

The current deputy leader

MAIN SECTION

Cynthia Pratt is expected to
gracefully bow out of front line
politics at the November con-
vention. To fill this position, a
“young” — if not in actuality
then in appearance — deputy
must be elected to this position,
sources claim. This move, it was
revealed, would be done to con-
tinue the impression that the
PLP is the party for the young
in order to hopefully persuade
first time voters to their side
whenever the next general elec-
tion is called.

Those seen to be in the run-
ning for the deputy leader’s

Local News...P1 2 3.5, 6, r 8, 9, 10 1

Local NOWS esses:
_Editorial/Letters. ....
AOVIS ccc
COMICS...
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However, the most probable

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\GE 4, MONDAY, JULY 9, 2007

EDITORIAL/LETTERS TO THE EDITOR

It would be more

The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

A litany of complaints against PLP

FORMER Prime Minister Perry Christie’s

prudent government would be well advised to

THE TRIBUNE

appropriate to
celebrate universal.
adult suffrage

EDITOR, The Tribune.

NOT long ago, a friend
came close to accusing me of
harbouring a decided pro-
clivity towards saying things
ungenerous regarding the
PLP. I suppose the content
of this letter, which I have
finally gained the courage to
write, will likely now push
the individual over the edge
in forming an opinion one
way or the other..,

Yet, it has never been my
nature to circumspectly nav-
igate a subject and I have no
intention of doing so at this
stage of the game.

Prior to launching into this

LETTERS

letters@tribunemedia.net



sive as “majority rule”.

In my view, the proposal
being proffered appears to
be nothing more than a self
serving effort by some to
have the anniversary of the
PLP’s first victory at the
polls indelibly entrenched in
history to the exclusion of
poll victories by all others.

Why should the PLP’s vic-
tory over the supposed racist
UBP in 1967 be celebrated
while the FNM’s victory over

That youthful experience
of rank prejudice, which |
remains indelibly etched in
my mind, no doubt influ-
enced my decision to travel
home from university in 1967
to cast my ballot for the very |



t

Jf)

first time. I voted for the *:

PLP, a black government.

However, I am painfully »”

aware that prejudice comes
in all colours.

Sometime around 1970, as |
a young graduate engineer °
working for one of the public

-

corporations, I was afforded °°
the opportunity to meet with »

a particular Government
minister, in an effort to'

secure permission for an ?

@}

it

| sovty to ruin government hat he gh Gheck everything inthe best interest ofthe | proygeaive and likely con- the “drug smeared”, “nation easement over a commer Of
Pee ee eee te ee eee i i or sale in is ‘4
' seems almost obscene when one considers that Then there are the promised low cost homes. Tegal Cpe feel ebliged swept aside? the minister’ peierens The
| the peril our tourist industry is now in demands The PLP promised low cost homes in abun- OR Oreo the: GAL Ao LR LLaYy Teadothe: eelobearinn as request was being made so , ,
| the attention of all Bahamians — particularly dance during the 2002 election campaign. Under chest. that affordable utility service : »

government and opposition.

the 1968 Housing Act the Minister was empow-

Ever since the results of

called for, surely it would be

could be provided to a num-





We find it particularly offensive when it is ered to promote the “construction of new the 2007 General Elections more appropriate to cele- ber of households at the rear “7
‘ recalled the lengths to which the Christie gov- dwelling houses of sound construction.” became evident, many PLPs__brate the attainment of uni- of the minister’s property. |
ernment went to keep the truth about tourism True to their promise the PLP opened many have resorted to behaving versal adult suffrage (one The government minister
figures from the voters before they went to the low cost housing projects with much fanfare, like curmudgeons. Unseemly Man one vote) in 1962. The was black. The owners/occu-
polls on May 2. How can anyone forget that a but it was soon found that they were not of behaviour has not only been outcome of the initial elec- pants of the households were i
| prime Eaimistes who promised accountability and sound construction.” _ the order of the day for _ tion following the attainment poor, black folk. i
; {ransparency would get up on a public platform The FNM also promised affordable housing fth ty’ t of “one man one vote” does Th inisier’ ’
{ and assure voters that more tourists were com- during the 2007 campaign, but now that they Da eae) Pee te eee ae thi tisfy the ulti ee ae cage ,
ing. This “more were coming” comment for are in power, in the words of Housing Minister ers at large, such behaviour erge Nc mee e z PLES ae ass the EEA. . }
| 2007 was against a backdrop of five million vis- Kenneth Russell, the FNM’s planned housing has also been very much in mate motive of the : _ That episode also remains 4
itor arrivals for 2005. As Mr Christie stood on programme will have to be “significantly amend- -} evidence among the 18 party Alternatively, more col- indelibly etched in my mind. }
the platform that night. those in the industry ed,” because most of their budget will have to be members who succeeded in _ lective energies ought to be I refuse to countenance the ,
knew that tourism was in a lot of trouble. The spent on making the PLP-built homes livable. their election bids as wellas put into the celebration of potion of one group of |
Tribune also knew. But the government was He told the House of the shoddy workman- the even larger number of 21 Independence, an achieve- - Bahamians even harbouring a
carefully guarding the 20V6 tourism figures. In ship on these subdivisions. One house, he said, party candidates who the ment which all Bahamians, the slightest notion of domin- ‘
2005 this country did indeed have 5 million vis- which cost $61,847 to build had so many flaws electorate rejected regardless of ethnicity, jon or dominance over '
itors, but by October, 2006 that figure had that quotes for needed repairs ranged from ‘. ‘
already fallen to 3.9 million and Reena to $55,000 to $60,000. “There has to be something Fora number of years rons Sd be equally proud. another ON Any celebra- a
hoteliers by DOO ReEStREL Ai isti ny ete, several individuals, PLPs in _ Having been born in the tion along such lines is anath-
oteliers by 2007 — the night Mr Christie gave very wrong when it costs almost as much to 2 dO4nerandhaviie bee b d
ais rah-rah speech — the figures were still falling. repair a home as it did to build it,” said Mr Rus- particular, have been push- | aving Deen sub- ema for me. I hope all well «
\nd so for him to say that “more (tourists) were sell. ing to secure support for a jectedtoaninstance ofrank thinking Bahamians feel sim- /
oming” in 2007 was not true. His statement “When the PLP government took over in “majority rule” public holi- prejudice, when I attempted _ jlarly. "
oldly contradicted the facts. 2002, it did not have to deal with the litany of day. For some “die hards” to gain admission to the For me its....One eee ;
After the election Bahamians were told the complaints that have surfaced about their hous- matory rule has been like Savoy Theatre at arather One Batis “«
ily truth We donot think they vere ‘tmipressed.’*~’ ing programme in 2007,” Mr Russell told the : “polestar”. tender age, I might easily = 4
\nd for his party to think that dfter five-years of ~~ ~“House, “the correction of which will slow us I view the push, which for- have allowed myself to be MICHAEL * “3
ig talk and little action, voters would want the a down in realising our goal of facilitating the tunately has failed to gain aligned with the notion of R MOSS
| Christie government back is nothie moréthan * ‘construction of 3000 affordable homes by pro- lebrating “maiori le”:
| Re a ea ee tae . widespread traction, as being celebrating “majority rule’; Freeport,
g either fully serviced lots and/or newly Bieahinckhoaoneritand on
ut as usual, instead of putting the people’s constructed houses.” reprehensible though not O18 Peele: Bahamas,
/ _-nterests first, they are thinking only of them- “How was it,” Mr Russell asked, “that there inconsistent with the divisive dem folks”. July, 2007.

|
j
|
|
|
|





‘Ives. Their only concern is how to get back into
ie seat of power.

For five years the Christie government
‘romised to rebuild the downtown straw market.
\fter the election there was still no straw mar-

wet, but there was a lot of confusion. There was
onfusion because, although plans were being
lrawn, the Bahamian people were not being
kept in the picture. However, their hopes were
kept up every time there was a flutter of activi-
ty on the site. What they didn’t know — and
were not told — was that the start-and-stop
activily was indicating problems. Added to which

were so many allegations of corruption in the
process, allegations of lack of transparency
regarding contracts to construct affordable hous-
ing from 2002-05, that the Royal Bahamas Police
Force was required to investigate those claims?”

He reminded the House that the Christie
government did not provide records in response
to The Tribune’s request. It was not until
November 1, 2005 when The Tribune obtained
the records from other sources that it could
report that there appeared to be unaccounted

_ funds from various housing contracts.

Mr Russell pledged that his Ministry would



posturing of the PLP over
the years and during the
recent General Election
campaign, in particular. For
surely, rather than emphasis
being placed on the fact that
“all a we is one”, as we
should, the celebration of
“majority rule” inherently
conveys a notion of one
group holding preeminence
over another group or alter-

Response to Chinua
J Miller letter

EDITOR, The Tribune.

EXCELLENT letter Mr Miller (Chinua A J Miller - Tri-

the estimated cost was more than the country “seek the answers to those questions, and will nately the subjugation of one _ bune, July 6, 2007). I totally and completely agree with you. It’s
could afford. ensure that at the end of its term, rampant dis- group by another. a pity our politicians are illiterate and the general public does-
All of this information came out only after the content and a multiplicity of complaints are not I know of no other country nt read.
election. at ie its legacy to the Bahamian people. in the region, each of whom
The former government is now complaining With answers to so many questions still pend- h hist eration TONY
about their decisions being second-guessed by ing what makes the Christie government think aes 8 res Pee? DUNCOMBE
the new government. From what has already that Bahamians would welcome them back as who celebrate or who would N
been leaked out as to the true state of affairs, a the government? even harbour a notion of cel- Sey
ebrating something so divi- July 6,.2007.

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THE TRIBUNE



Development
at Breezes to
continue in
September

ON the back of negative
‘ reports about the state of the

tourism industry, SuperClubs
Breezes confirmed that the
first phase of its current
development programme,
which started last year, will
recommence in September.

The September work
involves new guest bath-
rooms, balcony doors, flat
screen televisions. and a num-
ber of other product
enhancements. ’

Last year all of the guest
bedrooms were refurnished.

Breezes emphasised that
guests services would not be
affected as the work would
be taking place inside indi-
vidual bedrooms.

Unfortunately, the phase
involving the addition of
almost 200 suites, new sports
facilities, restaurants and
swimming poois have been
delayed awaiting the reloca-
tion of West Bay Street.

That project has forced
changes of the original sports
complex and parking facili-
ties. This has been very cost-
ly to SuperClubs as it esti-
mates that each year’s delay
costs it approximately
$3,000,000.

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.



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HB NEW Royal Bahamas Police Force band conductor, Inspector .Anthony
Butler during the fourth movement, Espana

GIVEN the relatively high
price for food and the vast dif-
ferences in average income
between its various islands as
well as between household
incomes per island, Bahamian
households, particularly those
on the islands in the lower
income range, are vulnerable to
inadequate food intake, accord-
ing to the Food and Agriculture
Organisation of the United
Nations, Bahamas report.

No national surveys on food
consumption have been carried
out in the Bahamas.

However, the available data
indicate that the changes in the
consumption pattern over the
past 20-30 years have led to
increased consumption of food
from animal (fatty foods), sugar
and sugar products, and salt.

This coupled with a decrease
in the consumption of fruits,
vegetables and complex carbo-
hydrates, along with a seden-
tary lifestyle, including a lack
of exercise, may in large part
be responsible for the preva-
lence of obesity and overweight
in the country.

These facts are being publi-
cised by GNLD International
as it opens up for business in
the Bahamas.

GNLD specialises in vitamins

Available at

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It aims to strike a balance
between nutrition, disease pire-
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secure their financial future.

The story of this company
which has been providing prood-
ucts and home-business oppior-
tunities for nearly SO years, is
about to unfold, as GNLD aidds
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The Bahamas grand opening
event is to start July 12, Nassau
Hilton

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company that consumers and
distributors turn to as a leading
source for nutritional supple-
ments as well as a time-tested
financial growth opportunity
and remarkable stability”.

GNLD is a global family,
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MONDAY, JULY 9, 2007, PAGE 5



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PAGE 6, MONDAY, JULY 9, 2007



LOCA A



a AE)



THE TRIBUNE |;

Ante
>

im



GB Power Company ‘prepared’:

to cope in event of hurricane -

WITH the hurricane season
upon us, Grand Bahama Power
Company stands ready to be
tested to the highest extreme
should another disaster occur,
said a company statement.

The company, has initiated
in-house hurricane drills, to
make sure that its emergency
procedures are in place and that
it is prepared for this hurricane
season.

“We have spent many man
hours preparing for any disaster
situation. Each team member
is designated with specific tasks
that they will immediately carry
out once a hurricane hits us. We
have rechecked contact infor-
mation, gone over reporting tac-
tics, organized our transporta-
tion and accommodation details
for incoming crews, and so on,”
stated Carlton Bosfield, Direc-
tor of Environment, Safety and
Security. All of this is to make
sure all procedures are in place
and to ensure the quickest pos-

sible restoration of power.

As most in Grand Bahama
know, some hurricanes are mild
and others can take residents
by surprise causing catastroph-
ic damage.

“We learned from the last
storms that each storm is unique
and impacts our system differ-
ently,” said Mr Bosfield.

Grand Bahama Power Com-
pany’s on the job training in
2005 made sure that it used the
last two years to reinforce its
hurricane preparedness so it can
better serve its customers dur-
ing the hurricane season. The
company has now increased its
in-house replacement inventory,
including an increase of trans-
formers, wires and spare pole
inventory, the largest back up
supply that the company has
ever had.

Grand Bahama Power Com-
pany has given itself a six-week
lead-time for supplies, so that
it is not dependent on the South

Florida market for supplies,
which may also be under Hur-
ricane reconstruction and
unable to assist if a disaster
occurred. The company has
also established a 12-person
team to handle immediate hur-
ricane damage assessment. This
team will break into groups of
two, and will be the company’s
immediate “on the ground”
assessment team in a disaster
situation.

After hurricanes Frances and
Jean, Grand Bahama Power
Company replaced more than
2,000 power poles. As a result,
its construction specification has
been upgraded to withstand 150
mph winds.

In addition to this Grand
Bahama Power Company has
established international rela-
tionships with companies from
the U.S.A., Canada, the
Caribbean, and BEC to enlist
support for hurricane restora-
tion efforts, including addition-

ial line crews, special technical
expertise and equipment should
it become necessary.

“We are very pleased with
all our teams’ efforts to make
us Hurricane prepared for 2007.
WVe know that power is the life
line for so many and we have
worked hard to prepare for any
situation,” said Timothy
Bwrkowski, President and CEO
of Grand Bahama Power Com-

pany. “We of course are pray-.

ing: that we have another quiet
season, but I am confident that
the: men and women of this
corapany will work diligently
in any disaster to return power
to customers as quickly as they
can.”

Grand Bahama Power Com-
pany is a totally integrated util-
ity company and serves the
islad’s 50,000 residents from
east to west. The company
emyyloys more than 180
Bahiamians and has one of the
lowe:st rates in the Caribbean.

is



@ PICTURED from left to right are Micah Johnson,

engineering clerk for T&D; Carol Been, secretary for
environmental, safety and security dept; Carlton Bosfield,
director of snvironmental safety and security; Solana Deal,
executive secretary for community and customer relations, Evis -

Missick, director of HR and Charmaine Jackson, accounts

customer service rep, this team was rechecking all contact
information, going over reporting tactics, reviewing rr
transportation and accommodation details for incoming crews _,.

and reviewing emergency customer information services.

3 el



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Activities planned for Water and Sewerage anniversary

THE Water and Sewerage
Corporation is celebrating its
31st anniversary this month with
a series of planned media events
and customer service initiatives.

The events are designed to
commemorate the Corpora-
tion’s significant historical mile-
stones and recent successes
while providing additional
incentives for customers to
return to an improved water

supply.
According to Abraham But-

ler, General Manager, WSC the

Corporation continues to make
progress to expand and upgrade
water supply and customer ser-
vice throughout the Bahamas.
He said the Corporation is mak-
ing strides in most of the Fami-
ly Islands and is especially
proud of the significant
improvement in the quantity

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and quality of water made avail-
able to New Providence by the
completion of the Blue Hills
reverse osmosis plant.

“Our capacity to service the
island of New Providence has
been tremendously enhanced
and we hope durirfg this month
to remind the public of this fact.
We also want to encourage
those persons who may have
left or resorted to private wells
to return to our supply. There is
a potentially serious health risk
involved in using private wells
but in most areas of Nassau
there is no need to do so
because our supply is safe and
we are now able to provide
much more reliable service and
a better product to our cus-
tomers,” Mr Butler said.

During July, the Corporation
will reach out to educate its
existing and potential customers
through radio and television
appearances and other media.
According to Mr Butler special
incentives and giveaways also
will be made available to pre-



@ ABJRAHAM Butler,
generaill manager of WSC

sent ajid returning customers
now through July 31.

On tehalf of the Corporation,
Ms Hainna, Assistant General

Manager, Commercial Opera-
tions Division extended a spe-
cial invitation to all dormant
customers to return to the Cor-
poration’s supply. She explained
that the Division’s Delinquency
Processing Team will be avail-
able to listen, review, and
resolve legacy issues.

“We want to mend fences
with our customers. We are
committed to exceeding our

- existing and new customers’

expectations. To this end, we
welcome with open arms all of
our dormant customers who left
upset or disappointed because
we simply could not satisfy their
water needs. We are now poised
and ready; our product is better,
fresher, and most certainly
more reliable. All returning cus-
tomers will be reconnected free
of charge, with discounts on
accumulated minimum charges
ranging from 25 per cent to 100
per cent. Our discounts are
available to all qualifying
returning customers,” Ms Han-
na said.

All bill paying customers Sill

receive complimentary gifts.

while supplies last. As for new

customers Ms Hanna said all.

qualifying new customers,

requiring multiple new services.‘

will be given special considera-"s.

?

tion. She also invited senior cit-+.

izen customers to use this>

opportunity to sign up for the.
Corporation’s 30 per cent dis-1*
count on water and sewer\J

charges for senior citizens, or

to renew their existing rebate.

status with the Customer Rela-

tions Team. ur

“We appreciate our cus-'
tomers, and the month of July

will be dubbed — Customer:,

Appreciation Month, for the
Commercial Operations Team,”
Ms Hanna said.

The Water & Sewerage Cor- ..:
poration was established by an»,
Act of Parliament and started.
operations on July 14, 1976. Its .=

primary mandate is to control

and ensure the optimum devel-".
opment and use of the water::'

resources of the Bahamas.

Finnish Ambassador visiting Bahamas’

lH By Bahamas
Information Services

FREEPORT -— The Finnish
Ambassador to Canada Pasi
Patokallio and his wife, Raija
Patokalio, are in the Bahamas
on a week’s official visit.

Ambassador and Mrs
Patokallio, who arrived in Nas-
sau from Canada on Thursday
evening, flew into Grand
Bahama three hours later. His
visit here was arranged by the

Embassy of the Republic of Fin-
land.

They returned to Nassau yes-
terday and are expected to par-
ticipate in several official func-
tions marking the country’s
34th In dependence anniver-
sary.

While: in New Providence the
Ambassador is scheduled to
pay a ciurtesy call on Prime
Minister’ Hubert Ingraham and
Deputy Prime Minister and
Minister of Foreign Affairs

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Ambassador Patokallio is
a graduate of the University
of Tampere, Finland, with a
MA in International Rela-
tions.

He joined the Finnish For-
eign Service in 1974 and has
served in a number of positions,
including Ambassador of Fin-
land to Israel and Cyprus from
1998 to 2003.

In July, 2005 Mr Patokallio
also served as Chairman of the

United Nation’s Second Bien- ,
nial Meeting of States to con- *
sider the implementation of...
the programme of action tos

prevent, combat and eradicate
the illicit trade in small arms

and light weapons in all its , ‘

aspects.

Ambassador Patokallio was |,

\

born September 29, 1949 and is’ *

the father of two sons, Jani, 28,
and Mikko, 19. He and his wife
will leave for Canada on Thurs-
day.

Former minister gives |
copy of new book to -
Governor General



lM FORMER Cabinet Minister Sir Clement Maynard, left,
presents the first copy of his memoirs “Put On More Speed” to
Governor General Arthur Hanna at Government House on
Thursday, July 5. Written over a six-year period, the book takes
the reader on a journey from The Bahamas’ colonial status to
majority rule and sovereignty. The Governor General remarked
that he is certain “‘it will tell the story accurately” and “‘it is
important to tell the story from this generation”’.

(Photo: BIS/Tim Aylen)
‘

THE TRIBUNE

MONDAY, JULY 9, 2007, PAGE 7



0 In brief

Concern at
effect of
fireworks
on animals

DAYNE D’ Aguilar, Bahamas
Humane Society vice president,
has expressed the concern of
those who care for animals that
the very loud firework displays
experienced on Cable Beach
and elsewhere on the night of
July 4th must have had a trau-
matic effect on a large number
of pets.

Even though he knew that
some dogs had been prescribed
with sedatives in anticipation of
the fireworks, many were still
upset by the experience.

Mr D’Aguilar said that “the
BHS has just embarked on a
national educational project to
promote responsible animal own-
ership and care in schools and
we believe taking special care of
your pets which become fright-
ened of loud noises is all part of
being a responsible pet owner”.

He explained that the fire-
works on American Indepen-
dence Day were particularly
loud and animals in the vicinity
were probably terrified. “I am
concerned that there will be a
repeat performance of firework
displays on our Bahamian Inde-
pendence Day so we need to
warn animal owners to think of
these loud explosions from the
pets’ point of view. They don’t
know what is happening and
they certainly don’t enjoy fire-
works like people do”.

In view of these events, and
due to the increased thunder-
storm activity at this time of
year, the BHS has provided the
following advice which it has
adapted from advice given by
the Humane Society of the
United States.

“Tf you live near any location
where fireworks are likely to be
used, please think of your pets
in advance,” said Mr D’ Aguilar.
“If you are organizing such an
event please think of the decibel
rating of the fireworks as they
frighten most animals. If you are
lighting your own fireworks
please do not do so near animals
and. never throw fireworks as
doing so is a danger to yourself
and anyone or any animal
around you. Enjoy them safely.”

Any reports of animals
abused by fireworks will be
investigated by BHS inspectors
with a view to possible prose-
cution.

Discovery
to arrange
transport for
Dol-Fan Fest

DISCOVERY Cruise Line,
the largest tour operator to
Grand Bahama from South
Florida, has announced that it
will be offering transportation
to the island for those attending
the Dol-Fan Fest from July 13-
15th arranged by the Bahamas
Ministry of Tourism and fea-
turing present and former Mia-
mi Dolphin football players and
the Dolphin Cheerleaders.

Scheduled to sail on Discov-
ery will be Derrick Rodgers, a
premier linebacker with the
Dolphins for five years, Oronde
Gadsden, the Dolphins' go-to
wide receiver from 1998 to 2003,
and Ed Perry, tight end for the
Dolphins until 2004. Big Papa
Pump, the biggest Dolphin fan
is also scheduled to be onboard.

According to Hanns J. Hahn,
General Manager of Discovery,
"This will be an opportunity for
our passengers to party with the

players onboard and then have ©

a fun weekend on Grand
Bahama Island, where there are
plenty of things to see and do."



The

-Way
\ Test

Bahamas lacking in

trained professionals
in childhood care

@ By Bahamas
Information Services

Although the Bahamas is a
leader in the region in the
field of early childhood care
and education, recent findings
indicate there is a need for
training in this area, an official
said.

Agatha Archer, Senior
Education
Preschools in the Ministry of
Education, Youth, Sports and
Culture, said that while sev-
eral institutions in the country
offer training at the infant,
toddler and auxiliary levels,
many persons are not taking
advantage of the opportuni-
ties.

“The majority of caregivers
receive minimum or less than
minimum wage and are
unable to pay college fees,”
she said at the opening cere-
mony of the five-day Support
Programme for Transforming,
Education and Training work-
shop at the Learning
Resources Section of the Min-
istry of Education on Mon-
day, June 25.

The main focus of the
workshop is to educate 55
government and private sec-
tor teachers in pedagogical
understandings, child devel-
opment and appropriate
teaching strategies. They will
then be able to train others,
Mrs Archer said. ~

The training is also for the
educators to become familiar
with the various components
of the Department of Educa-
tion’s preschool curriculum,
the National Day Care and
Preschool standards, and
become skilled in basic first
aid, she added.

Education Minister Carl
Bethel said his Ministry is cog-
nisant of the fact that the

“early years are the learning
years.’

As.a result, early childhood
education will continue to
receive the national attention
and focus it deserves, he



Officer “for,

LOCAL NEWS

@ AGATHA Archer, Senior
Education Officer for
Preschools in the Ministry of
Education, Youth, Sports
and Culture, a presenter at
the Support Programme for
Transforming, Education
and Training workshop, at
the opening ceremony

promised.

“We will strengthen this
critical area with resources,
and ensure that additional
preschool units are created in
New Providence and the Fam-
ily Islands so that as many
children as possible have
access to high quality early
childhood education.”

Mr Bethel said his Ministry
also pledges:

e To collaborate with
churches with a view towards
causing an increase in
preschool places to meet the
needs of working parents;
and,

¢ To seek the means in the
future to develop a grant in
aid programme for qualifying
preschools and after school
care programmes.

“Our goal is to produce
well rounded educated chil-
dren, who would have mas-
tered social, moral, spiritual,
creative, physical, cognitive
and emotional skills, which
will better prepare them to
function and live in our soci-
ety.”

Mr Bethel said he was
delighted parents were invited
to be a part of the training.

He encouraged them to
become partners in early
childhood education and care.

“This will provide the nec-
essary linkages and bonds
between parents, teachers,

students and the wider com- ©
munity, which will strength-

en relationships in the home,
school and the wider society,
thereby impacting the lives of
our young children,” he said.

i MINISTER of Education, Youth, Sports and Culture Carl
Bethel officially opened the Support Programme for Trans-
forming, Education and Training workshop Monday, June
25, at the Learning Resources Section office.

(Photos: BIS/Kristaan Then.

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.





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PAGE 8, MONDAY, JULY 9, 2007

i
4
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4

THE TRIBUNE

MMM ae a er:
Planning for Zimbabwe after Mugabe

@ By Sir Ronald Sanders



(The writer is a business exec-
utive and former Caribbean
diplomat)

HE political and eco-

nomic crises in Zim-
babwe are rapidly getting
worse; the vast majority of the
people of Zimbabwe are suf-
fering with many hundreds
crossing borders into neigh-
bouring countries seeking
refuge.

It is time for the international
community to put plans in place
to rescue the country from cer-
tain disaster, and to save the peo-
ple of Zimbabwe from the untold
suffering they are enduring.

Once regarded as a bread

basket of Southern Africa, Zim-
babwe’s economy is in a fright-
ening state of disarray.

The annual inflation rate is
the world’s highest. It was
reported in May at an unimag-
inable 4,500 per cent. Since
then, expert reports have put
the rate closer to a staggering
10,000 per cent. By compari-
son the average annual infla-
tion rate in the United States is
about 3 per cent; and about 10
per cent in Latin America and
the Caribbean as a whole.

Prices in shops for basic
goods are more than doubling
every week, and the cost of liv-
ing for an average urban family
is reported to have increased
by 66 per cent in May alone.

International agencies put
unemployment at a mind bog-

Harbour Bay

gling 80 per cent, and have
dropped life expectancy to 39
years as the health system nears
collapse.

These conditions have led to
the extraordinary situation in
which the Roman Catholic
Archbishop of Bulawayo, Picus
Ncube, has called for Britain to
invade Zimbabwe and topple
President Robert Mugabe’s
government.

Even within the government,
there is division and discord.
There are two factions in the
ruling ZANU PF party, but the
one thing they appear united
on is to stop an attempt by Pres-
ident Mugabe to stay in office
beyond the expiration of his
present term in 2008.

It is at President Mugabe’s
feet that the catastrophic con-

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ditions in Zimbabwe are firmly
placed.

Hi: policies of seizing
agricultural lands

from experienced and seasoned
white farmers without a plan to
replace them with a function-
ing system, have devastated the
country’s agricultural produc-
tion.

Land ownership and reform
remains a fundamental prob-

lem in Zimbabwe. While Presi-,

dent Mugabe’s tactics for deal-
ing with land redistribution
were high-handed and resulted
in the destruction of the coun-
try’s agricultural base, central
to any long-term solution to
Zimbabwe’s problems is redis-
tribution of land so that the

‘black majority has a far greater

stake in its ownership.

In the treatment meted out
to political opponents and to
hundreds of thousands of black
Zimbabweans who oppose him,
President Mugabe has been dic-
tatorial and merciless. For
instance, the homes of over
700,000 people were destroyed
in 2005 and they were forced
into rural areas to live below
the poverty line.

Recent violent tactics have
seen ordinary people beaten by
law enforcement officers and
government-sponsored vigilante
groups for standing up against
draconian laws. :

While the international com-
munity as a whole has a respon-
sibility to act to stop the alarm-
ing deterioration in Zimbabwe,
so far the response of the Unit-
ed States and the European
Union (EU) has been limited
to punishing Mugabe and mem-
bers of his government by the
application of sanctions against
them, but no programme of
action has been devised to
negotiate an orderly change in
government and to address the
urgent need for economic reha-
bilitation.

More than any other organi-
zation, the Commonwealth — a
grouping of Britain and 52 of
its former colonies around the
world — has an obligation to
help the Zimbabwean people.

/ imbabwe’s indepen-
dence and the empow-



vitae
@ SIR Ronald Sanders

erment of its black people were
achieved with the strong sup-
port dnd commitment of the
Commonwealth.

And, even though President
Mugabe angrily withdrew Zim-
babwe from the Common-
wealth in 2003 because he
feared that the organization
would take disciplinary mea-
sures against his government
for violations of its governing
democratic principles, the Com-
monwealth is still obliged to
keep Zimbabwe firmly on its
agenda.

The fact that Mugabe with-
drew Zimbabwe from the Com-



The fact that
Mugabe withdrew
Zimbabwe
from the
Commonwealth
is not sufficient
reason for the
organization
to abandon
Zimbabwe.

monwealth is not sufficient rea-
son for the organization to
abandon Zimbabwe.

When South Africa left the
Commonwealth because of
opposition to its Apartheid
regime, the Commonwealth
kept it on its agenda and

worked strenuously to help free
Nelson Mandela, legitimize the
African National Congress
(ANC) and end Apartheid.

The late Oliver Tambo of the
ANC had made the telling point
that it was the South African
government that left the Com-
monwealth, not the South
African people.

As Commonwealth heads of
government prepare to meet in
Uganda in November, rescuing
Zimbabwe and sparing Zim-
babweans further pain should
be firmly on their agenda.

| here is much that the
Commonwealth can do.

In immediate terms, its mem-
ber countries in Southern Africa
should be encouraged to take
more positive action to effect
immediate change in Zimbabwe
in areas such as: the restoration
of democracy; the rebuilding of
political and democratic insti-
tutions; promoting political dia-
logue; the establishment of a
government of national unity
leading to free and fair general
elections; and immediate pro-
grammes for economic devel-
opment particularly agricultur-
al production.

And, in terms of planning
for the future, the Common. —
wealth should also establish a
Commission of Eminent Per-
sons, as suggested by the Inter-
national Crisis Group, to draw
on the knowledge and experi-
ence of the Zimbabwean people
in devising a blueprint for the
way forward that would include
land reform, economic devel-
opment, constitutional reform,
political stability. and institu-
tions of governance.

Commonwealth Caribbean

_, countries are well placed to pro-

vide experienced people to
serve on such a Commission
and to give technical knowledge
and support. 4
But, while the Common-
wealth is uniquely positioned
politically to engage Zimbab-
we for change, it will need the
international community — the
EU, the US, Japan and China in
particular — to provide
resources through specially ded-
icated interconnected, coordi- .
nated and sustainable pro-
grammes to implement pro-
grammes of action.
Failure to act will see Zim-
babwean suffer even more and
will risk dragging down the
entire Southern African region
at a high cost to the rest of the
world. y

. Responses. to: ronald-
sanders29@hotmail.co.u

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THE TRIBUNE

MONDAY, JULY 9, 2007, PAGE 9



MRR RIE 5 Re ae
The Bahamas and
the legislative curve

@ By The Nassau Institute

THERE are many circum-
stances where being behind
the legislative curve is good,
but here in The Bahamas we
seem to be behind in areas
that are detrimental to the
good of all Bahamians, these
areas are:

e Education,

e Accountability of legislators,
e Health Care, and

e Labour legislation.

EDUCATION

Semin must be done
to improve our abysmal
educational system where about
50 per cent of school leavers do
not get a passing grade. They
get a fancy prom, but a poor
education.

A voucher system, or school
choice, would certainly help.

Over S50 years ago the great
economist Dr. Milton Fried-
man advocated school choice
which is essentially where par-
ents receive a voucher for the
amount of money the govern-
ment pays from taxes to edu-
cate a child in the public sys-
tem. This voucher is used by
parents at a school of their
choice. If they wish to pay the
difference for their child to go
to private school, or even
move them to a better public
school, they are "free to
choose". ;

ACCOUNTABILITY OF
LEGISLATORS

Me first world coun-
tries have legislation

that clearly outlines breaches
by legislators and the penalties
associated with those trans-
gressions. Canada for instance
has had a Code of Conduct for

. Several years now. Britain has

had one for even longer, not to
mention the strict enforcement
of their Seca, Conven-

+, tions:

‘While both major political
parties have discussed the issue
here at home; nothing of con-
sequence has happened where
legislation is concerned.

_ HEALTH CARE

H:: again, The
Bahamas has started

down the road to socialised
medicine by copying the Cana-
dian model. A programme, that
after 40 years, is being'rejected
by Canadians themselves. In
fact, the Supreme Court of
Canada has ruled that the sin-
gle payer system there is ille-
gal and private clinics and hos-
pitals are being opened once
again.

Hopefully the many Cana-
dian citizen’s who are now
denied care because of govern-
ment rationing will be able to
stay home for their health ser-
vices rather than being forced to
travel abroad.

Of course the Bahamas has
had a form of socialised health
care for many years in the pub-
lic system. Unfortunately this
has been a miserable failure in
many respects. Even so, the
Blue Ribbon Commission pro-
posed, that the government
expand this system and fund it
by implementing an income
tax.

OPINION



LABOUR LEGISLATION

| his is an area that is”
sorely lacking in legis-

lation that encourages produc-
tivity. And productivity is an
important ingredient for the
advancement of a nation and
her people.

Yet some people would wish
to see the country implement
the International Labour
Organisation's 67-year-old Con-
vention 87.

The Freedom of Association



Something
must be done
to improve
our abysmal
educational
system where
about 50 per cent
of school leavers
do not geta
passing grade.



‘ and Protection of the Right to

Organise Convention, of 1948,
commonly referred to as Con-
vention 87 is being pushed by
the newly appointed labour
minister and some of the labour
unions.

According to the Bahamas
Employers Confederation's
(BECon) news bulletin of June
2006, there is a belief that Con-
vention 87 would allow "gener-
al unions", rather than indus-
try specific representation, and
from this a very powerful union
could materialise. BECon says
this "could effectively stop com-
merce in the nation through the
industrial action of a general
strike that would result in dev-
astating economic ruin to the
country."

So there seems to be con-

sensus among employers and —

some unions alike that Article
24 of The Bahamas Constitu-
tion adequately covers the
requirements of Convention 87.

This begs the question, why
should The Bahamas bother
taking this initiative any fur-

.ther? After all, should a branch

of the United Nations be writ-
ing public policy for The
Bahamas that is fast becoming
outmoded elsewhere?

RIGHT TO WORK LAWS

Lees Reed, presi-
dent of the Mackinac
Centre for Public Policy, sug-
gests in The Wall Street Journal
that the right-to-work is the way
forward to employee advance-
ment.

In a recent op-ed column,
Mr Reed, a Michigan resident
notes:

"Making Michigan a right-to-
work state would quash with
one powerful blow the nagging
perception that our labour cli-
mate is too hostile and costly

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for business. It would provide
freedom of choice in labour rep-

_resentation for workers and a

temporizing influence on union
leadership."

Right to work laws in the US
counteract "Closed Shops",
which means one is forced to
be a union member if a bar-
gaining unit exists. In The
Bahamas we have what is
referred to as "Agency Shop"
where non-union members are
forced to pay union dues even if
they are not a member. That is
coercion, not a fundamental
right to association. Everyone
should have the right to join a
union and pay dues if they
choose, or the right not to join
a union and not pay dues if they
choose. That is what will pro-
vide the "fundamental right of
association".

So a form of right to work

laws are appropriate for The

Bahamas as well.

CONCLUSION

I: closing, it is fair to say
that The Bahamas is con-

sistently behind the legislative
curve. Implementing legislation
and programmes that are in
some cases almost 70 years old
does not cut it. The legislation
and programmes that are
copied are so old that other
countries are amending or
removing them to make them
more useful to life in the 21st
Century.

Hopefully, The Bahamas can
change course before it's too
late.

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PAGE 10, MONDAY, JULY 9, 2007

THE TRIBUNE



LOCAL NEWS







nt fisheries officer at the Department



ae

@ JARED Dillet, assista
of Marine Resources.
(BIS photo: Kristaan Ingraham)

I

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Available
on the
Spot

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Prices includes: Licensing, Inspection, Plates, Mats, Full tank of gas, full service
Pre-Delivery Inspection, Full Detail In & Out, and Warranty.
Located: Thompson Blvd
Tel: 325-0881/2 Open:Mon.-Fri. 8a.m.-5:00p.m.

o



Public Utilities Commission

a ee

STATEMENT OF RESULTS

Interconnection Guidelines For The Bahamas

The Public Utilities Commission (PUC) has concluded its public consultation
on “Proposed Interconnection Guidelines For The Bahamas.’ The Statement of
Results as at captioned summarizes and responds to the substantive issues

raised by respondents to the Public Consultation Document.

The objectives of the public consultation were to:

(a) inform licensees of the PUC’s expectations in relation to interconnec-
tion negotiation, principles to be reflected in The Bahamas
Telecommunications Company’s (BTC’s) Reference Interconnection
Offer (RIO) and Interconnection Agreements negotiated between BTC

and Other Licensed Operators for the provision of voice services;

(b) describe the PUC’s approach to resolving interconnection disputes;

and

(a) invite comments from licensees and other interested parties on the

Proposed Guidelines.

Copies of the Statement of Results and the PUC’s final Interconnection Guide-
lines may be obtained from the PUC’s office located at Fourth Terrace East,
Collins Avenue, Nassau, The Bahamas or downloaded from the PUC’s website
_ at www.pucbahamas.gov.bs.
Mr. Barrett A. Russell

Executive Director
Public Utilities Commission

P. O. Box N-4860
Fourth Terrace, East, Collins Avenue
Nassau, Bahamas.

Telephone 242-322-4437
Fax 242-323-7288
Email: Info@PUCBahamas.gov.bs.



,

Fisheries official

outreach programme



lm By BAHAMAS
INFORMATION
SERVICES

JARED Dillet, assistant
fisheries officer at the Depart-
ment of Marine Resources, is
in China on a course in aqua
culture that ends August 28.

The Chinese Ministry of
Commerce is offering the
‘course to developing nations
as part of an outreach pro-
gramme, Mr Dillet said.

One of Mr Dillet’s main
responsibilities in the Depart-
ment is the handling of
requests to cultivate aquatic
organisms in the Bahamas.

Once the course is complet-
ed, Mr Dillet should be able to
give better recommendations
to persons applying for aqua
culture permits.

In addition to reviewing the
different types of marine
species, it will include how to
feed them, the best pump sys-
tems for each species, and dis-
ease management and pre-
vention.

In the Bahamas, there are
several operations working
with aquatic species, Mr Dillet
said.

There is a US company that
imports cobia and Florida
Pompano eggs and hatchlings
to a facility north of Spanish
Wells...

The company grows the fish
in open cages, which are then
shipped to various markets
in Florida, Mr Dillet
explained.

In Eleuthera, the Island
School is engaged in aqua cul-
ture at the research level.

“They grow fish,” he said.















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“They deal with aquaponics,
which is using fish waste to
grow plants. So it is kind of a
symbiotic thing between fish
and plants.

“They also do some sponge
culture as well. That industry
is making a comeback.”

These sponge end up all
over the world, including Italy
and Greece, Mr Dillet said.

Before deciding on a career
in marine science, he tried
engineering, electronics, com-
puter science and chemistry.

Then he settled on an asso-
ciate’s degree in bio-chemistry
from the College of the
Bahamas, completing a Bach-
elor’s degree in marine sci-
ence at Savannah State Uni-
versity, Georgia.

Fishermen

There is no typical day at

the office for Mr Dillet. He
may be found going in the
field to do environmental
impact assessments, land sur-

veys, special dives, taking bio- ©

logical sampling, interviewing
fishermen or going to fish
houses to obtain information
concerning their catch, how
much they caught, what they
caught and what state the:
catch was in. ¥ot

He encourages students. to’
enter marine science as many
Bahamians depend on the sea
for their livelihood.

He wants Bahamians to
become more interested in
keeping the oceans clean.

“Water is a part of the
Bahamian heritage, so I would
encourage anybody to pursue
it,” he said.

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‘JA sales
team are
‘fulfilling
the dream’

m@ By TANEKA THOMPSON

THE Junior Achievement
programme has been inspir-
ing Bahamian youth to
embrace entrepreneurship,
work readiness and financial
literacy for 28 years.

For 26 of those years, the
Bahamas Telecommunica-
tions Company (BTC) has
sponsored a Junior Achieve-
ment company, boasting
numerous sales records and
collecting various individual
student awards.

On Thursday night, BTC’s
JA company, ‘VIBP’, held
an awards ceremony and vic-
tory celebration at BCPOU
Hall on Farrington Road.

; Under the theme, “Fulfill-
?. ing the Dream”, VIBE stu-
dent officers, advisers and
members of BTC staff gath-
ered to celebrate the
achievement of being the
number one JA sales team in
the Bahamas and the region.

With 80 student members,
the BTC sponsored JA com-
pany boasts record-breaking
revenue of $30,000 in com-
pany sales for 2006/2007.

The previous record was
held by a former BTC spon-
sored company. McFal-
loughn Bowleg, a recent
graduate of Jordan Prince
William High School, was
VIBE’s president. He also
holds the honour of being
the top student sales repre-
sentative of the year, with
individual sales exceeding
$1,000. .

“Our programmes help
prepare young people for the
real world by showing them
how to generate wealth and
effectively manage it, how to
create jobs which make their
communities more robust,
and how to apply entrepre-
neurial thinking to the work-
place. Students put these
lessons into action, and learn
the value of contributing to
their communities,” says
Junior Achievement World-
wide on their website.

_Lionel Williams, executive: .
director of JA Bahamas, and... ,
a,former junior achiever, ., ,
believes the programme’s
success is due to the hard
work and dedication of vol-
unteer advisers, and the
sense of camaraderie
between students and advis-
ers.

He encouraged all stu-
dents interested in joining
the programme to contact
the JA office on Collins
Avenue.

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*

THE TRIBUNE

MONDAY, JULY 9, 2007, PAGE 11





Sandals showcase
Preston Bailey’s
collections at

wedding symposium |

SANDALS Royal Bahami-
an Spa Resort and Offshore
Island recently hosted 100
travel agents and 40 local
wedding consultants to a full
day of wedding events that
included a panel discussion
on destination weddings, a
presentation of the four San-
dals’ Preston Bailey collec-
tions, original wedding cakes
designed by the renowned
Sylvia Weinstock and view-
ing of a real wedding.

The Ministry of Tourism
Wedding Symposium and
Travel Partners event show-
cased destination weddings
and the many options avail-
able to couples seeking an
elegant Bahamian wedding.
Sandals Resorts has assem-
bled the top names in the
wedding industry to offer its
guests exciting options for
their destination wedding.

Always ahead of the curve
with innovative new offer-
ings, Sandals has partnered
with the internationally cele-
brated event designer and
wedding planner Preston
Bailey, who, together with
the resort company, has cre-
ated Preston Bailey Signa-
ture WeddingMoons® at
Sandals and Beaches Resorts.

Bailey, author of Design
for Entertaining, Fantasy
Weddings and Inspirations,
has created one-of-a-kind
events for high profile clients
such as Donald and Melania
Trump, Michael Douglas
and Catherine Zeta-Jones,
Donna Karan, Matt Lauer,
Joan Rivers, and Oprah Win-
frey.

With his four collections
available exclusively at San-
dals and Beaches Resorts —
Floral Elegance, Water Lily,
Seascape and Crystal — Pre-
ston’s incredible vision and
aesthetics are now available
to a wider audience allowing
Sandals’ guests a fantasy
wedding of their very own.

Each of these packages,
available as an enhancement
to the standard Wedding-
Moons® programme,
includes unique, beautifully
designed wedding settings
and décor such as contempo-
rary floral screens and arches
to frame the couple during
the ceremony and for photos
afterward.

Preston has also designed
stylish keepsakes for the
bride, unique bouquets, spe-

cialty boutonnieres for the
groom that incorporate local
plants and flowers, and
favours such as amenity box-
es and decorated picture
frames that serve as keep-
sakes for the special day.
The programme features
four exciting collections
designed by Bailey, which
brides can choose as an
enhancement to the standard
WeddingMoons® package.
More than a decade ago, San-
dals developed the concept
of WeddingMoons®, which
is the union of the wedding
and honeymoon in one idyllic
Sandals Resorts location.

Dinner

Currently, Wedding-
Moons® guests receive their
wedding ceremony compli-
ments of the resort with a
seven-night stay. A standard
WeddingMoons® package
includes a picturesque cere-
mony location, a special
romantic dinner for the cou-
ple, personalised gifts, and a
professional wedding consul-
tant who will attend to paper-
work and logistics.

Sandals also makes avail-
able to guests elegant and
personalised wedding acces-
sories by the noted Beverly
Clark, original wedding cakes,
designed by the renowned
Sylvia Weinstock, an exclu-
sive line of Sandals destina-
tion wedding gowns by Dessy
Creations and special gifts by
Waterford crystal and fine
china.

World-renowned wedding
cake artist Sylvia Weinstock,
known as the “Leonardo da
Vinci of Cakes,” has
designed wedding cakes that
are offered with the collec-
tions developed by Preston
Bailey.

These cakes feature beau-
tiful designs that complement
the colours and components
of each collection, including
the flowers.

Sandals Senior Wedding
Consultant Beverly Maycock
said through the exciting
partnerships and _ pro-
grammes Sandals has devel-
oped, the resort offers
numerous ways to customise
a wedding and create a once-
in-a-lifetime experience with

some of the top names in the —

wedding industry.

CONVENIENT TRAVEL AGENCy

offers you

a

UPDATE

7 aeamemael er

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Delaware.................now $627.00 R/T

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London..................--NOW $988.00 R/T
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Paris......................nN0W $1022.00 RIT
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Mexico.....................n0W $542.00 R/T
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Philadelphia............now $228.00 R/T
Open All Day Saturdays

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CALL FOR SUPER SPECIAL RATES
YOU CAN’T GET A CHEAPER PACKAGE
OR AIRFARE ANYWHERE!





LOCAL NEWS
Fes y A ?, 7 Hy YT YY, z y Z ) @ SANDALS
" yj couple Brandy

Bunting and
Corey Snyder of
Rockford, Illinois
are pictured tying
the knot. The
couple’s wedding
featured the Pre-
ston Bailey, Flo-
ral Elegance col-

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PAGE 12, MONDAY, JULY 9, 2007 THE TRIBUNE
LOC

Beating the heat at the Beat



Tate











GY Wb



See ee Be 8 2 es oe REET SS

TaN Me

Tas



® THE Royal Bahamas Police Force Band perform in the
“Beat Retreat” ceremony during the week-long 34th Anniversary
of Independence celebrations on Saturday, July 7, 2007 in Rawson
Square. The event took place on a scorching late afternoon with a
temperature of 91 degrees and a high heat index, making it feel like
101.5 degrees.

& wa me wes 5

(BIS Photos: Tim Aylen)

Ret en a eae ae ks



@ PRIME Minister Hubert Ingraham, along with Deputy Prime Minister and Minister of Foreign
Affairs Brent Symonette, left, and other dignitaries watch the Royal Bahamas Police Force Band’s
‘Beat Retreat” ceremony during the week-long 34th Anniversary of Independence celebrations on,!
Saturday, July 7, 2007 in Rawson Square. Be ey



= 3
ted



=

(BIS Photo: Tim Aylen)

“. The Central Bank |
HEALTH WEEK 2007 |

FUN RUN/WALK

Saturday, July 14, 2007 @ 6:00am

Route: From the Frederick Street entrance of the Bank, north to
Bay Street, west on Bay Street to Marlborough Street West, on
to West Bay Street, around at Goodman’s Bay and return.

ARK KS

Entry Fee - $10.00 (T-Shirt included)

Name:

Institution:

Emergency Contact: Telephone:

Size:|_ |XXXL [|XX | _]Xt [| |t [ |M [_|s
Caters] Greens al eli a Ore | a ee

THANK YOU TO ALL OF THE SPONSORS

Payment by:

7 * ° : , a: 2 Abaco Beach Resort & Boat Harbour Data Systems Int'l. Nautilus Water
F or f urther infe ormation contact: Ms. D’Andrea Laing 302-9839 Allied Caribbean Ltd. Deloitte & Touche Phoenix Aviation / Million Air

Ms. Donna Mortimer 302-2796 ; Anthony’s Caribbean Grill Disston Realty: Purity Bakery / Bacardi Rum Cakes
Ms. Rhonda Williams 302-2750 Audio Concepts Robert Dunkley * Prime Bahamas Ltd.
Facsimile: 356-4324 Bahamas Bus & Truck Elgin Marble Ltd. Rocky Farms Nursery
Bahamas Ferries Esso on The Run - Bay & Fowler — Royal Bank of Canada ~ Commercial
E ntry Deadline: Thur. sday, J uly 12 ’ 2007 Bahamas Food Services Florida Air Cargo Banking Centre

: : pra Boone Bait Co. Graham Realty Ltd. Salty Dog Rod & Reel Repair
The Central Banke of The: Bahamas, will not Beeld responsible, for ally Bombardier Recreational Products Graham, Thompson & Co. Sandals Royal Bahamian

injury/sickness caused as a result of the fun run/walk. Persons with any medical "Bristol Wines & Spirits Harbourside Marine Ltd. Sun Tee Mig, Co. Ltd,
conditions should refrain from siemne Up for the walk and TAY CaS Dee robaly. Brown’s Boat Basin Kentucky Fried Chicken Super Club Breezes
persons should consult their physician before participation in the above mentioned. Callenders & Co King & Co. Super Value Food Stores

Trophies are award to winners in the following categories. Caribbean Beverage Ltd, Lightbourne Marine Ltd. Thompson Trading Co, Ltd.
Comfort Suites — Paradise Island Magic Photo Thriller Power Boat Tours Ltd.

fe 12 and Under Be 13 - 19 [S] 20 - 29 Crown Jewelers Master Technicians Ltd. Mr. & Mrs. Donald Tomlinson
J Damianos Realty Ltd. ~In Memory of Montagu Gardens Restaurant Tropical Shipping
fra] 30 - 39 [__]40-49 a] 50 - 59 (a4 60 and over

“Jay ”


THE TRIBUNE MONDAY, JULY 9, 2007, PAGE 13

LOCAL NEWS

ROYAL
HOLIDAY

TT) im COMM meet

MARKETING AGENTS
As Cable Beach gets bigger and hetter so must we.

We are in search of highly motivated individuals. To join
our winning sales team as we expand our horizons.





Retreat ceremon











Do you desire more than average?
Are you ready to take a step up the financial ladder?
Are you trying to buy that dream home,
send your kids to college, or buy a new car?
Then this is your opportunity to realize that dream.

CPE CEE Moo coe le i ale 1c
between the ages of 23 years and 45 years

Customer service driven, mature and responsible.
Contact: 327-5595 or nassau @royal-holiday.com



Hires

Phone: 323-3460

Montrose Avenue & Oxford Street * 2 Doors North Of Multi Discount

Children's Clothing, Shoes, Socks, HairAccessories, Undergarments, Toys, etc.

‘ Ae i STOREWIDE
a - SELECTED
4 J ITEMS

30-60% OFF





@ TAKING shelter from the blazing sun during the ceremony



(Photo: Peter Ramsay)

sician Needed.

Full-time Physician needed for
established medical practice.
Please fax resume to (242) 393-5802

CB MORTGAGE LOANS

“After Surgery, a
prescribed diet is
key to our patients
recovery. I ensure
they receive their
meals on time,
every time.”

Lavern Willis, Associate
Dietary Department

e Financing up to 95%

MERA lefernits you * Terms up to 35 years

e Reduced commitment fees

to be a part of our

INTEREST RATE
AS LOW AS

O ¢ Chequing account with overdraft
O ¢ No prepayment penalties

¢ Interest only for first three months of mortgage if desired

¢ Pre-approved SunCard or MasterCard

Dietary Department

We are looking for young men and women with a positive
attitude, physically fit, high school diploma, computer literate.
excellent customer service skills, good written and oral
communication, previous food service experience preferred.

©2007 CreativeRelations.net

The successful candidates will be required to:

¢ Assembly of meal trays

* Delivery of meal trays

* Dishwashing, Mopping

* General Cleaning

* Serving meals in cafe
Replenishing Supplies
Delivery of Food and Beverage
to catering functions

e Financing available for closing costs and legal fees

e Financing available for purchase of land, construction,
landscaping, furniture, hurricane shutters, etc.

iD e Financing of first year’s homeowner’s insurance
(Certain restrictions apply)

COMMONWEALTH BANK

“Leader in Personal Banking Services”

men eae A me Maem CaN a) ce ee ae)

Excellent benefits | Salary commensurate with experience

¢*] DOCTORS HOSPITAL

Health For Life

Please submit resume to: Human Resources Departnient | Doctors Hospital
P.O. Box N-3018 | Nassau, Bahamas | or call 302-4618 | Website: www.doctorshosp.com


PAGE 14, MONDAY, JULY 9, 2007

THE TRIBUNE



Christie: FNM attempt -
to claim Urban Renewal |

ownership ‘laughable’

FROM page one

“In January of 2000, Prime
Minister Ingraham proposed to
’ cabinet that some $10 million in

bonds be issued at 2 per cent
below the prime rate, which
would be dedicated exclusively
to urban renewal in the inner
city of New Providence,” he
said.

Mr Russell said that at that
time Mr Ingraham proposed a
committee that would make
recommendation for urban
renewal in over-the-hill com-
munities.

“That time, it was suggested
that programmes for the rede-
velopment of entire streets, on
a street by street basis in those
areas, be formulated,” Mr Rus-
sell continued.

Mr Russell said there was
nothing new about the services
under the urban renewal pro-
gramme and saved most of his

‘ praise for the programme’s suc-

cess, to police officers who par-
ticipated in the scheme.

The FNM has come under
fire for what PLPs have
described as the “gutting” of
the urban renewal programme,
an assertion that the governing
party dismisses pointing out
that it has given more money
to Urban Renewal in this bud-
get cycle than the PLP did.

The current government has
said that urban renewal is not
dead but it has announced sev-
eral changes to the programme.

At least two officers will be
assigned to each of the urban
renewal centres, but they will
be under the supervision of the
neighbourhood station.

Whereas, under the previous
PLP version of the scheme larg-
er groups of officers — up to 20
— were assigned to the centres
specifically under the supervi-
sion of senior officers with
ranks as senior as Superinten-
dent.

Mr Russell was critical of the







Family Islander
Package

Room+Rental Car........sc1csee $115.00 (per night)
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Reservation: (242) 393-1297
Fax: (242) 394-3562

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with Wi-Fi Internet

RBC ROYAL BANK OF CANADA

is considering applications for

Manager,Data
Processing Operations

The successful candidate should possess the following
qualifications:
° A College Degree in Computer Information Systems
or related field. (BSc an asset)
’ eI-Series System Administration (AS/400)
¢ Knowledge of ABM Networks

_ © Microsoft Certification (Microsoft Active Directory) a

plus ;

¢ 5 or more years in the Information Technology Field

° Teamwork & Co-operation

* Problem Management

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° Knowledge of RIBS and/or Kirchman Bankway System

¢ Proven track record of working in a data centre
environment

* Expert Computer Systems knowledge

¢ Project Management

¢ Leadership

e Impact and influence

¢ Relationship Building

¢ Strong communications and interpersonal skills:
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¢ Organizational skills

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¢ Responsible for the leadership and management of
Data Processing department, inclusive of the
operations and management of I-Series (AS/400), RIBS,
Kirchman Bankway, Internet Banking, POSH, ABM,
Card400, MasterCard, Visa networks

. ° Responsible for the delivery of Client Care strategies,

providing direction relative to the identification of
process and efficiency/effectiveness improvements,
problem resolution and the
integration/implementation of now initiatives and
activities

* Responsible for the attainment and maintenance of
established service standards (Service Partnering
Agreements), and overall accountable for mitigation
of operational/system risk

e Assisting with the development and implementation
of the Centre business plan and contributes to the
achievement of RBC strategic priorities

¢ Responsible for the maintenance of disaster recovery
plans, leading ongoing initiatives to enact plans in
preparation in the event of a disaster \

¢ Responsible for the leadership, training and
development of personnel

A competitive compensation package (base salary &
bonus) commensurate with relevant experience and
qualification is offered.

Please apply by July 12, 2007 to:
Regional Manager

Human Resources

Caribbean Banking

Royal Bank of Canada

Bahamas Regional Office

P.O. Box N-7549, Nassau, N.P, Bahamas
Via fax: (242) 328-7145

Via email: bahcayjp@rbc.com

SS Royal Bank
Bom of Canada

Per)





former system which he sug-
gested did not use the skills of
these officers effectively.

“We don’t need superinten-
dents to go out.and be gather-
ing intelligence. We don’t need
them to be sitting in the cen-
tres talking to people who have
concerns — police concerns. We
need to use their expertise in
the field twenty-four hours a
day, so that we can truly reduce
the crime level in our country

and the fear of crime,” he said. ,

“We believe that the police
role is a little different from
what happened in urban renew-
al. While we need the police to
be a part of urban renewal, the
police are not equipped and
trained to go out there and deal
with house repairs and deal
with delivering goods and ser-
vices to people,” Mr Russell
said.

Mr Rolle said that managers
selected from the mid-levels of
the public service will be placed
in each of the nine centres in
New Providence and six in
Grand Bahama. While, assis-
tant managers will be selected
from the various communities
to assist with oversight.

Police alerted
after military

device washed
up on beach
FROM page one

tragically, however, and as
Grand Bahama Chief Superin-
tendent Basil Rahming points
out, the public is encouraged to
leave the handling or removal
of suspicious or potentially dan-

gerous devices to the experts. °

“Persons finding this type of
device in the future are urged
not to-handle it, but to immedi-
ately call the police at 919 or
911 so that properly trained per-
sonnel can deal with the mat-
ter,” he said.

inal

Town Centre Mall

Approved fet cyo fhe

Stipulations May Ae

US concern over security

at all Caribbean ports

FROM page one

ber of “overarching security concerns that relate
to the Caribbean Basin as a whole.”

Some of these concerns include “the level of
corruption that exists in some Caribbean nations
to undermine the rule of law”, as well as gang
activity occurring in proximity to or within port
facilities.

The geographic proximity of many Caribbean
countries to the US, “which has made them
transit countries for cocaine and heroin des-
tined for US markets” is also a matter for con-
cern, the report states.

Last year, a memorandum of understand-
ing was signed between US and Bahamas Cus-
toms officials to increase security levels at
Freeport’s container port to the point that it
will be an outpost in America’s “war



on terror.”

The port will be equipped to screen con-
tainers destined for the United States for ter-
rorists and weapons of mass destruction.

The US’ recent concern about radical Islam-
ic groups in the Caribbean stems from an

y

alleged terror plot on New York’s John F

Kennedy airport last month.

Four men from Guyana and Trinidad were
arrested and accused of conspiring to blow up
the airport.

The GAO’s report said that although violent
extremist groups traditionally have not taken
root in the Caribbean, new information indi-
cates that militant organisations, including

Hezbollah, have a presence in such countries as

Venezuela and Colombia.

The report said that members of these :

extremist groups could use the security gaps at
Caribbean ports to their advantage.

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THE TRIBUNE MONDAY, JULY 9, 2007, PAGE 17

300 thousand people
700 islands —

34 years of independence
1 bahamas

Family Guardian joins the nation
in celebrating another year
of independence.

happy birthday
bahamas!



FAMILY
GUARDIAN

INSURANCE


PAGE 18, MONDAY, JULY 9, 2007

THE TRIBUNE °



Pope, about to start holiday in Alps, hopes

others get vacation to recharge body and soul

@ VATICAN CITY

POPE Benedict XVI, about
to begin an Alpine holiday, said
on Sunday that the mountain
air will be good for him, and he

wished everybody the chance

to go on vacation to recharge
body and soul, according to
Associated Press.

Benedict told pilgrims and
tourists that he leaves on Mon-

day for Lorenzago di Cadore,
where he will stay in a villa until
July 27 in the Dolomite moun-
tains. He noted that the Alpine
town was a favorite of his pre-

decessor, John Paul II.

"The air of the mountains will
do me good, and I will be more
free to dedicate myself to reflec-
tion and prayer," Benedict said
in his weekly appearance at his
studio window overlooking St.
Peter's Square.

"I hope everybody, especial-
ly those who feel a great need
for it, can have a bit of vaca-
tion, to recharge physical and
spiritual energies and regain a
healthy contact with nature,"
the pontiff said.

“Mountains, in particular,
evoke the ascent of the spirit
toward on high, the elevation
toward the ‘high altitude’ of our
humanity, which, ee,
daily life tends to bring down,"
he said.





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pra er, Sunday, July 8, 2007. The Pontiff, about to begin an Alpine vacation, wished everybody the:
change to go on vacation; recharge their body and soul as he plans to do and get back in touch with
nature.

‘ (AP Photo/Pier Paolo Cito) « 4



2 & gel



Glo bal |! Marke

‘Chevron

. ee

Our Family of Brands

'L-R, Jesus Sumimo, Gerieral Manager C&I, Caribbean;

‘Bereket ‘Haragot, Vice President, ‘Latin America, Global

Marketing; Casey Wood, Texaco Recipient of the Living

Culture Customer Facing Award; ‘Glenn Johnson, ‘
(Marketing ‘Director, Latin America. Raa ee

Chevron Caribbean Inc. is proud to announce the selection of Casey Wood, Texaco Commercial &
Industrial District Sales Manager for Bahamas, Cayman Islands, Jamaica and Turks & Caicos, as ‘the
company’s 2006 recipient of the Living the Culture: Customer Facing Award, an internal Chevron Corpora-
tion programme recognizing employees who demonstrate the type of behaviour encouraged, as defined
ih Our cultural characteristics. MS

Living the Culture awards are given out in each region. Ary employee working in the region, irrespective
of which team or global function they work in, can be nominated for one of these awards. The winners are
nominated by their fellow regional employees and final selection iis made ‘hy the regional leadership
team. Awards are given in six categories: Operational Excellence, Winning Together, Customer Facing,
High Performance, Accountability and the Vice President's Award (for overall contribution).

Mr. Wood is credited with creating the Enduring Performance Awards and establishing the Texaco Marina
Council: initiatives designed to more closely align the company’s business strategies with its 65 Texaco-

branded marinas across the southeastern United States and the Caribbean. Asa reward for Mr. Wood's
great achievements with ensuring that the company’s Vision of being #1 in the hearts and minds of our
customers, he received a plaque and cash award. “| am grateful to have been ‘recagnized with this
prestigious Chevron award and would like to thank all of the Texaco brand-layal customers'in the markets
that | serve for their support” said Mr. Wood.

‘We are all very proud of Mr. Wood's excellent performance and recognition and I'm sure that Texaco-
branded customers in his aréa of responsibility appreciate his commitment to providing Great eee
service,” said Mr. Sumpno, Texaco's General Manager, C&l Fuels, ‘Caribbean.

Casey has been employed with Chevron for the past 10 years and has held numerous positions including
Latin America Marketing Commercial & tndustrial (Ca), Pricing Specialist, Senior Business Planner -
North America Marketing Strategic Business Unit, Business Planning Analyst - US Retail Gasoline &
Convenience Stores, Senior Financial Analyst - California Refining Strategic Business Unit, Finalist Analyst

= California Refining Strategic Business Unit, Financial Forecast Analyst — US Refining & Marketing Opco, a
and Assistant Financial Analyst - US Exploration & Production Opco. Mahima cnlinincieltt ol on
since January 2006. ta
He currently resides in Miami, FL. and outside of Chevron is very active, as he enjoys playing tennis, Golf,

He was born in Los Angeles, California and is married to the former Andrea Deluiz Cortez and does notyet
have any children.

About Chevron Bahamas Limited in The Bahamas '

Chevron Bahamas Ltd. has a 50 year legacy in The Bahamas, 21 service stations and a solid roster of Commercial
and Industrial customers, Itis‘a Chevron Corporation company, which markets its products in The Bahamas inder
the Texaco brand. |


THE TRIBUNE



- True believers flock to |

INTERNATIONAL NEWS

Roswell, New Mexico,
for 60th anniversary
of alleged ‘alien crash’

@ ROSWELL, New Mexico

IF YOU truly believe a UFO
and its crew of bug-eyed aliens
came crashing down here 60
years ago, rest assured: You're
not alone, according to Associ-
ated Press.

At least 35,000 people have
descended on Roswell this
’ weekend for the 2007 Amazing
Roswell UFO Festival to com-
memorate a purported flying
saucer crash on a nearby ranch
in July 1947. Participants have
filled hotel rooms and nearly
doubled the southeastern New
Mexico town's population for a
few days.

The festival, which began
Thursday, is a mixed bag that
_includes live concerts (one head-
lined by a band with a-comput-
er-generated ‘alien' drummer),
costume contests, a Main Street
parade and a slew of lectures
that ponder everything from
body snatchers to "What Does
NASA Really Know?"

The festival emerged in the
1990s to spark debate about the
purported flying saucer crash,
which the government says was
a top-secret weather balloon.
Believers in the Roswell Inci-
dent say the government is con-
spiring to hide the truth about
the events of that day and, more
broadly, the existence of

extraterrestrial life.

Al Dooley, 59, of Seattle, said
he wasn't sure what happened
back then, but came to the fes-
tival to learn more. He was nes-
tled into a seat at a convention
center auditorium, eager to hear
a talk on "UFO Files from the
UK and Government Surveil-
lance of Ufologists."

His wife, Nancy, sat nearby,
visibly less interested. She was
waiting for the festival to be
over so the couple could move
on to the next leg of their vaca-
tion in Sedona, Arizona.

"T didn't come for the carnival
atmosphere. I came to listen to
the speakers," Al Dooley said.
"[ wanted to hear what serious
and educated discussion there
is."

Although he's not certain
whether an alien craft crashed
here, he might have seen one
himself in 1968 or 1969, he said.

Michael, who plays guitar in a
rock band called Element 115
and doesn't use his last name,
said he doesn't merely believe
the crash happened. "I KNOW
it," he said, as he handed out a
business card.

Michael said he hoped Ele-
ment 115 would one day be the
house ‘band for a huge theme
park being debated here — fea-
turing amusement rides, a con-
cert hall and a 300-room hotel

that looks like a flying saucer.
"I want to help them with
that," he said. "I see millions
and millions of dollars in this
place — they just need to know
how to market it right."
The city's convention center

‘was swarming with vendors

hawking trinkets and dolls, pho-
to ops with costumed aliens,
psychic readings and a kit to test
whether your neighbor or boss
is from outer space. Many ped-
dled their books, DVDs or art-
work of all things otherworld-
ly.

(Chase Masterson, a singer
and actress, was signing auto-
graphs for fans who remem-
bered her role as Leeta on sev-
eral episodes of "Star Trek:
Deep Space Nine."

"Tam having a very interest-
ing time exploring the theories
that are set forth here," she said.
"Some are completely outra-
geous but some are very intrigu-
ing."

The festival was being orga-
nized for the first time by the
city of Roswell, after the local
UFO museum hosted it for
more than a decade.

Mayor Sam LaGrone said he
was happily surprised by the
turnout — and the economic
boost it would give the city.

"T've never seen so many cars
in town," he said.



MONDAY, JULY 9, 2007, PAGE 19

@ ROSWELL businessman Thomas Armstrong secures a large rendition of the earth, in Roswell,
N.M., Tuesday, May 22, 2007, above the store front for his Planet Roswell, an outlet store for
"Roswell Gear" jeans, jackets and other apparel. The target audience, he said, is "anybody who likes
UFOs, Star Trek and the Sci-Fi Channel."

(AP Photo/Jake Schoellkopf)

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Job Title: Production Shift Supervisor

Department: Production



The Production Shift Supervisor shall report to the Production Manager and must be familiar
with, understand and operate according to the relevant elements of the Coca Cola Quality System.
@ A VISITOR takes a picture of an alien on a gurney at the International UFO Museum and

Research Center in Roswell, N.M., May 23, 2007. The rise of the UFO tourist economy signals

diversification for Roswell, which traditionally relied on petroleum exploration, banking, dairies, ranch-
ing and — until an Air Force base closed in 1967- the military.

Main Duties & Responsibilities:

The Production Shift Supervisor shall be responsible for the operations of the Production plant

(AP Photo/Jake Schoellkopf) ¢ ; : rg ,
during the respective production shift. Duties shall include but not be limited to the following:

1) Ensuring that production targets are met by providing adequate guidance and
supervision to Operations, Maintenance Supervision & Syrup Room Attendants.

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production shift for management review.

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PAGE 20, MONDAY, JULY 9, 2007

THE TRIBUNE



INTERNATIONAL NEWS



Great Wall, Colosseum, among |

new seven wonders of the world —

i LISBON, Portugal

THE Great Wall of China,
Rome’s Colosseum, India’s
Taj Mahal and three archi-
tectural marvels from Latin
America were among the new
seven wonders of the world
chosen in a global poll
released on Saturday, accord-
ing to Associated Press.

Jordan’s Petra was the sev-
enth winner. Peru’s Machu
Picchu, Brazil’s Statue of
Christ Redeemer and Mexi-
co’s Chichen Itza pyramid
also made the cut.

About 100 million votes
were cast by the Internet and
cellphone text messages, said
New7Wonders, the nonprofit
organization that conducted
the poll.

The seven beat out 14 other
nominated landmarks, includ-
ing the Eiffel Tower, Easter
Island in the Pacific, the Stat-
u® of Liberty, the Acropolis,
Russia’s Kremlin and Aus-
tralia’s Sydney Opera House.

The pyramids of Giza, the
only surviving structures from
the original seven wonders of
the ancient world, were
assured of retaining their sta-
tus in addition to the new sev-
en after indignant Egyptian
officials said it was a disgrace
they had to compete.

The campaign to name new
wonders was launched in 1999
by the Swiss adventurer
Bernard Weber. Almost 200
nominations came in, and the
list was narrowed to the 21
most-voted by the start of
2006. Organizers admit there
was no foolproof way to pre-
vent people from voting more
than once for their favorite.

A Peruvian in national cos-
tume held up Macchu Pic-
chu’s award to the sky and
bowed to the crowd with his
hands clasped, eliciting one
of the biggest cheers from the
audience of 50,000 people at a
soccer stadium in Portugal’s
capital, Lisbon. .

Many jeered when the Stat-
ue of Liberty was announced
as one of the candidates. Por-
tugal was widely opposed to
the U.S.-led invasion of Iraq.

Another Swiss adventurer,
Bertrand Piccard, pilot of the
first hot-air balloon to fly
nonstop around the world,

announced one of the winners
— then launched into an
appeal for people to combat
climate change and stand up
for human rights before being
ushered off the stage.

The Colosseum, the Great
Wall, Machu Picchu, the Taj
Mahal and Petra had been
among the leading candidates
since January, while the Stat-
ue of Christ Redeemer
received a surge in votes more
recently.

The Statue of Liberty and
Australia’s Sydney Opera
House were near the bottom
of the list from the start.

Also among the losing can-
didates were Cambodia’s
Angkor, Spain’s Alhambra,
Turkey’s Hagia Sophia,
Japan’s Kiyomizu Temple,
Russia’s Kremlin and St.
Basil’s Cathedral, Germany’s
Neuschwanstein Castle,
Britain’s Stonehenge and

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PER ae me Tis



Mali’s Timbuktu.

Weber’s Switzerland-based
foundation aims to promote
cultural diversity by support-
ing, preserving and restoring
monuments. It relies on pri-
vate donations and revenue
from selling broadcasting
rights.



@ CHINESE teens try to find their way through a rugged s

_The U.N. Educational, Sci-
entific and Cultural Organi-
zation, or UNESCO, keeps a
list of World Heritage Sites,
which now totals 851 monu-
ments. But the agency was
not involved in Weber’s pro-
ject. ‘
The traditional seven won-

ection of the Grea



ders were concentrated in the
Mediterranean and Middle
East.

That list was derived from
lists of marvels compiled by
ancient Greek observers, the
best known being Antipater
of Sidon, a writer in the 2nd
century B.C.

S

t Wall of China in Beijing, China, Sunday, July 8, 2007.

@ RIO DE
JANEIRO'S Governor
Sergio Cabral, second
left, celebrates the
Christ the Redeemer's
selection among the
new seven wonders of
the world in Rio de
Janeiro, Sunday, July 8,
2007. The giant statue
was selected as one of
the new seven wonders
of the world in a global
poll announced Satur-
day, July 7, 2007,
together with China's
Great Wall, Jordan's
Petra, Peru's Machu
Picchu, Mexico's
Chichen Itza
pyramid,Rome's Colos-
seum and India's Taj
Mahal.

(AP Photo/
Ricardo Moraes

The Hanging Gardens of
Babylon, the Statue of Zeus
at Olympia, the Temple of
Artemis at Ephesus, the
Mausoleum of Halicarnassus,
the Colossus of Rhodes
and the Pharos lighthouse
off Alexandria have all van-
ished.



The Great Wall of China, Rome's Colosseum, India's Taj Mahal and three architectural marvels from Latin America were among the
new seven wonders of the world chosen in a global poll.



Independence

aint Sa






le

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(AP Photo/Ng Han Guan)

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THE TRIBUNE



-Greece’s envitronmentalists rally

MONDAY, JULY 9, 2007, PAGE 21
INTERNATIONAL NEWS

outside parliament in protests

@ GREECE
Athens

GREEK environmental
demonstrators rallied outside
parliament, cycled through
nature trails and sent thousands
of protest e-mails to the gov-
ernment, according to Associ-
ated Press.

Sunday’s action was not part
of Live Earth concerts around
the world, but was held to
protest damage to a national
park caused by a recent wild-
fire.

The blaze destroyed thou-
sands of hectares of pine, fir and
oak forest on Mount Parnitha,
near Athens, between June 28
and July 3. Protected species of
deer, turtle, snakes and other
animals were also killed in the
fire or forced to scatter.

Several thousand demon-
strators, blowing whistles and
chanting “shame on you,” gath-
ered outside parliament Sun-
day, some holding up pieces of
burnt trees from Parnitha for-
est.

“This time, people have real-
ly had enough ... we need more
greenery in Athens,” said pro-
tester Alexandra Kouraki, who
was waving a green flag.

“Look what happened other
times ... forests burnt down and
houses appeared in their place.”

Earlier Sunday, cyclists gath-
ered at Parnitha, about 20 kilo-
meters (12 miles) north of the
capital, other protesters with
cell phones and digital cameras

“took pictures of the burnt forest,

and bloggers continued a mass
e-mailing campaign to govern-
ment agencies.

Protesters are demanding
tougher forest protection laws,
arguing the government mis-

handled the Parnitha firefight-
ing effort.

They also claim rapid urban
expansion in the capital has
been allowed spread across
Greece’s southern Attica region
at the expense of the environ-
ment _ recently aided by large
infrastructure projects built for
the 2004 Olympics in Athens.

Greater Athens is home to
around 4 million people, or

more than a third of ee S
population.

“There is a genuine interest -

from the public (about the envi-
ronment) that we’ve never seen
before,” Constantinos Liarikos,
of the conservation group
WWF, told The Associated
Press.

“This protest started sponta-
neously, with some young peo-
ple exchanging text messages
on their cell phones, and it grew
from there ih a totally grass-
roots way ... We are simply
backing this effort.”

Deaths

The Parnitha fire broke out
during a June heat wave across
southeast Europe that saw tem-
peratures reach 46°C (114.8°F)
in Greece and killed more than
40 people in the Balkans and
Italy.

Greek firefighters had been

_ battling wildfires at the rate of

100 per day, when the blaze
swept across the Parnitha
national park and surrounding
forests.

Public Order Minister Byron
Polydoras described the Par-
nitha fire as “an act of God,”
and authorities rushed out plans
to plant new trees and protect
the scorched land from illegal

Sri Lankan warplanes
bomb Tamil rebel mortar
locations in the east



@ A SRI Lankan soldier walks past a wood fire set near Thoppi-
gala, about 150 miles northeast of Colombo, Sri Lanka

(AP Photo / Gemunu Amarasinghe)

m@ SRI LANKA
Colombo —

FIGHTER jets pounded
rebel mortar positions in what
the military calls the last Tamil
Tiger stronghold in Sri
Lanka’s east on Sunday, hours
after a major sea clash in the
region, according to Associat-
ed Press.

Airstrikes hit four guerrilla
mortar positions in Thoppigala,
but there were no casualty fig-
ures to report, an official at the
Defence Ministry’s information
center said on condition of
anonymity, in line with policy.

Government forces have
cleared the Tamil Tigers from
much of eastern Sri Lanka, but
_ have struggled to seize the east-
ern rebel bastion of Thoppigala
for 14 years.

The army began what it
called a final push into the area
in late April, but claims of
imminent victory have proven
premature.

A fierce sea battle, mean-
while, erupted between Sri
Lanka’s navy and Tiger vessels
off the country’s east coast
overnight, the military said Sun-
day. Fighting began after a
flotilla of 15 rebel boats tried

to attack naval vessels patrolling

~ off Kallarawa, a fishing village

in the eastern Trincomalee dis-
trict, on Saturday night, said
navy spokesman Cmdr D.K.P.
Dassanayake.

He said the battle lasted near-
ly an hour, and the insurgents
were believed to have suffered
heavy casualties before fleeing.
There was no immediate com-
ment from the rebels.

Rebel spokesman Rasiah
Ilanthirayan confirmed the sea
battle but said he did not have
any casualty details. He could
not be reached for comment on
Sunday’s reported air attack.

The rebels have fought since
1983 to create an independent
homeland for Sri Lanka’s ethnic
minority Tamils, who have suf-
fered decades of discrimination
by majority Sinhalese-con-
trolled governments.

Assassinations, airstrikes and
clashes have killed more than
5,000 people in the past 20
months, and have taken the
death toll in two decades of vio-
lence past 70,000.

A Norway-brokered cease-

fire signed in 2002 still holds.

officially, and neither side has
withdrawn from it fearing inter-
national criticism.

development.

Polydoras said around 2,500
hectares of forest had been
destroyed on Parnitha, but the
WWE estimates about double
that area was affected.

The group said more than
half of the 3,800-hectare pro-
tected forest was destroyed in
the fire. It wants that protected
area to be expanded eight-fold
to include surrounding forests,
and to impose an overnight traf-
fic ban to protect roaming ani-
mals.

“Right now the animals are
scattered and scared, they don’t
know where to go. Lots of cars
passing through the forest, espe-
cially at night, will only make
this worse,” Liarikos said.

An opinion poll published
Sunday in the weekly Proto
Thema newspaper found that
55 per cent of Greeks personal-
ly held conservative Prime Min-
ister Costas Karamanlis respon-
sible for failing to deal with the
fires adequately.

The GPO survey of 1,200
adults across Greece was car-
ried on July 4 and 5. No margin
of error was given.

Elz ‘To ae

OT
Brace
sche aN \



A GIANT puppet of Red Riding Hood is held up by environmental demonstrators outside
parliament, in central Athens on Sunday

(AP Photo/Dimitri Messinis)

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PAGE 22, MONDAY, JULY 9, 200/

THE TRIBUNE



INTERNATIONAL NEWS

Congress of Russian opposition
exposes deeper disagreements

m MOSCOW

A TWO-DAY congress of
Russia’s most vocal opposition
alliance ended Sunday with no
visible progress, exposing a
deeper rift among the country’s

opposition groups before elec-
tions, according to Associated
Press.

Leaders of the Other Russia
umbrella, a loose organisation
uniting liberal and leftist groups,
agreed to pick a single opposi-
tion candidate in the fall to run

in the March presidential elec-
tion and challenge what they
called the Kremlin’s increas-
ingly authoritarian rule.

“Our task is to gather all
opposition forces and to dis-
mantle the regime,” said chess
grandmaster Garry Kasparov,

beleaguered and fractured
one of the coalition’s top lead-
ers.

However, Andrei Illarionov,
a former economic adviser to
President Vladimir Putin turned
Kremlin critic said the group
should boycott the vote.

“A single candidate for the
Other Russia cannot exist — it
will destroy the Other Russia
and it will legitimise an illegiti-
mate government,” he told
reporters.

The Other Russia has held a
series of street protests in the
past six months, and police have
reacted by beating and detain-
ing dozens, drawing Western
criticism of Putin and his gov-
ernment.

The popular Putin is consti-
tutionally barred from seeking a
third consecutive term in
March, but he has hinted he will
throw his weight behind a
favoured successor, who will
likely win.

Russia’s embattled opposi-

CABINET . OFFICE

RE: THE OPENING OF SHOPS ON PUBLIC HOLIDAYS

tion groups failed to join forces
in the 2003 parliamentary and

In accordance with Section 3 of the Public Holidays Act, 2004 presidential elections and

(Chapter 3%), the following day: will be observed as Public Holidays:-

Tuesday, 10th July, 2007-Independence Day
On the said day, all public offices, banks and shops throughout The
Bahamas must be kept closed, except that shops may open:-
(a) for the sale of food, cooked or prepared for
consumption on the premises;
for the sale of drugs, medicines or surgical appliances;
MINISTRY OF LANDS AND LOCAL GOVERNMENT

for the sale of ice;

for the sale of bread, fresh and frozen fish, fresh.
THE PRICE CONTROL ACT (1971)

, (CHAPTER 339)
THE PRICE CONTROL (GENERAL) (AMENDMENT)
REGULATIONS, 2007

fruits, fresh vegetables, butcher’s meat, and-fresh
dairy products, until the hour of ten o’clock in the
morning; eae
NOTICE
for the sale of any article required for the burial of a

The public is hereby advised that effective Friday, June 29" 2007 The Honourable Maiger of

dead body; or in the case of illness of any person or
Lands and Local Government has approved prices for the following breadbasket commodities:

animal, or in any other emergency;

for the sale of petroleum products;

1) Butter
2) Comed Beef
3) Rice
4) Sugar

for the sale of fresh water;

for the sale of newspapers and periodicals,

HARRISON 1. THOMPSON
PERMANENT SECRETARY









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NCTM To TeAmeLLUUm el aoa O OT Kea On



support a single party or candi-
date. Analysts say the opposi-
tion stands no chance of chal-

B@ ALBANIA
Tirana

TWO new candidates were
nominated Sunday for the pres-
idential election in parliament
after the governing majority did
not accept a military official
proposed by the opposition as a
consensus candidate to be the
country’s next president,
according to Associated Press.

Bamir Topi, deputy leader of
the governing Democratic Par-
ty-led coalition of Prime Minis-
ter Sali Berisha, and former
Prime Minister and opposition

- Socialist Party leader Fatos

Nano will run for the post.

But most of the Socialist Par-
ty-led coalition now run by
Tirana Mayor Edi-Rama said
they would boycott the vote
because they do not support
Nano.

Earlier, Rama said they
agreed with the governing
majority to nominate Albania’s
military representative to

_ NATO, Brig. Gen. Arjan Zai-

mi, as a consensus candidate to
be the country’s next president.
But Fatos Beja, the Democ-



M@ LEADER of the Other Russia opposition alliance and former world chess champion Garry Kas-
paroy speaks during a conference of Other Russia in Moscow

(AP Photo)

lenging the Kremlin if it fails to
agree on a single presidential
candidate this time.

Albanian parliament set to vote for
new president after candidate fails

rats’ deputy speaker, said they
had not reached a consensus
because the opposition did
not agree on some major
reforms.

Nano had always said he
would run for the post, a move
that may create further confu-
sion in the long dispute of more
than two weeks that has threat-
ened to take the country to ear-
ly elections.

Lawmakers have failed twice

to elect a new president and- °-

both sides rejected the other
side’s proposals earlier this
week.

If Parliament fails to vote on
a candidate a third time, the
constitution calls for dissolving
the legislature and holding elec-
tions within 60 days. ,

The president is chosen by at:
least a three-fifths majority in
parliament, or 84 of the legis-
lature’s 140 seats. The Democ-
rats have 80 seats, too few to
overcome an opposition boy-
cott.

The Socialists had threatened
to boycott the presidential elec-

tion unless they were allowed ».-°

to present their own candidate.

Pakistan commando
killed as army blasts
through mosque walls

m@ PAKISTAN
Islamabad

TERRORISTS wanted for
attacks in Pakistan and beyond
are leading fierce resistance
against troops besieging Islam-
abad’s Red Mosque, the gov-
ernment said Sunday, while a
mosque spokesman claimed
hundreds of people died in an
overnight assault, according to
Associated Press.

President Gen. Pervez
Musharraf sent in troops on
Wednesday, a day after sup-
porters of the mosque’s radical
clerics fought gunbattles with
security forces sent to contain
their campaign to impose Tal-
iban-style rule in the capital.

At least 24 people have died
so far, including a special forces
commander shot during
overnight operation to blast
holes in the walls of the fortified
compound.

Musharraf vowed on Satur-
day to kill the militants in the
mosque if they didn’t surrender.

However, on Sunday, the
gunfire and explosions that
echoed across the city for much
of the night gave way to an
intensifying war of words
between the government and
the mosque’s defenders.

Religious Affairs Minister
Ejaz ul-Haz said terrorists,
including a suspect in a plot
against Prime Minister Shaukat
Aziz, were in control of the
mosque.

“IT can only tell you they are
involved in many terrorist activ-
ities inside and outside” Pak-
istan, ul-Haq said. “And there

~are a few who are very

renowned, very well known,
more well known than al-Qaida
and the Taliban.”

Ul-Haq provided no details.
However, Musharraf has said
members of Jaish-e-
Mohammed, a radical group
involved in fighting Indian rule
in Kashmir and with links to al-
Qaida, was involved.

A military official who said
he was not allowed to speak on
the record said intercepts of
telephone calls from the
mosque indicated the defend-
ers also had links to Harkat
Jihad-e-Islami.

Some members of Harkat
have been suspected of involve-
ment in the killing of Wall Street
Journal reporter Daniel Pearl in
Karachi in 2002, and in a bomb;
ing the same year in the city that
killed 11 French engineers.

“The very fact that they can
use heavy automatic weapons
with some expertise shows that
they are not just ordinary 14,
15-year-old students,” govern-
ment spokesman Tariq Azim
said.

It was impossible to check the
government’s claims. Journal-
ists have been pushed back 500
yards from the scene and secu-
tity forces have prevented cler-
ics hoping to mediate from
reaching the mosque.

Mosque leaders laid out an
unverifiable claim of their own.

The local Geo television
channel quoted an unnamed
spokesman inside the mosque
as saying 305 men and women
had been killed in the overnight
assaults.


THE TRIBUNE

VIONDAY, JULY 9, 2007, PAGE 23

NE

COMICS PAGE







TLL TEACH YOU TO TRICK
ME, YOU BIG HAIRBALL /

ITS JUST
THAT WAS A
TERRIBLE ,
NASTY, AWFUL
THING To DO,
AND T'LL NEVER

IS HE FOLLOWING US

HEY.-WHAT \
ACROSS THE STREET?

HAPPENED |:
TO ALL THE
PEOPLE? 4

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PACE, NED!

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THERE!

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FUNNY HA HA



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YS Or

IM SURE YOU'VE GUESSED
MY MARGO 18 EXPECTING

SO MUCH HAS BEEN



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JAKE ITALL IN, NOP

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GABRIELLA— HOW) I WAS JUST



THINKING OF
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BLONDIE



DAGWOOD, DO YOU KNOW WHAT
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ROAST BEEF I WAS
SAVING FOR OUR
DINNER TONIGHT?

NON SEQUITUR

01ST, BY UMVeRSIL PRESS SyWOlcaTe

OK.wALTIOUGH THERE
NRCN'T ANY “WRONG”
RESPONSES, THERE
ARE FUNNY ONES
TART MAKE GREAT
ANECDSTES AT
COCKTAIL PARTIES.
60. LET'S TRY
IT AGAIN...



BEN

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HOW LONG ARE yOu
GOING TO KEEP THIS UP?





4 ©2007 by North Americe Syedicste, ine. Wastd tights reserved.

6OLOM( C5, Cor OPSSQUTIZ





“1S THAT WHERE YOU KEEP THE BIG SPARE
TIRE MY DAP SAYS YOU HAVE?"

Partner bids One Heart, and the
next player passes, both sides’ vulner-
able. What would you bid with each
of the following five hands?

1. # KQ872 ¥ Q652 ¢ 83 & 74

2. # 82 ¥ KQ7 @ J97 #& KQ932

3. #53 ¥ KI84 ¢AQ96 & K98

4.4 AQJ3 ¥ 8 K62 & AJ874

5. # 6 ¥ K97542 7 & QI863

eee

1. Two hearts. It is better to
respond with two hearts, indicating
six to 10 points and adequate trump
support, than one spade. One objec-
tion to a one-spade response is that if
partner rebids two hearts, you will be
faced with a bidding problem of your
own creation. To bid three hearts
would constitute an overbid not war-
ranted by your cards; to pass would
result in ending the bidding without
ever revealing your heart support.
Such problems can be avoided by
raising immediately and leaving the
rest to partner.

2. Two clubs. This band is too

Bidding Quiz

3. Three hearts. This is a typical
hand for a double raise of partner’s
suit (forcing to game). It is better to
raise directly than to respond with
two diamonds, which would tend to
overemphasize your diamond
strength when you next jump-raise
hearts. (For those who play limit
raises, be sure you have discussed
with your partner how you would
make a forcing raise with this hand.)

4. Two clubs. It is clear that your
side has at least a game on this hand,
but you cannot tell at this point just
what game you belong in. The best
you can do is to try to describe your
hand as accurately as possible in an
effort to get to the best contract.

You therefore bid clubs first with
the intention of bidding spades next
to show that you have more’ clubs
than spades. If partner shows a liking
for either of your suits, you can con-
sider trying for slam. If no fit in
either suit is discovered along the
way, and if partner keeps on bidding
hearts, you can then undertake a





MONDAY,
JULY 9

ARIES — Mar 21/Apr 20
Overindulging in all areas of your life

‘is not a healthy way to live, Aries.

Rethink your personal goals and
streamline so you’re not being pulled
into too many directions, t

TAURUS - Apr 21/May 21
You want to support a friend,
Taurus, but you just don’t agree
with this person’s motives. Don’t
get involved in the situation; you’ll
regret it later.

GEMINI — May 22/Jun 21
Someone in the family has stepped
on your toes, Gemini. Rather than
lash out, keep your feelings to
yourself and ‘be the bigger person
in this situation.

CANCER - Jun 22/Jul 22

You’vé put all your eggs in one bas-

good for a raise to two hearts, andnot game in notrump. ket, Cancer, and now that things
good enough for a raise to three 5. Four hearts. This is not a } haven’t worked out, you're left won-
hearts, which would show 13 to 15 _ strength-showing bid insofar as high J} dering what to do. Family members

points. A temporizing bid of two
clubs is therefore made, the intention
being to support hearts after partner
rebids. (Even if you play limit raises,
wherein an immediate raise to three
hearts would show: 11 or 12 points,
two clubs would be the better bid
with this hand.)

cards are concerned, but instead
shows a distributional hand that con-
tains long trump support. (five..or
more cards) and no more than nine
high-card points. Its chief purpose is
to try to keep the opponents out of
the bidding, although partner may
very well make four hearts.

TARGET



HOW many words of
four letters or more



CRYPTIC PUZZLE



ie |
Pe fe esate a
| |
















won’t let you down.

LEO — Jul 23/Aug 23

Watch how much you spend this
week, Leo. You could go overboard
if you’re not paying attention.
Better leave the credit at home and
use cash instead.
VIRGO - Aug 24/Sept 22

Tf you don’t make a move soon in your
love life, you’re going to miss the
opportunity, Virgo. Stop looking for
the perfect Mr. or Ms. Right. Rather,
look outside your comfort zone.

LIBRA - Sept 23/Oct 23

Khe Ciresiat z Now is not the time to make rash
i WILET IPE, Ie, wiLenipk@eAemUvk.vet . | Can you make from snes B career decisions, Libra. You have too
the letters shown Se many responsibilities and bills com-
TIGER here?In making a EB gee. ing in. Even though your job may not
won pa letter may op ed & . | appeal to you anymore, stick with it.
THEY SAY PROBABLY Ie EN aa ts 5.2855, | SCORPIO — Oct 24/Nov 22
ITS A SMALL REAL Bic Pits: © Pm E & | Normally a go-getter, Scorpio, you're
centre letter and there BF So B Pee Betels BCCTEIOS 9.
| must be at least one Ge Saw steady to throw in Se eu eeaics
nine-letter word. No Seam = ea nee ne eee ae
i plurals or verb forms eR Sis al aca Sire bowers yon
ending in “s”, no words with initial capitals and no Zz ops :
ij words with a hyphen or apostrophe permnittedt The ° = = eS ae SAGITTARIUS — Nov 23/Dec 21
{ first word of a phrase is permitted (eg. inkjet in 5 Se ae eee > oes, and
j inkjet printer). ey & 5 | start concentrating on your immedi-
8 ES Se ate family, Sagittarius. They’re in
| TODAY'S TARGET y BS ak [need of your love and attention,
5 Good 14; very good 21; excellent 28. Zz WAG & 3 Quality family time is key.
Solution tomorrow. 8 sgé oS | CAPRICORN - Dec 22/Jan ‘20
pe = ee ‘& || Your love life is a mess, Capricom.
< EBS 3 5 You can’t seem to get along with your

partner no matter what you do. Instead
of butting heads, sit down and talk
camly and rationally.



ANOS Soe Ee pam ae ee il AQUARIUS - Jan 21/Feb 18°
lM Nem cen ae oneal aa Pee ee Cy Stop being argumentative, Aquarius
boss (7) “estate” (6) : Those around you will grow tired of
9 — Stayed away from, while the visibility jf 2 Viewasa girl sheltered by her fag ee ee & | ee rs word hearing how you're always right.
remained gro (5) parent () Pe Accept that someone else's opinion
13 After the uproar, try to find the dog (5) 7 3 Making a secret of the fact that one’s a oe | | drench might be valid.
S epaieenEi foe Karena ek Se met me PISCES — Feb 19/Mar 20
experimental programme (5) “4 Willthe mates pitch tent on the Recuperation from an injury or iHness
15 Itturns, retreating, too (7) periphery? (9). a ee | si ea | ee Prev = ; will take time, Pisces. Don’t try to do
16 Confident it’s sure-fire (7) _ 5 Very interested in seaing the way - 25] f feet | | 27 Thais 2 hae oO wet through; it all now. You'll have plenty of time
17. The halfleft a day after is sour (5) grains threshed (7) | rea ral 28 | 29 | gl eg soak to catch up in the weeks to come.
18. Support when you're creating a 6 Despite that, indistinguishable one
scene(s) from the other (2,84) Seal classe Meee eesti] mss [ate toes |
20 | say travel right through the Not all get divorced (4) | | | fa 34 | || & | | ii F
Tee reels 10 The editoris holding court, giving pes al. (ai mest et MME el Peas S| | CHESS by Leonard Barden
22 After a bad beginning — wet - it's orders (6) Pa ea | | | ce ied | re
bright (6) 11 Part of a book on entomology? (3-4)
23. Figuete sgn keeps chanaing (6) M+) stove ne ain coming tvowp te Seether es |
25 From the very beginning, when day decordtve borders (6) | | aan. = AED aincieey v Elmir
dreaming (7) a useinov, uropean
27 Finding it, for genealogists, is a job i sige ee vee ey peste a Sere eee es i
that takes time (7) et 4 Material is level, king, rook, an
‘ f 21 Contacts the university in the spring i
30. Frenzied fans in the back of the five pawns each, so Timofeev,
break (5,2) ho th Rxf7 Il
queue are dangerous (6) os who threatens +, menta Y y
31 Doctor Bird is an Indian (6) a NERA coe | EASY PUZZLE | chalked up half a point. Black’s
32 Classes as utilitarian furniture (5) course (44,8) : next turn came as a shock. At
35 “Great Stuff” gets us to back (5) 26 Astory about a car in the inexpensive peuateenicie ; . first glance it is irrelevant, but
meant 10) ACROSS 2 Valuable thing ; actually it forces checkmate or
36 Father's home again (5) range ( : 7 35 Prepared (5 10 Busy or doin Uy taker
37 Abigwig eating from a tray on his 28 For the state, a sine qua non (9) 5 Fee balan 36 Weird 6) e) someting (8 decisive material gain. What
lap? (7) 2 eo erg aah 34 Pitot bed temper (7) 2 Peo a charge (6) happened? Golders Green hosts
39 With the storm at its height, taking no hot to eat (7) >! eo 41 Fool(5) 19 Rules (7) an open-to-all one-day congress
nolice inside (7) 30 Tips over when one raitles (6) 15 Any fast sailing a beeen (5) i pec tery (7) on Saturday. Anyone from
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onin (5) 33 For three-quarters, home is in indisposition (7) , Sport (1 everybody plays t e six
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i i ies. j i i 2 inor earthquake rying . 0
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30 Cricketdelivery(6) | 7 — Simple car 38 Monarch’s chair (6)
31 Jungle expedition (6) game 40 Midday (4)



CRYPTIC SOLUTIONS

YESTERDAY'S EASY SOLUTIONS





4 ACROSS: 4, A-cross 7, The blues 8, Tanner 10, C-h-ops 13, Rink 14, Kite 15,
Y-ur-i 16, Mew 17, Dies 19, M-O-an 21, Fast train 23, Solo 24, L-O-LL 26, Fix

ACROSS: 4, Ballad 7, Retrieve 8, Gander 10, Fancy 13, Cave 14, Tier 15, Arne 16,
27, BR-EW 29, Eyed 32, L-air 33, Ado-re 34, Re-war-d 35, Ga-rde-ner 36, Stable

Asp 17, Emma 19, Rose 21, Stopwatch 23, Meet 24, List 26, Box 27, Iced 29,
Eros 32, Cord 33, Stage 34, Marine 35, Enlarged 36, Ascend

Chess solution 8400: 1...g5+! Ifnow 2 hxg5 Kg6
(threat e6-e5 mate) 3 94 (hoping for e5+ 4 Kg3) ha!
and e5 mate. The game ended 2 Kxg5 Re5+ 3 Kfd RfS+
4Ke3 d4+ and White resigned because he loses his b5
rook.

DOWN: 1, Stac-k 2, De-pot 3, Plus 4, A-stir 5, Ran-k 6, SW-Eden 9, Animal 11,
Hit 12, Pedal 13, Ru-St.-ler 15, Ye-t 16, Ma-N. 18, Is.-obar 20, Oiled 21, Fox 22,

DOWN: 1, Graft 2, Stone 3, Tiny 4, Began 5, Lane 6, Averse 9, Averts 11, Air 12,
Row 23, Silent 25, Per(-son) 28, Ridge 30, You-NG 31, D-ears 32, LA-MB_ 33, Aide

Crete 13, Crawled 15, Amp 16, Ash 18, Motion 20, Octet 21, Sex 22, Aid 23,
Morass 25, Log 28, Creed 30, Range 31, Seedy 32, Cite, 33, Slap’
PAGE 24, MONDAY, JULY 9, 2007

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non ow aA

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@ FRENCH President Nicolas Sarkozy



(AP Photo/Michael Sawyer)

INTERNATIONAL NEWS

a
a] © French president says no

_ to mass Bastille Day
pardons under his regime —

m@ PARIS

FRENCH President Nicolas
Sarkozy, true to his law-and-
order reputation, is offering no
mass mercy to the nation’s pris-
oners on Bastille Day this year,
accordinhg t9o0 Associated Press.

Sarkozy said in an interview
published Sunday that he is
breaking — yet again — from tra-
ditions championed by prede-
cessor Jacques Chirac, this time
by refusing to grant a mass par-
don to thousands of prisoners
on the nation’s biggest holiday,
July 14.

Chirac and previous leaders
had used the measure to relieve
chronic overcrowding in French
prisons, a move supported by
prisoners’ rights groups and
prison guards. Several cate-
gories of violent or dangerous
criminals are excluded.

“There will be no mass par-
don,” Sarkozy told the Journal
du Dimanche newspaper, con-

‘firming a pledge he made dur-

ing his presidential campaign
this spring.

He said he had been present-
ed with a decree proposing the
release of 3,000 prisoners.

“Since when has the right to
pardon served as a way to man-
age prisons?” he asked.
Sarkozy said he would issue
individual pardons on a case-
by-case basis for “humanitari-
an or exceptional reasons.”
“Someone jumps in the Seine
River, and saves three drowning
children. It turns out he has a
criminal record. The presiden-
tial pardon could play a role
here,” he was quoted as saying.
Chirac came under fire for
using presidential pardons for
personal reasons when he
cleared his friend and former

basic ra, which is
- and has not

sn Oct 3



July Ist - August 31st, 2007
_ Bring us your Report Card and show us ,

_ your “‘A’ for a free cheeseburger!

Village Road . Phone 393-5310. Open 8:30AM. - 6:30PM. Mon = Sat.

THE TRIBUNE



athlete Guy Drut of corruption
charges last year.

According to judicial figures,
France’s prisons house nearly
61,000 prisoners but were built
to take only 50,000 inmates. ~

Prison officers have expressed
concern about a backlash by
inmates expecting a pardon, and :

a new crush of inmates because °-'.’. ’

of a draft law championed by
Sarkozy imposing minimum
sentences for repeat offenders.

The leader of the opposition
Socialist Party, Francois Hol-
lande, called for an immediate
boost in prison funding, and
urged alternatives to prisons for
those convicted of minor viola-
tions.

“We are heading toward very

big tensions (in prison popula- °. ra

tions), and therefore we must ~
immediately release the neces-
sary funds,” he said Sunday
evening on Radio-J.

Gabrielle Mouesca, a former
inmate and president of the
French section of the Interna-
tional Observatory of Prisons,
denounced conditions in the
nation’s jails, saying on RTL
radio that the decision “risks
becoming the spark that vill set
French prisons ablaze.”

Bastille Day commemorates
the 1789 storming of the former
Bastille prison in Paris by angry

_crowds, sparking the revolution

that rid France of its monarchy.

share
your
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from people who are
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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.

Pm lovin’ it






MONDAY, JULY 9, 2007

SECTION

business@tribunemedia.net

The Tribune

BUSINESS

Miami Herald Business, Stocks, Analysis, Wall Street









Colinalmperial.

Confidence For Life



Tourism ‘seizing best land’,
argue 2/5 of Bahamians

* Survey finding has implications for government and investors
* 85 per cent of Bahamians say tourism service needs to be improved, with another 72 per cent believing product quality is lacking
* Report recommends increasing salary scales to attract brightest Bahamians into sector, despite 75 per cent feeling operating costs high

@ By NEIL HARTNELL
Tribune Business Editor

lImost two-
thirds of
Bahamians
believe that
tourism-related

real estate developments are
“taking” this nation’s best land
and beaches, a perception that
may have implications for
future investment projects, with
a survey for the Ministry of
Tourism revealing there are
concerns about industry service

PM to meet over
‘stuck’ marina deal

@ By NEIL HARTNELL
Tribune Business Editor

PRIME Minister Hubert
Ingraham will this week meet
with potential investors in an
attempt to remove the ‘log jam’
that has left a proposed multi-
million dollar marina/resort
investment at the British Colo-
nial Hilton in limbo, govern-
ment sources have told The Tri-
bune, the initial contract on the
proposed joint venture having
been terminated.

The project by New York-
based Island Global Yachting
(IGY), which was earmarked
for land just to the west of the
existing resort and seen as revi-
talising a rundown area of
downtown Nassau, has not
moved since the company and
the Hilton’s new majority own-
er were unable to agree terms
for the venture.

Given that IGY has been
working on the marina project
for some two-and-a-half years,
the window in which the deal
can successfully be closed seems

to be fast running out, especial-
ly as there seems to have been
no ‘meeting of minds’ between
the developer and the Hilton’s
new majority owner.

There is a time when all deals
are ‘hot’, but if the two parties
do not consummate the trans-
action then, it often goes cold.
Despite numerous meetings and
conference calls between IGY
and Adurion executives, it is
understood that they have been
able to agree terms on a new
deal.

The Tribune reported earlier
this year how the Canadian
Commercial Workers Industry
Pension Plan (CCWIPP) sold a
majority stake in the British
Colonial Hilton’s holding com-
pany to Adurion Investment
Management, a boutique
Swiss/UK investment house.

Adurion itself has made a
more-than $30 million invest-
ment commitment to revitalise
the hotel, including a $15 mil-

SEE page 14

Breezes losing $3m every year
West Bay Street re-routing delayed

SUPERCLUBS Breezes, the ©

Nassau-based resort, said it los-
es $3 million every year that the
re-routing of West Bay Street
for Baha Mar’s $2.4 billion
Cable Beach redevelopment is
delayed, as this is interfering
with a planned expansion pro-
ject.

The resort, part of the Super-
Clubs chain owned by Jamaican
hotel investor John Issa, said it
will restart the first phase of its
product upgrade in September
this year with enhancements to
guest bathrooms, balcony doors
and flat screen televisions.
There will be no impact on
guests, as the work will be done
in individual bedrooms.

The guest bedroom refur-
bishments were completed last
year. :

However, SuperClubs
Breezes said in a statement that
is planned 200-suite expansion,
which also involves new sports
facilities, restaurants and swim-
ming pools, continues toe be
delayed by uncertainty over the
West Bay Street re-routing.

The road re-location, the
resort said in a statement, had
forced changes to the plans for

the sports complex and parking
facilities.

The fate of the Baha Mar
project is still plagued by uncer-
tainty, as the former Christie
administration had failed to
negotiate a supplemental Heads
of Agreement with the devel-
opers. It was felt that the
increase in investment incen-
tives that Baha Mar was seeking
in proportion to the size of its

roject, which has gone from

1 billion to $2.4 billion, was
too uncomfortable for the then-
government to stomach with a
general election rapidly
approaching.

The Ingraham government’s
attitude to the Baha Mar pro-
ject is unclear, although The
Tribune had been told that the
FNM government had commu-
nicated to the developers that it
would sit down with them to
address their concerns once the
Budget debate was over.

Reaching a supplemental
Heads of Agreement is critical
for Baha Mar, as it needs these
to tie down agreements with its

SEE page 6

Toshiba Makes
Color History

with 4 Prestigious Awards

standards, pay scales, the qual-
ity of its products and high
operating costs.

The 2006 survey, conducted
by the Ministry of the Tourism
and The Counsellors to gain an
insight into how Bahamians
viewed the tourism industry,

. found that 64 per cent of

respondents qn New Provi-
dence felt that “tourism has tak-
en all our best beaches and
land”, a significant increase
upon the 53 per cent who
agreed with this in 2005.

This suggests that Bahamians

are becoming increasingly con-
cerned that the numerous
mixed-use resort projects, par-
ticularly in the Family Islands,
which are heavily reliant on real
estate sales to generate cash
flow and profits, are taking over
the best land for exclusive, high-

end gated communities targeted
at foreign buyers. Beach access
for Bahamians is another con-
cern.

High-profile cases such as the

SEE page 15

Bahamas First overcomes $3.3m fire, commissions hit

@ By NEIL HARTNELL
Tribune Business Editor

BAHAMAS First Holdings,
parent company of general
insurer Bahamas First, saw its
2006 net income increase by 176
per cent to $4.486 million, with

the absence of hurricanes more |

than compensating for the $3.3
million hit it took from fire-
related property claims and
reduction in profit commissions.

Patrick Ward, Bahamas
First’s president and chief exec-
utive, told shareholders via the
company’s 2006 annual report



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THE DAVIS FAMILY

* Insurer sees net income rise 176% to $4.486m in absence of storms
* Property losses $1m above average due to record fire claims

* Marine claims hit by ‘alarming number of reported thefts’

* $6m Butterfield loan used to bolster capital, reassure A. M. Best

that both those factors
“adversely affected” the com-
pany’s financial results.

He said: “The first relates to
the unusually high frequency
and severity of fire losses that
impacted our property account
during 2006. The second
involves the absence of incom-

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two factors was a net reduction
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PAGE 2B, MONDAY, JULY 9, 2007






Tradelnvest

TradeInvest Asset Management Ltd., a private wealth
management company seeks to employ a

SENIOR QUALIFIED ACCOUNTANT

WITH PUBLIC ACCOUNTING EXPERIENCE |










Responsibilities include

Setting up and maintaining a complex multicurrency
Preparation of quarterly management accounts and |
statements.

aenery ledger.
RS sornoiiatt




Monitor and record securities transactions. Liaise with brokers, trustees,
administrators and banks as necessary. Preparation of portfolio valuations
~ and reconciliations.

Liaise with external auditors in relation to the annual audit.














The ability to develop accounting practices and procedures as required.



Qualifications
CPA, ACCA or CA qualification.
Bachelor of Science degree in Accounting. /
3 years post qualification experiences with a public accounting firm.

Knowledge and experience in accounting for mutual funds, private placements
and derivative transactions.





TradeInvest offers a competitive salary, group medical, annual bonus and a
provident pension fund.

Interested persons should apply before July 13, 2007 as follows:

Vice President, Finance
TradelInvest Asset Management Ltd.
Lyford Manor, West Building
West Bay Street
P. O. Box N 7776 (Slot 193)

Lyford Cay, N.P., Bahamas

Or by e mail to dfawkes@tradeinvest.com .











~THE TRIBUNE



I-Group marketing
Mayaguana project.

to hotel operators

m@ By CARA BRENNEN- =
BETHEL j
Tribune Business |
Reporter

he developers’
behind the $1.8 bil-
lion Mayaguana
investment project:
have started marketing the,
development to a brand-name,
hotel operators and others,
telling The Tribune they were;
confident of the new adminis-
tration’s support and the
progress made to date.
Junaid Yasin, the Mayagua-}
na Development Company’s
(MDC) executive vice-presi-~
dent, told Tribune Business.
they had wanted to get to a;
“certain level” of develop-:
ment before starting to. mar-
ket the project, and have now;
reached that point.

Project

The Mayaguana project is.
a 50-50 joint venture between,
the Boston-based I- -Group
and the Government.

Mr Yasin added that the
office in Boston had been
working on the marketing,
and indicated that a number
of “name brand. operators”

have viewed the property. He

Tailored for SMALL businesses
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beevdvsaivess |












Finance & Operations.

Cecile Greene named Senior Vice President
of Finance & Operations at Family Guardian

Patricia Hermanns, President & CEO of Family Guardian, has announced
the promotion of Cecile Greene to the position of Senior Vice President,

In her expanded role, Mrs. Greene will have overall responsibility for the

Developer not worried

about project falling
behind, as logistics and.
location issues bite

said that negotiations have
begun to see what companies
may be coming in.

Prime Minister Hubert
Ingraham said during the gen-
eral election campaign that if
elected to office, the FNM
would seek to amend the
Heads of Agreement between
the I-Group and the Christie
administration, which led to
the creation of MDC and pro-
ject management. firm,
Mayaguana Island Develop-
ers Ltd.

Yet this has not disrupted
work on Mayaguana or rela-
tions with the new govern-
ment. “As far as we are con-
cerned, we are going on as
planned according to the
agreement that we have with
the Government of the
Bahamas and the Bahamian
people, which is for a 50-50
partnership, and we have a
very definite number of oblig-
ations that we have to meet,”
Mr Yasin said.

Too date, he added that the
I-Group has met with several
Cabinet ministers and things
are proceeding as planned.

~ Schedule

Mr Yasin admitted that the
project is behind schedule, but
said that they are not worried.
“Mayaguana is a hard place
to work because of the loca-
tion and the logistics of build-
ing there, but we are grinding
away,” he added.

Too date, Mr Yasin said the
70 -75 employees on the pro-
ject have been working on
asphalting and paving the
roads.

He said the teams are work-
ing on the island’s roads as a
first step to not only improve
the island’s infrastructure, but












a plus.

RESPONSIBILITI



¢ Business planning and development

ensure that all the workers are
on the same page ahead of
paving the 7,300 foot runway
and apron for the new airport
facility .

The paving is the main con-
cern at present and should
continue for at least another
30-60 days, Mr Yasin added.

The joint venture between
the Government and the I-
Group is supposed to lead to
the creation of the Bahamas’
second free trade zone after
a 15-year build-out.

Components

The development compo- :

nents are slated to include two
200-room hotels; 2,194 resi-
dential sites; two golf cours-
es; an equestrian ranch facili-
ty; a wellness centre and edu-
cational institutions; commer-
cial centres; marina.city and
expanded marina of 200 slips;
luxury villas; and a 500-acre
industrial park.

Mayaguana Island Devel-
opers is to pay the Hotel Cor-
poration 10 per cent of the
sales proceeds received from
all sales of residential lots in
the development area, and 5,
per cent of the gross sales pro-
ceeds received from the sale
of all commercial lots.

The project will involve
some 9,999. acres of land, of
which 5,825 are involved in
the first phase. The second
tranche of 2,087 acres to
Mayaguana Island Develop-
ers will occur once substan-
tial completion of the airport
has been confirmed, and the

asaene ce

”

ar

.

airport is open and opera- -

tional.

The third tranche of 2,087
acres will be transferred once
the initial project is substan-
tially completed.

NR TTT |
CHIEF OPERATING OFFICER |

A large company in the hospitality industry with
offices based both in the USA and The Bahamas is
looking for a Chief Operating Officer with strong
business skills; experience in the hospitality industry

° All operational functions for the business.
¢ Staff supervision, training and development
¢ Liaising with bankers, lawyers and accountants.

inance and Operations departments of Family Guardian, supervising
he fiscal management and financial reporting of the company as well
s all aspects of premium processing and policyowner administration.
































Mrs. Greene joined Family Guardian in 1996 as Vice President, Finance.
She holds a Bachelor of Commerce degree from Dalhousie University,
Halifax, Nova Scotia, and is a Fellow of the Life Management Institute
of Atlanta, Georgia. Mrs. Greene is a certified public accountant and

a member of the Bahamas Institute of Chartered Accountants and

the Bahamas Association of Compliance Officers.

MI T



Bachelor’s degree in Business Management
* 10 years experience in Management.

* Computer literate: Knowledge of QuickBooks &
Microsoft Office.

Strong organizational skills, including the ability
to prioritize, multi-task and work effectively with
no supervision

Independent and self motivated

Excellent communication, planning and analytical
skills

Experience managing a team

Cecile B. Greene, CA, FLMI
Senior Vice President
Finance & Operations

Salary commensurate with experience.

Please send resume to:

COO
P.O Box CB-13335
Nassau, Bahamas



FAMILY
GUARDIAN

INSURANCE
COMPANY
ORATE CENTRE: EAST BAY STREET, NASSAU P.O. BOX SS 6232

r

a Ge Hon Menon Ps bihat ea RO TR Mary CPAs Gps fe YA


WALL STREET

| MONDAY, JULY 9, 2007





Private equity firms show staying power

BY JOE BEL BRUNO
Associated Press

NEW YORK — Wall Street
seemed almost ready to say goodbye
to the big buyout boom of 2007.

Just a week ago, some analysts
were questioning whether private
equity firms could survive a trifecta
of problems. Bond market turbulence
seemed to be curbing enthusiasm for
debt sales used to fund deals, while
lawmakers in Washington were
looking to raise taxes for the indus-
try. And Blackstone Group’s public
debut didn’t resonate with investors.

Such speculation now seems quite
unfounded. This past week, Black-
stone’s Stephen Schwarzman
secured 4 $26 billion acquisition of

Hilton Hotels, and KKR & Co.’s _

Henry Kravis unveiled a $1.25 billion
plan to go public! Apollo Manage-
-ment’s Leon Black was said to be in

talks with Abu Dhabi about a minor-
ity stake ahead of a potential initial
public offering.

It was clear that the big buyout
shops expect to remain viable no
matter what the market conditions or
political sentiment might be.
“Nobody wants to be at a competi-
tive disadvantage,” said Colin Blay-
don, director for the Center of Pri-
vate Equity and Entrepreneurship at
Dartmouth’s Tuck School of Busi-
ness. “These guys are bringing about
the birth of the bulge-bracket private
equity firm — much the way invest-
ment banks emerged in the 1980s.”
Relatively low interest rates and the
availability of easy credit from lend-
ers fueled the surge in leveraged buy-
outs the past two years. Massive
amounts of untapped liquidity has
helped buyout shops orchestrate big-
ger and broader deals. During the

first half of this year, private equity
accounted for 34 percent of the over-
all $1 trillion in U.S. acquisition activ-
ity, according to deal tracker Dealo-
gic.

That didn’t slow last week when
Blackstone made its offer to buy Hil-
ton, offering a near 40 percent pre-
mium to the hotelier’s shareholders.
And Providence Equity Partners last
Saturday led a $48.8 billion takeover
offer for Bell Canada — a deal that
could go down as the largest leverage
buyout in history.

Blackstone’s highly anticipated
IPO last month has largely failed to
keep shares above the offering price.
But, that hasn’t discouraged rival
Kohlberg Kravis Roberts & Co. from
bringing its own flotation forward.
The New York-based firm, famous
for its buyout of RJR Nabisco in the
late 1980s, said it hopes to raise $1.25

ear eet caeeosine neon een aaa eee





MEXICO



MANUEL Sie adnan WAS UNGTOU POST SERVICE

SWELTERING HEAT: Luis Arnaya Espinosa picks table grapes at a ranch outside Hermosillo, Mexico,
where temperatures routinely top 100 degrees during harvest season.

SWEET HARVEST,
BITTER TOIL

BY MANUEL ROIG-FRANZIA
Washington Post Service

HERMOSILLO, Mexico — So much sun. Blistering,
brutal sun.

Eyes squint. Hats get tugged down tight. But there’s
no escaping the rays. They bounce off the desert floor,
transforming the horizon into a wavy, woozy blur.

Aide Espinosa sees it all through the narrowest of
slits in the red bandannas she pulls over her mouth,
her nose, her forehead. Wrapped like this, she sheds
her identity, falling into line with dozens of other face-
less men and women in the vineyards of the Sonoran
Desert.

It’s 7:45 a.m., but the temperature has already
topped 80 degrees. It will get hotter, as Espinosa
knows, up to 102 degrees by midday. Sweat darkens
her bandannas, although her workday has barely
begun.

As April gives way to May and June and the Chilean
grape crop runs out, it is Mexico’s turn to send table
grapes to U.S. grocery stores. The fruit comes from the
harshest of environments, vineyards watered by wells
that plunge as deep as 450 feet below the Sonoran Des-
ert’s parched, dusty. surface.

Last year, 213 million tons of table grapes — most of
them from these fields in the state of Sonora — flowed
from Mexico to the United States. The grapes are har-
vested by itinerant workers, women like Espinosa, 31,
who ride buses that crisscross Mexico’s seasonal agri-
cultural landscape. Grapes today. Maybe tomatoes
next. It doesn’t matter to Espinosa — she’ll pick any-
thing.

The fields are her life’s canvas. Between rows of
grapes, she met a husband, raised a son, left behind her
20s. She daydreams most of the time, slipping into a
trancelike state, lost in the rhythm of the work. Clip,
stuff, label. Clip, stuff, label.

Most of her family is with her. One row over, her
son, Alvaro Orona, 16, squats beneath the canopy of a
vine heavy with red Flame grapes. A few steps away,
her husband, Luis Arnaya Espinosa, stoops to lift a
bright orange tub.

It’s quiet, the workers still shaking off sleep. But by
8:20, Alvaro can’t take the silence anymore — he’s not
as Zen about this work as his mom. He reaches into his
pocket and pushes a button.

A heavy guitar chord blares out of his cellphone,
which he has loaded with music.

“These hands are stained red for all the times that
I’ve killed you so passionately in my dreams,” the lead
singer screeches. “Bad thoughts.”

Alvaro dropped out of school this year and didn’t
have much else to do. A few pesos in his pocket would

be nice, he figured, so he hopped a bus with his mother
and stepfather.

The harvesters work in two-person teams. Alvaro
pairs up with another teenager, a giggly 16-year-old
with sleepy eyes. But Aide Espinosa always works
with her husband.

They start a new row at 8:45. Luis Espinosa, 30,
walks to the end, leaving the soft soil pocked beneath
his boots. Aide Espinosa unfolds a metal stand and
places on top of it a box decorated with pictures of
grapes and the words “Sonora Queen” in cheerful
script. Next to that, she puts up a tall metal post with
prongs to hold zipper-locking produce bags. The bags
are stamped with PLU codes — the “price-look up”
numbers used by grocery stores — and are ready to go
straight to the shelves once they arrive in the United
States.

Luis Espinosa fills a tub and drops it at his wife’s
feet. She stoops and inspects a bunch of grapes. Deftly,
she twirls the bunch in her left hand and painstakingly
clips off half a dozen green grapes from an otherwise
perfectly ripened bunch. The bunches go into the bag,
followed by another and another. Once the bag is full,
she plops it into the cardboard Sonora Queen box. Ten
bags fill a box, and pickers earn the equivalent of $1 per
box. In their first hour of work, husband and wife have
made $7.

A friend, weary and needing a break, strolls up.

“You going to Caborca?” Aide Espinosa asks, refer-
ring to the next stop in the harvest cycle.

‘Don’t know,” the woman says.

“Oh, come on, please come,” Espinosa pleads.

She likes the company of the other women. They
help fill the hours in the bunkhouses after work. Some-
times they pray together in the mornings — Espinosa
always strings a rosary around her neck.

At 9:45, the Espinosas are ready to move on to the
next row. They gather their things and start a long
trudge, passing more than a dozen rows occupied by
other crews. Alvaro and his buddy walk alongside.

“Ay,” Alvaro says. “My sunglasses. I left them.”

Luis Espinosa stops.

“You know what?” he says. “I forgot the plastic
bags.”

Aide Espinosa shakes her head.

“Burritos,” she calls after them, a word here that
means “little donkeys,” not a menu item.

A truck rolls by as she waits. Up in the trailer, a man
with a creased face, a veteran of many harvests, smiles
and breaks out in song — a familiar Mexican peasant
anthem.

“With or without money,” he warbles, his voice fad-
ing as the truck moves on, “I am peers the Paes 2

billion in an IPO later this year.

Those are positive sign amid fears
Congress might Pass a bill that would
tax private equity firms as corpora-
tions instead of partnerships. That’s
also good news for invéstors, in part
because the flood of acquisitions has
been one of the major factors behind
the record surge by major stock
indexes this year.

“There’s been a lot of noise
recently, but it is still a relatively
favorable environment,” said Eric
Weber, a managing director with
boutique management consulting
firm Freeman & Co., which advises
the investment banking industry.

Still, concerns remain that the
market might sour on private equity
deals. Threats of interest rates tick-
ing higher and a lending squeeze
linked to the subprime mortgage
market have made some fixed-in-

SNACK PACKS

come investors jittery. The market
has resisted a string of recent debt
offerings.

' Dutch supermarket group Royal
Ahold had difficulties selling $650
million in bonds as part of the sale of
its U.S. Food Service unit to a group
of buyout firms led by KKR.

Blackstone and Lion Capital were
said to be having problems unloading
$259 million of loans to acquire soft-
drink maker Orangina. And, this past
week KKR had some difficulty with a
borrowing for its $22 billion acquisi-
tion of British drugstore chain Alli-
ance Boots. Some have interpreted
resistance by investors as being the
first signs the buyout boom has
topped. Others believe it simply
means a progression, and that private
equity firms will instead take a more
steady and slower approach than
they had before.

Portion control help
yields heavier profit

BY JEREMY W. PETERS
New York Times News Service

Snack food companies are placing
bigger bets on smaller packages.

In just three years, sales of 100-cal-
orie packs of crackers, chips, cookies
and candy have passed the $200 mil-
lion-a-year mark, making them a
breakout hit on par with the Snack-
Wells low-fat fad of the 1990s,

But food companies are cramming
store shelves with even more offer-
ings, and new ones are on the way.
Frito-Lay has started selling 100-calo-
rie servings of beef jerky. Pepperidge
‘Farm said it is developing several
‘more 100-calorie variations of Gold-
‘fish and cookies, after rolling out
three new ones a couple of weeks
ago. In time for back-to-school, Her-
shey said it will offer 100-calorie bags
of Twizzlers, and Nabisco will sell
two new cookies, Alpha-Bits and Ani-
mals Choco Crackers, in 100-calorie
packs.

Michael Simon, vice president of
snacks for Pepperidge Farm, a unit of
Campbell Soup, predicts that the
market for these pint-size packages
could easily double because of their
simple appeal: they help consumers
eat less without having to count calo-
ries themselves.

The growing popularity of these
snack packs — sales grew nearly 30
percent last year — may also be
another sign that some consumers
have had their fill of super-sized food.

As a business concept, the idea is
simple. Take an existing product,
portion smaller amounts of it into
single-serving bags, and sell several
of the bags for about the same or
more as a regular-size package.

Consumers don’t seem to mind
paying more even though they are
getting fewer Goldfish.

“It’s the smaller bite sizes that res-

onate with people,” said Michelle
Barry, a vice president of the Hart-
man Group, a Bellevue, Wash., based
food market research firm. “I don’t
think we see a lot of
small sizes in this
country. Everything
tends to be super-
sized.”

A report last
month from the Hart-
man Group found
that 29 percent of
Americans believe
that 100-calorie pack-
ages are worth the
extra cost.

“The irony,” said
David Adelman, who
follows the food
industry for Morgan
Stanley, “is if you take
Wheat Thins or Gold-
fish, buy a large-size
box, count out the
items and put them in
a Ziploc bag, you’d
have essentially the
same product.” Adel-
man estimates that
snack packs are about
20 percent more prof-
itable than larger
packages.

Food company executives say that
while smaller packs do cost more,
they help people exercise a little
hand-to-mouth restraint.

_ “What consumers tell us is that
they don’t think about how much
they put in their mouths,” Mark
Schiller, president of Quaker’s foods



MARK LENNIHAN/AP

EATING LESS: If a
consumer counts out
the items from a
large-size box of
Goldfish or Wheat Thins
into a Ziploc bag, one
would have the same
product as a smaller
snack pack.

and snacks division, a unit of Pepsico,
which makes both 100- and 90-calorie
snacks. “What portion control does is
tell people the right time to stop.”
Last year, sales of 100-calorie
snack packs grew 28 percent, Infor-
mation Resources, the food industry
research firm, said. The snack indus-
try as a whole grew just 3.5 percent.
Now it seems a race is under way
to offer less. Some snack makers, for °
example, think even 100 calories
might be too much for some diet-con-
scious consumers. Hershey, for
example, now sells 60-calorie choco-
late bars. And Jell-& 2 60-calo
pudding patks. is Sabie. >

® nutritiox art e log’
“People like to think, ‘Oh, this is»

healthy, it’s only 100 calories,’ ” said fei
Lisa Young, author of The Portion -
Teller Plan, a book on portion con-
trol. “A single portion of junk food is
better than a large portion of junk
food, but it’s not better than an aPEIE.
a peach or'a vegetable.”

Tessa Shropshire, a 22-year-old
Brooklyn resident, admitted she loses
track of how much she eats when
snacking from a regular-size bag.

She’s not entirely convinced that
snack packs are worth the money, but
she says she understands their lure.

“With these little bags, you can’t
go for another or you’d feel like a
pig,” she said, though she decided on
value over convenience and bought a
big box of Triscuits on a recent out-
ing.

Because consumers know they are
getting such small servings in these
packs, snack makers have tried to
find ways to make them think they
are getting more bite for their buck.

Pepperidge Farm, for example, cut
its Chessmen cookies down into bite-
size portions for its 100-calorie pack.
Frito-Lay, a unit of Pepsico, now
makes Doritos and Cheetos that are
slightly smaller than the ones sold in
regular-size bags.

“As we talk to con-
sumers, the more
quantity they get, the
more psychologically
filled they get,” said
Simon of Pepperidge
Farm. “So in our
design we try to give
them as many pieces
as we could.”

Daisy Beltran, 41,
who was shopping for
snacks at a drugstore
in midtown Manhat-
tan one recent after-
noon, said she consid-
ers the extra money
she pays for 100-calo-
rie packs a kind of
convenience sur-
charge. Chips Ahoy
does the portion con-
trol for her, she said,
so she knows when to
stop.

“They’re pretty
expensive, but they’re
worth it,” she said.
“It’s individually
packed for the amount I need, so I
don’t go overboard.”

But sometimes 100 calories just
isn’t enough.

“Don’t tell anyone,” said Meredith
Berkowicz, 29, a court reporter who
lives in Manhattan and is also a fan of |
the Chips Ahoy mini’ packs, “but
sometimes I have two.”




THE MIAMI HERALD | MiamiHerald.com



TAKING STOCK:
Chad
Scheridan
washes out
empty kegs at
Lakefront
Brewing Co. in
Milwaukee.

PHOTOS BY
MORRY GASH/AP

BREWERIES

3

INTERNATIONAL EDITION MONDAY, JULY 9, 2007 4B



Beer industry cracks down on stolen kegs

BY EMILY FREDRIX
Associated Press

MILWAUKEE — Tap it,
don’t scrap it.

With metal prices rising,
beer makers say they expect
to lose hundreds of thousands
of kegs and millions of dollars
this year as those stainless
steel holders of brew are sto-
len and sold for scrap.

The beer industry is cou-
pling with the scrap metal
recycling industry to let metal
buyers know they can’t
accept kegs unless they’re
sold by the breweries that
own them. They’re also push-
ing for legislation that'would-_
require scrap metal recyclers

yr.

HARD TO TRACK: Russ Klisch, president of

to ask for proof of ownership
from would-be sellers.

The beer industry’s main
trade group, the Beer Insti-
tute, noticed the problem in
the past few years as it saw
more brewers reporting miss-
ing kegs, resulting in an
industrywide loss of up to $50
million a year, said Jeff
Becker, president of the Beer
Institute.

“It really got people’s
attention because that’s a sig-
nificant flow of our kegs that
we'll never see again,” Becker
said. “We know some of it’s
very innocent, but some of it’s
not.”

’ The theft problem is two-

years for brewers to realize a keg has been lost.

RESTAURANTS

Lakefront Brewing Co., said it can take -

fold, he said. Some average
keg-buying customers opt to
forgo their deposits, which
can sometimes range from
$10 to $30, because they can
cover that expense, and then
some, if they sell to scrap
dealers.

He could not say how
much kegs go for, because
prices change locally. But
given metal trading prices in
the past year, a keg could
fetch from $15 to $55 or more
at scrap yards.

While only about 12 per-
cent of the beer in the United
States is sold in kegs each
year, it costs brewers as much
as $150 to replace each keg, so



It costs brewers as much as $150 to replace
each stolen keg, so the thefts have a big

impact.

the thefts have a big impact.
In the past few years, brewer-
ies have collectively lost
about 300,000 kegs a year,
Becker said, out of an esti-
mated 10.7 million in circula-
tion.

The Fourth of July, when
many Americans rent kegs for
their parties, is the nation’s
biggest beer-drinking holiday,
ahead of Memorial Day,
Labor Day and Super Bowl
Sunday, the Beer Institute
reports.

Craft brewers are anxious
to solve the theft problem
because as much as 40 per-
cent of their business is tied
up in keg sales, triple the
industry average, said Ken
Grossman, founder and
owner of Sierra Nevada
Brewing Co.

The thefts couldn’t come
at a worse time because the
craft beer segment has out-
paced growth in the domestic
market, he said.

“If you can’t meet the
need, you’re not going to
grow much anymore,” Gross-
man said.

Milwaukee-based Miller’

Brewing Co. said it has mil-
lions invested in kegs, which
typically last 20 years. Whole-
salers and distributors are
being encouraged to let their
customers know so they will
keep their kegs in more
secure areas, said spokesman

Julian Green. ;

Metal prices are high
around the world now, par-
tially because of increased
demand caused by a spike in
construction in growing
economies, said Chuck Carr,
spokesman for the Institute of
Scrap Recycling Industries, a
trade group whose members
run about 3,000 facilities in
the United States.

The price scrap yards pay :

for stainless steel has steadily
grown for a year, peaking at

‘ about $1.50 to $1.70 a pound

last month, said Marty For-
man, president of Forman
Metal Co. in Milwaukee. But
that has dropped to about 50
to 70 cents a pound recently,
which could provide some
relief to frustrated brewers,
he said.

Most empty barrels weigh
about 30 pounds.

Still, Forman has heard
from upset brewers like Lake-
front Brewing Co., asking
what can be done to prevent
disappearing kegs.

Russ Klisch, president of
the Milwaukee-based craft
brewer, said it sometimes
takes years before brewers
know that a keg has been lost.

“You never really know
who has them or where
they’re going,” he said. “But I
heard a lot of them were end-
ing up at different scrap
yards.”

Darden Restaurants seeks next new dish

BY TRAVIS REED
Associated Press

ORLANDO, Fla. — Pineap-
ple upside down cake is near-
ing perfection. Cooks are sim-
mering citrus-rum scallops
and whipping up a a brown
sugar rib glaze.

The test oven rarely goes
off at Darden Restaurants,
which runs the Olive Garden,
Red Lobster and three other
chains. The company has
1,400 restaurants, making it
the world’s biggest casual
dining operator.

But times are lean-in the
industry, and Darden will
have to grow if it wants to
stay that way. It plans aggres-
sive expansion of its already-
ubiquitous Italian eatery, and
might even buy another res-
taurant chain. The changes
come as Darden tries to move
past its failed Smokey Bones
operation, a more than nine-
year investment in American
barbecue that never caught
on.

In May, the company
closed nearly half its 129
Bones locations and put the
other 73 on,the sales block
because stores weren’t selling
enough. Full-year earnings

dropped about 40 percent last
fiscal year largely because of
charges related to the Smokey
Bones moves.

Wall Street applauded the
decision to drop the chain.
Darden share prices hit an all-
time high of $47.60 in the next
few weeks, although have
fallen to around $45 recently.

Darden has about 1,400
restaurants, with Olive Gar-
den and Red Lobster each
accounting for more than 600.

UPSCALE EXPERIMENT

The company also has
Bahama Breeze, a Caribbean-
themed restaurant and bar,
and Seasons 52 — an upscale
dining experiment close to
maturing past the test phase.
Breezes has 23 restaurants
and Seasons has just seven
locations — two in Atlanta
and the rest in Florida — but
more are planned in 2009.

But Darden’s focus is still
on Olive Garden. This year it
plans 40 new stores, up from
32 last year and 19 the year
before, as it nears a goal of
800 to 900. Olive Garden
began in Orlando’s tourist
corridor in 1982 and has
posted 51 straight quarters of

Darden has about 1,400 restaurants, with
Olive Garden and Red Lobster each
accounting for more than 600.

same-store growth, nearly
unheard of in the industry.

“They’ve put together this
great track record. They’re
really connected with main-
stream America,” said Joe
Buckley, an analyst at Bear
Stearns who follows Darden.

Wall Street has also specu-
lated that Darden’s next
brand could be someone
else’s. Analysts have men-
tioned high-end seafood eat-
ery Bonefish Grill, which
might be available as OSI Res-
taurant Partners, the com-
pany that owns it and Out-
back Steakhouse, goes
private.

Darden chairman and CEO
Clarence Otis would only say
any new chain would have to
be well-established, with a lot
of room for growth.

“We have venture con-
cepts already — we’ve got
Seasons 52 and we have
Bahama Breeze,” Otis said.
“We think that if we’re going
to acquire something, that

next something ought to be
more proven.”

Darden has stayed mostly
steady despite tough times in
dining, with high mortgage
interest rates, skyrocketing
gas prices and even increased
competition from fast-food
restaurants possibly crimping
profits.

For the fiscal year which
ended in June, Darden sales
were up 4 percent to $5.57 bil-
lion.

CONSERVATIVE

“They take things pretty
slow and conservative for the
most part,” said Steve West,
an analyst with AG Edwards.
“They’re not too concerned
about getting a fast growth
model out there. That’s one of
the things I like about them.”

Red Lobster is doing much
better, but hasn’t increased
the number of restaurants.
That will change in the next
few years as the company
ramps up to 10 openings a

year, Otis said.

The chain has also begun
printing separate lunch and
dinner menus to reinforce to
diners the fish is fresh, and
restaurants are due for a
remodeling in the next year
or two.

Red Lobster and Olive
Garden’s customers cut a
broad swath, typically earn-
ing between $45,000 and
$75,000 a year. Those who eat
at Seasons, which has expen-
sive steaks, rare vegetables
and valet parking, typically
top $100,000 a year, Otis said.

Darden’s wide reach
means its stores compete
against themselves, but also
offers a big supply chain
advantage. Red Lobster and
Olive Garden use many of the
same oils and ingredients, and
around a quarter of all entrees
at the Italian chain are sea-
food anyway.

Otis said that wouldn’t
limit Darden’s options as it
searches for a new brand.

“This is a risky business,”
Otis said. “You take some of
that out if you’re looking at
vehicles that are more proven

than others. But we’re com-’'

fortable with taking risk.”



‘explains:





INTERNET

Integrate

a website
into your

marketing
plans

BY JACK HARDY
Special to the Miami Herald

Carly Fiorina, former CEO
of Hewlett-Packard, speaking
about technology, declared:
“Technology will literally
transform every aspect of
business, every aspect of life
and every aspect of society.”

Thomas L. Friedman, in his
book The World is Flat, coun-
sels: “The average Joe has to
become something special,
specialized, synthesizing, or
adaptable Joe.”

Rebecca Jennings, leading
analyst from Forrester
Research,

“Understand-
ing where
online inte-
gration fits in
the media mix |
is a critical
challenge fac-
ing all mar-
keters today.” :

In yesterday’s advertising
world, we identified an effec-
tive media mix by evaluating
the target audience, the cre-
ative message and the client’s
budget.

REACH AND BE REACHED

Today, it’s not just who you
want to reach but how others
can reach you. Online integra-
tion means you must have a
website. That’s where others
reach you.

Here are four important
facts for the Bootstrap Mar-
keter:

e A massive shift in media
use has occurred.

e Seven out of every 10
families have access to the
Internet.

e Online utilization has
risen from nowhere to surpass
radio as the second most used
media channel.

e Website building is no
longer intimidating.

Most likely you think of
website building as intimidat-
ing, if not impossible, for the
average Joe. It’s an expensive,
time-consuming task best out-
sourced to website specialists.

Not any more! Easy-to-use,



‘reasonably priced website

builder platforms provide
powerful yet simple tools for
creating professional business
websites. No need for pro-
gramming skills or additional
software. The most difficult
challenge you’ll encounter is
creating the text and gathering
photos to include in your new
website. Visit these website
builders — Citymax.com or
Camelback.net — for a dem-
onstration.

I set out to see how much
online integration exists. I
chose The Miami Herald’s
Weekend section. Turning to
restaurant advertising, I
checked restaurant space ads
as well as the Dining column
that sorts restaurants by
neighborhood.

The results were difficult to
believe. Only one out of three
restaurant ads displayed a
website address. The ratio was
just about the same for the
neighborhood Dining list.

WINNING WEBSITES

Several restaurants do
reach out effectively to cus-
tomers. Take a minute to visit
Mrchu.net (Hong Kong cui-
sine) and Rodizioplace.com
(Porcao for Brazilian cuisine).
Or travel to the Big Apple’s
44th Street theater district and
connect to world famous Sar-
di’s restaurant at sardis.com —
enjoy the menu!

Then I hunted new restau-
rant promotion ideas. I found
a new integrated promotion
source: Restaurant.com. Res-
taurant owners promote their
business while providing din-
ers with added value in a new
and cost effective way.

All this is just the tip of the
iceberg. I only explored a
handful of a restaurant’s basic
online integration needs and
opportunities. So, if you see
yourself as an “Average Joe,”
open your mind to the power
of all these new technologies.

EDL TELS DDO ST LE RTT I SY E T
THE TRIBUNE

MONDAY, JULY 9, 2007, PAGE 5B





Contractors
hopeful on
industry Bill

t
'@

‘lM By CARA BRENNEN-
. BETHEL

Tribune Businesss
} Reporter

he Bahamian Con-
‘ _ tractors Association
. (BCA) expects to
( meet with the new-

Jy-appointed Attorney Gener-
al, Senator Claire Hepburn,
within the next two weeks to
‘discuss where the much-antic-
ipated Contractors Bill cur-
rently lies in the legislative
process.

Stephen Wrinkle, the BCA’s

president, told Tribune Busi-
ness that the association was
desperately awaiting the Act
iand its accompanying regula-
(tions to be put in place to reg-
ulate then industry.
- Mr Wrinkle explained that
.both Mrs Hepburn and new
‘works minister, Earl Deveaux,
‘had promised to meet with the
‘association.

“They had promised us a

‘meeting, but they both asked if
we could wait until after the
Budget debate, because that
was their main priority since
taking” office, so we expect to
‘meet with the Attorney Gen-
eral i in about 10 days, right
‘after independence,” Mr Wrin-
‘kle said.
. “After we discuss the legis-
lation with her, then we have
been promised a meeting with
Mr Deveaux.”

“Mr Wrinkle said both Mrs

OL yr8ve %&
“s ws r

aI Aa

For the stories

behind the news,
icstle Me (e] 4) 4
on Mondays





Hepburn and Mr Deveaux
have been accommodating,
and he anticipates positive
results from the meeting.

Meanwhile, Mr Wrinkle said
the Bahamian construction
industry had experienced a
slowdown in terms of the num-
ber of major active projects
companies can work on.

With the Atlantis Phase III
expansion having been virtu-
ally completed, Mr Wrinkle
said the construction industry
was now waiting for develop-
ments such as Baha Mar and
Albany to begin in earnest.

The Contractors Bill, which
would require all Bahamian
contractors seeking and con-
tracting for work with the pub-
lic to be licensed, aims to safe-
guard residents from shoddy

workmanship performed by

unqualified, disreputable com-
panies that may be proliferat-
ing as a result of the height-
ened construction demand.
Their activities can give the
reputable construction com-

panies who are in the majority
by far a bad name.

The Bill would also prevent
foreign contractors from sim-
ply walking into the Bahamas
to do jobs that Bahamian con-
tractors can do. The BCA also
wants the Ministry of Works
to publish a list of forthcoming
public contracts, rather than
use a closed, non-transparent
process that resulted in con-
tracts being awarded to
“cronies and generals.

The BCA is also seeking to
partner more effectively with
real estate agents, architects
and engineers, and develop a
more effective way for its
members to learn what con-
struction jobs were coming up,
how they could get involved
and who the contracts were.

Immediate past BCA presi-
dent, Terrance Knowles,
described the fact that the
Contractors Bill had not been
finalised as one of the biggest
disappointments of his two-
year tenure.

LEGAL NOTICE OF DISSOLUTION

INTERNATIONAL BUSINESS
COMPANIES ACT
(No. 45 of 2000)

In Voluntary Liquidation |

Notice is hereby given in accordance with Section 137 of
The International Business Companies Act No. 45 of 2000,
the Dissolution of VICTORIA ASSET MANAGEMENT
LTD. has been completed, a Certificate of Dissolution has
been issued and the Company has therefore been struck off
the Registrar. The date of completion of the dissolution was

the 22°” day of June 2007.

PAUL A. GOMEZ and PATRICK E. SMITH
Joint Liquidators

| BAHAMAS PROPERTY FUND LIMITED

CONSOLIDATED INCOME STATEMENT
FOR THE QUARTER ENDED 31 MARCH, 2007

( UNAUDITED J.














THREE MONTHS THREE MONTHS :
, ENDED ENDED |
31.03.07 31.03.06
INCOME |
RENTAL REVENUES 957 521 1.043.708
OTHER INCOME 7.683 97,274
965 204 1,070,982
OPERATING EXPENSES
BANK INTEREST 255,356 202,158
PREFERENCE SHARE DIVIDENDS : 110,904
OTHER EXPENSES ; 69,040 78,186 |
324 396 391,249 |
FUNDS FROM OPERATIONS (FFO ) 640,808 679.733
GAIN/ (LOSS ) ON REVALUATION E :
AMORTISATION OF EXPENSES ° (17,539) (5,410)
BAD DEBT EXPENSE ‘ :
NET INCOME 623,269 674.324
FFO PER SHARE $0.27 $0.28
EARNINGS PER SHARE




























FLORIDA REAL ESTATE SALES

/ Ever need to buy real estate in Florida or elsewhere in the U.S.

| can help!
| Bahamas born and bred,
7 Florida trained and licensed, | am your down home connection








For all your real estate needs




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CENTURY 21

Elite Properties

6700 Conroy Road, Suite 150
Orlando, Florida 32835
sylvia.paul@century21.com
Business (407) 295-1700 £







Cell (407) 864-3139
Fax (407) 295-4900





| Sylvia Paul
REALTOR®
E Your Satisfaction is My Goal!







The Broadcasting Corporation of The Bahamas is
seeking a suitably qualified company to dismantle and
erect a new 350 foot Transmitting Guyed Tower on its.
proprty located Settler’s Way, Freeport, Grand

Bahama.








Interested parties should contact Mrs. Sharnett
Ferguson, Executive Assistant to The General
Manager at 242-502-3945, between the hours of
9a.m.- 5p.m., Monday to Friday to collect a copy of the
Tender documents, from our headquarters located on
Harcourt (Rusty) Bethel Drive, formerly 3rd Terrace,
Centreville, Nassau.








Bids must be returned in a sealed envelope to
Mrs. Ferguson No Later Than Friday, July 6, 2007.





POSITION VACANCY
QUALITY ASSURANCE SUPERVISOR

Pepsi Cola Bahamas, an affiliate of Pepsi Americas, Inc., is searching
for a qualified individual to supervise its quality assurance department.
Responsibilities include but not limited to identifying, troubleshooting
and correcting issues affecting product quality related to the
manufacture, storage, or distribution of all company manufactured
and purchased products.

Qualified candidates must posses the following:
Education:

* College degree or equivalent experience
Experience:

° Prior leadership, supervisor and coaching experience required.
Experience in a lab or manufacturing quality department.

«

Personal:

* Results oriented

¢ Strong leadership

¢ Team builder / Team player

¢ Ability to coach and develop people
° Excellent interpersonal skills

¢ Process oriented

¢ Problem solver

¢ Ability to multi task

A competitive salary and benefits package will be offered to the
successful candidate. If you are interested in being part of a dynamic,
growing international company, please mail or email resume to:

Human Resources Manager
Pepsi Cola Bahamas Bottling Co., Ltd.
P. O. Box N-3004
Prince Charles Drive
Nassau, Bahamas
Fax: 364-2123
e-mail: human.resources@pepsibahamas.com


PAGE 6B, MONDAY, JULY 9, 2007 THE TRIBUNE

Jia

[DORE ty Sen TE ae ROE iS ee
invites applications for the position of Bre eC Ze S lo Ss1Ing
Cee Senior Internal Auditor

UME connmmuncaeanen | POO Every year West
performing audits on the banking, insurance and securities principles Bay S tree t re-
routing delayed





and practices of the Fidelity Group of Companies.

RESPONSIBILITIES:
* Conducting meetings and interviews with all levels of
management and personnel
Performance of thorough studies of business processes for areas
under audit

oR Fee eater et -

Developing specific audit procedures to accomplish the objectives
of the audit to determine whether assets are adequately safe
guarded and whether policies, plans, and procedures are complied
with and whether management reports are accurate
Performance of specific audit tests and thoroughly documenting
work performed in the audit working papers

Drawing conclusions based on the results of tests performed
Arriving at feasible cost effective solutions to problems
encountered and making specific recommendations

Organizing the audit working papers in a manner conducive to
developing a report on audit results, findings, and
recommendations

Holding preliminary discussions of the audit findings and results
with operating personnel to verify facts and to ensure that every
one has a thorough understanding of the nature, source and
extent of the issue. Also, input and action plans of operating
personnel are obtained

Preparing reports detailing the audit results, findings, and
Leconte Raut

“Scapbooking and keepsake collecting >

pr KESHIA or AJA @ 356-5913

TOE TE

FROM page 1

casino and hotel operating part-
ners, Harrah’s and Starwood
respectively. Those agreements
were supposed to have been
sealed four months ago, in mid-
March, and although neither of
the two companies have walked
away from the deal yet, the risk
increases with every day that
goes by as both have, ‘walk-
away’ clauses.

Without a new agreement,
the West Bay Street road re-
routing will not take place.
There are also several land
deals relating to the new road to
be concluded, and it is thought
that the FNM government is
uncomfortable with the terms
of the original Heads of Agree-
ment, which required the Goy-
ernment to part finance the

SN a LL SF Be) Oe eS

x

> 2 S

a LO ee SD OSE aL

QUALIFICATIONS:

To be successful in this role you will have a Bachelors degree in
accounting or a Bachelors degree in finance or business administra-
tion with advanced knowledge of accounting principles. You will
have at least 2-5 years of auditing experience and have a good
working knowledge of Microsoft Excel and Word. You will also have
strong written skills, the ability to understand and analyze opera-
tional functions, excellent problem solving skills and Bessa inter-
personal and communications skills.

road re-location to the tune of
$45 million, via a joint venture
with Baha Mar.

Prestigious Private Island Resort has immediate positions
available for the follow:

1 Housekeeping Supervisor (a minimum of seven
years experience in supervisory position in major
hotel)

share
your
news

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

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

2 Housekeepers

1 Captain/Maitred’ (Formal/gourmet dining room
experience and table side preparation)



The Senior Internal Auditor is expected to work towards or have a professional designation
such as CPA or CIA and should be willing and able to travel about 10-15% of the year. 1 Seasonal Executive Chef (five to ten years
Caribbean experience and knowledge of

The Senior Internal Auditor reports directly to the Group Internal Auditor. A competitive European/American Cooking) 5

compensation package is offered and will include salary, benefits and bonuses.
2 Cafeteria cooks/attendants (three to five years

Send resumes no later than 20th July 2007 to: experience in a major hotel)

Group Internal Auditor
JHE

51 Frederick Street
P.O. Box N-4853

Nassau
Fax 328.1180

Competitive salary commensurate with experience and
qualifications. Free housing and other benefits available.

Interested pesons should fax resume to 242-347-5004 or
email to tstewart@catcayyachtclub.com

vy
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rE
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ss
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Be
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Sumit Insurance Company Limited
CGacorporated under the laws of the Commonwealth of The Bahamas)

Balance Sheet
As of 31 December 2006
(Amounts expressed in Bahamian dollars)

Citco Fund Services is a division of the Citco Group of Companies eS as
and is the largest independent administrator of Hedge Funds in the
world with offices in The Bahamas, Curacao, Amsterdam, Dublin,
London, Luxembourg, Miami, New York, Toronto, Cayman Islands,
the British Virgin Islands, Bermuda, San Francisco and Sydney.

ASSETS

Cash in hand and at banks
Term deposits

Due from broker

2,118,661
15,338,068

1,826,615

6,770,247

Deferred peer ;

commission expense 3,166,806

Prepayments snd.other assets : 85,933

CARMAGRE Rie oe }

vaileble-for-s: 4,168,913 2,210,174
Loans and receivables 1,120,293 708,400
215,815 220,664

Investment property
Property, plant and equipment 356,302 264,427
—— 20,877,949

12,544,621

As part of our continued expansion, in our office in The Bahamas, we

are looking for a number of motivated and pro-active Total assets 167

LIABILITIES AND EQUITY

LIABILITIES

General insurance finds;

Unearned premium reserve 11,250,434 8,394,524
Uneamed commission income 1,394,776 1,804
Outstanding claims reserve 5,864,649 6,11

18,509,859 16,308,809

3,400,546 3,690,317
343,540 290,08)

22,253,945 ___ 20,289,207

Senior Fund Accountants

Your most important tasks and responsibilities would be:

* preparing periodical financial reporting for the Hedge Funds,
including the determination of the “Net Asset Value”

* maintain contact with Investment Managers, Investors, Banks and
Brokers

* monitoring of irregularities and developments through ad-hoc
reports

° handle payment transactions

° liaise with international clients and other Citco Offices worldwide,
to ensure that client needs are met

Other liabilities:
Due to reinsurers
Accounts payable and accruals

Total Habilitics

EQUITY

Share capital:

Authonzed: 10,000,000 shares of $1 exch

Issued and fully paid: 5,000,000 shares of $1 each 5,000,000
General reserve 9 1,000,000 ‘
Fair value reserve 497,45 196,127
Retained cannings 4 __ 4,193,715

Total equity 12,913,708 10,389,842
Total liabilities and equity - _ 35,167,653 30,679,049

The successful candidate should meet the following criteria:
° a bachelors degree in accounting, finance, economics or a
professional
accounting designation
affinity with investments and figures
a team player, able to cope with individual responsibilities
highly accurate and excellent communication skills
working experience in the financial area or at an accounting firm
is an advantage

SIGNED AS APPROVED ON BEHALF OF THE BOARD OF DIRECTORS:
We offer you: a challenging job in a rapidly expanding international LAS astndiarge Waa
company, with an informal company culture. You will have the

opportunity to broaden your job specific knowledge with excellent

prospects for a further international career in one of our worldwide
offices.

If you are interested in this opportunity, please send your Curriculum
Vitae and covering letter via e-mail to: Citco Fund Services (Bahamas)
Limited at: hrbahamas@citco.com You can find more information
about our organization, on our website: www.citco.com

Full details available at www.summitbahamas.com

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



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THE TRIBUNE

Cabex Internacional, Ltd.

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

Balance Sheet

As of December 31, 2006
(Expressed in United States Dollars)
Assets 2006 2005
Due from banks (Notes 3, 4 and 5)
Non-interest earning deposits $ 1,212,081 $ 959,303
Interest earning deposits 19,801,866 19,685,700
21,013,947 20,645,003

Other assets (Note 5)

GL T82 sige Pa 36,935

Total assets $ 21,075,709 $20,681,938
Liabilities and Equity
* Other bilities sc ipso ag
Equity
Share capital:
TaRb OG) ate u SIO EER T 10,000,000 - 10,000,000
Retained earnings 11,074,459 10,681,938
Total equity 21,074,459 20,681,938
Total liabilities and equity $ 21,075,709 $20,681,938

Signed as approved by the Board on July 3, 2007:

ee

Director




Director

”

Notes to the Balance Sheet

I. Organization and Operations

Cabex Internacional, Ltd. (the Bank) is incorporated under the Companies Act, 1992 of the
Commonwealth of The Bahamas and is licensed under the Banks and Trust Companies
Regulation Act, 2000 to conduct banking operations from and within The Bahamas. The
principal activities of the Bank are commercial banking.. The Bank is a wholly owned
subsidiary of Primer Banco del Istmo, S. A. (the parent company) which is incorporated in
the Republic of Panama and in tum is a wholly owned subsidiary of Grupo Banistmo, S. A.
(the ultimate parent company), also incorporated in Panama. All significant balances with
the ultimate parent company and companies in which the ultimate parent company controls
20% or more of the issued share capital (related parties) are disclosed in these notes to the

balance sheet (see Note 4). In November 2006, HSBC Asia Holdings, B. V. acquired
99.98% of Grupo Banistmo, S. A. :

The registered office of the Bank is located at Caves Professional Centre, Unit 2 & 11,
Southside of West Bay St. and Blake Rd., Nassau, Bahamas.

2. Summary of Significant Accounting Policies

(a) Basis of Preparation ‘

The Bank’s balance sheet has been prepared in accordance with Intemational Financial

Reporting Standards (IFRS). THe balance’ shéét has been prepared tinder the historical"

cost convention.

The preparation of a balance sheet in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its judgment in
the process of applying the Bank’s accounting policies.

Standards, amendments to published standards and interpretations effective
January 1, 2006

The following amendments and interpretations that are not applicable to the Bank are:

IAS 19 Amendment — Actuarial Gains and Losses, Group Plans and Disclosures;

IAS 21 Amendment — Net Investment in a Foreign Operation;

IAS 39 Amendment — The Fair Value Option;

IAS 39 and IFRS 4 Amendment — Financial Guarantee Contracts; and

IAS 39 Amendment — Cash Flow Hedge Accounting of Forecast Intragroup

Transactions;

e IFRS 1 (Amendment), First-time Adoption of Intemational Financial Reporting

. Standards, and IFRS 6 (Amendment), Exploration for and Evaluation of Mineral

Resources;

e IFRS 6 — Exploration for and Evaluation of Mineral Resources; ;

e IFRIC 5 — Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds; and :

e IFRIC 4 — Determining whether an Arrangement contains a Lease.

e IFRIC 6 — Liabilities arising from Participating in a Specific Market — Waste

Electrical and Electronic Equipment.

Interpretations issued but not yet effective

The Bank has chosen not to early adopt the following standard and interpretations that
were issued but not yet effective for accounting periods beginning on J anuary 1, 2006:

e IFRS 7, Financial Instriments: Disclosures, and a complementary amendment to
IAS 1, Presentation of Financial Statements — Capital Disclosures (effective from
January 1, 2007). IFRS 7 introduces new disclosures to improve qualitative and
quantitative information about exposure to risks arising from financial instruments.
It replaces IAS 30, Disclosures in the Financial Statements of Banks and Similar
Financial Institutions, and disclosure requirements in LAS 32, Financial Instruments:
Disclosure and Presentation. ‘

The following interpretations that were issued but not yet effective for accounting
periods beginning on January 1, 2006 and that are not applicable to the Bank are:

e IFRS 8, Operating Segments (effective January 1, 2009).

e IFRIC 7, Applying the Restatement Approach under IAS 29 (effective March 1,
2006);

IFRIC 8, Scope of IFRS 2 (effective May 1, 2006);
IFRIC 9, Reassessment of embedded derivative (effective June 1, 2006);
IFRIC 10, Interim Financial Reporting and Impairment (effective November 1, 2006);

IFRIC 11, IFRS 2 — Group Treasury Share Transactions (effective March 1, 2007);
and

e IFRIC 12, Service Concession Arrangements (effective January 1, 2008).

(b) Cash Equivalents

The Bank considers as cash equivalents, all deposits with original maturity of three
months or less.

(c) Translation of Foreign Currencics

(i) Functional and Presentation Currency
Items included in the balance sheet are measured using the currency of the primary
economic environment in which the Bank operates (“the functional currency”). The

balance sheet is presented in United States dollars, which is the Bank’s functional
and presentation currency.

(ii) Balances %
Monetary assets and liabilities in currencies other than the United States dollar are
translated at rates of exchange prevailing at the year-end.



MONDAY, JULY 9, 2007 PAGE 7B

3. Due from Banks

The following is a summary and maturity analysis of amounts due from banks:
2006 2005

Current accounts:



Non-interest earning deposits $ 1,212,081 $ 959,303
Interest earning deposits 6,532,010 6,420,428
7,744,091 7,379,731

Time deposits
Up to 1 month 13,269,856 13,265,272



$21,013,947 $20,645,003
For the year ended December 31, 2006, the effective interest rate was 3.1% (2005: 3%).

4. Balances with Related Parties

Included in the balance sheet are balances with related parties, which are summarized as

follows:
2006 2005
Assets
Due from banks
Non-interest earning deposits $. 1,212,081 ~$ 959,303
Interest earning deposits 19,801,866 | _ 19,685,700

321,013,947 $20,645,003
5. Use of Financial Instruments
Risk Management of Financial Instruments

Credit Risk

The Bank takes on exposure to credit risk, which is the risk that the counterparty would be
unable to pay amounts in full when due. The financial assets that are potentially exposed to
credit risk are non-interest and interest earning deposits. Since substantially all assets are
due from related parties, the Bank views this risk as low.

The geographical concentrati6n of assets is as follows:

2006 2005
Panama $ 12,820,216 $ 12,451,954
- Caribbean 8.255.493 8,229,984
$21,075,709 $20,681,938
Interest Rate Risk

The Bank’s exposure to interest rate risk is very limited because it does not have any
interest sensitive liabilities.

Liquidity Risk

The Bank does not have any liquidity risk because it has no banking liabilities.

6. Fair Value of Financial Instruments

The estimated fair value of a financial instrument is the current amount that would be

exchanged between willing parties, other than in a forced liquidation, and is determined
using current market prices, if any.

Fair value estimates are made at a specific point in time, based on relevant market
information and information about.the finaricial-instrument. These estimates do not reflect
any premium or discount that could result from offering for sale at one time the Bank's
entire holdings of a particular financial-instrument. These-estimates are subjective in nature
and involve uncertainties and matters of significant judgment and, therefore, cannot be
determined with precision. Changes in assumptions could significantly affect the estimates.
The carrying value of amounts due from banks approximates its fair value due to their
liquidity and short-term maturities.

PRICEWATERHOUSE(COPERS



PricewaterhouseCoopers
Providence House
East Hill Street

’ P.O. Box N-3910
Nassau, Bahamas
Website: www.pwe.com
E-mail: pwcbs@bs.pwe.com
Telephone (242) 302-5300
Facsimile (242) 302-5350

INDEPENDENT AUDITORS’ REPORT
To the Shareholder of Cabex Internacional, Ltd.

We have.audited the accompanying balance sheet of Cabex Internacional, Ltd. (formerly
Pribanco Internacional, Ltd.) as of December 31, 2006 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 this 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 financial statements that are free from material misstatement, whether due to

fraud or error; selecting and applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.

Auditors ’-Responsibility

Our responsibility is to express an opinion on this balance sheet based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those Standards
Tequire 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 audit evidence about the amounts and
disclosures in the financial statements. ‘The procedures selected depend on the auditors’
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditors consider
internal control relevant to the entity’s preparation and fair presentation of the financial
Statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An
audit also includes evaluating the appropriateness of accounting policies used and the

reasonableness of accounting estisnates made by management, as well as evaluating the overall
presentation of the financial statements.

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

Opinion

In our opinion, the accompanying 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.

Emphasis of Matter

Without qualifying our opinion, we emphasise that the accompanying balance sheet does not
comprise a complete set of financial statements in accordance with International Financial
Reporting Standards. Information on results of operations, cash flows and changes in equity is
necessary to obtain a complete understanding of the financial position, performance and changes
in financial position of Cabex Internacional, Ltd.

Chartered Accountants

Nassau, Bahamas
July 3, 2007
PAGE 8B, MONDAY, JULY 9, 2007 THE TRIBUNE
Banco del Istmo (Bahamas) Limited ¢ IFRIC 10, Interim Financial Reporting and Impairment (effective November 1, 2006);

(incorporated under the laws of the Commonwealth of The Bahamas) x sg 11, TERS 2 — Group ‘Treasury Shere Transactions (effective March 1, 2007)

Balance Shee e IFRIC 12, Service Concession Arrangements (effective January 1, 2008).

As of December 31, 2006
(Expressed in United States Dollars)

(b) Cash Equivalents

The Bank considers as cash equivalents, all deposits with original maturities of three







2006 2005 months or less.
Assets j
Due from banks (Notes 3, 5 and 6) (c) Translation of Foreign Currencies
Sere gee © Fac! an Preaon Cree
* BoP SO hOliyet 320,340,153 Items included in the’balance sheet are measured using the currency of the primary
284,895,722 323,557,881 economic environment in which the Bank operates (“the functional currency”). The
Prepaid expenses (Note 6) 35.000 ” 35.057 balance sheet is presented in United States dollars, which is the Bank’s functional
RMP ee Sap ena ee Th and presentation currency.
Total assets £.284,930,722.
$.223,592,038 (ii) Balances
Liabilities and Equity Monetary assets and liabilities in currencies other than the United States dollar are
> translated at rates of exchange prevailing at the year-end. f
Liabilities
Customers’ non-interest bearing deposits (Notes 5
2a $ 1,935,724 $ 1,935,724 ee aes
rust certificates (Notes 4 and 6 . 256,142,473
Other liabilities ne 6) ) 11.065 2g OR ORS The following is a summary and maturity analysis of amounts due from banks:
Total liabilities 258,089,262 299,844,812 pees Pane
Current accounts:
Equi Non-interest earning deposits $ 3,217,728 $ 3,217,728
ee ayn Interest earning deposits 12,760,485 9,761,642
POE Th f 15,978,213 12,979,370
eaten ee ae ea Time deposits up to 3 months 23,854,203 22,620.73
nies eee ares at $1 eac Teleay 4e5 a eaeoe Cash and Cash Equivalents 39,832,416 35,600,109
ings 8414 12,748,126 j
Toul eaiy Be hiieakn Time deposits more than 3 months ~ 245,063,306 287.9
e4 —26,841460 _23.748,126 $.284.895.722 $323,557.81
Total liabilities and equity 4. Trust Certificates
Signed ss approved by the Board on July 3, 2007: Trust certificates are comprised of the following:
; :
2006 2005
pe eOG ae Series 2001, due in 2006 $ - $27,206,128
Director Series 2004, due in 2011 256,142,473 270,702,960
£256,142.473:° $.297,909,088
On December 13, 2004 and September 20, 2001, Primer Banco del Istmo, S. A. (PBI),
arranged through its wholly-owned subsidiary Banco del Istmo (Bahamas) Limited, the
issuance and sale of Trust Certificates by a US based Trust, IBL Credit Card Receivables
Notes to the Balance Sheet Master Trust, with Bankers Trust Company as Trustee. The Certificates represent a
Geena ‘3 fractional undivided interest in certain future US$ denominated Visa and MasterCard
1. eee Receivables (net of certain fees and banks charges) (base receivables) which amounts are
ted : : :
Banco del Istmo (Bahamas) Limited (the Bank) is incorporated under the Companies Act, Soares Seen the/use of Visa: and MasterCard credit cards tn Panama, other.
1992 of the Commonwealth of The Bahamas and is licenced under the Banks and Trust ;
Companies Regulation Act, 2000 to carry on banking and trust business from within The ° : ; : BRE is
Bahamas. The Bank commenced operations on December 21,.1992 and is a wholly owned baa tee eee a ithe Oe St ae a
subsidiary of Primer Banco del Istmo, S. A. (the parent company) which is incorporated in Beneltiokihe et pe Cain Oh the Trust Certificates. ol 5 i and
the Republic of Panama. The ultimate parent company is Grupo Banistmo, S. A., also a Bi dthornerey ate ine en collected: *Nationalantacsees the eared will
incorporated in Panama. All significant balances and transactions with the ultimate parent “an Eioaumtent TiTeanceninenemiitbe re is ae eae at a fixed rate of 6.78%
company and companies in which the ultimate parent company controls 20% or more of the per Rea the ae of Series 2001, and 5.858% per Sate in the case of the Secies aie
issued share capital are disclosed in these financial statements as related parties; see Note 6. Renita : ; *P
In November 2006, HSBC Asia Holdings, B. V. acquired 99.98% of Grupo Banistmo, S. A. :
In June 1998, the Bank entered into various agreements in connection with its participation i" ae Shah patria eam ee an ae ea ee oe Pa
in the securitization of Visa and MasterCard receivables originating in Panama. The Bank’s Bieter thencTistoek Gemtey ting ic tt tth ne a a rate ons 4 Ms es
role is to (i) purchase the future Visa and MasterCard receivable-rights from the Parent r hr rairaant ee bother at ter een -
‘Company and transfer. thern’ to. the Tnist,’ (ii): transfer ‘the actual receivables as they are ens eae ee ne le ceuneates pa eee dips nae oe ae ee coh bed
originated from the Parent Company to thé Trust, (iii) at inception transfer the proceeds = gear art ea ea eee ne TE oe
generated by the issuance and sale of the Trust Certificates (in the form of inter-bank ab {0 petite the applicable series of Trust Certificates) is that of PBI alone, ot ae ee
deposits) to the Parent Company, and (iv) receive the periodic differentials which result obligation on the Bank to make any such payments. However, the Bank’s interest bearing
from the collection of receivables from Visa and MasterCard USA by the Trust and the deposits are available for distribution to PBI in the event they are needed to cure an
segregation of the proceeds needed to service the principal-amortization and interest ANE
payments due on the Certificates. 5. Balances with Related Parties
In performing this role, the Bank covenants to limit its activities to, and not to incur any Balances with related partf€s are summarized as follows:
liabilities other than (i) business activities with, and non-recourse liabilities to, the Parent
Company or its affiliates, and (ii) business activities and liabilities related to the issuance 2006 2005
and sale of the 2001 and 2004 Certificates and any similar, future Parent Company Assets
issuance. Due from banks:
Non-interest earning deposits
The registered office of the Bank is located at Caves Professional Centre, Unit 2 &-11, Interest earning deposits : oGEoe : aes
Southside of West Bay St. and Blake Rd., Nassau, Bahamas. —320,340,153
2. Summary of Significant Accounting Policies Liabilities
Customers’ non-interest bearing deposits $1,935,724 §°] 935,724
(a) Basis of Preparation :
6. Use of Financial Instruments (Continued)

The Bank’s balance sheet is prepared in accordance with International Financial
Reporting Standards (IFRS). The balance sheet is prepared under the historical cost
convention. ;

The preparation of a balance sheet in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its judgment in
the process of applying the Bank’s accounting policies.

Standards, amendments to published standards and interpretations effective
January 1, 2006 ;

The following amendments and interpretations that are not applicable to the Bank are:

IAS 19 Amendment — Actuarial Gains and Losses, Group Plans and Disclosures;

IAS 21 Amendment - Net Investment in a Foreign Operation;

IAS 39 Amendment — The Fair Value Option;

IAS 39 and IFRS 4 Amendment - Financial Guarantee Contracts; and

IAS 39 Amendment —- Cash Flow Hedge Accounting of Forecast Intragroup

Transactions;

e IFRS 1 (Amendment), First-time Adoption of International Financial Reporting
Standards, and IFRS 6 (Amendment), Exploration for and Evaluation of Mineral
Resources; ‘s

e IFRS 6 —Exploration for and Evaluation of Mineral Resources;

e IFRIC 5 —- Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds; and

e IFRIC 4 — Determining whether an Arrangement contains a Lease.

e IFRIC 6 - Liabilities arising from Participating in a Specific Market — Waste
Electrical and Electronic Equipment.

Interpretations issued but not yet effective

The Bank has chosen not to early adopt the following standards and interpretations that
were issued but not yet effective for accounting periods beginning on January 1, 2006:

e IFRS 7, Financial Instruments: Disclosures, and a complementary amendment to

“IAS 1, Presentation of Financial Statements — Capital Disclosures (effective from

January 1, 2007). IFRS 7 introduces new disclosures to improve qualitative and

quantitative information about exposure to risks arising from financial instruments.

It replaces IAS 30, Disclosures in the Financial Statements of Banks and Similar

Financial Institutions, and disclosure requirements in IAS 32, Financial Instruments:
Disclosure and Presentation.

The following interpretations that were issued but not yet effective for accounting
periods beginning on January 1, 2006 and that are not applicable to the Bank are:

2 IFRS 8, Operating Segments (effective January 1, 2009).
e IFRIC 7, Applying the Restatement Approach under IAS 29 (effective March 1,
2006);
e IFRIC 8, Scope of IFRS 2 (effective May 1, 2006);
e IFRIC 9, Reassessment of embedded derivative (effective June 1, 2006);

Risk Management of Financial Instruments (Continued)

. Interest Rate Risk (Continued)

December 31, 2005









1-3 36 6 months Morethan = Non sensitive to
Months Months fo_Lyear Lyear changes in rates Total
Assets
Due from banks $32,382,381 $10,209,185 $21,425,297 $ 255,477,324 $ 4,063,694 $ 323,557,881
Other assets = : ——ii02 ___i$097
Total assets LARAAIL = $10200185 = $.21.425.207 $.255.477324 | $408 75. «=. 371592 938
Liabilities
Customers’ non-interest bearing
deposits $s - $ Trust certificates —10.038.076 __10,209.186 __21.425.297 __255.477.323 ___759.206 __297.909.088
Total liabilities $10.038.07 $10.200186 $.21.425.297 $.255.477323 §___ 2.694930 $.292.844,812
Liquidity Risk

Liquidity risk is the risk that, the Bank will be unable to fulfill all of its obligations. ie
Bank mitigates this risk setting limits on the minimum proportion of funds available in high
liquidity instruments and limits on the minimum level of interbank and other borrowing
facilities that should be in,place to cover withdrawals at unexpected levels of demand.

. The maturities of assets and liabilities, based on the remaining period at balance sheet to the

contractual maturity date, are as follows:

December 31, 2006



























13 346 6 months More than No
Meaths Months fo_Lyear Lysar Maturity Total
Assets :
Due from banks $ 40,497,566 $11,242,215 $ 22,983,208 $210,172,733 $ - $ 284,895,722
Other assets : : ——35.002- ____15.000
Total assets £.40.497.566 > $.11.242.215 S$ 22983208 $210.172.733 35.000 5.284.990.7272
Liabilities
Customers’ non-interest bearing
deposits $ 1,935,724 $ - §$ - $ : $ - $ 1,935,724
‘Trust certificates 11,744,317 11,242,215 22,983,208 210,172,733 - 256,142,473
Other liabilities : : eS eS
Total liabilities SRLRG2L10§ «= $1242.215 9 $22 28L208 = 8.210.172.7233 Ks | 4.258.089.2602
Net liquidity gap W7R25.006490) Ss St iL AOL AO
December 31, 2005
13 36 6 months More than No
Months Months fo_l year Lyear Maturity Total
Assets . .
Due from banks $ 36,446,075 $ 10,209,186 $ 21,425,297 $ 255,477,323 s - $ 323,557,881
Other assets : ; : . 35,057 35.057
Total assets $36.446.075 9 3.10.200.186 S.21425297 £255.472.32) SiedS057 9 SAS
Liabilities
Customers’ noninterest bearing
deposits $ 1,935,724 $ - $ -$ : s - $ 1,935,724
Trust certificates 10,797,282 __10.209,186 __21.425.297 _ 255.477.3223 .._...-- _297,909.088
Total liabilities $12.733.006 $.10.200.186 £.21.425.292 $255477323 Snes 9 AER
Net liquidity gap $23.713.062 Ss Ss Ks KAO «| SHR I26
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THE TRIBUNE

Fair Vale of Financial Instruments

The estimated fair value of a financial instrument is the current amount that would be
exchanged between willing parties, other than in a forced liquidation, and is determined
using current market prices, if any.

Use of Financial Instruments
Risk Management of Financial Instruments

Credit Risk

The Bank takes on exposure to credit risk, which is the risk that counterparty would be
unable to pay amounts in full when due. The financial assets that are potentially exposed to
credit risk are non-interest and interest earning deposits. Since substantially all assets are
due from related parties, the Bank views this risk as low.

The geographical concentration of assets is as follows:

2006 2005

Panama $ 266,171,640
The Caribbean

$ 307,936,865
18,759,082 15,656,073

$_284,930,722 $ 323,592,938

Interest Rate Risk.

The Bank is exposed to various risks associated with the effects of market fluctuations on
interest rates. Exposure to interest rate risk is the risk that arises when there is an
imbalance between rate and non rate-sensitive assets and liabilities. The Bank’s policy is to
maintain the interest rate risk within prescribed limits. The Bank’s policy is monitored on a

daily basis and reviewed by management. Because of the limited nature of its operations,
the Bank views this risk as low.

The Bank manages this risk through policies that control the limits for financial
instruments, including the maximum exposure for loss in their fair value, future gains and
cash flows. These policies take into consideration the maintenance of prudent margins
between the assets and the liabilities. Because of the limited nature of its operations, the
Bank views this risk as low.

Management of interest rate risk for assets and liabilities considers factors, such as
contractual clauses, dates of review of prices, effective rates and maturities for both
financial instruments. Credit agreements set the interest rate for each loan. The policies
related to managing interest rate risk include monitoring by a Special Committee,
designated by the Board of Directors.

The following are the ranggs of effective interest rates earned and paid by the Bank in the
different assets and liabilities categories:

2006 2005
From To From To

Interest earning deposits 1.50% 6.78% 1.50% 6.78%
- Trust certificates 5.86% 6.78% 5.98% 6.78%

Assets and liabilities subject to change in interest rates are detailed as follows:

December 31, 2006

1-3 3-6 6 months More than Non sensitive to
Months Months to _lyear lyear * changes in rates Total

«

Assets
Due from banks $ 36,523,449 $ 11,242,215 $ 22,983,208 $210,172,733 $ 3,974,117 $ 284,895,722
Other assets : : : 2 351000) 35.000

Total assets $46,523,449 $11,242,215 $22,983,208 = $ 210,172,733 $4,009.17 $284,930.72

Liabilities

Customers’ non-interest bearing
ce. deposits y ce eqit) of -noveolda vee. Sataoitiia > j2) +) 1,935,724. $ 1,935,724
“Y-" Trust tertificates eR 11,079,168" °° "11,242,215 22,983,208 210,172,733 665,149 256,142,473
yyiig OlberJiabilities 34 gu Booe > ha suds 11,065 11.065

$ ove Saizizas! s229820" S210 S_zeLge §.25n.on262

"Total liabilities

Fair value estimates are made at a specific: point in time, based on relevant market
information and information about the financial instrument. These estimates do not reflect
any premium or discount that could result from offering for sale at one time the Bank’s
entire holdings of a particular financial instrument. These estimates are subjective in nature
and involve uncertainties and matters of significant judgment and, therefore, cannot be
determined with precision. Changes in assumptions could significantly affect the estimates.

Following is a summary of assumptions used by the Bank in estimating fair value
disclosures for the most significant financial instruments:

MONDAY, JULY 9, 2007, PAGE 9B

Due from Banks

The carrying value of amounts due from banks approximates its fair value due to their
liquidity and short-term maturities.

Trust Certificates

The fair value of trust certificates was calculated upon the appropriate interest rates for

securitizations of similar instruments, and management believes that carrying value
approximates fair value.

Income Taxes

The Bank is not subject to income tax in The Bahamas.

PRICEWATERHOUSE(COPERS



PricewaterhouseCoopers
East Hill Street

P.O. Box N-3910

Website: www.pwe.com
E-mail: pwcbs@bs.pwc.com
Telephone (242) 302-5300
Facsimile (242) 302-5350

INDEPENDENT AUDITORS’ REPORT
To the Shareholder of Banco del Istmo (Bahamas) Limited

We have audited the accompanying balance sheet of Banco del Istmo (Bahamas) Limited as of

December 31, 2006 and a summary of significant eae policies and other explanatory
notes.

Management's Responsibility for the Financial Statements

Management is resp6nsible for the preparation and fair presentation of this 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 financial statements that are free from material misstatement, whether due to

fraud or error; selecting and applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on this 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 audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors’
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditors consider
internal control relevant to the entity’s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the 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 financial statéments.

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 accompanying financial statements present fairly, in all material respects, the
financial position of Banco del Istmo (Bahamas) Limited‘as rf ee dh 2006 i in eae
with International Financial Bene ee Similars OF SBE

Emphasis of Matter i 2

Without qualifying our opinion, we emphasise that the accompanying balance sheet does not
comprise a complete set of financial statements in accordance with International Financial
Reporting Standards. Information on results of operations, cash flows and changes in equity is
necessary to obtain a complete understanding of the financial position, performance and changes
in financial position of Banco del Istmo (Bahamas) Limited.

Para tienai bempart .

Ch artered Account Accountants
Nassau, Bahamas
July 3, 2007

Legal Notice

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Legal Notice

NOTICE

DUILLIER LIMITED

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

ARGOSA CORP. INC.
(Liquidator)

WANTED

Cardiac Cath Lab Technician
and/or

Experienced Registered Nurse

Call:
242-326-2346

Dr. H. Coleman

Bahamas Internventional Cardiology Center

Legal Notice

NOTICE

RADIANT HEART
INVESTMENTS INC.

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

ARGOSA CORP. INC.
(Liquidator)

NOTICE
AUTIGNY VALLEY CORP.

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

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
VOLGA LTD.

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

ARGOSA CORP. INC.
(Liquidator)


CALYON

Df
beac CREDIT AGRICOLE CIB
CREDIT AGRICOLE GROUP

~) CONSOLIDATED BALANCE SHEETS

ASSETS






: ERE

{in main of euros)





Cash, due from central banks and French postal system 7A 6,194 8,721

Financial assets at fair value through profit or loss 7.2 417,852 339,65,

Derivative hedging instruments ; 42-44 3,834 4,947,

Financial assets avaiable for sale 74 173,530 444267

Oue from banks 4.1-4.3-7.5-7.6 292,207

Loans and advances to customers 41-43-75-78 248,145

Valuation adjustement on portfolios of hedged items 42-44 1,621

Held-to-maturity financial assets 76-78 18,007

Current tax assets 607

Deterred tax assets 7.10 1,042

Acctuals, prepayments and sundry assets 7H $5,913

Fixed assets held for sale 7.12 677 ue

Investments in equity affiliates 3.3 17,248 AS 494.

investment property 7.44 2,971 3,278

Property, plant & equipment 7.15 3,931 24

Intangible assets 7.15 811

Goodwill 3.6 16,706

TOTAL ASSETS sis Sera eae Di die Vata ae PsA coh we ee eA ROT ROG wie 14 061 AKS
FINANCIAL STATEMENTS

Congolidated financial statements for the year ended 31 December 2006
CONSOLIDATED BALANCE SHEETS ¢

a ee reel nee eet See Aas tamecrcs epee ates. CACC.




(IO Ol OS ener ntoncrernen fc eave See
Due to central banks and current accounts with French postal system. 7A 89 484
Financial habilities at fair value through profit or loss. 72 207,284 243,432
Derivative hedging instruments 4.4 ge 4284 teat §,607
Due to banks Pee kaOS 77 134,239 114,494
Customer accounts ay . V8 : 41-43-77 950,811. 318,365
Debt securities in issue f ae, ; : 43-79 162,824 98,123
Valuation adjustment on portfolios of hedged items 4A 307 2,569
Current tax liabilities ; 1.49 780
Deferred tax liabilities FAO. i an cenee ties 9,822
Accruals, deferred income and sundry liabilities 7A $4,792 48,838
Liabilities associated with fixed assets held for sale ; 7.12 655
insurance companies’ technical reserves. 137 186,154 162,482
Reserves _ 718 ee 454 4,291
Subordinated debt 43-79 24,a70 21,248
Shareholders’ equity , 7.19 :
Shareholders’ equity, group share en 35,078 30,682
“__ Share capital and reserves _ pata none 17,008 17,520
Consolidated reserves _ ; : 10,569 7,126
Unrealised or deterred gains or losses 2,583 2,145
4,820., 3,891
are: 4,226
AOU ROG 1,069,443.



FINANCIAL STATEMENTS
Bey Lompany flnansial chrternents at G4 Recamber £406 « hi Feameh gaa ~ approved by tne Roar

> DFF-BSLANE SHEET TEMS





OFF-BALANCE SHEETITEMS





4s coon : oe rae Pa A Laake auecagee Ee
Financing commitments given . 3,988 - §,667
Banks and financi tutions : 2.412 9,458
Crsoit Agnoute exifitias 3,572 1.08
Guarantees given 15,123 12,343
Ranks aa: fnanciat institutions 2.432 240
Credit Agricole entising E whglontthtonqo ingot ef tanw: IGeer : 82 a4



faskpitd? Tees lay CLLRMEY i



Financing commitments receiv:
Sanks and financial naitutions
Crédit Agdnole entities

Other

Guarantees received



Zanks and financial mstitutions



Credit Agricole entities

STATUTORY AUDITORS REPORT ON THE
CONSOLIDATED FINANCIAL STATEMENTS

This is @ free transiation into English of the Statutory Auditors’ report issued in the French language and is provided solely for the convenience
of English speaking readers. The Statutory Auditors’ report includes information specifically required by French law in all audit reports, whether
qualified or not, and this is presented below the opinion on the consolidated financial statements. This information includes an explanatory
paragraph discussing the auditors’ assessments of certain significant accounting and auditing matters. These assessments were considered
for the purpose of issuing an audit opinion on the consolidated financial statements taken as a whole and not to provide separate assurance on
individual account captions or on information taken outside of the consolidated financial statements.

This report should be read in conjunction with, and. construed in accordance with, French law and professional auditing standards applicable
In France.

For the year ended 31 December 2006
To the shareholders:

in compliance with the assignment entrusted to us by your Shareholders’ Meeting, we have audited the accompanying consolidated financial
statements of Crédit Agricole S.A. for the year ending 31 December 2006.

The consolidated financial statements have been approved by the Board of Directors. Our role is to express an opinion on these financial
statements based on our audit.

1- Cninion on the consolidated financial stalemments

We have conducted our audit in accordance with professional standards applicable in France. These standards require that we plan and
perform the audit to obtain reasonablé assurance about whether the consolidated financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financlal statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the
financial statements. We believe that our audit provides a reasonable basis. for our opinion.

in our opinion, the consolidated financial statements give a true and fair view of the assets liabilities, financial position and results of the
companies and entities included in the consolidated group in accordance with the IFRS standards as adopted in the European Union.

fi - Justification of our assessments :

In accordance with the requirements of article L. 823-9 of the Code de Commerce (French company law) relating to the Justification of our

assessments, we bring to your attention the following matters:

* as indicated in note 2 to the financial statements, the Group accounts for provisions on impaired loans to cover the risk of non-recoverable loans
inherent to its business activities. We have reviewed the arrangements put in place by management to identify and evaluate these risks and to
determine the amount of impairment provisions It considers necessary, and we have verified that these accounting estimates were based on
documented methods that conform to the principles described in notes 1.1 and 2 to the consolidated financial statements;

* the Group uses internal models to assess the fair value of financial instruments that are not traded on organised exchanges. We have reviewed the
procedures used by management to determine and control these models and the parameters used and whether they reflect the risks associated
with such instruments, and we have verified that these accounting estimates were based on documented methods that conform to the principles
described in notes 1.1 and 2 to the consolidated financial statements;

*as indicated in notes 1.1,2 and 7.1B to thé financial statements, the Group sets aside provisions to cover home ownership savings scheme
imbalance risk. The method for calculating such provisions has been established in accordance with the terms set out in CNC Notice No, 2006-02
of 31 March 2006 on accounting for home ownership savings plans and accounts. We have carried out various tests to verify application of such
calculation methods;

as a customary part of the process of preparing financial statements, the Group’s management has made a number of other accounting estimates
as explained in note 2 to the financial statements, notably on the costs of pension provisions and future employee benefits, permanent decline
in value of non-consolidated participating interests, provisions for operating risks, provisions for legal risks, impairment of goodwill and deferred
taxes, We have reviewed the methods and assumptions used as described in notes 4.1 and 2 to the financial statements, assessed the resulting
valuations and checked that the notes give appropriate information.

We assessed whether these estimates were reasonable.

‘Our assessments were made in the context of our audit of the consolidated financial statements, taken as a whale, and therefore assisted us
in reaching our unqualified opinion as expressed in the first part of this report.

Wi - Specific verification

in accordance with professional standards applicable in France, we have also verified the information given in the Group management report.
We have no comments to report with respect to the fairness of their presentation and consistency with the consolidated financial statements.
Neuilly-sur-Seine, 21 March 2007

The Statutory Auditors

PricewaterhouseCoopers Audit ERNST & YOUNG et Autres

Gérard Haulefeuille Valérie Meeus

Interested parties may obtain a complete copy of the Audited Accounts from:
Credit Agricole Suisse (Bahamas) Ltd.
P.O. Box AP59237
Nassau, Bahamas ‘





PAGE 10B, MONDAY, JULY 9, 2007

THE TRIBUNE



Bahamas First overcomes
S3.3m fire, commissions hit

FROM page 1

mium rates and new business
coming on line as the economy
expanded.

But Mr Ward wrote in his
analysis of the company’s
results: “We experienced a
record number of fire losses that
generated gross losses in excess
of $100,000 which, when aggre-
gated, resulted in incurred loss-
es well in excess of $1 million

- over and above the historically

annual net losses from this class
of business.

“Unfortunately, this factor,
together with the lack of profit
commission from reinsurers,
erased the profit margin from
this line of business in 2006.”

Instead, the “main contribu-
tors” to Bahamas First’s 2006
underwriting profit, were its
motor and liability insurance
businesses, Gross written pre-
mium values increased by 17
per cent for the company’s
motor insurance portfolio, while
the number of policies by vol-
ume rose by 6 per cent.

On the liability side, Bahamas
First saw its gross written pre-
miums rise by 15 per cent, and
despite a “fairly large employ-
er’s claim”, the earned loss ratio
was described by Mr Ward as
“very respectable”.

Yet on the marine insurance
side, Bahamas First said: “This
line of business was plagued by
an alarming number of reported
theft claims.” The marine port-
folio, though, still generated a
“modest” underwriting profit
as hull and cargo premiums
increased over 2005.

Bahamas First’s gross written
premiums increased by 20 per
cent over 2005, growing from
$82.454 million to $98.91 mil-
lion, while net written premi-
ums were up by 13 per cent to
$34.408 million, compared to
$30.482 million the year before.

The rapid growth in Bahamas
First’s gross and net written pre-
miums created a temporary
issue with A. M. Best, the glob-
al insurance credit rating
agency, as this expansion had
outpaced the company’s capi-
tal base, impacting risk-based
capitalisation, «- ««.

-The issue was solved after
Bahamas First Holdings inject-

ed some $10 million in capital
into its general insurance sub-
sidiary, but it is only now in the
annual report that the company
has revealed how this was done.

To meet A. M. Best’s require-
ments and its own, Bahamas
First obtained regulatory
approval and borrowed US$6
million of that $10 million from
Bank of Butterfield. The loan,
which is due for repayment this
year, carries an interest rate of 2
per cent above the US London
Inter-Bank Offering Rate or
LIBOR.

Both Mr Ward and Ian Fair,
Bahamas First’s chairman, said
the Butterfield loan would be
replaced by a “more permanent
capital structure” in 2007. Mr
Fair added: “If we want. to grow
our business, and thereby prof-
itability and overall shareholder
value, we may be faced with
having to consider an increase
in our capital base. This is a key
focus of attention for your
Board in the ensuing year.”

The Butterfield bank loan has
been collateralized by a portion
of Bahamas First’s equities
holdings, namely 711,000 ordi-
nary shares and 4,000 prefer-
ence shares the company holds
in Commonwealth Bank.

To mitigate the increased risk
to Bahamas First’s property
portfolio from the increased fre-
quency and severity of storms,
Mr Ward said the company had
implemented higher catastro-
phe deductibles for clients in
certain areas throughout the
Bahamas that were more prone
to storm surges..

As a result, more than 10 per
cent of Bahamas First’s prop-
erty insurance portfolio had to
pay deductibles of more than
the standard 2 per cent in the
event if a hurricane-related
claim.

Property insurance margins,
Mr Ward added, continued to
be dampened by competition
and the cost/risk associated with
catastrophe protection, with
2006 witnessing premium price
differences between the various
carriers in the Bahamian mar-
ket.

Nevertheless, Bahamas First's ..
net underwriting income rose,
by more than $2 million to ~



Nassau Airport

Revelapment Company

$8.563 million in fiscal 2006,
helping to drive earnings per
share to $0.14 compared to
$0.05 the previous year.

Bahamas First’s return on
equity was 18 per cent, 2.5 times
the return in 2005, while the
company’s solvency ratio
increased from 66 per cent to
68 per cent, and its combined
ratio fell to 98 per cent.

Mr Fair said Bahamas First

would review its dividend poli-
cy in 2007, trying to strike a bal-
ance between the company’s
financial strength and the need
to ensure investors “receive an
appropriate return on your
investment”.
* Hinting at the recent 100 per
cent acquisition of Carib Insur-
ance Agency, Mr Fair said
Bahamas First would continue
to seek out insurance acquisi-
tion opportunities, the company
seeing these targets as deliver-
ing a better rate of return and
cash flows than other invest-
ment options. Its 20 per cent
stake in Star General Agency
(Grand Bahama) generated
some $177,437 in net earnings
during 2006, and overall invest-
ment revenues were up by 43
per cent over 2005.

In a likely reference to the
Carib Insurance Agency deal,
Bahamas First said it had
acquired a 30 per cent stake in
an unidentified agent that wrote
business for it, for $500,000, in
March 2007. Several sources
have suggested that Bahamas
First’s drive to acquire agencies
is because it wants to keep the
agent commissions, usually
about 15-25 per cent, in-house
because in the Bahamian mar-
ket the real profits are at the
front-end — through agents and
brokers, who take on no under-
writing risks. Bahamas First has
been one of the poorer per-
formers in recent years when it
comes to underwriting profits.

During 2007, one of Bahamas
First’s wholly-owned agencies,
Nassau Underwriters Agency
(NUA), acquired a sub-agent’s
portfolio for $100,000, while the
carrier paid the last instalment
of the purchase price for Com-
monwealth General’s insurance

portfolio, taking. this. to $2.387

million.

Lynden Pindling International Airport — Construction
Management Opportunities

Vancouver Airport Services (Bahamas) Limited has been awarded a contract to operate,
manage and develop the Lynden Pindling International Airport, the fourth busiest
airport in the Caribbean, serving over 3 million passengers. The development and
construction of the new passenger terminal and related infrastructure is scheduled to
commence in 2008. YVRAS (Bahamas) is seeking 2 experienced construction
management professionals to participate in this facility expansion program.

The successful candidates will have at least 10 years’ progressively responsible
construction/project management experience with a minimum of 5 years in an international

airport construction environment.

Preference will be given to those with terminal

building, airside and airport systems expertise. Proven leadership skills, the ability to
work effectively with all stakeholders, and excellent oral and written communication
skills are all prerequisites. Candidates must have superior analytical and problem
solving skills, the capability to work in a deadline oriented team environment and
proficiency in project related software.

CONSTRUCTION MANAGER

Reporting to the Project Director, the Construction Manager will be responsible
for the planning, development and execution of all construction deliverables,
as well as leading, coordinating and managing site Project Coordinators. This
position will also have overall responsibility for safety, security and the
delivery of quality control systems in accordance with construction drawings
and specifications. Experience in an operationally constrained construction
environment (such as airports or ports) will be an asset. Experience dealing
with multiple stakeholders is also preferred. The successful candidate will
have a graduate degree in Engineering (preferably Civil) and professional

PROJECT CONTROLLER

Reporting to the Project Director, the Project Controller will have responsibility
for contract management and for leading, coordinating and successfully
managing all project control functions including budgeting, forecasting,
contract change management, trending and cost reporting.

engineer status.

Candidates should have a university degree with relevant cost accounting
expertise including experience as a cost controller for large sized industrial
projects.

We will also be seeking applications for scheduling, project engineer/project
coordinator roles in the foreseeable future.

Qualified and interested candidates should submit their applications (including

covering letter) to:

Manager- People, Nassau Airport Development Company,

P.O. Box AP-59229,
Nassau, Bahamas

Deadline for Applications is July 27", 2007

Only those applicants granted interviews will be contacted.



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PPL oF aig EM EE ORAM i i EID FO a

7
THE TRIBUNE

1.

Banistmo International (Bahamas), Ltd.
(Incorporated under the laws of the Commonwealth of The Bahamas)

Balance Sheet
As of December 31, 2006
(Expressed in United States Dollars)
2006 2005
(Restated)
Assets
Due from banks (Notes 4, 8 and 9)
Non-interest earning deposits _ $ 20,134,924 $ 13,924,638
Interest earning deposits 70,926,649 18,887,538
91,061,573 32,812,176
Securities purchased under resale
agreements (Note 9) - 18,031,281
Investment securities (Notes 5 and 9) 220,770 23,364,464
Loans, net (Notes 6, 8 and 9) 45,167,020 116,141,620
Other assets (Notes 7, 8 and 9) 203,527 6,219,935
Total assets £.136,652,890 £.126,569.476
Liabilities and Equity
Liabilities
Due to bank - demand $ 577,939 -
Customers’ non-interest bearing deposits (Notes 8 and 9) 57,384,433 $ 45,007,312
Customers’ interest bearing deposits (Notes 6, 8 and 9) 57,993,019 37,695,275
Loan payable (Notes 8 and 9) - 71,089,623
Other liabilities (Note 9) 263,370 101,351
Total liabilities 116,218,761 153,893,561
Equity
Share capital
Authorized - 20,000,000 shares of par value $1 each
Issued, outstanding and fully paid - 11,000,000 shares
of par value $1 each 11,000,000 11,000,000
Capital reserve 9,008,585 3,878,585
Retained earnings 425,544 27,797,330
Total equity 20,434,129 42,675,915
Total liabilities and equity £.136,652,890 $.196,569.476

Signed as approved by the Board on July 3, 2007: .

pole viene

Director

Direct
Notes to the Balance Sheet

General Information

Banistmo International (Bahamas), Ltd. (the Bank) was incarporated in the Commonwealth of
The Bahamas on March 28, 1989 and is licenced under the Banks and Trust Companies
Regulation Act, 2000 to carry on banking and trust business from and within The Bahamas. The
principal activities of the Bank are commercial and retail banking. The Bank is a wholly-owned
subsidiary of Primer Banco del Istmo, S. A. (the parent company) which is incorporated in the
Republic of Panama and in tur is a wholly-owned subsidiary of Grupo Banistmo, S. A. (the
ultimate parent company), also incorporated in Panama. Grupo Banistmo, S. A. and its
subsidiaries are referred to collectively as the Group. All significant balances and transactions
with the ultimate parent company and companies in which the ultimate parent company controls
20% or more of the issued share capital are disclosed in the balance sheet as related parties. In
November 2006, the HSBC Asia Holdings, B. V. acquired 99.98% of Grupo Banistmo, S. A.

The registered office of the Bank is located at Caves Professional Centre Unit 2 & 11, Southside ng

of West Bay Street and Blake Road, Nassau, Bahamas.

Summary of Significant Accounting Policies

SfELs

(a) Basis of Preparation

‘ The Bank’s balance sheet is prepared in accordance with International Financial Reporting

Standards (IFRS). The balance sheet has been prepared under the historical cost convention,
as modified by the revaluation of available-for-sale financial assets.

The preparation of a balance sheet in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgment in the process of
applying the Bank’s accounting policies. The areas involving a higher degree of judgment or
complexity, or areas where assumptions and estimates are significant to the balance sheet are
disclosed in Note 11.

Standards, amendments to published standards and interpretations effectivé January 1,
2006

The following amendments and interpretations that are not applicable to the Bank are:

IAS 19 Amendment — Actuarial Gains and Losses, Group Plans and Disclosures;

IAS 21 Amendment - Net Investment in a Foreign Operation;

IAS 39 Amendment — The Fair Value Option;

IAS 39 and IFRS 4 Amendment — Financial Guarantee Contracts; and.

IAS 39 Amendment — Cash Flow Hedge Accounting of Forecast Intragroup Transactions;
IFRS 1 (Amendment), First-time Adoption of International Financial Reporting Standards,
and IFRS 6 (Amendment), Exploration for and Evaluation of Mineral Resources;

IFRS 6 — Exploration for and Evaluation of Mineral Resources;

IFRIC 4 — Determining whether an Arrangement contains a Lease;

IFRIC 5 — Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds; and

e IFRIC 6 — Liabilities arising from Participating in a Specific Market — Waste, Electrical
and Electronic Equipment.

Standards and interpretations issued but not yet effective

The Bank has chosen not to early adopt the following standards and interpretations that were
issued but not yet effective for accounting periods beginning on January 1, 2006:

e IFRS 7, Financial Instruments: Disclosures, and a complementary amendment to IAS 1,
Presentation of Financial Statements — Capital Disclosures (effective from January 1,
2007). IFRS 7 introduces new disclosures to improve qualitative and quantitative
information about exposure to risks arising from financial instruments. It replaces IAS
30, Disclosures in the Financial Statements of Banks and Similar Financial Institutions,
and disclosure requirements in IAS 32, Financial Instruments: Disclosure and

- Presentation.

The following standards and interpretations that were issued but not yet effective tor
accounting periods beginning on January 1, 2006 and that are not applicable to the Bank are:

The financial assets are classified in the following categories:

IFRS 8, Operating Segments (effective January 1, 2009).

IFRIC 7, Applying the Restatement Approach under IAS 29 (effective March 1, 2006);
IFRIC 8, Scope of IFRS 2 (effective May 1, 2006);

IFRIC 9, Reassessment of embedded derivative (effective June 1,'2006);

IFRIC 10, Interim Financial Reporting and Impairment (effective November 1, 2006);
IFRIC 11, IFRS 2 — Group Treasury Share Transactions (effective March 1, 2007); and
IFRIC 12, Service Concession Arrangements (effective January 1, 2008).

(b) Financial Assets

loans, available-for-sale

investments and held-to-maturity investments. Management determines the classification of
its investments at initial recognition.

Loans
Loans are non derivative eaaieal assets with fixed or determinable payments that are not

quoted in an active market. They arise when the Bank provides money, goods or services
directly to a debtor with no intention of trading the receivable.

MONDAY, JULY 9, 2007, PAGE 11B

Held-to-maturity

Held to maturity investments are non-derivative financial assets with fixed or determinable
payments and fjxed maturities that the Bank’s management has the positive intention and
ability to hold to maturity. If the Bank were to sell other than insignificant amount of held to
maturity assets, the entire category would be reclassified as available for sale.

Available-for-sale

Available for sale investments are those intended to be held for an indefinite period of time,

which may be sold in response to needs for liquidity or changes in interest rates, exchange
rates or equity prices.

Purchases and sales of held to maturity and available for sale investment securities are
recognized at the trade date, which is the date the Bank commits to purchase or sell the asset.
Loans are recognized when cash is advanced to the borrowers.

Available for sale financial assets are subsequently carried at fair value. Loans are carried at
amortized cost using the effective interest method. Gains and losses arising from changes in
the fair value of available for sale financial assets are recognized directly in equity, until the
financial asset is derecognized or impaired at which time the cumulative gain or loss
previously recognized in equity is recognized in the income statement. However, interest
calculated using the effective interest method is recognized in the income statement.
Dividends on available for sale equity instruments are recognized in the income statement
when the entity’s right to receive payment is established.

The fair values of quoted investments in active markets are based on current bid prices. If the
market for an available-for-sale financial asset is not active (and for unlisted securities),
management establishes fair value by using valuation techniques, that include the use of
recent arm’s length transactions, discounted cash flow analysis and other valuation
techniques commonly used by market participants. Equity securities for which fair values
cannot be measured reliably are recognized at cost less impairment.

(c) Securities Purchased under Resale Agreements

Securities purchased under agreements to resell (reverse repo) are recorded as a separate asset

account. The difference between the sale and repurchase price is treated as interest and
accrued over the life of the agreements using the effective interest method.

(d) Impairment of Financial Assets

Assets Carried at Amortized Cost

At each balance sheet date, the Bank assesses whether there is objective evidence that a
financial asset or group of financial assets carried at amortized cost is impaired. A financial
asset or a group of financial assets is impaired and impairment losses are incurred if, and only
if, there is objective evidence of impairment as a result of one or more events that occurred
after the initial recognition of the asset (a “loss event”) and that loss event (or events) has an
impact on the estimated future cash flows of the financial asset or group of financial assets
that can be reliably estimated. Objective evidence that a financial asset or group of assets is

impaired includes observable data that comes to the attention of the Bank about the following
loss events:

significant financial difficulty of the issuer or obligor;
a breach of contract, such as a default or delinquency in interest or principal payments;
granting to the borrower, for economic or legal reasons relating to the borrower’s
financial difficulty, a concession that the lender would not otherwise consider;

e it becoming probable that the borrower will enter bankruptcy or other financial

_ Teorganization;

e the disappearance of an active market for that financial asset because of financial
difficulties; or

e observable data indicating that there is a measurable decrease in the estimated future cash
flows from a group of financial assets since the initial recognition of those assets,

although the decrease cannot yet be identified with the individual financial assets in the
Bank.

The Bank assesses whether objective evidence of impairment exists individually for financial
assets that are individually significant, and collectively for financial assets that are not
individually significant. If it determines that no objective evidence of impairment exists for
an individually assessed financial asset, whether significant or not, it includes the asset in a
group of financial assets with similar credit risk characteristics and collectively assesses them
for impairment. Assets that are individually assessed for impairment and for which an

impairment loss is or continues to be recognized are not included in a collective assessment
of impairment.

When a loan is uncollectible, it is written off against the related provision for loan
impairment. Such loans are written-off when all ‘the necessary procedures have been
completed and the amount of the loss has been determined. Subsequent recoveries on loans
previously written-off are credited to the income statement.

Assets Carried at Fair Value

At each balance sheet date, the Bank assesses whether there is objective evidence that an
available for sale financial asset or a group of available for sale financial assets is impaired.
In the case of equity investments classified as available for sale, a significant or prolonged
decline in the fair value of the security below its cost is considered in determining whether
the assets are impaired. If any such evidence exists for available for sale financial assets, the
cumulative loss measured as the difference between the acquisition cost and the current fair
value, less any impairment loss on that financial asset previously recognized in profit or loss
is removed from equity and recognized in the income statement. Impairment losses
recognized in the income statement on equity instruments are not reversedsthrough the
income statement. If, in a subsequent period, the fair value of a debt instrument classified as
available for sale increases and the increase can be objectively related to an event occurring
after the impairment loss was recognized in. the income statement, the impairment loss is
reversed through the income statement.

(e) Translation of Foreign Currencies

Functional and Presentation Currency

Items included in the balance sheet are measured using the currency of the primary economic

environment in which the Bank operates (‘‘the functional currency”). The balance sheet is
. presented in United States dollars, which is the Bank’s functional and presentation currency.

Balances :
Monetary assets and liabilities in currencies other than the United States dollar are translated at
rates of exchange prevailing at the year-end. Foreign exchange gains and losses resulting from

the translation at year-end rates of monetary assets and liabilities denominated in foreign
currencies are recognized. in the income statement.

Prior Period Adjustments

Subsequent to the change of ownership of Grupo Banistmo, S. A. in November 2006, management
has undertaken a review of the Group’s key accounting policies and estimates. As a result, a
number of changes have been made in accounting estimates to align the Group, including Banistmo
International (Bahamas), Ltd., with the standards and practices adopted worldwide by HSBC. In
addition, in some cases misstatements in previous periods’ balance sheets were identified and have
been rectified as prior period adjustments.

Prior Period Errors Recorded in 2006

The following is a description of prior period errors which have had a significant impact on the
balance sheet of the Bank in 2006:

a) Commercial Loans and Advances to Customers

Effective in November 2006, management undertook an analysis of the commercial loan portfolio
applying standards for accessing impairment in accordance with global HSBC Credit and Risk
Management Policies and identified a number of credits as impaired that previously had not been
classified as impaired. However, in cases where there was insufficient documentation available to
evidence the circumstances that existed at the time of preparing the balance sheet in previous
periods, the impairment losses on these loans have been included in the current year. As a result,
specific allowances for commercial loan impairments were increased by $12,558,000 with the
corresponding charge to the income statement'(See Note 6).

b) Investments
Effective in November 2006 management conducted a review of the valuation of investments
applying a discounted cash flow methodology to determine values for investments which are
unlisted or which do not have a readily determinable market price. As a.result, a number of
investments were noted as impaired and a corresponding valuation adjustment and losses of
$3,567,239 were recognized in the year. However, in cases where there was insufficient
documentation available to evidence the circumstances that existed at the time of preparing the

balance sheet in previous periods, the impairment losses on these investments have been
included in the current year. (See Note 5).
PAGE 12B, MONDAY, JULY 9, 2007

Prior Period Errors Recorded in 2005 and Previous Years
In accordance with IAS 8, management has corrected various accounting errors relating to

2606

THE TRIBUNE

2005

o











: ; : Assets
previous accounting periods as follows: Duncebanke $ 72,234,171 $ 16,704,142
Adjustments to Loans ; 78,008 20
2005 Earnings 2005 Opening Other assets 115,837 2,478,798
Adjustments Retained Total
Prior Period Adjustments (S) Earnings (S$) (S) $72,350,008 $47,281,066
a) Commercial Loan Impairment Allowances je
: ; : Liabilities
An analysis of the commercial loan portfolio revealed an ; ;
impaired loan that based on the evidence of deterioration Customers’ deposits $ 30,852,177 $ 31,875,576
available in previous accounting periods should have Loan payable aA = __71,089,623
been recognized as an impairment allowance in those
periods. (See Note 6). 2,922,595 5,384,133 8,306,728 $30,852,177 $.102,965,199
b) Exchange of Non Monetary « Assets for Structured 9, Use of Financial Instruments
Derivatives
In December 2005 various subsidiaries of Primer Banco
del Istmo, S. A. exchanged a series of non monetary A. Risk Management of Financial Instruments
assets for structured securities (Credit Linked Notes)
which in fact are derivatives. These notes were Credit Risk ’
accounted for in the held to maturity portfolio, but should
have been classified as trading in accordance with the byte ale | i f ;
requirements“iof TAS'39) In’ addition, ‘these notes Were Pe pas takes on exposure to credit risk, which is the risk that the counterparty will be
Eeoadt aly destcttece vatpever’ $17°734. 162, rather than unable to pay amounts in full when due. The financial assets that are potentially exposed to
"their market value of $4,723,739. The resulting loss is credit risk are interest earnings deposits and loans. The interest earning deposits are mainly
shown as a trading loss in 2005 as management has not placed with related entities and prestigious financial institutions. Exposure to credit risk is
been Bik 2 ae precisely when the impairment Vaiersn gas managed through regular analysis of the ability of borrowers and potential borrowers to meet
occurred. (See : 13,010,423 —_— interest and capital repayment obligations and by changing these lending limits where
5.933.018 5.384133 2131715) appropriate. Exposure to credit risk is also managed in part by obtaining collaterals.
4. Due from Banks Shia i
Credit risk exposures relating to on balance sheet exposures are as follows:
The following is a summary and maturity analysis of amounts due from banks:
2006 2005
Zac a pus Ss bank $ 91,061,573 $ 32,812,176
ec’
Current accounts: ae pe eee under resale agreements a 18,031,281
Non-interest eaming deposits $ 20,134,924 $ 13,924,638 his 220770 ae Ons
Time deposits up to 3 months —— 57,000,000 Overdrafts
Cash and cash equivalents 87,134,924 28,924,638 Gana is ae ee
? * 4 A » > ? >
Time deposits more than 3 months 3,926,649 3,887,538 Other assets — Accounts receivable 203,527 6.219.935
q
B21.,061,573 $32,812,176 Total $.136,652,890 $ 196,569,476 3
5 I a J i
nvestment Securities The following table analyses the Bank’s credit exposure at their carrying amounts by 4
\ . . we a
Beret he @hrcitian toragat Cie or oe geographical region, based on the domicile of the counterparty. ‘
December 31, 2006 ;
2006 2005 Cente 1 &
(Restated) or oe
Securities at fair value through profit or loss Amerie 4 ere ‘
Listed securities $ = § 4723,739 ane amen i
- ee Panama Caribbean and Other Total 4
Z
Seeuvitler avaltable-farenks aa ms Pees $ Soh $ 4,019,204 $ 18,510,812 $ 91,061,573 ¢
: ae 771 - 2 220,770 4
Unlisted securities 220,770 1,200,000 Loans: '
| Overdrafts 920,579 - E 920,579 4
Securities held-to-maturity Commercial 18,585,293 20,168,630 5,492,518 + 44,246,441 ‘
Listed eonautite . ¢ 14,316,043 Other assets -accounts receivable Es 6:'S05 eee ___ 203,527 {
Unlisted securities pee RS ce PS 124 O82 Total $88,275,004 §_24.187.834 $24,190,052 _$136.652,290
: 17,440,725 December 31, 2005
Total investment securities $ 220,770 $ 23,364,464 Central 4
America North ;
The movement in investment securities is summarized as follows: and America 4
Panama Caribbean and Other Total {
Scout wise ci tal?) Secaring |. Reeatie Total Det Bo pees Estes $ 12,904,142 $ 3,837,080 $ 16,070,954 $ 32,812,176 {
value through Available- Held-to- investment resale agreements 18,031,281 - ,- 18,031,281 ;
profit or loss for-sale maturity securities Investment securities 6,893,435 12,593,138 3,877,891 23,364,464 4
. Loans: B
Balance as of January 1, 2005 $ - $ 25,938,874 $ 17,071,411 $ 43,010,285 Overdrafts . 2,621,596 1,019,270 - 3,640,866 4
Radiicneee hs ding adjustment x Cnet ae: 57,980,895 47,394,315 7,125,544 112,500,754 ‘
(Note 3) 4,723,739 ix) 482,665 5,206,404 va er assets -accounts receivable moni507-260 —— BEES i
Redemptions - (25,070,000) (113,351) (25,183,351) Hist noon pga oT tenamsiage 10} sous 9 jen teen bavivome je barns nod
Changes in fair value, net __,, 5 & Saint * 331.126 oli avwuli Gesa grits 3 3 £63.351,063 Ty Out S-GLOT4 82 Txcs 26,309,476 ¢

Use of Financial Instruments (Continued)

$4,723,739 $1,200,000 $17,440,725 $23,364,464 ff * | 4
A. Risk Management of Financial Instruments (Continued)

Balance as of December 31, 2005

Balance as of January 1, 2006:

As previously reported $ - § 1,200,000 $ 35,174,887 $ 36,374,887 } I Rate Risk ‘

Prior period adjustmients (Note3) 4,723,739 - _(17,734,162) _ (13,010,423) piel caere
The Bank takes on exposure to the effects of fluctuations in the prevailing levels of market i

Mine alee reece raaiee te interest rates on its financial position and cash flows. The Bank takes on exposure to interest

Redemptions and sales (4,723,739) (1 33 66.05 4) (5,51 3,759) (25,603 552) rate risk as a result of not controlling the margins that should exist among its assets, liabilities

Reclassification of investments - 14,386,824 (14,386,824) : Te On ON ee RE ea a :

Impairment loss ene rm The Bank manages this risk through policies controlling the limits for financial instruments,

Hulsties ss ar Daenhe 31° 2006 including the maximum exposure for loss in their fair value, future gains and cash flows.

be bk Bs he These policies take into consideration maintaining prudent margins between the assets and

the liabilities. Because of the limited nature of its operations, the Bank views this risk as

Included in securities held-to-maturity as of December 31, 2005 is accrued interest receivable of low.
$744,397.
Management of interest rate risk for assets and liabilities considers factors, such as
contractual clauses, dates of review of prices, effective rates and maturities for both financial
6. Loans instruments. Credit agreements set the interest rate for each loan. The policies related to

managing interest rate risk are monitored by a Special Committee, designated by the Board of

Loans are summarized as follows: Directors.

2005
(Restated)

2006
The following are the ranges of effective interest rates collected and paid by the Bank in the
different assets and liabilities categories:
$ 126,949,327

Foreign commercial loans and overdrafts $ 67,541,864

Less: Allowance for impairment 22,374,844 10,807,707 2006 2005
From To From To
$45,167,020 $116,141,620
3 Interest earning deposits 1.50% 6.28% 1.50% 5.02%
The movements in allowance for impairment during the year are as follows: Tnvcsimentheaninites ‘ - 425% 10.00%
Loans. 4.00% 13.00% 2.97% 13.00%
2006 200 ‘ Customers’ interest bearing deposits 2.00% 12.00% 2.00% 12.00%
(Restated) Loan payable § - 424% 4.62%
Balance as of January 1
As previously reported $ 2,500,979 $ 3,269,581 Assets and liabilities subject to change in interest rates are detailed as follows:
Prior period adjustments (Note 3) ___ 8,306,728 5,384,133
As restated 10,807,707 8,653,714 2006
Allowance for loan impairment (Note 3) 13,261,000 3,839,392 aial mace Catan Mark han Taakue
Loans written off as uncollectible 1,693,863). 1,685,399) ee ——Month______Month ___Tolyear_____iyear ______Free _Total__
rec
Due from banks $ 90,934,923 $ - § - § - $ 126,650 $ 91,061,573
Balance as of December 31 $22,374,844 $10,807,707 Inceuraerk eeutities 2 4 220,770 % i 220,770
_ Loans, net 7,268,301 5,347,760 6,878,341 23,520,141 2,152,477 45,167,020
As of December 31, 2005, the loans to related parties of $28,098,126 are guaranteed by Other assets a Nonlin Woe weal ees : f
customers’ deposits $45,109,113. ” $.28,203.224 § 5.347.760 $7,090.11] $23,520.14. $2.482.654 $136,652.80
. : i Liabiliti
Past due loans amounting to $139,425 (2005: $484,253) are fully collateralized. Dus to Mee sanerigis ‘ < K WWE S735
_ Customers’ deposits 101,438,408 2,255,959 2,866,110 8,354,047 462,928 115,377,452
7. Other Assets Other liabilities one eae Sa GS a a aa Ne OO > "263370
$102.016,347 §2.255.952 S$ 2866110 § 8.354.047 $§ 726.298 $116,218.76) -
Other assets are as follows:
2005 (Restated)
2006 2005
1-3 3-6 6 month More than Interest
Accounts receivable $ 30,694 $6,052,922 ose 538 $ 32,812,176
it f 131,415 Due from banks $ 32,724,638 $ - § ak ==) $14, 87, 812,
Furniture and equipment, net 137,833 i sca eines nett ae
Prepaid expenses ___35,000 —_-——eeee resale agreements 4,111 - 8,515,496 9,214,465 297,209 18,031,281
Inyestment securities 2,287,712 1,200,000 - 17,932,355 1,944,397 -23,364,464
$ 203,527 § 6,219,935 ‘ Loans, net 33,589,252 8,996,803 31,580,534 39,423,343 2,551,688 116,141,620
Other assets ee cee ee ee ee ee eel
8. Balances with Related Parties £.68,605.713 $10,196,803 §40,096.030 §.66.570.163 §11.100.767 $_196.569.476
b : ; P rey aay Liabiliti
Related parties comprise the ultimate parent company, its significant shareholders, entities over energt deposits $ 68,551,945 $ 1,142,969 $ 4,524,701 $ 8,081,525 $ 401,447 $ 82,702,587
which it exercises significant influence, the directors and key management personnel of the Loan payable 70,500,000 : : - $89,623 71,089,623
Bank. As of December 31, 2006 the Bank had the following significant balances with related Other liabilities 2) Yyraord haat te ery Serene = 101,351
eee ; $120,051.04) $1142962 $4524.70, S$ BORLS2S S105242) §.151.893.561
THE TRIBUNE

9. Use of Financial Instruments (Continued)
A. Risk Management of Financial Instruments (Continued)
Interest Rate Risk (Continued)

Liquidity Risk

Liquidity risk is the risk that the Bank will be unable to fulfill all of its obligations. The

Bank mitigates this risk by setting limits on the minimum proportion of funds available in

high liquidity instruments and limits on inter-bank and other borrowing facilities.

The maturities of assets and liabilities, based on the remaining period at the balance sheet to

the contractual maturity date, are the following:

2006
0-3 3-6 6 month ’ More than No
—Month____Month ___Tolyear __.__iyear__ Maturity _Total__
Assets
Due from banks $91,061,573 ~$ - § - S$ ~reS - $91,061,573
Investment securities - - 220,770 - - 220,770
Loans, net 7,508,680 6,517,388 6,958,627 24,182,325 - 45,167,020
Other assets 17,500 - — 151722
$28,525,808 S$ 6526.138 S$ L1068972 $.24182325 S$ 151722 £136.652,890

Liabilities :
Due to’ bank $ 577,939 §$ - $ - $ - $ - $ 577,939
Customers’ deposits 191,789,965 2,293,673 2,902,320 8,391,494 - 115,377,452
Other liabilities 5,000 pera op SAN ZS B 370 iy hw Oe Sis od Hy NT at

Net liquidity gap

($.3.772.096) $4.232465 $.4.036.207 $15,700,831

2005 (Restated)
0-3 3-6 6 month More than No .
——Month ____Month ____Tolyear____Jvear___ Maturity _ Tota] __

L1L222 .£.20,434.129

Assets

Due from banks

Securities purchased under
resale agreements 4,262 -

Investment securities

Loans, net

Other assets

$ 28,924,638 $ aS - $ 3,887,538 §$ - $32,812,176
8,607,839 9,419,180 ees
3,863,965 : . 18,300,499
34,367,089 9,988,339 31,639,085 40,147,107 :
——__436.725 136418 W256 _ 3.178930 _ 2.467.606

a

18,031,281
23,364,464
116,141,620

Liabilities

Customers’ deposits
Loan payable
Other liabilities

Net liquidity gap

9.

11.

$ 68,677,809 $ 1,147,290 $ 4,534,407 $ 8,343,081 $ - $ 82,702,587
71,089,623 - - - 71,089,623
8132.852.238 S$ LI63835 §.4.534407 $834,081 f= $193,803.56)

($72,255,552) §_8.960.022 $35.712773 $.66500173 $.3.667608 $.42,675.915

Use of Financial Instruments (Continued)

R. Fair Value of Financial Instruments

The fair value of a financial instrument is the current amount that would be exchanged
between willing parties, other than in a forced liquidation. Fair value is best determined
using current market prices, if any.

Fair value estimates are made at a specific point in time, based on relevant market
information and information about the financial instrument. These estimates do not reflect
any premium or discount that could result from offering for sale at one time the Bank’s entire
holdings of a particular financial instrument. These estimates are subjective in nature and
involve uncertainties and matters of significant judgment and, therefore, cannot be
determined with precision. Changes in assumptions could significantly affect the estimates.

The following assumptions were used by the Bank in estimating fair value disclosures for the
most important financial instruments:

Due from banks

The carrying amount of due from banks approximates their fair values due to their liquidity
and short-term maturities.

Loans bah ie CeO S 1) HOSE ithe

Loans are carried at amortized cost net of an allowance for impairment. The estimated fair
value of loans represents the discounted amount of estimated future cash flows expected to
be received. The loan portfolio is comprised substantially of short and medium term loans

and the effective interest rate approximates market rates, thus its carrying amount
approximates its fair value.

Investment securities

The fair value of the investment securities is based on market prices or quoted market prices
for similar securities based on expected cash flows on such investments or recent buying
offers, as disclosed in Note 2.

Deposits and financing received :
The estimated fair value of deposits received with no stated maturity, such as current and

savings accounts is the amount repayable on demand, which is equivalent to the carrying
amount. ,

The fair value of customers’ time deposits and financing received approximate their carrying
amounts, since they have short term maturities.

Income Taxes

The Bank is not subject to income tax in The Bahamas.

Critical Accounting Estimates and Judgments in Applying Accounting Policies

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

NOTICE

NOTICE

MONDAY, JULY 9,.2007, PAGE 13B

(a) Impairment losses on loans

The Bank reviews its loan portfolio to assess impairment at least on a quarterly basis. In
determining whether an impairment loss should be recorded in the statement of income, the
Bank makes judgments as to whether there is any observable data indicating that there is a
measurable decrease in the estimated future cash flows from a portfolio of loans before the
decrease can be identified with an individual loan in that portfolio. This evidence may include
observable data indicating that there has been an adverse change in the payment status of
borrowers in a group, or national or local economic conditions that correlate with defaults on
assets in the Bank. Management uses estimates based on historical loss experience for assets
with credit risk characteristics and objective evidence of impairment similar to those in the
portfolio when scheduling its future cash flows. The methodology and assumptions used for
estimating both the amount and timing of future cash flows are reviewed regularly to reduce
any differences between loss estimates and actual loss experience.

b) Impairment of available for-sale equity investments
The Bank determines that available-for-sale equity investments are impaired when there has

been a significant or prolonged decline in the fair value below its cost. This determination of

what is significant or prolonged requires judgment. In making this judgment, the Bank
evaluates among other factors, the normal volatility in share price. In addition, impairment
may be appropriate when there is evidence of deterioration in the financial health of the

investee, industry and sector performance, changes in technology, and operational and
financing cash flows.

PRICEWATERHOUSE(COPERS



PricewaterhouseCoopers

Providence House

East Hill Street

P.O. Box N-3910
Nassau, Bahamas
Website: www.pwc.com

INDEPENDENT AUDITORS’ REPORT

To the Shareholder of Banistmo International (Bahamas), Ltd.
Facsimile (242) 302-5350

We have audited the accompanying balance sheet of Banistmo International (Bahamas), Ltd. as of

December 31, 2006 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 this 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 financial statements
that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our tesponsibility is to express an opinion on this 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 audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditors’ judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditors consider internal control relevant to the entity’s/
Preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the 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 financial statements.

We believe that the audit evidence we have obtained is sufficient and

leve thi appropriate to provide a basis for
our audit opinion.

Opinion

In our opinion, the accompanying balance sheet-presents fairly, in all material respects, the fina >al
position of Banistmo International (Bahamas), Ltd. as of December 31, 2006 in accordance wth
International Financial Reporting Standards.

Emphasis of Matter

Without qualifying our opinion, we emphasise that the accompanying balance sheet does not comprise a
complete set of financial statements in accordance with International Financial Reporting Standards.

‘Information on results of operations, cash flows and changes in equity is necessary to obtain a complete

understanding of the financial position, performance and changes in financial position of Banistmo
International (Bahamas), Ltd.

We draw attention to Note 1 which discloses that on November 23, 2006 HSBC Asia Holdings BV
acquired 99.98% of the issued and outstahding shares of Grupo Banistmo, S.A. (holding company of
Primer Banco del Istmo, S.A. and subsidiaries) and to Note 3 which describes the effect of the change of
ownership. Our opinion is not qualified in respect of this matter. .

Prremttelreulenpr =

Chartered Accountants
Nassau, Bahamas
July 3, 2007

NOTICE

E-mail: pwcbs@bs.pwc.com
Telephone (242) 302-5300



NOTICE is hereby given that ELISABEL RODRIGUEZ
OLIVO (MISSICK) of 115 WINDSOR ON THE MALL, EIGHT
MILE ROCK, GRAND BAHAMA, BAHAMAS is applying to
the Minister responsible for Nationality and Citizenship, for
registrationmaturalization 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
2ND day of July, 2007 to the Minister responsible for Nationality

and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

Legal Notice

NOTICE

OUTBOUND ENGINES INC.

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

ARGOSA CORP. INC.
(Liquidator)



NOTICE is hereby given that WINNIFRED RUTH JOHNSON
of NICHOLLS TOWN, GENERAL DELIVERY, ABACO,
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 2ND day
of JULY, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

Legal Notice

NOTICE

DUSKY BLOOMS INC.

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

ARGOSA CORP. INC.
(Liquidator)



NOTICE is hereby given that JOHN WIBERG OF 4 BAY
SHORE CLOSE, WEST BAY, P.O. BOX CB-11000, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as a
citizen of The Bahames, and that any person who knows any
reason why registt‘\vn/ naturalization should not be granted,
should send a w.uen and signed statement of the facts within
twenty-eight days from the 2ND day of JULY, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.

Legal Notice

NOTICE

ARUMANJA LTD.

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

~ ARGOSA CORP. INC.
(Liquidator)


PAGE 14B, MONDAY, JULY 9, 2007

THE TRIBUNE



FROM page 1

lion refurbishment programme,
after taking control of the
British Colonial Development
Company from its Canadian
pension fund partner.
However, despite having
received government approval
in principle for his project,
IGY’s chairman and chief exec-
utive, Andrew Farkas, said it
had run into trouble and was
effectively “in limbo” after
Adurion allegedly tried to alter
the terms of the original deal.
Mr Farkas did not return The
Tribune’s call seeking comment,
but earlier this year told. this
newspaper: “Right now, it’s in
limbo because Adurion and the
pension fund who own the
property, and have a joint ven-
ture deal with IGY, decided
they wanted to change the

COMMONWEALTH OF THE BAHAMAS

IN THE SUPREME COURT

dealin

“The Government had
approved everything, and our
deal with the pension fund was
fine. Everything was in great
shape, but then three weeks lat-
er the pension fund decided to
take on a new partner....”

Hinting that IGY would look
at alternative sites for its mari-
na, and was not prepared to
give the project more time, he
added back then: ““We’re very
committed to the Bahamas and
have been for a long time. We
are participating in a whole
bunch of different things going
on down there. If the worst
comes to the worst, and we end
up in conflict with Adurion, we
might have to look elsewhere.”

Yet the original joint venture
contract, and the one IGY was

2001
No. 1076

hoping Adurion would stick
with, has officially been termi-
nated by the Swiss/UK invest-
ment house, sources familiar
with the situation told The Tri-
bune. It is unclear now whether
the gap between the two par-
ties can be bridged, especially
given that the new governmen-
t’s position is uncertain,
although contacts close to Prime
Minister Hubert Ingraham’s
administration said the Goy-
ernment wanted the project to
go forward as it would play a
key role in reviving the mori-
bund downtown Bay Street dis-
trict.

That is similar to the Christie
administration’s attitude, which
was that although it wanted the
IGY project to happen, it would

‘not interfere in commercial

negotiations between two pri-
vate companies, as is the case
with Adurion.

Sources familiar with the sit-

current impasse should not be
laid at either party’s door. There
was a suggestion that Adurion
became concerned when IGY
left it late to supply it with
financial projections and details
on a project that would be hap-
pening next door to its latest
multi-million dollar investment,
as it needed to know what
potential impact there might be.

In addition, Adurion was also
said to have been uncomfort-
able with the price IGY was
paying under the original con-
tract to acquire the land it need-
ed from the British Colonial

Development Company, and.

wanted to increase it —- some-
thing Mr Farkas had previously
confirmed. Adurion is also said
to have wanted to play 2 more
active role in the marina pro-
ject, participating as a co-
investor in the project.

It is understood that the for-
mer Government was.also con-

ject design might limit Bahami-
an access to the beach at the
Western Esplanade.

An economic impact study
predicted that the IGY project
would generate “very substan-
tial employment”, creating 700
direct full-time jobs and anoth-
er 400 indirect permanent jobs
for Bahamians. The indirect
jobs will be created at suppli-
ers of goods and services to the
development, and through ser-
vices. provided to yachts.

The study also forecast that
the IGY development would
create 200-250 full-time jobs
during construction, and have
a total economic impact of
$222.8 million over a 20-year
period.

IGY’s arororeat marina on
West Bay Street would have 72
slips, catering chiefly to the larg-
er yachts and vessels, those of
between 100-150 feet to 200 feet
and longer.



a boutique hotel of about 150-
200 rooms, several restaurants,
retail and a parking structure
for over 300 cars.

The project would also be a
key component to the Govern-
ment’s project to revitalize
downtown Bay Street and
waterfront Nassau. IGY spe-
cialises in reintegrating water-
fronts back into their commu-
nities and tourist industries, hav-
ing done this with its newly-
opened flagship development,
the $150 million Yacht Haven
Grande on St Thomas in the
US Virgin Islands. Its target
market is five-star marina devel-
opments on a global scale.

The West Bay Street marina
is the first one that IGY will be
developing, owning and build-
ing from scratch in the
Bahamas, and is also involved in
a potential deal with Kerzner
International to redevelop Hur-
ricane Hole marina on Paradise

uation said the blame for the cerned that IGY’s initial pro- The development will feature Island. *

MI D WAY ae ST

“Where Our Quality & Experience Shine!”
Specializing in: ©

Roofing, Home Maintenance, Painting & Varnishing,
Pressure & Mildew Cleaning, Roof Painting, Water
Proofing, Plumbing, Window Cleaning, Drywall

* Installation, Replace Rotten Woodwork, righ
Laminate Floor, Tiling, Repair
Cracks to Concrete Walls
LEROY TUCKER - Proprietor
Tel: 242-325-5633, 242-425-8580 ¢ P.O. Box SP -60315

Equity Side

IN THE MATTER OF M.J. SELECT GLOBAL, LTD.

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
Common Law & Equity Division

2006
CLE/qui/1039

AND






IN THE MATTER OF SECTION 92 OF THE
INTERNATIONAL BUSINESS COMPANIES ACT, 2000

NOTICE

TAKE NOTICE that the Official Liquidator of
M.J. Select Global Ltd., in compulsory liquidation,
intends to make a distribution to all
Shareholders/Creditors of the Company in the
aggregate amount of $4,800,504 million dollars
(namely, “18.1¢ in the dollar”). All persons having
a claim in the liquidation of the Company are
required to submit a proof of their claim to the
Official Liquidator on or before the 23rd day of
July 2007. Any person failing to submit a proof
of their claim within the aforesaid time shall be
excluded from this dividend.



IN THE MATTER of the Petition of ETHLYN ADDERLEY
AND
IN THE MATTER of the QUIETING of TITLES ACT of 1959
AND

IN T HE MATTER of ALL THAT piece, parcel or lot of land
containing 5,090 square feet of land being known as Lot Number
Twenty-Four (24) in Block Number Thirty-nine (39), Englerston
Subdivision situate in the Southern District of the Island of New
Providence one of the Islands of the Commonwealth of The Bahamas
as shown on the Nassau Master Plan of the said Subdivision which
Plan is filed in the Department of Lands and Surveys in the City of
Nassau in the Island of New Providence and demarked by Auxiliary
Plan and marked “E.A.” filed herein and shown coloured PINK
thereon.










Employment
Opportunity

Administrative Assistant/ Book Keeper

Small Business out West looking for a Successful
Candidate to meet
the following requirements:
Computer literate on Word, Excel, Outlook and
Quick books
Good Organizational Skills
Experienced with accounting and bookkeeping.
Self motivated and able to work without supervision.
Good Communication Skills, Verbal and written
Own transportations is a plus.

ORDER

DATED the 18th day of June, A.D., 2007
BEFORE The Honourable Justice Mrs. Cheryl Albury, Justice
of the Supreme Court of the Commonwealth The Bahamas.
AND UPON the Application of the Petitioner by Summons for
Directions filed on the 10th day of October A.D., 2006
UPON HEARING Richard Peter Snopes Esq. of Counsel for
the Petitioner herein.

IT IS HEREBY ORDERED:-

1. That notice in the usual form be advertised at Ten (10) day
intervals on Three (3) consecutive occasions at least one week apart
in the Nassau Guardian and Tribune intimating that copies of the
Plan filed herein may be inspected at the Registry of the Supreme
Court; New Providence and at the Chambers of the Petitioner’s
Attorney in the City of Nassau.

2. That the notice of Adverse Claims be filed by the 30th day
of after the last day on which the advertisement appears in the Papers.

FURTHER TAKE NOTICE that a proof of claim
must be in the form of an Affidavit and verified
pursuant to Rule 52 of the Winding Up Rules.
The form of Affidavit can be obtained from the
Official Liquidator by writing to him at
PricewaterhouseCoopers, Providence House,
P.O. Box N-3910, Nassau, Bahamas or by email
‘wayne.j.aranha@bs.pwc.com’.

FURTHER TAKE NOTICE that persons who
have completed a proof of claim form in response
to the Official Liquidator’s letter of the 3rd
December 2003 shall not be required to submit
a proof of claim to be verified by Affidavit.
Persons that wish to confirm that they have
submitted a proof of claim do so by addressing
such request to the Official Liquidator.

3. That a copy of the said notice be served upon:
(a) The Department of Lands & Surveys ;
(b) The Ministry of Works (Chairman of the Board of Works)
(c) The adjoining owners/occupiers and occupants of the
land, if any;
(d) The Treasurer
(e) The Attorney-General

4. That a sworn list persons served be filed.

Great Compensation package plus benefits:

Send Resume by July 31* to
Apply to: DA 798
c/o The Tribue
P.O. Box N-3207
Nassau, Bahamas

5. That a copy of the said notice and plan be affixed and ata
conspicuous position on the land the subject of the Petition, for
Thirty (30) days prior to the date on which the period for filing
adverse claims expires.

Dated this 21st day of June, A.D., 2007.

ALEXIOU, KNOWLES & CO.
Chambers
St. Andrew’s Court, Frederick Street Steps

Nassau, Bahamas
Attoriioye for the Official Liquidator of M.J. Select Global, Ltd.

6. Dispense with Statement of facts.
7. That further proceedings in the Summons be adjoined sine
die; with liberty to restore and apply.

BY ORDER OF THE COURT
REGISTRAR



VP & MANAGER - BUISNESS DEVELOPMENT

CHNS LOGY

Monday, July 9, 2007
for our
Annual Fun Day

Wednesday 11th, 2007
9:00a.m. - 5:00

The Winterbotham Trust Company Limited, incorporating
The Winterbotham Merchant Bank, (“Winterbotham”) is
a bank and trust company, broker/dealer and mutual fund
administrator, registered in The Bahamas. The Company
is dedicated to providing tailor made financial, fiduciary
and administrative services to corporate and institutional
customers and their shareholders worldwide.

IN THE ESTATE OF KENNETH
DELANO DUWAINE JONES late of
Infant View Road, Western District,
New Providence, Bahamas, deseased.
Winterbotham is seeking a professional to assume
responsibility, reporting directly to the Chairman, for

business development in Central America and the North
and West Coasts of South America.

NOTICE is hereby given that all
persons having any claim or
demand against the above _ Estate
are required to send the same duly
certified in writing to the Undersigned
on or before the 19th day of July,
2007, after which date the Executors
will proceed to distribute the assets
having regard only to the claims of

which he shall then have had notice.

The candidate should be young, energetic, self motivated
and be well educated, and preferably hold a degree in
finance, economics or business administration. Relevant
post graduate studies and/or professional qualifications
will also be beneficial. It is vital that the candidate have
hands-on business development experience in several
Latin American markets in the financial services sector,
gained while residing in one or more markets over a
period of at least 2/3 years, and be able to demonstrate.
that he/she has successfully generated revenue-producing
business. Clearly, complete business and social fluency
in Spanish is an absolute pre-requisite. Fluency in
Portuguese will also be an advantage.

AND NOTICE is hereby also given that
all persons indebted to the said Estate are
requested to make full settlement on or
before the date hereinbefore mentioned.

Winterbotham is passing through an exciting period of
evolution as it adapts to developments in the international
financial services industry, and the opportunity offers
tremendous scope to an innovative and entrepreneurial
self starter who is willing to travel up to 50% of the time
in Latin America.

HIGGS & JOHNSON
Attorneys for the Executors
Chambers

P.O. BOX N-3247

Ocean Centre

Montagu Foreshore,

East Bay Street

Nassau, Bahamas

We offer excellent compensation, including financial
incentives tied directly to performance and a group health
scheme.

Candidates should send a detailed CV together with
a covering letter describing why you think you are
qualified for the job, directly to: The Chairman,

The Winterbotham Trust Company Limited,
P.O. Box N-3026, Nassau or by email to
chairman@vip-wtb.com. All interviews will be held in
Spanish & English.


THE TRIBUNE

MONDAY, JULY 9, 2007, PAGE 15B



Pa ea ee SOS EE ee rr
Tourism ‘seizing best land’,

argue 2/3 of Bahamians

FROM page 1

Save Guana Cay Reef Associa-
tion’s fight against the Baker’s
Bay Golf & Ocean Club may
have amplified Bahamian con-
cerns and raised awareness, but
there is little doubt that both
investors and the Government
will have to become more sen-
sitive to the electorate’s per-
ceptions, perceived or reality.

The survey found that 85 per
cent of New Providence resi-
dents felt service standards in
the Bahamian tourism industry
needed to be improved, this
result having stayed broadly
consistent since 2002, while
another 82 per cent agreed that
“Bahamians do not give other
Bahamians good service or val-
ue for money”.

A further 72 per cent of New

Providence residents agreed

with the statement that “the
quality of the tourism product
needs great improvement”,
while many also expressed con-
cerns about salary levels in the
industry. Some 46 per cent of
New Providence residents felt
“tourism salaries are not on a
par with similar positions in the
private sector”.

Low salaries were the third-
placed factor behind why the
22 per cent of respondents said
they would not work in the
tourism industry. Perceived low
salaries was also the second-
ranked reason for why Bahami-
ans felt tourism industry jobs
were not the first choice for
high school and college gradu-
eeates:

All these findings are proba-
bly why the Ministry of
Tourism/Counsellors report rec-
ommended that “an increase in
tourism pay scales is also need-
ed to attract bright Bahamians”,
even though this will add to the
high cost burden faced by
Bahamian hotels and other
tourism operators, which has
shrunk their margins and made
it difficult for them to make a
profit.

Bahamians themselves are
alive to the high operating cost
environment in which they and
the tourism industry have to

* tion,
- English/French.

operate, with 75 per cent of
New Providence respondents to
the Ministry of Tourism survey
agreeing that “costs such as
wages, electricity and telephone
are higher in the Bahamas than
most parts of the region, includ-
ing the US and Canada”.

Yet only 20 per cent of New
Providence respondents felt that
the automatic 15 per cent gra-
tuity imposed on visiting tourists
should be eliminated.

To attract the best and bright-
est Bahamians to work in the
tourism sector, some 40 per cent
of New Providence respondents
to the survey said the best way
to do so would be through train-
ing and education in schools
and colleges, with 21 per cent
instead suggesting that the
tourism industry should offer
higher salaries.

The report recommended:
“An increase in training and
education in schools, specifical-
ly high schools, is important in
increasing awareness among
youth with regards to the types
of jobs and number of attrac-
tive positions available in the
tourism sector........

‘A mandatory training in ser-
vice and hospitality schedule for
all tourism workers is sorely
needed...

“While the Bahamas has an
extensive media campaign,

' there are still untapped media

resources in which ads can be
targeted to Bahamians to pro-
mote the tourism job market.”

Yet some 72 per cent of New
Providence survey respondents
“felt that the Bahamas govern-
ment is not doing sufficient to
train Bahamians for positions
in the tourism industry now pre-
dominantly held by expatri-
ates”.

A further 58 per cent
believed the tourism industry
did not use enough Bahamian
food, music and other products
and services in its offering but,
encouragingly, a huge majority
of respondents felt all Bahami-
ans should speak two languages
— 87 per cent were in favour of
an English/Spanish combina-
ANG. 79 Peleacent

‘The ‘survey found that
Bahamians with high levels of

education were less likely to
respond positively to issues such
as whether tourists are satisfied
with their experience in the
Bahamas and whether they
receive true value for money.
The same pattern was shown
by respondents with relatively
higher income levels, with those
earning $50,000 or more seem-
ing “more likely to agree that
tourism jobs are at the bottom
of the ladder, and that the 15

SHOPS & OFFICES

(Next to Wendy's on Bernard Rd.)

° Ample Parking

per cent gratuity should be elim-
inated”.

The Ministry of Tourism sur-
vey also recommended: “Poten-
tial visitors, be they foreign or
Bahamian, to the family Islands
are still an untapped market.
While the increase in anchor
projects may have increased vis-
itors and jobs, their unspoiled
beauty can be even more pro-
moted in the fairly new eco-
tourism market.”

Bernard Road Complex

Bernard Road

www.bahamasrealty.bs
www.cbrichardellis.com De

® Information: Call 396-0000

BIS

Pricing Information As Of:

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

5S2wk-Hi 52wk-Low

Bahamas Supermarkets
Caribbean Crossings (Pref)

RND Héjgings

ABDAB

Bahamas Supermarkets

RND Hold

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

Prime Income Fund

Fideli

1.345841"
3.2018***
2.681688"*
1.244286****
11.5519"

EMPLOYMENT OPPORTUNITY
Computer Company Seeks Person to fill the
position of Receptionist/Sales Clerk.

Applicants should possess the following:-
¢ Good Organization Skills
¢ Be Computer Literate
¢ Be Punctual

Previous experience in computer equipment sales
industry a plus.

Interested applicants should send resumes and

other information to nassautechjob@ yahoo.com



re ori
Bernard Road Shop & Of

BAHAMAS REALTY trp
COMMERCIAL

In association with: ¥

CBRE _ |

CB RICHARD ELLIS
NAVIGATING A NEW WORLD

nuOb) 2) © ha

> ~/iLast Price~ ~ Weekly Vol.

KINGSWAY ACADEMY
Vacancies for Teachers for September 2007

S52wk-Hi - Highest closing price in last 52 weeks

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

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

Dally Vol. - Number of total shares traded today

Bid $ - Buying price of Colina and Fidelity

Ask $ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week

EPS $ - Acompany's reported earnings per share for the last 12 mths
NAV - Net Asset Value

*- 29 June 2007
** - 30 April 2007

*** - 31 May 2007

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

N/M - Not Meaningful

FINDEX< - The Fidelity Bahamas Stock Index. January 1, 1994 = 100 **** ~ 30 April 2007

Kingsway Academy, an Interdenominational,
Evangelical, Co-Educational Christian Day School,
invites applicants from qualified and experienced
candidates for teaching positions at the Elementary and
High School levels (grades 7 through 12).

ELEMENTARY:

Trained Physical Education Teacher for grades K-4
through grade 6

HIGH SCHOOL

High School applicants should possess a Teachers
Certificate, at least a Bachelor’s Degree in the particular
subject area would be an asset.

May 2007



; Join Cititrust
(Bahamas) Limited,
one of the most
established trust
organizations in the
world.

LEGAL OFFICER

ROLE RESPONSIBILITIES

Reporting to our global Chief Trust Officer, the position is
responsible for providing legal support to our Risk, Product
Development and business development teams. Key
responsibilities include managing the legal review process for
product documentation, managing the legal opinions process for
critical global projects, and liaising with product partners on the
resolution of legal matters related to the management of specially
customized product offerings. Additional responsibilities include
providing legal assistance to the Product Development and Risk
Assessment teams, partnering with the legal division to monitor
and facilitate the resolution of outstanding litigation matters, and,
researching complex risk-related issues in order to provide
supplemental analyses for decision-making/informational
purposes.

KNOWLEDGE/ SKILLS REQUIRED

The ideal candidate will possess LLB or JD qualifications and a
minimum of 7+ years of related experience in a legal or accounting
firm. STEP qualifications are an asset. A strong knowledge of
Trust and Fiduciary products and services together with an ability
to understand legal and tax planning concepts are required,
Additionally, excellent research and analytical skills, superior
communication skills, and sound judgment/decision-making skills
are also necessary. i

* Biology/General Science

* English Language/Spanish

¢ English Language/Literature

* Mathematics/Physics

¢ Business Studies (Office Procedures, Economics,
Accounts)

° Food & Nutrition and Clothing

¢ Information Technology

We invite outstanding
individuals, wanting to build a
career in trust and estate
management services, to be part
of our dynamic global team. You
will interact with colleagues from
around the world and across the
organization, providing
specialized services to our high
net worth clients and their

families.

The successful candidates should have the following:

* An Academic Degree in the area of specialization
* A Teaching Certificate

° Excellent Communication Skills

* A love for children and learning

* High standards of morality

¢ Be a born again Christian

Letters of application together with a recent color
photograpgh and detailed Curriculum Vita (including
the names and addresses of at least three references,
one being the name of one’s church minister) should be
forwarded to:

Interested Bahamian candidates
should forward a copy of their
resume by July 13, 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

Ms. Kelcine Hamilton
Academy Affairs Manager
Kingsway Academy Business Office
Bernard Road
Nassau, Bahamas

Salaries would be commensurate with qualifications and
experience.

Challenge
yourself to a career like no other |

Deadline for applications is Monday July 16, 2007.


PAGE 16B, MONDAY, JULY 9, 2007 THE TRIBUNE



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| \Misitt your meanest Sexotictarnik drei tedlay andl start sawing tho wotient)
Contest ends August 31, 2007.

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* Trademarks of The Bank of Nova Scotia. Trademarks used under authonzaton and control of The Bank of Nova Scotia. Conditions apply. Full contest rules and regulations are available in the branch. Please ask for a brochure.

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BANKING IS OUR BUSINESS,
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At RBC rti thi
RBC Royal Bank of one Scere ace at
our community involvement

Canada supports program. Here in The Bahamas,
we've chosen to support
the jeff Rodgers initiatives like the Jeff Rodgers
Basketball Camp because we
Basketball Cam p believe that athletic training is
critical to helping young people
realize their full potential. +

Pictured Left to Right are:-
Robert Pantry RBC Leadership Trainee
presenting a donation to Jeff Rodgers

This is. the Sth year that RBC has ' ‘
along with camp participants.

sponsored the camp.

Photo by Vincent Vaughan

About RBC Royal Bank of Canada:

RBC Royal Bank of Canada Bahamas and Caribbean has a long-standing presence in the
Bahamas, with operations first established on November 2, 1908. Today, it boasts a retail
network of 43 branches throughout New Providence and the Family Islands, 4 Commercial
Banking business centre’s, and 74 automated banking machines in 8 Caribbean countries,
employing 1,400 persons, serving 205,000 customers.

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