Citation
The Tribune.

Material Information

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

Subjects

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

Notes

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

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University of Florida
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University of Florida
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i'm lovin’ it.

92F
80F

The Tribune

| HIGH
| LOW

Che Hiami Hera

BAHAMAS EDITION

SUNNY,
“=~ PART CLOUDY

Volume: 103 No.190



Government to
review 10 NIB |

property deals

Minister says board ‘grossly overstaffed'



estat if Wh

WEDNESDAY, JULY 11, 2007



i
Tat










PRICE — 75¢







17-year-olds in
custody after
shooting death

@ By PAUL TURNQUEST
Tribune Staff Reporter

THE senseless killing of 18-
year-old Mardio Hall has left a
family in mourning, and a com-
munity crying out for the gov-
’ ernment to reconsider its posi-

tion on capital punishment.

Two juveniles, both 17 years
old are in police custody in con-
nection with the matter.

This slaying brings the total
for the year to 43.

According to reports, Mar-
dio had been involved in an
argument with one of the young
men a week earlier. The fight, it
was claimed, was over a young
girl with whom Mardio was
then dating, and who had once
dated the other youth.

On Sunday, Mardio was
called by some friends to meet
them at the racing tracks at the
Queen Elizabeth Sports Cen-
tre sometime around 7pm.

Shortly after his arrival, the 17
year old with whom he had had
the earlier argument, and a male
cousin of the girl he was then
dating, approached him and
another scuffle followed. It was
shortly afterwards that it is

“alleged that one of the youth
opened fire with either a 9mm
or a 0.38 hand gun, hitting Mar-
dio in the upper right side of his
chest, with the bullet exiting
‘through the upper left chest area.

Mardio died instantly at the
scene.

Following the shooting, eye-

witnesses report that the young

men got into their car and fired
a number of shots into the air.
Persons nearby, who were not
involved in the incident, also
produced whatever weapons
they were carrying and mimic-
ked the assailants’ behaviour.

Mardio, the youngest son of
Ruth Newry, who died two
years ago after battling gancer
for five years, had just gradu-
ated from CV Bethel and was
looking forward to continuing
his studies at the College of the
Bahamas. He was registered to
start studying for a Bachelors
degree in Computer Engineer-
ing in September.

His older brother, Mario
Newry, recalled his last memo-
ries of his brother, going over
his resumé, and his new role in
a job he had got at the Ministry
of Works.

“I would like to add that I
think those young persons who
would read about this or hear
about this, use this lesson to
teach them the value of life, and
the sanctity of life. And to allow
Mardio’s life to be a beacon of
hope for them on their journey
to adulthood,” he said.

“Don’t let Mardio’s life just
go for going sake. Take some-

~ thing from it.”

There were 74 murders in
2000. As Police Commissioner
Paul Farqharson commented
earlier this year they were most-
ly drug related. In 2001 the fig-
ure dropped to 43. In 2002 the

SEE page 10

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34 years of Independence celebrated



@ BAHAMIAN officials including Governor General Arthur Hanna, Prime Minister Hubert
Ingraham and Deputy Prime Minister Brent Symonette, along with a huge crowd, take in the 34th
Annual Independence Celebrations at Clifford Park on Monday night. e SEE PAGE EIGHT

(Photo Tim Clarke/Tribune staff)



New industrial agreement to be signed
between union and Morton Salt

AFTER two years of pro-
longed negotiations a new
industrial agreement was final-
ly agreed yesterday evening
between Morton Bahamas and
the Bahamas Industrial, Man-
ufacturers and Allied Workers
Union. :

The agreement to be official-
ly signed on Wednesday will
govern relations between the
company and the union for five
years effective 2005 through
2009. :
The new agreement will
secure more than 17 per cent in
wage increases over the five-

year period. Union employees
also received a one-time sign-
ing bonus of $400 but rejected
the company’s proposal of tem-
porary three-day work week as
a solution to prevent layoffs that
will begin on Monday, July 16,
and affect approximately 70 per
cent of the work force.

“We are pleased to have
finally reached a new agree-
ment with the union. This
means, we can spend less time
in negotiations and now focus
on other aspects of business,”
said Glenn Bannister, Managing
Director, Morton Bahamas.

However, Mr Bannister said
he was disappointed by the
union’s decision to not accept
a temporary three-day work
week. “We felt this would have
been in the best interest of all
employees, as it would have
prevented layoffs and undue
hardship on any of our work-
ers,” Mr Bannister said.

Morton Bahamas notified
employees on July 3rd that lay-
offs would start in 10 days and
last for three weeks due to the
negative effects of unprece

SEE page 10

ad

Two held over killing

FNM denies
attempting to
undermine
Christie on
Urban Renewal

& By TANEKA THOMPSON

THE FNM administration is
not trying to “undermine” for-
mer prime minister Perry
Christie’s legacy by claiming
Urban Renewal was devised by
Prime Minister Hubert Ingra-
ham in 2000, FNM insiders say.

The Urban Renewal Pro-
gramme launched under Mr
Christie’s administration aimed
to tackle inner city problems
stemming from “crime, poor
housing conditions, joblessness,
illiteracy, homelessness,
HIV/AIDS and other social ills
that contribute to crime and
anti-social behaviour,” Asst
Supt Stephen Dean wrote in a
2005 article.

With the pilot project com-
mencing in Farm Road in 2002,
in five years the former admin-
istration expanded the pro-
gramme to the areas of Grants
Town, Bain Town, Ft. Charlotte,
St. Cecilia, Nassau Village, and
Grand Bahama. Described on
the Royal Bahamas Police Force
website as a “model that gworks”
the Urban Renewal Project has
received numerous awards and
international recognition since

. Its inception.

“We are not trying to erase
what he (Perry Christie) has
done, we are trying to add onto
what he has done. It’s Perry
them who are saying we are try-
ing to shut down Urban Renew-
al. All we are doing is setting
the record straight,” Minister
of Housing and National Insur-
ance, Kenneth Russell, told The
Tribune on Monday.

SEE page 10

Baker’s Bay defends environmental record

BAKER’S Bay developers
are insisting that they have been
following stringent environ-
mental guidelines and in some
cases exceeding what is required
of the project, despite allega-
tions from residents in the area
to the contrary.

Baker’s Bay, said it is con-
tinuing its environmental stew-
ardship through an environ-
mental management plan which
includes adherence to The
Bahamas Environmental Sci-
ence and Technology Commis-
sion rules.

Baker’s Bay best practices
include replanting native trees
and flora in its landscape, sal-
vaging of plants, cleaning up
beaches and ensuring habitat
growth.

Senior Vice President of
Environment and Community
Affairs, Dr Livingston Marshall
said his environmental team
continually provides guidance
to construction managers, con-
tractors and developers on
requirements for the Environ-
ment Impact Assessment.

“We have also completed an





LANDS

environmental management
plan that is an ongoing, living
and dynamic document which
means that we will update
that, add to it and modify it as
necessary depending on how
we add to the development’s
schedule and activities. So
what we do as a part of the
development as the in-house
environmental management
group, we provide general
guidance to the developers
and contractors on how to
comply with the EIA and how
to put in play and in practice



Tae

the Environmental Plan,” he
said.

The environmental viability
of the Tom Fazio-designed
ocean front golf course has been
questioned by lay environmen-
talists concerned with the
potential effects its fertilizers
can have on coral reefs.

However, Baker’s Bay main-
tains that this golf course will
be more environmentally safe
than most on other tourism
properties.

SEE page 10





PAGE 2, WEDNESDAY, JULY 11, 2007

THE TRIBUNE





Celebrating the independence of the
Bahamas and pooling sovereignty

W E have observed
another anniversary

as an independent state in the
world community of nations
and we have much to celebrate.
Independence itself was only a
milestone — an important one
to be sure — but still ony a mile-
stone. |

The milestone we have just
passed says 34 but we have, in
fact, a great history of centuries
of struggle and progress. And
those two elements — struggle
and progress — as the American
civil rights crusader Frederick
Douglass so eloquently remind-
ed us, always go together:

“If there is no struggle, there
is no progress. Those who pro-
fess to favour freedom, and dep-
recate agitation, are men who
want crops without plowing up
the ground. They want rain
without thunder and lightning.”

Many of those who agitated
and plowed up the ground were
not even arougd when the great
day came. Some, like the slave
Pompey, were long in their
graves, and others just missed it
by a few years, even months.

So it is fitting that this year we
acknowledge the nation-
builders who went before us,
who did the agitating and plow-
ing, who sowed the early seeds

JEF FROM

FA
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EABY TO
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ayAN aoa

for the growth of a nation. And
we became a nation long before
we became an independent
state.

Precisely when that was is
hard to say. Older nations have
the same problem. Most of the
nations of Europe were at one
time or another subject to an
imperial power, from the
Romans to the Ottomans, but
all of them celebrate their
nationhood on days other than
independence.

Constitutionally and legally,
there were no Bahamian citi-
zens prior to 10 July 1973. We
were citizens of the United
Kingdom and Colonies and



some of us could vote
in Britain before we
were able to vote here.

But long before that,
the people living here
started to think of them-
selves more as Bahami-
ans, and less as Africans
or Europeans.

|: the years before
independence we
had a large measure of
control over our inter-
nal affairs, and way
back we had the rudi-
ments that would devel-
op into the institution
upon which our parlia-
mentary democracy
would be built.

We were more fortu-
nate than many other
colonial territories in
this respect because
many of them had no —
or only very late —
institutions upon which
to build stable democ-
racies.

Our parliament goes
back to 1729, and
although it was created
for the settlers and not
their slaves, the descen-
dants of the slaves were
wise enough not to
destroy the institution
but to struggle for its
control.

All of this — the insti-
tutions and our assimi-
lation of them - stood us
in good stead when finally we
became an independent state.

Many great Bahamians had
agitated and plowed and had
put to the test the inherited
institutions and our commit-
ment to them, so that when July
1973 rolled around we had
already become a stable nation.

It is important that we
remember, that we celebrate,
that we communicate all of this
to present and succeeding gen-
erations so that no one will dare
tamper with our heritage of par-
liamentary democracy and the
rule of law in this Common-
wealth.of The Bahamas.

To take this heritage for
granted or to assume that it will
survive without constant nur-
turing would be to court disas-
ter. But if we remember and are
inspired by the example of those
who agitated and plowed before
us, then there will be in every
generation Bahamians who will
fiercely guard our heritage.

* * *

he world in which The
Bahamas became inde-

pendent was far different from

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as Revenue Accountant and was promoted to her current position
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that in which Haiti fought a
bloody war and on the battle-
field wrested its independence
from the imperial power. The



A small
independent
country like
The Bahamas
does not have
to prostitute
itself, nor is it
likely to pay an
awful price like
the Haitians for
asserting its
independence
and sovereignty
in the world.



Haitians paid and continue to
pay a terrible. price for their

audacity.

Then, and for many years
afterwards, as Stanley Kubrick
put it in 1963, “The great
nations have always acted like
gangsters, and the small nations
like prostitutes.”

Some great nations still have
difficulty resisting the tempta-
tion to act like gangsters and
some small nations still feel that
they have to act like prostitutes
to survive in this world.

But the tide started to turn
with the establishment of the
United Nations after World
War II and it is still advancing

weer s

Include: Airfare + hotel

slowly and painfully
despite attempts to push
it back.

So a small independent
country like The
Bahamas does not have
to prostitute itself, nor is
it likely to pay an awful
price like the Haitians for
asserting its indepen-
dence and sovereignty in
the world.

Still, the sovereignty of
a state in the internation-
al community is some-
thing like the freedom of
the citizen in a society.
The state must abide by
international law just as
the citizen must abide by
the law of the land in
which he lives.

Also in today’s world,
the tide is in favour of
pooling — not surren-
dering — sovereignty for
the common good of all
nations. The great thing
is that in this process
small nations now have
a voice and a place at i
table.

S: The Bahamas
must not only
look inward but outward
as well, because the only
way its security and inde-
pendence can be guaran-
teed is if the nations of
the world, big and small,
agree to justice for all
under the rule of law.’

We must join with all those
around the world who are
working towards the realization
that all-humanity shares a com-
mon citizenship and a common
destiny.

“No nation,” said Mohandas
K Gandhi, “can find its own sal-
vation by breaking away from

’ others. We must all be saved or

we must all perish together.”

It is not easy to overcome
ignorance and prejudice and to
love other human beings who
are different, to love not with
the condescending sentimental
love of a master who loves his
dog but with the love and
respect of an equal who sees
himself in the face of another.

If only Israelis and Palestini-
ans, Americans and Iraqis,
Bahamians and Haitians could
look at each other like this. Per-
haps if the peoples who consti-
tute the nations of the world
were to practise acting as if they
loved, they may actually come
to love.

“All we need,” said Pierre
Teilhard de Chardin, “is to
imagine our ability to love
developing until it embraces the
totality of men and the earth.”

2K KR OK

BYE, FOR NOW

I have accepted an assign-
ment that will make it dif-

ficult for me to continue this
column for the time being. ©

It has been great writing for
The Tribune again and IJ should
like to thank the Editor and
staff of this newspaper for their
patience and cooperation.

I should also like to thank
my readers, many of whom sent
in e-mails every. week. Most
were supportive but others I
had clearly managed to irritate.
I thank them all.

So bye, for now.

ecial

accommodation + transfer &

professional attendance

in Havana.

the Cuba specialist

www. havanaturbahamas.com ;





mY

THE TRIBUNE

WEDNESDAY, JULY 11, 2007, PAGE 3





In brief

Man faces
charge of
sex with
13-year-old

AN Eneas Street man was
arraigned in magistrate's
court on Monday, accused of
having intercourse with a 13-
year-old girl.

According to court dock-
ets, the offence took place
sometime between January
and March 2007.

The accused, Kareem
Riley was arraigned before
Magistrate Susan Sylvester
at Court 11, Nassau Street on
the unlawful sex charge. He
was not required to plead to
the charge and was remand-
ed until Thursday which is
when he will return to court
for a bail hearing.

Man accused
of having

sex with
young girl

A 33-YEAR-OLD man of
Big Pond was arraigned in
Magistrate's Court on Mon-
day, charged with having
intercourse with an eight-
year-old girl.

Michelet Calixle, was
arraigned on the unlawful sex
charge before Magistrate
Susan Sylvester at Court 11,
Nassau Street on Monday. It
is alleged that the offence
took place sometime in June.
Calixle was not required to
plead to the charge and was
remanded. He will return to
court on Thursday for a bail
hearing.

18-year-old
accused of
intercourse

with girl

AN 18-year-old Nassau
Street man was arraigned in

.Magistrate's court on Mon-
day, accused of having inter-

course with a 13-year-old girl.

It is alleged that Carlton
Bullard committed the offence
between Saturday, February 3,
and Monday, July 30. Bullard
who was arraigned before
Magistrate Susan Sylvester at
Court 11, Nassau Street, was
not required to plead to the
charge. He was remanded and
will return to court on Thurs-
day for a bail hearing.

US suspends |

import of
mangos from
Haiti

@ HAITI
Port-au-Prince

THE discovery of fruit fly
larvae in three shipments of
Haitian mangos has prompt-
ed the US to suspend ship-
ments of one of the few
exports from the impover-
ished Caribbean nation.

Inspectors found the live
larvae in one mango ship-
ment that reached Florida on
June 25 and two others that
had been processed for
export but had not yet left
Haiti on July 2.

The USplanned to send
inspectors to Haiti this week

‘ to help improve pest control

but.it was unknown when
shipments would resume.

ports beech 3-17

Incident sparks concern over
police reporting of crimes

@ By ALISON LOWE
Tribune Staff Reporter

THERE is concern about
how many crimes law enforce-
ment officials might be choosing
not to report to the press in the
wake of a claim that public
information on a shoot-out at a
Nassau gas station last week was
deliberately withheld by the
police,

Last Thursday, according to
sources, three masked men
stormed the Shell gas station at
the Oakes Field roundabout
near College of the Bahamas,
firing a hail of bullets into the
plexiglass window in an attempt
to gain access.

Although the window was
bullet proof, retarding the shots,
the gunmen managed to enter
the premises by other means

and got away with an undis-
closed amount of cash.

Two cashiers working at the
time of the incident were report-
edly “terrified...as all kinds of
gun shots licked over their
heads" and had to "dive for cov-
er to save their lives."

During a conversation with a
source closely acquainted with
the matter, it was alleged that
police involved with the investi-
gation had said that they "didn't
want anything getting out about
this."

When asked for details of the
incident Monday morning assis-
tant superintendent and press
liaison officer Walter Evans said
he was not aware of such an
incident.

Pushed on whether he had
been directed to deliberately try
to keep the armed robbery



@ ELLISON Greenslade

under wraps, Asst Supt Evans
denied the accusation, repeat-
ing that he simply was not
aware. He asked whether any-
one had been injured during the
robbery and when informed that
no one had, suggested that it
might not have been reported

to him because there had been
no injuries.

"Tam not saying it happened
or it didn't happen, I am just say-
ing I am not aware...If an injury
was not involved that would not
have been brought to my imme-
diate attention," he said.

However, critics of the police's
handling of the shooting claim
that the matter could just be the
"tip of the iceberg" as far as the
police's alleged concealment of
certain unsavoury matters that
they would rather keep from
public attention are concerned.

A source close to the business
community said: "One would
think that three masked gun-
men shooting at a gas station is
a fairly significant incident.

"It seems like they don't want
people to know just how bad
the crime situation is for fear of

scaring both Bahamians and
tourists.”

Ellison Greenslade, Senior
Assistant Commissioner in
charge of crime, has said since
taking up that position that he
wants to have a good relation-
ship with the press, and when
several wanted persons were
found in recent weeks, he com-
mented that working with the
press was an integral part of the
police's crime fighting strategy.

Chief Superintendent Hulan
Hanna, director of media rela-
tions, was off work yesterday
and suggested Mr Evans or
Chief Supt Glen Miller might
be able to comment.

When contacted Mr Evans
said he would seek more infor-
mation and get back to The Tri-
bune. Attempts to reach Mr
Miller were unsuccessful.

Union officials remain in talks with PMH over walk-out

@ By BRENT DEAN
Tribune Staff Reporter

PRINCESS Margaret Hospi-
tal and union executives are still
in talks to resolve issues that
led to a walk-out by house-
keeping staff on Monday.

About 20 members of the
morning shift had gathered out-
side the hospital’s pharmacy
refusing to go back to work
because of grievances with the
chief housekeeper; concerns
over skin ailments contracted
from using contaminated mops;
and the chronic short staffing
of the department.

The workers claimed that the
supervisor in question has no
experience with janitorial work,
is rude to staff, and has threat-
ened and intimidated them when
they complained previously.

“Get him the hell out of
housekeeping,” one angry
worker exclaimed.

On certain occasions, a shop
steward said, one housekeeper
has to clean as many as seven

' wards, while two workers also
showed The Tribune rashes,

they contracted from handling
old mops.

Bahamas

@ By ALISON LOWE
Tribune Staff Reporter

THE Bahamas has become
part of a scam which is trying to
get the better of hay producers
in Missouri.

According to the South East
Missourian, the Missouri
Department of Agriculture has
warned hay makers of a scam in
which producers are contacted
by a supposedly interested buy-
er who asks them to send hay to
this country.

While there have as yet been
no known victims of the plot,
producers are being told to
make sure they have some lev-
el of confidence in buyers and
their method of payment in
light of the scam attempt.

Business owners have been
told to watch out if they are e-
mailed by a person who claims
they are interested in purchas-
ing hay to be sent to the
Bahamas, and offers to send
them a substantial cheque
before requesting that the pro-
ducer then wires funds to a
truck hauler who will pick up
the bails.

The producer will then find

oo P123.68

PA

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Bees paccagabsfisenpvietentonsusP 18°20



These workers also allege
that they have been given drain
cleaner, rather than a proper
disinfectant to clean their mops,
which may have contributed to
the rashes.

“They do not care,” one house-
Keeper said. “We are tired and
they must respond to us today.”

Due to the long-standing list
of complaints, a housekeeper
issued a bold warning to BPSU
President John Pinder, who is
mediating in the dispute on
their behalf. :

“Tf the union doesn’t fix this,
then Pinder will be gone soon
too,” she said.

By Monday afternoon, after
five hours of protest, Mr Pin-
der said that workers returned
to the job, and mediation with
the hospital’s management is
continuing.

“They (housekeepers) really
have a problem with manage-
ment — the person who is overall
responsible for the housekeeping
department. But a lot of their
concerns were not properly doc-

‘umented. So they have béen'*:

_asked now to document their
complaints properly so that they
can be investigated,” he said!

named in

out weeks later that the cheque
has bounced.

It is those businesses listed
on the Missouri Hay Directory
who are being asked to take
particular care. The directory
lists names, telephone numbers,
amounts and types of hay for
sale and bale size and shape,
along with other hay-related
information.

Leo and Gwen Buchheit, pro-
ducers listed on the directory
from Perryville, Mo, said they
weren't fooled by the e-mail.

"The e-mail the person sent
us wasn't asking correct infor-
mation," Gwen Buchheit said.

we

Regarding the problems with
rashes from the mops, Mr Pin-
der said that this results from
auxiliary nurses using mops at
night to clean up spills consist-
ing of blood, vomit and faeces,
leaving contaminants that have
caused illnesses to the house-
keeping staff.

To resolve this, he said, sepa-
rate cleaning implements will
be used for these types of spills,
and housekeepers will now be
equipped with proper disinfec-
tant solution.

Mr Pinder also said that the
PHA has received additional
funding in its budget for the
upcoming fiscal year, some of
which will be used to hire new
housekeeping staff shortly.

Hospital Administrator
Coralie Adderley assured the
public that there was no dis-
ruption to hospital services as
a result of Monday’s walk-out,
in a press release late Monday.

Ms Adderley added that nei-
ther she, nor the BPSU were
advised by housekeeping prior
to the staff’s action, and that
the housekeepers were assured
by her and Mr Pinder of their
commitment “to fair working

hay scam

"It asked us if we ship hay to
the Bahamas, which I don't
really know what kind of ani-
mals they might need hay for
in the Bahamas. It also specifi-
cally asked if we take cashier's
cheques, which was a dead give-
away for me because I've dealt
with this kind of Internet scam-
ming before [when] trying to
buy a car."

According to Ms Buchheit,
apart from these red flags, the
fact the alleged scammer did
not asked for much information
and used the word "hays" as
the plural form of "hay" also
raised suspicion.

conditions.”
Union leaders and the hospi-
tal’s management will have a

follow-up meeting on Monday
for further discussions, accord-
ing to Mr Pinder.

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PAGE 4, WEDNESDAY, JULY 11, 2007

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

PLP disruption in the Senate

AS WE WALKED through the Tribune
news room one day during the Budget debate in
the Senate, the television was on and a harassed-
looking Allyson Maynard-Gibson, in her high-
pitched, grating voice was lecturing senators
on the public’s right to know how their money
was being spent.

This proposition coming from the mouth of
a now Opposition senator was so intriguing that
we were tempted to sit down and watch the
show. Here was a senator who only a few
months before had sat in the House of Assem-
bly as a cabinet minister of a government that
did everything possible to block the people’s
right to know how their money was in fact being
spent.

It was only last year that FNM deputy leader
Brent Symonette, chairman of the Public
Accounts Committee, in an interview with The
Tribune complained about the lack of account-
ability in the PLP government. He said that the
PLP was demonstrating a great deal of arro-
gance as it continued to trample on the public’s
right to know how public dollars were being
spent.

What the PLP government was doing, he
said in April last year, was one of the biggest
and most serious breeches of the spirit of the
Westminster system of government.

He complained that, among other things,
the Opposition could not get government’s
expenditure for the years 2004 and 2005. He
then observed that in the past the disclosure
was open and frank, and both the FNM and
PLP used it. However, since 2003, things were
changed and the process had been shut down.

We disagree with Mr Symonette when he
indicates that the PLP were open with their
disclosures. Tribune files record the stand up
battles that the Public Accounts Committee
had with the Pindling government to get infor-
mation, especially about Bahamasair and vari-
ous government corporations.

“What do they have to hide?” Mr Symon-
ette asked of Mrs Maynard-Gibson’s govern-
ment. “This is the people’s money. Not PLP
money. Not FNM money. It’s public funds and
the public would like to know.”

Mr Symonette, now deputy prime minister in
the Ingraham government, today is in a position
to get all of the answers to his unanswered ques-
tions. The Bahamian people would also like to
know what he discovers, including the accounts
of the Ministry of Housing.

Now a year later in the Senate Allyson Gib-
son, no longer a member of an arrogant gov-
ernment, in full view of a television audience, a
pained and injured look on her face, was grand-
standing. No wonder Bahamians don’t take

their politicians seriously.

Senator Dion Foulkes, Government leader in
the Senate, said government was advised by
Mr Maurice Tynes, Chief Clerk to the House,
that the budget debate had to be completed
and the budget passed 48 hours before the end
of the month — June 30. As June 30 was a Sat-
urday, the Senate deadline was 48 hours before
Friday, July 29. If the $1.465 billion budget and
the $224,655,802 for recurrent capital expendi-
ture were not passed by then everything would
come to a screeching halt. Government would
have had no funds with which to manage the
country. Among other things the salaries of civ-
il servants could not be paid.

Senator Foulkes said he met with Opposition
Leader Allyson Gibson before the debate. For
the Senate to meet its deadline he wanted her to
agree a time limit on each senator’s speech.
She not only refused, but took a whole day to
make her own presentation, and slowed debate
by constantly interrupting other speakers.

On Monday, June 25, Senator Foulkes closed
the debate and made it clear that when the Sen-
ate met on Wednesday, senators would go
through the heads of recurrent capital expen-
diture and by 10. o’clock that night the budget
would pass. This would leave the required 48
hours for the budget to go to Cabinet, then to
the Attorney General’s office for certification,
back to Cabinet and on to Government House
for the Governor’s signature. It then had to be
gazetted to become law.

When 10pm neared heads 22 to 70 had not
been dealt with. They were lumped together
and the chairman started to asked for the “ays”

.and “nays” for their passing. Before he could

finish his sentence Senator Gibson was on her
feet. Interrupting him, she announced that the
debate was moving at a good pace, she knew
government had the numbers to silence them,
but she wanted it recorded that the Opposition
was being muzzled. She threw out such emotive
words as “unprecedented”, “violation of pro-
cedure”, “sad day for democracy”, “this is extra-
ordinary that a senator would not be allowed to
speak,” “it’s an absolute travesty,” “you should
be ashamed of yourself.”

For the dignified Senate, in the past referred
to as the honourable club of elder statemen,
she should indeed have been ashamed.
Ashamed of herself for her undignified, and
unstatesman-like behaviour as, loudly muttering
her disapproval, she followed her four col-
leagues from the Senate chamber.

It was obviously a disgraceful filibuster to
embarrass the government. It failed and so will
the PLP’s desperate attempt to come back to
power.



a TOL ea Le Ele ee

This

PLP desperation
is alarming

EDITOR, The Tribune

THERE is a saying that des-
perate people do desperate
things. In other words people,
who are as desperate as the
PLP, would use any asinine
reason in an effort to help
their sorry state. The fact that
the PLP has resorted to using
Fred Mitchell to lead their PR
is proof that they are at an all
time low. In my opinion no
sane person takes him seri-
ously, except that he seems
obsessed with his own fabri-
cations. He is a cold, sad man
and in my opinion appears to
have no feelings for anyone
in opposition to him. He has
done a fantastic job creating
many enemies, where there
were none.

Also the leader of the oppo-
sition in the Senate Allyson
Gibson outdid herself at the
last sitting of the senate. She
disgraced women and forced
all of the sensible PLP with
class to hang their heads in
shame and disgust. Ladies
simply do not behave in that
manner, not ever.

The unfortunate murder in
Nassau Village recently is
proof that an atmosphere of

ase

letters@tribunemedia.net



chaos has been created in the
community, but no one is
chasing behind every camera
looking for a photo-op blam-
ing them for the sad state of
affairs in the country, we just
do what is needed to help
clean up the mess they left
behind.

Sometimes we try to give
Perry Christie the benefit of
the doubt, but his behaviour
since receiving the political
blows to the head and the
body shots from Hubert Ingra-
ham; he seems to have been
hallucinating recently. His sug-
gestion that the lack of police
presence at the Urban Renew-
al office in Nassau Village
caused the gentleman to die, is
the deepest and the largest
load of “male cow droppings”
I have ever heard.

The gentleman lost his life
at the hands of another indi-
vidual that had absolutely
nothing to do with Urban
Renewal. In my opinion this is
total irresponsibility and Mr

Christie should be ashamed
of himself, because if, in his
wildest imagination, he thinks
that he or the PLP will be
returned as the government,
they all must hasten to have
their collective heads exam-
ined. I would go on record,
the PLP as we know it shall
be no more real soon.

Members of the PLP should
refrain from trying to create
an hostile atmosphere. The
sensible PLP, if they have any
guts, must say to the leader-
ship of the PLP that when
they dig one ditch, they must,
by all means, dig two ditches.

Bahamians are simply sick
to their collective stomachs of
the boorish behaviour of PLP
MPs and Senators.

In my opinion they are mak-
ing fools of themselves and —
are destroying what little

' chance they had left to gain

some respect.

Let the “all for me baby”
attitude die a natural death,
it’s your only hope.

IVOINE W
INGRAHAM
Nassau,

July, 2007.

Problems with
Structures’

EDITOR, The Tribune.

EXUMA has been discovered and, as to be
expected, development is now well underway.
It should not be a total surprise, therefore,
to know that along with this progress we have
blatant shenanigans by some of those who
are charged with looking out for the good of
the community.

As an example, for sometime, a number of
the members of local town planning have been
consistently abusing zoning regulation and
deed restrictions with the result that there
are many illegal structures throughout the
island. Some officials display a toxic blend of
ignorance of an arrogance towards the law

so that we are now blessed with:

a) building permits issued without full plan-
ning review

b) building permits transferred from one
location to another

c) multi-unit rental buildings in single fam-
ily residential areas, etc.

All these short-sighted people see is mon-
ey. They are incapable of understanding that
for development to success there must be sta-
bility and the rule of law. .

There are already any number of new apart-
ments standing empty but the rush is on for
more and more even though a majority of the
people cannot afford the rents and there is a
real prospect of foreclosures on the horizon.





Share your news

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

‘illegal
on Exuma

With all this frantic activity, banks are
financing buildings that are probably illegal
and that may be impossible to sell in the
future.

These events have caused much concern to
many long-time and newer. residents who feel
that their neighbourhoods/investments are
especially threatened by the multi-unit build-
ings which cause an increase in traffic (on
unpaved roads that government does not
maintain), pollution (due to overloading of
septic tanks), trash, etc, all of which decreas-
es property values.

Unfortunately, talk around the island is that
individuals who purchased in an area designed
in their deeds as single family, thinking that
they had a protected environment, are now
feeling betrayed and considering moving out
of Exuma.

Sadly, this is what happens when ‘d.sh
league” thinking collides with major le.. gt
reality.

Continuing to do things in Exuma
“da way we duz do it” is no longer
acceptable, if the community as a whole is to
prosper.

EYE ON
EXUMA
Georgetown
Exuma,
July, 2007.











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THE TRIBUNE



Road check
operation
carried out
in West End

GRAND BAHAMA—
IN an effort to regulate the
heavy traffic flowing out of
West End after a night of par-
tying, officers assigned to the
West End Division conducted
a random road check opera-
tion on the West End High-
way, in the vicinity of Pelican
Lake on Sunday evening.

The operation, which was
carried out between 8 pm
and 10.30pm, resulted in 12
motorists being issued cita-
tions for moving violations
(speeding and overtaking on
a solid white line) and for dri-
ving unlicensed, uninspected
and uninsured vehicles.

Many drivers commended
the officers for their vigilance
in enforcing the street usage
laws. Officers were encour-
aged to continue their efforts
as there is usually a “mad
rush” of motor vehicles head-
ing back on the long journey
into Freeport after a night out
at the western end of the
island, which has on several
occasions in the past ended
in traffic fatalities.

King of Bahrain
sends greetings
to Governor
General Hanna

_ King of Bahrain, Hamad
bin Isa Al Khalifa, sent a mes-
sage of congratulations to
Governor General Arthur
Hanna on the occasion of the
Bahamas’ Independence
Day.

The king wished him con-
stant health and happiness

‘and the people of the

Bahamas further progress
and prosperity.

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EACH anniversary of Inde-
pendence provides Bahamians
with the opportunity to reflect
on how far we have come in
realizing our potential as a peo-
ple and as a country, Prime
Minister Hubert Ingraham told
the nation yesterday in his
national address on the occa-
sion of the country’s 34th
anniversary of independance.

“We face a multitude of chal-
lenges at home and in the
world. We are fortunate, how-
ever that we are more equipped
than many other developing
countries to meet these chal-
lenges. We have a healthy
democracy with institutions that
have their origins centuries
before we attained indepen-
dence.

“We sometimes forget how
fortunate we are in this respect,
but we have only to look at
those countries which are today
struggling to establish these
foundational institutions with-
out which there can be no sta-
bility. We are a diverse society

Weyer. VMN =

PM: We’ve much to be proud of

free from the sectarian strife
which threatens to pull some
other countries apart. We have
unchallenged racial equality and
religious harmony,” the prime
minister said.

He said while Bahamians
have their political differences,
these can be healthy once they
are not carried “too far” and
once there is a realisation that
this difference comes only in
the interest of the nation.

This year, in commemorat-
ing our Independence the
Bahamas is paying special
homage to a number of our for-
bears who helped pave the way
for the advancement of the
Bahamian people by their con-
tributions in education, in the
legal profession, in journalism
and in trade unionism.

“It is our hope that in remem-
bering our forbears and in
recalling their achievements in
the face of tremendous obsta-
cles we will be inspired to excel-
lence in all our endeavours. This
is especially appropriate this

Be patriotic all year
round, says Christie

H By PAUL TURNQUEST
Tribune Staff Reporter

OPPOSITION leader Perry
Christie encouraged Bahami-
ans everywhere, as they cele-
brate the country’s 34th inde-
pendence anniversary yester-
day to keep their spirit of patri-
otism and national pride going
not only on July 10th, but year
round.

In a press release issued yes-
terday, the former prime minis-
ter said that he was moved by
the spirit of patriotism shown
by the overwhelming display of
the national colours through-
out the country.

“We must be mindful that
this little country of ours
requires the support and con-
tributions of every single
Bahamian, regardless of race,

-ethnic origin or political per-
. suasion. I believe that the suc-

cess of this country as an inde-
pendent nation lies in the com-
mitment and dedication that
every Bahamian should have
for making this country live up
to its full potential.

“We must not allow the
wedge of political differences
or race or economic standing
deter us from the original vision
and dream of our founding
fathers for this country. That
dream of wiping every tear from
every eye must go forward in
the actions and decisions of our
leaders but more importantly,
our people. We are all invested
in the success of this land and I
make no apologies in saying
that all of us must be account-
able in this endeavour.

“As we go through this day, I
want to encourage all Bahami-
ans to keep this spirit of patrio-
tism and national prjde going.

July 10th need not only be a
reminder of our country’s birth
date but the midway point for a
year round attitude of Bahami-
an pride and excellence. Nation-
al Pride should not and cannot
be a fashion statement. It must
be a way of life that every man,
woman and child called
Bahamian must grasp and hold
tight,” he said.

Mr Christie recalled how he
stood in the crowd on July 9,
1973 with his wife Bernadette
at this side, accompanied by
many of his fellow countrymen,
some of whom are serving
today in the House of Assem-
bly.

“We were bursting with the
pride and reverence for what
we knew was a once in a life-
time event. A country, my coun-
try, was about to be born offi-
cially. I recall. having to learn
the words of our beautifidl new
anthem; penned by Timothy
Gibson, hoping my excit#ment
would not cause me to forget
the words.

“When the Union Jack was
lowered and the Black, Gold
and Aquamarine standard was
raised for the first time, my
heart burst with the pride of
knowing that finally, a dream
had come true. I have given 33
years of my life to the service of
this Commonwealth as a Par-
liamentarian and with God’s
strength and guidance I will
continue to serve until the Mas-
ter calls. I invite every one of
you to become owners of this
great Bahamian dream.

“We must not forget and we
must not turn back. It is partic-
ularly important for us to
remember that at this time if
we are to live up to the chal-
lenge set forth in 1973,” he said.

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year as we also observe the
200th anniversary of the Aboli-
tion of the Atlantic Slave Trade,
a first step as it was in the evo-
lution of our societies in this
region into more just and demo-
cratic countries,” Mr Ingraham
said.

The Bahamas, he said, has
much of which to be proud.

“For 34 years we have
demonstrated a firm commit-
ment to our democracy and to
the advancement of our people
both economically and social-
ly. We have been a responsible
member of the international
community through our partic-
ipation in regional, hemispher-
ic and global organizations and
by the cordial relations we
maintain with our neighbours.

“We are a talented people
and I believe that once we put
our talents to good use, as many
of our forbears did so brilliant-
ly, we can create an even
brighter future for those who
will come after us,” the prime
minister said.

WEDNESDAY, JULY 11, 2007, PAGE 5



@ HUBERT Ingraham giving his address yesterday

mS We)
civ

BEC wishes to inform the residents of

Eleuthera.and Harbour Island



that the Se experiencing significant

Presently, E BEC éAbocking around the clock to
correct the problem and restore an uninterrupted

act the sine of electricity to the various

we.



nents in Eleuthera and Harbour Island.

x

To assist BEC in better edtiressing the problem, you
may call this special number (242) 334-2161 or
email BEC at nae com

and Harbour Island that the com iS working

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ee
SS omyd

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BEC regrets any inconvenience caused to its cus-
tomers and wants to thank them for their continued
patience and support.





PAGE 6, WEDNESDAY, JULY 11, 2007

THE TRIBUNE



Pie): (oh Si er as ee
Moral life of nation ‘in unacceptable condition’

®@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - Canon Father
Harry Bain said that the moral life
of the nation is in an unacceptable
condition and called for stronger
adherence to Christian values and

Canon Father Harry Bain speaks at ecumenical service



standards in the Bahamas.

In his address at an ecumenical
service on Sunday to celebrate the
Bahamas’ 34th Independence
anniversary, Father Bain said that

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social ills are on the rise in the
country.

“An honest examination of the
state of our society must lead to an
acknowledgment that our social ills
are on the increase: sexual
immorality and promiscuity are def-
initely on the increase; crime and
violence continue to raise their ugly
heads, he told congregation at
Community at Heart Tabernacle
Church of God of Prophecy on
Coral Road.

“All of these ills are on the
march in a society that lays claim to
the title ‘Christian.’ Our honest
examination of the situation must
lead to the conclusion that we as
Christians, and the church as an
institution, are not making a suffi-
cient impact on our society,” he
said.

Father Bain said the failure to
impact society is due to the gap
between what we profess as Chris-
tians and what we practice in daily
life situations.

He point out that while Bahami-
ans say the right things in church
services, they are not conducting
their lives in accordance with Chris-
tian values and standards as taught
by Jesus and the Christian tradi-
tion.

Bahamians, he said, must put
into practice what they preach.

He said pastors must become
more intentional in training, equip-
ping and motivating members to
demonstrate genuine commitment
to Christian standards and values in
their homes, their workplace and
their places of recreation.

“Tn all of these areas, Christian

witness is on the decline. No
amount of marches and rallies and
special church services will com-
pensate for the ‘lived example’ in
everyday life situations.

“The church and the nation are
in desperate need of persons who
will provide genuine examples in
every area of national life; home
and family life, politics, commerce,
education, labour, recreation and
sports.”

Father Bain said that improve-
ment will only come about when
more persons recognise the true
situation and are prepared to make
a difference in their lives.

He stressed that as the people
of God, Christians in the Bahamas
must lead the way in transforming

_ society from accepting as the norm

the evils of our times.
“We live in a world where the
moral principles of God are not

“regarded or held in high esteem.

To many, the order of our time is
“anything goes.”

He said the call of God is for all
Christians to be Holy as He is Holy.
The moral demands of the Gospel
must be reflected in our lives.

“We are proud of the fact that
written into the Preamble of our
Nation’s Constitution is the
acknowledgment of Christian
beliefs and practices.

“The Constitution is solidly
anchored into a public recognition
of belief in God,” he noted.

“The handbook of a nation that
claims to be founded on Christian
values and principles — the Bible -

frequently condemns immorality in
all its manifestations, as it is utterly
devastating to all-segments of a
society. The standards of God do
not change — it is the same for all
times.”

Father Bain said the Bahamas
today is faced with a continuing
moral and ethical crisis that
requires spiritual answers to deal
with the accompanying problems.

He noted that the nuclear family
as ordained by God and the church
is under constant and relentless
attack by the forces of evil. He said
divorce and infidelity is rampant in
the nation, and weakens the family
structure.

“Commitment to marriage and
family life seems no longer sacred.
Far too many of our homes are
being occupied by shakers — these
are those who live under the same
roof and choose not to make any

real and sacrificial commitment to
each other, indeed to do that which
is morally right. A strong family
structure leads to a strong nation.

He also pointed out that the
relentless pursuit of materialism
has caused many areas of the com-
munity living to suffer.

“We have become a people full
of greed, competition, and selfish-
ness. Many care now only about
themselves.

Respect for others and their
property is no longer important.

“We have become an undisci-
plined society. Respect for the laws
of the land and those in authority
among us means very little. We are
in the midst of a growing sense of
rebellion on the part of many, espe-
cially the young. Everybody wants
to do what he or she wants to, nev-
er mind the consequences and how
others will be affected.”

“Never in the life our nation,
have we experienced so much
crime and violence. Our concern
about the amount of crime in our
midst is of the utmost priority. As a
community of concerned citizens, it
is incumbent upon each of us, to
support the Police in the tremen-
dous task they have, of getting
crime under control.” Father Bain
said seeking to find solutions is not
only a challenge to the government
and the Police, but also to the
Church.

In addition to social ills, he said
that disregard for spiritual and
moral values, unemployment, the
use and trade in narcotic drugs, and
the over emphasis on things mate-
rial have contributed to crime.

“There are no doubt other fac-
tors which have, to varying degrees,
contributed to the serious escala-

ze

tion of crime in our country, and ‘

each of these factors must be
addressed in particular by the
Church along with other agencies.

In defence of ee

@ By DR KEVIN ALCENA

lb ONE of the world's oldest parliamen-
tary democracies, we are suddenly being
urged by intellectual advocates and members of
the press that democracy is now in peril of becom-
ing a dictatorship, and every Bahamian must be
“vigilant”, outspoken and (suggestively speak-
ing) the opposition.

Strange that the opposition is yelling and
screaming about the budget debate but some
members know that they abused the process of
public finance. It was laughable when I realised
that the Opposition PLP indicated they did not
have the opportunity to debate the Speech from
the Throne. Should we remind them of the
unprecedented manipulation of the public finance,
which has redefined the concept of public finance
transparency?

It is fascinating to me that in Prime Minister
Hubert Ingraham's moment of greatest victory,
given to him on May 2, 2007, by the confidence of
the Bahamian people, we should now start to
erode that same confidence by suggesting that
this same man could or would abuse the power we
entrusted to him, and by suggesting such, we also
infer our lack of confidence and trust in the very
people we returned to office and the

stewardship of this country.

Why don't we stop just for a minute, in this
political nit-picking post-mortem; why don't we
jump. off this newest flag-raising "B.S. baffles
brains" bandwagon and think?

Do we not have any real issues versus "per-
haps" agendas to deal with? Should we not be get-
ting down to the business of the country before us
now rather than shadow boxing what-ifs? Are
we not better to deal with the present probabili-
ties than go searching for future possibilities?
Just what Napoleonic dreams and desires of pow-
er could Mr Ingraham have been harbouring in
his secret heart when he defeated Perry Christie
in his one term — or is now exposing the scope of
the abuse of public finance — when he begins to
decentralise the economic power; when he gives
the media more power and opportunity than ever
before? Let us not forget that!

With the greatest respect — perhaps the crab,
the black crab — should replace the flamingo as
our national symbol ’- (can't you feel the shell

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growing and the feet on your back?)
Let's stop this "Chicken Little" intellectualis-
ing, rhetoricising and politicising. Let's get down

to basics and get on with the job at hand.

Time is the most precious commodity we have
and time is running out. We keep talking and
hearing about the "election court" but if we don't
take care of today, we won't have any tomorrow
to worry about.

Yesterday is gone

Tomorrow has not yet come

We have only today

So you begin, I begin

Just begin...one, one, one.

— Mother Theresa

Poverty, Family, Education, National Debt,
Crime, Housing, Health, Ecology. Do we think we
have enough to get started? Or do we want to add
in 'Fear of Anarchy’ just to make sure every-
thing is covered? Give me a break!

Prime Minister Hubert Ingraham is asking the
Bahamian people to take ownership of its gov-
ernment —-or its future. He is asking for our
participation and involvement at the embryonic
stage of the decision-making process. He invites
our ideas and suggestions. Surely this is democ-
racy at its far-reaching best.

Unfortunately, everyone is too busy looking for
hidden agendas or the gossip of the day to focus
on helping our elected representatives get a jump
start on creating solutions for our problems here
and now.

If we are so busy trying to be proactive about
the future of democracy, why are we so reluc-
tant to support the prime minister's proactive
efforts to ensure competency and effectiveness in
our future politicians?

I take exception to the criticism that the Cab-
inet is too large.

The prime minister has made it clear why he is
taking this step — to ensure the business of the
people gets done, not just talked about — and to
ensure our future politicians and leaders are
trained, knowledgeable and prepared to take up
the responsibilities of government.

i Ss
to be a part of our WOW service team.

Dietary Department

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excellent customer service skills, good written and oral
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THE TRIBUNE



O/n brief

Castro’s future
still unclear
as elections
scheduled

Mm HAVANA

CUBA will hold municipal
elections in October but has
yet to set a date to choose
members of the island’s par-
liament, state media reported
Monday, according to Asso-
ciated Press.

Ricardo Alarcon, president
of Cuba’s parliament, the
National Assembly, said in
March that he would nomi-
nate Fidel Castro to run for
re-election to parliament, the
first step toward his securing
yet another term as Cuba’s
president.

Whether or not Castro will
actually seek re-election to
parliament is unclear. In
recent months, he has begun

penning essays every few
days and seems to be in no
hurry to resume power.

Under Cuba’s one-party
system, municipal, provincial
and national representatives
are elected by citizens on a
local level. Anyone can be
nominated to these posts,
including non-members of the
island’s ruling Communist
Party — the only party recog-
nised in Cuba’s constitution.

The island’s top leader,
however, is not directly elect-
ed by citizens. Representa-
tives of the National Assem-
bly nominate, then elect the
Cuban president. Fidel’s
brother Raul has filled in for
him since emergency intesti-
nal surgery forced Fidel to
temporarily give up power on
July 31, 2006.

Dominican
Republic shut
down by
general strike

& DOMINICAN REPUBLIC
Santo Domingo

BUSINESSES closed and
transportation shut down
across the Dominican Repub-
lic, as 'workers launched a
‘one-day general strike to
protest price hikes and
demand higher wages. One
protester was shot dead in a
clash with police, according
to Associated Press.

Three other men were
wounded when a homemade
bomb they were allegedly
planning to use in the protest
exploded.

Strike organizers are
demanding a 30 percent
across-the-board raise for
public workers and the repeal
of a recent tax hike on goods
such as gasoline, which rose
$0.15 per gallon to $4.56 a

gallon.
”



unkanoo parade on Bay
Street for Independence

The Shell Saxon Superstars took Bay Street by storm yesterday morning
during the Independence Day rush out from Bay Street to Arawak Cay



WEDNESDAY, JULY 11, 2007, PAGE 7



BONE Family’ s Jackson Barastile
celebrates on Bay Street yesterday
morning

Scotiabank donates to Bahamas Red Cross

SCOTIABANK purchased
and delivered several bales and
cases of goods to the Bahamas
Red Cross headquarters on JFK
Drive.

The goods included vegetable
soup, flour, sugar, juices, oil,
rice, sugar, oats, tuna and
corned beef.

“Scotiabank wanted to help
the organisation prepare for any
uncertainties during the 2007
hurricane season,” said Debra
Wood, senior manager of mar-
keting and public relations at
the bank. “For many years, Sco-

tiabank has supported the vital _
* work that the Red Cross Society

is doing through our support of
the Red Cross Fair and Ball.
However, in 2007, we have
increased our contribution sub-
stantially. We wanted to help
in a more tangible way and this
is our way of saying we appre-
ciate and value the work that
you do with feeding the poor
and needy, with disaster pre-
paredness and all the other pos-
itive ways in which you assist.”

Responding with heartfelt
thanks, the Red Cross’ director
general Marina Glinton said,
“Scotiabank is the first organi-
sation to come forward and
demonstrate their support at

this level and we are most grate-
ful. This bulk of foodstuff places
us in a better position to help
when there is a need.”

Mrs Glinton used the oppor-
tunity to challenge other cor-
porate citizens to help the Red
Cross — whether financially or
by volunteering — with its many
programmes, which include:

e welfare and emergency
relief services to the Family
Islands

e meals on wheels

¢ school milk schemes

e disaster and emergency

relief assistance for flood, fité ”

hurricane and tornado victims

e first aid service

° after-school mentoring’ pto-
grammes

° prison visits

e -aining in basic and
advanced first aid, CPR

e shelter, and disaster pre-
paredness.

Staff members of Cable
Beach branch of Scotiabank

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service,

improve _ its

The Bahamas

(BTC)

also took the time to visit the
Red Cross and got a better
understanding of how contri-
butions are used.

@ PICTURED (1 to r) are:
Sonia Rolle of Scotiabank’s
Cable Beach branch; Scotia-
bank’s assistant manager of
marketing and public relations
Andrea M Myers; Mrs Wood;
Mrs Glinton; Brenda Glinton
and Deidre Bethel of
Scotiabank’s Cable Beach
branch. Two men are pictured
in the background as they
off-load the donations into
the Red Cross’ warehouse.



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equipment upgrade to the GSM _ cellular
platform. Beginning Friday June 29th Sunday
July 15th, subscribers in Grand Bahama and
New Providence may experience an interruption
in both Post Paid and Pre Paid GSM services.
BTC apologizes for the inconvenience caused,
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PAGE 8, WEDNESDAY, JULY 11, 2007

THE TRIBUNE



Celebrating Indep

i By JEFFARAH GIBSON



THE Bahamas celebrated 34 years
of Independence with “A Bahami-
an Culturama” at Clifford Park on
Monday evening.

Proud Bahamians, fully clad with a
fusion of the Bahamian national
colours of aquamarine, black and
gold, packed the venue to have a
good time.

They witnessed musical perfor-
mances, the flag raising ceremony,
the tattoo and the inspection, while
others at home watched the events

& GOVERNOR General Arthur Hanna inspects the officers at the
34th Annual Independence Celebration at Clifford Park on Monday

evening.

unfold on television.

The festivities began at 9pm with a
performance by the Defence Force
Rangers followed by the Farm Road
Marching Band and the Bahamas
Junior Brass Band, who all gave a
vibrant and pulsating show. The
crowd showed their appreciation for
the entertainment by cither cheer-
ing boisterously or waving their
Bahamian flags.

The Children’s Choir and the
Bahamas National Youth Choir were
next up and both gave outstanding
performances.



(Photo: Tim Clarke/Tribune staff)

CB MORTGAGE LOANS





at





4



@ THE National Children's Choir pe



nee ard :

@ THE National Youth Choir gets the the crowd going with a colourful performance at the Independence celebrations.

rform at the Independence celebrati



ons at Clifford Park.

endence








4



LE

(Photo: Tim Clarke/Tribune staff)

Highlights from Monday’s event

@ By JONAE RECKLEY

THE highlight of Monday night’s cele-
brations was undoubtedly the March Past
and Inspection. This display of the country’s
armed forces included the Royal Bahamas
Police Force, Royal:Bahamas Defence
Force, Customs, Immigration, and Prison
Officers along with the Defence Force
Rangers and the Police Cadets.

After the inspection by Governor Gener-
al AD Hanna, Bishop John Humes, presi-
dent of the Bahamas Christian Council, said
a prayer around the flag pole.

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» At 11.58 p.m., the reenactment of the July
1973 independence celebration flag raising
ceremony took place. The Union Jack was
lowered and the Bahamian flag was hoisted,
followed by the national anthem.

At one minute past midnight, all eyes
were focused on the illuminated dark sky
for the magnificent fire works display, while
others headed toward Arawak Cay for a
Bahamian concert.

The Independence Day celebration end-
ed with a spectacular rush-out from Rawson
Square to Arawak Cay.

Prime Minister Hubert Ingraham stated in

CONSUMERS NEED TO KNOW... _

What are same of the objectives of the Telecommunications Act?

Fourth Terrace East, Collins Avenue, Nassau for more infer
mation. Also visit our website www.puchbahamas.gov.bs

@ PRIME Minister Hubert Ingraham and his wife Delores enjoy
the Independence celebrations.



his Independence Day message that “it is
our hope that in remembering our forbears
and recalling their achievements in the face
of tremendous obstacles we will be inspired
to excellence in all our endeavours.”

The Prime Minister added: “Each
anniversary of Independence provides us
with the opportunity to reflect on how far we
have come in realising our potential as a
people and as a country. We are a talented
people and I believe that once we put our tal-
ents to good use, as many of our forbears did
so brilliantly, we can create an even brighter
future for those who will come after us.”



(Photo: Tim Clarke/Tribune staff)

| eel Oe seen
PIPE Ope Rott
midnight at the 34th
Annual Independence
Celebrations.

(Photo:
INT Oi Cap
Tribune staff)

\
,
ae
NY
BS



. To improve the quality and coverage of telecommun-
ications services

+ To pratect the Interest of consumers with respect ta
prices charged for telecommunications services

: To promote effective and sustainable competition in

telecommunication services in The Bahamas

You may contact the PUC Consumer Helpline -
3223-7157, Family Island toll free line 1-242-300-0233

or visit aur

A



THE TRIBUNE

WEDNESDAY, JULY 11, 2007, PAGE 9



@ By DENISE MAYCOCK
Tribune Freeport
Reporter

FREEPORT -— A fully

~ restored softball field was

officially handed over by
Ginn Sur Mer to the residents
of West End on Saturday.

The field is now equipped
with new bleachers, players
pits, a score tower and
restroom facilities.

The only sporting facility

‘at West End, the field has

helped shape the lives of

' many community members.

John Davies, senior vice
president of development at
Grand Bahama Development

. Limited; Byron Woodside,

“s Minister of State for Youth




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and Sports; and West End
MP Obie Wilchcombe spoke
briefly at the handover cere-
mony.

Senator Kay Smith and
Eight Mile Rock MP Vernae

“. Grant were also present, as





‘BH FIRSTCARIBBEAN
International Bank lent a cor-
porate hand to the Stapledon
School for the Mentally
Retarded by helping to defray
the cost of the school’s Liter-
acy Week and Open House.

» On hand for the presentation

from left are: Angela Butler,
principal; Audrey Colebrooke,
FirstCaribbean’s branch man-
ager, Mall-At-Marathon; Car-
olyn Mitchell, literacy co-ordi-

nator.
(TCL Photo by
Terrance Strachan)

Euro soars to new
high above $1.37

. amid worries about

U.S. economy
@ FRANKFURT, Germany

THE euro soared to an all-
time high against the U.S. dol-
lar on Tuesday, topping the
$1.37 mark as key U.S. retail-
ers and homebuilders lowered
their growth forecasts, causing
more concern about the Amer-
ican economy, according to
Associated Press.

The British pound, which
has been trading around 26-
year highs against the dollar,
briefly touched $2.0273 after
reports said that gains in
British consumer prices are
above the Bank of Engiand’s
target in the past year, but that
inflation was dropping back
sharply.

A higher euro makes goods
from the 13-nation currency
zone more expensive for cus-
tomers abroad, or cuts into
manufacturers’ profits if they
try to keep the U.S. dollar
price of products constant.

Along with the rise in the
pound, the stronger euro also
makes visits to much of Europe
more expensive for travelers
from elsewhere and makes
shopping trips to the U.S. more
appealing to Europeans.

“The dollar is a basket case,”
said Peter Schiff, president of
Euro Pacific Capital Inc. *

“We are going to pay the
piper for years of having the
underlying fundamentals of
our economy disintegrate
beneath our feet.”

Given the state of the U.S.
economy, he said, the dollar
could continue to fall in the
coming years against the euro
to $2.50 or even $3.











LOCAL NEWS is |

Ginn hands over softball field in West End

Facility has bleachers, players
pits, score tower and restrooms



were many residents from the
West End community.

The Ginn Group has also
donated a fire engine to West
End, and has contributed to
the upgrade of a healthcare
facility and the rebirth of
junkanoo in the area.

In his keynote address, Mr
Woodside noted that West
End has a great softball his-
tory and retains a reputation
of creating softball stars.

“Today is a landmark occa-
sion,” he said. “It is an occa-
sion that serves as an example
of what can be accomplished
through the corporate sup-
port of the private sector.

“This occasion marks the
line of division between a glo-
rious past and a kind of future

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the hopes long postponed,
but so well deserved.”

Mr Woodside said that the
government also plans to
complete the first of four soft-
ball parks at the Grand
Bahama Sports Complex in
Freeport.

He told residents and the
young softball players of
West End that sports is not
about politics, religion,
colour, gender, or financial
status, but rather about hon-
ing one’s talent and working
with others as a team.

“This revitalised stadium
must be regarded as a sym-
bol of what your community
is capable of becoming once
you seize the opportunity to

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add talent and drive to what
Ginn has done.

“T believe West End will
once again see the golden era
... to become again a shining
star for tourism in the
Bahamas,” he said.

Ginn is proposing to devel-
op a $4.7 billion mixed use
resort at West End. The pro-
ject will include condo units,
residential lots, a resort and
casino, a marina and golf
courses.

West End MP Obie Wilch-
combe said Ginn has proven
to be a good corporate citi-
zen of West End.

In addition to the new
sports field, Mr Wilchcombe
hopes that a 200-meter track,
basketball court, and gymna-
sium can be built in the area.

“There are so many young
people with natural ability.
And, this park is a tribute to
all who played ball here.

“TI know of the effort made
my men such as Leonard





‘moray

BD



aa

Newton who ensured that we
played the highest standard
of softball. He delivered so

‘many champions and The

(West End) Conch Pearls are
the defending champions in
the Bahamas today,” he said.

Mr Wilchcombe said the
new field will enhance the
quality of softball played in
West End, and also help the
community to grow and unite.

“We need facilities such as
this in our communities that
will help us to build commu-
nities. There is a need for cor-
porate citizens to demon-
strate at all times that they
appreciate the plight of these
communities,” he said.

Mr Wilchcombe thanked
Ginn for all it has done for
West End over the years.

John Davies said the soft-
ball field is first of many com-
munity projects that Ginn
plans to be involved with over
the years.

“This effort has tied in very
well with the intentions of the
West End Foundation that
was created by Bobby Ginn
for the West End community.

CONFIDENCE

“When I arrived in West
End a year and a half ago, I
met Obie Wilchcombe and
one of the first things that
Obie told me we needed to
do for the West: End commu-
nity was to rebuild the ball
field.

“It gives us great pleasure
to see the efforts of everyone
come to fruition to bring the
sports field back to life,” he
said.

Mr Davies said he hopes
that the facility will stimulate
the creation of new sports
events in West End, and
bring back the excitement
that once existed in the com-
munity.

“This community has pro-
duced some of the country’s ©
finest athletes such as Orlan-
do McKenzie, Marlene Pin-
der, and Douglas Grant. West
End has been recognised as a
great source of athletes in the
past. :

“This field will put West
End back on the map as
a force to be reckoned with
in the sporting world,” he
said.

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PAGE 10, WEDNESDAY, JULY 11, 2007

THE TRIBUNE ~



| | | LOCAL NEWS ! ) re

New industrial agreement with Morton | Baker’s Bay

FROM page one

dented rainfall on the salt har-
vest. In a written notice to
employees Morton Bahamas
Ltd/Rohm & Haas said over
the past several months Mor-
ton Bahamas’ saltpans in
Inagua have received over 30
inches of rainfall, negatively
affecting the growth of har-
vestable salt cake and forcing
the discontinuation of the har-
vest.

“Over the past 15 weeks, the
company has carried a full
complement of employees at
40 hours per week and has
been engaged in the critical

maintenance of the plant. For

the most part, the maintenance
work has been done; however,
harvesting is not expected for
another six weeks barring no
more significant rainfall,” the
letter continued.

According to Mr Bannister
the company has lost a huge
amount of revenue due to the
50 per cent decline in salt pro-
duction and reduced sales. He
said layoffs are now the only
option the company has under






















SmartChoice

the law and its agreement with
the union.

Article 1.2 of the new agree-
ment states that the “union rec-
ognizes that the company has

the exclusive right to manage '

its operation in all respects to
conduct its business fairly... it
has the exclusive right to hire,
promote, transfer, demote or
layoff employees and to sus-
pend, dismiss or otherwise dis-
cipline employees in accor-
dance with the terms of this
Agreement...”

Article 21.1 further states
that “The company and the
union recognize that the loss
of work due to seasonal
demand for the company’s
products, natural disasters
(hurricanes, excessive rainfall)
and conditions beyond the con-
trol of the company are all pos-
sible,” and that in such cir-
cumstances the company may

“layoff excess employees in the
effected departments or
throughout the plant”.

According to the July 3
notice factors to be considered
in temporary employee reduc-
tions include knowledge, train-

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ing, ability, skill, efficiency and
seniority. Affected employees
will be given the option to take
their annual vacation during the
layoff period by filling out nec-
essary forms with the person-
nel department. Affected
employees will also continue to
accrue benefits during this peri-
od; however, they will not be
eligible for redundancy pay as
the layoff period is expected to
be three weeks and less than 45
days. If necessary the company
has also offered to advance
employee’s loans against their
accrued vacation pay.

Over the years Morton
Bahamas has established a pos-
itive track record as the main
employer in Inagua. In 2006
Morton spent almost $400,000
on employee-related pro-
grammes including general
employee relations and specif-
ic training and safety initiatives.
A generous and responsible
corporate citizen, the company
also gave more than $32,000 in
scholarship assistance to stu-
dents and more than $95,000
in general contributions to the
community.

FROM page one

Dr Marshall said compared
to Baker’s Bay golf course,
more harmful pesticides and
fertilizers can be found on some
Bahamian farms. He explained
the developers plan to maintain
the golf course.

“If you look throughout the
Bahamas you would find that
there are a number of golf cours-
es that are built on islands of
course and a few cays and in a
lot of cases and most cases these
golf courses have co-existed for
years along with natural reef sys-
tems. Our approach is that we
would use very little or no fertil-
izers to begin with on our golf
course. So basically what we’re
saying is that if we don’t put it in
it’s not going to be there to run
out. Secondly, we are going to be
using a particular type of golf
course grass that requires very
little fertilizer and also a type of
grass that’s resistant to pest and
insects, also it’s tolerable to salt
water,” Dr Marshall said.

After consultation with the
Bahamas Environmental Scien-
tific and Technology Commis-



i BAKER’S Bay environmental team: left to right; Shanishka ‘ ‘
Bain, environmental monitoring officer, Dr Livingston Marshall,
senior vice-president of environment and community affairs, ty
Shenique Albury, environmental manager and Aretha Huyler, |" ’”
monitoring officer i

sion, Baker’s Bay developers
complied with the terms outlined
for the construction of its marina.

“Baker’s Bay marina is
designed to have a flushing
channel this came about after
interaction with the BEST com-
mission. They stipulated that
we flush 90 per cent of the con-
tents of the marina over a 24
hour period. So they asked us to
consider the options to facili-
tate this flushing channel. We
will be able to exceed that by
flushing up to 96 per cent of the

marina’s content over this 24-
hour period which will exceed '
the standards set by the BEST ¢
commission,” said Dr Marshall. °

Currently Baker’s Bay is
undergoing drilling for a‘
Reverse Osmosis Arrow Plant ‘+
to be completed by the end of |

“id

‘July, this will generate up to a.*-°

million gallons of water supply*’,*|
per day. Further, a new service,
pier has been erected. Once the“
project has been completed this!
pier will be open for use by -
Guana Cay residents.

+

FNM denies attempting to undermine Christie on Urban Renewal ~

FROM page one

Last week at a press confer-
ence, Mr Russell made a con-
troversial statement claiming
that the Urban Renewal Pro-
gramme was the result of a
foundation laid out by Prime
Minister Ingraham, and not the

brainchild of opposition leader

Perry Christie.
“We give Perry credit for what

they did, but we cannot continue ~

to give credit for what they did-
n’t do,” Mr Russell stated.

Mr Russell referred to the
project as “rebirth” and assert-
ed that in 2000, it was created
specifically to tackle the impov-
erished areas of Grants Town
and “over-the-hill.” He also not-
ed that former MP Gregory

18-year-old youth gunned down «

FROM page one

murder rate rose to 52, and then

dropped slightly to 50 in'2003.



Williams “cleaned up the over
the hill area” under the Ingra-
ham administration, as part of
the “rebirth” initiative.

When asked why the FNM
administration waited five years
to “set the record straight”, Mr
Russell said that last week’s
press conference was the first
opportunity that he had to for-
mally do so. He noted that the
FNM remained quiet as they
“conducted research” into the
Urban Renewal Programme to
uncover the facts behind the
project.

However, The Tribune
uncovered earlier reports that
revealed that a similar pro-
gramne was launched by for-
mer PLP Minister of Finance
Arthur Hanna in 1980 to “trans-

In 2004 it went down again to 44
and in 2005 again rose to 52.
Last year — 2006 — it reached
60. This brings a total, including

form this depressed, decaying
area (Grants Town) into a thriv-
ing community.”

The project had a budget of
$20 million to revitalize the
area, improve infrastructure,
and remove outside toilet facil-
ities, but in 1989 Mr Hanna
admitted that the programme
was “abandoned” by the Pin-
dling administration.

In 1999, former FNM Hous-
ing Minister, Algernon Allen
re-announced the “total
rebirth” of the area of Grants
Town that would “involve
acquiring and clearing land in
the Grants Town area” and
“improve housing conditions in
all areas over-the-hill.”

While the “rebirth” of the
Grants Town area put a focus

the 43 murders already this

year, for the past.six and a half

years to 418.
This 43rd murder for the first





on removing dilapidated infra- ‘"
structure, the Urban Renewal ’
Programme launched under the 1
Christie administration sought *
to tackle the rising crime rate’ ~
by employing police officers,’.
who, according to Asst. Sant”
Stephen Dean, “removed ,
derelict vehicles and abandoned’.
buildings, dismantled street “
drug peddling groups and’
arrested a number of criminals.”
RBPF officials claim these mea-
sures “resulted in a significant |
reduction in crime.’

On Sunday, during a weekly ~
live podcast on the PLP’s web-" ~
site, opposition leader Christie “+,
called the FNM’s “attempt” to )*
claim ownership for the urban‘.
renewal programme as “laugh-°
able.”

ays
“07

ma

us

wc ie
yr, ia
six months of this year has the .

Bahamas in line to,exceed 70...

murders by the end of the year, :

if the current trend continues.

Ke

cy

a" a" a

4 B®
at

6

o 2,
oe

NY

-
Se
* *
& “a
RA ‘ BTR: i TH ARTE] “eC Rig Y To XY
MARLIN MARINE 13°" ANNUAL FISHING TOURNAMENT |.
“at
Proceeds of Fishing Tournament being donated to BA.S.R.A. . un
Z (male ‘e
dt
* ,
*
F
‘ i
. i y
st
wel
EST
to
Pictured Left to Right George Pyfrom, Keith Kelty, B
Sam Evans, Richard Parker & Chris Lloyd .
THANK YOU TO ALL OF THE SPONSORS he
vor
Abaco Beach Resort & Boat Harbour Data Systems Int'l, Nautilus Water pl
Allied Caribbean Ltd. Deloitte & Touche Phoenix Aviation / Million Air a
Anthony's Caribbean Grill Disston Realty Parity Bakery / Bacardi Rum Cakes .
Audio Concepts Robert Dunkley Prime Bahamas Ltd. ;
Bahamas Bus & Truck Elgin Marble Ltd. Rocky Farms Nursery nA
Bahamas Ferries Esso on The Run ~ Bay & Fowler Royal Bank of Canada - Commercial ‘ vo
Bahamas Food Services Florida Air Cargo Banking Centre ey
Boone Bait Co. Graham Realty Ltd. Salty Dog Rod & Reel Repair nae
Bombardier Recreational Products Graham, Thompson & Co, Sandals Royal Bahamian au
Bristol Wines & Spirits Harbourside Marine Ltd. Sun Tee Mig. Co. Ltd. oe
Brown's Boat Basin Kentucky Fried Chicken Super Club Breezes “it
Callenders & Co. King & Co, Super Value Food Stores Hast
Caribbean Beverage Ltd. Lightbourne Marine Ltd, Thompson Trading Co. Ltd. os
Comfort Suites ~ Paradise Island Magic Photo Thriller Power Boat Tours Ltd, ma

Crown Jewelers
Damianos Realty Ltd. — In Memory of
uy ay

Master Technicians Ltd.
Montagu Gardens Restaurant



Mr, & Mrs. Donald Tomlinson
Tropical Shipping



ed

a...

THE TRIBUNE

WEDNESDAY, JULY 11, 2007, PAGE 11



Toastmaster
Taylor and team
lead the way

TOASTMASTERS, the
world-renowned communica-
tion and leadership organisa-
tion, began a new year on July 1
with an entrepreneur and Dis-
tinguished Toastmaster George
Taylor and his dynamic team
leading the way.

Toastmaster Taylor, owner
of Taylor’s Electrical and
Mechanical Company Ltd, said
he is excited and humbled to
have been elected as division
governor.

He now oversees 30 toast-
masters clubs throughout the

- Bahamas, including Freeport,

Eleuthera, Andros, Cat Island
and Exuma.

The division’s Hieind this year
is, ‘Leading the way to commu-
nication and leadership excel-
lence’.

“My goal is to empower our
members to meet the challenges
of leadership in the 21st centu-
ry. There will be respect and
accountability, effective com-
munication, and innovative poli-
cies along with decisive, com-
petent leadership,” said Mr
Taylor.

“My goal is to enthusiastical-
ly engage our members to
achieve the mission of the dis-
trict and division, by ensuring
that each club realises its mis-
sion and fulfills its responsibili-
ties to members through sup-
port of area governors and
resources,” he added.

Mr Taylor has the experience

to do just that — having joined

the first Bahamas branch of
Toastmasters Club 1,600 in
1997.

He has served in various posi-
tions including as president of
Club 1,600, area governor and
most recently, assistant division
Governor in charge of educa-
tion and training.

During his tenure, the divi-
sion governor intends to cele-
brate 40 years of toastmasters in
the Bahamas, add new clubs,
ensure 100 per cent officer
training, present a budget and

unveil a plaque of past division
governors, among other initia-
tives.

To assist him in accomplish-
ing these and other goals, a divi-
sion council has been elected,
which includes: assistant divi-
sion governor in charge of edu-
cation and training, Dwight
Burrows; assistant division gov-
ernor in charge of marketing,
Margo Adderley; assistant divi-
sion governor in charge of pub-
lic relations, Hadassah Hall;
Area 12 governor, Joyce Rah-
ming; Area 35 governor, Del-
maro Duncombe; Area 44 gov-
ernor, Renison Brown; Area 55
governor, Roderick Colebrook;
Area 57 governor, Glen Rolle;
and Area 60 governor, Marilyn
Johnson.

Also appointed to the team
are compliance and administra-
tive officer Suncher Johnson;
club rescue chair Wentworth
Stubbs; secretary Marjorie
Munroe; treasurer Vincent
Edwards; chief protocol officer
Harry Williams; sergeant-at-
arms Michael Mackey and web-
master Ernesto Gongora.

“JT am fully satisfied that I
have assembled a powerful
team. They promise to do much
good for the future of toast-
masters in Division I.

“Each member appointed is
qualified to effectively discharge
the responsibilities assigned
to them,” said the new presi-
dent.

Mr Taylor said he believes he
has the communication and
leadership skills to make the
new toastmasters’ year a suc-
cess, as he strives for member-
ship growth and retention.

“T believe that I am the best
person for this time and season
because my toastmasters’ train-
ing, business management
expertise and toastmasters’
exposure and commitment have
given me the critical leadership
and team building skills that are
expected of a division gover-
nor,” he said.



@ AND The winner is ... Three lucky persons took home special
gifts for Dad during John Bull’s recent Father’s Day Find promo-
tion. Pictured left to right: Laquita Braynen, Nathaniel Braynen,
winners of the Sixth Month Fragrance Pack; Natasha Pratt, Man-
ager, John Bull Mall at Marathon; Makeisha Campbell, Marketing
Manager, John Bull Group of Companies; Donna Francis and
Theon Sturrup, winners of the Techno Marine Timepiece.

Celebrating Father's Day

THIS past Father’s Day, John
Bull celebrated Dad with two
fun and interactive promotions,

‘The “Tie Dive” and “Father’s

Day Find.” The events, which
were staged at various John
Bull locations, encouraged
patrons to participate for a
chance to win wonderful gifts
for dad.

The first of this two-fold pro-
motion, the “Tie Dive”, gave
participants a little edge, as they
sought to retrieve fabulous
prizes that could be presented
to their fathers or father figures,
along with their special Father’s
Day purchase. Shoppers were
invited to dive into a “tub o’
ties” and attempt to collect a
specially marked tie, giving win-
ners the opportunity to take
home a surprise John Bull Gift.

The second of the two pro-
motions dubbed the “Father’s
Day Find”, staged at the Mall at
Marathon location, invited
patrons to hunt for treasure by
completing a trivia game card. It
was a family affair, as dads and
moms, aunts and uncles and
even grandparents joined in the
fun. Any person or team having
completed a game card correct-
ly took home a gift for dad, in
addition to being entered into
the final draw. After the draw-
ing, three lucky winners came
out on top, taking home fabu-
lous John Bull prizes.

A top of the line Techno-
Marine timepiece was won by
Donna Francis, and given as a
gift to her son. Laquita Bray-

\

nen presented the six month
fragrance pack she received to
her father, Nathaniel Braynen,
and Jenny Valcin. took home a
$200 John Bull Gift Card as an
added touch to her Father’s
Day gift giving.

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@ THE Division Council of the Bahamas Division I of Toastmasters
International. Seated from left to right are: Toastmaters Delmaro
Duncombe, Area 35 governor; Marjorie Munroe, secretary; Margo
Adderley, assistant division governor of marketing; George Taylor,
division governor; Vincent Edwards, treasurer; Hadassah Hall, assis-
tant division governor of public relations and Ernesto Gongora, web-
master. Standing from left to right are: Glen Rolle, Area 57 governor;
Joyce Rahming, Area 12 governor; Renison Brown, Area 44 governor;
Wentworth Stubbs, club rescue chair; Suncher Johnson, compliance
officer; Marilyn Johnson, Area 60 governor; Roderick Colebrook,
Area 55 governor and Michael Mackey, sergeant-at-arms. Missing is
TM Dwight Burrows, assistant governor of education and training.

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PAGE 12, WENESDAY, JULY 11, 2007 THE TRIBUNE
JULY 11, 2007














The Bahamas Telecommunications Company Limited

BTC VIBE Junior Achievement Awards
Ceremony & Victory Celebration

On July 5th; BTC's VIBE Junior Achievement Company development of young minds and most of all the parents for



was showered with accolades from the Executive encouraging their students to participant in the program,
Management and Staff of BTC. VIBE Team Members, also for their commitment to the program and its continued
along with parents and special invited guests, attended a expansion.
joyous event that celebrated the hard work, dedication and On behalf of the Board of Directors, Executive
commitment of BTC's Junior Achievement Participants, Management and the Staff of BTC we salute the entire
Advisors. VIBE Team, Advisors and Parents

Mr. Lionel Elliot, Executive Director Junior :

Achievement Bahamas, thanked BTC for its continued

Janke Adar ent

a TO THE
rer BIC NIBE vies

PANY UF THE TEAR

involvement with JA through the years. Mr. Elliot,



reminisced on his younger years as a shy student, who used
JA as an avenue to break out of his shyness. Mr. Elliot
further noted that it was the BaTelCo Company that he was ~
placed in that pushed him, and as a result he became an
executive within the company and one of its top speakers.
Mr. Marlon. Johnson, VP Marketing, Sales & Business
Development, BTC thanked the students for their good
works throughout the 25 weeks of the program. Because of |
their hard work and dedication they are now reaping the
fruits of their labour. BTC's VIBE JA Company won an
outstanding 25 awards and an additional 10 individual
awards. Its company president placed 3rd in the Most
Distinguished Achiever Award and the company won .
Company of the Year. *

Mr. McFalloughn Bowleg, President of the VIBE

. : j Mr. Leon Williams President and CEO, BTC presents Briel Jacques with
Company simply stated that without the help of the entire

| the VIBE Setin Most Outstanding Achiever ward:
team, none of this would be possible. Giving a speech that rg

faster bis

was completely out of the box; McFalloughn had a vocalist ‘¥ ed a ee. : Ea CONGRATULATIONS 1) THE
i ; ; IC Yi ire

serenade the audience with a soul stirring rendition of Wind
Beneath My Winds.

Mr. Leon Williams, President & CEO BTC gave a brief
history on BTC's struggle in Junior Achievement and the
many years of hardship the company experienced. But
today brings joy according to Mr. Williams, as we have now
been rewarded for our labour. There were many times
when we decided that we were no longer going to
participate in the program. But as September came around,
we BTC were the first to sign up in an effort to expose
students to the many aspects of the business world. Mr.
Williams encouraged the students to live their dreams and
be the best that they can be. Mr. Williams further informed
the participants that no one can create or fulfill your dreams

it is sae to you. In een Mr. Williams thanked the



YOUR CONNECTION+TO THE WORLD YOUR CONNECTION®TO THE WORLD

PUBLI TICE | PUBLI ICE
‘The Bahamas Telecommunications Company Limited, BTC The Bahamas Telecommunications Company Ltd.
wishes to advise our valued customers that there are companies (BTC), wishes to advise our valued customers and the
misrepresenting BTC in their solicitation of online telephone i general public that all BTC transactions should be
ely ever carried out only at the various BTC CTO's and Cyber

Please note that Island Yellow Pages, Island Media Advertising World locations.

or any other company has no authorization to conduct business

or solicit subscriptions for The Bahamas Telephone Directory. BTC reminds the public to always request a BTC
photo identification card from persons who are not at

Only BTC authorized sales agents are authorized to conduct BTC locations.

business or solicit subscriptions to any published or online

directory. : . ‘ ‘ ‘

BTC would like to thank the public for their continued

If in doubt please call Directory Publications 322-9183-7. support as we keep you connected to the world



( |






WEDNESDAY, JULY 11, 2007

SECTION

business@tribunemedia.net

The Tribune

BUS





Miami Herald Business, Stocks, Analysis, Wall Street





2) ai

HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE

Tel: (242) 356-7764

FREEPORT OFFICE
Tel: (242) 351-3010



Government to review
10 NIB property deals

* Sorting out Bahamas’ main social security scheme among Cabinet’s ‘top five priorities’
* Minister says National Insurance Board ‘grossly overstaffed’ by 200 people
* Government likely to act on commission’s reform recommendations, as
without change ‘half of us working now will not see our pensions’

PRR me ee Fee mm are rm mee mre me eee mre me ome nme ny nme eee me mee me mes nee ree mee mee mt ree net tet tet nee nee mes ney met net rat ns nes my meet nee net te met ret rst net nes ey tay tet mt tm ep pat et et net fu st et at setup art rh mt mt met far ur ut et rt Set met mest ney met unt tet net tat th tet ttt tet tet tet tet tet tt tt fet tet et tr fet tt ft ee eet te om ee

â„¢ By NEIL HARTNELL
Tribune Business Editor

he Government will

review “in the next two

or three weeks” some 10

properties. that the

National Insurance

Board (NIB) plans to either purchase

or finance construction of, the respon-

sible minister told The Tribune, with

sorting out the Bahamas’ main social

security scheme among the Cabinet’s
“top five priorities”.

Kenneth Russell, minister of hous-

ing and national insurance, said the

J S Johnson net income

Government was set to review “
the buildings that NIB is doing”,
including a number of office com-
plexes in New Providence and a pro-
posed new building in Freeport that
would house the Customs Depart-
ment there,

“We need to be reviewing them.
There’s 10 buildings that NIB wants
to build or purchase at the same
time,” Mr Russell said,

He added that the review would
“determine whether to proceed with
all of them at the same time, or
whether to be more cautious and go
with a fraction each year”.

all of

Mr Russell
said NIB would
do everything it
was necessary to
do, but the Goy-
ernment wanted
to be sure that it
did not “over-
extend” itself.
Government.
health clinics,
particularly in
the Family
Islands, which.
NIB has often funded the construc-
tion of, are not included in the review.

@ RUSSELL



Mr Russell added that another area
of NIB that the Government wanted
to address was the fact that it was
“grossly overstaffed by at least 200
persons”,

Numerous agencies, most notably
the Social Security Reform Commis-
sion (SSRC) and the International
Monetary Fund (IMF), have. urged
that NIB’s operating costs and admin-
istrative expenses are too high and
need to be reduced immediately.

In the 12 months to December 31,
2005, NIB’s administrative costs as
percentage of the total $136.1 million
contribution income stood at 20.3 per

cent.

Some 66 per cent of the $27.5 mil-
lion in administrative costs that year
were staff-related, with the NIB pro-
jected to have a staffing complement
of 425 at year-end 2006 - representing
a decline of only 11 on 2005’s total.

The SSRC had urged in its prelim-
inary recommendations that admin-
istrative costs be reduced to 10 per
cent of contribution income by 2014,
a more than 50 per cent reduction on
the existing ratio.

SEE page 9

Ritz-Carlton dredging to start by month’s end

up 112 per cent

@ By NEIL HARTNELL

Tribune Business Editor

J S Johnson, the BISX-list-
ed insurance broker and
agent, has seen its 2007 first
quarter net income increase
by 112 per cent to $1.833 mil-
lion, due to increased premi-
um volumes and commission
income,

Marvin Bethell, J. S. John-
_ son’s managing director, told
shareholders that the compa-
ny had started 2007 in similar
fashion to 2006’s “banner
year”, with net income rising
by $967,000 compared to last
year’s $866,000 first quarter
net income.

Net commissions and fees,
which are largely generated
by J. S, Johnson’s agency and
brokerage business, rose by

26.5 per cent to $3,83 million, ©

compared to the previous
year’s $3.027 million.
Net earned premiums, pro-

duced by Insurance Company
of the Bahamas, the ‘tied’ car-
rier through which J. S. John-
son places a large percentage
of its general insurance busi-
ness, increased by 27 per cent
to $2,139 million from $1.683
million in the three months
to March 31, 2006.

J. S. Johnson owns a 40 per
cent stake in Insurance Com-
pany of the Bahamas (ICB),
with the remainder of the
equity owned by its directors
and senior executives.

As a result of these revenue
rises, J. S. Johnson saw its
total revenues grow by 31,7
per cent to $6.54 million,
compared to $4,967 million
in the 2006 first quarter.

The total revenue increase
more than overshadowed the
14.8 per cent rise in total
expenses to $4,707 million,

SEE page 2

78 per cent income
rise helps insurer
hit the ‘Summit’

@ By NEIL HARTNELL ©

Tribune Business Editor

SUMMIT Insurance Com-
pany, the ‘tied’ carrier
through which Insurance
Management (Bahamas)
places the bulk of its general
insurance business, saw its
2006 net income increase by
77.7 per cent to $2.59 million,
like other companies aided
by the absence of hurricanes
last year,

For the year to December
31, 2006, Summit experienced
a net underwriting gain of
99.8 per cent to $2,663 mil-
lion, compared to 2005’s
$1.332 million, as the increase
in net premiums earned more
than offset a rise in under-
writing expenses,

The benefits from no hur-
ricane claims were apparent
in the 2006 figures, as gross
claims incurred by Summit
fell from $19,642 million in
2005 - when Grand Bahama
was hit by Hurricane Wilma -
to $7.353 million in 2006.

However, Summit’s claims

ayouts were cushioned by

13.115 million in reinsurance
monies in 2005, with only
$1.962 million coming from

this sources in 2006. Net
claims in 2006 thus showed a
slight reduction over the pre-
vious year,

Net premiums earned by
Summit in fiscal 2006 grew
by 29.5 per cent to $20,435
million, compared to $15,784

million the previous year, °

while underwriting expenses
rose by 23 per cent, going
from $14.451 million to
$17.771 million,

The main driver behind the
underwriting expenses
increase was growth in cata-
strophe and excess of loss
reinsurance to $9,515 million,
compared to $5,564 million
in the 12 months to Decem-
ber 31, 2005,

On the income side, Sum-
mit saw gross written premi-
ums grow by 8.3 per cent to
$37.239 million, compared to
$34.377 million in 2005, with
net written premiums up 31.4
per cent to $21.832 million.

The net written premium
increase appears to have been
driven by Summit’s decision
to assume more risk itself,
ceding less of its gross written

SEE page 5

@ By CARA BRENNEN-BETHEL
Tribune Business Reporter

DREDGING of the marina for the pro-
posed $750 million Ritz-Carlton resort‘on
Rose Island, just off Nassau, is expected to
begin by month’s end, the resort’s gener-

_al manager confirmed to The Tribune.

Russell Miller, recently-appointedas the
resort’s vice-president and general man-
ager, said the dredging contract has been
signed and work should begin shortly.

He explained that most of the work tak-
ing place now on the Ritz-Carlton pro-
ject, which was approved by the previous
administration, was design and develop-
ment.

The project has a skeleton staff of about
five men currently on Rose Island, pri-
marily to ensure that all housekeeping
matters are taken care of.

Mr Miller said contracts for vertical
construction work on the resort and asso-
ciated facilities should be awarded - and
work begun - by the end of August 2007.

The project is also preparing to begin to
the hiring of sales and real estate agents to
cover the residential aspects of the devel-
opment, and Mr Miller said the developers
expect to begin hiring resort staff in about
nine months,

At the peak of construction, 900 jobs
will be created and, when completed, the
Ritz-Carlton Rose Island resort is expect-
ed to create some 900 permanent jobs.

Gencom Group, the investment group
headed by Karim Alibhai, bought a major-
ity 70 per cent stake in the Ritz-Carlton
resort from Marriot. Under the agree-
ment, Mr Alibhai has now taken over 70
per cent of the investment, Marriot retains
a 20 per cent share, with the 10 per cent

balance split between three unnamed
investors.

Mr Alibhai has also invested in two oth- 7

er properties on New Providence, The
Nassau Palm Resort on West Bay Street,
and the Paradise Island Harbour Resort
on Paradise Island.

It is also believed that he may seek a
fourth investment opportunity.

The Ritz-Carlton on Rose Island is
expected to open in 2009.The project
includes a luxury resort, private residences
and a sheltered marina to dock luxury
boats and yachts.

When completed, the 230- acre site is
expected to provide a collection of more
than 400 dwellings.

The initial Heads of Agreement for the
resort was signed between Ritz Carlton
and the Bahamas government on February
13, 2006. :

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PAGE 2B, WEDNESDAY, JULY 11, 2007

THE TRIBUNE





Bahamas must ‘step it
up’ on tourism service

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@ By CARA BRENNEN-BETHEL
Tribune Business Reporter

recent study indicating that

85 per cent of Bahamians feel

tourism industry service stan-

dards need to be improved is
a good sign that change is imminent, indus-
try officials told The Tribune.

Frank Comito, the Bahamas Hotel Asso-
ciation’s executive vice-president, said they
are pleased that increasing numbers of
Bahamians feel the need to improve the
country’s number one industry.

He added that while there have been
concerted efforts in training and educa-
tion, “we need to step it up”,

Mr Comito was responding to the results
of a survey conducted by the Ministry of
Tourism and the Counsellors.

According to the survey, 85 per cent of
New Providence residents felt service stan-
dards in the Bahamian tourism industry
needed to be improved, this result having
stayed broadly consistent since 2002, while
another 82 per cent agreed that “Bahami-
ans do not give other Bahamians good ser-
vice or value 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 concerns 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”,

Mr Comito responded to the concerns
raised in the survey, which found that
almost two-thirds of Bahamians believe
tourism-related real estate developments
are “taking” this nation’s best land and
beaches, :

According to Mr Comito, a lot of work
has been going on between the Govern-
ment and the Bahamas National Trust to
enhance park lands and public areas, such
as Goodman’s Bay on New Providence.

He added that there needed to be a con-
tinued focus on areas of public access to’
ensure there were adequate and appro-
priate venues where Bahamians can go,

Survey results indicated that 64 per cent
of respondents on New Providence felt
that “tourism has taken all our best beach-
es and land”, a significant increase upon
the 53 per cent who agreed with ii in
2005.

This suggests that Bahamians are
becoming increasingly concerned that the
numerous mixed-use resort projects, par-
ticularly in the Family Islands, which are
heavily reliant on real estate sales to gen-
erate cash flow and profits, are taking over
the best Jand for exclusive, high-end gated
communities targeted at foreign buyers.
Beach access for Bahamians is another
concern,

JS Johnson net income up 112 per cent

FROM page 1

compared to $4,101 million in
the three months to March 31,
2006.

Mr Bethell said in his mes-
sage to shareholders that he
was “optimistic, given the eco-
nomic state of our country,
that this trend will continue,
although not necessarily at the
same level, during the remain-
der of 2007 for both our agency
and insurance segments”.

He warned that J. S. John-

son’s overall financial perfor-
mance for its 2007 financial
year would again be heavily
dependent on whether the
Bahamas was struck by any
major storms, and the subse-
quent level of claims and pay-
outs incurred by ICB.

ICB has become possibly the
major factor in J. S. Johnson’s
performance. In years when
hurricanes are absent, it is like-
ly to turn in a strong perfor-
mance;,in turn bolstering J. S.
Johnson’s and delivering a
greater return to the BISX-list-

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ed firm’s shareholders,

However, in years such as
2004 and 2005, when the
Bahamas was struck by hurri-
canes, ICB’s underwriting per-
formance is likely to be heavi-
ly impacted by subsequent
claims.

In turn, this may act as a
drag on J. S. Johnson’s results,
as it is no longer just an agent
without any underwriting risk,
relying on 15 per cent-plus
commissions taken in at the
front end,

The net effect is that J. S.
Johnson may turn from a
steady net income and return
producer for shareholders to
a company where earnings
become a little more uneven
and harder to predict,

Investors are likely to enjoy
greater upside in years when
hurricanes are absent, as in
2006, but there may also be a
downside. potential when
storms are experienced,

Mr Bethell told sharehold-

ers that J, S. Johnson’s results

for the 2007 first quarter had
been driven by increases in the

‘number of policies the compa- .

ny had written, and the subse-
quent commissions earned via
its agency/brokerage business, -
while expenses were held at a
“satisfactory level”,
“As there-were no general

increases in property rates, this = D

growth was due to new busi-
ness development and. timelier
processing of documents,” Mr
Bethell said.

“Most of our branches
turned in strong first quarter
performances, with Freeport
and Turks leading the way.”

He added that the upgrade
of J, S, Johnson’s computer
system was almost finished,
with staff currently being
trained in how to use it.

“Tt is expected that this
upgrade will result in greater
operational efficiencies and
better information manage-
ment,” Mr Bethell said.

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THE MARKETS
STOCKS, MUTUAL FUNDS, 8B
DOW 30 13,501.70 -148.27
S8P500 «4,510.12 -21.73
NASDAQ 2,639.16 -30.86
10-YRNOTE 5.02. -13
CRUDEOI © 72.81. +.62

Stocks
fall on
troubled
forecasts

BY MADLEN READ
Associated Press

NEW YORK — Stocks
plunged Tuesday as investors,
nervous about upcoming earn-

ings reports, cringed at trou-

_ bling forecasts from retailers.

“Home Depot and Sears and at

_ soaring oil prices. The Dow

_ Jones industrial average fell
148 points. ‘

The market seemed to be fol-

_ lowing the pattern of previous

__ earnings seasons, turning lower —

__as second-quarter reports had a
rocky start. Home Depot, Sears:
Holdings and homebuilder D.R.

Horton offered dreary outlooks |

that suggested the sluggish
housing market may dampen
consumer spending.
~ “People are a little bit skittish
about the health of the con-
sumer,” said Jack Caffrey, equi-
ties strategist at J.P. Morgan Pri-
vate Bank.
~ As the U.S. dollar tumbled

. and investors fled to the relative ....
‘vsafety of Treasury bonds, :the ©

stock market dropped further
-- after oil prices briefly’ spiked
above $73 a barrel, raising con-
cerns about Americans’ energy

Wall Street » _ which often |
trades erratically amid profit
warnings before the quarterly
- earnings flood — also weakened
due to ratings agency Standard
& Poor’s, which said it may
_ lower the credit rating of more
_ than $12 billion in bonds backed
by risky home loans.
The Dow fell 148.27, or 1,09
» percent, to 13,501.70, near its low
of the session.

_ Broader stock indicators also _
ad eee



“about the Hegne market ee
. than confidence that inflation i is.
easing. g ;

Crude oil ee inbed 627

‘ cents to $72.81 a barrel on the

New York Mercantile
Exchange, after momentarily

' surpassing $73 a barrel, their
highest point since late August.



The dollar dropped to anew |

low versus the euro Tuesday
and a 26-year low against the |
' British pound. Gold prices rose. |

Not all of Tuesday’s guid-
ance was disappointing: Pepsi
Bottling Group, one of the
_ world’s largest distributors of
- Pepsi drinks, raised its outlook
' for full-year earnings, and its
stock rose $1.45, or 4.2 Beene,
to $35.88.

Dow Declining issues out-
numbered advancers by nearly

' 3 to 1 on the New York Stock
| Ruchange, where consolidated
volume came to 3.20 billion

shares, compared to 2.68 billion
shares Monday.

The Russell 2000 index of
smaller companies fell 15.76, or
185 percent, to 837.48.

In Asian trading, Japan’s Nik-
kei stock average fell 0.05 per-

_ cent; Hong Kong’s Hang Seng
Index rose 0.3 percent to a sixth
straight record close; and Chi-
na’s Shanghai Composite Index
fell 0.8 percent.

In European trading, Brit-
ain’s FTSE 100 fell 1.22 percent,
Germany’s DAX/index fell 1.39
percent, and France’s CAC-40
fell 1.40 percent.



WEDNESDAY, JULY 11, 2007

|
{



to anew monthly high in June.

BY JOE McDONALD
Associated Press
| BEIJING — By the looks of Chi-
| na’s ever-expanding trade surplus,
the world is not ready to wean
itself from its dependency on Chi-
| nese products, despite reports of ,
tainted toothpaste, fish laced with
antibiotics, tires missing a key
safety feature and toys with lead
paint.
The “Made in China” label has
+ become ubiquitous, helping to push
the country’s trade surplus in June
| to anew monthly high as foreign
consumers bought electrical appli-
| ances, clothing, low-cost furniture
and other products the world has
come to depend on China to sup-
ply.

The government figures
released Tuesday appeared likely
to add to U.S. pressure on Beijing
and calls in Washington for sanc-
tions despite Chinese efforts to rein
in the bulging trade gap.

The June trade surplus jumped
more than 85 percent to $26.9 bil-
| lion from the same period last year,
the General Administration of Cus-
toms said on its website.
. That pushed the total surplus for
-. the first half of the year to $112.5 bil-
lion, breaking the $100 billion bar-
rier for the first time for a six-
-month period, the agency said.
_ Total trade in the first half of the
year was $980.9 billion.
'.. , The agency said total trade for
the full year is expected to top $2



ESS



ASIA



trillion, with a surplus in excess of
$200 billion, the official Xinhua
News Agency said.

Exports in June seated by 21.7
percent to $179.6 billion, the cus-
toms agency said, despite decisions
by the United States and other gov-
ernments beginning in early May to
recall or impose controls on tires,
toothpaste, seafood and other
goods from China that were
deemed tainted or unsafe.

Imports grew by 14.2 percent to
$76.4 billion; the agency said.

Beijing insists it is not actively
pursuing a ‘trade surplus and has
tried to cool the boom by repealing
rebates of value-added taxes for
exporters and imposing new taxes
on some goods such as steel.

On Tuesday, Xinhua said the
government was taking another
step to rein in the export surplus by
eliminating an 8-year-old program
that rewarded big foreign earners
with low interest rates and other
privileges.

“Ending the grading system was
a decision made in line with the
current trade situation,” Xinhua
quoted a statement from the gov-
ernment’s foreign exchange regula-
tor as saying.

Despite such steps, foreign
demand for Chinese goods has
surged while import growth has
been slowed by government efforts
to contain a boom in construction
and investment that it worries
could cause a financial crisis. That



AP FILE

DEMAND STILL STRONG: A truck drives past rows of containers at the new Yangshan deep water port
| off the coast of Shanghai, China, in this 2006 photo. China’s politically volatile trade surplus soared

China’s trade surplus up 85%

has cut into Chinese purchases of
factory equipment and other for-
eign goods.

China has reported its four high-

est monthly trade surpluses in the
past nine months.
_ The June figure broke the $23.8
billion record set in October and
surpassed February’s $23.7 billion
and May’s $22.4 billion.

Critics of Beijing’s trade record
say its currency controls are partly
to blame for the gap; They say
China keeps its yuan undervalued,
giving Chinese exporte
price advantage. f eS]

Some U.S. lawmakers are calling
for legislation that would impose
punitive tariffs or other controls on
Chinese imports if Beijing fails to
let the yuan rise faster in value.

The United States reported a
trade deficit of $232.5 billion with
China last year — its biggest ever
with any country — and this year’s
gap is expected to exceed that.

Exports have brought a huge
influx of foreign money into the
country, straining Beijing’s ability
to contain price pressures. The
central bank drains billions of dol-
lars a month from the economy
through bond sales and has piled up
the world’s largest foreign reserves
at $1.2 trillion.

Despite those efforts, inflation
has risen steadily in recent months,
climbing to 3.4 percent in May from
the year-earlier period, the highest
level in more than two years.



AUTOMOTIVE

eee ; ;
‘and persistent nfation undermines"

eb aoueveHAnees
Bernanke:
Investors,
public
must be
considered

BY JEANNINE AVERSA
Associated Press

WASHINGTON — Taking into
account the mind-sets of both the
public and investors about where
prices are headed is a key factor for
policymakers working to tame infla-
tion, Federal Reserve Chairman Ben
Bernanke said Tuesday.

“Undoubtedly, the state of infla-
tion expectations greatly influences
actual inflation and thus the central
bank’s ability to achieve price stabil-
ity,” Bernanke said in a mostly aca-
demic speech to a conference of the
National Bureau of Economic
Research.

If investors, consumers and busi-
nesses feel confident that the Fed will
keep prices stable, the Fed chief sug-
gested, they may _
be less inclined to |
act in ways that |
could aggravate |
inflation. Ber- | 7%
nanke also said} 4
that these groups |~
may be less
inclined in such
circumstances to
worry that infla-
tion will eat away
at investments and paychecks, and
might feel better about longer-term
financial planning.

‘AseQPy: A) emcee S Teams i in

BERNANKE







public confidence in the economy:
and in the management of economic
policy generally,” he said.

This
“adverse effects on risk-taking,
investment and other productive
activities that are sensitive to the
public’s assessments of the prospects
for future economic stability,” Ber-
nanke added.

Stable inflation is good not only
for the economy but for the pocket-
book. Out-of-control prices can eat
away at paychecks, investments and
standards of living. And, getting it
under control through interest rate
increases can be difficult and painful.

In his remarks, the Fed chief didn’t
say anything specific about the future
course of interest rates in the United
States. ;

The Fed’s key interest rate has

held steady at 5.25 percent for inst

over a year.

= Smart car is aimed at savvy U.S. buyers

FUEL EFFICIENT AND TINY, GERMANY’S MICRO-CAR MUST PROVE IT IS ALSO SAFE

BY MATT MOORE
Associated Press

FRANKFURT, Germany — The
tiny two-seat Smart car is a common
sight on the congested streets of
European capitals, something Daim-
lerChrysler AG is eager to duplicate
in cities like New York and Los Ange-
les when it begins selling the vehicle
in the U.S. next year.

But alongside the promise of fuel —
efficiency — the Smart fortwo can
get around 40 miles per gallon — and
of parking in the narrowest of spaces,
the automaker will have to convince
American drivers braving roads filled
with sport utility vehicles that the
micro-car is also safe.

At just 8.8 feet long and slightly
wider and taller than 5 feet, it is

already one of the smallest cars on

any road in any country; it weighs
around 1,700 pounds.

Compare that to a Ford Explorer, a
sport utility vehicle 6 feet high, more
than 6 feet across and nearly 16 feet
long, weighing 4,436 to 4,606 potinds,
and it’s not hard to see why safety
might be a concern.

The company touts its safety pack-
age: a stiff “safety cell” frame, antil-
ock brakes, side and knee air bags,
and intelligent seatbelts that sense
motion changes.

Still, in an accident, “the laws of
physics can’t be repealed,” said Russ
Rader of the Arlington, Va.-based









FERDINAND OSTROP/AP

COMING TO THE U. s: A Smart fortwo parks crosswise in front of a
street cafe in downtown Frankfurt, Germany. The tiny two-seat
Smart car is a common sight on the streets of European capitals.

Insurance Institute for Highway
Safety. “Even with modern safety fea-
tures like multiple air bags, people in
small, light cars are always at a disad-
vantage in crashes.”

The fortwo, slightly bigger than
the European version, with a three-
cylinder, 700cc engine, is scheduled
to hit the U.S. market in early 2008.
The base model will be priced at

rc ernment yey eee
NETRA UT Me ee

about $12,000. An intermediate ver-
sion is expected to start at $14,000
and will boast air conditioning, alloy
wheels and a panorama roof. A Cabri-
olet version will start at around
$17,000 and feature an upgraded
sound system with MP3 capability
and a six-disc CD changer.

Sales and service will be handled
by United Auto Group, with the first



|

4

dealerships to be announced later
this year.

So far, the new fortwo and its pre-
decessors have not undergone crash
testing in the U.S., according to
records kept by the National High-
way Transportation Safety Adminis-
tration.

That’s because Smart has not sold
its cars in American markets before
— preferring to focus on Europe,
where it has sold more than 750,000
models since the car hit the road in
late 1998.

But crash testing on the latest
model hasn’t been done in Europe,
either. Christel Martin of the Brus-
sels-based Euro NCAP, an agency
that assesses cars sold in Europe, said
that it “is included in our testing pro-
gram and the results should be avail-
able by the end of October.”

A previous model, the Smart for-
two City Coupe, was tested in 2000
and achieved a three-star rating out
of five possible.

“Three stars is low,” said Euro
NCAP spokeswoman Cordelia Wil-
son. “Most cars get four- or five-star
safety ratings.”

The NHTSA has not yet said when
it will conduct its own tests and
Rader said his group has yet to assess
it.

Smart USA spokesman Ken Ket-
tenbeil said U.S. tests are likely to be
completed this year.

2PM RN





ape ce, Mass...was made ual se

scenario has potential






THE MIAMI HERALD | MiamiHerald.com

BUSINESS BRIEFS



FRANCE: French
President Nicolas
Sarkozy backs
former French
Finance Minister
Dominique
Strauss-Kahn,
right, to head the
International
Monetary Fund.

OLIVIER LABAN-MATTEI
AFP-GETTY IMAGES

e EUROPEAN UNION



Ex-finance minister

chosen to head IMF |

From Herald Wire Services

The European Union chose Dominique Strauss-Kahn on
Tuesday as its candidate to head the International Monetary
Fund, putting the former French finance minister in line to

take the job in October.

Portugal, which leads talks between all 27 EU nations, said
Europe would support Strauss-Kahn after Spain’s Rodrigo de
Rato steps down to spend more time with his family. The IMF

board is expected to approve Europe’s choice.

“We think he would be an excellent managing director of
the IMF,” said Portuguese Finance Minister Fernando Teix-
eira dos Santos, who led talks between euro nations.

e EARNINGS

LEVI STRAUSS’ PROFIT
CLIMBS 14 PERCENT

Levi Strauss & Co.’s

_ (LVISF.PK) second-quarter

profit rose 14 percent, accel-
erating a comeback that has
spurred talk that the storied
jeans maker might go public
again after more than two
decades as a privately held
company.

The San Francisco-based
company said it earned $45.7
million during the three
months ended May 27 com-
pared with net income of
$40.2 million a year ago.

Net revenue rose nearly 6
percent to $1.02 billion from
$961 million a year ago. If

-not-for'an $18 million boost EE

from the weak dollar in
Europe, Levi's said its reve-
nue would have been up by
4 percent during the quarter.

e ECONOMY

BANK OF CANADA HIKES
KEY INTEREST RATE

The Bank of Canada
raised its key overnight rate
by one-quarter of a percent-
age point to 4.5 percent, a
move that will likely keep
the Canadian dollar flying
high and help cool the coun-
try’s hot economy.

The move by central
bank governor David Dodge
was long anticipated in the
financial community, but it
likely won’t be the bank’s
last rate hike this year.

Ina strong signal, the
bank said it may have to
raise interest rates moder-
ately again, an indication
that it may raise the key rate
to 4.75 per cent at its next
opportunity on Sept. 5.

e TECHNOLOGY

APPLE MAY ADD
CHEAPER IPHONES

Apple (AAPL) may .
introduce a model of its
iPhone this year that is 50
percent cheaper than the

_ handsets that went on sale

in the United States last
month, JPMorgan Chase
analyst Kevin Chang said.
The new model, based on
Apple’s thin iPod Nano, may
cost less than $300, Chang
said , citing a patent Apple
filed in the United States
and components suppliers
he declined to identify.
Apple began sales of two
iPhone models priced at
$499 and $599 on June 29.
Apple will probably sell
the new phone with several
wireless carriers, unlike the
five-year exclusive agree-
ment it has with AT&T for
the current iPhone, Chang
said.
e ELECTRONICS

STONG SALES YIELD
PROFITS FOR LG.PHILIPS

LG.Philips LCD (LPL),
the world’s second-largest |
manufacturer of liquid crys- |
tal displays, announced its |
first quarterly profit in more
than a year amid strong
sales, stabilizing prices and
cost cuts.

The company said it
earned 228 billion won
($248 million) in the three
months ended June 30.
LG.Philips posted a net loss
of 322 billion won in the sec-
ond quarter last year.

“Our second quarter’s
performance was better
than expected, which under- |
scored a faster than antici-

~pated turnaround,” CEO
~ Kwon Young-soo, said.

e JOINT VENTURES :

CHINA TO TAX
OFFSHORE OIL EXPORTS

China will tax oil
exported by the foreign
partners in offshore oil
exploration joint ventures
starting Aug. 1, the Ministry
of Finance said Tuesday.

Contracts already signed
and in use will be exempt
from the new duty until
Aug. 1, 2012, the ministry
said in a joint statement
with the General Adminis-
tration of Customs. Refunds
will be paid on any taxes
already collected on oil
exports before Aug. 1, the i
ministry said.

China has been trying to
discourage exports of coal
and oil to maximize domes- |
tic use of its energy
resources.

e BRITAIN

MARKS AND SPENCER’S
SALES RISE SLOWLY

Marks and Spencét,,,
(MSGBF.PK), Britain’s-larg-
est department store chain,
reported slowing sales
growth for the first quarter
after the wettest June on
record and high interest
rates left its summer food
and fashions on the shelf.

M&xS said that same-store
sales, which strip out the
impact of new stores on
sales figures, rose 2 percent
in the first quarter. That was
ahead of expectations but . |
was the slowest growth in
nearly two years and was
below 8.2 percent a year
ago. |

“Rising interest rates,
general uncertainty over
consumer spending, and
extreme weather conditions
combined to make market
conditions particularly vola-
tile over the quarter,” said
Chief Executive Stuart Rose.







4 6:35 p.m. Late 4pm. 6:35 p.m. Late
Stock Thr. ce close Chg. volume Stock Tkr. lose close Chg. volume
SPDR SPY 150.92 150.80 -12 89781 | Biogenldc BIB 54.51 5458 +07 16718
Gitigrp Cc 51.00 50.95 -05 56079 Amgen AMGN = 54.29 54.40 +11 15998
BkofAm BAC 48.36 48.36 * 53975 | SunMicro SUNW: 5.32 531 -01 15159
iShR2K nya IWM an ye a aie Spiritfn = SFC 14,58 14,58 14007
).! .! | a 5
Heist gaan natal kod gegae, | AT&T Inc 3950 39470313539
A VerizonCm = VZ 40.52 40.50 02 12984
Wachovia WB 50.56 50.73 -+.17 33941
Symantec SYMC 1887 1893 +.06 12920
Microsoft MSFT 29.33 29.30.03» 30087 iB WIT. “ROS ms GtO. Ck OL! 212603
Altrias MO 7043 7043 * 23093 | Level u ; . e
Intel INTC 2497 25,00 +03» 20864 | Oracle = ORCL «19.72 19.72 12268
Cisco CSCO 2831 = -28.33. Ss +.02~—«:18432 | Kraft KFT 34.40 34.40 * 11702
WellsFgos WFC 34.44 «3440-04. :18011 | AkamaiT AKAM 49.45» 49.44 -.01_— 11701
FordM F 909 911 +02 17768 | Compuwre CPWR 1217 10.08 -2.09 11127



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





CONSUMER ADVOCACY

BY DAVID TWIDDY
Associated Press

KANSAS CITY, Mo. —
New York’s lead consumer
advocate is asking Sprint Nex-
tel to pay a penalty to wireless
customers it is terminating
because they called customer
service too often.

Reacting to news that
Sprint has told about 1,000
customers they will lose their
wireless service on July 30, the
New York State Consumer
Protection Board suggested
the carrier pay those custom-
ers $200 each — the amount
the customers would have had
to pay if they had prematurely
ended their two-year con-
tracts with the company.

The Reston, Va.-based
company, with operational
headquarters in Overland
Park, Kan., said it will zero out
the customers’ accounts and
not charge any termination
fees. But Mindy Bockstein, the
board’s chairwoman and exec-
utive director, said that’s not
enough.

“These former Sprint cus-
tomers will have to purchase
new phones and incur other

SALES SLUMP

INTERNATIONAL EDITION

Sprint cancellations draw fire

Sprint Nextel mailed letters telling the
customers that their frequent calling to

cuslomer service led the company to believe
they would be better off with another carrier.

expenses and inconveniences
if they want to continue
receiving wireless service,”
Bockstein said. “Sprint Nextel
should do more to improve the
quality of its customer service
and this is a good place to
start.”

It’s not known how many of
the roughly 1,000 customers
flagged by the carrier for ter-
mination live in New York.

Sprint Nextel spokes-
woman Roni Singleton said
she had not seen the request
from the New York agency
and couldn’t immediately
comment.

Bockstein said her agency
would send a letter to Sprint
Nextel formally requesting the
payments. .

If the company refuses,
Bockstein said her board may
take the issue to state lawmak-
ers.

Bockstein said the Legisla-
ture has considered a wireless
customer bill of rights that
would place additional
requirements on roaming fees,
cancellation policies and other
terms of service.

Sprint Nextel, the nation’s
third-largest wireless provider
with 53 million customers,
mailed out letters June 29 tell-
ing the customers that their
frequent calling to customer
service led the company to
believe they would be better
off with another carrier.

The company said an inter-
nal review over the past year
identified customers who
called an average of 40 to 50
times a month with questions
about billing and other terms
of their service. They said the
repeated calls were interfering
with the company’s ability to
serve other customers.









as.

DAMIAN DOVARGANES/AP

SUPPLY SIDE: Franz Pleth loads tubing at the Home Depot store in Burbank, Calif. Home

Depot blames the weak housing market for crimping its sales.

Â¥

sears, Home Depot say
profit will fall on housing

BY CHRIS BURRITT
Bloomberg News

Sears, the biggest U.S.
department-store company,
and Home Depot said profit
will fall as the decline in hous-
ing prices hurt demand for
goods to build and furnish
homes.

“We're seeing the effects of
the housing market ripple
through the consumer seg-
ment,” said Jim Dorment, who
helps manage $265 billion,
including Sears and Home
Depot shares, at U.S. Trust
Corp. in New York.

The biggest U.S. housing
slump in 16 years has reduced
spending on big-ticket items,
causing appliance sales to
decline. Home Depot also said
profit and revenue may drop
after the planned sale of its
contractor-supplies unit.

Sears said that second-
quarter net income will be
$160 million to $200 million,
down as much as 46 percent
from $294 million a year ear-
lier.

Home Depot, the world’s
largest home-improvement
retailer, said earnings per
share may drop-as much as 18
percent in the year through
Feb. 3. Sales may decline for
the first time ever, the Atlanta-
based company said.

Shares of Sears plunged the
most in more than four years,
falling $17.20, or 10 percent, to
$154.21 in Nasdaq Stock Mar-
ket composite trading.

Shares of Home Depot rose
2 cents to $40.25 on the New
York Stock Exchange, the only
stock that gained among 29
members of the Standard &
Poor’s 500 Retailing Index.

Sales at U.S. retailers may
have posted the smallest June
gain in 16 years as a sluggish
housing market prompted
consumers to limit spending.

The biggest U.S. housing slump in 16 years has
reduced spending on big-ticket items, causing
appliance sales to decline. |

Sales at stores open more
than 12 months may have risen
1.5 percent to 2 percent, the
International Council of Shop-
ping Centers and UBS Securi-
ties said. The advance may be
the smallest for the month
since a 1.2 percent gain in 1991,
according to ICSC data.

“Anything that touches the
house, we’re starting to see
weakness,” said Steve Nei-
meth, who manages $850 mil-
lion, including Home Depot
shares, at AIG SunAmerica
Asset Management in Jersey
City, New Jersey. “We're hear-
ing from so many consumer
companies that sales are com-
ing up weak.”

HOME SALES

U.S. home sales in 2007 will
fall to their lowest level since
the start of the five-year hous-
ing boom in 2001 as mortgage
rates. and foreclosures
increase, according to a fore-
cast by Freddie Mac yester-
day.

D.R. Horton, the second-
largest U.S. homebuilder, said
that it will report a third-quar-
ter loss after orders plunged
40 percent. The company said
it sees no sign of a housing
rebound.

The National Association
of Home Builders/Wells Fargo
index of homebuilders’ confi-
dence fell last month to the
lowest since February 1991.

At Sears, sales during the
first nine weeks of the quarter
fell in most categories at its
Kmart unit. Revenue from
appliances declined at Sears
while women’s clothing
posted sales gains, reversing

last year’s performance. Foot-
wear sales increased. ,

“Home Depot and Sears are
driven by large purchases, and
consumers just aren’t taking
out their wallet for that right
now,” said Eric Beder, an ana-
lyst at Brean Murray Carret &
Co. in New York. “The hous-
ing market and the major
appliance market remain
extremely weak.”

Same-store sales have
dropped since Chairman
Edward Lampert combined
the Kmart and Sears, Roebuck
& Co. chains in 2005. J.C. Pen-
ney and other rivals have built
and renovated stores and
introduced exclusive brands,
luring middle-income shop-
pers from Sears.

“Considering the weak per-
formance those two chains
have posted over the last cou-
ple of years, it’s pretty hard to
blame any sales shortfall on
the consumer,” said Dan
Poole, who helps manage $30
billion including Sears and
Home Depot shares at
National City Bank in Cleve-
land. “At Sears Holdings, a lot
of that is self inflicted.”

FORECAST

Home Depot said its previ-
ous profit forecast, which it
made in May, would have
been for a decline of 15 percent
had it included the sale of HD
Supply.

The retailer agreed to sell
the contractor-supplies unit to
three buyout firms for $10.3
billion to focus on retail stores,
where sales and customer ser-
vice have lagged behind
smaller rival Lowe’s.



WEDNESDAY, JULY 11, 2007 46

THE MONEY FLOW

Here is how venture capitalists
plan to spend their money
throughout the world.

China aaa 34%
India aa 24%
Canada Gy 11%
UK, Ireland BBR 9%
Other Asia [i 5%
Europe Ba 7%
Others* Bi 9%

“Latin America, Africa and Middle East
excluding Israel

i SOURCE: Global Trends in Venture
| Capital 2007

THE MIAMI HERALD

| | GLOBALIZATION
Venture
funds

stay local

_ BY JIM WYSS
_ jwyss@MiamiHerald.com
/ The world may be rushing
' toward globalization, but
_ venture capitalists are not. A
| survey of 528 venture funds
_ found that while about half
| were investing abroad, most
_ were simply “dabbling” —
_ holding small international
_ stakes.

In the United States, just
_ 46 percent of venture capital

' firms invest overseas and

_ two-thirds of those said they
_had less than 5 percent of
their capital committed
_ abroad.

The results are part of fy

Global Trends in Venture
_ Capital, a report released
_ today by the National Ven-
_ ture Capital Association and
_ Deloitte & Touche.

_ “The adage that venture
| capital is a local business still
_ rings true,” sad Mark Hee-
_ sen, president of the National
_ Venture Capital Association.
| The study also found for-
eign deal-making is highly
concentrated. Of the U.S.
firms planning to invest
abroad, 69 percent said they
would put their money in
either China, India or Can-
ada.

MISSING

Absent from the rankings
was Latin America. Even
when lumped together with
the Middle East and Africa in
the “Other” category, only .
9 percent of U.S. venture
funds said they were inter-
ested in investing there.

The focus on Asia may
have blinded U.S. funds to
the potential of places like
Latin America and Eastern ©
Europe, said Heesen.

“I keep thinking every
year that we will see larger
numbers in Latin America,
and that hasn’t happened,”
he said.

“It’s a huge potential mar-
ket, particularly Brazil.”

Despite Florida’s reputa-
tion as the gateway to Latin
America, local venture funds
rarely look south for deals,
said Ravi Ugale, managing
director of Crossbow Ven-
tures, which has $175 million
under management.

“During the bubble days
there were some large insti-
tutional investors looking at
Latin America,” he said. But
now it’s more common to ~
find Latin funds investing in
the United States than the
other way around, he said.

There are exceptions:
Draper Fisher Jurveston of
Menlo Park, Calif., opened an
affiliate in Brazil with a $40
million war chest.

A BOOST

But the study also found
that even fund managers
focused on their own back-
| yard are hoping to get an
| international kick.

According to the survey,
about 88 percent of U.S.
funds own a stake in compa-
nies with international oper-
ations.

Crossbow is hoping one of
its flagship investments can
break into lucrative markets
in Brazil and India.

Despite the perception
that capital has gone global,
the study underscores how
much venture capitalists
value hands-on management
and being involved in the
day-to-day operations of
| their companies, said Mark
| Jensen, the national manag-
ing partner of Deloitte’s Ven-
ture Capital Services.

“Venture capital is a con
tact sport,” he said.



THE TRIBUNE

Ro
4.2 per cent in 2006

®@ By NEIL HARTNELL
Tribune Business Editor

otel room rev-
.enues in the
Bahamas
increased by 4.2
per cent to $370.355 million in
2006, as a 6.3 per cent rise in
average daily room revenues
more than offset a 2.2 per cent
fall in occupied room nights.

Data from the Ministry of
Tourism’s hotel sample
showed that while total.room
revenues for the entire
Bahamas had increased from
the $355.403 million generat-
ed in 2005, average room occu-
pancy fell from 70.4 per cent to
68.2 per cent.

However, this was compen-
sated for by a 6.3 per cent
increase in average daily room
rates, which went from $156.56
in 2005 to $166.38 in 2006.

For the entire Bahamas, the
Ministry of Tourism data
showed that while available
room night rose by 1.2 per

Average room rate growth ° ie 5 iY

cent offsets falls in occu
and occupied room ni

cent, increasing from 3.225 mil-
lion in 2005 to 3.263 million in
2006, occupied room nights
declined by 1.9 per cent to
2.226 million compared to 2.27
million in 2005.

On New Providence, total
room revenues rose in line
with the national average,
increasing by 4.1 per-cent to
$302.799 million, compared to
$290.979 million in 2005.

For the Nassau/Paradise
Island destination, average dai-
ly room rates grew by 4.5 per
cent to $173.43 compared to
$166 in 2005. While average
room occupancy rates
increased slightly, rising by 1.7
per cent to 77.1 per cent, com-

SUMMIT, from page 1

pared to 75.4 per cent in 2005,
occupied room nights dropped
by 0.4 per cent and available
room nights were down 2.6 per
cent.

Grand Bahama saw the
greatest improvements, with
average daily room rates up by
14.1 per cent to $125.74 from
$110.22 in 2005, while total
room revenues increased by
5.5 per cent to $49.374 million.

Average room occupancy,
though, fell by 12 per cent to
51.7 per cent from 63.7 per
cent, while occupied room
nights dropped by 7.5 per cent.
Yet available room nights
increased by 13.9 per cent to
759,000.



On the Family Islands, for
the 2006 full year total room
revenues grew by 3.2 per cent
to $18.182 million, compared
to $17.624 million in 2005,
while average daily room rates
increased by 9.3 per cent to
$208.22, up from $190.45 in
2005.

‘The average room occupan-
cy rate, though, fell by 3.2 per
cent to 36.6 per cent in the
Family Islands, while occupied
room nights from the Ministry
of ‘Tourism sample dropped 5.6
per cent to 87,322.

Available room nights in the
Family Islands, though,
increased by 2.6 per cent to
238,639.

premiums to reinsurers. The amound of
premium revenue ceded to reinsurers fell
by 17 per cent in fiscal 2006, dropping to
$14.732 million from $17.248 million in
2005.

As a result of taking on more risk, Sum-
mit increased its unearned premium or
claims reserve by $2.856 million in 2006,
compared to a $974,925 rise in 2005. The
general insurer, though, gained $1.459
million through a portfolio transfer in
2006, as it recovered the unearned pre-
miums and outstanding claims reserves
from reinsurers after deciding to increase
the percentage of risk it retained on its
property portfolio.

This portfolio transfer gave Summit’s
underwriting profits a major boost of

more than $1.3 million, accounting-large-.
ly for its improved underwriting perfor-.

mance in fiscal 2006.

Meanwhile, Summit saw its income
from other sources decline slightly in fis-
cal 2006 to $1.044 million, compared to
$1.132 million in 2005.

The carrier’s 2005 performance in this
area was bolstered by a $197,501 one-
time gain from selling property, plant and
equipment, while foreign exchange and
other income fell from $443,151 to
$286,447 in 2006.

Operating expenses also increased, ris-
ing by $110,000 to $1.117 million from
$1.007 million the year before. This was
largely due to a 27.6 per cent jump in
general and administrative expenses,
which increased to $449,279 from
$352,232.

Some 99 per cent of Summit’s premi-
ums were last vear written by Insurance



Citco Fund Services is a division of the Citco Group of Companies
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.



As part of our continued expansion, in our office in The Bahamas, we
are looking for a number of motivated and pro-active

Senior Fund Accountants

Management, the same percentage as for
2005, with the latter also earning 99 per
cent of commission income.

Insurance Management, which has a
staff of more than 100, with offices in
Nassau, Freeport, Grand Bahama, Abaco,
Eleuthera and Exuma, acts as Summit’s
general agent.

Summit was formed in 1994 as a whol-
ly-Bahamian owned company with an ini-
tial $5 million in paid-up shareholder cap-
ital.

It has since weathered numerous hur-
ricane-related:payouts, including $24 mil-
lion paid for Hurricane Floyd in 1999; $7
million paid for Hurricane Michelle in
2001; $60 million paid for Hurricane
Frances in 2004; $14 million paid for Hur-
ricane Jeanne in 2004; and $15 million
paid for Hurricane Wilma in 2005.

HONDA

The Power of Dreams

WEDNESDAY, JULY 11, 2007, PAGE 5B

JOB OPPORTUNITY FOR A
TNL

An established international ministry is seeking a

Financial Controller.

Qualifications for the position are:

* Bachelor’s Degree or equivalent in Accounting or
applied finance from an accredited and reputable
university.

Certified Public Accountant

3 - 5 years Audit experience

3 - 5 years experience as a Controller or similar position
Experience in preparing IFRS compliant financial
statements

The individual will be responsible for directing the
overall financial plans and accounting practices of the
organization.

Benefits include:
¢ Competitive Salary
¢ Subsidized Health Plan

e Pension Plan

Interested persons can email their resumes to:
hrresourcemanager @ yahoo.com

a eh

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)

2 Housekeepers

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

1 Seasonal Executive Chef (five to ten years
Caribbean experience and knowledge of
European/American Cooking)

2 Cafeteria cooks/attendants (three to five years
experience in a major hotel)

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



i \ HU SEDAN

Gia TG

i) En Mette
cet CaM RU
ae) Cra LU

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 ee

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

We offer you: a challenging job in a rapidly expanding international
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

Features:

io beyond.



« Air conditioning

* Immobilizer alarm

¢ 6-disk CD player

* Remote entry locking

The Accord has achieved Car and Driver magazine’s "10 Best’
status 21 times in 25 years. The Accord has consistently
been among the top five best-selling automobiles in the US.

The Honda lineup is always top-rated for fit and finish,
ergonomics, road handling, reliability and resale value. The
Accord was chosen by Consumer Guide as a "Best Buy"
Midsize Car from 81 competitors. Need we say more?

° 2.4L engine

e Cloth Interior

e Power windows, mirrors & locks
¢ Stereo controls on steering wheel
e Airbags

FINANCING ON-THE-SPOT
24-month/24,000-Mile factory warranty.

NASSAU MOTOR COMPANY LIMITED
Shirley Street e Nassau, Bahamas

Tel: (242) 328-2285 ¢ Fax: (242) 323-7272
Website: www.hondabahamas.com _





PAGE 6B, WEDNESDAY, JULY 11, 2007

THE TRIBUNE
PSS







he British Colonial
Hilton has agreed
to sponsor extra

ad facilities that will
ullow the Tourism Police to
operate around the clock, with
more staff and technology, as it
bids to “reclaim Bay Street”.

The resort already sponsors
he Tourism Police Substation
it the Island Station on East
say Street.

Peter Webber, the British
Colonial Hilton’s general man-
iwer, said in a statement: “It is
mperative that downtown
Nassau is an attractive and
desirable destination if we wish
o attract visitors and residents.

“Po visitors, safety and secu-
rity is one of the most impor-
‘ant considerations, along with
having interesting and authen-
tic shops, restaurants and
places of interest. As a busi-
ness community, we need to
work together with the
Tourism Police to make down-
town Nassau sate, not just for
tourists but for employees and
residents as well. We need to
re-claim Bay Street and again
nake it the thriving heartbeat
of the city, day and night.”

Vernice Walkine, the Min-

r

G

to

istry of Tourism’s director-gen-
eral, said: “As our number one
industry, tourism continues to
face numerous challenges. We
need to meet and overcome
the challenges which fall with-
in our capability to influence.

“This initiative calls for a col-
laborative effort on behalf of
the Government and the pri-
vate sector to ensure we pro-
vide our visitors with a clean,
safe and welcoming destina-
tion.”

Comunittee

A special committee that
helped the creation of the
Bahamas Visitor Safety and
Security Initiative, comprised
of members from the private
sector and the Ministry of
Tourism, have met Tommy
Turnquest, minister of nation-
al security and immigration,
last week to discuss the cur-
rent and future role of the
Tourism Police within the
mandate of the safety initia-
tive.

To date, the Tourism Police
have been successful in deter-
ring and arresting individuals
who commit, or intend to com-

urism police sponsorship

reclaim Bay Street’





4

@ SHOWN (I-r): Suzanne Pattusch-Smith, executive director, Nassau Tourism and Development Board; Peter Webster, general man-
ager, British Colonial Hilton; Charles Klonaris, Nassau Tourism and Development Board chairman; Tommy Turnquest, minister of
national security and immigration; Douglas Hanna, vice-president of security, Kerzner International; Vernice Walkine, director-gen-
eral, Ministry of Tourism; and Frank Comito, executive vice-president, Bahamass Hotel Association

mit, crimes against locals and
tourists in the high-traffic
tourist areas.

Since the inception of the
initiative, numerous arrests
have been made for persons

engaged in illegal activity,
including hawking, unlawful
carrying of arms, assault, dis-
orderly behaviour, fighting,
obscene language, loitering
and possession of dangerous

drugs.

Private sector supporters of
the Bahamas Safety Initiative
include the Nassau Tourism
and Development Board, the

Bahamas Hotel Association,
the Bahamas Chamber of
Commerce, Kerzner Interna-
tional, Baha Mar and The .
British Colonial Hilton.

CALLING ALL SCRAPBOOKERS

NOTICE

NOTICE is hereby given that MICHAEL ANTHONY HALL of
#27 PLOVER DRIVE, P.O. BOX F-41593, GRAND BAHAMA,
BAHAMAS is applying to the Minister responsible for Nationality
and Citizenship, for registration/naturalization as a citizen of
The Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should send a
written and signed statement of the facts within twenty-eight days
from the 4TH day of July, 2007 to the Minister responsible for
| Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

WINoING Bay
ABACS, GAHAMAS

Are you an avid SCRAPBOOKER? _
Interested in joining a club of enthusiasts
Dedicated to the stress less and fulfilling hobby of
Scapbooking and keepsake collecting?

GEE

BI gnodogasnico ditw ot tt

Construction Project Manager

® Minimum 5 years experience in construction
management

® Working knowledge of timber.and-masonry — . . -. nnn &
construction methods: 22.65 te cuswes padi ile sha

® Proficient in reading and understanding construction...
plans

© Proficient in performing material take-offs and placing
material orders

¢ Working knowledge of construction materials

e Proficient with Microsoft Word and Excel

© Good communication skills



NOTICE NOTICE

NOTICE is hereby given that GIBSON METELLUS OF
CARMICHAEL ROAD, NASSAU, BAHAMAS, is applying
to the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why registration/
naturalization should not be granted, should send a written
and signed statement of the facts within twenty-eight days
from the 4TH day of JULY, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,
Bahamas.

NOTICE is hereby given that DIAH FERDINAND OF P.O.
BOX CB-12281, 2 CAMBRIDGE AVENUE, CABLE, BEACH,
NEW PROVIDENCE, BAHAMAS, is applying to the Minister
responsible for Nationality and Citizenship, for registration/

naturalization as a citizen of The Bahamas, and that any
person who knows any reason why registration/ naturalization
should not be granted, should send a written and signed
statement of the facts within twenty-eight days from the 29TH
day of JUNE, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, PATRICK
FRITZGERALD of Burnt Ground, Long Island, PO. Box
General Delivery, Simms, Long Island, Bahamas, intend to
change my name to PATRICK ADDERLEY. If there are any
objections to this change of name by Deed Poll, you may
write such objections to the Chief Passport Officer, RO.Box
N-742, Nassau, Bahamas no later than thirty (80) days after
the date of publication of this notice.

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, AMBER ALYSSA
LAURENT ADDERLEY of Golden Gates #2, PO. Box
CR-55924, Nassau, Bahamas, intend to change my name
to AMBER ALYSSA LAURENT APRIL FERGUSON. I|f
there are any objections to this change of name by Deed

Warehouse Manager

® 5-10 years experience managing a large warehouse

® Working knowledge of accounting aspect of Warehouse
Management

© Computer savvy including proficiency with Microsoft
Word and Excel

® Solid day-to-day decision maker

¢ Good Communication skills with both upper
management and labour

@ Working knowledge of construction materials







NOTICE

NOTICE is hereby given that JAMAL MISSICK of
HOLMES ROCK, GRAND BAHAMA, BAHAMAS. is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a_ citizen
of The Bahamas, and that any person who knows any
reason why registration/ naturalization should not be
granted, should send a written and signed statement
of the facts within twenty-eight days from the 11th day
of July, 2007 to the Minister responsible for Nationality
and itizenship, P.O.Box N-7147, Freeport, Bahamas.

Resume should be sent to Nick Sims, Development
Department, The Abaco Club on Winding Bay, P.O. Box
AB-20571, Marsh Harbour, Abaco or fax #242-367-2930



gPricing Information As Of:
i 9 July 2007
Bik

Slain

OM FOR MORE DATA S INFORMATIO
00,01 / YTD 144.437 YTD % 08.44
Daily Vol. EPS $ Div $ P/E





Change

S52wk-Low Securit y Previous Close Today's Close


































1.83 0.54 Abaco Markets 1.60 1.60 0.00 0.000 0.000 N/M 0.00% F 7 2 .

12.05 11.00 Bahamas Property Fund 11.60 11.60 0.00 1.527 0400 7.6 3.45% Poll, you may write such objections to the Chief Passport
9.41 7.49 Bank of Bahamas 9.40 9.40 0.00 0.733 0.260 12.8 2.77% .

0.85 0.70 Benchmark 0.85 0.85 0.00 -0.013 0.020 N/M 2.35% Officer, P.O.Box N-742, Nassau, Bahamas no later than
3.65 1.48 Bahamas Waste 3.60 3.65 0.05 2,000 0.279 0.060 13.1 1.64% thirty (30) days after the date of publication of this notice.
1.49 1.20 Fidelity Bank 1.48 1.48 0.00 0.064 0.020 23.1 1.35%)

10.74 9.00 Cable Bahamas 10.60 10.60 0.00 0.949 0.240 11.2 2.26%

2.35 1.80 Colina Holdings 2.35 2.35 0.00 0.281 0.080 8.4 3.40%

14.69 10.60 Commonwealth Bank 14.69 14.69 0.00 50 1.152 0.680 12.8 4.63%) SS
6.03 4.22 Consolidated Water BDRs 6.03 6.03 0.00 0.112 0.050 53.9 0.83% i

2.76 2.20 Doctor's Hospital 2.25 2.25 0.00 5,000 0.281 0.000 8.0 0.00%

6.40 5.54 Famguard 6.40 6.40 0.00 0.694 0.240 9.2 3.75% a] tS to | ence a NS)
12.70 11.50 Finco 12.70 12.70 0.00 250 0.787 ~~ 0.570 16.1 4.49%

14.70 12.43 FirstCaribbean 14.55 14.55 0.00 0.977 0.470 14.5 3.23%

19.01 11.15 Focol 19.01 19.01 0.00 1.657 0.520 11.5 2.74% 2

1.00 0.54 Freeport Concrete 0.59 0.64 0.05 1,000 0.415 0.000 1.5 0.00%

10.20 7.10 ICD Utilities 7.25 7.25 0.00 0.411 0.200 17.6 2.76%

9.50 8.52. J. S. Johnson 9.50 9.50 0.00 300 0.946 0.570 10.0 6.00% alt @ ose @ a e @ 0 es

Pr mele 0.00 1.167 0.600 8.6 6 00%
#5 2wk-Hi 52wk-Low Last Price Weekly Vol. EPS $ Div $ P/E Yield a a 2
14.60 12.25 Bahamas Supermarkets 15.60 16.00 1.234 1.185 12.6 8.12% Celebrate with S ecial Discounts
410.14 10.00 Caribbean Crossings (Pref) 6.25 10.00 0.000 0.640 NM 7.85%
0.54 : i i 0.40 an 0.20 0.034 0.000 11.8 0.00%
We ‘Counter Securities ‘ SOR See
143.00 28.00 ABDAB 43.00 41.00 2.220 0.000 19.4 0.00%
14.60 14.00 Bahamas Supermarkets 15.50 14.00 1.234 1.125 12.6 7.71%
Jo.6co 0.35 RND Holdings 0.55 0.45 0.021 0,000 26.2 0.00%
WYO ye Usted Mutual Funds aes eS

4 k-Hi k-Low YTD% Last 12 Months Div $ Yield % ‘
11.3458 1.2956 Colina Money Market Fund. 1.345841” : & . \ \
43-2920 2.9218 Fidelity Bahamas G & | Fund 3.2920*** SS \ \

2.6819 2.3915 Colina MSI Preferred Fund. 2.681688** ‘ ?
1.2443 1.1695 Colina Bond Fund 1.244286""** oe Be woe aan aN Se.

}11.6049 11,0691 Fidelity Son Road & Podo eo I
Le 24.72 (YTD 10.73% / 2006 34.47% - beet trettetd Sek =
I ISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 CARI T iS YIELD - last 12 month dividends divided by closing price NAV KEY. << ‘ oes \
4 52wk-Hi Highe ) price in last 52 weeks Bid $ - Buying price of Colina and Fidelity RSS Tk : [- ofa
} 52wk-Low - Lo sing price in last 52 weeks Ask $ - Selling price of Colina and fidelity + = 29 June 2007 \ e -_ g

Previous Clos >revious day's weighted price for daily volume Last Price - Last traded over-the-counter price =
| Today's Close ~ Current day's weighted price for dally volume Woekly Vol. - Trading volume of the prior week * ~ 30 June 2007 KX
f Change - Change in closing price from day to day EPS $ - A company's reported earnings per share for the last 12 mths

1 Daily Vol. - Number of total shares traded today NAV - Net Asset Value *- 31 May 2007
| DIV % - Dividends per share paid in the last 12 months N/M - Not Meaningful

PIE Closing price divided by the last 12 month earnings FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 100 * 30 April 2007

ned - 30 June 2007

f TO TRADE CALL: COLIN: 242) 394-2603



“B5G-7704 / FOR MORE DATA & INFORMATION CALL



THE TRIBUNE

KPMG Telephone 242 393 2007
PO Box N 123 Fax 242 393 1772

Montague Sterling Centre
East-Bay Street
Nassau, Bahamas

INDEPENDENT AUDITORS’ REPORT

To the Shareholder of Julius Baer Bank & Trust (Bahamas) Limited

Report on the Consolidated Balance Sheet

We have audited the. accompanying consolidated balance sheet of Julius Baer Bank & Trust
(Bahamas) Limited (“the Bank”) as at. December 31, 2006 and a summary of significant
accounting policies and other explanatory notes (together “the consolidated balance sheet”).

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of this consolidated balance
sheet in accordance with International Financial Reporting Standards (“IFRS”). This
responsibility includes: designing, implementing and maintaining internal controls relevant to the
preparation and fair presentation of consolidated 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. The
consolidated balance sheet of the Bank as at December 31, 2005 was audited by another firm of
auditors whose report thereon dated January 19, 2006, expressed an unqualified opinion.

Auditors’ Responsibility

Our.responsibility is to express an opinion on this consolidated 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 consolidated balance sheet is free from material
misstatement. ‘

An audit‘involves performing procedures to obtain audit evidence about the amounts and
disclosures in the consolidated financial statements. The procedures selected depend on our
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, we consider internal
controls relevant to the Bank’s preparation and fair presentation of the consolidated 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 Bank’s internal controls. 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 consolidated 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 consolidated balance sheet presents fairly, in all material respects, the
financial position of Julius Baer Bank & Trust (Bahamas) Limited as of December 31, 2006 in
accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that the consolidated balance ,sheet does not

comprise a complete set of consolidated financial statements in accordance with IFRS.
Information on results of operations, cash flows and changes in shareholder’s equity is necessary
to obtain a complete understanding of the financial position, performance and cash flows of the
Bank.

KPIAG

Chartered Accountants
Nassau, Bahamas
May 30, 2007

JULIUS BAER BANK & TRUST (BAHAMAS) LIMITED

Consolidated Balance Sheet :

December 31, 2006, with corresponding figures for 2005

’ (Expressed in Swiss francs) : So

a
Note 2006 2005

ee



Assets
Cash and due from banks - demand and

call deposits 4,9&12 SFr 59,324,196 74,664,512
Investments 5 - -
Due from banks - time deposits 4,9 & 12 12,000,000 12,000,000
Customers’ advances and loans 6,9 & 12 76,012,750 75,715,215
Accrued interest and other assets 4 4,888,423 1,214,426
Receivable under open forward currency ~

contracts 4,9, 10 & 12 1,482,712 1,696,944
Fixed assets Tttea g-° 1,334,563 283,616
Total assets SFr 155,042,644 165,574,713
Liabilities and Shareholder’s Equity
Liabilities:
Deposits , 7,9 &12

Banks ; 4 SFr 69,398,550 77,244,812

Customers . 59,638,847 65,828,100
Accrued interest and other liabilities 4 2,979,485 1,634,174
Payable under open forward currency

contracts 4,9, 10 & 12 1,466,995 1,685,917
Total liabilities 133,483,877 146,393,003
Shareholder’s equity:
Share capital é

Authorized, issued and fully paid -

2,000,000 shares at par value of

SFr1.00 each 2,000,000 2,000,000

Retained eamings : 19,558,767 17,181,710
Total shareholder’s equity 21,558,767 19,181,710
Commitments and contingengies 10
Total liabilities and shareholder’s equity __ SFr 155,042,644 165,574,713

/ Board on May 30, 2007 by:




See accompanying notes to consolidated balance sheet.

This consolidated balance sheet was approved on behalf of,

Director * Director

Notes to Consolidated Balance Sheet.
December 31, 2006
(Expressed in Swiss francs)

ee

1. Corporate information

Julius Baer Bank & Trust (Bahamas) Limited ("the Bank"), formerly Ferrier Lullin Bank &
Trust (Bahamas) Limited, was incorporated under the laws of The Commonwealth of The .
Bahamas and is licensed under the Banks and Trust Companies Regulation Act 2001, to carry
on banking and trust business from within The Bahamas. The Bank’s ultimate parent
company is Julius Baer Group, whose headquarters is located in Zurich, Switzerland.

The address of the Bank’s registered and principal office is Ocean Centre, Montagu
Foreshore, East Bay Street, Nassau, Bahamas. The principal activities of the Bank consist of
providing banking and investment management services.

2. Basis of preparation
Statement of compliance

This consolidated balance sheet is prepared in accordance with International Financial
Reporting Standards (IFRS).3.00.0 6... 0 a. Hee “

Internet www.kpmg.com.bs



3.

WEDNESDAY, JULY 11, 2007, PAGE 7B

Basis of measurement

The consolidated balance sheet has been prepared on the historical cost basis, except’ for
investments and forward currency contracts which are measured at fair value. The methods
used to measure fair values are discussed in note 11

Functional and presentation currency

This consolidated balance sheet is expressed in Swiss francs (SFr) which is the Bank’s
functional currency. Swiss francs reflect the economic substance of the operations and
circumstances of the Bank.

Use of estimates and judgements

The preparation of the consolidated balance sheet requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets and liabilities. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised and in any
future periods affected.

In particular, information about significant areas of estimation uncertainty and critical
judgements in applying accounting policies that have the most significant effect on the
amount recognized in the consolidated balance sheet are described in note 3 under the sub-
headings Financial assets and liabilities — impairment and Provisions.

Summary of significant accounting policies

The accounting policies set out below have been applied consistently to all periods presented
in this consolidated balance sheet and have been applied consistently by all Group entities.

Basis of consolidation

Subsidiaries are entities controlled by the Bank. Control exists when the Bank has the power
to govern the financial and operating policies of an entity so as to obtain benefits from its
activities. The balance sheets of subsidiaries are included in this consolidated balance sheet
from the date that control commences until the date that control ceases.

The consolidated balance sheet comprises the balance sheets of the Bank and the accounts of
its wholly-owned subsidiaries, Julius Baer Trust Company (Bahamas) Limited (JBTC),
Dorwinona Limited, Dirmac Limited and Nomark Limited, after elimination of all inter-
company balances. JBTC was incorporated under the laws of the Commonwealth of The
Bahamas to facilitate the Bank’s trust activity which was previously outsourced.

Financial assets and liabilities
(i) Classification

Financial assets with fixed or determinable payments and fixed or determinable payments
that are not quoted in an active market and that the Bank does not intend to sell
immediately or in the,near term are classified as loans and receivables originated by the
Bank. Financial assets classified as loans and receivables include customers’ advances
and loans.

Financial assets and liabilities with fixed dates of maturity that management has the
intent and ability to hold to maturity are classified as held-to-maturity. Financial assets
classified as held-to-maturity consist of amounts due from bank — time deposits.

Financial assets and liabilities intended to be acquired for the purposes of selling in the
near term, which may be disposed of in response to the needs for liquidity or changes in
interest rates, exchange rates or equity prices are classified as financial assets and
liabilities at fair value through profit or loss. Financial assets and liabilities classified as .
held at fair value through profit or loss include derivative financial instruments.

Financial assets and liabilities that are not at fair value through profit or loss include cash
and due from banks — demand and call deposits, accrued interest and other assets,
deposits — banks, deposits — customers and accrued interest and other liabilities.

(ii) Recognition

The Bank initially recognizes customers’ advances and loans and deposits on the date
that they are originated. All other’ financial assets and liabilities (including assets and
liabilities designated at fair value through profit or loss) are initially recognized on the
trade date, which is the date that the Bank becomes a party to the contractual provisions
of the instrument.

(iii) Derecognition

A financial asset is derecognized when the Bank loses control over the contractual rights
that comprise the asset. This occurs when the rights are realized, expired or are
surrendered. A financial asset is also derecognized when the Bank transfers the rights to
receive the contractual cash flows on the financialasset:on the financial asset in a
transaction in which substantially all the risks and rewards of ownership of the financial
asset are transferred. A financial liability is ;derecognized when its contractual
obligations are discharged, cancelled or expired. )

(iv) Measurement

Financial instruments are initially measured at fair value plus, in the case of a financial
asset or financial liability not at fair value through profit or loss, transaction costs that are
directly attributable to the acquisition or issue of the financial asset or financial liability.
Transaction costs on financial instruments at fair value through profit or loss are
expensed immediately.

Subsequent to initial recognition, loans and receivables and financial assets and financial
liabilities that are not at fair value through profit or loss are carried at amortized cost, less
impairment losses where applicable, using the effective interest rate method. The
amortized cost of a financial asset or liability is the amount at which the financial asset or
liability is measured at initial recognition, minus principal repayments, plus or minus the
cumulative amortization using the effective interest method of any difference between the
initial amount recognized and the maturity amount, minus any reduction for impairment.

Subsequent to initial recognition, derivative financial instruments are valued at fair value.
The determination of fair values is based on quoted market prices or dealer price
quotations for financial instruments traded in active markets. For all other financial
instruments fair value is determined by using valuation techniques. Valuation techniques
include net present value techniques, the discounted cash flow method, comparison to
similar instruments for which market observable prices exist, and valuation models. The
Bank uses widely recognized valuation models for determining the fair value of common
and more simple instruments like interest rate swaps. For these financial instruments,
inputs int® models are market observable.

All derivative financial instruments are carried as assets when fair value is positive and as
liabilities when fair value is negative.

(v) Identification and measurement of impairment

At each balance sheet date, the Bank assesses whether there is objective evidence that
financial assets, not carried at fair value through profit or loss, are impaired. Financial
assets are impaired when objective evidence demonstrates that a loss event has occurred
after the initial recognition of the asset, and that the loss event has an impact on the future
cash flows from the asset that can be estimated reliably. Objective evidence that
financial assets are impaired can include default or delinquehcy by a borrower,
restructuring of a loan or advance by the Bank on terms that the Bank would not
otherwise consider, indications that a borrower or issuer will enter bankruptcy, the
disappearance of an active market for a security, or other observable data relating to a
group of assets such as adverse changes in the payment status of borrowers or issuers in
the Bank, or economic conditions that correlate with defaults in the Bank.

The amount of the impairment loss on an investment is calculated as the difference
between the investment’s carrying amount and the present value of expected future cash
flows discounted at the investments original effective interest rate. By comparison, the
recoverable amount of an instrument measured at fair value is the -present value of
expected future cash flows discounted at the current market rate of interest for a similar
financial asset.

Amounts due to customers and due to banks

Amounts due to customers and due to banks are recognized at cost, being the amount of the
consideration received.

Cash and cash equivalents
Cash and cash equivalents include demand and call balances due from banks.
Provisions

A provision is recognized if, as a result of a past event, the Bank has a present legal or
constructive obligation that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are determined by
discounting the expected cash flows at a rate that reflects current market assessments of the
time value of money and, where appropriate, the risks specific to the liability.

Provision for loan losses

Specific provisions reflect the amounts required to reduce the carrying value of the loan to its
estimated recoverable amount. The Bank does not generally record a non-specific loan loss
provision to cover unidentified inherent risks in the loan portfolio.

When a loan is deemed to be uncollectible, it is written off against the related provision for
impairment.



PAGE 8B, WEDNESDAY, JULY 11, 2007

Fixed assets

Fixed assets are stated at historical cost less accumulated depreciation and impairment losses.
Cost-includes expenditures that are directly attributable to the acquisition of the asset. The
cost of self-constructed assets includes the cost of materials and direct labour and any other
costs directly attributable to bringing the asset to a working condition for its intended use.
The cost of replacing part of an item of fixed assets is recognized in the carrying amount of
the item if it is probable that the future economic benefits embodied within the part will flow
to the Bank and its cost can be measured reliably. The costs of the day-to-day servicing of
property, plant and equipment are recognized as incurred.

Depreciation is recognized on a straight line basis over the estimated useful lives of each part
of an item of fixed assets. The estimated useful lives for the current and corresponding
period are as follows:

Furniture & equipment 5 years
Leasehold improvements Duration of lease

Where the carrying amount of an asset is greater than its estimated recoverable amount, it is
written down immediately to its recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with carrying amounts.
Repairs and maintenance are charged when the expenditure is incurred.

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies at the reporting date are
translated into SFr using year-end rates of exchange. Transactions in foreign currencies are
recorded in SFr by applying the exchange rates existing at the dates of the transactions.
Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
value are retranslated to the reporting currency at the exchange rate in effect at the date that
the fair value was determined.

Offsetting

| Financial assets and liabilities are set off and the net amount presented in the consolidated
balance sheet when, and only when, the Bank has the legal right to set off the amounts and
intends either to settle on a net basis or to realize the asset and settle the liability
simultaneously.

Financial guarantees

Financial guarantees are contracts that require the Bank to make specified payments to
reimburse the holder for a loss it incurs because a specified debtor fails to make payment
when due in accordance with the terms of a debt instrument.

Financial guarantee liabilities are initially recognized at their fair value, and the initial fair
value is amortized over the life of the financial guarantee. The guarantee liability is
subsequently carried at the higher of this amortized amount and the present value of any
expected payment (when a payment under the guarantee has become probable).

At December 31, 2006 there were no financial guarantee liabilities recognized in the
consolidated balance sheet (2005 - $nil).

Fiduciary accounts and assets under administration

Fiduciary accounts and assets under administration have not been included in this
consolidated balance sheet, other than those assets arid liabilities which relate to the banking
services provided by the Bank for its clients. Total assets under administration as at
December 31, 2006 approximated SFr 1,496 million (2005 — SFr 1,896 million).

Taxation

There are ho income taxes imposed on the Bank in The Commonwealth of The Bahamas.
IFRSs not yet effective

The Bank has not applied the following IFRS that has been issued but is not yet effective:

IFRS 7 Financial Instruments: Disclosures and the Amendment to IAS 1 Presentation of
Financial Statements: Capital Disclosures require extensive disclosures about the
significance of financial instruments for an entity’s financial position and performance, and
qualitative and quantitative disclosures on the nature and extent of risks. IFRS 7 and
amended IAS 1, which become mandatory for the Bank’s 2007 financial statements, will
require extensive additional disclosures with respect to the Bank’s financial instruments and
share capital.

4. Parent company and affiliates

In the last quarter of 2005 the Bank was acquired by the Julius Baer Group, a company
incorporated in Switzerland. Prior to this date, the Bank’s ultimate parent company was UBS
AG Group. The Bank entered into various transactions with the Parent and other parties
related by virtue of common control.

The consolidated balance sheet.includes the following related party balances:





nee som





5.

2006 2005

Assets /
Cash and due from banks - demand and call deposits SFr 57,258,188 72,498,860
Due from banks - time deposits , 12,000,000 12,000,000
Accrued interest and other assets 47,903 226,228
Receivable under open forward currency

contracts 1,247,911 . 227,855
Total due from affiliates SFr 70,554,002 84,952,943
Liabilities
Deposits - banks SFr 69,398,550 77,244,795
Accrued interest and other liabilities 1,734,800 547,373
Payables under open forward currency contracts 223,027 1,463,662
Total due to affiliates “= SFr 71,356,377 79,255,830

Investments

The Bank held 2,000 (2005 - 2,000) shares in Overseas Callender Fund (the Fund), a private
company which invests primarily in American equities. Management made a decision to

reduce the value of its shares held in the Fund to nil value during 2002. There have been no /
adjustments to the value assigned to the shares during 2006 (2005 - nil).

During 2005, all other investments were sold.

6. Customers’ advances and loans

Customers’ advances and loans represent fixed term loans, overdrafts on current accounts,
and withdrawn credit lines. Loans are fully collateralized primarily by cash deposits and
marketable securities. At December 31, 2006, there were no loans and advances where
interest is suspended.

Loans and advances by type are detailed as follows at December 31:

ene

2006 2005
aera hc ACD
Commercial SFr 33,900,000 34,757,992
Industrial 16,064,296 17,818,146
Financial institutions _ 2,701,050 2,783,590
Personal 10,920,474 7,379,911

Service companies 12,426,930 12,975,576

oo oO 14,979,970
SFr 76,012,750 75,715,215
La Season eens as

ene ee

2006 2005
ee
Demand Joans SFr 6,615,469 6,388,857
Fixed-term loans 69,397,281 69,326,358

EOE 97,920,990
SFr 76,012,750 | 75,715,215

Se

At December 31, 2006, the Bank was not in compliance with the minimum provision for

credit losses as required by the Central Bank of The Bahamas regulations, nor had it been

granted a waiver in respect thereof.

Deposits

Deposits comprise the following:

2006 2006 2005 2005

Banks Customers Banks Customers

Demand : SFr 1,270 59,602,630 8,018,454 65,828,100
Time 69,397,280 36,217 69,226,358 -

SFr 69,398,550 59,638,847 77,244,812 65,828,100

In October 2006, the Bank received a Court Order (‘the Order’) relative to two accounts

directing their freezing pursuant to investigations initiated in Switzerland. The Bank

previously filed two suspicious transaction reports to the Financial Intelligence Unit on July

14, 2004 and October 24, 2006 respectively for these accounts. The Order restrained the

Bank from conducting any transactions.

SRR |

‘THE TRIBUNE

The Bank has filed application with the Court seeking not to have itself prejudiced by the
Order, in exercising its rights in respect of covering any short positions arising from the
maturing of any foreign currency forward contracts and fixed term loans initiated prior to the
Order. Management is of the opinion that no provision related to this matter is necessary
based on external legal advice obtained to the effect that the Bank's pending application has a
good chance of success. Further, as at December 31, 2006 the Bank continued to hold
collateral covering the liabilities on both accounts,

As at December 31, 2006 the accounts remain frozén per the Order, until otherwise directed
by the Court.

Fixed assets



Leaschold Furniture and



Improvements Equipment Total
Cost:
At January 1, 2006 SFr 283,616 i 283,616
Additions 803,506 378,451 1,181,957
Disposals . (35,685) - (35,685)
At December 31, 2006 SFr 1,051,437 378,451 1,429,888

BEA oe F CNW". >

Accumulated depreciation:

At January 1, 2006 SFr =~ - -
Charge for the year 80,043 15,282 95,325
At December 31, 2006 80,043 15,282 95,325



Net book value:



At December 31, 2006 SFr 971,394 363,169 1,334,563
~ ‘
At December 31, 2005 SFr 283,616 - 283,616



9. Concentrations of assets and liabilities

The following is an analysis of significant concentrations of monetary assets and liabilities:

December 31, 2006:



Bahamas &
Switzerland Europe* Caribbean _ Other Total

MONETARY ASSETS .
Cash and due from banks SFr 57,258,188 - 373,071 1,692,937 59,324,196
Due from banks —

time deposits 12,000,000 - - - 12,000,000
Customers’ advances and .

loans 2,231,288 12,772,243 53,227,503 7,781,716 76,012,750
Forward currency contracts 1,261,622 41,854 63,040 116,196 1,482,712
MONETARY LIABILITIES
Deposits — banks 69,398,550 - - - 69,398,550
Deposits — customers 8,780,409 7,692,005 18,065,566 25,100,867 59,638,847
Forward currency contracts 237,930 93,350 915,666 220,049 1,466,995
*Excluding Switzerland
December 31, 2005:

Bahamas &
Switzerland Europe* Caribbean Other Total

MONETARY ASSETS
Cash and due from banks SFr 72,498,859 - 359,210 1,806,443 74,664,512
Due from banks — :

time deposits 12,000,000 - - - 12,000,000
Customers’ advances and loans 2,051,244 11,781,264 51,044,591 10,838,116 75,715,215
Forward currency contracts 260,847 55,280 352,884 1,027,933 1,696,944
MONETARY LIABILITIES
Deposits - banks 77,244,794 - ~ 18 — 77,244,812
Deposits - customers 8,279,797 7,071,647 26,462,749 24,013,907 65,828,100
Forward currency contracts 1,463,661 - - 222,256 1,685,917

*Excluding Switzerland

10. Commitments and contingencies

Derivative financial instruments

The Bank enters into forward currency contracts solely as part of its client-related trading
activities. Forward currency contracts are contracts to purchase and to sell foreign currencies
at specific rates of exchange on specific dates in the future. Risk arises from the potential
inability of counterparties to perform under the terms of the contracts (credit risk) and from
fluctuations in the foreign exchange rates (market risk). The Bank manages the market risk of
client-related positions by taking offsetting positions with affiliate banks resulting in minimal
market exposure. The credit risk of client-related positions is managed by applying uniform
credit standard maintained for all activities with credit risk.

The contract amounts of open forward currency contracts were as follows:
2006 2005





Commitments under forward currency contracts

Commitments to purchase SFr 54,771,945 111,716,814

Commitments to sell

55,740,636

109,722,282

The contract amounts of these instruments reflect the extent of the Bank’s involvement in

forward currency contracts and do not represent the Bank’s risk of loss due to counterparty
non-performance. The credit risk is limited to the amounts with a positive value reflected in
the Bank’s consolidated balance sheet:

Guarantees

At December 31, 2006, the Bank was contingently liable for SFr446,274 (2005 - SFr
2,756,969) as a result of financial guarantees and letters of credit issued on behalf of its
customers, which are fully collateralized with financial assets held on behalf of the
customers. :

Lease agreement

The Bank leases its premises from Ocean Centre Limited under the terms of a ten-year
operating lease that commenced on April 30, 2006 with the option to renew for an additional
five years. For the year ended December 31, 2006, SFr271,454 in expenses was attributable
to the current lease (2005 — SFr193,504). The future minimum lease payments under this
lease agreement are as follows: ,

Within one year $ 160,498
Within two to five years 708,813
Over five years 1,134,785

11. Fair value of financial instruments

1

XN

. Financial instruments utilized by the Bank include recorded assets and liabilities, as well as
items that principally involve off-balance sheet risk. The majority of the Bank’s financial
instruments are either short-term in nature or have interest rates that automatically reset to
market on a periodic basis. Accordingly, the estimated fair value is not significantly different
from the carrying value for each major category of the Bank’s recorded assets and liabilities.

Financial risk management

The Bank’s financial instruments, other than derivatives, comprise deposits, money market
assets and liabilities, some cash and liquid resources and other various items that arise
directly from its operations.

The main risks arising from the Bank's financial instruments are credit risk, liquidity risk,
interest rate risk and foreign currency risk. The Board of Directors reviews and agrees
policies for managing each of these risks and they are summarized below.

Credit risk

Credit risk is the risk that a customer or a counterparty will be unable or unwilling to meet a
commitment that it has entered into with the Bank, The Bank manages counterparty credit
risk centrally to optimize the use of credit availability and to avoid excessive risk
concentration. Customer credit risk is monitored on a daily basis by management. The Bank’s
Board of Directors receives regular reports on credit exposures, levels of bad debt
provisioning and bank exposure limits. The Bank did not incur credit losses in 2006 (2005 —
nil), nor was a bad debt provision required in 2006 (2005 — nil).

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Credit risk exposure

The Bank's maximum exposure to credit risk (not taking Into account the value of any
collateral or other security held) in the event the counterparties fail to perform their
obligations as at December 31, 2006 in relation to cach class of recognized financial assets

other than derivatives, is the carrying amount of those assets as indicated in the consolidated
balance sheet,

With respect to derivative fitancial instruments, credit risk arises from the potential failure of
counterparties to meet their obligations under the contract,

Liquidity risk

Liquidity risk is the risk that the Bank will encounter difficulty in realizing assets or
otherwise raising funds to meet commitments. The Bank monitors expected cash outflow on a
daily basis, Its policy throughout the year has been to ensure liquidity by maintaining at all
times sufficient high quality liquid assets to cover expected net cash outflows,

The maturity analysis of the assets and liabilities at December 31 are as follows:

December 31, 2006;

Due on Less than More than
Demand 3 months 3 - 12 months 12 months Total

MONETARY ASSETS , |
Cash and due from banks SFr 59,324,196 ‘ ~ : ~ ~ $9,324,196
Due from banks - .

time deposits - - 12,000,000 = — 12,000,000
Customers’ advances / 4 ;

and loans 6,615,469 43,272,335 23,455,646 4,669,300 76,032,750
Forward currency contracts ~ 1,482,712 - - 1,482,712
MONETARY LIABJLITIES .
Deposits ~ banks 1,270 = 41,272,334 23,455,646 4,669,300 69,398,550
Deposits ~ customers ’ 59,602,630 36,217 - ~ 59,638,847
Forward currency contracts - 1,466,995 ~ - 4,466,995
December 31, 2005:

Due on Less than More than
Demand 3 months _ 3-I2 months _ 12 months Total

MONETARY ASSETS "=
Cash and due from banks SFr 74,664,512 ~ ~ ~ 74,664,512
Due from banks -° . ; ee seeker

time deposits - - ~ 12,000,000 12,000,000
Customers’ advances ‘

and loans 6,388,856 46,344,523 19,372,636 3,609,200 75,715,215
Forward currency contracts - 1,183,489 513,455 ~ 4,696,944
MONETARY LIABILITIES -â„¢
Deposits - banks 10,078,110 44,184,866 . 19,372,636 3,609,200 77,244,812
Deposits - customers 64,871,263 956,837 — : - ~ 65,828,300,
Forward currency contracts - 1,187,015 498,902 - 1,685,917

Interest rate

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 at a minimal level except that management may invest shareholder’s funds in fixed or
floating rate instruments in response to market conditions.

The table in note 13 shows the Bank's exposure to interest rates by major currencies at
December 31, 2006,

Foreign currency risk °

Foreign currency risk is the risk thatthe value of a financial instrument will fluctuate because
of changes in foreign exchange rates, The Bank's foreign exchange exposure arises from
providing services to customers, The Bank’s policy is to hedge against foreign exchange risks
by matching currency liabilities with currency assets, Currency exposure is monitored on a
daily basis and reviewed by management,

The currency exposure is stated below in SFr (in thousands):

December 31, 2006:

Swiss United States
Francs Euro dollars Others
Assets 101,976 15,523 20,177 17,367
Liabilities and shareholder’ funds 101,385 15,679 19,865 18,114
591 (156) 332 - (747)
December 31, 2005:
Swiss United States
Francs Euro dollars Others
Assets 97,271 29,524 _—-25,272 13,508
Liabilities and shareholder’ funds 96,748 29,322 26,614 12,891
‘ * §23 202 _ (1,342). 617

13. Interest rate exposure

The Bank's exposure to interest rates for significant interest-bearing monetary assets and
liabilities by major currencies was as follows:



December 31, 2000; Ae
I cemeteries tiheietneendaebmmiiccmt At aR a ae ma Sennen]
‘ Swiss United States
francs Euro dollars
Assets :
‘Deposits with banks

0,50% -0.75% 2.125% -2.375% 4.125% - 4.375%

Customers’ advances andloans _2,35%-5,15% .__- 3,75%-4.91% . 5,05%-6,85%







Liabilities
Due to banks 0,75% » 1.00% 2.375% - 2.625% 4.375% ~ 4.625%
Due to customers 1,75% - 2.54% 3.25% - 4.16% 5.23% - 5.35%
December 31, 2005;
EE RL STE SET ETT II GIT LT LTE ETL BE LT LIT RTI EIT TT RE OT LB II LE TL Tt OD
_ Swiss United States
franc Euro - , dollars
Assets s a! anes ena 7
Deposits with banks 0,375% -0,500% ~ 1,875%-2,125% 1,813% -3,875%

Customers’ advances and loans 1,200% - 4,000% 3,720% - 5.250% 4.000% - 7.000%



’ Liabilities 7
Due to banks 0,625% - 0,750% 2.125% - 2.375% 2,063% - 4.125%.
Due to customers = 1.250% - 1,750% _1,375% - 3.500%



14, Other information

On January 20, 2006, the former resident manager of the Bank, was arrested in New York
and charged by the Manhattan Federal Court for money laundering activities, and on Magch
14, 2007 after offering a guilty plea, was sentenced to four years in prison and ordered to
forfeit $220,000 in proceeds. The alleged and agreed facts are in connection with the former
resident manager's position and activities in another company not belonging to the Julius
Baer Group, ee

The accounts in the name of or for the benefit of the former resident manager and the account

of his previously-owned investment company remain frozen as at December 31, 2006, in
accordance with the court order dated 2 May, 2006, and will remain frozen until otherwise
notified by court order, Accordingly, no provision related to this matter has been recorded in
this consolidated balance sheet, eh Sot
THE TRIBUNE

WEDNESDAY, JULY 11, 2007, PAGE 9B



Government to review property

FROM page 1

When asked how highly
reforming NIB, given that the
seventh actuarial review
showed that spending would
exceed contributions and
reserves by $3.4 billion in 2061,
ranked on the Government’s
priority list, Mr Russell replied:
“Very big.”

“For those of us who sit
around the [Cabinet] table,
sorting out NIB is in the top
five,” he said,

The last actuarial review in
2001 showed that NIB would

_ be technically bankrupt as ear-

ly as 2029, with the existing
rate and level of contributions
to the social security scheme
insufficient to meet projected
future benefits claims,

Mr Russell said that unless
NIB was reformed, “half of

those of uis working now will
not see our pensions. We will
move towards securing the
benefits of all Bahamians
based on the recommendations
set out in that [SSRC] report”,
The minister said the Gov-
ernment would review the
report and recommendations
produced by the SSRC, which
was appointed by the former
Christie administration,

Report

That report was effectively
shelved by the previous gov-
ernment, which wanted to
delay any action on reforming
NIB until it had introduced its
proposed National Health
Insurance (NHI) plan.

’ NIB was intended to be the
mechanism through which
NHI was administered, contri-
butions to that scheme collect-

ed and claims payments made.
Yet critics setae why the
Christie administration was
rushing off on a new plan with-
out first reforming NIB, given
the pressing need and timeline
for the social security system
to be reformed,

Mr Russell told The Tribune
that after reviewing the SSRC
report, the Government was
likely “to move on some, if not
all of the recommendations, as
soon as we get it,

“We do have to make some
changes to ensure NIB is sus-
tainable for the long-term,” he
added, “We will review the
study that was done to see
what we will do ourselves, We
know something has to be
done to cause NIB to be
extended, and we will put in
place steps to ensure the NIB
fund lasts as long as the
Bahamas.”

The Bahamas Environment, Science
and Technology (BEST) Commission,
Office of The Prime Minister

, é

Please contact The BEST Comm

ission for more details at

The BEST Commission, Office of The Prime Minister

P.O. Box N-3730

Nassau Court, West Bay Street

‘Tel: 242

Nassau, Bahamas

Fax: 242-326-3509

-322-4546 or 242-322-2576

Interested persons should apply in writing before July 30th, 2007. All applicants should be
available for interviews during the 3rd week of August 2007, All resumes should be submitted
with relevant documnts and official school transcripts.



This advertisement appears as a matter of record only

All these securities have been sold

Remedial (Cyprus) Plc

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FRN Secured Callable Bond issue

2007/2012

US$210,000,000

Managed by
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www.trustec.no

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| Escrow Agent
The Winterbotham Trust Company
Limited

www. winterbotham.com





THE TRIBUNE

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i'm lovin’ it.

92F
80F

The Tribune

| HIGH
| LOW

Che Hiami Hera

BAHAMAS EDITION

SUNNY,
“=~ PART CLOUDY

Volume: 103 No.190



Government to
review 10 NIB |

property deals

Minister says board ‘grossly overstaffed'



estat if Wh

WEDNESDAY, JULY 11, 2007



i
Tat










PRICE — 75¢







17-year-olds in
custody after
shooting death

@ By PAUL TURNQUEST
Tribune Staff Reporter

THE senseless killing of 18-
year-old Mardio Hall has left a
family in mourning, and a com-
munity crying out for the gov-
’ ernment to reconsider its posi-

tion on capital punishment.

Two juveniles, both 17 years
old are in police custody in con-
nection with the matter.

This slaying brings the total
for the year to 43.

According to reports, Mar-
dio had been involved in an
argument with one of the young
men a week earlier. The fight, it
was claimed, was over a young
girl with whom Mardio was
then dating, and who had once
dated the other youth.

On Sunday, Mardio was
called by some friends to meet
them at the racing tracks at the
Queen Elizabeth Sports Cen-
tre sometime around 7pm.

Shortly after his arrival, the 17
year old with whom he had had
the earlier argument, and a male
cousin of the girl he was then
dating, approached him and
another scuffle followed. It was
shortly afterwards that it is

“alleged that one of the youth
opened fire with either a 9mm
or a 0.38 hand gun, hitting Mar-
dio in the upper right side of his
chest, with the bullet exiting
‘through the upper left chest area.

Mardio died instantly at the
scene.

Following the shooting, eye-

witnesses report that the young

men got into their car and fired
a number of shots into the air.
Persons nearby, who were not
involved in the incident, also
produced whatever weapons
they were carrying and mimic-
ked the assailants’ behaviour.

Mardio, the youngest son of
Ruth Newry, who died two
years ago after battling gancer
for five years, had just gradu-
ated from CV Bethel and was
looking forward to continuing
his studies at the College of the
Bahamas. He was registered to
start studying for a Bachelors
degree in Computer Engineer-
ing in September.

His older brother, Mario
Newry, recalled his last memo-
ries of his brother, going over
his resumé, and his new role in
a job he had got at the Ministry
of Works.

“I would like to add that I
think those young persons who
would read about this or hear
about this, use this lesson to
teach them the value of life, and
the sanctity of life. And to allow
Mardio’s life to be a beacon of
hope for them on their journey
to adulthood,” he said.

“Don’t let Mardio’s life just
go for going sake. Take some-

~ thing from it.”

There were 74 murders in
2000. As Police Commissioner
Paul Farqharson commented
earlier this year they were most-
ly drug related. In 2001 the fig-
ure dropped to 43. In 2002 the

SEE page 10

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34 years of Independence celebrated



@ BAHAMIAN officials including Governor General Arthur Hanna, Prime Minister Hubert
Ingraham and Deputy Prime Minister Brent Symonette, along with a huge crowd, take in the 34th
Annual Independence Celebrations at Clifford Park on Monday night. e SEE PAGE EIGHT

(Photo Tim Clarke/Tribune staff)



New industrial agreement to be signed
between union and Morton Salt

AFTER two years of pro-
longed negotiations a new
industrial agreement was final-
ly agreed yesterday evening
between Morton Bahamas and
the Bahamas Industrial, Man-
ufacturers and Allied Workers
Union. :

The agreement to be official-
ly signed on Wednesday will
govern relations between the
company and the union for five
years effective 2005 through
2009. :
The new agreement will
secure more than 17 per cent in
wage increases over the five-

year period. Union employees
also received a one-time sign-
ing bonus of $400 but rejected
the company’s proposal of tem-
porary three-day work week as
a solution to prevent layoffs that
will begin on Monday, July 16,
and affect approximately 70 per
cent of the work force.

“We are pleased to have
finally reached a new agree-
ment with the union. This
means, we can spend less time
in negotiations and now focus
on other aspects of business,”
said Glenn Bannister, Managing
Director, Morton Bahamas.

However, Mr Bannister said
he was disappointed by the
union’s decision to not accept
a temporary three-day work
week. “We felt this would have
been in the best interest of all
employees, as it would have
prevented layoffs and undue
hardship on any of our work-
ers,” Mr Bannister said.

Morton Bahamas notified
employees on July 3rd that lay-
offs would start in 10 days and
last for three weeks due to the
negative effects of unprece

SEE page 10

ad

Two held over killing

FNM denies
attempting to
undermine
Christie on
Urban Renewal

& By TANEKA THOMPSON

THE FNM administration is
not trying to “undermine” for-
mer prime minister Perry
Christie’s legacy by claiming
Urban Renewal was devised by
Prime Minister Hubert Ingra-
ham in 2000, FNM insiders say.

The Urban Renewal Pro-
gramme launched under Mr
Christie’s administration aimed
to tackle inner city problems
stemming from “crime, poor
housing conditions, joblessness,
illiteracy, homelessness,
HIV/AIDS and other social ills
that contribute to crime and
anti-social behaviour,” Asst
Supt Stephen Dean wrote in a
2005 article.

With the pilot project com-
mencing in Farm Road in 2002,
in five years the former admin-
istration expanded the pro-
gramme to the areas of Grants
Town, Bain Town, Ft. Charlotte,
St. Cecilia, Nassau Village, and
Grand Bahama. Described on
the Royal Bahamas Police Force
website as a “model that gworks”
the Urban Renewal Project has
received numerous awards and
international recognition since

. Its inception.

“We are not trying to erase
what he (Perry Christie) has
done, we are trying to add onto
what he has done. It’s Perry
them who are saying we are try-
ing to shut down Urban Renew-
al. All we are doing is setting
the record straight,” Minister
of Housing and National Insur-
ance, Kenneth Russell, told The
Tribune on Monday.

SEE page 10

Baker’s Bay defends environmental record

BAKER’S Bay developers
are insisting that they have been
following stringent environ-
mental guidelines and in some
cases exceeding what is required
of the project, despite allega-
tions from residents in the area
to the contrary.

Baker’s Bay, said it is con-
tinuing its environmental stew-
ardship through an environ-
mental management plan which
includes adherence to The
Bahamas Environmental Sci-
ence and Technology Commis-
sion rules.

Baker’s Bay best practices
include replanting native trees
and flora in its landscape, sal-
vaging of plants, cleaning up
beaches and ensuring habitat
growth.

Senior Vice President of
Environment and Community
Affairs, Dr Livingston Marshall
said his environmental team
continually provides guidance
to construction managers, con-
tractors and developers on
requirements for the Environ-
ment Impact Assessment.

“We have also completed an





LANDS

environmental management
plan that is an ongoing, living
and dynamic document which
means that we will update
that, add to it and modify it as
necessary depending on how
we add to the development’s
schedule and activities. So
what we do as a part of the
development as the in-house
environmental management
group, we provide general
guidance to the developers
and contractors on how to
comply with the EIA and how
to put in play and in practice



Tae

the Environmental Plan,” he
said.

The environmental viability
of the Tom Fazio-designed
ocean front golf course has been
questioned by lay environmen-
talists concerned with the
potential effects its fertilizers
can have on coral reefs.

However, Baker’s Bay main-
tains that this golf course will
be more environmentally safe
than most on other tourism
properties.

SEE page 10


PAGE 2, WEDNESDAY, JULY 11, 2007

THE TRIBUNE





Celebrating the independence of the
Bahamas and pooling sovereignty

W E have observed
another anniversary

as an independent state in the
world community of nations
and we have much to celebrate.
Independence itself was only a
milestone — an important one
to be sure — but still ony a mile-
stone. |

The milestone we have just
passed says 34 but we have, in
fact, a great history of centuries
of struggle and progress. And
those two elements — struggle
and progress — as the American
civil rights crusader Frederick
Douglass so eloquently remind-
ed us, always go together:

“If there is no struggle, there
is no progress. Those who pro-
fess to favour freedom, and dep-
recate agitation, are men who
want crops without plowing up
the ground. They want rain
without thunder and lightning.”

Many of those who agitated
and plowed up the ground were
not even arougd when the great
day came. Some, like the slave
Pompey, were long in their
graves, and others just missed it
by a few years, even months.

So it is fitting that this year we
acknowledge the nation-
builders who went before us,
who did the agitating and plow-
ing, who sowed the early seeds

JEF FROM

FA
stor EEE

EABY TO
ST TMeay

ayAN aoa

for the growth of a nation. And
we became a nation long before
we became an independent
state.

Precisely when that was is
hard to say. Older nations have
the same problem. Most of the
nations of Europe were at one
time or another subject to an
imperial power, from the
Romans to the Ottomans, but
all of them celebrate their
nationhood on days other than
independence.

Constitutionally and legally,
there were no Bahamian citi-
zens prior to 10 July 1973. We
were citizens of the United
Kingdom and Colonies and



some of us could vote
in Britain before we
were able to vote here.

But long before that,
the people living here
started to think of them-
selves more as Bahami-
ans, and less as Africans
or Europeans.

|: the years before
independence we
had a large measure of
control over our inter-
nal affairs, and way
back we had the rudi-
ments that would devel-
op into the institution
upon which our parlia-
mentary democracy
would be built.

We were more fortu-
nate than many other
colonial territories in
this respect because
many of them had no —
or only very late —
institutions upon which
to build stable democ-
racies.

Our parliament goes
back to 1729, and
although it was created
for the settlers and not
their slaves, the descen-
dants of the slaves were
wise enough not to
destroy the institution
but to struggle for its
control.

All of this — the insti-
tutions and our assimi-
lation of them - stood us
in good stead when finally we
became an independent state.

Many great Bahamians had
agitated and plowed and had
put to the test the inherited
institutions and our commit-
ment to them, so that when July
1973 rolled around we had
already become a stable nation.

It is important that we
remember, that we celebrate,
that we communicate all of this
to present and succeeding gen-
erations so that no one will dare
tamper with our heritage of par-
liamentary democracy and the
rule of law in this Common-
wealth.of The Bahamas.

To take this heritage for
granted or to assume that it will
survive without constant nur-
turing would be to court disas-
ter. But if we remember and are
inspired by the example of those
who agitated and plowed before
us, then there will be in every
generation Bahamians who will
fiercely guard our heritage.

* * *

he world in which The
Bahamas became inde-

pendent was far different from

Family Guardian applauds the success of

Tamekia Stubbs, WA, GPA, Manager, Financial Reporting,
on achieving the prestigious designation Fellow,

Life Me na gemant Institute (FLMD awarded by

fice Management Associa ition (1.0 )MA)

of Atlanta, Georgla.

Ms. Stubbs joined Family Guardian’s Accounts Department in 2005
as Revenue Accountant and was promoted to her current position
earlier this year. She holds a Bachelor of Commerce degree from
Dalhousie University, Nova Scotia, and a Master of Arts degree

in Economics & Finance from the University of Leeds, UK.

the Lite 0

Family Guardian congratulates this dedicated professional for her
commitment to personal development and quality customer service.

Tamekia Stubhs
Manager
Financial Reporting





that in which Haiti fought a
bloody war and on the battle-
field wrested its independence
from the imperial power. The



A small
independent
country like
The Bahamas
does not have
to prostitute
itself, nor is it
likely to pay an
awful price like
the Haitians for
asserting its
independence
and sovereignty
in the world.



Haitians paid and continue to
pay a terrible. price for their

audacity.

Then, and for many years
afterwards, as Stanley Kubrick
put it in 1963, “The great
nations have always acted like
gangsters, and the small nations
like prostitutes.”

Some great nations still have
difficulty resisting the tempta-
tion to act like gangsters and
some small nations still feel that
they have to act like prostitutes
to survive in this world.

But the tide started to turn
with the establishment of the
United Nations after World
War II and it is still advancing

weer s

Include: Airfare + hotel

slowly and painfully
despite attempts to push
it back.

So a small independent
country like The
Bahamas does not have
to prostitute itself, nor is
it likely to pay an awful
price like the Haitians for
asserting its indepen-
dence and sovereignty in
the world.

Still, the sovereignty of
a state in the internation-
al community is some-
thing like the freedom of
the citizen in a society.
The state must abide by
international law just as
the citizen must abide by
the law of the land in
which he lives.

Also in today’s world,
the tide is in favour of
pooling — not surren-
dering — sovereignty for
the common good of all
nations. The great thing
is that in this process
small nations now have
a voice and a place at i
table.

S: The Bahamas
must not only
look inward but outward
as well, because the only
way its security and inde-
pendence can be guaran-
teed is if the nations of
the world, big and small,
agree to justice for all
under the rule of law.’

We must join with all those
around the world who are
working towards the realization
that all-humanity shares a com-
mon citizenship and a common
destiny.

“No nation,” said Mohandas
K Gandhi, “can find its own sal-
vation by breaking away from

’ others. We must all be saved or

we must all perish together.”

It is not easy to overcome
ignorance and prejudice and to
love other human beings who
are different, to love not with
the condescending sentimental
love of a master who loves his
dog but with the love and
respect of an equal who sees
himself in the face of another.

If only Israelis and Palestini-
ans, Americans and Iraqis,
Bahamians and Haitians could
look at each other like this. Per-
haps if the peoples who consti-
tute the nations of the world
were to practise acting as if they
loved, they may actually come
to love.

“All we need,” said Pierre
Teilhard de Chardin, “is to
imagine our ability to love
developing until it embraces the
totality of men and the earth.”

2K KR OK

BYE, FOR NOW

I have accepted an assign-
ment that will make it dif-

ficult for me to continue this
column for the time being. ©

It has been great writing for
The Tribune again and IJ should
like to thank the Editor and
staff of this newspaper for their
patience and cooperation.

I should also like to thank
my readers, many of whom sent
in e-mails every. week. Most
were supportive but others I
had clearly managed to irritate.
I thank them all.

So bye, for now.

ecial

accommodation + transfer &

professional attendance

in Havana.

the Cuba specialist

www. havanaturbahamas.com ;


mY

THE TRIBUNE

WEDNESDAY, JULY 11, 2007, PAGE 3





In brief

Man faces
charge of
sex with
13-year-old

AN Eneas Street man was
arraigned in magistrate's
court on Monday, accused of
having intercourse with a 13-
year-old girl.

According to court dock-
ets, the offence took place
sometime between January
and March 2007.

The accused, Kareem
Riley was arraigned before
Magistrate Susan Sylvester
at Court 11, Nassau Street on
the unlawful sex charge. He
was not required to plead to
the charge and was remand-
ed until Thursday which is
when he will return to court
for a bail hearing.

Man accused
of having

sex with
young girl

A 33-YEAR-OLD man of
Big Pond was arraigned in
Magistrate's Court on Mon-
day, charged with having
intercourse with an eight-
year-old girl.

Michelet Calixle, was
arraigned on the unlawful sex
charge before Magistrate
Susan Sylvester at Court 11,
Nassau Street on Monday. It
is alleged that the offence
took place sometime in June.
Calixle was not required to
plead to the charge and was
remanded. He will return to
court on Thursday for a bail
hearing.

18-year-old
accused of
intercourse

with girl

AN 18-year-old Nassau
Street man was arraigned in

.Magistrate's court on Mon-
day, accused of having inter-

course with a 13-year-old girl.

It is alleged that Carlton
Bullard committed the offence
between Saturday, February 3,
and Monday, July 30. Bullard
who was arraigned before
Magistrate Susan Sylvester at
Court 11, Nassau Street, was
not required to plead to the
charge. He was remanded and
will return to court on Thurs-
day for a bail hearing.

US suspends |

import of
mangos from
Haiti

@ HAITI
Port-au-Prince

THE discovery of fruit fly
larvae in three shipments of
Haitian mangos has prompt-
ed the US to suspend ship-
ments of one of the few
exports from the impover-
ished Caribbean nation.

Inspectors found the live
larvae in one mango ship-
ment that reached Florida on
June 25 and two others that
had been processed for
export but had not yet left
Haiti on July 2.

The USplanned to send
inspectors to Haiti this week

‘ to help improve pest control

but.it was unknown when
shipments would resume.

ports beech 3-17

Incident sparks concern over
police reporting of crimes

@ By ALISON LOWE
Tribune Staff Reporter

THERE is concern about
how many crimes law enforce-
ment officials might be choosing
not to report to the press in the
wake of a claim that public
information on a shoot-out at a
Nassau gas station last week was
deliberately withheld by the
police,

Last Thursday, according to
sources, three masked men
stormed the Shell gas station at
the Oakes Field roundabout
near College of the Bahamas,
firing a hail of bullets into the
plexiglass window in an attempt
to gain access.

Although the window was
bullet proof, retarding the shots,
the gunmen managed to enter
the premises by other means

and got away with an undis-
closed amount of cash.

Two cashiers working at the
time of the incident were report-
edly “terrified...as all kinds of
gun shots licked over their
heads" and had to "dive for cov-
er to save their lives."

During a conversation with a
source closely acquainted with
the matter, it was alleged that
police involved with the investi-
gation had said that they "didn't
want anything getting out about
this."

When asked for details of the
incident Monday morning assis-
tant superintendent and press
liaison officer Walter Evans said
he was not aware of such an
incident.

Pushed on whether he had
been directed to deliberately try
to keep the armed robbery



@ ELLISON Greenslade

under wraps, Asst Supt Evans
denied the accusation, repeat-
ing that he simply was not
aware. He asked whether any-
one had been injured during the
robbery and when informed that
no one had, suggested that it
might not have been reported

to him because there had been
no injuries.

"Tam not saying it happened
or it didn't happen, I am just say-
ing I am not aware...If an injury
was not involved that would not
have been brought to my imme-
diate attention," he said.

However, critics of the police's
handling of the shooting claim
that the matter could just be the
"tip of the iceberg" as far as the
police's alleged concealment of
certain unsavoury matters that
they would rather keep from
public attention are concerned.

A source close to the business
community said: "One would
think that three masked gun-
men shooting at a gas station is
a fairly significant incident.

"It seems like they don't want
people to know just how bad
the crime situation is for fear of

scaring both Bahamians and
tourists.”

Ellison Greenslade, Senior
Assistant Commissioner in
charge of crime, has said since
taking up that position that he
wants to have a good relation-
ship with the press, and when
several wanted persons were
found in recent weeks, he com-
mented that working with the
press was an integral part of the
police's crime fighting strategy.

Chief Superintendent Hulan
Hanna, director of media rela-
tions, was off work yesterday
and suggested Mr Evans or
Chief Supt Glen Miller might
be able to comment.

When contacted Mr Evans
said he would seek more infor-
mation and get back to The Tri-
bune. Attempts to reach Mr
Miller were unsuccessful.

Union officials remain in talks with PMH over walk-out

@ By BRENT DEAN
Tribune Staff Reporter

PRINCESS Margaret Hospi-
tal and union executives are still
in talks to resolve issues that
led to a walk-out by house-
keeping staff on Monday.

About 20 members of the
morning shift had gathered out-
side the hospital’s pharmacy
refusing to go back to work
because of grievances with the
chief housekeeper; concerns
over skin ailments contracted
from using contaminated mops;
and the chronic short staffing
of the department.

The workers claimed that the
supervisor in question has no
experience with janitorial work,
is rude to staff, and has threat-
ened and intimidated them when
they complained previously.

“Get him the hell out of
housekeeping,” one angry
worker exclaimed.

On certain occasions, a shop
steward said, one housekeeper
has to clean as many as seven

' wards, while two workers also
showed The Tribune rashes,

they contracted from handling
old mops.

Bahamas

@ By ALISON LOWE
Tribune Staff Reporter

THE Bahamas has become
part of a scam which is trying to
get the better of hay producers
in Missouri.

According to the South East
Missourian, the Missouri
Department of Agriculture has
warned hay makers of a scam in
which producers are contacted
by a supposedly interested buy-
er who asks them to send hay to
this country.

While there have as yet been
no known victims of the plot,
producers are being told to
make sure they have some lev-
el of confidence in buyers and
their method of payment in
light of the scam attempt.

Business owners have been
told to watch out if they are e-
mailed by a person who claims
they are interested in purchas-
ing hay to be sent to the
Bahamas, and offers to send
them a substantial cheque
before requesting that the pro-
ducer then wires funds to a
truck hauler who will pick up
the bails.

The producer will then find

oo P123.68

PA

2

Bees paccagabsfisenpvietentonsusP 18°20



These workers also allege
that they have been given drain
cleaner, rather than a proper
disinfectant to clean their mops,
which may have contributed to
the rashes.

“They do not care,” one house-
Keeper said. “We are tired and
they must respond to us today.”

Due to the long-standing list
of complaints, a housekeeper
issued a bold warning to BPSU
President John Pinder, who is
mediating in the dispute on
their behalf. :

“Tf the union doesn’t fix this,
then Pinder will be gone soon
too,” she said.

By Monday afternoon, after
five hours of protest, Mr Pin-
der said that workers returned
to the job, and mediation with
the hospital’s management is
continuing.

“They (housekeepers) really
have a problem with manage-
ment — the person who is overall
responsible for the housekeeping
department. But a lot of their
concerns were not properly doc-

‘umented. So they have béen'*:

_asked now to document their
complaints properly so that they
can be investigated,” he said!

named in

out weeks later that the cheque
has bounced.

It is those businesses listed
on the Missouri Hay Directory
who are being asked to take
particular care. The directory
lists names, telephone numbers,
amounts and types of hay for
sale and bale size and shape,
along with other hay-related
information.

Leo and Gwen Buchheit, pro-
ducers listed on the directory
from Perryville, Mo, said they
weren't fooled by the e-mail.

"The e-mail the person sent
us wasn't asking correct infor-
mation," Gwen Buchheit said.

we

Regarding the problems with
rashes from the mops, Mr Pin-
der said that this results from
auxiliary nurses using mops at
night to clean up spills consist-
ing of blood, vomit and faeces,
leaving contaminants that have
caused illnesses to the house-
keeping staff.

To resolve this, he said, sepa-
rate cleaning implements will
be used for these types of spills,
and housekeepers will now be
equipped with proper disinfec-
tant solution.

Mr Pinder also said that the
PHA has received additional
funding in its budget for the
upcoming fiscal year, some of
which will be used to hire new
housekeeping staff shortly.

Hospital Administrator
Coralie Adderley assured the
public that there was no dis-
ruption to hospital services as
a result of Monday’s walk-out,
in a press release late Monday.

Ms Adderley added that nei-
ther she, nor the BPSU were
advised by housekeeping prior
to the staff’s action, and that
the housekeepers were assured
by her and Mr Pinder of their
commitment “to fair working

hay scam

"It asked us if we ship hay to
the Bahamas, which I don't
really know what kind of ani-
mals they might need hay for
in the Bahamas. It also specifi-
cally asked if we take cashier's
cheques, which was a dead give-
away for me because I've dealt
with this kind of Internet scam-
ming before [when] trying to
buy a car."

According to Ms Buchheit,
apart from these red flags, the
fact the alleged scammer did
not asked for much information
and used the word "hays" as
the plural form of "hay" also
raised suspicion.

conditions.”
Union leaders and the hospi-
tal’s management will have a

follow-up meeting on Monday
for further discussions, accord-
ing to Mr Pinder.

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PAGE 4, WEDNESDAY, JULY 11, 2007

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

PLP disruption in the Senate

AS WE WALKED through the Tribune
news room one day during the Budget debate in
the Senate, the television was on and a harassed-
looking Allyson Maynard-Gibson, in her high-
pitched, grating voice was lecturing senators
on the public’s right to know how their money
was being spent.

This proposition coming from the mouth of
a now Opposition senator was so intriguing that
we were tempted to sit down and watch the
show. Here was a senator who only a few
months before had sat in the House of Assem-
bly as a cabinet minister of a government that
did everything possible to block the people’s
right to know how their money was in fact being
spent.

It was only last year that FNM deputy leader
Brent Symonette, chairman of the Public
Accounts Committee, in an interview with The
Tribune complained about the lack of account-
ability in the PLP government. He said that the
PLP was demonstrating a great deal of arro-
gance as it continued to trample on the public’s
right to know how public dollars were being
spent.

What the PLP government was doing, he
said in April last year, was one of the biggest
and most serious breeches of the spirit of the
Westminster system of government.

He complained that, among other things,
the Opposition could not get government’s
expenditure for the years 2004 and 2005. He
then observed that in the past the disclosure
was open and frank, and both the FNM and
PLP used it. However, since 2003, things were
changed and the process had been shut down.

We disagree with Mr Symonette when he
indicates that the PLP were open with their
disclosures. Tribune files record the stand up
battles that the Public Accounts Committee
had with the Pindling government to get infor-
mation, especially about Bahamasair and vari-
ous government corporations.

“What do they have to hide?” Mr Symon-
ette asked of Mrs Maynard-Gibson’s govern-
ment. “This is the people’s money. Not PLP
money. Not FNM money. It’s public funds and
the public would like to know.”

Mr Symonette, now deputy prime minister in
the Ingraham government, today is in a position
to get all of the answers to his unanswered ques-
tions. The Bahamian people would also like to
know what he discovers, including the accounts
of the Ministry of Housing.

Now a year later in the Senate Allyson Gib-
son, no longer a member of an arrogant gov-
ernment, in full view of a television audience, a
pained and injured look on her face, was grand-
standing. No wonder Bahamians don’t take

their politicians seriously.

Senator Dion Foulkes, Government leader in
the Senate, said government was advised by
Mr Maurice Tynes, Chief Clerk to the House,
that the budget debate had to be completed
and the budget passed 48 hours before the end
of the month — June 30. As June 30 was a Sat-
urday, the Senate deadline was 48 hours before
Friday, July 29. If the $1.465 billion budget and
the $224,655,802 for recurrent capital expendi-
ture were not passed by then everything would
come to a screeching halt. Government would
have had no funds with which to manage the
country. Among other things the salaries of civ-
il servants could not be paid.

Senator Foulkes said he met with Opposition
Leader Allyson Gibson before the debate. For
the Senate to meet its deadline he wanted her to
agree a time limit on each senator’s speech.
She not only refused, but took a whole day to
make her own presentation, and slowed debate
by constantly interrupting other speakers.

On Monday, June 25, Senator Foulkes closed
the debate and made it clear that when the Sen-
ate met on Wednesday, senators would go
through the heads of recurrent capital expen-
diture and by 10. o’clock that night the budget
would pass. This would leave the required 48
hours for the budget to go to Cabinet, then to
the Attorney General’s office for certification,
back to Cabinet and on to Government House
for the Governor’s signature. It then had to be
gazetted to become law.

When 10pm neared heads 22 to 70 had not
been dealt with. They were lumped together
and the chairman started to asked for the “ays”

.and “nays” for their passing. Before he could

finish his sentence Senator Gibson was on her
feet. Interrupting him, she announced that the
debate was moving at a good pace, she knew
government had the numbers to silence them,
but she wanted it recorded that the Opposition
was being muzzled. She threw out such emotive
words as “unprecedented”, “violation of pro-
cedure”, “sad day for democracy”, “this is extra-
ordinary that a senator would not be allowed to
speak,” “it’s an absolute travesty,” “you should
be ashamed of yourself.”

For the dignified Senate, in the past referred
to as the honourable club of elder statemen,
she should indeed have been ashamed.
Ashamed of herself for her undignified, and
unstatesman-like behaviour as, loudly muttering
her disapproval, she followed her four col-
leagues from the Senate chamber.

It was obviously a disgraceful filibuster to
embarrass the government. It failed and so will
the PLP’s desperate attempt to come back to
power.



a TOL ea Le Ele ee

This

PLP desperation
is alarming

EDITOR, The Tribune

THERE is a saying that des-
perate people do desperate
things. In other words people,
who are as desperate as the
PLP, would use any asinine
reason in an effort to help
their sorry state. The fact that
the PLP has resorted to using
Fred Mitchell to lead their PR
is proof that they are at an all
time low. In my opinion no
sane person takes him seri-
ously, except that he seems
obsessed with his own fabri-
cations. He is a cold, sad man
and in my opinion appears to
have no feelings for anyone
in opposition to him. He has
done a fantastic job creating
many enemies, where there
were none.

Also the leader of the oppo-
sition in the Senate Allyson
Gibson outdid herself at the
last sitting of the senate. She
disgraced women and forced
all of the sensible PLP with
class to hang their heads in
shame and disgust. Ladies
simply do not behave in that
manner, not ever.

The unfortunate murder in
Nassau Village recently is
proof that an atmosphere of

ase

letters@tribunemedia.net



chaos has been created in the
community, but no one is
chasing behind every camera
looking for a photo-op blam-
ing them for the sad state of
affairs in the country, we just
do what is needed to help
clean up the mess they left
behind.

Sometimes we try to give
Perry Christie the benefit of
the doubt, but his behaviour
since receiving the political
blows to the head and the
body shots from Hubert Ingra-
ham; he seems to have been
hallucinating recently. His sug-
gestion that the lack of police
presence at the Urban Renew-
al office in Nassau Village
caused the gentleman to die, is
the deepest and the largest
load of “male cow droppings”
I have ever heard.

The gentleman lost his life
at the hands of another indi-
vidual that had absolutely
nothing to do with Urban
Renewal. In my opinion this is
total irresponsibility and Mr

Christie should be ashamed
of himself, because if, in his
wildest imagination, he thinks
that he or the PLP will be
returned as the government,
they all must hasten to have
their collective heads exam-
ined. I would go on record,
the PLP as we know it shall
be no more real soon.

Members of the PLP should
refrain from trying to create
an hostile atmosphere. The
sensible PLP, if they have any
guts, must say to the leader-
ship of the PLP that when
they dig one ditch, they must,
by all means, dig two ditches.

Bahamians are simply sick
to their collective stomachs of
the boorish behaviour of PLP
MPs and Senators.

In my opinion they are mak-
ing fools of themselves and —
are destroying what little

' chance they had left to gain

some respect.

Let the “all for me baby”
attitude die a natural death,
it’s your only hope.

IVOINE W
INGRAHAM
Nassau,

July, 2007.

Problems with
Structures’

EDITOR, The Tribune.

EXUMA has been discovered and, as to be
expected, development is now well underway.
It should not be a total surprise, therefore,
to know that along with this progress we have
blatant shenanigans by some of those who
are charged with looking out for the good of
the community.

As an example, for sometime, a number of
the members of local town planning have been
consistently abusing zoning regulation and
deed restrictions with the result that there
are many illegal structures throughout the
island. Some officials display a toxic blend of
ignorance of an arrogance towards the law

so that we are now blessed with:

a) building permits issued without full plan-
ning review

b) building permits transferred from one
location to another

c) multi-unit rental buildings in single fam-
ily residential areas, etc.

All these short-sighted people see is mon-
ey. They are incapable of understanding that
for development to success there must be sta-
bility and the rule of law. .

There are already any number of new apart-
ments standing empty but the rush is on for
more and more even though a majority of the
people cannot afford the rents and there is a
real prospect of foreclosures on the horizon.





Share your news

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

‘illegal
on Exuma

With all this frantic activity, banks are
financing buildings that are probably illegal
and that may be impossible to sell in the
future.

These events have caused much concern to
many long-time and newer. residents who feel
that their neighbourhoods/investments are
especially threatened by the multi-unit build-
ings which cause an increase in traffic (on
unpaved roads that government does not
maintain), pollution (due to overloading of
septic tanks), trash, etc, all of which decreas-
es property values.

Unfortunately, talk around the island is that
individuals who purchased in an area designed
in their deeds as single family, thinking that
they had a protected environment, are now
feeling betrayed and considering moving out
of Exuma.

Sadly, this is what happens when ‘d.sh
league” thinking collides with major le.. gt
reality.

Continuing to do things in Exuma
“da way we duz do it” is no longer
acceptable, if the community as a whole is to
prosper.

EYE ON
EXUMA
Georgetown
Exuma,
July, 2007.











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THE TRIBUNE



Road check
operation
carried out
in West End

GRAND BAHAMA—
IN an effort to regulate the
heavy traffic flowing out of
West End after a night of par-
tying, officers assigned to the
West End Division conducted
a random road check opera-
tion on the West End High-
way, in the vicinity of Pelican
Lake on Sunday evening.

The operation, which was
carried out between 8 pm
and 10.30pm, resulted in 12
motorists being issued cita-
tions for moving violations
(speeding and overtaking on
a solid white line) and for dri-
ving unlicensed, uninspected
and uninsured vehicles.

Many drivers commended
the officers for their vigilance
in enforcing the street usage
laws. Officers were encour-
aged to continue their efforts
as there is usually a “mad
rush” of motor vehicles head-
ing back on the long journey
into Freeport after a night out
at the western end of the
island, which has on several
occasions in the past ended
in traffic fatalities.

King of Bahrain
sends greetings
to Governor
General Hanna

_ King of Bahrain, Hamad
bin Isa Al Khalifa, sent a mes-
sage of congratulations to
Governor General Arthur
Hanna on the occasion of the
Bahamas’ Independence
Day.

The king wished him con-
stant health and happiness

‘and the people of the

Bahamas further progress
and prosperity.

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EACH anniversary of Inde-
pendence provides Bahamians
with the opportunity to reflect
on how far we have come in
realizing our potential as a peo-
ple and as a country, Prime
Minister Hubert Ingraham told
the nation yesterday in his
national address on the occa-
sion of the country’s 34th
anniversary of independance.

“We face a multitude of chal-
lenges at home and in the
world. We are fortunate, how-
ever that we are more equipped
than many other developing
countries to meet these chal-
lenges. We have a healthy
democracy with institutions that
have their origins centuries
before we attained indepen-
dence.

“We sometimes forget how
fortunate we are in this respect,
but we have only to look at
those countries which are today
struggling to establish these
foundational institutions with-
out which there can be no sta-
bility. We are a diverse society

Weyer. VMN =

PM: We’ve much to be proud of

free from the sectarian strife
which threatens to pull some
other countries apart. We have
unchallenged racial equality and
religious harmony,” the prime
minister said.

He said while Bahamians
have their political differences,
these can be healthy once they
are not carried “too far” and
once there is a realisation that
this difference comes only in
the interest of the nation.

This year, in commemorat-
ing our Independence the
Bahamas is paying special
homage to a number of our for-
bears who helped pave the way
for the advancement of the
Bahamian people by their con-
tributions in education, in the
legal profession, in journalism
and in trade unionism.

“It is our hope that in remem-
bering our forbears and in
recalling their achievements in
the face of tremendous obsta-
cles we will be inspired to excel-
lence in all our endeavours. This
is especially appropriate this

Be patriotic all year
round, says Christie

H By PAUL TURNQUEST
Tribune Staff Reporter

OPPOSITION leader Perry
Christie encouraged Bahami-
ans everywhere, as they cele-
brate the country’s 34th inde-
pendence anniversary yester-
day to keep their spirit of patri-
otism and national pride going
not only on July 10th, but year
round.

In a press release issued yes-
terday, the former prime minis-
ter said that he was moved by
the spirit of patriotism shown
by the overwhelming display of
the national colours through-
out the country.

“We must be mindful that
this little country of ours
requires the support and con-
tributions of every single
Bahamian, regardless of race,

-ethnic origin or political per-
. suasion. I believe that the suc-

cess of this country as an inde-
pendent nation lies in the com-
mitment and dedication that
every Bahamian should have
for making this country live up
to its full potential.

“We must not allow the
wedge of political differences
or race or economic standing
deter us from the original vision
and dream of our founding
fathers for this country. That
dream of wiping every tear from
every eye must go forward in
the actions and decisions of our
leaders but more importantly,
our people. We are all invested
in the success of this land and I
make no apologies in saying
that all of us must be account-
able in this endeavour.

“As we go through this day, I
want to encourage all Bahami-
ans to keep this spirit of patrio-
tism and national prjde going.

July 10th need not only be a
reminder of our country’s birth
date but the midway point for a
year round attitude of Bahami-
an pride and excellence. Nation-
al Pride should not and cannot
be a fashion statement. It must
be a way of life that every man,
woman and child called
Bahamian must grasp and hold
tight,” he said.

Mr Christie recalled how he
stood in the crowd on July 9,
1973 with his wife Bernadette
at this side, accompanied by
many of his fellow countrymen,
some of whom are serving
today in the House of Assem-
bly.

“We were bursting with the
pride and reverence for what
we knew was a once in a life-
time event. A country, my coun-
try, was about to be born offi-
cially. I recall. having to learn
the words of our beautifidl new
anthem; penned by Timothy
Gibson, hoping my excit#ment
would not cause me to forget
the words.

“When the Union Jack was
lowered and the Black, Gold
and Aquamarine standard was
raised for the first time, my
heart burst with the pride of
knowing that finally, a dream
had come true. I have given 33
years of my life to the service of
this Commonwealth as a Par-
liamentarian and with God’s
strength and guidance I will
continue to serve until the Mas-
ter calls. I invite every one of
you to become owners of this
great Bahamian dream.

“We must not forget and we
must not turn back. It is partic-
ularly important for us to
remember that at this time if
we are to live up to the chal-
lenge set forth in 1973,” he said.

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year as we also observe the
200th anniversary of the Aboli-
tion of the Atlantic Slave Trade,
a first step as it was in the evo-
lution of our societies in this
region into more just and demo-
cratic countries,” Mr Ingraham
said.

The Bahamas, he said, has
much of which to be proud.

“For 34 years we have
demonstrated a firm commit-
ment to our democracy and to
the advancement of our people
both economically and social-
ly. We have been a responsible
member of the international
community through our partic-
ipation in regional, hemispher-
ic and global organizations and
by the cordial relations we
maintain with our neighbours.

“We are a talented people
and I believe that once we put
our talents to good use, as many
of our forbears did so brilliant-
ly, we can create an even
brighter future for those who
will come after us,” the prime
minister said.

WEDNESDAY, JULY 11, 2007, PAGE 5



@ HUBERT Ingraham giving his address yesterday

mS We)
civ

BEC wishes to inform the residents of

Eleuthera.and Harbour Island



that the Se experiencing significant

Presently, E BEC éAbocking around the clock to
correct the problem and restore an uninterrupted

act the sine of electricity to the various

we.



nents in Eleuthera and Harbour Island.

x

To assist BEC in better edtiressing the problem, you
may call this special number (242) 334-2161 or
email BEC at nae com

and Harbour Island that the com iS working

a



ee
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BEC regrets any inconvenience caused to its cus-
tomers and wants to thank them for their continued
patience and support.


PAGE 6, WEDNESDAY, JULY 11, 2007

THE TRIBUNE



Pie): (oh Si er as ee
Moral life of nation ‘in unacceptable condition’

®@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - Canon Father
Harry Bain said that the moral life
of the nation is in an unacceptable
condition and called for stronger
adherence to Christian values and

Canon Father Harry Bain speaks at ecumenical service



standards in the Bahamas.

In his address at an ecumenical
service on Sunday to celebrate the
Bahamas’ 34th Independence
anniversary, Father Bain said that

og bs 2
X= Colinalmperial.

Confidence

For Life

OFFICE CLOSURE

We would like to inform the

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employee fun day on Friday,
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Monday, July 16th.

any inconvenience this may cause.



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e Proven track record of working in a data centre
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¢ Expert Computer Systems knowledge

¢ Project Management

¢ Leadership

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¢ Relationship Building

¢ Strong communications and interpersonal skills:
including paving ane negotiating

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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
eas ee and overall accountable for mitigation

operational/system risk

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

e 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
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A competitive compensation package (base salary &
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pees: - Manager;Data: eee a 5

social ills are on the rise in the
country.

“An honest examination of the
state of our society must lead to an
acknowledgment that our social ills
are on the increase: sexual
immorality and promiscuity are def-
initely on the increase; crime and
violence continue to raise their ugly
heads, he told congregation at
Community at Heart Tabernacle
Church of God of Prophecy on
Coral Road.

“All of these ills are on the
march in a society that lays claim to
the title ‘Christian.’ Our honest
examination of the situation must
lead to the conclusion that we as
Christians, and the church as an
institution, are not making a suffi-
cient impact on our society,” he
said.

Father Bain said the failure to
impact society is due to the gap
between what we profess as Chris-
tians and what we practice in daily
life situations.

He point out that while Bahami-
ans say the right things in church
services, they are not conducting
their lives in accordance with Chris-
tian values and standards as taught
by Jesus and the Christian tradi-
tion.

Bahamians, he said, must put
into practice what they preach.

He said pastors must become
more intentional in training, equip-
ping and motivating members to
demonstrate genuine commitment
to Christian standards and values in
their homes, their workplace and
their places of recreation.

“Tn all of these areas, Christian

witness is on the decline. No
amount of marches and rallies and
special church services will com-
pensate for the ‘lived example’ in
everyday life situations.

“The church and the nation are
in desperate need of persons who
will provide genuine examples in
every area of national life; home
and family life, politics, commerce,
education, labour, recreation and
sports.”

Father Bain said that improve-
ment will only come about when
more persons recognise the true
situation and are prepared to make
a difference in their lives.

He stressed that as the people
of God, Christians in the Bahamas
must lead the way in transforming

_ society from accepting as the norm

the evils of our times.
“We live in a world where the
moral principles of God are not

“regarded or held in high esteem.

To many, the order of our time is
“anything goes.”

He said the call of God is for all
Christians to be Holy as He is Holy.
The moral demands of the Gospel
must be reflected in our lives.

“We are proud of the fact that
written into the Preamble of our
Nation’s Constitution is the
acknowledgment of Christian
beliefs and practices.

“The Constitution is solidly
anchored into a public recognition
of belief in God,” he noted.

“The handbook of a nation that
claims to be founded on Christian
values and principles — the Bible -

frequently condemns immorality in
all its manifestations, as it is utterly
devastating to all-segments of a
society. The standards of God do
not change — it is the same for all
times.”

Father Bain said the Bahamas
today is faced with a continuing
moral and ethical crisis that
requires spiritual answers to deal
with the accompanying problems.

He noted that the nuclear family
as ordained by God and the church
is under constant and relentless
attack by the forces of evil. He said
divorce and infidelity is rampant in
the nation, and weakens the family
structure.

“Commitment to marriage and
family life seems no longer sacred.
Far too many of our homes are
being occupied by shakers — these
are those who live under the same
roof and choose not to make any

real and sacrificial commitment to
each other, indeed to do that which
is morally right. A strong family
structure leads to a strong nation.

He also pointed out that the
relentless pursuit of materialism
has caused many areas of the com-
munity living to suffer.

“We have become a people full
of greed, competition, and selfish-
ness. Many care now only about
themselves.

Respect for others and their
property is no longer important.

“We have become an undisci-
plined society. Respect for the laws
of the land and those in authority
among us means very little. We are
in the midst of a growing sense of
rebellion on the part of many, espe-
cially the young. Everybody wants
to do what he or she wants to, nev-
er mind the consequences and how
others will be affected.”

“Never in the life our nation,
have we experienced so much
crime and violence. Our concern
about the amount of crime in our
midst is of the utmost priority. As a
community of concerned citizens, it
is incumbent upon each of us, to
support the Police in the tremen-
dous task they have, of getting
crime under control.” Father Bain
said seeking to find solutions is not
only a challenge to the government
and the Police, but also to the
Church.

In addition to social ills, he said
that disregard for spiritual and
moral values, unemployment, the
use and trade in narcotic drugs, and
the over emphasis on things mate-
rial have contributed to crime.

“There are no doubt other fac-
tors which have, to varying degrees,
contributed to the serious escala-

ze

tion of crime in our country, and ‘

each of these factors must be
addressed in particular by the
Church along with other agencies.

In defence of ee

@ By DR KEVIN ALCENA

lb ONE of the world's oldest parliamen-
tary democracies, we are suddenly being
urged by intellectual advocates and members of
the press that democracy is now in peril of becom-
ing a dictatorship, and every Bahamian must be
“vigilant”, outspoken and (suggestively speak-
ing) the opposition.

Strange that the opposition is yelling and
screaming about the budget debate but some
members know that they abused the process of
public finance. It was laughable when I realised
that the Opposition PLP indicated they did not
have the opportunity to debate the Speech from
the Throne. Should we remind them of the
unprecedented manipulation of the public finance,
which has redefined the concept of public finance
transparency?

It is fascinating to me that in Prime Minister
Hubert Ingraham's moment of greatest victory,
given to him on May 2, 2007, by the confidence of
the Bahamian people, we should now start to
erode that same confidence by suggesting that
this same man could or would abuse the power we
entrusted to him, and by suggesting such, we also
infer our lack of confidence and trust in the very
people we returned to office and the

stewardship of this country.

Why don't we stop just for a minute, in this
political nit-picking post-mortem; why don't we
jump. off this newest flag-raising "B.S. baffles
brains" bandwagon and think?

Do we not have any real issues versus "per-
haps" agendas to deal with? Should we not be get-
ting down to the business of the country before us
now rather than shadow boxing what-ifs? Are
we not better to deal with the present probabili-
ties than go searching for future possibilities?
Just what Napoleonic dreams and desires of pow-
er could Mr Ingraham have been harbouring in
his secret heart when he defeated Perry Christie
in his one term — or is now exposing the scope of
the abuse of public finance — when he begins to
decentralise the economic power; when he gives
the media more power and opportunity than ever
before? Let us not forget that!

With the greatest respect — perhaps the crab,
the black crab — should replace the flamingo as
our national symbol ’- (can't you feel the shell

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growing and the feet on your back?)
Let's stop this "Chicken Little" intellectualis-
ing, rhetoricising and politicising. Let's get down

to basics and get on with the job at hand.

Time is the most precious commodity we have
and time is running out. We keep talking and
hearing about the "election court" but if we don't
take care of today, we won't have any tomorrow
to worry about.

Yesterday is gone

Tomorrow has not yet come

We have only today

So you begin, I begin

Just begin...one, one, one.

— Mother Theresa

Poverty, Family, Education, National Debt,
Crime, Housing, Health, Ecology. Do we think we
have enough to get started? Or do we want to add
in 'Fear of Anarchy’ just to make sure every-
thing is covered? Give me a break!

Prime Minister Hubert Ingraham is asking the
Bahamian people to take ownership of its gov-
ernment —-or its future. He is asking for our
participation and involvement at the embryonic
stage of the decision-making process. He invites
our ideas and suggestions. Surely this is democ-
racy at its far-reaching best.

Unfortunately, everyone is too busy looking for
hidden agendas or the gossip of the day to focus
on helping our elected representatives get a jump
start on creating solutions for our problems here
and now.

If we are so busy trying to be proactive about
the future of democracy, why are we so reluc-
tant to support the prime minister's proactive
efforts to ensure competency and effectiveness in
our future politicians?

I take exception to the criticism that the Cab-
inet is too large.

The prime minister has made it clear why he is
taking this step — to ensure the business of the
people gets done, not just talked about — and to
ensure our future politicians and leaders are
trained, knowledgeable and prepared to take up
the responsibilities of government.

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to be a part of our WOW service team.

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THE TRIBUNE



O/n brief

Castro’s future
still unclear
as elections
scheduled

Mm HAVANA

CUBA will hold municipal
elections in October but has
yet to set a date to choose
members of the island’s par-
liament, state media reported
Monday, according to Asso-
ciated Press.

Ricardo Alarcon, president
of Cuba’s parliament, the
National Assembly, said in
March that he would nomi-
nate Fidel Castro to run for
re-election to parliament, the
first step toward his securing
yet another term as Cuba’s
president.

Whether or not Castro will
actually seek re-election to
parliament is unclear. In
recent months, he has begun

penning essays every few
days and seems to be in no
hurry to resume power.

Under Cuba’s one-party
system, municipal, provincial
and national representatives
are elected by citizens on a
local level. Anyone can be
nominated to these posts,
including non-members of the
island’s ruling Communist
Party — the only party recog-
nised in Cuba’s constitution.

The island’s top leader,
however, is not directly elect-
ed by citizens. Representa-
tives of the National Assem-
bly nominate, then elect the
Cuban president. Fidel’s
brother Raul has filled in for
him since emergency intesti-
nal surgery forced Fidel to
temporarily give up power on
July 31, 2006.

Dominican
Republic shut
down by
general strike

& DOMINICAN REPUBLIC
Santo Domingo

BUSINESSES closed and
transportation shut down
across the Dominican Repub-
lic, as 'workers launched a
‘one-day general strike to
protest price hikes and
demand higher wages. One
protester was shot dead in a
clash with police, according
to Associated Press.

Three other men were
wounded when a homemade
bomb they were allegedly
planning to use in the protest
exploded.

Strike organizers are
demanding a 30 percent
across-the-board raise for
public workers and the repeal
of a recent tax hike on goods
such as gasoline, which rose
$0.15 per gallon to $4.56 a

gallon.
”



unkanoo parade on Bay
Street for Independence

The Shell Saxon Superstars took Bay Street by storm yesterday morning
during the Independence Day rush out from Bay Street to Arawak Cay



WEDNESDAY, JULY 11, 2007, PAGE 7



BONE Family’ s Jackson Barastile
celebrates on Bay Street yesterday
morning

Scotiabank donates to Bahamas Red Cross

SCOTIABANK purchased
and delivered several bales and
cases of goods to the Bahamas
Red Cross headquarters on JFK
Drive.

The goods included vegetable
soup, flour, sugar, juices, oil,
rice, sugar, oats, tuna and
corned beef.

“Scotiabank wanted to help
the organisation prepare for any
uncertainties during the 2007
hurricane season,” said Debra
Wood, senior manager of mar-
keting and public relations at
the bank. “For many years, Sco-

tiabank has supported the vital _
* work that the Red Cross Society

is doing through our support of
the Red Cross Fair and Ball.
However, in 2007, we have
increased our contribution sub-
stantially. We wanted to help
in a more tangible way and this
is our way of saying we appre-
ciate and value the work that
you do with feeding the poor
and needy, with disaster pre-
paredness and all the other pos-
itive ways in which you assist.”

Responding with heartfelt
thanks, the Red Cross’ director
general Marina Glinton said,
“Scotiabank is the first organi-
sation to come forward and
demonstrate their support at

this level and we are most grate-
ful. This bulk of foodstuff places
us in a better position to help
when there is a need.”

Mrs Glinton used the oppor-
tunity to challenge other cor-
porate citizens to help the Red
Cross — whether financially or
by volunteering — with its many
programmes, which include:

e welfare and emergency
relief services to the Family
Islands

e meals on wheels

¢ school milk schemes

e disaster and emergency

relief assistance for flood, fité ”

hurricane and tornado victims

e first aid service

° after-school mentoring’ pto-
grammes

° prison visits

e -aining in basic and
advanced first aid, CPR

e shelter, and disaster pre-
paredness.

Staff members of Cable
Beach branch of Scotiabank

TROPICAL
Une) scs

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PHONE: 322-2157



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PUBLIC NOTICE

In its

GSM UPGRADE

continuing effort to
telecommunications
Telecommunication. Company — Ltd.

service,

improve _ its

The Bahamas

(BTC)

also took the time to visit the
Red Cross and got a better
understanding of how contri-
butions are used.

@ PICTURED (1 to r) are:
Sonia Rolle of Scotiabank’s
Cable Beach branch; Scotia-
bank’s assistant manager of
marketing and public relations
Andrea M Myers; Mrs Wood;
Mrs Glinton; Brenda Glinton
and Deidre Bethel of
Scotiabank’s Cable Beach
branch. Two men are pictured
in the background as they
off-load the donations into
the Red Cross’ warehouse.



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equipment upgrade to the GSM _ cellular
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July 15th, subscribers in Grand Bahama and
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PAGE 8, WEDNESDAY, JULY 11, 2007

THE TRIBUNE



Celebrating Indep

i By JEFFARAH GIBSON



THE Bahamas celebrated 34 years
of Independence with “A Bahami-
an Culturama” at Clifford Park on
Monday evening.

Proud Bahamians, fully clad with a
fusion of the Bahamian national
colours of aquamarine, black and
gold, packed the venue to have a
good time.

They witnessed musical perfor-
mances, the flag raising ceremony,
the tattoo and the inspection, while
others at home watched the events

& GOVERNOR General Arthur Hanna inspects the officers at the
34th Annual Independence Celebration at Clifford Park on Monday

evening.

unfold on television.

The festivities began at 9pm with a
performance by the Defence Force
Rangers followed by the Farm Road
Marching Band and the Bahamas
Junior Brass Band, who all gave a
vibrant and pulsating show. The
crowd showed their appreciation for
the entertainment by cither cheer-
ing boisterously or waving their
Bahamian flags.

The Children’s Choir and the
Bahamas National Youth Choir were
next up and both gave outstanding
performances.



(Photo: Tim Clarke/Tribune staff)

CB MORTGAGE LOANS





at





4



@ THE National Children's Choir pe



nee ard :

@ THE National Youth Choir gets the the crowd going with a colourful performance at the Independence celebrations.

rform at the Independence celebrati



ons at Clifford Park.

endence








4



LE

(Photo: Tim Clarke/Tribune staff)

Highlights from Monday’s event

@ By JONAE RECKLEY

THE highlight of Monday night’s cele-
brations was undoubtedly the March Past
and Inspection. This display of the country’s
armed forces included the Royal Bahamas
Police Force, Royal:Bahamas Defence
Force, Customs, Immigration, and Prison
Officers along with the Defence Force
Rangers and the Police Cadets.

After the inspection by Governor Gener-
al AD Hanna, Bishop John Humes, presi-
dent of the Bahamas Christian Council, said
a prayer around the flag pole.

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» At 11.58 p.m., the reenactment of the July
1973 independence celebration flag raising
ceremony took place. The Union Jack was
lowered and the Bahamian flag was hoisted,
followed by the national anthem.

At one minute past midnight, all eyes
were focused on the illuminated dark sky
for the magnificent fire works display, while
others headed toward Arawak Cay for a
Bahamian concert.

The Independence Day celebration end-
ed with a spectacular rush-out from Rawson
Square to Arawak Cay.

Prime Minister Hubert Ingraham stated in

CONSUMERS NEED TO KNOW... _

What are same of the objectives of the Telecommunications Act?

Fourth Terrace East, Collins Avenue, Nassau for more infer
mation. Also visit our website www.puchbahamas.gov.bs

@ PRIME Minister Hubert Ingraham and his wife Delores enjoy
the Independence celebrations.



his Independence Day message that “it is
our hope that in remembering our forbears
and recalling their achievements in the face
of tremendous obstacles we will be inspired
to excellence in all our endeavours.”

The Prime Minister added: “Each
anniversary of Independence provides us
with the opportunity to reflect on how far we
have come in realising our potential as a
people and as a country. We are a talented
people and I believe that once we put our tal-
ents to good use, as many of our forbears did
so brilliantly, we can create an even brighter
future for those who will come after us.”



(Photo: Tim Clarke/Tribune staff)

| eel Oe seen
PIPE Ope Rott
midnight at the 34th
Annual Independence
Celebrations.

(Photo:
INT Oi Cap
Tribune staff)

\
,
ae
NY
BS



. To improve the quality and coverage of telecommun-
ications services

+ To pratect the Interest of consumers with respect ta
prices charged for telecommunications services

: To promote effective and sustainable competition in

telecommunication services in The Bahamas

You may contact the PUC Consumer Helpline -
3223-7157, Family Island toll free line 1-242-300-0233

or visit aur

A
THE TRIBUNE

WEDNESDAY, JULY 11, 2007, PAGE 9



@ By DENISE MAYCOCK
Tribune Freeport
Reporter

FREEPORT -— A fully

~ restored softball field was

officially handed over by
Ginn Sur Mer to the residents
of West End on Saturday.

The field is now equipped
with new bleachers, players
pits, a score tower and
restroom facilities.

The only sporting facility

‘at West End, the field has

helped shape the lives of

' many community members.

John Davies, senior vice
president of development at
Grand Bahama Development

. Limited; Byron Woodside,

“s Minister of State for Youth




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and Sports; and West End
MP Obie Wilchcombe spoke
briefly at the handover cere-
mony.

Senator Kay Smith and
Eight Mile Rock MP Vernae

“. Grant were also present, as





‘BH FIRSTCARIBBEAN
International Bank lent a cor-
porate hand to the Stapledon
School for the Mentally
Retarded by helping to defray
the cost of the school’s Liter-
acy Week and Open House.

» On hand for the presentation

from left are: Angela Butler,
principal; Audrey Colebrooke,
FirstCaribbean’s branch man-
ager, Mall-At-Marathon; Car-
olyn Mitchell, literacy co-ordi-

nator.
(TCL Photo by
Terrance Strachan)

Euro soars to new
high above $1.37

. amid worries about

U.S. economy
@ FRANKFURT, Germany

THE euro soared to an all-
time high against the U.S. dol-
lar on Tuesday, topping the
$1.37 mark as key U.S. retail-
ers and homebuilders lowered
their growth forecasts, causing
more concern about the Amer-
ican economy, according to
Associated Press.

The British pound, which
has been trading around 26-
year highs against the dollar,
briefly touched $2.0273 after
reports said that gains in
British consumer prices are
above the Bank of Engiand’s
target in the past year, but that
inflation was dropping back
sharply.

A higher euro makes goods
from the 13-nation currency
zone more expensive for cus-
tomers abroad, or cuts into
manufacturers’ profits if they
try to keep the U.S. dollar
price of products constant.

Along with the rise in the
pound, the stronger euro also
makes visits to much of Europe
more expensive for travelers
from elsewhere and makes
shopping trips to the U.S. more
appealing to Europeans.

“The dollar is a basket case,”
said Peter Schiff, president of
Euro Pacific Capital Inc. *

“We are going to pay the
piper for years of having the
underlying fundamentals of
our economy disintegrate
beneath our feet.”

Given the state of the U.S.
economy, he said, the dollar
could continue to fall in the
coming years against the euro
to $2.50 or even $3.











LOCAL NEWS is |

Ginn hands over softball field in West End

Facility has bleachers, players
pits, score tower and restrooms



were many residents from the
West End community.

The Ginn Group has also
donated a fire engine to West
End, and has contributed to
the upgrade of a healthcare
facility and the rebirth of
junkanoo in the area.

In his keynote address, Mr
Woodside noted that West
End has a great softball his-
tory and retains a reputation
of creating softball stars.

“Today is a landmark occa-
sion,” he said. “It is an occa-
sion that serves as an example
of what can be accomplished
through the corporate sup-
port of the private sector.

“This occasion marks the
line of division between a glo-
rious past and a kind of future

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the hopes long postponed,
but so well deserved.”

Mr Woodside said that the
government also plans to
complete the first of four soft-
ball parks at the Grand
Bahama Sports Complex in
Freeport.

He told residents and the
young softball players of
West End that sports is not
about politics, religion,
colour, gender, or financial
status, but rather about hon-
ing one’s talent and working
with others as a team.

“This revitalised stadium
must be regarded as a sym-
bol of what your community
is capable of becoming once
you seize the opportunity to

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add talent and drive to what
Ginn has done.

“T believe West End will
once again see the golden era
... to become again a shining
star for tourism in the
Bahamas,” he said.

Ginn is proposing to devel-
op a $4.7 billion mixed use
resort at West End. The pro-
ject will include condo units,
residential lots, a resort and
casino, a marina and golf
courses.

West End MP Obie Wilch-
combe said Ginn has proven
to be a good corporate citi-
zen of West End.

In addition to the new
sports field, Mr Wilchcombe
hopes that a 200-meter track,
basketball court, and gymna-
sium can be built in the area.

“There are so many young
people with natural ability.
And, this park is a tribute to
all who played ball here.

“TI know of the effort made
my men such as Leonard





‘moray

BD



aa

Newton who ensured that we
played the highest standard
of softball. He delivered so

‘many champions and The

(West End) Conch Pearls are
the defending champions in
the Bahamas today,” he said.

Mr Wilchcombe said the
new field will enhance the
quality of softball played in
West End, and also help the
community to grow and unite.

“We need facilities such as
this in our communities that
will help us to build commu-
nities. There is a need for cor-
porate citizens to demon-
strate at all times that they
appreciate the plight of these
communities,” he said.

Mr Wilchcombe thanked
Ginn for all it has done for
West End over the years.

John Davies said the soft-
ball field is first of many com-
munity projects that Ginn
plans to be involved with over
the years.

“This effort has tied in very
well with the intentions of the
West End Foundation that
was created by Bobby Ginn
for the West End community.

CONFIDENCE

“When I arrived in West
End a year and a half ago, I
met Obie Wilchcombe and
one of the first things that
Obie told me we needed to
do for the West: End commu-
nity was to rebuild the ball
field.

“It gives us great pleasure
to see the efforts of everyone
come to fruition to bring the
sports field back to life,” he
said.

Mr Davies said he hopes
that the facility will stimulate
the creation of new sports
events in West End, and
bring back the excitement
that once existed in the com-
munity.

“This community has pro-
duced some of the country’s ©
finest athletes such as Orlan-
do McKenzie, Marlene Pin-
der, and Douglas Grant. West
End has been recognised as a
great source of athletes in the
past. :

“This field will put West
End back on the map as
a force to be reckoned with
in the sporting world,” he
said.

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PAGE 10, WEDNESDAY, JULY 11, 2007

THE TRIBUNE ~



| | | LOCAL NEWS ! ) re

New industrial agreement with Morton | Baker’s Bay

FROM page one

dented rainfall on the salt har-
vest. In a written notice to
employees Morton Bahamas
Ltd/Rohm & Haas said over
the past several months Mor-
ton Bahamas’ saltpans in
Inagua have received over 30
inches of rainfall, negatively
affecting the growth of har-
vestable salt cake and forcing
the discontinuation of the har-
vest.

“Over the past 15 weeks, the
company has carried a full
complement of employees at
40 hours per week and has
been engaged in the critical

maintenance of the plant. For

the most part, the maintenance
work has been done; however,
harvesting is not expected for
another six weeks barring no
more significant rainfall,” the
letter continued.

According to Mr Bannister
the company has lost a huge
amount of revenue due to the
50 per cent decline in salt pro-
duction and reduced sales. He
said layoffs are now the only
option the company has under






















SmartChoice

the law and its agreement with
the union.

Article 1.2 of the new agree-
ment states that the “union rec-
ognizes that the company has

the exclusive right to manage '

its operation in all respects to
conduct its business fairly... it
has the exclusive right to hire,
promote, transfer, demote or
layoff employees and to sus-
pend, dismiss or otherwise dis-
cipline employees in accor-
dance with the terms of this
Agreement...”

Article 21.1 further states
that “The company and the
union recognize that the loss
of work due to seasonal
demand for the company’s
products, natural disasters
(hurricanes, excessive rainfall)
and conditions beyond the con-
trol of the company are all pos-
sible,” and that in such cir-
cumstances the company may

“layoff excess employees in the
effected departments or
throughout the plant”.

According to the July 3
notice factors to be considered
in temporary employee reduc-
tions include knowledge, train-

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ing, ability, skill, efficiency and
seniority. Affected employees
will be given the option to take
their annual vacation during the
layoff period by filling out nec-
essary forms with the person-
nel department. Affected
employees will also continue to
accrue benefits during this peri-
od; however, they will not be
eligible for redundancy pay as
the layoff period is expected to
be three weeks and less than 45
days. If necessary the company
has also offered to advance
employee’s loans against their
accrued vacation pay.

Over the years Morton
Bahamas has established a pos-
itive track record as the main
employer in Inagua. In 2006
Morton spent almost $400,000
on employee-related pro-
grammes including general
employee relations and specif-
ic training and safety initiatives.
A generous and responsible
corporate citizen, the company
also gave more than $32,000 in
scholarship assistance to stu-
dents and more than $95,000
in general contributions to the
community.

FROM page one

Dr Marshall said compared
to Baker’s Bay golf course,
more harmful pesticides and
fertilizers can be found on some
Bahamian farms. He explained
the developers plan to maintain
the golf course.

“If you look throughout the
Bahamas you would find that
there are a number of golf cours-
es that are built on islands of
course and a few cays and in a
lot of cases and most cases these
golf courses have co-existed for
years along with natural reef sys-
tems. Our approach is that we
would use very little or no fertil-
izers to begin with on our golf
course. So basically what we’re
saying is that if we don’t put it in
it’s not going to be there to run
out. Secondly, we are going to be
using a particular type of golf
course grass that requires very
little fertilizer and also a type of
grass that’s resistant to pest and
insects, also it’s tolerable to salt
water,” Dr Marshall said.

After consultation with the
Bahamas Environmental Scien-
tific and Technology Commis-



i BAKER’S Bay environmental team: left to right; Shanishka ‘ ‘
Bain, environmental monitoring officer, Dr Livingston Marshall,
senior vice-president of environment and community affairs, ty
Shenique Albury, environmental manager and Aretha Huyler, |" ’”
monitoring officer i

sion, Baker’s Bay developers
complied with the terms outlined
for the construction of its marina.

“Baker’s Bay marina is
designed to have a flushing
channel this came about after
interaction with the BEST com-
mission. They stipulated that
we flush 90 per cent of the con-
tents of the marina over a 24
hour period. So they asked us to
consider the options to facili-
tate this flushing channel. We
will be able to exceed that by
flushing up to 96 per cent of the

marina’s content over this 24-
hour period which will exceed '
the standards set by the BEST ¢
commission,” said Dr Marshall. °

Currently Baker’s Bay is
undergoing drilling for a‘
Reverse Osmosis Arrow Plant ‘+
to be completed by the end of |

“id

‘July, this will generate up to a.*-°

million gallons of water supply*’,*|
per day. Further, a new service,
pier has been erected. Once the“
project has been completed this!
pier will be open for use by -
Guana Cay residents.

+

FNM denies attempting to undermine Christie on Urban Renewal ~

FROM page one

Last week at a press confer-
ence, Mr Russell made a con-
troversial statement claiming
that the Urban Renewal Pro-
gramme was the result of a
foundation laid out by Prime
Minister Ingraham, and not the

brainchild of opposition leader

Perry Christie.
“We give Perry credit for what

they did, but we cannot continue ~

to give credit for what they did-
n’t do,” Mr Russell stated.

Mr Russell referred to the
project as “rebirth” and assert-
ed that in 2000, it was created
specifically to tackle the impov-
erished areas of Grants Town
and “over-the-hill.” He also not-
ed that former MP Gregory

18-year-old youth gunned down «

FROM page one

murder rate rose to 52, and then

dropped slightly to 50 in'2003.



Williams “cleaned up the over
the hill area” under the Ingra-
ham administration, as part of
the “rebirth” initiative.

When asked why the FNM
administration waited five years
to “set the record straight”, Mr
Russell said that last week’s
press conference was the first
opportunity that he had to for-
mally do so. He noted that the
FNM remained quiet as they
“conducted research” into the
Urban Renewal Programme to
uncover the facts behind the
project.

However, The Tribune
uncovered earlier reports that
revealed that a similar pro-
gramne was launched by for-
mer PLP Minister of Finance
Arthur Hanna in 1980 to “trans-

In 2004 it went down again to 44
and in 2005 again rose to 52.
Last year — 2006 — it reached
60. This brings a total, including

form this depressed, decaying
area (Grants Town) into a thriv-
ing community.”

The project had a budget of
$20 million to revitalize the
area, improve infrastructure,
and remove outside toilet facil-
ities, but in 1989 Mr Hanna
admitted that the programme
was “abandoned” by the Pin-
dling administration.

In 1999, former FNM Hous-
ing Minister, Algernon Allen
re-announced the “total
rebirth” of the area of Grants
Town that would “involve
acquiring and clearing land in
the Grants Town area” and
“improve housing conditions in
all areas over-the-hill.”

While the “rebirth” of the
Grants Town area put a focus

the 43 murders already this

year, for the past.six and a half

years to 418.
This 43rd murder for the first





on removing dilapidated infra- ‘"
structure, the Urban Renewal ’
Programme launched under the 1
Christie administration sought *
to tackle the rising crime rate’ ~
by employing police officers,’.
who, according to Asst. Sant”
Stephen Dean, “removed ,
derelict vehicles and abandoned’.
buildings, dismantled street “
drug peddling groups and’
arrested a number of criminals.”
RBPF officials claim these mea-
sures “resulted in a significant |
reduction in crime.’

On Sunday, during a weekly ~
live podcast on the PLP’s web-" ~
site, opposition leader Christie “+,
called the FNM’s “attempt” to )*
claim ownership for the urban‘.
renewal programme as “laugh-°
able.”

ays
“07

ma

us

wc ie
yr, ia
six months of this year has the .

Bahamas in line to,exceed 70...

murders by the end of the year, :

if the current trend continues.

Ke

cy

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4 B®
at

6

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oe

NY

-
Se
* *
& “a
RA ‘ BTR: i TH ARTE] “eC Rig Y To XY
MARLIN MARINE 13°" ANNUAL FISHING TOURNAMENT |.
“at
Proceeds of Fishing Tournament being donated to BA.S.R.A. . un
Z (male ‘e
dt
* ,
*
F
‘ i
. i y
st
wel
EST
to
Pictured Left to Right George Pyfrom, Keith Kelty, B
Sam Evans, Richard Parker & Chris Lloyd .
THANK YOU TO ALL OF THE SPONSORS he
vor
Abaco Beach Resort & Boat Harbour Data Systems Int'l, Nautilus Water pl
Allied Caribbean Ltd. Deloitte & Touche Phoenix Aviation / Million Air a
Anthony's Caribbean Grill Disston Realty Parity Bakery / Bacardi Rum Cakes .
Audio Concepts Robert Dunkley Prime Bahamas Ltd. ;
Bahamas Bus & Truck Elgin Marble Ltd. Rocky Farms Nursery nA
Bahamas Ferries Esso on The Run ~ Bay & Fowler Royal Bank of Canada - Commercial ‘ vo
Bahamas Food Services Florida Air Cargo Banking Centre ey
Boone Bait Co. Graham Realty Ltd. Salty Dog Rod & Reel Repair nae
Bombardier Recreational Products Graham, Thompson & Co, Sandals Royal Bahamian au
Bristol Wines & Spirits Harbourside Marine Ltd. Sun Tee Mig. Co. Ltd. oe
Brown's Boat Basin Kentucky Fried Chicken Super Club Breezes “it
Callenders & Co. King & Co, Super Value Food Stores Hast
Caribbean Beverage Ltd. Lightbourne Marine Ltd, Thompson Trading Co. Ltd. os
Comfort Suites ~ Paradise Island Magic Photo Thriller Power Boat Tours Ltd, ma

Crown Jewelers
Damianos Realty Ltd. — In Memory of
uy ay

Master Technicians Ltd.
Montagu Gardens Restaurant



Mr, & Mrs. Donald Tomlinson
Tropical Shipping
ed

a...

THE TRIBUNE

WEDNESDAY, JULY 11, 2007, PAGE 11



Toastmaster
Taylor and team
lead the way

TOASTMASTERS, the
world-renowned communica-
tion and leadership organisa-
tion, began a new year on July 1
with an entrepreneur and Dis-
tinguished Toastmaster George
Taylor and his dynamic team
leading the way.

Toastmaster Taylor, owner
of Taylor’s Electrical and
Mechanical Company Ltd, said
he is excited and humbled to
have been elected as division
governor.

He now oversees 30 toast-
masters clubs throughout the

- Bahamas, including Freeport,

Eleuthera, Andros, Cat Island
and Exuma.

The division’s Hieind this year
is, ‘Leading the way to commu-
nication and leadership excel-
lence’.

“My goal is to empower our
members to meet the challenges
of leadership in the 21st centu-
ry. There will be respect and
accountability, effective com-
munication, and innovative poli-
cies along with decisive, com-
petent leadership,” said Mr
Taylor.

“My goal is to enthusiastical-
ly engage our members to
achieve the mission of the dis-
trict and division, by ensuring
that each club realises its mis-
sion and fulfills its responsibili-
ties to members through sup-
port of area governors and
resources,” he added.

Mr Taylor has the experience

to do just that — having joined

the first Bahamas branch of
Toastmasters Club 1,600 in
1997.

He has served in various posi-
tions including as president of
Club 1,600, area governor and
most recently, assistant division
Governor in charge of educa-
tion and training.

During his tenure, the divi-
sion governor intends to cele-
brate 40 years of toastmasters in
the Bahamas, add new clubs,
ensure 100 per cent officer
training, present a budget and

unveil a plaque of past division
governors, among other initia-
tives.

To assist him in accomplish-
ing these and other goals, a divi-
sion council has been elected,
which includes: assistant divi-
sion governor in charge of edu-
cation and training, Dwight
Burrows; assistant division gov-
ernor in charge of marketing,
Margo Adderley; assistant divi-
sion governor in charge of pub-
lic relations, Hadassah Hall;
Area 12 governor, Joyce Rah-
ming; Area 35 governor, Del-
maro Duncombe; Area 44 gov-
ernor, Renison Brown; Area 55
governor, Roderick Colebrook;
Area 57 governor, Glen Rolle;
and Area 60 governor, Marilyn
Johnson.

Also appointed to the team
are compliance and administra-
tive officer Suncher Johnson;
club rescue chair Wentworth
Stubbs; secretary Marjorie
Munroe; treasurer Vincent
Edwards; chief protocol officer
Harry Williams; sergeant-at-
arms Michael Mackey and web-
master Ernesto Gongora.

“JT am fully satisfied that I
have assembled a powerful
team. They promise to do much
good for the future of toast-
masters in Division I.

“Each member appointed is
qualified to effectively discharge
the responsibilities assigned
to them,” said the new presi-
dent.

Mr Taylor said he believes he
has the communication and
leadership skills to make the
new toastmasters’ year a suc-
cess, as he strives for member-
ship growth and retention.

“T believe that I am the best
person for this time and season
because my toastmasters’ train-
ing, business management
expertise and toastmasters’
exposure and commitment have
given me the critical leadership
and team building skills that are
expected of a division gover-
nor,” he said.



@ AND The winner is ... Three lucky persons took home special
gifts for Dad during John Bull’s recent Father’s Day Find promo-
tion. Pictured left to right: Laquita Braynen, Nathaniel Braynen,
winners of the Sixth Month Fragrance Pack; Natasha Pratt, Man-
ager, John Bull Mall at Marathon; Makeisha Campbell, Marketing
Manager, John Bull Group of Companies; Donna Francis and
Theon Sturrup, winners of the Techno Marine Timepiece.

Celebrating Father's Day

THIS past Father’s Day, John
Bull celebrated Dad with two
fun and interactive promotions,

‘The “Tie Dive” and “Father’s

Day Find.” The events, which
were staged at various John
Bull locations, encouraged
patrons to participate for a
chance to win wonderful gifts
for dad.

The first of this two-fold pro-
motion, the “Tie Dive”, gave
participants a little edge, as they
sought to retrieve fabulous
prizes that could be presented
to their fathers or father figures,
along with their special Father’s
Day purchase. Shoppers were
invited to dive into a “tub o’
ties” and attempt to collect a
specially marked tie, giving win-
ners the opportunity to take
home a surprise John Bull Gift.

The second of the two pro-
motions dubbed the “Father’s
Day Find”, staged at the Mall at
Marathon location, invited
patrons to hunt for treasure by
completing a trivia game card. It
was a family affair, as dads and
moms, aunts and uncles and
even grandparents joined in the
fun. Any person or team having
completed a game card correct-
ly took home a gift for dad, in
addition to being entered into
the final draw. After the draw-
ing, three lucky winners came
out on top, taking home fabu-
lous John Bull prizes.

A top of the line Techno-
Marine timepiece was won by
Donna Francis, and given as a
gift to her son. Laquita Bray-

\

nen presented the six month
fragrance pack she received to
her father, Nathaniel Braynen,
and Jenny Valcin. took home a
$200 John Bull Gift Card as an
added touch to her Father’s
Day gift giving.

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@ THE Division Council of the Bahamas Division I of Toastmasters
International. Seated from left to right are: Toastmaters Delmaro
Duncombe, Area 35 governor; Marjorie Munroe, secretary; Margo
Adderley, assistant division governor of marketing; George Taylor,
division governor; Vincent Edwards, treasurer; Hadassah Hall, assis-
tant division governor of public relations and Ernesto Gongora, web-
master. Standing from left to right are: Glen Rolle, Area 57 governor;
Joyce Rahming, Area 12 governor; Renison Brown, Area 44 governor;
Wentworth Stubbs, club rescue chair; Suncher Johnson, compliance
officer; Marilyn Johnson, Area 60 governor; Roderick Colebrook,
Area 55 governor and Michael Mackey, sergeant-at-arms. Missing is
TM Dwight Burrows, assistant governor of education and training.

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PAGE 12, WENESDAY, JULY 11, 2007 THE TRIBUNE
JULY 11, 2007














The Bahamas Telecommunications Company Limited

BTC VIBE Junior Achievement Awards
Ceremony & Victory Celebration

On July 5th; BTC's VIBE Junior Achievement Company development of young minds and most of all the parents for



was showered with accolades from the Executive encouraging their students to participant in the program,
Management and Staff of BTC. VIBE Team Members, also for their commitment to the program and its continued
along with parents and special invited guests, attended a expansion.
joyous event that celebrated the hard work, dedication and On behalf of the Board of Directors, Executive
commitment of BTC's Junior Achievement Participants, Management and the Staff of BTC we salute the entire
Advisors. VIBE Team, Advisors and Parents

Mr. Lionel Elliot, Executive Director Junior :

Achievement Bahamas, thanked BTC for its continued

Janke Adar ent

a TO THE
rer BIC NIBE vies

PANY UF THE TEAR

involvement with JA through the years. Mr. Elliot,



reminisced on his younger years as a shy student, who used
JA as an avenue to break out of his shyness. Mr. Elliot
further noted that it was the BaTelCo Company that he was ~
placed in that pushed him, and as a result he became an
executive within the company and one of its top speakers.
Mr. Marlon. Johnson, VP Marketing, Sales & Business
Development, BTC thanked the students for their good
works throughout the 25 weeks of the program. Because of |
their hard work and dedication they are now reaping the
fruits of their labour. BTC's VIBE JA Company won an
outstanding 25 awards and an additional 10 individual
awards. Its company president placed 3rd in the Most
Distinguished Achiever Award and the company won .
Company of the Year. *

Mr. McFalloughn Bowleg, President of the VIBE

. : j Mr. Leon Williams President and CEO, BTC presents Briel Jacques with
Company simply stated that without the help of the entire

| the VIBE Setin Most Outstanding Achiever ward:
team, none of this would be possible. Giving a speech that rg

faster bis

was completely out of the box; McFalloughn had a vocalist ‘¥ ed a ee. : Ea CONGRATULATIONS 1) THE
i ; ; IC Yi ire

serenade the audience with a soul stirring rendition of Wind
Beneath My Winds.

Mr. Leon Williams, President & CEO BTC gave a brief
history on BTC's struggle in Junior Achievement and the
many years of hardship the company experienced. But
today brings joy according to Mr. Williams, as we have now
been rewarded for our labour. There were many times
when we decided that we were no longer going to
participate in the program. But as September came around,
we BTC were the first to sign up in an effort to expose
students to the many aspects of the business world. Mr.
Williams encouraged the students to live their dreams and
be the best that they can be. Mr. Williams further informed
the participants that no one can create or fulfill your dreams

it is sae to you. In een Mr. Williams thanked the



YOUR CONNECTION+TO THE WORLD YOUR CONNECTION®TO THE WORLD

PUBLI TICE | PUBLI ICE
‘The Bahamas Telecommunications Company Limited, BTC The Bahamas Telecommunications Company Ltd.
wishes to advise our valued customers that there are companies (BTC), wishes to advise our valued customers and the
misrepresenting BTC in their solicitation of online telephone i general public that all BTC transactions should be
ely ever carried out only at the various BTC CTO's and Cyber

Please note that Island Yellow Pages, Island Media Advertising World locations.

or any other company has no authorization to conduct business

or solicit subscriptions for The Bahamas Telephone Directory. BTC reminds the public to always request a BTC
photo identification card from persons who are not at

Only BTC authorized sales agents are authorized to conduct BTC locations.

business or solicit subscriptions to any published or online

directory. : . ‘ ‘ ‘

BTC would like to thank the public for their continued

If in doubt please call Directory Publications 322-9183-7. support as we keep you connected to the world



( |



WEDNESDAY, JULY 11, 2007

SECTION

business@tribunemedia.net

The Tribune

BUS





Miami Herald Business, Stocks, Analysis, Wall Street





2) ai

HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE

Tel: (242) 356-7764

FREEPORT OFFICE
Tel: (242) 351-3010



Government to review
10 NIB property deals

* Sorting out Bahamas’ main social security scheme among Cabinet’s ‘top five priorities’
* Minister says National Insurance Board ‘grossly overstaffed’ by 200 people
* Government likely to act on commission’s reform recommendations, as
without change ‘half of us working now will not see our pensions’

PRR me ee Fee mm are rm mee mre me eee mre me ome nme ny nme eee me mee me mes nee ree mee mee mt ree net tet tet nee nee mes ney met net rat ns nes my meet nee net te met ret rst net nes ey tay tet mt tm ep pat et et net fu st et at setup art rh mt mt met far ur ut et rt Set met mest ney met unt tet net tat th tet ttt tet tet tet tet tet tt tt fet tet et tr fet tt ft ee eet te om ee

â„¢ By NEIL HARTNELL
Tribune Business Editor

he Government will

review “in the next two

or three weeks” some 10

properties. that the

National Insurance

Board (NIB) plans to either purchase

or finance construction of, the respon-

sible minister told The Tribune, with

sorting out the Bahamas’ main social

security scheme among the Cabinet’s
“top five priorities”.

Kenneth Russell, minister of hous-

ing and national insurance, said the

J S Johnson net income

Government was set to review “
the buildings that NIB is doing”,
including a number of office com-
plexes in New Providence and a pro-
posed new building in Freeport that
would house the Customs Depart-
ment there,

“We need to be reviewing them.
There’s 10 buildings that NIB wants
to build or purchase at the same
time,” Mr Russell said,

He added that the review would
“determine whether to proceed with
all of them at the same time, or
whether to be more cautious and go
with a fraction each year”.

all of

Mr Russell
said NIB would
do everything it
was necessary to
do, but the Goy-
ernment wanted
to be sure that it
did not “over-
extend” itself.
Government.
health clinics,
particularly in
the Family
Islands, which.
NIB has often funded the construc-
tion of, are not included in the review.

@ RUSSELL



Mr Russell added that another area
of NIB that the Government wanted
to address was the fact that it was
“grossly overstaffed by at least 200
persons”,

Numerous agencies, most notably
the Social Security Reform Commis-
sion (SSRC) and the International
Monetary Fund (IMF), have. urged
that NIB’s operating costs and admin-
istrative expenses are too high and
need to be reduced immediately.

In the 12 months to December 31,
2005, NIB’s administrative costs as
percentage of the total $136.1 million
contribution income stood at 20.3 per

cent.

Some 66 per cent of the $27.5 mil-
lion in administrative costs that year
were staff-related, with the NIB pro-
jected to have a staffing complement
of 425 at year-end 2006 - representing
a decline of only 11 on 2005’s total.

The SSRC had urged in its prelim-
inary recommendations that admin-
istrative costs be reduced to 10 per
cent of contribution income by 2014,
a more than 50 per cent reduction on
the existing ratio.

SEE page 9

Ritz-Carlton dredging to start by month’s end

up 112 per cent

@ By NEIL HARTNELL

Tribune Business Editor

J S Johnson, the BISX-list-
ed insurance broker and
agent, has seen its 2007 first
quarter net income increase
by 112 per cent to $1.833 mil-
lion, due to increased premi-
um volumes and commission
income,

Marvin Bethell, J. S. John-
_ son’s managing director, told
shareholders that the compa-
ny had started 2007 in similar
fashion to 2006’s “banner
year”, with net income rising
by $967,000 compared to last
year’s $866,000 first quarter
net income.

Net commissions and fees,
which are largely generated
by J. S, Johnson’s agency and
brokerage business, rose by

26.5 per cent to $3,83 million, ©

compared to the previous
year’s $3.027 million.
Net earned premiums, pro-

duced by Insurance Company
of the Bahamas, the ‘tied’ car-
rier through which J. S. John-
son places a large percentage
of its general insurance busi-
ness, increased by 27 per cent
to $2,139 million from $1.683
million in the three months
to March 31, 2006.

J. S. Johnson owns a 40 per
cent stake in Insurance Com-
pany of the Bahamas (ICB),
with the remainder of the
equity owned by its directors
and senior executives.

As a result of these revenue
rises, J. S. Johnson saw its
total revenues grow by 31,7
per cent to $6.54 million,
compared to $4,967 million
in the 2006 first quarter.

The total revenue increase
more than overshadowed the
14.8 per cent rise in total
expenses to $4,707 million,

SEE page 2

78 per cent income
rise helps insurer
hit the ‘Summit’

@ By NEIL HARTNELL ©

Tribune Business Editor

SUMMIT Insurance Com-
pany, the ‘tied’ carrier
through which Insurance
Management (Bahamas)
places the bulk of its general
insurance business, saw its
2006 net income increase by
77.7 per cent to $2.59 million,
like other companies aided
by the absence of hurricanes
last year,

For the year to December
31, 2006, Summit experienced
a net underwriting gain of
99.8 per cent to $2,663 mil-
lion, compared to 2005’s
$1.332 million, as the increase
in net premiums earned more
than offset a rise in under-
writing expenses,

The benefits from no hur-
ricane claims were apparent
in the 2006 figures, as gross
claims incurred by Summit
fell from $19,642 million in
2005 - when Grand Bahama
was hit by Hurricane Wilma -
to $7.353 million in 2006.

However, Summit’s claims

ayouts were cushioned by

13.115 million in reinsurance
monies in 2005, with only
$1.962 million coming from

this sources in 2006. Net
claims in 2006 thus showed a
slight reduction over the pre-
vious year,

Net premiums earned by
Summit in fiscal 2006 grew
by 29.5 per cent to $20,435
million, compared to $15,784

million the previous year, °

while underwriting expenses
rose by 23 per cent, going
from $14.451 million to
$17.771 million,

The main driver behind the
underwriting expenses
increase was growth in cata-
strophe and excess of loss
reinsurance to $9,515 million,
compared to $5,564 million
in the 12 months to Decem-
ber 31, 2005,

On the income side, Sum-
mit saw gross written premi-
ums grow by 8.3 per cent to
$37.239 million, compared to
$34.377 million in 2005, with
net written premiums up 31.4
per cent to $21.832 million.

The net written premium
increase appears to have been
driven by Summit’s decision
to assume more risk itself,
ceding less of its gross written

SEE page 5

@ By CARA BRENNEN-BETHEL
Tribune Business Reporter

DREDGING of the marina for the pro-
posed $750 million Ritz-Carlton resort‘on
Rose Island, just off Nassau, is expected to
begin by month’s end, the resort’s gener-

_al manager confirmed to The Tribune.

Russell Miller, recently-appointedas the
resort’s vice-president and general man-
ager, said the dredging contract has been
signed and work should begin shortly.

He explained that most of the work tak-
ing place now on the Ritz-Carlton pro-
ject, which was approved by the previous
administration, was design and develop-
ment.

The project has a skeleton staff of about
five men currently on Rose Island, pri-
marily to ensure that all housekeeping
matters are taken care of.

Mr Miller said contracts for vertical
construction work on the resort and asso-
ciated facilities should be awarded - and
work begun - by the end of August 2007.

The project is also preparing to begin to
the hiring of sales and real estate agents to
cover the residential aspects of the devel-
opment, and Mr Miller said the developers
expect to begin hiring resort staff in about
nine months,

At the peak of construction, 900 jobs
will be created and, when completed, the
Ritz-Carlton Rose Island resort is expect-
ed to create some 900 permanent jobs.

Gencom Group, the investment group
headed by Karim Alibhai, bought a major-
ity 70 per cent stake in the Ritz-Carlton
resort from Marriot. Under the agree-
ment, Mr Alibhai has now taken over 70
per cent of the investment, Marriot retains
a 20 per cent share, with the 10 per cent

balance split between three unnamed
investors.

Mr Alibhai has also invested in two oth- 7

er properties on New Providence, The
Nassau Palm Resort on West Bay Street,
and the Paradise Island Harbour Resort
on Paradise Island.

It is also believed that he may seek a
fourth investment opportunity.

The Ritz-Carlton on Rose Island is
expected to open in 2009.The project
includes a luxury resort, private residences
and a sheltered marina to dock luxury
boats and yachts.

When completed, the 230- acre site is
expected to provide a collection of more
than 400 dwellings.

The initial Heads of Agreement for the
resort was signed between Ritz Carlton
and the Bahamas government on February
13, 2006. :

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PAGE 2B, WEDNESDAY, JULY 11, 2007

THE TRIBUNE





Bahamas must ‘step it
up’ on tourism service

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@ By CARA BRENNEN-BETHEL
Tribune Business Reporter

recent study indicating that

85 per cent of Bahamians feel

tourism industry service stan-

dards need to be improved is
a good sign that change is imminent, indus-
try officials told The Tribune.

Frank Comito, the Bahamas Hotel Asso-
ciation’s executive vice-president, said they
are pleased that increasing numbers of
Bahamians feel the need to improve the
country’s number one industry.

He added that while there have been
concerted efforts in training and educa-
tion, “we need to step it up”,

Mr Comito was responding to the results
of a survey conducted by the Ministry of
Tourism and the Counsellors.

According to the survey, 85 per cent of
New Providence residents felt service stan-
dards in the Bahamian tourism industry
needed to be improved, this result having
stayed broadly consistent since 2002, while
another 82 per cent agreed that “Bahami-
ans do not give other Bahamians good ser-
vice or value 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 concerns 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”,

Mr Comito responded to the concerns
raised in the survey, which found that
almost two-thirds of Bahamians believe
tourism-related real estate developments
are “taking” this nation’s best land and
beaches, :

According to Mr Comito, a lot of work
has been going on between the Govern-
ment and the Bahamas National Trust to
enhance park lands and public areas, such
as Goodman’s Bay on New Providence.

He added that there needed to be a con-
tinued focus on areas of public access to’
ensure there were adequate and appro-
priate venues where Bahamians can go,

Survey results indicated that 64 per cent
of respondents on New Providence felt
that “tourism has taken all our best beach-
es and land”, a significant increase upon
the 53 per cent who agreed with ii in
2005.

This suggests that Bahamians are
becoming increasingly concerned that the
numerous mixed-use resort projects, par-
ticularly in the Family Islands, which are
heavily reliant on real estate sales to gen-
erate cash flow and profits, are taking over
the best Jand for exclusive, high-end gated
communities targeted at foreign buyers.
Beach access for Bahamians is another
concern,

JS Johnson net income up 112 per cent

FROM page 1

compared to $4,101 million in
the three months to March 31,
2006.

Mr Bethell said in his mes-
sage to shareholders that he
was “optimistic, given the eco-
nomic state of our country,
that this trend will continue,
although not necessarily at the
same level, during the remain-
der of 2007 for both our agency
and insurance segments”.

He warned that J. S. John-

son’s overall financial perfor-
mance for its 2007 financial
year would again be heavily
dependent on whether the
Bahamas was struck by any
major storms, and the subse-
quent level of claims and pay-
outs incurred by ICB.

ICB has become possibly the
major factor in J. S. Johnson’s
performance. In years when
hurricanes are absent, it is like-
ly to turn in a strong perfor-
mance;,in turn bolstering J. S.
Johnson’s and delivering a
greater return to the BISX-list-

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ed firm’s shareholders,

However, in years such as
2004 and 2005, when the
Bahamas was struck by hurri-
canes, ICB’s underwriting per-
formance is likely to be heavi-
ly impacted by subsequent
claims.

In turn, this may act as a
drag on J. S. Johnson’s results,
as it is no longer just an agent
without any underwriting risk,
relying on 15 per cent-plus
commissions taken in at the
front end,

The net effect is that J. S.
Johnson may turn from a
steady net income and return
producer for shareholders to
a company where earnings
become a little more uneven
and harder to predict,

Investors are likely to enjoy
greater upside in years when
hurricanes are absent, as in
2006, but there may also be a
downside. potential when
storms are experienced,

Mr Bethell told sharehold-

ers that J, S. Johnson’s results

for the 2007 first quarter had
been driven by increases in the

‘number of policies the compa- .

ny had written, and the subse-
quent commissions earned via
its agency/brokerage business, -
while expenses were held at a
“satisfactory level”,
“As there-were no general

increases in property rates, this = D

growth was due to new busi-
ness development and. timelier
processing of documents,” Mr
Bethell said.

“Most of our branches
turned in strong first quarter
performances, with Freeport
and Turks leading the way.”

He added that the upgrade
of J, S, Johnson’s computer
system was almost finished,
with staff currently being
trained in how to use it.

“Tt is expected that this
upgrade will result in greater
operational efficiencies and
better information manage-
ment,” Mr Bethell said.

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THE MARKETS
STOCKS, MUTUAL FUNDS, 8B
DOW 30 13,501.70 -148.27
S8P500 «4,510.12 -21.73
NASDAQ 2,639.16 -30.86
10-YRNOTE 5.02. -13
CRUDEOI © 72.81. +.62

Stocks
fall on
troubled
forecasts

BY MADLEN READ
Associated Press

NEW YORK — Stocks
plunged Tuesday as investors,
nervous about upcoming earn-

ings reports, cringed at trou-

_ bling forecasts from retailers.

“Home Depot and Sears and at

_ soaring oil prices. The Dow

_ Jones industrial average fell
148 points. ‘

The market seemed to be fol-

_ lowing the pattern of previous

__ earnings seasons, turning lower —

__as second-quarter reports had a
rocky start. Home Depot, Sears:
Holdings and homebuilder D.R.

Horton offered dreary outlooks |

that suggested the sluggish
housing market may dampen
consumer spending.
~ “People are a little bit skittish
about the health of the con-
sumer,” said Jack Caffrey, equi-
ties strategist at J.P. Morgan Pri-
vate Bank.
~ As the U.S. dollar tumbled

. and investors fled to the relative ....
‘vsafety of Treasury bonds, :the ©

stock market dropped further
-- after oil prices briefly’ spiked
above $73 a barrel, raising con-
cerns about Americans’ energy

Wall Street » _ which often |
trades erratically amid profit
warnings before the quarterly
- earnings flood — also weakened
due to ratings agency Standard
& Poor’s, which said it may
_ lower the credit rating of more
_ than $12 billion in bonds backed
by risky home loans.
The Dow fell 148.27, or 1,09
» percent, to 13,501.70, near its low
of the session.

_ Broader stock indicators also _
ad eee



“about the Hegne market ee
. than confidence that inflation i is.
easing. g ;

Crude oil ee inbed 627

‘ cents to $72.81 a barrel on the

New York Mercantile
Exchange, after momentarily

' surpassing $73 a barrel, their
highest point since late August.



The dollar dropped to anew |

low versus the euro Tuesday
and a 26-year low against the |
' British pound. Gold prices rose. |

Not all of Tuesday’s guid-
ance was disappointing: Pepsi
Bottling Group, one of the
_ world’s largest distributors of
- Pepsi drinks, raised its outlook
' for full-year earnings, and its
stock rose $1.45, or 4.2 Beene,
to $35.88.

Dow Declining issues out-
numbered advancers by nearly

' 3 to 1 on the New York Stock
| Ruchange, where consolidated
volume came to 3.20 billion

shares, compared to 2.68 billion
shares Monday.

The Russell 2000 index of
smaller companies fell 15.76, or
185 percent, to 837.48.

In Asian trading, Japan’s Nik-
kei stock average fell 0.05 per-

_ cent; Hong Kong’s Hang Seng
Index rose 0.3 percent to a sixth
straight record close; and Chi-
na’s Shanghai Composite Index
fell 0.8 percent.

In European trading, Brit-
ain’s FTSE 100 fell 1.22 percent,
Germany’s DAX/index fell 1.39
percent, and France’s CAC-40
fell 1.40 percent.



WEDNESDAY, JULY 11, 2007

|
{



to anew monthly high in June.

BY JOE McDONALD
Associated Press
| BEIJING — By the looks of Chi-
| na’s ever-expanding trade surplus,
the world is not ready to wean
itself from its dependency on Chi-
| nese products, despite reports of ,
tainted toothpaste, fish laced with
antibiotics, tires missing a key
safety feature and toys with lead
paint.
The “Made in China” label has
+ become ubiquitous, helping to push
the country’s trade surplus in June
| to anew monthly high as foreign
consumers bought electrical appli-
| ances, clothing, low-cost furniture
and other products the world has
come to depend on China to sup-
ply.

The government figures
released Tuesday appeared likely
to add to U.S. pressure on Beijing
and calls in Washington for sanc-
tions despite Chinese efforts to rein
in the bulging trade gap.

The June trade surplus jumped
more than 85 percent to $26.9 bil-
| lion from the same period last year,
the General Administration of Cus-
toms said on its website.
. That pushed the total surplus for
-. the first half of the year to $112.5 bil-
lion, breaking the $100 billion bar-
rier for the first time for a six-
-month period, the agency said.
_ Total trade in the first half of the
year was $980.9 billion.
'.. , The agency said total trade for
the full year is expected to top $2



ESS



ASIA



trillion, with a surplus in excess of
$200 billion, the official Xinhua
News Agency said.

Exports in June seated by 21.7
percent to $179.6 billion, the cus-
toms agency said, despite decisions
by the United States and other gov-
ernments beginning in early May to
recall or impose controls on tires,
toothpaste, seafood and other
goods from China that were
deemed tainted or unsafe.

Imports grew by 14.2 percent to
$76.4 billion; the agency said.

Beijing insists it is not actively
pursuing a ‘trade surplus and has
tried to cool the boom by repealing
rebates of value-added taxes for
exporters and imposing new taxes
on some goods such as steel.

On Tuesday, Xinhua said the
government was taking another
step to rein in the export surplus by
eliminating an 8-year-old program
that rewarded big foreign earners
with low interest rates and other
privileges.

“Ending the grading system was
a decision made in line with the
current trade situation,” Xinhua
quoted a statement from the gov-
ernment’s foreign exchange regula-
tor as saying.

Despite such steps, foreign
demand for Chinese goods has
surged while import growth has
been slowed by government efforts
to contain a boom in construction
and investment that it worries
could cause a financial crisis. That



AP FILE

DEMAND STILL STRONG: A truck drives past rows of containers at the new Yangshan deep water port
| off the coast of Shanghai, China, in this 2006 photo. China’s politically volatile trade surplus soared

China’s trade surplus up 85%

has cut into Chinese purchases of
factory equipment and other for-
eign goods.

China has reported its four high-

est monthly trade surpluses in the
past nine months.
_ The June figure broke the $23.8
billion record set in October and
surpassed February’s $23.7 billion
and May’s $22.4 billion.

Critics of Beijing’s trade record
say its currency controls are partly
to blame for the gap; They say
China keeps its yuan undervalued,
giving Chinese exporte
price advantage. f eS]

Some U.S. lawmakers are calling
for legislation that would impose
punitive tariffs or other controls on
Chinese imports if Beijing fails to
let the yuan rise faster in value.

The United States reported a
trade deficit of $232.5 billion with
China last year — its biggest ever
with any country — and this year’s
gap is expected to exceed that.

Exports have brought a huge
influx of foreign money into the
country, straining Beijing’s ability
to contain price pressures. The
central bank drains billions of dol-
lars a month from the economy
through bond sales and has piled up
the world’s largest foreign reserves
at $1.2 trillion.

Despite those efforts, inflation
has risen steadily in recent months,
climbing to 3.4 percent in May from
the year-earlier period, the highest
level in more than two years.



AUTOMOTIVE

eee ; ;
‘and persistent nfation undermines"

eb aoueveHAnees
Bernanke:
Investors,
public
must be
considered

BY JEANNINE AVERSA
Associated Press

WASHINGTON — Taking into
account the mind-sets of both the
public and investors about where
prices are headed is a key factor for
policymakers working to tame infla-
tion, Federal Reserve Chairman Ben
Bernanke said Tuesday.

“Undoubtedly, the state of infla-
tion expectations greatly influences
actual inflation and thus the central
bank’s ability to achieve price stabil-
ity,” Bernanke said in a mostly aca-
demic speech to a conference of the
National Bureau of Economic
Research.

If investors, consumers and busi-
nesses feel confident that the Fed will
keep prices stable, the Fed chief sug-
gested, they may _
be less inclined to |
act in ways that |
could aggravate |
inflation. Ber- | 7%
nanke also said} 4
that these groups |~
may be less
inclined in such
circumstances to
worry that infla-
tion will eat away
at investments and paychecks, and
might feel better about longer-term
financial planning.

‘AseQPy: A) emcee S Teams i in

BERNANKE







public confidence in the economy:
and in the management of economic
policy generally,” he said.

This
“adverse effects on risk-taking,
investment and other productive
activities that are sensitive to the
public’s assessments of the prospects
for future economic stability,” Ber-
nanke added.

Stable inflation is good not only
for the economy but for the pocket-
book. Out-of-control prices can eat
away at paychecks, investments and
standards of living. And, getting it
under control through interest rate
increases can be difficult and painful.

In his remarks, the Fed chief didn’t
say anything specific about the future
course of interest rates in the United
States. ;

The Fed’s key interest rate has

held steady at 5.25 percent for inst

over a year.

= Smart car is aimed at savvy U.S. buyers

FUEL EFFICIENT AND TINY, GERMANY’S MICRO-CAR MUST PROVE IT IS ALSO SAFE

BY MATT MOORE
Associated Press

FRANKFURT, Germany — The
tiny two-seat Smart car is a common
sight on the congested streets of
European capitals, something Daim-
lerChrysler AG is eager to duplicate
in cities like New York and Los Ange-
les when it begins selling the vehicle
in the U.S. next year.

But alongside the promise of fuel —
efficiency — the Smart fortwo can
get around 40 miles per gallon — and
of parking in the narrowest of spaces,
the automaker will have to convince
American drivers braving roads filled
with sport utility vehicles that the
micro-car is also safe.

At just 8.8 feet long and slightly
wider and taller than 5 feet, it is

already one of the smallest cars on

any road in any country; it weighs
around 1,700 pounds.

Compare that to a Ford Explorer, a
sport utility vehicle 6 feet high, more
than 6 feet across and nearly 16 feet
long, weighing 4,436 to 4,606 potinds,
and it’s not hard to see why safety
might be a concern.

The company touts its safety pack-
age: a stiff “safety cell” frame, antil-
ock brakes, side and knee air bags,
and intelligent seatbelts that sense
motion changes.

Still, in an accident, “the laws of
physics can’t be repealed,” said Russ
Rader of the Arlington, Va.-based









FERDINAND OSTROP/AP

COMING TO THE U. s: A Smart fortwo parks crosswise in front of a
street cafe in downtown Frankfurt, Germany. The tiny two-seat
Smart car is a common sight on the streets of European capitals.

Insurance Institute for Highway
Safety. “Even with modern safety fea-
tures like multiple air bags, people in
small, light cars are always at a disad-
vantage in crashes.”

The fortwo, slightly bigger than
the European version, with a three-
cylinder, 700cc engine, is scheduled
to hit the U.S. market in early 2008.
The base model will be priced at

rc ernment yey eee
NETRA UT Me ee

about $12,000. An intermediate ver-
sion is expected to start at $14,000
and will boast air conditioning, alloy
wheels and a panorama roof. A Cabri-
olet version will start at around
$17,000 and feature an upgraded
sound system with MP3 capability
and a six-disc CD changer.

Sales and service will be handled
by United Auto Group, with the first



|

4

dealerships to be announced later
this year.

So far, the new fortwo and its pre-
decessors have not undergone crash
testing in the U.S., according to
records kept by the National High-
way Transportation Safety Adminis-
tration.

That’s because Smart has not sold
its cars in American markets before
— preferring to focus on Europe,
where it has sold more than 750,000
models since the car hit the road in
late 1998.

But crash testing on the latest
model hasn’t been done in Europe,
either. Christel Martin of the Brus-
sels-based Euro NCAP, an agency
that assesses cars sold in Europe, said
that it “is included in our testing pro-
gram and the results should be avail-
able by the end of October.”

A previous model, the Smart for-
two City Coupe, was tested in 2000
and achieved a three-star rating out
of five possible.

“Three stars is low,” said Euro
NCAP spokeswoman Cordelia Wil-
son. “Most cars get four- or five-star
safety ratings.”

The NHTSA has not yet said when
it will conduct its own tests and
Rader said his group has yet to assess
it.

Smart USA spokesman Ken Ket-
tenbeil said U.S. tests are likely to be
completed this year.

2PM RN





ape ce, Mass...was made ual se

scenario has potential



THE MIAMI HERALD | MiamiHerald.com

BUSINESS BRIEFS



FRANCE: French
President Nicolas
Sarkozy backs
former French
Finance Minister
Dominique
Strauss-Kahn,
right, to head the
International
Monetary Fund.

OLIVIER LABAN-MATTEI
AFP-GETTY IMAGES

e EUROPEAN UNION



Ex-finance minister

chosen to head IMF |

From Herald Wire Services

The European Union chose Dominique Strauss-Kahn on
Tuesday as its candidate to head the International Monetary
Fund, putting the former French finance minister in line to

take the job in October.

Portugal, which leads talks between all 27 EU nations, said
Europe would support Strauss-Kahn after Spain’s Rodrigo de
Rato steps down to spend more time with his family. The IMF

board is expected to approve Europe’s choice.

“We think he would be an excellent managing director of
the IMF,” said Portuguese Finance Minister Fernando Teix-
eira dos Santos, who led talks between euro nations.

e EARNINGS

LEVI STRAUSS’ PROFIT
CLIMBS 14 PERCENT

Levi Strauss & Co.’s

_ (LVISF.PK) second-quarter

profit rose 14 percent, accel-
erating a comeback that has
spurred talk that the storied
jeans maker might go public
again after more than two
decades as a privately held
company.

The San Francisco-based
company said it earned $45.7
million during the three
months ended May 27 com-
pared with net income of
$40.2 million a year ago.

Net revenue rose nearly 6
percent to $1.02 billion from
$961 million a year ago. If

-not-for'an $18 million boost EE

from the weak dollar in
Europe, Levi's said its reve-
nue would have been up by
4 percent during the quarter.

e ECONOMY

BANK OF CANADA HIKES
KEY INTEREST RATE

The Bank of Canada
raised its key overnight rate
by one-quarter of a percent-
age point to 4.5 percent, a
move that will likely keep
the Canadian dollar flying
high and help cool the coun-
try’s hot economy.

The move by central
bank governor David Dodge
was long anticipated in the
financial community, but it
likely won’t be the bank’s
last rate hike this year.

Ina strong signal, the
bank said it may have to
raise interest rates moder-
ately again, an indication
that it may raise the key rate
to 4.75 per cent at its next
opportunity on Sept. 5.

e TECHNOLOGY

APPLE MAY ADD
CHEAPER IPHONES

Apple (AAPL) may .
introduce a model of its
iPhone this year that is 50
percent cheaper than the

_ handsets that went on sale

in the United States last
month, JPMorgan Chase
analyst Kevin Chang said.
The new model, based on
Apple’s thin iPod Nano, may
cost less than $300, Chang
said , citing a patent Apple
filed in the United States
and components suppliers
he declined to identify.
Apple began sales of two
iPhone models priced at
$499 and $599 on June 29.
Apple will probably sell
the new phone with several
wireless carriers, unlike the
five-year exclusive agree-
ment it has with AT&T for
the current iPhone, Chang
said.
e ELECTRONICS

STONG SALES YIELD
PROFITS FOR LG.PHILIPS

LG.Philips LCD (LPL),
the world’s second-largest |
manufacturer of liquid crys- |
tal displays, announced its |
first quarterly profit in more
than a year amid strong
sales, stabilizing prices and
cost cuts.

The company said it
earned 228 billion won
($248 million) in the three
months ended June 30.
LG.Philips posted a net loss
of 322 billion won in the sec-
ond quarter last year.

“Our second quarter’s
performance was better
than expected, which under- |
scored a faster than antici-

~pated turnaround,” CEO
~ Kwon Young-soo, said.

e JOINT VENTURES :

CHINA TO TAX
OFFSHORE OIL EXPORTS

China will tax oil
exported by the foreign
partners in offshore oil
exploration joint ventures
starting Aug. 1, the Ministry
of Finance said Tuesday.

Contracts already signed
and in use will be exempt
from the new duty until
Aug. 1, 2012, the ministry
said in a joint statement
with the General Adminis-
tration of Customs. Refunds
will be paid on any taxes
already collected on oil
exports before Aug. 1, the i
ministry said.

China has been trying to
discourage exports of coal
and oil to maximize domes- |
tic use of its energy
resources.

e BRITAIN

MARKS AND SPENCER’S
SALES RISE SLOWLY

Marks and Spencét,,,
(MSGBF.PK), Britain’s-larg-
est department store chain,
reported slowing sales
growth for the first quarter
after the wettest June on
record and high interest
rates left its summer food
and fashions on the shelf.

M&xS said that same-store
sales, which strip out the
impact of new stores on
sales figures, rose 2 percent
in the first quarter. That was
ahead of expectations but . |
was the slowest growth in
nearly two years and was
below 8.2 percent a year
ago. |

“Rising interest rates,
general uncertainty over
consumer spending, and
extreme weather conditions
combined to make market
conditions particularly vola-
tile over the quarter,” said
Chief Executive Stuart Rose.







4 6:35 p.m. Late 4pm. 6:35 p.m. Late
Stock Thr. ce close Chg. volume Stock Tkr. lose close Chg. volume
SPDR SPY 150.92 150.80 -12 89781 | Biogenldc BIB 54.51 5458 +07 16718
Gitigrp Cc 51.00 50.95 -05 56079 Amgen AMGN = 54.29 54.40 +11 15998
BkofAm BAC 48.36 48.36 * 53975 | SunMicro SUNW: 5.32 531 -01 15159
iShR2K nya IWM an ye a aie Spiritfn = SFC 14,58 14,58 14007
).! .! | a 5
Heist gaan natal kod gegae, | AT&T Inc 3950 39470313539
A VerizonCm = VZ 40.52 40.50 02 12984
Wachovia WB 50.56 50.73 -+.17 33941
Symantec SYMC 1887 1893 +.06 12920
Microsoft MSFT 29.33 29.30.03» 30087 iB WIT. “ROS ms GtO. Ck OL! 212603
Altrias MO 7043 7043 * 23093 | Level u ; . e
Intel INTC 2497 25,00 +03» 20864 | Oracle = ORCL «19.72 19.72 12268
Cisco CSCO 2831 = -28.33. Ss +.02~—«:18432 | Kraft KFT 34.40 34.40 * 11702
WellsFgos WFC 34.44 «3440-04. :18011 | AkamaiT AKAM 49.45» 49.44 -.01_— 11701
FordM F 909 911 +02 17768 | Compuwre CPWR 1217 10.08 -2.09 11127



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





CONSUMER ADVOCACY

BY DAVID TWIDDY
Associated Press

KANSAS CITY, Mo. —
New York’s lead consumer
advocate is asking Sprint Nex-
tel to pay a penalty to wireless
customers it is terminating
because they called customer
service too often.

Reacting to news that
Sprint has told about 1,000
customers they will lose their
wireless service on July 30, the
New York State Consumer
Protection Board suggested
the carrier pay those custom-
ers $200 each — the amount
the customers would have had
to pay if they had prematurely
ended their two-year con-
tracts with the company.

The Reston, Va.-based
company, with operational
headquarters in Overland
Park, Kan., said it will zero out
the customers’ accounts and
not charge any termination
fees. But Mindy Bockstein, the
board’s chairwoman and exec-
utive director, said that’s not
enough.

“These former Sprint cus-
tomers will have to purchase
new phones and incur other

SALES SLUMP

INTERNATIONAL EDITION

Sprint cancellations draw fire

Sprint Nextel mailed letters telling the
customers that their frequent calling to

cuslomer service led the company to believe
they would be better off with another carrier.

expenses and inconveniences
if they want to continue
receiving wireless service,”
Bockstein said. “Sprint Nextel
should do more to improve the
quality of its customer service
and this is a good place to
start.”

It’s not known how many of
the roughly 1,000 customers
flagged by the carrier for ter-
mination live in New York.

Sprint Nextel spokes-
woman Roni Singleton said
she had not seen the request
from the New York agency
and couldn’t immediately
comment.

Bockstein said her agency
would send a letter to Sprint
Nextel formally requesting the
payments. .

If the company refuses,
Bockstein said her board may
take the issue to state lawmak-
ers.

Bockstein said the Legisla-
ture has considered a wireless
customer bill of rights that
would place additional
requirements on roaming fees,
cancellation policies and other
terms of service.

Sprint Nextel, the nation’s
third-largest wireless provider
with 53 million customers,
mailed out letters June 29 tell-
ing the customers that their
frequent calling to customer
service led the company to
believe they would be better
off with another carrier.

The company said an inter-
nal review over the past year
identified customers who
called an average of 40 to 50
times a month with questions
about billing and other terms
of their service. They said the
repeated calls were interfering
with the company’s ability to
serve other customers.









as.

DAMIAN DOVARGANES/AP

SUPPLY SIDE: Franz Pleth loads tubing at the Home Depot store in Burbank, Calif. Home

Depot blames the weak housing market for crimping its sales.

Â¥

sears, Home Depot say
profit will fall on housing

BY CHRIS BURRITT
Bloomberg News

Sears, the biggest U.S.
department-store company,
and Home Depot said profit
will fall as the decline in hous-
ing prices hurt demand for
goods to build and furnish
homes.

“We're seeing the effects of
the housing market ripple
through the consumer seg-
ment,” said Jim Dorment, who
helps manage $265 billion,
including Sears and Home
Depot shares, at U.S. Trust
Corp. in New York.

The biggest U.S. housing
slump in 16 years has reduced
spending on big-ticket items,
causing appliance sales to
decline. Home Depot also said
profit and revenue may drop
after the planned sale of its
contractor-supplies unit.

Sears said that second-
quarter net income will be
$160 million to $200 million,
down as much as 46 percent
from $294 million a year ear-
lier.

Home Depot, the world’s
largest home-improvement
retailer, said earnings per
share may drop-as much as 18
percent in the year through
Feb. 3. Sales may decline for
the first time ever, the Atlanta-
based company said.

Shares of Sears plunged the
most in more than four years,
falling $17.20, or 10 percent, to
$154.21 in Nasdaq Stock Mar-
ket composite trading.

Shares of Home Depot rose
2 cents to $40.25 on the New
York Stock Exchange, the only
stock that gained among 29
members of the Standard &
Poor’s 500 Retailing Index.

Sales at U.S. retailers may
have posted the smallest June
gain in 16 years as a sluggish
housing market prompted
consumers to limit spending.

The biggest U.S. housing slump in 16 years has
reduced spending on big-ticket items, causing
appliance sales to decline. |

Sales at stores open more
than 12 months may have risen
1.5 percent to 2 percent, the
International Council of Shop-
ping Centers and UBS Securi-
ties said. The advance may be
the smallest for the month
since a 1.2 percent gain in 1991,
according to ICSC data.

“Anything that touches the
house, we’re starting to see
weakness,” said Steve Nei-
meth, who manages $850 mil-
lion, including Home Depot
shares, at AIG SunAmerica
Asset Management in Jersey
City, New Jersey. “We're hear-
ing from so many consumer
companies that sales are com-
ing up weak.”

HOME SALES

U.S. home sales in 2007 will
fall to their lowest level since
the start of the five-year hous-
ing boom in 2001 as mortgage
rates. and foreclosures
increase, according to a fore-
cast by Freddie Mac yester-
day.

D.R. Horton, the second-
largest U.S. homebuilder, said
that it will report a third-quar-
ter loss after orders plunged
40 percent. The company said
it sees no sign of a housing
rebound.

The National Association
of Home Builders/Wells Fargo
index of homebuilders’ confi-
dence fell last month to the
lowest since February 1991.

At Sears, sales during the
first nine weeks of the quarter
fell in most categories at its
Kmart unit. Revenue from
appliances declined at Sears
while women’s clothing
posted sales gains, reversing

last year’s performance. Foot-
wear sales increased. ,

“Home Depot and Sears are
driven by large purchases, and
consumers just aren’t taking
out their wallet for that right
now,” said Eric Beder, an ana-
lyst at Brean Murray Carret &
Co. in New York. “The hous-
ing market and the major
appliance market remain
extremely weak.”

Same-store sales have
dropped since Chairman
Edward Lampert combined
the Kmart and Sears, Roebuck
& Co. chains in 2005. J.C. Pen-
ney and other rivals have built
and renovated stores and
introduced exclusive brands,
luring middle-income shop-
pers from Sears.

“Considering the weak per-
formance those two chains
have posted over the last cou-
ple of years, it’s pretty hard to
blame any sales shortfall on
the consumer,” said Dan
Poole, who helps manage $30
billion including Sears and
Home Depot shares at
National City Bank in Cleve-
land. “At Sears Holdings, a lot
of that is self inflicted.”

FORECAST

Home Depot said its previ-
ous profit forecast, which it
made in May, would have
been for a decline of 15 percent
had it included the sale of HD
Supply.

The retailer agreed to sell
the contractor-supplies unit to
three buyout firms for $10.3
billion to focus on retail stores,
where sales and customer ser-
vice have lagged behind
smaller rival Lowe’s.



WEDNESDAY, JULY 11, 2007 46

THE MONEY FLOW

Here is how venture capitalists
plan to spend their money
throughout the world.

China aaa 34%
India aa 24%
Canada Gy 11%
UK, Ireland BBR 9%
Other Asia [i 5%
Europe Ba 7%
Others* Bi 9%

“Latin America, Africa and Middle East
excluding Israel

i SOURCE: Global Trends in Venture
| Capital 2007

THE MIAMI HERALD

| | GLOBALIZATION
Venture
funds

stay local

_ BY JIM WYSS
_ jwyss@MiamiHerald.com
/ The world may be rushing
' toward globalization, but
_ venture capitalists are not. A
| survey of 528 venture funds
_ found that while about half
| were investing abroad, most
_ were simply “dabbling” —
_ holding small international
_ stakes.

In the United States, just
_ 46 percent of venture capital

' firms invest overseas and

_ two-thirds of those said they
_had less than 5 percent of
their capital committed
_ abroad.

The results are part of fy

Global Trends in Venture
_ Capital, a report released
_ today by the National Ven-
_ ture Capital Association and
_ Deloitte & Touche.

_ “The adage that venture
| capital is a local business still
_ rings true,” sad Mark Hee-
_ sen, president of the National
_ Venture Capital Association.
| The study also found for-
eign deal-making is highly
concentrated. Of the U.S.
firms planning to invest
abroad, 69 percent said they
would put their money in
either China, India or Can-
ada.

MISSING

Absent from the rankings
was Latin America. Even
when lumped together with
the Middle East and Africa in
the “Other” category, only .
9 percent of U.S. venture
funds said they were inter-
ested in investing there.

The focus on Asia may
have blinded U.S. funds to
the potential of places like
Latin America and Eastern ©
Europe, said Heesen.

“I keep thinking every
year that we will see larger
numbers in Latin America,
and that hasn’t happened,”
he said.

“It’s a huge potential mar-
ket, particularly Brazil.”

Despite Florida’s reputa-
tion as the gateway to Latin
America, local venture funds
rarely look south for deals,
said Ravi Ugale, managing
director of Crossbow Ven-
tures, which has $175 million
under management.

“During the bubble days
there were some large insti-
tutional investors looking at
Latin America,” he said. But
now it’s more common to ~
find Latin funds investing in
the United States than the
other way around, he said.

There are exceptions:
Draper Fisher Jurveston of
Menlo Park, Calif., opened an
affiliate in Brazil with a $40
million war chest.

A BOOST

But the study also found
that even fund managers
focused on their own back-
| yard are hoping to get an
| international kick.

According to the survey,
about 88 percent of U.S.
funds own a stake in compa-
nies with international oper-
ations.

Crossbow is hoping one of
its flagship investments can
break into lucrative markets
in Brazil and India.

Despite the perception
that capital has gone global,
the study underscores how
much venture capitalists
value hands-on management
and being involved in the
day-to-day operations of
| their companies, said Mark
| Jensen, the national manag-
ing partner of Deloitte’s Ven-
ture Capital Services.

“Venture capital is a con
tact sport,” he said.
THE TRIBUNE

Ro
4.2 per cent in 2006

®@ By NEIL HARTNELL
Tribune Business Editor

otel room rev-
.enues in the
Bahamas
increased by 4.2
per cent to $370.355 million in
2006, as a 6.3 per cent rise in
average daily room revenues
more than offset a 2.2 per cent
fall in occupied room nights.

Data from the Ministry of
Tourism’s hotel sample
showed that while total.room
revenues for the entire
Bahamas had increased from
the $355.403 million generat-
ed in 2005, average room occu-
pancy fell from 70.4 per cent to
68.2 per cent.

However, this was compen-
sated for by a 6.3 per cent
increase in average daily room
rates, which went from $156.56
in 2005 to $166.38 in 2006.

For the entire Bahamas, the
Ministry of Tourism data
showed that while available
room night rose by 1.2 per

Average room rate growth ° ie 5 iY

cent offsets falls in occu
and occupied room ni

cent, increasing from 3.225 mil-
lion in 2005 to 3.263 million in
2006, occupied room nights
declined by 1.9 per cent to
2.226 million compared to 2.27
million in 2005.

On New Providence, total
room revenues rose in line
with the national average,
increasing by 4.1 per-cent to
$302.799 million, compared to
$290.979 million in 2005.

For the Nassau/Paradise
Island destination, average dai-
ly room rates grew by 4.5 per
cent to $173.43 compared to
$166 in 2005. While average
room occupancy rates
increased slightly, rising by 1.7
per cent to 77.1 per cent, com-

SUMMIT, from page 1

pared to 75.4 per cent in 2005,
occupied room nights dropped
by 0.4 per cent and available
room nights were down 2.6 per
cent.

Grand Bahama saw the
greatest improvements, with
average daily room rates up by
14.1 per cent to $125.74 from
$110.22 in 2005, while total
room revenues increased by
5.5 per cent to $49.374 million.

Average room occupancy,
though, fell by 12 per cent to
51.7 per cent from 63.7 per
cent, while occupied room
nights dropped by 7.5 per cent.
Yet available room nights
increased by 13.9 per cent to
759,000.



On the Family Islands, for
the 2006 full year total room
revenues grew by 3.2 per cent
to $18.182 million, compared
to $17.624 million in 2005,
while average daily room rates
increased by 9.3 per cent to
$208.22, up from $190.45 in
2005.

‘The average room occupan-
cy rate, though, fell by 3.2 per
cent to 36.6 per cent in the
Family Islands, while occupied
room nights from the Ministry
of ‘Tourism sample dropped 5.6
per cent to 87,322.

Available room nights in the
Family Islands, though,
increased by 2.6 per cent to
238,639.

premiums to reinsurers. The amound of
premium revenue ceded to reinsurers fell
by 17 per cent in fiscal 2006, dropping to
$14.732 million from $17.248 million in
2005.

As a result of taking on more risk, Sum-
mit increased its unearned premium or
claims reserve by $2.856 million in 2006,
compared to a $974,925 rise in 2005. The
general insurer, though, gained $1.459
million through a portfolio transfer in
2006, as it recovered the unearned pre-
miums and outstanding claims reserves
from reinsurers after deciding to increase
the percentage of risk it retained on its
property portfolio.

This portfolio transfer gave Summit’s
underwriting profits a major boost of

more than $1.3 million, accounting-large-.
ly for its improved underwriting perfor-.

mance in fiscal 2006.

Meanwhile, Summit saw its income
from other sources decline slightly in fis-
cal 2006 to $1.044 million, compared to
$1.132 million in 2005.

The carrier’s 2005 performance in this
area was bolstered by a $197,501 one-
time gain from selling property, plant and
equipment, while foreign exchange and
other income fell from $443,151 to
$286,447 in 2006.

Operating expenses also increased, ris-
ing by $110,000 to $1.117 million from
$1.007 million the year before. This was
largely due to a 27.6 per cent jump in
general and administrative expenses,
which increased to $449,279 from
$352,232.

Some 99 per cent of Summit’s premi-
ums were last vear written by Insurance



Citco Fund Services is a division of the Citco Group of Companies
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.



As part of our continued expansion, in our office in The Bahamas, we
are looking for a number of motivated and pro-active

Senior Fund Accountants

Management, the same percentage as for
2005, with the latter also earning 99 per
cent of commission income.

Insurance Management, which has a
staff of more than 100, with offices in
Nassau, Freeport, Grand Bahama, Abaco,
Eleuthera and Exuma, acts as Summit’s
general agent.

Summit was formed in 1994 as a whol-
ly-Bahamian owned company with an ini-
tial $5 million in paid-up shareholder cap-
ital.

It has since weathered numerous hur-
ricane-related:payouts, including $24 mil-
lion paid for Hurricane Floyd in 1999; $7
million paid for Hurricane Michelle in
2001; $60 million paid for Hurricane
Frances in 2004; $14 million paid for Hur-
ricane Jeanne in 2004; and $15 million
paid for Hurricane Wilma in 2005.

HONDA

The Power of Dreams

WEDNESDAY, JULY 11, 2007, PAGE 5B

JOB OPPORTUNITY FOR A
TNL

An established international ministry is seeking a

Financial Controller.

Qualifications for the position are:

* Bachelor’s Degree or equivalent in Accounting or
applied finance from an accredited and reputable
university.

Certified Public Accountant

3 - 5 years Audit experience

3 - 5 years experience as a Controller or similar position
Experience in preparing IFRS compliant financial
statements

The individual will be responsible for directing the
overall financial plans and accounting practices of the
organization.

Benefits include:
¢ Competitive Salary
¢ Subsidized Health Plan

e Pension Plan

Interested persons can email their resumes to:
hrresourcemanager @ yahoo.com

a eh

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)

2 Housekeepers

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

1 Seasonal Executive Chef (five to ten years
Caribbean experience and knowledge of
European/American Cooking)

2 Cafeteria cooks/attendants (three to five years
experience in a major hotel)

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



i \ HU SEDAN

Gia TG

i) En Mette
cet CaM RU
ae) Cra LU

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 ee

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

We offer you: a challenging job in a rapidly expanding international
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

Features:

io beyond.



« Air conditioning

* Immobilizer alarm

¢ 6-disk CD player

* Remote entry locking

The Accord has achieved Car and Driver magazine’s "10 Best’
status 21 times in 25 years. The Accord has consistently
been among the top five best-selling automobiles in the US.

The Honda lineup is always top-rated for fit and finish,
ergonomics, road handling, reliability and resale value. The
Accord was chosen by Consumer Guide as a "Best Buy"
Midsize Car from 81 competitors. Need we say more?

° 2.4L engine

e Cloth Interior

e Power windows, mirrors & locks
¢ Stereo controls on steering wheel
e Airbags

FINANCING ON-THE-SPOT
24-month/24,000-Mile factory warranty.

NASSAU MOTOR COMPANY LIMITED
Shirley Street e Nassau, Bahamas

Tel: (242) 328-2285 ¢ Fax: (242) 323-7272
Website: www.hondabahamas.com _


PAGE 6B, WEDNESDAY, JULY 11, 2007

THE TRIBUNE
PSS







he British Colonial
Hilton has agreed
to sponsor extra

ad facilities that will
ullow the Tourism Police to
operate around the clock, with
more staff and technology, as it
bids to “reclaim Bay Street”.

The resort already sponsors
he Tourism Police Substation
it the Island Station on East
say Street.

Peter Webber, the British
Colonial Hilton’s general man-
iwer, said in a statement: “It is
mperative that downtown
Nassau is an attractive and
desirable destination if we wish
o attract visitors and residents.

“Po visitors, safety and secu-
rity is one of the most impor-
‘ant considerations, along with
having interesting and authen-
tic shops, restaurants and
places of interest. As a busi-
ness community, we need to
work together with the
Tourism Police to make down-
town Nassau sate, not just for
tourists but for employees and
residents as well. We need to
re-claim Bay Street and again
nake it the thriving heartbeat
of the city, day and night.”

Vernice Walkine, the Min-

r

G

to

istry of Tourism’s director-gen-
eral, said: “As our number one
industry, tourism continues to
face numerous challenges. We
need to meet and overcome
the challenges which fall with-
in our capability to influence.

“This initiative calls for a col-
laborative effort on behalf of
the Government and the pri-
vate sector to ensure we pro-
vide our visitors with a clean,
safe and welcoming destina-
tion.”

Comunittee

A special committee that
helped the creation of the
Bahamas Visitor Safety and
Security Initiative, comprised
of members from the private
sector and the Ministry of
Tourism, have met Tommy
Turnquest, minister of nation-
al security and immigration,
last week to discuss the cur-
rent and future role of the
Tourism Police within the
mandate of the safety initia-
tive.

To date, the Tourism Police
have been successful in deter-
ring and arresting individuals
who commit, or intend to com-

urism police sponsorship

reclaim Bay Street’





4

@ SHOWN (I-r): Suzanne Pattusch-Smith, executive director, Nassau Tourism and Development Board; Peter Webster, general man-
ager, British Colonial Hilton; Charles Klonaris, Nassau Tourism and Development Board chairman; Tommy Turnquest, minister of
national security and immigration; Douglas Hanna, vice-president of security, Kerzner International; Vernice Walkine, director-gen-
eral, Ministry of Tourism; and Frank Comito, executive vice-president, Bahamass Hotel Association

mit, crimes against locals and
tourists in the high-traffic
tourist areas.

Since the inception of the
initiative, numerous arrests
have been made for persons

engaged in illegal activity,
including hawking, unlawful
carrying of arms, assault, dis-
orderly behaviour, fighting,
obscene language, loitering
and possession of dangerous

drugs.

Private sector supporters of
the Bahamas Safety Initiative
include the Nassau Tourism
and Development Board, the

Bahamas Hotel Association,
the Bahamas Chamber of
Commerce, Kerzner Interna-
tional, Baha Mar and The .
British Colonial Hilton.

CALLING ALL SCRAPBOOKERS

NOTICE

NOTICE is hereby given that MICHAEL ANTHONY HALL of
#27 PLOVER DRIVE, P.O. BOX F-41593, GRAND BAHAMA,
BAHAMAS is applying to the Minister responsible for Nationality
and Citizenship, for registration/naturalization as a citizen of
The Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should send a
written and signed statement of the facts within twenty-eight days
from the 4TH day of July, 2007 to the Minister responsible for
| Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

WINoING Bay
ABACS, GAHAMAS

Are you an avid SCRAPBOOKER? _
Interested in joining a club of enthusiasts
Dedicated to the stress less and fulfilling hobby of
Scapbooking and keepsake collecting?

GEE

BI gnodogasnico ditw ot tt

Construction Project Manager

® Minimum 5 years experience in construction
management

® Working knowledge of timber.and-masonry — . . -. nnn &
construction methods: 22.65 te cuswes padi ile sha

® Proficient in reading and understanding construction...
plans

© Proficient in performing material take-offs and placing
material orders

¢ Working knowledge of construction materials

e Proficient with Microsoft Word and Excel

© Good communication skills



NOTICE NOTICE

NOTICE is hereby given that GIBSON METELLUS OF
CARMICHAEL ROAD, NASSAU, BAHAMAS, is applying
to the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why registration/
naturalization should not be granted, should send a written
and signed statement of the facts within twenty-eight days
from the 4TH day of JULY, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,
Bahamas.

NOTICE is hereby given that DIAH FERDINAND OF P.O.
BOX CB-12281, 2 CAMBRIDGE AVENUE, CABLE, BEACH,
NEW PROVIDENCE, BAHAMAS, is applying to the Minister
responsible for Nationality and Citizenship, for registration/

naturalization as a citizen of The Bahamas, and that any
person who knows any reason why registration/ naturalization
should not be granted, should send a written and signed
statement of the facts within twenty-eight days from the 29TH
day of JUNE, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, PATRICK
FRITZGERALD of Burnt Ground, Long Island, PO. Box
General Delivery, Simms, Long Island, Bahamas, intend to
change my name to PATRICK ADDERLEY. If there are any
objections to this change of name by Deed Poll, you may
write such objections to the Chief Passport Officer, RO.Box
N-742, Nassau, Bahamas no later than thirty (80) days after
the date of publication of this notice.

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, AMBER ALYSSA
LAURENT ADDERLEY of Golden Gates #2, PO. Box
CR-55924, Nassau, Bahamas, intend to change my name
to AMBER ALYSSA LAURENT APRIL FERGUSON. I|f
there are any objections to this change of name by Deed

Warehouse Manager

® 5-10 years experience managing a large warehouse

® Working knowledge of accounting aspect of Warehouse
Management

© Computer savvy including proficiency with Microsoft
Word and Excel

® Solid day-to-day decision maker

¢ Good Communication skills with both upper
management and labour

@ Working knowledge of construction materials







NOTICE

NOTICE is hereby given that JAMAL MISSICK of
HOLMES ROCK, GRAND BAHAMA, BAHAMAS. is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a_ citizen
of The Bahamas, and that any person who knows any
reason why registration/ naturalization should not be
granted, should send a written and signed statement
of the facts within twenty-eight days from the 11th day
of July, 2007 to the Minister responsible for Nationality
and itizenship, P.O.Box N-7147, Freeport, Bahamas.

Resume should be sent to Nick Sims, Development
Department, The Abaco Club on Winding Bay, P.O. Box
AB-20571, Marsh Harbour, Abaco or fax #242-367-2930



gPricing Information As Of:
i 9 July 2007
Bik

Slain

OM FOR MORE DATA S INFORMATIO
00,01 / YTD 144.437 YTD % 08.44
Daily Vol. EPS $ Div $ P/E





Change

S52wk-Low Securit y Previous Close Today's Close


































1.83 0.54 Abaco Markets 1.60 1.60 0.00 0.000 0.000 N/M 0.00% F 7 2 .

12.05 11.00 Bahamas Property Fund 11.60 11.60 0.00 1.527 0400 7.6 3.45% Poll, you may write such objections to the Chief Passport
9.41 7.49 Bank of Bahamas 9.40 9.40 0.00 0.733 0.260 12.8 2.77% .

0.85 0.70 Benchmark 0.85 0.85 0.00 -0.013 0.020 N/M 2.35% Officer, P.O.Box N-742, Nassau, Bahamas no later than
3.65 1.48 Bahamas Waste 3.60 3.65 0.05 2,000 0.279 0.060 13.1 1.64% thirty (30) days after the date of publication of this notice.
1.49 1.20 Fidelity Bank 1.48 1.48 0.00 0.064 0.020 23.1 1.35%)

10.74 9.00 Cable Bahamas 10.60 10.60 0.00 0.949 0.240 11.2 2.26%

2.35 1.80 Colina Holdings 2.35 2.35 0.00 0.281 0.080 8.4 3.40%

14.69 10.60 Commonwealth Bank 14.69 14.69 0.00 50 1.152 0.680 12.8 4.63%) SS
6.03 4.22 Consolidated Water BDRs 6.03 6.03 0.00 0.112 0.050 53.9 0.83% i

2.76 2.20 Doctor's Hospital 2.25 2.25 0.00 5,000 0.281 0.000 8.0 0.00%

6.40 5.54 Famguard 6.40 6.40 0.00 0.694 0.240 9.2 3.75% a] tS to | ence a NS)
12.70 11.50 Finco 12.70 12.70 0.00 250 0.787 ~~ 0.570 16.1 4.49%

14.70 12.43 FirstCaribbean 14.55 14.55 0.00 0.977 0.470 14.5 3.23%

19.01 11.15 Focol 19.01 19.01 0.00 1.657 0.520 11.5 2.74% 2

1.00 0.54 Freeport Concrete 0.59 0.64 0.05 1,000 0.415 0.000 1.5 0.00%

10.20 7.10 ICD Utilities 7.25 7.25 0.00 0.411 0.200 17.6 2.76%

9.50 8.52. J. S. Johnson 9.50 9.50 0.00 300 0.946 0.570 10.0 6.00% alt @ ose @ a e @ 0 es

Pr mele 0.00 1.167 0.600 8.6 6 00%
#5 2wk-Hi 52wk-Low Last Price Weekly Vol. EPS $ Div $ P/E Yield a a 2
14.60 12.25 Bahamas Supermarkets 15.60 16.00 1.234 1.185 12.6 8.12% Celebrate with S ecial Discounts
410.14 10.00 Caribbean Crossings (Pref) 6.25 10.00 0.000 0.640 NM 7.85%
0.54 : i i 0.40 an 0.20 0.034 0.000 11.8 0.00%
We ‘Counter Securities ‘ SOR See
143.00 28.00 ABDAB 43.00 41.00 2.220 0.000 19.4 0.00%
14.60 14.00 Bahamas Supermarkets 15.50 14.00 1.234 1.125 12.6 7.71%
Jo.6co 0.35 RND Holdings 0.55 0.45 0.021 0,000 26.2 0.00%
WYO ye Usted Mutual Funds aes eS

4 k-Hi k-Low YTD% Last 12 Months Div $ Yield % ‘
11.3458 1.2956 Colina Money Market Fund. 1.345841” : & . \ \
43-2920 2.9218 Fidelity Bahamas G & | Fund 3.2920*** SS \ \

2.6819 2.3915 Colina MSI Preferred Fund. 2.681688** ‘ ?
1.2443 1.1695 Colina Bond Fund 1.244286""** oe Be woe aan aN Se.

}11.6049 11,0691 Fidelity Son Road & Podo eo I
Le 24.72 (YTD 10.73% / 2006 34.47% - beet trettetd Sek =
I ISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 CARI T iS YIELD - last 12 month dividends divided by closing price NAV KEY. << ‘ oes \
4 52wk-Hi Highe ) price in last 52 weeks Bid $ - Buying price of Colina and Fidelity RSS Tk : [- ofa
} 52wk-Low - Lo sing price in last 52 weeks Ask $ - Selling price of Colina and fidelity + = 29 June 2007 \ e -_ g

Previous Clos >revious day's weighted price for daily volume Last Price - Last traded over-the-counter price =
| Today's Close ~ Current day's weighted price for dally volume Woekly Vol. - Trading volume of the prior week * ~ 30 June 2007 KX
f Change - Change in closing price from day to day EPS $ - A company's reported earnings per share for the last 12 mths

1 Daily Vol. - Number of total shares traded today NAV - Net Asset Value *- 31 May 2007
| DIV % - Dividends per share paid in the last 12 months N/M - Not Meaningful

PIE Closing price divided by the last 12 month earnings FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 100 * 30 April 2007

ned - 30 June 2007

f TO TRADE CALL: COLIN: 242) 394-2603



“B5G-7704 / FOR MORE DATA & INFORMATION CALL
THE TRIBUNE

KPMG Telephone 242 393 2007
PO Box N 123 Fax 242 393 1772

Montague Sterling Centre
East-Bay Street
Nassau, Bahamas

INDEPENDENT AUDITORS’ REPORT

To the Shareholder of Julius Baer Bank & Trust (Bahamas) Limited

Report on the Consolidated Balance Sheet

We have audited the. accompanying consolidated balance sheet of Julius Baer Bank & Trust
(Bahamas) Limited (“the Bank”) as at. December 31, 2006 and a summary of significant
accounting policies and other explanatory notes (together “the consolidated balance sheet”).

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of this consolidated balance
sheet in accordance with International Financial Reporting Standards (“IFRS”). This
responsibility includes: designing, implementing and maintaining internal controls relevant to the
preparation and fair presentation of consolidated 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. The
consolidated balance sheet of the Bank as at December 31, 2005 was audited by another firm of
auditors whose report thereon dated January 19, 2006, expressed an unqualified opinion.

Auditors’ Responsibility

Our.responsibility is to express an opinion on this consolidated 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 consolidated balance sheet is free from material
misstatement. ‘

An audit‘involves performing procedures to obtain audit evidence about the amounts and
disclosures in the consolidated financial statements. The procedures selected depend on our
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, we consider internal
controls relevant to the Bank’s preparation and fair presentation of the consolidated 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 Bank’s internal controls. 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 consolidated 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 consolidated balance sheet presents fairly, in all material respects, the
financial position of Julius Baer Bank & Trust (Bahamas) Limited as of December 31, 2006 in
accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that the consolidated balance ,sheet does not

comprise a complete set of consolidated financial statements in accordance with IFRS.
Information on results of operations, cash flows and changes in shareholder’s equity is necessary
to obtain a complete understanding of the financial position, performance and cash flows of the
Bank.

KPIAG

Chartered Accountants
Nassau, Bahamas
May 30, 2007

JULIUS BAER BANK & TRUST (BAHAMAS) LIMITED

Consolidated Balance Sheet :

December 31, 2006, with corresponding figures for 2005

’ (Expressed in Swiss francs) : So

a
Note 2006 2005

ee



Assets
Cash and due from banks - demand and

call deposits 4,9&12 SFr 59,324,196 74,664,512
Investments 5 - -
Due from banks - time deposits 4,9 & 12 12,000,000 12,000,000
Customers’ advances and loans 6,9 & 12 76,012,750 75,715,215
Accrued interest and other assets 4 4,888,423 1,214,426
Receivable under open forward currency ~

contracts 4,9, 10 & 12 1,482,712 1,696,944
Fixed assets Tttea g-° 1,334,563 283,616
Total assets SFr 155,042,644 165,574,713
Liabilities and Shareholder’s Equity
Liabilities:
Deposits , 7,9 &12

Banks ; 4 SFr 69,398,550 77,244,812

Customers . 59,638,847 65,828,100
Accrued interest and other liabilities 4 2,979,485 1,634,174
Payable under open forward currency

contracts 4,9, 10 & 12 1,466,995 1,685,917
Total liabilities 133,483,877 146,393,003
Shareholder’s equity:
Share capital é

Authorized, issued and fully paid -

2,000,000 shares at par value of

SFr1.00 each 2,000,000 2,000,000

Retained eamings : 19,558,767 17,181,710
Total shareholder’s equity 21,558,767 19,181,710
Commitments and contingengies 10
Total liabilities and shareholder’s equity __ SFr 155,042,644 165,574,713

/ Board on May 30, 2007 by:




See accompanying notes to consolidated balance sheet.

This consolidated balance sheet was approved on behalf of,

Director * Director

Notes to Consolidated Balance Sheet.
December 31, 2006
(Expressed in Swiss francs)

ee

1. Corporate information

Julius Baer Bank & Trust (Bahamas) Limited ("the Bank"), formerly Ferrier Lullin Bank &
Trust (Bahamas) Limited, was incorporated under the laws of The Commonwealth of The .
Bahamas and is licensed under the Banks and Trust Companies Regulation Act 2001, to carry
on banking and trust business from within The Bahamas. The Bank’s ultimate parent
company is Julius Baer Group, whose headquarters is located in Zurich, Switzerland.

The address of the Bank’s registered and principal office is Ocean Centre, Montagu
Foreshore, East Bay Street, Nassau, Bahamas. The principal activities of the Bank consist of
providing banking and investment management services.

2. Basis of preparation
Statement of compliance

This consolidated balance sheet is prepared in accordance with International Financial
Reporting Standards (IFRS).3.00.0 6... 0 a. Hee “

Internet www.kpmg.com.bs



3.

WEDNESDAY, JULY 11, 2007, PAGE 7B

Basis of measurement

The consolidated balance sheet has been prepared on the historical cost basis, except’ for
investments and forward currency contracts which are measured at fair value. The methods
used to measure fair values are discussed in note 11

Functional and presentation currency

This consolidated balance sheet is expressed in Swiss francs (SFr) which is the Bank’s
functional currency. Swiss francs reflect the economic substance of the operations and
circumstances of the Bank.

Use of estimates and judgements

The preparation of the consolidated balance sheet requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets and liabilities. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised and in any
future periods affected.

In particular, information about significant areas of estimation uncertainty and critical
judgements in applying accounting policies that have the most significant effect on the
amount recognized in the consolidated balance sheet are described in note 3 under the sub-
headings Financial assets and liabilities — impairment and Provisions.

Summary of significant accounting policies

The accounting policies set out below have been applied consistently to all periods presented
in this consolidated balance sheet and have been applied consistently by all Group entities.

Basis of consolidation

Subsidiaries are entities controlled by the Bank. Control exists when the Bank has the power
to govern the financial and operating policies of an entity so as to obtain benefits from its
activities. The balance sheets of subsidiaries are included in this consolidated balance sheet
from the date that control commences until the date that control ceases.

The consolidated balance sheet comprises the balance sheets of the Bank and the accounts of
its wholly-owned subsidiaries, Julius Baer Trust Company (Bahamas) Limited (JBTC),
Dorwinona Limited, Dirmac Limited and Nomark Limited, after elimination of all inter-
company balances. JBTC was incorporated under the laws of the Commonwealth of The
Bahamas to facilitate the Bank’s trust activity which was previously outsourced.

Financial assets and liabilities
(i) Classification

Financial assets with fixed or determinable payments and fixed or determinable payments
that are not quoted in an active market and that the Bank does not intend to sell
immediately or in the,near term are classified as loans and receivables originated by the
Bank. Financial assets classified as loans and receivables include customers’ advances
and loans.

Financial assets and liabilities with fixed dates of maturity that management has the
intent and ability to hold to maturity are classified as held-to-maturity. Financial assets
classified as held-to-maturity consist of amounts due from bank — time deposits.

Financial assets and liabilities intended to be acquired for the purposes of selling in the
near term, which may be disposed of in response to the needs for liquidity or changes in
interest rates, exchange rates or equity prices are classified as financial assets and
liabilities at fair value through profit or loss. Financial assets and liabilities classified as .
held at fair value through profit or loss include derivative financial instruments.

Financial assets and liabilities that are not at fair value through profit or loss include cash
and due from banks — demand and call deposits, accrued interest and other assets,
deposits — banks, deposits — customers and accrued interest and other liabilities.

(ii) Recognition

The Bank initially recognizes customers’ advances and loans and deposits on the date
that they are originated. All other’ financial assets and liabilities (including assets and
liabilities designated at fair value through profit or loss) are initially recognized on the
trade date, which is the date that the Bank becomes a party to the contractual provisions
of the instrument.

(iii) Derecognition

A financial asset is derecognized when the Bank loses control over the contractual rights
that comprise the asset. This occurs when the rights are realized, expired or are
surrendered. A financial asset is also derecognized when the Bank transfers the rights to
receive the contractual cash flows on the financialasset:on the financial asset in a
transaction in which substantially all the risks and rewards of ownership of the financial
asset are transferred. A financial liability is ;derecognized when its contractual
obligations are discharged, cancelled or expired. )

(iv) Measurement

Financial instruments are initially measured at fair value plus, in the case of a financial
asset or financial liability not at fair value through profit or loss, transaction costs that are
directly attributable to the acquisition or issue of the financial asset or financial liability.
Transaction costs on financial instruments at fair value through profit or loss are
expensed immediately.

Subsequent to initial recognition, loans and receivables and financial assets and financial
liabilities that are not at fair value through profit or loss are carried at amortized cost, less
impairment losses where applicable, using the effective interest rate method. The
amortized cost of a financial asset or liability is the amount at which the financial asset or
liability is measured at initial recognition, minus principal repayments, plus or minus the
cumulative amortization using the effective interest method of any difference between the
initial amount recognized and the maturity amount, minus any reduction for impairment.

Subsequent to initial recognition, derivative financial instruments are valued at fair value.
The determination of fair values is based on quoted market prices or dealer price
quotations for financial instruments traded in active markets. For all other financial
instruments fair value is determined by using valuation techniques. Valuation techniques
include net present value techniques, the discounted cash flow method, comparison to
similar instruments for which market observable prices exist, and valuation models. The
Bank uses widely recognized valuation models for determining the fair value of common
and more simple instruments like interest rate swaps. For these financial instruments,
inputs int® models are market observable.

All derivative financial instruments are carried as assets when fair value is positive and as
liabilities when fair value is negative.

(v) Identification and measurement of impairment

At each balance sheet date, the Bank assesses whether there is objective evidence that
financial assets, not carried at fair value through profit or loss, are impaired. Financial
assets are impaired when objective evidence demonstrates that a loss event has occurred
after the initial recognition of the asset, and that the loss event has an impact on the future
cash flows from the asset that can be estimated reliably. Objective evidence that
financial assets are impaired can include default or delinquehcy by a borrower,
restructuring of a loan or advance by the Bank on terms that the Bank would not
otherwise consider, indications that a borrower or issuer will enter bankruptcy, the
disappearance of an active market for a security, or other observable data relating to a
group of assets such as adverse changes in the payment status of borrowers or issuers in
the Bank, or economic conditions that correlate with defaults in the Bank.

The amount of the impairment loss on an investment is calculated as the difference
between the investment’s carrying amount and the present value of expected future cash
flows discounted at the investments original effective interest rate. By comparison, the
recoverable amount of an instrument measured at fair value is the -present value of
expected future cash flows discounted at the current market rate of interest for a similar
financial asset.

Amounts due to customers and due to banks

Amounts due to customers and due to banks are recognized at cost, being the amount of the
consideration received.

Cash and cash equivalents
Cash and cash equivalents include demand and call balances due from banks.
Provisions

A provision is recognized if, as a result of a past event, the Bank has a present legal or
constructive obligation that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are determined by
discounting the expected cash flows at a rate that reflects current market assessments of the
time value of money and, where appropriate, the risks specific to the liability.

Provision for loan losses

Specific provisions reflect the amounts required to reduce the carrying value of the loan to its
estimated recoverable amount. The Bank does not generally record a non-specific loan loss
provision to cover unidentified inherent risks in the loan portfolio.

When a loan is deemed to be uncollectible, it is written off against the related provision for
impairment.
PAGE 8B, WEDNESDAY, JULY 11, 2007

Fixed assets

Fixed assets are stated at historical cost less accumulated depreciation and impairment losses.
Cost-includes expenditures that are directly attributable to the acquisition of the asset. The
cost of self-constructed assets includes the cost of materials and direct labour and any other
costs directly attributable to bringing the asset to a working condition for its intended use.
The cost of replacing part of an item of fixed assets is recognized in the carrying amount of
the item if it is probable that the future economic benefits embodied within the part will flow
to the Bank and its cost can be measured reliably. The costs of the day-to-day servicing of
property, plant and equipment are recognized as incurred.

Depreciation is recognized on a straight line basis over the estimated useful lives of each part
of an item of fixed assets. The estimated useful lives for the current and corresponding
period are as follows:

Furniture & equipment 5 years
Leasehold improvements Duration of lease

Where the carrying amount of an asset is greater than its estimated recoverable amount, it is
written down immediately to its recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with carrying amounts.
Repairs and maintenance are charged when the expenditure is incurred.

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies at the reporting date are
translated into SFr using year-end rates of exchange. Transactions in foreign currencies are
recorded in SFr by applying the exchange rates existing at the dates of the transactions.
Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
value are retranslated to the reporting currency at the exchange rate in effect at the date that
the fair value was determined.

Offsetting

| Financial assets and liabilities are set off and the net amount presented in the consolidated
balance sheet when, and only when, the Bank has the legal right to set off the amounts and
intends either to settle on a net basis or to realize the asset and settle the liability
simultaneously.

Financial guarantees

Financial guarantees are contracts that require the Bank to make specified payments to
reimburse the holder for a loss it incurs because a specified debtor fails to make payment
when due in accordance with the terms of a debt instrument.

Financial guarantee liabilities are initially recognized at their fair value, and the initial fair
value is amortized over the life of the financial guarantee. The guarantee liability is
subsequently carried at the higher of this amortized amount and the present value of any
expected payment (when a payment under the guarantee has become probable).

At December 31, 2006 there were no financial guarantee liabilities recognized in the
consolidated balance sheet (2005 - $nil).

Fiduciary accounts and assets under administration

Fiduciary accounts and assets under administration have not been included in this
consolidated balance sheet, other than those assets arid liabilities which relate to the banking
services provided by the Bank for its clients. Total assets under administration as at
December 31, 2006 approximated SFr 1,496 million (2005 — SFr 1,896 million).

Taxation

There are ho income taxes imposed on the Bank in The Commonwealth of The Bahamas.
IFRSs not yet effective

The Bank has not applied the following IFRS that has been issued but is not yet effective:

IFRS 7 Financial Instruments: Disclosures and the Amendment to IAS 1 Presentation of
Financial Statements: Capital Disclosures require extensive disclosures about the
significance of financial instruments for an entity’s financial position and performance, and
qualitative and quantitative disclosures on the nature and extent of risks. IFRS 7 and
amended IAS 1, which become mandatory for the Bank’s 2007 financial statements, will
require extensive additional disclosures with respect to the Bank’s financial instruments and
share capital.

4. Parent company and affiliates

In the last quarter of 2005 the Bank was acquired by the Julius Baer Group, a company
incorporated in Switzerland. Prior to this date, the Bank’s ultimate parent company was UBS
AG Group. The Bank entered into various transactions with the Parent and other parties
related by virtue of common control.

The consolidated balance sheet.includes the following related party balances:





nee som





5.

2006 2005

Assets /
Cash and due from banks - demand and call deposits SFr 57,258,188 72,498,860
Due from banks - time deposits , 12,000,000 12,000,000
Accrued interest and other assets 47,903 226,228
Receivable under open forward currency

contracts 1,247,911 . 227,855
Total due from affiliates SFr 70,554,002 84,952,943
Liabilities
Deposits - banks SFr 69,398,550 77,244,795
Accrued interest and other liabilities 1,734,800 547,373
Payables under open forward currency contracts 223,027 1,463,662
Total due to affiliates “= SFr 71,356,377 79,255,830

Investments

The Bank held 2,000 (2005 - 2,000) shares in Overseas Callender Fund (the Fund), a private
company which invests primarily in American equities. Management made a decision to

reduce the value of its shares held in the Fund to nil value during 2002. There have been no /
adjustments to the value assigned to the shares during 2006 (2005 - nil).

During 2005, all other investments were sold.

6. Customers’ advances and loans

Customers’ advances and loans represent fixed term loans, overdrafts on current accounts,
and withdrawn credit lines. Loans are fully collateralized primarily by cash deposits and
marketable securities. At December 31, 2006, there were no loans and advances where
interest is suspended.

Loans and advances by type are detailed as follows at December 31:

ene

2006 2005
aera hc ACD
Commercial SFr 33,900,000 34,757,992
Industrial 16,064,296 17,818,146
Financial institutions _ 2,701,050 2,783,590
Personal 10,920,474 7,379,911

Service companies 12,426,930 12,975,576

oo oO 14,979,970
SFr 76,012,750 75,715,215
La Season eens as

ene ee

2006 2005
ee
Demand Joans SFr 6,615,469 6,388,857
Fixed-term loans 69,397,281 69,326,358

EOE 97,920,990
SFr 76,012,750 | 75,715,215

Se

At December 31, 2006, the Bank was not in compliance with the minimum provision for

credit losses as required by the Central Bank of The Bahamas regulations, nor had it been

granted a waiver in respect thereof.

Deposits

Deposits comprise the following:

2006 2006 2005 2005

Banks Customers Banks Customers

Demand : SFr 1,270 59,602,630 8,018,454 65,828,100
Time 69,397,280 36,217 69,226,358 -

SFr 69,398,550 59,638,847 77,244,812 65,828,100

In October 2006, the Bank received a Court Order (‘the Order’) relative to two accounts

directing their freezing pursuant to investigations initiated in Switzerland. The Bank

previously filed two suspicious transaction reports to the Financial Intelligence Unit on July

14, 2004 and October 24, 2006 respectively for these accounts. The Order restrained the

Bank from conducting any transactions.

SRR |

‘THE TRIBUNE

The Bank has filed application with the Court seeking not to have itself prejudiced by the
Order, in exercising its rights in respect of covering any short positions arising from the
maturing of any foreign currency forward contracts and fixed term loans initiated prior to the
Order. Management is of the opinion that no provision related to this matter is necessary
based on external legal advice obtained to the effect that the Bank's pending application has a
good chance of success. Further, as at December 31, 2006 the Bank continued to hold
collateral covering the liabilities on both accounts,

As at December 31, 2006 the accounts remain frozén per the Order, until otherwise directed
by the Court.

Fixed assets



Leaschold Furniture and



Improvements Equipment Total
Cost:
At January 1, 2006 SFr 283,616 i 283,616
Additions 803,506 378,451 1,181,957
Disposals . (35,685) - (35,685)
At December 31, 2006 SFr 1,051,437 378,451 1,429,888

BEA oe F CNW". >

Accumulated depreciation:

At January 1, 2006 SFr =~ - -
Charge for the year 80,043 15,282 95,325
At December 31, 2006 80,043 15,282 95,325



Net book value:



At December 31, 2006 SFr 971,394 363,169 1,334,563
~ ‘
At December 31, 2005 SFr 283,616 - 283,616



9. Concentrations of assets and liabilities

The following is an analysis of significant concentrations of monetary assets and liabilities:

December 31, 2006:



Bahamas &
Switzerland Europe* Caribbean _ Other Total

MONETARY ASSETS .
Cash and due from banks SFr 57,258,188 - 373,071 1,692,937 59,324,196
Due from banks —

time deposits 12,000,000 - - - 12,000,000
Customers’ advances and .

loans 2,231,288 12,772,243 53,227,503 7,781,716 76,012,750
Forward currency contracts 1,261,622 41,854 63,040 116,196 1,482,712
MONETARY LIABILITIES
Deposits — banks 69,398,550 - - - 69,398,550
Deposits — customers 8,780,409 7,692,005 18,065,566 25,100,867 59,638,847
Forward currency contracts 237,930 93,350 915,666 220,049 1,466,995
*Excluding Switzerland
December 31, 2005:

Bahamas &
Switzerland Europe* Caribbean Other Total

MONETARY ASSETS
Cash and due from banks SFr 72,498,859 - 359,210 1,806,443 74,664,512
Due from banks — :

time deposits 12,000,000 - - - 12,000,000
Customers’ advances and loans 2,051,244 11,781,264 51,044,591 10,838,116 75,715,215
Forward currency contracts 260,847 55,280 352,884 1,027,933 1,696,944
MONETARY LIABILITIES
Deposits - banks 77,244,794 - ~ 18 — 77,244,812
Deposits - customers 8,279,797 7,071,647 26,462,749 24,013,907 65,828,100
Forward currency contracts 1,463,661 - - 222,256 1,685,917

*Excluding Switzerland

10. Commitments and contingencies

Derivative financial instruments

The Bank enters into forward currency contracts solely as part of its client-related trading
activities. Forward currency contracts are contracts to purchase and to sell foreign currencies
at specific rates of exchange on specific dates in the future. Risk arises from the potential
inability of counterparties to perform under the terms of the contracts (credit risk) and from
fluctuations in the foreign exchange rates (market risk). The Bank manages the market risk of
client-related positions by taking offsetting positions with affiliate banks resulting in minimal
market exposure. The credit risk of client-related positions is managed by applying uniform
credit standard maintained for all activities with credit risk.

The contract amounts of open forward currency contracts were as follows:
2006 2005





Commitments under forward currency contracts

Commitments to purchase SFr 54,771,945 111,716,814

Commitments to sell

55,740,636

109,722,282

The contract amounts of these instruments reflect the extent of the Bank’s involvement in

forward currency contracts and do not represent the Bank’s risk of loss due to counterparty
non-performance. The credit risk is limited to the amounts with a positive value reflected in
the Bank’s consolidated balance sheet:

Guarantees

At December 31, 2006, the Bank was contingently liable for SFr446,274 (2005 - SFr
2,756,969) as a result of financial guarantees and letters of credit issued on behalf of its
customers, which are fully collateralized with financial assets held on behalf of the
customers. :

Lease agreement

The Bank leases its premises from Ocean Centre Limited under the terms of a ten-year
operating lease that commenced on April 30, 2006 with the option to renew for an additional
five years. For the year ended December 31, 2006, SFr271,454 in expenses was attributable
to the current lease (2005 — SFr193,504). The future minimum lease payments under this
lease agreement are as follows: ,

Within one year $ 160,498
Within two to five years 708,813
Over five years 1,134,785

11. Fair value of financial instruments

1

XN

. Financial instruments utilized by the Bank include recorded assets and liabilities, as well as
items that principally involve off-balance sheet risk. The majority of the Bank’s financial
instruments are either short-term in nature or have interest rates that automatically reset to
market on a periodic basis. Accordingly, the estimated fair value is not significantly different
from the carrying value for each major category of the Bank’s recorded assets and liabilities.

Financial risk management

The Bank’s financial instruments, other than derivatives, comprise deposits, money market
assets and liabilities, some cash and liquid resources and other various items that arise
directly from its operations.

The main risks arising from the Bank's financial instruments are credit risk, liquidity risk,
interest rate risk and foreign currency risk. The Board of Directors reviews and agrees
policies for managing each of these risks and they are summarized below.

Credit risk

Credit risk is the risk that a customer or a counterparty will be unable or unwilling to meet a
commitment that it has entered into with the Bank, The Bank manages counterparty credit
risk centrally to optimize the use of credit availability and to avoid excessive risk
concentration. Customer credit risk is monitored on a daily basis by management. The Bank’s
Board of Directors receives regular reports on credit exposures, levels of bad debt
provisioning and bank exposure limits. The Bank did not incur credit losses in 2006 (2005 —
nil), nor was a bad debt provision required in 2006 (2005 — nil).

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Credit risk exposure

The Bank's maximum exposure to credit risk (not taking Into account the value of any
collateral or other security held) in the event the counterparties fail to perform their
obligations as at December 31, 2006 in relation to cach class of recognized financial assets

other than derivatives, is the carrying amount of those assets as indicated in the consolidated
balance sheet,

With respect to derivative fitancial instruments, credit risk arises from the potential failure of
counterparties to meet their obligations under the contract,

Liquidity risk

Liquidity risk is the risk that the Bank will encounter difficulty in realizing assets or
otherwise raising funds to meet commitments. The Bank monitors expected cash outflow on a
daily basis, Its policy throughout the year has been to ensure liquidity by maintaining at all
times sufficient high quality liquid assets to cover expected net cash outflows,

The maturity analysis of the assets and liabilities at December 31 are as follows:

December 31, 2006;

Due on Less than More than
Demand 3 months 3 - 12 months 12 months Total

MONETARY ASSETS , |
Cash and due from banks SFr 59,324,196 ‘ ~ : ~ ~ $9,324,196
Due from banks - .

time deposits - - 12,000,000 = — 12,000,000
Customers’ advances / 4 ;

and loans 6,615,469 43,272,335 23,455,646 4,669,300 76,032,750
Forward currency contracts ~ 1,482,712 - - 1,482,712
MONETARY LIABJLITIES .
Deposits ~ banks 1,270 = 41,272,334 23,455,646 4,669,300 69,398,550
Deposits ~ customers ’ 59,602,630 36,217 - ~ 59,638,847
Forward currency contracts - 1,466,995 ~ - 4,466,995
December 31, 2005:

Due on Less than More than
Demand 3 months _ 3-I2 months _ 12 months Total

MONETARY ASSETS "=
Cash and due from banks SFr 74,664,512 ~ ~ ~ 74,664,512
Due from banks -° . ; ee seeker

time deposits - - ~ 12,000,000 12,000,000
Customers’ advances ‘

and loans 6,388,856 46,344,523 19,372,636 3,609,200 75,715,215
Forward currency contracts - 1,183,489 513,455 ~ 4,696,944
MONETARY LIABILITIES -â„¢
Deposits - banks 10,078,110 44,184,866 . 19,372,636 3,609,200 77,244,812
Deposits - customers 64,871,263 956,837 — : - ~ 65,828,300,
Forward currency contracts - 1,187,015 498,902 - 1,685,917

Interest rate

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 at a minimal level except that management may invest shareholder’s funds in fixed or
floating rate instruments in response to market conditions.

The table in note 13 shows the Bank's exposure to interest rates by major currencies at
December 31, 2006,

Foreign currency risk °

Foreign currency risk is the risk thatthe value of a financial instrument will fluctuate because
of changes in foreign exchange rates, The Bank's foreign exchange exposure arises from
providing services to customers, The Bank’s policy is to hedge against foreign exchange risks
by matching currency liabilities with currency assets, Currency exposure is monitored on a
daily basis and reviewed by management,

The currency exposure is stated below in SFr (in thousands):

December 31, 2006:

Swiss United States
Francs Euro dollars Others
Assets 101,976 15,523 20,177 17,367
Liabilities and shareholder’ funds 101,385 15,679 19,865 18,114
591 (156) 332 - (747)
December 31, 2005:
Swiss United States
Francs Euro dollars Others
Assets 97,271 29,524 _—-25,272 13,508
Liabilities and shareholder’ funds 96,748 29,322 26,614 12,891
‘ * §23 202 _ (1,342). 617

13. Interest rate exposure

The Bank's exposure to interest rates for significant interest-bearing monetary assets and
liabilities by major currencies was as follows:



December 31, 2000; Ae
I cemeteries tiheietneendaebmmiiccmt At aR a ae ma Sennen]
‘ Swiss United States
francs Euro dollars
Assets :
‘Deposits with banks

0,50% -0.75% 2.125% -2.375% 4.125% - 4.375%

Customers’ advances andloans _2,35%-5,15% .__- 3,75%-4.91% . 5,05%-6,85%







Liabilities
Due to banks 0,75% » 1.00% 2.375% - 2.625% 4.375% ~ 4.625%
Due to customers 1,75% - 2.54% 3.25% - 4.16% 5.23% - 5.35%
December 31, 2005;
EE RL STE SET ETT II GIT LT LTE ETL BE LT LIT RTI EIT TT RE OT LB II LE TL Tt OD
_ Swiss United States
franc Euro - , dollars
Assets s a! anes ena 7
Deposits with banks 0,375% -0,500% ~ 1,875%-2,125% 1,813% -3,875%

Customers’ advances and loans 1,200% - 4,000% 3,720% - 5.250% 4.000% - 7.000%



’ Liabilities 7
Due to banks 0,625% - 0,750% 2.125% - 2.375% 2,063% - 4.125%.
Due to customers = 1.250% - 1,750% _1,375% - 3.500%



14, Other information

On January 20, 2006, the former resident manager of the Bank, was arrested in New York
and charged by the Manhattan Federal Court for money laundering activities, and on Magch
14, 2007 after offering a guilty plea, was sentenced to four years in prison and ordered to
forfeit $220,000 in proceeds. The alleged and agreed facts are in connection with the former
resident manager's position and activities in another company not belonging to the Julius
Baer Group, ee

The accounts in the name of or for the benefit of the former resident manager and the account

of his previously-owned investment company remain frozen as at December 31, 2006, in
accordance with the court order dated 2 May, 2006, and will remain frozen until otherwise
notified by court order, Accordingly, no provision related to this matter has been recorded in
this consolidated balance sheet, eh Sot
THE TRIBUNE

WEDNESDAY, JULY 11, 2007, PAGE 9B



Government to review property

FROM page 1

When asked how highly
reforming NIB, given that the
seventh actuarial review
showed that spending would
exceed contributions and
reserves by $3.4 billion in 2061,
ranked on the Government’s
priority list, Mr Russell replied:
“Very big.”

“For those of us who sit
around the [Cabinet] table,
sorting out NIB is in the top
five,” he said,

The last actuarial review in
2001 showed that NIB would

_ be technically bankrupt as ear-

ly as 2029, with the existing
rate and level of contributions
to the social security scheme
insufficient to meet projected
future benefits claims,

Mr Russell said that unless
NIB was reformed, “half of

those of uis working now will
not see our pensions. We will
move towards securing the
benefits of all Bahamians
based on the recommendations
set out in that [SSRC] report”,
The minister said the Gov-
ernment would review the
report and recommendations
produced by the SSRC, which
was appointed by the former
Christie administration,

Report

That report was effectively
shelved by the previous gov-
ernment, which wanted to
delay any action on reforming
NIB until it had introduced its
proposed National Health
Insurance (NHI) plan.

’ NIB was intended to be the
mechanism through which
NHI was administered, contri-
butions to that scheme collect-

ed and claims payments made.
Yet critics setae why the
Christie administration was
rushing off on a new plan with-
out first reforming NIB, given
the pressing need and timeline
for the social security system
to be reformed,

Mr Russell told The Tribune
that after reviewing the SSRC
report, the Government was
likely “to move on some, if not
all of the recommendations, as
soon as we get it,

“We do have to make some
changes to ensure NIB is sus-
tainable for the long-term,” he
added, “We will review the
study that was done to see
what we will do ourselves, We
know something has to be
done to cause NIB to be
extended, and we will put in
place steps to ensure the NIB
fund lasts as long as the
Bahamas.”

The Bahamas Environment, Science
and Technology (BEST) Commission,
Office of The Prime Minister

, é

Please contact The BEST Comm

ission for more details at

The BEST Commission, Office of The Prime Minister

P.O. Box N-3730

Nassau Court, West Bay Street

‘Tel: 242

Nassau, Bahamas

Fax: 242-326-3509

-322-4546 or 242-322-2576

Interested persons should apply in writing before July 30th, 2007. All applicants should be
available for interviews during the 3rd week of August 2007, All resumes should be submitted
with relevant documnts and official school transcripts.



This advertisement appears as a matter of record only

All these securities have been sold

Remedial (Cyprus) Plc

(ROFF — Norway)

www.remedialofishore.com

FRN Secured Callable Bond issue

2007/2012

US$210,000,000

Managed by
SEB

(Skandinaviska Enskilda Banken AB)

www, sebgroup.com

Loan Trustee

Norsk Tillitsmann ASA

www.trustec.no

wi

| Escrow Agent
The Winterbotham Trust Company
Limited

www. winterbotham.com


THE TRIBUNE

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!

,WEDIN

3

PAGE 105




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