Citation
The Tribune.

Material Information

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

Subjects

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

Notes

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

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Source Institution:
University of Florida
Holding Location:
University of Florida
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Full Text


— SUNNY

Volume: 103 No.195



» Lhe Tribune



Minister: ‘We.
Should not have
CTE ee

Roger Gomez is
ordered off the
Daniel Smith inquest

@ By NATARIO McKENZIE

A SECOND magistrate has
now been ordered off the Daniel
Smith inquest as a local judge
has expressed concerns about
judicial officers giving press
interviews concerning matters on
which they are presiding.

Supreme Court Justice John
Lyons has ordered that Chief
Magistrate Roger Gomez be
removed from presiding over
the inquest into the death of 20-
year-old Daniel Smith, son of the
late Anna Nicole Smith. Daniel
Smith died on September 10,
2006 while visiting his mother
Anna Nicole Smith, three days.
after she gave birth to her daugh-
ter, Dannielynn, at Doctor’s
Hospital.

Forensic pathologist Dr. Cyril
Wecht, who was hired by the law
firm of Callenders and Co to per-
form an independent autopsy on
the body of Daniel Smith, said
that the 20-year-old had died
from a lethal combination of
Zoloft, Lexapro and Methadone.

The inquest into the death of
Daniel Smith came to a stand-
still in early April when lawyers
for Howard K. Stern — Smith’s
former companion — filed a
motion in the Supreme Court
questioning the lack of provi-
sions in the Coroner’s Act to
provide for an impartial jury.
This came in light of the intense
international media attention
that the case has received.

Back in April, Justice Lyons
expressed concern after stating
that he had seen only a trailer
of an interview which showed
Chief Magistrate Gomez speak-
ing on matters pertaining to the
inquest.

Justice Lyons noted yesterday
that he was not seeking to

embarrass anyone, but simply
did not approve of the practice of
a judicial officer giving interviews
to the press about matters on
which they are presiding. Three
days after Daniel Smith’s death,
Coroner Linda Virgill held a
press conference announcing the
date for the commencement of
an inquest.

This resulted in numerous
complaints from Bahamians,
who reportedly in some ‘cases,
had been waiting years for an
inquest to open into the death
of a family member. Mrs Virgill
was subsequently removed from
the case and the Coroner’s Court
was ultimately dissolved. Chief
Magistrate Gomez then began
presiding over the inquest.

Attorney Wayne Munroe, who
is representing Howard K. Stern,
again raised concern yesterday
over jury impartiality. Stern was
also present in court yesterday.

Mr Munroe had proposed that
a questionnaire be given to
potential jurors before they were
empanelled to help in the selec-
tion process.

Neil Brathwaite of the Attor-
ney General’s office, however,
objected to Mr Munroe’s pro-
posal stating that questionnaires
were inappropriate and that the
issue was not whether the jury
had heard about the matter, but
whether they would be able to
follow directions and be impar-
tial.

Justice Lyons yesterday said
that he would suggest that the

‘jury be selected from as wide a

representative base as possible.

As regards the questionnaire’s:

*suggestion, he noted that the
main issue is that there must be a
fair hearing and that responsi-
bility lies ultimately with the
Coroner presiding over the case.

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BAHAMAS EDITION

TUESDAY, JULY 17, 2007
ATU PIITG A HELM LC

PARE STUD UU eeu
ase a ed (ee

@ THE body of Javano
Williams is removed from
the scene on Sunday night.
(Photo: Felipé Major/

Tribune Staff
Reporter



-POLICE are ques-
tioning four men in
connection with the
murder of 16-year-old
Javano Williams on
Sunday night. |

Javano, a. Yellow
Elder resident, became
‘the country's 45 murder
victim for the year
when he was stabbed to
death outside the Esso
Gas Station on Blue
Hill and Coconut Road.

According to Chief
Superintendent Glen
_Miller, head of CDU,
Javano received a fatal
stab wound to the left
upper chest and died on
the scene at 10.45 that
night, after being
involved in some type
of altercation at the ser-
vice station.

Assistant Superinten-
dent Clayton Fernan-
der, head of the homi-

SEE page nine

Tribune staff)
| @ By BRENT DEAN

Claim that
lawyer Ken
Dorsett is PLP
chairmanship
front runner

@ By BRENT DEAN

A PLP insider claims that :
lawyer Ken Dorsett is the front- :
runner for the party chairman- :
ship in the upcoming Novem- :

ber convention.
The source, who spoke to

Mr Dorsett into the race.

manship," the source said.

Mr Dorsett, vice-chairman of
the party, is the current man- :

SEE page nine































Coroner’s

_ inquest may
_ be held into
_jet-ski death

: Ml By KARIN HERIG
Tribune Staff Reporter

Tribune Staff Reporter

A CORONER'S inquest may
be held into the death of seven-
year-old Eric Thomas of Ohio,
who died in a jet-ski accident

: on Sunday morning, police said
i yesterday.

The Tribune on condition of :
anonymity, claimed that a }
movement is emerging to draw :

This comes at a time when
another family, whose child was
also killed in a boating accident

: ona Paradise Island beach, pre-

"Amongst young people in :
the party now, he is being :
pushed to pursue the chair- :

pares to have their case heard
before the Supreme Court in
the Bahamas.

Both cases could once again
highlight in the international
forum, the question of safety as

SEE page nine



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Small plane
stolen from
airport in
South Andros

THE owner of a small plane,
stolen from.a South Andros air-
port yesterday, told The Tri-
bune that he fears his aircraft
will be used for the smuggling of
illegal substances.

Norward Rahming, owner of
Rahming Enterprises, said that
his son, one of two who are
pilots, went to the Congo Town
airport yesterday morning
intending to fly to New Provi-
dence on business, but could
not find the plane.

Mr Rahming said that the
twin engine, 1969 Aztec Piper,
painted white and blue with red
stripes has the marking of Rah-
ming Enterprises on the tail.

He said that this was the first
time something like this had
happened in South Andros.

“J don’t know who could
have taken it, the only thing I

SEE page nine

Tourism
police unit
is being
restructured

@ By KARIN HERIG
Tribune Staff Reporter

THE police force confirmed
to The Tribune last night that
it is restructuring the success-
ful tourism police unit, which
from now will include only ful-
ly trained officers, and no longer
local constables.

Some members of the unit
expressed concern over the
restructuring, claiming that
many local constables — who
have contributed to the success
of the unit in the past two years
— are being left in the dust.

However, both acting com-
missioner of police Reginald
Ferguson and assistant com-
missioner in-charge of New
Providence Marvin Dames said
yesterday that this move is
aimed at improving the unit,
which is mandated to keep the
downtown area crime-free.

Asst Commissioner Dames
explained yesterday that the
local constables will receive
training and that those who
qualify will be able to enter the

SEE page nine

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PAGE 2, TUESDAY, JULY 17, 2007

LOCAL NEWS

THE TRIBUNE



Mrs Ellen Knowles,
owner of Ellen's Inn,
Deatman's Cay

dies at age of 96

LONG Island is mourn-
ing the passing of one of its
first female entrepreneurs.

Dead at the age of 96 is
Mrs Ellen Rebecca New-
man-Knowles, owner of
Ellen’s Inn in Deadman’s
Cay, Long Island.

Mrs Knowles passed away

at her home in Grays, Long
Island, on Saturday, July
14, at around 8am, after a
short illness.

Described as a strong,
determined individual with
a sense of purpose, Mrs
Knowles, or “Mama Ellen”,
as she was affectionately
called, was considered a
pioneer in the Family
Island hotel industry.

In the early 1970’s Mrs

Knowles established Ellen’s

Inn, formerly her family
home, to respond to a need
for hotel accommodations
on Long Island.

Since then, the facility
has grown into a nine-room
bed.and breakfast, with all
the modern amenities. Its
typical clientele are dis-
cerning travellers who val-
ues peace, tranquility and
superior customer service.

Ellen’s Inn is situated in
the heart of Deadman’s
Cay, just one mile from the
airport.

Apart from her business
interests, Mrs Knowles was
an active member in St
John’s Anglican Church,
Deadman’s Cay.

In recognition of her con- :

tribution to the develop-
ment of Long Island, the
government and the Long
Island community awarded
her the Pink Pearl Award
and a plaque.

The second daughter and
sixth child of William and
Rose Newman, Mrs
Knowles was born in Dead-
man’s Cay on the June
28,1911. She received her

education at Buckley’s Pub-

lic School, and upon com-
pletion worked at as a

school monitor and grant-
in-aid teacher at Buckley’s

and Shearse’s, Lower Dead- }

man’s Cay.

She also farmed to pro-"—
vide for her family.

Mrs Knowles is survived
by six daughters: Ena
Major, former owner of
Harbour Grocery in
Clarence Town and current
owner of Ena Lee Major’s
Creation; Colleen Adder-
ley, Justice of the Peace

and retired principal; Olivia i

Turnquest, local govern-
ment representative in
Long Island and retired
principal; Thelma Dean,
retired principal; Elma
Garraway, permanent sec-
retary in the Ministry of
Education; Mrs Harriett
Pratt, retired school super-
intendent and current con-
sultant in the Ministry of
Education.

Funeral service for Ellen
Rebecca Knowles will be
held on Saturday, July 21,
at St John’s Anglican
Church, Deadman’s Cay, at

liam. Interment will follow

in the church’s cemetery.



Minister gives warnings and
advisories for crawfish season



H MINISTER for Marine
Resources and Agriculture
Larry Cartwright

‘Bahamas"

@ By ALISON LOWE
Tribune Staff Reporter

ANNOUNCING the open-
ing of the crawfish season on
August 1st, Minister for
Marine Resources and Agri-
culture Larry Cartwright sent
out a list of warnings and
advisories to Bahamian fish-
ermen to help them secure
their health and livelihood
within the law throughout the
season.

Noting that recorded land-
ings of crawfish — "by far the
most valuable commercial
species in the waters of The
— in the past four
years have been "showing
slight declines", Mr
Cartwright explained yester-

day that there are issues to
which attention must be paid
if stocks are 'to be maintained
to the extent that they "con-
tinue to provide employment,
income and food for Bahami-
ans well into the future."

These include the harvest-
ing of egg-bearing or under-
sized lobsters, the illegal use
of air compressors and nox-
ious chemicals to assist in
improving catches, conflict
between different fishing
groups, poaching and the
"proper handling" of crawfish
after they have been brought
aboard.

Mr Cartwright gave the
press numerous reasons why it
is in a fisherman's financial
best interest to act legally.

@ KALLASH Lai Acard Ambassador of India, paid a frepell call on Prime Minister

Ingraham on Friday.

PRIME Minister Hubert Ingraham on
Friday bid farewell with “warm wishes
and best regards” to His Excellency Kallash
Lai Agrawal, Ambassador of India, on Fri-

day.

Beach.

Ambassador Agrawal’s farewell call on
Mr Ingraham marked the end of his week-
long visit to the Bahamas.

“We have a long relationship with India,
we have followed with great interest your
development, most especially your devel-
opment in education and technology,” Mr .
Ingraham said. “Indians have provided lots
of needed skills to us, whether it was for the
establishment of the National Insurance
Board, or in the accountancy and finance

areas.”

The meeting took place on July 13, at
the office of the prime minister on Cable

(BIS photo: Peter Ramsay)

Mr Ingraham said he is looking forward
to meeting Indian Prime Minister Dr Man-
mohan Singh, at the Commonwealth Heads
of Government Meeting (CHOGM) to be

held November 23 to 25, in Kampala,

Uganda.

The prime minister also confirmed that

the Bahamas will be sending a delegation

to the 53rd Commonwealth Parliamentary
Conference in New Delhi, India, Septem-

ber 21 to 30 this year.

fields.

Ambassador Agrawal said India is
looking forward to strengthening relations
with the Bahamas in several diverse

He added that India would also welcome
a visit from Mr Ingraham.

The Indian ambassador presented let-
ters to Prime Minister Ingraham, as well as

gifts from his government.



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Noting that under-sized
crawfish — those under five
and a half inches — have had
little opportunity to repro-
duce, Mr Cartwright said that
the "high monetary value of
crawfish tails (means that) sig-
nificant gains can be made by
waiting the extra days to allow
the crawfish with a five inch
tail to grow the extra half inch
to reach full size."

The minister said his min-
istry will also be "closely mon-
itoring" persons buying craw-
fish to ensure that they only
purchase the legal sized prod-
uct.

With respect to the "illegal
and unsafe use of air com-
pressors", Mr Cartwright said
that in addition to putting
excessive pressure on
resources, using such appara-
tus outside of the allowed
depths of between 30 and 60
feet can have "serious nega-
tive health impacts" that have
been known to require
"expensive medical treat-
ment" or even cause death.

Furthermore, the use of liq-
uids such as "detergents, gaso-
line or other toxic chemicals"
to aid in the capture of craw-
fish is not only against the law,
but "presents a real threat to
the marine environment, an
environment that is essential
to the production of the
resources being harvested,"
said Mr Cartwright.

He added, however, that
fishermen may use air com-
pressors within certain depths,
and carry limited quantities ‘of
liquid detergents and bleach
on their boats if they have the
appropriate permits.

Some fishermen will have
to make greater efforts this
year to make sure their per-
ishable goods are properly
handled, as the Department
of Marine Resources will be
inspecting sanitary conditions
aboard vessels during the sea-
son. This is part of a newly
initiated programme to
encourage improvements, he
said.

"Bahamians must make the
most of the crawfish they har-
vest. If we are able to improve
the quality of the crawfish
being landed, this would lead
to a higher quality of prod-
ucts exported, and this could
lead to greater economic
returns to all involved," he
said.

Mr Cartwright also encour-
aged fishermen to help the
Department of Marine
Resources by providing infor-
mation to that department,
the Defence Force, or the
police, should they encounter
any of a number of "unwanted
guests", such as foreign ves-
sels fishing in Bahamian
waters, the invasive Pacific
Lion fish, or persons from oth-
er fishing groups vandalising
traps or other fishing equip-
ment.

Fishermen were advised to
spear the poisonous Lion fish
and "leave them on the bot-
tom" if sighted. The fish has
only recently been detected in
Bahamian waters, and can be
identified by its long spines,

colourful appearance and slow ~

movement. It should not be
handled, said Mr Cartwright.
The season will be open for
eight months, ending on
March 31, 2008.
Last year, records show that

‘5.2 million pounds of tails
were landed, with a value of '

$92 million.







Man accused of
detaining and
attempting to
rape teen pleads
not guilty

A MAN, 23, of Flamingo
Gardens was arraigned in
Magistrate’s Court yesterday,
accused of forcibly detaining
and attempting to rape a 16-
year-old girl

_ William Fernander, aka
“Bones”, was arraigned before
Magistrate Susan Sylvester at
Court 11 Nassau Street yes-
terday.

According to court dockets,
on Saturday July 8 Fernander
by force took away and
detained the girl. It is further
alleged that on that same day,
he attempted to have sexual
intercourse with her.

Fernander pleaded not
guilty to the charges and was
granted bail in the sum of
$7,000. The matter was
adjourned to October 26.

Chavez says
church losing
support over
priests in politics

@ VENEZUELA
Caracas

PRESIDENT Hugo Chavez
criticized Venezuela’s Roman
Catholic leaders on Monday
for condemning his plans to
rewrite the constitution, saying
the church is losing support in
this politically divided nation
because priests are meddling
in politics, according to Asso-
ciated Press.

The Venezuelan Bishops’
‘Conference complains that pro-
posals for the forthcoming con-
stitutional reform are being
drafted without public involve-
ment by a committee appoint-
ed by Chavez.

“They act as if they were a
political party,” Chavez said
during a televised speech.
“Everyday, there are fewer
Catholics in the world, and in
Venezuela, and that’s worri-
some. The attitudes among
Venezuela’s Catholic hierarchy
is one of the causes.”

Chavez — a close ally of
Cuban leader Fidel Castro —
Jambasted the clergy of “lying”
about his plans for the reform,
warning Venezuela’s Catholic
Church leaders they were “sin-
ning” by spreading falsehoods.

Since taking office in 1999,
Chavez has repeatedly clashed
with church leaders. But ten-
sions between the bishops’ con-
ference and Chavez’s adminis-
tration have grown particularly
tense in recent months.

Critics accuse Chavez of
becoming increasingly author-
itarian as he steers Venezuela
toward socialism. Many fear
the former paratroop com-
mander will use the pending
constitutional reform to lay a
legal framework allowing him
to override democratic institu-
tions such as the National
Assembly.

In an interview published
last week by the local El Uni-
versal newspaper, Cardinal
Jorge Urosa Savino, the Vati-
can’s top representative in
Venezuela, reiterated the
church’s reform-related con-
cerns.

_ “We are in an absurd situa-
tion in which one person tries
to become the only, lifelong
authority,” Urosa Savino was

quoted as saying.

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FOR PEST PROBLEMS
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THE TRIBUNE

TUESDAY, JULY 17, 2007, PAGE 3



LOCAL NEWS



ombrief Environmental Health workers
planning action over conditions

Four charged
with firearm

and ammunition
offences

FREEPORT - Four persons,
including two men and two
women, appeared in Freeport
Magistrate’s Court on firearm
and ammunition possession
charges in connection with an
alleged incident in South Bimi-
ni.

Denver Martin, 34, of South
Bimini and a resident of Maxim
Court in Freeport; Allison Sey-
mour, 37; Laverne Goodman,
35, of South Bimini; and Derrel
Kelly, 45 of Bailey Town, North
Bimini, appeared before Act-
ing Deputy Chief Magistrate
Helen Jones yesterday.

They were all charged with
being found in possession of an
unlicensed firearm and ammu-
nition at South Bimini on July
11.

Following a submission by
attorney Jerone Roberts, the
magistrate agreed to transfer
the case to the Magistrate’s
Court in Bimini, where the four
defendants will be arraigned
before administrator Joseph
Ferguson at 10am today.

Freeport man to
be charged
following shrimp
farm theft

A 27-year-old Freeport man
is expected to be arraigned
before the courts on Wednes-
day in connection with theft of

nearly $80,000 worth of equip- -

ment from the Shrimp Farm in
Grand Bahama.
According to reports, some

$79,500 worth of equipment was -

stolen from the farm, located at
Queens Cove in the North Air-
port Zone.
The suspect has been granted
police bail in the amount of
$10,000 with two sureties.

Woman faces
ammunition
possession
charge

A 33-YEAR-OLD Freeport
woman was charged with
ammunition possession in
Freeport Magistrate’s Court on
Monday.

Fredricka Smith, a resident
.of Golf Lane, South Bahamia,
pleaded not guilty fo possession
of ammunition — two .Jmm
Ruger bullets — without being
the holder of a valid firearm
certificate,

Smith’s case was adjourned
to November 5. She was grant-
ed $3,000 bail with one surety.

Venezuelan TV
station begins
broadcasting on
satellite

@ VENEZUELA
Caracas —

AN opposition-aligned TV

station forced off the air by.
President Hugo Chavez began _

broadcasting on.cable and satel-
lite television on Monday,
according to Associated Press.

Employees and actors sang
Venezuela’s national anthem as
Radio Caracas Television, or
RCTYV, made its first broadcasts
since May 27, when Chavez
granted the network’s open air-
waves signal to a state-con-
trolled channel.

“We were prevented from
being together with you, for
showing that we are independent
and free,” RCTV President Ela-
dio Lares told viewers said during
a brief address. “We will always
be standing, never on our knees.”

RCTV’s executives argue
Chavez’s decision not to renew
RCTV’s broadcasting licence
was illegal. The station, which
has remained highly critical of
the president while other pri-
vately owned TV channels have
toned down their criticism of
the government, is waging a
legal battle to regain its license
so it can once again reach a
nationwide audience.

Cable and satellite television
cost roughly US$20 a month —
more than many Venezuelan
families can afford — and reach
only 30 percent of households.

Government opponents
argue Chavez forced RCTV off
the airwaves to muzzle his most
outspoken critics and they have
staged numerous street demon-
strations to protest the measure.

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@ By BRENT DEAN
Tribune Staff Reporter

MORE revolt is brewing in
the Department of Environ-
mental Health, as angry work-
ers at the Harrold Road Dump
are planning a walk-out and
demonstration over “unfair
and unsanitary” working con-
ditions, The Tribune has
learned.

"There is no toilet paper,
half of the toilets don't work
and there is no drinking
water," a source said.

The frustrated employee
claims that management at the
Environmental Health Depart-
ment has done nothing to
address their concerns, despite
numerous complaints.

The Tribune was told that
these conditions, which have
the nearly 50 workers extreme-
ly frustrated, have persisted for

nearly three weeks.

"We want to know how
long this will continue," he
said. "And we thought, with
the government changing, it
would be a little better. But,
the same people (managerial
staff) are in place, and it looks
like they don't want to stop."

"We are planning now to
have a demonstration," the
source added.

These problems at the Har-

‘rold Road Solid Waste Dis-

posal site are the second public
complaints coming from the
department in less than a week.
Last Thursday, workers
from the grounds and beautifi-
cation section in the depart-
ment went public with the
unsanitary and hazardous con-
ditions they are faced with on a
daily basis.
They allege that workers
are required to clean up con-

taminated items such as, used
condoms discarded sanitary
napkins and human faeces,
without proper protective
_ gear, only being equipped
with flimsy latex gloves that
often tear.

The workers to whom The
Tribune spoke on Thursday
also complained about the
state of the restroom facilities
for workers. And, they said
that they have been threatened
with docked wages if they con-
tinue to complain.

When contacted by these
latest claims by Environmental
Health workers, Bahamas Pub-
lic Service Union President
John Pinder said he is looking
into these latest complaints,
but currently he is awaiting an
update from a shop steward
before he can make further
comments on the matter.

The Tribune was. unable to

GB Power shareholder makes
$11m settlement over records

A SHAREHOLDER of the
Grand Bahama Power com-
pany has agreed to pay $11
million in penalties in the
United States to defer prose-
cution for falsifying trade
records.

According to 360 Business
News, Assistant Attorney
General Alice Fisher of the
Criminal Division and US
Attorney Scott Schools of the
Northern Disirict of Califor-
nia announced the settlement
after Mirant Energy Trading, a

company owned by Mirant —

Corporation and successor to
Mirant Americas Energy Mar-
keting (MAEM), accepted and
acknowledged liability.

Mirant is a shareholder in
the Curacao Utilities Compa-
ny, Grand Bahama Power,
Jamajca Public Service Com-
pany and PowerGen in
Trinidad and Tobago.

The FBI has alleged that
between February and
December 2000, traders at

: _MAEM’s natural gas trading

: . parliamentary voter registra-

desks knowingly submitted

Turnquest

inaccurate trade data to indus-
try publications, including fic-
titious trades, incorrect vol-
umes and/or prices, and
incomplete trade reports for
the purpose of benefiting

’ MAEM’s natural gas trading

positions.

Three former MAEM
traders — Christopher McDon-
ald, Michael Whalen and Paul
Atha — pleaded guilty in the
Northern District of Califor-
nia last year to conspiracy to
violate the Commodity
Exchange Act.

The company is undergoing
bankruptcy reorganisation and

the Justice Department has

agreed not to file charges for
15 months, but reserves the
right to proceed with prosecu-
tion if Mirant Energy Trading
fails to comply fully with the
terms of the agreement-dur-
ing that 15-month period.

Mirant Corporation said
they were pleased to reach’the
settlement and “put behind us
matters that happened several
years ago”.

‘unaware’

of vote allegations

Oo By TANEKA THOMPSON

MINISTER of National
Security Tommy Turnquest
said he was unaware of the
allegations that non-citizens.
had registered to vote in the
May 2 elections using “search
cards” until the story broke in
The Tribune last week.

The search cards, which are
issued by the registrar gener-
al’s office, were accepted at

tion booths, sources claim.
These cards are typically

issued for people whose birth

certificates cannot be found in

:- the official state records after

i














all checks have been exhaust-
ed. They are usually issued to
residents over the age of 50,
whose birth records are not
found in the country’s system —
however they are not a proof
of citizenship.

“Birth certificates are not
used to determine citizenship
and so they ought not to have
been used to determine who
is a Bahamian citizen eligi-
ble to be registered to vote,”
Mr Turnquest said.

“If there are cases of that,
well that obviously needs to
be investigated. As far as I’m
aware the Parliamentary Reg-
istration Department, which
does fall under (the Ministry of
National Security) knows that
they are not to take birth cer-

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Asked whether his ministry
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ed: “The guidelines that we
have are quite appropriate, the
law just needs to be followed.
We know that you need a pass-
port in order to register to vote.
If you. don’t have a passport
and are a naturalised citizen,
you get a citizen card, or you
show your parents’ documen-
tation. If you do use a birth cer-
tificate, you have to show your
parents’ proof of (Bahamian)
citizenship. But the law is clear,
we just need to follow the law,”
said Mr Turnquest.











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acknowledges in the deferred
prosecution agreement Miran-
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ernment’s investigation of this
matter and the remedial
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the matter to the Department
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. transactions by Mirant trading

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PAGE 4, TUESDAY, JULY 17, 2007

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE














The Tribune Limited

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

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

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



Publisher/Editor 1919-1972
Contributing Editor 1972-1991










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

Published Daily Monday to Saturday

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









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

Facts on the PLP and Independence



LAST MONTH Senator Allyson Maynard-
Gibson riled Senator Dion Foulkes by alleging
that “the roots of the FNM were opposed to
majority rule and independence.”

If this generation of PLP’s were smart they
would either steer clear of their party’s history
or try to get to know it better. They only make
themselves look silly when they repeat their
party’s propaganda.

PLP’s like Mrs Gibson should not forget

that there are old timers like ourselves who-

lived through and wrote about that period. And
whatever details we might forget can be
researched in Tribune files. We were around
before the PLP was founded and so we proba-

_ bly know more about that period than she does
— particularly what went on behind closed
doors.

The truth of the matter is that while some
PLPs — among them what came to be known as
the Dissident Eight who broke with the PLP and
eventually founded the FNM — were for inde-
pendence, the leader of the PLP was not.

In 1972 when independence was being hotly
debated with many Bahamians against it, Sir
Lynden Pindling visited England. While there a
British newspaper interviewed him. During the
interview he was asked his position on inde-
pendence for the Bahamas. His reply was that
he was against it. Many Bahamians breathed a
collective sigh of relief.

However it was only a matter of weeks after
that London interview that parliament recon-
vened and the governor delivered the Throne
Speech.

In that speech it was announced that the Pin-
dling government was going to take the
Bahamas into independence. Many Bahamians
were not only disappointed, but angered by Sir

’ Lynden’s duplicity. Needless to say, this news-
paper had much to say about it at the time.
The public never really knew what caused
the Pindling mind change. Some speculated
that it was at a time when England was divest-
ing herself of her colonies and would have been
happy to see the Bahamas go. However, those
close to the situation maintained that it was his
side-kick, Arthur Hanna, who twisted his arm
towards independence.

It really doesn’t matter what caused the mind
change.

But it does make the words of Mrs Gibson’

ring hollow when she claims that the PLP were
for independence and the “roots” — or founders
— of the FNM were not. For her to make such
a statement shows that instead of getting to
know the ins-and-outs of her party’s history
she was too busy believing bedtime stories.

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who had earlier supported independence, had
changed his mind by 1972. It was not that he did
not believe in independence for the Bahamas. It
was that he did not want it under the corrupt,
victimising Pindling government.

He was not alone in his feelings. Indepen-
dence at that time was a fiercely debated and
divisive issue. If it had gone to a referendum, as
Bahamians were led by Sir Lynden to believe it
would, it could well have been defeated. This is
probably why Sir Lynden did not trust a refer-
endum.

Senator Foulkes reminded Senator Gibson
that the men she was attacking were the very
men who fought for the rights of Bahamian
women.

The suffragette movement in the Bahamas is
one that Mrs Gibson should know well. Her
grandmother on her father’s side was a suf-
fragette.

In the end, the PLP, always trying to play
cute on their political shuffle board, manoeu-
vred themselves into an embarrassing position.

The statement of Mrs Mary Ingraham,
founder and first president of the suffragette
movement, will go down in history as the final
word on the PLP and the woman’s vote. .

Mrs Ingraham said that when the motion to
give women the right to vote came to the floor
of the House “not one member of the PLP gov-
ernment, including the Prime Minister (Pin-
dling), voted for the women to vote. ”

Instead every PLP member walked out of
the House.

History will say the same of the PLP under
the leadership of former prime minister Perry
Christie who fought. hard to defeat the 2002
referendum that would have amended the Con-
stitution to protect Bahamian women, their for-
eign spouses and their children.

Speaking at.a town meeting on January 31,
2002, Mr Christie called on then prime minister
Hubert Ingraham to cancel the referendum.
He'said “it should be left to the next govern-
ment of the Bahamas to do it the right way.”

Four months later Perry Christie headed the
next government of the Bahamas. He had five
years “to do it the right way.” As usual he did
nothing. For him to give Bahamian women
nothing was obviously “the right way.” Bahami-
an women still have no protection for their fam-
ilies. It is hoped that the Ingraham government
will sometime within the next five years look at
these amendments again and do them “in the
right way.”

And, unless the PLP, having twice blotted
their copy book over women’s rights, want to go
down in history as anti-women’s rights, they
would be well advised to support the issue.











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The value of
a human life

EDITOR, The Tribune.

HELLO my name is
Tecoyo Bridgewater. I am 24
and I work as a valet parker at
the Atlantis. Yesterday early
in the morning around 2am
on July 1st, I witnessed some-
thing that shocked me. While I
was coming home driving
along Village Road last night I
noticed flames coming from
below the little hill after you
pass the Queen’s College
school, I thought it was some-
one burning something, to my
dismay it was a car accident.

The car was right side up
lodged between a wall and
near a light pole. At the scene
there were about six individu-
als surrounding the car, which
was on fire, one individual
who was obviously a part of
the accident lay on the ground
in pain and bloody about eight
feet away from the burning
car.

He more than likely was
thrown from the vehicle. I
asked the individuals “is he
all right”, at this time a female
bystander shouts out, “There’s
someone still in the car,” so I
shouted: “Why aren’t you try-
ing to get him out?” At that
time one of the individuals
stated that they should get out
of here before the police
came. I then pulled my car
over, ran to the burning car,
yes I was afraid that the car
was going to explode but I
also saw the man in the car
inches away from the flames. I
attempted to open the right
rear door that was exposed to
the streets but it was locked, I
looked around to find some-
thing to break it, I found a
rock and threw it into the back
window, then opened the
door.

The man in the car was ina
state of shock, I tried to pull
him out but his foot was
caught between the dash and
the steering wheel, so I had to
leap half way into the car and
free his leg. At that time one
of my friends passing stopped
and helped me pull him from
the wreck and across the
street.

I am writing this to show
my shock and disbelief of how

_ our standards of brotherhood

have been lowered within our
society, and how the respect
and value of human life is
almost non existent. Those
person were about to let this
man burn to death rather than
help him, because what, they
were afraid of maybe an
encounter with the police, or
maybe they were a part of the
reason for the accident, I don’t
know. Nonetheless, the fact



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that the man in the car was a
person and had a family
should have been enough to
cause them to want to help.
Yes, I was afraid that the car
might explode but I weighted
the odds and I could not live
with myself if I had watched
this man die. I think we as a
nation must re-evaluate our
standards and look at what we

have become, we are losing.

our humanity and substitut-

ing morals for materialism.
Additionally, it took the

ambulance almost an hour-.to

get to the scene, if the victims
had severe injuries they would
have been dead by the time
the ambulance got there.
Something definitely needs to

- be done about that.

These are my concerns
because I feel as if we should
be guided by the golden rule:
Do unto others as you would
have them do unto you. If I
was in that car I would have
liked someone to have
stopped for me.

I took a few pictures of the
men and crash.

TECOYO
BRIDGEWATER
Nassau,

July 4, 2007.



There are elements that want
Us as a country to crumble

EDITOR, The Tribune.

AS I read the front page (July 14th) “Massive voter fraud”, the
first paragraph made me feel nauseated and sick to my heart.
What a disgrace, a scandal in our country, not a few, but it was
claimed that thousands of foreigners were able to vote in this
year’s election.

Please someone (government) say this (headline) or other stories
like this was made up, just to sell papers, because if so this was so
convincing, they probably had a hit for the weekend, with this
headline (I travelled the length of East St South) all the major shops
were sold out.

I wrote a letter (June 26th) to the editor (crime and illegal immi-
gration) similar to this matter, and I am convinced from what I am
now reading is the truth, to the problem we are facing in this coun-
try. Let us be honest and forthright, and accept first the problems,
so we can see how to go about making amends.

The laws of the land are now a mockery, a shambles, only a
few of the fittest receives “swift justice” (like the days of the wild,
wild west) in all these constitutional holocausts committed by a
bunch of lawless brutes.

“Calling all the brave warriors who will stand and defend?” Will
the lil’ man on the streets rise up to the occasion, in strong protest?

One. criminal (in‘my opinion,anyone who goes contrary to the ©

. law. and registers to vote, when they ought not) said on radio that -

he used a school ID to register, others claimed to use driver’s
licenses (the latter I watched, and listened to on the radio, saying
it is valid as proof) how? and why? Anyone can obtain that even if
it’s through the back door, and it is available to any person/s
regardless of status.

On my beloved island of Grand Bahama,Stories abound of folks
who came from Turks and Caicos Island, and voted, we (natives)
know the times. I am very disappointed that my MP (Golden
Gates) was “railroaded” by sensational news, and voodoo chants,
and was not fully able to liberate my Great Bahamas of these evil
intruders, God help us. Mr Loftus Roker, we, this generation of
True-True-Bahamians, feel betrayed by our fathers and mothers

- who did not see your vision, now we got egg on our face.

For us (proud Bahamians) let’s lift up our head, demand justice
for all, show strength, pray for our nation continually, send strong
words to these politicians, demand accountability, have these
wicked things chopped down, and restore our Constitution. This
must include all Bahamians, regardless of race or creed — unite and
make things happen. ‘

You evil task masters (those who will do anything or sell their
birthright for the mighty dollar), God will soon make way from your
wicked ways. Of course it is hypocritical to believe that all nation-
als who are born to immigrant parents are criminals, we have lots
of business persons, sports heroes, law persons, pastors, and fam-
ilies who are proud to call this great country home.

Yet fool not ourselves, there are elements out there that want us
as a country to crumble, fall apart as a nation, let God rain on their
parade, and in doing so, let Jehovah God be the oa I say no
more for now.

R PRATT
Nassau,
July 15, 2007.

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THE TRIBUNE

TUESDAY, JULY 17, 2007, PAGE 5



Mission
services to
be held at

St Margaret’s

MISSION services will be
held at St Margaret’s Church,
Kemp Road, on Wednesday,
Thursday and Friday by
Archdeacon James Palacious.

“Get Out Of The Pit” (Gen-

esis 37:24) is the theme of the

mission.
On Sunday, July 22 , the 7am
Holy Eucharist will be cele-

. brated by Rev Angela Pala-

cious, who will-also preach the
sermon.
The 9.30am Holy Eucharist

_ will be celebrated by Rev

Joseph Mycklewhyte, who will
also preach.

At 3.30 pm there will be
Evensong, a sermon, and an
outdoor procession followed by
benediction. The preacher will
be Rev Ethan Ferguson. His
theme will be “The Battle of

- Life is to Live Victoriously”.

edi

Tshis

sm

Py
(i

&

TERS SSE 7. SOR ES SESS 2 aS Fe SREY

a Pe ee ee ee ee

pace oY FELLAS 5

Colombia
police find
drugs in
off-key piano

@ COLOMBIA
- Cartagena

WHEN a grand piano played
an off-key note, drug police in
this Caribbean port opened it
up and found some 560 pounds
of cocaine stuffed inside,
according to Associated Press.

The piano was part of a ship-
ment of household items origi-
nating in the capital of Bogota
and destined for Panama, police
said in a statement Monday.

Authorities were investigat-
ing, but had made no arrests.
The drugs’ value was estimat-
ed at $5 million.

Agents in Cartagena noticed
the piano was suspiciously
heavy and decided to tap some
keys, only to find the sound
quality seemed strange, the
statement said. The cocaine was

discovered packed into various "ii

recesses of the instrument!

sumed in the United States,
most of which is trafficked

. through Mexico and Central

America.

Argentine
minister
resigns after
cash found

@ ARGENTINA
Buenos Aires

PRESIDENT Nestor Kirch-
ner’s, economy minister resigned
Monday after a prosecutor
ordered her to testify about
some US$64,000 that was found
in a bag in her office, the gov-
ernment said, according to
Associated Press.

Kirchner accepted Felisa
Miceli’s resignation and
appointed economist and Indus-
try Secretary Gustavo Peirano
as her replacement, Chief of
Staff Alberto Fernandez said.

Late last month, police con-
ducting a routine security check
found a brown paper bag con-
taining the cash in Argentine
and US currency in a bathroom
cabinet inside Miceli’s offices.

Miceli said her brother had
loaned her most of the money
so she could buy a house and
she had taken it to the office
for safekeeping until she could
put it in a bank. She said she
broke no law, but committed a
“blunder” by leaving it in her
office.

But federal prosecutor
Guillermo Marijuan was not
satisfied with the explanation
and ordered her to appear
before a judge to make a decla-
ration.

Only a week ago, Kirchner
had offered a public show of
support for his embattled Cab-
inet minister by traveling with
her to Independence Day fes-
tivities in central Argentina.

Miceli had been economy
minister since 2005, when she
replaced Roberto Lavagna dur-
ing a shake-up of Kirchner’s
cabinet.

Kirchner recently announced
that his wife, Cristina, would
run for president in Argentina’s
Oct. 28 election. She is consid-
ered the front-runner against a
divided opposition that includes
Lavagna as a candidate.

Peirano is considered a strong
supporter of Kirchner’s efforts
to encourage industrial devel-
opment and state intervention
in the economy.

production of the film.

@ By ALISON LOWE
Tribune Staff Reporter

THE the average Bahamian
consumer has been told they-
will need to better manage
their personal finances in the
face of rising global food prices.

“As a general rule [ think
that is where we are needing
to go, as a people, to try to
manage in a better way our
resources to account for these
cost increases and other issues
that impact on personal
finances,” Minister of State
for Finance Zhivargo Laing
said yesterday.

According to reports in the
International Herald Tribune
yesterday, the International
Monetary Fund recorded a 23
per cent rise in food prices in
the last 18 months — the fastest
increase in at least a decade.

This surge in prices is going
to hit nations where “con-
sumers spend a greater share
of their income feeding them-
selves” most — a description
which some could say applies
to a significant portion of
Bahamians.

Yesterday, Mr Laing said
that while the government is
watching the upward trend,
“quite frankly there is not
much we can do about it given
the extent to which we depend
so much on importing our
food stuffs.”

While government can
adjust the custom duties levied
on certain food items in line
with any incréases to provide

LOCAL NEWS



@ ZHIVARGO Laing

some relief — “to the extent
the fiscal programme permits”
—and create incentives for the
development of an indigenous
agricultural industry, ulti-
mately neither of these actions
will be able to shelter Bahami-
ans from the surging cost of
imported food products.

The minister noted that the
government has to be vigilant

_ when it €omes to the price of

products coming into this
country, keeping in mind the
fact that we “import inflation”
from the US when we primar-
ily supply our foodstores with
products from that market.

The US market is currently -

being effected by a surge.in
demand for agricultural com-

@ LESLIE Miller

modities to make ethanol and
other substitutes for crude oil.

The OECD has predicted a
doubling of demand in the US
and Europe for organic prod-
ucts to make biofuels by 2016.

Additionally, climbing oil
prices worldwide are adding a

double burden by impacting the .

cost of shipping commodities
from Outside markets to
Bahamian food stores.

Yesterday, Mr Laing noted
that any price increases in the
US market are bound to have
an impact in the Bahamas,

“considering our economic
structure and history.”

Many items to which Bahami-

ans are accustomed will never ~

be produced in this country.



M@ LARRY Cartwright

“If expanding agriculture and
fisheries helps to bring some
relief you welcome that but you
know and I know that the fish-
eries items and the agricultural
produce are only a component
of the overall grocery needs of
the average Bahamian house-
hold,” he said.

The Minister of State added

that people will have to be’

“realistic” in terms of the
impact that can be made by
expanding the agricultural sec-
tor, bearing in mind that any
difference would be felt more
in the “medium to long term”
than the short term.

Minister of Agriculture Larry
Cartwright has urged Bahamian
farmers to become “more com-

petitive” in light of the global-
ising and liberalising trade envi-
ronment and has stated that his
government has policies devised
to aid farmers in this effort.

Leslie Miller, former minis-
ter of agriculture, trade and
industry, claimed yesterday
however that there would have
to be a sea change in Bahamian
attitudes towards work such as
farming if any dent was to be
made on the amount of food
brought in from abroad. “The
will is lacking,” he said.

Mr Miller added that the
FNM is too “embedded with
the rich business sector” to
enact policies that are in the .
interest of the “small Bahami-

alls.

Bahamas International Film Festival

vIn'preparation for the

-?. fourth annual Bahamas Inter-
Colombia produces about 90" le
per'cent Of the cocaine con- :~

“national Film Festival, the
organisers have announced
the return of the Filmmaker’s
Residency Programme.

The programme is being
sponsored by one of the
Bahamas’ leading offshore
banks of 50 years, Ansbacher
(Bahamas) Ltd.

In a statement issued yes-
terday the Bahamas Interna-
tional Film Festival (BIFF)
extended “special thanks” to
Michael Mayhew-Arnold, the
managing director of Ans-
bacher and advisor to BIFF,
for his support.

This year, the best screen-
play or treatment for a feature
film written by a Bahamian or

Caribbean artist will be award- .

ed a $10,000 prize to aid with
the development and eventual

Both Bahamian and
Caribbean filmmakers have a
“fantastic” opportunity to get
funding for their dream pro-
ject, whether it be a big bud-
get spectacle or a small inde-
pendent work, the statement
said.

In addition to the grant, the
Filmmakers Residency Pro-
gramme seeks to nurture new
filmmakers and screenwriters
by allowing them an unrivaled
opportunity to spend a full
day with those who make a
living working in the industry

they wish to break into. ~ ,
“It is our intention that the

' contacts made will last beyond

the time spent at the “pro-
gramme, and that all who take
part in the programme will

’ benefit from attending,” the

organisers said.

However, the programme
is not limited to film. Artists of
any kind may enter their pro-
jects for consideration as well.

As Maria Govan, director
of RAIN has said, "BIFF
offers Bahamians two very
important things through the
residency programme — the
opportunity to get feedback
on one's work so that Bahami-
ans may become better screen
writers and also the opportu-
nity to connect with industry
people who have the capacity
to help realise that which is
given to them on the page."

The programme will take
place on December 8, where
filmmakers and advisors will
be introduced, followed by
one-on-one meetings.

Towards the end of the day,
all participants will come
together so that each person
can ask questions in a group
dynamic.

Finally, the advisors will
meet with each other and give
feedback on each project, and
will provide each filmmaker
with comments from an
impressive cross-section of
expertise.

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“As the festival grows with
each passing year, the Residen-
cy Programme continues to pro-

vide us with outstanding artistic
work from both the Bahamian

and international communities.

to run filmmaker’s residency again

We are confident that this year
will be no different,” the state-
ment said.

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PAGE 6, TUESDAY, JULY 17, 2007
GN-531



SUPREME COURT :
PROBATE REGISTRY :
P.O. BOX N-167 :
Nassau, The Bahamas :
July 19, 2007 :

Probate Division
2007/PRO/npr/00306 ©

IN THE ESTATE of DORANE ROBERTSON :
CELENTANO, late of 205 Glenmore Street in the Village :
of East Williston in the County of Nassau in the State :
of New York one of the United States of America, :

deceased :

NOTICE is hereby given that after the expiration of :
fourteen days from the date hereof, application will be: :
made to the Supreme Court of The Bahamas, on its :
Probate Side by WILLIAM P. HOLOWESKO, of Lyford :
Lane, Lyford Cay, New Providence, one of the Islands :
of the Commonwealth of The Bahamas, Attorney-At- :
Law, the Authorized Attorney in The Bahamas, for :
obtaining the Resealed Grant of Letters Testamentary :
in the above estate granted to VIRGINIA R. HECKERT :
AND ROBERT W. HECKERT, the Executors, by the :
Surrogate’s Court of Nassau County, in the State of :
New York one of the United States of America, on the :

13th day of February 1992.
Signed
K Mackey
(for) REGISTRAR

No. 2007/PRO/npr/00307

Whereas, JEAN ALLEN of East Bay Street, Eastern :
District, New Providence, one of the Islands of the :
Commonwealth of The Bahamas has made application :
to the Supreme Court of The Bahamas, for letters of :
administration of the Real and Personal Estate of :
‘GEORGE WILLIAM ALLEN, JR., late of The Eastern :
Road, Eastern District, New Providence, one of the :
Islands of the Commonwealth of The Bahamas, :

deceased. :

Notice is hereby given that such applications will be :
heard by the said Court at the expiration of 14 days : i
: Whereas, BERYL ANDREA WILLIAMS of 8 Benson :
: Road, Dannottage Estates, Eastern District, New :
: Providence, and SIDNEY ALEXANDER CAMBRIDGE, :
: Jr, of No. 9 Chancery Lane, Winton Estates, Eastern :
: District, New Providence, both of the Islands of the :
: Commonwealth of The Bahamas, Attorneys by Deed :
: Of Power of Attorney for the Administrator has made :
: application to the Supreme Court of The Bahamas, for :
: letters of administration of the Real and Personal Estate :
of MARIA RENATE KELLERMANN late’ of Im :
Ziegelwinkel 16,96317 Kronach in the federal Republic ;

| No. 2007/PRO/npr/00319

from the date hereof.

Signed
Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS :
THE SUPREME COURT :
PROBATE DIVISION :
July 19, 2007 : i
: Notice is hereby given that such applications will be :
_ + heard by the said Court at the expiration of 14 days :
: from the date hereof.
Whereas, WEALTHEA WHYMMS of #75 Hamilton :
Street, Western District, New Providence, one of the :
Islands of the Commonwealth of The Bahamas has ;
made applicatian to the Supreme Court of The :
Bahamas, for letters of administration of the Real and :
Personal Estate of ROBERT L. WHYMMS late of #75 :
Hamilton Street, Mount Pleasant Village, Western :
District, New Providence, one of the Islands of the :
Commonwealth of The Bahamas, deceased. :

No. 2007/PRO/npr/00308 ©

Notice is hereby given that such applications will be
heard by the said Court at the expiration of 14 days :
: No. 2007/PRO/npr/00314

: Whereas MICHELLE NEVILLE-CLARKE of Marlin :
: Drive in the Western District of the Island of New :
? Providence, one of the Islands of the Commonwealth : .
: of The Bahamas has made application to the Supreme :
: .Court of The Bahamas, for letters of administration of :
? the Real and Personal Estate of FREDY GOZALI late :
: of Jalan Matraman Raya Number 60, Rukun Tetangga :
012/002, Kebon Manggis Village, East Jakarata, :

from the date hereof.

Signed
Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT |

PROBATE DIVISION :

July 19, 2007

No. 2007/PRO/npr/00309

Notice is hereby given that such applications will be
heard by the said Court at the expiration of 14 days :

from the date hereof.

Signed
Desiree Robinson
(for) Registrar

Probate Division
: 2007/PRO/npr/00310

? IN THE ESTATE of JON R. RUHLMAN, late of Shoreby :
: Drive in the Town of Bratenshl in the Country of :
: Cuyahoga in the City of Cleveland in the State of Ohio :
: one of States of the United States of America, :
i deceased :

| No. 2007/PRO/npr/00315

| Whereas WILLIAM NATHANIEL TAYLOR of Gleniston |
: Gardens in the Island of New Providence, one of the :
: Islands of the Commonwealth of The Bahamas has :

SUPREME COURT :
PROBATE REGISTRY :
‘P.O. BOX N-167 :
Nassau, The Bahamas
; July 19, 2007 :
‘+ of the Islands of the Commonwealth of The Bahamas,

: deceased. ~

: NOTICE is hereby given that after the expiration of :
: fourteen days from the date hereof, application will be :
: made to the Supreme Court of The Bahamas, in the :
Probate Division by WILLIAMS EDGAR PILCHER of :
the Eastern Road, Eastern District of the Island of New :
Providence, one of the Islands of the Commonwealth :
of The Bahamas, Attorney-At-Law, the Authorized :
Attorney in The Bahamas for obtaining the Resealed :
: Grant of entry appointing Fiduciary Letters of Authority :
: in the above estate granted to BARBARA P. RULMAN :
? the Executrix of the Estate, by the Probate Court of :
Cuyahoga County, Ohio, one of the States of the United :
States of America, on the 12th day of May 2006. :

. : Islands of the Commonwealth of The Bahamas has
: made application to the Supreme Court of The
i Bahamas, for letters of administration with the will
: annexed de bonis non of the Real and Personal Estate
: Of ADDINGTON TAYLOR late of The Southern District,
: New Providence, one of the Islands of the
: Commonwealth of The Bahamas, deceased.

COMMONWEALTH OF THE BAHAMAS :
THE SUPREME COURT :
PROBATE DIVISION :
July 19, 2007 :

Signed
Desiree Robinson
(for) REGISTRAR

No. 2007/PRO/npr/00312

Whereas, GLORIA PATRICIA DAWKINS nee LEWIS :
of Butter Cup Lane, South Beach, Southern District, :
? New Providence, one of the Islands of the :
: Commonwealth of The Bahamas has made application :
: to the Supreme Court of The Bahamas, for letters of :
: administration of the Real and Personal Estate of DAVID :
: DAWKINS late of Butter Cup Lane, South Beach, :
: Southern District, New Providence, one of the Islands :
: of the Commonwealth of The Bahamas, deceased. :

COMMONWEALTH OF THE BAHAMAS :
THE SUPREME COURT :
PROBATE DIVISION
July 19, 2007 :

Notice is hereby given that such applications will be :

heard by the said Court at the expiration of 14 days :

; : Whereas, SHANNELLE SMITH of the Western District,

_:+ New Providence, one of the Islands of the

: Commonwealth of The Bahamas, Attorney by Deed of

: Power of Attorney for the Administrators has made

i application to the Supreme Court of The Bahamas, for

: letters of administration with the will annexed of the

: Real and Personal Estate of JULES FRANCOIS

: JOSEPH JUAN PHILLIPPE MAURICE FERNANDO

: .de AMODIO a.k.a. JOHN de AMODIO a.k.a. THE

i MARQUIS de AMODIO late of 3 rue de L’Eveche,
COMMONWEALTH OF THE BAHAMAS §:.

THE SUPREME COURT :

PROBATE DIVISION :

July 19,2007 :

: from the date hereof.

from the date hereof.

Signed
_ Desiree Robinson
(for) Registrar

No. 2007/PRO/npr/00313

of Germany, deceased.

Signed
Desiree Robinson
(for) Registrar

Republic of Indonesia, deceased.

Notice is hereby given that such applications will be :
: heard by the said Court at the expiration of 14 days :
é : from the date hereof.
Whereas, ELAINE ARNETT of Amerylis Avenue, New :

Providence, one of the Islands of the Commonwealth :
of The Bahamas has made application to the Supreme :
Court of The Bahamas, for letters of administration of :
the Real and Personal Estate of TORQUIL ARNETT :
late of Amerylis, New Providence, one of the Islands :
of the Commonwealth of The Bahamas, deceased. :

Signed
Nicoya Neilly
(for) Registrar

THE TRIBUNE

made application to the Supreme Court of The
Bahamas, for letters of administration with the will
annexed of the Real and Personal Estate of CLIFTON
HARCOURT TAYLOR late of Gleniston Gardens in the
Eastern District of the Island of New Providence, one

Notice is hereby given that such applications will be
heard by the said Court at the expiration of 14 days
from the date hereof.

Signed
Nicoya Neilly
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
_ July 19, 2007
No. 2007/PRO/npr/00317

Whereas, SUSAN J. JOSEPH nee ROLLE of Claridge
Road, Southern District, New Providence, one of the

Notice is hereby given that such applications will be
heard by the said Court at the expiration of 14 days
from the date hereof.

Signed
Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

July 19, 2007

No. 2007/PRO/npr/00318

Switzerland, deceased... of

‘Notice is hereby given that such applications will be
heard by the said Court at the expiration of 14 days

Signed
Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
July 19, 2007

Whereas, SHERYL VINCESS HILTON of Gerald Bartlet

: Subdivision, Western District, New Providence, one of
: the Islands of the Commonwealth of The Bahamas has
: made application to the Supreme Court of The
: Bahamas, for letters of administration of the Real and
: Personal Estate of SEAN MARIO HILTON late of Gerald
i Bartlet Subdivision, Western District, New Providence,
: one of the Islands of the Commonwealth of The
: Bahamas, deceased.

COMMONWEALTH OF THE BAHAMAS :
THE SUPREME COURT :
PROBATE DIVISION :
July 19, 2007 ;

Notice is hereby given that such applications will be
heard by the said Court at the expiration of 14 days
from the date hereof.

Signed
Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
July 19, 2007
No. 2007/PRO/npr/00320

: Whereas, VIRGINIA FERGUSON of Pinewood Gardens,
: Southern District, New Providence, one of the Islands
i of the Commonwealth of The Bahamas has made
: application to the Supreme Court of The Bahamas, for
i letters of administration of the Real and Personal Estate
: of AMOS FERGUSON late of Francis Street, Fox Hill,
? Eastern District, New Providence, one of the Islands
! of the Commonwealth of The Bahamas, deceased.
COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT :
PROBATE DIVISION :
July 19, 2007 :

Notice is hereby given that such applications will be
heard by the said Court at the expiration of 14 days
from the date hereof.

Signed
Desiree Robinson
(for) Registrar

“a 5



THE TRIBUNE

TUESDAY, JULY 17, 2007, PAGE 7







SUPREME COURT

SUPREME COURT
PROBATE REGISTRY
P.O. BOX N-167
Nassau, The Bahamas
July 19, 2007





Probate Division
2007/PRO/npr/00321

IN THE ESTATE of WILLIAM DENNIS, late of
Van Buren County in the State of Tennessee,
one of the States of the United States of
America, ; deceased.






NOTICE is hereby given that after the expiration
of fourteen days from the date hereof,
application will be made to the Supreme Court
of The Bahamas in the Probate Division by
NICHOLAS JOHN ZERVOS of the City of
Nassau in the Island of New Providence, one
of the Islands of the Commonwealth of The
Bahamas, Attorney-At-Law, the Authorized
Attorney in The Bahamas for obtaining the
Resealed Letters Testamentary in the above
estate granted to RUTH DENNIS, the Executrix
of the Estate, by the State of Tennessee,

County of Van Buren, on ule 8th day of June
2005.














Signed
Nicoya Neilly
(for) REGISTRAR




COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
“94 PROBATE DIVISION.

‘evctaly 19,2007...
No. SBBTIPROMor/OOSeK na a










Whereas RUBY ELAINE BYER of the Southern
District of the Island of New Providence, one
of the Islands of the Commonwealth of The
Bahamas has made application to the Supreme
Court of The Bahamas, for letters of
administration of the Real and Personal Estate
of DORA MATILDA HENRY late of Ferguson
Subdivision in the Southern District of the
Island of New Providence, one of the Islands
of the Commonwealth of The Bahamas,
deceased.











Notice is hereby given that such applications
will be heard by the said Court at the expiration
of 14 days from the date hereof.




Sign
Nicoya Neilly
(for) Registrar




SUPREME COURT
PROBATE REGISTRY
P.O. BOX N-167
Nassau, The Bahamas
July 19, 2007





Probate Division
2007/PRO/npr/00325

IN THE ESTATE of CATRIONA MACLAINE
GOURLAY, late of No. 54 Bishop’s Court,
Bishop’s Road, Trumpington in the District of
Cambridge in the County of Cambridgeshire
in the United Kingdom, deceased.






NOTICE is hereby given that after the expiration
of fourteen days from the date hereof,
application will be made to the Supreme Court
of The Bahamas in the Probate Division by
KEVIN M. RUSSELL of the City of Freeport
in the Island of Grand Bahama, one of the
Islands of the Commonwealth of The
Bahamas, Attorney-At-Law, the Authorized
Attorney in The Bahamas for obtaining the
Resealed Letters of Administration in the above
estate granted to JAMES RICHARD TEE, the
Personal Representative of the Estate, by the
High Court of Justice, the District Probate
Registry at Ipswich, on the 25th day of April
2006.














Signed
Nicoya Neilly
(for) REGISTRAR




SEE | TOxOre aoe.

LOCAL NEWS

Bridgewater continues
propaganda drive as seat
challenge approaches

FREEPORT -—- Senator
Pleasant Bridgewater has
vowed to hold newly elected
MP for Marco City Zhivargo
Laing’s feet to the fire to ensure
that constituents get the kind
of representation ° ‘they are used
to”.

Ms Bridgewater, the former
Marco City MP, stated that for
the past five years, residents of
the area experienced “first
class” representation which
included several positive recre-
ational programmes for young
people.

“The constituents of Marco
City are used to having things
done properly, and used to hav-
ing it done first class.

“Marco City should insist that
they get no less treatment from
their MP when they are being
provided with funding and an
allowance of $100,000, when I
was not given money to do so,
but I provided it,” she said.

Despite losing her seat to Mr
Laing, Ms_ Bridgewater
announced last Friday that she
will be spearheading initiatives
for the constituents in an effort
to fulfill promises she made dur-
ing her election campaign.

She is offering a computer
programme at her Marco City
office on Somerville Drive,
where computer teachers will
provide training in the form of
elementary, intermediate and
advanced courses for children
and adults.

The programme will run for
six weeks at a time and will cli-

@ PLEASANT Bridgewater

max with a graduation and cer-
tificate ceremony. The courses
are free, but persons may be

_ charged a small fee — around $5

— for a personal kit, she said.
Celebration

Ms Bridgewater said that she
is also considering holding a
“summer celebration splash”
for constituents at the grounds
of her office.

“T am a person who tries to
live up to my commitments, and
] have made promises during
the election campaign and I will

continue to live up to my com- °



@ ZHIVARGO Laing

mitments to the constituents of
Marco City,” she said.

Ms Bridgewater, who is con-
testing the results of the elec-
tion in Marco City, noted that

while in office, she organised

an annual summer camp, a back
to school bash, and summer
employment for the residents
of Marco City.

She revealed that the sum-
mer camp had offered employ-
ment to 100 persons, who were
paid a minimum of $150 per
week for two weeks. She also

- Stated that camp participants

were provided hot lunches and
field trips.
“T had activities of the highest

‘sentation to the people,”

quality; I gave them t-shirts, sta-
tionary, backpacks, and took
them on field trips, and I attend-
ed camp every day for two
weeks,” she said.

“T usually hold a summer
camp, but I will not have a sum-
mer camp this year because
Marco City has another mem-
ber of parliament, and it is my
belief that we should allow peo-
ple, as long as they represent.
an area, to offer good repre-
said
Ms Bridgewater.

She pointed out that Mr
Laing had outlined plans for
Marco City during the election,
and said the people need to
insist that those things are done.

In response to Ms Bridgewa-
ter’s comments, Marco City MP
Zhivargo Laing said that he has
wasted no time in providing
positive programmes for his
constituents.

“IT might note that five years
since her election, she is now
establishing a computer centre.
I have been elected now only
two months and I have a com-
puter centre that is set to start in
August when her programme
five plus years later — will start
in September.

Mr Laing said that he has 1 no
desire to continue in a back and

‘forth battle with Ms Bridgewa-

ter. “We have a lot of work to
do in Grand Bahama and we
have been working feverishly
to get things done here, and that
is what we are focused on,” he
said.

IDB Cultural Centre to finance 40 cultural
projects in Latin America and Caribbean

The Inter-American Devel-
opment Bank's Cultural Cen-
tre announced today the selec-
tion of 40 small-scale cultural

, development projects in 25

countries in Latin America and
the Caribbean, including the
Bahamas.

The projects will receive par-
tial financial support of between
$3,000 and $7,000.

This year's grants were
awarded in line with the
Opportunities for the Majority
initiative launched by IDB
président Luis Alberto
Moreno. Preference was thus
given to projects that empha-
sised the role of indigenous
peoples, women, youth, com-





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munity building, preservation
of cultural heritage and cre-
ative education in development
through culture.

The IDB Cultural Centre's
programme promotes cultural
development in the community
by financing innovative projects
in Latin America and the
Caribbean for technical train-
ing in restoring traditions, pre-
serving cultural heritage and
educating youth.

‘Taking into consideration
the need and diversity of these
cultural disciplines, the pro-
jects are evaluated for their
viability, educational scope,

effective use of resources, abil- -

ity to mobilise. additional

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The IDB's country offices .

promote the programme and
select the best proposals for
final review by the IDB Cultur-
al Centre's selection commit-
tee.

In 2007, 685 project applica-
tions were received, 245 were
pre-selected by the country
offices, and the committee
awarded grants to 40 projects
from 25 countries. ;

As partners in each of the
projects, the IDB Cultural Cen-
tre and country offices work
together to supervise, monitor
and guide the institutions

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order to achieve optimum
results.

From the Bahamas, the
Youth and Young Adult
Marching Band from Saint

.Matthew's Youth Ministries is

among this year’s selected recip-
ient institutions.

Other bank member coun-
tries selected to receive support
this year are: Argentina, Belize,
Bolivia, Brazil, Chile, Colom-
bia, Costa Rica, Dominican
Republic, Ecuador, El Salvador,
Guatemala, Guyana, Haiti,
Honduras, Jamaica, Nicaragua,
Panama, Paraguay, Peru, Suri-
name, Trinidad and Tobago,
Uruguay, Venezuela.



President of
Mexico disputes
campagn finance
allegations .

@ MEXICO CITY

PRESIDENT Felipe
Calderon on Monday dismissed
as “pure fiction” the allegations
by a Chinese-Mexican busi-
nessman that Mexico’s ruling
party forced him to hide tens:
of millions of dollars in cam-
paign cash at his home, accord-
ing to Associated Press. -

In his first public statements
about the accusations by Zhen-
li Ye Gon, Calderon said they
“are not only false, they are
ridiculous.”

Ye Gon claimed this month
that he was threatened with
death by the ruling party unless
he stored at least US$150 mil-
lion in his Mexico City mansion.

But key details in Ye Gon’s
version of events seem contra-
dictory, unclear or unverifiable,
and a senior US anti-drug offi-
cial said he knew of no evidence
that the Calderon administra-
tion — which has sent troops into
the streets to fight drug cartels —
has any links to organised crime.

Ye Gon is charged in Mexico
with drug trafficking, money
laundering and weapons pos-
session for allegedly importing
19 tons of a pseudoephedrine
compound used to make
methamphetamine — charges he
denies.

In all, police found more than
US$207 million hidden inside
the mansion’s walls, suitcases
and closets. Calderon said the
March 15 cash seizure was a
blow to the “backbone of
methamphetamine trafficking
in our country and probably in
the continent.”



PAGE 8, TUESDAY, JULY 17, 2007

THE TRIBUNE



Craft centre positions
Bimini for surging
tourism numbers

BIMINI has opened a state-
of-the-art craft centre that
tourism and government offi-
cials are confident will improve
product quality and increase ‘the
variety of Bahamian-made sou-
venirs.

On Friday last week, Minister
of Tourism Neko Grant offi-
cially opened the Bimini Craft
Centre, which includes 17 stalls
and sits on almost 3,000 square
feet.

The craft centre features
straw creations, conch shell
ornaments and other souvenirs.

Valued at more than
$200,000, the centre was com-
pleted by Bimini contractor

Daron Hinzey and comes at a
time when industry observers
say too many tourists are being
disappointed with the quantity
of Bahamian souvenirs.

“T am so delighted that one of
my first duties as. minister of
tourism to participate in the
opening of this craft market,”
Mr Grant said. “There was a
time when Bahamian products
were sold in our craft markets.
We often heard the stories of
vendors who were able to send
their children to universities
from monies they would have
earned by selling Bahamian-
made products. So I want you
to know that we will take every

step necessary to ensure that
the goods sold in this market
are indeed Bahamian.”

Mr Grant urged Bimini resi-
dents to maintain the craft cen-
tre’s pristine condition. He
pointed out that all residents

are investors in their island. As-

a result, he said, Bimini resi-
dents have ownership of the
facility, although funds for its
construction came from gov-
ernment resources.

“It was spent by the Bahamas
government, but it was indeed
your money,” he said. “So we
would wish for you to treat this
market like it was yours.”

The Bimini Craft-€Centre

opened on the heels of a series
of workshops designed to equip
souvenir manufacturers with

’ techniques to increase the qual-.

ity of their products.

The workshops, conducted by
the Ministry of Tourism and the
Bahamas Agricultural and
Industrial Corporation (BAIC),
took place as Bimini experi-
enced growth in visitor arrivals.

Obie Wilchcombe, member
of parliament for West End and
Bimini, said the opening of a
first-class craft centre demon-
strates Bimini’s belief that the
essence of the tourism industry
will always be local products.
-- “Phis is the best craft centre





ANGELA Cleare, consultant in the Ministry of Tourism, cuts
the ribbon to signify the official opening of the Bimini Craft
Centre. She is assisted by Minister Neko Grant and Mrs Grant as
others look on.

and straw market in the entire
Commonwealth of _ the
Bahamas right now as I speak
today,” Mr Wilchcombe ‘said.
“And I believe it is going to
become the prototype for all of
our markets throughout our
islands because you would see
that over the past several years,
effort has been made to
improve the product here in

Bimini.”

Among recent improvements
in Bimini are the dredging of
the harbour, increased flights
from Florida and the return of
renowned fishing tournaments,
Mr Wilchombe said.

He urged the people of Bimi-
ni to ensure that the new craft
market remains an outstanding
part of Bimini’s infrastructure.

Bahamas Scout contingent goes
to 21st World Scout Jamboree

@ SEATED (1 tor): Joseph Pickering, training commissioner;



Alexander Gibson, Chief Scout; John Philpot, Bahamas Scout
Association president; Rev Fr Don Haynes, assistant priest at
St Matthew’s Church. Standing centre: Shandel Munroe,
assistant contingent leader; (far right) Veronica Moore,
contingent leader and co-ordinator.



Eleven young Bahamians will
represent their country as the
Bahamas’ Scout contingent to
the 21st World Scout Jamboree.

The event is being held in the
United Kingdom, from July 27

HOFAUSUSE Sis 3 teen
_ The contingent is will be

made up of three young men
and one young woman. Three
of the young men are from
Grand Bahama. an
The expo is expected to attract
45,000 young Scouts and Scout
leaders from around the world.

Another 20,000 visitors will —

pass through the camp grounds
every day on one day passes.
The contingent will also expe-
rience a cultural exchange in
Paris, France, from August 8 to

- 13 before. returning to home

soil.
Accompanying them will be
Rev Fr Don Haynes, contingent

leader and Chaplain; Veronica

Moore, contingent leader and
co-ordinator and Shandel
Munroe, assistant contingent
leader.

The young Scouts along with
leaders of the Bahamas Scout
Association, parents and well
wishers, worshipped at St
Matthew’s Church this past
Sunday.

The celebrant was Rev Fr
Don Haynes, assistant priest at
St Matthew’s, who delivered a
provocative sermon in which he
challenged the congregation to
love and care for one another.

“We will not be having the
levels of murders and abuse
that’s wreaking havoc on our

nation today, if as a people, we
would ‘learn to help each oth-
er.
“Instead, we are too con-
cerned about how we will be
inconvenienced if we stop to
help a brother or sister in need,”
Fr Haynes said.

- He encouraged his listeners .-
to be generous with their time °
and resources and to be sensi-
tive to the needs of others. He
prayed that the Scout contin-
gent and its leaders would have
a safe and enjoyable experience.

Overweight students learn to shape up

_ Over-weight children were
commended for their efforts at

urged to pass on to their par-
ents some of the weight -loss

special camp.
The students successfully

es-at the SHAPE (Students

‘training to be healthy and phys-

weight reduction and were _ techniques they were taught ata completed their physical cours- _ ically empowered) Camp, 2007,

é

FOR IMMEDIATE RELEASE

The Government of The Commonwealth of The Bahamas announces the issue of a further
offering of Bahamas Registered Stock totalling B$100.000 Million. Applications will be received
by The Banking Department beginning at 9:30 a.m. on 17th July, 2007 and will close at 3:00pm on
24th July, 2007. Allocations will commence at 9:30 a.m. on 25th July, 2007 and will cease at _
3:00p.m. on 26th July, 2007. Application for the Stock subscription must be applied for in units of
BS$100.00. The details of the Issue are as follows:

Rate of Interest

5/16% Above Prime Rate
9/16% Above Prime Rate
19/32% Above Prime Rate

5/8% Above Prime Rate

}

Name of Stock

ahamas Registered Stock 2036 |

Bahamas Registered Stock 2037 _| 30,000,000.00 | 100.00

30,000,000.00

Bahamas Registered Stock 2027 | 10,000,000.00 | 100.00_

Bahamas Registered Stock 2035 | 30,000,000.00 | 100.00

BS

| 100,000,000.00 |

The first interest payment will be on 26th January, 2008. Thereafter, interest will be payable
on 26th January, and 26th July of each year until the Stock is repaid. Application forms may be
obtained from The Central Bank of The Bahamas’ offices in Nassau and Freeport, The Public
Treasury or any of the following banks:-

1.) Bank of The Bahamas International

2.) FirstCaribbean International Bank (Bahamas) Limited

3.) Finance Corporation of Bahamas Limuted

4.) Commonwealth Bank Limited
Royal Bank of Canada
Scotiabank (Bahamas) Limited

Fidelity Bank (Bahamas) Limited

Citibank N.A.

Bank drafts should be made payable to The Central Bank of The Bahamas. Also
wire transfers via Real Time Gross Settlement and Cash are accepted. Subsribers for
amounts in excess of $1,000,000.00 may provide authorization from their Bank for

payment.

‘



and were congratulated for their
achievements on Friday during
a special ceremony at the Doris
Johnson Senior High School on
Prince Charles Drive.

The youngsters ran, walked
and participated in a number of

physical activities designed to,

reduce their weight. And they

had fun while doing it. |
Parents and students turned

out on Friday for the closing

’ ceremonies. Most important of

all, the children left with an
enhanced sense of self worth
and achievement, and were
taught to feel good about them-
selves and how to reduce their
weight through regular exercise.

Chief Medical Officer Dr
Merceline Dahl-Regis lauded
the students on their achieve-
ments. She urged them to con-
tinue to make healthy dietary
choices and to urge their par-
ents to do the same.

“We want to promote healthy

- lifestyles and it begins with each

of us where we are,” she said.
“Tt’s a way of living and we can
start at anytime.”

Dr Dahl-Regis said fast foods
and junk food like chips and
chocolates are dangerous if not
eaten in moderation. She
recalled that when she was a
child, the healthy practice of
eating fruit as a snack was much
more common.






NOTICE

CONFIDENCE
INSURANCE
BROKERS & AGENTS LTD

willbe CLOSED
on

Friday, July 20, 2007.

We apologize for any inconvenience caused.

Canfidence Insurance Brokers & Agents Ltd.

egy St. (2nd floor The Standard House)
hone: 323-6920 Fax: 325-8486 *

Today there are a huge num-
ber of fast food outlets and an
enormous variety of fried ‘food
on offer in the Bahamas. She
said these foods should be eaten
in moderation and not abused.

‘We want you to choose dif-
ferently and that’s what this
camp is all about,” she said.

“There are things that you
can constantly do in your daily
activities to promote physical
fitness,” said Dr Dahl-Regis.

The students were taught
how to appreciate themselves
while trying to attain a healthy

weight. Some of the key lessons

taught were:

e Accept yourself

e Stop dieting (instead, eat
well and enjoy being active)

e Enjoy your food (follow the
dietary guidelines and eat for
energy, good health and plea-
sure)

e Get up and move...
keep moving

e Relax yourself (breath
deeply) 3

e Feast on positive thoughts
(choose thoughts that energise
you and do not drag you down)

¢ Look good all the time

e Don’t forget family and
friends

e Have an attitude of grati-
tude

e Express yourself (express-
ing personality through hobbies)

and













THE TRIBUNE

TUESDAY, JULY 17, 2007, PAGE 9



Four questioned
over stabbing
fleath of teen

FROM page one

cide squad, told The Tri-
bune that based on intel-
ligence gathered on the
scene of the crime by
detectives, several indi-
viduals were taken in for
questioning by police
within two hours of the
murder.

With the country
poised to eclipse eighty
murders this year Mr
Miller told The Tribune
that his detectives have
solved some 35 of the 45
homicides and are mov-
ing to closure in the
remainder.

"When you look at the
number of detectives
here for what is going
on in this country today,
dealing with murders,
armed robberies
and the like, they are
doing a good job," he
said.

_Mr Miller added that
police are in the process
of conducting interviews
regarding Javano’s mur-
der and he expects
charges to be filled
shortly in this case.

This latest homicide
comes after the killing
of two other teenage
boys in just over a week.

Mardio Hall, 18, was
gunned down outside
the Queen Elizabeth
Sports Centre complex,
on July 8th, while 18-
year-old Elima Souf-
frant, of Farrington
Road was stabbed to
death last Thursday
night in the vicinity of
Meadow and Parker
Streets. ©

Regarding the latest
homicide, Chief Super-
intendent Miller said
that the four persons
assisting police are three
teenagers, ages 13,15
and 17, and a 20 year
old.

FROM page one

: aging partner in Chancellor

? » Chambers, and is a former asso-
ciate of Graham, Thompson &
Company, and a former part-
ner of Lennox Paton and Hals-
bury Chambers.

The source told The Tribune
that the move to draft Mr
Dorsett — who is 36 — is a part of
a wider move by younger peo-
ple in the party to take over the
affairs of the PLP.

"What people are upset
about is that for example, Ingra-
ham has shown an ability to put
young people to the forefront
with all of his ministers of state.
Christie, on the other hand,
when he was there, he put a
bunch of old chairmen and old
people there. So the concern is
that you (young people) won't
have a future with Christie as
leader," he said.

"The second term, more
young people were supposed to
be included in what was going
on. But that did not happen. So
as opposed to sitting back any
longer, you will see young peo-
ple in the PLP start to get more
aggressive and push for rights,"
he said.

The source also said that
"the problem with the PLP has
been that we recycle leaders,
we recycle people."

Englerston MP Glenys Han-
na-Martin was the first to pub-
licly announce her intention to
enter the race for the chair-
manship last week at the par-
ty's Speakers Corner series.

Since this announcement, for-
mer PLP Senator Philip Galanis
made statements apparently
criticising Ms Hanna-Martin
when speaking to The Nassau
Guardian.

"I think all of these individ-
uals (who are seeking to be
chairman) should devote their
time to being in opposition and
to being a shadow minister for
their respective ministries, " he
said.

“I also believe that there
were some ministers in the for-

‘mer PLP administration who

SUMMARY:

RESPONSIBIEITIES:

management and personnel

under audit

recommendations

personnel are obtained

recommendations

QUALIFICATIONS:

personal and communications skills.

Send resumes no later than 20th July 2007 to:

Jim

51 Frederick Street
P.O. Box N-4853

Nassau
Fax 328.1180

ls
=
.
=
is
al
.
r
.
Hy
i
it
g
a
Mi



LOCAL NEWS

They didn't execute their port-
folios well and they need to
focus their attention on main-
taining their seats and repre-
senting the constituents and
their party in parliament, and
for any such person to have a
dual role (as chairman and
member of parliament), it is
going to be distracting and I
don't think they will be effec-
tive," he said without specifi-
cally naming Ms Hanna-Mar-
tin.

Longtime chairman, Ray-
nard Rigby, also made com-
ments indicating some level of
disapproval of Ms Hanna-Mar-
tin's decision.

Mr Rigby-told The Tribune
that it is important to separate
the affairs of party and parlia-
ment, which is clearly a criti-

cism of Ms Hanna-Martin's
bold decision.

"I hope we will not turn back
on that principle," he said.

Ms Hanna-Martin took the
PLP nomination from Mr Gala-
nis in 2002 for the Englerston
constituency. While the former
transport minister has openly
taken aim at the position of Mr
Rigby, indicating that there may
be some animosity by the two
men against Ms Hanna-Martin.

Sources are also speculating
as to whether. Mr Galanis will
offer himself as a candidate in
the race for the chairmanship
along with other possible con-
tenders such as: Paulette Zoni-
cle; Jerome Gomez; Jerome
Fitzgerald; Keod Smith; Ron
Rolle and possibly former MP
Ron Pinder.

Claim that lawyer Ken Dorsett is
PLP chairmanship front runner

Small plane stolen from airport
FROM page one |

could suspect is that some smuggling went on and they took the
plane to facilitate their activities. They probably flown it to one of
the Caribbean islands to facilitate their illegal business,” Mr Rah-
ming said.

The company, he said, has reported the incident to police and
they have sent out an alert to all airports throughout the Caribbean.

Earlier this year police were investigating the theft of a Western
Air, another Androsian company, aircraft that disappeared in
April. ~

_ The 19-seat commuter plane disappeared from Lynden Pindling

International Airport.

The aircraft was later discovered in Columbia.

Last year a private individual had his aircraft stolen under sim-
ilar circumstances. This plane was later located in Jamaica.



Tourism police unit



Coroner's inquest may be held

FROM page one

it concerns jet skis and speedboats being rented out to inexperi-
enced tourists on crowded Bahamian beaches.

Speaking with The Tribune, Chief Supt Glenn Miller, officer
in-charge of CDU, said that early investigations into the incident
now indicate that Eric Thomas — a seven-year-old boy from Cincin-
nati, Ohio—'was run over by another jet-ski after falling from the one
he was riding on with his mother.

He explained that it appears that Eric’ s mother lost control of the
jet-ski when she hit a wave. The boy fell off the vessel and sustained
severe head injuries.

However, Mr Miller said that the investigation into the matter is
still underway. He said that while a Coroner’s inquest is a definite

were not effective as ministérs:

Group Internal Auditor

possibility, there are also other options in this case.

Mr Miller said that depending on the outcome of the investiga-_

tion, charges could be brought against persons.
“We don’t know yet where we are heading with this,” he said.
Eric died just hours after he and his family arrived in the Bahamas

onboard the Majesty of the Seas.

The family was enjoying their land excursion to Cabbage Beach,
Paradise Island, when the fatal accident occurred.

This tragedy happened just as Paul and Andrea Gallagher, from
Kent, England, await to have a Supreme Court date set for their

case.

The Gallaghers’ two-year-old toddler died in August, 2002 when
he was hit by an out-of control speedboat that came up onto the

beach on Paradise Island.

The speedboat was unlicensed and unregistered.
Almost five years later, three men were charged with manslaugh-

ter through negligence.

Mrs Gallagher told British media last week that she had been
informed by Bahamian authorities that a court date will soon be set
for-the:triaLof Cee in connection with her son’s

death.

Jib ih

invites applications for the position of
Senior Internal Auditor |

In this highly visible position you will be part of a small team
performing audits on the banking, insurance and securities principles
and practices of the Fidelity Group of Companies.

¢ Conducting meetings and interviews with all levels of
Performance of thorough studies of business processes for areas —

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

¢ Drawing conclusions based on the results of tests performed

e Arriving at feasible cost effective solutions to problems
encountered and making specific recommendations
Organizing the audit working papers in a manner conducive to
developing a report on audit results, findings, and

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

Preparing reports detailing the audit results, findings, and

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

The Senior Internal Auditor is expected to work towards or have a professional designation
such as CPA or CIA and should be willing and able to travel about 10-15% of the year.

The Senior Internal Auditor reports directly to the Group Internal Auditor. A competitive
compensation package is offered and will include salary, benefits and bonuses.





FROM page one


























fegular police force.

Those who do not meet the
necessary requirements will
be absorbed into the reserves
or the civilian branches of the
police force, he said.

“None of these persons are

being ostracised or put aside,”
Mr Dames said.
, Speaking on condition of
anonymity, a source close to
the unit said that many local
constables Rave up govern-
ment jobs they held for many
years in order to join the
tourism patrol unit, with the
view of one day becoming reg-
ular police officers.’

“The requirement of the
unit was that you can’t have
two jobs. Some persons in the
unit had two jobs, such as gov-
ernment jobs, working for
many years, close to (retire-
ment). As a local constable in
the unit they had to quit their
second job,” the source said.

The source explained that
many local constables who do

the regular police force will
now have to join the reserves.

“As a reservist you can have
two jobs. They now want to
offer these’ persons the

not meet the requirements of

reservist programme when
they already quit their other
jobs of many years, when they
could have been a reservist
from the very beginning,” the
source said.

The source close to the unit
said that many of the local
constables were now con-
cerned about their financial
future.

Responding to these
claims, Asst Commissioner
Dames said that many of the
constables will improve their
situations in regards to salary
and other benefits due to the
restructuring move.

“We, thought it’s time for
them (the local constables) to
enhance themselves,” he said.

“We have taken a look at
their skills, and other capabil-
ities they may have and we
(looked at) how we can use
them in the force, but no one
was let go, no one’s pay has
been cut,” he said.

Mr Dames said that from
now on the tourism patrol unit
will be staffed with fully
trained police officers.

“We understand how
important tourism is to this
country and what we hope to
do is to improve upon the
product,” he said.





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PAGE 10, TUESDAY, JULY 17. 2007

TUESDAY EVENING ~ JULY 17, 2007 |

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his sidekick Derek put

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Bring your children to the

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THE TRIBUNE TUESDAY, JULY 17, 2007, PAGE 11

Supermarket chain

to award $200k
in scholarships

BAHAMAS Supermarkets

Foundation, the charitable arm
of City Market’ parent compa-
ny, will award $200,000 in
scholarships during a reception
honouring 39 recipients and
their families July 19 at Super-
Clubs Breezes.
' More than 150 persons are
expected to attend the event,
highlighted by an address by
Minister of Education,*Youth,
Sports and Culture Carl
Bethel.

It is the 39th year that the

supermarket retailer has pre-
sented awards, and this year’s
contribution brings the total
funds to nearly $8 million
donated since the programme’s
inception in 1968.
, Some 1,671 students, includ-
ing the country’s first blind stu-
dent to attend college abroad,
have benefited from Bahamas
Supermarkets Foundation
awards.

“Thirty-nine years, 39 stu-
dents, the numbers were just
coincidence,” said Peter
Goudie, human resources man-
ager for the retail grocery
giant. “But there is no coinci-
dence about Bahamas Super-
markets Limited’s unwavering
commitment toeducationand ™ —
youth development. This year’s | ™ KEN Burns speaking at a previous awards ceremony
contributions, which represent
an increase of 33 per cent over
last year’s awards, are testa-
‘ment to that.

, “We at Bahamas Supermar-
kets are extremely pleased to
be able to assist, knowing that
these awards help build leaders
and good citizens of this coun-
try.”
' Recipients. will use their
$2,500 awards to study disci-
plines as diverse as economics
and aerospace engineering.
‘Seven recipients listed bio-
chemistry as their major, the -
largest single subject ever
selected by a group of recipi-
€nts.

Ten will use their awards to
study at the College of the
Bahamas..Recipients, selected
from hundreds of applicants
hoping to secure one of the
sought-after scholarships, plan
to pursue majors including
education, business, biology,
law and psychology. Three
Tecipients have been nominat-
‘ed by their Junior Achieve-
ment clubs in Nassau, Grand
‘Bahama and Central Andros.

Past recipients include
regional tourism visionary ae : roan
‘CTO directof-general Vincent Tr CARL Bethel will be attending the event
‘Vanderpool-Wallace, radio
personality and Kerzner vice
president for community affairs
‘Ed Fields, well-known phar- B i jy & i) k C 1B d
‘macist andentrepreneur Laura § a UTES uS atte A t
‘Charlton and Bahamas Cham-

ber of Commerce executive ,
‘director Philip Simon. Over the itis PALO

years, each has returned to e “ td 4 a
mena Phone:322-1722 ¢ Fax: 326-7452
‘tude and advice with new
recipients.
Recipients for the 2007-2008
academic year include:
¢ Chauncy Adderley,
e Emma Adderley
e Ryan Albury
¢ Henricka Bain
¢ Dwitney Bethel
¢ Jermaine Bowleg
¢ Donovan Curry
¢ Tara Dames
¢ Sasha Dorsett
_ © Thurl Edwards
: @ Renee Farquharson
e Antonia Forbes
¢ Cheyanne Harvey
¢ Italia Hutchinson
¢ Jeremy Jesubathan
¢ Brittanie Kemp
_. © Kevin Kemp
, © Travis Knowles
'- @ Leslie Lopez Jr,
, © Miriam McDonald
¢ Jamere McIntosh
¢ Javardo McIntosh,
¢ Anayah Miller
¢ Sade Palmer
e Ezzard Rolle
¢ Cliffrielle Sands
¢ Cameron Saunders
e Stephanie Saunders
¢ Wendy Saunders
. © Brooke Sherman
' e Astra Simmons
, © Markira Stewart
¢ Albrion Symonette
¢ Shawn Thurston
¢ Joan Tucker
' ¢ Elizabeth Williams
¢ Jades Williams
¢ Patrieka Young
Khia Poitier has been select-
‘ed as the recipient of the Hal
‘Jackson .Talented Teen
Baham Supermarket Foun- a

dation education award.









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PAGE 12, TUESDAY, JULY 17, 2007

THE TRIBUNE



re = aaa eae Te - a

a? ; 4 gt ts sexs



Baha Mar donates to Lyford Cay Foundation

BAHA MAR has donated $10,000 to the Lyford Cay Foundation in honour of its vice president of finance, Vaughn Roberts. Mr.
Roberts was a past recipient of a scholarship from the Foundation and was recently honoured as one of its Outstanding Top Schol-
ars. He is a Chartered Public Accountant who joined the Baha Mar family last year. His is a story of outstanding success and Baha
Mar’s chairman, Sarkis Izmirlian, has said that he is very proud to have Mr. Roberts as a part of his team. Shown at the presentation
from left are: Mr. Roberts, Manuel J. Cutillas, Chairman Lyford Cay Foundation; Robert Sands, Vice President, Baha Mar/Cable Beach
Resorts, and Monique Hinsey, Director of Education, Lyford Cay Foundation.

(TCL Photo by Wendell Cleare)





5 ry rs 3 ee

LOCAL NEWS 3

@ NEWLY appointed Nobu




General Manager Monique

Wszolek stands in the chic Japanese restaurant at Atlantis. -
(Photo: Joshua Yentis/Blue Wave Imaging)

Atlantis appoints -
new Bahamian
general manager .

BAHAMIAN born
Monique Wszolek has been
appointed General Manager
of the upscale Japanese
restaurant Nobu at Atlantis.
In her new capacity Wszolek
will work closely with cele-
brated Japanese Chef
Nobuyuki “Nobu” Matsuhisa,
while managing a dynamic

_ team of 100 employees.

With almost 20 years of
food and beverage experience
under her belt, Wszolek takes
over the restaurant just after
16 months of joining Nobu as
a Lounge Manager.

Nobu at Atlantis is the first
Nobu outpost in the
Caribbean and thirteenth in
the world. Since opening its
doors in February last year
the restaurant has become a
hot spot for affluent travel-
ers, VIP’s as well as local vis-
itors familiar with the Nobu
brand across America.

“It’s a huge honour to work
for Nobu at Atlantis,” com-
mented Wszolek on her
recent appointment. She con-
tinued, “we have excellent
servers and managers and we
all work together as a team.”

Ensuring that the food con-
cept and fine Japanese cui-
sine of Nobu is always of a
superior quality will top the
list of Wszolek’s goals as she
takes on her new position. At
the same time Monique, who
firmly believes that each
member of the restaurant’s
team plays a vital role in their
overall success, plans to fur-
ther enhance the restauran-
t’s excellent customer service
levels through on-going
training and development of
its employees as well as by
empowering them to make
suggestions On ways to fur-
ther improve the product. She
will also work closely with
newly appointed Restaurant
Manager Warren Curtis.

“The team at Nobu is real-
ly proud of the product that
we sell and the service that
we provide our very discrim-
inating travelers. Atlantis has
brought some very popular
restaurant concepts to the
Bahamas...and it is really
great that we now have.
world-class restaurants at the
resort that both our interna-

for Nobu restaurant

tional and local patrons can
enjoy,” Wszolek commented,

Monique takes over from
former Nobu General Mans
ager Perry Parrigin. She com:
mended Parrigin for his
strong leadership skills as well
as the quality time he invest+
ed in preparing the mostly
Bahamian team of employ-
ees to take over the restau:
rant.

After successfully complet-
ing a Bachelor of. Arts
Degree in Political Science
from the University of Toron-
to, Monique purchased a
restaurant in Canada which
she successfully operated for
several years. After deciding
that she needed a greater
challenge, she packed her
bags and headed home to the -
Bahamas. Several months lat
er, when the position for a
Restaurant Manager at Nobu
became available, she applied
and subsequently joined the
Kerzner team. a

Her prior work experience
has included managing the
Campus Beverage Service at
the University of Toronto as
well as serving as Operations
Manager at Ristorante Vil-
laggio in Nassau, The
Bahamas. .

Wszolek also obtained a
Hospitality and Accounting.
Certificate from George
Brown College in 2001 as well
as completing French Lan-
guage courses at the Alliance,
Francaise.

Located off the Atlantis,
Casino, Nobu is the signature!
restaurant of The Royal Tow-'
ers and serves dinner nightly
while the sushi bar and the
lounge stay open later for
guests who savour the
nightlife. Guests are able to,
order from the menu or have:
their waiter guide them
through Omakase — Chef*s
Choice. é

The multi course Omakase;
allows diners to experienc&
the essence of Nobu’s cuisines
The stunning, 7,100-square=.
foot space was designed by:
the Rockwell Group, using
traditional and modern
Japanese elements and inspi-
ration.

For reservations, call (242)
363-3000.

Summer Special

Include: Airfare + hotel

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professional attendance
in Havana.

Fliying five days a week
except Tuesday & Saturday

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TUESDAY, JULY 17, 2007

SECTION



business@tribunemedia.net



BUSINESS

Miami Herald Business, Stocks, Analysis, Wall Street







2)abaana

HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE

Tel: (242) 356-7764

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Tel: (242) 351-3010



Minister: ‘We should not

ha



e approved Bimini Bay’

* Senior FNM says first Ingraham administration should not have given nod to
resort because of disproportionate size, but ‘hindsight is always 20/20’
* Government moving away from ‘anchor resorts’ to make
sure development fits into Family Island communities
* Minister says Pinnacle casino at Four Seasons Emerald bay not taken
off as planned, questioning need for such facilities in Family Islands

@ By TANEKA THOMPSON

n FNM Cabinet min-

ister has admitted
that the first Ingra-
ham administration
should not have
approved the controversial Bimini
Bay Resort & Casino, given its dis-
proportionate size to the island’s com-
munity. and infrastructure, but said:
“Hindsight is always 20/20.”

Both Tommy Turnquest, former
FNM leader and minister of national
security, and a fellow minister told
The Tribune that future large scale
‘anchor resort projects’ in the Family
Islands needed to be reevaluated in
an effort to preserve island commu-

ca nities.

Bids up to $500m for BORCO

In an interview with The Tribune,
Mr Turnquest admitted that approy-
ing the initial size of the 700-acre
Bimini Bay development - on a seven
mile-long island - may have been a
mistake under the first FNM admin-
istration.

The Bimini Bay project, which is

being spearheaded by Miami-based
developer, the Capo Group, has con-
tinued to spark protests from Bahami-

_ an and international environmental-

ists, as well as Biminites, who were
concerned about possible negative

.repercussions that the $75 million dol-

lar development would have on the
small island community.

Their complaints have continued,
despite the Christie administration
renegotiating the project’s Heads of



_ TOMMY TURNQUEST

Agreement to reduce it in size. The
developers, led by Cuban-American
property entrepreneur Gerardo Capo,
have repeatedly countered all criti-
cism by insisting they are doing every-
thing they can to preserve the envi-

ronment.

“Bimini Bay started under the
FNM. It was a development that, I
think, we would readily admit that
the size that we approved was not
appropriate to the community on
Bimini [or] the ecosystem at Bimini,”
said Mr Turnquest.

“Hindsight is always 20/20, and so
we ought to have scaled that back in
terms of the size of the development.
But, again, all of that comes with
experience, and unfortunately you
don’t always have that benefit of hind-

Bank owed

sight when you’re faced with some-
thing at the beginning.”

Learning from the mistakes of his
party and the former PLP adminis-
tration, particularly when it comes to
addressing the specific needs of each
Family Island when it comes to invest-
ments, Mr Turnquest was optimistic
that in future his party will, in gov-
ernment, fully evaluate these .con-
cerns.

“The former government talked .
about these ‘anchor’ projects, but
what does that mean? Did they show
what it means in terms of are you pro-
viding the infrastructure; are you tak-
ing care of the housing [for employ-

SEE page 10

Peparemnygre ns

$683,000 by

@ By NEIL HARTNELL
Tribune Business Editor

BIDDERS seeking to acquire the
Bahamas Oil Refining Company Interna-
tional (BORCO) submitted bids as high as
$500 million in the initial round, sources
close to the process have told The Tri-
bune, with its parent company having

already selected those who have qualified
for the final round.

The final bidding round is due to close in
August 2007, and initial offers are under-

stood to have ranged between $150 million .

and $500 million, with the higher-priced
bids undérstood to include the costs of
any environmental clean-up and capital

expenditure maintenance to upgrade -

“~BORCO’s tanks, jetties and pipes.

The Venezuelan state-owned oil com-

; pany, PD VSA, which in turn owns BOR-

CO, is likely to select a winning bidder
from the finalists by the end of August,
aided by Citigroup’s investment banking

SEE page 9

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Bahamas card holders

lm By NEIL HARTNELL
Tribune Business Editor

FORMER Bahamas-based
credit card customers of Lead-
enhall Bank & Trust still owe
almost $683,000 in unpaid
debts, the bank’s liquidator
saying he has been unable “to
recovery any substantial

amount”, with the institution -

once again facing a potential
$330 million damages claim.

In his latest report to the
Bahamas Supreme Court,
Craig ‘Tony’ Gomez said some
98 Bahamas-based former
MasterCard clients of Leaden-
hall had still failed to repay
their debts, despite ‘him con-
tacting 60 per cent of those
debtors.

Leadenhall held the Master-
Card issuing licence for the
credit card portfolio, which was
administered by then-Bahamas
based Axxess International,
which shared some directors

US court exposes
Leadenhall to”
potential multi-

million dollar’
Class action case

and shareholders with Lead-
enhall.

Mr Gomez reported to the
court: “I have made contact
with approximately 60 per cent
of the persons who held credit
cards with Axxess, and was not
successful in this effort to
recover any substantial
amount.”

The 98 Bahamas-based card
holders account for some 52.3
per cent ($682,830) of the total

SEE page 6

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PAGE 2B, TUESDAY, JULY 17, 2007

THE TRIBUNE



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CGIL, with offices in Bermuda, the Bahamas, the Cayman Islands, and the British Virgin

Islands, offers a complete range of premier financial and insurance services and, over the
past few years, has undertaken significant growth. This is an opportunity to be part ofa
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The individual will be responsible for business development and servicing and maintaining
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4 Retaining and acquiring profitable business by providing quality customer
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Maintaining a high level of product knowledge

>

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The successful candidate should possess the following minimum requirements:

A professional insurance qualification (i.e. po or eee) or proven progress
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insurance and a proven sales track record with P&C products

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BUSINESS



Retirement
nightmare
looms large

n recent times, the press

has carried various arti-

cles advocating the

need for pension legis-
lation in the Bahamas. For
many years now I have been
arguing the need for the
Bahamas to adopt such legis-
lation. In the UK, the Labour
Party in its 2005 Manifesto
defined its objective to mod-
ernise its pension legislative
regime as follows: “Our aim ‘is
a system that provides decency
for all, which encourages and
rewards savings, and is finan-
cially sustainable”...and: “to
provide everyone with the
opportunity to build an ade-
quate retirement income, and
be affordable, fair and simple
to understand.” I do not think
the case could be put more suc-
cinctly.

Multi-pillar approach to
pension systems

It is widely accepted that a
long-term

approach to pension funding
should consist of three inter-
connected pillars: social secu-
rity (National Insurance), pen-
sion savings and personal sav-
ings. While countries are seek-

Employers Pension .
Plans
_ Personal Savings &
«» Investments

sibs

| By Larry Gibson



ing to fortify the integrity of
these pillars within their
economies, supported by
appropriate legislation, we in
the Bahamas are seemingly
doing nothing.

Economic insecurity among
the retired/elderly is a univer-
sal problem, which has far-
reaching consequences if not
addressed. The most obvious
potential outcome is that the
public finances may not be sus-
tainable if too large a pegcent-

age of national budgets have ~

to be directed towards provid-
ing ‘social safety nets’.
Countries are being forced
to focus on managing the huge
financial burden being placed
upon their future budgets by
the need to finance social secu-
rity systems, with many
responding by passing legisla-
tion that actually reduces
future social security benefits.
Examples include: United
States, 1983; Japan 1985 and



1994; United Kingdom 1980
and 1986;,Germany 1989;
France 1993; Italy 1993; and
Sweden 1994,

Thus, efforts must be taken
to ensure that future genera-
tions are not only covered by
private pension schemes and |
a greater level of long-term
personal savings, but that this
also represents a growing share
of their total retirement
incomes.

A recent study conducted by
Morningstar, a US-based
research company, revealed
the following results (see the
table below) when it examined
the change in sources of retire-

ment funding when comparing .
today’s retirees and today’s ~

workers who will retire in the
future.

These results are nothing
short of startling. The amounts
coming from Social Security
and Employer Pension Plans
declined by 24 per cent and 6
per cent respectively, while the
amounts required from per-
sonal savings increased ‘by a
whopping 30 per cent.

This does not bode well for
the Bahamas, where it is a
well-known fact that the aver-
age National Insurance pen-
sion payment is under $300 per
month. It is further known that
less than 25 per cent of the

Bahamian workforce is cov- _

ered by a pension scheme,
while Bahamians are notori-
ous for their inadequate level
or complete lack of savings.
When it comes to long-term.

"SEE page8

FIRSTCARIBBEAN

INTERNATIONAL BANK
CAREER OPPORTUNITY

Sor

Director, Corporate Banking -

Qualifications:

Bahamas OPCO

Graduate status with minimum of 7 years experience in the
business/financial
Ability to work effectively within and across complex matrix structures.
In-depth understanding of Corporations business, financing solutions,
- issues and challenges.
A solid record of results, in business development, relationship
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Focused and motivational leadership skills to galvanize a team to work
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High level of understanding of the markets, geographic, macro economic
and global factors impacting our client base.
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business and increase the relative contribution of the Corporate Banking
to overall business profitability.
Enhance and strengthen the reputation of FirstCaribbean International
Bank and the Corporate Division in markets by developing and
maintaining an external network of key stakeholders, prospects,
community involvement, and playing a key role in the business
community at large.
Effectively lead and mentor the team of business development and.
relationship managers who originate and provide business solutions .
to clients in the corporate and commercial oe in the Bahamas

OPCO.

Remuneration:

¢ Salary commensurate with management position at the FC Level 11
(Note: 1 - 11 job levels)

“e Benefits- attractive salary, six weeks vacation, preferred loan rates,
employee share purchase plan, variable incentive pay (bonus), medical
scheme, pension benefits.

HEALTH ADVICE AND TESTING
NUT202 DEVELOPING HEALTHY LIFESTYLES
PLUS Free Cholesterol & Blood Sugar/Pressure Testing

Applicants are requested to submit their resume with a cover letter
via email by July 23rd , 2007 to:
Deangelia‘deleveaux @firstcaribbeanbank.com





FirstCaribbean International Bank (Bahamas) Limited thanks all applicants for
their interest, however only those under consideration will be contacted. -

To Register call 461-1000. BA pritsh

Space is limited. roe ea







@
THE MARKETS |

: STOCKS, MEAL FUNDS, 8B iy
DOW30 13,950.98 +43.73 AK
sapsoo~—«s49.s2 298 W
NASDAQ 2,697.33 -9.67 W
10-YRNOTE 5.04 -06 W
CRUDE Ol 74,15 #22 m

Talks of |

speed o
deal drive
up Dow

- BY TIM PARADIS
Associated Press
NEW YORK — Blue chip ©
stocks rose Monday as news of -
a potential big telecom deal
involving Verizon pushed the _
Dow Jones industrials toanew
~ record close, and put the index _
closer to 14,000. Overall, stocks _
traded were mixed as investors _
digested the market's huge 5
_ gains of last week,”
While broader — ‘market —
indexes showed slight declines,
_ the notion of a Verizon deal
- appeared to inject















stocks mostly ‘hold last week’s
' sizable gains because buyout
activity has been a big driver fo
the stock market. =
Although. Vodafone - s
lenied a report by the Financial _
imes that it is weighing —
whether to make a huge |
160 billion bid for Verizon oe
ommunications, investors ©
' appeared undeterred. The ~
_ report cautioned that Vodafone —
_has yet to approach Verizon; a __














_ deal could give Vodafone full — 4 :




~ ownership of Verizon Wireless,
which Vodafone and Verizo1
- now own jointly. hes .
- “7 think just the idea of es =
number floated — $160 billion :

' — gets the juices running in th
market again even after this big

: “move,” said Greg Church, chief
investment officer of Chur
capital Management i
ee dley, Pa., referring to last week’
gains. The Dow rose 43.73
0.31 percent, to 13, 950.98 _—




















4,000. ‘The. revious high
- 13, 932. 29. came in Be te
close. ;
Broader. stock indicator
slipped lower Monday. The |
Standard & Poor’s 500 index _
slipped 2.98, or 0.19 percent, to _
1,549.52. ‘The S&P set a fresh ©
trading high of 1,555.90, topping _
a high of 1,555.10 set Friday _
when the index surged past a
trading high set in March 2000. _
"The Nasdaq composite index _
fell 9.67, or O26 Percent to |
2,697.33. 3
Declining issues outnum- a
ered advancers by about 2tol —
on the New York Stock
Exchange, where volume came
to 137 billion’shares. q
* Bonds rose Monday, with the -
yield on the benchmark 10-year _
_ Treasury note falling to 5.04 _
percent from 5.10 Pencent late. :
Friday. a
On Monday, light, sweet me
crude futures rose 22 cents to
$74.15 on the New York Mer-
. cantile Exchange. Oil hadn’t
closed above that level since ©
mid-August.
The dollar was nee against
other major currencies and con- _
_ tinued to hover near its record _
_ lows against the euro. Gold 2
_ prices fell. ) oe
- ‘Buyout news was responsi-
_ ble for. moving a number of
_ stocks Monday. Verizon rose —
$1.00, or 2.4 percent, to $42.76.
Vodafone fell 37 cents to $33.15.
In overseas trading, Britain’s
FTSE 100 fell 0.28 percent, Ger-
many’s DAX index rose 0.16
percent, and France’s CAC-40
gained 0.12 percent. Japan’s Nik-
kei stock average finished flat.
Hong Kong’s Hang Seng Index
_ fell 0.63 percent, while the
often-volatile Shanghai Com-
posite Index fell 2,36 percent. _
The Russell 2000 index of —
smaller companies fell 7.30, or
0.85 percent, to 848.47.








TOURISM



PHOTOS BY PAT WELLENBACH/AP

MORE AFFORDABLE: Hundreds of people enjoy a sunny day at Old Orchard Beach, Maine, which has

- long been a haven for Canadian tourists. But, this year business owners say there are more than

vinegar, or gravy and cheese.

Old Orchard has long been a
haven for Canadian tourists

| sandy beach represents an easy
| drive from Quebec.

This summer, there are more of
them as the soaring Canadian dol-
lar makes it more affordable for
Canadians’ to vacation in the
United States, enticing more peo-
ple to get into their cars despite
the hassle of long waits at border
crossings.

“They say there are more Cana-
dians than ever before. It’s good
for everyone,” said Claire Beau-
lieu, an owner of the Motel Kebec
2, a stone’s throw,from the beach,
where on a recent morning every
car in the parking lot had Quebec
license plates.

Last summer, Canadian tourists
probably thought it couldn’t get
any better after the loonie, the

- Canadian dollar named after the
' loon in the back of the coin,
_ -reached a 28-year high against the
| greenback. That meant they could
| trade in their loonies for 90 U.S.
| cents.
i Since then, the Canadian dollar
has grown even stronger. Today,
the loonie and greenback are
nearly equal, with a loonie being



EUROPE

BY DAVID SHARP
Associated Press

OLD ORCHARD BEACH, Maine — Hotels here fly Canadian flags
alongside the Stars and Stripes. Desk workers speak French, in
addition to English. Fries are served up Canadian-style, topped with

because the seven-mile stretch of years earlier} when the loonie was

worth about 95 cents.
It’s a dramatic change from five

worth 62 cents in the United’
States. Canadian travel to the U.S.
has grown 23 percent since then,
according to data published by the
Commerce Department.

“These are some of the best
days for Canadian tourists who
wish to travel south of the border
for their summer vacation since
bellbottom jeans and disco balls
were all the rage,” said Michael
Woolfolk of the Bank of New York
Mellon Corp.

And Canadians should get used
to it. The trend is expected to con-
tinue for several years, said Wool-
folk, a senior currency strategist.

Some Canadian banks have had
to dip into their reserves after run-
ning out of greenbacks as Canadi-

_ans cash in their loonies for trips

to the U.S., said Manny Witt,
director of the New England Tour-
ism, Office in Montreal.

Julie Arseneault of Rose Mere,
Quebec, said she and her husband
decided to drive to Maine with
their 5- and 2-year-old children
instead of taking a flying vacation
because of the strength of the.
Canadian dollar, as well as cheaper

Royal Bank of Scotland

leads $98B

BY TOBY STERLING
Associated Press

AMSTERDAM, Netherlands — A

trio of banks led by Royal Bank of-

Scotland said Monday it would rebid
$97.8 billion for ABN Amro Holding,
as the group went on the offensive in
the largest takeover battle in the his-
tory of the financial industry.

The proposed bid of $52.87 per
share, mostly in cash, would be worth
at least 10 percent more than an all-
share rival bid by Barclays, RBS and
its partners said.

Analysts from Bear Stearns said
the offer may end Barclays’ chances
of winning ABN.

“Barclays can’t raise its offer to get
near the consortium’s level, can’t
match the cash component,” and the
consortium could raise the bid again
if it needed, they said.

“Barclays should walk away,” they
said, adding that at this point Bar-
clays’ share price would probably
benefit from losing the fight.

ABN Amro shares opened 3.4 per-

’ cent higher at $51.05 in Amsterdam,

closer to the RBS-group bid than the
Barclays’ bid. Barclays’ shares gained
2.3 percent in London to $15.08. RBS
shares gained 1 percent to $13.16.
The RBS group offer is almost

Amro rebid

unchanged from an earlier bid, even
though ABN Amro last week won
permission from the Dutch Supreme
Court to sell Chicago-based LaSalle
Bank to Bank of America for $21 bil-
lion. That sale was widely seen as a
poison pill for RBS, which also
wanted LaSalle, and advantageous to

a merger with Barclays, which had. |

the support of ABN Amro’s manage-
ment.

The RBS group made its first bid
dependent on LaSalle remaining with
ABN, but dropped that condition
now that the LaSalle sale to BofA is
certain.

“The banks will remove precondi-
tions and conditions relating directly
to the LaSalle situation,” RBS, Fortis
NV of Belgium and Banco Santander
Central Hispano said in a statement.

“The acquisition of the ABN Amro
businesses remains compelling from
a financial point of view, as evi-
denced by the fact that it produces
essentially the same earnings
enhancement for the group, despite
the smaller size of the transaction,”
RBS CEO Fred Goodwin said.

Even without LaSalle, RBS is inter-
ested in ABN Amro’s investment-

banking operations and the rest of its:

global operations unclaimed by For-



gas in the United States. Gas is
roughly $l-a-gallon more expen-
sive in Canada than in the U.S.

year,” Arseneault said: as she
unloaded her sport utility vehicle |
packed with luggage and toys out-.
side the Royal Anchor Resort.

used to come in Jarge numbers,
but some of them stopped coming
when the value of the Canadian
dollar dropped: Last year, many in
the tourism industry noticed that
the trend had shifted again.

tor of the local chamber of com- |
merce, said half of the visitors this =
summer are from Canada — like it
was 20 years ago.

ever before. Below, the Canadian flag flies outside of a condo complex in Old Orchard Beach. |

CANADIAN INFLUX |

THE STRENGTH OF THE CANADIAN DOLLAR HAS ENTICED
| MORE VISITS TO THE UNITED STATES FOR CANADIAN TOURISTS

“That’s why we came this

Canadians like the Arsenaults

Bud Harmon, executive direc-

“They’re all coming back. We

have more Canadians this year —
more and more,” said Lorraine |
Bureau, who works at the Royal
Anchor Resort.



INTERNATIONAL EDITION

ACQUISITION

IHOP agrees
to purchase
Applebee’s
chain in
$1.9B deal

BY VINNEE TONG
Associated Press

NEW YORK — IHOP’s CEO Julia
Stewart has been making bold moves to
revitalize the 45-year-old chain best
known for its breakfast fare and blue-
tiled roofs. With a $19 billion bid for the
bar-and-grill chain Applebee’s made on
Monday, she may be taking her biggest
risk: yet.

The move comes as Wall Street ana-
lysts anticipate a difficult second-quar-
ter earnings season in the restaurant
sector as soaring commodity costs hurt
profits and consumers worried over
high gas prices ate out less frequently.

Combined, the company would have
3,250 restaurants and $6.8 billion in
annual sales.

Stewart, a former Applebee’s Inter-
national executive, said once the deal
closes, IHOP would revive the Apple-
bee’s brand and increase its emphasis
on franchises by selling most of the 508
company-owned stores at a rate of 40
per quarter, a process that could take
until 2010 to complete. In doing so, the
company would reduce the percentage
of company-owned stores to 5 percent
from the current 25 percent, a transfor-
mation similar to the one she led at
IHOP beginning in 2003.

“Tt’s a great brand, it just needs to be
revitalized,” Stewart said on a confer-

“ence call Monday. “We will fundamen- ~

tally change the company’s business
model, moving it nearly completely out
of the role of owner-operator.”

The changes, which are expected to
cut costs by $50 million a year by 2011,
reduce the company’s risks in owning

Ee teal estate, a strategy also taken by hotel

coitipanies to stabilize profit growth.
From May 2002, the month Stewart

took over as CEO, IHOP’s share price is

up roughly 75 percent. It closed May 1,

. 2002, at $35.25 and has since risen to the

low $60s.

“She woke them up to a certain
degree,” Oppenheimer analyst Michael
Smith said of IHOP. “It was a well-rec-
ognized brand name. It just needed
somebody to slap it around a bit.”

Under the deal, IHOP will pay $25.50
per share for Applebee’s, a 4.6 percent
premium over its closing Price on Fri-
day.

"pplebee’ s shares rose 53 cents, or
2.2 percent, to $24.91 in trading Monday.
In an unusual move for the shares of a
buyer, IHOP stock gained even more,
rising $4.99, or 8.9 percent, to $61.24
after briefly reaching a new 52-week
high of $63.39.

- Applebee’s, based in Overland Park,
Kan., has 1,943 restaurants worldwide.

MATT DUNHAM/AP

LEADING THE WAY: A man walks past a Royal Bank of Scotland logo in

the entrance hall of the firm’s offi

tis or Santander.

Fortis wants ABN’s Dutch arm,
while Santander wants its aiauad and
Brazilian operations.

The three said they nave: received
assurances from ABN Amro that
their proposed offer will be dealt
with on a level playing field” — in
other words, that ABN will no longer
attempt to prefer the Barclays bid.

Barclays CEO John Varley ,
responded that the consortium’s
offer will “still face considerable reg-
ulatory and shareholder hurdles.”

Both Barclays and the consortium
have been working closely with



ces in London.

Dutch regulators and claim to’have
made good progress toward
approval.

“Our offer would produce better
long-term value for ABN Amro
shareholders because the resulting
combination will deliver excellent
growth and ABN Amro shareholders
will participate from the upside of
that growth,” Varley said. ;

However, Barclays has already
heard complaints from its own share-
holders who are afraid the bank will
overpay for ABN. Varley hinted
Monday he doesn’t have much room
to take the bidding higher.



4B TUESDAY, JULY 17, 2007 MiamiHerald.com | THE MIAMI HERALD

INTERNATIONAL EDITION





















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Alcon 143.38 +39 | Camecogs 48.49 -2.16 | EqtRes - 50.98 -111 | KPN 16.82 +12 | Nortellfrs 2332 -18 | TelefEsp 71.33 +.77 : : ; ;
AllgEngy 55.10 -.77 -| Cameron 7667 -1.06 | EqtyRsd 4667 08 |°KTCorp 24.97 +13 | Norrst 67.13 +88 | TelMex. 3829 -29 | Hong Kong Hang Seng 22953.94 -145.35 = -0.63% A & & +14.97%
AllegTch 113.81 -1.16 | CampSp 3880 ~-.46 | EricsnTl 42.00 -41 | Kellogg 51.96 -.27, | NorthropG 77.00 +50 | TelDatalf 70.72 +.75 | Paris GAC-40 6125.60 +7.64 +0.12% A A & +10.54%
Allergans 5830 +13 CIBC g 93.99 +.38 EsteeLdr 47.06 -.05 Keycorp 35.10 -.19 Novartis 55.45 +.51 Telkom 95.76 +1.38 Tokyo Nikkei 225 18238.95 +254.81 +1.42% VW A A _ +5.88%
AlliBern 89.87 +.32 CdnNRyg - 54.66 EverestRe 113.56 +1.11 KeySpan 41.75 -.05 NovoNdk 109.70 -.95 Telus g 59.74 +.21
* Allianz 24.00 +13 | CdnNRsg 69.99 -.78 | Exelon 77.04 -1.12 | KimbClk’ 67:42. +.39 | Nucor 62.29 -148° | Templein 64.90 -.56 | SOUTH AMERICA/ CANADA
Aldirish 56.39 +.38 CPRwyg 75.15 +1.38 Expedia 29.50 . -.14 Kimco 40.30 +.19 Nvidia 46.70 +.83 Tenaris 50.15 -1.59 ; ; i 4
Allstate 60.76 -29 | Canons 5868-17 | Expdintl 4590 +19 | KindME 5591-69 | OcciPets 61.54 -205 | Terexs 9413 +184 | Pemoo ares Merval SUIRAS GAOT “AO VA ron
Alltel 67.85 +45 | CapOne 76.20 +85 | ExpScrips 5388 -24 | Kinrossg 1318 -32 | OffcDpt 2968 -42 | Ternium 31.99 -96 baa chap : : :
AlteraCp If 24.30 -.07 | CardnlHith 70.91 +56 | ExxonMbl 89.70 -.63 | Kohls 68.11 -.57 | Omnicms 53.91 +39 | Tesorowi 57.50 -1.70 | 520PaoloBovespa 5737440 -269.76 -0.47% A A A +29.01%
Altria's 7131 -39 | Carnival 47.71 -.02 | FPLGrp 57.49 +.03 | Kookmin 91.96 -187 | Oracle 20.20 -.20 | TevaPhrm 43.44 -.12 | Toronto S&P/TSX 14338.25 -158.25 -1.09% A A A +11.08%
Alumina 30.42. «+51 | CarnUK 46.90 -.21 | FannieMif 65.54 -.19 | KoreaElc 25.34 -14 | Orix 127.81. -.90 | Texinst. 39.07 +37 ‘|:
AlChinas 47.75 +18 | CarolinaGp 79.08 --1.17 | Fastenal 48.57 +1.25 | Kraft 3552 -37 | PG&ECp 45.01 -61 | Textron 116.03 +1.24 | ASIA
AmBevC 74.00 -.80 | Caterpillar 85.90 +.77 | FedExCp 115.64 -1.61 | Kroger 29.17 +.36 .| PNC 73.53 +10 | ThermoFis 53.93 +.37 | Seoul Composite 1949.51 -13.42 -0.68% A A A +35.91%
AmBev 74.34 +«-.64 | Celanese © 41.92 -06 | Fiat 32.21 -.23 | Kubota 44.07 - -.31 | POSCO 148.00 -1.95 | Thomson 43.95 Singapore Straits Times 3653.23 -1.38 -0.04% A A A +22.35%
Amazon 73.69 -1.41 | Celgene 5832 -88 | FidNinfo 57.67 +.73 | Kyocera 108.23 +.08 | PPG 78.71 -10 | 3MCo 90:37 +65 | Sydney All Ordinaries 6418.40 °-7.00 -011% W A A +13.71%
AmbacF 85.48 = +.03 Cemex s 36.05 -1.24 FifthThird 40.50 -.29 L-3 Com 99.87 -.11 PPLCorp 48.54 -1.21. | Tiffany 56.22 +.16 ipei Tai y +
Amdocs 39.25.59 | Cemigpfs 21.76 -.53 | FirstDatas 32.55 +05 | LGPhilips 23.24 +.09 | Paccars 94.15 +38 | TWCablen 40.02 -.11 ae rer hai B eaek a ee ie 7 : ae
Ameren 50.04 -.85 | ChesEng 35.80 -.52 | FstSolarn 112.05 -392 | LabCp 81.24 +16 | ParkHan 10494 +24 | TimeWarn 2093 +.07 ANS eee : : : ;
AMovilL 64.87 -.42 Chevron 92.12 -1.21 FTSpcFnn 19.76 = =-.15 LafargeSA 46.16 -.10 Paychex 43.94 +.50 Trchmrk 67.80 -.29
AMovilA 65.00 -.09 | Chinalfes 59.06 -65 | FirstEngy 65.94 -1.51 | LamRsch 5445 +14 | PeabdyE 48.06 -1.50 | TorDBkg 69.75 +.06 q
AmCapStr 45.80 -.23 | ChinaMble 5809 -60 | Fiserv 56.80 -.29 | LVSands 81.30 +.09 | Pearson 16.98 +14 | TotalSA 85.33 -1.65
AEP 45.29 -1,08 | ChinaNet 55.08 -1.03 | Flextrn 11.27 +19 |sLeapWirels 95.16 +91 | PennWstg 34.14 -21. | Toyota 125.84 -.14 - Largest Mutual Funds
AmExp 61.88 95 | ChinaPet 11294 -2.12 | Fluor 119.74 -71 | LeggMason 101.06 -.99 | Penney 74.32 --1.53 | TrCdag 35.57 20 . 12-M0 12-MO + 12-M0
AmintGp If 69.79 +24 | ChinaTel 59.99 -1.42 | FEMSAs 39.53. +24 | LehmanBr 72.80 -.70 | PepsiBott 36.23 +12 | Transocn 107.09 -1.85 | NAME NAV CHG %RTN | NAME NAV CHG %RTN | NAME NAV CHG %RTN
AmStand 61.20 +11 | ChinaUni 17.54 -07 | FordM 886 -11 | LeucNatl 3898 +63 | PepsiCo 66.99 +14 | Travelers 5341 -17 . :
“AmTower 44.03 -.39 | Chubb 53.15 -66 | ForestLab 4663 +18 | Level3 6.16 -.04 | Petrocg 57.37 -21 | Tribune 2965 -93 | AIM Fidelity Spartan DivrEqinA m 14.73 -.03 +30.4
Ameriprise 6549 -59 | ChungTel 19.17 05 | FortuneBr 8297-12 | LibGlobA 4409-41 ‘| PetChina 15651 -2.27 | Turkcell 17.39 ~.21._‘|ConstellA m 2882-06 +280 | S00IndxAd 107.47 -20 427.6) Schwab
AmeriBrg 49.79 -37 | CinnFin 4391 +21 | FosterWh 11879 146 | LibGlobB 44.60 +10 | PetrbrsAs 5941 -.70 | TycoElecn 3930 -17 | AmericanCent =) | Neen tee ot org | YidPlssel © 966... +56
Amgen 56.03 -.90 | Cintas 40.43 -47 | FranceTel 2848 -13 | LibGlobC 4237 +.06 | Petrobrss 68.57 -.53 | TycolntIn 5043 -.91 ray Feds. 7, || fastEagle Sp Seeted
Amphenols 37.07 -.23 | Cisco 29.89 FrankRes 140.72 +.49 | LibtyMintA 22.96 +.09 | Pfizer 26.08 +17 | Tyson 23.78 -.13 een mil 03-4237 |GIbA m 50.29 -11424.1| AmerShS b 50.52 -.34425.7 ”
Anadarko’ 52.32 -.10 | Citigrp 52.19 -33 |. FredMac 61.30 ++ -.06 ‘| LibtMCapA 124.85 -.28 | PhiILD 58.55 -24 | UBSAG 6198 +49 |’ Baia m 20.33 . ... +204 | Overseas m 27.87 -.03 +24.2| T Rowe Price
AnalogDev 39.26 -37 | CitrixSylf 34.79 +.37 | FMCG 92.94 -1.30 | LillyEli 56.89 -.03. | PhilipsE! 43.75 80 | UPMKy 25.36. «28 BondA m ‘1318 +.02 +63 | FrankTemp-Franklin BiChpGr 40.33 -.08 +30.0
AngloAm 31.97 -35 | ClearChan .37.81 -.02 | FresenM 46.33 +49 | Limited 27.27. -.19 | PitnyBw 46.54 27 | USTInc 52.24 19 | CapincBUA m6643 ...+27.9|CATFAm 7.22 +.01 +47| CapApprec 22.43 -.02 +22.8
AnglogidA 42.87 —-.26 ClearCh 28.46 +.11 Fujifilm 43.50 -.13 LincNat 69.47 -.30 PlainsAA 64.68 = -.05 UltraPtg 56.75 -1.80 CpWidGriA m47.96 -.01+36.9|FedTFA m 11.91 +.02 +4.3} Eqindex 41.56 -.08 +27.3
Anheusr 50.79 = -.03 | Clorox 63.01 +.06 | GameStops 42.07 +.07 | LinearTch 37.77 +06 | PlumCrk 43.09 -21 | UUniao 12807 -.96 | EurPacGrA m 54.32 -.12 +382) IncomeA m 2.76 -.01 +20.2) Eqtyinc 31.99 -.08 +28.4
AonCorp. 41.64 +.05 | Coach 48.84 -1.00 | Gannett 54.95 -44 | LloydTSB 46.75 +.25 | PoloRL 99.67 -1.54 | UnilevNV 32.70 -.32-:| FundminvA m45.60 -.10+287 | IncomeC m 2.78 ..+19.9| GrowStk 35.46. -.07 +31.3
Apache § 85.66 -53 | CocaCE 24.21 -14 | Gap 18.91 +35 | LockhdM 96.80 -.54 | PortglTel 1433 +09 | Unilever 33.59 -.24 | GrowAmerA m37.08 -.08+25.3 | IncomeAdy 2.75 — ... +2041 intistk 19.02 +.01 +363
ApolloGrp 62.50 -28 | CCFemsa 47.39 +66 | Garmins 82.74 +46 | Loews 5109 -77 | Potashs 84.14 .+63 | UnionPac 122.18 +1.38 Growers ne i oS FrankTemp-Mutual MidCapVa 28.51 -.11 +32.0
Appleinc 138.10 +37 | CCHellen 47.08 -.08 | Genentch 75.19 -31 | Lowes 3017-59 | PwShsQQQ 49.85 -05 | UnBnCal 59.89 -35 | FATA oe) a3 4939 Geen se ro ny MidCpGr 64.06. -.31 +326
ApldMatl 20.62 +14 | CocaCl 53.85 +.74 | GenDynam 79.75 -.23' | Luxottica 38.75 -45 | Praxair 75.77 -.40 | UtdMicro 3.58 -.01 InvCoAmA m 36.82. -.09 +23.7 Shae Z mn 28.85 -.07+27.6| NewHoriz 36.14 -.20 +24.7
ArcelorMit 66.45 74 | CogTech 85.68 50 | GenElec 40.12 +.62 | Lyondell 40.12. -1.04 | ‘PrecCastpt 13244 +68 | UPSB 75.53 +38 | MutualA m 32.09 -06 +263 | FrankTemp- | Newincome 8.76 +.01 +5.6
ArchDan 3648-12 | ColgPal 68.19.26. | GnGrthPrp 52.72 -68 | M&TBk 112.12 +.40 | PriceTR 53.94 +63. | USBancrp 33.20 +.02_| NewEconA m 3005 ~06+337 | Fon A m 1562 044333] SMCpStk 37.25 -.25 421.7
ArchstnSm 59.33 -.10 | Comcasts 27.64 -33 | GenMills 5868 -.51 | MBIA 60.59 -.19 | Prideintl 37.60 -1.14 | USCellular 102.59 +204 | NewPerspA-m36.40 -.05 +335 | ForEqls 30.99 -,08 +44.9| Value 30.32 -.10 +30.8
Assurant 5880 -51 Comcsps 27.48 -23 GnMotr 36.67 -.36 MEMC. 63.04. +.38 PrinFnel 61.79 -.07 USSteel 114.47 -1.63 NwWrldA m 58,80 -.12+52.7 | GrowthA m 28.11 -.04+29.8| Third Avenue
AstraZen 56.16 +.05 | Comerica 60.77 +.51 | GenuPrt 50.46 +.05 | MGMMir 85.53 +.04 | ProctGam 63.15 +49 | UtdTech 76.67 +167 | SmCpWIdA m47.82 -.09+45.4|GrowthAd 28.18 -.03 +30.2| Value 65.65 -.43 +245
Autodesk 47.03’ +03 | CmcBNJ 37.99 -.58 | Genworth 34.26 -.07 | Macys 40.14 +39 | ProgrssEn 45.55 -1.00 | UtdhithGp 52.95 -.03 | WAMutinvA m38.36 -.06+27.1 | WorldA m 21.62. -.03+31.4| Thornburg
AutoData 49.13 +15 | CVRD 50.76 -1.18 | Genzyme 60.33 +.07 | Magnalg 96.89 +1.49 ProgsvCp 22.06 -.33 | UnumGrp 26.02. -.33 S Franklin Templeton IntlValA m 34.40 -.08 +43.0
AutoZone 135.15 -.73 | CVRDpf 43.08 -1.18 | Gerdau 27.25 30 | Makita © 44.85 -.38 | ProLogis 60.25 +30 ‘| VFCp 94.60 +09 | Intl 3305-03 +364 | FrdAllA m 14.97 01 +25.31 tweedy Browne
AvalonBay 121.85 -88 | CompsBc 70.38 +.32 | GileadScis 39.62 -.34 | Manpwl 94.26 -.34 | Prudentl 97.12 +.07 | ValeroE 76.08 = -1.17 ahi b 5469 -.24 426.0 Harbor Globval 35.15 +.18 +328
Avaya 17.02 +.01 | CompSci 60.25 +.09 | GlaxoSKIn 53.39 +85 | Manulifgs 3846 +12 | PrudUK 2989 -21 | VeoliaEnv 78.29 -.96 sa a Peas "| CapApinst 36.44 -.01 +25.1 ‘Vass Kain 7 eA
AveryD 67.85 -.48 | ConAgra 27.00 -.20 | GlobalSFe 72.07 -98 | Marathons 63.20 -1.84 | PSEG SO.20 07-3307 | Verlslgn ager 93,00) oes ol taalt alt mare tae athe naccaty Cote glace SO |p) ea Ore ear ase
Avon 38.85 -.24 | ConocPhil 87.13 -3.04 | GoldFLtd 17.42 +26 | MarintA 44.41 +33 | PubStrg 78.75 Verizoncm 42.76 +100 | poe ee Bask bi 454d K Ealpcorieh RMS BTAC OGRE
AXIS Cap 40.32 +35 ConsolEngy 48.61 -1.44 Goldcrp g 26.04 -.50 MarshM 31.26 +.01 Publicis 44.92 +15 ViacomB 42.06 +.18 GlobAlcA m_ 20. 13 +.01 +22.7 Cana rA m 43.41 -18 $32.6 Sante m 24.06 ~05 +268
BASF 13638 -47 | ConEd 45.47. -.62 | GoldmanS 22040 -1.78 | Marshiis 46.83 +26 | Qualcom 45.03 -.32 | VimpelCm 112.50 -459 | GlobAlec m 1896 ..'+218|CpApHLSIA. 60.00 304358 ergpe + ¢
BB&TCp 41.15 -.02 | ConstellEn 92.54 -1.67 | Goodrich 61.57 -.10 | MartMM 160.36 -3.14 | QstDiag 5453 -~72 | VirgnMdah 2873 -22 | calamos DVGHLSIA 25.36 -.07 +31.0 ers eae
BCEg 39.12 -25°|-Coopers 58.63 +.30 | Goodyear 35.68 -35 | MarvellTsIf 1863 +.05 | Questars 55.20 -85 | Vodafone 33.15 -=37 GrowA m 62,80. -.17 +29.0 | Janus 500Adml ‘142.78 : 27 +27.6
BG Grp 86.82 -2.18 Corning 26.92 -.13 Google 552.99 +.83 Masco 28.02 -.36 QwestCm 9.51 = -.13 Volvo s 22.65 ~—--.10 Columbia Contrarian 20.17 -.10 +46.4 As a 31.12 tu +263
BHP BillLt 66.76 -1.20 | Costco 61.85 -113 | Graingr - 94.33 -4.12 | MasterCrd 169.71 +.50 | Raytheon 5392 +.12 | Vornado 113.74 -31 | Acornz 33.51 -.23 430.0 |Growinc 43.36. -.22 +259] 5 es Ba as ate eae
BHPBil plc 61.84 . -.93 | CntwdFn 34.84 -1.42 | GrantPrde 55.52 -1.32 | Matsush 19.37 +.02 | ReedElsNV 40.49 +45 | VulcanM 111.08 -334 | DFA Janus 31.89. -.03 +29.0 as Id m 30.83 -.29 +60.
BSves 27.82 -A5_| Coventry 59.54 +41 | -GpoSimec 1439 +.04 | Mattel 27.20«+.67 | ReedElsplc 5483 +71 | WPPGp 76.28 +36 | EmgMKtVal 43.48 -.14 +784 |MidCapVal 2688 -12+28.7| FRETS) 79.52.-1.16 +28.7
BPPLC 73.94 -1.07 | Covidienn 4430 +30 | GpTelevisa 28.03 -.69 | Maximhif 3486 10 | RegionsFn 3421 +.16 | Wachovia 52.36 -.28 | IntlSmCap 24.65 -.03+43.1 | Overseas 55.45 -.26 +57.6 a x 42.04 -.11 +42.0
BTGrp «68.20 -+1.12 | CredSuiss 73.88 -.12 | HDFCBk 9264 -38 | McDermint 91.74 -35 | Relianten 29.81 -34 | WalMart 48.94 -.21 | IntlValu 26.68 ~.04+46.0 | Twenty 64.14 -.29 432.8 ern £4.60 = ou
BakrHu 81.88 -2.12 | CrwnCstle 38.04 +.05 | HSBC 9331 +16 | McDnids 5210 +19 | Repsol 4030 -37 | Walgrn 44.96 -.24 | USLgVal 27.83 -.09 +27.9 are tecn eee etn oe eae
BcBilVArg 25.21 +20 | Cummins 117.96 69 | Hallibtns 35.43 -.08 | McGrwH 64.64 +107 | RschMotn 22654 -98 | WAMutl 4253 «19 | USSmVal__— 3203 -.25 +26.5 | Hemel m fant -o Aa Shae Ou s oe
BcBradess 27.60 +39 | DJADiam 13946 +55 | Hanson 110.02 -45 | McKesson 60.20 -.30 | ReutrGrp © 78.50 +19 | WsteMinc 3945 -.25 | DWS Scudder == |e se ag daa] cee ort 10 43e0
Bncoltau 49.49 +69 | DRHorton 20.01 -42 | HarleyD 61.63 -.85 | MeadWvco .36.13 -.33 | ReynAms 66.00 +.04 | Waters 61.58 GE 7 hee ele Warea ic. Sek aa
BcoSnCH 19.54 +.03 | DTE 50.33 -.57 | Harman 117.10 -.40 | MedcoHith 79.22 -.48 | Rinker 79.70 _ | Weathfdint 54.41 -76 | \yventa m 42.33 284259 | IntlEGA b 50.24 +.06 +453] sitcradmi OIE
BcSanChile 49.29 +.09 | Daimirc 94.94 -.31 HarrahE 85.65 +.03 Medtrnic 52.46 -.28 RioTinto 301.70 -2.44 WellPoint 82.01 +.23 NYVentC m 40.67 «27 +249 | IntlEql 51.36 +.06 +457! withcare 154.62 +02 +175
BkofAm 49.62 +.12 Danaher 78.69 +.54 HarrisCorp 57.07 -.33 Merck 50.83 -.02 RobtHalf 37.82 -.21 WellsFgos 35.45 -.09 NYVentY 42.86 -.29 +26.2 | Legg Mason , Instldx 141.70 “27 #277
Bkirelnd 83.54 +1.00 | Darden 44.52 -32 | HartfdFn 97.58 -.82 | Merrilllyn 87.39 +85 | RockwiAut 74.23 +62 | WstnUnn 20.64 -.02 | podge & Cox Valuelnst 85.63 +254259) iretpius 14170 274277
BkMontg 66.43 +.10 | Dassault 63.62 ~-.46 | Heinz 46.59 -71 | Metlife 6489 -.43 | RockColl 73.34 -.08 | Westpac 114.92 +97 | gal 91.41 -.03 +19.2 | ValuePrb 76.46 --23+24.6) Preaig agg +13 456
BKNYMel 45.86 -.28 | Deere 131.60 +.52 HelinTel 15.88 -.31 Metso 64.48» -.72 RogCmgs 47.39 +.05 | Weyerh 81.50 -.18 Income 12.42 +.03 +6.1 | Longleaf Partners InstTStPl 33.78 -.09 +281
BkNovag 49.58 -.08 | Delhaize 102.97 +1.78 | Hershey 50.55 -.55 | Microchp 38.06 RoHaas 55.73 -.18 | Whripl 111.92 +61 | IntlStk 50.76 -.02+38.8|LongPart 39.55 -,11 +34.1 intiGr 271 -134395
Barclay 59.24 -01 | Dellincif 2895 +13 | Hertzn 25.46 +.17 | MicronT 1398 +.24 | Rostele 59.25 -.55 | WhtMtIns 584,90 -1.16 | Stock 165.83 -.25 +26.3 | Loomis Sa ttval Gee ay
Bard 83.44 = -.95 DeutschBk 148,63 +.21 | : Hess 65.71 -41 | Microsoft 30.03 +.21 RoyalBkg 55.19 +.09 WmsCos 33.37 -.68 Excelsior Bondl 14.56 +.07 +12.4 LifeCon 1732 5 +165
BarrickG 3187 -16 | DeutTel 1870 .-03 | Hewlettp 4744 +19 | Milleas 4251 +02 | RylCarb 4091 -27 | Windstrm 1463 -.08 | ValRestrA 61.62. -.52 +33.7 | Lord Abbett LifeGro 26.08.05 +268
Baxter 58.78 +23 | DevDv 53.74 + -.59_| Hilton 45.07 -.18 | Millicomint 97.05 -1.16 | RoyDShIIB 84.81 153 | Wipro 15.58 28 | Fidelity See amare colnere lw tessed = ota CcOe ars
BayerAG 7831 +47 | DevonE 79.15 -87 | Hitachi © 7169 -.21 | Mirant 42.50 ~.62 | RoyDShIIA 8291 -131 | Wolseley 23.91 +.17 | AstMgr50 17.05. 01 +17.5 | MidCpValA m24.96 -20 +313) Et oesie
Bearst 140.31 -258 | Diageo 85.67 -.06 | HomeDp 40.58 + -.29 | MitsuUF) 11.24 +01 | Ryanairs 38.95 -1.62 | Woorifn 80.24" -3.21 ue 21.34 -.05 +22.7 ad see retl as 4 150’ 06 +304
BectDck 7534 -75 | DiaOffs 10331 -121 | Honda 37.53 -.04 | Mitsui © 459.00 -300 | SAPAG 52.44 +30 | Wrigley 57.13 -.66 TOW aM paper) | TUES Lee aa tae a Matt ae
; ; CapApr 30.99 -.06+29,.2 | ValueA m 29.56 -.08+28.2) MulntAdml 13.10 +.01 +4.2
BedBath 35.99 -.27 | DirecTV 24.94 Honwilintl 60.60 +46 | MizuhoFn 14.07 -04 | SKTicm 29.42 +.24 | Wyeth 5663-20 | Capinc 915 .. +163 | Masters’ Select Pactficid 1365 03 4051
BerkHaA 110560 -150 Discovern 26.84 -.32 Hospira 40.83 +.08 | MobileTel 6680 -.02 | SLGreen 132.19 -.33 | Wyndhamn 37.30 -.50 Contra 72.96 -23+255 | smallercos 17.08 ~06 +289] prmcp ue 4 hae
BerkHB 3654 + -24 | DiscHoldA 25.46 +151 | HostHotls 24.51 -.31 | Mohawk 101.07 -74 | SLMCp 52.95 -.69 | Wynn 97.79 -.60 | Discéq 32.75 -.09 +28.2 | Morgan Stanley Inst! PrmcpAdml 80.75 -204275
BestBuy 47.17 —-.18 Disney 34.47 +.10 HuanPwr 46.93 -1.02 MolsCoorsB 93.14 +.28 STMicro 19.73 -.21 XL Cap 84.49 +.16 DivGrow 34.58... +28.2 | intlEgA 23.26 +.01 +32.0] sTCor 1051 +01 $5.5
Biogenidc 55.34 -.58 DomRes 88.37 = -.23 HudsCity 12.04 — -.06 Monsantos 69.79 -.27 Safeco 61.29 = -.26 XTOEngy 59.34 -1.22 Divrintl 42.73 -.01 +36.3 STGradeAd 1051 +01 456
Biomet 45.44 -18 | DonlleyRR 44.67 -02 | Humana 62.77 +1.69 | Moodys 61.12 -149 | Safeway 35.56 06 | XcelEngy 20.70.28 | ‘Eainc 63,75 17 #304 | Eainc) 28.15 -08+17.5| Smcapidx 3638-26 +276
BlackD 95.00 -.21._ | Dover 54.00 +77 | lACInter 33.04 -.49 | MorgStan 72.30 -.96 | Stlude 4211 +.02 | Xerox 1979-11 | Eqincil = 25.59.07 +26.1 | int} 28.43 +.02 +338] Star mA 014210
BlackRock 167.07 -1.78 | DowChm 4618 -15 | ICICIBk 52.63 -.30 | Mosaiclf 40.24 55 | SanDisk 5418 -.58 | Xilinx 28.00 -.10 Fraelty ae Zo a Oakmark! 49.86 -.06+28.6| cote 2679 17 4780
BlEnhGvin 18.40 = -.08 DuPont 52.00 +.45 |, IMSHIth 32.71 -.16 Motorola 18.16 +.26 Sanofi 42.90 +.38 YPF Soc 45.08 -.49 Free2010 1537 01 +181 Select | 36.17 +.08 +25.3 TotRe2015 1345 “OL #211
BIKFItRtInc 1851 -.06 | DukeEgys 18.02 -.28 | ING 45.52 +15 | MurphO 63.22 -.17 | Santos © 48.93 +.30 | Yahoo - 26.70 +12 | freer929 16.56. -.03 +23.2 | OPPenheimer Totet2025 1429-03 +249
Blacksinn 2969 -.16 | DunBrad 106.63 +85 | iShlapan 1475 03 | NCRCp 53.85 +04 | Saralee 17.22 -07 | YumBrdss 34.08 40 | Free7030 17.33. ~044269 | DOVMKCA m 5173-40 #620) Teg) ga) a ee
BlockHR 22.50 +.12 | ETrade 22.99 -.10 | iShDJDv 73.07 -28 | NEC 5.24 -.01 | Sasol 40.25 -58 | Zimmer 85.97 +94 | Govtinc 991 +02 +48 | scincta m 4497 064264) TotBdld 981 +02 +55
Boeing 102.07 +19 | EONAG 5688 -46 | iShSP500 155.05 -05 | NIIHIdg 86.40 ~.60 | Satyams 26.45 -.35 | ZionBcp 78.55 +32 | GrowCo «79.12 -.39 #31.2 | RocmuniA m 1841 4.02 #88| TotBdinst 981 +02 +57
— | Growing 3410 13 +242 |strincA m 437. #12.5| Totintl 20.59 -.08 +40.2
Looe Matt ba doag | MACS TotStiAdm 37.46 -.11 +280
TorontoStockExchange InvGrdBd 722 +.02 +53 |AllAssetl 12.87 ... +99] Totstlins 37.47. -.10 +28.0
Name Last’ Chg | Name Last Chg | Name Last Chg | Name Last Chg | Name Last Chg | Name __—iLast_ Chg | Levcost 36.16 -.29 +39.7 Ce Bat ~24 3.1) Totstidx «37.46. -.10 +27.8
EastemPlat_ 253-09 | UraniumOneo 1479 -61 | StylusEngy 2.66 -01 | ThompsonCreek21.46 -1.00 | CGIGrpASV 1190 +16 | DataMirror 26.60 +4.10 | LowPristk 4872 -244301 | rotheta m 10.17 tn +45 | Well eee eS
WestjetAir 16.35 +25 | ChariotReso 126-01 | LegacyHtlsUn 1244 01 | Thundermino 45 +13 | WwanhoeMines 17.00 -23 | EldoradoGld 497 -30 | Migtan” — 3ya4 —t44gyq | TotRetAdm b 10.17 +02 +48] Wellin = 3465-00 4716
VaaldiamReso 1.00 +.07 | TalismanEgy 20.82 -.56 | MolyMnsOrdo 6.01 +.21 | EnCanaCorp 65.42 -1.87 | CorkExpl 155 -.01 | OPTICanada 23.35 -64 | otc 48.61 -22+43.1 | TotRetls 10.17 4.02 45.0) Vn A og sag
BombdrBSV 6.72 +.08 | TeckComBSV 50.97 -1.12 | NuvoResearch .17 -.02 | PetroCanada 59.85 -55 | Goldcorpinc 27.12 -.70 | GlobalAlumUS 1.96 +.06 | Overseas 53.19 -.01 +40.2 sere 12.62 +.01 +141 | Wndsr 2040. #315
RoyalBnk 57.52 -.30 | FarallonReso 87 +.02 | BCEInc 40.70 -50 | Nexeninc 33.94 -72 | UrEnergyo 4.03 -46 | RONAInc 22.89 +.39 a gre a ae PioneerA mr 5324 044269 WndsrAdml 6883 -.01 431.7
WsternOilA 36.15 -.76 Alcaninc 100.91 -1.43 ManulifeFin 40.07 -.19 BreakwaterRes 3.36 -.05 YellowPgsUn 14.28 -.10 NeoMatTech 4.67 -.20 Snaaal 878 +01 +44 | Putnam Wndsrll 38.50 -.17 +29.1
NortelNetwork 24.25 -.45 EqnoxMnriso 4.39 = -.21 PaladinOrdo 7.71 -.12 YamanaGldo 12.55 -.37 NuvistaEngy 13.95 -.37 KatangaMngNt104.00 -1.00 USBdindx 10.69 +.03 +5.4|GrowincA m 21.63 -.07 +26.1] Western Asset
ShoppersDrug 50.11 +.03 CdnOilSndsT 32.75 -.90 CIBC 98.07 -.08 BarrickGold . 33.28 -.31 DenisonMines 12.89 -.60 BkMontreal 69,15 -.40 Value 91.96 -.37 +31.7 | RiverSource CrPIBdins 10.18 +.02 +6.3



THE TRIBUNE

TUESDAY, JULY 17, 2007, PAGE 5B





@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

he Exuma Chamber
of Commerce’s
president has
warned that living

. costs on the island are going
« to increase as a result of it

5

' attracting high-end, luxury

resort developments.
Acknowledging to The Tri-

- bune that there was a percep-
_ tion that everything on Exu-

4

ma was expensive, Reg Smith

' said: “The cost of living is
‘ going to rise on the island,

because the products that we

; are putting in are higher-end
. products.”

He said Exuma residents just

’ needed to be realistic and plan

properly. “If you have a piece

_ of property, then you pretty

much know what that is going
to cost,” Mr Smith said.

“The market will always tell
you what the price will be. So,
yes, you will see the prices set
in and rise, but when reality
sets in the prices will come
back down.”

In terms of food items, Mr
Smith said government should
_ step in and help’ regulate the
prices on these products. Until
then, he said Exumians had to

. budget and use their purchas-
« Ing power as best they can.

DiS > SO Rhee Cae es ca AA

Meanwhile, Mr Smith said

the Exuma Chamber of Com-

merce was planning to restruc-
ture itself to better assist
Bahamian businesses, as the
island experiences an econom-
ic boom.

He explained that major
resorts, such as the Four Sea-
sons Emerald Bay and Grand
Isle Resort & Spa, were play-
ing a significant role in the
growth, and the Chamber
wanted to ensure it was able
to assist this development
“This is the standard that we
want for Exuma. A lot of peo-
ple are moving here and build-
ing homes that are very high-
end. There is tremendous

. building and construction

here,” Mr Smith said.
Tourism

“Tourism is growing and

people are coming back home.

’ Retirees are coming home, and
in. the next five to 10 years,
Exuma is the place to be. It is
.on the cutting edge. We have a
new flight in from Atlanta
now, we have our own airline,
Sky Bahamas, so there are
some exciting things happen-
ing.”

Mr Smith said there were
some Exumians who had come
back home and started their
own business, but noted that
primarily those who returned
really wanted to help their
community.

He added that this was
something the Chamber advo-

Exuma Chamber @ft=aa
chief warns on
living costs

catesm, because it feels Exu-
mians have a responsibility to
help build the island and direct
it in the way that it ought to
go. “Unless we take a hands
on approach to the develop-
ment of this island, that you
will not know... We want
growth, but we want managed
growth,” Mr Smith said.

He added that the Cham-
ber’s biggest challenge was to
get Exumians involved in what
is happening in the economy.

“A lot of people thought
that the Chamber was a place
to go and lay a complaint, and
that is really not what we are
about,” Mr Smith said.

“So, we are restructuring the
Chamber right now to where
we are going to be going out to
all the business houses and
becoming more involved in
what they are doing, and in
what the business community
is doing.”

He added that last year, the
island hosted the first ever
Exuma Business Outlook, and
they are looking forward to
building on that for this year.

Mr Smith said the Chamber
was also hoping to launch a
new programme that will ben-
efit the individual communi-
ties on Exuma, ensuring resi-
dents in a particular commu-
nity have what they need with-
in their communities, and do
not have to go outside.

“Why should I have to go

outside my community ‘to-look

aer

» 0.8AL

member of the QNB Group

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

CREDIT RELATIONSHIP MANAGER

: De include:

¢ Providing a high level of service and financial advice to new and existing
clients including liaising with customers and professional intermediaries
with regards to credit facilities,

Managing the bank credit exposures to ensure no risk.

Providing management information on the client base for monthly credit

meeting.

Enhancing the experience of existing clients by providing accessibility and
person-to-person advice.

Implementing the bank’s strategy together with the ability to satisfactorily ?

service high net worth clients/intermediaries.

The successful candidate must have the following qualifications and experience:

¢ ACIB or ABIFS diploma or degree in Banking or a related business field

Seven or more years banking experience of which at least four years should
be in credit administration

Previous experience in portfolio and liability administration

Strong leadership and decision making skills

Problem solving arid coaching skills

Ability to manage multiple priorities

Ability to make sound credit analysis

Strategic awareness within the private banking industry

Spanish speaking skills would be an asset

Excellent salary & benefits

Please send all resumes to the attention of:

Human Resource Manager
Ansbacher (Bahamas) Limited

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

Email: hrmanager @ansbacher.bs

Deadline for all applications by hand, fax or email is July 20th, 2007







Ounce iam nau TS aah eee



for a job or to work when we
could create something with-
in my community to keep our
young people there?” Mr
Smith asked.



The Bahamas Environment, Science
and Technology (BEST) Commission,
Office of The Prime Minister

Please contact The BEST Commission for more details at
The BEST Commission, Office of The Prime Minister

P.O. Box N-3730
Nassau Court, West Bay Street
Nassau, Bahamas
Tel: 242-322-4546 or 242-322- 2576
Fax: 242-326-3509

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.

BS:

BSI OVERSEAS (BAHAMAS) LIMITED



BSI Overseas (Bahamas) Limited, Nassau, Bahamas, an established
international private bank, with its headquarters in Lugano, Switzerland,
is presently accepting applications for

PRIVATE BANKING RELATIONSHIP OFFICER

Applicants for the position of Private Banking Relationship Officer must
have Banking or Financial education and experience in the offshore banking
sector, fluency in Italian, German and French, have strong background
in KYC matters, good knowledge of international financial instruments,
ability to partner with team members, project oriented, and have thorough
knowledge of local legislation, regulatory & statutory matters as well as
international banking practices.

Personal qualities :-

- Excellent organizational, communication and computer skills

- Goal-oriented, self-motivated, positive attitude and outlook

- Project oriented ;

- Commitment to quality and service excellence

- Able to work with minimal supervision

- Commitment to continuous training and improvement of colleagues
- Flexibility in office hours and hands-on approach when necessary

Responsibilities :-

- Ensure KYC guidelines are applied on a day to day basis within Private
Banking unit -

- Organize, implement and monitor KYC and Client Relationship
Management related projects within the Private Banking Unit

- Training of Private Banking allocated resources

- Liaise directly with customers or their investment advisors or agents

- Foster and maintain communication with internal/external banking
professionals

- Meet deadlines on timely basis

Interested persons with such qualifications should submit their
resume/curriculum vitae to :

Human Resources Manager

BSI Overseas (Bahamas) Limited

Bayside Executive Park, W. Bay St. & Blake Road

P. O. Box N-7130

Nassau, Bahamas
Fax no. (242) 702 1253 or email: julie.benjamin@bsiob.com

(ABSOLUTELY NO PHONE CALLS PLEASE)
Only applicants having the above attributes will be contacted.



PAGE 6B, TUESDAY, JULY 17, 2007

THE TRIBUNE





Bank owed $683,000 by
Bahamas card holders

FROM page 1

outstanding $1.306 million in
unpaid credit card debt owed
to Leadenhall, despite num-
bering less than one-third of
the 310 international clients

who still owe a combined
$611,117.

Meanwhile, Mr Gomez said
Leadenhall had again become
exposed to a potential multi-
million dollar damages claim,
after Judge Adalberto Jordan,

LEGAL NOTICE

NOTICE

ROANOKE PROPERTIES LIMITED

_In Voluntary Liquidation

Notice is hereby given that in accordance with

Section 138 (4) of the International Business Companies
Act, 2000, ROANOKE PROPERTIES LIMITED
is in dissolution as of July 16, 2007.

International Liquidator Services Inc. situated at
35A Regent Street, P.O. Box 1777, Belize City, Belize

is the Liquidator.

LIQUIDATOR

sitting in the US District Court
for the southern district of

Florida, permitted victims of °

the ‘Cash 4 Titles’ ponzi
scheme to have their case cer-
tified as a class action lawsuit.

Cash 4 Titles was a fraudu-
lent investment scheme that
Leadenhall had provided
financial services to, but the
same judge had previously only
awarded $1.04 million in dam-
ages to three plaintiffs in the
action because the litigation
was not certified as a class
action.

In his latest report, Mr
Gomez said: “On March 20,
2007, in US District Court for

* the Southern District of Flori-

da, the judge stated that the

case met the status of class
action and a class certification
hearing was set for September
7, 2007, in Miami.

Judgement

“The judgement of $1.04
million entered against the
bank and Axxess on February
12, 2007, may be reconsidered
and could possibly be substan-
tially more, inclusive of treble
damages under the RICO sta-
tus.”

The former Cash 4 Titles
investors had been seeking
$330.228 million in damages.
However, as there is no judicial
comity between the Bahamas
and the US, even if they did

’ LEGAL NOTICE

NOTICE

get a judgement for that
amount in Florida, it could not
be enforced here.
Leadenhall, because it is in
liquidation, has minimal assets
to claim against, nor does it
have any ties to the US or
assets that could be frozen
there. Asa a result, the Cash 4
Titles investors would have no
option but to bring an action
against the bank in the
Bahamas if they wanted to
pursue their quest for damages,
and would have to stand in line
along with other creditors
before receiving a payout.
Elsewhere, Mr Gomez said
he had met with a UK law
enforcement officer on March





PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, Deana Smith,
legal guardian, intend to change, SORAYA J.D.
to SORAYA MAY JANE SMITH. If there

19, 2007, who was accompa-
nied by two officers from the
Bahamas Financial Intelligence
Unit (FIU).

They were seeking informa-
tion on a Leadenhall client,
and Mr Gomez directed their
request to the Attorney Gen-
eral’s Office.

Court -

He also informed the court

that, in a separate matter, he.

had contacted the Bahamian

. FIU’s senior officer over the

investigation of a forged
cheque worth Cdn$125,937, as
the previous investigating offi-
cer had resigned from the FIU.



EAGLE PORTFOLIO LTD.

In Voluntary Liquidation

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 (30) days after the date of the
publication of this notice.





















lan

Winoine BAy
ABACD, BANAMAS





Construction Project Manager

e Minimum 5 years experience in construction
management
__.© Working knowledge of timber and masonry =. =
construction methods
e Proficient in reading and understanding construction
plans
e Proficient in performing material take-offs and placing
material orders
e Working knowledge of construction materials
e Proficient with Microsoft Word and Excel
e Good communication skills



Warehouse Manager

e 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

e Solid day-to-day decision maker

© Good Communication skills with both upper
management and labour :

e Working knowledge of construction materials












Resume should be sent to Nick Sims, Development
Department, The Abaco Club on Winding Bay, P.0. Box
AB-20571, Marsh Harbour, Abaco or fax #242-367-2930












Bish

Pricing Information As Of:

Abaco Markets














Bahamas Property Fund 11.60
Bank of Bahamas 9.40
Benchmark 0.85
Bahamas Waste 3.65
Fidelity Bank 1.48
Cable Bahamas 10.60
Colina Holdings 2.35
Commonwealth Bank 15.00
Consolidated Water BDRs 6.32
Doctor's Hospital 2.30
Famguard 6.20
Finco 12.70
FirstCaribbean 14.63
Focol 20.00
Freeport Concrete 0.64




ICD Utilities
J. S. Johnson

7.25







Bahamas Supermarkets
Caribbean Crossings (Pref)
N

14.60




28.00 ABDAB
14.00 Bahamas Supermarkets

41.00









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

1.346656"
3.2920***

2.739935**
1.257576

2.9218








BISX ALL SHARE INDEX -¢19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks

MARKET TERMS






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

Daily Vol. - Number of total shares traded today

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

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





=) FIDELITY

15.60




YIELD - last 12 res mpeg divided by closing price
Bid $ - Buying price of Colina and Fidelity

Ask $ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week

EPS $ - Acompany's reported earnings per share for the last 12 mths
NAV - Net Asset Value
N/M - Not Meaningful F
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

Notice is hereby given that in accordance with -
Section 138 (4) of the International Business Companies
Act, 2000, EAGLE PORTFOLIO LTD, is in
dissolution as of July 16, 2007.

International Liquidator Services Inc. situated at
35A Regent Street, P.O. Box 1777, Belize City, Belize

is the Liquidator.

LIQUIDATOR



WOOD AND COLD-FORMED STEEL TRUSSES

DESIGN

ENGINEERING

COMPETITIVE PRICING
FAST BIDDING INFORMATION

361-7764

Road to City Dump after Premix
Email:ggongora@coralwave.com

AUTHORIZED
MANUFACTURER

11.60 0.00
9.40 0.00
0.85 0.00
3.65 0.00
1.48 0.00
10.60 0.00
2.35 0.00
15.00 0.00 50,750
6.14 -0.18
2.30 0.00
6.20 0.00
12.70 0.00
14.63 0.00
19.99 -0.01 1,000
0.64 0.00 :
7.25 0.00

43.00

mae sei

















* -6 July 2007

** - 30 June 2007
*** - 31 May 2007
**** - 30 June 2007

2007

Legal Notice

NOTICE
EXXONMOBIL NORTH BALI LIMITED

Pursuant to the provisions of Section 137 (8) of the International
Business Companies Act 2000, notice is hereby given that the above-
named Company has been dissolved and struck off the Register



hotel)

2 Housekeepers



LEGAL NOTICE

NOTICE

FERTIL INC.

Pursuant to the provisions of Section 137 (8)
- of the International Business Companies Act,
2000, the dissolution of FERTIL INC., has
been completed; a Certificate of Dissolution
has been issued and the Company has
therefore been struck off the Register. The
date of completion was March 20th, 2007.

Anthony B. Dupuch
Liquidator

ASU SEEN

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

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

1 Captain/Maitre’d (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

pursuant to a Certificate of Dissolution issued by the Registrar
General on the 29th day of June, A.D., 2007.

- Dated the 12th day of July, A.D., 2007.
K. L. FLOYD

Liquidator of
EXXONMOBIL NORTH BALI LIMITED




























































me ee es et

a AY LE SETI RD ES SE a a a PE

<6 2". © ¥

“* @R& ax



THE TRIBUNE





Bahamas Hotel
Association chief
optimistic on the

Emerald Bay buyer

@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

he Four Seasons

hotel brand is Despite some claims that the said of Grand Isle Resort & and many opportunities being
expected toremain receivership is a sign that per- Spa Responding to how the created.
on Exuma despite haps the ‘anchor property cost.of labour had affected the .

- the Emerald Bay resort being model’ is flawed, Mr Miller cost of living on Exuma, Mr Pushing

placed in receivership, the

Bahamas Hotel Association’s _

president said, ensuring a lux-
ury brand remains associated
with the island.

Russell Miller told The Tri-
bune that he believes a buyer
will come forward to purchase
the property, which had ini-
tially been touted as the
‘anchor project model’ for the
rest of the Bahamas.

Receivership

“T heard that it is in receiver-
_ ship. I think, though, they will
be able to find a buyer for it. I
think the good thing in all of it
is that we are very optimistic
that the Four Seasons brand

will not leave Exuma, so who- .

ever takes over, whatever new
ownership comes in, I think
the Four Seasons brand is pro-
tected,” Mr Miller said.

“I think this augurs well for.

the islands of the Bahamas to
kaep an upscale, recognisied *

Security

brand like Four Seasons here.
So we are happy that this will
stay in place.”

Claims

said: “I don’t think it is a huge
mega resort development,
which somewhat frightens us
a little bit because we
announce these mega resorts
and developments.

“I think that sometimes we
lose sight of the fact of how we
are going to sustain them - do
they have the right infrastruc-
ture in place; do they have the
labour force? I think these
things need to be taken into
consideration and given
thought, because it is one thing
to announce these projects,
and then it is another to put
them in place and make them
work for ourselves and for the
investor.”

During his visit to Exuma,
which was to attend the open-
ing ceremony for the new
Grand Isle Resort & Spa pent-
houses, Mr Miller had the

opportunity to see first hand .

upscale resort properties on

Exuma. “They have done a’
‘really good job here. The facil- -

ities are very high-end, and
they’ve set themselves up well
in providing another product
outside of Nassau/ Paradise
Island for the upscale and lux-

urious clientele,” Mr Miller

Miller said it was not neces-

sarily a bad thing to have for-.

eign labour, particularly at the

* construction level. «

Construction

“T think it helps the Bahami-
an construction workers to get
exposed to another facet of the
construction business,” he said.

sR oN Ya
ean cl ep

in circulation, just call
OT TE

& General

INSURANCE

A subsidiary of Colonial Group International Limited (CGIL) headquartered in Bermuda, is seeking an
Underwriting Account Executive to work in the Grand Baharia Operation.

The successful candidate will be responsible for maintaining all daily aspects of our operations and
business relationships in the Grand Bahama Market. Responsibilities will include, but not be limited to:

However, he added that
where they have to be careful,
as the Bahaimas builds and
is where it finds
employees at the very basic
levels to fill the many positions

grows,

“That is what we are pushing
for at BHA, and trying to
make everyone aware of - the
workforce development need.
We have to do a better job of
preparing students coming out
of school and letting them
know what opportunities exist
in the industry,”

said.



TUESDAY, JULY 17, 2007, PAGE 7B

Share your news

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

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

The Law Firm of
Harry B. Sands,
Lobosky & Company

will be closed on

Mr Miller

Friday, July 20, 2007

for the Firm’s
Annual Fun Day



inf

member of the QNB Group

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

SENIOR CLIENT ACCOUNTANT

To accurately and promptly prepare periodic financial statements for
a case load of Trust and Companies. Maintain the accounting records

Maintaining and processing all business production records in accordance with International Financial Reporting Standards.

¢
% Local underwriting control

¢ Development of relationships with local business partners
4 Preparing periodic reports as required

The successful candidate must have the following qualifications
and experience:

pa

The successful candidate should possess the following minimum requirements;

% A professional insurance qualification (i.e, Dip Cll or CIP), or proven progress towards its

completion

A minimum of 3 years relevant work experience in Property and Casualty insurance.
Superior communication, interpersonal and organizational skills

Proven ability to negotiate with external clients and work under pressure

Be a self-starter and able to work under own initiative
Computer proficiency and keen administration skills.
Maintaining a high level of product knowledge
Currently residing in Grand Bahama, and/or prepared to relocate

Security & General offers an attractive benefits package that includes comprehensive medical insurance,
contributory pension plan, long-term disability and life insurance coverage,

Applications will be treated in the strictest confidence and should be made in writing to:

Security & General Insurance Company, Ltd,
Attn: Human Resource Manager

P.O. Box N-3540
Nassau, Bahamas

or

by Fax to (242) 356-9049 (private fax number)

Closing date for applications is July 31st, 2007.

CPA certification with at least 2 years post qualification experience

Previous client accounting experience would be preferred but is
not mandatory.

As a Senior Client Accountant you will be expected to be self

motivated, have the ability work independently and have good

written and verbal communication skills

An in-depth knowledge of Trust Accounting and experience with
complex fiduciary structures would be an asset.

Computer literate with high proficiency in Microsoft Office
Applications (Word, Excel, Outlook)

Salary commensurate with experience and ability

Excellent salary & benefits

Please send all resumes to the attention of:
Human Resource Manager
Ansbacher (Bahamas) Limited
P.O. Box N-7768
Nassau, Bahamas
Fax: 325-0524
Email: hrmanager @ansbacher.bs

Deadline for all applications by hand, fax or email is
July 20th, 2007





PAGE 8B, TUESDAY, JULY 17, 2007

THE TRIBUNE





Retirement nightmare
looms large

FROM page 2

savings, the Bahamas is truly a
third-class economy.

The problems of defined

benefit pension plans

In years past, many firms
created defined benefit pen-
sion plans. These plans, which
were often non-contributory,

provide a pre-determined
monthly retirement benefit to
an employee based on the
employee's earnings history,
years of service and age. The
costs of these plans were gen-
erally funded by employer con-
tributions into a trust fund.
As benefits rose, many com-
panies did not maintain their
level of contributions at the
required levels, which created

WANTED

Leading Law Firm seeks Legal Secretary

Candidates

one or more of the

must have experience in}

following areas:

Conveyancing litigation, mortgages, and
general matters; be highly proficient in
MS Word & Windows; type 70+ wpm; be
icomfortable and polished with high-level
clients; have excellent organizational and

follow-up skills.

Salary commensurate

with experience. Please send resume and

lsalary expectations to:cpfplan@yahoo.com,
or send fax to: 323-0012

COMMONWEALTH OF THE BAHAMAS

IN THE SUPREME COURT

2006/CLE/QUI/No.0013

COMMON LAW and EQUITY DIVISION

IN THE MATTER OF ALL THOSE pieces parcels or tract »
of land containing 2.592.acres being the South-eastern
portion of a Crown Grant originally made to Anthony Smith
and recorded in Book F at page 17 and situate on the main
Queen’s Highway in the Settlement of Mars Bay in the
Southern District of the Island of Andros one of the Islands of
the Commonwealth of The Bahamas.

*

AND

IN THE MATTER OF The Quieting Titles Act, 1959, Chapter 393

AND

IN THE MATTER of the PETITION OF BERTRAM M.
TAYLOR under The Quieting Titles Act, 1959

NOTICE
The Petition of BERTRAM M. TAYLOR of the Settlement of

Mars Bay in the Southern District of the Island of Andros one of
the Islands of the Commonwealth of The Bahamas in respect

ALL THOSE pieces parcels or tract of land containing
2.592 acres being the South-eastern portion of the land
the subject of a Crown. Grant originally granted to the late
Anthony Smith'situate on the main Queen’s Highway in
the Settlement of Mars Bay in the Southern District of the

Island of Andros aforesaid.

BERTRAM M. TAYLOR claims to be the owner of
the fee simple estate in possession of the tract of land
hereinbefore described free from encumbrances.

AND the Petitioner has made application to the
Supreme Court of the said Commonwealth of The
Bahamas under Section 3 of The Quieting Titles Act,
1959 (Chapter 393) Statute Laws of The Bahamas. To
have his title to the said parcel of land investigated and
the nature and extent thereof determined and declared in
a Certificate of Title to be granted in accordance with the

provisions of the said Act.

NOTICE IS HEREBY GIVEN that any person
having Dower or a right to Dower or an Adverse Claim
or a Claim not recognized in the Petition shall on or
before the Twenty-third day of August, A.D., 2007 file in
the Supreme Court and serve on the Petitioner or the
undersigned a Statement of his Claim in the prescribed
form verified by an Affidavit to be filed therewith, Failure
of any such person to file and serve a Statement of his
Claim on or before the Twenty-third day of August, A. D.,
2007 will operate as a bar to such claim.

Copies of the filed plan may be inspected at:

|. The Registry of the Supreme Court situate
Second Floor, Ansbacher Building, East Street
and Bank Lane in the City of Nassau, Bahamas

_ 2. The Administrator’s Office, Congo Town,

Andros, Bahamas

3. The Chambers of Clarita V. Lockhart, Attorney
for the Petitioner, No: 90 Shirley Street, Shirley
Street & Elizabeth Avenue, Nassau, Bahamas

Dated this Fifteenth day of June, A. D., 2007

CLARITA V. LOCKHART

CHAMBERS

NO. 90 SHIRLEY STREET

NASSAU, BAHAMAS

Attorney for the Petitioner

Attorney for the Petition



a much larger problem. ‘The
problem being that many com-
panies with defined benefit
pension plans are severely
underfunded.

An underfunded pension
plan is one where the known
liabilities (obligation to pay
future pensions) are far greater
than the assets that could be
used to pay those obligations.
Further, in some cases, those
assets belonging to a pension
plan are not always separated
completely from those of the
oo ie company (employ-
er

The problem of pension plan

underfunding is not just limited -

to US companies. Recently,

the press carried Stories sug-

gesting that the Bahamas
Telecommunications Compa-
ny (BTC) pension plan could

be underfunded by as much as

$100 million. However,
notwithstanding this large
deficit, on a relative’ basis,
BTC’s pension funding status
may be far superior to those
of the other statutory corpo-
rations — a situation which is
most frightening.

Geoffrey Colvin, a senior

editor at Fortune Magazine, ;

wrote a commentary in the
January 13, 2006, edition, in

which he commented on: US"

changes in accounting for pen-
sion liabilities: “This year, the

Government Accounting Stan- -

dards Board, which sets the

‘rules for the public sector, is’:
changing its regulations. State

and local governments will
now have to reveal their pen-
sion liabilities, which may be

underfunded by $1 trillion or.

more.” The publication of
these liability numbers will
undoubtedly unleash a fury. of
debate and further calls for
pension reform in the US.

In the Bahamas we have

Qualifications:

absolutely no idea of the size
of the unfunded pension lia-
bility already accrued in
respect of the civil service. I
am constantly amazed by the
management of some public
corporations, who seem to be
of the view that irrespective of
the funding status of their pen-
sion plans and seeming lack of
corrective action, that the Gov-
ernment must fully cover their
pension obligations, no matter
what. For their sake, I hope
they are right. However, the
growing global reality is that
retirees (both public and pri-
vate sector) are increasingly
being faced with the prospect
of reduced pension payments
when they can least afford it.

Pay-as-you-go systems

As if the funding status of
government corporation pen-
sion plans is not enough, it
should be noted that the Gov-
ernment’s pension plan for its
20,000-pjus civil servants is
completely unfunded. What
this means is that there are no
assets set aside to cover these
liabilities. The Government
operates on a pay-as-you-go
system, which means that each
year it must raise - through tax-
es‘- sufficient funds required

- to pay retiree benefits for that

year.
Many large European coun-
tries such as France, Germany
and the UK are now facing
huge pension burdens, as pen-

‘sion. costs as a percentage of

the annual budget are unsus-
tainably large. Thus, pension
reform is increasingly being
forced:upon them.

Bahamian pensions
The most recent study con-

ducted by the Central Bank .
Suggests that private pension
funds i in the Bahamas are fast

approaching the $1 billion
mark in terms of assets. Look-
ing at this another way, the size
of these private pension funds
represents almost 20 per cent
of GDP.

When you add the value of
the National Insurance Fund,
which is slightly more than $1
billion in assets, these two
sources of long-term pension
savings now soar to 40 per cent
of GDP. What is most incred-
ible is that while industry par-
ticipants have’ called on suc-
cessive governments to imple-
ment pension legislation to, at
a minimum, provide some reg-
ulatory oversight, nothing
seems to be done. We have a
great social timebomb in the
making, growing daily while
our policymakers seem to lack
the resolve to even remotely
address it. —

The commission formed to
address reforming the Nation-
al Insurance Board said: “The
Social Security Reform Com-
mission recognises that the
National Insurance retirement
pension was not designed to
provide sufficient income in
old age. for all retirees. And
although many workers are
members of employer pension
plans and/or have their own
personal savings, a great num-
ber of Bahamians retire with-
out a secure income.”

The above statement is in
stark contrast to the percep-
tion of the average person on
the street, who believes the
National Insurance Fund will
provide for his/her full pension

needs.

How are future retirees
going to be provided for? Do
we just ignore the situation and
face the consequences later, on

somebody else’s political

watch, or do we plan for. the
inevitable?

Fil RSTCARIBBEAN

INTERNATIONAL BANK

‘CAREER OPPORTUNITY
ee
Human Resources Manager

Nassau, Bahamas

¢ Bachelor’s degree in related field (Mandatory) — Masters Degree

preferred

e 5-10 years.experience in Human Resources (HR). A broad
knowledge/experience base in several HR areas (e.g. consultation,
recruiting, employee relations, etc.)

¢ Knowledge of employment law and industrial relations

PC skills: Advanced Excel and Word mandatory

General Responsibilities (not all inclusive):

Vv Employee Relations - Provide guidance to managers & supervisors ©
in supporting proactive HR plans, products of activities. The incumbent .
will develop an understanding of the client’s business and a relationship
with managers & supervisors and other staff within the client units
by maintaining a close consultative relationship

Y In consultation with the HR Head, provide input into strategies,
policies, procedures and new initiatives to ensure they are consistent
with overall Bank strategy and objectives

Vv Provide operational management of on-going activities in the delivery
of services (compensation, HR administration), including the
supervision of some HR staff

Â¥ Provide support to the HR Business Partner in all IR negotiations and
strategy development

Y Responsible for all entry-level recfuitment including management of -
requests from the business and the FirstStart Initiative

Â¥ Provide guidance and counsel on hiring and discipline practices

Â¥ Plans human resources activities and ensures they are carried out to

service standards

Remuneration:

e Salary commensurate with management position at the FC Level'6
(Note: 1 - 11 job levels)

¢ Benefits- attractive salary, six weeks vacation, preferred loan rates,
employee share purchase plan, variable incentive pay (bonus), medical
scheme, pension benefit.

Applicants are requested to submit their resume with a cover letter via
email by July 23rd , 2007 to: siobhan.lloyd @firstcaribbeanbank.com

FirstCaribbean International Bank (Bahamas) Limited thanks all applicants for their interest,
however only those under consideration will be contacted.

Vacancies are open to Bahamians only.



We need to bear in mind
that our population demo-
graphics are highly skewed.
Currently, we have about 60
per cent of our population
under the age of 35. Given the
current birth trend among our

-legal population, who are hav-

ing fewer children, and there-
fore fewer long-term contribu-
tors to National Insurance, in
another 30-40 years we will
have a large retired population
trying to survive on insufficient

retirement incomes.

One option considered by
the Commission was the intro-
duction of mandatory pen-
sions, which they see working
as follows: “Through legisla-
tion, require all employers in
the Bahamas to establish a
pension plan for their employ-
ees that provide certain basic
minimum benefits, contribu-
tions and other requirements.
These contributions and pen-
sion payments will comple-
ment NIB’s pension to meet
the overall income objective.
Where an employer already
has a pension plan whose
terms are more generous than
the minimum standard, the
employer may choose to con-
tinue that plan.”

Australia and Switzerland
are examples of developed
countries that have successful-
ly implemented mandatory
pension laws; while Bermuda
and the Cayman Islands are
regional examples.

Further, Jamaica, Barbados
and Trinidad have recently
passed new pension legislation
or are in advanced stages of
doing so.

The intention of pension leg-
islation is not only to regulate
pension funds but also to
encourage employers/employ-
ees. to work together to pro-
vide a social safety net for the
long-term benefit of workers,
while relieving central govern-
ment of this sole burden. Pro-
gressive governments have
understood this and are doing
it. Quo vadis Bahamas?

Until next week...

NB: Larry R. Gibson, a
Chartered Financial Analyst,
is vice-president - pensions,

+ Colonial Pensions Services

(Bahamas), a wholly-owned
subsidiary of Colonial Group
International, which owns
Atlantic Medical Insurance
and is a major shareholder of
Security & General Insurance
Company in the Bahamas.
‘The views expressed are
those of the author and do not

_ necessarily represent those of

Colonial Group International
or any of its subsidiary and/or

. affiliated companies. Please

direct any questions or com-
ments to rlgibson@atlantic-
house.com.bs

INSIGHT

For the stories
behind the news,
read Insight
on Mondays

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
| good cause, campaigning
for improvements in the
area or have won an
award.
If so, call us on 322-1986
and share your story.





THE TRIBUNE TUESDAY, JULY 17, 2007, PAGE 9B



BUSINESS

Bids up to $500m
for the BORCO ©



IS
TEMES Cama TL
just call 322-1986 today!

FROM page 1

arm, which is running the
open, transparent ‘beauty con-
test’ process for it.

Yet closing a sale may not

be simple, as it will require the »

approval of both the Bahamian
government and the Grand
Bahama Port Authority

‘((GBPA). And this is likely to

be tied into BORCO’s licence,
which sources said was for an
oil refining operation, not just
an oil storage/transhipment
facility.

The Tribune reported pre-
viously that PDVSA had given
a commitment ‘when it
acquired BORCO in the late-
1980s that it would restart oil
refining capabilities at the
Grand Bahama operation, but
it never fulfilled this despite
strong pressure from the late
Edward St George.

GBPA’s chief executive, which
issued BORCO with its
licence, strongly indicated to
this newspaper that the Port
Authority would press any
buyer to restart oil refining
capabilities at the plant.

The refining, commitment,
though, has led some to ques-
tion whether any BORCO
purchaser is aware of this com-
mitment, and whether a buyer
would inherit it.

It is unclear whether this
commitment would carry over
to a new buyer, some believing
this unlikely, or whether it
would expire with PDVSA’s
exit.

One source told The Tri-
bune: “The licence is for the
purpose of operating a refin-
ery. Unless the new buyer
begins refining operations, they
may not be in compliance with
that initial licence agreement.”

claimed that the sales docu-
ments issued to potential bid-
ders by PDVSA did not men-
tion that any buyer would need
approval from the GBPA and
Bahamian government for the
deal to be consummated.

Contacts

However, other contacts
have disputed the claims sur-

. rounding BORCQ’s licence.

They said the commitment giv-
en by PDVSA had been
watered down to an ‘under-
taking’ to restart refining, after
Mr St George came under
pressure in the early 1990s to
moderate his stance from then-
newly-elected Prime Minister
Hubert Ingraham and Grand
Bahama-based FNM MPs.
Up until that point, sources
suggested, Mr St George and
the Port Authority had been

licence after the PDVSA
takeover, the company having
purchased the 50 per cent
owned by Chevron, but one
was ultimately issued and the
refining issue went away.

The identity of the bid final-
ists is unclear, although one of
the players in the initial round
is understood to have been
Vitol, a European-based com-
pany, which did not make it
into the final contest.

At least two Bahamian
groups are thought to have
submitted initial offers, while
Barry Malcolm, former GBPA
vice-president and-an ex-BOR-
CO executive, is also said by
sources to be working closely
with a foreign bidder.

Of BORCO’s 500 acre site,
some 208 acres has never been
developed, and it is understood
that at least some of the bid-
ders believe this can be used

UE TE EST CS

Are you looking for a Teaching Position in a
Dynamic Progressive Teaching Environment?

The Lyford Cay International School has positions

open in:

2007-2008

Starting August 2007

e Early Learning Center

e Elementary Classroom

¢ Chemistry

q

reluctant to grant BORCO a __to double the transhipment
facility’s size.

PDVSA was viewing this
undeveloped land as invest-
ment property it could “sell for
current market value” and
increase the final price paid by
any purchaser.

The BORCO refinery closed
in 1985 amid a global oil supply
glut, and one source told The
Tribune that when this hap-
pened nitrogen blankets were
placed on the refinery assets |
to preserve them.

However, the source said
that after PDVSA took over
it removed these nitrogen blan-
kets, which allowed the refin-
ing assets to deteriorate and
made it impossible to restart
the plant.

This means a new one will
have to be built, something
Leslie Miller, former minister
of trade and industry, said
would require a $2 billion
investment and create 800 jobs.

Sir Albert Miller, the The same source also

The five |

° Mathematics
e English & Humanities
e Spanish







If interested email to Dr. Paul Lieblich, Principal at
plieblich @lyfordcayschool.net:



Lea ee oe
RE ei PELE ¢ Letter of Application .
Everywhere The Buyers Are! * Curriculum Vitae

e Picture of yourself

Candidates must be university/college trained
with teaching credential and two years experience.
International Baccalaureate Organization program
experience preferred. .



CAT

As a privately-owned, mid-sized Bahamian Company and
the authorized Caterpillar dealer in The Bahamas, we are ~
seeking a candidate to work as a Technical Advisor to |
support the operations of the Service Department. The

, : ; ; candidate should have the following qualifications:
Vacancy for Chief Financial Officer



Be a graduate with a Bachelors Degree in Mechanical
Responsibilities:

e Full responsibilities for all accounting activities including G/
L, A/P, A/R, Payroll & Purchasing

e Cash flow management, financial reporting, forecasting and
budgets

e Manage relationship with current lender and fulfill monthly
reporting requirements

e Manage year end audit and act as liaison to external CP As

¢ Manage annual budget process; work with senior manage-
ment to optimize budgets and financial forecasts

e Directly supervising accounting staff of 10

e Overseeing the day— to-day operation of the company

Qualifications: ;

e Eight to ten years of experience in financial management
with increasing responsibilities for multi-faceted direction
and planning

e Bachelors degree in Accounting or Finance minimum

e CPA designation preferred

e Ability to deal with legal , corporate and general business
matters ;

» Experience in setting up financial controls; effective at estab-
lishing and improving processes

e Strong communication, analytical and management skills

e Enthusiastic, positive, “can do” entrepreneurial spirit.

Engineering;
e Have post-graduate studies in Management;
¢ Have Caterpillar training in Heavy Equipment Machines;
e Have Caterpillar training in power generation;
¢ Have 5 years or more experience with working with a
Caterpillar dealer or a similar Organization |
¢ The candidate should have certification as an ISO 9000

auditor and;

¢ The candidate should have Six Sigma training (a Black

belt in 6-Sigma is preferred).

This candidate is required to be a professional who thrives
on the challenge of developing outstanding customer

relations and service excellence.

Send complete resume with education and work experience
to M&E Limited, P.O. Box N-3238, Nassau, Bahamas,

Attention: Service Manager, or email me@me-ltd.com.



Interested persons should apply in writing to
Chief Financial Officer
P.O Box N-4351, Nassau, Bahamas
Deadline for application is July 31st, 2007

Only persons being interviewed for this position will be
contacted.





PAGE 10B, TUESDAY, JULY 17, 2007

THE TRIBUNE -

t



Minister: ‘We should not have approved Bimini Bay

FROM page 1

ees]; are you providing the other
amenities to keep the cost of living
down?” Mr Turnquest asked.

“And so you can look at an island
like Exuma, and talk about those
types of properties, and make sure
the density and the size of those
resorts fit into the island,” he

explained.

“I’m advised here that the casino at
the Four Seasons Resort [in Exuma]
has not taken-off as originally expect-
ed, and it begs the question: ‘Is a casi-
no really necessary for the sustain-
ability of a resort property in the Fam-
ily Islands?’

“T don’t believe it is, but again
developers say they need a casino,
and so those are the types of issues we

ee

need to address, rather than just hav-
ing these catch phrases about ‘anchor
projects’.”

However, the $110 million Grand
Isle Resort and Spa has been lauded
by the business community as “the
example to follow” in the Family
Islands when it comes to business
development.

At the grand unveiling of the new
$5.7 million penthouse at the Grand

Isle Resort and Spa over the week-
end, Branville McCartney, minister
of state for tourism and aviation, told
The Tribune that the Government
must “look at what each island has
to offer” and ensure that future devel-
opments on Family Islands are in syne
with the needs of each community.
When asked about his Ministry’s
position on the ‘anchor resort’ strate-
gy, Mr McCartney said: “There are

)

certain islands where large resorts will
do quite well, and other islands where
they won’t do well.

e"e"e’a"e et! *-*

«,

L

“A huge development may not go '
[over] well in Acklins, or Cat Island, ;
because of the nature of the commu- |

nity or the people. We need to really
collaborate with the people of those
islands, and find out from them what
would be the best type of resort or
project [for the island].”

Form of Nomination Paper _
Election for District Council/Town Committee

ELECTION ON THE, Hib. Lhd ted UhrisTRICTTOWN AREA

We, the undersigned, being registered as voters in the said Disuiew Town

Asea, do hereby nominates the under mentioned pervon as a ramdidate af dus vad
election, and we hereby carcify thar to chs best of ou: knowledge and ballat iss is
qualified YO represent the said District/‘Town Ares on :hc covcisil/corwmttex.

Nens Izy of National Security |
Office of The Parliamentary Commissioner

Form of Declaration of Qualification

1 BOE (iad ge ig ffi ah
tae bh=

do solemnly deciure that I am qualified socording tc lew rm be clooted and ta
serve an 2 Member of the Dinriot Council ar Town © amimittee in the District
or Town Area of MN al hy ied, Biba

of hitending Cany's

Denlared and signed before me, tris 2.7% . day af Tihl__w oor

eremapepapectnapeeis en caret whee

iow of the Poacc

Mathie fléler-

Form of Declaration of Qualification

do solemnly declare that I sm-qualified secerding te Inw t be cleated and to

serve aux Merober otha Diswiot Council or Town t’amiemittes in the Distric.
or Town Area of tlechwsatite thy Maeda BeaaaaeS
: E (ee eghie 2.
Signature of Irsending Canc ida

Declored end signed betore me, this 427A _ day of Tale wee a

Signatire Sf 3 ae of the Paacs 3
Mle bilolen

: Eluwe of
de

Candidace"s Qthecuamean j
Sumame Ia tal Ae ‘donne

Ferre One eet preerecntnttttpt 7 9 mn nena ah PEELE FON INCH Horna tener PARNER Gre a Ro | peepee neces rreenrnne

Signajurce of five sishseribecs:

NOTE: The artention of intending gendidates and subscribers of nomination pens
is crass to the soquiremen of the Local Govenunent Act, 1996, garding nomination,
and parneniarly ro the requiremens that a detlaration of quajificanos shall he deivernd
und @ depots af BSS0.00 (fitty dojlars) shall ba made wo the Returning Officers on
nomination day. .A noninadon papor mast be signed by not less than Sve (5) subserizers.
Subperivers and nominces must be mgisteted In the particular polling division.

Form of Nomination Paper
Election for District Council/Town Committee |

»
ELECTION IN THEAGAL TOU MG LGA, DISTRICTTOWN AREA

We, the undersigned, being registered ag voters in the ssid Districu Town
Area, do hereby nominate the under mentioned per-'on as a candidate at the uid
election, and wa hereby certify thar to the beat of our kaawiadge and belief ie fs
qualificd te represent the said District‘Town Ares on ‘uc cpuirli/commrurtes.

Candidary’s Othernsmen- i ro Phar: 0f ; (Qeqnpavon -
Surman ‘ Tn full Re Powe. pe
s <8 f i
& | coral ly, cleake|fispecatt”
maaan tte Bs ae ” meer eee RE NH BES oe ae ee ee

ton ee eee eteemenenrttgnertan ore § re wnat

- °
_Stgmasurcs of five subscribers: 3)” Mie 3

Ny wemetnetent etter ete teen Fe A 1 are arene ee

NOTE: —- The attention of intending cundidases and subectivers «1 nomination panare

48 Grown to the requirements of the Loon! Goverment Act, 1996. m gurdiog nominanoy,
and partionlnsly vo the sequlwmence that a declaration of quaiificanm: akall he delivered
aad 4 depantt of HS$0,00 (Atty doilars) shall ba made so the Rommiug Oftice: on
noraination day. A nomination pepar must ke signed by not less than five (3) subscribers.
Subserioess and nominees rust bo regiacered in the particular polling Wivisian.

Form of Nomination Paper
Election for District Council/Town Committee

Form of Declaration of Qualification

1 Cyeisterree Ret 2

of - °

%

_—
ELECTION IN THE. Hm... QNaN.........DISTRICTITOWN AREA

Wa, the undersigned, being registered as voters in the said District/Town
Area, do hereby nominate the under mentioned pevsen
election, and: we hereby cerridy that 10 the best of our knowledge and halief hs is
qualified to represent the said District/Town Area on the council/commitree.

Can didatc's
S ee

do solemnly declare that I am. qualified according to law to be elected and to
serve as a Member of the District Council or Town Committee in the District

or Town Area of _

-

Ar aver SY

Other names
fo full

Ee.

Signacurss of five subscribers:

NOTE:

ag a candidate at the ssid

Pieseof § Qecupation
Residence

Miao Oar

SE

res SJ dese’ Chememe de davretriewexee
’
TEE Me scudesefasenedenerenssarretete
» 3
aexen tre beocorrntasrersrsaeeses ace

The amention of intending candidates and subscriber's of nomination papers

is drawn to the requirements of the Local Government Act, 1996, regarding namination,
and particularly to the requirements that a declaration of qualification ahall be delivered.
ond a deposit of BS$0.00 (fifty dollars) shell be made to the Returning Officer on
nevainution day. A nomination paper must be signed by nat [oes than five (5) subscribers.
Subperibers and nominees maust be registered in the particular polling division.



Jj BAa SGP mumeaeeoe &

7% *A OR ee GO| OW sss”

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~~ 5

*.

. 9 Be A a RE OO © FL 6 St AUD @ OP RAE 8 a OSS a a

“~_a2 eet

=o S.8 © © TY Yate a me me ® SFT. MK









FOREX Rates




International Stock Market Indexes:

THE TRIBUNE i UESDAY, vULY 1/, 2007, PAGE 11B
BUSINESS
The Bahamian Stock Market
FINDEX 828.89 YTD 11.70% |
BISX CLOSING CHANGE VOLUME YTD PRICE
@ By Fidelity Capital or 5.21 per cent to close at a iB ime stbac eae
International Markets Markets new 52-week high of $20. AML $1.60 2000 162.30%

he Bahamian mar-
ket was bustling




Weekly % Change with trading activity to close the week at $6.20. BPF $11.60 0 2.65%
1.0480 “1.59 this past week as _— For the week, the FINDEX | BSL $14.60 0 0.00%

- 2.0342 1.34 . 59,157 shares changed hands. _ gained 14.40 points, to close at BWL $3.65 $0.15 2000 108.57%
1.3784 1.87 The market saw 13 out of its19 828.89. CAB $10.60 1790 6.00% -

listed stocks trade, of which
seven advanced; one declined






On the down side, Fam-
Guard Company (FAM)
dropped $0.20 or 3.13 per cent

BAB
BBL
BOB

CBL
CHL

$1.42
$0.85
$9.40

$15.00
$2.35

$
$
$- .
$
$

$0.31

0
0
400

10859
0

13.60% |
11.84%
17.06%

19.90%
23.68%

Commodities is and five remained unchanged. COMPANY NEWS CIB $14.63 $0.08 4100 3.39%
: Weekly 7 Change Volume leader for the week CWCB $6.19 $0.18 0 18.13%

Crude Oil $73.95 4.94 was Freeport Oil Holdings | Abaco Markets (AML) -. DHS . ~ $2.30 $0.05 8108 -8,00%
$667.70 2.50 | (FCL), with 13,000 shares : FAM $6.20 $-0.20 3850 7.08%




changing hands and account-
ing for 21.9 per cent of the total
shares traded.

The big advancer for the
week was Freeport Concrete






Weekly

Gavin Watchorn, president
of the retail store chain, has
said that if the present level of
profitability continues, the
company hopes to resume its

FEC
FCL
FIN

ICD
JSJ

$0.64

$20.00 .

$12.70
$7.25
$9.90

$0.05
$0.99
$-
ae
$0.40

1000
13000
250
500
11300

16.36%
59.36%
5.66%
1.40%
15.12%








DJIA 13,907.25 3.72 Company (FCC), up $0.05 or dividend payment to ordinary PRE $10.00 $- 0 0.00%
S & P 500 1,552.50 3.27 8.47 per cent to close at $0.64. shareholders by June/July

NASDAQ 2,707.00 3.99 Also advancing this week was 2008. :

Nikkei 18,238.95 0.57 FOCOL (FCL), gaining $0.99 This announcement is wel- ‘| DIVIDEND/AGM NOTES:




come news to AML's ordinary
shareholders, who have
endured the volatile move-
ments in AML's share price
‘and earnings over the years.
Year-to-date, AML’s share
price has appreciated by 162.3
per cent to close the week at
$1.60.

e JSJ has declared dividends of $0.15 per share, payable on
July 16, 2007, to all shareholders of record date-July 9, 2007.

e BBL has declared dividends of $0.01 per share, payable on
July 31, 2007, to all shareholders of record date July 16, 2007.

CW CB has declared dividends of $0.012 per BDR, payable
on August 8, 2007 to all shareholders of record date June
30, 2007. ’

INSIGHT

For the stories behind
the news, read Insight
on Mondays



Consolidated Water
Company (CWCO) -

The firm has announced that
the company has been added
to the broad-market market
Russell 3000® Index, as well
as the small-cap Russell 2000®
Index.

The Russell 3000 serves as
the US component to the Rus-
sell Global Index, which offers
investors a comprehensive set
of equity benchmarks that cov-
er worldwide investing oppor-
tunities.

IONAL SECURITY
Office of The Parliamentary Commissioner

PUBLIC NOTICE

ALLOCATION OF SYMBOLS FOR
28° AUGUST 2007, LOCAL GOVERNMENT BY-ELECTION



In ACCORDANCE WITH section 17 (6) of the Local Government Act 1996,
the Parliamentary Commissioner has assigned the following symbols to
Candidates in the Local Government By-Eolection to be held on Thursday,
2° August 2007. :

South Abaco Constituency, Polling Division 2
- _Man-O-War Cay
wo. Of the: Hope Town District...

CANDIDATE’S NAME SYMBOL

ALBURY
(Christopher Albury)

*

RUSSELL
(Roy Vernon Russell)

@

SWEETING
(Frederick Andrews Sweeting)

GS

Parliamentary Commissioner
13" July, 2007

FORM OF NOTICE OF NOMINATIONS IN A CONTESTED ELECTION

LOCAL GOVERNMENT ELECTION FOR

South Abaco Constituency Polling Division 2
Man-O-War Cay
Of the Hope Town District

NOTICE OF NOMINATIONS
AND :
NOTICE OF POLL

NOTICE is hereby given that the candidates named below stand nominated in the
above mentioned election, and NOTICE is hereby given that the Poll will take place on
Thursday the 2 August, 2007, between the hours of 8:00 a.m. in the morning and 6:00
p.m. in the afternoon in the following polling place:-



Polling Division Polling Place

6h $ .
Man-O-War Public School Meeting the needs, of advertisers

Polling Division No. 2 /
and readers motivates me to do

a good job. The Tribune is

Candidates Other names Occupation Place of

Surname In Full Residence my newspaper.”

ALBURY Christopher © Marine Manager Man-O-Way Cay ESTHER BARRY |
: : PRODUCTION MANAGER

RUSSELL Roy Mechanic Man-O-Way Cay

THE TRIBUNE

The Tribune

My Voice. My Howrpaper!

SWEETING Frederick Store-Clerk Man-O-Way Cay
ee

Date: 13" July, 2007



Sign: Revis Rolle
RETURNING OFFICER





PAGE 12B, TUESDAY, JULY 17, 2007

THE TRIBUNE



ar
CoM
SANS BACHER

member of the QNB Group

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

CLIENT RELATIONSHIP MANAGER

Duties include:

¢ Management and motivation of a small team of relationship officers

providing guidance, supervision, performance, personal development &
control of the job reportees.

Having accountability for the relevant team’s performance - ensuring
teams objectives and developments are up to date.

Cross-selling-the group products in conjunction with organizations goals.

Acting as the main contract for clients on your relevant portfolio: sourcing,
collating and managing all their needs either internally or externally.

Working within a closely regulated environment offer financial input to
clients.

Implementing case management strategies, together with the ability to
service high net work clients/intermediaries.

Candidates should possess:

ACIB or ABIFS diploma or degree in Banking or a related business field

Seven or more years of management experience, ideally covering banking
and control management

Proven leadership, interpersonal and strong motivational qualities
Strategic awareness with in the private banking industry
Spanish speaking skills Mould be an asset

Excellent salary & benefits

Please send all resumes to the attention of:
Human Resource Manager
Ansbacher (Bahamas) Limited
P.O. Box N-7768
Nassau, Bahamas
Fax: 325-0524
Email: hrmanager @ansbacher.bs

Deadline for all applications by hand, fax or email is
July 20th, 2007

Si

BSI OVERSEAS (BAHAMAS) LIMITED



4.74 per cent staff

erowth shows bank

sector’s ‘continued
recovery

@ By NEIL HARTNELL
Tribune Business Editor

otal employment in

the Bahamian

banking industry
increased by 4.74

per cent or 211 persons to
total 4,662 at year-end 2006,
something the Central Bank
of the Bahamas said showed
the industry’s “continued
recovery” after a third succes-
sive year of staffing increases.
In its assessment of the eco-
nomic contribution made by

‘the financial services industry,

the Central Bank said banking
sector employment continued
to increase due to a combina-
tion of a broader range of
client services and compliance
with its physical presence
requirements.

The number of Bahamians
employed in the banking
industry rose by 3.8 per cent
or 158 to total 4,368, account-
ing for 93.7 per cent of the
overall workforce, while expa-

triate workers increased by 22 |

per cent or 53 to total 294 per-
sons.

Employment growth in the
international banking sector
was stronger than for the
domestic industry, with the
offshore segment seeing an
increase of 7.6 per cent or 78
persons to 1,105. The staff
complement in the domestic
banking industry, which large-

ly includes the commercial

banks, rose by 3.9 per cent or
133 persons to 3,557.

Breaking these numbers
down, the Central Bank found
that in the international bank-
ing sector, the ratio of four
Bahamians for every expatri-
ate was maintained.

Bahamian employment in
international banking
increased by 4.1 per cent to
869 persons, compared to a
22.9 per cent hike in non-
Bahamian employment to 236.

In the domestic banking
industry, Bahamian employ-
ment increased by 124 persons
to 3,299, while expatriate staff
numbers grew by nine to 58.

During 2006, the Central
Bank said the difference or
spread between salaries paid
to staff in the international
and domestic banking sectors
narrowed by $908 to $24,312.

This was because domestic
banking salaries rose by 3.8
per cent to an average $43,195,
while those in the interna-
tional banking sector grew by
only 1 per cent to $67,507.

The Central Bank said that
for the first nine months in
2006, the combined asset base
for all Bahamian internation-
al banks and trust companies
had increased by 11.7 per cent
or $35.6 billion to $339.4 bil-

_ lion.

The total assets of Bahami-
an commercial banks account-
ed for just $7.8 billion of this,
but had risen by 12.1 per cent,
with combined profits up 27.9
per cent to $300.8 million. The
average return on assets
improved from 3.57 per cent

v

in the first nine months of
2005 to 4.02 per cent last year.

Total spending by the
Bahamian banking industry in
2006, according to the Central
Bank, rose by 10.5 per cent or
$44.6 million to $470.5 million,
a figure “significantly above
the average outlay of $421.7
million over the past five
years”. It also reversed a 7.2
per cent or $32.9 million
decline in 2005.

Operational spending by the
Bahamian banking industry
increased by 9 per cent to $445
million, while administratice
costs grew by $19.4 million t6
$195.9 million.

The higher wages te
employment levels, the Cen-
tral Bank said, saw total salary
expenses rise by 8.1 per cent,
to $228.2 million, outpacing
2005’s growth of 1.6 per cent
and the 2 per cent average
salary increases seen over the
period 2001-2006.

Banking sector spending on
staff training increased slight
ly to $2.8 million, while gov-
ernment fees earned by the
sector struck $18 million.

Capital spending, though,
increased by 45 per cent to
$25.5 million. The Central
Bank said: “In particular,
investments in land and office
equipment purchases rosé
strongly by 61.3 per cent,
along with a 28.4 per cent
expansion in investments
related to new premises, as the
number of bank branches rose
by 16 to 111.”

FIRSTCARIBBEAN

INTERNATIONAL BANK
CAREER OPPORTUNITY

BSI Overseas (Bahamas) Limited, Nassau, Bahamas, an established
international private bank, with its headquarters in Lugano, Switzerland,
is presently accepting applications for

PRIVATE BANKING - HEAD EUROPEAN ASSET MANAGERS

Applicants for the position of Head European External Asset Managers
within the Private Banking Unit must have Banking or Financial education
and at least 10 years experience in the offshore banking sector, well versed
in managing relationships with Professional Asset Managers, fluent in
Italian and English, good knowledge of French, ability to manage projects,
perform reviews to minimize risks, efficiency oriented, lead small team of

Private Banking Relationship Officers, maintain relationships with other —

units and third parties and have knowledge of local legislation, regulatory
& statutory matters as well as international banking practices.

Personal qualities :

Goal-oriented, self- motivated, positive attitude and outlook
Strong in problem solving, investigative

Customer service oriented

Must be able to work under pressure

Commitment to quality and service excellence.

Commitment to continuous training and improvement of ‘allocated
resources

Organisational skills

Flexibility in office hours and hands-on approach when necessary

Responsibilities :

Manage team

Review relationships with counterparts

Develop allocated client segment

Direct involvement with External Asset Managers’ clients

Foster and maintain communication with internal/external banking
professionals

Meet deadlines on timely basis

Interested persons with such qualinications should submit their
resume/curriculum vitae to:-

Human Resources Manager

BSI Overseas (Bahamas) Limited

Bayside Executive Park, W. Bay St. & Blake Road

P. O. Box N-7130

Nassau, Bahamas

Fax no. (242) 702 1253 or email: julie.benjamin@bsiob.com

(ABSOLUTELY NO PHONE CALLS PLEASE)
Only applicants having the above attributes will be contacted.





Sor
Wealth Management _
Wealth Manager/Team Leader
Bahamas & TCI

We are continuing the expansion of our Wealth Management business and are now seeking to
recruit an outstanding professional to lead our team of international and domestic wealth
managers in Bahamas and TCI. The person we are seeking must have the gravitas and expertise
to drive the significant growth of AUM/AUA by developing investment Se with
HNWIs, professional trustees and financial intermediaries.

Internationally recognized Financial Planning or Investment qualification (e.g. FPC or
CFA)

Degree or professional qualification in Banking, Accounting, Law or Business.

A self- motivator and experienced team leader with a commitment to coaching and
mentoring.

Must have a passion for team and personal results and be able to demonstrate an
outstanding command of balaneing sales and best advice to exceed targets.

Fully up to date with the global Wealth Management product offering and an excellent
understanding of international and local competitive environments.

Strong knowledge of insurance, taxation and asset protection, estate planning products
and services, and experience in tailoring innovative solutions a clients from various
jurisdictions.

Must be fully aware of latest KYC, AML and fraud craven requirements and
monitoring tools.

Possess a strong knowledge of global economic and political conditions and current
affairs.

General Requirements/Responsibilities:

Have a minimum of 5 years, and preferably 10 years, international investment management
sales or financial advisory experience, with supervisory experience in a regulated T & C
environment.

Client centric with strong presentation and negotiation skills; able to competently provide
expert investment advice and recommendations to HNWIs and professionals.
Can demonstrate a full understanding of the mathematical and statistical basis of portfolio
diversification and possess a thorough comprehension of the qualitative and quantitative
aspects of investment management including, Alpha, Beta and Total Return considerations
and analytical depth in respect of asset allocation and specific stock picks.
Champion and implement Wealth management sales initiatives working closely with the
Director Wealth Management, Director Sales & Service and Marketing Department.
Achieve revenue, AUM/AUA and other targets, whilst managing costs within agreed
budget.

Experience in lending and cross selling, other banking products is desirable.

Remuneration:
e Salary commensurate with level 9 out of 11 pay levels

¢ Benefits- comprehensive banking benefits, variable incentive pay (bonus) and preferred
loan rates

Applicants are requested to submit their resume with a cover letter via a email by July 20th ,
2007 to: dennis.govan @firstcaribbeanbank.com

FirstCaribbean International Bank (Bahamas) Limited thanks all applicants for their interest,
however only those under consideration will be contacted.



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— SUNNY

Volume: 103 No.195



» Lhe Tribune



Minister: ‘We.
Should not have
CTE ee

Roger Gomez is
ordered off the
Daniel Smith inquest

@ By NATARIO McKENZIE

A SECOND magistrate has
now been ordered off the Daniel
Smith inquest as a local judge
has expressed concerns about
judicial officers giving press
interviews concerning matters on
which they are presiding.

Supreme Court Justice John
Lyons has ordered that Chief
Magistrate Roger Gomez be
removed from presiding over
the inquest into the death of 20-
year-old Daniel Smith, son of the
late Anna Nicole Smith. Daniel
Smith died on September 10,
2006 while visiting his mother
Anna Nicole Smith, three days.
after she gave birth to her daugh-
ter, Dannielynn, at Doctor’s
Hospital.

Forensic pathologist Dr. Cyril
Wecht, who was hired by the law
firm of Callenders and Co to per-
form an independent autopsy on
the body of Daniel Smith, said
that the 20-year-old had died
from a lethal combination of
Zoloft, Lexapro and Methadone.

The inquest into the death of
Daniel Smith came to a stand-
still in early April when lawyers
for Howard K. Stern — Smith’s
former companion — filed a
motion in the Supreme Court
questioning the lack of provi-
sions in the Coroner’s Act to
provide for an impartial jury.
This came in light of the intense
international media attention
that the case has received.

Back in April, Justice Lyons
expressed concern after stating
that he had seen only a trailer
of an interview which showed
Chief Magistrate Gomez speak-
ing on matters pertaining to the
inquest.

Justice Lyons noted yesterday
that he was not seeking to

embarrass anyone, but simply
did not approve of the practice of
a judicial officer giving interviews
to the press about matters on
which they are presiding. Three
days after Daniel Smith’s death,
Coroner Linda Virgill held a
press conference announcing the
date for the commencement of
an inquest.

This resulted in numerous
complaints from Bahamians,
who reportedly in some ‘cases,
had been waiting years for an
inquest to open into the death
of a family member. Mrs Virgill
was subsequently removed from
the case and the Coroner’s Court
was ultimately dissolved. Chief
Magistrate Gomez then began
presiding over the inquest.

Attorney Wayne Munroe, who
is representing Howard K. Stern,
again raised concern yesterday
over jury impartiality. Stern was
also present in court yesterday.

Mr Munroe had proposed that
a questionnaire be given to
potential jurors before they were
empanelled to help in the selec-
tion process.

Neil Brathwaite of the Attor-
ney General’s office, however,
objected to Mr Munroe’s pro-
posal stating that questionnaires
were inappropriate and that the
issue was not whether the jury
had heard about the matter, but
whether they would be able to
follow directions and be impar-
tial.

Justice Lyons yesterday said
that he would suggest that the

‘jury be selected from as wide a

representative base as possible.

As regards the questionnaire’s:

*suggestion, he noted that the
main issue is that there must be a
fair hearing and that responsi-
bility lies ultimately with the
Coroner presiding over the case.

The Taste on Tuesdays !!
Buy any large pizza with 2 or more
toppings & Get a medium
1-topping De ay

VALID ONLY ONTUESDAYS!


















Che Miami Herald

BAHAMAS EDITION

TUESDAY, JULY 17, 2007
ATU PIITG A HELM LC

PARE STUD UU eeu
ase a ed (ee

@ THE body of Javano
Williams is removed from
the scene on Sunday night.
(Photo: Felipé Major/

Tribune Staff
Reporter



-POLICE are ques-
tioning four men in
connection with the
murder of 16-year-old
Javano Williams on
Sunday night. |

Javano, a. Yellow
Elder resident, became
‘the country's 45 murder
victim for the year
when he was stabbed to
death outside the Esso
Gas Station on Blue
Hill and Coconut Road.

According to Chief
Superintendent Glen
_Miller, head of CDU,
Javano received a fatal
stab wound to the left
upper chest and died on
the scene at 10.45 that
night, after being
involved in some type
of altercation at the ser-
vice station.

Assistant Superinten-
dent Clayton Fernan-
der, head of the homi-

SEE page nine

Tribune staff)
| @ By BRENT DEAN

Claim that
lawyer Ken
Dorsett is PLP
chairmanship
front runner

@ By BRENT DEAN

A PLP insider claims that :
lawyer Ken Dorsett is the front- :
runner for the party chairman- :
ship in the upcoming Novem- :

ber convention.
The source, who spoke to

Mr Dorsett into the race.

manship," the source said.

Mr Dorsett, vice-chairman of
the party, is the current man- :

SEE page nine































Coroner’s

_ inquest may
_ be held into
_jet-ski death

: Ml By KARIN HERIG
Tribune Staff Reporter

Tribune Staff Reporter

A CORONER'S inquest may
be held into the death of seven-
year-old Eric Thomas of Ohio,
who died in a jet-ski accident

: on Sunday morning, police said
i yesterday.

The Tribune on condition of :
anonymity, claimed that a }
movement is emerging to draw :

This comes at a time when
another family, whose child was
also killed in a boating accident

: ona Paradise Island beach, pre-

"Amongst young people in :
the party now, he is being :
pushed to pursue the chair- :

pares to have their case heard
before the Supreme Court in
the Bahamas.

Both cases could once again
highlight in the international
forum, the question of safety as

SEE page nine



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The wnt ee



Small plane
stolen from
airport in
South Andros

THE owner of a small plane,
stolen from.a South Andros air-
port yesterday, told The Tri-
bune that he fears his aircraft
will be used for the smuggling of
illegal substances.

Norward Rahming, owner of
Rahming Enterprises, said that
his son, one of two who are
pilots, went to the Congo Town
airport yesterday morning
intending to fly to New Provi-
dence on business, but could
not find the plane.

Mr Rahming said that the
twin engine, 1969 Aztec Piper,
painted white and blue with red
stripes has the marking of Rah-
ming Enterprises on the tail.

He said that this was the first
time something like this had
happened in South Andros.

“J don’t know who could
have taken it, the only thing I

SEE page nine

Tourism
police unit
is being
restructured

@ By KARIN HERIG
Tribune Staff Reporter

THE police force confirmed
to The Tribune last night that
it is restructuring the success-
ful tourism police unit, which
from now will include only ful-
ly trained officers, and no longer
local constables.

Some members of the unit
expressed concern over the
restructuring, claiming that
many local constables — who
have contributed to the success
of the unit in the past two years
— are being left in the dust.

However, both acting com-
missioner of police Reginald
Ferguson and assistant com-
missioner in-charge of New
Providence Marvin Dames said
yesterday that this move is
aimed at improving the unit,
which is mandated to keep the
downtown area crime-free.

Asst Commissioner Dames
explained yesterday that the
local constables will receive
training and that those who
qualify will be able to enter the

SEE page nine

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PAGE 2, TUESDAY, JULY 17, 2007

LOCAL NEWS

THE TRIBUNE



Mrs Ellen Knowles,
owner of Ellen's Inn,
Deatman's Cay

dies at age of 96

LONG Island is mourn-
ing the passing of one of its
first female entrepreneurs.

Dead at the age of 96 is
Mrs Ellen Rebecca New-
man-Knowles, owner of
Ellen’s Inn in Deadman’s
Cay, Long Island.

Mrs Knowles passed away

at her home in Grays, Long
Island, on Saturday, July
14, at around 8am, after a
short illness.

Described as a strong,
determined individual with
a sense of purpose, Mrs
Knowles, or “Mama Ellen”,
as she was affectionately
called, was considered a
pioneer in the Family
Island hotel industry.

In the early 1970’s Mrs

Knowles established Ellen’s

Inn, formerly her family
home, to respond to a need
for hotel accommodations
on Long Island.

Since then, the facility
has grown into a nine-room
bed.and breakfast, with all
the modern amenities. Its
typical clientele are dis-
cerning travellers who val-
ues peace, tranquility and
superior customer service.

Ellen’s Inn is situated in
the heart of Deadman’s
Cay, just one mile from the
airport.

Apart from her business
interests, Mrs Knowles was
an active member in St
John’s Anglican Church,
Deadman’s Cay.

In recognition of her con- :

tribution to the develop-
ment of Long Island, the
government and the Long
Island community awarded
her the Pink Pearl Award
and a plaque.

The second daughter and
sixth child of William and
Rose Newman, Mrs
Knowles was born in Dead-
man’s Cay on the June
28,1911. She received her

education at Buckley’s Pub-

lic School, and upon com-
pletion worked at as a

school monitor and grant-
in-aid teacher at Buckley’s

and Shearse’s, Lower Dead- }

man’s Cay.

She also farmed to pro-"—
vide for her family.

Mrs Knowles is survived
by six daughters: Ena
Major, former owner of
Harbour Grocery in
Clarence Town and current
owner of Ena Lee Major’s
Creation; Colleen Adder-
ley, Justice of the Peace

and retired principal; Olivia i

Turnquest, local govern-
ment representative in
Long Island and retired
principal; Thelma Dean,
retired principal; Elma
Garraway, permanent sec-
retary in the Ministry of
Education; Mrs Harriett
Pratt, retired school super-
intendent and current con-
sultant in the Ministry of
Education.

Funeral service for Ellen
Rebecca Knowles will be
held on Saturday, July 21,
at St John’s Anglican
Church, Deadman’s Cay, at

liam. Interment will follow

in the church’s cemetery.



Minister gives warnings and
advisories for crawfish season



H MINISTER for Marine
Resources and Agriculture
Larry Cartwright

‘Bahamas"

@ By ALISON LOWE
Tribune Staff Reporter

ANNOUNCING the open-
ing of the crawfish season on
August 1st, Minister for
Marine Resources and Agri-
culture Larry Cartwright sent
out a list of warnings and
advisories to Bahamian fish-
ermen to help them secure
their health and livelihood
within the law throughout the
season.

Noting that recorded land-
ings of crawfish — "by far the
most valuable commercial
species in the waters of The
— in the past four
years have been "showing
slight declines", Mr
Cartwright explained yester-

day that there are issues to
which attention must be paid
if stocks are 'to be maintained
to the extent that they "con-
tinue to provide employment,
income and food for Bahami-
ans well into the future."

These include the harvest-
ing of egg-bearing or under-
sized lobsters, the illegal use
of air compressors and nox-
ious chemicals to assist in
improving catches, conflict
between different fishing
groups, poaching and the
"proper handling" of crawfish
after they have been brought
aboard.

Mr Cartwright gave the
press numerous reasons why it
is in a fisherman's financial
best interest to act legally.

@ KALLASH Lai Acard Ambassador of India, paid a frepell call on Prime Minister

Ingraham on Friday.

PRIME Minister Hubert Ingraham on
Friday bid farewell with “warm wishes
and best regards” to His Excellency Kallash
Lai Agrawal, Ambassador of India, on Fri-

day.

Beach.

Ambassador Agrawal’s farewell call on
Mr Ingraham marked the end of his week-
long visit to the Bahamas.

“We have a long relationship with India,
we have followed with great interest your
development, most especially your devel-
opment in education and technology,” Mr .
Ingraham said. “Indians have provided lots
of needed skills to us, whether it was for the
establishment of the National Insurance
Board, or in the accountancy and finance

areas.”

The meeting took place on July 13, at
the office of the prime minister on Cable

(BIS photo: Peter Ramsay)

Mr Ingraham said he is looking forward
to meeting Indian Prime Minister Dr Man-
mohan Singh, at the Commonwealth Heads
of Government Meeting (CHOGM) to be

held November 23 to 25, in Kampala,

Uganda.

The prime minister also confirmed that

the Bahamas will be sending a delegation

to the 53rd Commonwealth Parliamentary
Conference in New Delhi, India, Septem-

ber 21 to 30 this year.

fields.

Ambassador Agrawal said India is
looking forward to strengthening relations
with the Bahamas in several diverse

He added that India would also welcome
a visit from Mr Ingraham.

The Indian ambassador presented let-
ters to Prime Minister Ingraham, as well as

gifts from his government.



k ALL YOUR DECORATING

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STORE HOURS:

Monday - Saturday - 8:30am - 53pm

BILLY’S DREAM

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Noting that under-sized
crawfish — those under five
and a half inches — have had
little opportunity to repro-
duce, Mr Cartwright said that
the "high monetary value of
crawfish tails (means that) sig-
nificant gains can be made by
waiting the extra days to allow
the crawfish with a five inch
tail to grow the extra half inch
to reach full size."

The minister said his min-
istry will also be "closely mon-
itoring" persons buying craw-
fish to ensure that they only
purchase the legal sized prod-
uct.

With respect to the "illegal
and unsafe use of air com-
pressors", Mr Cartwright said
that in addition to putting
excessive pressure on
resources, using such appara-
tus outside of the allowed
depths of between 30 and 60
feet can have "serious nega-
tive health impacts" that have
been known to require
"expensive medical treat-
ment" or even cause death.

Furthermore, the use of liq-
uids such as "detergents, gaso-
line or other toxic chemicals"
to aid in the capture of craw-
fish is not only against the law,
but "presents a real threat to
the marine environment, an
environment that is essential
to the production of the
resources being harvested,"
said Mr Cartwright.

He added, however, that
fishermen may use air com-
pressors within certain depths,
and carry limited quantities ‘of
liquid detergents and bleach
on their boats if they have the
appropriate permits.

Some fishermen will have
to make greater efforts this
year to make sure their per-
ishable goods are properly
handled, as the Department
of Marine Resources will be
inspecting sanitary conditions
aboard vessels during the sea-
son. This is part of a newly
initiated programme to
encourage improvements, he
said.

"Bahamians must make the
most of the crawfish they har-
vest. If we are able to improve
the quality of the crawfish
being landed, this would lead
to a higher quality of prod-
ucts exported, and this could
lead to greater economic
returns to all involved," he
said.

Mr Cartwright also encour-
aged fishermen to help the
Department of Marine
Resources by providing infor-
mation to that department,
the Defence Force, or the
police, should they encounter
any of a number of "unwanted
guests", such as foreign ves-
sels fishing in Bahamian
waters, the invasive Pacific
Lion fish, or persons from oth-
er fishing groups vandalising
traps or other fishing equip-
ment.

Fishermen were advised to
spear the poisonous Lion fish
and "leave them on the bot-
tom" if sighted. The fish has
only recently been detected in
Bahamian waters, and can be
identified by its long spines,

colourful appearance and slow ~

movement. It should not be
handled, said Mr Cartwright.
The season will be open for
eight months, ending on
March 31, 2008.
Last year, records show that

‘5.2 million pounds of tails
were landed, with a value of '

$92 million.







Man accused of
detaining and
attempting to
rape teen pleads
not guilty

A MAN, 23, of Flamingo
Gardens was arraigned in
Magistrate’s Court yesterday,
accused of forcibly detaining
and attempting to rape a 16-
year-old girl

_ William Fernander, aka
“Bones”, was arraigned before
Magistrate Susan Sylvester at
Court 11 Nassau Street yes-
terday.

According to court dockets,
on Saturday July 8 Fernander
by force took away and
detained the girl. It is further
alleged that on that same day,
he attempted to have sexual
intercourse with her.

Fernander pleaded not
guilty to the charges and was
granted bail in the sum of
$7,000. The matter was
adjourned to October 26.

Chavez says
church losing
support over
priests in politics

@ VENEZUELA
Caracas

PRESIDENT Hugo Chavez
criticized Venezuela’s Roman
Catholic leaders on Monday
for condemning his plans to
rewrite the constitution, saying
the church is losing support in
this politically divided nation
because priests are meddling
in politics, according to Asso-
ciated Press.

The Venezuelan Bishops’
‘Conference complains that pro-
posals for the forthcoming con-
stitutional reform are being
drafted without public involve-
ment by a committee appoint-
ed by Chavez.

“They act as if they were a
political party,” Chavez said
during a televised speech.
“Everyday, there are fewer
Catholics in the world, and in
Venezuela, and that’s worri-
some. The attitudes among
Venezuela’s Catholic hierarchy
is one of the causes.”

Chavez — a close ally of
Cuban leader Fidel Castro —
Jambasted the clergy of “lying”
about his plans for the reform,
warning Venezuela’s Catholic
Church leaders they were “sin-
ning” by spreading falsehoods.

Since taking office in 1999,
Chavez has repeatedly clashed
with church leaders. But ten-
sions between the bishops’ con-
ference and Chavez’s adminis-
tration have grown particularly
tense in recent months.

Critics accuse Chavez of
becoming increasingly author-
itarian as he steers Venezuela
toward socialism. Many fear
the former paratroop com-
mander will use the pending
constitutional reform to lay a
legal framework allowing him
to override democratic institu-
tions such as the National
Assembly.

In an interview published
last week by the local El Uni-
versal newspaper, Cardinal
Jorge Urosa Savino, the Vati-
can’s top representative in
Venezuela, reiterated the
church’s reform-related con-
cerns.

_ “We are in an absurd situa-
tion in which one person tries
to become the only, lifelong
authority,” Urosa Savino was

quoted as saying.

aE
Ls

FOR PEST PROBLEMS
Ha a rar


THE TRIBUNE

TUESDAY, JULY 17, 2007, PAGE 3



LOCAL NEWS



ombrief Environmental Health workers
planning action over conditions

Four charged
with firearm

and ammunition
offences

FREEPORT - Four persons,
including two men and two
women, appeared in Freeport
Magistrate’s Court on firearm
and ammunition possession
charges in connection with an
alleged incident in South Bimi-
ni.

Denver Martin, 34, of South
Bimini and a resident of Maxim
Court in Freeport; Allison Sey-
mour, 37; Laverne Goodman,
35, of South Bimini; and Derrel
Kelly, 45 of Bailey Town, North
Bimini, appeared before Act-
ing Deputy Chief Magistrate
Helen Jones yesterday.

They were all charged with
being found in possession of an
unlicensed firearm and ammu-
nition at South Bimini on July
11.

Following a submission by
attorney Jerone Roberts, the
magistrate agreed to transfer
the case to the Magistrate’s
Court in Bimini, where the four
defendants will be arraigned
before administrator Joseph
Ferguson at 10am today.

Freeport man to
be charged
following shrimp
farm theft

A 27-year-old Freeport man
is expected to be arraigned
before the courts on Wednes-
day in connection with theft of

nearly $80,000 worth of equip- -

ment from the Shrimp Farm in
Grand Bahama.
According to reports, some

$79,500 worth of equipment was -

stolen from the farm, located at
Queens Cove in the North Air-
port Zone.
The suspect has been granted
police bail in the amount of
$10,000 with two sureties.

Woman faces
ammunition
possession
charge

A 33-YEAR-OLD Freeport
woman was charged with
ammunition possession in
Freeport Magistrate’s Court on
Monday.

Fredricka Smith, a resident
.of Golf Lane, South Bahamia,
pleaded not guilty fo possession
of ammunition — two .Jmm
Ruger bullets — without being
the holder of a valid firearm
certificate,

Smith’s case was adjourned
to November 5. She was grant-
ed $3,000 bail with one surety.

Venezuelan TV
station begins
broadcasting on
satellite

@ VENEZUELA
Caracas —

AN opposition-aligned TV

station forced off the air by.
President Hugo Chavez began _

broadcasting on.cable and satel-
lite television on Monday,
according to Associated Press.

Employees and actors sang
Venezuela’s national anthem as
Radio Caracas Television, or
RCTYV, made its first broadcasts
since May 27, when Chavez
granted the network’s open air-
waves signal to a state-con-
trolled channel.

“We were prevented from
being together with you, for
showing that we are independent
and free,” RCTV President Ela-
dio Lares told viewers said during
a brief address. “We will always
be standing, never on our knees.”

RCTV’s executives argue
Chavez’s decision not to renew
RCTV’s broadcasting licence
was illegal. The station, which
has remained highly critical of
the president while other pri-
vately owned TV channels have
toned down their criticism of
the government, is waging a
legal battle to regain its license
so it can once again reach a
nationwide audience.

Cable and satellite television
cost roughly US$20 a month —
more than many Venezuelan
families can afford — and reach
only 30 percent of households.

Government opponents
argue Chavez forced RCTV off
the airwaves to muzzle his most
outspoken critics and they have
staged numerous street demon-
strations to protest the measure.

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@ By BRENT DEAN
Tribune Staff Reporter

MORE revolt is brewing in
the Department of Environ-
mental Health, as angry work-
ers at the Harrold Road Dump
are planning a walk-out and
demonstration over “unfair
and unsanitary” working con-
ditions, The Tribune has
learned.

"There is no toilet paper,
half of the toilets don't work
and there is no drinking
water," a source said.

The frustrated employee
claims that management at the
Environmental Health Depart-
ment has done nothing to
address their concerns, despite
numerous complaints.

The Tribune was told that
these conditions, which have
the nearly 50 workers extreme-
ly frustrated, have persisted for

nearly three weeks.

"We want to know how
long this will continue," he
said. "And we thought, with
the government changing, it
would be a little better. But,
the same people (managerial
staff) are in place, and it looks
like they don't want to stop."

"We are planning now to
have a demonstration," the
source added.

These problems at the Har-

‘rold Road Solid Waste Dis-

posal site are the second public
complaints coming from the
department in less than a week.
Last Thursday, workers
from the grounds and beautifi-
cation section in the depart-
ment went public with the
unsanitary and hazardous con-
ditions they are faced with on a
daily basis.
They allege that workers
are required to clean up con-

taminated items such as, used
condoms discarded sanitary
napkins and human faeces,
without proper protective
_ gear, only being equipped
with flimsy latex gloves that
often tear.

The workers to whom The
Tribune spoke on Thursday
also complained about the
state of the restroom facilities
for workers. And, they said
that they have been threatened
with docked wages if they con-
tinue to complain.

When contacted by these
latest claims by Environmental
Health workers, Bahamas Pub-
lic Service Union President
John Pinder said he is looking
into these latest complaints,
but currently he is awaiting an
update from a shop steward
before he can make further
comments on the matter.

The Tribune was. unable to

GB Power shareholder makes
$11m settlement over records

A SHAREHOLDER of the
Grand Bahama Power com-
pany has agreed to pay $11
million in penalties in the
United States to defer prose-
cution for falsifying trade
records.

According to 360 Business
News, Assistant Attorney
General Alice Fisher of the
Criminal Division and US
Attorney Scott Schools of the
Northern Disirict of Califor-
nia announced the settlement
after Mirant Energy Trading, a

company owned by Mirant —

Corporation and successor to
Mirant Americas Energy Mar-
keting (MAEM), accepted and
acknowledged liability.

Mirant is a shareholder in
the Curacao Utilities Compa-
ny, Grand Bahama Power,
Jamajca Public Service Com-
pany and PowerGen in
Trinidad and Tobago.

The FBI has alleged that
between February and
December 2000, traders at

: _MAEM’s natural gas trading

: . parliamentary voter registra-

desks knowingly submitted

Turnquest

inaccurate trade data to indus-
try publications, including fic-
titious trades, incorrect vol-
umes and/or prices, and
incomplete trade reports for
the purpose of benefiting

’ MAEM’s natural gas trading

positions.

Three former MAEM
traders — Christopher McDon-
ald, Michael Whalen and Paul
Atha — pleaded guilty in the
Northern District of Califor-
nia last year to conspiracy to
violate the Commodity
Exchange Act.

The company is undergoing
bankruptcy reorganisation and

the Justice Department has

agreed not to file charges for
15 months, but reserves the
right to proceed with prosecu-
tion if Mirant Energy Trading
fails to comply fully with the
terms of the agreement-dur-
ing that 15-month period.

Mirant Corporation said
they were pleased to reach’the
settlement and “put behind us
matters that happened several
years ago”.

‘unaware’

of vote allegations

Oo By TANEKA THOMPSON

MINISTER of National
Security Tommy Turnquest
said he was unaware of the
allegations that non-citizens.
had registered to vote in the
May 2 elections using “search
cards” until the story broke in
The Tribune last week.

The search cards, which are
issued by the registrar gener-
al’s office, were accepted at

tion booths, sources claim.
These cards are typically

issued for people whose birth

certificates cannot be found in

:- the official state records after

i














all checks have been exhaust-
ed. They are usually issued to
residents over the age of 50,
whose birth records are not
found in the country’s system —
however they are not a proof
of citizenship.

“Birth certificates are not
used to determine citizenship
and so they ought not to have
been used to determine who
is a Bahamian citizen eligi-
ble to be registered to vote,”
Mr Turnquest said.

“If there are cases of that,
well that obviously needs to
be investigated. As far as I’m
aware the Parliamentary Reg-
istration Department, which
does fall under (the Ministry of
National Security) knows that
they are not to take birth cer-

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tificates’ or search cards, as a
form of identification for reg-
istration.”

Asked whether his ministry
would enact more stringent
voter registration guidelines in
the wake of the new fraud
claims, Mr Turnquest respond-
ed: “The guidelines that we
have are quite appropriate, the
law just needs to be followed.
We know that you need a pass-
port in order to register to vote.
If you. don’t have a passport
and are a naturalised citizen,
you get a citizen card, or you
show your parents’ documen-
tation. If you do use a birth cer-
tificate, you have to show your
parents’ proof of (Bahamian)
citizenship. But the law is clear,
we just need to follow the law,”
said Mr Turnquest.











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“The Department of Justice
acknowledges in the deferred
prosecution agreement Miran-
t’s co-operation with the gov-
ernment’s investigation of this
matter and the remedial
actions Mirant has previously
taken, including self reporting
the matter to the Department
of Justice and to the Commod-
ity Futures Trading Commis-
sion. The agreement resolves
the Department of Justice’s
inquiry into the reporting of
information about natural gas

. transactions by Mirant trading

personnel in 2000 to publica-
tions that publish gas price
indices. In 2002, Mirant
reviewed and amended its
external reporting process after
industry-wide natural gas
reporting problems were iden-
tified,” the company said in a
news release.














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However, Ms Burrows

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PAGE 4, TUESDAY, JULY 17, 2007

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE














The Tribune Limited

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

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

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



Publisher/Editor 1919-1972
Contributing Editor 1972-1991










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

Published Daily Monday to Saturday

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









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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

Facts on the PLP and Independence



LAST MONTH Senator Allyson Maynard-
Gibson riled Senator Dion Foulkes by alleging
that “the roots of the FNM were opposed to
majority rule and independence.”

If this generation of PLP’s were smart they
would either steer clear of their party’s history
or try to get to know it better. They only make
themselves look silly when they repeat their
party’s propaganda.

PLP’s like Mrs Gibson should not forget

that there are old timers like ourselves who-

lived through and wrote about that period. And
whatever details we might forget can be
researched in Tribune files. We were around
before the PLP was founded and so we proba-

_ bly know more about that period than she does
— particularly what went on behind closed
doors.

The truth of the matter is that while some
PLPs — among them what came to be known as
the Dissident Eight who broke with the PLP and
eventually founded the FNM — were for inde-
pendence, the leader of the PLP was not.

In 1972 when independence was being hotly
debated with many Bahamians against it, Sir
Lynden Pindling visited England. While there a
British newspaper interviewed him. During the
interview he was asked his position on inde-
pendence for the Bahamas. His reply was that
he was against it. Many Bahamians breathed a
collective sigh of relief.

However it was only a matter of weeks after
that London interview that parliament recon-
vened and the governor delivered the Throne
Speech.

In that speech it was announced that the Pin-
dling government was going to take the
Bahamas into independence. Many Bahamians
were not only disappointed, but angered by Sir

’ Lynden’s duplicity. Needless to say, this news-
paper had much to say about it at the time.
The public never really knew what caused
the Pindling mind change. Some speculated
that it was at a time when England was divest-
ing herself of her colonies and would have been
happy to see the Bahamas go. However, those
close to the situation maintained that it was his
side-kick, Arthur Hanna, who twisted his arm
towards independence.

It really doesn’t matter what caused the mind
change.

But it does make the words of Mrs Gibson’

ring hollow when she claims that the PLP were
for independence and the “roots” — or founders
— of the FNM were not. For her to make such
a statement shows that instead of getting to
know the ins-and-outs of her party’s history
she was too busy believing bedtime stories.

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who had earlier supported independence, had
changed his mind by 1972. It was not that he did
not believe in independence for the Bahamas. It
was that he did not want it under the corrupt,
victimising Pindling government.

He was not alone in his feelings. Indepen-
dence at that time was a fiercely debated and
divisive issue. If it had gone to a referendum, as
Bahamians were led by Sir Lynden to believe it
would, it could well have been defeated. This is
probably why Sir Lynden did not trust a refer-
endum.

Senator Foulkes reminded Senator Gibson
that the men she was attacking were the very
men who fought for the rights of Bahamian
women.

The suffragette movement in the Bahamas is
one that Mrs Gibson should know well. Her
grandmother on her father’s side was a suf-
fragette.

In the end, the PLP, always trying to play
cute on their political shuffle board, manoeu-
vred themselves into an embarrassing position.

The statement of Mrs Mary Ingraham,
founder and first president of the suffragette
movement, will go down in history as the final
word on the PLP and the woman’s vote. .

Mrs Ingraham said that when the motion to
give women the right to vote came to the floor
of the House “not one member of the PLP gov-
ernment, including the Prime Minister (Pin-
dling), voted for the women to vote. ”

Instead every PLP member walked out of
the House.

History will say the same of the PLP under
the leadership of former prime minister Perry
Christie who fought. hard to defeat the 2002
referendum that would have amended the Con-
stitution to protect Bahamian women, their for-
eign spouses and their children.

Speaking at.a town meeting on January 31,
2002, Mr Christie called on then prime minister
Hubert Ingraham to cancel the referendum.
He'said “it should be left to the next govern-
ment of the Bahamas to do it the right way.”

Four months later Perry Christie headed the
next government of the Bahamas. He had five
years “to do it the right way.” As usual he did
nothing. For him to give Bahamian women
nothing was obviously “the right way.” Bahami-
an women still have no protection for their fam-
ilies. It is hoped that the Ingraham government
will sometime within the next five years look at
these amendments again and do them “in the
right way.”

And, unless the PLP, having twice blotted
their copy book over women’s rights, want to go
down in history as anti-women’s rights, they
would be well advised to support the issue.











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The value of
a human life

EDITOR, The Tribune.

HELLO my name is
Tecoyo Bridgewater. I am 24
and I work as a valet parker at
the Atlantis. Yesterday early
in the morning around 2am
on July 1st, I witnessed some-
thing that shocked me. While I
was coming home driving
along Village Road last night I
noticed flames coming from
below the little hill after you
pass the Queen’s College
school, I thought it was some-
one burning something, to my
dismay it was a car accident.

The car was right side up
lodged between a wall and
near a light pole. At the scene
there were about six individu-
als surrounding the car, which
was on fire, one individual
who was obviously a part of
the accident lay on the ground
in pain and bloody about eight
feet away from the burning
car.

He more than likely was
thrown from the vehicle. I
asked the individuals “is he
all right”, at this time a female
bystander shouts out, “There’s
someone still in the car,” so I
shouted: “Why aren’t you try-
ing to get him out?” At that
time one of the individuals
stated that they should get out
of here before the police
came. I then pulled my car
over, ran to the burning car,
yes I was afraid that the car
was going to explode but I
also saw the man in the car
inches away from the flames. I
attempted to open the right
rear door that was exposed to
the streets but it was locked, I
looked around to find some-
thing to break it, I found a
rock and threw it into the back
window, then opened the
door.

The man in the car was ina
state of shock, I tried to pull
him out but his foot was
caught between the dash and
the steering wheel, so I had to
leap half way into the car and
free his leg. At that time one
of my friends passing stopped
and helped me pull him from
the wreck and across the
street.

I am writing this to show
my shock and disbelief of how

_ our standards of brotherhood

have been lowered within our
society, and how the respect
and value of human life is
almost non existent. Those
person were about to let this
man burn to death rather than
help him, because what, they
were afraid of maybe an
encounter with the police, or
maybe they were a part of the
reason for the accident, I don’t
know. Nonetheless, the fact



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that the man in the car was a
person and had a family
should have been enough to
cause them to want to help.
Yes, I was afraid that the car
might explode but I weighted
the odds and I could not live
with myself if I had watched
this man die. I think we as a
nation must re-evaluate our
standards and look at what we

have become, we are losing.

our humanity and substitut-

ing morals for materialism.
Additionally, it took the

ambulance almost an hour-.to

get to the scene, if the victims
had severe injuries they would
have been dead by the time
the ambulance got there.
Something definitely needs to

- be done about that.

These are my concerns
because I feel as if we should
be guided by the golden rule:
Do unto others as you would
have them do unto you. If I
was in that car I would have
liked someone to have
stopped for me.

I took a few pictures of the
men and crash.

TECOYO
BRIDGEWATER
Nassau,

July 4, 2007.



There are elements that want
Us as a country to crumble

EDITOR, The Tribune.

AS I read the front page (July 14th) “Massive voter fraud”, the
first paragraph made me feel nauseated and sick to my heart.
What a disgrace, a scandal in our country, not a few, but it was
claimed that thousands of foreigners were able to vote in this
year’s election.

Please someone (government) say this (headline) or other stories
like this was made up, just to sell papers, because if so this was so
convincing, they probably had a hit for the weekend, with this
headline (I travelled the length of East St South) all the major shops
were sold out.

I wrote a letter (June 26th) to the editor (crime and illegal immi-
gration) similar to this matter, and I am convinced from what I am
now reading is the truth, to the problem we are facing in this coun-
try. Let us be honest and forthright, and accept first the problems,
so we can see how to go about making amends.

The laws of the land are now a mockery, a shambles, only a
few of the fittest receives “swift justice” (like the days of the wild,
wild west) in all these constitutional holocausts committed by a
bunch of lawless brutes.

“Calling all the brave warriors who will stand and defend?” Will
the lil’ man on the streets rise up to the occasion, in strong protest?

One. criminal (in‘my opinion,anyone who goes contrary to the ©

. law. and registers to vote, when they ought not) said on radio that -

he used a school ID to register, others claimed to use driver’s
licenses (the latter I watched, and listened to on the radio, saying
it is valid as proof) how? and why? Anyone can obtain that even if
it’s through the back door, and it is available to any person/s
regardless of status.

On my beloved island of Grand Bahama,Stories abound of folks
who came from Turks and Caicos Island, and voted, we (natives)
know the times. I am very disappointed that my MP (Golden
Gates) was “railroaded” by sensational news, and voodoo chants,
and was not fully able to liberate my Great Bahamas of these evil
intruders, God help us. Mr Loftus Roker, we, this generation of
True-True-Bahamians, feel betrayed by our fathers and mothers

- who did not see your vision, now we got egg on our face.

For us (proud Bahamians) let’s lift up our head, demand justice
for all, show strength, pray for our nation continually, send strong
words to these politicians, demand accountability, have these
wicked things chopped down, and restore our Constitution. This
must include all Bahamians, regardless of race or creed — unite and
make things happen. ‘

You evil task masters (those who will do anything or sell their
birthright for the mighty dollar), God will soon make way from your
wicked ways. Of course it is hypocritical to believe that all nation-
als who are born to immigrant parents are criminals, we have lots
of business persons, sports heroes, law persons, pastors, and fam-
ilies who are proud to call this great country home.

Yet fool not ourselves, there are elements out there that want us
as a country to crumble, fall apart as a nation, let God rain on their
parade, and in doing so, let Jehovah God be the oa I say no
more for now.

R PRATT
Nassau,
July 15, 2007.

Sandals Royal Bahamian Resort @ Offshore Island,

Invites applications for the positions of

SPA DIRECTOR

Applicant must have at least four years experience as the Director of a
Five star Spa must be able to train and motivate team members, good
track record in Managing people be able to establish and maintain
high standards. Formal qualifications and computer skills desirable,
be able to work flexible hours,

ENTERTAINMENT
Applicant must have worked as a Director for at least five years
Strong organizational leadership skills must be able to work long
hours must have excellent communication skill

Fax or email résumé’ with proof of qualifications and experience to
cmajon@stb.sandals.com Fax 327-6961.
Closing date July 20, 2007
THE TRIBUNE

TUESDAY, JULY 17, 2007, PAGE 5



Mission
services to
be held at

St Margaret’s

MISSION services will be
held at St Margaret’s Church,
Kemp Road, on Wednesday,
Thursday and Friday by
Archdeacon James Palacious.

“Get Out Of The Pit” (Gen-

esis 37:24) is the theme of the

mission.
On Sunday, July 22 , the 7am
Holy Eucharist will be cele-

. brated by Rev Angela Pala-

cious, who will-also preach the
sermon.
The 9.30am Holy Eucharist

_ will be celebrated by Rev

Joseph Mycklewhyte, who will
also preach.

At 3.30 pm there will be
Evensong, a sermon, and an
outdoor procession followed by
benediction. The preacher will
be Rev Ethan Ferguson. His
theme will be “The Battle of

- Life is to Live Victoriously”.

edi

Tshis

sm

Py
(i

&

TERS SSE 7. SOR ES SESS 2 aS Fe SREY

a Pe ee ee ee ee

pace oY FELLAS 5

Colombia
police find
drugs in
off-key piano

@ COLOMBIA
- Cartagena

WHEN a grand piano played
an off-key note, drug police in
this Caribbean port opened it
up and found some 560 pounds
of cocaine stuffed inside,
according to Associated Press.

The piano was part of a ship-
ment of household items origi-
nating in the capital of Bogota
and destined for Panama, police
said in a statement Monday.

Authorities were investigat-
ing, but had made no arrests.
The drugs’ value was estimat-
ed at $5 million.

Agents in Cartagena noticed
the piano was suspiciously
heavy and decided to tap some
keys, only to find the sound
quality seemed strange, the
statement said. The cocaine was

discovered packed into various "ii

recesses of the instrument!

sumed in the United States,
most of which is trafficked

. through Mexico and Central

America.

Argentine
minister
resigns after
cash found

@ ARGENTINA
Buenos Aires

PRESIDENT Nestor Kirch-
ner’s, economy minister resigned
Monday after a prosecutor
ordered her to testify about
some US$64,000 that was found
in a bag in her office, the gov-
ernment said, according to
Associated Press.

Kirchner accepted Felisa
Miceli’s resignation and
appointed economist and Indus-
try Secretary Gustavo Peirano
as her replacement, Chief of
Staff Alberto Fernandez said.

Late last month, police con-
ducting a routine security check
found a brown paper bag con-
taining the cash in Argentine
and US currency in a bathroom
cabinet inside Miceli’s offices.

Miceli said her brother had
loaned her most of the money
so she could buy a house and
she had taken it to the office
for safekeeping until she could
put it in a bank. She said she
broke no law, but committed a
“blunder” by leaving it in her
office.

But federal prosecutor
Guillermo Marijuan was not
satisfied with the explanation
and ordered her to appear
before a judge to make a decla-
ration.

Only a week ago, Kirchner
had offered a public show of
support for his embattled Cab-
inet minister by traveling with
her to Independence Day fes-
tivities in central Argentina.

Miceli had been economy
minister since 2005, when she
replaced Roberto Lavagna dur-
ing a shake-up of Kirchner’s
cabinet.

Kirchner recently announced
that his wife, Cristina, would
run for president in Argentina’s
Oct. 28 election. She is consid-
ered the front-runner against a
divided opposition that includes
Lavagna as a candidate.

Peirano is considered a strong
supporter of Kirchner’s efforts
to encourage industrial devel-
opment and state intervention
in the economy.

production of the film.

@ By ALISON LOWE
Tribune Staff Reporter

THE the average Bahamian
consumer has been told they-
will need to better manage
their personal finances in the
face of rising global food prices.

“As a general rule [ think
that is where we are needing
to go, as a people, to try to
manage in a better way our
resources to account for these
cost increases and other issues
that impact on personal
finances,” Minister of State
for Finance Zhivargo Laing
said yesterday.

According to reports in the
International Herald Tribune
yesterday, the International
Monetary Fund recorded a 23
per cent rise in food prices in
the last 18 months — the fastest
increase in at least a decade.

This surge in prices is going
to hit nations where “con-
sumers spend a greater share
of their income feeding them-
selves” most — a description
which some could say applies
to a significant portion of
Bahamians.

Yesterday, Mr Laing said
that while the government is
watching the upward trend,
“quite frankly there is not
much we can do about it given
the extent to which we depend
so much on importing our
food stuffs.”

While government can
adjust the custom duties levied
on certain food items in line
with any incréases to provide

LOCAL NEWS



@ ZHIVARGO Laing

some relief — “to the extent
the fiscal programme permits”
—and create incentives for the
development of an indigenous
agricultural industry, ulti-
mately neither of these actions
will be able to shelter Bahami-
ans from the surging cost of
imported food products.

The minister noted that the
government has to be vigilant

_ when it €omes to the price of

products coming into this
country, keeping in mind the
fact that we “import inflation”
from the US when we primar-
ily supply our foodstores with
products from that market.

The US market is currently -

being effected by a surge.in
demand for agricultural com-

@ LESLIE Miller

modities to make ethanol and
other substitutes for crude oil.

The OECD has predicted a
doubling of demand in the US
and Europe for organic prod-
ucts to make biofuels by 2016.

Additionally, climbing oil
prices worldwide are adding a

double burden by impacting the .

cost of shipping commodities
from Outside markets to
Bahamian food stores.

Yesterday, Mr Laing noted
that any price increases in the
US market are bound to have
an impact in the Bahamas,

“considering our economic
structure and history.”

Many items to which Bahami-

ans are accustomed will never ~

be produced in this country.



M@ LARRY Cartwright

“If expanding agriculture and
fisheries helps to bring some
relief you welcome that but you
know and I know that the fish-
eries items and the agricultural
produce are only a component
of the overall grocery needs of
the average Bahamian house-
hold,” he said.

The Minister of State added

that people will have to be’

“realistic” in terms of the
impact that can be made by
expanding the agricultural sec-
tor, bearing in mind that any
difference would be felt more
in the “medium to long term”
than the short term.

Minister of Agriculture Larry
Cartwright has urged Bahamian
farmers to become “more com-

petitive” in light of the global-
ising and liberalising trade envi-
ronment and has stated that his
government has policies devised
to aid farmers in this effort.

Leslie Miller, former minis-
ter of agriculture, trade and
industry, claimed yesterday
however that there would have
to be a sea change in Bahamian
attitudes towards work such as
farming if any dent was to be
made on the amount of food
brought in from abroad. “The
will is lacking,” he said.

Mr Miller added that the
FNM is too “embedded with
the rich business sector” to
enact policies that are in the .
interest of the “small Bahami-

alls.

Bahamas International Film Festival

vIn'preparation for the

-?. fourth annual Bahamas Inter-
Colombia produces about 90" le
per'cent Of the cocaine con- :~

“national Film Festival, the
organisers have announced
the return of the Filmmaker’s
Residency Programme.

The programme is being
sponsored by one of the
Bahamas’ leading offshore
banks of 50 years, Ansbacher
(Bahamas) Ltd.

In a statement issued yes-
terday the Bahamas Interna-
tional Film Festival (BIFF)
extended “special thanks” to
Michael Mayhew-Arnold, the
managing director of Ans-
bacher and advisor to BIFF,
for his support.

This year, the best screen-
play or treatment for a feature
film written by a Bahamian or

Caribbean artist will be award- .

ed a $10,000 prize to aid with
the development and eventual

Both Bahamian and
Caribbean filmmakers have a
“fantastic” opportunity to get
funding for their dream pro-
ject, whether it be a big bud-
get spectacle or a small inde-
pendent work, the statement
said.

In addition to the grant, the
Filmmakers Residency Pro-
gramme seeks to nurture new
filmmakers and screenwriters
by allowing them an unrivaled
opportunity to spend a full
day with those who make a
living working in the industry

they wish to break into. ~ ,
“It is our intention that the

' contacts made will last beyond

the time spent at the “pro-
gramme, and that all who take
part in the programme will

’ benefit from attending,” the

organisers said.

However, the programme
is not limited to film. Artists of
any kind may enter their pro-
jects for consideration as well.

As Maria Govan, director
of RAIN has said, "BIFF
offers Bahamians two very
important things through the
residency programme — the
opportunity to get feedback
on one's work so that Bahami-
ans may become better screen
writers and also the opportu-
nity to connect with industry
people who have the capacity
to help realise that which is
given to them on the page."

The programme will take
place on December 8, where
filmmakers and advisors will
be introduced, followed by
one-on-one meetings.

Towards the end of the day,
all participants will come
together so that each person
can ask questions in a group
dynamic.

Finally, the advisors will
meet with each other and give
feedback on each project, and
will provide each filmmaker
with comments from an
impressive cross-section of
expertise.

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“As the festival grows with
each passing year, the Residen-
cy Programme continues to pro-

vide us with outstanding artistic
work from both the Bahamian

and international communities.

to run filmmaker’s residency again

We are confident that this year
will be no different,” the state-
ment said.

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PAGE 6, TUESDAY, JULY 17, 2007
GN-531



SUPREME COURT :
PROBATE REGISTRY :
P.O. BOX N-167 :
Nassau, The Bahamas :
July 19, 2007 :

Probate Division
2007/PRO/npr/00306 ©

IN THE ESTATE of DORANE ROBERTSON :
CELENTANO, late of 205 Glenmore Street in the Village :
of East Williston in the County of Nassau in the State :
of New York one of the United States of America, :

deceased :

NOTICE is hereby given that after the expiration of :
fourteen days from the date hereof, application will be: :
made to the Supreme Court of The Bahamas, on its :
Probate Side by WILLIAM P. HOLOWESKO, of Lyford :
Lane, Lyford Cay, New Providence, one of the Islands :
of the Commonwealth of The Bahamas, Attorney-At- :
Law, the Authorized Attorney in The Bahamas, for :
obtaining the Resealed Grant of Letters Testamentary :
in the above estate granted to VIRGINIA R. HECKERT :
AND ROBERT W. HECKERT, the Executors, by the :
Surrogate’s Court of Nassau County, in the State of :
New York one of the United States of America, on the :

13th day of February 1992.
Signed
K Mackey
(for) REGISTRAR

No. 2007/PRO/npr/00307

Whereas, JEAN ALLEN of East Bay Street, Eastern :
District, New Providence, one of the Islands of the :
Commonwealth of The Bahamas has made application :
to the Supreme Court of The Bahamas, for letters of :
administration of the Real and Personal Estate of :
‘GEORGE WILLIAM ALLEN, JR., late of The Eastern :
Road, Eastern District, New Providence, one of the :
Islands of the Commonwealth of The Bahamas, :

deceased. :

Notice is hereby given that such applications will be :
heard by the said Court at the expiration of 14 days : i
: Whereas, BERYL ANDREA WILLIAMS of 8 Benson :
: Road, Dannottage Estates, Eastern District, New :
: Providence, and SIDNEY ALEXANDER CAMBRIDGE, :
: Jr, of No. 9 Chancery Lane, Winton Estates, Eastern :
: District, New Providence, both of the Islands of the :
: Commonwealth of The Bahamas, Attorneys by Deed :
: Of Power of Attorney for the Administrator has made :
: application to the Supreme Court of The Bahamas, for :
: letters of administration of the Real and Personal Estate :
of MARIA RENATE KELLERMANN late’ of Im :
Ziegelwinkel 16,96317 Kronach in the federal Republic ;

| No. 2007/PRO/npr/00319

from the date hereof.

Signed
Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS :
THE SUPREME COURT :
PROBATE DIVISION :
July 19, 2007 : i
: Notice is hereby given that such applications will be :
_ + heard by the said Court at the expiration of 14 days :
: from the date hereof.
Whereas, WEALTHEA WHYMMS of #75 Hamilton :
Street, Western District, New Providence, one of the :
Islands of the Commonwealth of The Bahamas has ;
made applicatian to the Supreme Court of The :
Bahamas, for letters of administration of the Real and :
Personal Estate of ROBERT L. WHYMMS late of #75 :
Hamilton Street, Mount Pleasant Village, Western :
District, New Providence, one of the Islands of the :
Commonwealth of The Bahamas, deceased. :

No. 2007/PRO/npr/00308 ©

Notice is hereby given that such applications will be
heard by the said Court at the expiration of 14 days :
: No. 2007/PRO/npr/00314

: Whereas MICHELLE NEVILLE-CLARKE of Marlin :
: Drive in the Western District of the Island of New :
? Providence, one of the Islands of the Commonwealth : .
: of The Bahamas has made application to the Supreme :
: .Court of The Bahamas, for letters of administration of :
? the Real and Personal Estate of FREDY GOZALI late :
: of Jalan Matraman Raya Number 60, Rukun Tetangga :
012/002, Kebon Manggis Village, East Jakarata, :

from the date hereof.

Signed
Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT |

PROBATE DIVISION :

July 19, 2007

No. 2007/PRO/npr/00309

Notice is hereby given that such applications will be
heard by the said Court at the expiration of 14 days :

from the date hereof.

Signed
Desiree Robinson
(for) Registrar

Probate Division
: 2007/PRO/npr/00310

? IN THE ESTATE of JON R. RUHLMAN, late of Shoreby :
: Drive in the Town of Bratenshl in the Country of :
: Cuyahoga in the City of Cleveland in the State of Ohio :
: one of States of the United States of America, :
i deceased :

| No. 2007/PRO/npr/00315

| Whereas WILLIAM NATHANIEL TAYLOR of Gleniston |
: Gardens in the Island of New Providence, one of the :
: Islands of the Commonwealth of The Bahamas has :

SUPREME COURT :
PROBATE REGISTRY :
‘P.O. BOX N-167 :
Nassau, The Bahamas
; July 19, 2007 :
‘+ of the Islands of the Commonwealth of The Bahamas,

: deceased. ~

: NOTICE is hereby given that after the expiration of :
: fourteen days from the date hereof, application will be :
: made to the Supreme Court of The Bahamas, in the :
Probate Division by WILLIAMS EDGAR PILCHER of :
the Eastern Road, Eastern District of the Island of New :
Providence, one of the Islands of the Commonwealth :
of The Bahamas, Attorney-At-Law, the Authorized :
Attorney in The Bahamas for obtaining the Resealed :
: Grant of entry appointing Fiduciary Letters of Authority :
: in the above estate granted to BARBARA P. RULMAN :
? the Executrix of the Estate, by the Probate Court of :
Cuyahoga County, Ohio, one of the States of the United :
States of America, on the 12th day of May 2006. :

. : Islands of the Commonwealth of The Bahamas has
: made application to the Supreme Court of The
i Bahamas, for letters of administration with the will
: annexed de bonis non of the Real and Personal Estate
: Of ADDINGTON TAYLOR late of The Southern District,
: New Providence, one of the Islands of the
: Commonwealth of The Bahamas, deceased.

COMMONWEALTH OF THE BAHAMAS :
THE SUPREME COURT :
PROBATE DIVISION :
July 19, 2007 :

Signed
Desiree Robinson
(for) REGISTRAR

No. 2007/PRO/npr/00312

Whereas, GLORIA PATRICIA DAWKINS nee LEWIS :
of Butter Cup Lane, South Beach, Southern District, :
? New Providence, one of the Islands of the :
: Commonwealth of The Bahamas has made application :
: to the Supreme Court of The Bahamas, for letters of :
: administration of the Real and Personal Estate of DAVID :
: DAWKINS late of Butter Cup Lane, South Beach, :
: Southern District, New Providence, one of the Islands :
: of the Commonwealth of The Bahamas, deceased. :

COMMONWEALTH OF THE BAHAMAS :
THE SUPREME COURT :
PROBATE DIVISION
July 19, 2007 :

Notice is hereby given that such applications will be :

heard by the said Court at the expiration of 14 days :

; : Whereas, SHANNELLE SMITH of the Western District,

_:+ New Providence, one of the Islands of the

: Commonwealth of The Bahamas, Attorney by Deed of

: Power of Attorney for the Administrators has made

i application to the Supreme Court of The Bahamas, for

: letters of administration with the will annexed of the

: Real and Personal Estate of JULES FRANCOIS

: JOSEPH JUAN PHILLIPPE MAURICE FERNANDO

: .de AMODIO a.k.a. JOHN de AMODIO a.k.a. THE

i MARQUIS de AMODIO late of 3 rue de L’Eveche,
COMMONWEALTH OF THE BAHAMAS §:.

THE SUPREME COURT :

PROBATE DIVISION :

July 19,2007 :

: from the date hereof.

from the date hereof.

Signed
_ Desiree Robinson
(for) Registrar

No. 2007/PRO/npr/00313

of Germany, deceased.

Signed
Desiree Robinson
(for) Registrar

Republic of Indonesia, deceased.

Notice is hereby given that such applications will be :
: heard by the said Court at the expiration of 14 days :
é : from the date hereof.
Whereas, ELAINE ARNETT of Amerylis Avenue, New :

Providence, one of the Islands of the Commonwealth :
of The Bahamas has made application to the Supreme :
Court of The Bahamas, for letters of administration of :
the Real and Personal Estate of TORQUIL ARNETT :
late of Amerylis, New Providence, one of the Islands :
of the Commonwealth of The Bahamas, deceased. :

Signed
Nicoya Neilly
(for) Registrar

THE TRIBUNE

made application to the Supreme Court of The
Bahamas, for letters of administration with the will
annexed of the Real and Personal Estate of CLIFTON
HARCOURT TAYLOR late of Gleniston Gardens in the
Eastern District of the Island of New Providence, one

Notice is hereby given that such applications will be
heard by the said Court at the expiration of 14 days
from the date hereof.

Signed
Nicoya Neilly
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
_ July 19, 2007
No. 2007/PRO/npr/00317

Whereas, SUSAN J. JOSEPH nee ROLLE of Claridge
Road, Southern District, New Providence, one of the

Notice is hereby given that such applications will be
heard by the said Court at the expiration of 14 days
from the date hereof.

Signed
Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

July 19, 2007

No. 2007/PRO/npr/00318

Switzerland, deceased... of

‘Notice is hereby given that such applications will be
heard by the said Court at the expiration of 14 days

Signed
Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
July 19, 2007

Whereas, SHERYL VINCESS HILTON of Gerald Bartlet

: Subdivision, Western District, New Providence, one of
: the Islands of the Commonwealth of The Bahamas has
: made application to the Supreme Court of The
: Bahamas, for letters of administration of the Real and
: Personal Estate of SEAN MARIO HILTON late of Gerald
i Bartlet Subdivision, Western District, New Providence,
: one of the Islands of the Commonwealth of The
: Bahamas, deceased.

COMMONWEALTH OF THE BAHAMAS :
THE SUPREME COURT :
PROBATE DIVISION :
July 19, 2007 ;

Notice is hereby given that such applications will be
heard by the said Court at the expiration of 14 days
from the date hereof.

Signed
Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
July 19, 2007
No. 2007/PRO/npr/00320

: Whereas, VIRGINIA FERGUSON of Pinewood Gardens,
: Southern District, New Providence, one of the Islands
i of the Commonwealth of The Bahamas has made
: application to the Supreme Court of The Bahamas, for
i letters of administration of the Real and Personal Estate
: of AMOS FERGUSON late of Francis Street, Fox Hill,
? Eastern District, New Providence, one of the Islands
! of the Commonwealth of The Bahamas, deceased.
COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT :
PROBATE DIVISION :
July 19, 2007 :

Notice is hereby given that such applications will be
heard by the said Court at the expiration of 14 days
from the date hereof.

Signed
Desiree Robinson
(for) Registrar

“a 5
THE TRIBUNE

TUESDAY, JULY 17, 2007, PAGE 7







SUPREME COURT

SUPREME COURT
PROBATE REGISTRY
P.O. BOX N-167
Nassau, The Bahamas
July 19, 2007





Probate Division
2007/PRO/npr/00321

IN THE ESTATE of WILLIAM DENNIS, late of
Van Buren County in the State of Tennessee,
one of the States of the United States of
America, ; deceased.






NOTICE is hereby given that after the expiration
of fourteen days from the date hereof,
application will be made to the Supreme Court
of The Bahamas in the Probate Division by
NICHOLAS JOHN ZERVOS of the City of
Nassau in the Island of New Providence, one
of the Islands of the Commonwealth of The
Bahamas, Attorney-At-Law, the Authorized
Attorney in The Bahamas for obtaining the
Resealed Letters Testamentary in the above
estate granted to RUTH DENNIS, the Executrix
of the Estate, by the State of Tennessee,

County of Van Buren, on ule 8th day of June
2005.














Signed
Nicoya Neilly
(for) REGISTRAR




COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
“94 PROBATE DIVISION.

‘evctaly 19,2007...
No. SBBTIPROMor/OOSeK na a










Whereas RUBY ELAINE BYER of the Southern
District of the Island of New Providence, one
of the Islands of the Commonwealth of The
Bahamas has made application to the Supreme
Court of The Bahamas, for letters of
administration of the Real and Personal Estate
of DORA MATILDA HENRY late of Ferguson
Subdivision in the Southern District of the
Island of New Providence, one of the Islands
of the Commonwealth of The Bahamas,
deceased.











Notice is hereby given that such applications
will be heard by the said Court at the expiration
of 14 days from the date hereof.




Sign
Nicoya Neilly
(for) Registrar




SUPREME COURT
PROBATE REGISTRY
P.O. BOX N-167
Nassau, The Bahamas
July 19, 2007





Probate Division
2007/PRO/npr/00325

IN THE ESTATE of CATRIONA MACLAINE
GOURLAY, late of No. 54 Bishop’s Court,
Bishop’s Road, Trumpington in the District of
Cambridge in the County of Cambridgeshire
in the United Kingdom, deceased.






NOTICE is hereby given that after the expiration
of fourteen days from the date hereof,
application will be made to the Supreme Court
of The Bahamas in the Probate Division by
KEVIN M. RUSSELL of the City of Freeport
in the Island of Grand Bahama, one of the
Islands of the Commonwealth of The
Bahamas, Attorney-At-Law, the Authorized
Attorney in The Bahamas for obtaining the
Resealed Letters of Administration in the above
estate granted to JAMES RICHARD TEE, the
Personal Representative of the Estate, by the
High Court of Justice, the District Probate
Registry at Ipswich, on the 25th day of April
2006.














Signed
Nicoya Neilly
(for) REGISTRAR




SEE | TOxOre aoe.

LOCAL NEWS

Bridgewater continues
propaganda drive as seat
challenge approaches

FREEPORT -—- Senator
Pleasant Bridgewater has
vowed to hold newly elected
MP for Marco City Zhivargo
Laing’s feet to the fire to ensure
that constituents get the kind
of representation ° ‘they are used
to”.

Ms Bridgewater, the former
Marco City MP, stated that for
the past five years, residents of
the area experienced “first
class” representation which
included several positive recre-
ational programmes for young
people.

“The constituents of Marco
City are used to having things
done properly, and used to hav-
ing it done first class.

“Marco City should insist that
they get no less treatment from
their MP when they are being
provided with funding and an
allowance of $100,000, when I
was not given money to do so,
but I provided it,” she said.

Despite losing her seat to Mr
Laing, Ms_ Bridgewater
announced last Friday that she
will be spearheading initiatives
for the constituents in an effort
to fulfill promises she made dur-
ing her election campaign.

She is offering a computer
programme at her Marco City
office on Somerville Drive,
where computer teachers will
provide training in the form of
elementary, intermediate and
advanced courses for children
and adults.

The programme will run for
six weeks at a time and will cli-

@ PLEASANT Bridgewater

max with a graduation and cer-
tificate ceremony. The courses
are free, but persons may be

_ charged a small fee — around $5

— for a personal kit, she said.
Celebration

Ms Bridgewater said that she
is also considering holding a
“summer celebration splash”
for constituents at the grounds
of her office.

“T am a person who tries to
live up to my commitments, and
] have made promises during
the election campaign and I will

continue to live up to my com- °



@ ZHIVARGO Laing

mitments to the constituents of
Marco City,” she said.

Ms Bridgewater, who is con-
testing the results of the elec-
tion in Marco City, noted that

while in office, she organised

an annual summer camp, a back
to school bash, and summer
employment for the residents
of Marco City.

She revealed that the sum-
mer camp had offered employ-
ment to 100 persons, who were
paid a minimum of $150 per
week for two weeks. She also

- Stated that camp participants

were provided hot lunches and
field trips.
“T had activities of the highest

‘sentation to the people,”

quality; I gave them t-shirts, sta-
tionary, backpacks, and took
them on field trips, and I attend-
ed camp every day for two
weeks,” she said.

“T usually hold a summer
camp, but I will not have a sum-
mer camp this year because
Marco City has another mem-
ber of parliament, and it is my
belief that we should allow peo-
ple, as long as they represent.
an area, to offer good repre-
said
Ms Bridgewater.

She pointed out that Mr
Laing had outlined plans for
Marco City during the election,
and said the people need to
insist that those things are done.

In response to Ms Bridgewa-
ter’s comments, Marco City MP
Zhivargo Laing said that he has
wasted no time in providing
positive programmes for his
constituents.

“IT might note that five years
since her election, she is now
establishing a computer centre.
I have been elected now only
two months and I have a com-
puter centre that is set to start in
August when her programme
five plus years later — will start
in September.

Mr Laing said that he has 1 no
desire to continue in a back and

‘forth battle with Ms Bridgewa-

ter. “We have a lot of work to
do in Grand Bahama and we
have been working feverishly
to get things done here, and that
is what we are focused on,” he
said.

IDB Cultural Centre to finance 40 cultural
projects in Latin America and Caribbean

The Inter-American Devel-
opment Bank's Cultural Cen-
tre announced today the selec-
tion of 40 small-scale cultural

, development projects in 25

countries in Latin America and
the Caribbean, including the
Bahamas.

The projects will receive par-
tial financial support of between
$3,000 and $7,000.

This year's grants were
awarded in line with the
Opportunities for the Majority
initiative launched by IDB
président Luis Alberto
Moreno. Preference was thus
given to projects that empha-
sised the role of indigenous
peoples, women, youth, com-





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munity building, preservation
of cultural heritage and cre-
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through culture.

The IDB Cultural Centre's
programme promotes cultural
development in the community
by financing innovative projects
in Latin America and the
Caribbean for technical train-
ing in restoring traditions, pre-
serving cultural heritage and
educating youth.

‘Taking into consideration
the need and diversity of these
cultural disciplines, the pro-
jects are evaluated for their
viability, educational scope,

effective use of resources, abil- -

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promote the programme and
select the best proposals for
final review by the IDB Cultur-
al Centre's selection commit-
tee.

In 2007, 685 project applica-
tions were received, 245 were
pre-selected by the country
offices, and the committee
awarded grants to 40 projects
from 25 countries. ;

As partners in each of the
projects, the IDB Cultural Cen-
tre and country offices work
together to supervise, monitor
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order to achieve optimum
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From the Bahamas, the
Youth and Young Adult
Marching Band from Saint

.Matthew's Youth Ministries is

among this year’s selected recip-
ient institutions.

Other bank member coun-
tries selected to receive support
this year are: Argentina, Belize,
Bolivia, Brazil, Chile, Colom-
bia, Costa Rica, Dominican
Republic, Ecuador, El Salvador,
Guatemala, Guyana, Haiti,
Honduras, Jamaica, Nicaragua,
Panama, Paraguay, Peru, Suri-
name, Trinidad and Tobago,
Uruguay, Venezuela.



President of
Mexico disputes
campagn finance
allegations .

@ MEXICO CITY

PRESIDENT Felipe
Calderon on Monday dismissed
as “pure fiction” the allegations
by a Chinese-Mexican busi-
nessman that Mexico’s ruling
party forced him to hide tens:
of millions of dollars in cam-
paign cash at his home, accord-
ing to Associated Press. -

In his first public statements
about the accusations by Zhen-
li Ye Gon, Calderon said they
“are not only false, they are
ridiculous.”

Ye Gon claimed this month
that he was threatened with
death by the ruling party unless
he stored at least US$150 mil-
lion in his Mexico City mansion.

But key details in Ye Gon’s
version of events seem contra-
dictory, unclear or unverifiable,
and a senior US anti-drug offi-
cial said he knew of no evidence
that the Calderon administra-
tion — which has sent troops into
the streets to fight drug cartels —
has any links to organised crime.

Ye Gon is charged in Mexico
with drug trafficking, money
laundering and weapons pos-
session for allegedly importing
19 tons of a pseudoephedrine
compound used to make
methamphetamine — charges he
denies.

In all, police found more than
US$207 million hidden inside
the mansion’s walls, suitcases
and closets. Calderon said the
March 15 cash seizure was a
blow to the “backbone of
methamphetamine trafficking
in our country and probably in
the continent.”
PAGE 8, TUESDAY, JULY 17, 2007

THE TRIBUNE



Craft centre positions
Bimini for surging
tourism numbers

BIMINI has opened a state-
of-the-art craft centre that
tourism and government offi-
cials are confident will improve
product quality and increase ‘the
variety of Bahamian-made sou-
venirs.

On Friday last week, Minister
of Tourism Neko Grant offi-
cially opened the Bimini Craft
Centre, which includes 17 stalls
and sits on almost 3,000 square
feet.

The craft centre features
straw creations, conch shell
ornaments and other souvenirs.

Valued at more than
$200,000, the centre was com-
pleted by Bimini contractor

Daron Hinzey and comes at a
time when industry observers
say too many tourists are being
disappointed with the quantity
of Bahamian souvenirs.

“T am so delighted that one of
my first duties as. minister of
tourism to participate in the
opening of this craft market,”
Mr Grant said. “There was a
time when Bahamian products
were sold in our craft markets.
We often heard the stories of
vendors who were able to send
their children to universities
from monies they would have
earned by selling Bahamian-
made products. So I want you
to know that we will take every

step necessary to ensure that
the goods sold in this market
are indeed Bahamian.”

Mr Grant urged Bimini resi-
dents to maintain the craft cen-
tre’s pristine condition. He
pointed out that all residents

are investors in their island. As-

a result, he said, Bimini resi-
dents have ownership of the
facility, although funds for its
construction came from gov-
ernment resources.

“It was spent by the Bahamas
government, but it was indeed
your money,” he said. “So we
would wish for you to treat this
market like it was yours.”

The Bimini Craft-€Centre

opened on the heels of a series
of workshops designed to equip
souvenir manufacturers with

’ techniques to increase the qual-.

ity of their products.

The workshops, conducted by
the Ministry of Tourism and the
Bahamas Agricultural and
Industrial Corporation (BAIC),
took place as Bimini experi-
enced growth in visitor arrivals.

Obie Wilchcombe, member
of parliament for West End and
Bimini, said the opening of a
first-class craft centre demon-
strates Bimini’s belief that the
essence of the tourism industry
will always be local products.
-- “Phis is the best craft centre





ANGELA Cleare, consultant in the Ministry of Tourism, cuts
the ribbon to signify the official opening of the Bimini Craft
Centre. She is assisted by Minister Neko Grant and Mrs Grant as
others look on.

and straw market in the entire
Commonwealth of _ the
Bahamas right now as I speak
today,” Mr Wilchcombe ‘said.
“And I believe it is going to
become the prototype for all of
our markets throughout our
islands because you would see
that over the past several years,
effort has been made to
improve the product here in

Bimini.”

Among recent improvements
in Bimini are the dredging of
the harbour, increased flights
from Florida and the return of
renowned fishing tournaments,
Mr Wilchombe said.

He urged the people of Bimi-
ni to ensure that the new craft
market remains an outstanding
part of Bimini’s infrastructure.

Bahamas Scout contingent goes
to 21st World Scout Jamboree

@ SEATED (1 tor): Joseph Pickering, training commissioner;



Alexander Gibson, Chief Scout; John Philpot, Bahamas Scout
Association president; Rev Fr Don Haynes, assistant priest at
St Matthew’s Church. Standing centre: Shandel Munroe,
assistant contingent leader; (far right) Veronica Moore,
contingent leader and co-ordinator.



Eleven young Bahamians will
represent their country as the
Bahamas’ Scout contingent to
the 21st World Scout Jamboree.

The event is being held in the
United Kingdom, from July 27

HOFAUSUSE Sis 3 teen
_ The contingent is will be

made up of three young men
and one young woman. Three
of the young men are from
Grand Bahama. an
The expo is expected to attract
45,000 young Scouts and Scout
leaders from around the world.

Another 20,000 visitors will —

pass through the camp grounds
every day on one day passes.
The contingent will also expe-
rience a cultural exchange in
Paris, France, from August 8 to

- 13 before. returning to home

soil.
Accompanying them will be
Rev Fr Don Haynes, contingent

leader and Chaplain; Veronica

Moore, contingent leader and
co-ordinator and Shandel
Munroe, assistant contingent
leader.

The young Scouts along with
leaders of the Bahamas Scout
Association, parents and well
wishers, worshipped at St
Matthew’s Church this past
Sunday.

The celebrant was Rev Fr
Don Haynes, assistant priest at
St Matthew’s, who delivered a
provocative sermon in which he
challenged the congregation to
love and care for one another.

“We will not be having the
levels of murders and abuse
that’s wreaking havoc on our

nation today, if as a people, we
would ‘learn to help each oth-
er.
“Instead, we are too con-
cerned about how we will be
inconvenienced if we stop to
help a brother or sister in need,”
Fr Haynes said.

- He encouraged his listeners .-
to be generous with their time °
and resources and to be sensi-
tive to the needs of others. He
prayed that the Scout contin-
gent and its leaders would have
a safe and enjoyable experience.

Overweight students learn to shape up

_ Over-weight children were
commended for their efforts at

urged to pass on to their par-
ents some of the weight -loss

special camp.
The students successfully

es-at the SHAPE (Students

‘training to be healthy and phys-

weight reduction and were _ techniques they were taught ata completed their physical cours- _ ically empowered) Camp, 2007,

é

FOR IMMEDIATE RELEASE

The Government of The Commonwealth of The Bahamas announces the issue of a further
offering of Bahamas Registered Stock totalling B$100.000 Million. Applications will be received
by The Banking Department beginning at 9:30 a.m. on 17th July, 2007 and will close at 3:00pm on
24th July, 2007. Allocations will commence at 9:30 a.m. on 25th July, 2007 and will cease at _
3:00p.m. on 26th July, 2007. Application for the Stock subscription must be applied for in units of
BS$100.00. The details of the Issue are as follows:

Rate of Interest

5/16% Above Prime Rate
9/16% Above Prime Rate
19/32% Above Prime Rate

5/8% Above Prime Rate

}

Name of Stock

ahamas Registered Stock 2036 |

Bahamas Registered Stock 2037 _| 30,000,000.00 | 100.00

30,000,000.00

Bahamas Registered Stock 2027 | 10,000,000.00 | 100.00_

Bahamas Registered Stock 2035 | 30,000,000.00 | 100.00

BS

| 100,000,000.00 |

The first interest payment will be on 26th January, 2008. Thereafter, interest will be payable
on 26th January, and 26th July of each year until the Stock is repaid. Application forms may be
obtained from The Central Bank of The Bahamas’ offices in Nassau and Freeport, The Public
Treasury or any of the following banks:-

1.) Bank of The Bahamas International

2.) FirstCaribbean International Bank (Bahamas) Limited

3.) Finance Corporation of Bahamas Limuted

4.) Commonwealth Bank Limited
Royal Bank of Canada
Scotiabank (Bahamas) Limited

Fidelity Bank (Bahamas) Limited

Citibank N.A.

Bank drafts should be made payable to The Central Bank of The Bahamas. Also
wire transfers via Real Time Gross Settlement and Cash are accepted. Subsribers for
amounts in excess of $1,000,000.00 may provide authorization from their Bank for

payment.

‘



and were congratulated for their
achievements on Friday during
a special ceremony at the Doris
Johnson Senior High School on
Prince Charles Drive.

The youngsters ran, walked
and participated in a number of

physical activities designed to,

reduce their weight. And they

had fun while doing it. |
Parents and students turned

out on Friday for the closing

’ ceremonies. Most important of

all, the children left with an
enhanced sense of self worth
and achievement, and were
taught to feel good about them-
selves and how to reduce their
weight through regular exercise.

Chief Medical Officer Dr
Merceline Dahl-Regis lauded
the students on their achieve-
ments. She urged them to con-
tinue to make healthy dietary
choices and to urge their par-
ents to do the same.

“We want to promote healthy

- lifestyles and it begins with each

of us where we are,” she said.
“Tt’s a way of living and we can
start at anytime.”

Dr Dahl-Regis said fast foods
and junk food like chips and
chocolates are dangerous if not
eaten in moderation. She
recalled that when she was a
child, the healthy practice of
eating fruit as a snack was much
more common.






NOTICE

CONFIDENCE
INSURANCE
BROKERS & AGENTS LTD

willbe CLOSED
on

Friday, July 20, 2007.

We apologize for any inconvenience caused.

Canfidence Insurance Brokers & Agents Ltd.

egy St. (2nd floor The Standard House)
hone: 323-6920 Fax: 325-8486 *

Today there are a huge num-
ber of fast food outlets and an
enormous variety of fried ‘food
on offer in the Bahamas. She
said these foods should be eaten
in moderation and not abused.

‘We want you to choose dif-
ferently and that’s what this
camp is all about,” she said.

“There are things that you
can constantly do in your daily
activities to promote physical
fitness,” said Dr Dahl-Regis.

The students were taught
how to appreciate themselves
while trying to attain a healthy

weight. Some of the key lessons

taught were:

e Accept yourself

e Stop dieting (instead, eat
well and enjoy being active)

e Enjoy your food (follow the
dietary guidelines and eat for
energy, good health and plea-
sure)

e Get up and move...
keep moving

e Relax yourself (breath
deeply) 3

e Feast on positive thoughts
(choose thoughts that energise
you and do not drag you down)

¢ Look good all the time

e Don’t forget family and
friends

e Have an attitude of grati-
tude

e Express yourself (express-
ing personality through hobbies)

and










THE TRIBUNE

TUESDAY, JULY 17, 2007, PAGE 9



Four questioned
over stabbing
fleath of teen

FROM page one

cide squad, told The Tri-
bune that based on intel-
ligence gathered on the
scene of the crime by
detectives, several indi-
viduals were taken in for
questioning by police
within two hours of the
murder.

With the country
poised to eclipse eighty
murders this year Mr
Miller told The Tribune
that his detectives have
solved some 35 of the 45
homicides and are mov-
ing to closure in the
remainder.

"When you look at the
number of detectives
here for what is going
on in this country today,
dealing with murders,
armed robberies
and the like, they are
doing a good job," he
said.

_Mr Miller added that
police are in the process
of conducting interviews
regarding Javano’s mur-
der and he expects
charges to be filled
shortly in this case.

This latest homicide
comes after the killing
of two other teenage
boys in just over a week.

Mardio Hall, 18, was
gunned down outside
the Queen Elizabeth
Sports Centre complex,
on July 8th, while 18-
year-old Elima Souf-
frant, of Farrington
Road was stabbed to
death last Thursday
night in the vicinity of
Meadow and Parker
Streets. ©

Regarding the latest
homicide, Chief Super-
intendent Miller said
that the four persons
assisting police are three
teenagers, ages 13,15
and 17, and a 20 year
old.

FROM page one

: aging partner in Chancellor

? » Chambers, and is a former asso-
ciate of Graham, Thompson &
Company, and a former part-
ner of Lennox Paton and Hals-
bury Chambers.

The source told The Tribune
that the move to draft Mr
Dorsett — who is 36 — is a part of
a wider move by younger peo-
ple in the party to take over the
affairs of the PLP.

"What people are upset
about is that for example, Ingra-
ham has shown an ability to put
young people to the forefront
with all of his ministers of state.
Christie, on the other hand,
when he was there, he put a
bunch of old chairmen and old
people there. So the concern is
that you (young people) won't
have a future with Christie as
leader," he said.

"The second term, more
young people were supposed to
be included in what was going
on. But that did not happen. So
as opposed to sitting back any
longer, you will see young peo-
ple in the PLP start to get more
aggressive and push for rights,"
he said.

The source also said that
"the problem with the PLP has
been that we recycle leaders,
we recycle people."

Englerston MP Glenys Han-
na-Martin was the first to pub-
licly announce her intention to
enter the race for the chair-
manship last week at the par-
ty's Speakers Corner series.

Since this announcement, for-
mer PLP Senator Philip Galanis
made statements apparently
criticising Ms Hanna-Martin
when speaking to The Nassau
Guardian.

"I think all of these individ-
uals (who are seeking to be
chairman) should devote their
time to being in opposition and
to being a shadow minister for
their respective ministries, " he
said.

“I also believe that there
were some ministers in the for-

‘mer PLP administration who

SUMMARY:

RESPONSIBIEITIES:

management and personnel

under audit

recommendations

personnel are obtained

recommendations

QUALIFICATIONS:

personal and communications skills.

Send resumes no later than 20th July 2007 to:

Jim

51 Frederick Street
P.O. Box N-4853

Nassau
Fax 328.1180

ls
=
.
=
is
al
.
r
.
Hy
i
it
g
a
Mi



LOCAL NEWS

They didn't execute their port-
folios well and they need to
focus their attention on main-
taining their seats and repre-
senting the constituents and
their party in parliament, and
for any such person to have a
dual role (as chairman and
member of parliament), it is
going to be distracting and I
don't think they will be effec-
tive," he said without specifi-
cally naming Ms Hanna-Mar-
tin.

Longtime chairman, Ray-
nard Rigby, also made com-
ments indicating some level of
disapproval of Ms Hanna-Mar-
tin's decision.

Mr Rigby-told The Tribune
that it is important to separate
the affairs of party and parlia-
ment, which is clearly a criti-

cism of Ms Hanna-Martin's
bold decision.

"I hope we will not turn back
on that principle," he said.

Ms Hanna-Martin took the
PLP nomination from Mr Gala-
nis in 2002 for the Englerston
constituency. While the former
transport minister has openly
taken aim at the position of Mr
Rigby, indicating that there may
be some animosity by the two
men against Ms Hanna-Martin.

Sources are also speculating
as to whether. Mr Galanis will
offer himself as a candidate in
the race for the chairmanship
along with other possible con-
tenders such as: Paulette Zoni-
cle; Jerome Gomez; Jerome
Fitzgerald; Keod Smith; Ron
Rolle and possibly former MP
Ron Pinder.

Claim that lawyer Ken Dorsett is
PLP chairmanship front runner

Small plane stolen from airport
FROM page one |

could suspect is that some smuggling went on and they took the
plane to facilitate their activities. They probably flown it to one of
the Caribbean islands to facilitate their illegal business,” Mr Rah-
ming said.

The company, he said, has reported the incident to police and
they have sent out an alert to all airports throughout the Caribbean.

Earlier this year police were investigating the theft of a Western
Air, another Androsian company, aircraft that disappeared in
April. ~

_ The 19-seat commuter plane disappeared from Lynden Pindling

International Airport.

The aircraft was later discovered in Columbia.

Last year a private individual had his aircraft stolen under sim-
ilar circumstances. This plane was later located in Jamaica.



Tourism police unit



Coroner's inquest may be held

FROM page one

it concerns jet skis and speedboats being rented out to inexperi-
enced tourists on crowded Bahamian beaches.

Speaking with The Tribune, Chief Supt Glenn Miller, officer
in-charge of CDU, said that early investigations into the incident
now indicate that Eric Thomas — a seven-year-old boy from Cincin-
nati, Ohio—'was run over by another jet-ski after falling from the one
he was riding on with his mother.

He explained that it appears that Eric’ s mother lost control of the
jet-ski when she hit a wave. The boy fell off the vessel and sustained
severe head injuries.

However, Mr Miller said that the investigation into the matter is
still underway. He said that while a Coroner’s inquest is a definite

were not effective as ministérs:

Group Internal Auditor

possibility, there are also other options in this case.

Mr Miller said that depending on the outcome of the investiga-_

tion, charges could be brought against persons.
“We don’t know yet where we are heading with this,” he said.
Eric died just hours after he and his family arrived in the Bahamas

onboard the Majesty of the Seas.

The family was enjoying their land excursion to Cabbage Beach,
Paradise Island, when the fatal accident occurred.

This tragedy happened just as Paul and Andrea Gallagher, from
Kent, England, await to have a Supreme Court date set for their

case.

The Gallaghers’ two-year-old toddler died in August, 2002 when
he was hit by an out-of control speedboat that came up onto the

beach on Paradise Island.

The speedboat was unlicensed and unregistered.
Almost five years later, three men were charged with manslaugh-

ter through negligence.

Mrs Gallagher told British media last week that she had been
informed by Bahamian authorities that a court date will soon be set
for-the:triaLof Cee in connection with her son’s

death.

Jib ih

invites applications for the position of
Senior Internal Auditor |

In this highly visible position you will be part of a small team
performing audits on the banking, insurance and securities principles
and practices of the Fidelity Group of Companies.

¢ Conducting meetings and interviews with all levels of
Performance of thorough studies of business processes for areas —

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

¢ Drawing conclusions based on the results of tests performed

e Arriving at feasible cost effective solutions to problems
encountered and making specific recommendations
Organizing the audit working papers in a manner conducive to
developing a report on audit results, findings, and

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

Preparing reports detailing the audit results, findings, and

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

The Senior Internal Auditor is expected to work towards or have a professional designation
such as CPA or CIA and should be willing and able to travel about 10-15% of the year.

The Senior Internal Auditor reports directly to the Group Internal Auditor. A competitive
compensation package is offered and will include salary, benefits and bonuses.





FROM page one


























fegular police force.

Those who do not meet the
necessary requirements will
be absorbed into the reserves
or the civilian branches of the
police force, he said.

“None of these persons are

being ostracised or put aside,”
Mr Dames said.
, Speaking on condition of
anonymity, a source close to
the unit said that many local
constables Rave up govern-
ment jobs they held for many
years in order to join the
tourism patrol unit, with the
view of one day becoming reg-
ular police officers.’

“The requirement of the
unit was that you can’t have
two jobs. Some persons in the
unit had two jobs, such as gov-
ernment jobs, working for
many years, close to (retire-
ment). As a local constable in
the unit they had to quit their
second job,” the source said.

The source explained that
many local constables who do

the regular police force will
now have to join the reserves.

“As a reservist you can have
two jobs. They now want to
offer these’ persons the

not meet the requirements of

reservist programme when
they already quit their other
jobs of many years, when they
could have been a reservist
from the very beginning,” the
source said.

The source close to the unit
said that many of the local
constables were now con-
cerned about their financial
future.

Responding to these
claims, Asst Commissioner
Dames said that many of the
constables will improve their
situations in regards to salary
and other benefits due to the
restructuring move.

“We, thought it’s time for
them (the local constables) to
enhance themselves,” he said.

“We have taken a look at
their skills, and other capabil-
ities they may have and we
(looked at) how we can use
them in the force, but no one
was let go, no one’s pay has
been cut,” he said.

Mr Dames said that from
now on the tourism patrol unit
will be staffed with fully
trained police officers.

“We understand how
important tourism is to this
country and what we hope to
do is to improve upon the
product,” he said.





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(00) Hard Shine |American Chopper ‘Intel 1” The - /Miami Ink “Facing Changes’ Film- |Miami Ink “Garver Gets Commis-
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PAGE 10, TUESDAY, JULY 17. 2007

TUESDAY EVENING ~ JULY 17, 2007 |

7:30 | 8:00 | 8:30 | 9:00 | 9:30 | 10:00 | 10:30

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has an affair with a minister, 7 ‘RY (CC) less coup against their king. 1 'PG-13' (CC



ie Suite Life of saclovERoTN Taba REVENGE Phil of the Fu- |That’s So ica Life With Derek | |
DISN ea & Cody (2001) Debbie Reynolds. A warlock plans a nasty sur- ii Phil cancels {Victor's mother a Systems No |.
prise li people on Halloween. (CC) his date, visits, (CC)

THE TRIBUNE

let Charlie the .
Bahamian Puppet and
his sidekick Derek put

some smiles on your

kids’s faces.



Bring your children to the

McHappy Hour at McDonald's in
Marlborough Street every Thursday
from 3:30pm to 4:30pm during the
month of July 9007.

Enjoy Great Food, Prizes and Lots of Fun.

i'm lovin’ it



Simply the Bestâ„¢


THE TRIBUNE TUESDAY, JULY 17, 2007, PAGE 11

Supermarket chain

to award $200k
in scholarships

BAHAMAS Supermarkets

Foundation, the charitable arm
of City Market’ parent compa-
ny, will award $200,000 in
scholarships during a reception
honouring 39 recipients and
their families July 19 at Super-
Clubs Breezes.
' More than 150 persons are
expected to attend the event,
highlighted by an address by
Minister of Education,*Youth,
Sports and Culture Carl
Bethel.

It is the 39th year that the

supermarket retailer has pre-
sented awards, and this year’s
contribution brings the total
funds to nearly $8 million
donated since the programme’s
inception in 1968.
, Some 1,671 students, includ-
ing the country’s first blind stu-
dent to attend college abroad,
have benefited from Bahamas
Supermarkets Foundation
awards.

“Thirty-nine years, 39 stu-
dents, the numbers were just
coincidence,” said Peter
Goudie, human resources man-
ager for the retail grocery
giant. “But there is no coinci-
dence about Bahamas Super-
markets Limited’s unwavering
commitment toeducationand ™ —
youth development. This year’s | ™ KEN Burns speaking at a previous awards ceremony
contributions, which represent
an increase of 33 per cent over
last year’s awards, are testa-
‘ment to that.

, “We at Bahamas Supermar-
kets are extremely pleased to
be able to assist, knowing that
these awards help build leaders
and good citizens of this coun-
try.”
' Recipients. will use their
$2,500 awards to study disci-
plines as diverse as economics
and aerospace engineering.
‘Seven recipients listed bio-
chemistry as their major, the -
largest single subject ever
selected by a group of recipi-
€nts.

Ten will use their awards to
study at the College of the
Bahamas..Recipients, selected
from hundreds of applicants
hoping to secure one of the
sought-after scholarships, plan
to pursue majors including
education, business, biology,
law and psychology. Three
Tecipients have been nominat-
‘ed by their Junior Achieve-
ment clubs in Nassau, Grand
‘Bahama and Central Andros.

Past recipients include
regional tourism visionary ae : roan
‘CTO directof-general Vincent Tr CARL Bethel will be attending the event
‘Vanderpool-Wallace, radio
personality and Kerzner vice
president for community affairs
‘Ed Fields, well-known phar- B i jy & i) k C 1B d
‘macist andentrepreneur Laura § a UTES uS atte A t
‘Charlton and Bahamas Cham-

ber of Commerce executive ,
‘director Philip Simon. Over the itis PALO

years, each has returned to e “ td 4 a
mena Phone:322-1722 ¢ Fax: 326-7452
‘tude and advice with new
recipients.
Recipients for the 2007-2008
academic year include:
¢ Chauncy Adderley,
e Emma Adderley
e Ryan Albury
¢ Henricka Bain
¢ Dwitney Bethel
¢ Jermaine Bowleg
¢ Donovan Curry
¢ Tara Dames
¢ Sasha Dorsett
_ © Thurl Edwards
: @ Renee Farquharson
e Antonia Forbes
¢ Cheyanne Harvey
¢ Italia Hutchinson
¢ Jeremy Jesubathan
¢ Brittanie Kemp
_. © Kevin Kemp
, © Travis Knowles
'- @ Leslie Lopez Jr,
, © Miriam McDonald
¢ Jamere McIntosh
¢ Javardo McIntosh,
¢ Anayah Miller
¢ Sade Palmer
e Ezzard Rolle
¢ Cliffrielle Sands
¢ Cameron Saunders
e Stephanie Saunders
¢ Wendy Saunders
. © Brooke Sherman
' e Astra Simmons
, © Markira Stewart
¢ Albrion Symonette
¢ Shawn Thurston
¢ Joan Tucker
' ¢ Elizabeth Williams
¢ Jades Williams
¢ Patrieka Young
Khia Poitier has been select-
‘ed as the recipient of the Hal
‘Jackson .Talented Teen
Baham Supermarket Foun- a

dation education award.









Laat!
iB taal tie





Make ItA Combo,
Add $1.95

r)
PAGE 12, TUESDAY, JULY 17, 2007

THE TRIBUNE



re = aaa eae Te - a

a? ; 4 gt ts sexs



Baha Mar donates to Lyford Cay Foundation

BAHA MAR has donated $10,000 to the Lyford Cay Foundation in honour of its vice president of finance, Vaughn Roberts. Mr.
Roberts was a past recipient of a scholarship from the Foundation and was recently honoured as one of its Outstanding Top Schol-
ars. He is a Chartered Public Accountant who joined the Baha Mar family last year. His is a story of outstanding success and Baha
Mar’s chairman, Sarkis Izmirlian, has said that he is very proud to have Mr. Roberts as a part of his team. Shown at the presentation
from left are: Mr. Roberts, Manuel J. Cutillas, Chairman Lyford Cay Foundation; Robert Sands, Vice President, Baha Mar/Cable Beach
Resorts, and Monique Hinsey, Director of Education, Lyford Cay Foundation.

(TCL Photo by Wendell Cleare)





5 ry rs 3 ee

LOCAL NEWS 3

@ NEWLY appointed Nobu




General Manager Monique

Wszolek stands in the chic Japanese restaurant at Atlantis. -
(Photo: Joshua Yentis/Blue Wave Imaging)

Atlantis appoints -
new Bahamian
general manager .

BAHAMIAN born
Monique Wszolek has been
appointed General Manager
of the upscale Japanese
restaurant Nobu at Atlantis.
In her new capacity Wszolek
will work closely with cele-
brated Japanese Chef
Nobuyuki “Nobu” Matsuhisa,
while managing a dynamic

_ team of 100 employees.

With almost 20 years of
food and beverage experience
under her belt, Wszolek takes
over the restaurant just after
16 months of joining Nobu as
a Lounge Manager.

Nobu at Atlantis is the first
Nobu outpost in the
Caribbean and thirteenth in
the world. Since opening its
doors in February last year
the restaurant has become a
hot spot for affluent travel-
ers, VIP’s as well as local vis-
itors familiar with the Nobu
brand across America.

“It’s a huge honour to work
for Nobu at Atlantis,” com-
mented Wszolek on her
recent appointment. She con-
tinued, “we have excellent
servers and managers and we
all work together as a team.”

Ensuring that the food con-
cept and fine Japanese cui-
sine of Nobu is always of a
superior quality will top the
list of Wszolek’s goals as she
takes on her new position. At
the same time Monique, who
firmly believes that each
member of the restaurant’s
team plays a vital role in their
overall success, plans to fur-
ther enhance the restauran-
t’s excellent customer service
levels through on-going
training and development of
its employees as well as by
empowering them to make
suggestions On ways to fur-
ther improve the product. She
will also work closely with
newly appointed Restaurant
Manager Warren Curtis.

“The team at Nobu is real-
ly proud of the product that
we sell and the service that
we provide our very discrim-
inating travelers. Atlantis has
brought some very popular
restaurant concepts to the
Bahamas...and it is really
great that we now have.
world-class restaurants at the
resort that both our interna-

for Nobu restaurant

tional and local patrons can
enjoy,” Wszolek commented,

Monique takes over from
former Nobu General Mans
ager Perry Parrigin. She com:
mended Parrigin for his
strong leadership skills as well
as the quality time he invest+
ed in preparing the mostly
Bahamian team of employ-
ees to take over the restau:
rant.

After successfully complet-
ing a Bachelor of. Arts
Degree in Political Science
from the University of Toron-
to, Monique purchased a
restaurant in Canada which
she successfully operated for
several years. After deciding
that she needed a greater
challenge, she packed her
bags and headed home to the -
Bahamas. Several months lat
er, when the position for a
Restaurant Manager at Nobu
became available, she applied
and subsequently joined the
Kerzner team. a

Her prior work experience
has included managing the
Campus Beverage Service at
the University of Toronto as
well as serving as Operations
Manager at Ristorante Vil-
laggio in Nassau, The
Bahamas. .

Wszolek also obtained a
Hospitality and Accounting.
Certificate from George
Brown College in 2001 as well
as completing French Lan-
guage courses at the Alliance,
Francaise.

Located off the Atlantis,
Casino, Nobu is the signature!
restaurant of The Royal Tow-'
ers and serves dinner nightly
while the sushi bar and the
lounge stay open later for
guests who savour the
nightlife. Guests are able to,
order from the menu or have:
their waiter guide them
through Omakase — Chef*s
Choice. é

The multi course Omakase;
allows diners to experienc&
the essence of Nobu’s cuisines
The stunning, 7,100-square=.
foot space was designed by:
the Rockwell Group, using
traditional and modern
Japanese elements and inspi-
ration.

For reservations, call (242)
363-3000.

Summer Special

Include: Airfare + hotel

accommodation + transfer &

professional attendance
in Havana.

Fliying five days a week
except Tuesday & Saturday

the Cuba specialist

www. havanaturbahamas.com

ee
Mg


TUESDAY, JULY 17, 2007

SECTION



business@tribunemedia.net



BUSINESS

Miami Herald Business, Stocks, Analysis, Wall Street







2)abaana

HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE

Tel: (242) 356-7764

FREEPORT OFFICE
Tel: (242) 351-3010



Minister: ‘We should not

ha



e approved Bimini Bay’

* Senior FNM says first Ingraham administration should not have given nod to
resort because of disproportionate size, but ‘hindsight is always 20/20’
* Government moving away from ‘anchor resorts’ to make
sure development fits into Family Island communities
* Minister says Pinnacle casino at Four Seasons Emerald bay not taken
off as planned, questioning need for such facilities in Family Islands

@ By TANEKA THOMPSON

n FNM Cabinet min-

ister has admitted
that the first Ingra-
ham administration
should not have
approved the controversial Bimini
Bay Resort & Casino, given its dis-
proportionate size to the island’s com-
munity. and infrastructure, but said:
“Hindsight is always 20/20.”

Both Tommy Turnquest, former
FNM leader and minister of national
security, and a fellow minister told
The Tribune that future large scale
‘anchor resort projects’ in the Family
Islands needed to be reevaluated in
an effort to preserve island commu-

ca nities.

Bids up to $500m for BORCO

In an interview with The Tribune,
Mr Turnquest admitted that approy-
ing the initial size of the 700-acre
Bimini Bay development - on a seven
mile-long island - may have been a
mistake under the first FNM admin-
istration.

The Bimini Bay project, which is

being spearheaded by Miami-based
developer, the Capo Group, has con-
tinued to spark protests from Bahami-

_ an and international environmental-

ists, as well as Biminites, who were
concerned about possible negative

.repercussions that the $75 million dol-

lar development would have on the
small island community.

Their complaints have continued,
despite the Christie administration
renegotiating the project’s Heads of



_ TOMMY TURNQUEST

Agreement to reduce it in size. The
developers, led by Cuban-American
property entrepreneur Gerardo Capo,
have repeatedly countered all criti-
cism by insisting they are doing every-
thing they can to preserve the envi-

ronment.

“Bimini Bay started under the
FNM. It was a development that, I
think, we would readily admit that
the size that we approved was not
appropriate to the community on
Bimini [or] the ecosystem at Bimini,”
said Mr Turnquest.

“Hindsight is always 20/20, and so
we ought to have scaled that back in
terms of the size of the development.
But, again, all of that comes with
experience, and unfortunately you
don’t always have that benefit of hind-

Bank owed

sight when you’re faced with some-
thing at the beginning.”

Learning from the mistakes of his
party and the former PLP adminis-
tration, particularly when it comes to
addressing the specific needs of each
Family Island when it comes to invest-
ments, Mr Turnquest was optimistic
that in future his party will, in gov-
ernment, fully evaluate these .con-
cerns.

“The former government talked .
about these ‘anchor’ projects, but
what does that mean? Did they show
what it means in terms of are you pro-
viding the infrastructure; are you tak-
ing care of the housing [for employ-

SEE page 10

Peparemnygre ns

$683,000 by

@ By NEIL HARTNELL
Tribune Business Editor

BIDDERS seeking to acquire the
Bahamas Oil Refining Company Interna-
tional (BORCO) submitted bids as high as
$500 million in the initial round, sources
close to the process have told The Tri-
bune, with its parent company having

already selected those who have qualified
for the final round.

The final bidding round is due to close in
August 2007, and initial offers are under-

stood to have ranged between $150 million .

and $500 million, with the higher-priced
bids undérstood to include the costs of
any environmental clean-up and capital

expenditure maintenance to upgrade -

“~BORCO’s tanks, jetties and pipes.

The Venezuelan state-owned oil com-

; pany, PD VSA, which in turn owns BOR-

CO, is likely to select a winning bidder
from the finalists by the end of August,
aided by Citigroup’s investment banking

SEE page 9

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lm By NEIL HARTNELL
Tribune Business Editor

FORMER Bahamas-based
credit card customers of Lead-
enhall Bank & Trust still owe
almost $683,000 in unpaid
debts, the bank’s liquidator
saying he has been unable “to
recovery any substantial

amount”, with the institution -

once again facing a potential
$330 million damages claim.

In his latest report to the
Bahamas Supreme Court,
Craig ‘Tony’ Gomez said some
98 Bahamas-based former
MasterCard clients of Leaden-
hall had still failed to repay
their debts, despite ‘him con-
tacting 60 per cent of those
debtors.

Leadenhall held the Master-
Card issuing licence for the
credit card portfolio, which was
administered by then-Bahamas
based Axxess International,
which shared some directors

US court exposes
Leadenhall to”
potential multi-

million dollar’
Class action case

and shareholders with Lead-
enhall.

Mr Gomez reported to the
court: “I have made contact
with approximately 60 per cent
of the persons who held credit
cards with Axxess, and was not
successful in this effort to
recover any substantial
amount.”

The 98 Bahamas-based card
holders account for some 52.3
per cent ($682,830) of the total

SEE page 6

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THE TRIBUNE



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CGIL, with offices in Bermuda, the Bahamas, the Cayman Islands, and the British Virgin

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BUSINESS



Retirement
nightmare
looms large

n recent times, the press

has carried various arti-

cles advocating the

need for pension legis-
lation in the Bahamas. For
many years now I have been
arguing the need for the
Bahamas to adopt such legis-
lation. In the UK, the Labour
Party in its 2005 Manifesto
defined its objective to mod-
ernise its pension legislative
regime as follows: “Our aim ‘is
a system that provides decency
for all, which encourages and
rewards savings, and is finan-
cially sustainable”...and: “to
provide everyone with the
opportunity to build an ade-
quate retirement income, and
be affordable, fair and simple
to understand.” I do not think
the case could be put more suc-
cinctly.

Multi-pillar approach to
pension systems

It is widely accepted that a
long-term

approach to pension funding
should consist of three inter-
connected pillars: social secu-
rity (National Insurance), pen-
sion savings and personal sav-
ings. While countries are seek-

Employers Pension .
Plans
_ Personal Savings &
«» Investments

sibs

| By Larry Gibson



ing to fortify the integrity of
these pillars within their
economies, supported by
appropriate legislation, we in
the Bahamas are seemingly
doing nothing.

Economic insecurity among
the retired/elderly is a univer-
sal problem, which has far-
reaching consequences if not
addressed. The most obvious
potential outcome is that the
public finances may not be sus-
tainable if too large a pegcent-

age of national budgets have ~

to be directed towards provid-
ing ‘social safety nets’.
Countries are being forced
to focus on managing the huge
financial burden being placed
upon their future budgets by
the need to finance social secu-
rity systems, with many
responding by passing legisla-
tion that actually reduces
future social security benefits.
Examples include: United
States, 1983; Japan 1985 and



1994; United Kingdom 1980
and 1986;,Germany 1989;
France 1993; Italy 1993; and
Sweden 1994,

Thus, efforts must be taken
to ensure that future genera-
tions are not only covered by
private pension schemes and |
a greater level of long-term
personal savings, but that this
also represents a growing share
of their total retirement
incomes.

A recent study conducted by
Morningstar, a US-based
research company, revealed
the following results (see the
table below) when it examined
the change in sources of retire-

ment funding when comparing .
today’s retirees and today’s ~

workers who will retire in the
future.

These results are nothing
short of startling. The amounts
coming from Social Security
and Employer Pension Plans
declined by 24 per cent and 6
per cent respectively, while the
amounts required from per-
sonal savings increased ‘by a
whopping 30 per cent.

This does not bode well for
the Bahamas, where it is a
well-known fact that the aver-
age National Insurance pen-
sion payment is under $300 per
month. It is further known that
less than 25 per cent of the

Bahamian workforce is cov- _

ered by a pension scheme,
while Bahamians are notori-
ous for their inadequate level
or complete lack of savings.
When it comes to long-term.

"SEE page8

FIRSTCARIBBEAN

INTERNATIONAL BANK
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In-depth understanding of Corporations business, financing solutions,
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General Responsibilities (not all inclusive):

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to overall business profitability.
Enhance and strengthen the reputation of FirstCaribbean International
Bank and the Corporate Division in markets by developing and
maintaining an external network of key stakeholders, prospects,
community involvement, and playing a key role in the business
community at large.
Effectively lead and mentor the team of business development and.
relationship managers who originate and provide business solutions .
to clients in the corporate and commercial oe in the Bahamas

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FirstCaribbean International Bank (Bahamas) Limited thanks all applicants for
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To Register call 461-1000. BA pritsh

Space is limited. roe ea




@
THE MARKETS |

: STOCKS, MEAL FUNDS, 8B iy
DOW30 13,950.98 +43.73 AK
sapsoo~—«s49.s2 298 W
NASDAQ 2,697.33 -9.67 W
10-YRNOTE 5.04 -06 W
CRUDE Ol 74,15 #22 m

Talks of |

speed o
deal drive
up Dow

- BY TIM PARADIS
Associated Press
NEW YORK — Blue chip ©
stocks rose Monday as news of -
a potential big telecom deal
involving Verizon pushed the _
Dow Jones industrials toanew
~ record close, and put the index _
closer to 14,000. Overall, stocks _
traded were mixed as investors _
digested the market's huge 5
_ gains of last week,”
While broader — ‘market —
indexes showed slight declines,
_ the notion of a Verizon deal
- appeared to inject















stocks mostly ‘hold last week’s
' sizable gains because buyout
activity has been a big driver fo
the stock market. =
Although. Vodafone - s
lenied a report by the Financial _
imes that it is weighing —
whether to make a huge |
160 billion bid for Verizon oe
ommunications, investors ©
' appeared undeterred. The ~
_ report cautioned that Vodafone —
_has yet to approach Verizon; a __














_ deal could give Vodafone full — 4 :




~ ownership of Verizon Wireless,
which Vodafone and Verizo1
- now own jointly. hes .
- “7 think just the idea of es =
number floated — $160 billion :

' — gets the juices running in th
market again even after this big

: “move,” said Greg Church, chief
investment officer of Chur
capital Management i
ee dley, Pa., referring to last week’
gains. The Dow rose 43.73
0.31 percent, to 13, 950.98 _—




















4,000. ‘The. revious high
- 13, 932. 29. came in Be te
close. ;
Broader. stock indicator
slipped lower Monday. The |
Standard & Poor’s 500 index _
slipped 2.98, or 0.19 percent, to _
1,549.52. ‘The S&P set a fresh ©
trading high of 1,555.90, topping _
a high of 1,555.10 set Friday _
when the index surged past a
trading high set in March 2000. _
"The Nasdaq composite index _
fell 9.67, or O26 Percent to |
2,697.33. 3
Declining issues outnum- a
ered advancers by about 2tol —
on the New York Stock
Exchange, where volume came
to 137 billion’shares. q
* Bonds rose Monday, with the -
yield on the benchmark 10-year _
_ Treasury note falling to 5.04 _
percent from 5.10 Pencent late. :
Friday. a
On Monday, light, sweet me
crude futures rose 22 cents to
$74.15 on the New York Mer-
. cantile Exchange. Oil hadn’t
closed above that level since ©
mid-August.
The dollar was nee against
other major currencies and con- _
_ tinued to hover near its record _
_ lows against the euro. Gold 2
_ prices fell. ) oe
- ‘Buyout news was responsi-
_ ble for. moving a number of
_ stocks Monday. Verizon rose —
$1.00, or 2.4 percent, to $42.76.
Vodafone fell 37 cents to $33.15.
In overseas trading, Britain’s
FTSE 100 fell 0.28 percent, Ger-
many’s DAX index rose 0.16
percent, and France’s CAC-40
gained 0.12 percent. Japan’s Nik-
kei stock average finished flat.
Hong Kong’s Hang Seng Index
_ fell 0.63 percent, while the
often-volatile Shanghai Com-
posite Index fell 2,36 percent. _
The Russell 2000 index of —
smaller companies fell 7.30, or
0.85 percent, to 848.47.








TOURISM



PHOTOS BY PAT WELLENBACH/AP

MORE AFFORDABLE: Hundreds of people enjoy a sunny day at Old Orchard Beach, Maine, which has

- long been a haven for Canadian tourists. But, this year business owners say there are more than

vinegar, or gravy and cheese.

Old Orchard has long been a
haven for Canadian tourists

| sandy beach represents an easy
| drive from Quebec.

This summer, there are more of
them as the soaring Canadian dol-
lar makes it more affordable for
Canadians’ to vacation in the
United States, enticing more peo-
ple to get into their cars despite
the hassle of long waits at border
crossings.

“They say there are more Cana-
dians than ever before. It’s good
for everyone,” said Claire Beau-
lieu, an owner of the Motel Kebec
2, a stone’s throw,from the beach,
where on a recent morning every
car in the parking lot had Quebec
license plates.

Last summer, Canadian tourists
probably thought it couldn’t get
any better after the loonie, the

- Canadian dollar named after the
' loon in the back of the coin,
_ -reached a 28-year high against the
| greenback. That meant they could
| trade in their loonies for 90 U.S.
| cents.
i Since then, the Canadian dollar
has grown even stronger. Today,
the loonie and greenback are
nearly equal, with a loonie being



EUROPE

BY DAVID SHARP
Associated Press

OLD ORCHARD BEACH, Maine — Hotels here fly Canadian flags
alongside the Stars and Stripes. Desk workers speak French, in
addition to English. Fries are served up Canadian-style, topped with

because the seven-mile stretch of years earlier} when the loonie was

worth about 95 cents.
It’s a dramatic change from five

worth 62 cents in the United’
States. Canadian travel to the U.S.
has grown 23 percent since then,
according to data published by the
Commerce Department.

“These are some of the best
days for Canadian tourists who
wish to travel south of the border
for their summer vacation since
bellbottom jeans and disco balls
were all the rage,” said Michael
Woolfolk of the Bank of New York
Mellon Corp.

And Canadians should get used
to it. The trend is expected to con-
tinue for several years, said Wool-
folk, a senior currency strategist.

Some Canadian banks have had
to dip into their reserves after run-
ning out of greenbacks as Canadi-

_ans cash in their loonies for trips

to the U.S., said Manny Witt,
director of the New England Tour-
ism, Office in Montreal.

Julie Arseneault of Rose Mere,
Quebec, said she and her husband
decided to drive to Maine with
their 5- and 2-year-old children
instead of taking a flying vacation
because of the strength of the.
Canadian dollar, as well as cheaper

Royal Bank of Scotland

leads $98B

BY TOBY STERLING
Associated Press

AMSTERDAM, Netherlands — A

trio of banks led by Royal Bank of-

Scotland said Monday it would rebid
$97.8 billion for ABN Amro Holding,
as the group went on the offensive in
the largest takeover battle in the his-
tory of the financial industry.

The proposed bid of $52.87 per
share, mostly in cash, would be worth
at least 10 percent more than an all-
share rival bid by Barclays, RBS and
its partners said.

Analysts from Bear Stearns said
the offer may end Barclays’ chances
of winning ABN.

“Barclays can’t raise its offer to get
near the consortium’s level, can’t
match the cash component,” and the
consortium could raise the bid again
if it needed, they said.

“Barclays should walk away,” they
said, adding that at this point Bar-
clays’ share price would probably
benefit from losing the fight.

ABN Amro shares opened 3.4 per-

’ cent higher at $51.05 in Amsterdam,

closer to the RBS-group bid than the
Barclays’ bid. Barclays’ shares gained
2.3 percent in London to $15.08. RBS
shares gained 1 percent to $13.16.
The RBS group offer is almost

Amro rebid

unchanged from an earlier bid, even
though ABN Amro last week won
permission from the Dutch Supreme
Court to sell Chicago-based LaSalle
Bank to Bank of America for $21 bil-
lion. That sale was widely seen as a
poison pill for RBS, which also
wanted LaSalle, and advantageous to

a merger with Barclays, which had. |

the support of ABN Amro’s manage-
ment.

The RBS group made its first bid
dependent on LaSalle remaining with
ABN, but dropped that condition
now that the LaSalle sale to BofA is
certain.

“The banks will remove precondi-
tions and conditions relating directly
to the LaSalle situation,” RBS, Fortis
NV of Belgium and Banco Santander
Central Hispano said in a statement.

“The acquisition of the ABN Amro
businesses remains compelling from
a financial point of view, as evi-
denced by the fact that it produces
essentially the same earnings
enhancement for the group, despite
the smaller size of the transaction,”
RBS CEO Fred Goodwin said.

Even without LaSalle, RBS is inter-
ested in ABN Amro’s investment-

banking operations and the rest of its:

global operations unclaimed by For-



gas in the United States. Gas is
roughly $l-a-gallon more expen-
sive in Canada than in the U.S.

year,” Arseneault said: as she
unloaded her sport utility vehicle |
packed with luggage and toys out-.
side the Royal Anchor Resort.

used to come in Jarge numbers,
but some of them stopped coming
when the value of the Canadian
dollar dropped: Last year, many in
the tourism industry noticed that
the trend had shifted again.

tor of the local chamber of com- |
merce, said half of the visitors this =
summer are from Canada — like it
was 20 years ago.

ever before. Below, the Canadian flag flies outside of a condo complex in Old Orchard Beach. |

CANADIAN INFLUX |

THE STRENGTH OF THE CANADIAN DOLLAR HAS ENTICED
| MORE VISITS TO THE UNITED STATES FOR CANADIAN TOURISTS

“That’s why we came this

Canadians like the Arsenaults

Bud Harmon, executive direc-

“They’re all coming back. We

have more Canadians this year —
more and more,” said Lorraine |
Bureau, who works at the Royal
Anchor Resort.



INTERNATIONAL EDITION

ACQUISITION

IHOP agrees
to purchase
Applebee’s
chain in
$1.9B deal

BY VINNEE TONG
Associated Press

NEW YORK — IHOP’s CEO Julia
Stewart has been making bold moves to
revitalize the 45-year-old chain best
known for its breakfast fare and blue-
tiled roofs. With a $19 billion bid for the
bar-and-grill chain Applebee’s made on
Monday, she may be taking her biggest
risk: yet.

The move comes as Wall Street ana-
lysts anticipate a difficult second-quar-
ter earnings season in the restaurant
sector as soaring commodity costs hurt
profits and consumers worried over
high gas prices ate out less frequently.

Combined, the company would have
3,250 restaurants and $6.8 billion in
annual sales.

Stewart, a former Applebee’s Inter-
national executive, said once the deal
closes, IHOP would revive the Apple-
bee’s brand and increase its emphasis
on franchises by selling most of the 508
company-owned stores at a rate of 40
per quarter, a process that could take
until 2010 to complete. In doing so, the
company would reduce the percentage
of company-owned stores to 5 percent
from the current 25 percent, a transfor-
mation similar to the one she led at
IHOP beginning in 2003.

“Tt’s a great brand, it just needs to be
revitalized,” Stewart said on a confer-

“ence call Monday. “We will fundamen- ~

tally change the company’s business
model, moving it nearly completely out
of the role of owner-operator.”

The changes, which are expected to
cut costs by $50 million a year by 2011,
reduce the company’s risks in owning

Ee teal estate, a strategy also taken by hotel

coitipanies to stabilize profit growth.
From May 2002, the month Stewart

took over as CEO, IHOP’s share price is

up roughly 75 percent. It closed May 1,

. 2002, at $35.25 and has since risen to the

low $60s.

“She woke them up to a certain
degree,” Oppenheimer analyst Michael
Smith said of IHOP. “It was a well-rec-
ognized brand name. It just needed
somebody to slap it around a bit.”

Under the deal, IHOP will pay $25.50
per share for Applebee’s, a 4.6 percent
premium over its closing Price on Fri-
day.

"pplebee’ s shares rose 53 cents, or
2.2 percent, to $24.91 in trading Monday.
In an unusual move for the shares of a
buyer, IHOP stock gained even more,
rising $4.99, or 8.9 percent, to $61.24
after briefly reaching a new 52-week
high of $63.39.

- Applebee’s, based in Overland Park,
Kan., has 1,943 restaurants worldwide.

MATT DUNHAM/AP

LEADING THE WAY: A man walks past a Royal Bank of Scotland logo in

the entrance hall of the firm’s offi

tis or Santander.

Fortis wants ABN’s Dutch arm,
while Santander wants its aiauad and
Brazilian operations.

The three said they nave: received
assurances from ABN Amro that
their proposed offer will be dealt
with on a level playing field” — in
other words, that ABN will no longer
attempt to prefer the Barclays bid.

Barclays CEO John Varley ,
responded that the consortium’s
offer will “still face considerable reg-
ulatory and shareholder hurdles.”

Both Barclays and the consortium
have been working closely with



ces in London.

Dutch regulators and claim to’have
made good progress toward
approval.

“Our offer would produce better
long-term value for ABN Amro
shareholders because the resulting
combination will deliver excellent
growth and ABN Amro shareholders
will participate from the upside of
that growth,” Varley said. ;

However, Barclays has already
heard complaints from its own share-
holders who are afraid the bank will
overpay for ABN. Varley hinted
Monday he doesn’t have much room
to take the bidding higher.
4B TUESDAY, JULY 17, 2007 MiamiHerald.com | THE MIAMI HERALD

INTERNATIONAL EDITION





















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1,40 0. n020..3so5y2.--. Py haa : elictetes ; Prec ticdersen > SBP 500 2,400... bee Meee fee cceereeee Nasdaq composite Siemens 150.79 -2.38 30-year T-bond 5.12 _5.19 0.07, VV A 512
: 5 Close: 1,549.52 Close: 2,697.33 Slcnware 11.64 -.10 NET 1YR
Change: -2.98 (-0.2% Change: -9.67 (-0.4%) SimonProp 94.38 +.11
1,350 Be gee eae ey eotnegeee ( ET ) PSO ace ee ea eater oie eet 9 eR aes s ee Smith&N 64930 +1530. BONDS YEST _PVS CHG WK MOQTR AGO
J F M A M J J Ue M A M J J Smithintl 61.33 -.34 Lehman Bros Bond Idx5.18 5.24 -0.06 W W aA 5.20
sores se ve Bond Buyer Munildx 4.82 485 -0.03 VW VW A 488
jouthnCo . * Lehman US InvGrade 5.75 5.76 -0.01 WV VW A 5.73
StocksRecap HIGH LOW CLOSE CHG. %CHG. WK MO QTR YTD Se ene Pee FuNps Lehman USHigh Yield831 834 -0.03 a A a 860
DOW 13989,11 13894.98 1395098 +43.73 +0.31% A A A +11.94% SwstnEngy 4343-152 . ter 5.31 MoodysBondindex 5.82 5.84 -€<.02 VV aA 583
NYSE: 2) NASD | | POW TANS. 5 C5A23:75.09 595909 7318.00 05 549.001 AOL te Ag Ae A PAT oo SovrgnBcp 21.78 -.16 PREV oe eg ‘Bank Index 11496 115.05 -0.09 a VV 10588
DOW Util. 515.29 507.03 507.43 -8.07 -157% A A A +11.09% SpectraEn 2623 49 8.25 5. a Gata Si cueiaticy os aalte vice ea Ee
Vol. (in mil.) 2,706 1,725 | NYSEComp. 1023182 10169.31 1018818 -32.49 -0.32% A A A +11.48% sprintNex 2237 +67 WKAGO 8.25 5.20 , 43 +0, i
Pvs. Volume 2,754 1,717 | NASDAQ 2712.13 2693.71 «2697.33 -9.67 0.36% A A A +11.68% SPDR 15483 -.02
Advanced 1047 1029 | S&P 500 1555.90 1546.69 1549.52 -298 -0.19% A A A +9.25% SPMid 16729 -.80 te
Declined 2225 .1992 | S&P 400 926.23 91898 920.21 -6.02 -0.65% A A A +14.40% Staples cn eksas te 38 Commodities COMMODITY CLOSE PVS. %CH. %YTD
NewHighs 258 203 | Russell2000 855.50 846.88 84847 -7.30 -0.85% V A A +7.72% Startiichele Lake we OF . Unleaded Gas (gal) 2.13 2.22 -4.05 +33.0
New Lows 81 Wilshire 5000 15730.39 15630.87 15655.13 -45.82 -0.29% A A A +9,80% StarwdHt! 7430-79 Crude Oil (bbl) 74.15 73.93 © +0.30-+21.5
StateStr 70.39 -+.37 Bee (ens pee ne ok suuee gee
. ; ; i Platinum (0z 7 I! -0.03 +16.8
WidelyHeldStocks Sea nae Vent Silver (oz) 1297 1301 -031 +13
Name Last Chg_—sName Last Chg Name last Chg Name Last _Chg Name Last Cho | GioraEnso 1894 -36 Coffee (Ib) 1.09 1.08 +0.93 -13.6
ABBLtd 24.75 +07, BostProp 105.12 -1.08 , eBay 34,39 +44 , IShEmMkt 141.32 -143 , NRGEgys 43.90 -10 | Stryker 67.49 +.89 Orange Juice (Ib) 1.28 = =1.27, +0.79—-36.4
ABNAmro 51.03. +53 | BostonSci 15.50 +.09 | EMCCp 19.13 -.06 | iShEAFE 8337 -19 | NTTDoCo 1531 -.01 | Suez 57.11 -.70 Sugar (Ib) . 0.10 0.10 «. 714.9
ACELtd 61.75 -.02 | BrMySq 3210 +.04 | ENI 77.44 -39 | iSRIKVnya 8899 -22 | NYMEXn 13898 +103 | SunLffng 4897 +.54
AES Corp 22.26 -.13 | BritATob 68.23 +.06 |’ EOGRes 73.05 -1.86 | iShR2Knya 8448 -46 | NYSEEur 8291 ~-31 | SunMicro 5.34 -.03
AFLAC 52.40 -08 | BritSky 5820 -04 | EKodak 2852 -06 | ITTCorp 71.08 -03 | Nabors 31.62 -.86 | Suncorg 93.53 -1.68
AMR 27.50 +.22 Broadcom 32.41 ~—-+.01 Eaton 100.87 +2.77 ITW 58.01 +.10 NBkGreece 12.54 +.03 Sunoco 82.320 91:73 Forei n a.
ASMLHId 28.63 -.01 | BrkfldAsgs 40.28 -.78 | EchoStar 43.92 -14 | ImpOilgs 49.05 +.29 | NatlCity 3321 -14 | Suntech 42.96 -.20 Exch 9g 6MO. —1YR.
AT&T Inc 40.21 19 | BrkfidPrs 2415 -16 | Ecolab 43.74 + ~06 | ImpTob 89.82. -.88 | NatGrid 72.59 +41 | Suntrst 89.15 -.49 XCHANGE — COUNTRY CLOSE CHG. _%CHG. AGO _AGO
AUOptron 16.96 -.53 BungeLt 84.96 +.26 Edisonint 57.62 -.59 IndoTel 49.95 ~-1.66 NOilVarco 112.74 4.89 Supvalu 47.50 -.04 4 Argent (Peso) 3223-0004 -12 3245 -.0021
AXA 4487 -09 | BurINSF 89.56 +88 | Edwards 85.89 -.47 | Infineon 1849 -.09 | NatSemi 29.05 +.02 | Swisscom 36.06 +.11 Brazil (Real) 5350-0016 = -.30 ©4669 --+.0839
AbtLab 53.56 +32 | CAInc 26.19 +19 | ElPasocp 17.54 -23 | Infosyss 5217 +.26 | NetwkAp 29.48 -38 | symantec 19.74 -.06 ban Britain(Pound) 2.0371 +.0035 +17 1.9626 +.1989
AberFitc 73.15 -1.19 CB REllis 40.96 -.17 Elan 21.60 -.26 IngerRd 55.88 +.68 NewellRub 29.27 —-.34 Syngenta 40.18 -.02 Canada (Dollar) 9589 +.0044 +.46 .8498 +.0730
Accenture 42.50 +19 | CBSB 34.87 +32 | ElectArts ° 48.09 -.16 | Intel 25.95 °-.02- | NewfldExp 49.42 -.61 | synovus 31.03 -.21 FA chile (Peso) 001940 -.000000 -.00 001843 +.000102
AdobeSy 41.06 -.12 | CDWCorp 85.55 +46 | EDS 28.37 -.20 ‘| IntentlEx 169.98 +287 | NewmtM 41.11 - -30 ] Sysco 32.68 -.19 Colombia (Peso) .000517 +.000006 +1.16 .000450 +.000125
AMD 15.72 +.29 CGGVerit 53.66 -1.08 Embarq 63.98 +.09 IntCtlHtl 26.43 -+.15 NewsCpA 21.96 —-.01 TDAmeritr 19.63 -.29 Dominican Rep (Peso) .0301 — -.0000 -00 . .0299 -.0004
“AdvSemi —«7.23—=«« +.08-| CHRobins 53.27 +99 | EmersnEls 50.22. +41 | IBM 109.66 +106 | NewsCpB 23.63 TDK 92.02 -.75 Euro (Euro) 1.3784 -,0005 -.04. 11,2923 +1137
Advantstrs 44.44 -10 | CIGNAs 53.91 +.02 | EElChile 46.05 +10 | IntlGame 37.35 -33 | Nexengs 3253 -55 | T)x 2939 -21 Japan (Yen) 008209 +.000014 +17 .008292 -.000396
Aegon 19.65 -.03 CIT Gp 55.19 +.31 Enbridge 35.10 -.41 IntPap 40.01 -.78 Nidec 14.88 -.03 TXUCorp 67.34 ~—s -.28 Mexico (Peso) 092730 -.000256 +28 .091283 +.001742
Aetna 50.01 -90 | CMEGrp 586.30 +180 | EnCana 62.83 -1,28 | Intuit 30.07 -11 | NikeBwi 58.78 -23 | Taiwsemi 1168 +.02 Uruguay (New Peso) .0421 +.0001 +24 .0409 +.0001
Agilent 39.84 -.12 | CNAFn 47.94 -16 | Endesa 54.15 -.07 ‘| -Invesco 27.13 -.05 | NippntT 22.26 +.04 | TalismEgs 19.97 -.38 . :
Ahold 13.40 -08 | CNHGbI 55.57 +.48 | Enel 54.86 +40 | Ipscog 159.85 +.18 | Nissan 21.88 +.02 | Target 68.89 -1.25 ;
AFrance 46.64 — -.06 CNOOC 119.94 -.24 EngyTEq 41.03 — -.08 JPMorgCh 49.83 = -.22 NobleCorp 100.17 -1.56 TataMotors 18.57 -.13 ‘
AirProd —-87.49««+.64 (| CPFLEn 63.15 -.98 | EngyTsfr 6287 -17 | JacobsEs 63.91 ~67 | NobleEn 64.11 -1.38 | Technip 84.29 -2.91 GlobalMarkets
AkamaiT’ 48.92 -1.38 | CRH © 51.39 +.15 | Enersis 19.20 +.05 | JohnJn 63.80 +.37 | NokiaCp 29.85 -.06 | TeckCmgs 48.91 -.74
Akzo. —«- 87.78 += +.12:| ‘CSXs 48.75 +52 | EnhEqYP 1870 -.25- | JohnsnCtl 126.35 +3.00 | Nomura. 18.19 TelcNZ 29.49 +18 | INDEX “YEST CHG %CHG WK MO QTR YTD
Alcan 96.94 -.56 CvSCare 36.19 -.17 ENSCO. 60.86 -.67 JoyGlbl 64.34 +.32 Nordstrm 48.36 -1.05 Telitalia 28.45 —--.20 S&P 500 1549.52 -2.98 -0.19% A A A_ +9.25%
AlcatelLluc 14.24 +.18 CablvsnNY 37.62 -.61 Entergy 107.91 -2.34 JnprNtwk —-26.96 -.89 NorflkSo 56.66 +.81 TelitaliaA 22.63 -11 Frankfurt DAX 8105.69 +12.92 +0.16% A A.A 22.87%
Alcoa 46.77 -.58 | CadbyS 53.36 -.41 EntPrPt 33.18 -15 | KLATnc . 56.70 +.55 | Norsk 42.76 -.20 | TelSPaulo 35.88 -.22 London FTSE 100 6697.70 -19.00 -0.28% W W A +7.67%
Alcon 143.38 +39 | Camecogs 48.49 -2.16 | EqtRes - 50.98 -111 | KPN 16.82 +12 | Nortellfrs 2332 -18 | TelefEsp 71.33 +.77 : : ; ;
AllgEngy 55.10 -.77 -| Cameron 7667 -1.06 | EqtyRsd 4667 08 |°KTCorp 24.97 +13 | Norrst 67.13 +88 | TelMex. 3829 -29 | Hong Kong Hang Seng 22953.94 -145.35 = -0.63% A & & +14.97%
AllegTch 113.81 -1.16 | CampSp 3880 ~-.46 | EricsnTl 42.00 -41 | Kellogg 51.96 -.27, | NorthropG 77.00 +50 | TelDatalf 70.72 +.75 | Paris GAC-40 6125.60 +7.64 +0.12% A A & +10.54%
Allergans 5830 +13 CIBC g 93.99 +.38 EsteeLdr 47.06 -.05 Keycorp 35.10 -.19 Novartis 55.45 +.51 Telkom 95.76 +1.38 Tokyo Nikkei 225 18238.95 +254.81 +1.42% VW A A _ +5.88%
AlliBern 89.87 +.32 CdnNRyg - 54.66 EverestRe 113.56 +1.11 KeySpan 41.75 -.05 NovoNdk 109.70 -.95 Telus g 59.74 +.21
* Allianz 24.00 +13 | CdnNRsg 69.99 -.78 | Exelon 77.04 -1.12 | KimbClk’ 67:42. +.39 | Nucor 62.29 -148° | Templein 64.90 -.56 | SOUTH AMERICA/ CANADA
Aldirish 56.39 +.38 CPRwyg 75.15 +1.38 Expedia 29.50 . -.14 Kimco 40.30 +.19 Nvidia 46.70 +.83 Tenaris 50.15 -1.59 ; ; i 4
Allstate 60.76 -29 | Canons 5868-17 | Expdintl 4590 +19 | KindME 5591-69 | OcciPets 61.54 -205 | Terexs 9413 +184 | Pemoo ares Merval SUIRAS GAOT “AO VA ron
Alltel 67.85 +45 | CapOne 76.20 +85 | ExpScrips 5388 -24 | Kinrossg 1318 -32 | OffcDpt 2968 -42 | Ternium 31.99 -96 baa chap : : :
AlteraCp If 24.30 -.07 | CardnlHith 70.91 +56 | ExxonMbl 89.70 -.63 | Kohls 68.11 -.57 | Omnicms 53.91 +39 | Tesorowi 57.50 -1.70 | 520PaoloBovespa 5737440 -269.76 -0.47% A A A +29.01%
Altria's 7131 -39 | Carnival 47.71 -.02 | FPLGrp 57.49 +.03 | Kookmin 91.96 -187 | Oracle 20.20 -.20 | TevaPhrm 43.44 -.12 | Toronto S&P/TSX 14338.25 -158.25 -1.09% A A A +11.08%
Alumina 30.42. «+51 | CarnUK 46.90 -.21 | FannieMif 65.54 -.19 | KoreaElc 25.34 -14 | Orix 127.81. -.90 | Texinst. 39.07 +37 ‘|:
AlChinas 47.75 +18 | CarolinaGp 79.08 --1.17 | Fastenal 48.57 +1.25 | Kraft 3552 -37 | PG&ECp 45.01 -61 | Textron 116.03 +1.24 | ASIA
AmBevC 74.00 -.80 | Caterpillar 85.90 +.77 | FedExCp 115.64 -1.61 | Kroger 29.17 +.36 .| PNC 73.53 +10 | ThermoFis 53.93 +.37 | Seoul Composite 1949.51 -13.42 -0.68% A A A +35.91%
AmBev 74.34 +«-.64 | Celanese © 41.92 -06 | Fiat 32.21 -.23 | Kubota 44.07 - -.31 | POSCO 148.00 -1.95 | Thomson 43.95 Singapore Straits Times 3653.23 -1.38 -0.04% A A A +22.35%
Amazon 73.69 -1.41 | Celgene 5832 -88 | FidNinfo 57.67 +.73 | Kyocera 108.23 +.08 | PPG 78.71 -10 | 3MCo 90:37 +65 | Sydney All Ordinaries 6418.40 °-7.00 -011% W A A +13.71%
AmbacF 85.48 = +.03 Cemex s 36.05 -1.24 FifthThird 40.50 -.29 L-3 Com 99.87 -.11 PPLCorp 48.54 -1.21. | Tiffany 56.22 +.16 ipei Tai y +
Amdocs 39.25.59 | Cemigpfs 21.76 -.53 | FirstDatas 32.55 +05 | LGPhilips 23.24 +.09 | Paccars 94.15 +38 | TWCablen 40.02 -.11 ae rer hai B eaek a ee ie 7 : ae
Ameren 50.04 -.85 | ChesEng 35.80 -.52 | FstSolarn 112.05 -392 | LabCp 81.24 +16 | ParkHan 10494 +24 | TimeWarn 2093 +.07 ANS eee : : : ;
AMovilL 64.87 -.42 Chevron 92.12 -1.21 FTSpcFnn 19.76 = =-.15 LafargeSA 46.16 -.10 Paychex 43.94 +.50 Trchmrk 67.80 -.29
AMovilA 65.00 -.09 | Chinalfes 59.06 -65 | FirstEngy 65.94 -1.51 | LamRsch 5445 +14 | PeabdyE 48.06 -1.50 | TorDBkg 69.75 +.06 q
AmCapStr 45.80 -.23 | ChinaMble 5809 -60 | Fiserv 56.80 -.29 | LVSands 81.30 +.09 | Pearson 16.98 +14 | TotalSA 85.33 -1.65
AEP 45.29 -1,08 | ChinaNet 55.08 -1.03 | Flextrn 11.27 +19 |sLeapWirels 95.16 +91 | PennWstg 34.14 -21. | Toyota 125.84 -.14 - Largest Mutual Funds
AmExp 61.88 95 | ChinaPet 11294 -2.12 | Fluor 119.74 -71 | LeggMason 101.06 -.99 | Penney 74.32 --1.53 | TrCdag 35.57 20 . 12-M0 12-MO + 12-M0
AmintGp If 69.79 +24 | ChinaTel 59.99 -1.42 | FEMSAs 39.53. +24 | LehmanBr 72.80 -.70 | PepsiBott 36.23 +12 | Transocn 107.09 -1.85 | NAME NAV CHG %RTN | NAME NAV CHG %RTN | NAME NAV CHG %RTN
AmStand 61.20 +11 | ChinaUni 17.54 -07 | FordM 886 -11 | LeucNatl 3898 +63 | PepsiCo 66.99 +14 | Travelers 5341 -17 . :
“AmTower 44.03 -.39 | Chubb 53.15 -66 | ForestLab 4663 +18 | Level3 6.16 -.04 | Petrocg 57.37 -21 | Tribune 2965 -93 | AIM Fidelity Spartan DivrEqinA m 14.73 -.03 +30.4
Ameriprise 6549 -59 | ChungTel 19.17 05 | FortuneBr 8297-12 | LibGlobA 4409-41 ‘| PetChina 15651 -2.27 | Turkcell 17.39 ~.21._‘|ConstellA m 2882-06 +280 | S00IndxAd 107.47 -20 427.6) Schwab
AmeriBrg 49.79 -37 | CinnFin 4391 +21 | FosterWh 11879 146 | LibGlobB 44.60 +10 | PetrbrsAs 5941 -.70 | TycoElecn 3930 -17 | AmericanCent =) | Neen tee ot org | YidPlssel © 966... +56
Amgen 56.03 -.90 | Cintas 40.43 -47 | FranceTel 2848 -13 | LibGlobC 4237 +.06 | Petrobrss 68.57 -.53 | TycolntIn 5043 -.91 ray Feds. 7, || fastEagle Sp Seeted
Amphenols 37.07 -.23 | Cisco 29.89 FrankRes 140.72 +.49 | LibtyMintA 22.96 +.09 | Pfizer 26.08 +17 | Tyson 23.78 -.13 een mil 03-4237 |GIbA m 50.29 -11424.1| AmerShS b 50.52 -.34425.7 ”
Anadarko’ 52.32 -.10 | Citigrp 52.19 -33 |. FredMac 61.30 ++ -.06 ‘| LibtMCapA 124.85 -.28 | PhiILD 58.55 -24 | UBSAG 6198 +49 |’ Baia m 20.33 . ... +204 | Overseas m 27.87 -.03 +24.2| T Rowe Price
AnalogDev 39.26 -37 | CitrixSylf 34.79 +.37 | FMCG 92.94 -1.30 | LillyEli 56.89 -.03. | PhilipsE! 43.75 80 | UPMKy 25.36. «28 BondA m ‘1318 +.02 +63 | FrankTemp-Franklin BiChpGr 40.33 -.08 +30.0
AngloAm 31.97 -35 | ClearChan .37.81 -.02 | FresenM 46.33 +49 | Limited 27.27. -.19 | PitnyBw 46.54 27 | USTInc 52.24 19 | CapincBUA m6643 ...+27.9|CATFAm 7.22 +.01 +47| CapApprec 22.43 -.02 +22.8
AnglogidA 42.87 —-.26 ClearCh 28.46 +.11 Fujifilm 43.50 -.13 LincNat 69.47 -.30 PlainsAA 64.68 = -.05 UltraPtg 56.75 -1.80 CpWidGriA m47.96 -.01+36.9|FedTFA m 11.91 +.02 +4.3} Eqindex 41.56 -.08 +27.3
Anheusr 50.79 = -.03 | Clorox 63.01 +.06 | GameStops 42.07 +.07 | LinearTch 37.77 +06 | PlumCrk 43.09 -21 | UUniao 12807 -.96 | EurPacGrA m 54.32 -.12 +382) IncomeA m 2.76 -.01 +20.2) Eqtyinc 31.99 -.08 +28.4
AonCorp. 41.64 +.05 | Coach 48.84 -1.00 | Gannett 54.95 -44 | LloydTSB 46.75 +.25 | PoloRL 99.67 -1.54 | UnilevNV 32.70 -.32-:| FundminvA m45.60 -.10+287 | IncomeC m 2.78 ..+19.9| GrowStk 35.46. -.07 +31.3
Apache § 85.66 -53 | CocaCE 24.21 -14 | Gap 18.91 +35 | LockhdM 96.80 -.54 | PortglTel 1433 +09 | Unilever 33.59 -.24 | GrowAmerA m37.08 -.08+25.3 | IncomeAdy 2.75 — ... +2041 intistk 19.02 +.01 +363
ApolloGrp 62.50 -28 | CCFemsa 47.39 +66 | Garmins 82.74 +46 | Loews 5109 -77 | Potashs 84.14 .+63 | UnionPac 122.18 +1.38 Growers ne i oS FrankTemp-Mutual MidCapVa 28.51 -.11 +32.0
Appleinc 138.10 +37 | CCHellen 47.08 -.08 | Genentch 75.19 -31 | Lowes 3017-59 | PwShsQQQ 49.85 -05 | UnBnCal 59.89 -35 | FATA oe) a3 4939 Geen se ro ny MidCpGr 64.06. -.31 +326
ApldMatl 20.62 +14 | CocaCl 53.85 +.74 | GenDynam 79.75 -.23' | Luxottica 38.75 -45 | Praxair 75.77 -.40 | UtdMicro 3.58 -.01 InvCoAmA m 36.82. -.09 +23.7 Shae Z mn 28.85 -.07+27.6| NewHoriz 36.14 -.20 +24.7
ArcelorMit 66.45 74 | CogTech 85.68 50 | GenElec 40.12 +.62 | Lyondell 40.12. -1.04 | ‘PrecCastpt 13244 +68 | UPSB 75.53 +38 | MutualA m 32.09 -06 +263 | FrankTemp- | Newincome 8.76 +.01 +5.6
ArchDan 3648-12 | ColgPal 68.19.26. | GnGrthPrp 52.72 -68 | M&TBk 112.12 +.40 | PriceTR 53.94 +63. | USBancrp 33.20 +.02_| NewEconA m 3005 ~06+337 | Fon A m 1562 044333] SMCpStk 37.25 -.25 421.7
ArchstnSm 59.33 -.10 | Comcasts 27.64 -33 | GenMills 5868 -.51 | MBIA 60.59 -.19 | Prideintl 37.60 -1.14 | USCellular 102.59 +204 | NewPerspA-m36.40 -.05 +335 | ForEqls 30.99 -,08 +44.9| Value 30.32 -.10 +30.8
Assurant 5880 -51 Comcsps 27.48 -23 GnMotr 36.67 -.36 MEMC. 63.04. +.38 PrinFnel 61.79 -.07 USSteel 114.47 -1.63 NwWrldA m 58,80 -.12+52.7 | GrowthA m 28.11 -.04+29.8| Third Avenue
AstraZen 56.16 +.05 | Comerica 60.77 +.51 | GenuPrt 50.46 +.05 | MGMMir 85.53 +.04 | ProctGam 63.15 +49 | UtdTech 76.67 +167 | SmCpWIdA m47.82 -.09+45.4|GrowthAd 28.18 -.03 +30.2| Value 65.65 -.43 +245
Autodesk 47.03’ +03 | CmcBNJ 37.99 -.58 | Genworth 34.26 -.07 | Macys 40.14 +39 | ProgrssEn 45.55 -1.00 | UtdhithGp 52.95 -.03 | WAMutinvA m38.36 -.06+27.1 | WorldA m 21.62. -.03+31.4| Thornburg
AutoData 49.13 +15 | CVRD 50.76 -1.18 | Genzyme 60.33 +.07 | Magnalg 96.89 +1.49 ProgsvCp 22.06 -.33 | UnumGrp 26.02. -.33 S Franklin Templeton IntlValA m 34.40 -.08 +43.0
AutoZone 135.15 -.73 | CVRDpf 43.08 -1.18 | Gerdau 27.25 30 | Makita © 44.85 -.38 | ProLogis 60.25 +30 ‘| VFCp 94.60 +09 | Intl 3305-03 +364 | FrdAllA m 14.97 01 +25.31 tweedy Browne
AvalonBay 121.85 -88 | CompsBc 70.38 +.32 | GileadScis 39.62 -.34 | Manpwl 94.26 -.34 | Prudentl 97.12 +.07 | ValeroE 76.08 = -1.17 ahi b 5469 -.24 426.0 Harbor Globval 35.15 +.18 +328
Avaya 17.02 +.01 | CompSci 60.25 +.09 | GlaxoSKIn 53.39 +85 | Manulifgs 3846 +12 | PrudUK 2989 -21 | VeoliaEnv 78.29 -.96 sa a Peas "| CapApinst 36.44 -.01 +25.1 ‘Vass Kain 7 eA
AveryD 67.85 -.48 | ConAgra 27.00 -.20 | GlobalSFe 72.07 -98 | Marathons 63.20 -1.84 | PSEG SO.20 07-3307 | Verlslgn ager 93,00) oes ol taalt alt mare tae athe naccaty Cote glace SO |p) ea Ore ear ase
Avon 38.85 -.24 | ConocPhil 87.13 -3.04 | GoldFLtd 17.42 +26 | MarintA 44.41 +33 | PubStrg 78.75 Verizoncm 42.76 +100 | poe ee Bask bi 454d K Ealpcorieh RMS BTAC OGRE
AXIS Cap 40.32 +35 ConsolEngy 48.61 -1.44 Goldcrp g 26.04 -.50 MarshM 31.26 +.01 Publicis 44.92 +15 ViacomB 42.06 +.18 GlobAlcA m_ 20. 13 +.01 +22.7 Cana rA m 43.41 -18 $32.6 Sante m 24.06 ~05 +268
BASF 13638 -47 | ConEd 45.47. -.62 | GoldmanS 22040 -1.78 | Marshiis 46.83 +26 | Qualcom 45.03 -.32 | VimpelCm 112.50 -459 | GlobAlec m 1896 ..'+218|CpApHLSIA. 60.00 304358 ergpe + ¢
BB&TCp 41.15 -.02 | ConstellEn 92.54 -1.67 | Goodrich 61.57 -.10 | MartMM 160.36 -3.14 | QstDiag 5453 -~72 | VirgnMdah 2873 -22 | calamos DVGHLSIA 25.36 -.07 +31.0 ers eae
BCEg 39.12 -25°|-Coopers 58.63 +.30 | Goodyear 35.68 -35 | MarvellTsIf 1863 +.05 | Questars 55.20 -85 | Vodafone 33.15 -=37 GrowA m 62,80. -.17 +29.0 | Janus 500Adml ‘142.78 : 27 +27.6
BG Grp 86.82 -2.18 Corning 26.92 -.13 Google 552.99 +.83 Masco 28.02 -.36 QwestCm 9.51 = -.13 Volvo s 22.65 ~—--.10 Columbia Contrarian 20.17 -.10 +46.4 As a 31.12 tu +263
BHP BillLt 66.76 -1.20 | Costco 61.85 -113 | Graingr - 94.33 -4.12 | MasterCrd 169.71 +.50 | Raytheon 5392 +.12 | Vornado 113.74 -31 | Acornz 33.51 -.23 430.0 |Growinc 43.36. -.22 +259] 5 es Ba as ate eae
BHPBil plc 61.84 . -.93 | CntwdFn 34.84 -1.42 | GrantPrde 55.52 -1.32 | Matsush 19.37 +.02 | ReedElsNV 40.49 +45 | VulcanM 111.08 -334 | DFA Janus 31.89. -.03 +29.0 as Id m 30.83 -.29 +60.
BSves 27.82 -A5_| Coventry 59.54 +41 | -GpoSimec 1439 +.04 | Mattel 27.20«+.67 | ReedElsplc 5483 +71 | WPPGp 76.28 +36 | EmgMKtVal 43.48 -.14 +784 |MidCapVal 2688 -12+28.7| FRETS) 79.52.-1.16 +28.7
BPPLC 73.94 -1.07 | Covidienn 4430 +30 | GpTelevisa 28.03 -.69 | Maximhif 3486 10 | RegionsFn 3421 +.16 | Wachovia 52.36 -.28 | IntlSmCap 24.65 -.03+43.1 | Overseas 55.45 -.26 +57.6 a x 42.04 -.11 +42.0
BTGrp «68.20 -+1.12 | CredSuiss 73.88 -.12 | HDFCBk 9264 -38 | McDermint 91.74 -35 | Relianten 29.81 -34 | WalMart 48.94 -.21 | IntlValu 26.68 ~.04+46.0 | Twenty 64.14 -.29 432.8 ern £4.60 = ou
BakrHu 81.88 -2.12 | CrwnCstle 38.04 +.05 | HSBC 9331 +16 | McDnids 5210 +19 | Repsol 4030 -37 | Walgrn 44.96 -.24 | USLgVal 27.83 -.09 +27.9 are tecn eee etn oe eae
BcBilVArg 25.21 +20 | Cummins 117.96 69 | Hallibtns 35.43 -.08 | McGrwH 64.64 +107 | RschMotn 22654 -98 | WAMutl 4253 «19 | USSmVal__— 3203 -.25 +26.5 | Hemel m fant -o Aa Shae Ou s oe
BcBradess 27.60 +39 | DJADiam 13946 +55 | Hanson 110.02 -45 | McKesson 60.20 -.30 | ReutrGrp © 78.50 +19 | WsteMinc 3945 -.25 | DWS Scudder == |e se ag daa] cee ort 10 43e0
Bncoltau 49.49 +69 | DRHorton 20.01 -42 | HarleyD 61.63 -.85 | MeadWvco .36.13 -.33 | ReynAms 66.00 +.04 | Waters 61.58 GE 7 hee ele Warea ic. Sek aa
BcoSnCH 19.54 +.03 | DTE 50.33 -.57 | Harman 117.10 -.40 | MedcoHith 79.22 -.48 | Rinker 79.70 _ | Weathfdint 54.41 -76 | \yventa m 42.33 284259 | IntlEGA b 50.24 +.06 +453] sitcradmi OIE
BcSanChile 49.29 +.09 | Daimirc 94.94 -.31 HarrahE 85.65 +.03 Medtrnic 52.46 -.28 RioTinto 301.70 -2.44 WellPoint 82.01 +.23 NYVentC m 40.67 «27 +249 | IntlEql 51.36 +.06 +457! withcare 154.62 +02 +175
BkofAm 49.62 +.12 Danaher 78.69 +.54 HarrisCorp 57.07 -.33 Merck 50.83 -.02 RobtHalf 37.82 -.21 WellsFgos 35.45 -.09 NYVentY 42.86 -.29 +26.2 | Legg Mason , Instldx 141.70 “27 #277
Bkirelnd 83.54 +1.00 | Darden 44.52 -32 | HartfdFn 97.58 -.82 | Merrilllyn 87.39 +85 | RockwiAut 74.23 +62 | WstnUnn 20.64 -.02 | podge & Cox Valuelnst 85.63 +254259) iretpius 14170 274277
BkMontg 66.43 +.10 | Dassault 63.62 ~-.46 | Heinz 46.59 -71 | Metlife 6489 -.43 | RockColl 73.34 -.08 | Westpac 114.92 +97 | gal 91.41 -.03 +19.2 | ValuePrb 76.46 --23+24.6) Preaig agg +13 456
BKNYMel 45.86 -.28 | Deere 131.60 +.52 HelinTel 15.88 -.31 Metso 64.48» -.72 RogCmgs 47.39 +.05 | Weyerh 81.50 -.18 Income 12.42 +.03 +6.1 | Longleaf Partners InstTStPl 33.78 -.09 +281
BkNovag 49.58 -.08 | Delhaize 102.97 +1.78 | Hershey 50.55 -.55 | Microchp 38.06 RoHaas 55.73 -.18 | Whripl 111.92 +61 | IntlStk 50.76 -.02+38.8|LongPart 39.55 -,11 +34.1 intiGr 271 -134395
Barclay 59.24 -01 | Dellincif 2895 +13 | Hertzn 25.46 +.17 | MicronT 1398 +.24 | Rostele 59.25 -.55 | WhtMtIns 584,90 -1.16 | Stock 165.83 -.25 +26.3 | Loomis Sa ttval Gee ay
Bard 83.44 = -.95 DeutschBk 148,63 +.21 | : Hess 65.71 -41 | Microsoft 30.03 +.21 RoyalBkg 55.19 +.09 WmsCos 33.37 -.68 Excelsior Bondl 14.56 +.07 +12.4 LifeCon 1732 5 +165
BarrickG 3187 -16 | DeutTel 1870 .-03 | Hewlettp 4744 +19 | Milleas 4251 +02 | RylCarb 4091 -27 | Windstrm 1463 -.08 | ValRestrA 61.62. -.52 +33.7 | Lord Abbett LifeGro 26.08.05 +268
Baxter 58.78 +23 | DevDv 53.74 + -.59_| Hilton 45.07 -.18 | Millicomint 97.05 -1.16 | RoyDShIIB 84.81 153 | Wipro 15.58 28 | Fidelity See amare colnere lw tessed = ota CcOe ars
BayerAG 7831 +47 | DevonE 79.15 -87 | Hitachi © 7169 -.21 | Mirant 42.50 ~.62 | RoyDShIIA 8291 -131 | Wolseley 23.91 +.17 | AstMgr50 17.05. 01 +17.5 | MidCpValA m24.96 -20 +313) Et oesie
Bearst 140.31 -258 | Diageo 85.67 -.06 | HomeDp 40.58 + -.29 | MitsuUF) 11.24 +01 | Ryanairs 38.95 -1.62 | Woorifn 80.24" -3.21 ue 21.34 -.05 +22.7 ad see retl as 4 150’ 06 +304
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; ; CapApr 30.99 -.06+29,.2 | ValueA m 29.56 -.08+28.2) MulntAdml 13.10 +.01 +4.2
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BerkHaA 110560 -150 Discovern 26.84 -.32 Hospira 40.83 +.08 | MobileTel 6680 -.02 | SLGreen 132.19 -.33 | Wyndhamn 37.30 -.50 Contra 72.96 -23+255 | smallercos 17.08 ~06 +289] prmcp ue 4 hae
BerkHB 3654 + -24 | DiscHoldA 25.46 +151 | HostHotls 24.51 -.31 | Mohawk 101.07 -74 | SLMCp 52.95 -.69 | Wynn 97.79 -.60 | Discéq 32.75 -.09 +28.2 | Morgan Stanley Inst! PrmcpAdml 80.75 -204275
BestBuy 47.17 —-.18 Disney 34.47 +.10 HuanPwr 46.93 -1.02 MolsCoorsB 93.14 +.28 STMicro 19.73 -.21 XL Cap 84.49 +.16 DivGrow 34.58... +28.2 | intlEgA 23.26 +.01 +32.0] sTCor 1051 +01 $5.5
Biogenidc 55.34 -.58 DomRes 88.37 = -.23 HudsCity 12.04 — -.06 Monsantos 69.79 -.27 Safeco 61.29 = -.26 XTOEngy 59.34 -1.22 Divrintl 42.73 -.01 +36.3 STGradeAd 1051 +01 456
Biomet 45.44 -18 | DonlleyRR 44.67 -02 | Humana 62.77 +1.69 | Moodys 61.12 -149 | Safeway 35.56 06 | XcelEngy 20.70.28 | ‘Eainc 63,75 17 #304 | Eainc) 28.15 -08+17.5| Smcapidx 3638-26 +276
BlackD 95.00 -.21._ | Dover 54.00 +77 | lACInter 33.04 -.49 | MorgStan 72.30 -.96 | Stlude 4211 +.02 | Xerox 1979-11 | Eqincil = 25.59.07 +26.1 | int} 28.43 +.02 +338] Star mA 014210
BlackRock 167.07 -1.78 | DowChm 4618 -15 | ICICIBk 52.63 -.30 | Mosaiclf 40.24 55 | SanDisk 5418 -.58 | Xilinx 28.00 -.10 Fraelty ae Zo a Oakmark! 49.86 -.06+28.6| cote 2679 17 4780
BlEnhGvin 18.40 = -.08 DuPont 52.00 +.45 |, IMSHIth 32.71 -.16 Motorola 18.16 +.26 Sanofi 42.90 +.38 YPF Soc 45.08 -.49 Free2010 1537 01 +181 Select | 36.17 +.08 +25.3 TotRe2015 1345 “OL #211
BIKFItRtInc 1851 -.06 | DukeEgys 18.02 -.28 | ING 45.52 +15 | MurphO 63.22 -.17 | Santos © 48.93 +.30 | Yahoo - 26.70 +12 | freer929 16.56. -.03 +23.2 | OPPenheimer Totet2025 1429-03 +249
Blacksinn 2969 -.16 | DunBrad 106.63 +85 | iShlapan 1475 03 | NCRCp 53.85 +04 | Saralee 17.22 -07 | YumBrdss 34.08 40 | Free7030 17.33. ~044269 | DOVMKCA m 5173-40 #620) Teg) ga) a ee
BlockHR 22.50 +.12 | ETrade 22.99 -.10 | iShDJDv 73.07 -28 | NEC 5.24 -.01 | Sasol 40.25 -58 | Zimmer 85.97 +94 | Govtinc 991 +02 +48 | scincta m 4497 064264) TotBdld 981 +02 +55
Boeing 102.07 +19 | EONAG 5688 -46 | iShSP500 155.05 -05 | NIIHIdg 86.40 ~.60 | Satyams 26.45 -.35 | ZionBcp 78.55 +32 | GrowCo «79.12 -.39 #31.2 | RocmuniA m 1841 4.02 #88| TotBdinst 981 +02 +57
— | Growing 3410 13 +242 |strincA m 437. #12.5| Totintl 20.59 -.08 +40.2
Looe Matt ba doag | MACS TotStiAdm 37.46 -.11 +280
TorontoStockExchange InvGrdBd 722 +.02 +53 |AllAssetl 12.87 ... +99] Totstlins 37.47. -.10 +28.0
Name Last’ Chg | Name Last Chg | Name Last Chg | Name Last Chg | Name Last Chg | Name __—iLast_ Chg | Levcost 36.16 -.29 +39.7 Ce Bat ~24 3.1) Totstidx «37.46. -.10 +27.8
EastemPlat_ 253-09 | UraniumOneo 1479 -61 | StylusEngy 2.66 -01 | ThompsonCreek21.46 -1.00 | CGIGrpASV 1190 +16 | DataMirror 26.60 +4.10 | LowPristk 4872 -244301 | rotheta m 10.17 tn +45 | Well eee eS
WestjetAir 16.35 +25 | ChariotReso 126-01 | LegacyHtlsUn 1244 01 | Thundermino 45 +13 | WwanhoeMines 17.00 -23 | EldoradoGld 497 -30 | Migtan” — 3ya4 —t44gyq | TotRetAdm b 10.17 +02 +48] Wellin = 3465-00 4716
VaaldiamReso 1.00 +.07 | TalismanEgy 20.82 -.56 | MolyMnsOrdo 6.01 +.21 | EnCanaCorp 65.42 -1.87 | CorkExpl 155 -.01 | OPTICanada 23.35 -64 | otc 48.61 -22+43.1 | TotRetls 10.17 4.02 45.0) Vn A og sag
BombdrBSV 6.72 +.08 | TeckComBSV 50.97 -1.12 | NuvoResearch .17 -.02 | PetroCanada 59.85 -55 | Goldcorpinc 27.12 -.70 | GlobalAlumUS 1.96 +.06 | Overseas 53.19 -.01 +40.2 sere 12.62 +.01 +141 | Wndsr 2040. #315
RoyalBnk 57.52 -.30 | FarallonReso 87 +.02 | BCEInc 40.70 -50 | Nexeninc 33.94 -72 | UrEnergyo 4.03 -46 | RONAInc 22.89 +.39 a gre a ae PioneerA mr 5324 044269 WndsrAdml 6883 -.01 431.7
WsternOilA 36.15 -.76 Alcaninc 100.91 -1.43 ManulifeFin 40.07 -.19 BreakwaterRes 3.36 -.05 YellowPgsUn 14.28 -.10 NeoMatTech 4.67 -.20 Snaaal 878 +01 +44 | Putnam Wndsrll 38.50 -.17 +29.1
NortelNetwork 24.25 -.45 EqnoxMnriso 4.39 = -.21 PaladinOrdo 7.71 -.12 YamanaGldo 12.55 -.37 NuvistaEngy 13.95 -.37 KatangaMngNt104.00 -1.00 USBdindx 10.69 +.03 +5.4|GrowincA m 21.63 -.07 +26.1] Western Asset
ShoppersDrug 50.11 +.03 CdnOilSndsT 32.75 -.90 CIBC 98.07 -.08 BarrickGold . 33.28 -.31 DenisonMines 12.89 -.60 BkMontreal 69,15 -.40 Value 91.96 -.37 +31.7 | RiverSource CrPIBdins 10.18 +.02 +6.3
THE TRIBUNE

TUESDAY, JULY 17, 2007, PAGE 5B





@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

he Exuma Chamber
of Commerce’s
president has
warned that living

. costs on the island are going
« to increase as a result of it

5

' attracting high-end, luxury

resort developments.
Acknowledging to The Tri-

- bune that there was a percep-
_ tion that everything on Exu-

4

ma was expensive, Reg Smith

' said: “The cost of living is
‘ going to rise on the island,

because the products that we

; are putting in are higher-end
. products.”

He said Exuma residents just

’ needed to be realistic and plan

properly. “If you have a piece

_ of property, then you pretty

much know what that is going
to cost,” Mr Smith said.

“The market will always tell
you what the price will be. So,
yes, you will see the prices set
in and rise, but when reality
sets in the prices will come
back down.”

In terms of food items, Mr
Smith said government should
_ step in and help’ regulate the
prices on these products. Until
then, he said Exumians had to

. budget and use their purchas-
« Ing power as best they can.

DiS > SO Rhee Cae es ca AA

Meanwhile, Mr Smith said

the Exuma Chamber of Com-

merce was planning to restruc-
ture itself to better assist
Bahamian businesses, as the
island experiences an econom-
ic boom.

He explained that major
resorts, such as the Four Sea-
sons Emerald Bay and Grand
Isle Resort & Spa, were play-
ing a significant role in the
growth, and the Chamber
wanted to ensure it was able
to assist this development
“This is the standard that we
want for Exuma. A lot of peo-
ple are moving here and build-
ing homes that are very high-
end. There is tremendous

. building and construction

here,” Mr Smith said.
Tourism

“Tourism is growing and

people are coming back home.

’ Retirees are coming home, and
in. the next five to 10 years,
Exuma is the place to be. It is
.on the cutting edge. We have a
new flight in from Atlanta
now, we have our own airline,
Sky Bahamas, so there are
some exciting things happen-
ing.”

Mr Smith said there were
some Exumians who had come
back home and started their
own business, but noted that
primarily those who returned
really wanted to help their
community.

He added that this was
something the Chamber advo-

Exuma Chamber @ft=aa
chief warns on
living costs

catesm, because it feels Exu-
mians have a responsibility to
help build the island and direct
it in the way that it ought to
go. “Unless we take a hands
on approach to the develop-
ment of this island, that you
will not know... We want
growth, but we want managed
growth,” Mr Smith said.

He added that the Cham-
ber’s biggest challenge was to
get Exumians involved in what
is happening in the economy.

“A lot of people thought
that the Chamber was a place
to go and lay a complaint, and
that is really not what we are
about,” Mr Smith said.

“So, we are restructuring the
Chamber right now to where
we are going to be going out to
all the business houses and
becoming more involved in
what they are doing, and in
what the business community
is doing.”

He added that last year, the
island hosted the first ever
Exuma Business Outlook, and
they are looking forward to
building on that for this year.

Mr Smith said the Chamber
was also hoping to launch a
new programme that will ben-
efit the individual communi-
ties on Exuma, ensuring resi-
dents in a particular commu-
nity have what they need with-
in their communities, and do
not have to go outside.

“Why should I have to go

outside my community ‘to-look

aer

» 0.8AL

member of the QNB Group

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

CREDIT RELATIONSHIP MANAGER

: De include:

¢ Providing a high level of service and financial advice to new and existing
clients including liaising with customers and professional intermediaries
with regards to credit facilities,

Managing the bank credit exposures to ensure no risk.

Providing management information on the client base for monthly credit

meeting.

Enhancing the experience of existing clients by providing accessibility and
person-to-person advice.

Implementing the bank’s strategy together with the ability to satisfactorily ?

service high net worth clients/intermediaries.

The successful candidate must have the following qualifications and experience:

¢ ACIB or ABIFS diploma or degree in Banking or a related business field

Seven or more years banking experience of which at least four years should
be in credit administration

Previous experience in portfolio and liability administration

Strong leadership and decision making skills

Problem solving arid coaching skills

Ability to manage multiple priorities

Ability to make sound credit analysis

Strategic awareness within the private banking industry

Spanish speaking skills would be an asset

Excellent salary & benefits

Please send all resumes to the attention of:

Human Resource Manager
Ansbacher (Bahamas) Limited

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

Email: hrmanager @ansbacher.bs

Deadline for all applications by hand, fax or email is July 20th, 2007







Ounce iam nau TS aah eee



for a job or to work when we
could create something with-
in my community to keep our
young people there?” Mr
Smith asked.



The Bahamas Environment, Science
and Technology (BEST) Commission,
Office of The Prime Minister

Please contact The BEST Commission for more details at
The BEST Commission, Office of The Prime Minister

P.O. Box N-3730
Nassau Court, West Bay Street
Nassau, Bahamas
Tel: 242-322-4546 or 242-322- 2576
Fax: 242-326-3509

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.

BS:

BSI OVERSEAS (BAHAMAS) LIMITED



BSI Overseas (Bahamas) Limited, Nassau, Bahamas, an established
international private bank, with its headquarters in Lugano, Switzerland,
is presently accepting applications for

PRIVATE BANKING RELATIONSHIP OFFICER

Applicants for the position of Private Banking Relationship Officer must
have Banking or Financial education and experience in the offshore banking
sector, fluency in Italian, German and French, have strong background
in KYC matters, good knowledge of international financial instruments,
ability to partner with team members, project oriented, and have thorough
knowledge of local legislation, regulatory & statutory matters as well as
international banking practices.

Personal qualities :-

- Excellent organizational, communication and computer skills

- Goal-oriented, self-motivated, positive attitude and outlook

- Project oriented ;

- Commitment to quality and service excellence

- Able to work with minimal supervision

- Commitment to continuous training and improvement of colleagues
- Flexibility in office hours and hands-on approach when necessary

Responsibilities :-

- Ensure KYC guidelines are applied on a day to day basis within Private
Banking unit -

- Organize, implement and monitor KYC and Client Relationship
Management related projects within the Private Banking Unit

- Training of Private Banking allocated resources

- Liaise directly with customers or their investment advisors or agents

- Foster and maintain communication with internal/external banking
professionals

- Meet deadlines on timely basis

Interested persons with such qualifications should submit their
resume/curriculum vitae to :

Human Resources Manager

BSI Overseas (Bahamas) Limited

Bayside Executive Park, W. Bay St. & Blake Road

P. O. Box N-7130

Nassau, Bahamas
Fax no. (242) 702 1253 or email: julie.benjamin@bsiob.com

(ABSOLUTELY NO PHONE CALLS PLEASE)
Only applicants having the above attributes will be contacted.
PAGE 6B, TUESDAY, JULY 17, 2007

THE TRIBUNE





Bank owed $683,000 by
Bahamas card holders

FROM page 1

outstanding $1.306 million in
unpaid credit card debt owed
to Leadenhall, despite num-
bering less than one-third of
the 310 international clients

who still owe a combined
$611,117.

Meanwhile, Mr Gomez said
Leadenhall had again become
exposed to a potential multi-
million dollar damages claim,
after Judge Adalberto Jordan,

LEGAL NOTICE

NOTICE

ROANOKE PROPERTIES LIMITED

_In Voluntary Liquidation

Notice is hereby given that in accordance with

Section 138 (4) of the International Business Companies
Act, 2000, ROANOKE PROPERTIES LIMITED
is in dissolution as of July 16, 2007.

International Liquidator Services Inc. situated at
35A Regent Street, P.O. Box 1777, Belize City, Belize

is the Liquidator.

LIQUIDATOR

sitting in the US District Court
for the southern district of

Florida, permitted victims of °

the ‘Cash 4 Titles’ ponzi
scheme to have their case cer-
tified as a class action lawsuit.

Cash 4 Titles was a fraudu-
lent investment scheme that
Leadenhall had provided
financial services to, but the
same judge had previously only
awarded $1.04 million in dam-
ages to three plaintiffs in the
action because the litigation
was not certified as a class
action.

In his latest report, Mr
Gomez said: “On March 20,
2007, in US District Court for

* the Southern District of Flori-

da, the judge stated that the

case met the status of class
action and a class certification
hearing was set for September
7, 2007, in Miami.

Judgement

“The judgement of $1.04
million entered against the
bank and Axxess on February
12, 2007, may be reconsidered
and could possibly be substan-
tially more, inclusive of treble
damages under the RICO sta-
tus.”

The former Cash 4 Titles
investors had been seeking
$330.228 million in damages.
However, as there is no judicial
comity between the Bahamas
and the US, even if they did

’ LEGAL NOTICE

NOTICE

get a judgement for that
amount in Florida, it could not
be enforced here.
Leadenhall, because it is in
liquidation, has minimal assets
to claim against, nor does it
have any ties to the US or
assets that could be frozen
there. Asa a result, the Cash 4
Titles investors would have no
option but to bring an action
against the bank in the
Bahamas if they wanted to
pursue their quest for damages,
and would have to stand in line
along with other creditors
before receiving a payout.
Elsewhere, Mr Gomez said
he had met with a UK law
enforcement officer on March





PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, Deana Smith,
legal guardian, intend to change, SORAYA J.D.
to SORAYA MAY JANE SMITH. If there

19, 2007, who was accompa-
nied by two officers from the
Bahamas Financial Intelligence
Unit (FIU).

They were seeking informa-
tion on a Leadenhall client,
and Mr Gomez directed their
request to the Attorney Gen-
eral’s Office.

Court -

He also informed the court

that, in a separate matter, he.

had contacted the Bahamian

. FIU’s senior officer over the

investigation of a forged
cheque worth Cdn$125,937, as
the previous investigating offi-
cer had resigned from the FIU.



EAGLE PORTFOLIO LTD.

In Voluntary Liquidation

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 (30) days after the date of the
publication of this notice.





















lan

Winoine BAy
ABACD, BANAMAS





Construction Project Manager

e Minimum 5 years experience in construction
management
__.© Working knowledge of timber and masonry =. =
construction methods
e Proficient in reading and understanding construction
plans
e Proficient in performing material take-offs and placing
material orders
e Working knowledge of construction materials
e Proficient with Microsoft Word and Excel
e Good communication skills



Warehouse Manager

e 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

e Solid day-to-day decision maker

© Good Communication skills with both upper
management and labour :

e Working knowledge of construction materials












Resume should be sent to Nick Sims, Development
Department, The Abaco Club on Winding Bay, P.0. Box
AB-20571, Marsh Harbour, Abaco or fax #242-367-2930












Bish

Pricing Information As Of:

Abaco Markets














Bahamas Property Fund 11.60
Bank of Bahamas 9.40
Benchmark 0.85
Bahamas Waste 3.65
Fidelity Bank 1.48
Cable Bahamas 10.60
Colina Holdings 2.35
Commonwealth Bank 15.00
Consolidated Water BDRs 6.32
Doctor's Hospital 2.30
Famguard 6.20
Finco 12.70
FirstCaribbean 14.63
Focol 20.00
Freeport Concrete 0.64




ICD Utilities
J. S. Johnson

7.25







Bahamas Supermarkets
Caribbean Crossings (Pref)
N

14.60




28.00 ABDAB
14.00 Bahamas Supermarkets

41.00









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

1.346656"
3.2920***

2.739935**
1.257576

2.9218








BISX ALL SHARE INDEX -¢19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks

MARKET TERMS






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

Daily Vol. - Number of total shares traded today

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

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





=) FIDELITY

15.60




YIELD - last 12 res mpeg divided by closing price
Bid $ - Buying price of Colina and Fidelity

Ask $ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week

EPS $ - Acompany's reported earnings per share for the last 12 mths
NAV - Net Asset Value
N/M - Not Meaningful F
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

Notice is hereby given that in accordance with -
Section 138 (4) of the International Business Companies
Act, 2000, EAGLE PORTFOLIO LTD, is in
dissolution as of July 16, 2007.

International Liquidator Services Inc. situated at
35A Regent Street, P.O. Box 1777, Belize City, Belize

is the Liquidator.

LIQUIDATOR



WOOD AND COLD-FORMED STEEL TRUSSES

DESIGN

ENGINEERING

COMPETITIVE PRICING
FAST BIDDING INFORMATION

361-7764

Road to City Dump after Premix
Email:ggongora@coralwave.com

AUTHORIZED
MANUFACTURER

11.60 0.00
9.40 0.00
0.85 0.00
3.65 0.00
1.48 0.00
10.60 0.00
2.35 0.00
15.00 0.00 50,750
6.14 -0.18
2.30 0.00
6.20 0.00
12.70 0.00
14.63 0.00
19.99 -0.01 1,000
0.64 0.00 :
7.25 0.00

43.00

mae sei

















* -6 July 2007

** - 30 June 2007
*** - 31 May 2007
**** - 30 June 2007

2007

Legal Notice

NOTICE
EXXONMOBIL NORTH BALI LIMITED

Pursuant to the provisions of Section 137 (8) of the International
Business Companies Act 2000, notice is hereby given that the above-
named Company has been dissolved and struck off the Register



hotel)

2 Housekeepers



LEGAL NOTICE

NOTICE

FERTIL INC.

Pursuant to the provisions of Section 137 (8)
- of the International Business Companies Act,
2000, the dissolution of FERTIL INC., has
been completed; a Certificate of Dissolution
has been issued and the Company has
therefore been struck off the Register. The
date of completion was March 20th, 2007.

Anthony B. Dupuch
Liquidator

ASU SEEN

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

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

1 Captain/Maitre’d (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

pursuant to a Certificate of Dissolution issued by the Registrar
General on the 29th day of June, A.D., 2007.

- Dated the 12th day of July, A.D., 2007.
K. L. FLOYD

Liquidator of
EXXONMOBIL NORTH BALI LIMITED




























































me ee es et

a AY LE SETI RD ES SE a a a PE

<6 2". © ¥

“* @R& ax
THE TRIBUNE





Bahamas Hotel
Association chief
optimistic on the

Emerald Bay buyer

@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

he Four Seasons

hotel brand is Despite some claims that the said of Grand Isle Resort & and many opportunities being
expected toremain receivership is a sign that per- Spa Responding to how the created.
on Exuma despite haps the ‘anchor property cost.of labour had affected the .

- the Emerald Bay resort being model’ is flawed, Mr Miller cost of living on Exuma, Mr Pushing

placed in receivership, the

Bahamas Hotel Association’s _

president said, ensuring a lux-
ury brand remains associated
with the island.

Russell Miller told The Tri-
bune that he believes a buyer
will come forward to purchase
the property, which had ini-
tially been touted as the
‘anchor project model’ for the
rest of the Bahamas.

Receivership

“T heard that it is in receiver-
_ ship. I think, though, they will
be able to find a buyer for it. I
think the good thing in all of it
is that we are very optimistic
that the Four Seasons brand

will not leave Exuma, so who- .

ever takes over, whatever new
ownership comes in, I think
the Four Seasons brand is pro-
tected,” Mr Miller said.

“I think this augurs well for.

the islands of the Bahamas to
kaep an upscale, recognisied *

Security

brand like Four Seasons here.
So we are happy that this will
stay in place.”

Claims

said: “I don’t think it is a huge
mega resort development,
which somewhat frightens us
a little bit because we
announce these mega resorts
and developments.

“I think that sometimes we
lose sight of the fact of how we
are going to sustain them - do
they have the right infrastruc-
ture in place; do they have the
labour force? I think these
things need to be taken into
consideration and given
thought, because it is one thing
to announce these projects,
and then it is another to put
them in place and make them
work for ourselves and for the
investor.”

During his visit to Exuma,
which was to attend the open-
ing ceremony for the new
Grand Isle Resort & Spa pent-
houses, Mr Miller had the

opportunity to see first hand .

upscale resort properties on

Exuma. “They have done a’
‘really good job here. The facil- -

ities are very high-end, and
they’ve set themselves up well
in providing another product
outside of Nassau/ Paradise
Island for the upscale and lux-

urious clientele,” Mr Miller

Miller said it was not neces-

sarily a bad thing to have for-.

eign labour, particularly at the

* construction level. «

Construction

“T think it helps the Bahami-
an construction workers to get
exposed to another facet of the
construction business,” he said.

sR oN Ya
ean cl ep

in circulation, just call
OT TE

& General

INSURANCE

A subsidiary of Colonial Group International Limited (CGIL) headquartered in Bermuda, is seeking an
Underwriting Account Executive to work in the Grand Baharia Operation.

The successful candidate will be responsible for maintaining all daily aspects of our operations and
business relationships in the Grand Bahama Market. Responsibilities will include, but not be limited to:

However, he added that
where they have to be careful,
as the Bahaimas builds and
is where it finds
employees at the very basic
levels to fill the many positions

grows,

“That is what we are pushing
for at BHA, and trying to
make everyone aware of - the
workforce development need.
We have to do a better job of
preparing students coming out
of school and letting them
know what opportunities exist
in the industry,”

said.



TUESDAY, JULY 17, 2007, PAGE 7B

Share your news

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

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

The Law Firm of
Harry B. Sands,
Lobosky & Company

will be closed on

Mr Miller

Friday, July 20, 2007

for the Firm’s
Annual Fun Day



inf

member of the QNB Group

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

SENIOR CLIENT ACCOUNTANT

To accurately and promptly prepare periodic financial statements for
a case load of Trust and Companies. Maintain the accounting records

Maintaining and processing all business production records in accordance with International Financial Reporting Standards.

¢
% Local underwriting control

¢ Development of relationships with local business partners
4 Preparing periodic reports as required

The successful candidate must have the following qualifications
and experience:

pa

The successful candidate should possess the following minimum requirements;

% A professional insurance qualification (i.e, Dip Cll or CIP), or proven progress towards its

completion

A minimum of 3 years relevant work experience in Property and Casualty insurance.
Superior communication, interpersonal and organizational skills

Proven ability to negotiate with external clients and work under pressure

Be a self-starter and able to work under own initiative
Computer proficiency and keen administration skills.
Maintaining a high level of product knowledge
Currently residing in Grand Bahama, and/or prepared to relocate

Security & General offers an attractive benefits package that includes comprehensive medical insurance,
contributory pension plan, long-term disability and life insurance coverage,

Applications will be treated in the strictest confidence and should be made in writing to:

Security & General Insurance Company, Ltd,
Attn: Human Resource Manager

P.O. Box N-3540
Nassau, Bahamas

or

by Fax to (242) 356-9049 (private fax number)

Closing date for applications is July 31st, 2007.

CPA certification with at least 2 years post qualification experience

Previous client accounting experience would be preferred but is
not mandatory.

As a Senior Client Accountant you will be expected to be self

motivated, have the ability work independently and have good

written and verbal communication skills

An in-depth knowledge of Trust Accounting and experience with
complex fiduciary structures would be an asset.

Computer literate with high proficiency in Microsoft Office
Applications (Word, Excel, Outlook)

Salary commensurate with experience and ability

Excellent salary & benefits

Please send all resumes to the attention of:
Human Resource Manager
Ansbacher (Bahamas) Limited
P.O. Box N-7768
Nassau, Bahamas
Fax: 325-0524
Email: hrmanager @ansbacher.bs

Deadline for all applications by hand, fax or email is
July 20th, 2007


PAGE 8B, TUESDAY, JULY 17, 2007

THE TRIBUNE





Retirement nightmare
looms large

FROM page 2

savings, the Bahamas is truly a
third-class economy.

The problems of defined

benefit pension plans

In years past, many firms
created defined benefit pen-
sion plans. These plans, which
were often non-contributory,

provide a pre-determined
monthly retirement benefit to
an employee based on the
employee's earnings history,
years of service and age. The
costs of these plans were gen-
erally funded by employer con-
tributions into a trust fund.
As benefits rose, many com-
panies did not maintain their
level of contributions at the
required levels, which created

WANTED

Leading Law Firm seeks Legal Secretary

Candidates

one or more of the

must have experience in}

following areas:

Conveyancing litigation, mortgages, and
general matters; be highly proficient in
MS Word & Windows; type 70+ wpm; be
icomfortable and polished with high-level
clients; have excellent organizational and

follow-up skills.

Salary commensurate

with experience. Please send resume and

lsalary expectations to:cpfplan@yahoo.com,
or send fax to: 323-0012

COMMONWEALTH OF THE BAHAMAS

IN THE SUPREME COURT

2006/CLE/QUI/No.0013

COMMON LAW and EQUITY DIVISION

IN THE MATTER OF ALL THOSE pieces parcels or tract »
of land containing 2.592.acres being the South-eastern
portion of a Crown Grant originally made to Anthony Smith
and recorded in Book F at page 17 and situate on the main
Queen’s Highway in the Settlement of Mars Bay in the
Southern District of the Island of Andros one of the Islands of
the Commonwealth of The Bahamas.

*

AND

IN THE MATTER OF The Quieting Titles Act, 1959, Chapter 393

AND

IN THE MATTER of the PETITION OF BERTRAM M.
TAYLOR under The Quieting Titles Act, 1959

NOTICE
The Petition of BERTRAM M. TAYLOR of the Settlement of

Mars Bay in the Southern District of the Island of Andros one of
the Islands of the Commonwealth of The Bahamas in respect

ALL THOSE pieces parcels or tract of land containing
2.592 acres being the South-eastern portion of the land
the subject of a Crown. Grant originally granted to the late
Anthony Smith'situate on the main Queen’s Highway in
the Settlement of Mars Bay in the Southern District of the

Island of Andros aforesaid.

BERTRAM M. TAYLOR claims to be the owner of
the fee simple estate in possession of the tract of land
hereinbefore described free from encumbrances.

AND the Petitioner has made application to the
Supreme Court of the said Commonwealth of The
Bahamas under Section 3 of The Quieting Titles Act,
1959 (Chapter 393) Statute Laws of The Bahamas. To
have his title to the said parcel of land investigated and
the nature and extent thereof determined and declared in
a Certificate of Title to be granted in accordance with the

provisions of the said Act.

NOTICE IS HEREBY GIVEN that any person
having Dower or a right to Dower or an Adverse Claim
or a Claim not recognized in the Petition shall on or
before the Twenty-third day of August, A.D., 2007 file in
the Supreme Court and serve on the Petitioner or the
undersigned a Statement of his Claim in the prescribed
form verified by an Affidavit to be filed therewith, Failure
of any such person to file and serve a Statement of his
Claim on or before the Twenty-third day of August, A. D.,
2007 will operate as a bar to such claim.

Copies of the filed plan may be inspected at:

|. The Registry of the Supreme Court situate
Second Floor, Ansbacher Building, East Street
and Bank Lane in the City of Nassau, Bahamas

_ 2. The Administrator’s Office, Congo Town,

Andros, Bahamas

3. The Chambers of Clarita V. Lockhart, Attorney
for the Petitioner, No: 90 Shirley Street, Shirley
Street & Elizabeth Avenue, Nassau, Bahamas

Dated this Fifteenth day of June, A. D., 2007

CLARITA V. LOCKHART

CHAMBERS

NO. 90 SHIRLEY STREET

NASSAU, BAHAMAS

Attorney for the Petitioner

Attorney for the Petition



a much larger problem. ‘The
problem being that many com-
panies with defined benefit
pension plans are severely
underfunded.

An underfunded pension
plan is one where the known
liabilities (obligation to pay
future pensions) are far greater
than the assets that could be
used to pay those obligations.
Further, in some cases, those
assets belonging to a pension
plan are not always separated
completely from those of the
oo ie company (employ-
er

The problem of pension plan

underfunding is not just limited -

to US companies. Recently,

the press carried Stories sug-

gesting that the Bahamas
Telecommunications Compa-
ny (BTC) pension plan could

be underfunded by as much as

$100 million. However,
notwithstanding this large
deficit, on a relative’ basis,
BTC’s pension funding status
may be far superior to those
of the other statutory corpo-
rations — a situation which is
most frightening.

Geoffrey Colvin, a senior

editor at Fortune Magazine, ;

wrote a commentary in the
January 13, 2006, edition, in

which he commented on: US"

changes in accounting for pen-
sion liabilities: “This year, the

Government Accounting Stan- -

dards Board, which sets the

‘rules for the public sector, is’:
changing its regulations. State

and local governments will
now have to reveal their pen-
sion liabilities, which may be

underfunded by $1 trillion or.

more.” The publication of
these liability numbers will
undoubtedly unleash a fury. of
debate and further calls for
pension reform in the US.

In the Bahamas we have

Qualifications:

absolutely no idea of the size
of the unfunded pension lia-
bility already accrued in
respect of the civil service. I
am constantly amazed by the
management of some public
corporations, who seem to be
of the view that irrespective of
the funding status of their pen-
sion plans and seeming lack of
corrective action, that the Gov-
ernment must fully cover their
pension obligations, no matter
what. For their sake, I hope
they are right. However, the
growing global reality is that
retirees (both public and pri-
vate sector) are increasingly
being faced with the prospect
of reduced pension payments
when they can least afford it.

Pay-as-you-go systems

As if the funding status of
government corporation pen-
sion plans is not enough, it
should be noted that the Gov-
ernment’s pension plan for its
20,000-pjus civil servants is
completely unfunded. What
this means is that there are no
assets set aside to cover these
liabilities. The Government
operates on a pay-as-you-go
system, which means that each
year it must raise - through tax-
es‘- sufficient funds required

- to pay retiree benefits for that

year.
Many large European coun-
tries such as France, Germany
and the UK are now facing
huge pension burdens, as pen-

‘sion. costs as a percentage of

the annual budget are unsus-
tainably large. Thus, pension
reform is increasingly being
forced:upon them.

Bahamian pensions
The most recent study con-

ducted by the Central Bank .
Suggests that private pension
funds i in the Bahamas are fast

approaching the $1 billion
mark in terms of assets. Look-
ing at this another way, the size
of these private pension funds
represents almost 20 per cent
of GDP.

When you add the value of
the National Insurance Fund,
which is slightly more than $1
billion in assets, these two
sources of long-term pension
savings now soar to 40 per cent
of GDP. What is most incred-
ible is that while industry par-
ticipants have’ called on suc-
cessive governments to imple-
ment pension legislation to, at
a minimum, provide some reg-
ulatory oversight, nothing
seems to be done. We have a
great social timebomb in the
making, growing daily while
our policymakers seem to lack
the resolve to even remotely
address it. —

The commission formed to
address reforming the Nation-
al Insurance Board said: “The
Social Security Reform Com-
mission recognises that the
National Insurance retirement
pension was not designed to
provide sufficient income in
old age. for all retirees. And
although many workers are
members of employer pension
plans and/or have their own
personal savings, a great num-
ber of Bahamians retire with-
out a secure income.”

The above statement is in
stark contrast to the percep-
tion of the average person on
the street, who believes the
National Insurance Fund will
provide for his/her full pension

needs.

How are future retirees
going to be provided for? Do
we just ignore the situation and
face the consequences later, on

somebody else’s political

watch, or do we plan for. the
inevitable?

Fil RSTCARIBBEAN

INTERNATIONAL BANK

‘CAREER OPPORTUNITY
ee
Human Resources Manager

Nassau, Bahamas

¢ Bachelor’s degree in related field (Mandatory) — Masters Degree

preferred

e 5-10 years.experience in Human Resources (HR). A broad
knowledge/experience base in several HR areas (e.g. consultation,
recruiting, employee relations, etc.)

¢ Knowledge of employment law and industrial relations

PC skills: Advanced Excel and Word mandatory

General Responsibilities (not all inclusive):

Vv Employee Relations - Provide guidance to managers & supervisors ©
in supporting proactive HR plans, products of activities. The incumbent .
will develop an understanding of the client’s business and a relationship
with managers & supervisors and other staff within the client units
by maintaining a close consultative relationship

Y In consultation with the HR Head, provide input into strategies,
policies, procedures and new initiatives to ensure they are consistent
with overall Bank strategy and objectives

Vv Provide operational management of on-going activities in the delivery
of services (compensation, HR administration), including the
supervision of some HR staff

Â¥ Provide support to the HR Business Partner in all IR negotiations and
strategy development

Y Responsible for all entry-level recfuitment including management of -
requests from the business and the FirstStart Initiative

Â¥ Provide guidance and counsel on hiring and discipline practices

Â¥ Plans human resources activities and ensures they are carried out to

service standards

Remuneration:

e Salary commensurate with management position at the FC Level'6
(Note: 1 - 11 job levels)

¢ Benefits- attractive salary, six weeks vacation, preferred loan rates,
employee share purchase plan, variable incentive pay (bonus), medical
scheme, pension benefit.

Applicants are requested to submit their resume with a cover letter via
email by July 23rd , 2007 to: siobhan.lloyd @firstcaribbeanbank.com

FirstCaribbean International Bank (Bahamas) Limited thanks all applicants for their interest,
however only those under consideration will be contacted.

Vacancies are open to Bahamians only.



We need to bear in mind
that our population demo-
graphics are highly skewed.
Currently, we have about 60
per cent of our population
under the age of 35. Given the
current birth trend among our

-legal population, who are hav-

ing fewer children, and there-
fore fewer long-term contribu-
tors to National Insurance, in
another 30-40 years we will
have a large retired population
trying to survive on insufficient

retirement incomes.

One option considered by
the Commission was the intro-
duction of mandatory pen-
sions, which they see working
as follows: “Through legisla-
tion, require all employers in
the Bahamas to establish a
pension plan for their employ-
ees that provide certain basic
minimum benefits, contribu-
tions and other requirements.
These contributions and pen-
sion payments will comple-
ment NIB’s pension to meet
the overall income objective.
Where an employer already
has a pension plan whose
terms are more generous than
the minimum standard, the
employer may choose to con-
tinue that plan.”

Australia and Switzerland
are examples of developed
countries that have successful-
ly implemented mandatory
pension laws; while Bermuda
and the Cayman Islands are
regional examples.

Further, Jamaica, Barbados
and Trinidad have recently
passed new pension legislation
or are in advanced stages of
doing so.

The intention of pension leg-
islation is not only to regulate
pension funds but also to
encourage employers/employ-
ees. to work together to pro-
vide a social safety net for the
long-term benefit of workers,
while relieving central govern-
ment of this sole burden. Pro-
gressive governments have
understood this and are doing
it. Quo vadis Bahamas?

Until next week...

NB: Larry R. Gibson, a
Chartered Financial Analyst,
is vice-president - pensions,

+ Colonial Pensions Services

(Bahamas), a wholly-owned
subsidiary of Colonial Group
International, which owns
Atlantic Medical Insurance
and is a major shareholder of
Security & General Insurance
Company in the Bahamas.
‘The views expressed are
those of the author and do not

_ necessarily represent those of

Colonial Group International
or any of its subsidiary and/or

. affiliated companies. Please

direct any questions or com-
ments to rlgibson@atlantic-
house.com.bs

INSIGHT

For the stories
behind the news,
read Insight
on Mondays

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
| good cause, campaigning
for improvements in the
area or have won an
award.
If so, call us on 322-1986
and share your story.


THE TRIBUNE TUESDAY, JULY 17, 2007, PAGE 9B



BUSINESS

Bids up to $500m
for the BORCO ©



IS
TEMES Cama TL
just call 322-1986 today!

FROM page 1

arm, which is running the
open, transparent ‘beauty con-
test’ process for it.

Yet closing a sale may not

be simple, as it will require the »

approval of both the Bahamian
government and the Grand
Bahama Port Authority

‘((GBPA). And this is likely to

be tied into BORCO’s licence,
which sources said was for an
oil refining operation, not just
an oil storage/transhipment
facility.

The Tribune reported pre-
viously that PDVSA had given
a commitment ‘when it
acquired BORCO in the late-
1980s that it would restart oil
refining capabilities at the
Grand Bahama operation, but
it never fulfilled this despite
strong pressure from the late
Edward St George.

GBPA’s chief executive, which
issued BORCO with its
licence, strongly indicated to
this newspaper that the Port
Authority would press any
buyer to restart oil refining
capabilities at the plant.

The refining, commitment,
though, has led some to ques-
tion whether any BORCO
purchaser is aware of this com-
mitment, and whether a buyer
would inherit it.

It is unclear whether this
commitment would carry over
to a new buyer, some believing
this unlikely, or whether it
would expire with PDVSA’s
exit.

One source told The Tri-
bune: “The licence is for the
purpose of operating a refin-
ery. Unless the new buyer
begins refining operations, they
may not be in compliance with
that initial licence agreement.”

claimed that the sales docu-
ments issued to potential bid-
ders by PDVSA did not men-
tion that any buyer would need
approval from the GBPA and
Bahamian government for the
deal to be consummated.

Contacts

However, other contacts
have disputed the claims sur-

. rounding BORCQ’s licence.

They said the commitment giv-
en by PDVSA had been
watered down to an ‘under-
taking’ to restart refining, after
Mr St George came under
pressure in the early 1990s to
moderate his stance from then-
newly-elected Prime Minister
Hubert Ingraham and Grand
Bahama-based FNM MPs.
Up until that point, sources
suggested, Mr St George and
the Port Authority had been

licence after the PDVSA
takeover, the company having
purchased the 50 per cent
owned by Chevron, but one
was ultimately issued and the
refining issue went away.

The identity of the bid final-
ists is unclear, although one of
the players in the initial round
is understood to have been
Vitol, a European-based com-
pany, which did not make it
into the final contest.

At least two Bahamian
groups are thought to have
submitted initial offers, while
Barry Malcolm, former GBPA
vice-president and-an ex-BOR-
CO executive, is also said by
sources to be working closely
with a foreign bidder.

Of BORCO’s 500 acre site,
some 208 acres has never been
developed, and it is understood
that at least some of the bid-
ders believe this can be used

UE TE EST CS

Are you looking for a Teaching Position in a
Dynamic Progressive Teaching Environment?

The Lyford Cay International School has positions

open in:

2007-2008

Starting August 2007

e Early Learning Center

e Elementary Classroom

¢ Chemistry

q

reluctant to grant BORCO a __to double the transhipment
facility’s size.

PDVSA was viewing this
undeveloped land as invest-
ment property it could “sell for
current market value” and
increase the final price paid by
any purchaser.

The BORCO refinery closed
in 1985 amid a global oil supply
glut, and one source told The
Tribune that when this hap-
pened nitrogen blankets were
placed on the refinery assets |
to preserve them.

However, the source said
that after PDVSA took over
it removed these nitrogen blan-
kets, which allowed the refin-
ing assets to deteriorate and
made it impossible to restart
the plant.

This means a new one will
have to be built, something
Leslie Miller, former minister
of trade and industry, said
would require a $2 billion
investment and create 800 jobs.

Sir Albert Miller, the The same source also

The five |

° Mathematics
e English & Humanities
e Spanish







If interested email to Dr. Paul Lieblich, Principal at
plieblich @lyfordcayschool.net:



Lea ee oe
RE ei PELE ¢ Letter of Application .
Everywhere The Buyers Are! * Curriculum Vitae

e Picture of yourself

Candidates must be university/college trained
with teaching credential and two years experience.
International Baccalaureate Organization program
experience preferred. .



CAT

As a privately-owned, mid-sized Bahamian Company and
the authorized Caterpillar dealer in The Bahamas, we are ~
seeking a candidate to work as a Technical Advisor to |
support the operations of the Service Department. The

, : ; ; candidate should have the following qualifications:
Vacancy for Chief Financial Officer



Be a graduate with a Bachelors Degree in Mechanical
Responsibilities:

e Full responsibilities for all accounting activities including G/
L, A/P, A/R, Payroll & Purchasing

e Cash flow management, financial reporting, forecasting and
budgets

e Manage relationship with current lender and fulfill monthly
reporting requirements

e Manage year end audit and act as liaison to external CP As

¢ Manage annual budget process; work with senior manage-
ment to optimize budgets and financial forecasts

e Directly supervising accounting staff of 10

e Overseeing the day— to-day operation of the company

Qualifications: ;

e Eight to ten years of experience in financial management
with increasing responsibilities for multi-faceted direction
and planning

e Bachelors degree in Accounting or Finance minimum

e CPA designation preferred

e Ability to deal with legal , corporate and general business
matters ;

» Experience in setting up financial controls; effective at estab-
lishing and improving processes

e Strong communication, analytical and management skills

e Enthusiastic, positive, “can do” entrepreneurial spirit.

Engineering;
e Have post-graduate studies in Management;
¢ Have Caterpillar training in Heavy Equipment Machines;
e Have Caterpillar training in power generation;
¢ Have 5 years or more experience with working with a
Caterpillar dealer or a similar Organization |
¢ The candidate should have certification as an ISO 9000

auditor and;

¢ The candidate should have Six Sigma training (a Black

belt in 6-Sigma is preferred).

This candidate is required to be a professional who thrives
on the challenge of developing outstanding customer

relations and service excellence.

Send complete resume with education and work experience
to M&E Limited, P.O. Box N-3238, Nassau, Bahamas,

Attention: Service Manager, or email me@me-ltd.com.



Interested persons should apply in writing to
Chief Financial Officer
P.O Box N-4351, Nassau, Bahamas
Deadline for application is July 31st, 2007

Only persons being interviewed for this position will be
contacted.


PAGE 10B, TUESDAY, JULY 17, 2007

THE TRIBUNE -

t



Minister: ‘We should not have approved Bimini Bay

FROM page 1

ees]; are you providing the other
amenities to keep the cost of living
down?” Mr Turnquest asked.

“And so you can look at an island
like Exuma, and talk about those
types of properties, and make sure
the density and the size of those
resorts fit into the island,” he

explained.

“I’m advised here that the casino at
the Four Seasons Resort [in Exuma]
has not taken-off as originally expect-
ed, and it begs the question: ‘Is a casi-
no really necessary for the sustain-
ability of a resort property in the Fam-
ily Islands?’

“T don’t believe it is, but again
developers say they need a casino,
and so those are the types of issues we

ee

need to address, rather than just hav-
ing these catch phrases about ‘anchor
projects’.”

However, the $110 million Grand
Isle Resort and Spa has been lauded
by the business community as “the
example to follow” in the Family
Islands when it comes to business
development.

At the grand unveiling of the new
$5.7 million penthouse at the Grand

Isle Resort and Spa over the week-
end, Branville McCartney, minister
of state for tourism and aviation, told
The Tribune that the Government
must “look at what each island has
to offer” and ensure that future devel-
opments on Family Islands are in syne
with the needs of each community.
When asked about his Ministry’s
position on the ‘anchor resort’ strate-
gy, Mr McCartney said: “There are

)

certain islands where large resorts will
do quite well, and other islands where
they won’t do well.

e"e"e’a"e et! *-*

«,

L

“A huge development may not go '
[over] well in Acklins, or Cat Island, ;
because of the nature of the commu- |

nity or the people. We need to really
collaborate with the people of those
islands, and find out from them what
would be the best type of resort or
project [for the island].”

Form of Nomination Paper _
Election for District Council/Town Committee

ELECTION ON THE, Hib. Lhd ted UhrisTRICTTOWN AREA

We, the undersigned, being registered as voters in the said Disuiew Town

Asea, do hereby nominates the under mentioned pervon as a ramdidate af dus vad
election, and we hereby carcify thar to chs best of ou: knowledge and ballat iss is
qualified YO represent the said District/‘Town Ares on :hc covcisil/corwmttex.

Nens Izy of National Security |
Office of The Parliamentary Commissioner

Form of Declaration of Qualification

1 BOE (iad ge ig ffi ah
tae bh=

do solemnly deciure that I am qualified socording tc lew rm be clooted and ta
serve an 2 Member of the Dinriot Council ar Town © amimittee in the District
or Town Area of MN al hy ied, Biba

of hitending Cany's

Denlared and signed before me, tris 2.7% . day af Tihl__w oor

eremapepapectnapeeis en caret whee

iow of the Poacc

Mathie fléler-

Form of Declaration of Qualification

do solemnly declare that I sm-qualified secerding te Inw t be cleated and to

serve aux Merober otha Diswiot Council or Town t’amiemittes in the Distric.
or Town Area of tlechwsatite thy Maeda BeaaaaeS
: E (ee eghie 2.
Signature of Irsending Canc ida

Declored end signed betore me, this 427A _ day of Tale wee a

Signatire Sf 3 ae of the Paacs 3
Mle bilolen

: Eluwe of
de

Candidace"s Qthecuamean j
Sumame Ia tal Ae ‘donne

Ferre One eet preerecntnttttpt 7 9 mn nena ah PEELE FON INCH Horna tener PARNER Gre a Ro | peepee neces rreenrnne

Signajurce of five sishseribecs:

NOTE: The artention of intending gendidates and subscribers of nomination pens
is crass to the soquiremen of the Local Govenunent Act, 1996, garding nomination,
and parneniarly ro the requiremens that a detlaration of quajificanos shall he deivernd
und @ depots af BSS0.00 (fitty dojlars) shall ba made wo the Returning Officers on
nomination day. .A noninadon papor mast be signed by not less than Sve (5) subserizers.
Subperivers and nominces must be mgisteted In the particular polling division.

Form of Nomination Paper
Election for District Council/Town Committee |

»
ELECTION IN THEAGAL TOU MG LGA, DISTRICTTOWN AREA

We, the undersigned, being registered ag voters in the ssid Districu Town
Area, do hereby nominate the under mentioned per-'on as a candidate at the uid
election, and wa hereby certify thar to the beat of our kaawiadge and belief ie fs
qualificd te represent the said District‘Town Ares on ‘uc cpuirli/commrurtes.

Candidary’s Othernsmen- i ro Phar: 0f ; (Qeqnpavon -
Surman ‘ Tn full Re Powe. pe
s <8 f i
& | coral ly, cleake|fispecatt”
maaan tte Bs ae ” meer eee RE NH BES oe ae ee ee

ton ee eee eteemenenrttgnertan ore § re wnat

- °
_Stgmasurcs of five subscribers: 3)” Mie 3

Ny wemetnetent etter ete teen Fe A 1 are arene ee

NOTE: —- The attention of intending cundidases and subectivers «1 nomination panare

48 Grown to the requirements of the Loon! Goverment Act, 1996. m gurdiog nominanoy,
and partionlnsly vo the sequlwmence that a declaration of quaiificanm: akall he delivered
aad 4 depantt of HS$0,00 (Atty doilars) shall ba made so the Rommiug Oftice: on
noraination day. A nomination pepar must ke signed by not less than five (3) subscribers.
Subserioess and nominees rust bo regiacered in the particular polling Wivisian.

Form of Nomination Paper
Election for District Council/Town Committee

Form of Declaration of Qualification

1 Cyeisterree Ret 2

of - °

%

_—
ELECTION IN THE. Hm... QNaN.........DISTRICTITOWN AREA

Wa, the undersigned, being registered as voters in the said District/Town
Area, do hereby nominate the under mentioned pevsen
election, and: we hereby cerridy that 10 the best of our knowledge and halief hs is
qualified to represent the said District/Town Area on the council/commitree.

Can didatc's
S ee

do solemnly declare that I am. qualified according to law to be elected and to
serve as a Member of the District Council or Town Committee in the District

or Town Area of _

-

Ar aver SY

Other names
fo full

Ee.

Signacurss of five subscribers:

NOTE:

ag a candidate at the ssid

Pieseof § Qecupation
Residence

Miao Oar

SE

res SJ dese’ Chememe de davretriewexee
’
TEE Me scudesefasenedenerenssarretete
» 3
aexen tre beocorrntasrersrsaeeses ace

The amention of intending candidates and subscriber's of nomination papers

is drawn to the requirements of the Local Government Act, 1996, regarding namination,
and particularly to the requirements that a declaration of qualification ahall be delivered.
ond a deposit of BS$0.00 (fifty dollars) shell be made to the Returning Officer on
nevainution day. A nomination paper must be signed by nat [oes than five (5) subscribers.
Subperibers and nominees maust be registered in the particular polling division.



Jj BAa SGP mumeaeeoe &

7% *A OR ee GO| OW sss”

“ee eee

~~ 5

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. 9 Be A a RE OO © FL 6 St AUD @ OP RAE 8 a OSS a a

“~_a2 eet

=o S.8 © © TY Yate a me me ® SFT. MK






FOREX Rates




International Stock Market Indexes:

THE TRIBUNE i UESDAY, vULY 1/, 2007, PAGE 11B
BUSINESS
The Bahamian Stock Market
FINDEX 828.89 YTD 11.70% |
BISX CLOSING CHANGE VOLUME YTD PRICE
@ By Fidelity Capital or 5.21 per cent to close at a iB ime stbac eae
International Markets Markets new 52-week high of $20. AML $1.60 2000 162.30%

he Bahamian mar-
ket was bustling




Weekly % Change with trading activity to close the week at $6.20. BPF $11.60 0 2.65%
1.0480 “1.59 this past week as _— For the week, the FINDEX | BSL $14.60 0 0.00%

- 2.0342 1.34 . 59,157 shares changed hands. _ gained 14.40 points, to close at BWL $3.65 $0.15 2000 108.57%
1.3784 1.87 The market saw 13 out of its19 828.89. CAB $10.60 1790 6.00% -

listed stocks trade, of which
seven advanced; one declined






On the down side, Fam-
Guard Company (FAM)
dropped $0.20 or 3.13 per cent

BAB
BBL
BOB

CBL
CHL

$1.42
$0.85
$9.40

$15.00
$2.35

$
$
$- .
$
$

$0.31

0
0
400

10859
0

13.60% |
11.84%
17.06%

19.90%
23.68%

Commodities is and five remained unchanged. COMPANY NEWS CIB $14.63 $0.08 4100 3.39%
: Weekly 7 Change Volume leader for the week CWCB $6.19 $0.18 0 18.13%

Crude Oil $73.95 4.94 was Freeport Oil Holdings | Abaco Markets (AML) -. DHS . ~ $2.30 $0.05 8108 -8,00%
$667.70 2.50 | (FCL), with 13,000 shares : FAM $6.20 $-0.20 3850 7.08%




changing hands and account-
ing for 21.9 per cent of the total
shares traded.

The big advancer for the
week was Freeport Concrete






Weekly

Gavin Watchorn, president
of the retail store chain, has
said that if the present level of
profitability continues, the
company hopes to resume its

FEC
FCL
FIN

ICD
JSJ

$0.64

$20.00 .

$12.70
$7.25
$9.90

$0.05
$0.99
$-
ae
$0.40

1000
13000
250
500
11300

16.36%
59.36%
5.66%
1.40%
15.12%








DJIA 13,907.25 3.72 Company (FCC), up $0.05 or dividend payment to ordinary PRE $10.00 $- 0 0.00%
S & P 500 1,552.50 3.27 8.47 per cent to close at $0.64. shareholders by June/July

NASDAQ 2,707.00 3.99 Also advancing this week was 2008. :

Nikkei 18,238.95 0.57 FOCOL (FCL), gaining $0.99 This announcement is wel- ‘| DIVIDEND/AGM NOTES:




come news to AML's ordinary
shareholders, who have
endured the volatile move-
ments in AML's share price
‘and earnings over the years.
Year-to-date, AML’s share
price has appreciated by 162.3
per cent to close the week at
$1.60.

e JSJ has declared dividends of $0.15 per share, payable on
July 16, 2007, to all shareholders of record date-July 9, 2007.

e BBL has declared dividends of $0.01 per share, payable on
July 31, 2007, to all shareholders of record date July 16, 2007.

CW CB has declared dividends of $0.012 per BDR, payable
on August 8, 2007 to all shareholders of record date June
30, 2007. ’

INSIGHT

For the stories behind
the news, read Insight
on Mondays



Consolidated Water
Company (CWCO) -

The firm has announced that
the company has been added
to the broad-market market
Russell 3000® Index, as well
as the small-cap Russell 2000®
Index.

The Russell 3000 serves as
the US component to the Rus-
sell Global Index, which offers
investors a comprehensive set
of equity benchmarks that cov-
er worldwide investing oppor-
tunities.

IONAL SECURITY
Office of The Parliamentary Commissioner

PUBLIC NOTICE

ALLOCATION OF SYMBOLS FOR
28° AUGUST 2007, LOCAL GOVERNMENT BY-ELECTION



In ACCORDANCE WITH section 17 (6) of the Local Government Act 1996,
the Parliamentary Commissioner has assigned the following symbols to
Candidates in the Local Government By-Eolection to be held on Thursday,
2° August 2007. :

South Abaco Constituency, Polling Division 2
- _Man-O-War Cay
wo. Of the: Hope Town District...

CANDIDATE’S NAME SYMBOL

ALBURY
(Christopher Albury)

*

RUSSELL
(Roy Vernon Russell)

@

SWEETING
(Frederick Andrews Sweeting)

GS

Parliamentary Commissioner
13" July, 2007

FORM OF NOTICE OF NOMINATIONS IN A CONTESTED ELECTION

LOCAL GOVERNMENT ELECTION FOR

South Abaco Constituency Polling Division 2
Man-O-War Cay
Of the Hope Town District

NOTICE OF NOMINATIONS
AND :
NOTICE OF POLL

NOTICE is hereby given that the candidates named below stand nominated in the
above mentioned election, and NOTICE is hereby given that the Poll will take place on
Thursday the 2 August, 2007, between the hours of 8:00 a.m. in the morning and 6:00
p.m. in the afternoon in the following polling place:-



Polling Division Polling Place

6h $ .
Man-O-War Public School Meeting the needs, of advertisers

Polling Division No. 2 /
and readers motivates me to do

a good job. The Tribune is

Candidates Other names Occupation Place of

Surname In Full Residence my newspaper.”

ALBURY Christopher © Marine Manager Man-O-Way Cay ESTHER BARRY |
: : PRODUCTION MANAGER

RUSSELL Roy Mechanic Man-O-Way Cay

THE TRIBUNE

The Tribune

My Voice. My Howrpaper!

SWEETING Frederick Store-Clerk Man-O-Way Cay
ee

Date: 13" July, 2007



Sign: Revis Rolle
RETURNING OFFICER


PAGE 12B, TUESDAY, JULY 17, 2007

THE TRIBUNE



ar
CoM
SANS BACHER

member of the QNB Group

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

CLIENT RELATIONSHIP MANAGER

Duties include:

¢ Management and motivation of a small team of relationship officers

providing guidance, supervision, performance, personal development &
control of the job reportees.

Having accountability for the relevant team’s performance - ensuring
teams objectives and developments are up to date.

Cross-selling-the group products in conjunction with organizations goals.

Acting as the main contract for clients on your relevant portfolio: sourcing,
collating and managing all their needs either internally or externally.

Working within a closely regulated environment offer financial input to
clients.

Implementing case management strategies, together with the ability to
service high net work clients/intermediaries.

Candidates should possess:

ACIB or ABIFS diploma or degree in Banking or a related business field

Seven or more years of management experience, ideally covering banking
and control management

Proven leadership, interpersonal and strong motivational qualities
Strategic awareness with in the private banking industry
Spanish speaking skills Mould be an asset

Excellent salary & benefits

Please send all resumes to the attention of:
Human Resource Manager
Ansbacher (Bahamas) Limited
P.O. Box N-7768
Nassau, Bahamas
Fax: 325-0524
Email: hrmanager @ansbacher.bs

Deadline for all applications by hand, fax or email is
July 20th, 2007

Si

BSI OVERSEAS (BAHAMAS) LIMITED



4.74 per cent staff

erowth shows bank

sector’s ‘continued
recovery

@ By NEIL HARTNELL
Tribune Business Editor

otal employment in

the Bahamian

banking industry
increased by 4.74

per cent or 211 persons to
total 4,662 at year-end 2006,
something the Central Bank
of the Bahamas said showed
the industry’s “continued
recovery” after a third succes-
sive year of staffing increases.
In its assessment of the eco-
nomic contribution made by

‘the financial services industry,

the Central Bank said banking
sector employment continued
to increase due to a combina-
tion of a broader range of
client services and compliance
with its physical presence
requirements.

The number of Bahamians
employed in the banking
industry rose by 3.8 per cent
or 158 to total 4,368, account-
ing for 93.7 per cent of the
overall workforce, while expa-

triate workers increased by 22 |

per cent or 53 to total 294 per-
sons.

Employment growth in the
international banking sector
was stronger than for the
domestic industry, with the
offshore segment seeing an
increase of 7.6 per cent or 78
persons to 1,105. The staff
complement in the domestic
banking industry, which large-

ly includes the commercial

banks, rose by 3.9 per cent or
133 persons to 3,557.

Breaking these numbers
down, the Central Bank found
that in the international bank-
ing sector, the ratio of four
Bahamians for every expatri-
ate was maintained.

Bahamian employment in
international banking
increased by 4.1 per cent to
869 persons, compared to a
22.9 per cent hike in non-
Bahamian employment to 236.

In the domestic banking
industry, Bahamian employ-
ment increased by 124 persons
to 3,299, while expatriate staff
numbers grew by nine to 58.

During 2006, the Central
Bank said the difference or
spread between salaries paid
to staff in the international
and domestic banking sectors
narrowed by $908 to $24,312.

This was because domestic
banking salaries rose by 3.8
per cent to an average $43,195,
while those in the interna-
tional banking sector grew by
only 1 per cent to $67,507.

The Central Bank said that
for the first nine months in
2006, the combined asset base
for all Bahamian internation-
al banks and trust companies
had increased by 11.7 per cent
or $35.6 billion to $339.4 bil-

_ lion.

The total assets of Bahami-
an commercial banks account-
ed for just $7.8 billion of this,
but had risen by 12.1 per cent,
with combined profits up 27.9
per cent to $300.8 million. The
average return on assets
improved from 3.57 per cent

v

in the first nine months of
2005 to 4.02 per cent last year.

Total spending by the
Bahamian banking industry in
2006, according to the Central
Bank, rose by 10.5 per cent or
$44.6 million to $470.5 million,
a figure “significantly above
the average outlay of $421.7
million over the past five
years”. It also reversed a 7.2
per cent or $32.9 million
decline in 2005.

Operational spending by the
Bahamian banking industry
increased by 9 per cent to $445
million, while administratice
costs grew by $19.4 million t6
$195.9 million.

The higher wages te
employment levels, the Cen-
tral Bank said, saw total salary
expenses rise by 8.1 per cent,
to $228.2 million, outpacing
2005’s growth of 1.6 per cent
and the 2 per cent average
salary increases seen over the
period 2001-2006.

Banking sector spending on
staff training increased slight
ly to $2.8 million, while gov-
ernment fees earned by the
sector struck $18 million.

Capital spending, though,
increased by 45 per cent to
$25.5 million. The Central
Bank said: “In particular,
investments in land and office
equipment purchases rosé
strongly by 61.3 per cent,
along with a 28.4 per cent
expansion in investments
related to new premises, as the
number of bank branches rose
by 16 to 111.”

FIRSTCARIBBEAN

INTERNATIONAL BANK
CAREER OPPORTUNITY

BSI Overseas (Bahamas) Limited, Nassau, Bahamas, an established
international private bank, with its headquarters in Lugano, Switzerland,
is presently accepting applications for

PRIVATE BANKING - HEAD EUROPEAN ASSET MANAGERS

Applicants for the position of Head European External Asset Managers
within the Private Banking Unit must have Banking or Financial education
and at least 10 years experience in the offshore banking sector, well versed
in managing relationships with Professional Asset Managers, fluent in
Italian and English, good knowledge of French, ability to manage projects,
perform reviews to minimize risks, efficiency oriented, lead small team of

Private Banking Relationship Officers, maintain relationships with other —

units and third parties and have knowledge of local legislation, regulatory
& statutory matters as well as international banking practices.

Personal qualities :

Goal-oriented, self- motivated, positive attitude and outlook
Strong in problem solving, investigative

Customer service oriented

Must be able to work under pressure

Commitment to quality and service excellence.

Commitment to continuous training and improvement of ‘allocated
resources

Organisational skills

Flexibility in office hours and hands-on approach when necessary

Responsibilities :

Manage team

Review relationships with counterparts

Develop allocated client segment

Direct involvement with External Asset Managers’ clients

Foster and maintain communication with internal/external banking
professionals

Meet deadlines on timely basis

Interested persons with such qualinications should submit their
resume/curriculum vitae to:-

Human Resources Manager

BSI Overseas (Bahamas) Limited

Bayside Executive Park, W. Bay St. & Blake Road

P. O. Box N-7130

Nassau, Bahamas

Fax no. (242) 702 1253 or email: julie.benjamin@bsiob.com

(ABSOLUTELY NO PHONE CALLS PLEASE)
Only applicants having the above attributes will be contacted.





Sor
Wealth Management _
Wealth Manager/Team Leader
Bahamas & TCI

We are continuing the expansion of our Wealth Management business and are now seeking to
recruit an outstanding professional to lead our team of international and domestic wealth
managers in Bahamas and TCI. The person we are seeking must have the gravitas and expertise
to drive the significant growth of AUM/AUA by developing investment Se with
HNWIs, professional trustees and financial intermediaries.

Internationally recognized Financial Planning or Investment qualification (e.g. FPC or
CFA)

Degree or professional qualification in Banking, Accounting, Law or Business.

A self- motivator and experienced team leader with a commitment to coaching and
mentoring.

Must have a passion for team and personal results and be able to demonstrate an
outstanding command of balaneing sales and best advice to exceed targets.

Fully up to date with the global Wealth Management product offering and an excellent
understanding of international and local competitive environments.

Strong knowledge of insurance, taxation and asset protection, estate planning products
and services, and experience in tailoring innovative solutions a clients from various
jurisdictions.

Must be fully aware of latest KYC, AML and fraud craven requirements and
monitoring tools.

Possess a strong knowledge of global economic and political conditions and current
affairs.

General Requirements/Responsibilities:

Have a minimum of 5 years, and preferably 10 years, international investment management
sales or financial advisory experience, with supervisory experience in a regulated T & C
environment.

Client centric with strong presentation and negotiation skills; able to competently provide
expert investment advice and recommendations to HNWIs and professionals.
Can demonstrate a full understanding of the mathematical and statistical basis of portfolio
diversification and possess a thorough comprehension of the qualitative and quantitative
aspects of investment management including, Alpha, Beta and Total Return considerations
and analytical depth in respect of asset allocation and specific stock picks.
Champion and implement Wealth management sales initiatives working closely with the
Director Wealth Management, Director Sales & Service and Marketing Department.
Achieve revenue, AUM/AUA and other targets, whilst managing costs within agreed
budget.

Experience in lending and cross selling, other banking products is desirable.

Remuneration:
e Salary commensurate with level 9 out of 11 pay levels

¢ Benefits- comprehensive banking benefits, variable incentive pay (bonus) and preferred
loan rates

Applicants are requested to submit their resume with a cover letter via a email by July 20th ,
2007 to: dennis.govan @firstcaribbeanbank.com

FirstCaribbean International Bank (Bahamas) Limited thanks all applicants for their interest,
however only those under consideration will be contacted.